Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Financial Instruments and Fair Value Measurements

Schedule of financial instruments measured at fair value on recurring basis

	June 30, 2024
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	2,903	$	—	$	—	$	2,903
U.S. Treasury Bills		59,923		—		—		59,923
	$	62,826	$	—	$	—	$	62,826

	December 31, 2023
							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	1,383	$	—	$	—	$	1,383
U.S. Treasury Bills		59,802		—		—		59,802
	$	61,185	$	—	$	—	$	61,185

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	June 30, 2024		June 30, 2024		December 31, 2023		Level	Balance Sheets
					In Millions	In Thousands
Pier Park Resort Hotel JV Loan (a)	December 2022	April 2027	3.2%	$	41.1	$	3,374	$	3,254	2	Other assets
Pier Park TPS JV Loan (b)	January 2021	January 2026	5.2%	$	13.3	$	218	$	191	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 (loss) 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Amount of net gain recognized in other comprehensive income	$	267	$	1,136	$	1,111	$	518
Amount of net gain reclassified into interest expense	$	(433)	$	(409)	$	(871)	$	(738)
Amount of net gain reclassified into equity in income from unconsolidated joint ventures	$	(47)	$	(39)	$	(93)	$	(70)

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

	June 30, 2024					December 31, 2023
	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	$	3,465	$	3,373	1	$	3,824	$	3,750	1
Senior Notes held by SPE	$	178,321	$	177,612	3	$	178,162	$	181,286	3
Debt
Fixed-rate debt	$	259,700	$	209,595	2	$	262,484	$	215,522	2
Variable-rate debt		192,926		192,926	2		196,737		196,737	2
Total debt	$	452,626	$	402,521		$	459,221	$	412,259