What changed in this filing

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Item 1. Financial Statements

2021-07-30 compared with 2021-04-30 · 132 added, 62 removed, 432 unchanged (31% of the section changed)

3 unchanged sentences

(unaudited, in thousands, except per share data)

March 31, 2021 December 31, 2020

June 30, 2021 December 31, 2020

Current assets:

47 unchanged sentences

(unaudited, in thousands except per share data)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2021 2020 2021 2020

Transportation $ 5,240,448 $ 3,348,611 $ 9,800,675 $ 6,890,729

12 unchanged sentences

Net income 193,789 143,939 367,094 222,085

Other comprehensive loss, net of tax ( 7,286 ) ( 32,195 )

Other comprehensive (loss) income, net of tax ( 162 ) 24,253 ( 7,448 ) ( 7,942 )

Comprehensive income $ 193,627 $ 168,192 $ 359,646 $ 214,143

16 unchanged sentences

Net income 173,305 173,305

Foreign currency adjustments, net of tax ( 7,286 ) ( 7,286 )

Foreign currency adjustments ( 7,286 ) ( 7,286 )

Dividends declared, $ 0.51 per share

5 unchanged sentences

Balance March 31, 2021 133,243 13,324 568,209 4,476,532 ( 53,284 ) ( 3,136,594 ) 1,868,187

Net income 193,789 193,789

Foreign currency adjustments ( 162 ) ( 162 )

Dividends declared, $ 0.51 per share

( 69,094 ) ( 69,094 )

Stock issued for employee benefit plans 250 25 418 16,151 16,594

Stock-based compensation expense — — 29,161 — 29,161

Repurchase of common stock ( 1,358 ) ( 136 ) ( 132,169 ) ( 132,305 )

Balance June 30, 2021 132,135 $ 13,213 $ 597,788 $ 4,601,227 $ ( 53,446 ) $ ( 3,252,612 ) $ 1,906,170

Outstanding Amount Additional

4 unchanged sentences

Net income 78,146 78,146

Foreign currency adjustments, net of tax ( 32,195 ) ( 32,195 )

Foreign currency adjustments ( 32,195 ) ( 32,195 )

Dividends declared, $ 0.51 per share

5 unchanged sentences

Balance March 31, 2020 134,586 13,459 533,819 4,153,109 ( 108,344 ) ( 3,004,925 ) 1,587,118

Net income 143,939 143,939

Foreign currency adjustments 24,253 24,253

Dividends declared, $ 0.51 per share

( 69,791 ) ( 69,791 )

Stock issued for employee benefit plans 138 13 ( 1,165 ) 9,007 7,855

Stock-based compensation expense — — 10,954 — 10,954

Balance June 30, 2020 134,724 $ 13,472 $ 543,608 $ 4,227,257 $ ( 84,091 ) $ ( 2,995,918 ) $ 1,704,328

See accompanying notes to the condensed consolidated financial statements.

2 unchanged sentences

(unaudited, in thousands)

Three Months Ended March 31,

Six Months Ended June 30,

OPERATING ACTIVITIES

Net income $ 367,094 $ 222,085

Adjustments to reconcile net income to net cash (used for) provided by operating activities:

Adjustments to reconcile net income to net cash provided by (used for) operating activities:

Depreciation and amortization 46,215 50,151

14 unchanged sentences

Other assets and liabilities 1,612 3,763

Net cash (used for) provided by operating activities ( 56,692 ) 58,499

Net cash provided by operating activities 92,598 505,643

INVESTING ACTIVITIES

2 unchanged sentences

Acquisitions, net of cash acquired ( 14,749 ) ( 223,230 )

Other investing activities — 5,525

Net cash used for investing activities ( 44,586 ) ( 242,744 )

6 unchanged sentences

Payments on short-term borrowings ( 1,390,038 ) ( 1,122,600 )

Net cash provided by financing activities 46,763 37,040

Net cash used for financing activities ( 118,107 ) ( 343,338 )

Effect of exchange rates on cash and cash equivalents ( 898 ) ( 5,183 )

24 unchanged sentences

The amendments in this ASU are effective for all entities beginning on March 12, 2020, and companies may elect to apply the amendments prospectively through December 31, 2022.

As of March 31, 2021 the Company has not utilized any of the expedients discussed within this ASU.

As of June 30, 2021, we have not utilized any of the expedients discussed within this ASU.

