CTS (CTS) 10-Q 28 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 28, 2015	Jul. 20, 2015
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 28, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	CTS
Entity Registrant Name	CTS CORP
Entity Central Index Key	26,058
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		32,828,731

Consolidated Statements of Earn

Consolidated Statements of Earnings - Unaudited - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) UNAUDITED
Net sales	$ 100,071	$ 102,980	$ 198,382	$ 203,686
Costs and expenses:
Cost of goods sold	66,698	69,157	132,873	139,248
Selling, general and administrative expenses	15,224	15,813	30,935	29,454
Research and development expenses	5,487	5,332	10,686	10,958
Restructuring and impairment charges	2,118	2,733	2,856	3,236
Operating earnings	10,544	9,945	21,032	20,790
Other (expense) income:
Interest expense	(653)	(582)	(1,241)	(1,195)
Interest income	853	688	1,641	1,252
Other	115	(409)	(1,569)	(2,180)
Total other (expense) income	315	(303)	(1,169)	(2,123)
Earnings from continuing operations before taxes	10,859	9,642	19,863	18,667
Income tax (benefit) expense	(8,221)	3,281	(5,504)	7,226
Net earnings	$ 19,080	$ 6,361	$ 25,367	$ 11,441
Earnings per share:
Basic (in dollars per share)	$ 0.58	$ 0.19	$ 0.76	$ 0.34
Diluted (in dollars per share)	$ 0.57	$ 0.19	$ 0.75	$ 0.33
Basic weighted - average common shares outstanding (in shares):	33,080	33,741	33,243	33,725
Effect of dilutive securities (in shares)	471	467	497	519
Diluted weighted - average common shares outstanding (in shares)	33,551	34,208	33,740	34,244
Cash dividends declared per share (in dollars per share)	$ 0.040	$ 0.040	$ 0.080	$ 0.080

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Earnings - Unaudited - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS UNAUDITED
Net earnings	$ 19,080	$ 6,361	$ 25,367	$ 11,441
Other comprehensive (loss) earnings:
Changes in fair market value of hedges, net of tax	69	(147)	(17)	(107)
Changes in unrealized pension cost, net of tax	705	887	1,962	1,801
Cumulative translation adjustment, net of tax	1,491	617	388	821
Other comprehensive (loss) earnings	2,265	1,357	2,333	2,515
Comprehensive earnings	$ 21,345	$ 7,718	$ 27,700	$ 13,956

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - Unaudited - USD ($) $ in Thousands	Jun. 28, 2015	Dec. 31, 2014
Current Assets
Cash and cash equivalents	$ 146,791	$ 134,508
Accounts receivable, net	63,046	56,894
Inventories, net	30,424	27,887
Other current assets	21,400	21,112
Total current assets	261,661	240,401
Long-lived assets	70,166	71,414
Other assets
Prepaid pension asset	36,563	32,099
Goodwill	32,047	32,047
Indefinite-lived intangible asset	690	690
Intangible assets, other than goodwill	33,945	35,902
Deferred income taxes	53,088	43,120
Other assets	1,110	1,253
Total other assets	157,443	145,111
Total Assets	489,270	456,926
Current Liabilities
Accounts payable	45,724	43,343
Accrued salaries, wages and vacation	10,364	11,283
Increase in other accrued liabilities due to fair value adjustment	27,395	25,356
Total current liabilities	83,483	79,982
Long-term debt	88,700	75,000
Post retirement obligations	2,908	3,049
Other long-term obligations	8,647	9,106
Shareholders' Equity
Common stock	300,869	299,892
Additional contributed capital	40,237	39,153
Retained earnings	402,863	380,145
Accumulated other comprehensive loss	(101,900)	(104,233)
Total shareholder's equity before treasury stock	642,069	614,957
Treasury stock	(336,537)	(325,168)
Total shareholders' equity	305,532	289,789
Total Liabilities and Shareholders' Equity	$ 489,270	$ 456,926

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 25,367	$ 11,441
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	8,093	8,401
Amortization of retirement benefit adjustments	3,297	2,906
Equity-based compensation	2,362	1,179
Restructuring charges	2,856	3,236
Prepaid pension asset	(4,422)	(4,208)
Gain on sale of fixed assets	(1)	(1,855)
Changes in assets and liabilities, net of acquisitions and divestitures:
Accounts receivable	(6,628)	1,346
Inventories	(2,914)	3,632
Accounts payable	1,556	(3,145)
Accrued liabilities	(3,292)	(10,864)
Income taxes payable	1,210	(357)
Deferred income taxes	(11,243)	2,714
Other	(747)	(4,370)
Total adjustments	(9,873)	(1,385)
Net cash provided by operating activities	15,494	10,056
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(3,905)	(5,991)
Proceeds from sale of assets	(3)	(1,910)
Net cash used in investing activities	(3,902)	(4,081)
Cash flows from financing activities:
Payments of long-term debt	(562,300)	(482,400)
Proceeds from borrowings of long-term debt	576,000	483,600
Payments of short-term notes payable		(778)
Proceeds from borrowings of short-term notes payable		778
Purchase of treasury stock	(11,369)	(3,732)
Dividends paid	(2,668)	(2,693)
Exercise of stock options	64	1,328
Other	147	222
Net cash used in financing activities	(126)	(3,675)
Effect of exchange rate on cash and cash equivalents	817	562
Net increase in cash and cash equivalents	12,283	2,862
Cash and cash equivalents at beginning of year	134,508	124,368
Cash and cash equivalents at end of year	146,791	127,230
Supplemental cash flow information
Cash paid for Interest	1,046	834
Cash paid for Income taxes, net	$ 4,248	$ 4,737

