Foreign Currency Translation

12 Months Ended

Dec. 31, 2021

Foreign Currency [Abstract]

Foreign Currency Translation

15.FOREIGN CURRENCY TRANSLATION

The accumulated other comprehensive loss account in stockholders’ equity of $398,653 and $394,514 at December 31, 2020 and 2021, respectively, includes the cumulative foreign currency losses of $375,644 and $394,481, respectively, from translating the financial statements of the Company’s international subsidiaries and the change in fair values of the Company’s interest rate swap agreements designated as hedges.

As of December 31, 2021, all foreign countries where the Company has operations, other than Argentina, are non-highly inflationary, and the local currency is the same as the functional currency in all of the locations. Thus, any fluctuation in the currency results in a cumulative foreign currency translation adjustment recorded to accumulated other comprehensive loss. The Company deemed Argentina to be highly inflationary beginning July 1, 2018. A highly inflationary economy is defined as an economy with a cumulative inflation rate of approximately 100 percent or more over a three-year period. If a country’s economy is classified as highly inflationary, the financial statements of the foreign entity operating in that country must be remeasured to the functional currency of the reporting entity. The financial statements of the Company’s Argentina subsidiaries has been remeasured in U.S. dollars in accordance with ASC Topic 830, Foreign Currency Matters, effective beginning July 1, 2018.

Below is a summary of the impact of translating the financial statements of the Company’s international subsidiaries, whose functional currency is other than the US dollar, for the periods presented.

							Other Comprehensive
							Income (Loss)
	Exchange Rate as of December 31,						Year Ended December 31,
Country	2019		2020		2021		2019			2020			2021
Brazil		4.02		5.20		5.57	$	(8,140	)	$	(42,698	)	$	(4,696	)
Colombia		3,277.14		3,432.50		3,981.16		(362	)		(2,183	)		(140	)
Chile		736.86		714.14		852.02		(5,158	)		1,228			(10,890	)
Peru		3.37		3.65		4.02		257			(3,403	)		(2,785	)
All other								650			(536	)		(326	)
							$	(12,753	)	$	(47,592	)	$	(18,837	)

As noted above, beginning July 1, 2018, Argentina was deemed highly inflationary. The impact of translating Argentina financial results to U.S. dollars, subsequent to June 30, 2018, has been recorded in foreign currency exchange gain (loss) on the Company’s consolidated statements of income (loss). A gain of $1,243 and $195 were recorded for the years ended December 31, 2020 and 2021, respectively.