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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Comprehensive income for the six months ended June 30, 2023 and 2022 was as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
Dollars in thousands | 2023 |  | 2022 |  | 2023 |  | 2022
Net income | $ | 4,184 |  |  | $ | 44,788 |  |  | $ | 28,410 |  |  | $ | 77,689 |
Foreign currency translation adjustment | 133 |  |  | (18,067) |  |  | 4,209 |  |  | (23,749) |
Change in unrealized loss/(gain) on derivatives, net of tax | (2,601) |  |  | 25,922 |  |  | (9,978) |  |  | 55,744 |
Pension liability adjustment, net of tax | 231 |  |  | (45) |  |  | 334 |  |  | (54) |
Comprehensive income, net | $ | 1,947 |  |  | $ | 52,598 |  |  | $ | 22,975 |  |  | $ | 109,630 |
Changes in accumulated other comprehensive income by component between December 31, 2022 and June 30, 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) |  | (9,565) |  |  | 334 |  |  | 4,209 |  |  | (5,022) |
Less: Amounts reclassified from accumulated other comprehensive income, net |  | 413 |  |  | — |  |  | — |  |  | 413 |
Net current-period other comprehensive gain (loss) |  | (9,978) |  |  | 334 |  |  | 4,209 |  |  | (5,435) |
Balance at June 30, 2023 |  | $ | 12,839 |  |  | $ | 9,656 |  |  | $ | (17,665) |  |  | $ | 4,830 |
For the six months ended June 30, 2023, the Company reclassified a gain of $9.4 million and a loss of $9.0 million from accumulated other comprehensive income to other income, net and interest income, respectively.

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//220/tableOfContent + Details
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