| Comprehensive Income |
Comprehensive Income
Changes in accumulated balances of other comprehensive income, by component, were as follows for the three and six months ended June 30, 2016 and 2015, respectively. Amounts are shown net of income tax.
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Three Months Ended June 30, 2016 |
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Six Months Ended June 30, 2016 |
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Foreign Currency |
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Swap Agreements |
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Total |
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Foreign Currency |
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Swap Agreements |
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Total |
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(in thousands) |
Balance, beginning of period |
$ |
(450 |
) |
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$ |
(79 |
) |
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$ |
(529 |
) |
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$ |
(546 |
) |
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$ |
— |
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$ |
(546 |
) |
Interest rate swap: |
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Reclassification of realized losses on Swap Agreement |
— |
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52 |
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52 |
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— |
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52 |
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52 |
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Change in fair value of Swap Agreements |
— |
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(330 |
) |
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(330 |
) |
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— |
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(409 |
) |
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(409 |
) |
Foreign currency translation adjustments |
8 |
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— |
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8 |
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|
104 |
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— |
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104 |
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Balance, end of period |
$ |
(442 |
) |
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$ |
(357 |
) |
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$ |
(799 |
) |
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$ |
(442 |
) |
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$ |
(357 |
) |
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$ |
(799 |
) |
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Three Months Ended June 30, 2015 |
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Six Months Ended June 30, 2015 |
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Foreign Currency |
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Hedge Instruments |
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Total |
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Foreign Currency |
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Hedge Instruments |
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Total |
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(in thousands) |
Balance, beginning of period |
$ |
(373 |
) |
|
$ |
— |
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|
$ |
(373 |
) |
|
$ |
(209 |
) |
|
$ |
— |
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$ |
(209 |
) |
Foreign currency translation adjustments |
(72 |
) |
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— |
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(72 |
) |
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(236 |
) |
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— |
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(236 |
) |
Balance, end of period |
$ |
(445 |
) |
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$ |
— |
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$ |
(445 |
) |
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$ |
(445 |
) |
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$ |
— |
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$ |
(445 |
) |
Amounts reclassified to net income during the three and six months ended June 30, 2016 included net realized losses on the Swap Agreements. These reclassifications are reflected in the line, “Interest expense and other, net” in the accompanying Condensed Consolidated Statements of Operations. No amounts were reclassified to net income during the three and six months ended June 30, 2015.
The following table shows the income tax effects of the individual items of other comprehensive income (loss) for the periods indicated, in thousands:
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Three Months Ended June 30, 2016 |
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Six Months Ended June 30, 2016 |
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Before Tax Amount |
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Tax Expense (Benefit) |
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Net of Tax Amount |
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Before Tax Amount |
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Tax Expense (Benefit) |
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Net of Tax Amount |
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(in thousands) |
Foreign currency translation adjustments |
$ |
13 |
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$ |
5 |
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$ |
8 |
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$ |
173 |
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$ |
69 |
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$ |
104 |
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Unrealized loss on interest rate swap agreements |
(550 |
) |
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(220 |
) |
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(330 |
) |
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(629 |
) |
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(220 |
) |
|
(409 |
) |
Net income for period |
3,628 |
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|
1,545 |
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|
2,083 |
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8,738 |
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3,659 |
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|
5,079 |
|
Other comprehensive income |
$ |
3,091 |
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$ |
1,330 |
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$ |
1,761 |
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$ |
8,282 |
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$ |
3,508 |
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$ |
4,774 |
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Three Months Ended June 30, 2015 |
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Six Months Ended June 30, 2015 |
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Before Tax Amount |
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Tax Expense (Benefit) |
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Net of Tax Amount |
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Before Tax Amount |
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Tax Expense (Benefit) |
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Net of Tax Amount |
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(in thousands) |
Foreign currency translation adjustments |
$ |
(72 |
) |
|
$ |
— |
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$ |
(72 |
) |
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$ |
(236 |
) |
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$ |
— |
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$ |
(236 |
) |
Net loss for period |
(3,129 |
) |
|
189 |
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(3,318 |
) |
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(6,441 |
) |
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(1,515 |
) |
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(4,926 |
) |
Other comprehensive loss |
$ |
(3,201 |
) |
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$ |
189 |
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$ |
(3,390 |
) |
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$ |
(6,677 |
) |
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$ |
(1,515 |
) |
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$ |
(5,162 |
) |
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