XML 48 R37.htm IDEA: XBRL DOCUMENT
v3.21.2

Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2021
Fair Value Disclosures [Abstract] |
Schedule of fair value by balance sheet groupings | We believe that the carrying values reflected in our consolidated balance sheets reasonably approximate the fair values for cash and cash equivalents, accounts receivable, escrow deposits, loans receivable, line of credit payable and commercial paper borrowings, term loan and all other liabilities, due to their short-term nature or interest rates and terms that are consistent with market, except for our mortgages payable assumed in connection with acquisitions and our senior notes and bonds payable, which are disclosed as follows (dollars in millions):
June 30, 2021 | Carrying value |  | Estimated fair value
Mortgages payable assumed in connection with acquisitions (1) | $ | 299.9 |  | $ | 314.5 |
Notes and bonds payable (2) | 7,362.5 |  | 8,045.6 |
December 31, 2020 | Carrying value |  | Estimated fair value
Mortgages payable assumed in connection with acquisitions (1) | $ | 299.6 |  | $ | 309.4 |
Notes and bonds payable (2) | 8,302.4 |  | 9,324.0 |
(1)Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums was $1.6 million at June 30, 2021, and $1.7 million at December 31, 2020. Also excludes deferred financing costs of $942,000 at June 30, 2021 and $973,000 at December 31, 2020. (2)Excludes non-cash original issuance premiums and discounts recorded on notes payable. The unamortized balance of the net original issuance premiums was approximately $11.7 million at June 30, 2021, and $14.6 million at December 31, 2020. Also excludes deferred financing costs of $44.1 million at June 30, 2021 and $49.2 million at December 31, 2020.
Schedule of derivative financial instruments | The following table summarizes the terms and fair values of our derivative financial instruments at June 30, 2021 and December 31, 2020 (dollars in millions):
Derivative Type (1) | Number of Instruments (2) | Accounting Classification | Hedge Designation | Notional Amount | Weighted Average Strike Rate (3) | Maturity Date (4) | Fair Value - asset (liability)
|  |  |  | June 30, | December 31, |  |  | June 30, | December 31,
|  |  |  | 2021 | 2020 |  |  | 2021 | 2020
Interest rate swap | 1 | Derivative | Cash flow | $ | 250.0 |  | $ | 250.0 | 3.04% | 03/2024 | $ | (17.8) |  | $ | (22.6) |
Cross-currency swaps (5) | 4 | Derivative | Cash flow | 166.4 |  | 166.4 | (6) | 05/2034 | (20.5) |  | (21.4) |
Currency exchange swaps (5) | 1 | Derivative | N/A | 950.0 |  | 625.0 | (7) | 07/2021 | 21.1 |  | (8.2) |
Forward-starting swaps (8) | 4 | Derivative | Cash flow | 300.0 |  | 300.0 | 1.86% | 11/2032 - 06/2033 | (2.8) |  | (16.5) |
Forward-starting swaps (8) | 2 | Hybrid debt | Cash flow | 200.0 |  | 200.0 | 1.93% | 11/2032 - 06/2033 | (5.0) |  | (12.8) |
Foreign currency forwards | 36 | Derivative | Cash flow | 193.3 |  | — | (9) | 09/2021 - 08/2024 | 3.9 |  | — |
|  |  |  | $ | 2,059.7 |  | $ | 1,541.4 |  |  |  | $ | (21.1) |  | $ | (81.5) |
(1)There have been no changes to hedging arrangements in-place at December 31, 2020. All hedges remained effective through June 30, 2021. For full discussion of the hedging arrangements, please refer to note 2 to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2020. (2)This column represents the number of instruments outstanding as of June 30, 2021. (3)Weighted average strike rate is calculated using the current notional value as of June 30, 2021. (4)This column represents maturity dates for instruments outstanding as of June 30, 2021. (5)Represents British Pound Sterling, or GBP, United States Dollar, or USD, currency instrument. (6)GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD weighted average fixed rate at 9.78%. (7) Forward GBP-USD exchange rate of 1.38. (8) There were five treasury rate locks entered into during February 2020 that were terminated in June 2020 and converted into six forward starting interest rate swaps through a cashless settlement. For full discussion of the hedging arrangements for these six forward starting swaps, please refer to Note 2 to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2020. (9) Weighted average forward GBP-USD exchange rate of 1.41.

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration