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

Accumulated other comprehensive (loss) income included the following:

 

 

 

Foreign
Currency
Translation
Adjustments

 

 

Gain on Sale of
Interest Rate
Hedge
Agreement (1)

 

 

Changes in
Fair Value
of Interest
Rate Hedge
Agreements (2)(5)

 

 

Total

 

Accumulated other comprehensive (loss) income at January 1, 2021

 

$

(7,210

)

 

$

1,096

 

 

$

(7,992

)

 

$

(14,106

)

Current period other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) before reclassifications

 

 

(1,676

)

 

 

—

 

 

 

3,285

 

 

 

1,609

 

Amounts reclassified from accumulated other comprehensive (loss) income

 

 

—

 

 

 

(720

)

 

 

3,728

 

 

 

3,008

 

Effect of taxes (3)

 

 

127

 

 

 

193

 

 

 

(1,866

)

 

 

(1,546

)

Total current period other comprehensive income (loss)

 

 

(1,549

)

 

 

(527

)

 

 

5,147

 

 

 

3,071

 

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

 

 

(8,759

)

 

 

569

 

 

 

(2,845

)

 

 

(11,035

)

Current period other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income before reclassifications

 

 

(9,259

)

 

 

—

 

 

 

11,445

 

 

 

2,186

 

Amounts reclassified from accumulated other comprehensive (loss) income

 

 

—

 

 

 

(720

)

 

 

472

 

 

 

(248

)

Effect of taxes (3)

 

 

3,962

 

 

 

192

 

 

 

(3,190

)

 

 

964

 

Total current period other comprehensive income (loss)

 

 

(5,297

)

 

 

(528

)

 

 

8,727

 

 

 

2,902

 

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

 

 

(14,056

)

 

 

41

 

 

 

5,882

 

 

 

(8,133

)

Current period other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) before reclassifications

 

 

4,158

 

 

 

—

 

 

 

(45

)

 

 

4,113

 

Amounts reclassified from accumulated other comprehensive (loss) income (4)

 

 

—

 

 

 

(60

)

 

 

(6,922

)

 

 

(6,982

)

Effect of taxes (3)

 

 

(2,797

)

 

 

19

 

 

 

1,895

 

 

 

(883

)

Total current period other comprehensive income (loss)

 

 

1,361

 

 

 

(41

)

 

 

(5,072

)

 

 

(3,752

)

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

 

$

(12,695

)

 

$

—

 

 

$

810

 

 

$

(11,885

)

 

(1)
Represents the fair 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 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 January 31, 2018 to January 31, 2023.
(2)
Represents the change in fair value of interest rate hedge agreements designated as a 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 through June 27, 2028. See additional details of the hedge agreements in Note 12 - Derivative Instruments and Hedging Activities.
(3)
The Company’s effective tax rate for the years ended December 31, 2023, 2022, and 2021 was 14.4%, 23.5%, and 28.9%, respectively.
(4)
The Company expects to reclassify $4.8 million in unrealized 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.
(5)
The fair value of the interest rate hedge agreements is included in other current and other long-term assets and liabilities on the consolidated balance sheets. See “Note 19 - Fair Value” for additional details.