Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 29, 2015 | Apr. 20, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 29-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CTS | |
Entity Registrant Name | CTS CORP | |
Entity Central Index Key | 26058 | |
Current Fiscal Year End Date | -19 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 33,197,233 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings - Unaudited (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) UNAUDITED | ||
Net sales | $98,311 | $100,706 |
Costs and expenses: | ||
Cost of goods sold | 66,175 | 70,091 |
Selling, general and administrative expenses | 15,711 | 13,641 |
Research and development expenses | 5,199 | 5,626 |
Restructuring and impairment charges | 738 | 503 |
Operating earnings | 10,488 | 10,845 |
Other (expense) income: | ||
Interest expense | -588 | -613 |
Interest income | 788 | 564 |
Other | -1,684 | -1,771 |
Total other (expense) income | -1,484 | -1,820 |
Earnings before income taxes | 9,004 | 9,025 |
Income tax expense | 2,717 | 3,945 |
Net earnings | $6,287 | $5,080 |
Earnings per share: | ||
Basic (in dollars per share) | $0.19 | $0.15 |
Diluted (in dollars per share) | $0.19 | $0.15 |
Basic weighted - average common shares outstanding (in shares): | 33,411 | 33,708 |
Effect of dilutive securities (in shares) | 524 | 572 |
Diluted weighted - average common shares outstanding (in shares) | 33,935 | 34,280 |
Cash dividends declared per share (in dollars per share) | $0.04 | $0.04 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Earnings - Unaudited (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS UNAUDITED | ||
Net earnings | $6,287 | $5,080 |
Other comprehensive (loss) earnings: | ||
Changes in fair market value of hedges, net of tax | -86 | 40 |
Changes in unrealized pension cost, net of tax | 1,257 | 914 |
Cumulative translation adjustment, net of tax | -1,103 | 204 |
Other comprehensive (loss) earnings | 68 | 1,158 |
Comprehensive earnings | $6,355 | $6,238 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets - Unaudited (USD $) | Mar. 29, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $138,333 | $134,508 |
Accounts receivable, net | 67,056 | 56,894 |
Inventories, net | 28,580 | 27,887 |
Other current assets | 20,741 | 21,112 |
Total current assets | 254,710 | 240,401 |
Long-lived assets | 70,462 | 71,414 |
Other assets | ||
Prepaid pension asset | 34,304 | 32,099 |
Goodwill | 32,047 | 32,047 |
Indefinite-lived intangible asset | 690 | 690 |
Intangible assets, other than goodwill | 34,929 | 35,902 |
Deferred income taxes | 42,586 | 43,120 |
Other assets | 1,469 | 1,253 |
Total other assets | 146,025 | 145,111 |
Total Assets | 471,197 | 456,926 |
Current Liabilities | ||
Accounts payable | 44,168 | 43,343 |
Accrued salaries, wages and vacation | 9,211 | 11,283 |
Increase in other accrued liabilities due to fair value adjustment | 29,471 | 25,356 |
Total current liabilities | 82,850 | 79,982 |
Long-term debt | 83,200 | 75,000 |
Post retirement obligations | 2,963 | 3,049 |
Other long-term obligations | 9,050 | 9,106 |
Shareholders' Equity | ||
Common stock | 300,706 | 299,892 |
Additional contributed capital | 39,554 | 39,153 |
Retained earnings | 385,100 | 380,145 |
Accumulated other comprehensive loss | -104,165 | -104,233 |
Total shareholder's equity before treasury stock | 621,195 | 614,957 |
Treasury stock | -328,061 | -325,168 |
Total shareholders' equity | 293,134 | 289,789 |
Total Liabilities and Shareholders' Equity | $471,197 | $456,926 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows - Unaudited (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Cash flows from operating activities: | ||
Net earnings | $6,287 | $5,080 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 4,065 | 4,248 |
Amortization of retirement benefit adjustments | 1,648 | 1,473 |
Equity-based compensation | 1,520 | 779 |
Restructuring charges | 738 | 503 |
Prepaid pension asset | -2,211 | -2,102 |
Pension liability | -919 | |
Gain on sale of EMS business | -1,772 | |
Changes in assets and liabilities, net of acquisitions and divestitures: | ||
Accounts receivable | -10,942 | -5,551 |
Inventories | -1,231 | 5,118 |
Accounts payable | 264 | -2,886 |
Accrued liabilities | -58 | -11,743 |
Income taxes payable | 860 | 820 |
Other | -457 | 874 |
Total adjustments | -5,804 | -11,158 |
Net cash provided by (used in) operating activities | 483 | -6,078 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | -1,192 | -2,775 |
Proceeds from sale of assets | -1 | -1,824 |
Net cash used in investing activities | -1,191 | -951 |
Cash flows from financing activities: | ||
Payments of long-term debt | -240,900 | -234,400 |
Proceeds from borrowings of long-term debt | 249,100 | 236,000 |
Payments of short-term notes payable | -507 | |
Proceeds from borrowings of short-term notes payable | 507 | |
Purchase of treasury stock | -2,893 | -495 |
Dividends paid | -1,336 | -1,351 |
Exercise of stock options | 1,328 | |
Other | 117 | 222 |
Net cash provided by financing activities | 4,088 | 1,304 |
Effect of exchange rate on cash and cash equivalents | 445 | 326 |
Net increase (decrease) in cash and cash equivalents | 3,825 | -5,399 |
Cash and cash equivalents at beginning of year | 134,508 | 124,368 |
Cash and cash equivalents at end of year | 138,333 | 118,969 |
Supplemental cash flow information | ||
Cash paid for Interest | 454 | 432 |
Cash paid for Income taxes, net | $1,608 | $1,102 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 29, 2015 | |
Basis of Presentation | |
Basis of Presentation | NOTE 1—Basis of Presentation |
The accompanying condensed consolidated financial statements have been prepared by CTS Corporation (“CTS” or “the Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the financial statements, notes thereto, and other information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. | |
The accompanying unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments (consisting of normal recurring items) necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods presented. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ materially from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year. | |
Accounts_Receivable
Accounts Receivable | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Accounts Receivable | ||||||||
Accounts Receivable | NOTE 2 – Accounts Receivable | |||||||
The components of accounts receivable are as follows: | ||||||||
As of | ||||||||
March 29, | December 31, | |||||||
($ in thousands) | 2015 | 2014 | ||||||
Accounts receivable, gross | $ | 67,172 | $ | 56,994 | ||||
Less: Allowance for doubtful accounts | -116 | -100 | ||||||
Accounts receivable, net | $ | 67,056 | $ | 56,894 | ||||
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Inventories | ||||||||
Inventories | NOTE 3 – Inventories | |||||||
Inventories consist of the following: | ||||||||
As of | ||||||||
March 29, | December 31, | |||||||
($ in thousands) | 2015 | 2014 | ||||||
Finished goods | $ | 11,934 | $ | 11,728 | ||||
Work-in-process | 6,840 | 7,297 | ||||||
Raw materials | 16,718 | 15,562 | ||||||
Less: Inventory reserves | -6,912 | -6,700 | ||||||
Inventories, net | $ | 28,580 | $ | 27,887 | ||||
Retirement_Plans
Retirement Plans | 3 Months Ended | |||||||||||||
Mar. 29, 2015 | ||||||||||||||
Retirement Plans | ||||||||||||||
Retirement Plans | NOTE 4 – Retirement Plans | |||||||||||||
Pension Plans | ||||||||||||||
Net pension income for our domestic and foreign plans was as follows: | ||||||||||||||
Three Months Ended | ||||||||||||||
($ in thousands) | March 29, 2015 | March 30, 2014 | ||||||||||||
Net pension income | $ | -528 | $ | -626 | ||||||||||
Net pension (income) expense breakdown for our domestic and foreign plans include the following components: | ||||||||||||||
Domestic Pension Plans | Foreign Pension Plans | |||||||||||||
Three months: | Three Months Ended | Three Months Ended | ||||||||||||
($ in thousands) | March 29, 2015 | March 30, 2014 | March 29, 2015 | March 30, 2014 | ||||||||||
Service cost | $ | 42 | $ | 48 | $ | 17 | $ | 21 | ||||||
Interest cost | 2,815 | 3,058 | 123 | 150 | ||||||||||
Expected return on plan assets (1) | -5,068 | -5,208 | -133 | -167 | ||||||||||
Amortization of loss | 1,585 | 1,413 | 91 | 59 | ||||||||||
(Income) expense, net | $ | -626 | $ | -689 | $ | 98 | $ | 63 | ||||||
-1 | Expected return on plan assets is net of expected investment expenses and certain administrative expenses. | |||||||||||||
Other Postretirement Benefit Plan | ||||||||||||||
Net postretirement expense for our postretirement plan includes the following components: | ||||||||||||||
Three Months Ended | ||||||||||||||
($ in thousands) | March 29, 2015 | March 30, 2014 | ||||||||||||
Other postretirement benefit plan | ||||||||||||||
Service cost | $ | 1 | $ | 1 | ||||||||||
Interest cost | 51 | 57 | ||||||||||||
Amortization of gain | -25 | -39 | ||||||||||||
Postretirement expense | $ | 27 | $ | 19 | ||||||||||
Other_Intangible_Assets
Other Intangible Assets | 3 Months Ended | ||||||||||
Mar. 29, 2015 | |||||||||||
Other Intangible Assets. | |||||||||||
Other Intangible Assets | NOTE 5 – Other Intangible Assets | ||||||||||
Intangible assets consist of the following components: | |||||||||||
As of | |||||||||||
March 29, 2015 | |||||||||||
($ in thousands) | Gross | Accumulated | Net Amount | ||||||||
Carrying | Amortization | ||||||||||
Amount | |||||||||||
Amortized intangible assets: | |||||||||||
Customer lists/relationships | $ | 51,804 | $ | -25,082 | $ | 26,722 | |||||
Patents | 10,319 | -10,319 | — | ||||||||
Other intangibles | 12,270 | -4,063 | 8,207 | ||||||||
Other intangible assets, net | $ | 74,393 | $ | -39,464 | $ | 34,929 | |||||
Amortization expense for the three months ended March 29, 2015 | $ | 973 | |||||||||
As of | |||||||||||
December 31, 2014 | |||||||||||
($ in thousands) | Gross | Accumulated | Net Amount | ||||||||
Carrying | Amortization | ||||||||||
Amount | |||||||||||
Amortized intangible assets: | |||||||||||
Customer lists/relationships | $ | 51,804 | $ | -24,415 | $ | 27,389 | |||||
Patents | 10,319 | -10,319 | — | ||||||||
Other intangibles | 12,270 | -3,757 | 8,513 | ||||||||
Other intangible assets, net | $ | 74,393 | $ | -38,491 | $ | 35,902 | |||||
Amortization expense for the three months ended March 30, 2014 | $ | 1,034 | |||||||||
Amortization expense remaining for other intangible assets is as follows: | |||||||||||
($ in thousands) | Amortization | ||||||||||
expense | |||||||||||
2015 | $ | 2,976 | |||||||||
2016 | 3,647 | ||||||||||
2017 | 3,569 | ||||||||||
2018 | 3,484 | ||||||||||
2019 | 3,475 | ||||||||||
Thereafter | 17,778 | ||||||||||
Total amortization expense | $ | 34,929 | |||||||||
Costs_Associated_with_Exit_and
Costs Associated with Exit and Restructuring Activities | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Costs Associated with Exit and Restructuring Activities | ||||||||
Costs Associated with Exit and Restructuring Activities | NOTE 6 – Costs Associated with Exit and Restructuring Activities | |||||||
Costs associated with exit and restructuring activities are recorded in the Consolidated Statement of Earnings as follows: restructuring related charges are recorded as a component of Cost of Goods Sold, and restructuring and impairment charges are reported on a separate line and included in Operating Earnings. Total restructuring, impairment and restructuring related charges were $813,000 for the three month period ended March 29, 2015. | ||||||||
