| ACCUMULATED OTHER COMPREHENSIVE LOSS |
Note 12 — Accumulated Other Comprehensive Loss: The components of accumulated other comprehensive loss, net of related taxes, in the condensed consolidated balance sheets follow: | | | | | | | (Dollars in thousands) | | March 31, 2026 | | December 31, 2025 | Unrealized gains on derivative instruments | | $ | 1,750 | | $ | 2,093 | Items not yet recognized as a component of net periodic benefit cost (pension plans) | | | (12,713) | | | (12,933) | Foreign currency translation adjustment | | | (252) | | | — | | | $ | (11,215) | | $ | (10,840) |
The changes in the balances of each component of accumulated other comprehensive loss, net of related taxes, during the three months ended March 31, 2026 and 2025 follow: | | | | | | | | | | | | | (Dollars in thousands) | | Unrealized gains on cash flow hedges | | Items not yet recognized as a component of net periodic benefit cost | | Foreign currency translation adjustment | | Total | Balance as of December 31, 2025 | | $ | 2,093 | | $ | (12,933) | | $ | — | | $ | (10,840) | Current period change, excluding amounts reclassified | | | | | | | | | | | | | from accumulated other comprehensive income/(loss) | | | 132 | | | (45) | | | (252) | | | (165) | Amounts reclassified from accumulated other comprehensive (loss)/income | | | (475) | | | 265 | | | — | | | (210) | Balance as of March 31, 2026 | | $ | 1,750 | | $ | (12,713) | | $ | (252) | | $ | (11,215) | | | | | | | | | | | | | | Balance as of December 31, 2024 | | $ | 5,176 | | $ | (13,037) | | $ | — | | $ | (7,861) | Current period change, excluding amounts reclassified | | | | | | | | | | | | | from accumulated other comprehensive loss | | | (181) | | | (424) | | | — | | | (605) | Amounts reclassified from accumulated other comprehensive loss | | | (596) | | | 248 | | | — | | | (348) | Balance as of March 31, 2025 | | $ | 4,399 | | $ | (13,213) | | $ | — | | $ | (8,814) |
Amounts reclassified out of each component of accumulated other comprehensive loss follow: | | | | | | | | | | | Three Months Ended March 31, | | | (Dollars in thousands) | | | 2026 | | | 2025 | | Statement of Operations
Line Item | Reclassifications of gains on cash flow hedges: | | | | | | | | | Interest rate swaps entered into by the Company's subsidiaries | | $ | (226) | | $ | (815) | | Interest expense | | | | | | | | | | Reclassifications of losses on discontinued hedging instruments: | | | | | | | | | Interest rate swap entered into by the Company's subsidiaries | | | (249) | | | 219 | | Interest expense | | | | | | | | | | Items not yet recognized as a component of net periodic benefit cost | | | | | | | | | (pension plans): | | | | | | | | | Net periodic benefit costs associated with pension and | | | | | | | | | postretirement benefit plans | | | 265 | | | 248 | | Other income | Total before and net of tax | | $ | (210) | | $ | (348) | | |
At March 31, 2026, the Company expects that it will reclassify $0.3 million (gross and net of tax) of net gain on derivative instruments from accumulated other comprehensive loss to earnings during the next twelve months attributable to interest rate swaps held by the Company. See Note 9, “Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures,” for additional disclosures relating to derivative instruments.
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