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ACCUMULATED OTHER COMPREHENSIVE INCOME | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
ACCUMULATED OTHER COMPREHENSIVE INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOME The changes in Accumulated Other Comprehensive Income (“AOCI”), net of tax, consisted of the following:
|  | For the Nine Months Ended September 30, 2024
|  |  |  | 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 |  | Interest Rate Swap |  | Euro-Denominated Notes |  | Cross Currency Swaps |  | Defined Benefit Plans, Net of Tax |  | Cumulative Translation Adjustment |  | Total
Balance as of December 31, 2023 |  | $ | (164) |  |  | $ | (2,397) |  |  | $ | 1,106 |  |  | $ | 2,346 |  |  | $ | 1,428 |  |  | $ | (3,559) |  |  | $ | (69,966) |  |  | $ | (71,206) |
Other comprehensive income (loss) before reclassifications |  | 1 |  |  | 444 |  |  | 997 |  |  | (732) |  |  | (370) |  |  | — |  |  | (1,261) |  |  | (921) |
Reclassified from accumulated other comprehensive income |  | 163 |  |  | (2,144) |  |  | (2,132) |  |  | — |  |  | — |  |  | 269 |  |  | — |  |  | (3,844) |
Balance as of September 30, 2024 |  | $ | — |  |  | $ | (4,097) |  |  | $ | (29) |  |  | $ | 1,614 |  |  | $ | 1,058 |  |  | $ | (3,290) |  |  | $ | (71,227) |  |  | $ | (75,971) |
|  | For the Nine Months Ended September 30, 2023
|  |  |  | Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax |  | Unrealized Gain (Loss) on Net Investment Hedges, Net of Tax |  |  |  |  |  |
(in thousands) |  | Unrealized 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 |  |  | 7,305 |  |  | 5,254 |  |  | 488 |  |  | (1,158) |  |  | — |  |  | (6,939) |  |  | 4,956 |
Reclassified from accumulated other comprehensive income |  | — |  |  | (1,174) |  |  | (1,272) |  |  | — |  |  | — |  |  | 395 |  |  | — |  |  | (2,051) |
Balance as of September 30, 2023 |  | $ | (166) |  |  | $ | 6,970 |  |  | $ | 3,982 |  |  | $ | 5,435 |  |  | $ | 5,899 |  |  | $ | (2,381) |  |  | $ | (94,630) |  |  | $ | (74,891) |
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 September 30, |  | Amounts Reclassified from AOCI For the Nine Months Ended September 30,
|  |  |  | 2024 |  | 2023 |  | 2024 |  | 2023
Foreign currency exchange contracts |  | Cost of revenue |  | $ | 512 |  |  | $ | 1,273 |  |  | $ | 3,043 |  |  | $ | 1,723 |
|  | Tax expense |  | (176) |  |  | (372) |  |  | (899) |  |  | (549) |
|  | Gain, net of tax |  | $ | 336 |  |  | $ | 901 |  |  | $ | 2,144 |  |  | $ | 1,174 |
Interest rate swap contracts |  | Interest expense |  | $ | 860 |  |  | $ | 1,385 |  |  | $ | 2,796 |  |  | $ | 1,668 |
|  | Tax expense |  | (204) |  |  | (329) |  |  | (664) |  |  | (396) |
|  | Gain, net of tax |  | $ | 656 |  |  | $ | 1,056 |  |  | $ | 2,132 |  |  | $ | 1,272 |
Investments |  | General and administrative expense |  | $ | — |  |  | $ | — |  |  | $ | (214) |  |  | $ | — |
|  | Tax benefit |  | — |  |  | — |  |  | 51 |  |  | — |
|  | Loss, net of tax |  | $ | — |  |  | $ | — |  |  | $ | (163) |  |  | $ | — |
Defined benefit plans |  | Cost of revenue and operating expenses |  | $ | (143) |  |  | $ | (119) |  |  | $ | (319) |  |  | $ | (470) |
|  | Tax benefit |  | 21 |  |  | 21 |  |  | 50 |  |  | 75 |
|  | Loss, net of tax |  | $ | (122) |  |  | $ | (98) |  |  | $ | (269) |  |  | $ | (395) |

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/220/tableOfContent + Details
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