Accumulated Other Comprehensive (Loss) Income

6 Months Ended

Jun. 30, 2021

Accumulated Other Comprehensive (Loss) Income

Accumulated Other Comprehensive (Loss) Income:

The components and activity in Accumulated other comprehensive (loss) income (net of deferred income taxes) consisted of the following during the periods indicated below (in thousands):


	Foreign Currency Translation and Other		Net Investment Hedge(a)		Cash Flow Hedge(b)		Interest Rate Swap(c)		Total
Three months ended June 30, 2021
Balance at March 31, 2021	$	(345,591)	$	—	$	4,849	$	(9,372)	$	(350,114)
Other comprehensive income before reclassifications	20,539		—		823		—		21,362
Amounts reclassified from accumulated other comprehensive loss	25		—		—		650		675
Other comprehensive income, net of tax	20,564		—		823		650		22,037
Other comprehensive income attributable to noncontrolling interests	76		—		—		—		76
Balance at June 30, 2021	$	(324,951)	$	—	$	5,672	$	(8,722)	$	(328,001)
Three months ended June 30, 2020
Balance at March 31, 2020	$	(550,760)	$	82,859	$	(46,613)	$	(11,975)	$	(526,489)
Other comprehensive income (loss) before reclassifications	62,847		(5,756)		37,645		—		94,736
Amounts reclassified from accumulated other comprehensive loss	8		—		—		648		656
Other comprehensive income (loss), net of tax	62,855		(5,756)		37,645		648		95,392
Other comprehensive loss attributable to noncontrolling interests	(34)		—		—		—		(34)
Balance at June 30, 2020	$	(487,939)	$	77,103	$	(8,968)	$	(11,327)	$	(431,131)
Six months ended June 30, 2021
Balance at December 31, 2020	$	(369,152)	$	46,593	$	6,449	$	(10,022)	$	(326,132)
Other comprehensive (loss) income before reclassifications	(7,628)		5,110		(777)		—		(3,295)
Amounts reclassified from accumulated other comprehensive loss	50		—		—		1,300		1,350
Other comprehensive (loss) income, net of tax	(7,578)		5,110		(777)		1,300		(1,945)
Amounts reclassified within accumulated other comprehensive loss	51,703		(51,703)		—		—		—
Other comprehensive income attributable to noncontrolling interests	76		—		—		—		76
Balance at June 30, 2021	$	(324,951)	$	—	$	5,672	$	(8,722)	$	(328,001)
Six months ended June 30, 2020
Balance at December 31, 2019	$	(468,737)	$	80,778	$	4,847	$	(12,623)	$	(395,735)
Other comprehensive loss before reclassifications	(19,139)		(3,675)		(13,815)		—		(36,629)
Amounts reclassified from accumulated other comprehensive loss	17		—		—		1,296		1,313
Other comprehensive (loss) income, net of tax	(19,122)		(3,675)		(13,815)		1,296		(35,316)
Other comprehensive loss attributable to noncontrolling interests	(80)		—		—		—		(80)
Balance at June 30, 2020	$	(487,939)	$	77,103	$	(8,968)	$	(11,327)	$	(431,131)

(a)During the first quarter of 2021 the net investment hedge was discontinued following the repayment of the 1.875% Euro-denominated senior notes. The balance of foreign exchange revaluation gains and losses associated with this discontinued net investment hedge have been reclassified to Foreign currency translation and other, and will remain within accumulated other comprehensive loss until the hedged net investment is sold or liquidated.

(b)We entered into a foreign currency forward contract, which was designated and accounted for as a cash flow hedge under ASC 815, Derivatives and Hedging. See Note 13, “Fair Value of Financial Instruments,” for additional information.

(c)The pre-tax portion of amounts reclassified from accumulated other comprehensive loss is included in interest expense.

The amount of income tax (expense) benefit allocated to each component of Other comprehensive income (loss) for the three-month and six-month periods ended June 30, 2021 and 2020 is provided in the following tables (in thousands):


	Foreign Currency Translation and Other		Net Investment Hedge		Cash Flow Hedge		Interest Rate Swap
Three months ended June 30, 2021
Other comprehensive income, before tax	$	20,568	$	—	$	823	$	834
Income tax expense	(4)		—		—		(184)
Other comprehensive income, net of tax	$	20,564	$	—	$	823	$	650

Three months ended June 30, 2020
Other comprehensive income (loss), before tax	$	62,856	$	(7,401)	$	37,645	$	834
Income tax (expense) benefit	(1)		1,645		—		(186)
Other comprehensive income (loss), net of tax	$	62,855	$	(5,756)	$	37,645	$	648

Six months ended June 30, 2021
Other comprehensive (loss) income, before tax	$	(7,570)	$	6,552	$	(777)	$	1,668
Income tax (expense)	(8)		(1,442)		—		(368)
Other comprehensive (loss) income, net of tax	$	(7,578)	$	5,110	$	(777)	$	1,300

Six months ended June 30, 2020
Other comprehensive (loss) income, before tax	$	(19,124)	$	(4,726)	$	(13,815)	$	1,668
Income tax benefit (expense)	2		1,051		—		(372)
Other comprehensive (loss) income, net of tax	$	(19,122)	$	(3,675)	$	(13,815)	$	1,296