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Accumulated Other Comprehensive (Loss) Income (Tables) | 6 Months Ended
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Jun. 30, 2022
Equity [Abstract] |
Components and Activity in Accumulated Other Comprehensive (Loss) Income Net of Deferred Income Taxes | 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, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2022 | $ | (397,510) |  |  |  |  | $ | — |  |  | $ | 10,640 |  |  | $ | (6,749) |  |  |  |  | $ | (393,619) |
Other comprehensive loss before reclassifications | (117,840) |  |  |  |  | — |  |  | (2,509) |  |  | — |  |  |  |  | (120,349) |
Amounts reclassified from accumulated other comprehensive loss | 19 |  |  |  |  | — |  |  | — |  |  | 6,749 |  |  |  |  | 6,768 |
Other comprehensive loss, net of tax | (117,821) |  |  |  |  | — |  |  | (2,509) |  |  | 6,749 |  |  |  |  | (113,581) |
Other comprehensive income attributable to noncontrolling interests | 62 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | 62 |
Balance at June 30, 2022 | $ | (515,269) |  |  |  |  | $ | — |  |  | $ | 8,131 |  |  | $ | — |  |  |  |  | $ | (507,138) |
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) |
Six months ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2021 | $ | (391,674) |  |  |  |  | $ | — |  |  | $ | 6,623 |  |  | $ | (7,399) |  |  |  |  | $ | (392,450) |
Other comprehensive (loss) income before reclassifications | (123,749) |  |  |  |  | — |  |  | 1,508 |  |  | — |  |  |  |  | (122,241) |
Amounts reclassified from accumulated other comprehensive loss | 39 |  |  |  |  | — |  |  | — |  |  | 7,399 |  |  |  |  | 7,438 |
Other comprehensive (loss) income, net of tax | (123,710) |  |  |  |  | — |  |  | 1,508 |  |  | 7,399 |  |  |  |  | (114,803) |
Other comprehensive income attributable to noncontrolling interests | 115 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | 115 |
Balance at June 30, 2022 | $ | (515,269) |  |  |  |  | $ | — |  |  | $ | 8,131 |  |  | $ | — |  |  |  |  | $ | (507,138) |
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) |
(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.
Amount of Income Tax (Expense) Benefit Allocated to Component Of Other Comprehensive Income (Loss) | The amount of income tax (expense) benefit allocated to each component of Other comprehensive (loss) income for the three-month and six-month periods ended June 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 June 30, 2022 |  |  |  |  |  |  |  |  |
Other comprehensive (loss) income, before tax | $ | (118,431) |  |  |  |  | $ | — |  |  | $ | (2,509) |  |  | $ | 8,905 |
Income tax benefit (expense) | 610 |  |  |  |  | — |  |  | — |  |  | (2,156) |
Other comprehensive (loss) income, net of tax | $ | (117,821) |  |  |  |  | $ | — |  |  | $ | (2,509) |  |  | $ | 6,749 |
Three months ended June 30, 2021 |  |  |  |  |  |  |  |  |
Other comprehensive income (loss), before tax | $ | 20,568 |  |  |  |  | $ | — |  |  | $ | 823 |  |  | $ | 834 |
Income tax expense | (4) |  |  |  |  | — |  |  | — |  |  | (184) |
Other comprehensive income (loss), net of tax | $ | 20,564 |  |  |  |  | $ | — |  |  | $ | 823 |  |  | $ | 650 |
Six months ended June 30, 2022 |  |  |  |  |  |  |  |  |
Other comprehensive (loss) income, before tax | $ | (124,889) |  |  |  |  | $ | — |  |  | $ | 1,508 |  |  | $ | 9,739 |
Income tax benefit (expense) | 1,179 |  |  |  |  | — |  |  | — |  |  | (2,340) |
Other comprehensive (loss) income, net of tax | $ | (123,710) |  |  |  |  | $ | — |  |  | $ | 1,508 |  |  | $ | 7,399 |
Six months ended June 30, 2021 |  |  |  |  |  |  |  |  |
Other comprehensive income (loss), before tax | $ | (7,570) |  |  |  |  | $ | 6,552 |  |  | $ | (777) |  |  | $ | 1,668 |
Income tax expense | (8) |  |  |  |  | (1,442) |  |  | — |  |  | (368) |
Other comprehensive income (loss), net of tax | $ | (7,578) |  |  |  |  | $ | 5,110 |  |  | $ | (777) |  |  | $ | 1,300 |

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- Definition Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=126968391&loc=d3e526-108580 + Details
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