Restructuring related charges were $75,000 for three month period ended March 29, 2015. Restructuring and impairment charges were $738,000 for the three month period ended March 29, 2015. | ||||||||
During April 2014, CTS announced plans to restructure its operations and consolidate its Canadian operations into other existing CTS facilities as part of CTS’ overall plan to simplify its business model and rationalize its global footprint (“April 2014 Plan”). | ||||||||
These restructuring actions will result in the elimination of approximately 120 positions. These actions are expected to be completed in 2015. The following table displays the planned restructuring and restructuring-related charges associated with the April 2014 Plan, as well as a summary of the actual costs incurred through March 29, 2015: | ||||||||
Actual costs | ||||||||
Planned | incurred through | |||||||
($ in thousands) April 2014 Plan | Costs | March 29, 2015 | ||||||
Inventory write-down | $ | 250 | $ | — | ||||
Equipment relocation | 500 | — | ||||||
Other charges | 350 | — | ||||||
Restructuring related charges, included in cost of goods sold | $ | 1,100 | $ | — | ||||
Workforce reduction | $ | 4,100 | $ | 3,677 | ||||
Asset impairment charge | — | — | ||||||
Other charges, including pension termination costs | 500 | 154 | ||||||
Restructuring and impairment charges | $ | 4,600 | $ | 3,831 | ||||
Total restructuring, impairment and restructuring related charges | $ | 5,700 | $ | 3,831 | ||||
Under the April 2014 Plan, restructuring and impairment charges were $361,000 in the three month period ended March 29, 2015. | ||||||||
During June 2013, CTS announced a restructuring plan to simplify CTS’ global footprint by consolidating manufacturing facilities into existing locations (“June 2013 Plan”). The June 2013 Plan includes the consolidation of operations from the U.K. manufacturing facility into the Czech Republic facility, the Carol Stream, Illinois manufacturing facility into the Juarez, Mexico facility and to discontinue manufacturing at its Singapore facility. Certain Corporate functions were consolidated or eliminated as a result of the June 2013 Plan and also as a result of the sale of CTS’ EMS business. | ||||||||
These restructuring actions will result in the elimination of approximately 350 positions. The above actions are expected to be completed in 2015. | ||||||||
During the fourth quarter of 2014, CTS management revised the June 2013 Plan. The amendment added an additional $4,000,000 in planned costs. Future settlement of the U.K. pension plan is estimated to account for $2,000,000 of the added cost. The remaining $2,000,000 in restructuring and impairment charges are for severance costs and will result in the elimination of approximately 130 additional positions. The positions eliminated will be spread globally throughout CTS businesses. The above actions are expected to be substantially complete in 2015. | ||||||||
The following table displays the planned restructuring and restructuring-related charges associated with the realignment, as well as a summary of the actual costs incurred through March 29, 2015: | ||||||||
Planned | Actual costs | |||||||
incurred through | ||||||||
($ in thousands) June 2013 Plan | Costs | March 29, 2015 | ||||||
Inventory write-down | $ | 800 | $ | 1,143 | ||||
Equipment relocation | 900 | 1,792 | ||||||
Other charges | 100 | 652 | ||||||
Restructuring-related charges, included in cost of goods sold | $ | 1,800 | $ | 3,587 | ||||
Workforce reduction | $ | 10,150 | $ | 8,698 | ||||
Asset impairment charge | 3,000 | 4,258 | ||||||
Other charges, including pension termination costs | 7,650 | 1,233 | ||||||
Restructuring and impairment charges | $ | 20,800 | $ | 14,189 | ||||
Total restructuring and restructuring-related charges | $ | 22,600 | $ | 17,776 | ||||
Under the June 2013 Plan, total restructuring, impairment and restructuring related charges incurred were $452,000 for the three month period ended March 29, 2015 and were $1,074,000 for the three month period ended March 30, 2014. For the three month period ended March 29, 2015, the restructuring related charges were $75,000 and the restructuring and impairment charges were $377,000. | ||||||||
The following table displays the restructuring reserve activity for the period ended March 29, 2015: | ||||||||
($ in thousands) June 2013 Plan and April 2014 Plan | ||||||||
Restructuring liability at January 1, 2015 | $ | 3,904 | ||||||
Restructuring and restructuring-related charges, excluding asset impairments and write-offs | 813 | |||||||
Cost paid | -1,266 | |||||||
Restructuring liability at March 29, 2015 | $ | 3,451 | ||||||
Accrued_Liabilities
Accrued Liabilities | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Accrued Liabilities. | ||||||||
Accrued Liabilities | NOTE 7 – Accrued Liabilities | |||||||
The components of Accrued liabilities are as follows: | ||||||||
As of | ||||||||
March 29, | December 31, | |||||||
($ in thousands) | 2015 | 2014 | ||||||
Accrued product related costs | $ | 5,804 | $ | 5,216 | ||||
Accrued income taxes | 4,593 | 3,346 | ||||||
Accrued property and other taxes | 4,554 | 2,547 | ||||||
Dividends payable | 1,332 | 1,336 | ||||||
Remediation and monitoring reserves | 4,530 | 3,918 | ||||||
Other accrued liabilities | 8,658 | 8,993 | ||||||
Total accrued liabilities | $ | 29,471 | $ | 25,356 | ||||
Contingencies
Contingencies | 3 Months Ended |
Mar. 29, 2015 | |
Contingencies | |
Contingencies | NOTE 8 – Contingencies |
Certain processes in the manufacture of CTS’ current and past products create hazardous waste by-products as currently defined by federal and state laws and regulations. CTS has been notified by the U.S. Environmental Protection Agency, state environmental agencies and, in some cases, generator groups, that it is or may be a potentially responsible party regarding hazardous substances at several sites either owned, not owned or operated by CTS. Some sites are Superfund sites such as in Asheville, North Carolina and Mountain View, California. In addition to these non-CTS sites, CTS has an ongoing practice of providing reserves for probable remediation activities at certain of its manufacturing locations and for claims and proceedings against CTS with respect to other environmental matters. CTS records reserves on an undiscounted basis. In the opinion of management, based upon presently available information relating to all such matters, adequate provision for probable costs has been made. | |
CTS manufactures accelerator pedals for a number of automobile manufacturers, including subsidiaries of Toyota Motor Corporation (“Toyota”). In January 2010, Toyota initiated a recall of a substantial number of vehicles in North America containing pedals manufactured by CTS. The recall expanded to include vehicles in Europe and Asia. The pedal recall and associated events have led to CTS being named as a co-defendant with Toyota in certain litigation in the United States and Canada. CTS is not aware of any legal actions filed in Asia or Europe against CTS at this time. In February 2010, CTS entered into an agreement with Toyota whereby Toyota agreed that it will indemnify, defend, and hold CTS harmless from, and the parties will cooperate in the defense of, third-party civil claims and actions that are filed or asserted in the United States or Canada and that arise from or relate to alleged incidents of unintended acceleration of Toyota and Lexus vehicles. The limited exceptions to indemnification restrict CTS’ share of any liability to amounts collectable from its insurers. CTS cannot assure that Toyota will not seek to recover a portion of its recall-related costs from CTS, or that the insurance CTS carries will be sufficient to cover such costs. | |
Certain other claims are pending against CTS with respect to matters arising out of the ordinary conduct of CTS’ business. These claims, in the opinion of management, based upon past experience and presently available information, either adequate provision for anticipated costs has been reserved or the ultimate anticipated costs will not materially affect CTS’ consolidated financial position, results of operations, or cash flows. | |
Debt
Debt | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Debt | ||||||||
Debt | NOTE 9 - Debt | |||||||
Long-term debt was comprised of the following: | ||||||||
As of | ||||||||
March 29, | December 31, | |||||||
($ in thousands) | 2015 | 2014 | ||||||
Revolving credit facility due in 2017 | $ | 83,200 | $ | 75,000 | ||||
Weighted average interest rate | 1.4 | % | 1.5 | % | ||||
Amount available | $ | 114,335 | $ | 122,535 | ||||
Total credit facility | $ | 200,000 | $ | 200,000 | ||||
Standby letters of credit | $ | 2,465 | $ | 2,465 | ||||
Commitment fee percentage per annum | 0.25 | 0.25 | ||||||
The revolving credit facility requires, among other things, that CTS comply with a maximum total leverage ratio and a minimum fixed charge coverage ratio. Failure of CTS to comply with these covenants could reduce the borrowing availability under the revolving credit facility. CTS was in compliance with all debt covenants at March 29, 2015. The revolving credit facility requires CTS to deliver quarterly financial statements, annual financial statements, auditors certifications and compliance certificates within a specified number of days after the end of a quarter and year. Additionally, the revolving credit facility contains restrictions limiting CTS' ability to: dispose of assets; incur certain additional debt; repay other debt or amend subordinated debt instruments; create liens on assets; make investments, loans or advances; make acquisitions or engage in mergers or consolidations; engage in certain transactions with CTS' subsidiaries and affiliates; and make stock repurchases and dividend payments. Interest rates on the revolving credit facility fluctuate based upon the London Interbank Offered Rate and the Company’s quarterly total leverage ratio. CTS pays a commitment fee on the undrawn portion of the revolving credit facility. The commitment fee varies based on the quarterly leverage ratio. | ||||||||
CTS has debt issuance costs related to its long-term debt that are being amortized using the straight-line method over the life of the debt. Amortization expense was approximately $50,000 in the three months ended March 29, 2015 and was recognized as interest expense. | ||||||||
CTS uses interest rate swaps to convert the revolving credit facility’s variable rate of interest into a fixed rate. In the second quarter of 2012, CTS entered into four separate interest rate swap agreements to fix interest rates on $50,000,000 of long-term debt for the periods January 2013 to January 2017. In the third quarter of 2012, CTS entered into four separate interest rate swap agreements to fix interest rates on $25,000,000 of long-term debt for the periods January 2013 to January 2017. The difference to be paid or received under the terms of the swap agreements will be recognized as an adjustment to interest expense when settled. | ||||||||
