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Derivative financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The following tables present notional amounts and fair values of derivatives outstanding as of December 31, 2024 and 2023:
| As of December 31,
| 2024 |  | 2023
| Notional amount (a) |  | Fair value |  | Notional amount (a) |  | Fair value
Derivative assets not designated as accounting cash flow hedges: |  |  |  |  |  |  |
Interest rate contracts | $ | 852,500 |  |  | $ | 11,216 |  |  | $ | 1,150,000 |  |  | $ | 39,918 |
Derivative assets designated as accounting cash flow hedges: |  |  |  |  |  |  |
Interest rate contracts | $ | 4,475,000 |  |  | $ | 70,554 |  |  | $ | 3,165,000 |  |  | $ | 90,696 |
Total derivative assets |  |  | $ | 81,770 |  |  |  |  | $ | 130,614 |
(a)The notional amount is excluded for interest rate contracts which are not yet effective.
| As of December 31,
| 2024 |  | 2023
| Notional amount (a) |  | Fair value |  | Notional amount (a) |  | Fair value
Derivative liabilities designated as accounting cash flow hedges: |  |  |  |  |  |  |
Interest rate contracts | $ | 1,655,000 |  |  | $ | 15,440 |  |  | $ | 3,590,000 |  |  | $ | 80,840 |
Total derivative liabilities |  |  | $ | 15,440 |  |  |  |  | $ | 80,840 |
(a)The notional amount is excluded for interest rate contracts which are not yet effective.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | We recorded the following in other comprehensive gain or loss related to derivative financial instruments for the years ended December 31, 2024, 2023 and 2022:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Gain (Loss) |  |  |  |  |
Effective portion of change in fair market value of derivatives designated as accounting cash flow hedges: |  |  |  |  |
Interest rate contracts | $ | 27,040 |  |  | $ | (123,587) |  |  | $ | 176,709 |
Derivative premium and amortization | 10,445 |  |  | 9,579 |  |  | 4,777 |
Income tax effect | (5,420) |  |  | 14,425 |  |  | (22,686) |
Net gain (loss) on derivatives, net of tax | $ | 32,065 |  |  | $ | (99,583) |  |  | $ | 158,800 |
Derivative Instruments, Gain (Loss) | The following table presents the effect of derivatives recorded in interest expense in our Consolidated Income Statements for the years ended December 31, 2024, 2023 and 2022.
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Gain (Loss) |  |  |  |  |
Derivatives not designated as accounting hedges: |  |  |  |  |
Interest rate contracts | $ | (34,319) |  |  | $ | (36,721) |  |  | $ | 69,336 |
Reclassification to Consolidated Income Statements: |  |  |  |  |
Reclassification of amounts previously recorded in AOCI | 109,373 |  |  | 97,788 |  |  | 17,909 |
Gain recognized in interest expense | $ | 75,054 |  |  | $ | 61,067 |  |  | $ | 87,245 |

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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 -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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