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Other Comprehensive Income (Loss) | 12 Months Ended
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Dec. 31, 2023
Text Block [Abstract] |
Other comprehensive income (loss) |
14. | Other Comprehensive Income (Loss)
The changes in accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 were as follows:
|  | Foreign Currency Translation Adjustments |  |  | Derivative Financial Instruments Designated as Cash Flow Hedges |  |  | Total |
(in thousands) |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 |  | $ | (513 | ) |  | $ | (26 | ) |  | $ | (539 | )
Gain (loss) arising during the period |  |  | (94 | ) |  |  | 1 |  |  |  | (93 | )
Reclassification to earnings for gains realized |  |  | — |  |  |  | 34 |  |  |  | 34 |
Income tax (expense) |  |  | — |  |  |  | (9 | ) |  |  | (9 | )
Net other comprehensive income (loss) — year 2021 |  |  | (94 | ) |  |  | 26 |  |  |  | (68 | )
Balance at December 31, 2021 |  | $ | (607 | ) |  | $ | — |  |  | $ | (607 | )
(Loss) arising during the period |  |  | (948 | ) |  |  | — |  |  |  | (948 | )
Net other comprehensive income (loss) — year 2022 |  |  | (948 | ) |  |  | — |  |  |  | (948 | )
Balance at December 31, 2022 |  | $ | (1,555 | ) |  | $ | — |  |  | $ | (1,555 | )
(Loss) arising during the period |  |  | (89 | ) |  |  | — |  |  |  | (89 | )
Net other comprehensive income (loss) — year 2023 |  |  | (89 | ) |  |  | — |  |  |  | (89 | )
Balance at December 31, 2023 |  | $ | (1,644 | ) |  | $ | — |  |  | $ | (1,644 | )
Generally, the assets and liabilities of foreign operations are translated into U.S. dollars using the current exchange rate. For those operations, changes in exchange rates generally do not affect cash flows; therefore, resulting translation adjustments are made in shareholders’ equity rather than in net income (loss). Prior to April 2021, the Company utilized an interest-rate swap to convert a variable interest rate on debt to a fixed rate of interest. These swap contracts, which matured on April 1, 2021, were designated as cash flow hedging instruments and qualified as effective hedges at inception under ASC Topic 815, “Derivatives and Hedging”. The effective portion of the changes in fair value on these instruments was recorded in other comprehensive income (loss) and was reclassified into the Consolidated Statements of Operations as interest expense in the same period in which the underlying hedge transaction affected earnings. There was no impact on the Consolidated Statements of Operations and Comprehensive Income (“OCI”) for the years ended December 31, 2023 and 2022 and there is no balance reflected in the Consolidated Balance Sheets for these periods.

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//220/tableOfContent + Details
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