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Held for Sale and Discontinued Operations | 9 Months Ended
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Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Held for Sale and Discontinued Operations | Held for Sale and Discontinued Operations Assets and liabilities associated with the Grace Disposal Group are presented in the Condensed Consolidated Balance Sheets as Assets held for sale and Liabilities associated with assets held for sale, respectively, and the results of operations are presented as discontinued operations in the Condensed Consolidated Statements of Operations and Cash Flows. While the ultimate outcome of the plan to dispose of the Grace Disposal Group is neither certain nor guaranteed, the Company intends to conduct the respective businesses in the ordinary course in substantially the same manner in which it previously has been conducted until a sale occurs. The following table summarizes income (loss) from discontinued operations included in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and 2022, (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Revenue |  | $ | 59.9 |  |  | $ | 48.1 |  |  | $ | 169.6 |  |  | $ | 124.5 |
Cost of sales 1 |  | (51.4) |  |  | (43.6) |  |  | (149.7) |  |  | (112.3) |
Selling, general and administrative |  | (4.2) |  |  | (3.2) |  |  | (14.1) |  |  | (10.9) |
Operating income (loss) from discontinued operations 1 |  | 4.3 |  |  | 1.3 |  |  | 5.8 |  |  | 1.3 |
Income (loss) related to joint ventures |  | (0.3) |  |  | (0.4) |  |  | (1.5) |  |  | (0.5) |
Interest and other income (expense), net |  | — |  |  | 0.2 |  |  | 0.1 |  |  | 0.6 |
Interest expense |  | (0.1) |  |  | (0.1) |  |  | (0.5) |  |  | (0.1) |
Income (loss) from discontinued operations before income taxes 1 |  | 3.9 |  |  | 1.0 |  |  | 3.9 |  |  | 1.3 |
Income tax benefit (expense) attributable to discontinued operations |  | — |  |  | — |  |  | — |  |  | — |
Income (loss) from discontinued operations 1 |  | 3.9 |  |  | 1.0 |  |  | 3.9 |  |  | 1.3 |
Loss (income) attributable to discontinued noncontrolling interest |  | (1.3) |  |  | (0.4) |  |  | (2.9) |  |  | (1.2) |
Income (loss) from discontinued operations attributable to A&B Shareholders 1 |  | $ | 2.6 |  |  | $ | 0.6 |  |  | $ | 1.0 |  |  | $ | 0.1 |
1 Includes $(0.1) million and $(0.1) million in costs associated with the resolution of liabilities from the Company’s former sugar operations for the three months ended September 30, 2023 and 2022, respectively, and zero and $(0.2) million for the nine months ended September 30, 2023 and 2022, respectively
The assets and liabilities held for sale included in the Condensed Consolidated Balance Sheets as of September 30, 2023 and 2022, were as follows (in millions):
|  | September 30, 2023 |  | December 31, 2022
Cash and cash equivalents |  | $ | 3.4 |  |  | $ | 0.1 |
Accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts of $4.3 million and $0.4 million as of September 30, 2023 and December 31, 2022, respectively |  | 37.5 |  |  | 30.8 |
Inventories |  | 31.0 |  |  | 45.0 |
Other property, net |  | 69.2 |  |  | 67.4 |
Operating lease right-of-use assets |  | 29.7 |  |  | 31.3 |
Prepaid expenses and other assets |  | 63.7 |  |  | 42.0 |
Less: Impairment recognized on classification as held for sale |  | (89.8) |  |  | (89.8) |
Total Assets held for sale |  | $ | 144.7 |  |  | $ | 126.8 |
Notes payable and other debt |  | $ | 4.7 |  |  | $ | 14.1 |
Accounts payable |  | 10.1 |  |  | 10.2 |
Operating lease liabilities |  | 29.8 |  |  | 31.3 |
Accrued and other liabilities |  | 26.7 |  |  | 25.4 |
Total Liabilities associated with assets held for sale |  | $ | 71.3 |  |  | $ | 81.0 |
During the nine months ended September 30, 2023, the Company recorded no additional fair value adjustments related to assets and liabilities held for sale. Related Party Transactions within Discontinued Operations and Held for Sale: The Company enters into contracts in the ordinary course of business, as a supplier, with affiliate entities that require accounting under the equity method due to the Company's financial interests in such entities and also with affiliate parties that are members in entities in which the Company also is a member and holds a controlling financial interest. Related to the periods during which such relationships existed, revenues earned from transactions with such affiliates were $5.1 million and $9.0 million for the three months ended September 30, 2023 and 2022, respectively, and $13.2 million and $12.9 million for the nine months ended September 30, 2023 and 2022, respectively. Expenses recognized from transactions with such affiliates were $0.9 million and $1.6 million for the three months ended September 30, 2023 and 2022, respectively, and $4.4 million and $4.0 million for the nine months ended September 30, 2023 and 2022, respectively. Receivables from these affiliates were $1.3 million and $6.9 million as of September 30, 2023 and December 31, 2022, respectively. Amounts due to these affiliates were $0.2 million and $0.4 million as of September 30, 2023 and December 31, 2022, respectively.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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