Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2021

ACCUMULATED OTHER COMPREHENSIVE INCOME

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


	For the Three Months Ended March 31, 2021
			Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax		Unrealized (Loss) Gain 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		Cumulative Translation Adjustment		Total

Balance as of December 31, 2020	$	(272)	$	(9,934)	$	(5,982)	$	(2,159)	$	(35,268)	$	(53,615)
Other comprehensive (loss) income before reclassifications	147		4,415		3,648		3,308		(19,333)		(7,815)
Loss reclassified from accumulated other comprehensive income	—		1,894		—		—		—		1,894
Balance as of March 31, 2021	$	(125)	$	(3,625)	$	(2,334)	$	1,149	$	(54,601)	$	(59,536)


	For the Three Months Ended March 31, 2020
			Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax		Unrealized Gain 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, 2019	$	110	$	(736)	$	1,396	$	3,467	$	(50,419)	$	(46,182)
Other comprehensive (loss) income before reclassifications	(279)		9,426		1,047		4,049		(22,206)		(7,963)
Gain reclassified from accumulated other comprehensive income	—		(1,101)		—		—		—		(1,101)
Balance as of March 31, 2020	$	(169)	$	7,589	$	2,443	$	7,516	$	(72,625)	$	(55,246)

The following tables present 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,
		2021		2020
Gain (loss) on derivative instruments classified as cash flow hedges included in net income:
Foreign currency exchange contracts	Cost of revenue	$	(2,430)	$	1,341
	Tax expense (benefit)	(536)		240
	Gain (loss), net of tax	$	(1,894)	$	1,101