v3.22.4
Accumulated Other Comprehensive (Loss) Income (Tables)
 12 Months Ended
Dec. 31, 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 years ended December 31, 2022, 2021 and 2020 (in thousands):
Foreign
Currency Translation and Other
Net Investment Hedge(a)
Cash Flow Hedge(b)
Interest Rate Swap(c)
Total
Balance at December 31, 2019$(468,737)$80,778 $4,847 $(12,623)$(395,735)
Other comprehensive income (loss) before reclassifications99,809 (34,185)1,602 — 67,226 
Amounts reclassified from accumulated other comprehensive loss23 — — 2,601 2,624 
Other comprehensive income (loss), net of tax99,832 (34,185)1,602 2,601 69,850 
Other comprehensive income attributable to noncontrolling interests(247)— — — (247)
Balance at December 31, 2020
$(369,152)$46,593 $6,449 $(10,022)$(326,132)
Other comprehensive (loss) income income before reclassifications(74,478)5,110 174 — (69,194)
Amounts reclassified from accumulated other comprehensive loss93 — — 2,623 2,716 
Other comprehensive (loss) income, net of tax(74,385)5,110 174 2,623 (66,478)
Amounts reclassified within accumulated other comprehensive income51,703 (51,703)— — — 
Other comprehensive loss attributable to noncontrolling interests160 — — — 160 
Balance at December 31, 2021
$(391,674)$— $6,623 $(7,399)$(392,450)
Other comprehensive (loss) income before reclassifications(171,367)— (4,399)— (175,766)
Amounts reclassified from accumulated other comprehensive loss72 — — 7,399 7,471 
Other comprehensive (loss) income, net of tax(171,295)— (4,399)7,399 (168,295)
Other comprehensive loss attributable to noncontrolling interests83 — — — 83 
Balance at December 31, 2022
$(562,886)$— $2,224 $— $(560,662)
(a)During the first quarter of 2021 the net investment hedge was discontinued following the repayment of the 1.875% Euro-denominated
senior notes. The balance of foreign exchange revaluation gains and losses associated with this discontinued net investment hedge have
been reclassified to Foreign currency translation and other, and will remain within accumulated other comprehensive loss until the
hedged net investment is sold or liquidated.
(b)We entered into a foreign currency forward contract in the fourth quarter of 2019, which was designated and accounted for as a cash flow hedge under ASC 815, Derivatives and Hedging. See Note 22, “Fair Value of Financial Instruments,” for additional information.
(c)The pre-tax portion of amounts reclassified from accumulated other comprehensive loss is included in interest expense. The balance of this interest rate swap was being amortized to Interest and financing expenses over the life of the 4.15% senior notes originally due in 2024. As discussed in Note 14, “Long-term Debt,” the Company repaid these notes in the second quarter of 2022, and as a result, reclassified the remaining balance of this interest rate swap to interest expense during the same period as part of the early extinguishment of debt.
Amount of Income Tax (Expense) Benefit Allocated to Component of Other Comprehensive (Loss) Income The amount of income tax benefit (expense) allocated to each component of Other comprehensive income (loss) for the years ended December 31, 2022, 2021 and 2020 is provided in the following tables (in thousands):
Foreign Currency Translation and OtherNet Investment HedgeCash Flow HedgeInterest Rate Swap
2022
Other comprehensive (loss) income, before tax$(168,953)$— $(4,399)$9,739 
Income tax benefit (expense)(2,342)— — (2,340)
Other comprehensive (loss) income, net of tax$(171,295)$— $(4,399)$7,399 
2021
Other comprehensive income (loss), before tax$(76,544)$6,552 $174 $3,336 
Income tax benefit (expense)2,159 (1,442)— (713)
Other comprehensive income (loss), net of tax$(74,385)$5,110 $174 $2,623 
2020
Other comprehensive (loss) income, before tax$99,710 $(43,826)$1,602 $3,336 
Income tax expense122 9,641 — (735)
Other comprehensive (loss) income, net of tax$99,832 $(34,185)$1,602 $2,601