XML 59 R32.htm IDEA: XBRL DOCUMENT v3.25.2
Financial Instruments and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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):

 

 

 

June 30, 2025

 

 

December 31, 2024

 

 

 

Asset

 

 

Liability

 

 

Asset

 

 

Liability

 

Undesignated derivatives

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency contracts

 

 

 

 

 

 

 

 

 

 

 

 

     Forwards

 

 

 

 

 

 

 

 

 

 

 

 

          Brazilian real

 

$

-

 

 

$

781

 

 

$

-

 

 

$

-

 

          British pound sterling

 

 

-

 

 

 

26,099

 

 

 

8,785

 

 

 

422

 

          Canadian dollar

 

 

4,479

 

 

 

1,164

 

 

 

15,503

 

 

 

-

 

          Euro

 

 

2,499

 

 

 

33,278

 

 

 

32,989

 

 

 

-

 

          Japanese yen

 

 

33,320

 

 

 

556

 

 

 

55,818

 

 

 

-

 

          Swedish krona

 

 

567

 

 

 

5,689

 

 

 

4,642

 

 

 

108

 

     Options

 

 

 

 

 

 

 

 

 

 

 

 

          Mexican peso

 

 

6,444

 

 

 

-

 

 

 

1,814

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Designated derivatives

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency contracts

 

 

 

 

 

 

 

 

 

 

 

 

     Net investment hedges

 

 

 

 

 

 

 

 

 

 

 

 

          British pound sterling

 

 

-

 

 

 

30,922

 

 

 

2,837

 

 

 

108

 

          Canadian dollar

 

 

351

 

 

 

2,510

 

 

 

5,454

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

 

 

 

 

 

 

 

 

 

 

 

     Cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

          Euro

 

 

187

 

 

 

-

 

 

 

-

 

 

 

-

 

          U.S. dollar

 

 

-

 

 

 

451

 

 

 

9,587

 

 

 

-

 

Total fair value of derivatives

 

$

47,847

 

 

$

101,450

 

 

$

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
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Exercised contracts

 

 

26

 

 

 

86

 

 

 

52

 

 

 

131

 

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

 

$

4

 

 

$

22

 

 

$

13

 

 

$

40

 

Unrealized gains (losses) on the change in fair value of outstanding contracts

 

$

(91

)

 

$

6

 

 

$

(131

)

 

$

35

 

 
Summary of Activity in Interest Rate Contracts

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

 

 

2025

 

 

2024

 

 

CAD

 

 

EUR

 

 

USD

 

 

Total

 

 

EUR

 

 

GBP

 

 

USD

 

 

Total

 

Notional amounts at January 1 ($)

 

-

 

 

 

-

 

 

 

280

 

 

 

280

 

 

 

700

 

 

 

-

 

 

 

550

 

 

 

1,250

 

New contracts ($)

 

139

 

 

 

57

 

 

 

875

 

 

 

1,071

 

 

 

-

 

 

 

246

 

 

 

300

 

 

 

546

 

Matured, expired or settled contracts ($)

 

(139

)

 

 

-

 

 

 

(1,080

)

 

 

(1,219

)

 

 

(700

)

 

 

(246

)

 

 

(550

)

 

 

(1,496

)

Notional amounts at June 30 ($)

 

-

 

 

 

57

 

 

 

75

 

 

 

132

 

 

 

-

 

 

 

-

 

 

 

300

 

 

 

300

 
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, 2025

 

 

December 31, 2024

 

British pound sterling

 

$

1,867

 

 

$

1,763

 

Canadian dollar

 

$

1,316

 

 

$

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
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Unrealized gains (losses) on the unhedged portion

 

$

(49

)

 

$

6

 

 

$

(71

)

 

$

16

 
Summary of Changes in AOCI/L

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

 

Three Months Ended June 30, 2025 and 2024

 

 

 

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
     April 1, 2025

 

$

(17,411

)

 

$

15,526

 

 

$

327,064

 

 

$

266,682

 

 

$

(941,449

)

 

$

(349,588

)

Other comprehensive
     income (loss), net

 

 

7,032

 

 

 

(2,720

)

 

 

(31,357

)

 

 

(167,297

)

 

 

(221,577

)

 

 

(415,919

)

Balance at
     June 30, 2025

 

$

(10,379

)

 

$

12,806

 

 

$

295,707

 

 

$

99,385

 

 

$

(1,163,026

)

 