These swaps are treated as cash flow hedges and consequently, the changes in fair value were recorded in Other comprehensive income. The estimated net amount of the existing gains or losses that are reported in accumulated other comprehensive income that is expected to be reclassified into earnings within the next twelve months is approximately $450,000. Interest rate swaps activity recorded in Other comprehensive earnings before tax includes the following: | ||||||||
Three Months Ended | ||||||||
($ in thousands) | March 29, 2015 | March 30, 2014 | ||||||
Unrealized loss | $ | -327 | $ | -54 | ||||
Realized gain reclassified to interest expense | $ | 190 | $ | 118 | ||||
Interest rate swaps included on the balance sheets are comprised of the following: | ||||||||
As of | ||||||||
March 29, | December 31, | |||||||
($ in thousands) | 2015 | 2014 | ||||||
Accrued liabilities | $ | 733 | $ | 640 | ||||
Other long-term obligations | $ | 424 | $ | 380 | ||||
Other_Comprehensive_Income
Other Comprehensive Income | 3 Months Ended | |||||||||||||
Mar. 29, 2015 | ||||||||||||||
Other Comprehensive Income | ||||||||||||||
Other Comprehensive Income | NOTE 10 – Other Comprehensive Income | |||||||||||||
Shareholders’ equity includes certain items classified as Accumulated other comprehensive (loss) income (“AOCI”) in the Consolidated Balance Sheets, including: | ||||||||||||||
· | Unrealized gains (losses) on hedges relate to interest rate swaps to convert the line of credit’s variable rate of interest into a fixed rate. These hedges are designated as cash flow hedges, and CTS has deferred income statement recognition of gains and losses until the hedged transaction occurs. Amounts reclassified to income from AOCI for hedges are included in interest expense. Further information related to CTS’ interest rate swaps is included in NOTE 13 – Fair Value Measurement. | |||||||||||||
· | Unrealized gains (losses) on pension obligations are deferred from income statement recognition until the gains or losses are realized. Amounts reclassified to income from AOCI are included in net periodic pension expense. Further information related to CTS’ pension obligations is included in NOTE 4 – Retirement Plans. | |||||||||||||
· | Cumulative translation adjustment relates to our non-U.S. subsidiary companies that have designated a functional currency other than the U.S. dollar. CTS is required to translate the subsidiary functional currency financial statements to dollars using a combination of historical, period-end, and average foreign exchange rates. This combination of rates creates the foreign currency translation adjustment component of other comprehensive income. Changes in exchange rates between the functional currency and the currency in which a transaction is denominated is a foreign exchange transaction gain or loss. A transaction loss for the period ended March 29, 2015 was $1,688,000 which is included in Other in the Condensed Consolidated Statement of Earnings. | |||||||||||||
The components of other comprehensive loss for the three months ended March 29, 2015 are as follows: | ||||||||||||||
Gain (Loss) | ||||||||||||||
As of | Gain (Loss) | reclassified | As of | |||||||||||
December 31, | Recognized | from AOCI | March 29, | |||||||||||
($ in thousands) | 2014 | in OCI | to income | 2015 | ||||||||||
Changes in fair market value of hedges: | ||||||||||||||
Gross | $ | -1,020 | $ | -327 | $ | 190 | $ | -1,157 | ||||||
Income tax (benefit) | -384 | -123 | 72 | -435 | ||||||||||
Net | -636 | -204 | 118 | -722 | ||||||||||
Changes in unrealized pension cost: | ||||||||||||||
Gross | -169,291 | 1,930 | — | -167,361 | ||||||||||
Income tax (benefit) | -65,124 | 673 | — | -64,451 | ||||||||||
Net | -104,167 | 1,257 | — | -102,910 | ||||||||||
Cumulative translation adjustment: | ||||||||||||||
Gross | 245 | -736 | — | -491 | ||||||||||
Income tax (benefit) | -325 | 367 | — | 42 | ||||||||||
Net | 570 | -1,103 | — | -533 | ||||||||||
Total accumulated other comprehensive (loss) income | $ | -104,233 | $ | -50 | $ | 118 | $ | -104,165 | ||||||
The components of other comprehensive loss for the three months ended March 30, 2014 are as follows: | ||||||||||||||
Gain (Loss) | ||||||||||||||
As of | Gain (Loss) | reclassified | As of | |||||||||||
December 31, | Recognized | from AOCI | March 30, | |||||||||||
($ in thousands) | 2013 | in OCI | to income | 2014 | ||||||||||
Changes in fair market value of hedges: | ||||||||||||||
Gross | $ | -998 | $ | -54 | $ | 118 | $ | -934 | ||||||
Income tax (benefit) | -402 | -21 | 45 | -378 | ||||||||||
Net | -596 | -33 | 73 | -556 | ||||||||||
Changes in unrealized pension cost: | ||||||||||||||
Gross | -138,133 | 1,450 | — | -136,683 | ||||||||||
Income tax (benefit) | -55,028 | 536 | — | -54,492 | ||||||||||
Net | -83,105 | 914 | — | -82,191 | ||||||||||
Cumulative translation adjustment: | ||||||||||||||
Gross | 949 | 133 | — | 1,082 | ||||||||||
Income tax (benefit) | -855 | -71 | — | -926 | ||||||||||
Net | 1,804 | 204 | — | 2,008 | ||||||||||
Total accumulated other comprehensive (loss) income | $ | -81,897 | $ | 1,085 | $ | 73 | $ | -80,739 | ||||||
Shareholders_Equity
Shareholders' Equity | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Stockholders' Equity | ||||||||
Shareholders' Equity | NOTE 11 – Shareholders’ Equity | |||||||
Share count and par value data related to shareholders’ equity are as follows: | ||||||||
As of | ||||||||
March 29, | December 31, | |||||||
2015 | 2014 | |||||||
Preferred Stock | ||||||||
Par value per share | No par value | No par value | ||||||
Shares authorized | 25,000,000 | 25,000,000 | ||||||
Shares outstanding | — | — | ||||||
Common Stock | ||||||||
Par value per share | No par value | No par value | ||||||
Shares authorized | 75,000,000 | 75,000,000 | ||||||
Shares issued | 56,176,739 | 56,101,700 | ||||||
Shares outstanding | 33,302,247 | 33,392,060 | ||||||
Treasury stock | ||||||||
Shares held | 22,874,492 | 22,709,640 | ||||||
CTS uses the cost method to account for its common stock purchases. During the three month period March 29, 2015, CTS purchased 164,852 shares of common stock for an aggregate of $2,892,729 under a board-authorized share repurchase plan. For the three month period ended March 30, 2014, CTS purchased 27,598 shares of common stock for an aggregate of $495,167. Approximately 9,055,892 shares are available for future issuances. | ||||||||
A roll forward of common shares outstanding is as follows: | ||||||||
Three Months Ended | ||||||||
March 29, 2015 | March 30, 2014 | |||||||
Balance at the beginning of the year | 33,392,060 | 33,558,864 | ||||||
Repurchases | -164,852 | -27,598 | ||||||
Stock option issuances | — | 101,350 | ||||||
Restricted share issuances | 75,039 | 169,770 | ||||||
Restricted share forfeitures | — | — | ||||||
Shares withheld for tax obligations | — | — | ||||||
Balance at the end of the period | 33,302,247 | 33,802,386 | ||||||
EquityBased_Compensation
Equity-Based Compensation | 3 Months Ended | |||||||||
Mar. 29, 2015 | ||||||||||
Equity-Based Compensation | ||||||||||
Equity-Based Compensation | NOTE 12 - Equity-Based Compensation | |||||||||
At March 29, 2015, CTS had five equity-based compensation plans: the 2001 Stock Option Plan (“2001 Plan”), the Nonemployee Directors’ Stock Retirement Plan (“Directors’ Plan”), the 2004 Omnibus Long-Term Incentive Plan (“2004 Plan”), the 2009 Omnibus Equity and Performance Incentive Plan (“2009 Plan”), and the 2014 Performance & Incentive Plan (“2014 Plan”). Future grants can only be made under the 2014 Plan. | ||||||||||
The 2009 Plan, and previously the 2001 Plan and 2004 Plan, provides for grants of incentive stock options or nonqualified stock options to officers, key employees, and nonemployee members of CTS’ Board of Directors. In addition, the 2014 Plan, the 2009 Plan and the 2004 Plan allow for grants of stock appreciation rights, restricted stock, RSUs, performance shares, performance units, and other stock awards. | ||||||||||
The following table summarizes the compensation expense included in Selling, general and administrative expenses in the Consolidated Statements of Earnings related to equity-based compensation plans: | ||||||||||
Three Months Ended | ||||||||||
($ in thousands) | March 29, 2015 | March 30, 2014 | ||||||||
Service-Based RSUs | $ | 549 | $ | 473 | ||||||
Performance-Based RSUs | 520 | 174 | ||||||||
Market-Based RSUs | 451 | 132 | ||||||||
Total | $ | 1,520 | $ | 779 | ||||||
Income tax benefit | $ | 571 | $ | 298 | ||||||
The following table summarizes the unrecognized compensation expense related to non-vested RSUs by type and the weighted-average period in which the expense is to be recognized: | ||||||||||
Unrecognized | ||||||||||
compensation | Weighted- | |||||||||
expense at | average | |||||||||
($ in thousands) | March 29, 2015 | period | ||||||||
Service-Based RSUs | $ | 2,479 | 1.3 | years | ||||||
Performance-Based RSUs | 1,975 | 1.6 | years | |||||||
Market-Based RSUs | 1,214 | 1.4 | years | |||||||
Total | $ | 5,668 | ||||||||
CTS recognizes expense on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in substance, multiple awards. | ||||||||||
The following table summarizes the status of these plans as of March 29, 2015: | ||||||||||
2014 Plan | 2009 Plan | 2004 Plan | 2001 Plan | |||||||
Awards originally available | 1,500,000 | 3,400,000 | 6,500,000 | 2,000,000 | ||||||
Stock options outstanding | — | — | 5,200 | — | ||||||
RSUs outstanding | 144,025 | 281,687 | 101,223 | — | ||||||
Options exercisable | — | — | 5,200 | — | ||||||
Awards available for grant | 1,343,675 | 1,616,597 | 106,423 | — | ||||||
Stock Options | ||||||||||
Stock options are exercisable in cumulative annual installments over a maximum 10-year period, commencing at least one year from the date of grant. Stock options are generally granted with an exercise price equal to the market price of CTS’ stock on the date of grant. The stock options generally vest over four years and have a 10-year contractual life. The awards generally contain provisions to either accelerate vesting or allow vesting to continue on schedule upon retirement if certain service and age requirements are met. The awards also provide for accelerated vesting if there is a change in control event. | ||||||||||
CTS estimated the fair value of the stock option on the grant date using the Black-Scholes option-pricing model and assumptions for expected price volatility, option term, risk-free interest rate, and dividend yield. Expected price volatilities were based on historical volatilities of CTS’ common stock. The expected option term is derived from historical data on exercise behavior. The dividend yield was based on historical dividend payments. The risk-free rate for periods within the contractual life of the option was based on the U.S. Treasury yield curve in effect at the time of grant. | ||||||||||
A summary of the status of stock options as of March 29, 2015, and changes during the period then ended, is presented below: | ||||||||||
Three Months Ended | ||||||||||
March 29, 2015 | ||||||||||
Weighted | ||||||||||
Average | ||||||||||
Exercise | ||||||||||
Options | Price | |||||||||
Outstanding at beginning of year | 5,200 | $ | 12.35 | |||||||
Exercised | — | $ | — | |||||||
Expired | — | $ | — | |||||||
Forfeited | — | $ | — | |||||||
Outstanding at end of period | 5,200 | $ | 12.35 | |||||||
Exercisable at end of period | 5,200 | $ | 12.35 | |||||||
< | ||||||||||
Three Months Ended | ||||||||||
