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Changes in Accumulated Other Comprehensive Loss by Component

6 Months Ended

Jun. 30, 2019

Changes in Accumulated Other Comprehensive Loss by Component [Abstract]

Changes in Accumulated Other Comprehensive Loss by Component

(10) Equity and Accumulated Other Comprehensive Loss

Common Share Repurchase

On October 26, 2018, the Company’s Board of Directors authorized the Company to repurchase up to $50,000 of Common Shares. Thereafter, on May 7, 2019, the Company entered into a Master Confirmation (the “Master Confirmation”) and a Supplemental Confirmation, together with the Master Confirmation, the Accelerated Share Repurchase Agreement (“ASR Agreement”), with Citibank N.A. (the “Bank”) to purchase Company Common Shares for a payment of $50,000 (the “Prepayment Amount”). Under the terms of the ASR Agreement, on May 7, 2019, the Company paid the Prepayment Amount to the Bank and received on May 8, 2019 an initial delivery of 1,349,528 Company Common Shares, which is approximately 80% of the total number of Company Common Shares expected to be repurchased under the ASR Agreement based on the closing price of the Company’s Common Shares on May 7, 2019. These Common Shares became treasury shares and were recorded as a $40,000 reduction to shareholder’s equity. The remaining $10,000 of the Prepayment Amount was recorded as a reduction to shareholders’ equity as an unsettled forward contract indexed to our Common Shares. The Company excluded the potential share impact of the remaining shares from the computation of diluted earnings per share as these Common Shares are anti-dilutive.

At final settlement, the Bank may be required to deliver additional Common Shares to the Company, or, under certain circumstances, the Company may be required to deliver Common Shares or may elect to make a cash payment to the Bank, based generally on the average of the daily volume-weighted average prices of the Company’s Common Shares during a term set forth in the ASR Agreement. The ASR Agreement contains provisions customary for agreements of this type, including provisions for adjustments to the transaction terms, the circumstances generally under which the ASR Agreement may be accelerated, extended or terminated early by the Bank and various acknowledgments, representations and warranties made by the parties to one another. The ASR Agreement expires on May 8, 2020.

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss for the three months ended June 30, 2019 and 2018 were as follows:


			Foreign			Unrealized
			currency			gain (loss)
			translation			on derivatives		Total
Balance at April 1, 2019		$	(89,848)		$	334		$	(89,514)
Other comprehensive income before reclassifications			2,311			123			2,434
Amounts reclassified from accumulated other comprehensive loss			-			(235)			(235)
Net other comprehensive (loss) income, net of tax			2,311			(112)			2,199
Balance at June 30, 2019		$	(87,537)		$	222		$	(87,315)

Balance at April 1, 2018		$	(65,523)		$	652		$	(64,871)
Other comprehensive (loss) income before reclassifications			(17,421)			19			(17,402)
Amounts reclassified from accumulated other comprehensive loss			-			(178)			(178)
Net other comprehensive (loss) income, net of tax			(17,421)			(159)			(17,580)
Balance at June 30, 2018		$	(82,944)		$	493		$	(82,451)

Changes in accumulated other comprehensive loss for the six months ended June 30, 2019 and 2018 were as follows:


		Foreign			Unrealized
		currency			gain (loss)
		translation			on derivatives			Total
Balance at January 1, 2019		$	(86,044)		$	292		$	(85,752)
Other comprehensive (loss) income before reclassifications			(1,493)			336			(1,157)
Amounts reclassified from accumulated other comprehensive loss			-			(406)			(406)
Net other comprehensive (loss) income, net of tax			(1,493)			(70)			(1,563)
Balance at June 30, 2019			(87,537)		$	222		$	(87,315)

Balance at January 1, 2018		$	(69,417)		$	(143)		$	(69,560)
Other comprehensive (loss) income before reclassifications			(13,527)			933			(12,594)
Amounts reclassified from accumulated other comprehensive loss			-			(297)			(297)
Net other comprehensive (loss) income, net of tax			(13,527)			636			(12,891)
Balance at June 30, 2018		$	(82,944)		$	493		$	(82,451)