Revenue and Contract Balances

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue and Contract Balances

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. Through its CRE segment, the Company owns and operates a portfolio of commercial real estate properties and generates income as a lessor through leases of such assets. See Note 12 to the consolidated financial statements for further discussion.

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Revenues:
Commercial Real Estate	$	34.0	$	39.1	$	77.4	$	75.9
Land Operations:
Development sales revenue	2.3		18.1		5.9		30.4
Unimproved/other property sales revenue	1.6		0.4		3.7		30.9
Other operating revenue	5.9		6.4		11.7		12.6
Land Operations	9.8		24.9		21.3		73.9
Materials & Construction	30.1		45.1		56.0		88.7
Total revenues	$	73.9	$	109.1	$	154.7	$	238.5

In the context of guidance on revenue from contracts with customers and arrangements in its scope, the total amount of contract consideration allocated to either wholly unsatisfied or partially satisfied performance obligations was $105.5 million as of June 30, 2020. The Company expects to recognize as revenue approximately 15% - 25% 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):

	June 30, 2020		December 31, 2019
Accounts receivable	$	43.9	$	43.4
Contracts retention	$	8.2	$	8.6
Allowance for credit losses on accounts receivable and retention	$	(4.1)	$	(0.4)
Accounts receivable and retention, net	$	48.0	$	51.6
Costs and estimated earnings in excess of billings on uncompleted contracts	$	6.8	$	10.0
Billings in excess of costs and estimated earnings on uncompleted contracts	$	8.1	$	7.9
Variable consideration1	$	62.0	$	62.0
Deferred revenue	$	4.8	$	5.6
1Variable consideration deferred as of the period end related to amounts received in the sale of agricultural land on Maui in 2018 that, under revenue recognition guidance, could not be included in the transaction price.

For the three months ended and six months ended June 30, 2020, the Company recognized revenue of $1.5 million and $6.0 million, respectively, related to the Company's contract liabilities reported as of January 1, 2020.