Comprehensive Income

9 Months Ended

Sep. 30, 2023

13. Comprehensive Income

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

	(Dollars in thousands)
Net earnings	$	9,337	$	10,770	$	21,646	$	19,318
Foreign currency translation adjustments		(773)		(1,684)		(817)		(2,398)
Pension liability adjustment, net of tax of $32, $57, $97, and $171, respectively		92		162		275		486
Total comprehensive income	$	8,656	$	9,248	$	21,104	$	17,406

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


	September 30,		December 31,
	2023		2022

	(Dollars in thousands)
Foreign currency translation adjustments	$	(9,413)	$	(8,596)
Pension liability, net of tax		(11,322)		(11,597)
Total accumulated other comprehensive loss	$	(20,735)	$	(20,193)

The following tables show changes in accumulated other comprehensive loss during the nine months ended September 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		(817)		—		(817)
Amounts reclassified from accumulated other comprehensive loss		—		275		275
Net current period other comprehensive (loss) income		(817)		275		(542)
Ending balance, September 30, 2023	$	(9,413)	$	(11,322)	$	(20,735)


	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		(2,398)		—		(2,398)
Amounts reclassified from accumulated other comprehensive loss		—		486		486
Net current period other comprehensive (loss) income		(2,398)		486		(1,912)
Ending balance, September 30, 2022	$	(9,181)	$	(17,525)	$	(26,706)

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


	Amounts Reclassified from Accumulated Other Comprehensive Loss									Affected line item in the
	Three Months Ended September 30,				Nine Months Ended September 30,					statement where net income is
	2023		2022		2023		2022			presented
Amortization of defined benefit pension items
Prior service cost	$	5	$	2	$	15	$	5	⁽¹⁾	Other (expense) income, net
Actuarial losses		119		217		357		652	⁽¹⁾	Other (expense) income, net
Total before tax		124		219		372		657
Tax benefit		(32)		(57)		(97)		(171)
Net of tax	$	92	$	162	$	275	$	486

(1)

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