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Investments in Affiliates
 12 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Affiliates Investments in Affiliates
The Company's investments in affiliates consist principally of equity investments in limited liability companies that operate or develop real estate and joint ventures that engage in materials-related activities and renewable energy. The Company does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of these investments and, accordingly, accounts for its investments using the equity method of accounting. Operating results presented in the Company's consolidated statements of operations include the Company's proportionate share of net income (loss) from its equity method investments.
In November 2021, the Company's joint venture projects Kukui`ula Development Company (Hawaii) LLC ("KDCH"), Kukui`ula Web IP LLC, and Lodge IP LLC (collectively, "Kukui`ula") completed the sale of substantially all of their assets to a third party for $183.5 million ("Kukui`ula Transaction"), which resulted in the Company receiving cash distributions of $113.4 million. Subsequent to the Kukui`ula Transaction, the Company and its joint venture partner retained their respective ownership interest in KDCH.
The Company’s carrying value of investments in affiliates totaled $38.5 million and $36.9 million as of December 31, 2023 and 2022, respectively, which is recorded in Investments in real estate joint ventures and partnerships and within Prepaid expenses and other assets on the Consolidated Balance Sheets. The amounts of the Company’s investment as of December 31, 2023 and 2022, that represent undistributed earnings of investments in affiliates was approximately $7.9 million and $5.6 million, respectively. Dividends and distributions from unconsolidated affiliates totaled $0.5 million in 2023, $0.8 million in 2022, and $148.6 million in 2021. During the three years ended December 31, 2023, 2022, and 2021, Income (loss) related to joint ventures was $1.9 million, $1.6 million and $17.9 million, respectively, and return on investment operating cash distributions was $0.1 million, $0.7 million and $8.9 million, respectively.
A summary of combined assets and liabilities reported by such entities accounted for by the equity method as of December 31, 2023 and 2022, were as follows (in millions):
20232022
Current assets$63.6 $56.5 
Non-current assets259.7 240.0 
Total assets$323.3 $296.5 
Current liabilities$39.5 $26.3 
Non-current liabilities143.7 121.1 
Total liabilities$183.2 $147.4 
A summary of combined operating results reported by such entities accounted for by the equity method for each of the years ended December 31, 2023, 2022, and 2021, were as follows (in millions):
202320222021
Revenues$154.4 $130.0 $231.1 
Operating costs and expenses137.4 118.4 0204.1 
Gross Profit (Loss)$17.0 $11.6 $27.0 
Income (Loss) from Continuing Operations1
$(1.5)$1.6 $(287.9)
Net Income (Loss)1
$(1.5)$1.3 $(288.1)
1Includes earnings from equity method investments held by the investee.
Investments in affiliates net income (loss) for the year ended December 31, 2021, was primarily related to the net loss incurred by the joint venture as a result of the aforementioned Kukui`ula Transaction in which the carrying value of the net assets sold exceeded the net sales proceeds. In connection with the Kukui`ula Transaction, the Company recognized income related to joint ventures of $5.5 million during the fourth quarter of 2021, reflecting a basis difference that was derived from an other-than-temporary impairment charge of $186.8 million recorded by the Company in the fourth quarter of 2018.