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OTHER COMPREHENSIVE (LOSS) INCOME
 6 Months Ended
Jun. 30, 2018
OTHER COMPREHENSIVE (LOSS) INCOME
4. OTHER COMPREHENSIVE (LOSS) INCOME

Other comprehensive (loss) income consists of the foreign currency translation adjustment associated with our Canadian operations’ use of the Canadian dollar as its functional currency and changes in the unrealized gains (losses) on cash flow hedging instruments and equity securities. The tax effects allocated to each component of other comprehensive (loss) income were as follows:

 

     Quarter Ended
June 30,		      Six Months Ended
June 30,		  
     2018      2017      2018      2017  

Foreign currency translation adjustment

    $ (5,046 )     $ 5,770      $ (11,691 )     $ 7,925  

Unrealized gain (loss) on cash flow hedging instruments

      520        304        727        (119 ) 

Income tax (expense) benefit

      (140 )       (82 )       (196 )       32  
  

 

 

     

 

 

     

 

 

     

 

 

  

Unrealized gain (loss) on cash flow hedging instruments, net of tax

      380        222        531        (87 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Reclassification of loss (gain) on cash flow hedging instruments into earnings

      144        (937 )       1,175        (1,180 ) 

Income tax (benefit) expense

      (39 )       254        (317 )       319  
  

 

 

     

 

 

     

 

 

     

 

 

  

Reclassification of loss (gain) on cash flow hedging instruments into earnings, net of tax

      105        (683 )       858        (861 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Unrealized (loss) gain on equity securities

      —          (8 )       —          5  

Income tax benefit (expense)

      —          3        —          (2 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Unrealized (loss) gain on equity securities, net of tax

      —          (5 )       —          3  
  

 

 

     

 

 

     

 

 

     

 

 

  

Other comprehensive (loss) income

    $ (4,561 )     $ 5,304      $ (10,302 )     $ 6,980  
  

 

 

     

 

 

     

 

 

     

 

 

  

The changes in each component of accumulated other comprehensive loss, net of tax, were as follows:

 

Six Months Ended June 30,

    2018      2017  

Foreign currency translation adjustment:

      

Beginning balance

    $ (33,499 )    $ (43,459 )

Current period other comprehensive (loss) income

      (7,373 )       4,907
  

 

 

     

 

 

  

Ending balance

      (40,872 )       (38,552 ) 
  

 

 

     

 

 

  

Cash flow hedging instruments:

      

Beginning balance

      (421 )       215

Current period other comprehensive income (loss)

      319      (52 ) 

Less reclassification adjustment

      515      (517 ) 
  

 

 

     

 

 

  

Ending balance

      413      (354 ) 
  

 

 

     

 

 

  

Equity securities:

      

Beginning balance

      (301 )       (286 ) 

Cumulative-effect adjustment to retained earnings

      301      —    

Current period other comprehensive income

      —          3
  

 

 

     

 

 

  

Ending balance

      —          (283 ) 
  

 

 

     

 

 

  

Accumulated other comprehensive loss, net of tax

    $ (40,459 )    $ (39,189 )