Revenue and Contract Balances

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

REVENUE AND CONTRACT BALANCES

The Company disaggregates revenue from contracts with customers by revenue type, as the Company believes it best depicts how the nature, amount, timing and uncertainty of the Company's revenue and cash flows are affected by economic factors.


	Three Months Ended March 31,
	2020		2019
Revenues:
Commercial Real Estate	$	43.4	$	36.8
Land Operations:
Development sales revenue	3.6		12.3
Unimproved/other property sales revenue	2.1		30.5
Other operating revenue	5.8		6.2
Land Operations	11.5		49.0
Materials & Construction	25.9		43.6
Total revenues	$	80.8	$	129.4

The total amount of contract consideration allocated to either wholly unsatisfied or partially satisfied performance obligations was $74.4 million as of March 31, 2020. The Company expects to recognize as revenue approximately 50% - 55% of the remaining contract consideration allocated to either wholly unsatisfied or partially satisfied performance obligations in 2020, with the remaining recognized thereafter.

Timing of revenue recognition may differ from the timing of invoicing to customers. Certain construction contracts include retainage provisions that are customary in the industry (i.e., are not for financing purposes) and are included in Accounts receivable and retention, net. The balances billed but not paid by customers pursuant to these provisions generally become due upon completion and acceptance of the project work or products by the customers. Costs and estimated earnings in excess of billings on uncompleted contracts represent amounts earned and reimbursable under contracts, but have a conditional right for billing and payment, such as achievement of milestones or completion of the project. When events or conditions indicate that it is probable that the amounts outstanding become unbillable, the transaction price and associated contract asset is reduced. Billings in excess of costs and estimated earnings on uncompleted contracts are billings to customers on contracts in advance of work performed, including advance payments negotiated as a contract condition. Generally, unearned project-related costs will be earned over the next twelve months.

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers (in millions):


	March 31, 2020		December 31, 2019
Accounts receivable	$	37.4	$	43.4
Contracts retention	$	8.4	$	8.6
Allowance for credit losses on accounts receivable and retention	$	(1.5)	$	(0.4)
Accounts receivable and retention, net	$	44.3	$	51.6
Costs and estimated earnings in excess of billings on uncompleted contracts	$	9.3	$	10.0
Billings in excess of costs and estimated earnings on uncompleted contracts	$	7.6	$	7.9
Variable consideration¹	$	62.0	$	62.0
Other long term deferred revenue	$	5.4	$	5.6
¹Variable consideration recorded with the sale of agricultural land on Maui in 2018.

For the three months ended March 31, 2020, the Company recognized revenue of $4.5 million related to the Company's contract liabilities reported as of January 1, 2020.