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Other Comprehensive Income (Loss) (Tables) | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Components of Other Comprehensive Income (Loss), Net of Tax | The table below sets forth the components of other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2024 and 2023.
| Three Months Ended June 30, 2024 |  | Three Months Ended June 30, 2023
| Before Taxes |  | Tax (Expense) Benefit |  | Net of Taxes |  | Before Taxes |  | Tax (Expense) Benefit |  | Net of Taxes
Foreign currency translation adjustments | $ | (281) |  |  | $ | — |  |  | $ | (281) |  |  | $ | 327 |  |  | $ | — |  |  | $ | 327 |
Unrealized gain (loss) on investment | $ | (8,549) |  |  | $ | 2,231 |  |  | $ | (6,318) |  |  | $ | 754 |  |  | $ | (201) |  |  | $ | 553 |
Interest rate swaps: |  |  |  |  |  |  |  |  |  |  |
Change in fair value | $ | 791 |  |  | $ | (206) |  |  | $ | 585 |  |  | $ | 5,265 |  |  | $ | (1,400) |  |  | $ | 3,865 |
Reclassification adjustments into earnings | (2,344) |  |  | 612 |  |  | (1,732) |  |  | (1,941) |  |  | 516 |  |  | (1,425) |
Net unrealized gain (loss) on interest rate swaps | $ | (1,553) |  |  | $ | 406 |  |  | $ | (1,147) |  |  | $ | 3,324 |  |  | $ | (884) |  |  | $ | 2,440 |
Foreign exchange forward contracts: |  |  |  |  |  |  |  |  |  |  |
Change in fair value | $ | 22 |  |  | $ | (6) |  |  | $ | 16 |  |  | $ | 46 |  |  | $ | (12) |  |  | $ | 34 |
Reclassification adjustments into earnings | 6 |  |  | (2) |  |  | 4 |  |  | (14) |  |  | 3 |  |  | (11) |
Net unrealized gain (loss) on foreign exchange forward contracts | $ | 28 |  |  | $ | (8) |  |  | $ | 20 |  |  | $ | 32 |  |  | $ | (9) |  |  | $ | 23 |
Other comprehensive income (loss) | $ | (10,355) |  |  | $ | 2,629 |  |  | $ | (7,726) |  |  | $ | 4,437 |  |  | $ | (1,094) |  |  | $ | 3,343 |
| Six Months Ended June 30, 2024 |  | Six Months Ended June 30, 2023
| Before Taxes |  | Tax (Expense) Benefit |  | Net of Taxes |  | Before Taxes |  | Tax (Expense) Benefit |  | Net of Taxes
Foreign currency translation adjustments | $ | (1,003) |  |  | $ | — |  |  | $ | (1,003) |  |  | $ | 379 |  |  | $ | — |  |  | $ | 379 |
Unrealized gain (loss) on investment | $ | (10,496) |  |  | $ | 2,731 |  |  | $ | (7,765) |  |  | $ | 6,033 |  |  | $ | (1,607) |  |  | $ | 4,426 |
Interest rate swaps: |  |  |  |  |  |  |  |  |  |  |
Change in fair value | $ | 4,469 |  |  | $ | (1,166) |  |  | $ | 3,303 |  |  | $ | 3,458 |  |  | $ | (919) |  |  | $ | 2,539 |
Reclassification adjustments into earnings | (4,629) |  |  | 1,208 |  |  | (3,421) |  |  | (3,473) |  |  | 923 |  |  | (2,550) |
Net unrealized gain (loss) on interest rate swaps | $ | (160) |  |  | $ | 42 |  |  | $ | (118) |  |  | $ | (15) |  |  | $ | 4 |  |  | $ | (11) |
Foreign exchange forward contracts: |  |  |  |  |  |  |  |  |  |  |
Change in fair value | $ | 68 |  |  | $ | (18) |  |  | $ | 50 |  |  | $ | 200 |  |  | $ | (53) |  |  | $ | 147 |
Reclassification adjustments into earnings | 20 |  |  | (6) |  |  | 14 |  |  | (2) |  |  | — |  |  | (2) |
Net unrealized gain (loss) on foreign exchange forward contracts | $ | 88 |  |  | $ | (24) |  |  | $ | 64 |  |  | $ | 198 |  |  | $ | (53) |  |  | $ | 145 |
Other comprehensive income (loss) | $ | (11,571) |  |  | $ | 2,749 |  |  | $ | (8,822) |  |  | $ | 6,595 |  |  | $ | (1,656) |  |  | $ | 4,939 |
The before tax amounts reclassified from accumulated other comprehensive income related to our interest rate swaps and foreign exchange forward contracts are recorded to interest expense, net of interest income and direct costs, respectively, on our consolidated statement of operations. The related tax amounts reclassified from accumulated other comprehensive income are recorded to income tax expense (benefit) on our consolidated statement of operations. Refer to Note 9 “Derivative Instruments and Hedging Activity” for additional information on our derivative instruments.
Components of Accumulated Other Comprehensive Income (Loss), Net of Tax | Accumulated other comprehensive income, net of tax, includes the following components:
|  |  |  |  | Cash Flow Hedges |  |
| Foreign Currency Translation |  | Available-for-Sale Investment |  | Interest Rate Swaps |  | Foreign Exchange Forward Contracts |  | Total
Balance as of December 31, 2023 | $ | (2,521) |  |  | $ | 20,039 |  |  | $ | 5,361 |  |  | $ | (52) |  |  | $ | 22,827 |
Current period change | (1,003) |  |  | (7,765) |  |  | (118) |  |  | 64 |  |  | (8,822) |
Balance as of June 30, 2024 | $ | (3,524) |  |  | $ | 12,274 |  |  | $ | 5,243 |  |  | $ | 12 |  |  | $ | 14,005 |

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