Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2021

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income

6. Accumulated Other Comprehensive Income

The following table presents the components of comprehensive income (in thousands):

	Three Months Ended March 31,
	2021		2020
Net income	$	7,031	$	5,544
Mark to market of foreign exchange hedges		—		(8)
Deferred income tax benefit		—		2
Comprehensive income	$	7,031	$	5,538

In May 2018, to hedge against potential losses due to changes in the Euro to U.S. Dollar exchange rates, the Company entered into FX hedges with a counterparty to the FX hedges to fix the exchange rates. The last of the FX hedges expired in April 2020. The FX hedges were effective as defined under applicable accounting rules. Therefore, changes in the fair value of the FX hedges were reflected in comprehensive income.