Annual report pursuant to Section 13 and 15(d)

Financial Instruments (Tables)

v3.24.0.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table provides a summary of the Company’s interest rate cap agreements:
Financial instrument Number of instruments
In effect as of December 31, 2023
 Current notional amount of instruments in effect Annuitized premium of instruments in effect
Interest rate cap 4 3 $ 650,000  $ 24,817 
Fair Value of Derivatives Held
The fair values of derivative instruments held as of December 31, 2023 and 2022, respectively are shown below:
December 31,
Balance sheet location 2023 2022
Derivative assets
Derivatives designated as cash flow hedges:
Interest rate caps Prepaid and other current assets $ 13,419  $ 18,510 
Interest rate caps Other long-term assets 5,602  15,864 
Total derivative assets $ 19,021  $ 34,374 
Derivative liabilities
Derivatives designated as cash flow hedges:
Interest rate caps Other long-term liabilities $ 2,496  $ 2,071 
Total derivative liabilities $ 2,496  $ 2,071 

Effect of Derivative Instruments Designated as Hedges on Accumulated Other Comprehensive Income
The following table shows the effect of the Company’s derivative instruments designated as cash flow hedges on accumulated other comprehensive income (loss) and the consolidated statements of income for the years ended December 31, 2023, 2022 and 2021, respectively:
Years ended December 31,
2023 2022 2021
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 Amount of gain (loss) recognized in OCI on derivatives Amount of gain (loss) reclassified from AOCI into income
Interest rate caps Interest (expense) income $ 5,419  $ 22,731  $ 32,510  $ (683) $ 3,441  $ (444)
Schedule of Effect of Cash Flow Hedging Instruments on the Statements of Income
The following table shows the effect of the Company’s cash flow hedge accounting on the consolidated statements of income for the years ended December 31, 2023, 2022 and 2021, respectively:
Location and amount of gain (loss) recognized in income on cash flow hedging relationships
Years ended December 31,
2023 2022 2021
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 $ (44,730) $ (37,217) $ (36,990)
The effects of cash flow hedging:
Gain (loss) on cash flow hedging relationships:
Interest contracts:
Amount of gain (loss) reclassified from AOCI into income 22,731  (683) (444)