Other income, net

9 Months Ended

Sep. 30, 2023

Other Income And Expenses [Abstract]

Other Income, Net

Note 12 – Other income, net:

	Nine months ended
	September 30,
	2022		2023
	(In millions)
Interest income and other:
Interest and dividends	$	6.2	$	14.4
Securities transactions, net		(.6)		.1
Total		5.6		14.5
Infrastructure reimbursement		10.8		5.1
Currency transactions, net		17.1		4.6
Insurance recoveries		2.7		2.5
Gain on land sales		—		1.5
Other, net		1.9		2.9
Total	$	38.1	$	31.1

Infrastructure reimbursement  – As disclosed in Note 7 to our 2022 Annual Report, under an Owner Participation Agreement (“OPA”) entered into by LandWell with the Redevelopment Agency of the City of Henderson, Nevada, as LandWell develops certain real property for commercial and residential purposes in its master planned community in Henderson, Nevada, the cost of certain public infrastructure may be reimbursed to LandWell through tax increment. LandWell received $10.0 million and $4.8 million during the third quarters of 2022 and 2023; respectively, which was recognized as other income and is evidenced by a promissory note issued to LandWell by the City of Henderson.

LandWell has agreements with certain utility providers servicing the Cadence master planned community under which certain costs incurred for the development of power infrastructure may be reimbursed to LandWell. LandWell received $.8 million in reimbursement during the second quarter of 2022 and $.3 million during the third quarter of 2023 for past costs incurred.

Insurance recoveries – On August 24, 2020, LPC temporarily halted production due to Hurricane Laura. Although storm damage to core processing facilities was not extensive, a variety of factors, including loss of utilities and limited access and availability of employees and raw materials, prevented the resumption of operations until September 25, 2020. The majority of Kronos’ losses from property damage and its share of LPC’s lost production and other costs resulting from the disruption of operations were covered by insurance. Kronos recognized a gain of $2.7 million in the third quarter of 2022 and an aggregate gain of $2.5 million in the first nine months of 2023 related to its business interruption claim.

Land sales – In the second quarter of 2023, we sold excess property not used in our operations for net proceeds of approximately $1.8 million and recognized a pre-tax gain of $1.5 million.