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Accumulated Other Comprehensive Income/(Loss)
 6 Months Ended
Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income/(Loss) Accumulated Other Comprehensive Income/(Loss)
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, 2024 and 2023:
Accumulated Other Comprehensive Income/(Loss)
Currency translation adjustmentsUnrealized gain/(loss) on cash flow hedgesRetirement benefitsTotal
Balance as of January 1, 2024$(132,643)$4,198 $1,405 $(127,040)
Losses recognized during the period(6,253)(2,840)— (9,093)
Reclassification to net income (1)
— 32 (302)(270)
Income tax effects (2)
1,227 (930)(2)295 
Accumulated other comprehensive income/(loss) as of June 30, 2024$(137,669)$460 $1,101 $(136,108)
Balance as of January 1, 2023$(133,139)$(11,303)$299 $(144,143)
Gains recognized during the period5,177 16,145 — 21,322 
Reclassification to net income (1)
— 4,229 (48)4,181 
Income tax effects (2)
(1,136)(4,334)(37)(5,507)
Accumulated other comprehensive income/(loss) as of June 30, 2023$(129,098)$4,737 $214 $(124,147)

(1) Refer to Note 17 - Derivatives and Hedge Accounting and Note 20 - Employee Benefit Plans to the unaudited consolidated financial statements for reclassification to net income.

(2) These are income tax effects recognized on cash flow hedges, retirement benefits and currency translation adjustments. Refer to Note 22 - Income Taxes to the unaudited consolidated financial statements.