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v3.26.1

Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2026
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 in the Consolidated Balance Sheets (in thousands):
|  | March 31, 2026 |  |  | December 31, 2025 |
|  | Asset |  |  | Liability |  |  | Asset |  |  | Liability |
Undesignated derivatives |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  |  |  |  |  |  |  |  |  |  |  |
Forwards |  |  |  |  |  |  |  |  |  |  |  |
Brazilian real |  | $ | - |  |  | $ | 648 |  |  | $ | - |  |  | $ | 394 |
British pound sterling |  |  | 5,720 |  |  |  | 4,477 |  |  |  | 164 |  |  |  | 11,688 |
Canadian dollar |  |  | 7,758 |  |  |  | - |  |  |  | 5,680 |  |  |  | 214 |
Euro |  |  | 3,952 |  |  |  | 7,978 |  |  |  | 1,660 |  |  |  | 17,571 |
Japanese yen |  |  | 53,713 |  |  |  | - |  |  |  | 54,147 |  |  |  | 22 |
Swedish krona |  |  | 303 |  |  |  | 3,680 |  |  |  | 198 |  |  |  | 5,352 |
Options |  |  |  |  |  |  |  |  |  |  |  |
Mexican peso |  |  | 3,120 |  |  |  | - |  |  |  | 14,733 |  |  |  | - |
Designated derivatives |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  |  |  |  |  |  |  |  |  |  |  |
Net investment hedges |  |  |  |  |  |  |  |  |  |  |  |
British pound sterling |  |  | 7,936 |  |  |  | 462 |  |  |  | 841 |  |  |  | 4,279 |
Canadian dollar |  |  | 4,299 |  |  |  | - |  |  |  | 1,866 |  |  |  | 968 |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |
Canadian dollar (1) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Euro |  |  | 3,339 |  |  |  | - |  |  |  | - |  |  |  | - |
Japanese yen |  |  | 809 |  |  |  | - |  |  |  | - |  |  |  | - |
U.S. dollar |  |  | 5,918 |  |  |  | - |  |  |  | 1,480 |  |  |  | - |
Total fair value of derivatives |  | $ | 96,867 |  |  | $ | 17,245 |  |  | $ | 80,769 |  |  | $ | 40,488 |
(1) On March 31, 2026, we entered into a Canadian dollar interest rate contract to hedge a future Canadian debt issuance. At that time, there was no asset or liability value.
Summary of Undesignated Financial Instruments Exercised and Realized and Unrealized Gains (Losses) in Foreign Currency, Derivative and Other Gains and Other Income, Net | The following table summarizes the undesignated derivative financial instruments exercised and associated realized and unrealized gains (losses), respectively, in Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net in the Consolidated Statements of Income (in millions, except for number of exercised contracts):
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Exercised contracts |  |  | 29 |  |  |  | 26 |
Realized gains (losses) on the matured, expired or settled contracts |  | $ | 15 |  |  | $ | 9 |
Unrealized gains (losses) on the change in fair value of outstanding contracts |  | $ | 19 |  |  | $ | (40 | )
Summary of Activity in Interest Rate Contracts | The following table summarizes the activity of our interest rate contracts designated as CFHs for the three months ended March 31 (in millions):
| 2026 |  |  | 2025 |
| CAD |  |  | EUR |  |  | JPY |  |  | USD |  |  | Total |  |  | CAD |  |  | USD |  |  | Total |
Notional amounts at January 1 ($) |  | - |  |  |  | - |  |  |  | - |  |  |  | 425 |  |  |  | 425 |  |  |  | - |  |  |  | 280 |  |  |  | 280 |
