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Other income, net

12 Months Ended

Dec. 31, 2023

Other income, net

Other income, net

Note 13 – Other income, net:

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​	​	​	​	​	​	​	​	​	​
​	​	Years ended December 31,
​		2021			2022			2023
​	​	(In millions)
Interest income and other:		​			​			​
Interest and dividends		$	4.0		$	10.9		$	21.0
Securities transactions, net	​	​	—	​	​	(.5)	​	​	.3
Total	​	​	4.0	​	​	10.4	​		21.3
Infrastructure reimbursement	​		15.3	​		16.0	​		25.5
Currency transactions, net	​	​	1.6	​	​	11.5	​	​	1.4
Insurance recoveries	​	​	.1	​	​	2.8	​	​	3.0
Gain on land sales	​	​	16.0	​	​	—	​	​	1.5
Other, net	​	​	2.0	​	​	3.0	​	​	2.7
Total	​	$	39.0	​	$	43.7	​	$	55.4

​

Infrastructure reimbursement – Infrastructure reimbursements related to the OPA are discussed in Note 7.  LandWell also 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 $.8 million in reimbursement during the second quarter of 2022 and $.3 million during the third quarter of 2023 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 gains of $2.7 million and $2.5 million in 2022 and 2023, respectively, related to its business interruption claim.

​

NL received $.5 million in insurance recoveries in 2023 and recoveries in each of 2021 and 2022 were nominal.

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Land sales – 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 gain of $16.0 million (including $5.6 million in the second quarter and $10.4 million in the third quarter). 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 gain of $1.5 million.

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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

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-Topic 610
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//610/tableOfContent

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-Topic 720
-Name Accounting Standards Codification
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