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Investment in TiO2 Manufacturing Joint Venture | 12 Months Ended
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Dec. 31, 2022
Equity Method Investments And Joint Ventures [Abstract] |
Investment in TiO2 Manufacturing Joint Venture | Note 5 – Investment in TiO2 manufacturing joint venture: We own 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. We and Venator Investments are both required to purchase one-half of the TiO2 produced by LPC, unless we 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. 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 cash distributions from (contributions to) LPC are shown in the table below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
​ |  | 2020 |  | 2021 |  | 2022
​ | ​ | (In millions)
Distributions from LPC | ​ | $ | 32.7 | ​ | $ | 28.5 | ​ | $ | 58.3
Contributions to LPC | ​ |  | (45.5) | ​ |  | (24.7) | ​ |  | (68.8)
Net distributions (contributions) | ​ | $ | (12.8) | ​ | $ | 3.8 | ​ | $ | (10.5)
​ Summary balance sheets of LPC are shown below:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ |  | 2021 |  | 2022
​ | ​ | (In millions)
ASSETS | ​ | ​ |  |  | ​ |
Current assets | ​ | $ | 111.7 | ​ | $ | 122.2
Property and equipment, net | ​ |  | 142.6 | ​ |  | 147.4
Total assets | ​ | $ | 254.3 | ​ | $ | 269.6
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND PARTNERS’ EQUITY | ​ |  |  | ​ |  |
Other liabilities, primarily current | ​ | $ | 47.8 | ​ | $ | 41.2
Partners’ equity | ​ |  | 206.5 | ​ |  | 228.4
Total liabilities and partners’ equity | ​ | $ | 254.3 | ​ | $ | 269.6
​ Summary income statements of LPC are shown below:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
​ |  | 2020 |  | 2021 |  | 2022
​ | ​ | (In millions)
Revenues and other income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Kronos | ​ | $ | 167.8 | ​ | $ | 188.6 | ​ | $ | 225.6
Venator Investments | ​ |  | 168.3 | ​ |  | 189.6 | ​ |  | 225.9
Total revenues and other income | ​ |  | 336.1 | ​ |  | 378.2 | ​ |  | 451.5
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost and expenses: | ​ |  |  | ​ |  |  | ​ |  |
Cost of sales | ​ |  | 335.7 | ​ |  | 377.8 | ​ |  | 451.1
General and administrative | ​ |  | .4 | ​ |  | .4 | ​ |  | .4
Total costs and expenses | ​ |  | 336.1 | ​ |  | 378.2 | ​ |  | 451.5
Net income | ​ | $ | - | ​ | $ | - | ​ | $ | -
​ We have certain related party transactions with LPC, as more fully described in Note 14.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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