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Equity Method Investments
 12 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Investment Equity Method Investments
The Company’s equity method investments include its joint venture interest in Middlemount, R3 Renewables LLC (R3) 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 from equity affiliates”:
Book Value at(Income) Loss from Equity Affiliates
December 31,Year Ended December 31,
 20232022202320222021
 (Dollars in millions)
Equity method investment related to Middlemount$42.5 $27.1 $(14.8)$(135.1)$(82.1)
Equity method investment related to R37.1 7.0 7.9 3.9 — 
Total equity method investments$49.6 $34.1 $(6.9)$(131.2)$(82.1)
Middlemount
The Company received no cash payments from Middlemount during the year ended December 31, 2023. 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.
Historically, one of the Company’s Australian subsidiaries was party to an agreement to provide a revolving loan to Middlemount. The Company’s participation in the revolving loan did not, at any time, exceed its 50% equity interest of the revolving loan limit. The revolving loan, which bore interest at 10% per annum and expired on December 31, 2023, has not been extended. There was no outstanding revolving loan at December 31, 2023 or 2022.
During the year ended December 31, 2021, the Company determined that a previously established valuation allowance on Middlemount’s net deferred tax position was no longer necessary based on cumulative earnings and expectation of future earnings. The determination resulted in approximately $33 million of income related to the release of the 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, 2023, 2022 and 2021, respectively, Middlemount generated revenue of approximately $219 million, $441 million and $265 million (on a 50% basis).
Middlemount had current assets, noncurrent assets, current liabilities and noncurrent liabilities of $48.2 million, $199.5 million, $76.6 million and $58.2 million, respectively, as of December 31, 2023 and $75.2 million, $256.3 million, $135.7 million and $97.7 million, respectively, as of December 31, 2022 (on a 50% basis).
R3
In March 2022, the Company entered into a joint venture with unrelated partners to form R3. R3 was formed with the intent of developing various sites, including certain reclaimed mining land held by the Company in the U.S., for utility-scale photovoltaic solar generation and battery storage. The Company contributed $8.0 million and $10.9 million to R3 during the years ended December 31, 2023 and 2022, respectively.