Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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 in the Consolidated Balance Sheets (in thousands):

	September 30, 2024				December 31, 2023
	Asset		Liability		Asset		Liability
Undesignated derivatives
Foreign currency contracts
Forwards
Brazilian real	$	-	$	-	$	-	$	291
British pound sterling		1,467		21,735		9,608		9,862
Canadian dollar		5,936		974		4,480		1,225
Chinese renminbi		-		-		1,630		50
Euro		11,594		6,764		19,252		8,229
Japanese yen		39,476		1,179		45,149		589
Swedish krona		2,233		1,947		3,304		2,279
Options
Mexican peso		12		-		1,263		-
Designated derivatives
Foreign currency contracts
Net investment hedges
British pound sterling		-		27,263		1,759		7,030
Canadian dollar		68		932		756		5,608
Interest rate contracts
Cash flow hedges
Euro		-		-		118		27,034
U.S. dollar		-		256		-		31,964
Total fair value of derivatives	$	60,786	$	61,050	$	87,319	$	94,161

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

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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2024			2023		2024			2023
Exercised contracts		30			42		161			163
Realized gains on the matured, expired or settled contracts	$	10		$	11	$	50		$	42
Unrealized gains (losses) on the change in fair value of outstanding contracts	$	(67	)	$	29	$	(32	)	$	9

Summary of Activity in Interest Rate Contracts

The following table summarizes the activity of our interest rate contracts designated as CFHs for the nine months ended September 30 (in millions):

	2024												2023
	EUR			USD			GBP			Total			EUR			USD			Total
Notional amounts at January 1 ($)		700			550			-			1,250			447			150			597
New contracts ($)		-			600			246			846			691			1,750			2,441
Matured, expired or settled contracts ($)		(700	)		(1,050	)		(246	)		(1,996	)		(859	)		(1,900	)		(2,759	)
Notional amounts at September 30 ($)		-			100			-			100			279			-			279

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, 2024		December 31, 2023
British pound sterling	$	1,820	$	1,305
Canadian dollar	$	778	$	373

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

The following table summarizes the unrealized gains (losses) in Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net in the Consolidated Statements of Income on the remeasurement of the unhedged portion of our euro-denominated and Chinese renminbi-denominated debt and accrued interest (in millions):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2024			2023		2024			2023
Unrealized gains (losses) on the unhedged portion	$	(28	)	$	10	$	(12	)	$	7

Summary of Changes in AOCI/L

The following tables present these changes in AOCI/L (in thousands):

Three Months Ended September 30, 2024 and 2023

	Unrealized losses on CFHs (1)			Our share of derivatives from unconsolidated entities			Derivative NIHs			Debt designated as nonderivative NIHs (2)			CTA			Total AOCI/L
Balance at      July 1, 2024	$	(18,488	)	$	15,834		$	328,596		$	272,495		$	(754,490	)	$	(156,053	)
Other comprehensive      loss, net		(3,488	)		(4,981	)		(24,626	)		(117,782	)		(265,321	)		(416,198	)
Balance at      September 30, 2024	$	(21,976	)	$	10,853		$	303,970		$	154,713		$	(1,019,811	)	$	(572,251	)

	Unrealized gains on CFHs		Our share of derivatives from unconsolidated entities		Derivative NIHs		Debt designated as nonderivative NIHs (2)		CTA			Total AOCI/L
Balance at      July 1, 2023	$	15,086	$	14,910	$	310,140	$	249,597	$	(922,103	)	$	(332,370	)
Other comprehensive      income, net		546		3,072		29,679		50,149		63,141			146,587
Balance at      September 30, 2023	$	15,632	$	17,982	$	339,819	$	299,746	$	(858,962	)	$	(185,783	)

Nine Months Ended September 30, 2024 and 2023

	Unrealized gains (losses) on CFHs (1)			Our share of derivatives from unconsolidated entities		Derivative NIHs			Debt designated as nonderivative NIHs (2)			CTA			Total AOCI/L
Balance at      January 1, 2024	$	(45,744	)	$	8,414	$	310,526		$	254,102		$	(1,041,499	)	$	(514,201	)
Other comprehensive      income (loss), net		23,768			2,439		(6,556	)		(99,389	)		21,688			(58,050	)
Balance at      September 30, 2024	$	(21,976	)	$	10,853	$	303,970		$	154,713		$	(1,019,811	)	$	(572,251	)

	Unrealized gains (losses) on CFHs			Our share of derivatives from unconsolidated entities			Derivative NIHs		Debt designated as nonderivative NIHs (2)			CTA			Total AOCI/L
Balance at      January 1, 2023	$	30,545		$	22,584		$	332,973	$	329,983		$	(1,159,694	)	$	(443,609	)
Other comprehensive      income (loss), net		(14,913	)		(4,602	)		6,846		(30,237	)		300,732			257,826
Balance at      September 30, 2023	$	15,632		$	17,982		$	339,819	$	299,746		$	(858,962	)	$	(185,783	)

(1)We estimate an additional expense of $3.0 million will be reclassified to Interest Expense in the Consolidated Statements of Income over the next 12 months from September 30, 2024, due to the amortization of settled derivatives designated as cash flow hedges.

(2)Reclassification of amounts out of AOCI/L due to the remeasurement of the unhedged portion of our euro-denominated and Chinese renminbi-denominated debt and accrued interest is included herein.

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, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Credit facilities and commercial paper	$	660,737	$	660,737	$	979,313	$	979,313
Senior notes		29,386,420		27,623,117		25,311,647		23,121,936
Term loans and unsecured other		1,956,822		1,940,543		2,330,520		2,322,827
Secured mortgage		285,853		272,023		379,021		357,731
Total	$	32,289,832	$	30,496,420	$	29,000,501	$	26,781,807

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):

	2024																		2023
	CAD			EUR			GBP			JPY			Other			Total			CAD			EUR			GBP			JPY			Other		Total
Notional amounts at January 1 ($)		213			524			442			384			56			1,619			283			601			349			331			81		1,645
New contracts ($)		102			126			109			106			17			460			6			110			124			116			34		390
Matured, expired or settled contracts ($)		(32	)		(86	)		(120	)		(148	)		(61	)		(447	)		(73	)		(218	)		(73	)		(66	)		68		(362	)
Notional amounts at September 30 ($)		283			564			431			342			12			1,632			216			493			400			381			183		1,673
Weighted average forward rate at September 30		1.31			1.15			1.26			120.22									1.29			1.17			1.28			113.85
Active contracts at September 30		109			92			96			88									77			69			92			96

Designated As Hedging Instrument [Member]

Foreign Currency Contracts Activity

The following table summarizes the activity of our foreign currency contracts designated as NIHs for the nine months ended September 30 (in millions, except for weighted average forward rates and number of active contracts):

	2024									2023
	CAD			GBP			Total			CAD			CNH			GBP			Total
Notional amounts at January 1 ($)		516			432			948			534			-			440			974
New contracts ($)		47			397			444			350			100			218			668
Matured, expired or settled contracts ($)		(399	)		(399	)		(798	)		(363	)		(100	)		(228	)		(691	)
Notional amounts at September 30 ($)		164			430			594			521			-			430			951
Weighted average forward rate at      September 30		1.36			1.25						1.32			-			1.25
Active contracts at September 30		2			4						6			-			4