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 28, 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	6 Months Ended
	Jun. 28, 2015
Accounts Receivable
Accounts Receivable	NOTE 2 – Accounts Receivable The components of accounts receivable are as follows: As of June 28, December 31, ($ in thousands) 2015 2014 Accounts receivable, gross $ $ Less: Allowance for doubtful accounts Accounts receivable, net $ $

Inventories

Inventories	6 Months Ended
	Jun. 28, 2015
Inventories
Inventories	NOTE 3 – Inventories Inventories consist of the following: As of June 28, December 31, ($ in thousands) 2015 2014 Finished goods $ $ Work-in-process Raw materials Less: Inventory reserves Inventories, net $ $

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 28, 2015
Property, Plant and Equipment.
Property, Plant and Equipment	NOTE 4 – Property, Plant and Equipment Property, plant and equipment is comprised of the following: As of June 28, December 31, ($ in thousands) 2015 2014 Land $ $ Buildings and improvements Machinery and equipment Less: Accumulated depreciation Property, plant and equipment, net $ $

Retirement Plans

Retirement Plans	6 Months Ended
	Jun. 28, 2015
Retirement Plans
Retirement Plans	N OTE 5 – Retirement Plans Pension Plans Net pension income for our domestic and foreign plans was as follows: Three Months Ended Six Months Ended ($ in thousands) June 28, 2015 June 29, 2014 June 28, 2015 June 29, 2014 Net pension income $ $ $ $ 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) June 28, 2015 June 29, 2014 June 28, 2015 June 29, 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets (1) Amortization of loss Other cost due to retirement — — — (Income) expense, net $ $ $ $ Domestic Pension Plans Foreign Pension Plans Six months: Six Months Ended Six Months Ended ($ in thousands ) June 28, 2015 June 29, 2014 June 28, 2015 June 29, 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets (1) Amortization of loss Other cost due to retirement — — — (Income) expense, net $ $ $ $ (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 Six Months Ended ($ in thousands) June 28, 2015 June 29, 2014 June 28, 2015 June 29, 2014 Other postretirement benefit plan Service cost $ $ $ $ Interest cost Amortization of gain Postretirement expense $ $ $ $

Other Intangible Assets

Other Intangible Assets	6 Months Ended
	Jun. 28, 2015
Other Intangible Assets.
Other Intangible Assets	NOTE 6 – Other Intangible Assets Intangible assets consist of the following components: As of June 28, 2015 ($ in thousands) Gross Carrying Amount Accumulated Amortization Net Amount Amortized intangible assets: Customer lists/relationships $ $ $ Patents — Other intangibles Other intangible assets, net $ $ $ Amortization expense for the three months ended June 28, 2015 $ Amortization expense for the six months ended June 28, 2015 $ As of December 31, 2014 ($ in thousands) Gross Carrying Amount Accumulated Amortization Net Amount Amortized intangible assets: Customer lists/relationships $ $ $ Patents — Other intangibles Other intangible assets, net $ $ $ Amortization expense for the three months ended June 29, 2014 $ Amortization expense for the six months ended June 29, 2014 $ Amortization expense remaining for other intangible assets is as follows: ($ in thousands) Amortization expense 2015 $ 2016 2017 2018 2019 Thereafter Total amortization expense $

