| Schedule of Accumulated Other Comprehensive Income/( Loss) |
The following table sets forth the changes in AOCI during the years ended December 31, 2024, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | Accumulated Other Comprehensive Income/(Loss) | | Currency translation adjustments | | Unrealized gain/(loss) on cash flow hedges | | Retirement benefits | | Total | | Balance as of January 1, 2022 | $ | (95,437) | | | $ | 8,420 | | | $ | (2,457) | | | $ | (89,474) | | | Gains / (losses) recognized during the year | (47,734) | | | (27,333) | | | 2,574 | | | (72,493) | | | | | | | | | | Reclassification to net income (1) | — | | | 1,295 | | | 592 | | | 1,887 | | Income tax effects (2) | 10,032 | | | 6,315 | | | (410) | | | 15,937 | | | Accumulated other comprehensive income/(loss) as of December 31, 2022 | $ | (133,139) | | | $ | (11,303) | | | $ | 299 | | | $ | (144,143) | | | Gains recognized during the year | 652 | | | 14,403 | | | 1,337 | | | 16,392 | | Reclassification to net income (1) | — | | | 5,208 | | | (94) | | | 5,114 | | Income tax effects (2) | (156) | | | (4,110) | | | (137) | | | (4,403) | | | Accumulated other comprehensive income/(loss) as of December 31, 2023 | $ | (132,643) | | | $ | 4,198 | | | $ | 1,405 | | | $ | (127,040) | | | Losses recognized during the year | (17,484) | | | (14,513) | | | (1,414) | | | (33,411) | | Reclassification to net income (1) | — | | | (131) | | | (602) | | | (733) | | Income tax effects (2) | 3,129 | | | 2,898 | | | 435 | | | 6,462 | | | Accumulated other comprehensive loss as of December 31, 2024 | $ | (146,998) | | | $ | (7,548) | | | $ | (176) | | | $ | (154,722) | |
(1) Refer to Note 17 - Derivatives and Hedge Accounting and Note 20 - Employee Benefit Plans to the 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 consolidated financial statements.
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