Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.23.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivatives Held
The fair values of derivative instruments held as of March 31, 2023 and December 31, 2022, respectively are shown below:

Balance sheet location March 31,
2023		 December 31,
2022
Derivative assets
Derivatives designated as cash flow hedges:
Interest rate caps Prepaid and other current assets $ 15,996  $ 18,510 
Interest rate caps Other long-term assets 10,516  15,864 
Total derivative assets $ 26,512  $ 34,374 
Derivative liabilities
Derivatives designated as cash flow hedges:
Interest rate caps Other long-term liabilities 3,815  2,071 
Total derivative liabilities $ 3,815  $ 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 months ended March 31, 2023 and 2022, respectively:
Three months ended March 31,
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 $ (9,605) $ 698  $ 17,612  $ (683)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
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, 2023 and 2022, respectively:
Three months ended March 31,
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 $ (9,832) $ (8,450)
The effects of cash flow hedging:
Gain (loss) on cash flow hedging relationships:
Interest contracts:
Amount of gain (loss) reclassified from AOCI into income 698  (683)