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Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 |  | 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 March 31, 2024 and December 31, 2023, respectively are shown below:
| Balance sheet location |  | March 31, 2024 |  | December 31, 2023
Derivative assets |  |  |  |  |
Derivatives designated as cash flow hedges: |  |  |  |  |
Interest rate caps | Prepaid and other current assets |  | $ | 13,490 |  |  | $ | 13,419 |
Interest rate caps | Other long-term assets |  | 8,576 |  |  | 5,602 |
Total derivative assets |  |  | $ | 22,066 |  |  | $ | 19,021 |
Derivative liabilities |  |  |  |  |
Derivatives designated as cash flow hedges: |  |  |  |  |
Interest rate caps | Other long-term liabilities |  | $ | 743 |  |  | $ | 2,496 |
Total derivative liabilities |  |  | $ | 743 |  |  | $ | 2,496 |
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 months ended March 31, 2024 and 2023, respectively:
|  |  |  | Three months ended March 31,
|  |  |  | 2024 |  | 2023
|  | 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 |  | $ | 9,808 |  |  | $ | (4,656) |  |  | $ | (9,605) |  |  | $ | 698 |
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 months ended March 31, 2024 and 2023, respectively:
|  |  |  |  |  | Location and amount of gain (loss) recognized in income on cash flow hedging relationships
|  |  |  | Three months ended March 31,
|  |  |  |  |  | 2024 |  | 2023
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 |  |  |  |  |  | $ | (13,409) |  |  | $ | (9,832) |
The effects of cash flow hedging: |  |  |  |  |  |  |  |
Gain (loss) on cash flow hedging relationships: |  |  |  |  |  |  |  |
Interest contracts: |  |  |  |  |  |  |  |
Amount of loss reclassified from AOCI into income |  |  |  |  |  | 4,656 |  |  | 698 |

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