Costs Associated with Exit and

Costs Associated with Exit and Restructuring Activities	6 Months Ended
	Jun. 28, 2015
Costs Associated with Exit and Restructuring Activities
Costs Associated with Exit and Restructuring Activities	NOTE 7 – Costs Associated with Exit and Restructuring Activities Costs associated with exit and restructuring activities are recorded in the Condensed 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 $ 2,335,000 for the three month period and $3,148,000 for the six month period ended June 28, 2015 . Total restructuring, impairment and restructuring related charges were $3,072,000 for the three month period ended and $4,146,000 for the six month period ended June 29, 2014. Restructuring related charges were $217,000 for the three month period and $292,000 for the six month period ended June 28, 2015 . Restructuring related charges were $338,000 for the three month period and $910,000 for the six month period ended June 29, 2014. Restructuring and impairment charges were $2,118,000 for the three month period and $2,856,000 for the six month period ended June 28, 2015 . Restructuring and impairment charges were $2,733,000 for the three month period and $3,236,000 for the six month period ended June 29, 2014. 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”). During the second quarter of 2015, CTS management revised the April 2014 Plan. The amendment added an additional $4,250,000 in planned costs. Additional administrative and legal costs are estimated to account for $1,300,000 of additional restructuring and impairment charges due to the extension of the timing of the plant shutdown. The remaining $2,950,000 in restructuring related charges are for additional costs related to equipment relocation, training, travel and shipping costs to facilitate an effective transition. The above actions are expected to be substantially complete in 2015. These restructuring actions will result in the elimination of approximately 120 positions. These actions are expected to be completed in 2015. The following table displays the planned restructuring and restructuring-related charges associated with the April 2014 Plan, as well as a summary of the actual costs incurred through June 28, 2015 : Actual costs Planned incurred through ($ in thousands) April 2014 Plan Costs June 28, 2015 Inventory write-down $ $ — Equipment relocation Other charges Restructuring related charges, included in cost of goods sold $ $ Workforce reduction $ $ Asset impairment charge — — Other charges, including pension termination costs Restructuring and impairment charges $ $ Total restructuring, impairment and restructuring related charges $ $ Under the April 2014 Plan, restructuring and impairment charges were $1,516,000 in the three month period and $1,877,000 in the six month period ended June 28, 2015 . Restructuring and impairment charges were $2,405,000 for the three and six month periods ended June 29, 2014. Restructuring related charges were $217,000 for the three and six month periods ended June 28, 2015. Restructuring related charges were $0 for the three and six month periods ended June 29, 2014. 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. 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 $2,000,000 in restructuring and impairment charges are for severance costs and will result in the elimination of approximately 130 additional positions. The positions eliminated will be spread globally throughout CTS businesses. The above actions are expected to be substantially complete in 2015. The following table displays the planned restructuring and restructuring-related charges associated with the realignment, as well as a summary of the actual costs incurred through June 28, 2015 : Planned Actual costs incurred through ($ in thousands) June 2013 Plan Costs June 28, 2015 Inventory write-down $ $ Equipment relocation Other charges Restructuring-related charges, included in cost of goods sold $ $ Workforce reduction $ $ Asset impairment charge Other charges, including pension termination costs Restructuring and impairment charges $ $ Total restructuring and restructuring-related charges $ $ Under the June 2013 Plan, total restructuring, impairment and restructuring related charges incurred were $602,000 for the three month period June 28, 2015 and were $1,054,000 for the six month period ended June 28, 2015. Total restructuring, impairment and restructuring related charges incurred were $667,000 for the three month period June 29, 2014 and were $1,741,000 for the six month period ended June 28, 2014 . For the three month period June 28, 2015 , the restructuring related charges were $0 and the restructuring and impairment charges were $602,000 . For the three month period June 29, 2014, the restructuring related charges were $338,000 and the restructuring and impairment charges were $329,000 . For the six month period June 28, 2015, the restructuring related charges were $75,000 and the restructuring and impairment charges were $979,000 . For the six month period ended June 29, 2014, the restructuring related charges were $910,000 and the restructuring and impairment charges were $832,000 . The following table displays the restructuring reserve activity for the period ended June 28, 2015 : ($ in thousands ) June 2013 Plan and April 2014 Plan Restructuring liability at January 1, 2015 $ Restructuring and restructuring-related charges, excluding asset impairments and write-offs Cost paid Restructuring liability at June 28, 2015 $

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 28, 2015
Accrued Liabilities.
Accrued Liabilities	NOTE 8 – Accrued Liabilities The components of accrued liabilities are as follows: As of June 28, December 31, ($ in thousands) 2015 2014 Accrued product related costs $ $ Accrued income taxes Accrued property and other taxes Dividends payable Remediation and monitoring reserves Other accrued liabilities Total accrued liabilities $ $