New contracts ($) |  | 72 |  |  |  | 272 |  |  |  | 190 |  |  |  | 425 |  |  |  | 959 |  |  |  | 139 |  |  |  | 325 |  |  |  | 464 |
Matured, expired or settled contracts ($) |  | - |  |  |  | - |  |  |  | - |  |  |  | (425 | ) |  |  | (425 | ) |  |  | (139 | ) |  |  | (180 | ) |  |  | (319 | )
Notional amounts at March 31 ($) |  | 72 |  |  |  | 272 |  |  |  | 190 |  |  |  | 425 |  |  |  | 959 |  |  |  | - |  |  |  | 425 |  |  |  | 425 |
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, 2026 |  |  | December 31, 2025 |
British pound sterling |  | $ | 1,883 |  |  | $ | 1,837 |
Canadian dollar |  | $ | 1,822 |  |  | $ | 1,793 |
Chinese renminbi |  | $ | 98 |  |  | $ | - |
Summary of Unrealized Gains (Losses) in Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net on Remeasurement of Unhedged Portion of Foreign Denominated Debt and Accrued Interest | The following table summarizes the unrealized gains (losses) in Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net in the Consolidated Statements of Income on the remeasurement of the unhedged portion of our foreign denominated debt and accrued interest (in millions):
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Unrealized gains (losses) on the unhedged portion |  | $ | (5 | ) |  | $ | (22 | )
Summary of Changes in AOCI/L | The following tables present these changes in AOCI/L (in thousands):
|  | Unrealized gains (losses) on CFHs (1) |  |  | Our share of derivatives from unconsolidated entities |  |  | Derivative NIHs |  |  | Debt designated as nonderivative NIHs (2) |  |  | CTA |  |  | Total AOCI/L |
Balance at January 1, 2026 |  | $ | (9,332 | ) |  | $ | 18,532 |  |  | $ | 310,320 |  |  | $ | 106,834 |  |  | $ | (1,102,630 | ) |  | $ | (676,276 | )
Other comprehensive income (loss), net |  |  | 8,255 |  |  |  | 2,371 |  |  |  | 14,623 |  |  |  | 68,474 |  |  |  | 103,056 |  |  |  | 196,779 |
Balance at March 31, 2026 |  | $ | (1,077 | ) |  | $ | 20,903 |  |  | $ | 324,943 |  |  | $ | 175,308 |  |  | $ | (999,574 | ) |  | $ | (479,497 | )
|  | Unrealized gains (losses) on CFHs |  |  | Our share of derivatives from unconsolidated entities |  |  | Derivative NIHs |  |  | Debt designated as nonderivative NIHs (2) |  |  | CTA |  |  | Total AOCI/L |
Balance at January 1, 2025 |  | $ | (11,659 | ) |  | $ | 12,652 |  |  | $ | 341,852 |  |  | $ | 327,897 |  |  | $ | (790,957 | ) |  | $ | (120,215 | )
Other comprehensive income (loss), net |  |  | (5,752 | ) |  |  | 2,874 |  |  |  | (14,788 | ) |  |  | (61,215 | ) |  |  | (150,492 | ) |  |  | (229,373 | )
Balance at March 31, 2025 |  | $ | (17,411 | ) |  | $ | 15,526 |  |  | $ | 327,064 |  |  | $ | 266,682 |  |  | $ | (941,449 | ) |  | $ | (349,588 | )
(1) We estimate an additional expense of $1.1 million will be reclassified to Interest Expense in the Consolidated Statements of Income over the next 12 months from March 31, 2026, due to the amortization of settled derivatives designated as cash flow hedges. (2) Reclassification of amounts out of AOCI/L due to the remeasurement of the unhedged portion of our euro-denominated and Chinese renminbi-denominated debt and accrued interest is included within other comprehensive income (loss), net.
