Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2020

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

Accumulated other comprehensive loss (“AOCI”), consists 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 815. Changes in the fair values of these foreign currency exchange contracts are recognized in AOCI on the Company's unaudited consolidated balance sheets until the settlement of those contracts. The balances as of June 30, 2020 and December 31, 2019 are as follows:


	As of
	June 30, 2020		December 31, 2019
Cumulative foreign currency translation loss	$	(97,766)	$	(86,963)
Unrealized (loss)/gain on cash flow hedges	(2,323)		4,604
Retirement benefits	(1,582)		(1,780)
Income tax expense relating to above ⁽¹⁾	(2,603)		(753)
Accumulated other comprehensive loss	$	(104,274)	$	(84,892)

(1) These are income tax (expenses)/benefits recognized on cash flow hedges, retirement benefits and foreign currency translation losses. Refer to Note 21 - Income Taxes to the unaudited consolidated financial statements.