Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Components of Accumulated Other Comprehensive Loss

NOTE 11 – ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss as of March 31, 2022 and 2021 included the following:

	Three Months Ended March 31, 2022
	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, 2021	$	(8,759	)	$	569		$	(2,845	)	$	(11,035	)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications		(2,304	)		—			5,509			3,205
Amounts reclassified from accumulated other comprehensive (loss) income ⁽³⁾		—			(180	)		902			722
Effect of taxes⁽⁴⁾		363			48			(1,679	)		(1,268	)
Total current period other comprehensive (loss) income		(1,941	)		(132	)		4,732			2,659
Accumulated other comprehensive (loss) income at March 31, 2022	$	(10,700	)	$	437		$	1,887		$	(8,376	)

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

(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 9—Derivative Instruments and Hedging Activities).

(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, 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 August 31, 2018 to February 28, 2025 (see Note 9—Derivative Instruments and Hedging Activities).

(3)	The Company expects to reclassify $0.6 million net gains related to the Gain on Sale of Interest Rate Hedge Agreement and $0.5 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, 2022 and 2021 was 27.5% and 26.7%, respectively.