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Equity Method Investments
 12 Months Ended
Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Investment Equity Method Investments
The Company’s equity method investments include its joint venture interest in Middlemount and certain other equity method investments.
The table below summarizes the book value of those investments, which are reported in “Investments and other assets” in the consolidated balance sheets, and the related “(Income) loss from equity affiliates”:
Book Value at(Income) Loss from Equity Affiliates
December 31,Year Ended December 31,
 20222021202220212020
 (Dollars in millions)
Equity method investment related to Middlemount$27.1 $62.2 $(135.1)$(82.1)$60.1 
Other equity method investments7.0 — 3.9 — — 
Total equity method investments$34.1 $62.2 $(131.2)$(82.1)$60.1 
The Company received cash payments from Middlemount of $168.4 million and $43.5 million during the years ended December 31, 2022 and 2021, respectively. No payments were received from Middlemount during the year ended December 31, 2020.
One of the Company’s Australian subsidiaries is party to an agreement to provide a revolving loan to Middlemount. The Company’s participation in the revolving loan will not, at any time, exceed its 50% equity interest of the revolving loan limit, which was $50 million Australian dollars at December 31, 2022. The revolving loan bears interest at 10% per annum and expires on December 31, 2023. There was no outstanding revolving loan at December 31, 2022 or 2021.
During the year ended December 31, 2020, the Company established a valuation allowance on Middlemount’s net deferred tax position of approximately $33 million primarily based upon recent cumulative losses. During the year ended December 31, 2021, the Company determined that the valuation allowance was no longer necessary based on recent cumulative earnings and expectation of future earnings. The determination resulted in approximately $33 million of income related to the release of the previously established valuation allowance.
During the year ended December 31, 2021, Middlemount entered into an insurance claim settlement agreement attributable to a business interruption and property damage claim from 2019, which resulted in $12.5 million of income for the Company (on a 50% basis).
During the years ended December 31, 2022, 2021 and 2020, respectively, Middlemount generated revenue of approximately $441 million, $265 million and $123 million (on a 50% basis).
Middlemount had current assets, noncurrent assets, current liabilities and noncurrent liabilities of $75.2 million, $256.3 million, $135.7 million and $97.7 million, respectively, as of December 31, 2022 and $83.1 million, $269.9 million, $254.9 million and $79.5 million, respectively, as of December 31, 2021 (on a 50% basis).