Contingencies

Contingencies	6 Months Ended
	Jun. 28, 2015
Contingencies
Contingencies	NOTE 9 – 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 (“EPA”), 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. Estimating our degree of responsibility for remediation is inherently difficult. CTS recognizes and accrues for an estimated remediation liability when it determines that such liability is probable and estimable. As a result of this practice, to provide for certain groundwater remedial work expected to commence in 2016 relating to the Asheville site, CTS increased its accrual for remediation and monitoring reserves, as set forth in Note 8. This increased amount reflects the most probable costs to remediate identified environmental conditions at the site for which costs can be reasonably estimated. CTS understands that some additional work may be needed to investigate and/or remediate groundwater that has migrated from the former plant property at Asheville, but the scope of the work has yet to be determined with the EPA. As assessments and cleanups proceed, the reserve will be adjusted based on progress made in determining the extent of remedial actions and related costs. In the opinion of management, based upon presently available information relating to all such matters, adequate provision for probable and estimable 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. Certain other claims are pending against CTS with respect to matters arising out of the ordinary conduct of CTS’ business. 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	6 Months Ended
	Jun. 28, 2015
Debt
Debt	NOTE 10 - Debt Long-term debt was comprised of the following: As of June 28, December 31, ($ in thousands) 2015 2014 Revolving credit facility due in 2017 $ $ Weighted average interest rate % % Amount available $ $ Total credit facility $ $ Standby letters of credit $ $ Commitment fee percentage per annum 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 June 28, 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 for the three months ended June 28, 2015 and approximately $100,000 for the six months ended June 28, 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 $480,000 . Interest rate swaps activity recorded in Other comprehensive earnings before tax includes the following: Three Months Ended Six Months Ended ($ in thousands) June 28, 2015 June 29, 2014 June 28, 2015 June 29, 2014 Unrealized loss $ $ $ $ Realized gain reclassified to interest expense $ $ $ $ Interest rate swaps included on the balance sheets are comprised of the following: As of June 28, December 31, ($ in thousands) 2015 2014 Accrued liabilities $ $ Other long-term obligations $ $

Other Comprehensive Income

Other Comprehensive Income	6 Months Ended
	Jun. 28, 2015
Other Comprehensive Income
Other Comprehensive Income	NOTE 11 – 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 10 – Debt and NOTE 14 – 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 5 – 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. Transaction loss for the six month period ended June 28, 2015 was $1,563,000 which is included in Other in the Condensed Consolidated Statement of Earnings. The components of other comprehensive loss for the three months ended June 28, 2015 are as follows: Gain (Loss) As of Gain (Loss) reclassified As of March 29, Recognized from AOCI June 28, ($ in thousands) 2015 in OCI to income 2015 Changes in fair market value of hedges: Gross $ $ $ $ Income tax (benefit) Net Changes in unrealized pension cost: Gross — Income tax (benefit) — Net — Cumulative translation adjustment: Gross — Income tax (benefit) — Net — Total accumulated other comprehensive (loss) income $ $ $ $ The components of other comprehensive loss for the three months ended June 29, 2014 are as follows: Gain (Loss) As of Gain (Loss) reclassified As of March 30, Recognized from AOCI June 29, ($ in thousands) 2014 in OCI to income 2014 Changes in fair market value of hedges: Gross $ $ $ $ Income tax (benefit) Net Changes in unrealized pension cost: Gross Income tax (benefit) Net Cumulative translation adjustment: Gross — Income tax (benefit) — Net — Total accumulated other comprehensive (loss) income $ $ $ $ The components of other comprehensive loss for the six months ended June 28, 2015 are as follows: Gain (Loss) As of Gain (Loss) reclassified As of December 31, Recognized from AOCI June 28, ($ in thousands) 2014 in OCI to income 2015 Changes in fair market value of hedges: Gross $ $ $ $ Income tax (benefit) Net Changes in unrealized pension cost: Gross — Income tax (benefit) — Net — Cumulative translation adjustment: Gross — Income tax (benefit) — Net — Total accumulated other comprehensive (loss) income $ $ $ $ The components of other comprehensive loss for the six months ended June 29, 2014 are as follows: Gain (Loss) As of Gain (Loss) reclassified As of December 31, Recognized from AOCI June 29, ($ in thousands) 2013 in OCI to income 2014 Changes in fair market value of hedges: Gross $ $ $ $ Income tax (benefit) Net Changes in unrealized pension cost: Gross Income tax (benefit) Net Cumulative translation adjustment: Gross — Income tax (benefit) — Net — Total accumulated other comprehensive (loss) income $ $ $ $

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 28, 2015
Stockholders' Equity
Shareholders' Equity	NOTE 12 – Shareholders’ Equity Share count and par value data related to shareholders’ equity are as follows: As of June 28, December 31, 2015 2014 Preferred Stock Par value per share No par value No par value Shares authorized Shares outstanding — — Common Stock Par value per share No par value No par value Shares authorized Shares issued Shares outstanding Treasury stock Shares held CTS uses the cost method to account for its common stock purchases. During the six month period ended June 28, 2015 , CTS purchased 626,882 shares of common stock for an aggregate of $11,369,132 under a board-authorized share repurchase plan. For the six month period ended June 29, 2014 , CTS purchased 211,270 shares of common stock for an aggregate of $3,732,000 . Approximately 9,517,922 shares are available for future issuances. A roll forward of common shares outstanding is as follows: Six Months Ended June 28, 2015 June 29, 2014 Balance at the beginning of the year Repurchases Shares issued upon exercise of stock options Restricted share issuances Balance at the end of the period

