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Other income, net

12 Months Ended

Dec. 31, 2022

Other Income And Expenses [Abstract]

Other Income, Net

Note 13 – Other income, net:

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​	​	​	​	​	​	​	​	​	​
​	​	Years ended December 31,
​		2020			2021			2022
​	​	(In millions)
Interest income and other:		​			​			​
Interest and dividends		$	4.8		$	4.0		$	10.9
Securities transactions, net	​	​	(.1)	​	​	—	​	​	(.5)
Total	​	​	4.7	​	​	4.0	​		10.4
Infrastructure reimbursement	​		19.7	​		15.3	​		16.0
Gain on land sales	​	​	4.5	​	​	16.0	​	​	—
Currency transactions, net	​	​	(4.0)	​	​	1.6	​	​	11.5
Insurance recoveries	​	​	1.6	​	​	.1	​	​	2.8
Other, net	​	​	1.9	​	​	2.0	​	​	3.0
Total	​	$	28.4	​	$	39.0	​	$	43.7

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In the third quarter of 2020, BMI recognized a pre-tax gain of $4.0 million related to proceeds received associated with a prior land sale. In 2021 we sold excess property not used in our operations for net proceeds of approximately $23.4 million (including $8.4 million in the second quarter and $15.0 million in the third quarter) and recognized a pre-tax gain of $16.0 million (including $5.6 million in the second quarter and $10.4 million in the third quarter).

Infrastructure reimbursement – Infrastructure reimbursements related to the OPA are discussed in Note 7.  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 2022, LandWell received $.8 million (all in the second quarter) in reimbursement for past costs incurred.

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Insurance recoveries – In the first quarter of 2020, Kronos recognized a gain of $1.5 million related to an insurance settlement for a property damage claim.

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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.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 720
-URI https://asc.fasb.org/topic&trid=2122503

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 610
-URI https://asc.fasb.org/topic&trid=49130413

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