Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2019

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Components of Other Comprehensive Income and Components of 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 June 30, 2019 and 2018 are as follows:

	Three Months Ended June 30, 2019
	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 March 31, 2019	$	(12,914	)	$	2,031		$	(1,385	)	$	(12,268	)
Current period other comprehensive income (loss):
Other comprehensive loss before reclassifications		(1,304	)		—			(2,173	)		(3,477	)
Amounts reclassified from accumulated other comprehensive income		—			(180	)		31			(149	)
Effect of taxes⁽³⁾		163			47			563			773
Total current period other comprehensive loss		(1,141	)		(133	)		(1,579	)		(2,853	)
Accumulated other comprehensive (loss) income at June 30, 2019	$	(14,055	)	$	1,898		$	(2,964	)	$	(15,121	)

	Six Months Ended June 30, 2019
	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, 2019	$	(14,168	)	$	2,164		$	(547	)	$	(12,551	)
Current period other comprehensive (loss) income:
Other comprehensive income (loss) before reclassifications		(50	)		—			(3,337	)		(3,387	)
Amounts reclassified from accumulated other comprehensive (loss) income		—			(360	)		54			(306	)
Effect of taxes⁽³⁾		163			94			866			1,123
Total current period other comprehensive income (loss)		113			(266	)		(2,417	)		(2,570	)
Accumulated other comprehensive (loss) income at June 30, 2019	$	(14,055	)	$	1,898		$	(2,964	)	$	(15,121	)

	Three Months Ended June 30, 2018
	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, 2018	$	(7,708	)	$	2,563		$	886	$	(4,259	)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications		(3,561	)		—			181		(3,380	)
Amounts reclassified from accumulated other comprehensive income		—			(180	)		—		(180	)
Effect of taxes⁽³⁾		195			48			—		243
Total current period other comprehensive (loss) income		(3,366	)		(132	)		181		(3,317	)
Accumulated other comprehensive (loss) income at June 30, 2018	$	(11,074	)	$	2,431		$	1,067	$	(7,576	)

	Six Months Ended June 30, 2018
	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 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		(1,983	)		—			626		(1,357	)
Amounts reclassified from accumulated other comprehensive income		—			(300	)		—		(300	)
Effect of taxes⁽³⁾		(146	)		95			—		(51	)
Total current period other comprehensive (loss) income		(2,129	)		(205	)		626		(1,708	)
Accumulated other comprehensive (loss) income at June 30, 2018	$	(11,074	)	$	2,431		$	1,067	$	(7,576	)

(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 a cash flow hedge. The fair value of the interest rate hedge agreements was 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 months ended June 30, 2019 and 2018 was 26.2% and 26.6%, respectively, and 22.9% and 24.7% for the six months ended June 30, 2019 and 2018, 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 Cuts and Jobs Act of 2017 (the “Tax Act”).

(5)	The fair value of the fixed interest rate swap is included in other liabilities on the June 30, 2019 consolidated balance sheet.