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 28, 2015
Equity-Based Compensation
Equity-Based Compensation	NOTE 13 - Equity-Based Compensation At June 28, 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 Six Months Ended ($ in thousands) June 28, 2015 June 29, 2014 June 28, 2015 June 29, 2014 Service-Based RSUs $ $ $ $ Performance-Based RSUs Market-Based RSUs Total $ $ $ $ Income tax benefit $ $ $ $ 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) June 28, 2015 period Service-Based RSUs $ years Performance-Based RSUs years Market-Based RSUs years Total $ 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 June 28, 2015 : 2014 Plan 2009 Plan 2004 Plan 2001 Plan Awards originally available Stock options outstanding — — — — RSUs outstanding — Options exercisable — — — — Awards available for grant — 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 June 28, 2015 , and changes during the period then ended, is presented below: Six Months Ended June 28, 2015 Weighted Average Exercise Options Price Outstanding at beginning of year $ Exercised $ Outstanding at end of period — $ — Exercisable at end of period — $ — Performance-Based Stock Options During the second quarter of 2015, the Compensation Committee of the Board of Directors of the Company (the “Committee”) granted a total of 430,000 performance-based stock option awards (“Performance-Based Option Awards”) for certain CTS employees under the 2014 Plan. The Performance-Based Option Awards, which have a grant date of May 26, 2015 and a grant date fair value of $18.37 , are subject to the terms of the 2014 Plan. The Performance-Based Option Awards generally have a term of five years and generally will become exercisable (provided the optionee remains employed by CTS or an affiliate) upon CTS’ attainment of at least $600,000,000 in revenues during any of CTS’ four -fiscal-quarter trailing periods (as determined by the Committee) during the term. CTS has not recognized any expense on these Performance-Based Option Awards for the six months ended June 28, 2015 since the revenue target is not likely to be attained, based upon the Company’s earnings history and forecast, at this time. 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: Six Months Ended June 28, 2015 Weighted Average Grant Date Units Fair Value Outstanding at January 1, 2015 $ Granted Converted Forfeited Outstanding at June 28, 2015 $ 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 February 11, 2013 2016 Sales growth — February 11, 2013 2016 Cash flow — February 14, 2014 2017 Sales growth — February 14, 2014 2017 Cash flow — February 13, 2015 2018 Sales growth — February 13, 2015 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 February 11, 2013 — February 11, 2013 — February 14, 2014 — February 13, 2015 —

