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Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
Financial Instruments and Fair Value Measurements |
Schedule of financial instruments measured at fair value on recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | Total Fair
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Value
Cash equivalents: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Money market funds | ​ | $ | 2,091 | ​ | $ | — | ​ | $ | — | ​ | $ | 2,091
U.S. Treasury Bills | ​ | ​ | 59,906 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 59,906
​ | ​ | $ | 61,997 | ​ | $ | — | ​ | $ | — | ​ | $ | 61,997
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​ | March 31, 2024 | ​ | March 31, 2024 | ​ | December 31, 2023 | ​ | Level | ​ | Balance Sheets
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | In Millions | ​ | In Thousands | ​ | ​ | ​ | ​
Pier Park Resort Hotel JV Loan (a) | ​ | December 2022 | ​ | April 2027 | ​ | 3.2% | ​ | $ | 41.3 | ​ | $ | 3,567 | ​ | $ | 3,254 | ​ | 2 | ​ | Other assets
Pier Park TPS JV Loan (b) | ​ | January 2021 | ​ | January 2026 | ​ | 5.2% | ​ | $ | 13.4 | ​ | $ | 237 | ​ | $ | 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 income (loss) 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 March 31,
​ | ​ | ​ | 2024 | ​ | 2023
Amount of net gain (loss) recognized in other comprehensive income | ​ | ​ | $ | 844 | ​ | $ | (619)
Amount of net gain reclassified into interest expense | ​ | ​ | $ | (438) | ​ | $ | (330)
Amount of net gain reclassified into equity in income from unconsolidated joint ventures | ​ | ​ | $ | (47) | ​ | $ | (30)
Schedule of carrying amount and estimated fair value of financial instruments measured on nonrecurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 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 | ​ | $ | 3,433 | ​ | $ | 3,337 |  | 1 | ​ | $ | 3,824 | ​ | $ | 3,750 |  | 1
​ | ​ |  | ​ | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  |  |
Senior Notes held by SPE | ​ | $ | 178,241 | ​ | $ | 178,347 |  | 3 | ​ | $ | 178,162 | ​ | $ | 181,286 |  | 3
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed-rate debt | ​ | $ | 261,662 | ​ | $ | 211,384 | ​ | 2 | ​ | $ | 262,484 | ​ | $ | 215,522 | ​ | 2
Variable-rate debt | ​ | ​ | 195,738 | ​ | ​ | 195,738 | ​ | 2 | ​ | ​ | 196,737 | ​ | ​ | 196,737 | ​ | 2
Total debt | ​ | $ | 457,400 | ​ | $ | 407,122 | ​ | ​ | ​ | $ | 459,221 | ​ | $ | 412,259 | ​ | ​
​

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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