ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

12 Months Ended

Dec. 31, 2023

Components of Accumulated Other Comprehensive Loss

The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive loss:


	For the Years Ended December 31,
	2023		2022		2021
Foreign currency translation
Beginning balance	$	(101,780)	$	(52,747)	$	(28,168)
Foreign currency translation	45,035		(45,295)		(29,323)
Net loss reclassified into Loss on sale of business	23,931		—		—
Income tax (expense)/benefit	(10,787)		(3,738)		4,744
Foreign currency translation, net of tax	58,179		(49,033)		(24,579)
Ending balance	$	(43,601)	$	(101,780)	$	(52,747)
Cash flow hedging instruments
Beginning balance	$	8,306	$	(3,417)	$	3,642
Unrealized gain/(loss) in fair value	25,352		(49,233)		(13,781)
Net (gain)/ loss reclassified into Cost of revenues (exclusive of depreciation and amortization)	(25,695)		20,331		4,649
Net (gain)/ loss reclassified into Foreign exchange loss	(234)		44,067		—
Income tax benefit/(expense)	90		(3,442)		2,073
Cash flow hedging instruments, net of tax	(487)		11,723		(7,059)
Ending balance(1)	$	7,819	$	8,306	$	(3,417)
Defined benefit plans
Beginning balance	$	(1,847)	$	1,957	$	(986)
Actuarial (losses)/gains	(1,856)		(4,892)		3,805
Income tax benefit/(expense)	445		1,088		(862)
Defined benefit plans, net of tax	(1,411)		(3,804)		2,943
Ending balance	$	(3,258)	$	(1,847)	$	1,957
Accumulated other comprehensive loss	$	(39,040)	$	(95,321)	$	(54,207)

(1) As of December 31, 2023, the ending balance of net unrealized gain related to derivatives designated as cash flow hedges is expected to be reclassified into Cost of revenues (exclusive of depreciation and amortization) in the next twelve months.