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 28, 2015
Fair Value Measurements
Fair Value Measurements	NOTE 14 — Fair Value Measurements CTS uses interest rate swaps to convert the line of credit’s variable rate of interest into a fixed rate. The interest rate swaps are 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 June 28, 2015 and the loss recorded during the six month period ended June 28, 2015 : Quoted Prices in Active Significant Carrying Markets for Other Significant Loss for Value at Identical Observable Unobservable Six Months Ended June 28, Instruments Inputs Inputs June 28, ($ in thousands) 2015 (Level 1) (Level 2) (Level 3) 2015 Interest rate swap – cash flow hedge $ $ — $ $ — $ 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 in Active Significant Carrying Markets for Other Significant Loss for Value at Identical Observable Unobservable Year Ended December 31, Instruments Inputs Inputs December 31, ($ in thousands) 2014 (Level 1) (Level 2) (Level 3) 2014 Interest rate swap – cash flow hedge $ $ — $ $ — $ The fair value of CTS’ interest rate swaps were measured using a market approach which uses current industry information. There is a readily determinable market and these swaps are classified within level 2 of the fair value hierarchy. The table below provides a reconciliation of the recurring financial liability related to interest rate swaps: Interest ($ in thousands) Rate Swaps Balance at January 1, 2014 $ Total gains (losses) for the period: Included in earnings Included in other comprehensive earnings Balance at December 31, 2014 $ Total gains (losses) for the period: Included in earnings Included in other comprehensive earnings Balance at June 28, 2015 $ CTS’ long-term debt consists of a revolving credit facility which is recorded at its carrying value. There is a readily determinable market for CTS’ revolving credit debt and it is classified within Level 2 of the fair value hierarchy as the market is not deemed to be active. The fair value of long-term debt was measured using a market approach which uses current industry information and approximates carrying value.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 28, 2015
Income Taxes
Income Taxes	NOTE 15 — Income Taxes The effective tax rates for 2015 and 2014 are as follows: Three Months Ended Six Months Ended June 28, 2015 June 29, 2014 June 28, 2015 June 29, 2014 Effective tax rate % % % % The 2015 effective tax rate for the three months ended June 28, 2015 reflects two significant discrete items. First, there was an increase in the effective rate of 45.7 percentage points due to a reserve on an uncertain tax position. Second, there was a decrease in the effective rate of 145.5 percentage points due to CTS’ intent to file amended tax returns for years ended 2006 to 2013, in which the treatment of foreign taxes will be changed from deductions to credits. For the six months ended June 28, 2015, the effect of the uncertain tax benefits increased the effective tax rate by 25.0 percentage points and the effect of amending the tax returns for 2006 to 2013 decreased the effective rate by 79.5 percentage points . The 2014 effective tax rate reflected the effect of a tax adjustment that decreased the effective rate by 2.6 percentage points in the second quarter of 2014 and increased the effective rate by 2.7 percentage points in the first six months of 2014. CTS’ continuing practice is to recognize interest and/or penalties related to income tax matters as income tax expense. For the three and six months ended June 28, 2015 CTS accrued approximately $820,000 of potential interest into income tax expense related to a foreign tax item. For the three and six months ended June 29, 2014 , CTS did not accrue any interest or penalties into income tax expense.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 28, 2015
Recent Accounting Pronouncements
Recent Accounting Pronouncements	NOTE 16 — Recent Accounting Pronouncements ASU 2015-08, “ Business Combinations (Topic 805): Pushdown Accounting – amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115 ” In May 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2015-08, “Business Combinations (Topic 805): Pushdown Accounting – amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115”. This ASU amends various SEC paragraphs included in the FASB’s ASC to reflect the issuance of Staff Accounting Bulletin (“SAB”) No. 115. SAB 115 rescinds portions of the interpretive guidance included in the SEC’s Staff Accounting Bulletin series and brings existing guidance into conformity with ASU 2014-17, Pushdown Accounting, which provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. An acquired entity is not only able to apply this amendment to change in control events occurring after the effective date, but is also permitted to apply pushdown accounting as a change in accounting principle to its most recent change in control event that had occurred before the effective date of this new amendment. The decision to apply pushdown accounting to a specific change in control event, if elected by an acquiree, is irrevocable. The amendment also amends the reporting for a bargain purchase option. The acquired entity would not report a gain in its income statement as a result of a bargain purchase. Rather, the acquiree shall recognize the bargain purchase gain recognized by the acquirer as an adjustment to additional paid-in capital. This amendment is effective immediately. These provisions are not anticipated to have a material impact on our financial statements. ASU 2015-07, “ Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) ” In May 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)”. This ASU permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment. This amendment applies to reporting entities that elect to measure the fair value of an investment within the scope of paragraphs 820-10-15-4 through 15-5 using the net asset value per share (or its equivalent) practical expedient in paragraph 820-10-35-59. This amendment removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. It also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. 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 should apply the amendments retrospectively to all periods presented. The retrospective approach requires that an investment for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy in all periods presented in an entity’s financial statements. These provisions are not anticipated to have a material impact on our financial statements. ASU 2015-04, “ Compensation – Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Benefit Obligation and Plan Assets ” In April 2015, FASB issued 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. ASU 2015-05, “ Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement ” 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. ASU 2015-03, “ Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ” 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. 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 ” 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. ASU 2014-09, “ Revenue from Contracts with Customers ” 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, 2017 and interim periods within that reporting period. Early adoption is permitted provided that it is not before the original effective date of December 15, 2016. 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)	6 Months Ended
	Jun. 28, 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 Pronounceme23

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 28, 2015
Recent Accounting Pronouncements
Recent Accounting Pronouncements	ASU 2015-08, “ Business Combinations (Topic 805): Pushdown Accounting – amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115 ” In May 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2015-08, “Business Combinations (Topic 805): Pushdown Accounting – amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115”. This ASU amends various SEC paragraphs included in the FASB’s ASC to reflect the issuance of Staff Accounting Bulletin (“SAB”) No. 115. SAB 115 rescinds portions of the interpretive guidance included in the SEC’s Staff Accounting Bulletin series and brings existing guidance into conformity with ASU 2014-17, Pushdown Accounting, which provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. An acquired entity is not only able to apply this amendment to change in control events occurring after the effective date, but is also permitted to apply pushdown accounting as a change in accounting principle to its most recent change in control event that had occurred before the effective date of this new amendment. The decision to apply pushdown accounting to a specific change in control event, if elected by an acquiree, is irrevocable. The amendment also amends the reporting for a bargain purchase option. The acquired entity would not report a gain in its income statement as a result of a bargain purchase. Rather, the acquiree shall recognize the bargain purchase gain recognized by the acquirer as an adjustment to additional paid-in capital. This amendment is effective immediately. These provisions are not anticipated to have a material impact on our financial statements. ASU 2015-07, “ Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) ” In May 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)”. This ASU permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment. This amendment applies to reporting entities that elect to measure the fair value of an investment within the scope of paragraphs 820-10-15-4 through 15-5 using the net asset value per share (or its equivalent) practical expedient in paragraph 820-10-35-59. This amendment removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. It also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. 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 should apply the amendments retrospectively to all periods presented. The retrospective approach requires that an investment for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy in all periods presented in an entity’s financial statements. These provisions are not anticipated to have a material impact on our financial statements. ASU 2015-04, “ Compensation – Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Benefit Obligation and Plan Assets ” In April 2015, FASB issued 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. ASU 2015-05, “ Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement ” 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. ASU 2015-03, “ Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ” 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. 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 ” 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. ASU 2014-09, “ Revenue from Contracts with Customers ” 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, 2017 and interim periods within that reporting period. Early adoption is permitted provided that it is not before the original effective date of December 15, 2016. 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)	6 Months Ended
	Jun. 28, 2015
Accounts Receivable
Components of Accounts Receivable	As of June 28, December 31, ($ in thousands) 2015 2014 Accounts receivable, gross $ $ Less: Allowance for doubtful accounts Accounts receivable, net $ $