We will continue to assess our agreements to determine if LIBOR is included and if the expedients will be utilized during the allowed period through December 31, 2022.

6 unchanged sentences

Acquisitions 243 — 10,754 10,997

Translation ( 1,974 ) ( 1,386 ) ( 510 ) ( 3,870 )

Balance March 31, 2021 $ 1,202,241 $ 212,596 $ 68,723 $ 1,483,560

Foreign currency translation ( 2,948 ) ( 760 ) ( 765 ) ( 4,473 )

Balance June 30, 2021 $ 1,201,267 $ 213,222 $ 79,222 $ 1,493,711

Goodwill is tested at least annually for impairment on November 30, or more frequently if events or changes in circumstances indicate that the asset might be impaired.

2 unchanged sentences

We considered whether there were any changes in circumstances indicating that our goodwill might be impaired, including consideration of the impacts of the novel coronavirus

(“COVID-19”) on financial markets and our business operations, and determined the more likely than not criteria had not been met, and therefore a Step One Analysis was not required as of March 31, 2021.

Identifiable intangible assets consisted of the following (in thousands):

March 31, 2021 December 31, 2020

June 30, 2021 December 31, 2020

Cost Accumulated Amortization Net Cost Accumulated Amortization Net

7 unchanged sentences

Amortization expense for other intangible assets is as follows (in thousands):

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2021 2020 2021 2020

Amortization expense $ 6,200 $ 9,655 $ 13,286 $ 18,031

Finite-lived intangible assets, by reportable segment, as of March 31, 2021, will be amortized over their remaining lives as follows (in thousands):

Finite-lived intangible assets, by reportable segment, as of June 30, 2021, will be amortized over their remaining lives as follows (in thousands):

NAST Global Forwarding All Other and Corporate Total

12 unchanged sentences

A financial asset or liability’s classification within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement.

We had no Level 3 assets or liabilities as of and during the periods ended March 31, 2021 and December 31, 2020.

We had no Level 3 assets or liabilities as of and during the periods ended June 30, 2021 and December 31, 2020.

There were no transfers between levels during the period.

2 unchanged sentences

Average interest rate as of Carrying value as of

March 31, 2021 December 31, 2020 Maturity March 31, 2021 December 31, 2020

June 30, 2021 December 31, 2020 Maturity June 30, 2021 December 31, 2020

Revolving credit facility 1.22 % — % October 2023 $ 271,000 $ —

2 unchanged sentences

Senior Notes, Series C 4.60 % 4.60 % August 2033 175,000 175,000

Combinex credit facility 2.14 % — % January 2027 2,280 —

Senior Notes (1)

18 unchanged sentences

Interest on the Notes is payable semi-annually in arrears.

The fair value of the Notes approximated $ 544.6 million at March 31, 2021.

The fair value of the Notes approximated $ 549.3 million at June 30, 2021.

The Note Purchase Agreement contains various restrictions and covenants that require us to maintain certain financial ratios, including a maximum leverage ratio of 3.00 to 1.00, a minimum interest coverage ratio of 2.00 to 1.00, and a maximum consolidated priority debt to consolidated total asset ratio of 15 percent.

5 unchanged sentences

Robinson Company, Inc., a Minnesota corporation and an indirect wholly-owned subsidiary of the company.

COMBINEX CREDIT FACILITY

On June 3, 2021, we assumed a credit facility as part of our acquisition of Combinex Holding B.V.

(“Combinex”) with total availability of approximately $ 3.6 million and a maturity date of January 18, 2027.

Borrowings under the Combinex credit facility bear interest at 2.14 percent.

For more information regarding the Combinex acquisition, refer to Note 8, Acquisitions .

On April 9, 2018, we issued senior unsecured notes ("Senior Notes") through a public offering.

1 unchanged sentence

Taking into effect the amortization of the original issue discount and all underwriting and issuance expenses, the Senior Notes have an effective yield to maturity of approximately 4.39 percent per annum.

The fair value of the Senior Notes, excluding debt discounts and issuance costs, approximated $ 677.3 million as of March 31, 2021, based primarily on the market prices quoted from external sources.

The carrying value of the Senior Notes was $ 593.5 million as of March 31, 2021.

The fair value of the Senior Notes, excluding debt discounts and issuance costs, approximated $ 686.0 million as of June 30, 2021, based primarily on the market prices quoted from external sources.

