Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2021

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Components of Accumulated Other Comprehensive Loss

NOTE 10 – ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss as of September 30, 2021 and 2020 included the following:

	Three Months Ended September 30, 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 June 30, 2021	$	(6,225	)	$	833		$	(5,502	)	$	(10,894	)
Current period other comprehensive (loss) income:
Other comprehensive income (loss) before reclassifications		(2,872	)		—			(27	)		(2,899	)
Amounts reclassified from accumulated other comprehensive (loss) income ⁽³⁾		—			(180	)		943			763
Effect of taxes⁽⁴⁾		361			48			(244	)		165
Total current period other comprehensive (loss) income		(2,511	)		(132	)		672			(1,971	)
Accumulated other comprehensive (loss) income at September 30, 2021	$	(8,736	)	$	701		$	(4,830	)	$	(12,865	)

	Three Months Ended September 30, 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 June 30, 2020	$	(15,209	)	$	1,368		$	(9,590	)	$	(23,431	)
Current period other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications		3,881			—			(45	)		3,836
Amounts reclassified from accumulated other comprehensive (loss) income ⁽³⁾		—			(180	)		909			729
Effect of taxes⁽⁴⁾		(714	)		47			(227	)		(894	)
Total current period other comprehensive income (loss)		3,167			(133	)		637			3,671
Accumulated other comprehensive (loss) income at September 30, 2020	$	(12,042	)	$	1,235		$	(8,953	)	$	(19,760	)

	Nine Months Ended September 30, 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		(1,722	)		—			1,530			(192	)
Amounts reclassified from accumulated other comprehensive (loss) income ⁽³⁾		—			(540	)		2,778			2,238
Effect of taxes⁽⁴⁾		196			145			(1,146	)		(805	)
Total current period other comprehensive (loss) income		(1,526	)		(395	)		3,162			1,241
Accumulated other comprehensive (loss) income at September 30, 2021	$	(8,736	)	$	701		$	(4,830	)	$	(12,865	)

	Nine Months Ended September 30, 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		(940	)		—			(10,200	)		(11,140	)
Amounts reclassified from accumulated other comprehensive (loss) income ⁽³⁾		—			(540	)		1,832			1,292
Effect of taxes⁽⁴⁾		(107	)		141			2,198			2,232
Total current period other comprehensive (loss) income		(1,047	)		(399	)		(6,170	)		(7,616	)
Accumulated other comprehensive (loss) income at September 30, 2020	$	(12,042	)	$	1,235		$	(8,953	)	$	(19,760	)

(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 September 30, 2021 and 2020 was 31.6% and 27.2%, respectively, and 29.8% and 25.7% for the nine months ended September 30, 2021 and 2020, respectively.