ACCUMULATED OTHER COMPREHENSIVE LOSS

3 Months Ended

Mar. 31, 2022

Comprehensive income for the three months ended March 31, 2022 and 2021 was as follows:


	Three Months Ended March 31,
Dollars in thousands	2022		2021
Net income	$	32,901	$	45,394
Foreign currency translation adjustment	(5,683)		(6,802)
Change in unrealized loss on derivatives, net of tax	29,822		36,915
Pension liability adjustment, net of tax	(9)		319
Comprehensive income, net	$	57,031	$	75,826

Changes in accumulated other comprehensive loss by component between December 31, 2021 and March 31, 2022 are presented in the table below, net of tax:


Dollars in thousands	Gains and Losses on Derivatives		Defined Benefit Pension Items		Foreign Currency Items		Total
Balance at January 1, 2022	$	(42,981)	$	1,893	$	(4,067)	$	(45,155)
Other comprehensive gain (loss)	33,234		(9)		(5,683)		27,542
Less: Amounts reclassified from accumulated other comprehensive income, net	3,412		—		—		3,412
Net current-period other comprehensive gain (loss)	29,822		(9)		(5,683)		24,130
Balance at March 31, 2022	$	(13,159)	$	1,884	$	(9,750)	$	(21,025)

For the three months ended March 31, 2022, the Company reclassified a gain of $6.4 million and a loss of $3.0 million from accumulated other comprehensive loss to other income, net and interest income, respectively.