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Revenue and Contract Balances | 12 Months Ended
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Dec. 31, 2020
Revenue from Contract with Customer [Abstract] |
Revenue and Contract Balances | Revenue and Contract Balances The Company generates revenue through its Commercial Real Estate, Land Operations and Materials & Construction segments. Through its Commercial Real Estate segment, the Company owns and operates a portfolio of commercial real estate properties and generates income (i.e., revenue) as a lessor through leases of such assets. Refer to Note 14 for further discussion of lessor income recognition. The Land Operations and Materials & Construction segments generate revenue from contracts with customers. The Company further disaggregates revenue from contracts with customers by revenue type when appropriate if the Company believes disaggregation best depicts how the nature, amount, timing and uncertainty of the Company's revenue and cash flows are affected by economic factors. Revenue by type for the years ended December 31, 2020, 2019 and 2018 was as follows (in millions):
|  | 2020 |  | 2019 |  | 2018
Revenues: |  |  |  |  |  |
Commercial Real Estate |  | $ | 150.0 |  |  | $ | 160.6 |  |  | $ | 140.3 |
Land Operations: |  |  |  |  |  |
Development sales revenue |  | 7.9 |  |  | 57.2 |  |  | 54.3 |
Unimproved/other property sales revenue |  | 9.7 |  |  | 32.4 |  |  | 210.5 |
Other operating revenue |  | 23.0 |  |  | 24.5 |  |  | 24.7 |
Land Operations |  | 40.6 |  |  | 114.1 |  |  | 289.5 |
Materials & Construction |  | 114.7 |  |  | 160.5 |  |  | 214.6 |
Total revenues |  | $ | 305.3 |  |  | $ | 435.2 |  |  | $ | 644.4 |
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 contracts 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. Within Prepaid and other assets, the Company records assets for "costs and estimated earnings in excess of billings on uncompleted contracts" which 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. Within Accrued and other liabilities, the Company records liabilities for "billings in excess of costs and estimated earnings on uncompleted contracts" which represent 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 as of December 31, 2020 and 2019:
(in millions) |  | 2020 |  | 2019
Accounts receivable |  | $ | 39.5 |  |  | $ | 43.6 |
Contracts retention |  | 7.3 |  |  | 8.6 |
Allowances (credit losses and doubtful accounts) |  | (3.3) |  |  | (0.6) |
Accounts receivable and retention, net |  | $ | 43.5 |  |  | $ | 51.6 |
Costs and estimated earnings in excess of billings on uncompleted contracts |  | $ | 2.3 |  |  | $ | 10.0 |
Billings in excess of costs and estimated earnings on uncompleted contracts |  | $ | 8.5 |  |  | $ | 7.9 |
Variable consideration 1 |  | $ | 62.0 |  |  | $ | 62.0 |
Other deferred revenue |  | $ | 4.9 |  |  | $ | 5.6 |
1 Variable 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 (refer to Note 23). For the year ended December 31, 2020, the Company recognized revenue of approximately $7.4 million related to the Company's contract liabilities reported as of December 31, 2019. For the year ended December 31, 2019, the Company recognized revenue of approximately $4.7 million related to the Company's contract liabilities reported as of December 31, 2018. Regarding other information related to the Company's contracts with customers, the amount of revenue recognized from performance obligations satisfied in prior periods (e.g., due to changes in transaction price) was not material in any of the periods presented. Further, the total amount of the transaction price allocated to either wholly unsatisfied or partially satisfied performance obligations was $120.8 million and $75.7 million as of December 31, 2020 and 2019, respectively. The Company expects to recognize approximately 50% to 60% of this contract consideration as revenue in 2021, with the remaining recognized thereafter. Finally, additional information related to uncompleted contracts (presented in the contract assets and contract liabilities table above) as of December 31, 2020 and 2019 is as follows (in millions):
|  | 2020 |  | 2019
Costs incurred on uncompleted contracts |  | $ | 389.8 |  |  | $ | 339.3 |
Estimated earnings |  | 41.1 |  |  | 38.3 |
Subtotal |  | 430.9 |  |  | 377.6 |
Billings to date |  | (437.1) |  |  | (375.5) |
Total |  | $ | (6.2) |  |  | $ | 2.1 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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