Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Fair Value and Classification of Derivative Instruments

The following table presents the fair value and classification of our derivative instruments (in thousands):

	March 31, 2017				December 31, 2016
	Asset		Liability		Asset		Liability
Net investment hedges
British pound sterling denominated	$	6,877	$	1,296	$	7,439	$	-
Canadian dollar denominated		-		1,595		1,245		-
Forwards and options (1)
British pound sterling denominated		13,320		547		16,985		-
Canadian dollar denominated		204		230		831		197
Euro denominated		8,174		-		10,933		-
Yen denominated		5,596		2,306		9,246		1,071
Interest rate hedges		121		-		435		-
Total fair value of derivatives	$	34,292	$	5,974	$	47,114	$	1,268

(1) As discussed below, these foreign currency options are not designated as hedges. We recognized unrealized losses of $13.7 million and $16.8 million in Foreign Currency and Derivative Losses, Net from the change in value of our outstanding foreign currency options for the three months ended March 31, 2017, and 2016, respectively.

Foreign Currency Contracts Activity

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

2017
	Foreign Currency Contracts
Local Currency	Net Investment Hedges					Forwards and Options
	CAD			GBP		CAD			EUR			GBP			JPY
Notional amounts at January 1	$	133		£	31	$	50		€	174		£	48		¥	15,500
New contracts		133			100		-			32			63			2,000
Matured, expired or settled contracts		(133	)		-		(7	)		(26	)		(15	)		(1,750	)
Notional amounts at March 31	$	133		£	131	$	43		€	180		£	96		¥	15,750
	Foreign Currency Contracts
U.S. Dollar	Net Investment Hedges					Forwards and Options
Notional amounts at January 1	$	100		$	46	$	38		$	197		$	78		$	144
New contracts		99			127		-			36			80			19
Matured, expired or settled contracts		(100	)		-		(6	)		(30	)		(22	)		(16	)
Notional amounts at March 31	$	99		$	173	$	32		$	203		$	136		$	147
Weighted average forward      rate at March 31		1.33			1.32		1.32			1.13			1.37			107.19
Active contracts at March 31		2			4		14			25			17			31

2016
	Foreign Currency Contracts
Local Currency	Net Investment Hedges							Forwards and Options
	CAD		GBP		JPY			EUR			GBP			JPY			Other
Notional amounts at January 1	$	-	£	238	¥	-		€	275		£	97		¥	12,840
New contracts		133		-		11,189			60			-			4,000
Matured, expired or settled contracts		-		-		(11,189	)		(45	)		(12	)		(1,460	)
Notional amounts at March 31	$	133	£	238	¥	-		€	290		£	85		¥	15,380
	Foreign Currency Contracts
U.S. Dollar	Net Investment Hedges							Forwards and Options (1)
Notional amounts at January 1	$	-	$	386	$	-		$	310		$	148		$	109		$	50
New contracts		100		-		99			68			-			36			9
Matured, expired or settled contracts		-		-		(99	)		(51	)		(18	)		(13	)		(8	)
Notional amounts at March 31	$	100	$	386	$	-		$	327		$	130		$	132		$	51

(1) During thethree months ended March 31, 2017, and 2016, we exercised 11 and 8 option contracts and realized gains of $5.3 million and $1.7 million, respectively, in Foreign Currency and Derivative Losses, Net.

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

The following table presents the gains and (losses) associated with the change in fair value for the effective portion of our derivative and nonderivative hedging instruments included in Other Comprehensive Income (in thousands):

	Three Months Ended March 31,
	2017			2016
Derivative net investment hedges (1)	$	2,294		$	7,908
Interest rate and cash flow hedges (2)		429			(11,121	)
Our share of derivatives from unconsolidated co-investment ventures		2,202			(4,771	)
Total derivative instruments		4,925			(7,984	)
Nonderivative net investment hedges (3)		(44,526	)		(161,189	)
Total derivative and nonderivative hedging instruments	$	(39,601	)	$	(169,173	)

(1) We received $1.8 million and $0.9 million for the three months ended March 31, 2017, and 2016, respectively, upon the settlement of net investment hedges.

(2) The amounts reclassified to interest expense for the three months ended March 31, 2017, and 2016, were $1.4 million and $1.0 million, respectively. For the next 12 months from March 31, 2017, we estimate an additional expense of $5.5 million will be reclassified to Interest Expense.

(3) At March 31, 2017, and December 31, 2016, we had €3.2 billion ($3.4 billion) of debt, net of accrued interest, respectively, designated as nonderivative financial instrument hedges of our net investment in international subsidiaries. We recognized unrealized losses of $4.1 million in Foreign Currency and Derivative Losses, Net on the unhedged portion of our debt for the three months ended March 31, 2017. We did not recognize any gains or losses for the three months ended March 31, 2016.

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, 2017				December 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Credit Facilities	$	-	$	-	$	35,023	$	35,061
Senior notes		6,471,112		6,967,522		6,417,492		6,935,485
Term loans and unsecured other		1,840,400		1,857,013		1,499,001		1,510,661
Secured mortgages		1,945,201		2,025,183		979,585		1,055,020
Secured mortgages of consolidated entities		710,219		709,741		1,677,193		1,683,489
Total debt	$	10,966,932	$	11,559,459	$	10,608,294	$	11,219,716