ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

Comprehensive (loss) income for the three and nine months ended September 30, 2024 and 2023:

	Three Months Ended September 30,				Nine Months Ended September 30,
Dollars in thousands	2024		2023		2024		2023
Net (loss) income	$	(10,695)	$	19,497	$	(26,379)	$	47,907
Foreign currency translation adjustment	5,386		(9,541)		(2,558)		(16,378)
Change in unrealized loss/(gain) on derivatives, net of tax	(11,044)		6,790		(6,714)		7,858
Pension liability adjustment, net of tax	(470)		(334)		(475)		—
Comprehensive (loss) income, net	$	(16,823)	$	16,412	$	(36,126)	$	39,387

Changes in accumulated other comprehensive (loss) income by component between December 31, 2023 and September 30, 2024 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, 2024	$	21,489	$	2,712	$	(39,307)	$	(15,106)
Other comprehensive gain (loss)	11,632		(475)		3,129		14,286
Less: Amounts reclassified from accumulated other comprehensive income, net	18,346		—		5,688		24,034
Net current-period other comprehensive gain (loss)	(6,714)		(475)		(2,559)		(9,748)
Balance at September 30, 2024	$	14,775	$	2,237	$	(41,866)	$	(24,854)

For the nine months ended September 30, 2024, the Company reclassified a gain of $7.3 million and $16.8 million from accumulated other comprehensive income to other income, net and interest income, respectively.