Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2023

ACCUMULATED OTHER COMPREHENSIVE INCOME

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


	For the Three Months Ended March 31, 2023
			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		Interest Rate Swap		Euro-Denominated Notes		Cross Currency Swaps		Defined Benefit Plans, Net of Tax		Cumulative Translation Adjustment		Total

Balance as of December 31, 2022	$	(172)	$	839	$	—	$	4,947	$	7,057	$	(2,776)	$	(87,691)	$	(77,796)
Other comprehensive income (loss) before reclassifications	6		(209)		(45)		(1,490)		(1,240)		—		4,258		1,280
Reclassified from accumulated other comprehensive income	—		(218)		—		—		—		119		—		(99)
Balance as of March 31, 2023	$	(166)	$	412	$	(45)	$	3,457	$	5,817	$	(2,657)	$	(83,433)	$	(76,615)


	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 (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, 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
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)

The following table presents 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,
		2023		2022

Foreign currency exchange contracts	Cost of revenue	$	335	$	2,236
	Tax expense	117		610
	Gain, net of tax	$	218	$	1,626

Defined benefit plans	Cost of revenue and operating expenses	$	(139)	$	—
	Tax benefit	(20)		—
	Loss, net of tax	$	(119)	$	—