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 28, 2015
Inventories
Summary of Inventories	As of June 28, December 31, ($ in thousands) 2015 2014 Finished goods $ $ Work-in-process Raw materials Less: Inventory reserves Inventories, net $ $

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 28, 2015
Property, Plant and Equipment.
Summary of Property, Plant and Equipment	As of June 28, December 31, ($ in thousands) 2015 2014 Land $ $ Buildings and improvements Machinery and equipment Less: Accumulated depreciation Property, plant and equipment, net $ $

Retirement Plans (Tables)

Retirement Plans (Tables)	6 Months Ended
	Jun. 28, 2015
Retirement Plans
Net Pension Income or Postretirement Expense	Net pension income for our domestic and foreign plans was as follows: Three Months Ended Six Months Ended ($ in thousands) June 28, 2015 June 29, 2014 June 28, 2015 June 29, 2014 Net pension income $ $ $ $ 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) June 28, 2015 June 29, 2014 June 28, 2015 June 29, 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets (1) Amortization of loss Other cost due to retirement — — — (Income) expense, net $ $ $ $ Domestic Pension Plans Foreign Pension Plans Six months: Six Months Ended Six Months Ended ($ in thousands ) June 28, 2015 June 29, 2014 June 28, 2015 June 29, 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets (1) Amortization of loss Other cost due to retirement — — — (Income) expense, net $ $ $ $ (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 Six Months Ended ($ in thousands) June 28, 2015 June 29, 2014 June 28, 2015 June 29, 2014 Other postretirement benefit plan Service cost $ $ $ $ Interest cost Amortization of gain Postretirement expense $ $ $ $

Other Intangible Assets (Tables

Other Intangible Assets (Tables)	6 Months Ended
	Jun. 28, 2015
Other Intangible Assets.
Summary of other intangible assets	As of June 28, 2015 ($ in thousands) Gross Carrying Amount Accumulated Amortization Net Amount Amortized intangible assets: Customer lists/relationships $ $ $ Patents — Other intangibles Other intangible assets, net $ $ $ Amortization expense for the three months ended June 28, 2015 $ Amortization expense for the six months ended June 28, 2015 $ As of December 31, 2014 ($ in thousands) Gross Carrying Amount Accumulated Amortization Net Amount Amortized intangible assets: Customer lists/relationships $ $ $ Patents — Other intangibles Other intangible assets, net $ $ $ Amortization expense for the three months ended June 29, 2014 $ Amortization expense for the six months ended June 29, 2014 $
Summary of amortization expense remaining for other intangible assets	($ in thousands) Amortization expense 2015 $ 2016 2017 2018 2019 Thereafter Total amortization expense $

Costs Associated with Exit an29

Costs Associated with Exit and Restructuring Activities (Tables)	6 Months Ended
	Jun. 28, 2015
Restructuring Reserve Activity	($ in thousands ) June 2013 Plan and April 2014 Plan Restructuring liability at January 1, 2015 $ Restructuring and restructuring-related charges, excluding asset impairments and write-offs Cost paid Restructuring liability at June 28, 2015 $
April 2014 Plan
Restructuring and Restructuring Related Charges of Actual Costs	Actual costs Planned incurred through ($ in thousands) April 2014 Plan Costs June 28, 2015 Inventory write-down $ $ — Equipment relocation Other charges Restructuring related charges, included in cost of goods sold $ $ Workforce reduction $ $ Asset impairment charge — — Other charges, including pension termination costs Restructuring and impairment charges $ $ Total restructuring, impairment and restructuring related charges $ $
June 2013 Plan
Restructuring and Restructuring Related Charges of Actual Costs	Planned Actual costs incurred through ($ in thousands) June 2013 Plan Costs June 28, 2015 Inventory write-down $ $ Equipment relocation Other charges Restructuring-related charges, included in cost of goods sold $ $ Workforce reduction $ $ Asset impairment charge Other charges, including pension termination costs Restructuring and impairment charges $ $ Total restructuring and restructuring-related charges $ $