The carrying value of the Senior Notes was $ 593.7 million as of June 30, 2021.

We may redeem the Senior Notes, in whole or in part, at any time and from time to time prior to their maturity at the applicable redemption prices described in the Senior Notes.

6 unchanged sentences

The indenture does not contain any financial ratios or specified levels of net worth or liquidity to which we must adhere.

In addition to the above financing agreements, we have a $ 15 million discretionary line of credit with US Bank of which $ 8 million is currently utilized for standby letters of credit related to insurance collateral as of March 31, 2021.

These standby letters of credit are renewed annually and were undrawn as of March 31, 2021.

These standby letters of credit are renewed annually and were undrawn as of June 30, 2021.

We estimate the fair value of our financing arrangements primarily using an expected present value technique, which is based on observable market inputs using interest rates currently available to companies of similar credit standing for similar terms and remaining maturities, and considering our risk.

9 unchanged sentences

There was also a commitment fee we were required to pay on any unused portion of the facility.

Our effective tax rate for the three months ended March 31, 2021 and 2020 was 18.3 percent and 17.1 percent, respectively.

The effective income tax rate for the three months ended March 31, 2021 was lower than the statutory federal income tax rate primarily due to the tax impact of share-based payment awards, which reduced the effective tax rate by 3.2 percentage points.

Taxes on foreign earnings also contributed to a lower federal income tax rate, reducing our effective tax rate in the three months ended March 31, 2021 by 1.7 percentage points.

These impacts were partially offset by state income tax expense, which increased the effective income tax rate.

For the three months ended March 31, 2020, our effective tax rate was lower than the statutory federal income tax rate primarily due to the tax impact of share-based payment awards, which reduced the effective tax rate by 3.6 percentage points, and foreign tax impacts but were partially offset by state income tax expense, which increased the effective tax rate.

Our effective tax rate for the three months ended June 30, 2021 and 2020 was 21.6 percent and 19.4 percent, respectively, and our effective tax rate for the six months ended June 30, 2021 and 2020 was 20.1 percent and 18.6 percent, respectively.

The effective income tax rate for the three months ended June 30, 2021 was higher than the statutory federal income tax rate primarily due to state income taxes, net of federal benefit which increased our effective tax rate by 2.0 percentage points.

This impact on the tax rate was partially offset by foreign tax impacts.

The effective income tax rate for the six months ended June 30, 2021 was lower than the statutory federal income tax rate primarily due to share-based payment awards, which reduced the effective tax rate by 1.5 percentage points, the combined tax impact of Global Intangible Low-tax Income ("GILTI") and Foreign Derived Intangible Income ("FDII"), which reduced the effective tax rate by 0.6 percentage points, and foreign tax impacts, which reduced the effective tax rate by 0.5 percentage points.

These impacts were partially offset by state income tax expense, net of federal benefit, which increased the effective tax rate.

For the three and six months ended June 30, 2020, our effective tax rate was lower than the statutory federal income tax rate primarily due to the tax impact of share-based payment awards, including the tax benefit from the delivery of a one-time deferred stock award that was granted to the company's prior Chief Executive Officer in 2000, which reduced the effective tax rate by 4.5 percentage points and 4.2 percentage points, respectively.

This impact was partially offset by state income tax expense, net of federal benefit, which increased the effective tax rate.

We have asserted that the unremitted earnings of a limited number of our foreign subsidiaries are permanently reinvested to support expansion of our international business.

If we repatriated all foreign earnings that are considered to be permanently reinvested, the estimated effect on income taxes payable would be an increase of approximately $ 2.0 million as of March 31, 2021.

On March 27, 2020, the U.S.

government enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) in response to the COVID-19 pandemic.

The CARES Act allows for a deferral of the employer share of federal payroll taxes otherwise due through December 31, 2020.

The CARES Act allowed for a deferral of the employer share of federal payroll taxes otherwise due through December 31, 2020.

50 percent of the deferred amount is due December 31, 2021 and the remaining 50 percent is due December 31, 2022.

This provision allows us to defer certain federal payroll deposits and invest this cash back into the business without any interest cost.

The CARES Act also provides for a tax credit related to wages and health benefits provided to an employee whose work from March 17, 2020 through June 30, 2021 was impacted by COVID-19.

This provision allowed us to defer certain federal payroll deposits and invest this cash back into the business without any interest cost.

