XML 54 R30.htm IDEA: XBRL DOCUMENT v3.22.2
Financial Instruments and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2022
Schedule of Fair Value of Derivative Financial Instruments

The following table presents the fair value of our derivative financial instruments recognized within Other Assets and Other Liabilities on the Consolidated Balance Sheets (in thousands):

 

 

 

June 30, 2022

 

 

December 31, 2021

 

 

 

Asset

 

 

Liability

 

 

Asset

 

 

Liability

 

Undesignated derivatives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Forwards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

          Brazilian real

 

$

34

 

 

$

619

 

 

$

664

 

 

$

-

 

          British pound sterling

 

 

28,117

 

 

 

-

 

 

 

5,361

 

 

 

3,492

 

          Canadian dollar

 

 

4,093

 

 

 

497

 

 

 

2,856

 

 

 

1,790

 

          Chinese renminbi

 

 

388

 

 

 

73

 

 

 

-

 

 

 

550

 

          Euro

 

 

92,261

 

 

 

-

 

 

 

40,484

 

 

 

136

 

          Japanese yen

 

 

51,360

 

 

 

-

 

 

 

23,341

 

 

 

-

 

          Swedish krona

 

 

9,746

 

 

 

-

 

 

 

3,773

 

 

 

201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Designated derivatives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Net investment hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

          British pound sterling

 

 

40,342

 

 

 

-

 

 

 

9,158

 

 

 

2,683

 

          Canadian dollar

 

 

6,706

 

 

 

1,818

 

 

 

5,410

 

 

 

823

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

          Euro

 

 

25,107

 

 

 

-

 

 

 

-

 

 

 

-

 

Total fair value of derivatives

 

$

258,154

 

 

$

3,007

 

 

$

91,047

 

 

$

9,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Summary of Undesignated Financial Instruments Exercised and Realized and Unrealized Gains (Losses) in Foreign Currency and Derivative Gains, Net

The following table summarizes the undesignated derivative financial instruments exercised and associated realized and unrealized gains (losses) in Foreign Currency and Derivative Gains (Losses), Net in the Consolidated Statements of Income (in millions, except for number of exercised contracts):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Exercised contracts

 

 

37

 

 

 

49

 

 

 

69

 

 

 

74

 

Realized gains (losses) on the matured, expired or settled contracts

 

$

15

 

 

$

(8

)

 

$

30

 

 

$

(9

)

Unrealized gains on the change in fair value of outstanding contracts

 

$

88

 

 

$

2

 

 

$

103

 

 

$

40

 
Summary of Activity in Interest Rate Swaps

The following table summarizes the activity of our interest rate swaps designated as cash flow hedges for the six months ended June 30 (in millions):

 

 

 

2022

 

 

2021

 

 

 

 

EUR

 

 

Total

 

 

EUR

 

 

USD

 

 

Total

 

 

Notional amounts at January 1 ($)

 

 

165

 

 

 

165

 

 

 

165

 

 

 

250

 

 

 

415

 

 

New contracts ($)

 

 

1,004

 

 

 

1,004

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Matured, expired or settled contracts ($)

 

 

(722

)

 

 

(722

)

 

 

-

 

 

 

(250

)

 

 

(250

)

 

Notional amounts at June 30 ($)

 

 

447

 

 

 

447

 

 

 

165

 

 

 

-

 

 

 

165

 

 

 
Summary of Debt and Accrued Interest, Designated as Nonderivative Financial Instrument

The following table summarizes our debt and accrued interest, designated as a hedge of our net investment in international subsidiaries at the quarter ended (in millions):

 

 

 

June 30, 2022

 

 

December 31, 2021

 

British pound sterling

 

$

1,303

 

 

$

624

 

   
Summary of Recognized Unrealized Gains (Losses) in Foreign Currency and Derivative Gains (Losses) Net on Remeasurement of Unhedged Portion of Debt and Accrued Interest

The following table summarizes the unrealized gains (losses) in Foreign Currency and Derivative Gains (Losses), Net on the remeasurement of the unhedged portion of our debt and accrued interest, including euro and British pound sterling denominated debt (in millions):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Unrealized gains (losses) on the unhedged portion

 

$

34

 

 

$

(3

)

 

$

49

 

 

$

43

 
Summary of Changes in Other Comprehensive Income (Loss)

The following table presents these changes in Other Comprehensive Income (Loss) (in thousands):

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Derivative net investment hedges

 

$

56,364

 

 

$

(9,193

)

 

$

60,457

 

 

$

(14,459

)

Debt designated as nonderivative net investment hedges

 

 

107,872

 

 

 

(12,431

)

 

 

141,469

 

 

 

(18,833

)

Cumulative translation adjustment

 

 

168,281

 

 

 

3,038

 

 

 

320,114

 

 

 

186,465

 

Total foreign currency translation gains (losses), net

 

$

332,517

 

 

$

(18,586

)

 

$

522,040

 

 

$

153,173

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow hedges (1)

 

$

24,524

 

 

$

6,003

 

 

$

28,946

 

 

$

7,374

 

Our share of derivatives from unconsolidated co-investment ventures

 

 

4,455

 

 

 

(1,193

)

 

 

13,382

 

 

 

2,257

 

Total unrealized gains on derivative contracts, net

 

$

28,979

 

 

$

4,810

 

 

$

42,328

 

 

$

9,631

 

Total change in other comprehensive income

 

$

361,496

 

 

$

(13,776

)

 

$

564,368

 

 

$

162,804

 

 

(1)

We estimate an additional expense of $1.1 million will be reclassified to Interest Expense over the next 12 months from June 30, 2022, due to the amortization of previously settled derivatives designated as cash flow hedges.

