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)