The CARES Act also provided for a tax credit related to wages and health benefits provided to an employee whose work from March 17, 2020 through June 30, 2021 was impacted by COVID-19.

The Consolidated Appropriations Act signed into law on December 27, 2020, extended the tax credit through June 30, 2021, and increased the maximum credit per employee from $5,000 per year in 2020 to $7,000 per quarter in 2021.

Through March 31, 2021, we have recognized a payroll deferral and tax credit of $ 28.5 million and $ 0.7 million, respectively, under the CARES Act and The Consolidated Appropriations Act.

Through June 30, 2021, we have recognized a payroll deferral and tax credit of $ 28.5 million and $ 0.7 million, respectively, under the CARES Act and The Consolidated Appropriations Act.

We will continue evaluating the impact of both acts over the remainder of 2021.

As of March 31, 2021, we have $ 41.8 million of unrecognized tax benefits and related interest and penalties.

As of June 30, 2021, we have $ 43.0 million of unrecognized tax benefits and related interest and penalties.

It is possible the amount of unrecognized tax benefit could change in the next 12 months as a result of a lapse of the statute of limitations and settlements with taxing authorities.

7 unchanged sentences

A summary of our total compensation expense recognized in our condensed consolidated statements of operations and comprehensive income for stock-based compensation is as follows (in thousands):

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2021 2020 2021 2020

Stock options $ 4,027 $ 5,025 $ 7,994 $ 10,038

5 unchanged sentences

A maximum of 17,041,803 shares can be granted under this plan following the amendment and restatement.

Approximately 1,782,168 shares were available for stock awards under the plan as of March 31, 2021.

Shares subject to awards that expire or are canceled without delivery of shares or that are settled in cash generally become available again for issuance under the plan.

Approximately 1,798,328 shares were available for stock awards under the plan as of June 30, 2021.

Shares subject to awards

that expire or are canceled without delivery of shares or that are settled in cash generally become available again for issuance under the plan.

Stock Options - We have awarded stock options to certain key employees through 2020.

2 unchanged sentences

These grants are being expensed based on the terms of the awards.

As of March 31, 2021, unrecognized compensation expense related to stock options was $ 38.8 million.

As of June 30, 2021, unrecognized compensation expense related to stock options was $ 34.8 million.

The amount of future expense to be recognized will be based on the passage of time and the employees' continued employment.

10 unchanged sentences

The performance-based and time-based awards had a weighted average grant date fair value of $ 74.76 and $ 71.28 , respectively, and are eligible to vest over a three-year period with a first vesting date of December 31, 2021.

The performance-based awards vest based on our earnings and adjusted gross profit growth and include an upside opportunity of 200 % upon attaining established earnings and adjusted gross profit growth targets.

The performance-based awards vest based on our earnings and adjusted gross profit growth and include an upside opportunity of 200 percent upon attaining established earnings and adjusted gross profit growth targets.

We have also issued restricted stock units to certain key employees and non-employee directors, which are fully vested upon issuance.

2 unchanged sentences

These grants have been expensed during the year they were earned.

As of March 31, 2021, there was unrecognized compensation expense of $ 157.0 million related to previously granted full value awards.

As of June 30, 2021, there was unrecognized compensation expense of $ 131.9 million related to previously granted full value awards.

The amount of future expense to be recognized will be based on the passage of time, the company’s earnings and adjusted gross profit growth, and certain other conditions.

3 unchanged sentences

The following is a summary of the employee stock purchase plan activity (dollars in thousands):

Three Months Ended March 31, 2021

Three Months Ended June 30, 2021

Shares purchased

7 unchanged sentences

However, based upon our historical experience, the resolution of these proceedings is not expected to have a material effect on our consolidated financial position, results of operations, or cash flows.

Combinex Holding B.V.

On June 3, 2021 we acquired all of the outstanding shares of Combinex to strengthen our European road transportation presence.

Total purchase consideration, net of cash acquired was $ 14.7 million, which was paid in cash.

Identifiable intangible assets and estimated useful lives are as follows (dollars in thousands):

Estimated Life (years)

Customer relationships 7 $ 3,942

There was $ 10.8 million of goodwill recorded related to the acquisition of Combinex.

The Combinex goodwill is a result of acquiring and retaining the Combinex workforce and expected synergies from integrating its business into ours.

Purchase accounting is considered preliminary.

