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Other Income, Net

9 Months Ended

Sep. 30, 2011

Other Income, Net

Other Income, Net

Note 11 – Other income, net:

		Nine months ended September 30,
		2010				2011
		(In millions)
Securities earnings:
Dividends and interest		$	19.5			$	22.0
Securities transactions, net			.2				(.6	)
Total			19.7				21.4
Equity in earnings of investee			(.2	)			(.3	)
Currency transactions, net			4.7				.8
Insurance recoveries			18.6				16.6
Gain on litigation settlement			6.3				—
Patent litigation settlement gain			—				7.5
Other, net			.5				.7
Total		$	49.6			$	46.7

Insurance recoveries reflect, in part, amounts we received from certain of our former insurance carriers and relate to the recovery of prior lead pigment and asbestos litigation defense costs incurred by NL. In addition, a substantial portion of the insurance recoveries we recognized in the first quarter of 2010 related to the NL litigation settlement discussed in Note 14. In September 2011 we reached a settlement with one of our former insurance carriers in which they agreed to reimburse NL for a portion of its past lead pigment litigation defense costs. Substantially all of the insurance recoveries we recognized in the third quarter 2011 relates to this settlement.

The gain on litigation settlement in the third quarter of 2010 relates to an environmental related settlement which reimbursed us for certain remediation and legal costs we had previously incurred and the indemnified us for all claims (environmental or otherwise) with respect to certain specified sites. We recognized a litigation settlement gain of $6.3 million, consisting of $4.0 million cash reimbursement of prior remediation and legal costs and $2.3 million related to a reduction in accrued environmental remediation and related costs resulting from the agreement to indemnify us. The gain on the CompX patent litigation settlement was recognized in the first quarter of 2011 and is discussed in Note 14.

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- Definition

The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 3, 6, 7, 9



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.3,6,7,9)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

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