Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2021

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

NOTE 10 – ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss as of March 31, 2021 and 2020 included the following:

	Three Months Ended March 31, 2021
	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, 2020	$	(7,210	)	$	1,096		$	(7,992	)	$	(14,106	)
Current period other comprehensive (loss) income:
Other comprehensive income before reclassifications		968			—			1,882			2,850
Amounts reclassified from accumulated other comprehensive income ⁽³⁾		—			(180	)		907			727
Effect of taxes⁽⁴⁾		(104	)		49			(742	)		(797	)
Total current period other comprehensive (loss) income		864			(131	)		2,047			2,780
Accumulated other comprehensive (loss) income at March 31, 2021	$	(6,346	)	$	965		$	(5,945	)	$	(11,326	)

	Three Months Ended March 31, 2020
	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, 2019	$	(10,995	)	$	1,634		$	(2,783	)	$	(12,144	)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications		(5,430	)		—			(8,601	)		(14,031	)
Amounts reclassified from accumulated other comprehensive (loss) income ⁽³⁾		—			(180	)		230			50
Effect of taxes⁽⁴⁾		612			47			2,199			2,858
Total current period other comprehensive (loss) income		(4,818	)		(133	)		(6,172	)		(11,123	)
Accumulated other comprehensive (loss) income at March 31, 2020	$	(15,813	)	$	1,501		$	(8,955	)	$	(23,267	)

(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 (see Note 8—Derivative Instruments and Hedging Activities).

(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 February 28, 2025 (see Note 8—Derivative Instruments and Hedging Activities).

(3)	The Company expects to reclassify $0.7 million net gains related to the Gain on Sale of Interest Rate Hedge Agreement and $3.7 million net losses 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 March 31, 2021 and 2020 was 26.7% and 18.3%, respectively.