Note 7—Investment in TiO₂ manufacturing joint venture and other assets:

	December 31,
	2015		2016
	(In millions)
Other assets:
Land held for development	$	157.2	$	138.1
Waste disposal site operating permits, net		48.1		42.9
Restricted cash equivalents		19.6		24.2
IBNR receivables		7.0		7.1
Capital lease deposit		6.2		6.2
Intangible assets		5.1		—
Other		11.8		17.9
Total	$	255.0	$	236.4

Investment in TiO₂ manufacturing joint venture. Our Chemicals Segment and another Ti0₂ producer, Tioxide Americas LLC (“Tioxide”), are equal owners of a manufacturing joint venture (Louisiana Pigment Company, L.P., or “LPC”) that owns and operates a TiO₂ plant in Lake Charles, Louisiana. Tioxide is a wholly-owned subsidiary of Huntsman Corporation.

We and Tioxide are both required to purchase one-half of the TiO₂ produced by LPC, unless we and Tioxide agree otherwise (such as in 2015, when we purchased approximately 52% of the production from the plant). LPC operates on a break-even basis and, accordingly, we report no equity in earnings of LPC. Each owner’s acquisition transfer price for its share of the TiO₂ produced is equal to its share of the joint venture’s production costs and interest expense, if any. Our share of net cost is reported as cost of sales as the related TiO₂ acquired from LPC is sold. We report distributions we receive from LPC, which generally relate to excess cash generated by LPC from its non-cash production costs, and contributions we make to LPC, which generally relate to cash required by LPC when it builds working capital, as part of our cash flows from operating activities in our Consolidated Statements of Cash Flows. The components of our net distributions (contributions) from LPC are shown in the table below.

	Years ended December 31,
	2014			2015			2016
	(In millions)
Distributions from LPC	$	48.0		$	48.2		$	35.0
Contributions to LPC		(37.4	)		(41.7	)		(31.4	)
Net distributions	$	10.6		$	6.5		$	3.6

Summary balance sheets of LPC are shown below:

	December 31,
	2015		2016
	(In millions)
ASSETS
Current assets	$	96.2	$	94.5
Property and equipment, net		110.1		111.6
Total assets	$	206.3	$	206.1
LIABILITIES AND PARTNERS’ EQUITY
Other liabilities, primarily current	$	37.8	$	45.2
Partners’ equity		168.5		160.9
Total liabilities and partners’ equity	$	206.3	$	206.1

Summary income statements of LPC are shown below:

	Years ended December 31,
	2014		2015		2016
	(In millions)
Revenues and other income:
Kronos	$	193.1	$	176.5	$	157.9
Tioxide		193.8		162.5		157.5
Total		386.9		339.0		315.4
Cost and expenses:
Cost of sales		386.4		338.5		314.9
General and administrative		.5		.5		.5
Total		386.9		339.0		315.4
Net income	$	—	$	—	$	—

Land held for development. The land held for development relates to BMI and LandWell and is discussed in Note 1.

Capitalized permit costs. We obtained our byproducts disposal license in 2008 and began amortizing such license when the byproduct disposal facility began operations in 2009. We obtained our LLRW license in 2009. Our LLRW facilities commenced operations in 2012, at which time we began amortizing such license. Amortization of capitalized operating permit costs was $6.6 million in 2014, $6.3 million in 2015 and $6.2 million in 2016. Our estimated aggregate amortization expense for all our of capitalized permit costs as of December 31, 2016 is approximately $6.2 million in 2017, $5.6 million in 2018 and $5.1 million in each of 2019, 2020 and 2021. Capitalized permit costs are stated net of accumulated amortization of $31.6 million at December 31, 2015 and $37.9 million at December 31, 2016. The components of net capitalized permit costs are presented in the table below.

	December 31,
	2015		2016
	(In millions)
Net permit costs for issued permits which are being amortized:
LLRW license (expires in 2024)	$	44.7	$	39.1
Byproduct license (expires in 2018)		2.5		1.5
Other (expires 2016—2024)		.1		.1
Total amortized permits		47.3		40.7
Permits not being amortized		.8		2.2
Total	$	48.1	$	42.9

Other. We have certain related party transactions with LPC, as more fully described in Note 17.

The IBNR receivables relate to certain insurance liabilities, the risk of which we have reinsured with certain third party insurance carriers. We report the insurance liabilities related to these IBNR receivables which have been reinsured as part of noncurrent accrued insurance claims and expenses. Certain of our insurance liabilities are classified as current liabilities and the related IBNR receivables are classified with other current assets. See Notes 10 and 17.

Restricted cash relates primarily relates to our Waste Management Segment. In April 2014, $18.0 million of such restricted cash was released to WCS. See Note 18.

The capital lease deposit relates to certain indebtedness of our Waste Management Segment and is discussed in Note 9.

Upon acquiring a controlling interest in our Real Estate Management and Development Segment in December 2013, we recognized an indefinite-lived customer relationship intangible asset of $5.1 million for long-term contracts related to water delivery services to the City of Henderson, Nevada and various other users through a water system owned by BMI. Aggregate revenues associated with water delivered under the City of Henderson contract have historically represented approximately 70% of the Segment’s aggregate water delivery revenues. These contracts generally span many years and feature automatic renewing provisions. The initial City of Henderson water delivery contract extended for a period of 25 years, and contained an automatic renewal provision. In January 2016, the water delivery contract with the City of Henderson was amended. As part of such amendment, required minimum volumes were reduced, pricing was lowered, the automatic renewal provision of the contract was eliminated, and the contract term now runs through June 2040. The amendment to the City of Henderson water delivery contract represents an event or circumstance which triggered the need to perform a quantitative impairment analysis with respect to the intangible asset in the first quarter of 2016, in accordance with the guidance in ASC 350-30-35. Accordingly, as a result of a quantitative impairment analysis performed in the first quarter of 2016 we have concluded that the $5.1 million contract related intangible asset primarily related to the City of Henderson water delivery contract has been fully impaired as a result of the amended contract (with its reduced minimum volumes and lower pricing), and we recognized an aggregate $5.1 million contract related intangible impairment loss in 2016.