The goodwill will not be deductible for tax purposes.

The results of operations of Combinex have been included as part of the All Other and Corporate segment in our consolidated financial statements since June 3, 2021.

Prime Distribution Services

35 unchanged sentences

We do not report our intersegment revenues by reportable segment to our CODM and do not believe they are a meaningful metric for evaluating the performance of our reportable segments.

Reportable segment information as of, and for the three months ended March 31, 2021 and 2020, is as follows (dollars in thousands):

Reportable segment information as of, and for the three and six months ended June 30, 2021 and 2020, is as follows (dollars in thousands):

NAST Global Forwarding All Other and Corporate Consolidated

Three Months Ended March 31, 2021

Three Months Ended June 30, 2021

Total revenues $ 3,585,481 $ 1,450,794 $ 496,451 $ 5,532,726

Income from operations 151,092 108,212 1,300 260,604

Depreciation and amortization 6,534 6,276 10,127 22,937

Total assets (1)

3,278,540 1,852,473 775,551 5,906,564

Average headcount 6,580 4,909 3,916 15,405

NAST Global Forwarding All Other and Corporate Consolidated

Three Months Ended June 30, 2020

Total revenues $ 2,475,292 $ 707,820 $ 444,734 $ 3,627,846

Income (loss) from operations 136,846 58,775 ( 6,834 ) 188,787

4 unchanged sentences

NAST Global Forwarding All Other and Corporate Consolidated

Three Months Ended March 31, 2020

Six Months Ended June 30, 2021

Total revenues $ 6,796,904 $ 2,606,833 $ 932,858 $ 10,336,595

4 unchanged sentences

Average headcount 6,578 4,832 3,823 15,233

NAST Global Forwarding All Other and Corporate Consolidated

Six Months Ended June 30, 2020

Total revenues $ 5,299,037 $ 1,238,204 $ 895,613 $ 7,432,854

Income (loss) from operations 235,372 70,734 ( 7,879 ) 298,227

Depreciation and amortization 12,455 18,355 19,341 50,151

Total assets (1)

2,793,290 1,029,203 1,003,196 4,825,689

Average headcount 6,981 4,763 3,594 15,338

_________________________________________

(1) All cash and cash equivalents are included in All Other and Corporate.

REVENUE FROM CONTRACTS WITH CUSTOMERS

A summary of our total revenues disaggregated by major service line and timing of revenue recognition is presented below for each of our reportable segments for the three months ended March 31, 2021 and 2020 (in thousands):

Three Months Ended March 31, 2021

A summary of our total revenues disaggregated by major service line and timing of revenue recognition is presented below for each of our reportable segments for the three and six months ended June 30, 2021 and 2020 (in thousands):

Three Months Ended June 30, 2021

NAST Global Forwarding All Other and Corporate Total

4 unchanged sentences

Total $ 3,585,481 $ 1,450,794 $ 496,451 $ 5,532,726

Three Months Ended March 31, 2020

Three Months Ended June 30, 2020

NAST Global Forwarding All Other and Corporate Total

4 unchanged sentences

Total $ 2,475,292 $ 707,820 $ 444,734 $ 3,627,846

Six Months Ended June 30, 2021

NAST Global Forwarding All Other and Corporate Total

Major Service Lines

Transportation and logistics services (1)

$ 6,796,904 $ 2,606,833 $ 396,938 $ 9,800,675

— — 535,920 535,920

Total $ 6,796,904 $ 2,606,833 $ 932,858 $ 10,336,595

Six Months Ended June 30, 2020

NAST Global Forwarding All Other and Corporate Total

Major Service Lines

Transportation and logistics services (1)

$ 5,299,037 $ 1,238,204 $ 353,488 $ 6,890,729

— — 542,125 542,125

Total $ 5,299,037 $ 1,238,204 $ 895,613 $ 7,432,854

____________________________________________

(1) Transportation and logistics services performance obligations are completed over time.

(2) Sourcing performance obligations are completed at a point in time.

We typically do not receive consideration and amounts are not due from our customer prior to the completion of our performance obligation and as such contract liabilities, as of March 31, 2021, and revenue recognized in the three months ended March 31, 2021 and 2020 resulting from contract liabilities, were not significant.

We typically do not receive consideration and amounts are not due from our customer prior to the completion of our performance obligation and as such contract liabilities, as of June 30, 2021, and revenue recognized in the three and six months ended June 30, 2021 and 2020 resulting from contract liabilities, were not significant.

