| ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME |
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Comprehensive (loss) income for the three and six months ended June 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | Dollars in thousands | 2024 | | 2023 | | 2024 | | 2023 | | Net (loss) income | $ | (12,402) | | | $ | 4,184 | | | $ | (15,683) | | | $ | 28,410 | | | Foreign currency translation adjustment | (8,674) | | | (10,029) | | | (7,945) | | | (6,838) | | | Change in unrealized loss/(gain) on derivatives, net of tax | 594 | | | 7,561 | | | 4,330 | | | 1,069 | | | Pension liability adjustment, net of tax | | | 231 | | | (5) | | | 334 | | | Comprehensive (loss) income, net | $ | (20,482) | | | $ | 1,947 | | | $ | (19,303) | | | $ | 22,975 | |
Changes in accumulated other comprehensive (loss) income by component between December 31, 2023 and June 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) | | 39,109 | | | (5) | | | (4,361) | | | 34,743 | | | Less: Amounts reclassified from accumulated other comprehensive income, net | | 34,779 | | | — | | | 3,584 | | | 38,363 | | | Net current-period other comprehensive gain (loss) | | 4,330 | | | (5) | | | (7,945) | | | (3,620) | | Balance at June 30, 2024 | | $ | 25,819 | | | $ | 2,707 | | | $ | (47,252) | | | $ | (18,726) | |
For the six months ended June 30, 2024, the Company reclassified a gain of $26.9 million and $11.5 million from accumulated other comprehensive income to other income, net and interest income, respectively.
|