Revenues

On October 1, 2018, the Company adopted Accounting Standards Codification 606, "Revenue from Contracts with Customers" (ASC 606), which is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services and satisfaction of performance obligations to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. The Company applied the modified retrospective method to contracts that were not completed as of October 1, 2018. Results for the reporting period beginning on October 1, 2018 are presented under ASC 606, while prior period amounts were not adjusted and will continue to be reported under the previous accounting standards. Under ASC 606 the Company's performance obligations are typically satisfied at closing. However, there may be instances in which the Company has an unsatisfied remaining performance obligation at the time of closing. In these instances, the Company records contract liabilities and recognizes those revenues over time as the performance obligations are completed. Generally, the Company's unsatisfied remaining performance obligations are expected to have an original duration of less than one year. As of October 1, 2018, the Company established contract liabilities of $6.4 million related to its remaining unsatisfied performance obligations at the time of adoption of ASC 606. There was no impact to the amount or timing of revenues recognized as a result of applying ASC 606 for the three and nine months ended June 30, 2019.

Revenues consist of:



	Three Months Ended June 30,				Nine Months Ended June 30,
	2019		2018		2019		2018
	(In millions)
Residential lot sales	$	87.6	$	19.9	$	171.6	$	61.3
Residential tract sales	—		3.4		—		5.7
Commercial tract sales	—		—		18.5		9.2
Other	0.6		0.3		1.9		0.8
	$	88.2	$	23.6	$	192.0	$	77.0

In the three and nine months ended June 30, 2019 the Company recognized $1.0 million and $4.8 million of residential lot sales revenue as a result of its progress towards completion of its remaining unsatisfied performance obligations.