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FOREIGN CURRENCY TRANSLATION
 12 Months Ended
Dec. 31, 2022
Foreign Currency [Abstract]  
FOREIGN CURRENCY TRANSLATION
16.
FOREIGN CURRENCY TRANSLATION

The accumulated other comprehensive loss account in Holdings’ stockholders’ equity of $394.5 and $353.2 and CUSA’s stockholder’s equity of $397.0 and $356.3, each at December 31, 2021 and 2022, respectively, each primarily includes cumulative foreign currency net losses of $394.5 and $389.8, at December 31, 2021 and 2022, from translating the financial statements of the Company’s international subsidiaries and the cumulative changes in fair value of the interest rate swap agreements that are designated as hedges.

As of December 31, 2022, all foreign countries where the Company has operations are non-highly inflationary, other than Argentina. In non-highly inflationary countries, the local currency is the same as the functional currency and any fluctuation in the currency results in a cumulative foreign currency translation adjustment recorded to accumulated other comprehensive loss. The Company deemed Argentina to be highly inflationary beginning July 1, 2018. A highly inflationary economy is defined as an economy with a cumulative inflation rate of approximately 100 percent or more over a three-year

period. If a country’s economy is classified as highly inflationary, the financial statements of the foreign entity operating in that country must be remeasured to the functional currency of the reporting entity. The financial information of the Company’s Argentina subsidiaries has been remeasured in U.S. dollars in accordance with ASC Topic 830, Foreign Currency Matters, effective beginning July 1, 2018.

Below is a summary of the impact of translating the financial statements of the Company’s international subsidiaries for the periods presented.

 

 

 

 

 

 

 

 

 

Other Comprehensive

 

 

 

 

 

 

 

 

 

 

Income (Loss)

 

 

 

Exchange Rate as of December 31,

 

 

Year Ended December 31,

 

Country

 

2020

 

2021

 

2022

 

 

2020

 

 

2021

 

 

2022

 

Brazil

 

 

5.20

 

 

5.57

 

 

5.29

 

 

$

(42.7

)

 

$

(4.7

)

 

$

2.7

 

Colombia

 

 

3,432.50

 

 

3,981.16

 

 

4,810.19

 

 

 

(2.2

)

 

 

(0.1

)

 

 

—

 

Chile

 

 

714.14

 

 

852.02

 

 

852.00

 

 

 

1.2

 

 

 

(10.9

)

 

 

0.3

 

Peru

 

 

3.65

 

 

4.02

 

 

3.81

 

 

 

(3.4

)

 

 

(2.8

)

 

 

1.3

 

All other

 

 

 

 

 

 

 

 

 

(0.5

)

 

 

(0.3

)

 

 

0.3

 

 

 

 

 

 

 

 

 

 

$

(47.6

)

 

$

(18.8

)

 

$

4.6

 

As noted above, beginning July 1, 2018, Argentina was deemed highly inflationary. The impact of translating Argentina’s financial results to U.S. dollars, subsequent to June 30, 2018, has been recorded in foreign currency exchange gain (loss) on the Company’s consolidated statements of loss. A foreign currency exchange gain of $1.2, $0.2, and $8.5 was recorded for the years ended December 31, 2020, 2021 and 2022, respectively.