XML 58 R32.htm IDEA: XBRL DOCUMENT v3.26.1
Financial Instruments and Fair Value Measurements (Tables)
 3 Months Ended
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