Other Income, Net

9 Months Ended

Sep. 30, 2022

Other Income And Expenses [Abstract]

Other Income, Net

Note 11 – Other income, net:

	Nine months ended
	September 30,
	2021		2022
	(In millions)
Interest income and other:
Interest and dividends	$	2.8	$	6.2
Securities transactions, net		.1		(.6)
Total		2.9		5.6
Infrastructure reimbursement		6.2		10.8
Gain on land sales		16.0		—
Currency transactions, net		1.2		17.1
Insurance recoveries		—		2.7
Other, net		1.6		1.9
Total	$	27.9	$	38.1

In the first nine months of 2021 we sold excess property not used in our operations for net proceeds of approximately $23.4 million and recognized a pre-tax gain of $16.0 million.

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 nine months of 2021 and 2022, LandWell received approval for additional tax increment reimbursement of $6.2 million (all in the first quarter) and $10.0 million (all in the third quarter); respectively, 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 first nine months of 2022, LandWell received $.8 million (all in the second quarter) in reimbursement 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 related to its business interruption claim in the third quarter of 2022.