Quarterly report pursuant to Section 13 or 15(d)

Foreign Currency Translation

v3.8.0.1
Foreign Currency Translation
3 Months Ended
Mar. 31, 2018
Foreign Currency [Abstract]  
Foreign Currency Translation

13.

Foreign Currency Translation

The accumulated other comprehensive loss account in stockholders’ equity of $252,942 and $253,282 as of March 31, 2018 and December 31, 2017, respectively, primarily includes cumulative foreign currency adjustments of $253,361 and $253,565, respectively, from translating the financial statements of the Company’s international subsidiaries.

All foreign countries where the Company has operations are non-highly inflationary, and the local currency is the same as the functional currency in all of the locations. Thus, any fluctuation in the currency results in a cumulative foreign currency translation adjustment recorded to accumulated other comprehensive loss.  

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.  There has been a steady devaluation of the Argentine peso relative to the U.S. dollar in recent years.  As of March 31, 2018, the Company did not designate Argentina as highly inflationary for accounting purposes.  The Company will continue to monitor Argentina’s inflation rates on a quarterly basis to determine whether remeasurement is necessary.    

Below is a summary of the impact of translating the March 31, 2018 financial statements of the Company’s international subsidiaries:

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Comprehensive

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) for the

 

 

 

Exchange Rate as of

 

 

Three Months Ended

 

Country

 

March 31, 2018

 

 

December 31, 2017

 

 

March 31, 2018

 

Brazil

 

 

3.31

 

 

 

3.31

 

 

$

391

 

Argentina

 

 

20.16

 

 

 

18.65

 

 

 

(3,541

)

Colombia

 

 

2,780.47

 

 

 

2,936.67

 

 

 

1,887

 

Chile

 

 

604.40

 

 

 

615.97

 

 

 

1,207

 

All other

 

 

 

 

 

 

 

 

 

 

260

 

 

 

 

 

 

 

 

 

 

 

$

204