March 29, 2015 | ||||||||||
Weighted average remaining contractual life | 0.7 | years | ||||||||
Aggregate intrinsic values of options outstanding and options exercisable | $ | 27,583 | ||||||||
There are no unvested stock options at March 29, 2015. | ||||||||||
Service-Based Restricted Stock Units | ||||||||||
Service-based RSUs entitle the holder to receive one share of common stock for each unit when the unit vests. RSUs are issued to officers, key employees and non-employee directors as compensation. Generally, the RSUs vest over a three-year period. RSUs granted to non-employee directors vest one month after granted. Upon vesting, the non-employee directors elect to either receive the stock associated with the RSU immediately, or defer receipt of the stock until their retirement from the Board of Directors. The fair value of the RSUs is equivalent to the trading value of CTS’ common stock on the grant date. | ||||||||||
A summary of the status of RSUs is presented below: | ||||||||||
Three Months Ended | ||||||||||
March 29, 2015 | ||||||||||
Weighted | ||||||||||
Average | ||||||||||
Grant Date | ||||||||||
Units | Fair Value | |||||||||
Outstanding at January 1, 2015 | 517,965 | $ | 12.06 | |||||||
Granted | 114,025 | 16.93 | ||||||||
Converted | -104,424 | 13.12 | ||||||||
Forfeited | -631 | 10.12 | ||||||||
Outstanding at March 29, 2015 | 526,935 | $ | 12.90 | |||||||
Performance-Based Restricted Stock Units | ||||||||||
CTS grants performance-based restricted stock unit awards for certain executives. Vesting may occur in the range from zero percent to 200% of the target amount. Vesting is subject to certification of the fiscal results of the year prior to the target year by CTS’ independent auditors. Vesting is dependent upon CTS’ achievement of either sales growth targets or cash flow targets as noted in the table below. | ||||||||||
Performance-Based RSUs include the following components: | ||||||||||
Target | Vesting | Vesting | Units | |||||||
Grant Date | Units | Year | Dependency | Awarded | ||||||
11-Feb-13 | 47,164 | 2016 | Sales growth | — | ||||||
11-Feb-13 | 40,425 | 2016 | Cash flow | — | ||||||
14-Feb-14 | 22,538 | 2017 | Sales growth | — | ||||||
14-Feb-14 | 19,319 | 2017 | Cash flow | — | ||||||
13-Feb-15 | 32,743 | 2018 | Sales growth | — | ||||||
13-Feb-15 | 28,065 | 2018 | Cash flow | — | ||||||
Market-Based Restricted Stock Units | ||||||||||
CTS grants market-based restricted stock unit awards for certain executives and key employees. Vesting may occur in the range from zero percent to 200% of the target amount. Vesting is subject to certification of the fiscal results of the year prior to the target year by CTS’ independent auditors. The vesting rate will be determined using a matrix based on a percentile ranking of CTS total stockholder return with peer group total shareholder return over a three-year period. Vesting is tied exclusively to CTS total stockholder return relative to peer group companies’ total stockholder return rates. | ||||||||||
Market-Based RSUs include the following components: | ||||||||||
Number of | ||||||||||
Target | Vesting | Peer Group | Units | |||||||
Grant Date | Units | Year | Companies | Awarded | ||||||
11-Feb-13 | 40,425 | 2016 | 20 | — | ||||||
11-Feb-13 | 48,750 | 2016 | 20 | — | ||||||
14-Feb-14 | 22,538 | 2017 | 15 | — | ||||||
13-Feb-15 | 32,743 | 2018 | 23 | — | ||||||
Income_Taxes
Income Taxes | 3 Months Ended | |||||
Mar. 29, 2015 | ||||||
Income Taxes | ||||||
Income Taxes | NOTE 14 — Income Taxes | |||||
The effective tax rates for first quarter 2015 and 2014 are as follows: | ||||||
Three Months Ended | ||||||
March 29, 2015 | March 30, 2014 | |||||
Effective tax rate | 30.2 | % | 43.7 | % | ||
The 2015 effective tax rate reflects a change in the mix of earnings by jurisdiction, and the effect of discrete period expense that decreased the rate by 3.3% in the first quarter of 2015. Tax expense during the three months ended March 30, 2014 includes a discrete period tax expense that increased the rate by 8.4% due to tax adjustments in the quarter. | ||||||
CTS’ continuing practice is to recognize interest and/or penalties related to income tax matters as income tax expense. For the three months ended March 29, 2015 and March 30, 2014, CTS did not accrue any interest or penalties into income tax expense. | ||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 29, 2015 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | NOTE 15 — Recent Accounting Pronouncements |
In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2015-04, “Compensation –Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets”. The amended guidance permits companies to use a practical expedient which allows an employer to measure defined benefit plan assets and obligations as of the month-end date that is closest to the employer’s fiscal year-end (alternative measurement date). An employer using this policy election must apply it consistently to all of its defined benefit plans. | |
In accordance with this ASU, an employer using the practical expedient is required to adjust the funded status for contributions and other significant events (as defined in paragraph 715-30-35-66) occurring between the alternative measurement date and its fiscal year-end. Paragraph 715-30-35-66 defines a significant event as: a plan amendment, settlement, or curtailment that calls for remeasurement. This ASU also allows employers the use of the practical expedient in interim remeasurements of significant events. | |
The employer would be required to disclose the election to use the practical expedient and the measurement date of the plan assets and obligations. Early application of this ASU is permitted. Entities must apply the guidance prospectively. | |
The guidance is effective for financial statements for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The changes would be effective for employee benefit plans for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. These provisions are not anticipated to have a material impact on our financial statements. | |
In April 2015, the FASB issued ASU 2015-05, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement”. The amendments in this ASU provide guidance to customers about a customer’s accounting for fees paid in a cloud computing arrangement. This ASU clarifies that if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change U.S. GAAP for a customer’s accounting for service contracts. All software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets. | |
The amendments will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. An entity can elect to adopt the amendments either prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. For prospective transition, the disclosure requirements at transition include the nature of and reason for the change in accounting principle, the transition method, and a qualitative description of the financial statement line items affected by the change. For retrospective transition, the disclosure requirements at transition include the requirements for prospective transition and quantitative information about the effects of the accounting change. These provisions are not anticipated to have a material impact on our financial statements. | |
In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. The amended guidance require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. | |
Early adoption of this ASU is permitted for financial statements that have not been previously issued. Entities must apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, an entity is required to comply with the applicable disclosures for a change in an accounting principle. These provisions are not anticipated to have a material impact on our financial statements. | |
In June 2014, the FASB issued ASU 2014-12, “Compensation — Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period”. The amended guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period should be treated as a performance condition. | |
Current U.S. GAAP does not contain explicit guidance on whether to treat a performance target that could be achieved after the requisite service period as a performance condition that affects vesting or as a nonvesting condition that affects the grant-date fair value of an award. The amendments in this update provide explicit guidance for those awards. | |
The amendments are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. Entities may apply the amendments either prospectively to all awards granted or modified after the effective date, or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. These provisions are not anticipated to have a material impact on our financial statements. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”. The guidance in this ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The new revenue recognition guidance more closely aligns U.S. GAAP with International Financial Reporting Standards ("IFRS"). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. | |
To achieve that core principle, an entity should apply the following steps: | |
Step 1:Identify the contract(s) with a customer. | |
Step 2:Identify the performance obligations in the contract. | |
Step 3:Determine the transaction price. | |
Step 4:Allocate the transaction price to the performance obligations in the contract. | |
Step 5:Recognize revenue when (or as) the entity satisfies a performance obligation. | |
The guidance is effective for annual periods beginning on or after December 15, 2016 and interim periods within that reporting period. Early adoption is not permitted. These provisions of this guidance are still being evaluated. The impact on CTS' financial statements has not yet been determined. | |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 29, 2015 | |
Recent Accounting Pronouncements | |
Basis of Presentation | The accompanying condensed consolidated financial statements have been prepared by CTS Corporation (“CTS” or “the Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the financial statements, notes thereto, and other information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. |
The accompanying unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments (consisting of normal recurring items) necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods presented. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ materially from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year. | |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 29, 2015 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2015-04, “Compensation –Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets”. The amended guidance permits companies to use a practical expedient which allows an employer to measure defined benefit plan assets and obligations as of the month-end date that is closest to the employer’s fiscal year-end (alternative measurement date). An employer using this policy election must apply it consistently to all of its defined benefit plans. |
In accordance with this ASU, an employer using the practical expedient is required to adjust the funded status for contributions and other significant events (as defined in paragraph 715-30-35-66) occurring between the alternative measurement date and its fiscal year-end. Paragraph 715-30-35-66 defines a significant event as: a plan amendment, settlement, or curtailment that calls for remeasurement. This ASU also allows employers the use of the practical expedient in interim remeasurements of significant events. | |
