Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Fair Value and Classification of Derivative Financial Instruments

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

	2017				2016
	Asset		Liability		Asset		Liability
Foreign currency contracts
Net investment hedges
British pound sterling	$	-	$	-	$	7,439	$	-
Canadian dollar		-		7,263		1,245		-
Forwards and options (1)
British pound sterling		2,440		8,103		16,985		-
Euro		2		14,234		10,933		-
Japanese yen		6,474		931		9,246		1,071
Canadian dollar		-		1,698		831		197
Interest rate swaps
Cash flow hedges		10,223		-		435		-
Total fair value of derivatives	$	19,139	$	32,229	$	47,114	$	1,268

(1) As discussed in Note 2, these foreign currency contracts are not designated as hedges.

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):

2017	Foreign Currency Contracts
	Net Investment Hedges						Forwards and Options
Local Currency	CAD			GBP			CAD			EUR			GBP			JPY
Notional amounts at January 1	$	133		£	31		$	50		€	174		£	48		¥	15,500
New contracts		133			100			52			120			117			8,000
Matured, expired or settled contracts		(133	)		(131	)		(30	)		(95	)		(63	)		(7,300	)
Notional amounts at December 31	$	133		£	-		$	72		€	199		£	102		¥	16,200
	Foreign Currency Contracts
U.S. Dollar	Net Investment Hedges						Forwards and Options (1)
Notional amounts at January 1	$	100		$	46		$	38		$	197		$	78		$	144
New contracts		99			127			41			143			151			75
Matured, expired or settled contracts		(100	)		(173	)		(23	)		(107	)		(97	)		(66	)
Notional amounts at December 31	$	99		$	-		$	56		$	233		$	132		$	153
Weighted average forward      rate at December 31		1.34			-			1.29			1.17			1.29			106.25
Active contracts at December 31		2			-			24			29			20			34

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

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

(1) During 2017, 2016 and 2015, we exercised 44, 49 and 32 option contracts and realized gains of $12.6 million, $3.0 million and $14.6 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 designated as cash flow hedges for the years ended December 31 (in millions):

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

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):

	2017			2016			2015
Derivative net investment hedges (1)	$	(12,762	)	$	55,460		$	63,934
Interest rate and cash flow hedges (2)		12,726			(551	)		(21,714	)
Our share of derivatives from unconsolidated co-investment ventures		9,865			(798	)		4,257
Total derivative hedging instruments		9,829			54,111			46,477
Nonderivative net investment hedges (3) (4)		(477,755	)		112,591			321,148
Total derivative and nonderivative hedging instruments – gains (losses)	$	(467,926	)	$	166,702		$	367,625

(1) We received $2.5 million, $79.8 million and $128.2 million for the years ended December 31, 2017, 2016 and 2015, respectively, on the settlement of net investment hedges.

(2) The amount reclassified to interest expense was $5.4 million for 2017 and $5.5 million for 2016. The amount for 2015 was not considered significant. For the next 12 months from December 31, 2017, we estimate an additional expense of $3.1 million will be reclassified to Interest Expense.

(3) At December 31, 2017, 2016 and 2015, we had €3.1 billion ($3.6 billion), €3.2 billion ($3.4 billion) and €3.2 billion ($3.5 billion) of debt, net of accrued interest, respectively, designated as nonderivative financial instrument hedges of our net investment in international subsidiaries. We recognized unrealized losses of $17.9 million and unrealized gains of $10.0 million in Foreign Currency and Derivative Gains (Losses), Net on the undesignated portion of our debt for the years ended December 31, 2017 and 2015, respectively. There were no unrealized gains or losses recognized for the year ended December 31, 2016.

(4) In June 2017, we issued £500.0 million ($645.3 million) of debt, as discussed in Note 9, and £323.7 million ($436.0 million) of the debt was designated as a nonderivative financial instrument hedge of our net investment in international subsidiaries at December 31, 2017. We recognized unrealized losses of $5.4 million in Foreign Currency and Derivative Gains (Losses), Net on the undesignated portion of our debt for the year ended December 31, 2017.

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):

	2017				2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Credit Facilities	$	317,392	$	317,496	$	35,023	$	35,061
Senior notes		6,067,277		6,537,100		6,417,492		6,935,485
Term loans and unsecured other		2,060,491		2,075,002		1,499,001		1,510,661
Secured mortgages		808,096		867,067		979,585		1,055,020
Secured mortgages of consolidated entities		159,375		159,130		1,677,193		1,683,489
Total debt	$	9,412,631	$	9,955,795	$	10,608,294	$	11,219,716