NOTE 6 – OTHER COMPREHENSIVE INCOME (LOSS) AND ACCUMULATED OTHER COMPREHENSIVE LOSS

Other comprehensive income (loss) includes foreign currency translation adjustments arising from the conversion of financial statements of foreign subsidiaries into U.S. dollars, the amortization of the gain on the sale of an interest rate hedge agreement, and the change in the fair value of current interest rate hedge agreements. Components of accumulated other comprehensive loss as of September 30, 2018 and 2017 are as follows:

	Three Months Ended September 30, 2018
	Foreign Currency Translation Adjustments			Gain on Sale of Interest Rate Hedge Agreement ⁽¹⁾			Change in Fair Value of Interest Rate Hedge Agreements ⁽²⁾⁽⁵⁾			Total
Accumulated other comprehensive (loss) income at June 30, 2018	$	(11,074	)	$	2,431		$	1,067		$	(7,576	)
Current period other comprehensive income (loss):
Other comprehensive (loss) income before reclassifications		(255	)		—			371			116
Amounts reclassified from accumulated other comprehensive income		—			(180	)		(41	)		(221	)
Effect of taxes⁽³⁾		(142	)		47			(368	)		(463	)
Total current period other comprehensive (loss) income		(397	)		(133	)		(38	)		(568	)
Accumulated other comprehensive (loss) income at September 30, 2018	$	(11,471	)	$	2,298		$	1,029		$	(8,144	)

	Three Months Ended September 30, 2017
	Foreign Currency Translation Adjustments			Gain on Sale of Interest Rate Hedge Agreement ⁽¹⁾		Change in Fair Value of Interest Rate Hedge Agreement ⁽²⁾⁽⁵⁾		Total
Accumulated other comprehensive (loss) income at June 30, 2017	$	(9,343	)	$	2,175	$	—	$	(7,168	)
Current period other comprehensive income (loss):
Other comprehensive income before reclassifications		943			—		228		1,171
Effect of taxes⁽³⁾		(613	)		—		—		(613	)
Total current period other comprehensive income		330			—		228		558
Accumulated other comprehensive (loss) income at September 30, 2017	$	(9,013	)	$	2,175	$	228	$	(6,610	)

	Nine Months Ended September 30, 2018
	Foreign Currency Translation Adjustments			Gain on Sale of Interest Rate Hedge Agreement ⁽¹⁾			Change in Fair Value of Interest Rate Hedge Agreements ⁽²⁾⁽⁵⁾			Total
Accumulated other comprehensive (loss) income at January 1, 2018	$	(7,638	)	$	2,158		$	441		$	(5,039	)
Reclassification of stranded tax effects due to adoption of accounting principle ⁽⁴⁾		(1,307	)		478			—			(829	)
Adjusted beginning balance		(8,945	)		2,636			441			(5,868	)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications		(2,530	)		—			997			(1,533	)
Amounts reclassified from accumulated other comprehensive income		—			(480	)		(41	)		(521	)
Effect of taxes⁽³⁾		4			142			(368	)		(222	)
Total current period other comprehensive (loss) income		(2,526	)		(338	)		588			(2,276	)
Accumulated other comprehensive (loss) income at September 30, 2018	$	(11,471	)	$	2,298		$	1,029		$	(8,144	)

	Nine Months Ended September 30, 2017
	Foreign Currency Translation Adjustments			Gain on Sale of Interest Rate Hedge Agreement ⁽¹⁾		Change in Fair Value of Interest Rate Hedge Agreement ⁽²⁾⁽⁵⁾		Total
Accumulated other comprehensive (loss) income at January 1, 2017	$	(11,815	)	$	2,175	$	—	$	(9,640	)
Current period other comprehensive income (loss):
Other comprehensive income before reclassifications		4,113			—		228		4,341
Effect of taxes⁽³⁾		(1,311	)		—		—		(1,311	)
Total current period other comprehensive income		2,802			—		228		3,030
Accumulated other comprehensive (loss) income at September 30, 2017	$	(9,013	)	$	2,175	$	228	$	(6,610	)

(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 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 a cash flow hedge. The fair value of the interest rate hedge agreements were recorded in other comprehensive income and will be reclassified to interest expense when earnings are impacted by the hedged items and as interest payments are made on the Credit Facility from August 31, 2018 to August 31, 2023.

(3) - The Company’s effective tax rate for the three and nine months ended September 30, 2018 and 2017 was 22.9% and 34.5% and 24.0% and 35.6%, respectively.

(4) - The Company has adjusted the balance at December 31, 2017 of accumulated other comprehensive loss for the stranded tax effects caused by the enactment of the Tax Act.

(5) - The fair value of the fixed interest rate swap asset is included in other assets on the consolidated balance sheet.