Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Fair Value and Classification of Derivative Instruments

The following table presents the fair value and classification of our derivative instruments at December 31 (in thousands):

	2016				2015
	Asset		Liability		Asset		Liability
Net investment hedges
Canadian dollar denominated	$	1,245	$	-	$	-	$	-
Pound sterling denominated		7,439		-		33,471		-
Forwards and options
Euro denominated (1)		10,933		-		11,711		84
Pound sterling denominated (1)		16,985		-		4,241		745
Yen denominated (1)		9,246		1,071		832		717
Other (1)		831		197		3,324		88
Interest rate hedges		435		-		-		12,095
Total fair value of derivatives	$	47,114	$	1,268	$	53,579	$	13,729

(1) As discussed in Note 2, these foreign currency contracts are not designated as hedges, with the exception of cash flow hedges denominated in pesos, which matured in 2016.

Foreign Currency Contracts Activity

The following tables summarize the activity in our foreign currency contracts for the years ended December 31 (in millions, except for weighted average forward rates and number of active contracts):

2016	Foreign Currency Contracts
	Net Investment Hedges								Forwards and Options
Local Currency	CAD		GBP			JPY			EUR			GBP			JPY			Other
Notional amounts at January 1	$	-	£	238		¥	-		€	275		£	97		¥	12,840
New contracts		133		90			11,189			369			-			15,460
Matured, expired or settled contracts		-		(297	)		(11,189	)		(470	)		(49	)		(12,800	)
Notional amounts at December 31	$	133	£	31		¥	-		€	174		£	48		¥	15,500
	Foreign Currency Contracts
U.S. Dollar	Net Investment Hedges								Forwards and Options (1)
Notional amounts at January 1	$	-	$	386		$	-		$	310		$	148		$	109		$	50
New contracts		100		131			99			413			-			146			15
Matured, expired or settled contracts		-		(471	)		(99	)		(526	)		(70	)		(111	)		(27	)
Notional amounts at December 31	$	100	$	46		$	-		$	197		$	78		$	144		$	38
Weighted average forward      rate at December 31		1.33		1.51			-			1.13			1.54			107.68
Active contracts at December 31		2		2			-			24			8			30			16

2015	Foreign Currency Contracts
	Net Investment Hedges												Forwards and Options
Local Currency	CAD			EUR			GBP			JPY			EUR			GBP			JPY			Other
Notional amounts at January 1	$	-		€	300		£	238		¥	24,136		€	284		£	-		¥	-
New contracts		394			-			118			43,373			333			199			18,740
Matured, expired or settled contracts		(394	)		(300	)		(118	)		(67,509	)		(342	)		(102	)		(5,900	)
Notional amounts at December 31	$	-		€	-		£	238		¥	-		€	275		£	97		¥	12,840
	Foreign Currency Contracts
U.S. Dollar	Net Investment Hedges												Forwards and Options (1)
Notional amounts at January 1	$	-		$	400		$	400		$	250		$	354		$	-		$	-		$	-
New contracts		298			-			186			353			375			300			159			71
Matured, expired or settled contracts		(298	)		(400	)		(200	)		(603	)		(419	)		(152	)		(50	)		(21	)
Notional amounts at December 31	$	-		$	-		$	386		$	-		$	310		$	148		$	109		$	50

2014	Foreign Currency Contracts
	Net Investment Hedges								Forwards and Options
Local Currency	EUR			GBP		JPY			EUR
Notional amounts at January 1	€	600		£	-	¥	24,136		€	-
New contracts		1,746			238		79,010			365
Matured, expired or settled contracts		(2,046	)		-		(79,010	)		(81	)
Notional amounts at December 31	€	300		£	238	¥	24,136		€	284
	Foreign Currency Contracts
U.S. Dollar	Net Investment Hedges								Forwards and Options (1)
Notional amounts at January 1	$	800		$	-	$	250		$	-
New contracts		2,354			400		769			464
Matured, expired or settled contracts		(2,754	)		-		(769	)		(110	)
Notional amounts at December 31	$	400		$	400	$	250		$	354

(1) During 2016, 2015 and 2014, we exercised 49, 32 and 3 option contracts and realized gains of $3.0 million, $14.6 million and $1.1 million, respectively, in Foreign Currency and Derivative Gains (Losses), Net.

Summary of Activity in Interest Rate Swaps

The following table summarizes the activity in our interest rate swaps for the years ended December 31 (in millions):

	2016 (1)			2015			2014
Notional amounts at January 1	$	1,196		$	398		$	71
New contracts		-			1,158			398
Matured, expired or settled contracts		(925	)		(360	)		(71	)
Notional amounts at December 31	$	271		$	1,196		$	398

(1) We had three interest rate swaps hedges outstanding at December 31, 2016.

Summary of Gains (Losses) From Change in Fair Value of Derivative Instruments Included in Other Comprehensive Income

The following table presents the gains and (losses) associated with the change in fair value for the effective portion of our derivative and nonderivative hedging instruments included in Other Comprehensive Income for the years ended December 31 (in thousands):

	2016			2015			2014
Derivative net investment hedges (1)	$	55,460		$	63,934		$	122,164
Interest rate and cash flow hedges (2)		(551	)		(21,714	)		(804	)
Our share of derivatives from unconsolidated co-investment ventures		(798	)		4,257			(5,694	)
Total derivative instruments		54,111			46,477			115,666
Nonderivative net investment hedges (3)		112,591			321,148			321,196
Total derivative and nonderivative hedging instruments	$	166,702		$	367,625		$	436,862

(1) We received $79.8 million, $128.2 million and $13.0 million for the years ended December 31, 2016, 2015 and 2014, respectively, on the settlement of net investment hedges.

(2) The amount reclassified to interest expense was $5.5 million for 2016 and for 2015 and 2014 the amounts were not considered significant. For the next 12 months from December 31, 2016, we estimate an additional expense of $5.4 million will be reclassified to Interest Expense.

(3) At December 31, 2016, 2015 and 2014, we had €3.2 billion ($3.4 billion), €3.2 billion ($3.5 billion) and €2.5 million ($3.0 billion) of debt, net of accrued interest, respectively, designated as nonderivative financial instrument hedges of our net investment in international subsidiaries. We had €97.6 million ($118.5 million) of debt that was not designated as a nonderivative financial instrument hedge at December 31, 2014. We recognized unrealized gains of $10.0 million and $7.7 million in Foreign Currency and Derivative Gains (Losses), Net on the unhedged portion of our debt for the years ended December 31, 2015 and 2014, respectively. There were no unrealized gains or losses recognized for the year ended December 31, 2016.

Carrying Amounts and Estimated Fair Values of Debt

The following table reflects the carrying amounts and estimated fair values of our debt at December 31 (in thousands):

	2016				2015
	Carrying Value		Fair Value		Carrying Value		Fair Value
Credit Facilities	$	35,023	$	35,061	$	-	$	-
Senior notes		6,417,492		6,935,485		6,516,392		6,801,118
Term loans and unsecured other		1,499,001		1,510,661		2,115,457		2,128,270
Secured mortgages		979,585		1,055,020		1,172,473		1,262,778
Secured mortgages of consolidated entities		1,677,193		1,683,489		1,822,509		1,825,361
Total debt	$	10,608,294	$	11,219,716	$	11,626,831	$	12,017,527