ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Mar. 31, 2023

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Comprehensive income for the three months ended March 31, 2023 and 2022 was as follows:


	Three Months Ended March 31,
Dollars in thousands	2023		2022
Net income	$	24,226	$	32,901
Foreign currency translation adjustment	4,076		(5,683)
Change in unrealized loss/(gain) on derivatives, net of tax	(7,377)		29,822
Pension liability adjustment, net of tax	103		(9)
Comprehensive income, net	$	21,028	$	57,031

Changes in accumulated other comprehensive income by component between December 31, 2022 and March 31, 2023 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, 2023	$	22,817	$	9,322	$	(21,874)	$	10,265
Other comprehensive gain (loss)	(5,754)		103		4,076		(1,575)
Less: Amounts reclassified from accumulated other comprehensive income, net	1,623		—		—		1,623
Net current-period other comprehensive gain (loss)	(7,377)		103		4,076		(3,198)
Balance at March 31, 2023	$	15,440	$	9,425	$	(17,798)	$	7,067

For the three months ended March 31, 2023, the Company reclassified a gain of $4.3 million and a loss of $2.7 million from accumulated other comprehensive income to other income, net and interest income, respectively.