Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2022

Other Comprehensive Income (Loss) [Abstract]

Other Comprehensive Income (Loss)

15.OTHER COMPREHENSIVE INCOME (LOSS)

Other comprehensive income (loss) includes changes in the fair value of interest rate swaps that qualify for hedge accounting. The components of other comprehensive income (loss) and related tax effects for the three and six months ended June 30, 2022 and 2021 are as follows:

	Three Months Ended June 30, 2022
	Gross		Tax Effect		Net of Tax
Interest rate swap amounts reclassified into interest expense	$	3,646	$	(966)	$	2,680
Changes in fair value of interest rate swaps		2,591		(687)		1,904
Foreign currency translation adjustment		(73,504)		—		(73,504)
	$	(67,267)	$	(1,653)	$	(68,920)

	Three Months Ended June 30, 2021
	Gross		Tax Effect		Net of Tax
Interest rate swap amounts reclassified into interest expense	$	5,061	$	(1,341)	$	3,720
Changes in fair value of interest rate swaps		(6,257)		1,658		(4,599)
Foreign currency translation adjustment		32,973		—		32,973
	$	31,777	$	317	$	32,094

	Six Months Ended June 30, 2022
	Gross		Tax Effect		Net of Tax
Interest rate swap amounts reclassified into interest expense	$	8,396	$	(2,225)	$	6,171
Changes in fair value of interest rate swaps		47,290		(12,532)		34,758
Foreign currency translation adjustment		(39,075)		—		(39,075)
	$	16,611	$	(14,757)	$	1,854

	Six Months Ended June 30, 2021
	Gross		Tax Effect		Net of Tax
Interest rate swap amounts reclassified into interest expense	$	9,857	$	(2,612)	$	7,245
Changes in fair value of interest rate swaps		14,482		(3,838)		10,644
Foreign currency translation adjustment		61,027		—		61,027
	$	85,366	$	(6,450)	$	78,916

A rollforward of the amounts included in AOCIL, net of taxes, for the six months ended June 30, 2022 and 2021, is as follows:

			Foreign		Accumulated
			Currency		Other
	Interest		Translation		Comprehensive
	Rate Swaps		Adjustment		Income (Loss)
Balance at December 31, 2021	$	(37,544)	$	77,128	$	39,584
Amounts reclassified into earnings		6,171		—		6,171
Changes in fair value		34,758		—		34,758
Foreign currency translation adjustment		—		(39,075)		(39,075)
Balance at June 30, 2022	$	3,385	$	38,053	$	41,438

			Foreign		Accumulated
			Currency		Other
	Interest		Translation		Comprehensive
	Rate Swaps		Adjustment		Income (Loss)
Balance at December 31, 2020	$	(69,596)	$	68,945	$	(651)
Amounts reclassified into earnings		7,245		—		7,245
Changes in fair value		10,644		—		10,644
Foreign currency translation adjustment		—		61,027		61,027
Balance at June 30, 2021	$	(51,707)	$	129,972	$	78,265

See Note 11 for further discussion on the Company’s derivative instruments.