$

(765,507

)

 

 

 

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
     April 1, 2024

 

$

(26,648

)

 

$

13,563

 

 

$

326,688

 

 

$

268,471

 

 

$

(867,469

)

 

$

(285,395

)

Other comprehensive
     income (loss), net

 

 

8,160

 

 

 

2,271

 

 

 

1,908

 

 

 

4,024

 

 

 

112,979

 

 

 

129,342

 

Balance at
     June 30, 2024

 

$

(18,488

)

 

$

15,834

 

 

$

328,596

 

 

$

272,495

 

 

$

(754,490

)

 

$

(156,053

)

 

Six Months Ended June 30, 2025 and 2024

 

 

 

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

 

 

1,280

 

 

 

154

 

 

 

(46,145

)

 

 

(228,512

)

 

 

(372,069

)

 

 

(645,292

)

Balance at
     June 30, 2025

 

$

(10,379

)

 

$

12,806

 

 

$

295,707

 

 

$

99,385

 

 

$

(1,163,026

)

 

$

(765,507

)

 

 

 

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

 

 

27,256

 

 

 

7,420

 

 

 

18,070

 

 

 

18,393

 

 

 

287,009

 

 

 

358,148

 

Balance at
     June 30, 2024

 

$

(18,488

)

 

$

15,834

 

 

$

328,596

 

 

$

272,495

 

 

$

(754,490

)

 

$

(156,053

)

 

(1)
We estimate an additional expense of $1.9 million will be reclassified to Interest Expense in the Consolidated Statements of Income over the next 12 months from June 30, 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):

 

 

 

June 30, 2025

 

 

December 31, 2024

 

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

Credit facilities and commercial paper

 

$

520,194

 

 

$

520,194

 

 

$

224,966

 

 

$

224,966

 

Senior notes

 

 

31,706,006

 

 

 

29,633,204

 

 

 

28,322,163

 

 

 

26,095,901

 

Term loans and unsecured other

 

 

2,114,625

 

 

 

2,086,471

 

 

 

2,013,317

 

 

 

1,991,934

 

Secured mortgage

 

 

325,726

 

 

 

313,081

 

 

 

318,817

 

 

 

298,452

 

Total

 

$

34,666,551

 

 

$

32,552,950

 

 

$

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 six months ended June 30 (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 ($)

 

57

 

 

 

157

 

 

 

85

 

 

 

53

 

 

 

18

 

 

 

370

 

 

 

102

 

 

 

98

 

 

 

67

 

 

 

59

 

 

 

7

 

 

 

333

 

Matured, expired or settled contracts ($)

 

(32

)

 

 

(60

)

 

 

(41

)

 

 

(38

)

 

 

(11

)

 

 

(182

)

 

 

(17

)

 

 

(56

)

 

 

(91

)

 

 

(127

)

 

 

(56

)

 

 

(347

)

Notional amounts at June 30 ($)

 

279

 

 

 

623

 

 

 

430

 

 

 

327

 

 

 

(20

)

 

 

1,639

 

 

 

298

 

 

 

566

 

 

 

418

 

 

 

316

 

 

 

7

 

 

 

1,605

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average forward rate at June 30

 

1.32

 

 

 

1.16

 

 

 

1.29

 

 

 

122.32

 

 

 

 

 

 

 

 

 

1.31

 

 

 

1.15

 

 

 

1.26

 

 

 

118.85

 

 

 

 

 

 

 

Active contracts at June 30

 

107

 

 

 

122

 

 

 

103

 

 

 

91

 

 

 

 

 

 

 

 

 

113

 

 

 

84

 

 

 

88

 

 

 

79

 

 

 

 

 

 

 

 
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 six months ended June 30 (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 ($)

 

 

200

 

 

 

290

 

 

 

490

 

 

 

47

 

 

 

397

 

 

 

444

 

Matured, expired or settled contracts ($)

 

 

(163

)

 

 

(180

)

 

 

(343

)

 

 

(399

)

 

 

(399

)

 

 

(798

)

Notional amounts at June 30 ($)

 

 

200

 

 

 

542

 

 

 

742

 

 

 

164

 

 

 

430

 

 

 

594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average forward rate at June 30

 

 

1.36

 

 

 

1.30

 

 

 

 

 

 

1.36

 

 

 

1.25

 

 

 

 

Active contracts at June 30

 

 

2

 

 

 

5

 

 

 

 

 

 

2

 

 

 

4