The employer would be required to disclose the election to use the practical expedient and the measurement date of the plan assets and obligations. Early application of this ASU is permitted. Entities must apply the guidance prospectively. | |
The guidance is effective for financial statements for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The changes would be effective for employee benefit plans for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. These provisions are not anticipated to have a material impact on our financial statements. | |
In April 2015, the FASB issued ASU 2015-05, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement”. The amendments in this ASU provide guidance to customers about a customer’s accounting for fees paid in a cloud computing arrangement. This ASU clarifies that if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change U.S. GAAP for a customer’s accounting for service contracts. All software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets. | |
The amendments will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. An entity can elect to adopt the amendments either prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. For prospective transition, the disclosure requirements at transition include the nature of and reason for the change in accounting principle, the transition method, and a qualitative description of the financial statement line items affected by the change. For retrospective transition, the disclosure requirements at transition include the requirements for prospective transition and quantitative information about the effects of the accounting change. These provisions are not anticipated to have a material impact on our financial statements. | |
In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. The amended guidance require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. | |
Early adoption of this ASU is permitted for financial statements that have not been previously issued. Entities must apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, an entity is required to comply with the applicable disclosures for a change in an accounting principle. These provisions are not anticipated to have a material impact on our financial statements. | |
In June 2014, the FASB issued ASU 2014-12, “Compensation — Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period”. The amended guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period should be treated as a performance condition. | |
Current U.S. GAAP does not contain explicit guidance on whether to treat a performance target that could be achieved after the requisite service period as a performance condition that affects vesting or as a nonvesting condition that affects the grant-date fair value of an award. The amendments in this update provide explicit guidance for those awards. | |
The amendments are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. Entities may apply the amendments either prospectively to all awards granted or modified after the effective date, or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. These provisions are not anticipated to have a material impact on our financial statements. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”. The guidance in this ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The new revenue recognition guidance more closely aligns U.S. GAAP with International Financial Reporting Standards ("IFRS"). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. | |
To achieve that core principle, an entity should apply the following steps: | |
Step 1:Identify the contract(s) with a customer. | |
Step 2:Identify the performance obligations in the contract. | |
Step 3:Determine the transaction price. | |
Step 4:Allocate the transaction price to the performance obligations in the contract. | |
Step 5:Recognize revenue when (or as) the entity satisfies a performance obligation. | |
The guidance is effective for annual periods beginning on or after December 15, 2016 and interim periods within that reporting period. Early adoption is not permitted. These provisions of this guidance are still being evaluated. The impact on CTS' financial statements has not yet been determined. | |
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Accounts Receivable | ||||||||
Components of Accounts Receivable | ||||||||
As of | ||||||||
March 29, | December 31, | |||||||
($ in thousands) | 2015 | 2014 | ||||||
Accounts receivable, gross | $ | 67,172 | $ | 56,994 | ||||
Less: Allowance for doubtful accounts | -116 | -100 | ||||||
Accounts receivable, net | $ | 67,056 | $ | 56,894 | ||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Inventories | ||||||||
Summary of Inventories | ||||||||
As of | ||||||||
March 29, | December 31, | |||||||
($ in thousands) | 2015 | 2014 | ||||||
Finished goods | $ | 11,934 | $ | 11,728 | ||||
Work-in-process | 6,840 | 7,297 | ||||||
Raw materials | 16,718 | 15,562 | ||||||
Less: Inventory reserves | -6,912 | -6,700 | ||||||
Inventories, net | $ | 28,580 | $ | 27,887 | ||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 3 Months Ended | |||||||||||||
Mar. 29, 2015 | ||||||||||||||
Retirement Plans | ||||||||||||||
Net Pension Income or Postretirement Expense | Net pension income for our domestic and foreign plans was as follows: | |||||||||||||
Three Months Ended | ||||||||||||||
($ in thousands) | March 29, 2015 | March 30, 2014 | ||||||||||||
Net pension income | $ | -528 | $ | -626 | ||||||||||
Net pension (income) expense breakdown for our domestic and foreign plans include the following components: | ||||||||||||||
Domestic Pension Plans | Foreign Pension Plans | |||||||||||||
Three months: | Three Months Ended | Three Months Ended | ||||||||||||
($ in thousands) | March 29, 2015 | March 30, 2014 | March 29, 2015 | March 30, 2014 | ||||||||||
Service cost | $ | 42 | $ | 48 | $ | 17 | $ | 21 | ||||||
Interest cost | 2,815 | 3,058 | 123 | 150 | ||||||||||
Expected return on plan assets (1) | -5,068 | -5,208 | -133 | -167 | ||||||||||
Amortization of loss | 1,585 | 1,413 | 91 | 59 | ||||||||||
(Income) expense, net | $ | -626 | $ | -689 | $ | 98 | $ | 63 | ||||||
-1 | Expected return on plan assets is net of expected investment expenses and certain administrative expenses. | |||||||||||||
Other Postretirement Benefit Plan | ||||||||||||||
Net postretirement expense for our postretirement plan includes the following components: | ||||||||||||||
Three Months Ended | ||||||||||||||
($ in thousands) | March 29, 2015 | March 30, 2014 | ||||||||||||
Other postretirement benefit plan | ||||||||||||||
Service cost | $ | 1 | $ | 1 | ||||||||||
Interest cost | 51 | 57 | ||||||||||||
Amortization of gain | -25 | -39 | ||||||||||||
Postretirement expense | $ | 27 | $ | 19 | ||||||||||
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||
Mar. 29, 2015 | |||||||||||
Other Intangible Assets. | |||||||||||
Summary of other intangible assets | |||||||||||
As of | |||||||||||
March 29, 2015 | |||||||||||
($ in thousands) | Gross | Accumulated | Net Amount | ||||||||
Carrying | Amortization | ||||||||||
Amount | |||||||||||
Amortized intangible assets: | |||||||||||
Customer lists/relationships | $ | 51,804 | $ | -25,082 | $ | 26,722 | |||||
Patents | 10,319 | -10,319 | — | ||||||||
Other intangibles | 12,270 | -4,063 | 8,207 | ||||||||
Other intangible assets, net | $ | 74,393 | $ | -39,464 | $ | 34,929 | |||||
Amortization expense for the three months ended March 29, 2015 | $ | 973 | |||||||||
As of | |||||||||||
December 31, 2014 | |||||||||||
($ in thousands) | Gross | Accumulated | Net Amount | ||||||||
Carrying | Amortization | ||||||||||
Amount | |||||||||||
Amortized intangible assets: | |||||||||||
Customer lists/relationships | $ | 51,804 | $ | -24,415 | $ | 27,389 | |||||
Patents | 10,319 | -10,319 | — | ||||||||
Other intangibles | 12,270 | -3,757 | 8,513 | ||||||||
Other intangible assets, net | $ | 74,393 | $ | -38,491 | $ | 35,902 | |||||
Amortization expense for the three months ended March 30, 2014 | $ | 1,034 | |||||||||
Summary of amortization expense remaining for other intangible assets | |||||||||||
($ in thousands) | Amortization | ||||||||||
expense | |||||||||||
2015 | $ | 2,976 | |||||||||
2016 | 3,647 | ||||||||||
2017 | 3,569 | ||||||||||
2018 | 3,484 | ||||||||||
2019 | 3,475 | ||||||||||
Thereafter | 17,778 | ||||||||||
Total amortization expense | $ | 34,929 | |||||||||
Costs_Associated_with_Exit_and1
Costs Associated with Exit and Restructuring Activities (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Restructuring Reserve Activity | ||||||||
($ in thousands) June 2013 Plan and April 2014 Plan | ||||||||
Restructuring liability at January 1, 2015 | $ | 3,904 | ||||||
Restructuring and restructuring-related charges, excluding asset impairments and write-offs | 813 | |||||||
Cost paid | -1,266 | |||||||
Restructuring liability at March 29, 2015 | $ | 3,451 | ||||||
April 2014 Plan | ||||||||
Restructuring and Restructuring Related Charges of Actual Costs | ||||||||
Actual costs | ||||||||
Planned | incurred through | |||||||
($ in thousands) April 2014 Plan | Costs | March 29, 2015 | ||||||
Inventory write-down | $ | 250 | $ | — | ||||
Equipment relocation | 500 | — | ||||||
Other charges | 350 | — | ||||||
Restructuring related charges, included in cost of goods sold | $ | 1,100 | $ | — | ||||
Workforce reduction | $ | 4,100 | $ | 3,677 | ||||
Asset impairment charge | — | — | ||||||
Other charges, including pension termination costs | 500 | 154 | ||||||
Restructuring and impairment charges | $ | 4,600 | $ | 3,831 | ||||
Total restructuring, impairment and restructuring related charges | $ | 5,700 | $ | 3,831 | ||||
June 2013 Plan | ||||||||
Restructuring and Restructuring Related Charges of Actual Costs | ||||||||
Planned | Actual costs | |||||||
incurred through | ||||||||
($ in thousands) June 2013 Plan | Costs | March 29, 2015 | ||||||
Inventory write-down | $ | 800 | $ | 1,143 | ||||
Equipment relocation | 900 | 1,792 | ||||||
Other charges | 100 | 652 | ||||||
Restructuring-related charges, included in cost of goods sold | $ | 1,800 | $ | 3,587 | ||||
Workforce reduction | $ | 10,150 | $ | 8,698 | ||||
Asset impairment charge | 3,000 | 4,258 | ||||||
Other charges, including pension termination costs | 7,650 | 1,233 | ||||||
Restructuring and impairment charges | $ | 20,800 | $ | 14,189 | ||||
Total restructuring and restructuring-related charges | $ | 22,600 | $ | 17,776 | ||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Accrued Liabilities. | ||||||||
Components of Accrued Liabilities | ||||||||
As of | ||||||||
March 29, | December 31, | |||||||
($ in thousands) | 2015 | 2014 | ||||||
Accrued product related costs | $ | 5,804 | $ | 5,216 | ||||
Accrued income taxes | 4,593 | 3,346 | ||||||
Accrued property and other taxes | 4,554 | 2,547 | ||||||
Dividends payable | 1,332 | 1,336 | ||||||
Remediation and monitoring reserves | 4,530 | 3,918 | ||||||
Other accrued liabilities | 8,658 | 8,993 | ||||||
Total accrued liabilities | $ | 29,471 | $ | 25,356 | ||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Debt | ||||||||
Summary of Long-Term Debt | ||||||||
As of | ||||||||
March 29, | December 31, | |||||||
