Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2022

ACCUMULATED OTHER COMPREHENSIVE INCOME

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


	For the Six Months Ended June 30, 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		Benefit Plans, Net of Tax		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	(42)		13,440		5,533		5,278		(5,056)		(27,804)		(8,651)
Reclassified from accumulated other comprehensive income	—		(5,830)		—		—		260		—		(5,570)
Balance as of June 30, 2022	$	(168)	$	12,589	$	5,955	$	8,518	$	(4,796)	$	(89,803)	$	(67,705)


	For the Six Months Ended June 30, 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		Benefit Plans, Net of Tax		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	154		3,191		2,654		2,202		—		(7,246)		955
Reclassified from accumulated other comprehensive income	—		4,269		—		—		—		—		4,269
Balance as of June 30, 2021	$	(118)	$	(2,474)	$	(3,328)	$	43	$	—	$	(42,514)	$	(48,391)

The following tables present components and amounts associated with cash flow hedges 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 June 30,				Amounts Reclassified from AOCI For the Six Months Ended June 30,
		2022		2021		2022		2021
Gain (loss) on derivative instruments classified as cash flow hedges included in net income:
Foreign currency exchange contracts	Cost of revenue	$	5,781	$	(2,715)	$	8,017	$	(5,145)
	Tax expense (benefit)	1,577		(340)		2,187		(876)
	Gain (loss), net of tax	$	4,204	$	(2,375)	$	5,830	$	(4,269)

The following tables present components and amounts associated with pension 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 June 30,				Amounts Reclassified from AOCI For the Six Months Ended June 30,
		2022		2021		2022		2021
Gain (loss) on pension plans included in net income:
Pension plans	Cost of revenue and operating expenses	$	(311)	$	—	$	(311)	$	—
	Tax benefit	(51)		—		(51)		—
	Loss, net of tax	$	(260)	$	—	$	(260)	$	—