Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Financial Instruments and Fair Value Measurements

Schedule of financial instruments measured at fair value on recurring basis

	September 30, 2022
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	1,079	$	—	$	—	$	1,079
		1,079		—		—		1,079
Investments - debt securities:
U.S. Treasury Bills		74,033		—		—		74,033
		74,033		—		—		74,033
Investments - equity securities:
Preferred stock		—		334		—		334
		—		334		—		334
	$	75,112	$	334	$	—	$	75,446

	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		September 30, 2022	September 30, 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	$	4,517	$	558	2	Other assets
Watercrest JV Loan (a) (b)	6/1/2021	6/1/2024	4.4%	$	—	$	—	$	(634)	2	Other liabilities
Pier Park TPS JV Loan (c)	1/14/2021	1/14/2026	5.2%	$	13.9	$	277	$	(436)	2	Investment in unconsolidated joint ventures

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

(b) In April 2022, the swap was terminated resulting in a gain of $0.1 million, included in interest expense on the condensed consolidated statements of income for the nine months ended September 30, 2022.

(c) 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 (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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Amount of gain recognized in other comprehensive income on derivatives	$	1,734	$	300	$	5,155	$	543
Amount of loss reclassified into interest expense	$	—	$	106	$	52	$	140
Amount of loss reclassified into equity in income (loss) from unconsolidated joint ventures	$	15	$	48	$	98	$	126

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

	September 30, 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	$	4,452	$	4,321	1	$	5,132	$	5,475	1
Senior Notes held by SPE	$	177,783	$	178,887	3	$	177,566	$	204,802	3
Debt
Fixed-rate debt	$	131,809	$	110,959	2	$	129,532	$	126,722	2
Variable-rate debt		194,995		194,995	2		97,942		97,942	2
Total debt	$	326,804	$	305,954		$	227,474	$	224,664