($ in thousands) | 2015 | 2014 | ||||||
Revolving credit facility due in 2017 | $ | 83,200 | $ | 75,000 | ||||
Weighted average interest rate | 1.4 | % | 1.5 | % | ||||
Amount available | $ | 114,335 | $ | 122,535 | ||||
Total credit facility | $ | 200,000 | $ | 200,000 | ||||
Standby letters of credit | $ | 2,465 | $ | 2,465 | ||||
Commitment fee percentage per annum | 0.25 | 0.25 | ||||||
Summary of Interest Rate Swaps Activity Recorded in Other Comprehensive Income Before Tax | ||||||||
Three Months Ended | ||||||||
($ in thousands) | March 29, 2015 | March 30, 2014 | ||||||
Unrealized loss | $ | -327 | $ | -54 | ||||
Realized gain reclassified to interest expense | $ | 190 | $ | 118 | ||||
Summary of Interest Rate Swaps Included on Balance Sheets | ||||||||
As of | ||||||||
March 29, | December 31, | |||||||
($ in thousands) | 2015 | 2014 | ||||||
Accrued liabilities | $ | 733 | $ | 640 | ||||
Other long-term obligations | $ | 424 | $ | 380 | ||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||
Mar. 29, 2015 | ||||||||||||||
Other Comprehensive Income | ||||||||||||||
Changes in Accumulated Other Comprehensive Earnings/(Loss) | The components of other comprehensive loss for the three months ended March 29, 2015 are as follows: | |||||||||||||
Gain (Loss) | ||||||||||||||
As of | Gain (Loss) | reclassified | As of | |||||||||||
December 31, | Recognized | from AOCI | March 29, | |||||||||||
($ in thousands) | 2014 | in OCI | to income | 2015 | ||||||||||
Changes in fair market value of hedges: | ||||||||||||||
Gross | $ | -1,020 | $ | -327 | $ | 190 | $ | -1,157 | ||||||
Income tax (benefit) | -384 | -123 | 72 | -435 | ||||||||||
Net | -636 | -204 | 118 | -722 | ||||||||||
Changes in unrealized pension cost: | ||||||||||||||
Gross | -169,291 | 1,930 | — | -167,361 | ||||||||||
Income tax (benefit) | -65,124 | 673 | — | -64,451 | ||||||||||
Net | -104,167 | 1,257 | — | -102,910 | ||||||||||
Cumulative translation adjustment: | ||||||||||||||
Gross | 245 | -736 | — | -491 | ||||||||||
Income tax (benefit) | -325 | 367 | — | 42 | ||||||||||
Net | 570 | -1,103 | — | -533 | ||||||||||
Total accumulated other comprehensive (loss) income | $ | -104,233 | $ | -50 | $ | 118 | $ | -104,165 | ||||||
The components of other comprehensive loss for the three months ended March 30, 2014 are as follows: | ||||||||||||||
Gain (Loss) | ||||||||||||||
As of | Gain (Loss) | reclassified | As of | |||||||||||
December 31, | Recognized | from AOCI | March 30, | |||||||||||
($ in thousands) | 2013 | in OCI | to income | 2014 | ||||||||||
Changes in fair market value of hedges: | ||||||||||||||
Gross | $ | -998 | $ | -54 | $ | 118 | $ | -934 | ||||||
Income tax (benefit) | -402 | -21 | 45 | -378 | ||||||||||
Net | -596 | -33 | 73 | -556 | ||||||||||
Changes in unrealized pension cost: | ||||||||||||||
Gross | -138,133 | 1,450 | — | -136,683 | ||||||||||
Income tax (benefit) | -55,028 | 536 | — | -54,492 | ||||||||||
Net | -83,105 | 914 | — | -82,191 | ||||||||||
Cumulative translation adjustment: | ||||||||||||||
Gross | 949 | 133 | — | 1,082 | ||||||||||
Income tax (benefit) | -855 | -71 | — | -926 | ||||||||||
Net | 1,804 | 204 | — | 2,008 | ||||||||||
Total accumulated other comprehensive (loss) income | $ | -81,897 | $ | 1,085 | $ | 73 | $ | -80,739 | ||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Stockholders' Equity | ||||||||
Summary of Share Count and Par Value Data Related to Shareholders' Equity | ||||||||
As of | ||||||||
March 29, | December 31, | |||||||
2015 | 2014 | |||||||
Preferred Stock | ||||||||
Par value per share | No par value | No par value | ||||||
Shares authorized | 25,000,000 | 25,000,000 | ||||||
Shares outstanding | — | — | ||||||
Common Stock | ||||||||
Par value per share | No par value | No par value | ||||||
Shares authorized | 75,000,000 | 75,000,000 | ||||||
Shares issued | 56,176,739 | 56,101,700 | ||||||
Shares outstanding | 33,302,247 | 33,392,060 | ||||||
Treasury stock | ||||||||
Shares held | 22,874,492 | 22,709,640 | ||||||
Summary of Common Shares Outstanding | ||||||||
Three Months Ended | ||||||||
March 29, 2015 | March 30, 2014 | |||||||
Balance at the beginning of the year | 33,392,060 | 33,558,864 | ||||||
Repurchases | -164,852 | -27,598 | ||||||
Stock option issuances | — | 101,350 | ||||||
Restricted share issuances | 75,039 | 169,770 | ||||||
Restricted share forfeitures | — | — | ||||||
Shares withheld for tax obligations | — | — | ||||||
Balance at the end of the period | 33,302,247 | 33,802,386 | ||||||
EquityBased_compensation_Table
Equity-Based compensation (Tables) | 3 Months Ended | |||||||||
Mar. 29, 2015 | ||||||||||
Equity-Based Compensation | ||||||||||
Summary of Equity-Based Compensation Expense | ||||||||||
Three Months Ended | ||||||||||
($ in thousands) | March 29, 2015 | March 30, 2014 | ||||||||
Service-Based RSUs | $ | 549 | $ | 473 | ||||||
Performance-Based RSUs | 520 | 174 | ||||||||
Market-Based RSUs | 451 | 132 | ||||||||
Total | $ | 1,520 | $ | 779 | ||||||
Income tax benefit | $ | 571 | $ | 298 | ||||||
Schedule of Unrecognized Equity-Based Compensation Expense | ||||||||||
Unrecognized | ||||||||||
compensation | Weighted- | |||||||||
expense at | average | |||||||||
($ in thousands) | March 29, 2015 | period | ||||||||
Service-Based RSUs | $ | 2,479 | 1.3 | years | ||||||
Performance-Based RSUs | 1,975 | 1.6 | years | |||||||
Market-Based RSUs | 1,214 | 1.4 | years | |||||||
Total | $ | 5,668 | ||||||||
Summary of Status of Equity-Based Compensation Plans | ||||||||||
2014 Plan | 2009 Plan | 2004 Plan | 2001 Plan | |||||||
Awards originally available | 1,500,000 | 3,400,000 | 6,500,000 | 2,000,000 | ||||||
Stock options outstanding | — | — | 5,200 | — | ||||||
RSUs outstanding | 144,025 | 281,687 | 101,223 | — | ||||||
Options exercisable | — | — | 5,200 | — | ||||||
Awards available for grant | 1,343,675 | 1,616,597 | 106,423 | — | ||||||
Summary of Changes of Stock Options | ||||||||||
Three Months Ended | ||||||||||
March 29, 2015 | ||||||||||
Weighted | ||||||||||
Average | ||||||||||
Exercise | ||||||||||
Options | Price | |||||||||
Outstanding at beginning of year | 5,200 | $ | 12.35 | |||||||
Exercised | — | $ | — | |||||||
Expired | — | $ | — | |||||||
Forfeited | — | $ | — | |||||||
Outstanding at end of period | 5,200 | $ | 12.35 | |||||||
Exercisable at end of period | 5,200 | $ | 12.35 | |||||||
Summary of Intrinsic Value and Weighted Average Remaining Contractul Life of Stock Options | ||||||||||
Three Months Ended | ||||||||||
March 29, 2015 | ||||||||||
Weighted average remaining contractual life | 0.7 | years | ||||||||
Aggregate intrinsic values of options outstanding and options exercisable | $ | 27,583 | ||||||||
Summary of Service-Based Restricted Stock Units | ||||||||||
Three Months Ended | ||||||||||
March 29, 2015 | ||||||||||
Weighted | ||||||||||
Average | ||||||||||
Grant Date | ||||||||||
Units | Fair Value | |||||||||
Outstanding at January 1, 2015 | 517,965 | $ | 12.06 | |||||||
Granted | 114,025 | 16.93 | ||||||||
Converted | -104,424 | 13.12 | ||||||||
Forfeited | -631 | 10.12 | ||||||||
Outstanding at March 29, 2015 | 526,935 | $ | 12.90 | |||||||
Schedule of Components of Performance-Based RSU's | ||||||||||
Target | Vesting | Vesting | Units | |||||||
Grant Date | Units | Year | Dependency | Awarded | ||||||
11-Feb-13 | 47,164 | 2016 | Sales growth | — | ||||||
11-Feb-13 | 40,425 | 2016 | Cash flow | — | ||||||
14-Feb-14 | 22,538 | 2017 | Sales growth | — | ||||||
14-Feb-14 | 19,319 | 2017 | Cash flow | — | ||||||
13-Feb-15 | 32,743 | 2018 | Sales growth | — | ||||||
13-Feb-15 | 28,065 | 2018 | Cash flow | — | ||||||
Schedule of Components of Market-Based RSU's | ||||||||||
Number of | ||||||||||
Target | Vesting | Peer Group | Units | |||||||
Grant Date | Units | Year | Companies | Awarded | ||||||
11-Feb-13 | 40,425 | 2016 | 20 | — | ||||||
11-Feb-13 | 48,750 | 2016 | 20 | — | ||||||
14-Feb-14 | 22,538 | 2017 | 15 | — | ||||||
13-Feb-15 | 32,743 | 2018 | 23 | — | ||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Summary of Financial Liability Measured at Fair Value on a Recurring Basis | The table below summarizes CTS’ financial liability that was measured at fair value as of three month period ended March 29, 2015 and the loss recorded during the three month period March 29, 2015: | ||||||||||||||||
Quoted | |||||||||||||||||
Prices | Significant | ||||||||||||||||
Carrying | in Active | Other | Significant | Loss for | |||||||||||||
Value at | Markets for | Observable | Unobservable | Three Months Ended | |||||||||||||
March 29, | Identical | Inputs | Inputs | March 29, | |||||||||||||
($ in thousands) | 2015 | (Level 1) | (Level 2) | (Level 3) | 2015 | ||||||||||||
Interest rate swap – cash flow hedge | $ | 1,157 | $ | — | $ | 1,157 | $ | — | $ | 137 | |||||||
The table below summarizes the financial liability that was measured at fair value on a recurring basis as of December 31, 2014 and the loss recorded during the year ended December 31, 2014: | |||||||||||||||||
Quoted | |||||||||||||||||
Prices | Significant | ||||||||||||||||
Carrying | in Active | Other | Significant | Loss for | |||||||||||||
Value at | Markets for | Observable | Unobservable | Year Ended | |||||||||||||
December 31, | Identical | Inputs | Inputs | December 31, | |||||||||||||
($ in thousands) | 2014 | (Level 1) | (Level 2) | (Level 3) | 2014 | ||||||||||||
Interest rate swap – cash flow hedge | $ | 1,020 | $ | — | $ | 1,020 | $ | — | $ | 22 | |||||||
Reconciliation of Recurring Financial Liability Related to Interest Rate Swaps | |||||||||||||||||
Interest | |||||||||||||||||
($ in thousands) | Rate Swaps | ||||||||||||||||
Balance at January 1, 2014 | $ | -998 | |||||||||||||||
Total gains (losses) for the period: | |||||||||||||||||
Included in earnings | 488 | ||||||||||||||||
Included in other comprehensive earnings | -510 | ||||||||||||||||
Balance at December 31, 2014 | $ | -1,020 | |||||||||||||||
Total gains (losses) for the period: | |||||||||||||||||
Included in earnings | 190 | ||||||||||||||||
Included in other comprehensive earnings | -327 | ||||||||||||||||
Balance at March 29, 2015 | $ | -1,157 | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||
Mar. 29, 2015 | ||||||
Income Taxes | ||||||
Reconciliation of Effective Income Taxes Rate | ||||||
Three Months Ended | ||||||
March 29, 2015 | March 30, 2014 | |||||
Effective tax rate | 30.2 | % | 43.7 | % | ||
Accounts_Receivable_Components
Accounts Receivable - Components of Accounts Receivable (Details) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts Receivable | ||
Accounts receivable, gross | $67,172 | $56,994 |
Less: Allowance for doubtful accounts | -116 | -100 |
Accounts receivable, net | $67,056 | $56,894 |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Details) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventories | ||
Finished goods | $11,934 | $11,728 |
Work-in-process | 6,840 | 7,297 |
Raw materials | 16,718 | 15,562 |
Less: Inventory reserves | -6,912 | -6,700 |
Inventories, net | $28,580 | $27,887 |
Retirement_Plans_Net_Pension_I
Retirement Plans - Net Pension Income or Postretirement Expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Net pension expense (income) | ||
Net expense/(income) | ($528) | ($626) |
Domestic Pension Plans | ||
Net pension expense (income) | ||
Service cost | 42 | 48 |
