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Other Comprehensive Income (Loss)
 12 Months Ended
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.