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Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 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):

	September 30, 2022				December 31, 2021
	Asset		Liability		Asset		Liability
Undesignated derivatives
Foreign currency contracts
Forwards
Brazilian real	$	30	$	341	$	664	$	-
British pound sterling		59,394		-		5,361		3,492
Canadian dollar		16,113		-		2,856		1,790
Chinese renminbi		1,190		-		-		550
Euro		97,207		-		40,484		136
Japanese yen		59,983		-		23,341		-
Swedish krona		9,534		-		3,773		201

Designated derivatives
Foreign currency contracts
Net investment hedges
British pound sterling		65,527		-		9,158		2,683
Canadian dollar		37,678		-		5,410		823

Interest rate swaps
Cash flow hedges
Euro		40,052		-		-		-
Total fair value of derivatives	$	386,708	$	341	$	91,047	$	9,675

Summary of Undesignated Financial Instruments Exercised and Realized and Unrealized Gains 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 and Interest and Other Income, Net in the Consolidated Statements of Income (in millions, except for number of exercised contracts):

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2022		2021			2022		2021
Exercised contracts		55		61			124		135
Realized gains (losses) on the matured, expired or settled contracts	$	94	$	(2	)	$	124	$	(11	)
Unrealized gains on the change in fair value of outstanding contracts	$	48	$	35		$	151	$	75

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 nine months ended September 30 (in millions):

	2022									2021
	EUR			USD			Total			EUR		USD			Total
Notional amounts at January 1 ($)		165			-			165			165		250			415
New contracts ($)		1,004			250			1,254			-		-			-
Matured, expired or settled contracts ($)		(722	)		(250	)		(972	)		-		(250	)		(250	)
Notional amounts at September 30 ($)		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):

		September 30, 2022				December 31, 2021
British pound sterling		$	1,195			$	624

Summary of Recognized Unrealized Gains (Losses) in Foreign Currency and Derivative Gains 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 and Interest and Other Income, 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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Unrealized gains on the unhedged portion	$	36	$	30	$	85	$	73

Summary of Changes in Other Comprehensive Income (Loss)

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Derivative net investment hedges	$	74,341	$	25,549	$	134,798	$	11,090
Debt designated as nonderivative net investment hedges		105,726		15,118		247,195		(3,715	)
Cumulative translation adjustment		58,995		8,041		379,109		194,506
Total foreign currency translation gains, net	$	239,062	$	48,708	$	761,102	$	201,881

Cash flow hedges⁽¹⁾	$	16,818	$	872	$	45,764	$	8,246
Our share of derivatives from unconsolidated co-investment ventures		8,084		2,876		21,466		5,133
Total unrealized gains on derivative contracts, net	$	24,902	$	3,748	$	67,230	$	13,379
Total change in other comprehensive income	$	263,964	$	52,456	$	828,332	$	215,260

(1)	We estimate an additional expense of $1.1 million will be reclassified to Interest Expense over the next 12 months from September 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):

	September 30, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Credit Facilities	$	520,446	$	520,446	$	491,393	$	491,429
Senior notes		15,747,632		12,650,101		14,981,690		15,151,781
Term loans and unsecured other		1,377,246		1,378,948		1,825,195		1,835,569
Secured mortgage		493,975		470,808		416,776		437,215
Total	$	18,139,299	$	15,020,303	$	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 nine months ended September 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 ($)		175			749			383			250			105			1,662			163			474			207			252			66			1,162
New contracts ($)		124			603			251			175			81			1,234			219			362			166			77			47			871
Matured, expired or settled contracts ($)		(49	)		(753	)		(274	)		(78	)		(105	)		(1,259	)		(199	)		(120	)		(115	)		(58	)		(45	)		(537	)
Notional amounts at September 30 ($)		250			599			360			347			81			1,637			183			716			258			271			68			1,496

Weighted average forward rate at September 30		1.28			1.20			1.32			108.59									1.26			1.23			1.37			103.19
Active contracts at September 30		96			89			89			99									73			87			69			78

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 nine months ended September 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			599			317			960			535			300		835
Matured, expired or settled contracts ($)		(44	)		(535	)		(300	)		(879	)		(299	)		-		(299	)
Notional amounts at September 30 ($)		-			599			449			1,048			613			435		1,048

Weighted average forward rate at September 30		-			1.29			1.31						1.26			1.38
Active contracts at September 30		-			7			4						7			4