Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.24.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2024
 Current notional amount of instruments in effect Annuitized premium of instruments in effect
Cap rate in effect for all agreements at September 30, 2024
Interest rate cap 5 3 $ 675,000  $ 24,817  1.00  %
Fair Values of Derivative Instruments Held
The fair values of derivative instruments held as of September 30, 2024 and December 31, 2023, respectively are shown below:
Balance sheet location September 30,
2024		 December 31,
2023
Derivative assets
Derivatives designated as cash flow hedges:
Interest rate caps Prepaid and other current assets $ 6,192  $ 13,419 
Interest rate caps Other long-term assets 813  5,602 
Total derivative assets $ 7,005  $ 19,021 
Derivative liabilities
Derivatives designated as cash flow hedges:
Interest rate caps Accrued liabilities $ 528  $ — 
Interest rate caps Other long-term liabilities 2,751  2,496 
Total derivative liabilities $ 3,279  $ 2,496 
Effect of Derivative Instruments Designated as Hedges on Other Comprehensive Income
The following tables show the effect of the Company’s derivative instruments designated as cash flow hedges on AOCI for the three and nine months ended September 30, 2024 and 2023, respectively:
Three months ended September 30,
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 $ (10,828) $ (4,711) $ 7,294  $ (6,048)
Nine months ended September 30,
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 $ 2,209  $ (14,029) $ 15,935  $ (17,933)
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, 2024 and 2023, 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,
2024 2023 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 $ (11,305) $ (11,811) $ (37,609) $ (30,812)
The effects of cash flow hedging:
Gain (loss) on cash flow hedging relationships:
Interest contracts:
Amount reclassified from AOCI into income 4,711  6,048  14,029  17,933