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Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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 on the Consolidated Balance Sheets at December 31 (in thousands):

	2021				2020
	Asset		Liability		Asset		Liability
Undesignated derivatives
Foreign currency contracts
Forwards
Brazilian real	$	664	$	-	$	620	$	66
British pound sterling		5,361		3,492		174		7,589
Canadian dollar		2,856		1,790		80		5,827
Chinese renminbi		-		550		-		717
Euro		40,484		136		73		6,247
Japanese yen		23,341		-		720		1,604
Swedish krona		3,773		201		-		2,355

Designated derivatives
Foreign currency contracts
Net investment hedges
British pound sterling		9,158		2,683		-		2,081
Canadian dollar		5,410		823		-		9,847

Interest rate swaps
Cash flow hedges
Euro		-		-		-		9
U.S. dollar		-		-		-		140
Total fair value of derivatives	$	91,047	$	9,675	$	1,667	$	36,482

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

The following table summarizes the undesignated derivative financial instruments exercised and associated realized and unrealized gains (losses) in Foreign Currency and Derivative Gains (Losses), Net in the Consolidated Statements of Income for the years ended December 31 (in millions, except for number of exercised contracts):


	2021			2020			2019
Exercised contracts		161			173			115
Realized gains (losses) on the matured, expired or settled contracts	$	(8	)	$	(6	)	$	28
Unrealized gains (losses) on the change in fair value of outstanding contracts	$	88		$	(13	)	$	(10	)

Summary of Activity in Interest Rate Swaps

The following table summarizes the activity of our interest rate swaps designated as cash flow hedges for the years ended December 31 (in millions):

	2021								2020								2019
	EUR		USD⁽¹⁾			Total			EUR		USD			Total			EUR			Total
Notional amounts at January 1 ($)		165		250			415			-		-			-			500			500
New contracts ($)		-		-			-			165		1,500			1,665			-			-
Matured, expired or settled contracts ($)		-		(250	)		(250	)		-		(1,250	)		(1,250	)		(500	)		(500	)
Notional amounts at December 31 ($)		165		-			165			165		250			415			-			-

(1)	In April 2021, the 2017 Term Loan was terminated and the interest rate swap contracts associated with the outstanding balance were settled.

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 December 31 (in millions):

		2021		2020		2019
British pound sterling	$	624	$	842	$	329
Euro	$	-	$	-	$	850

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

The following table summarizes the unrealized gains (losses) in Foreign Currency and Derivative Gains (Losses), Net on the remeasurement of the unhedged portion of our debt and accrued interest, including euro and British pound sterling denominated debt, for the years ended December 31 (in millions):


	2021		2020			2019
Unrealized gains (losses) on the unhedged portion	$	81	$	(139	)	$	(64	)

Summary of Changes in Other Comprehensive Income (Loss)

The following table presents these changes in Other Comprehensive Income (Loss) for the years ended December 31 (in thousands):

	2021			2020			2019
Derivative net investment hedges	$	9,792		$	(4,301	)	$	(22,600	)
Debt designated as nonderivative net investment hedges		(832	)		(62,263	)		141,675
Cumulative translation adjustment		296,969			(128,109	)		(20,593	)
Total foreign currency translation gains (losses), net	$	305,929		$	(194,673	)	$	98,482

Cash flow hedges⁽¹⁾⁽²⁾	$	9,098		$	(11,269	)	$	4,665
Our share of derivatives from unconsolidated co-investment ventures		8,444			(2,848	)		(6,000	)
Total unrealized gains (losses) on derivative contracts, net	$	17,542		$	(14,117	)	$	(1,335	)
Total change in other comprehensive income (loss)	$	323,471		$	(208,790	)	$	97,147

(1)	We estimate an additional expense of $2.2 million will be reclassified to Interest Expense over the next 12 months from December 31, 2021, due to the amortization of previously settled derivatives designated as cash flow hedges.

(2)

Included in the year ended December 31, 2020, was $16.8 million in losses associated with the termination of four U.S. dollar treasury lock contracts with an aggregate notional amount of $750.0 million that fixed the interest rate on the forecasted issuance of U.S. dollar senior notes, which were then issued in February 2020.

Carrying Amounts and Estimated Fair Values of Debt

The following table reflects the carrying amounts and estimated fair values of our debt at December 31 (in thousands):

	2021				2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Credit Facilities	$	491,393	$	491,429	$	171,794	$	171,794
Senior notes		14,981,690		15,151,781		14,275,870		15,452,381
Term loans and unsecured other		1,825,195		1,835,569		1,764,311		1,785,706
Secured mortgage		416,776		437,215		637,101		673,549
Total	$	17,715,054	$	17,915,994	$	16,849,076	$	18,083,430

Undesignated Derivatives [Member]

Foreign Currency Contracts Activity

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

	2021							2020							2019
	CAD	EUR	GBP	JPY	SEK	Other	Total	CAD	EUR	GBP	JPY	SEK	Other	Total	CAD	EUR	GBP	JPY	SEK	Other	Total
Notional amounts at January 1 ($)	163	474	207	252	38	28	1,162	120	581	178	182	31	15	1,107	55	314	118	177	-	5	669
New contracts ($)	225	437	308	76	64	27	1,137	88	1,314	364	154	37	48	2,005	201	619	1,111	85	31	524	2,571
Matured, expired or settled contracts ($)	(213)	(162)	(132)	(78)	(17)	(35)	(637)	(45)	(1,421)	(335)	(84)	(30)	(35)	(1,950)	(136)	(352)	(1,051)	(80)	-	(514)	(2,133)
Notional amounts at December 31 ($)	175	749	383	250	85	20	1,662	163	474	207	252	38	28	1,162	120	581	178	182	31	15	1,107

Weighted average forward rate at December 31	1.26	1.22	1.20	103.14	9.28			1.32	1.23	1.32	102.66	8.64			1.32	1.13	1.32	103.39	9.42
Active contracts at December 31	72	86	70	74	72			58	64	53	59	42			40	53	50	44	20

Designated As Hedging Instrument [Member]

Foreign Currency Contracts Activity

The following table summarizes the activity of our foreign currency contracts designated as net investment hedges for the years ended December 31 (in millions, except for weighted average forward rates and number of active contracts):

	2021									2020									2019
	CAD			GBP			Total			CAD			GBP			Total			BRL			CAD			EUR			GBP			Total
Notional amounts at January 1 ($)		377			135			512			97			387			484			460			100			-			127			687
New contracts ($)		535			432			967			377			459			836			489			97			420			649			1,655
Matured, expired or settled contracts ($)		(377	)		(135	)		(512	)		(97	)		(711	)		(808	)		(949	)		(100	)		(420	)		(389	)		(1,858	)
Notional amounts at December 31 ($)		535			432			967			377			135			512			-			97			-			387			484

Weighted average forward rate at December 31		1.25			1.37						1.31			1.35						-			1.32			-			1.29
Active contracts at December 31		6			4						6			1						-			2			-			5