Accumulated other comprehensive income/(loss) (“AOCI”) consists of actuarial gain/(loss) on retirement benefits and foreign currency translation adjustments. In addition, the Company enters into foreign currency forward contracts and interest rate swaps, which are designated as cash flow hedges and net investment hedges, as applicable, in accordance with ASC Topic 815, Derivatives and Hedging. Cumulative changes in the fair values of cash flow hedges are recognized in AOCI on the Company’s consolidated balance sheets. The fair value changes are reclassified from AOCI to unaudited consolidated statements of income upon settlement of foreign currency forward contracts designated as cash flow hedges of a forecast transaction, whereas such changes for interest rate swaps are reclassified over the term of the contract. Fair value changes related to net investment hedges are included in AOCI and are reclassified to unaudited consolidated statements of income when a foreign operation is disposed or partially disposed. The following table sets forth the changes in AOCI during the six months ended June 30, 2023 and 2022:


	Accumulated Other Comprehensive Income/(Loss)
	Foreign currency translation gain/(loss)		Unrealized gain/(loss) on cash flow hedges		Retirement benefits		Total
Balance as of January 1, 2023	$	(133,139)	$	(11,303)	$	299	$	(144,143)
Gains recognized during the period	5,177		16,145		—		21,322

Reclassification to net income (1)	—		4,229		(48)		4,181
Income tax effects (2)	(1,136)		(4,334)		(37)		(5,507)
Accumulated other comprehensive income/(loss) as of June 30, 2023	$	(129,098)	$	4,737	$	214	$	(124,147)

Balance as of January 1, 2022	$	(95,437)	$	8,420	$	(2,457)	$	(89,474)
Losses recognized during the period	(30,227)		(15,149)		—		(45,376)

Reclassification to net income (1)	—		(3,448)		304		(3,144)
Income tax effects (2)	979		3,733		(92)		4,620
Accumulated other comprehensive income/(loss) as of June 30, 2022	$	(124,685)	$	(6,444)	$	(2,245)	$	(133,374)