Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Financial Instruments and Fair Value Measurements

Schedule of financial instruments measured at fair value on recurring basis


		June 30, 2026
											Total Fair
		Level 1			Level 2			Level 3			Value
Cash equivalents:
Money market funds		$	1,302		$	—		$	—		$	1,302
U.S. Treasury Bills			63,864			—			—			63,864
		$	65,166		$	—		$	—		$	65,166


		December 31, 2025
											Total Fair
		Level 1			Level 2			Level 3			Value
Cash equivalents:
Money market funds		$	5,108		$	—		$	—		$	5,108
U.S. Treasury Bills			58,896			—			—			58,896
		$	64,004		$	—		$	—		$	64,004

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, 2026

June 30, 2026

December 31, 2025

Level

Balance Sheets

In Millions

In Thousands

Pier Park Resort Hotel JV Loan^(a)

December 2022

April 2027

3.2%

$

39.4

$

886

$

1,127

2

Other assets

Pier Park TPS JV Loan^(b)

January 2021

January 2026

5.2%

$

N/A

$

N/A

$

7

2

Accounts payable and other liabilities

(a)	See Note 8. 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 interest rate swap matured in January 2026. See Note 4. Joint Ventures and Note 17. 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,
		2026			2025			2026			2025
Amount of net gain (loss) recognized in other comprehensive loss		$	85		$	3		$	265		$	(213)
Amount of net gain reclassified into interest expense		$	(252)		$	(326)		$	(506)		$	(651)
Amount of net gain reclassified into equity in income from unconsolidated joint ventures		$	—		$	(29)		$	(6)		$	(57)

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


		June 30, 2026								December 31, 2025
		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		$	2,062		$	2,043		1		$	2,442		$	2,434		1

Senior Notes held by SPE		$	178,996		$	181,066		3		$	178,821		$	183,033		3

Debt
Fixed-rate debt		$	275,986		$	237,462		2		$	280,089		$	239,992		2
Variable-rate debt			98,860			98,860		2			115,919			115,919		2
Total debt		$	374,846		$	336,322				$	396,008		$	355,911