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Other assets | 12 Months Ended
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Dec. 31, 2024
Other assets |
Other assets | ​ ​ Note 7 – Other assets: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2023 |  | 2024
​ | ​ | (In millions)
Other assets: |  | ​ |  |  | ​ |
Note receivables - OPA | ​ | $ | 69.1 | ​ | $ | 91.6
Operating lease right-of-use assets | ​ |  | 22.7 | ​ |  | 20.6
IBNR receivables | ​ |  | 13.4 | ​ |  | 15.0
Land held for development | ​ | ​ | 19.4 | ​ | ​ | 7.4
Restricted cash and cash equivalents | ​ | ​ | 32.4 | ​ | ​ | 5.5
Other | ​ |  | 16.7 | ​ |  | 21.4
Total | ​ | $ | 173.7 | ​ | $ | 161.5
​ 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. Also see Note 10. Our Chemicals Segment’s principal German operating subsidiary leases the land under its Leverkusen TiO2 production facility pursuant to a lease that expires in 2050. The Leverkusen facility itself, which Kronos owns and which represents approximately 29% of its current TiO2 production capacity, is located within an extensive manufacturing complex. During 2022, 2023 and 2024, our operating lease expense approximated $5.5 million, $5.6 million and $5.2 million, respectively, (which 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 2022, 2023 and 2024, variable lease expense and short-term lease expense were not material. During 2022, 2023 and 2024, we entered into new operating leases which resulted in the recognition of $6.6 million, $4.6 million and $2.8 million, respectively, in right-of-use operating lease assets and corresponding liabilities on our Consolidated Balance Sheets. At December 31, 2023 and 2024, the weighted average remaining lease term of our operating leases was approximately 14 years and the weighted average discount rate associated with such leases was approximately 5.0% in 2023 and approximately 6.0% in 2024. 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, 2024, maturities of our operating lease liabilities were as follows: ​
​ | ​ | ​ | ​
Years ending December 31, |  | Amount
​ | ​ | (In millions)
2025 | ​ | $ | 4.4
2026 | ​ |  | 4.0
2027 | ​ |  | 2.8
2028 | ​ |  | 2.3
2029 | ​ |  | 2.0
2030 and thereafter | ​ |  | 14.6
Total remaining lease payments | ​ |  | 30.1
Less imputed interest | ​ |  | 9.5
Total lease obligations | ​ |  | 20.6
Less current obligations | ​ |  | 3.5
Long term lease obligations | ​ | $ | 17.1
​ 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 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. As such, we will account for any change in the rent associated with such lease as a lease modification. Of the $20.6 million total lease obligations at December 31, 2024, approximately $6.8 million relates to our Leverkusen facility land lease. At December 31, 2024, we have no significant lease commitments that have not yet commenced. 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 the expiration of the Redevelopment Plan, 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. During 2022, 2023 and 2024, we received approval for additional tax increment reimbursement of $15.2 million ($10.0 million in the third quarter and $5.2 million in the fourth quarter), $25.2 million ($4.8 million in the third quarter and $20.4 million in the fourth quarter), and $30.3 million ($14.2 million in the third quarter and $16.1 million in the fourth 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 in 2021, the City of Henderson extended the Redevelopment Plan for an additional 15 years which allows us to collect any remaining amounts due under the OPA through 2051. Any unpaid balances at the end of the agreement are forfeited. See Note 13. Land held for development. The land held for development relates to BMI and LandWell and is discussed in Note 1. Other. 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 on our Consolidated Balance Sheets. See Notes 10 and 17.

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