Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions)
€750.0 million exchangeable bonds issued in November 2023. This instrument is classified as primarily having Level 3 inputs and is further discussed in Note 3, within the Derivative Financial Instruments subsection and Note 7.
Quoted Prices in Active Markets (Level 1)
Significant Other Unobservable Inputs (Level 3)
Significant Other Observable Inputs (Level 2)
Description
December 31, 2023
Assets: Short-term investments. . . . . . . . $
1,000,000 $
- $
1,000,000 $
- - -
Deferred costs and other assets Total .......................
113,779
97,696
16,083
$
1,113,779 $
97,696 $
1,016,083 $
Liabilities: Other Liabilities .............. $
38,146 $
- $
9,774 $
28,372
Significant Other Observable Inputs (Level 2)
Significant Other Unobservable Inputs (Level 3)
Quoted Prices in Active Markets (Level 1)
December 31, 2022
Description
Assets:
OtherAssets......... $
88,805 $
73,020 $
15,785 $
-
Liabilities:
Other Liabilities . . . . . . . $
8,605 $
- $
8,605 $
-
Note 7 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3, 4, and 6 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of fair value, net operating results of the property, capitalization rates and discount rates. Gains or losses on Issuances of Stock by Equity Method Investees When one of our equity method investees issues additional shares to third parties, our percentage ownership interest in the investee may decrease. In the event the issuance price per share is higher or lower than our average carrying amount per share, we recognize a noncash gain or loss on the issuance, when appropriate. This noncash gain or loss is recognized in our net income in the period the change of ownership interest occurs. Use of Estimates We prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates. Segment and Geographic Locations Our primary business is the ownership, development, and management of premier shopping, dining, entertainment and mixed use real estate. We have aggregated our retail operations, including malls, Premium Outlets, The Mills, and our international investments into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same, tenants. As of December 31, 2023, approximately 7.3% of our consolidated long-lived assets and 4.2% of our consolidated total revenues were derived from assets located outside the United States. As of December 31, 2022, approximately 6.9% of our consolidated long-lived assets and 3.5% of our consolidated total revenues were derived from assets located outside the United States.
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