Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2021

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

NOTE 14 - 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, 2019	$	(14,168	)	$	2,164		$	(547	)	$	(12,551	)
Other comprehensive income (loss) before reclassifications		2,338			—			(3,362	)		(1,024	)
Amounts reclassified from accumulated other comprehensive (loss) income		—			(720	)		333			(387	)
Effect of taxes ⁽³⁾		835			190			793			1,818
Total current period other comprehensive income (loss)		3,173			(530	)		(2,236	)		407
Accumulated other comprehensive (loss) income at December 31, 2019		(10,995	)		1,634			(2,783	)		(12,144	)
Other comprehensive income (loss) before reclassifications		4,141			—			(9,867	)		(5,726	)
Amounts reclassified from accumulated other comprehensive (loss) income		—			(720	)		2,751			2,031
Effect of taxes ⁽³⁾		(356	)		182			1,907			1,733
Total current period other comprehensive income (loss)		3,785			(538	)		(5,209	)		(1,962	)
Accumulated other comprehensive (loss) income at December 31, 2020		(7,210	)		1,096			(7,992	)		(14,106	)
Other comprehensive (loss) income before reclassifications		(1,676	)		—			3,285			1,609
Amounts reclassified from accumulated other comprehensive (loss) income ⁽⁴⁾		—			(720	)		3,728			3,008
Effect of taxes ⁽³⁾		127			193			(1,866	)		(1,546	)
Total current period other comprehensive (loss) income		(1,549	)		(527	)		5,147			3,071
Accumulated other comprehensive (loss) income at December 31, 2021	$	(8,759	)	$	569		$	(2,845	)	$	(11,035	)

(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 interest rate hedge agreements designated as a cash flow hedges. The fair value of the interest rate hedge agreements 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 February 28, 2025. See additional details of the hedge agreements in Note 12 - Derivative Instruments and Hedging Activities.

(3)	The Company’s effective tax rate for the years ended December 31, 2021, 2020, and 2019 was 28.9%, 26.4%, and 23.6%, respectively.

(4)	The Company expects to reclassify $0.7 million related to the Gain on Sale of Interest Rate Hedge Agreement, and $3.0 million 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.

(5)	The fair value of the interest rate hedge agreements is included in other current and other long-term liabilities on the consolidated balance sheets.