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Accumulated Other Comprehensive Income/(Loss)
 6 Months Ended
Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income/(Loss) Accumulated Other Comprehensive Income/(Loss)
Accumulated other comprehensive income/(loss) (“AOCI”) consists of actuarial gain/(loss) on retirement benefits and foreign currency translation adjustments. In addition, the Company enters into foreign currency exchange contracts, which are designated as cash flow hedges and net investment hedges in accordance with ASC 815. Cumulative changes in the fair values of these foreign currency exchange contracts are recognized in AOCI on the Company’s unaudited consolidated balance sheets. Upon settlement of foreign exchange contracts designated as cash flow hedges, fair value changes are reclassified from AOCI to net income, whereas such fair value changes related to net investment hedges are included in net income when a foreign operation is disposed or partially disposed. The balances as of June 30, 2022 and 2021 are as follows:
Accumulated Other Comprehensive Income/(Loss)
Foreign currency translation lossUnrealized gain/(loss) on cash flow hedgesRetirement benefitsTotal
Balance as of January 1, 2022$(95,437)$8,420 $(2,457)$(89,474)
Losses recognized during the period(30,227)(15,149)— (45,376)
Reclassification to net income (1)
— (3,448)304 (3,144)
Income tax effects (2)
979 3,733 (92)4,620 
Accumulated other comprehensive income/(loss) as of June 30, 2022$(124,685)$(6,444)$(2,245)$(133,374)
Balance as of January 1, 2021$(86,185)$13,799 $(2,598)$(74,984)
Losses recognized during the period(6,686)(303)— (6,989)
Losses on net investment hedges(1,134)— — (1,134)
Reclassification to net income (1)
— (5,695)355 (5,340)
Income tax effects (2)
1,229 595 (122)1,702 
Accumulated other comprehensive income/(loss) as of June 30, 2021$(92,776)$8,396 $(2,365)$(86,745)

(1) Refer to Note 16 - Derivatives and Hedge Accounting and Note 19 - Employee Benefit Plans to the unaudited consolidated financial statements for reclassification to net income.

(2) These are income tax effects recognized on cash flow hedges, retirement benefits and foreign currency translation gains / (losses). Refer to Note 21 - Income Taxes to the unaudited consolidated financial statements.