 
Carrying Amounts and Estimated Fair Values of Debt

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

 

 

 

June 30, 2022

 

 

December 31, 2021

 

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

Credit Facilities

 

$

612,267

 

 

$

612,267

 

 

$

491,393

 

 

$

491,429

 

Senior notes

 

 

15,546,790

 

 

 

13,014,900

 

 

 

14,981,690

 

 

 

15,151,781

 

Term loans and unsecured other

 

 

1,362,293

 

 

 

1,365,753

 

 

 

1,825,195

 

 

 

1,835,569

 

Secured mortgage

 

 

519,482

 

 

 

501,371

 

 

 

416,776

 

 

 

437,215

 

Total

 

$

18,040,832

 

 

$

15,494,291

 

 

$

17,715,054

 

 

$

17,915,994

 
Undesignated Derivatives [Member]  
Foreign Currency Contracts Activity

The following table summarizes the activity of our undesignated foreign currency contracts for the six months ended June 30 (in millions, except for weighted average forward rates and number of active contracts):

 

 

2022

 

 

2021

 

 

CAD

 

 

EUR

 

 

GBP

 

 

JPY

 

 

Other

 

 

Total

 

 

CAD

 

 

EUR

 

 

GBP

 

 

JPY

 

 

Other

 

 

Total

 

Notional amounts at January 1 ($)

 

175

 

 

 

749

 

 

 

383

 

 

 

250

 

 

 

105

 

 

 

1,662

 

 

 

163

 

 

 

474

 

 

 

207

 

 

 

252

 

 

 

66

 

 

 

1,162

 

New contracts ($)

 

61

 

 

 

604

 

 

 

161

 

 

 

113

 

 

 

81

 

 

 

1,020

 

 

 

173

 

 

 

228

 

 

 

110

 

 

 

62

 

 

 

21

 

 

 

594

 

Matured, expired or settled contracts ($)

 

(34

)

 

 

(230

)

 

 

16

 

 

 

(50

)

 

 

(19

)

 

 

(317

)

 

 

(61

)

 

 

(78

)

 

 

(69

)

 

 

(38

)

 

 

(16

)

 

 

(262

)

Notional amounts at June 30 ($)

 

202

 

 

 

1,123

 

 

 

560

 

 

 

313

 

 

 

167

 

 

 

2,365

 

 

 

275

 

 

 

624

 

 

 

248

 

 

 

276

 

 

 

71

 

 

 

1,494

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average forward rate at

     June 30

 

1.27

 

 

 

1.17

 

 

 

1.11

 

 

 

106.59

 

 

 

 

 

 

 

 

 

 

 

1.27

 

 

 

1.23

 

 

 

1.36

 

 

 

102.99

 

 

 

 

 

 

 

 

 

Active contracts at June 30

 

85

 

 

 

107

 

 

 

82

 

 

 

97

 

 

 

 

 

 

 

 

 

 

 

67

 

 

 

81

 

 

 

63

 

 

 

72

 

 

 

 

 

 

 

 

 

 
Designated As Hedging Instrument [Member]  
Foreign Currency Contracts Activity

The following table summarizes the activity of our foreign currency contracts designated as net investment hedges for the six months ended June 30 (in millions, except for weighted average forward rates and number of active contracts):

 

 

 

2022

 

 

2021

 

 

 

BRL

 

 

CAD

 

 

GBP

 

 

Total

 

 

CAD

 

 

GBP

 

 

Total

 

Notional amounts at January 1 ($)

 

 

-

 

 

 

535

 

 

 

432

 

 

 

967

 

 

 

377

 

 

 

135

 

 

 

512

 

New contracts ($)

 

 

44

 

 

 

488

 

 

 

317

 

 

 

849

 

 

 

419

 

 

 

300

 

 

 

719

 

Matured, expired or settled contracts ($)

 

 

(44

)

 

 

(419

)

 

 

(200

)

 

 

(663

)

 

 

(125

)

 

 

-

 

 

 

(125

)

Notional amounts at June 30 ($)

 

 

-

 

 

 

604

 

 

 

549

 

 

 

1,153

 

 

 

671

 

 

 

435

 

 

 

1,106

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average forward rate at June 30

 

 

-

 

 

 

1.28

 

 

 

1.32

 

 

 

 

 

 

 

1.27

 

 

 

1.38

 

 

 

 

 

Active contracts at June 30

 

 

-

 

 

 

7

 

 

 

5

 

 

 

 

 

 

 

8

 

 

 

4