Common Stock and Accumulated Comprehensive Income

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Common Stock and Accumulated Other Comprehensive Income

17.COMMON STOCK AND ACCUMULATED OTHER COMPREHENSIVE INCOME

On July 30, 2018, we closed a public offering of 4,025,000 shares of common stock and received proceeds of approximately $205.0 million, which is net of approximately $12.0 million in underwriting discounts and commissions and approximately $366,000 in other direct cost incurred in connection with this equity offering. The net proceeds from the offering were used primarily to repay outstanding borrowings (principally revolving credit loans) under our Second Amended Credit Agreement.

On March 28, 2017, we closed a public offering of 5,175,000 shares of common stock and received proceeds of approximately $136.6 million, which is net of approximately $8.8 million in underwriting discounts and commissions and approximately $816,000 in other direct costs incurred in connection with this equity offering. The net proceeds from the offering were used primarily to repay outstanding borrowings (including our term loan and revolving credit loans) under our Second Amended Credit Agreement.

The changes in each component of Accumulated Other Comprehensive Income (Loss) for the years ended December 31, 2019 and 2018 were as follows:

	Cash Flow Hedges		Foreign Currency Translation		Total
December 31, 2016	$	2,923	$	(4,805)	$	(1,882)
OCI (loss)		1,344		3,117		4,461
Income taxes		(350)		(252)		(602)
Reclassifications to:
Revenue		277				277
Cost of Sales		(625)				(625)
Interest Expense		(95)				(95)
Net OCI (loss)		551		2,865		3,416
December 31, 2017		3,474		(1,940)		1,534
OCI (loss)		2,098		(3,606)		(1,508)
Income taxes		(16)		(9)		(25)
Reclassifications to:
Revenue		(136)				(136)
Cost of Sales		(361)				(361)
Interest Expense		(1,537)				(1,537)
Net OCI (loss)		48		(3,615)		(3,567)
December 31, 2018		3,522		(5,555)		(2,033)
OCI (loss)		(3,417)		(18)		(3,435)
Income taxes		1,404		61		1,465
Reclassifications to:
Revenue		(577)				(577)
Cost of Sales		578				578
Interest Expense		(2,040)				(2,040)
Net OCI (loss)		(4,052)		43		(4,009)
Reclassification of stranded tax effects 1		748				748
December 31, 2019	$	218	$	(5,512)	$	(5,294)

(1) Amounts reclassified to retained earnings as a result of the adoption of ASU 2018-02.