Comprehensive Income

6 Months Ended

Jun. 30, 2023

13. Comprehensive Income

Comprehensive income for the three and six months ended June 30, 2023 and 2022, was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022

	(Dollars in thousands)
Net earnings	$	4,864	$	4,495	$	12,309	$	8,548
Foreign currency translation adjustments		262		(1,235)		(44)		(714)
Pension liability, net of tax of $30, $60, $65, and $114, respectively		84		170		183		324
Total comprehensive income	$	5,210	$	3,430	$	12,448	$	8,158

The components of accumulated other comprehensive loss as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows:


	June 30,		December 31,
	2023		2022

	(Dollars in thousands)
Foreign currency translation adjustments	$	(8,640)	$	(8,596)
Pension liability, net of tax		(11,414)		(11,597)
Total accumulated other comprehensive loss	$	(20,054)	$	(20,193)

The following tables show changes in accumulated other comprehensive loss during the six months ended June 30, 2023 and 2022:


	Foreign		Defined
	Currency		Benefit
	Translation		Pension
	Adjustments		Items		Total
Beginning balance, December 31, 2022	$	(8,596)	$	(11,597)	$	(20,193)
Other comprehensive loss before reclassifications		(44)		—		(44)
Amounts reclassified from accumulated other comprehensive loss		—		183		183
Net current period other comprehensive (loss) income		(44)		183		139
Ending balance, June 30, 2023	$	(8,640)	$	(11,414)	$	(20,054)


	Foreign		Defined
	Currency		Benefit
	Translation		Pension
	Adjustments		Items		Total
Beginning balance, December 31, 2021	$	(6,783)	$	(18,011)	$	(24,794)
Other comprehensive loss before reclassifications		(714)		—		(714)
Amounts reclassified from accumulated other comprehensive loss		—		324		324
Net current period other comprehensive (loss) income		(714)		324		(390)
Ending balance, June 30, 2022	$	(7,497)	$	(17,687)	$	(25,184)

The following table shows reclassification adjustments out of accumulated other comprehensive loss during the three and six month periods ended June 30, 2023 and 2022:


	Amounts Reclassified from Accumulated Other Comprehensive Loss									Affected line item in the
	Three Months Ended June 30,				Six Months Ended June 30,					statement where net income is
	2023		2022		2023		2022			presented
Amortization of defined benefit pension items
Prior service cost	$	5	$	1	$	10	$	3	⁽¹⁾	Other (expense) income, net
Actuarial losses		109		229		238		435	⁽¹⁾	Other (expense) income, net
Total before tax		114		230		248		438
Tax benefit		(30)		(60)		(65)		(114)
Net of tax	$	84	$	170	$	183	$	324

(1)

These amounts were included in pension expense. See Note 7 for additional details.