Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2022

Other Comprehensive Income (Loss) [Abstract]

Other Comprehensive Income (Loss)

16.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 nine months ended September 30, 2022 and 2021 are as follows:

	Three Months Ended September 30, 2022
	Gross		Tax Effect		Net of Tax
Interest rate swap amounts reclassified into interest expense	$	948	$	(251)	$	697
Changes in fair value of interest rate swaps		27,679		(7,335)		20,344
Foreign currency translation adjustment		(145,955)		—		(145,955)
	$	(117,328)	$	(7,586)	$	(124,914)

	Three Months Ended September 30, 2021
	Gross		Tax Effect		Net of Tax
Interest rate swap amounts reclassified into interest expense	$	5,143	$	(1,363)	$	3,780
Changes in fair value of interest rate swaps		(401)		106		(295)
Foreign currency translation adjustment		(64,197)		—		(64,197)
	$	(59,455)	$	(1,257)	$	(60,712)

	Nine Months Ended September 30, 2022
	Gross		Tax Effect		Net of Tax
Interest rate swap amounts reclassified into interest expense	$	9,344	$	(2,476)	$	6,868
Changes in fair value of interest rate swaps		74,969		(19,867)		55,102
Foreign currency translation adjustment		(185,030)		—		(185,030)
	$	(100,717)	$	(22,343)	$	(123,060)

	Nine Months Ended September 30, 2021
	Gross		Tax Effect		Net of Tax
Interest rate swap amounts reclassified into interest expense	$	15,000	$	(3,975)	$	11,025
Changes in fair value of interest rate swaps		14,081		(3,732)		10,349
Foreign currency translation adjustment		(3,170)		—		(3,170)
	$	25,911	$	(7,707)	$	18,204

A rollforward of the amounts included in AOCIL, net of taxes, for the nine months ended September 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		6,868		—		6,868
Changes in fair value		55,102		—		55,102
Foreign currency translation adjustment		—		(185,030)		(185,030)
Balance at September 30, 2022	$	24,426	$	(107,902)	$	(83,476)

			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		11,025		—		11,025
Changes in fair value		10,349		—		10,349
Foreign currency translation adjustment		—		(3,170)		(3,170)
Balance at September 30, 2021	$	(48,222)	$	65,775	$	17,553

See Note 12 for further discussion on the Company’s derivative instruments.