Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Financial Instruments and Fair Value Measurements

Schedule of financial instruments measured at fair value on recurring basis

	September 30, 2023
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	1,557	$	—	$	—	$	1,557
U.S. Treasury Bills		48,833		—		—		48,833
		50,390		—		—		50,390
Investments - debt securities:
U.S. Treasury Bills		9,975		—		—		9,975
	$	60,365	$	—	$	—	$	60,365

	December 31, 2022
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	19,233	$	—	$	—	$	19,233
Investments - debt securities:
U.S. Treasury Bills		40,576		—		—		40,576
	$	59,809	$	—	$	—	$	59,809

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 Fair Value				Value	Consolidated
Description	Date	Date	Rate	September 30, 2023		September 30, 2023		December 31, 2022		Level	Balance Sheets
					In Millions	In Thousands
Pier Park Resort Hotel JV Loan (a)	December 2022	April 2027	3.3%	$	41.7	$	4,453	$	4,609	2	Other assets
Pier Park TPS JV Loan (b)	January 2021	January 2026	5.2%	$	13.6	$	330	$	273	2	Investment in unconsolidated joint ventures

(a) See Note 9. 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 asset 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 income from unconsolidated joint ventures in the period during which the hedged transaction affects earnings. See Note 4. Joint Ventures and Note 18. 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Amount of net gain recognized in other comprehensive income on derivatives	$	664	$	1,734	$	1,182	$	5,155
Amount of net (gain) loss reclassified into interest expense	$	(428)	$	—	$	(1,166)	$	52
Amount of net (gain) loss reclassified into equity in income from unconsolidated joint ventures	$	(45)	$	15	$	(115)	$	98

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

	September 30, 2023					December 31, 2022
	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	$	3,795	$	3,640	1	$	4,486	$	4,361	1
Senior Notes held by SPE	$	178,085	$	175,195	3	$	177,857	$	179,564	3
Debt
Fixed-rate debt	$	262,541	$	205,446	2	$	194,525	$	172,241	2
Variable-rate debt		196,323		196,323	2		196,886		196,886	2
Total debt	$	458,864	$	401,769		$	391,411	$	369,127