ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2021

ACCUMULATED OTHER COMPREHENSIVE LOSS

NOTE 6. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Changes in accumulated other comprehensive income (loss) (“AOCI”) consisted of the following:


	Foreign		Unrealized Gain
	Currency		(Loss) on Interest
$s in thousands	Translation		Rate Hedge		Total
Balance at December 31, 2019	$	(10,925)	$	(929)	$	(11,854)
Other comprehensive income (loss) before reclassifications, net of tax		3,055		(8,494)		(5,439)
Amounts reclassified out of AOCI, net of tax (1)		—		2,635		2,635
Other comprehensive income (loss), net		3,055		(5,859)		(2,804)
Balance at December 31, 2020	$	(7,870)	$	(6,788)	$	(14,658)
Other comprehensive (loss) income before reclassifications, net of tax		(1,505)		9,010		7,505
Amounts reclassified out of AOCI, net of tax (2)		—		2,959		2,959
Other comprehensive (loss) income, net		(1,505)		11,969		10,464
Balance at December 31, 2021	$	(9,375)	$	5,181	$	(4,194)

(1)

Before-tax reclassifications of $3.3 million ($2.6 million, after-tax) for the year ended December 31, 2020 were included in Interest expense in the Company’s consolidated statements of operations. Amount relates to the Company’s interest rate swap which is designated as a cash flow hedge. Changes in fair value of the swap recognized in AOCI are reclassified to interest expense when hedged interest payments on the underlying long-term debt are

made or, for terminated swap agreements, amortized to interest expense over the period from termination to original maturity.

(2)

Before-tax reclassifications of $3.7 million ($3.0 million, after-tax) for the year ended December 31, 2021 were included in Interest expense in the Company’s consolidated statements of operations. Amount relates to the Company’s interest rate swap which is designated as a cash flow hedge. Changes in fair value of the swap recognized in AOCI are reclassified to interest expense when hedged interest payments on the underlying long-term debt are made or, for terminated swap agreements, amortized to interest expense over the period from termination to original maturity. Amounts in AOCI expected to be recognized as interest expense over the next 12 months total approximately $2.8 million ($2.2 million after tax).