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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | Note 7 – 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 on our Consolidated Balance Sheets. See Note 9. Our 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 we own and which represents approximately one-third of our current TiO2 production capacity, is located within Bayer’s extensive manufacturing complex. During 2020, 2021 and 2022, our operating lease expense approximated $7.6 million, $7.7 million and $5.5 million, respectively (which approximates the amount of cash paid during each year for our operating leases included in the determination of our cash flows from operating activities). During 2020, 2021 and 2022, variable lease expense and short-term lease expense were not material. During 2020, 2021 and 2022, we entered into new operating leases which resulted in the recognition of $2.5 million, $3.8 million and $6.6 million, respectively, in right-of-use operating lease assets and corresponding liabilities on our Consolidated Balance Sheets. At December 31, 2021 and 2022, the weighted average remaining lease term of our operating leases was approximately 17 years and 15 years, respectively, and the weighted average discount rate associated with such leases was approximately 5.0% in both 2021 and 2022. 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, 2022, maturities of our operating lease liabilities were as follows: ​
​ | ​ | ​ | ​
Years ending December 31, |  | Amount
​ | ​ | (In millions)
2023 | ​ | $ | 4.5
2024 | ​ |  | 3.3
2025 | ​ |  | 2.7
2026 | ​ |  | 2.4
2027 | ​ |  | 1.5
2028 and thereafter | ​ |  | 17.0
Total remaining lease payments | ​ |  | 31.4
Less imputed interest | ​ |  | 10.2
Total lease obligations | ​ |  | 21.2
Less current obligations | ​ |  | 3.8
Long term lease obligations | ​ | $ | 17.4
​ With respect to our land lease associated with our 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 $21.2 million total lease obligations at December 31, 2022, $7.2 million relates to our Leverkusen facility land lease. At December 31, 2022, we have no significant lease commitments that have not yet commenced. ​

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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