Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2017

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of amortization of actuarial gain/(loss) on retirement benefits and changes in the cumulative foreign currency translation adjustments. In addition, the Company enters into foreign currency exchange contracts, which are designated as cash flow hedges in accordance with ASC topic 815 “Derivatives and Hedging” (“ASC No. 815”). Changes in the fair values of contracts that are deemed effective are recorded as a component of accumulated other comprehensive loss until the settlement of those contracts. The balances as of March 31, 2017 and December 31, 2016 are as follows:

	As of
	March 31, 2017			December 31, 2016
Cumulative currency translation adjustments	$	(65,656	)	$	(77,299	)
Unrealized gain on cash flow hedges, net of taxes of $2,967 and $1,207	9,079			2,740
Retirement benefits, net of taxes of ($335) and ($342)	(436		)	(498		)
Accumulated other comprehensive loss	$	(57,013	)	$	(75,057	)