Equity Method Investments and Membership Interests in Joint Ventures

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Membership Interests in Joint Ventures

Equity Method Investments and Membership Interests in Joint Ventures

7. Equity Method Investments and Membership Interests in Joint Ventures

The Company accounts for its investments and membership interests in joint ventures under the equity method of accounting if the Company has the ability to exercise significant influence, but not control, over the entity. Equity method investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investments may not be recoverable.

Below are the equity method investments reflected in the consolidated balance sheets:

(In thousands)	DTA
December 31, 2021	$	15,403
Advances to affiliates, net		9,575
Equity in comprehensive loss		(7,711)
December 31, 2022	$	17,267
Advances to affiliates, net		17,345
Equity in comprehensive loss		(11,797)
December 31, 2023	$	22,815

The Company holds a 35% general partnership interest in Dominion Terminal Associates LLP (“DTA”), which is accounted for under the equity method. DTA operates a ground storage-to-vessel coal transloading facility in Newport News, Virginia for use by the partners. Under the terms of a throughput and handling agreement with DTA, each partner is charged its share of cash operating and debt-service costs in exchange for the right to use the facility’s loading capacity and is required to make periodic cash advances to DTA to fund such costs.

The Company is not required to make any future contingent payments related to development financing for its equity investee.