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Revenue and Contract Balances
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue and Contract Balances Revenue and Contract Balances
The Company generates revenue through its Commercial Real Estate and Land Operations 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 12 – Leases - The Company as a Lessor for further discussion of lessor income recognition. The Land Operations segment generates 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, 2023, 2022, and 2021, was as follows (in millions):
202320222021
Revenues:
Commercial Real Estate$194.0 $187.2 $174.1 
Land Operations:
Development sales revenue— 8.1 16.0 
Unimproved/other property sales revenue12.3 19.9 41.3 
Other operating revenue2.6 15.3 22.6 
Land Operations14.9 43.3 79.9 
Total revenues$208.9 $230.5 $254.0 
Timing of revenue recognition may differ from the timing of invoicing to customers. 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, 2023 and 2022 (in millions):
20232022
Accounts receivable$7.4 $8.6 
Allowances (credit losses and doubtful accounts)(2.9)(2.5)
Accounts receivable, net of allowance for credit losses and allowance for doubtful accounts$4.5 $6.1 
Variable consideration1
$62.0 $62.0 
Prepaid rent5.0 4.4 
Other deferred revenue3.4 2.4 
Deferred revenue$70.4 $68.8 
1 Variable consideration deferred as of the end of the periods 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.
For the years ended December 31, 2023 and 2022, the Company did not recognize any revenue related to the Company's variable consideration and other deferred revenue reported as of December 31, 2022 and 2021, respectively.
On December 17, 2018, A&B entered into a Purchase and Sale Agreement and Escrow Instructions (the "PSA") with Mahi Pono (the "Buyer") related to the sale of agricultural land on Maui. In connection with the sale, the Company deferred approximately $62.0 million of revenue related to certain performance obligations involving securing adequate water to support the Buyer's agricultural plans for the land, through an agreement with the State of Hawai‘i to provide rights to access state water for agricultural irrigation (“State Water Lease”), as well as ensuring that the Buyer has continued access to water prior to the issuance of the State Water Lease. Under the terms of the PSA, the Company may be required to remit amounts up to $62.0 million to the Buyer to the extent performance obligations are not met (recorded as deferred revenue of $62.0 million as of December 31, 2023 and 2022).
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.