The accumulated other comprehensive loss account in Holdings’ stockholders’ equity of $353.2 and $363.9 and CUSA’s stockholder’s equity of $356.3 and $366.7, each at December 31, 2022 and 2023, respectively, each primarily includes cumulative foreign currency net losses of $389.8 and $384.9, at December 31, 2022 and 2023, from translating the financial statements of the Company’s international subsidiaries and the cumulative changes in fair value of the interest rate swap agreements that are designated as hedges.

As of December 31, 2023, all foreign countries where the Company has operations are non-highly inflationary, other than Argentina. In non-highly inflationary countries, the local currency is the same as the functional currency and 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 information 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.

During 2019, the Argentine government instituted exchange controls restricting the ability of entities and individuals to exchange Argentine pesos for foreign currencies and to remit foreign currency out of Argentina. As a result of these currency exchange controls, markets in Argentina developed a legal trading mechanism known as the Blue Chip Swap that allows entities to transfer U.S. dollars out of and into Argentina. In a Blue Chip Swap transaction, an entity buys U.S. dollar denominated securities in Argentina using Argentine pesos, and subsequently sells the securities for U.S. dollars, in Argentina, to access U.S. dollars locally, or outside of Argentina, by transferring the securities abroad, prior to being sold (the latter commonly known as Blue Chip Swap Rate). The Blue Chip Swap rate is the implicit exchange rate resulting from the Blue Chip Swap transaction. The Blue Chip Swap rate can diverge significantly from Argentina’s official exchange rate. During the year ended December 31, 2023, the Company entered into Blue Chip Swap transactions that resulted in a loss of approximately $12.4 which is reflected in “Foreign currency exchange and other related loss” in the Company’s consolidated statement of income for the year ended December 31, 2023.

Below is a summary of the impact of translating the financial statements of the Company’s international subsidiaries for the periods presented.


							Other Comprehensive
							Income (Loss)
	Exchange Rate as of December 31,						Year Ended December 31,
Country	2021		2022		2023		2021			2022		2023
Brazil		5.57		5.29		4.85	$	(4.7	)	$	2.7	$	5.5
Colombia		3,981.16		4,810.19		3,885.85		(0.1	)		—		1.20
Chile		852.02		852.00		879.54		(10.9	)		0.3		(3.1	)
Peru		4.02		3.81		3.75		(2.8	)		1.3		0.3
All other								(0.3	)		0.3		1.0
							$	(18.8	)	$	4.6	$	4.9

As noted above, beginning July 1, 2018, Argentina was deemed highly inflationary. The impact of translating Argentina’s 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 foreign currency exchange gain (loss) of $0.2, $8.5, and $(24.2), excluding the impact of the Blue Chip Swap transactions noted above, was recorded for the years ended December 31, 2021, 2022 and 2023, respectively.