Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Financial Instruments and Fair Value Measurements

Schedule of financial instruments measured at fair value on recurring basis

	March 31, 2022
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	8,936	$	—	$	—	$	8,936
		8,936		—		—		8,936
Investments - debt securities:
U.S. Treasury Bills		118,173		—		—		118,173
		118,173		—		—		118,173
Investments - equity securities:
Preferred stock		—		474		—		474
		—		474		—		474
	$	127,109	$	474	$	—	$	127,583

	December 31, 2021
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	40,412	$	—	$	—	$	40,412
U.S. Treasury Bills		4,000		—		—		4,000
		44,412		—		—		44,412
Investments - debt securities:
U.S. Treasury Bills		88,956		—		—		88,956
		88,956		—		—		88,956
Investments - equity securities:
Preferred stock		—		450		—		450
		—		450		—		450
	$	133,368	$	450	$	—	$	133,818

Schedule of assets and liabilities measured at fair value on a recurring basis related to interest rate swap agreements designated as cash flow hedges

			Fixed		Notional					Fair	Location in
	Effective	Maturity	Interest		Amount as of	Derivative Asset (Liability) Fair Value				Value	Consolidated
Description	Date	Date	Rate		March 31, 2022	March 31, 2022		December 31, 2021		Level	Balance Sheets
					In Millions	In Thousands
Pier Park Resort Hotel JV Loan (a)	12/10/2022	4/12/2027	3.2%	$	42.0	$	2,285	$	558	2	Other assets
Watercrest JV Loan (a)	6/1/2021	6/1/2024	4.4%	$	20.0	$	49	$	(634)	2	Other assets (liabilities)
Pier Park TPS JV Loan (b)	1/14/2021	1/14/2026	5.2%	$	14.0	$	(77)	$	(436)	2	Investment in unconsolidated joint ventures

(a) See Note 10. Debt, Net for additional information.

(b) Interest rate swap was entered into by the Pier Park TPS JV, which is unconsolidated and accounted for using the equity method. The derivative liability has been recorded at the Company’s proportionate share of its estimated fair value. The Company’s proportionate share of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into equity in loss from unconsolidated joint ventures in the period during which the hedged transaction affects earnings. See Note 4. Joint Ventures and Note 19. Commitments and Contingencies for additional information.

Summary of effect of derivative instruments on consolidated statements of income and consolidated statements of comprehensive income

	Three Months Ended March 31,
	2022		2021
Amount of gain recognized in other comprehensive income on derivatives	$	2,621	$	368
Amount of loss reclassified into interest expense	$	101	$	—
Amount of loss reclassified into equity in loss from unconsolidated joint ventures	$	46	$	—

Schedule of carrying amount and estimated fair value of financial instruments measured on nonrecurring basis

	March 31, 2022					December 31, 2021
	Carrying		Estimated			Carrying		Estimated
	value		Fair value		Level	value		Fair value		Level
Investments held by SPEs:
Time deposit	$	200,000	$	200,000	3	$	200,000	$	200,000	3
U.S. Treasury Bills	$	4,754	$	4,873	1	$	5,132	$	5,475	1
Senior Notes held by SPE	$	177,637	$	193,575	3	$	177,566	$	204,802	3
Debt
Fixed-rate debt	$	98,192	$	97,983	2	$	129,532	$	126,722	2
Variable-rate debt		163,899		163,899	2		97,942		97,942	2
Total debt	$	262,091	$	261,882		$	227,474	$	224,664