Annual report pursuant to Section 13 and 15(d)

FOREIGN CURRENCY TRANSLATION

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FOREIGN CURRENCY TRANSLATION
12 Months Ended
Dec. 31, 2016
FOREIGN CURRENCY TRANSLATION
12. FOREIGN CURRENCY TRANSLATION

The accumulated other comprehensive loss account in stockholders’ equity of $271,686 and $247,013 at December 31, 2015 and 2016, respectively, includes the cumulative foreign currency losses of $273,407 and $247,046, respectively, from translating the financial statements of the Company’s international subsidiaries, the change in fair values of the Company’s interest rate swap agreements that were designated as hedges and the changes in fair value of the Company’s previously held available-for-sale securities.

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.

Below is a summary of the impact of translating the financial statements of the Company’s international subsidiaries as of and for the years ended December 31, 2014, 2015 and 2016.

 

                          Other Comprehensive  

Country

   Exchange Rates as of
December 31,
     Income (Loss)
For Year Ended December 31,
 
     2014      2015      2016      2014      2015      2016  

Brazil

     2.69        3.96        3.26      $ (30,723    $ (74,559    $ 37,286  

Argentina

     8.55        12.95        16.04        (20,197      (30,520      (13,362

Colombia

     2,392.46        3,149.47        3,000.71        (7,632      (8,043      1,278  

Chile

     606.2        709.16        679.09        (5,580      (6,572      1,855  

Peru

     3.05        3.46        3.45        (2,785      (4,882      87  

All other

              (2,066      (898      (783
           

 

 

    

 

 

    

 

 

 
            $ (68,983    $ (125,474    $ 26,361