Accumulated Other Comprehensive (Loss) Income

9 Months Ended

Sep. 30, 2022

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 September 30, 2022
Balance at June 30, 2022	$	(515,269)	$	—	$	8,131	$	—	$	(507,138)
Other comprehensive loss before reclassifications	(200,538)		—		(9,652)		—		(210,190)
Amounts reclassified from accumulated other comprehensive loss	18		—		—		—		18
Other comprehensive loss, net of tax	(200,520)		—		(9,652)		—		(210,172)
Other comprehensive income attributable to noncontrolling interests	1		—		—		—		1
Balance at September 30, 2022	$	(715,788)	$	—	$	(1,521)	$	—	$	(717,309)
Three months ended September 30, 2021
Balance at June 30, 2021	$	(324,951)	$	—	$	5,672	$	(8,722)	$	(328,001)
Other comprehensive (loss) income before reclassifications	(39,295)		—		214		—		(39,081)
Amounts reclassified from accumulated other comprehensive loss	21		—		—		651		672
Other comprehensive (loss) income, net of tax	(39,274)		—		214		651		(38,409)
Other comprehensive loss attributable to noncontrolling interests	(26)		—		—		—		(26)
Balance at September 30, 2021	$	(364,251)	$	—	$	5,886	$	(8,071)	$	(366,436)
Nine months ended September 30, 2022
Balance at December 31, 2021	$	(391,674)	$	—	$	6,623	$	(7,399)	$	(392,450)
Other comprehensive (loss) income before reclassifications	(324,287)		—		(8,144)		—		(332,431)
Amounts reclassified from accumulated other comprehensive loss	57		—		—		7,399		7,456
Other comprehensive (loss) income, net of tax	(324,230)		—		(8,144)		7,399		(324,975)

Other comprehensive income attributable to noncontrolling interests	116		—		—		—		116
Balance at September 30, 2022	$	(715,788)	$	—	$	(1,521)	$	—	$	(717,309)
Nine months ended September 30, 2021
Balance at December 31, 2020	$	(369,152)	$	46,593	$	6,449	$	(10,022)	$	(326,132)
Other comprehensive (loss) income before reclassifications	(46,923)		5,110		(563)		—		(42,376)
Amounts reclassified from accumulated other comprehensive loss	71		—		—		1,951		2,022
Other comprehensive (loss) income, net of tax	(46,852)		5,110		(563)		1,951		(40,354)
Amounts reclassified within accumulated other comprehensive loss	51,703		(51,703)		—		—		—
Other comprehensive income attributable to noncontrolling interests	50		—		—		—		50
Balance at September 30, 2021	$	(364,251)	$	—	$	5,886	$	(8,071)	$	(366,436)

(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 14, “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 and financing expenses. The balance of this interest rate swap was being amortized to Interest and financing expenses over the life of the 4.15% senior notes originally due in 2024. As discussed in Note 9, “Long-term Debt,” the Company repaid these notes in the second quarter of 2022, and as

a result, reclassified the remaining balance of this interest rate swap to interest expense during the same period as part of the early extinguishment of debt.

The amount of income tax (expense) benefit allocated to each component of Other comprehensive (loss) income for the three-month and nine-month periods ended September 30, 2022 and 2021 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 September 30, 2022
Other comprehensive (loss) income, before tax	$	(198,888)	$	—	$	(9,652)	$	—
Income tax benefit (expense)	(1,632)		—		—		—
Other comprehensive (loss) income, net of tax	$	(200,520)	$	—	$	(9,652)	$	—

Three months ended September 30, 2021
Other comprehensive income (loss), before tax	$	(39,266)	$	—	$	214	$	834
Income tax expense	(8)		—		—		(183)
Other comprehensive income (loss), net of tax	$	(39,274)	$	—	$	214	$	651

Nine months ended September 30, 2022
Other comprehensive (loss) income, before tax	$	(323,777)	$	—	$	(8,144)	$	9,739
Income tax benefit (expense)	(453)		—		—		(2,340)
Other comprehensive (loss) income, net of tax	$	(324,230)	$	—	$	(8,144)	$	7,399

Nine months ended September 30, 2021
Other comprehensive income (loss), before tax	$	(46,836)	$	6,552	$	(563)	$	2,502
Income tax expense	(16)		(1,442)		—		(551)
Other comprehensive income (loss), net of tax	$	(46,852)	$	5,110	$	(563)	$	1,951