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Segment Results
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Segment Results Segment Results
Operating segments are components of an enterprise that engage in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the chief operating decision maker (its Chief Executive Officer) to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Company operates and reports on two segments: Commercial Real Estate and Land Operations.
Reportable segment information for the three and nine months ended September 30, 2023 and 2022, is summarized below (in millions):
Three Months Ended September 30, Nine Months Ended September 30,
2023202220232022
Operating Revenue:
Commercial Real Estate$48.2 $46.5 $145.6 $138.8 
Land Operations4.3 2.9 10.4 20.9 
Total operating revenue52.5 49.4 156.0 159.7 
Operating Profit (Loss): 
Commercial Real Estate1
20.6 20.3 64.2 60.3 
Land Operations2,3
2.9 (1.3)4.5 (7.1)
Total operating profit (loss)2
23.5 19.0 68.7 53.2 
Interest expense(6.1)(5.4)(17.0)(16.7)
Corporate and other expense4
(5.4)(7.8)(19.4)(33.7)
Income (Loss) from Continuing Operations Before Income Taxes$12.0 $5.8 $32.3 $2.8 
1 Commercial Real Estate segment operating profit (loss) includes intersegment operating revenue, primarily from the Land Operations segment that is eliminated in consolidation as well as pension termination charges of $0.7 million for the nine months ended September 30, 2022, related to the 2022 termination of the defined benefit plans.
2 In December 2022, the Grace Disposal Group met the classification as held for sale and discontinued operations, and the Company changed the composition of its reportable segments based on how the chief operating decision maker assesses the performance of the Company's continuing operations. This caused reported amounts (i.e., operating profit and segment operating profit) in the historical period to be reclassified from the former M&C segment to the Land Operations segment or discontinued operations. All comparable information for the historical periods has been retrospectively adjusted to reflect the impact of these changes, resulting in changes to Land Operations Operating Profit (Loss) and Total operating profit (loss) of $0.9 million and $(0.9) million, respectively, for the three months ended September 30, 2022, and $2.9 million and $(1.5) million, respectively, for the nine months ended September 30, 2022.
3 For the three and nine months ended September 30, 2022, Land Operations segment operating profit (loss) included equity in earnings (losses) from the Company's various joint ventures of $0.8 million and $2.3 million, respectively, as well as pension termination charges of $62.2 million related to the 2022 termination of the defined benefit plans and a gain on the sale of non-core assets, net, of $54.0 million for the nine months ended September 30, 2022. For the three and nine months ended September 30, 2023, Land Operations segment operating profit (loss) includes $1.0 million and $1.9 million of equity in earnings (losses) from the Company's various joint ventures, as well as a gain on sale of non-core assets, net, of $1.1 million for the nine months ended September 30, 2023, related to the sale of the Company's legacy trucking and storage business.
4 Corporate and other expense includes pension termination charges of $14.0 million for the nine months ended September 30, 2022, related to the 2022 termination of the defined benefit plans.