Quarterly report [Sections 13 or 15(d)]

Financial Instruments (Tables)

v3.25.1
Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2025
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, 2025
Current notional amount of instruments in effect Annuitized premium of instruments in effect
Cap rate in effect for all agreements at March 31, 2025
Interest rate caps 4 3 $ 625,000  $ 35,285  1.00  %
Fair Values of Derivative Instruments Held
The fair values of derivative instruments held as of March 31, 2025 and December 31, 2024, respectively are shown below:
Balance sheet location March 31,
2025
December 31,
2024
Derivative assets
Derivatives designated as cash flow hedges:
Interest rate caps Prepaid and other current assets $ 5,109  $ 6,532 
Interest rate caps Other long-term assets 1,985  5,968 
Total derivative assets $ 7,094  $ 12,500 
Derivative liabilities
Derivatives designated as cash flow hedges:
Interest rate caps Accrued liabilities $ 498  $ 235 
Interest rate caps Other long-term liabilities 671  475 
Total derivative liabilities $ 1,169  $ 710 
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 and the condensed consolidated statements of (loss) income for the three months ended March 31, 2025 and 2024, respectively:
Amount of (loss) gain recognized in OCI
Three months ended
March 31,
2025 2024
Interest rate caps $ (3,598) $ 9,808 
Amount of (loss) gain reclassified from AOCI
Three months ended
March 31,
2025 2024
Interest rate caps $ (2,140) $ (4,656)
Amount of loss reclassified into income
Three months ended
March 31,
2025 2024
Interest rate caps $ 2,140  $ 4,656 
Cash Flow Hedge Impact on Income Statement
The following table shows the amounts in the line items presented in the condensed consolidated statements of (loss) income in which the effects of cash flow hedges are recorded for the three months ended March 31, 2025 and 2024, respectively:
Three months ended
March 31,
2025 2024
Derivatives designated as cash flow hedges:
Interest rate caps Interest (expense) income $ (11,010) $ (13,409)