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16. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table summarizes the changes in accumulated other comprehensive income (loss) (in thousands):
| | | Unrealized Gains | | | | | | | |
| | | (Losses) on | | | Foreign Currency | | | | |
| | | Available-for-Sale | | | Translation | | | | |
| | | Securities | | | Adjustments | | | Total | |
| Balance as of January 1, 2021 | | $ | 1,601 | | | $ | 8,539 | | | $ | 10,140 | |
| Other comprehensive income (loss) before reclassifications | | | (3,244 | ) | | | 8,404 | | | | 5,160 | |
| Amounts reclassified from accumulated other comprehensive income | | | (33 | ) | | | - | | | | (33 | ) |
| Tax effect | | | 613 | | | | - | | | | 613 | |
| Net current period other comprehensive income (loss) | | | (2,664 | ) | | | 8,404 | | | | 5,740 | |
| Balance as of December 31, 2021 | | | (1,063 | ) | | | 16,943 | | | | 15,880 | |
| Other comprehensive loss before reclassifications | | | (6,944 | ) | | | (32,293 | ) | | | (39,237 | ) |
| Amounts reclassified from accumulated other comprehensive loss | | | 96 | | | | - | | | | 96 | |
| Tax effect | | | 184 | | | | - | | | | 184 | |
| Net current period other comprehensive loss | | | (6,664 | ) | | | (32,293 | ) | | | (38,957 | ) |
| Balance as of December 31, 2022 | | $ | (7,727 | ) | | $ | (15,350 | ) | | $ | (23,077 | ) |
The amounts reclassified from accumulated other comprehensive income (loss) were recorded in other income (expense), net, on the Consolidated Statements of Operations.
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