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Accumulated other comprehensive income
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Accumulated other comprehensive income

Note 9: Accumulated other comprehensive income

Changes in accumulated other comprehensive income (“AOCI”) by component for the three months ended March 31, 2021 were as follows (in thousands):

 

       
Three months ended March 31, 2020    Currency
translation
adjustments		      Defined
benefit
pension
plan		     Total  

Balance as of January 1, 2020

    $ 10,131      $ (698 )    $ 9,433  

Foreign currency translation gain/(loss)

      9,565          9,565  

Actuarial gain/(loss), net of tax expense of $8

         (26 )      (26 ) 
  

 

 

  

Balance as of March 31, 2020

    $ 19,696      $ (724 )    $ 18,972  

 

  

 

       
Three months ended March 31, 2021    Currency
translation
adjustments		      Defined
benefit
pension
plan		     Total  

Balance as of January 1, 2021

    $ 23,807      $ (992 )    $ 22,815  

Foreign currency translation gain/(loss)

      1,329          1,329  

Actuarial gain/(loss), net of tax expense of $14

         (55 )      (55 ) 
  

 

 

  

Balance as of March 31, 2021

    $ 25,136      $ (1,047 )    $ 24,089  

 

  

We do not tax effect foreign currency translation gain/(loss) because we have determined such gain (loss) is permanently reinvested.

Note 9: Accumulated other comprehensive income

Changes in accumulated other comprehensive income (AOCI) by component for the years ended December 31, 2020 and 2019 were as follows (in thousands):

 

       
      Currency
Translation
Adjustments		      Defined
Benefit
Pension
Plan		     Total  

Balance at January 1, 2019

    $ 389      $ (313 )    $ 76  

Foreign currency translation gain/(loss)

      9,742        —       9,742  

Actuarial gain/(loss), net of tax

      —        (385 )      (385 ) 

Balance as of December 31, 2019

    $ 10,131      $ (698 )    $ 9,433  

Foreign currency translation gain/(loss)

      13,676        —       13,676  

Actuarial gain/(loss), net of tax

      —        (294 )      (294 ) 

Balance at December 31, 2020

    $ 23,807      $ (992 )    $ 22,815  

 

   

 

 

     

 

 

    

 

 

  

For years ended December 31, 2020 and 2019, we did not tax effect foreign currency translation gain/(loss) because we have determined such gain/(loss) is permanently reinvested and actuarial gain/(loss) is not tax effected due to a valuation allowance applied to our deferred tax assets.