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Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 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

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) 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):


	2022		2021			2020
Exercised contracts		158		161			173
Realized gains (losses) on the matured, expired or settled contracts	$	145	$	(8	)	$	(6	)
Unrealized gains (losses) on the change in fair value of outstanding contracts	$	39	$	88		$	(13	)

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):

	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

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):

		2022		2021		2020
British pound sterling	$	1,237	$	624	$	842
Canadian dollar	$	370	$	-	$	-

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) 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):


	2022		2021		2020
Unrealized gains (losses) on the unhedged portion	$	44	$	81	$	(139	)

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):

	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	)

(1)	We estimate an additional expense of $13.9 million will be reclassified to Interest Expense over the next 12 months from December 31, 2022, 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):

	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

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):

	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

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):

	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