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Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest Rate Cap Agreements

The following table provides a summary of the Company’s interest rate cap agreements:

Financial instrument						Number of instruments						In effect as of September 30, 2023						Current notional amount of instruments in effect						Annuitized premium of instruments in effect
Interest rate cap						4						3						$	650,000					$	24,817

Fair Values of Derivative Instruments Held

The fair values of derivative instruments held as of September 30, 2023 and December 31, 2022, respectively are shown below:

			Balance sheet location						September 30, 2023						December 31, 2022
Derivative assets
Derivatives designated as cash flow hedges:
Interest rate caps			Prepaid and other current assets						$	16,374					$	18,510
Interest rate caps			Other long-term assets						15,804						15,864
Total derivative assets									$	32,178					$	34,374
Derivative liabilities
Derivatives designated as cash flow hedges:
Interest rate caps			Other long-term liabilities						$	—					$	2,071
Total derivative liabilities									$	—					$	2,071

Effect of Derivative Instruments Designated as Hedges on Other Comprehensive Income

The following table shows the effect of the Company’s derivative instruments designated as cash flow hedges on AOCI for the three and nine months ended September 30, 2023 and 2022, respectively:

												Three months ended September 30,
												2023												2022
						Location of gain (loss) reclassified from AOCI into income						Amount of gain (loss) recognized in OCI on derivatives						Amount of gain (loss) reclassified from AOCI into income						Amount of gain (loss) recognized in OCI on derivatives						Amount of gain (loss) reclassified from AOCI into income
Interest rate caps						Interest (expense) income						$	7,294					$	6,048					$	12,159					$	(29)
												Nine months ended September 30,
												2023												2022
						Location of gain (loss) reclassified from AOCI into income						Amount of gain (loss) recognized in OCI on derivatives						Amount of gain (loss) reclassified from AOCI into income						Amount of gain (loss) recognized in OCI on derivatives						Amount of gain (loss) reclassified from AOCI into income
Interest rate caps						Interest (expense) income						$	15,935					$	17,933					$	36,200					$	(627)

Cash Flow Hedge Impact on Income Statement

The following table shows the effect of the Company’s cash flow hedge accounting on the condensed consolidated statements of income for the three and nine months ended September 30, 2023 and 2022, respectively:

						Location and amount of gain (loss) recognized in income on cash flow hedging relationships
						Three months ended September 30,												Nine months ended September 30,
						2023						2022						2023						2022
Total amounts of income and expense line items presented in the statement of income in which the effects of cash flow hedges are recorded in interest (expense) income						$	(11,811)					$	(9,542)					$	(30,812)					$	(26,880)
The effects of cash flow hedging:
Gain (loss) on cash flow hedging relationships:
Interest contracts:
Amount of loss reclassified from AOCI into income						6,048						(29)						17,933						(627)

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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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