| ACCUMULATED OTHER COMPREHENSIVE INCOME |
NOTE 3: ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income (“AOCI”) includes net income plus other comprehensive income, which includes foreign currency translation gains and losses, certain changes in pension plans and changes in fair value of certain derivatives designated as cash flow hedges. The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the three months ended June 30, 2025: | | | | | | | | | | | | | | | Currency | | Pension | | Unrealized | | | | | | Translation | | Liability | | (Losses) Gains | | | | | | Adjustment | | (Asset) | | on Derivatives | | Total | Beginning balance, gross | | $ | (179,155) | | $ | (855) | | $ | (386) | | $ | (180,396) | Tax liability | | | — | | | 214 | | | 87 | | | 301 | Beginning balance, net of tax | | | (179,155) | | | (641) | | | (299) | | | (180,095) | Other comprehensive income (loss) before reclassifications | | | 21,457 | | | (139) | | | (158) | | | 21,160 | Amounts reclassified from accumulated other comprehensive income (loss) | | | — | | | 10 | | | (839) | | | (829) | Tax effects | | | — | | | 32 | | | 229 | | | 261 | Net current-period other comprehensive income (loss) | | | 21,457 | | | (97) | | | (768) | | | 20,592 | Total | | $ | (157,698) | | $ | (738) | | $ | (1,067) | | $ | (159,503) |
The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the six months ended June 30, 2025: | | | | | | | | | | | | | | | Currency | | | | | Unrealized | | | | | | Translation | | Pension | | (Losses) Gains | | | | | | Adjustment | | Liability | | on Derivatives | | Total | Beginning balance, gross | | $ | (179,886) | | $ | (739) | | $ | 2,632 | | $ | (177,993) | Tax liability | | | — | | | 186 | | | (640) | | | (454) | Beginning balance, net of tax | | | (179,886) | | | (553) | | | 1,992 | | | (178,447) | Other comprehensive income (loss) before reclassifications | | | 22,188 | | | (265) | | | (2,194) | | | 19,729 | Amounts reclassified from accumulated other comprehensive income (loss) | | | — | | | 20 | | | (1,821) | | | (1,801) | Tax effects | | | — | | | 60 | | | 956 | | | 1,016 | Net current-period other comprehensive income (loss) | | | 22,188 | | | (185) | | | (3,059) | | | 18,944 | Total | | $ | (157,698) | | $ | (738) | | $ | (1,067) | | $ | (159,503) |
The following table summarizes the change in the components of the Company’s AOCI balance and related tax effect for the three months ended June 30, 2024: | | | | | | | | | | | | | | | Currency | | | | | Unrealized | | | | | | Translation | | Pension | | (Losses) Gains | | | | | | Adjustment | | Liability | | on Derivatives | | Total | Beginning balance, gross | | $ | (153,278) | | $ | 1,417 | | $ | 8,335 | | $ | (143,526) | Tax liability | | | — | | | (339) | | | (2,096) | | | (2,435) | Beginning balance, net of tax | | | (153,278) | | | 1,078 | | | 6,239 | | | (145,961) | Other comprehensive income (loss) before reclassifications | | | (4,298) | | | (94) | | | 431 | | | (3,961) | Amounts reclassified from accumulated other comprehensive income (loss) | | | — | | | (54) | | | (1,071) | | | (1,125) | Tax effects | | | — | | | 36 | | | 151 | | | 187 | Net current-period other comprehensive income (loss) | | | (4,298) | | | (112) | | | (489) | | | (4,899) | Total | | $ | (157,576) | | $ | 966 | | $ | 5,750 | | $ | (150,860) |
The following table summarizes the change in the components of the Company’s AOCI balance and related tax effect for the six months ended June 30, 2024: | | | | | | | | | | | | | | | Currency | | | | | Unrealized | | | | | | Translation | | Pension | | (Losses) Gains | | | | | | Adjustment | | Liability | | on Derivatives | | Total | Beginning balance, gross | | $ | (142,798) | | $ | 1,559 | | $ | 5,677 | | $ | (135,562) | Tax liability | | | — | | | (373) | | | (1,373) | | | (1,746) | Beginning balance, net of tax | | | (142,798) | | | 1,186 | | | 4,304 | | | (137,308) | Other comprehensive income (loss) before reclassifications | | | (14,778) | | | (182) | | | 3,306 | | | (11,654) | Amounts reclassified from accumulated other comprehensive income (loss) | | | — | | | (108) | | | (1,288) | | | (1,396) | Tax effects | | | — | | | 70 | | | (572) | | | (502) | Net current-period other comprehensive income (loss) | | | (14,778) | | | (220) | | | 1,446 | | | (13,552) | Total | | $ | (157,576) | | $ | 966 | | $ | 5,750 | | $ | (150,860) |
The reclassifications out of AOCI were immaterial for the three and six months ended June 30, 2025 and 2024.
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