| ACCUMULATED OTHER COMPREHENSIVE INCOME |
ACCUMULATED OTHER COMPREHENSIVE INCOME The changes in Accumulated Other Comprehensive Income (“AOCI”), net of tax, consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended March 31, 2025 | | | Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax | | Unrealized Gain (Loss)
on Net Investment Hedges, Net of Tax | | | | | | | | (in thousands) | | Foreign Currency Exchange Contracts | | Interest Rate Swap | | Euro-Denominated Notes | | Cross Currency Swaps | | Defined Benefit Plans, Net of Tax | | Cumulative Translation
Adjustment | | Total | | | | | | | | | | | | | | | | | Balance as of December 31, 2024 | | $ | 12,785 | | | $ | 542 | | | $ | 6,451 | | | $ | 7,409 | | | $ | (3,908) | | | $ | (116,924) | | | $ | (93,645) | | | Other comprehensive (loss) income before reclassifications | | (5,153) | | | 59 | | | (3,006) | | | (3,605) | | | — | | | 18,101 | | | 6,396 | | | Reclassified from accumulated other comprehensive income | | (2,711) | | | (247) | | | — | | | — | | | 116 | | | — | | | (2,842) | | | Balance as of March 31, 2025 | | $ | 4,921 | | | $ | 354 | | | $ | 3,445 | | | $ | 3,804 | | | $ | (3,792) | | | $ | (98,823) | | | $ | (90,091) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended March 31, 2024 | | | | | Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax | | Unrealized Gain (Loss)
on Net Investment Hedges, Net of Tax | | | | | | | | (in thousands) | | Unrealized Loss on Investments,
Net of Tax | | Foreign Currency Exchange Contracts | | Interest Rate Swap | | Euro-Denominated Notes | | Cross Currency Swaps | | Defined Benefit Plans, Net of Tax | | Cumulative Translation
Adjustment | | Total | | | | | | | | | | | | | | | | | | | Balance as of December 31, 2023 | | $ | (164) | | | $ | (2,397) | | | $ | 1,106 | | | $ | 2,346 | | | $ | 1,428 | | | $ | (3,559) | | | $ | (69,966) | | | $ | (71,206) | | | Other comprehensive income (loss) before reclassifications | | 1 | | | 5,848 | | | 2,106 | | | 1,618 | | | 2,049 | | | — | | | (19,773) | | | (8,151) | | | Reclassified from accumulated other comprehensive income | | 163 | | | (567) | | | (730) | | | — | | | — | | | 94 | | | — | | | (1,040) | | | Balance as of March 31, 2024 | | $ | — | | | $ | 2,884 | | | $ | 2,482 | | | $ | 3,964 | | | $ | 3,477 | | | $ | (3,465) | | | $ | (89,739) | | | $ | (80,397) | |
The following table presents components and amounts reclassified out of AOCI to net income: | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Affected Line Item in the Statements of Income | | Amounts Reclassified from AOCI For the Three Months Ended March 31, | | | | | 2025 | | 2024 | | | | | | | | | Foreign currency exchange contracts | | Cost of revenue | | $ | 3,745 | | | $ | 810 | | | | Provision for income taxes | | (1,034) | | | (243) | | | | Gain, net of tax | | $ | 2,711 | | | $ | 567 | | | | | | | | | | Interest rate swap contracts | | Interest expense | | $ | 324 | | | $ | 957 | | | | Provision for income taxes | | (77) | | | (227) | | | | Gain, net of tax | | $ | 247 | | | $ | 730 | | | | | | | | | | Investments | | General and administrative expense | | $ | — | | | $ | (214) | | | | Provision for income taxes | | — | | | 51 | | | | Loss, net of tax | | $ | — | | | $ | (163) | | | | | | | | | | Defined benefit plans | | Cost of revenue and operating expenses | | $ | (138) | | | $ | (113) | | | | Provision for income taxes | | 22 | | | 19 | | | | Loss, net of tax | | $ | (116) | | | $ | (94) | |
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