Interest cost | 2,815 | 3,058 |
Expected return on plan assets | -5,068 | -5,208 |
Amortization of loss (gain) | 1,585 | 1,413 |
Net expense/(income) | -626 | -689 |
Foreign Pension Plans | ||
Net pension expense (income) | ||
Service cost | 17 | 21 |
Interest cost | 123 | 150 |
Expected return on plan assets | -133 | -167 |
Amortization of loss (gain) | 91 | 59 |
Net expense/(income) | 98 | 63 |
Other Postretirement Benefit Plan | ||
Net pension expense (income) | ||
Service cost | 1 | 1 |
Interest cost | 51 | 57 |
Amortization of loss (gain) | -25 | -39 |
Net expense/(income) | $27 | $19 |
Other_Intangible_Assets_Summar
Other Intangible Assets - Summary of Intangible Assets (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Dec. 31, 2014 |
Other Intangible Assets | |||
Gross Carrying Amount | $74,393 | $74,393 | |
Accumulated Amortization | -39,464 | -38,491 | |
Total amortization expense | 34,929 | 35,902 | |
Amortization expense | 973 | 1,034 | |
Customer lists/relationships | |||
Other Intangible Assets | |||
Gross Carrying Amount | 51,804 | 51,804 | |
Accumulated Amortization | -25,082 | -24,415 | |
Total amortization expense | 26,722 | 27,389 | |
Patents | |||
Other Intangible Assets | |||
Gross Carrying Amount | 10,319 | 10,319 | |
Accumulated Amortization | -10,319 | -10,319 | |
Other intangibles | |||
Other Intangible Assets | |||
Gross Carrying Amount | 12,270 | 12,270 | |
Accumulated Amortization | -4,063 | -3,757 | |
Total amortization expense | $8,207 | $8,513 |
Other_Intangible_Assets_Summar1
Other Intangible Assets - Summary of Amortization Expense (Details) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other intangible assets | ||
2015 | $2,976 | |
2016 | 3,647 | |
2017 | 3,569 | |
2018 | 3,484 | |
2019 | 3,475 | |
Thereafter | 17,778 | |
Total amortization expense | $34,929 | $35,902 |
Costs_Associated_with_Exit_and2
Costs Associated with Exit and Restructuring Activities - April 2014 Plan (Details) (USD $) | 3 Months Ended |
Mar. 29, 2015 | |
Restructuring charges | |
Restructuring and impairment charges | $813,000 |
Cost of Goods | |
Restructuring charges | |
Restructuring charges | 75,000 |
Operating Earnings | |
Restructuring charges | |
Restructuring and impairment charges | 738,000 |
April 2014 Plan | |
Restructuring charges | |
Planned Costs | 5,700,000 |
Actual costs incurred | 3,831,000 |
April 2014 Plan | Cost of Goods | |
Restructuring charges | |
Planned Costs | 1,100,000 |
April 2014 Plan | Operating Earnings | |
Restructuring charges | |
Planned Costs | 4,600,000 |
Actual costs incurred | 3,831,000 |
Restructuring and impairment charges | 361,000 |
April 2014 Plan | Forecast | |
Restructuring charges | |
Elimination of workforce | 120 |
April 2014 Plan | Inventory write-down | Cost of Goods | |
Restructuring charges | |
Planned Costs | 250,000 |
April 2014 Plan | Equipment relocation | Cost of Goods | |
Restructuring charges | |
Planned Costs | 500,000 |
April 2014 Plan | Other charges | Cost of Goods | |
Restructuring charges | |
Planned Costs | 350,000 |
April 2014 Plan | Workforce reduction | Operating Earnings | |
Restructuring charges | |
Planned Costs | 4,100,000 |
Actual costs incurred | 3,677,000 |
April 2014 Plan | Other charges, including pension termination costs | Operating Earnings | |
Restructuring charges | |
Planned Costs | 500,000 |
Actual costs incurred | $154,000 |
Costs_Associated_with_Exit_and3
Costs Associated with Exit and Restructuring Activities - June 2013 Plan (Details) (USD $) | 3 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Dec. 31, 2014 | |
employee | |||
Restructuring charges | |||
Restructuring and impairment charges | $813,000 | ||
Cost of Goods | |||
Restructuring charges | |||
Restructuring charges | 75,000 | ||
Operating Earnings | |||
Restructuring charges | |||
Restructuring and impairment charges | 738,000 | ||
June 2013 Plan | |||
Restructuring charges | |||
Planned Costs | 22,600,000 | ||
Actual costs incurred | 17,776,000 | ||
Restructuring and impairment charges | 452,000 | 1,074,000 | |
June 2013 Plan | Cost of Goods | |||
Restructuring charges | |||
Planned Costs | 1,800,000 | ||
Actual costs incurred | 3,587,000 | ||
Restructuring charges | 75,000 | ||
June 2013 Plan | Operating Earnings | |||
Restructuring charges | |||
Planned Costs | 20,800,000 | ||
Actual costs incurred | 14,189,000 | ||
Restructuring and impairment charges | 377,000 | ||
June 2013 Plan | Forecast | |||
Restructuring charges | |||
Elimination of workforce | 350 | ||
June 2013 Plan | Inventory write-down | |||
Restructuring charges | |||
Planned Costs | 800,000 | ||
Actual costs incurred | 1,143,000 | ||
June 2013 Plan | Equipment relocation | |||
Restructuring charges | |||
Planned Costs | 900,000 | ||
Actual costs incurred | 1,792,000 | ||
June 2013 Plan | Other charges | |||
Restructuring charges | |||
Planned Costs | 100,000 | ||
Actual costs incurred | 652,000 | ||
June 2013 Plan | Workforce reduction | |||
Restructuring charges | |||
Planned Costs | 10,150,000 | ||
Actual costs incurred | 8,698,000 | ||
June 2013 Plan | Asset impairment charge | |||
Restructuring charges | |||
Planned Costs | 3,000,000 | ||
Actual costs incurred | 4,258,000 | ||
June 2013 Plan | Other charges, including pension termination costs | |||
Restructuring charges | |||
Planned Costs | 7,650,000 | ||
Actual costs incurred | 1,233,000 | ||
Amended June 2013 Plan | |||
Restructuring charges | |||
Planned Costs | 4,000,000 | ||
Amended June 2013 Plan | Workforce reduction | Forecast | |||
Restructuring charges | |||
Elimination of workforce | 130 | ||
Foreign Pension Plans | Amended June 2013 Plan | UNITED KINGDOM | |||
Restructuring charges | |||
Planned Costs | 2,000,000 | ||
Foreign Pension Plans | Amended June 2013 Plan | Workforce reduction | |||
Restructuring charges | |||
Planned Costs | 2,000,000 |
Costs_Associated_with_Exit_and4
Costs Associated with Exit and Restructuring Activities - Restructuring Reserve Activity (Details) (June 2013 Plan and April 2014 Plan, USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2015 |
June 2013 Plan and April 2014 Plan | |
Restructuring reserve activity | |
Restructuring liability at beginning | $3,904 |
Restructuring and restructuring-related charges | 813 |
Cost paid | -1,266 |
Restructuring liability at ending | $3,451 |
Accrued_Liabilities_Components
Accrued Liabilities - Components of Accrued Liabilities (Details) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities | ||
Accrued product related costs | $5,804 | $5,216 |
Accrued Income taxes | 4,593 | 3,346 |
Accrued property and other taxes | 4,554 | 2,547 |
Dividends payable | 1,332 | 1,336 |
Remediation and monitoring reserves | 4,530 | 3,918 |
Other accrued liabilities | 8,658 | 8,993 |
Total accrued liabilities | $29,471 | $25,356 |
Debt_LongTerm_Debt_Details
Debt - Long-Term Debt - (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 29, 2015 | Dec. 31, 2014 | |
Long-term debt | ||
Revolving credit facility due in 2017 | $83,200,000 | $75,000,000 |
Amortization expenses | 50,000 | |
Revolving credit facility due in 2017 | Line of Credit | ||
Long-term debt | ||
Revolving credit facility due in 2017 | 83,200,000 | 75,000,000 |
Weighted-average interest rate | 1.40% | 1.50% |
Amount available | 114,335,000 | 122,535,000 |
Total credit facility | 200,000,000 | 200,000,000 |
Standby letters of credit | $2,465,000 | $2,465,000 |
Commitment fee percentage per annum | 0.25% | 0.25% |
Debt_Additional_Information_De
Debt - Additional Information (Details) (Interest Rate Swap, Designated, Cash Flow Hedge, USD $) | Sep. 30, 2012 | Jul. 01, 2012 |
agreement | agreement | |
Interest Rate Swap | Designated | Cash Flow Hedge | ||
Interest rate swap | ||
Number of interest rate derivatives held | 4 | 4 |
Amount of swap agreement | $25,000,000 | $50,000,000 |
Debt_Summary_of_Interest_Rate_
Debt - Summary of Interest Rate Swaps Activity Recorded in Other Comprehensive Income Before Tax (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 29, 2015 |
Interest rate swap activity recorded in Other comprehensive earnings before tax | ||
Amount expected to be reclassified in the next twelve months | $450 | |
Unrealized gain (loss) | -54 | |
Interest Expense | ||
Interest rate swap activity recorded in Other comprehensive earnings before tax | ||
Realized loss reclassified to interest expense | 118 | |
Interest Rate Swap | Designated | Cash Flow Hedge | ||
Interest rate swap activity recorded in Other comprehensive earnings before tax | ||
Unrealized gain (loss) | -327 | |
Interest Rate Swap | Designated | Cash Flow Hedge | Interest Expense | ||
Interest rate swap activity recorded in Other comprehensive earnings before tax | ||
Realized loss reclassified to interest expense | $190 |
Debt_Summary_of_Interest_Rate_1
Debt - Summary of Interest Rate Swaps Included on Balance Sheets (Details) (Interest Rate Swap, Designated, Cash Flow Hedge, USD $) | Mar. 29, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities | ||
Interest rate swaps included on the balance sheet | ||
Accrued liabilities | $733 | $640 |
Other long-term obligations | ||
Interest rate swaps included on the balance sheet | ||
Other long-term obligations | $424 | $380 |
Other_Comprehensive_Income_Sum
Other Comprehensive Income - Summary of Components of Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Foreign currency transaction loss | ||
Foreign currency transaction loss | $1,688 | |
Changes in AOCI, Net | ||
Total accumulated other comprehensive (loss) income, beginning of period | -104,233 | -81,897 |
Gain (Loss) recognized in OCI, Net | -50 | 1,085 |
Gain (Loss) reclassified from AOCI to income, Net | 118 | 73 |
Total accumulated other comprehensive (loss) income, end of period | -104,165 | -80,739 |
Changes in fair market value of hedges | ||
Changes in AOCI, Gross | ||
Gross, beginning of the period | -1,020 | -998 |
Gain (Loss) recognized in OCI, Gross | -327 | -54 |
Gain (Loss) reclassified from AOCI to income, Gross | 190 | 118 |
Gross, end of the period | -1,157 | -934 |
Changes in AOCI, Income tax (benefit) | ||
Income tax (benefit), beginning of period | -384 | -402 |
Income tax (benefit), Gain (Loss) recognized in OCI | -123 | -21 |
Income tax (benefit), Gain (Loss) reclassified from AOCI to income | 72 | 45 |
Income tax (benefit), end of period | -435 | -378 |
Changes in AOCI, Net | ||
Total accumulated other comprehensive (loss) income, beginning of period | -636 | -596 |
Gain (Loss) recognized in OCI, Net | -204 | -33 |
Gain (Loss) reclassified from AOCI to income, Net | 118 | 73 |
Total accumulated other comprehensive (loss) income, end of period | -722 | -556 |
Changes in unrealized pension cost | ||
Changes in AOCI, Gross | ||
Gross, beginning of the period | -169,291 | -138,133 |
Gain (Loss) recognized in OCI, Gross | 1,930 | 1,450 |
Gross, end of the period | -167,361 | -136,683 |
Changes in AOCI, Income tax (benefit) | ||
Income tax (benefit), beginning of period | -65,124 | -55,028 |
Income tax (benefit), Gain (Loss) recognized in OCI | 673 | 536 |
Income tax (benefit), end of period | -64,451 | -54,492 |
Changes in AOCI, Net | ||
Total accumulated other comprehensive (loss) income, beginning of period | -104,167 | -83,105 |
Gain (Loss) recognized in OCI, Net | 1,257 | 914 |
Total accumulated other comprehensive (loss) income, end of period | -102,910 | -82,191 |
Cumulative translation adjustment | ||
