Other Income, Net

6 Months Ended

Jun. 30, 2022

Other Income And Expenses [Abstract]

Other Income, Net

Note 11 – Other income, net:

	Six months ended
	June 30,
	2021		2022
	(In millions)
Interest income and other:
Interest and dividends	$	1.9	$	2.8
Securities transactions, net		.1		(.5)
Total		2.0		2.3
Infrastructure reimbursement		6.2		.8
Gain on land and related sales		5.6		—
Currency transactions, net		—		10.4
Other, net		1.0		1.5
Total	$	14.8	$	15.0

Infrastructure reimbursement – As disclosed in Note 7 to our 2021 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. During the first six months of 2021, LandWell received approval for additional tax increment reimbursement of $6.2 million (all in the first quarter), which was recognized as other income and is evidenced by a promissory note issued to LandWell by the City of Henderson.

LandWell also has an agreement with the energy utility providing electric power to the Cadence master planned community under which certain costs incurred for the development of power infrastructure may be reimbursed to LandWell.  During the second quarter of 2022, LandWell received $.8 million in reimbursement for past costs incurred.