Other income, net

9 Months Ended

Sep. 30, 2024

Other income, net

Other income, net

Note 12 – Other income, net:

	Nine months ended
	September 30,
	2023		2024
	(In millions)
Interest income and other:
Interest and dividends	$	14.4	$	16.3
Securities transactions, net		.1		.3
Total		14.5		16.6
Infrastructure reimbursement		5.1		14.6
Currency transactions, net		4.6		4.9
Insurance recoveries		2.9		1.3
Gain on land sales		1.5		—
Other, net		2.5		3.7
Total	$	31.1	$	41.1

Infrastructure reimbursement  – As disclosed in Note 7 to our 2023 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 $4.8 million and $14.2 million during the third quarters of 2023 and 2024; 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 $.3 million and $.4 million in reimbursement during the first nine months of 2023 and 2024, respectively, for past costs incurred.

Insurance recoveries – Kronos recognized an aggregate gain of $2.5 million related to its Hurricane Laura business interruption claim in the first nine months of 2023.

NL received $.4 million and $1.3 million in insurance recoveries during the first nine months of 2023 and 2024, respectively.

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.