Accumulated Other Comprehensive (Loss) Income

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

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		Cash Flow Hedge(a)		Interest Rate Swap(b)		Total
Three months ended September 30, 2023
Balance at June 30, 2023	$	(522,297)	$	4,351	$	—	$	(517,946)
Other comprehensive loss before reclassifications	(143,974)		(39,021)		—		(182,995)
Amounts reclassified from accumulated other comprehensive loss	17		(67)		—		(50)
Other comprehensive loss, net of tax	(143,957)		(39,088)		—		(183,045)
Other comprehensive income attributable to noncontrolling interests	19		—		—		19
Balance at September 30, 2023	$	(666,235)	$	(34,737)	$	—	$	(700,972)
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 loss attributable to noncontrolling interests	1		—		—		1
Balance at September 30, 2022	$	(715,788)	$	(1,521)	$	—	$	(717,309)
Nine months ended September 30, 2023
Balance at December 31, 2022	$	(562,886)	$	2,224	$	—	$	(560,662)
Other comprehensive loss before reclassifications	(103,426)		(36,894)		—		(140,320)
Amounts reclassified from accumulated other comprehensive loss	50		(67)		—		(17)
Other comprehensive loss, net of tax	(103,376)		(36,961)		—		(140,337)
Other comprehensive income attributable to noncontrolling interests	27		—		—		27
Balance at September 30, 2023	$	(666,235)	$	(34,737)	$	—	$	(700,972)
Nine months ended September 30, 2022
Balance at December 31, 2021	$	(391,674)	$	6,623	$	(7,399)	$	(392,450)
Other comprehensive loss 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)

(a)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.

(b)The pre-tax portion of amounts reclassified from accumulated other comprehensive loss is included in interest expense. 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. In the second quarter of 2022, the Company repaid these notes, and as a result, reclassified the remaining balance of this interest rate swap to interest expense during the same period as part of an early extinguishment of debt.

The amount of income tax expense allocated to each component of Other comprehensive income (loss) for the three-month and nine-month periods ended September 30, 2023 and 2022 is provided in the following tables (in thousands):

	Foreign Currency Translation and Other		Cash Flow Hedge		Interest Rate Swap		Total
Three months ended September 30, 2023
Other comprehensive (loss) income, before tax	$	(143,954)	$	(39,088)	$	—	$	(183,042)
Income tax expense	(3)		—		—		(3)
Other comprehensive (loss) income, net of tax	$	(143,957)	$	(39,088)	$	—	$	(183,045)
Three months ended September 30, 2022
Other comprehensive (loss) income, before tax	$	(198,888)	$	(9,652)	$	—	$	(208,540)
Income tax expense	(1,632)		—		—		(1,632)
Other comprehensive (loss) income, net of tax	$	(200,520)	$	(9,652)	$	—	$	(210,172)
Nine months ended September 30, 2023
Other comprehensive income, before tax	$	(103,607)	$	(36,961)	$	—	$	(140,568)
Income tax benefit	231		—		—		231
Other comprehensive income, net of tax	$	(103,376)	$	(36,961)	$	—	$	(140,337)
Nine months ended September 30, 2022
Other comprehensive (loss) income, before tax	$	(323,777)	$	(8,144)	$	9,739	$	(322,182)
Income tax expense	(453)		—		(2,340)		(2,793)
Other comprehensive (loss) income, net of tax	$	(324,230)	$	(8,144)	$	7,399	$	(324,975)