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Derivative financial instruments (Tables) | 6 Months Ended
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Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of notional amounts and fair values of derivatives outstanding | The following tables present notional amounts and fair values of derivatives outstanding as of June 30, 2021 and December 31, 2020:
| June 30, 2021 |  | December 31, 2020
| Notional amount (a) |  | Fair value |  | Notional amount (a) |  | Fair value
Derivative assets not designated as accounting hedges: |  |  |  |  |  |  |
Interest rate caps | $ | 2,918,000 |  |  | $ | 8,727 |  |  | $ | 3,022,000 |  |  | $ | 2,790 |
Derivative assets designated as accounting cash flow hedges: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest rate caps | 475,000 |  |  | 1,656 |  |  | 475,000 |  |  | 513 |
Total derivative assets |  |  | $ | 10,383 |  |  |  |  | $ | 3,303 |
(a)The notional amount is excluded for caps and swaps which are not yet effective.
| June 30, 2021 |  | December 31, 2020
| Notional amount (a) |  | Fair value |  | Notional amount (a) |  | Fair value
Derivative liabilities not designated as cash flow hedges: |  |  |  |  |  |  |
Interest rate swaps | $ | 400,000 |  |  | $ | 11,181 |  |  | $ | 400,000 |  |  | $ | 14,933 |
Derivative liabilities designated as accounting cash flow hedges: |  |  |  |  |  |  |
Interest rate swaps | $ | 2,966,000 |  |  | $ | 112,427 |  |  | $ | 3,331,000 |  |  | $ | 152,370 |
Total derivative liabilities |  |  | $ | 123,608 |  |  |  |  | $ | 167,303 |
(a)The notional amount is excluded for caps and swaps which are not yet effective.
Schedule of income (loss) recorded in comprehensive income | We recorded the following in other comprehensive income (loss) related to derivative financial instruments for the three and six months ended June 30, 2021 and 2020:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Gain (Loss) |  |  |  |  |  |  |
Effective portion of change in fair market value of derivatives designated as accounting cash flow hedges: |  |  |  |  |  |  |
Interest rate swaps | $ | 17,656 |  |  | $ | (5,904) |  |  | $ | 39,943 |  |  | $ | (93,682) |
Interest rate caps | (323) |  |  | (456) |  |  | 1,142 |  |  | (5,243) |
Derivative premium and amortization | 861 |  |  | — |  |  | 1,626 |  |  | — |
Income tax effect | (2,274) |  |  | 795 |  |  | (5,339) |  |  | 12,366 |
Net gain (loss) on derivatives, net of tax | $ | 15,920 |  |  | $ | (5,565) |  |  | $ | 37,372 |  |  | $ | (86,559) |
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 Condensed Consolidated Income Statements for the three and six months ended June 30, 2021 and 2020:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Gain (Loss) |  |  |  |  |  |  |
Derivatives not designated as accounting hedges: |  |  |  |  |  |  |
Interest rate caps and swaps | $ | (62) |  |  | $ | (2,104) |  |  | $ | 9,689 |  |  | $ | (14,654) |
Reclassification to Condensed Consolidated Income Statements: |  |  |  |  |  |  |
Reclassification of amounts previously recorded within AOCI | (16,513) |  |  | (9,618) |  |  | (37,810) |  |  | (15,081) |
Loss recognized in interest expense | $ | (16,575) |  |  | $ | (11,722) |  |  | $ | (28,121) |  |  | $ | (29,735) |

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- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
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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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