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Accumulated Other Comprehensive Loss (Tables)
 3 Months Ended
Mar. 31, 2023
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]  
Components of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss as of March 31, 2023 and 2022 included the following:

 

 

 

 

Three Months Ended March 31, 2023

 

 

 

Foreign
Currency
Translation
Adjustments

 

 

Gain on Sale
of Interest
Rate Hedge
Agreement (1)

 

 

Change in
Fair Value of
Interest Rate
Hedge
Agreements (2)

 

 

Total

 

Accumulated other comprehensive (loss) income at December 31, 2022

 

$

(14,056

)

 

$

41

 

 

$

5,882

 

 

$

(8,133

)

Current period other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income before reclassifications

 

 

1,753

 

 

 

—

 

 

 

(2,532

)

 

 

(779

)

Amounts reclassified from accumulated other comprehensive (loss) income (3)

 

 

—

 

 

 

(60

)

 

 

(1,360

)

 

 

(1,420

)

Effect of taxes (4)

 

 

(192

)

 

 

19

 

 

 

1,038

 

 

 

865

 

Total current period other comprehensive (loss) income

 

 

1,561

 

 

 

(41

)

 

 

(2,854

)

 

 

(1,334

)

Accumulated other comprehensive (loss) income at March 31, 2023

 

$

(12,495

)

 

$

—

 

 

$

3,028

 

 

$

(9,467

)

 

 

 

 

 

 

Three Months Ended March 31, 2022

 

 

 

Foreign
Currency
Translation
Adjustments

 

 

Gain on Sale
of Interest
Rate Hedge
Agreement (1)

 

 

Change in
Fair Value of
Interest Rate
Hedge
Agreement (2)

 

 

Total

 

Accumulated other comprehensive (loss) income at December 31, 2021

 

$

(8,759

)

 

$

569

 

 

$

(2,845

)

 

$

(11,035

)

Current period other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income before reclassifications

 

 

(2,304

)

 

 

—

 

 

 

5,509

 

 

 

3,205

 

Amounts reclassified from accumulated other comprehensive (loss) income (3)

 

 

—

 

 

 

(180

)

 

 

902

 

 

 

722

 

Effect of taxes (4)

 

 

363

 

 

 

48

 

 

 

(1,679

)

 

 

(1,268

)

Total current period other comprehensive (loss) income

 

 

(1,941

)

 

 

(132

)

 

 

4,732

 

 

 

2,659

 

Accumulated other comprehensive (loss) income at March 31, 2022

 

$

(10,700

)

 

$

437

 

 

$

1,887

 

 

$

(8,376

)

 

 

(1)
Represents the unamortized value of an interest rate hedge agreement, designated as a cash flow hedge, which was sold on December 1, 2016. The fair value of the interest rate hedge agreement, at the date of the sale, was recorded in other comprehensive income, net of tax, and is being reclassified to interest expense when earnings are impacted by the hedged items and as interest payments are made on the Credit Facility from January 31, 2018 to January 31, 2023.
(2)
Represents the change in fair value of interest rate hedge agreements designated as cash flow hedges. The fair value of the interest rate hedge agreements was recorded in other comprehensive income, net of tax, and will be reclassified to earnings when earnings are impacted by the hedged items, as interest payments are made on the Credit Facility from August 31, 2018 to February 28, 2025 (see “Note 8 — Derivative Instruments and Hedging Activities”).
(3)
The Company expects to reclassify $4.8 million of net gains related to the Change in Fair Value of Interest Rate Hedge Agreement from accumulated other comprehensive loss into earnings during the next 12 months.
(4)
The Company’s effective tax rate for the three months ended March 31, 2023 and 2022 was 23.5% and 27.5%, respectively.