Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 Amendments

Derivative financial instruments (Tables)

v3.21.2
Derivative financial instruments (Tables)
6 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional amounts and fair values of derivatives outstanding The following tables present notional amounts and fair values of derivatives outstanding as of June 30, 2021 and December 31, 2020:
June 30, 2021 December 31, 2020
Notional amount (a) Fair value Notional amount (a) Fair value
Derivative assets not designated as accounting hedges:
Interest rate caps $ 2,918,000  $ 8,727  $ 3,022,000  $ 2,790 
Derivative assets designated as accounting cash flow hedges:
Interest rate swaps $ —  $ —  $ —  $ — 
Interest rate caps 475,000  1,656  475,000  513 
Total derivative assets $ 10,383  $ 3,303 
(a)The notional amount is excluded for caps and swaps which are not yet effective.

June 30, 2021 December 31, 2020
Notional amount (a) Fair value Notional amount (a) Fair value
Derivative liabilities not designated as cash flow hedges:
Interest rate swaps $ 400,000  $ 11,181  $ 400,000  $ 14,933 
Derivative liabilities designated as accounting cash flow hedges:
Interest rate swaps $ 2,966,000  $ 112,427  $ 3,331,000  $ 152,370 
Total derivative liabilities $ 123,608  $ 167,303 
(a)The notional amount is excluded for caps and swaps which are not yet effective.
Schedule of income (loss) recorded in comprehensive income
We recorded the following in other comprehensive income (loss) related to derivative financial instruments for the three and six months ended June 30, 2021 and 2020:
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Gain (Loss)
Effective portion of change in fair market value of derivatives designated as accounting cash flow hedges:
Interest rate swaps $ 17,656  $ (5,904) $ 39,943  $ (93,682)
Interest rate caps (323) (456) 1,142  (5,243)
Derivative premium and amortization 861  —  1,626  — 
Income tax effect (2,274) 795  (5,339) 12,366 
Net gain (loss) on derivatives, net of tax $ 15,920  $ (5,565) $ 37,372  $ (86,559)
Schedule of effect of derivatives recorded in interest expense in Consolidated Income Statements
The following table presents the effect of derivatives recorded as reductions to or (increases) in interest expense in our Condensed Consolidated Income Statements for the three and six months ended June 30, 2021 and 2020:
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Gain (Loss)
Derivatives not designated as accounting hedges:
Interest rate caps and swaps $ (62) $ (2,104) $ 9,689  $ (14,654)
Reclassification to Condensed Consolidated Income Statements:
Reclassification of amounts previously recorded within AOCI (16,513) (9,618) (37,810) (15,081)
Loss recognized in interest expense $ (16,575) $ (11,722) $ (28,121) $ (29,735)