Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2024

The table below sets forth the components of accumulated other comprehensive income (loss), net of tax for the years ended December 31, 2024, 2023, and 2022.


					Cash Flow Hedges(1)
	Foreign Currency Translation		Available-for- Sale Investments		Interest Rate Swaps		Foreign Exchange Forward Contracts		Total
Balance as of December 31, 2021	$	(1,143)	$	18,374	$	(391)	$	—	$	16,840
Foreign currency translation adjustment, net of tax of $0	(1,890)		—		—		—		(1,890)
Unrealized gain (loss) on investments:
Change in fair value, net of tax of $2,209	—		(6,146)		—		—		(6,146)
Unrealized gain (loss) on cash flow hedges:
Interest rate swaps:
Change in fair value, net of tax of $(3,555)	—		—		9,892		—		9,892
Reclassification adjustment into earnings, net of tax of $176	—		—		(489)		—		(489)
Foreign exchange forward contracts:
Change in fair value, net of tax of $43	—		—		—		(120)		(120)
Reclassification adjustment into earnings, net of tax of $(11)	—		—		—		32		32
Balance as of December 31, 2022	(3,033)		12,228		9,012		(88)		18,119
Foreign currency translation adjustment, net of tax of $0	512		—		—		—		512

Unrealized gain (loss) on investments:
Change in fair value, net of tax of $(2,672)	—		7,811		—		—		7,811
Unrealized gain (loss) on cash flow hedges:
Interest rate swaps:
Change in fair value, net of tax of $671	—		—		2,068		—		2,068
Reclassification adjustment into earnings, net of tax of $2,020	—		—		(5,719)		—		(5,719)
Foreign exchange forward contracts:
Change in fair value, net of tax of $(13)	—		—		—		34		34
Reclassification adjustment into earnings, net of tax of $(1)	—		—		—		2		2
Balance as of December 31, 2023	(2,521)		20,039		5,361		(52)		22,827
Foreign currency translation adjustment, net of tax of $0	(3,391)		—		—		—		(3,391)
Unrealized gain (loss) on investments:
Change in fair value, net of tax of $1,525	—		(4,177)		—		—		(4,177)
Unrealized gain (loss) on cash flow hedges:
Interest rate swaps:
Change in fair value, net of tax of $1,206	—		—		3,468		—		3,468
Reclassification adjustment into earnings, net of tax of $2,323	—		—		(6,609)		—		(6,609)
Foreign exchange forward contracts:
Change in fair value, net of tax of $103	—		—		—		(299)		(299)
Reclassification adjustment into earnings, net of tax of $(24)	—		—		—		67		67
Balance as of December 31, 2024	$	(5,912)	$	15,862	$	2,220	$	(284)	$	11,886

(1) 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 12 “Derivative Instruments and Hedging Activity” for additional information on our derivative instruments.