Contract assets and accrued expenses-transportation expense fluctuate from period to period primarily based upon shipments in-transit at period end.

18 unchanged sentences

We have lease agreements with lease components (e.g., payments for rent) and non-lease components (e.g., payments for common area maintenance and parking), which are all accounted for as a single lease component.

We do not have material lease agreements that have not yet commenced that are expected to create significant rights or obligations as of March 31, 2021.

Information regarding lease expense, remaining lease term, discount rate, and other select lease information is presented below as of March 31, 2021, and for the three months ended March 31, 2021 (dollars in thousands):

Three Months Ended March 31,

We do not have material lease agreements that have not yet commenced that are expected to create significant rights or obligations as of June 30, 2021.

Information regarding lease expense, remaining lease term, discount rate, and other select lease information is presented below as of June 30, 2021, and for the three and six months ended June 30, 2021 (dollars in thousands):

Three Months Ended June 30, Six Months Ended June 30,

Lease Costs 2021 2020 2021 2020

2 unchanged sentences

Total lease expense $ 22,921 $ 25,535 $ 46,084 $ 48,081

Three Months Ended March 31,

Six Months Ended June 30,

Other Lease Information 2021 2020

1 unchanged sentence

Right-of-use lease assets obtained in exchange for new lease liabilities 18,299 70,993

Lease Term and Discount Rate As of March 31, 2021

Lease Term and Discount Rate As of June 30, 2021

Weighted average remaining lease term (in years) (1)

3 unchanged sentences

Excluding this lease, the weighted average remaining lease term of our agreements is 4.5 years.

The maturities of lease liabilities as of March 31, 2021, were as follows (in thousands):

The maturities of lease liabilities as of June 30, 2021, were as follows (in thousands):

Maturity of Lease Liabilities Operating Leases

8 unchanged sentences

Our allowance for credit losses is computed using a number of factors including our past credit loss experience, the aging of amounts due from our customers, and our customers' credit ratings, in addition to other customer specific factors.

We have also assessed the current macroeconomic environment, including the impact of COVID-19, to determine our ending allowance for credit losses for both accounts receivable and contract assets.

We have also assessed the current macroeconomic environment, including the impact of the COVID-19 pandemic, to determine our ending allowance for credit losses for both accounts receivable and contract assets.

The allowance for credit losses on contract assets was not significant.

A rollforward of our allowance for credit losses on our accounts receivable balance is presented below for the three months ended March 31, 2021:

A rollforward of our allowance for credit losses on our accounts receivable balance is presented below for the six months ended June 30, 2021:

Balance, December 31, 2020 $ 38,113

1 unchanged sentence

Write-offs ( 2,076 )

Balance, March 31, 2021 $ 35,103

Recoveries of amounts previously written off were not significant for the three months ended March 31, 2021.

Balance, June 30, 2021 $ 35,430

Recoveries of amounts previously written off were not significant for the three and six months ended June 30, 2021.

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss is included in Stockholders' investment on our condensed consolidated balance sheets.

The recorded balance at March 31, 2021 and December 31, 2020, was $ 53.3 million and $ 46.0 million, respectively.

Accumulated other comprehensive loss is comprised solely of foreign currency adjustments, net of related income tax effects at March 31, 2021 and December 31, 2020.

Other comprehensive loss was $ 7.3 million and $ 32.2 million for the three months ended March 31, 2021 and 2020, respectively.

Other comprehensive loss consisted of foreign currency adjustments, including foreign currency translation, net of related income tax effects of $ 1.0 million and $ 1.5 million for the three months ended March 31, 2021 and 2020, respectively.

The recorded balance at June 30, 2021 and December 31, 2020, was $ 53.4 million and $ 46.0 million, respectively.

Accumulated other comprehensive loss is comprised solely of foreign currency adjustments at June 30, 2021 and December 31, 2020.

Other comprehensive loss and income was $ 0.2 million and $ 24.3 million for the three months ended June 30, 2021 and 2020, respectively.

Other comprehensive loss was $ 7.4 million and $ 7.9 million for the six months ended June 30, 2021 and 2020, respectively.

Other comprehensive loss and income consisted of foreign currency adjustments, including foreign currency translation, for the three and six months ended June 30, 2021 and 2020.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements