Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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):

	March 31, 2025				December 31, 2024
	Asset		Liability		Asset		Liability
Undesignated derivatives
Foreign currency contracts
Forwards
Brazilian real	$	-	$	250	$	-	$	-
British pound sterling		2,204		3,570		8,785		422
Canadian dollar		15,002		-		15,503		-
Euro		17,182		756		32,989		-
Japanese yen		44,393		-		55,818		-
Swedish krona		1,358		1,941		4,642		108
Options
Mexican peso		2,202		-		1,814		-
Designated derivatives
Foreign currency contracts
Net investment hedges
British pound sterling		-		11,445		2,837		108
Canadian dollar		-		-		5,454		-
Interest rate contracts
Cash flow hedges
U.S. dollar		18		5,614		9,587		-
Total fair value of derivatives	$	82,359	$	23,576	$	137,429	$	638

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 March 31,
	2025			2024
Exercised contracts		26			45
Realized gains (losses) on the matured, expired or settled contracts	$	9		$	18
Unrealized gains (losses) on the change in fair value of outstanding contracts	$	(40	)	$	29

Summary of Activity in Interest Rate Contracts

The following table summarizes the activity of our interest rate contracts designated as CFHs for the three months ended March 31 (in millions):

	2025									2024
	CAD			USD			Total			EUR			USD			Total
Notional amounts at January 1 ($)		-			280			280			700			550			1,250
New contracts ($)		139			325			464			-			-			-
Matured, expired or settled contracts ($)		(139	)		(180	)		(319	)		(171	)		(550	)		(721	)
Notional amounts at March 31 ($)		-			425			425			529			-			529

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):

	March 31, 2025		December 31, 2024
British pound sterling	$	1,760	$	1,763
Canadian dollar	$	1,244	$	758

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 March 31,
	2025			2024
Unrealized gains (losses) on the unhedged portion	$	(22	)	$	10

Summary of Changes in AOCI/L

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

	Unrealized gains (losses) on CFHs (1)			Our share of derivatives from unconsolidated co-investment ventures		Derivative NIHs			Debt designated as nonderivative NIHs (2)			CTA			Total AOCI/L
Balance at      January 1, 2025	$	(11,659	)	$	12,652	$	341,852		$	327,897		$	(790,957	)	$	(120,215	)
Other comprehensive      income (loss), net		(5,752	)		2,874		(14,788	)		(61,215	)		(150,492	)		(229,373	)
Balance at      March 31, 2025	$	(17,411	)	$	15,526	$	327,064		$	266,682		$	(941,449	)	$	(349,588	)

	Unrealized gains (losses) on CFHs			Our share of derivatives from unconsolidated co-investment ventures		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		19,096			5,149		16,162		14,369		174,030			228,806
Balance at      March 31, 2024	$	(26,648	)	$	13,563	$	326,688	$	268,471	$	(867,469	)	$	(285,395	)

(1)We estimate an additional expense of $2.9 million will be reclassified to Interest Expense in the Consolidated Statements of Income over the next 12 months from March 31, 2025, 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 within other comprehensive income (loss), net.

Carrying Amounts and Estimated Fair Values of Debt

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

	March 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Credit facilities and commercial paper	$	532,132	$	532,391	$	224,966	$	224,966
Senior notes		29,390,246		27,438,063		28,322,163		26,095,901
Term loans and unsecured other		2,021,761		1,974,677		2,013,317		1,991,934
Secured mortgage		317,916		304,353		318,817		298,452
Total	$	32,262,055	$	30,249,484	$	30,879,263	$	28,611,253

Undesignated Derivatives [Member]

Foreign Currency Contracts Activity

The following table summarizes the activity of our undesignated foreign currency contracts for the three months ended March 31 (in millions, except for weighted average forward rates and number of active contracts):

	2025																		2024
	CAD			EUR			GBP			JPY			Other			Total			CAD			EUR			GBP			JPY			Other			Total
Notional amounts at January 1 ($)		254			526			386			312			(27	)		1,451			213			524			442			384			56			1,619
New contracts ($)		-			85			10			46			18			159			51			88			46			59			8			252
Matured, expired or settled contracts ($)		(20	)		(29	)		(18	)		(17	)		(4	)		(88	)		(7	)		(25	)		(39	)		(61	)		(9	)		(141	)
Notional amounts at March 31 ($)		234			582			378			341			(13	)		1,522			257			587			449			382			55			1,730
Weighted average forward rate at March 31		1.31			1.15			1.28			121.88									1.30			1.16			1.27			118.16
Active contracts at March 31		93			109			83			93									92			84			96			98

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 three months ended March 31 (in millions, except for weighted average forward rates and number of active contracts):

	2025								2024
	CAD			GBP		Total			CAD			GBP			Total
Notional amounts at January 1 ($)		163			432		595			516			432			948
New contracts ($)		-			-		-			47			92			139
Matured, expired or settled contracts ($)		(163	)		-		(163	)		(400	)		(93	)		(493	)
Notional amounts at March 31 ($)		-			432		432			163			431			594
Weighted average forward rate at March 31		-			1.26					1.36			1.25
Active contracts at March 31		-			4					2			4