Accumulated other comprehensive income

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

Accumulated other comprehensive income

9. Accumulated other comprehensive income

Accumulated other comprehensive income is comprised of foreign currency translation adjustments and the effective portion of the gain (loss) on the Company’s cross-currency swap, which is designated and accounted for as a cash flow hedge. The components of and changes in accumulated other comprehensive income were as follows:

(U.S. Dollars, in thousands)	Foreign Currency Translation Adjustments		Fair Value of Cross-Currency Swap			Accumulated Other Comprehensive Income
Balance at December 31, 2013	$	2,846	$	(147	)	$	2,699
Unrealized gain on cross-currency swap, net of tax of $25		—		103			103
Foreign currency translation adjustment (1)		439		—			439
Balance at March 31, 2014	$	3,285	$	(44	)	$	3,241

(1) As the cash generally remains permanently invested in the non-U.S. dollar denominated foreign subsidiaries, no deferred taxes are recognized on the related foreign currency translation adjustment.