Note 7—Other assets:


	December 31,
	2010		2011
	(In millions)
Investment in affiliates:
Ti0₂ manufacturing joint venture	$	96.2	$	89.2
Basic Management and Landwell		17.0		16.5

Total	$	113.2	$	105.7

Other assets:
Waste disposal site operating permits, net	$	58.8	$	66.6
Restricted cash		.3		7.6
Assets held for sale		3.0		7.3
Capital lease deposit		6.2		6.2
IBNR receivables		6.6		6.5
Deferred financing costs		4.5		2.0
Other		22.9		67.9

Total	$	102.3	$	164.1

Investment in TiO₂ manufacturing joint venture. Our Chemicals Segment and another Ti0₂ producer, Tioxide Americas, Inc. ("Tioxide"), are equal owners of a manufacturing joint venture (Louisiana Pigment Company, L.P., or "LPC") that owns and operates a TiO₂ plant in 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. 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 from LPC are shown in the table below.


	Years ended December 31,
	2009			2010			2011
	(In millions)
Distributions from LPC	$	22.7		$	26.1		$	29.7
Contributions to LPC		(15.0	)		(23.7	)		(25.9	)

Net distributions from LPC	$	7.7		$	2.4		$	3.8

Certain selected financial information of LPC is summarized below:


	December 31,
	2010		2011
	(In millions)
Assets:
Current assets	$	68.6	$	108.5
Property and equipment, net		154.4		140.7

Total assets	$	223.0	$	249.2

Liabilities and Partner's Equity:
Liabilities, primarily current	$	27.9	$	68.0
Partners' equity		195.1		181.2

Total liabilities and partners' equity	$	223.0	$	249.2


	Years ended December 31,
	2009		2010		2011
	(In millions)
Net sales:
Kronos	$	121.2	$	133.7	$	144.8
Tioxide		121.8		134.5		145.7
Cost of sales		243.0		267.7		290.1
Net income		—		—		—

Investment in Basic Management and Landwell. We also own a 32% interest in Basic Management, Inc., ("BMI") which provides utility services in the industrial park where one of TIMET's plants is located, among other things. We also have a 12% interest in The Landwell Company ("Landwell"), which is actively engaged in efforts to develop certain real estate. BMI owns an additional 50% interest in Landwell. For federal income tax purposes Landwell is treated as a partnership, and accordingly the combined results of operations of BMI and Landwell include a provision for income taxes on Landwell's earnings only to the extent that such earnings accrue to BMI. We record our equity in earnings of BMI and Landwell on a one-quarter lag because their financial statements are generally not available to us on a timely basis. Certain selected combined financial information of BMI and Landwell is summarized below.


	September 30,
	2010		2011
	(In millions)
Current assets	$	21.4	$	16.1
Prepaid costs and other		20.2		19.9
Property and equipment, net		7.3		6.5
Investment in undeveloped land and water rights		31.4		40.4
Land and development costs		14.9		13.5

Total assets	$	95.2	$	96.4

Current liabilities	$	4.0	$	5.7
Long-term debt		17.3		16.2
Deferred income taxes		5.9		5.9
Other noncurrent liabilities		4.0		6.7
Equity		64.0		61.9

Total liabilities and equity	$	95.2	$	96.4


	Twelve months ended September 30,
	2009			2010			2011
	(In millions)
Total revenues	$	8.7		$	6.9		$	10.0
Loss before income taxes		(2.8	)		(4.6	)		(2.7	)
Net loss		(2.5	)		(3.6	)		(2.1	)

Assets held for sale. Our assets held for sale at December 31, 2011, include three properties of our Component Products Segment which were formerly used in our operations: a facility in River Grove, Illinois; a facility in Byron Center, Michigan and land in Neenah, Wisconsin. In September 2011 our Component Products Segment's management made the decision to sell its Byron Center facility, at which time such facility met all of the criteria under GAAP to be classified as an "asset held for sale." In classifying the facility (land and building) as held for sale, we concluded that the carrying amount of the assets exceeded the estimated fair value less costs to sell such assets. In determining the estimated fair value, CompX obtained an independent appraisal. Based on this appraisal, we recognized a write-down of $.9 million during the third quarter of 2011 to reduce the carrying value of the asset to its estimated fair value less cost to sell.

The remaining two assets (River Grove, Illinois and Neenah, Wisconsin) were classified as "assets held for sale" when they ceased to be used in our operations and met all of the applicable criteria under GAAP. During the third quarter of 2011, due to continued negative local market conditions CompX obtained an updated independent appraisal for the River Grove facility, the more significant of these other two properties. Based on this appraisal, we recognized an additional write-down of $.2 million during the third quarter of 2011 to reduce the carrying value of that asset to its estimated fair value less cost to sell. During the third quarter of 2010, and as weak economic conditions continued longer than expected, we obtained an independent appraisal for the River Grove facility. Based on this appraisal, we recorded a write-down of $.5 million during the third quarter of 2010 to reduce the carrying value of the asset to its estimated fair value less cost to sell. During the fourth quarter of 2010, we obtained an independent appraisal for the land in Neenah. Based on this appraisal, the carrying value of the asset approximated the fair value less cost to sell and therefore no adjustment to the carry value was deemed necessary. In 2009 after discussion with potential buyers of both properties fell through we recorded a write-down of approximately $.7 million.

Appraisals represent a level 2 input as defined by ASC 820-10-35. All three properties are being actively marketed; however, due to the current state of the commercial real estate market, we cannot be certain of the timing of the disposition of our assets held for sale or the potential for future write-downs associated with these assets.

Other. We have certain related party transactions with LPC and Basic Management, as more fully described in Note 16.

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 prepaid expenses and other current assets. See Notes 10 and 16.

Restricted cash at December 31, 2011 primarily relates to cash which collateralizes a letter of credit issued on behalf of our Chemicals Segment in conjunction with an appeal of a re-assessment by Canadian tax authorities, as discussed in Notes 9 and 12. Restricted cash at December 31, 2011 also includes $.5 million placed into a collateral trust associated with certain financial assurance obligations of our Waste Management Segment, as discussed in Note 17.

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