Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Activity

The following table summarizes the activity in our derivative instruments for the three months ended March 31, (in millions):

	2014					2013
	Foreign Currency Contracts (1)			Interest Rate Swaps (2)		Foreign Currency Forwards			Interest Rate Swaps (3)
Notional amounts at January 1,	$	1,050.0		$	71.0	$	1,303.8		$	1,314.8
New contracts		1,040.0			—		—			—
Matured or expired contracts		(470.0	)		—		(663.7	)		(1,230.2	)
Notional amounts at March 31,	$	1,620.0		$	71.0	$	640.1		$	84.6

(1) To hedge a portion of our investment in Europe at a fixed euro rate in U.S. dollars, we entered into two foreign currency contracts that expired in March with an aggregate notional amount of €345.9 million ($470.0 million using the weighted average forward rate of 1.36) and four foreign currency contracts that will expire in April 2014 with an aggregate notional amount of €414.5 million ($570.0 million using the weighted average forward rate of 1.38). As of March 31, 2014, we had 11 contracts with an aggregate notional amount of €1.0 billion ($1.4 billion using the weighted average forward rate of 1.35) and three contracts with an aggregate notional amount of ¥24.1billion ($250.0 million using the weighted average forward rate of 96.54).

(2) We currently have one interest rate swap contract that matures in May 2017.

(3) During the three months ended March 31, 2013, we settled or contributed contracts in connection with the formation of our new co-investment ventures in Europe and Japan.

Schedule of Fair Value of Derivative Instruments

All derivatives are recognized at fair value in the Consolidated Balance Sheets and are within the line items Other Assets or Accounts Payable and Accrued Expenses, as applicable. Changes in the fair value of derivatives that are designated and qualify as cash flow hedges and hedges of net investments in foreign operations are recorded as accumulated gains (losses) in AOCI in the Consolidated Balance Sheets. The following table presents the fair value of our derivative instruments (in thousands):

	March 31, 2014							December 31, 2013
	Asset		Liability		AOCI			Asset		Liability		AOCI
Net investment hedges—euro denominated	$	407	$	38,042	$	(35,334	)	$	137	$	30,302	$	(21,705	)
Net investment hedges—yen denominated		15,786		—		18,817			20,104		—		22,102
Interest rate swap hedges		—		5,264		(15,549	)		—		5,638		(14,442	)
Total derivatives	$	16,193	$	43,306	$	(32,066	)	$	20,241	$	35,940	$	(14,045	)

Summary of Gains (Losses) From the Change in Fair Value of Derivative Instruments Included in Other Comprehensive Income (Loss)

The following table presents gains (losses) from the change in fair value for the effective portion of our derivative and non-derivative instruments included in Other Comprehensive Income (Loss) in the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, (in thousands):

	2014			2013
Derivative net investment hedges (1)	$	(16,914	)	$	34,724
Non-derivative net investment hedges		(5,530	)		—
Interest rate swap hedges		(1,107	)		12,511
Total derivatives	$	(23,551	)	$	47,235

(1) This includes losses of $6.9 million and gains of $5.4 million in 2014 and 2013, respectively, upon the settlement of net investment 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):

	March 31, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
Credit Facilities	$	119,466	$	119,711	$	725,483	$	725,679
Senior notes		6,296,308		6,676,298		5,357,933		5,698,864
Exchangeable senior notes		442,729		532,783		438,481		514,381
Secured mortgage debt		1,674,488		1,825,836		1,696,597		1,840,829
Secured mortgage debt of consolidated entities		238,148		248,154		239,992		246,324
Term loan and other debt		99,496		101,437		552,730		560,714
Total debt	$	8,870,635	$	9,504,219	$	9,011,216	$	9,586,791