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Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 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 (in thousands):
|  | March 31, 2021 |  |  | December 31, 2020 |
|  | Asset |  |  | Liability |  |  | Asset |  |  | Liability |
Undesignated derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forwards |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brazilian real |  | $ | 826 |  |  | $ | - |  |  | $ | 620 |  |  | $ | 66 |
British pound sterling |  |  | 71 |  |  |  | 8,735 |  |  |  | 174 |  |  |  | 7,589 |
Canadian dollar |  |  | - |  |  |  | 8,016 |  |  |  | 80 |  |  |  | 5,827 |
Chinese renminbi |  |  | 34 |  |  |  | 499 |  |  |  | - |  |  |  | 717 |
Euro |  |  | 16,096 |  |  |  | 287 |  |  |  | 73 |  |  |  | 6,247 |
Japanese yen |  |  | 16,096 |  |  |  | - |  |  |  | 720 |  |  |  | 1,604 |
Swedish krona |  |  | 1,214 |  |  |  | 868 |  |  |  | - |  |  |  | 2,355 |
Designated derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
British pound sterling |  |  | 3,251 |  |  |  | 3,125 |  |  |  | - |  |  |  | 2,081 |
Canadian dollar |  |  | - |  |  |  | 14,799 |  |  |  | - |  |  |  | 9,847 |
Interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Euro |  |  | - |  |  |  | 14 |  |  |  | - |  |  |  | 9 |
U.S. dollar |  |  | - |  |  |  | 28 |  |  |  | - |  |  |  | 140 |
Total fair value of derivatives |  | $ | 37,588 |  |  | $ | 36,371 |  |  | $ | 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, Net in the Consolidated Statements of Income (in millions, except for number of exercised contracts):
|  | Three Months Ended |
|  | March 31, |
|  | 2021 |  |  | 2020 |
Exercised contracts |  |  | 25 |  |  |  | 33 |
Realized gains (losses) on the matured, expired or settled contracts |  | $ | (1 | ) |  | $ | 4 |
Unrealized gains on the change in fair value of outstanding contracts |  | $ | 38 |  |  | $ | 47 |
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):
|  | 2021 |  |  | 2020 |  |
|  | EUR (1) |  |  | USD (1) |  |  | Total |  |  | EUR |  |  | USD |  |  | Total |  |
Notional amounts at January 1 ($) |  |  | 165 |  |  |  | 250 |  |  |  | 415 |  |  |  | - |  |  |  | - |  |  |  | - |  |
New contracts ($) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 165 |  |  |  | 750 |  |  |  | 915 |  |
Matured, expired or settled contracts ($) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (750 | ) |  |  | (750 | ) |
Notional amounts at March 31 ($) |  |  | 165 |  |  |  | 250 |  |  |  | 415 |  |  |  | 165 |  |  |  | - |  |  |  | 165 |  |
(1) | During the year ended December 31, 2020, we entered into interest rate swap contracts to effectively fix the interest rate on our euro senior notes issued in February 2020 and the U.S. dollar outstanding balance on our 2017 Term Loan. 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 as of the quarter ended (in millions):
|  | March 31, 2021 |  |  | December 31, 2020 |
British pound sterling |  | $ | 956 |  |  | $ | 842 |
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 in Foreign Currency and Derivative Gains, Net on the remeasurement of the unhedged portion of our debt and accrued interest for the three months ended March 31 (in millions):
|  | Three Months Ended |
|  | March 31, |
|  | 2021 |  |  | 2020 |
Unrealized gains on the unhedged portion |  | $ | 46 |  |  | $ | 82 |
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, |
|  | 2021 |  |  | 2020 |
Derivative net investment hedges |  | $ | (5,266 | ) |  | $ | 25,359 |
Debt designated as nonderivative net investment hedges |  |  | (6,402 | ) |  |  | 32,750 |
Cumulative translation adjustment |  |  | 183,427 |  |  |  | (191,642 | )
Total foreign currency translation gains (losses), net |  | $ | 171,759 |  |  | $ | (133,533 | )
Cash flow hedges (1) (2) |  | $ | 1,371 |  |  | $ | (15,525 | )
Our share of derivatives from unconsolidated co-investment ventures |  |  | 3,450 |  |  |  | (7,923 | )
Total unrealized gains (losses) on derivative contracts, net |  | $ | 4,821 |  |  | $ | (23,448 | )
Total change in other comprehensive income (loss) |  | $ | 176,580 |  |  | $ | (156,981 | )
| (1) | We estimate an additional expense of $4.4 million will be reclassified to Interest Expense over the next 12 months from March 31, 2021, due to the amortization of previously settled derivatives designated as cash flow hedges.
