Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2016

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss is as follows:

	December 31,
	2016			2015			2014
	(in thousands)
Foreign currency translation adjustments	$	(5,362	)	$	(4,756	)	$	(2,087	)
Deferred loss on cash flow hedge	(3,160		)	(4,022		)	(4,884		)
Total accumulated other comprehensive loss	$	(8,522	)	$	(8,778	)	$	(6,971	)

Cash Flow Hedge

In July 2010, the Company entered into an interest rate swap agreement to protect itself from an increase in the market interest rate on $250 million of 10-year, fixed rate debt with the coupon to be set at market interest rates. The interest rate swap agreement was designated as a cash flow hedge under the guidance for derivatives and hedging. In August 2010, upon issuance of the related fixed-rate debt, the Company terminated and settled the interest rate swap agreement for a cash payment of $8.7 million. The Company recorded the effective portion of this deferred loss as a component of accumulated other comprehensive income (loss). The ineffective portion was recognized immediately as a component of earnings under interest expense in the Company’s consolidated statements of income. The effective portion of the deferred loss is being amortized over the term of the related debt as interest expense in the Company’s consolidated statements of income.

The following represents the changes in accumulated other comprehensive loss, net of tax by component for the years ended December 31, 2016 and 2015:

	Year Ended December 31, 2016									Year Ended December 31, 2015
	Loss on Cash Flow Hedge			Foreign Currency Items			Total			Loss on Cash Flow Hedge			Foreign Currency Items			Total
	(in thousands)									(in thousands)
Beginning Balance	$	(4,022	)	$	(4,756	)	$	(8,778	)	$	(4,884	)	$	(2,087	)	$	(6,971	)
Other comprehensive loss before reclassification	—			(606		)	(606		)	—			(2,669		)	(2,669		)
Amounts reclassified from accumulated other comprehensive income	862			—			862			862			—			862
Net current period other comprehensive income (loss)	862			(606		)	256			862			(2,669		)	(1,807		)
Ending Balance	$	(3,160	)	$	(5,362	)	$	(8,522	)	$	(4,022	)	$	(4,756	)	$	(8,778	)

The amounts reclassified from other accumulated other comprehensive income (loss) during the years ended December 31, 2016 and 2015 were reclassified to the following line items in the Company's Consolidated Statements of Income.

Component	Amount Reclassified from Accumulated Other Comprehensive Income(Loss)				Affected Line Item in the Consolidated Statement of Income
	Year ended December 31, 2016		Year ended December 31, 2015
	(in thousands)
Loss on cash flow hedge
Interest rate contract	$	862	$	862	Interest expense
	—		—		Tax (expense) benefit
	$	862	$	862	Net of tax