Changes in AOCI, Gross | ||
Gross, beginning of the period | 245 | 949 |
Gain (Loss) recognized in OCI, Gross | -736 | 133 |
Gross, end of the period | -491 | 1,082 |
Changes in AOCI, Income tax (benefit) | ||
Income tax (benefit), beginning of period | -325 | -855 |
Income tax (benefit), Gain (Loss) recognized in OCI | 367 | -71 |
Income tax (benefit), end of period | 42 | -926 |
Changes in AOCI, Net | ||
Total accumulated other comprehensive (loss) income, beginning of period | 570 | 1,804 |
Gain (Loss) recognized in OCI, Net | -1,103 | 204 |
Total accumulated other comprehensive (loss) income, end of period | ($533) | $2,008 |
Shareholders_Equity_Summary_of
Shareholders' Equity - Summary of Share Count and Par Value Data Related to Shareholders' Equity (Details) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 | Mar. 30, 2014 | Dec. 31, 2013 |
Preferred Stock | ||||
Preferred stock, par value per share | ||||
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Common Stock | ||||
Common stock, par value per share | ||||
Common stock, shares authorized | 75,000,000 | 75,000,000 | ||
Common stock, shares issued | 56,176,739 | 56,101,700 | ||
Common stock, shares outstanding | 33,302,247 | 33,392,060 | 33,802,386 | 33,558,864 |
Treasury stock | ||||
Treasury stock, shares held | 22,874,492 | 22,709,640 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Details) (USD $) | 3 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Stockholders' Equity | ||
Common stock repurchased, Shares | 164,852 | 27,598 |
Common stock repurchased, Value | $2,892,729 | $495,167 |
Shares are available for future issuances | 9,055,892 |
Shareholders_Equity_Summary_of1
Shareholders' Equity - Summary of Common Shares Outstanding (Details) | 3 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Roll forward of common shares outstanding | ||
Balance at the beginning of the year | 33,392,060 | 33,558,864 |
Repurchases | -164,852 | -27,598 |
Stock option issuances | 101,350 | |
Restricted stock issued | 75,039 | 169,770 |
Balance at the end of the period | 33,302,247 | 33,802,386 |
EquityBased_Compensation_Summa
Equity-Based Compensation - Summary of Equity-Based Compensation Expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
plan | ||
Share-based Compensation | ||
Number of Equity-Based Compensation Plans | 5 | |
Restricted stock units | $1,520 | $779 |
Service-Based RSUs | ||
Share-based Compensation | ||
Restricted stock units | 549 | 473 |
Performance-Based RSUs | ||
Share-based Compensation | ||
Restricted stock units | 520 | 174 |
Market-Based RSUs | ||
Share-based Compensation | ||
Restricted stock units | 451 | 132 |
RSUs | ||
Share-based Compensation | ||
Restricted stock units | 1,520 | 779 |
Income tax benefit | $571 | $298 |
EquityBased_Compensation_Summa1
Equity-Based Compensation - Summary of Equity-Based Compensation Expense related to Non-Vested RSUs (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2015 |
Service-Based RSUs | |
Share-based Compensation | |
Unrecognized compensation cost | $2,479 |
Weighted average period | 1 year 3 months 18 days |
Performance-Based RSUs | |
Share-based Compensation | |
Unrecognized compensation cost | 1,975 |
Weighted average period | 1 year 7 months 6 days |
Market-Based RSUs | |
Share-based Compensation | |
Unrecognized compensation cost | 1,214 |
Weighted average period | 1 year 4 months 24 days |
RSUs | |
Share-based Compensation | |
Unrecognized compensation cost | $5,668 |
EquityBased_Compensation_Summa2
Equity-Based Compensation - Summary of Status of Equity-Based Compensation Plans (Details) | Mar. 29, 2015 |
2014 Plan | |
Summary of Status of Equity-Based Compensation Plans | |
Awards originally available | 1,500,000 |
Awards available for grant | 1,343,675 |
2009 Plan | |
Summary of Status of Equity-Based Compensation Plans | |
Awards originally available | 3,400,000 |
Awards available for grant | 1,616,597 |
2004 Plan | |
Summary of Status of Equity-Based Compensation Plans | |
Awards originally available | 6,500,000 |
Stock options outstanding | 5,200 |
Options exercisable | 5,200 |
Awards available for grant | 106,423 |
2001 Plan | |
Summary of Status of Equity-Based Compensation Plans | |
Awards originally available | 2,000,000 |
RSUs | 2014 Plan | |
Summary of Status of Equity-Based Compensation Plans | |
RSU's outstanding | 144,025 |
RSUs | 2009 Plan | |
Summary of Status of Equity-Based Compensation Plans | |
RSU's outstanding | 281,687 |
RSUs | 2004 Plan | |
Summary of Status of Equity-Based Compensation Plans | |
RSU's outstanding | 101,223 |
EquityBased_Compensation_Stock
Equity-Based Compensation - Stock Options (Details) (Stock Options, USD $) | 3 Months Ended |
Mar. 29, 2015 | |
Share-based Compensation | |
Vesting period | 4 years |
Stock option contractual term | 10 years |
Summary of Status of Stock Options | |
Outstanding, Options at beginning of year | 5,200 |
Outstanding, Options at end of period | 5,200 |
Exercisable, Options at end of period | 5,200 |
Outstanding, Weighted - Average Exercise Price at beginning of year | $12.35 |
Outstanding, Weighted - Average Exercise Price at end of period | $12.35 |
Exercisable, Weighted - Average Exercise Price at end of period | $12.35 |
Additional disclosures - Stock Options | |
Weighted average remaining contractual life | 8 months 12 days |
Outstanding, Aggregate intrinsic Value at beginning of period | $27,583 |
Nonvested stock options outstanding | 0 |
Minimum | |
Share-based Compensation | |
Stock option exercises, commencement period from date of grant | P1Y |
Maximum | |
Share-based Compensation | |
Stock options exercisable cumulative annual installments period | 10 years |
EquityBased_Compensation_Summa3
Equity-Based Compensation - Summary of Service-Based Restricted Stock Units (Details) (Service-Based RSUs, USD $) | 3 Months Ended |
Mar. 29, 2015 | |
Officers, key employees, and non-employee directors | |
Share-based Compensation | |
Number of shares issuable, against each unit of RSU | 1 |
Summary of Service-Based Restricted Stock Units | |
Outstanding at beginning of year | 517,965 |
Granted | 114,025 |
Converted | -104,424 |
Forfeited | -631 |
Outstanding at end of year | 526,935 |
Beginning of year, Weighted-average Grant-Date Fair Value | $12.06 |
Granted, Weighted-average Grant-Date Fair Value | $16.93 |
Converted, Weighted-average Grant-Date Fair Value | $13.12 |
Forfeited, Weighted-average Grant-Date Fair Value | $10.12 |
End of year, Weighted-average Grant-Date Fair Value | $12.90 |
Certain executives and key employees | |
Share-based Compensation | |
Vesting period | 3 years |
Non-employee directors | |
Share-based Compensation | |
Vesting period | 1 month |
EquityBased_Compensation_Sched
Equity-Based Compensation - Schedule of Performance-Based RSUs (Details) (Certain executives, Performance-Based RSUs) | 3 Months Ended |
Mar. 29, 2015 | |
February 11, 2013 | Sales growth | |
Share-based Compensation | |
Target based Vesting of performance-based restricted stock unit | 47,164 |
February 11, 2013 | Cash flow | |
Share-based Compensation | |
Target based Vesting of performance-based restricted stock unit | 40,425 |
February 14, 2014 | Sales growth | |
Share-based Compensation | |
Target based Vesting of performance-based restricted stock unit | 22,538 |
February 14, 2014 | Cash flow | |
Share-based Compensation | |
Target based Vesting of performance-based restricted stock unit | 19,319 |
February 13, 2015 | Sales growth | |
Share-based Compensation | |
Target based Vesting of performance-based restricted stock unit | 32,743 |
February 13, 2015 | Cash flow | |
Share-based Compensation | |
Target based Vesting of performance-based restricted stock unit | 28,065 |
Minimum | |
Share-based Compensation | |
Vesting percent | 0.00% |
Maximum | |
Share-based Compensation | |
Vesting percent | 200.00% |
EquityBased_Compensation_Sched1
Equity-Based Compensation - Schedule of Market-Based RSUs (Details) (Market-Based RSUs) | 3 Months Ended |
Mar. 29, 2015 | |
Market-Based RSUs | |
Vesting period | 3 years |
February 11, 2013 | CEO | |
Market-Based RSUs | |
Target based Vesting of market-based restricted stock unit | 48,750 |
Number of enumerated peer group companies | 20 |
February 11, 2013 | Certain executives and key employees | |
Market-Based RSUs | |
Target based Vesting of market-based restricted stock unit | 40,425 |
Number of enumerated peer group companies | 20 |
February 14, 2014 | Certain executives and key employees | |
Market-Based RSUs | |
Target based Vesting of market-based restricted stock unit | 22,538 |
Number of enumerated peer group companies | 15 |
February 13, 2015 | Certain executives and key employees | |
Market-Based RSUs | |
Target based Vesting of market-based restricted stock unit | 32,743 |
Number of enumerated peer group companies | 23 |
Minimum | |
Market-Based RSUs | |
Vesting percent | 0.00% |
Maximum | |
Market-Based RSUs | |
Vesting percent | 200.00% |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Financial Liability Measured at Fair Value on a Recurring Basis (Details) (Interest Rate Swap, Cash Flow Hedge, USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Designated | |||
Recurring financial liability that was measured at carrying value | |||
Interest rate swap - cash flow hedge | $1,157 | $1,020 | $998 |
Interest rate swap - cash flow hedge, loss | 190 | 488 | |
Recurring | |||
Recurring financial liability that was measured at carrying value | |||
Interest rate swap - cash flow hedge, loss | 137 | ||
Recurring | Designated | |||
Recurring financial liability that was measured at carrying value | |||
Interest rate swap - cash flow hedge, loss | 22 | ||
Recurring | Significant Other Observable Inputs (Level 2) | |||
Recurring financial liability that was measured at carrying value | |||
Interest rate swap - cash flow hedge | 1,157 | ||
Recurring | Significant Other Observable Inputs (Level 2) | Designated | |||
Recurring financial liability that was measured at carrying value | |||
Interest rate swap - cash flow hedge | 1,020 | ||
Recurring | Carrying Value | |||
Recurring financial liability that was measured at carrying value | |||
Interest rate swap - cash flow hedge | 1,157 | ||
Recurring | Carrying Value | Designated | |||
Recurring financial liability that was measured at carrying value | |||
Interest rate swap - cash flow hedge | $1,020 |
Fair_Value_Measurements_Reconc
Fair Value Measurements - Reconciliation of Recurring Financial Liability Related to Interest Rate Swaps (Details) (Interest Rate Swap, Designated, Cash Flow Hedge, USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Dec. 31, 2014 |
Interest Rate Swap | Designated | Cash Flow Hedge | ||
Reconciliation of the recurring financial liability related to interest rate swaps | ||
Beginning balance | ($1,020) | ($998) |
Total gains/(losses) for the period: | ||
Included in earnings | 190 | 488 |
Included in other comprehensive earnings | -327 | -510 |
Ending balance | ($1,157) | ($1,020) |
Income_Taxes_Schedule_of_Effec
Income Taxes - Schedule of Effective Income Tax Rate (Details) | 3 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Income Taxes | ||
Effective income tax rate | 30.20% | 43.70% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) | 3 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Income Taxes | ||
Increase (decrease) in effective tax rate | -3.30% | 8.40% |