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Accumulated Other Comprehensive Loss (Tables)
 6 Months Ended
Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Components of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss as of June 30, 2023 and 2022 included the following:

 

 

 

Three Months Ended June 30, 2023

 

 

 

Foreign
Currency
Translation
Adjustments

 

 

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

 

 

Total

 

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

 

$

(12,495

)

 

$

3,028

 

 

$

(9,467

)

Current period other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income before reclassifications

 

 

1,652

 

 

 

3,811

 

 

 

5,463

 

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

 

 

—

 

 

 

(1,778

)

 

 

(1,778

)

Effect of taxes (4)

 

 

10

 

 

 

(544

)

 

 

(534

)

Total current period other comprehensive (loss) income

 

 

1,662

 

 

 

1,489

 

 

 

3,151

 

Accumulated other comprehensive (loss) income at June 30, 2023

 

$

(10,833

)

 

$

4,517

 

 

$

(6,316

)

 

 

 

 

 

 

 

Three Months Ended June 30, 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 March 31, 2022

 

$

(10,700

)

 

$

437

 

 

$

1,887

 

 

$

(8,376

)

Current period other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income before reclassifications

 

 

(6,721

)

 

 

—

 

 

 

1,793

 

 

 

(4,928

)

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

 

 

—

 

 

 

(180

)

 

 

596

 

 

 

416

 

Effect of taxes (4)

 

 

859

 

 

 

48

 

 

 

(606

)

 

 

301

 

Total current period other comprehensive (loss) income

 

 

(5,862

)

 

 

(132

)

 

 

1,783

 

 

 

(4,211

)

Accumulated other comprehensive (loss) income at June 30, 2022

 

$

(16,562

)

 

$

305

 

 

$

3,670

 

 

$

(12,587

)

 

 

 

 

 

 

Six Months Ended June 30, 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

 

 

3,405

 

 

 

—

 

 

 

1,279

 

 

 

4,684

 

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

 

 

—

 

 

 

(60

)

 

 

(3,138

)

 

 

(3,198

)

Effect of taxes (4)

 

 

(182

)

 

 

19

 

 

 

494

 

 

 

331

 

Total current period other comprehensive (loss) income

 

 

3,223

 

 

 

(41

)

 

 

(1,365

)

 

 

1,817

 

Accumulated other comprehensive (loss) income at June 30, 2023

 

$

(10,833

)

 

$

—

 

 

$

4,517

 

 

$

(6,316

)

 

 

 

 

 

 

Six Months Ended June 30, 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

 

 

(9,025

)

 

 

—

 

 

 

7,302

 

 

 

(1,723

)

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

 

 

—

 

 

 

(360

)

 

 

1,498

 

 

 

1,138

 

Effect of taxes (4)

 

 

1,222

 

 

 

96

 

 

 

(2,285

)

 

 

(967

)

Total current period other comprehensive (loss) income

 

 

(7,803

)

 

 

(264

)

 

 

6,515

 

 

 

(1,552

)

Accumulated other comprehensive (loss) income at June 30, 2022

 

$

(16,562

)

 

$

305

 

 

$

3,670

 

 

$

(12,587

)

 

 

 

(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 June 27, 2028 (see “Note 8 — Derivative Instruments and Hedging Activities”).
(3)
The Company expects to reclassify $6.6 million of 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 June 30, 2023 and 2022 was 4.4% and 28.6%, respectively, and 14.0% and 28.1% for the six months ended June 30, 2023 and 2022.