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Other Income, Net
 12 Months Ended
Dec. 31, 2018
Other Income And Expenses [Abstract]  
Other Income, Net

 

Note 13—Other income, net:

 

 

 

Years ended December 31,

 

 

 

2016

 

 

2017

 

 

2018

 

 

 

(In millions)

 

Securities earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and interest

 

$

26.7

 

 

$

29.4

 

 

$

26.1

 

Securities transactions, net

 

 

.5

 

 

 

.1

 

 

 

12.4

 

Total

 

 

27.2

 

 

 

29.5

 

 

 

38.5

 

Gain on land sales

 

 

—

 

 

 

—

 

 

 

12.5

 

Insurance recoveries

 

 

.4

 

 

 

.4

 

 

 

1.3

 

Currency transactions, net

 

 

5.5

 

 

 

(7.5

)

 

 

10.1

 

Disposal of property and equipment, net

 

 

(.3

)

 

 

(.5

)

 

 

(.3

)

Business interruption insurance proceeds

 

 

4.3

 

 

 

—

 

 

 

—

 

Infrastructure reimbursement

 

 

.6

 

 

 

1.0

 

 

 

4.3

 

Other, net

 

 

1.3

 

 

 

2.3

 

 

 

2.8

 

Total

 

$

39.0

 

 

$

25.2

 

 

$

69.2

 

Dividends and interest income includes distributions from The Amalgamated Sugar Company LLC of $25.4 million in each of 2016 and 2017 and $16.9 million in 2018.  Securities transactions, net in 2018 includes a $12.5 million gain on the sale of our investment in The Amalgamated Sugar Company LLC. See Note 6.  

Infrastructure reimbursements related to the OPA are discussed in Note 7.

Insurance recoveries relate primarily to amounts NL received from certain of its former insurance carriers, and relate principally to the recovery of prior lead pigment and asbestos litigation defense costs incurred by us. We have agreements with four former insurance carriers pursuant to which the carriers reimburse us for a portion of our future lead pigment litigation defense costs, and one such carrier reimburses us for a portion of our future asbestos litigation defense costs. We are not able to determine how much we will ultimately recover from these carriers for defense costs incurred by us because of certain issues that arise regarding which defense costs qualify for reimbursement. While we continue to seek additional insurance recoveries for lead pigment and asbestos litigation matters, we do not know the extent to which we will be successful in obtaining additional reimbursement for either defense costs or indemnity.  

 

In the first quarter of 2018 we sold two parcels of land not used in our operating activities.  We sold the first parcel for net proceeds of $18.9 million, and recognized a pre-tax gain on the sale of $11.9 million. We were required under our debt agreement with NERT to use a portion of the net proceeds received for the property to pay down our note balance and accordingly we made $2.2 million in principal payments on our debt, see Note 9.  In addition, NL sold excess property with a nominal book value for proceeds of $.6 million.

During 2016, we recognized $3.4 million in income related to cash Kronos received from settlement of a business interruption insurance claim arising in 2014, and income of $.9 million recognized in the fourth quarter related to cash Kronos received from settlement of another business interruption insurance claim arising in 2015.  No additional material amounts are expected to be received with respect to such insurance claims.