Comprehensive income (loss) includes net income (loss) and all changes in shareholders’ equity during a period, except for those changes resulting from investments by shareholders or distributions to shareholders.

The components of accumulated other comprehensive loss as of December 31, 2025 and 2024 were as follows (in thousands):


	Net Unrealized Gain (Loss) From Hedging Activities		Foreign Currency Translation Adjustments		Total Accumulated Other Comprehensive Loss
Balance at December 31, 2024	$	740	$	(948,407)	$	(947,667)


Other comprehensive income before reclassifications	208		380,172		380,380
Amounts reclassified from accumulated other comprehensive loss	(1,311)		—		(1,311)
Other comprehensive income (loss), net	(1,103)		380,172		379,069
Balance at December 31, 2025	$	(363)	$	(568,235)	$	(568,598)

In 2025, other comprehensive income (loss) primarily reflects foreign currency translation adjustments due to the strengthening of the sterling against the U.S. dollar.