XML 53 R30.htm IDEA: XBRL DOCUMENT v3.22.1
Financial Instruments and Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2022
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 (in thousands):

 

 

 

March 31, 2022

 

 

December 31, 2021

 

 

 

Asset

 

 

Liability

 

 

Asset

 

 

Liability

 

Undesignated derivatives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Forwards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

          Brazilian real

 

$

-

 

 

$

1,161

 

 

$

664

 

 

$

-

 

          British pound sterling

 

 

10,476

 

 

 

2,268

 

 

 

5,361

 

 

 

3,492

 

          Canadian dollar

 

 

1,741

 

 

 

3,261

 

 

 

2,856

 

 

 

1,790

 

          Chinese renminbi

 

 

1

 

 

 

515

 

 

 

-

 

 

 

550

 

          Euro

 

 

56,061

 

 

 

-

 

 

 

40,484

 

 

 

136

 

          Japanese yen

 

 

31,104

 

 

 

-

 

 

 

23,341

 

 

 

-

 

          Swedish krona

 

 

5,227

 

 

 

39

 

 

 

3,773

 

 

 

201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Designated derivatives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Net investment hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

          British pound sterling

 

 

14,171

 

 

 

86

 

 

 

9,158

 

 

 

2,683

 

          Canadian dollar

 

 

2,733

 

 

 

5,261

 

 

 

5,410

 

 

 

823

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

          Euro

 

 

973

 

 

 

-

 

 

 

-

 

 

 

-

 

Total fair value of derivatives

 

$

122,487

 

 

$

12,591

 

 

$

91,047

 

 

$

9,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

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

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Exercised contracts

 

 

32

 

 

 

25

 

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

 

$

15

 

 

$

(1

)

Unrealized gains on the change in fair value of outstanding contracts

 

$

15

 

 

$

38

 
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 three months ended March 31 (in millions):

 

 

 

2022

 

 

2021

 

 

 

 

EUR

 

 

Total

 

 

EUR

 

 

USD

 

 

Total

 

 

Notional amounts at January 1 ($)

 

 

165

 

 

 

165

 

 

 

165

 

 

 

250

 

 

 

415

 

 

New contracts ($)

 

 

1,004

 

 

 

1,004

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Matured, expired or settled contracts ($)

 

 

(722

)

 

 

(722

)

 

 

-

 

 

 

-

 

 

 

-

 

 

Notional amounts at March 31 ($)

 

 

447

 

 

 

447

 

 

 

165

 

 

 

250

 

 

 

415

 

 

 
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, 2022

 

 

December 31, 2021

 

British pound sterling

 

$

1,385

 

 

$

624

 

   
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, Net on the remeasurement of the unhedged portion of our debt and accrued interest, including euro and British pound sterling denominated debt (in millions):

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Unrealized gains on the unhedged portion

 

$

15

 

 

$

46

 
Summary of Changes in Other Comprehensive Income (Loss)

The following table presents these changes in Other Comprehensive Income (Loss) (in thousands):

 

 

 

Three Months Ended

March 31,

 

 

 

2022

 

 

2021

 

Derivative net investment hedges

 

$

4,093

 

 

$

(5,266

)

Debt designated as nonderivative net investment hedges

 

 

33,597

 

 

 

(6,402

)

Cumulative translation adjustment

 

 

151,833

 

 

 

183,427

 

Total foreign currency translation gains, net

 

$

189,523

 

 

$

171,759

 

 

 

 

 

 

 

 

 

 

Cash flow hedges (1)

 

$

4,422

 

 

$

1,371

 

Our share of derivatives from unconsolidated co-investment ventures

 

 

8,927

 

 

 

3,450

 

Total unrealized gains on derivative contracts, net

 

$

13,349

 

 

$

4,821

 

Total change in other comprehensive income

 

$

202,872

 

 

$

176,580

 

 

(1)

We estimate an additional expense of $1.4 million will be reclassified to Interest Expense over the next 12 months from March 31, 2022, due to the amortization of previously settled derivatives designated as cash flow 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, 2022

 

 

December 31, 2021

 

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

Credit Facilities

 

$

-

 

 

$

-

 

 

$

491,393

 

 

$

491,429

 

Senior notes

 

 

16,341,307

 

 

 

15,232,910

 

 

 

14,981,690

 

 

 

15,151,781

 

Term loans and unsecured other

 

 

1,751,284

 

 

 

1,757,948

 

 

 

1,825,195

 

 

 

1,835,569

 

Secured mortgage

 

 

275,947

 

 

 

269,220

 

 

 

416,776

 

 

 

437,215

 

Total

 

$

18,368,538

 

 

$

17,260,078

 

 

$

17,715,054

 

 

$

17,915,994

 
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):

 

 

2022

 

 

2021

 

 

CAD

 

 

EUR

 

 

GBP

 

 

JPY

 

 

SEK

 

 

Other

 

 

Total

 

 

CAD

 

 

EUR

 

 

GBP

 

 

JPY

 

 

SEK

 

 

Other

 

 

Total

 

Notional amounts at January 1 ($)

 

175

 

 

 

749

 

 

 

383

 

 

 

250

 

 

 

85

 

 

 

20

 

 

 

1,662

 

 

 

163

 

 

 

474

 

 

 

207

 

 

 

252

 

 

 

38

 

 

 

28

 

 

 

1,162

 

New contracts ($)

 

45

 

 

 

350

 

 

 

(21

)

 

 

61

 

 

 

9

 

 

 

13

 

 

 

457

 

 

 

3

 

 

 

83

 

 

 

11

 

 

 

25

 

 

 

5

 

 

 

-

 

 

 

127

 

Matured, expired or settled contracts ($)

 

(16

)

 

 

(182

)

 

 

(19

)

 

 

(22

)

 

 

(4

)

 

 

(4

)

 

 

(247

)

 

 

(11

)

 

 

(36

)

 

 

(16

)

 

 

(20

)

 

 

(4

)

 

 

(4

)

 

 

(91

)

Notional amounts at March 31 ($)

 

204

 

 

 

917

 

 

 

343

 

 

 

289

 

 

 

90

 

 

 

29

 

 

 

1,872

 

 

 

155

 

 

 

521

 

 

 

202

 

 

 

257

 

 

 

39

 

 

 

24

 

 

 

1,198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average forward rate at

     March 31

 

1.27

 

 

 

1.19

 

 

 

1.27

 

 

 

104.39

 

 

 

9.30

 

 

 

 

 

 

 

 

 

 

 

1.32

 

 

 

1.23

 

 

 

1.33

 

 

 

102.66

 

 

 

8.59

 

 

 

 

 

 

 

 

 

Active contracts at March 31

 

81

 

 

 

93

 

 

 

77

 

 

 

85

 

 

 

84

 

 

 

 

 

 

 

 

 

 

 

58

 

 

 

74

 

 

 

53

 

 

 

68

 

 

 

51

 

 

 

 

 

 

 

 

 

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

 

 

 

2022

 

 

2021

 

 

 

BRL

 

 

CAD

 

 

GBP

 

 

Total

 

 

CAD

 

 

GBP

 

 

Total

 

Notional amounts at January 1 ($)

 

 

-

 

 

 

535

 

 

 

432

 

 

 

967

 

 

 

377

 

 

 

135

 

 

 

512

 

New contracts ($)

 

 

44

 

 

 

204

 

 

 

229

 

 

 

477

 

 

 

250

 

 

 

300

 

 

 

550

 

Matured, expired or settled contracts ($)

 

 

(44

)

 

 

(125

)

 

 

(100

)

 

 

(269

)

 

 

(63

)

 

 

-

 

 

 

(63

)

Notional amounts at March 31 ($)

 

 

-

 

 

 

614

 

 

 

561

 

 

 

1,175

 

 

 

564

 

 

 

435

 

 

 

999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average forward rate at March 31

 

 

-

 

 

 

1.26

 

 

 

1.35

 

 

 

 

 

 

 

1.29

 

 

 

1.38

 

 

 

 

 

Active contracts at March 31

 

 

-

 

 

 

7

 

 

 

5

 

 

 

 

 

 

 

7

 

 

 

4