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Derivative financial instruments (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023 and December 31, 2022:

			June 30, 2023												December 31, 2022
			Notional amount (a)						Fair value						Notional amount (a)						Fair value
Derivative assets not designated as accounting cash flow hedges:
Interest rate contracts			$	1,575,000					$	65,883					$	1,727,500					$	76,639
Derivative assets designated as accounting cash flow hedges:
Interest rate contracts			$	4,475,000					$	154,714					$	3,641,000					$	135,354
Total derivative assets									$	220,597											$	211,993

(a)The notional amount is excluded for interest rate contracts which are not yet effective.

			June 30, 2023												December 31, 2022
			Notional amount (a)						Fair value						Notional amount (a)						Fair value
Derivative liabilities designated as accounting cash flow hedges:
Interest rate contracts			$	150,000					$	417					$	—					$	—
Total derivative liabilities									$	417											$	—

(a)The notional amount is excluded for interest rate contracts which are not yet effective.

Schedule of income (loss) recorded in comprehensive income

We recorded the following in other comprehensive gain or loss related to derivative financial instruments for the three and six months ended June 30, 2023 and 2022:

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Gain
Effective portion of change in fair market value of derivatives designated as accounting cash flow hedges:
Interest rate contracts			$	58,408					$	31,527					$	20,854					$	91,672
Derivative premium and amortization			4,321						1,174						5,982						2,341
Income tax effect			(8,544)						(4,088)						(4,217)						(11,752)
Net gain on derivatives, net of tax			$	54,185					$	28,613					$	22,619					$	82,261

Schedule of effect of derivatives recorded in interest expense in Consolidated Income Statements

The following table presents the effect of derivatives recorded in interest expense in our Condensed Consolidated Income Statements for the three and six months ended June 30, 2023 and 2022:

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Gain (Loss)
Derivatives not designated as accounting hedges:
Interest rate contracts			$	2,874					$	3,239					$	(10,757)					$	39,309
Reclassification to Condensed Consolidated Income Statements:
Reclassification of amounts previously recorded within AOCI			29,348						(10,781)						47,005						(30,072)
Gain (loss) recognized in interest expense			$	32,222					$	(7,542)					$	36,248					$	9,237

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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.

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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.

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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.

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