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, 2026 |  |  | December 31, 2025 |
|  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Credit facilities and commercial paper |  | $ | 553,865 |  |  | $ | 553,865 |  |  | $ | 44,679 |  |  | $ | 44,679 |
Senior notes |  |  | 31,987,819 |  |  |  | 29,569,104 |  |  |  | 32,887,971 |  |  |  | 30,950,062 |
Term loans and unsecured other |  |  | 1,913,648 |  |  |  | 1,862,863 |  |  |  | 1,908,723 |  |  |  | 1,862,065 |
Secured mortgage |  |  | 214,260 |  |  |  | 204,017 |  |  |  | 195,700 |  |  |  | 185,965 |
Total |  | $ | 34,669,592 |  |  | $ | 32,189,849 |  |  | $ | 35,037,073 |  |  | $ | 33,042,771 |
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):
| 2026 |  |  | 2025 |
| CAD |  |  | EUR |  |  | GBP |  |  | JPY |  |  | Other |  |  | Total |  |  | CAD |  |  | EUR |  |  | GBP |  |  | JPY |  |  | Other |  |  | Total |
Notional amounts at January 1 ($) |  | 296 |  |  |  | 587 |  |  |  | 385 |  |  |  | 335 |  |  |  | (202 | ) |  |  | 1,401 |  |  |  | 254 |  |  |  | 526 |  |  |  | 386 |  |  |  | 312 |  |  |  | (27 | ) |  |  | 1,451 |
New contracts ($) |  | - |  |  |  | 21 |  |  |  | 106 |  |  |  | 12 |  |  |  | 31 |  |  |  | 170 |  |  |  | - |  |  |  | 85 |  |  |  | 10 |  |  |  | 46 |  |  |  | 18 |  |  |  | 159 |
Matured, expired or settled contracts ($) |  | (18 | ) |  |  | (32 | ) |  |  | (25 | ) |  |  | (21 | ) |  |  | 141 |  |  |  | 45 |  |  |  | (20 | ) |  |  | (29 | ) |  |  | (18 | ) |  |  | (17 | ) |  |  | (4 | ) |  |  | (88 | )
Notional amounts at March 31 ($) |  | 278 |  |  |  | 576 |  |  |  | 466 |  |  |  | 326 |  |  |  | (30 | ) |  |  | 1,616 |  |  |  | 234 |  |  |  | 582 |  |  |  | 378 |  |  |  | 341 |  |  |  | (13 | ) |  |  | 1,522 |
Weighted average forward rate at March 31 |  | 1.33 |  |  |  | 1.18 |  |  |  | 1.31 |  |  |  | 126.32 |  |  |  |  |  |  |  |  |  | 1.31 |  |  |  | 1.15 |  |  |  | 1.28 |  |  |  | 121.88 |  |  |  |  |  |  |
Active contracts at March 31 |  | 106 |  |  |  | 130 |  |  |  | 118 |  |  |  | 102 |  |  |  |  |  |  |  |  |  | 93 |  |  |  | 109 |  |  |  | 83 |  |  |  | 93 |  |  |  |  |  |  |
Designated As Hedging Instrument [Member] |
Foreign Currency Contracts Activity | The following table summarizes the activity of our foreign currency contracts designated as NIHs for the three months ended March 31 (in millions, except for weighted average forward rates and number of active contracts):
|  | 2026 |  |  | 2025 |
|  | CAD |  |  | GBP |  |  | Total |  |  | CAD |  |  | GBP |  |  | Total |
Notional amounts at January 1 ($) |  |  | 200 |  |  |  | 683 |  |  |  | 883 |  |  |  | 163 |  |  |  | 432 |  |  |  | 595 |
New contracts ($) |  |  | - |  |  |  | 125 |  |  |  | 125 |  |  |  | - |  |  |  | - |  |  |  | - |
Matured, expired or settled contracts ($) |  |  | - |  |  |  | (125 | ) |  |  | (125 | ) |  |  | (163 | ) |  |  | - |  |  |  | (163 | )
Notional amounts at March 31 ($) |  |  | 200 |  |  |  | 683 |  |  |  | 883 |  |  |  | - |  |  |  | 432 |  |  |  | 432 |
Weighted average forward rate at March 31 |  |  | 1.36 |  |  |  | 1.34 |  |  |  |  |  |  | - |  |  |  | 1.26 |  |  |  |
Active contracts at March 31 |  |  | 2 |  |  |  | 6 |  |  |  |  |  |  | - |  |  |  | 4 |  |  |  |

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