ACCUMULATED OTHER COMPREHENSIVE LOSS

12 Months Ended

Dec. 31, 2025

ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

NOTE 12 —ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS):

The components of accumulated other comprehensive income/(loss), net of related taxes, in the consolidated balance sheets follow:

(Dollars in thousands)	December 31, 2025		December 31, 2024
Unrealized gains on derivative instruments	$	2,093	$	5,176
Items not yet recognized as a component of net periodic benefit cost (pension plans)		(12,933)		(13,037)
	$	(10,840)	$	(7,861)

The following tables present the changes in the balances of each component of accumulated other comprehensive income/(loss), net of related taxes, for the three years ended December 31, 2025.

(Dollars in thousands)	Unrealized gains/(losses) on cash flow hedges		Items not yet recognized as a component of net periodic benefit cost (pension plans)		Total
Balance at December 31, 2022	$	16,912	$	(9,948)	$	6,964
Current period change, excluding amounts reclassified from
accumulated other comprehensive income/(loss)		3,187		(1,043)		2,144
Amounts reclassified from accumulated other comprehensive income/(loss)		(10,750)		579		(10,171)
Balance at December 31, 2023		9,349		(10,412)		(1,063)
Current period change, excluding amounts reclassified from
accumulated other comprehensive income/(loss)		3,532		(2,625)		907
Amounts reclassified from accumulated other comprehensive income/(loss)		(7,705)		—		(7,705)
Balance at December 31, 2024		5,176		(13,037)		(7,861)
Current period change, excluding amounts reclassified from
accumulated other comprehensive income/(loss)		104		(931)		(827)
Amounts reclassified from accumulated other comprehensive income/(loss)		(3,187)		1,035		(2,152)
Balance at December 31, 2025	$	2,093	$	(12,933)	$	(10,840)

The following table presents information with respect to amounts reclassified out of accumulated other comprehensive income/(loss) for the three years ended December 31, 2025.

(Dollars in thousands)		2025		2024		2023	Statement of Operations Line Item
Reclassifications of (gains)/losses on cash flow hedges:
Interest rate swaps entered into by the Company's subsidiaries	$	(2,575)	$	(6,885)	$	(8,601)	Interest expense
Reclassifications of (gains)/losses on discontinued hedging instruments
Interest rate swap entered into by the Company's subsidiaries		(612)		(820)		(2,149)	Interest expense
Items not yet recognized as a component of net periodic benefit cost
(pension plans):
Net periodic benefit costs associated with pension and
postretirement benefit plans		1,035		—		579	Other expense
Total before and net of tax	$	(2,152)	$	(7,705)	$	(10,171)

The following amounts are included in accumulated other comprehensive income/(loss) at December 31, 2025, which have not yet been recognized in net periodic cost: unrecognized prior service costs of $1.0 million ($0.7 million net of tax) and unrecognized actuarial losses of $13.7 million ($12.3 million net of tax). The Company’s wholly owned U.K. subsidiary was liquidated in 2024, and all deferred taxes and valuation allowances associated with the entity were derecognized. The defined benefit pension plan obligation and assets of the U.K. subsidiary remain with the Company and in accordance with relevant accounting guidance, the tax effects remaining in accumulated other comprehensive loss will not be reclassified to earnings until the pension plan is settled, as further described in Note 15, “Pension and Other Postretirement Benefit Plans.”

At December 31, 2025, the Company expects that it will reclassify $1.4 million (gross and net of tax) of net gain on active and terminated derivative instruments from accumulated other comprehensive income/(loss) to earnings during the next twelve months due to the interest rate swaps held by the Company.

See Note 7, “Fair Value of Financial Instruments, Derivatives and Fair Value,” for additional disclosures relating to derivative instruments.