In the normal course of business, our operations are exposed to market risks, including the effect of changes in foreign currency exchange rates and interest rates. We may enter into derivative financial instruments to offset these underlying market risks. See Note 2 for our derivative financial instruments policy.

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):

	2022				2021
	Asset		Liability		Asset		Liability
Undesignated derivatives
Foreign currency contracts
Forwards
Brazilian real	$	35	$	494	$	664	$	-
British pound sterling		29,187		648		5,361		3,492
Canadian dollar		12,074		2		2,856		1,790
Chinese renminbi		657		364		-		550
Euro		51,317		2,801		40,484		136
Japanese yen		34,022		2,344		23,341		-
Swedish krona		6,292		-		3,773		201

Designated derivatives
Foreign currency contracts
Net investment hedges
British pound sterling		23,534		-		9,158		2,683
Canadian dollar		24,552		-		5,410		823

Interest rate swaps
Cash flow hedges
Euro		44,982		-		-		-
U.S. dollar		584		29		-		-
Total fair value of derivatives	$	227,236	$	6,682	$	91,047	$	9,675

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):

	2022						2021						2020
	CAD	EUR	GBP	JPY	Other	Total	CAD	EUR	GBP	JPY	Other	Total	CAD	EUR	GBP	JPY	Other	Total
Notional amounts at January 1 ($)	175	749	383	250	105	1,662	163	474	207	252	66	1,162	120	581	178	182	46	1,107
New contracts ($)	172	658	264	181	92	1,367	225	437	308	76	91	1,137	88	1,314	364	154	85	2,005
Matured, expired or settled contracts ($)	(64)	(806)	(298)	(100)	(116)	(1,384)	(213)	(162)	(132)	(78)	(52)	(637)	(45)	(1,421)	(335)	(84)	(65)	(1,950)
Notional amounts at December 31 ($)	283	601	349	331	81	1,645	175	749	383	250	105	1,662	163	474	207	252	66	1,162

Weighted average forward rate at December 31	1.29	1.18	1.31	109.79			1.26	1.22	1.20	103.14			1.32	1.23	1.32	102.66
Active contracts at December 31	103	97	90	96			72	86	70	74			58	64	53	59

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

Changes in the fair value of derivatives that are designated as net investment hedges of our foreign operations and cash flow hedges are recorded in AOCI/L and reflected within the Other Comprehensive Income (Loss) table below.

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):

	2022									2021									2020
	CAD			GBP			Total			CAD			GBP			Total			CAD			GBP			Total
Notional amounts at January 1 ($)		535			432			967			377			135			512			97			387			484
New contracts ($)		964			440			1,404			535			432			967			377			459			836
Matured, expired or settled contracts ($)		(965	)		(432	)		(1,397	)		(377	)		(135	)		(512	)		(97	)		(711	)		(808	)
Notional amounts at December 31 ($)		534			440			974			535			432			967			377			135			512

Weighted average forward rate at December 31		1.29			1.28						1.25			1.37						1.31			1.35
Active contracts at December 31		6			4						6			4						6			1

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

	2022															2021								2020
	EUR			USD			CAD			JPY			Total			EUR		USD			Total			EUR		USD			Total
Notional amounts at January 1 ($)		165			-			-			-			165			165		250			415			-		-			-
New contracts ($)		1,004			400			184			104			1,692			-		-			-			165		1,500			1,665
Matured, expired or settled contracts ($)		(722	)		(250	)		(184	)		(104	)		(1,260	)		-		(250	)		(250	)		-		(1,250	)		(1,250	)
Notional amounts at December 31 ($)		447			150			-			-			597			165		-			165			165		250			415

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):

The following table summarizes the unrealized gains (losses) in Foreign Currency and Derivative Gains (Losses) and Other Income (Expense), 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):

The change in Other Comprehensive Income (Loss) in the Consolidated Statements of Comprehensive Income during the periods presented was due to the translation into U.S. dollars from the consolidation of the financial statements of our consolidated subsidiaries whose functional currency is not the U.S. dollar. The change in fair value of the effective portion of our derivative financial instruments that have been designated as net investment hedges and cash flow hedges and the translation of the hedged portion of our debt, as discussed above, are also included in Other Comprehensive Income (Loss).

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

	2022		2021			2020
Derivative net investment hedges	$	95,012	$	9,792		$	(4,301	)
Debt designated as nonderivative net investment hedges		133,135		(832	)		(62,263	)
Cumulative translation adjustment		145,258		296,969			(128,109	)
Total foreign currency translation gains (losses), net	$	373,405	$	305,929		$	(194,673	)

Cash flow hedges⁽¹⁾⁽²⁾	$	45,837	$	9,098		$	(11,269	)
Our share of derivatives from unconsolidated co-investment ventures		25,802		8,444			(2,848	)
Total unrealized gains (losses) on derivative contracts, net	$	71,639	$	17,542		$	(14,117	)
Total change in other comprehensive income (loss)	$	445,044	$	323,471		$	(208,790	)

We have estimated the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that we would realize on disposition. See Note 2 for more information on our fair value measurements policy.

At December 31, 2022 and 2021, other than the derivatives discussed previously, we had no significant financial assets or financial liabilities that were measured at fair value on a recurring basis in the Consolidated Financial Statements. All of our derivatives held at December 31, 2022 and 2021 were classified as Level 2 of the fair value hierarchy.

Acquired properties and assets we expect to sell or contribute are significant nonfinancial assets that met the criteria to be measured at fair value on a nonrecurring basis, as detailed in our accounting policy in Note 2. At December 31, 2022 and 2021, we estimated the fair value of our properties using Level 2 or Level 3 inputs from the fair value hierarchy. See more information on our acquired properties in Notes 3 and 4 and assets held for sale or contribution in Note 6.

At December 31, 2022 and 2021, the carrying amounts of certain financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts payable and accrued expenses were representative of their fair values.

The differences in the fair value of our debt from the carrying value in the table below were the result of differences in interest rates or borrowing spreads that were available to us at December 31, 2022 and 2021, as compared with those in effect when the debt was issued or assumed, including reduced borrowing spreads due to our improved credit ratings. The fair value of the senior notes decreased in 2022 due to the increase in bond yields in the market as compared to the weighted average interest rates on our senior notes. The senior notes and many of the issuances of secured mortgage debt contain prepayment penalties or yield maintenance provisions that could make the cost of refinancing the debt at lower rates exceed the benefit that would be derived from doing so. We evaluate this on an on-going basis and have taken the opportunity to refinance some of our debt at lower rates and longer maturities as discussed in Note 8.

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

	2022				2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Credit Facilities	$	1,538,461	$	1,538,461	$	491,393	$	491,429
Senior notes		19,786,253		16,604,241		14,981,690		15,151,781
Term loans and unsecured other		2,106,592		2,092,264		1,825,195		1,835,569
Secured mortgage		444,655		420,964		416,776		437,215
Total	$	23,875,961	$	20,655,930	$	17,715,054	$	17,915,994