Quarterly report [Sections 13 or 15(d)]

Financial Instruments (Tables)

v3.26.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2026
 Current notional amount of instruments in effect Annuitized premium of instruments in effect
Cap rate in effect for all agreements at March 31, 2026
Interest rate caps 3 2 $ 625,000  $ 30,698  1.00  %
Fair Values of Derivative Instruments Held
The fair values of derivative instruments held as of March 31, 2026 and December 31, 2025, respectively, are shown below:
Balance sheet location March 31,
2026		 December 31,
2025
Derivative assets
Derivatives designated as cash flow hedges:
Interest rate caps Prepaid and other current assets $ 810  $ 446 
Interest rate caps Other long-term assets 538  — 
1,348  446 
Derivative not designated as hedging instrument:
Interest rate caps Prepaid and other current assets 975  866 
Total derivative assets $ 2,323  $ 1,312 
Derivative liabilities
Derivatives designated as cash flow hedges:
Interest rate caps Accrued liabilities $ 381  $ 841 
Interest rate caps Other long-term liabilities —  396 
Total derivative liabilities $ 381  $ 1,237 
Effect of Derivative Instruments Designated as Cash Flow Hedges on AOCI
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 income (loss) for the three months ended March 31, 2026 and 2025, respectively:
Amount of gain (loss) recognized in OCI
Three months ended
March 31,
2026 2025
Interest rate caps $ 1,730  $ (3,598)
Amount of loss reclassified from AOCI
Three months ended
March 31,
2026 2025
Interest rate caps $ (373) $ (2,140)
Amount of loss reclassified into income
Three months ended
March 31,
2026 2025
Interest rate caps $ 373  $ 2,140 
Cash Flow Hedge Impact on Income Statement
The following table shows the amounts in the line items presented in the condensed consolidated statements of income (loss) in which the effects of derivatives designated as cash flow hedges are recorded for the three months ended March 31, 2026 and 2025, respectively:
Three months ended
March 31,
Location and amount of gain (loss) recognized in income on cash flow hedging relationships 2026 2025
Interest rate caps Interest expense, net $ (3,172) $ (8,353)