Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Tax |
The following table sets forth the components of accumulated other comprehensive income (loss), net of tax for the three months ended March 31, 2018 and 2017 (in thousands):
|
|
Foreign |
|
|
|
|
|
|
|
currency |
|
|
|
|
|
|
|
translation |
|
|
|
|
|
|
|
gain (loss) |
|
|
Total |
|
Balance at December 31, 2016 |
|
$ |
(11,578 |
) |
|
$ |
(11,578 |
) |
Other comprehensive loss, before reclassifications and tax |
|
|
1,781 |
|
|
|
1,781 |
|
Tax impact |
|
|
(643 |
) |
|
|
(643 |
) |
Balance at March 31, 2017 |
|
$ |
(10,440 |
) |
|
$ |
(10,440 |
) |
|
|
|
|
|
|
|
|
|
Balance at December 31, 2017 |
|
$ |
(7,086 |
) |
|
$ |
(7,086 |
) |
Other comprehensive loss, before reclassifications and tax |
|
|
3,644 |
|
|
|
3,644 |
|
Tax impact |
|
|
(820 |
) |
|
|
(820 |
) |
Australia and Canada liquidation (1) |
|
|
2,343 |
|
|
|
2,343 |
|
Tax impact |
|
|
(781 |
) |
|
|
(781 |
) |
Reclassification of certain deferred tax effects (2) |
|
|
(1,622 |
) |
|
|
(1,622 |
) |
Balance at March 31, 2018 |
|
$ |
(4,322 |
) |
|
$ |
(4,322 |
) |
(1) |
Amount reclassified from accumulated other comprehensive loss represents the realization of foreign currency translation losses on the Company’s Australia and Canada businesses for the three months ended March 31, 2018. These amounts were recorded in “Foreign currency transaction (loss) gain” on the consolidated statements of income. See Note 1 for additional information. |
(2) |
Amount reclassified from accumulated other comprehensive loss represents stranded tax effects resulting from the newly enacted federal corporate income tax rate under the Tax Cuts and Jobs Act. The amount of the reclassification is the difference between the historical corporate income tax rate and the newly enacted 21 percent corporate income tax rate. These amounts were recorded to retained earnings on the consolidated balance sheets. See Note 1 for additional information. |
|