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Derivative financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of notional amounts and fair values of derivatives outstanding | Our derivative assets are recorded in other assets and our derivative liabilities are recorded in accounts payable, accrued expenses and other liabilities in our Consolidated Balance Sheets. The following tables present notional amounts and fair values of derivatives outstanding as of December 31, 2020 and 2019:
| As of December 31,
| 2020 |  | 2019
| Notional amount (a) |  | Fair value |  | Notional amount (a) |  | Fair value
Derivative assets not designated as accounting hedges: |  |  |  |  |  |  |
Interest rate caps | $ | 3,022,000 |  |  | $ | 2,790 |  |  | $ | 2,442,000 |  |  | $ | 3,727 |
Derivative assets designated as accounting cash flow hedges: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | — |  |  | $ | 488,616 |  |  | $ | 1,578 |
Interest rate caps | 475,000 |  |  | 513 |  |  | 400,000 |  |  | 6,359 |
Total derivative assets |  |  | $ | 3,303 |  |  |  |  | $ | 11,664 |
(a)The notional amount is excluded for caps and swaps which are not yet effective.
| As of December 31,
| 2020 |  | 2019
| Notional amount (a) |  | Fair value |  | Notional amount (a) |  | Fair value
Derivative liabilities not designated as accounting cash flow hedges: |  |  |  |  |  |  |
Interest rate swaps | $ | 400,000 |  |  | $ | 14,933 |  |  | $ | — |  |  | $ | — |
Derivative liabilities designated as accounting cash flow hedges: |  |  |  |  |  |  |
Interest rate swaps | $ | 3,331,000 |  |  | $ | 152,370 |  |  | $ | 3,776,000 |  |  | $ | 97,066 |
Total derivative liabilities |  |  | $ | 167,303 |  |  |  |  | $ | 97,066 |
(a)The notional amount is excluded for swaps which are not yet effective.
Schedule of income (loss) recorded in comprehensive income | We recorded the following in other comprehensive loss related to derivative financial instruments for the years ended December 31, 2020, 2019 and 2018:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Gain (Loss) |  |  |  |  |
Effective portion of change in fair market value of derivatives designated as accounting cash flow hedges: |  |  |  |  |
Interest rate swaps | $ | (62,967) |  |  | $ | (102,725) |  |  | $ | (16,639) |
Interest rate caps | (5,846) |  |  | (38) |  |  | — |
Derivative premium and amortization | 1,597 |  |  | — |  |  | — |
Income tax effect | 8,402 |  |  | 12,845 |  |  | 2,080 |
Net loss on derivatives, net of tax | $ | (58,814) |  |  | $ | (89,918) |  |  | $ | (14,559) |
Schedule of effect of derivatives recorded in interest expense in Consolidated Income Statements | The following table presents the effect of derivatives recorded as reductions to or (increases) in interest expense in our Consolidated Income Statements for the years ended December 31, 2020, 2019 and 2018.
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Gain (Loss) |  |  |  |  |
Derivatives not designated as accounting hedges: |  |  |  |  |
Interest rate caps and swaps | $ | (14,369) |  |  | $ | (29,714) |  |  | $ | 5,158 |
Reclassification to Consolidated Income Statements: |  |  |  |  |
Reclassification of amounts previously recorded in AOCI | (53,539) |  |  | 3,381 |  |  | 6,874 |
Gain (loss) recognized in interest expense | $ | (67,908) |  |  | $ | (26,333) |  |  | $ | 12,032 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 Reference 3: 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=121590274&loc=SL5624171-113959 + Details
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- 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=121590274&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=121590274&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=121590274&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=121590274&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=121590274&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=121590274&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=121590274&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=121590274&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=121590274&loc=SL5579240-113959 + Details
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