Accumulated other comprehensive loss includes items such as foreign currency translation adjustments and unrealized gains and losses on derivative financial instruments designated as hedges. Accumulated other comprehensive loss is presented as a separate line item in the equity section of our consolidated balance sheets. Accumulated other comprehensive loss items have no impact on our net income as presented in our consolidated statements of operations.

The following table summarizes changes in the components of our accumulated other comprehensive loss for the years ended January 31, 2024, 2023, and 2022:


(in thousands)	Unrealized Gains (Losses) on Derivative Financial Instruments Designated as Hedges		Foreign Currency Translation Adjustments		Total




Balance at January 31, 2021	559		(16,064)		(15,505)
Other comprehensive income (loss) before reclassifications	1,229		(5)		1,224
Amounts reclassified out of accumulated other comprehensive income	2,398		—		2,398
Net current period OCI	(1,169)		(5)		(1,174)
Balance at January 31, 2022	(610)		(16,069)		(16,679)
Other comprehensive (loss) income before reclassifications	(6,148)		1,382		(4,766)
Amounts reclassified out of accumulated other comprehensive income	(6,131)		—		(6,131)
Net current period OCI	(16)		1,382		1,365
Balance at January 31, 2023	(626)		(14,687)		(15,314)
Other comprehensive (loss) income before reclassifications	(4,256)		456		(3,800)
Amounts reclassified out of accumulated other comprehensive income	(6,484)		—		(6,484)
Net current period OCI	2,228		456		2,684
Balance at January 31, 2024	$	1,602	$	(14,231)	$	(12,630)

All amounts presented in the table above are net of income taxes, if applicable. The accumulated net income in foreign currency translation adjustments primarily reflect the weakening of the U.S. dollar against the Brazilian real, which has resulted in higher U.S. dollar-translated balances of Brazilian real, and the strengthening of the U.S. dollar against the Singapore dollar, which has resulted in lower U.S. dollar-translated balances of Singapore dollar.

The amounts reclassified out of accumulated other comprehensive loss into the consolidated statements of operations, with presentation location, for the years ended January 31, 2024, 2023, and 2022, were as follows:


	Year Ended January 31,						Financial Statement Location
(in thousands)	2024		2023		2022
Unrealized (losses) gains on derivative financial instruments:
Foreign currency forward contracts	$	(10)	$	(54)	$	6	Cost of software revenue
	(97)		(278)		40		Cost of software service revenue
	(643)		(311)		225		Cost of professional service and other revenue
	(2,893)		(3,009)		1,190		Research and development, net
	(2,841)		(2,479)		853		Selling, general and administrative
	(6,484)		(6,131)		2,314		Total, before income taxes
	—		—		84		(Provision) benefit for income taxes
	$	(6,484)	$	(6,131)	$	2,398	Total, net of income taxes