	December 31,
	2019		2020
	(In millions)
Other assets:
Land held for development	$	125.3	$	96.0
Operating lease right-of-use assets		29.0		26.1
Restricted cash and cash equivalents		33.0		37.8
IBNR receivables		8.5		37.1
Note receivables - OPA		8.8		25.3
Other		11.9		8.7
Total	$	216.5	$	231.0

Investment in TiO₂ manufacturing joint venture. Our Chemicals Segment owns a 50% interest in Louisiana Pigment Company, L.P. (LPC). LPC is a manufacturing joint venture whose other 50%-owner is Venator Investments LLC (Venator Investments). Venator Investments is a wholly-owned subsidiary of Venator Group, of which Venator Materials PLC owns 100% and is the ultimate parent. LPC owns and operates a chloride-process TiO₂ plant near Lake Charles, Louisiana.

Kronos and Venator Investments are both required to purchase one-half of the TiO₂ produced by LPC, unless Kronos and Venator Investments agree otherwise. 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. Kronos’ share of net cost is reported as cost of sales as the related TiO₂ acquired from LPC is sold. We report distributions Kronos receives from LPC, which generally relate to excess cash generated by LPC from its non-cash production costs, and contributions Kronos makes 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 cash distributions from (contributions to) LPC are shown in the table below.

	Years ended December 31,
	2018			2019			2020
	(In millions)
Distributions from LPC	$	34.3		$	40.6		$	32.7
Contributions to LPC		(30.3	)		(49.9	)		(45.5	)
Net distributions (contributions)	$	4.0		$	(9.3	)	$	(12.8	)

	December 31,
	2019		2020
	(In millions)
ASSETS
Current assets	$	94.6	$	105.8
Property and equipment, net		121.3		134.1
Total assets	$	215.9	$	239.9
LIABILITIES AND PARTNERS' EQUITY
Other liabilities, primarily current	$	32.8	$	30.6
Partners' equity		183.1		209.3
Total liabilities and partners' equity	$	215.9	$	239.9

	Years ended December 31,
	2018		2019		2020
	(In millions)
Revenues and other income:
Kronos	$	165.9	$	176.2	$	167.8
Venator Investments		167.0		177.0		168.3
Total		332.9		353.2		336.1
Cost and expenses:
Cost of sales		332.5		352.8		335.7
General and administrative		.4		.4		.4
Total		332.9		353.2		336.1
Net income	$	-	$	-	$	-

Leases. We enter into various operating leases for manufacturing facilities, land and equipment. Our operating leases are included in operating lease right-of-use assets, current operating lease liabilities and noncurrent operating lease liabilities in our Consolidated Balance Sheet. See Note 10. Our Chemicals Segment’s principal German operating subsidiary leases the land under its Leverkusen TiO₂ production facility pursuant to a lease with Bayer AG that expires in 2050. The Leverkusen facility itself, which Kronos owns and which represents approximately one-third of its current TiO₂ production capacity, is located within Bayer’s extensive manufacturing complex.

During 2019 and 2020, our operating lease expense approximated $8.2 million and $7.6 million, respectively, (which amount approximates the amount of cash paid during the period for our operating leases included in the determination of our cash flows from operating activities). During 2019 and 2020, variable lease expense and short-term lease expense were not material. During 2019 and 2020, we entered into new operating leases which resulted in the recognition of $1.6 million and $2.5 million, respectively, in right-of-use operating lease assets and corresponding liabilities on our Consolidated Balance Sheet. At December 31, 2019 and 2020, the weighted average remaining lease term of our operating leases was approximately 14 years and 15 years, respectively, and the weighted average discount rate associated with such leases was approximately 4.6% and 4.8%, respectively. Such average remaining lease term is weighted based on each arrangement’s lease obligation, and such average discount rate is weighted based on each arrangement’s total remaining lease payments.

At December 31, 2020, maturities of our operating lease liabilities were as follows:

Years ending December 31,	Amount
	(In millions)
2021	$	7.4
2022		4.1
2023		2.7
2024		1.8
2025		1.3
2026 and thereafter		20.1
Total remaining lease payments		37.4
Less imputed interest		11.9
Total lease obligations		25.5
Less current obligations		6.7
Long term lease obligations	$	18.8

With respect to our land lease associated with our Chemical Segment’s Leverkusen facility, we periodically establish the amount of rent for such land lease by agreement with Bayer for periods of at least two years at a time. The lease agreement provides for no formula, index or other mechanism to determine changes in the rent of such land lease; rather, any change in the rent is subject solely to periodic negotiation between Bayer and us. As such, we will account for any change in the rent associated with such lease as

a lease modification. Of the $25.5 million total lease obligations at December 31, 2020, approximately $7.6 million relates to our Leverkusen facility land lease.

At December 31, 2020, we have no significant lease commitments that have not yet commenced.

Prior to the adoption of ASC 842, net rent expense approximated $15 million in 2018.

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

Note receivables – OPA. Under an Owner Participation Agreement (“OPA”) entered into by LandWell with the Redevelopment Agency of the City of Henderson, Nevada, if LandWell develops certain real property for commercial and residential purposes in a master planned community in Henderson, Nevada, the cost of certain public infrastructure may be reimbursed to us through tax increment. The maximum reimbursement under the OPA is $209 million, and is subject to, among other things, completing construction of approved qualifying public infrastructure, transferring title of such infrastructure to the City of Henderson, receiving approval from the Redevelopment Agency of the funds expended to be eligible for tax increment reimbursement and the existence of a sufficient property tax valuation base and property tax rates in order to generate tax increment reimbursement funds. We are entitled to receive 75% of the tax increment generated by the master planned community through 2036, subject to the qualifications and limitations indicated above. The OPA note receivables represent public infrastructure costs previously incurred for which the Redevelopment Agency has provided its approval for tax increment reimbursement but we have not yet received such reimbursement through tax increment receipts, and are evidenced by a promissory note issued to LandWell by the City of Henderson.

Prior to 2018, due to the significant uncertainty of the timing and amount of any of such potential tax increment reimbursements, we recognized any such tax increment reimbursements only when received. However, due to growth in the master planned community and the increase in tax increment funds to which we are entitled, we determined in the first quarter of 2018 the tax increment reimbursements expected to be collected in the future would at least be sufficient to support recognizing the promissory note issued by the City of Henderson to LandWell. During 2018, we recognized $3.1 million of other income relating to the existing promissory note as of January 1, 2018. During 2019 and 2020, we received approval for additional tax increment reimbursement of $8.8 million (primarily in the second quarter), and $19.1 million (all in the first quarter), respectively, which were recognized as other income and are evidenced by a promissory note issued to LandWell by the City of Henderson. The note receivables bear interest at 6% annually and the note expires in 2036. Any unpaid balances in 2036 are forfeited. See Note 13.

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

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.