Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2022

ACCUMULATED OTHER COMPREHENSIVE INCOME

The changes in AOCI, net of tax, consisted of the following:


	For the Three Months Ended March 31, 2022
			Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax		Unrealized Gain (Loss) on Net Investment Hedges, Net of Tax
(in thousands)	Unrealized Gain (Loss) on Investments, Net of Tax		Foreign Currency Exchange Contracts		Euro-Denominated Notes		Cross Currency Swaps		Cumulative Translation Adjustment		Total

Balance as of December 31, 2021	$	(126)	$	4,979	$	422	$	3,240	$	(61,999)	$	(53,484)
Other comprehensive income (loss) before reclassifications	(17)		2,097		1,409		996		3,277		7,762
Loss reclassified from accumulated other comprehensive income	—		(1,626)		—		—		—		(1,626)
Balance as of March 31, 2022	$	(143)	$	5,450	$	1,831	$	4,236	$	(58,722)	$	(47,348)


	For the Three Months Ended March 31, 2021
			Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax		Unrealized Gain (Loss) on Net Investment Hedges, Net of Tax
(in thousands)	Unrealized (Loss) Gain on Investments, Net of Tax		Foreign Currency Exchange Contracts		Euro-Denominated Notes		Cross Currency Swaps		Cumulative Translation Adjustment		Total

Balance as of December 31, 2020	$	(272)	$	(9,934)	$	(5,982)	$	(2,159)	$	(35,268)	$	(53,615)
Other comprehensive income (loss) before reclassifications	147		4,415		3,648		3,308		(19,333)		(7,815)
Gain reclassified from accumulated other comprehensive income	—		1,894		—		—		—		1,894
Balance as of March 31, 2021	$	(125)	$	(3,625)	$	(2,334)	$	1,149	$	(54,601)	$	(59,536)

The following tables present components and amounts reclassified out of AOCI to net income:


(in thousands)	Affected Line Item in the Statements of Income	Amounts Reclassified from AOCI For the Three Months Ended March 31,
		2022		2021
Gain (loss) on derivative instruments classified as cash flow hedges included in net income:
Foreign currency exchange contracts	Cost of revenue	$	2,236	$	(2,430)
	Tax expense (benefit)	610		(536)
	Gain (loss), net of tax	$	1,626	$	(1,894)