| (2) | Included in the three months ended March 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 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 (in thousands):
|  | March 31, 2021 |  |  | December 31, 2020 |
|  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Credit Facilities |  | $ | 53,250 |  |  | $ | 53,250 |  |  | $ | 171,794 |  |  | $ | 171,794 |
Senior notes |  |  | 14,433,868 |  |  |  | 14,598,729 |  |  |  | 14,275,870 |  |  |  | 15,452,381 |
Term loans and unsecured other |  |  | 1,670,556 |  |  |  | 1,687,135 |  |  |  | 1,764,311 |  |  |  | 1,785,706 |
Secured mortgage |  |  | 345,784 |  |  |  | 374,402 |  |  |  | 637,101 |  |  |  | 673,549 |
Total |  | $ | 16,503,458 |  |  | $ | 16,713,516 |  |  | $ | 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 three months ended March 31 (in millions, except for weighted average forward rates and number of active contracts):
| 2021 |  |  | 2020 |
| CAD |  |  | EUR |  |  | GBP |  |  | JPY |  |  | SEK |  |  | Other |  |  | Total |  |  | CAD |  |  | EUR |  |  | GBP |  |  | JPY |  |  | SEK |  |  | Other |  |  | Total |
Notional amounts at January 1 ($) |  | 163 |  |  |  | 474 |  |  |  | 207 |  |  |  | 252 |  |  |  | 38 |  |  |  | 28 |  |  |  | 1,162 |  |  |  | 120 |  |  |  | 581 |  |  |  | 178 |  |  |  | 182 |  |  |  | 31 |  |  |  | 15 |  |  |  | 1,107 |
New contracts ($) |  | 3 |  |  |  | 83 |  |  |  | 11 |  |  |  | 25 |  |  |  | 5 |  |  |  | - |  |  |  | 127 |  |  |  | - |  |  |  | 809 |  |  |  | 294 |  |  |  | 60 |  |  |  | 9 |  |  |  | 19 |  |  |  | 1,191 |
Matured, expired or settled contracts ($) |  | (11 | ) |  |  | (36 | ) |  |  | (16 | ) |  |  | (20 | ) |  |  | (4 | ) |  |  | (4 | ) |  |  | (91 | ) |  |  | (11 | ) |  |  | (1,003 | ) |  |  | (267 | ) |  |  | (15 | ) |  |  | (3 | ) |  |  | (23 | ) |  |  | (1,322 | )
Notional amounts at March 31 ($) |  | 155 |  |  |  | 521 |  |  |  | 202 |  |  |  | 257 |  |  |  | 39 |  |  |  | 24 |  |  |  | 1,198 |  |  |  | 109 |  |  |  | 387 |  |  |  | 205 |  |  |  | 227 |  |  |  | 37 |  |  |  | 11 |  |  |  | 976 |
Weighted average forward rate at March 31 |  | 1.32 |  |  |  | 1.23 |  |  |  | 1.33 |  |  |  | 102.66 |  |  |  | 8.59 |  |  |  |  |  |  |  |  |  |  |  | 1.32 |  |  |  | 1.16 |  |  |  | 1.77 |  |  |  | 103.08 |  |  |  | 9.41 |  |  |  |  |  |  |  |  |
Active contracts at March 31 |  | 58 |  |  |  | 74 |  |  |  | 53 |  |  |  | 68 |  |  |  | 51 |  |  |  |  |  |  |  |  |  |  |  | 35 |  |  |  | 61 |  |  |  | 64 |  |  |  | 53 |  |  |  | 32 |  |  |  |  |  |  |  |  |
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):
|  | 2021 |  |  | 2020 |
|  | CAD |  |  | GBP |  |  | Total |  |  | CAD |  |  | GBP |  |  | Total |
Notional amounts at January 1 ($) |  |  | 377 |  |  |  | 135 |  |  |  | 512 |  |  |  | 97 |  |  |  | 387 |  |  |  | 484 |
New contracts ($) |  |  | 250 |  |  |  | 300 |  |  |  | 550 |  |  |  | - |  |  |  | 324 |  |  |  | 324 |
Matured, expired or settled contracts ($) |  |  | (63 | ) |  |  | - |  |  |  | (63 | ) |  |  | - |  |  |  | (576 | ) |  |  | (576 | )
Notional amounts at March 31 ($) |  |  | 564 |  |  |  | 435 |  |  |  | 999 |  |  |  | 97 |  |  |  | 135 |  |  |  | 232 |
Weighted average forward rate at March 31 |  |  | 1.29 |  |  |  | 1.38 |  |  |  |  |  |  |  | 1.32 |  |  |  | 1.35 |  |  |  |  |
Active contracts at March 31 |  |  | 7 |  |  |  | 4 |  |  |  |  |  |  |  | 2 |  |  |  | 1 |  |  |  |  |

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