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Accumulated Other Comprehensive Loss
12 Months Ended
Dec. 31, 2018
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]  
Accumulated Other Comprehensive Loss

NOTE 12 - ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss 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, 2016

 

$

(7,491

)

 

$

 

 

$

 

 

$

(7,491

)

Current period other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income before

   reclassifications

 

 

(7,924

)

 

 

3,600

 

 

 

 

 

 

(4,324

)

Effect of taxes (3)

 

 

3,600

 

 

 

(1,425

)

 

 

 

 

 

2,175

 

Total current period other comprehensive (loss)

   income

 

 

(4,324

)

 

 

2,175

 

 

 

 

 

 

(2,149

)

Accumulated other comprehensive (loss) income at

   December 31, 2016

 

 

(11,815

)

 

 

2,175

 

 

 

 

 

 

(9,640

)

Current period other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income before

   reclassifications

 

 

6,476

 

 

 

 

 

 

441

 

 

 

6,917

 

Effect of taxes (3)

 

 

(2,299

)

 

 

(17

)

 

 

 

 

 

(2,316

)

Total current period other comprehensive income

   (loss)

 

 

4,177

 

 

 

(17

)

 

 

441

 

 

 

4,601

 

Accumulated other comprehensive (loss) income at

   December 31, 2017

 

 

(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 income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss before reclassifications

 

 

(4,711

)

 

 

 

 

 

(1,184

)

 

 

(5,895

)

Amounts reclassified from accumulated

   other comprehensive income

 

 

 

 

 

(660

)

 

 

(12

)

 

 

(672

)

Effect of taxes (3)

 

 

(512

)

 

 

188

 

 

 

208

 

 

 

(116

)

Total current period other comprehensive (loss)

   income

 

 

(5,223

)

 

 

(472

)

 

 

(988

)

 

 

(6,683

)

Accumulated other comprehensive (loss) income at

   December 31, 2018

 

$

(14,168

)

 

$

2,164

 

 

$

(547

)

 

$

(12,551

)

 

(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 an interest rate hedge agreement designated as a cash flow hedge and entered into on August 31, 2017.  The fair value of the interest rate hedge agreement was recorded in other comprehensive income 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 August 31, 2023. See additional details of the hedge agreement in Note 10 - Derivative Instruments and Hedging Activities.

(3)

The Company’s effective tax rate for the years ended December 31, 2018, 2017, and 2016 was 25.9%, 15.0%, and 37.5%, respectively.

(4)

The Company has adjusted the balance of accumulated other comprehensive (loss) income at December 31, 2017 after the adoption of ASU 2018-02.  See additional details of the adoption of ASU 2018-02 in Note 2 – Summary of Significant Accounting Policies.

(5)

The fair value of the interest rate hedge agreements is included in other liabilities on the consolidated balance sheet.