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 28, 2015
Accrued Liabilities.
Components of Accrued Liabilities	As of June 28, December 31, ($ in thousands) 2015 2014 Accrued product related costs $ $ Accrued income taxes Accrued property and other taxes Dividends payable Remediation and monitoring reserves Other accrued liabilities Total accrued liabilities $ $

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 28, 2015
Debt
Summary of Long-Term Debt	As of June 28, December 31, ($ in thousands) 2015 2014 Revolving credit facility due in 2017 $ $ Weighted average interest rate % % Amount available $ $ Total credit facility $ $ Standby letters of credit $ $ Commitment fee percentage per annum
Summary of Interest Rate Swaps Activity Recorded in Other Comprehensive Income Before Tax	Three Months Ended Six Months Ended ($ in thousands) June 28, 2015 June 29, 2014 June 28, 2015 June 29, 2014 Unrealized loss $ $ $ $ Realized gain reclassified to interest expense $ $ $ $
Summary of Interest Rate Swaps Included on Balance Sheets	As of June 28, December 31, ($ in thousands) 2015 2014 Accrued liabilities $ $ Other long-term obligations $ $

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 28, 2015
Other Comprehensive Income
Changes in Accumulated Other Comprehensive Earnings/(Loss)	The components of other comprehensive loss for the three months ended June 28, 2015 are as follows: Gain (Loss) As of Gain (Loss) reclassified As of March 29, Recognized from AOCI June 28, ($ in thousands) 2015 in OCI to income 2015 Changes in fair market value of hedges: Gross $ $ $ $ Income tax (benefit) Net Changes in unrealized pension cost: Gross — Income tax (benefit) — Net — Cumulative translation adjustment: Gross — Income tax (benefit) — Net — Total accumulated other comprehensive (loss) income $ $ $ $ The components of other comprehensive loss for the three months ended June 29, 2014 are as follows: Gain (Loss) As of Gain (Loss) reclassified As of March 30, Recognized from AOCI June 29, ($ in thousands) 2014 in OCI to income 2014 Changes in fair market value of hedges: Gross $ $ $ $ Income tax (benefit) Net Changes in unrealized pension cost: Gross Income tax (benefit) Net Cumulative translation adjustment: Gross — Income tax (benefit) — Net — Total accumulated other comprehensive (loss) income $ $ $ $ The components of other comprehensive loss for the six months ended June 28, 2015 are as follows: Gain (Loss) As of Gain (Loss) reclassified As of December 31, Recognized from AOCI June 28, ($ in thousands) 2014 in OCI to income 2015 Changes in fair market value of hedges: Gross $ $ $ $ Income tax (benefit) Net Changes in unrealized pension cost: Gross — Income tax (benefit) — Net — Cumulative translation adjustment: Gross — Income tax (benefit) — Net — Total accumulated other comprehensive (loss) income $ $ $ $ The components of other comprehensive loss for the six months ended June 29, 2014 are as follows: Gain (Loss) As of Gain (Loss) reclassified As of December 31, Recognized from AOCI June 29, ($ in thousands) 2013 in OCI to income 2014 Changes in fair market value of hedges: Gross $ $ $ $ Income tax (benefit) Net Changes in unrealized pension cost: Gross Income tax (benefit) Net Cumulative translation adjustment: Gross — Income tax (benefit) — Net — Total accumulated other comprehensive (loss) income $ $ $ $

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 28, 2015
Stockholders' Equity
Summary of Share Count and Par Value Data Related to Shareholders' Equity	As of June 28, December 31, 2015 2014 Preferred Stock Par value per share No par value No par value Shares authorized Shares outstanding — — Common Stock Par value per share No par value No par value Shares authorized Shares issued Shares outstanding Treasury stock Shares held
Summary of Common Shares Outstanding	Six Months Ended June 28, 2015 June 29, 2014 Balance at the beginning of the year Repurchases Shares issued upon exercise of stock options Restricted share issuances Balance at the end of the period

Equity-Based compensation (Tabl

Equity-Based compensation (Tables)	6 Months Ended
	Jun. 28, 2015
Equity-Based Compensation
Summary of Equity-Based Compensation Expense	Three Months Ended Six Months Ended ($ in thousands) June 28, 2015 June 29, 2014 June 28, 2015 June 29, 2014 Service-Based RSUs $ $ $ $ Performance-Based RSUs Market-Based RSUs Total $ $ $ $ Income tax benefit $ $ $ $
Schedule of Unrecognized Equity-Based Compensation Expense	Unrecognized compensation Weighted- expense at average ($ in thousands) June 28, 2015 period Service-Based RSUs $ years Performance-Based RSUs years Market-Based RSUs years Total $
Summary of Status of Equity-Based Compensation Plans	2014 Plan 2009 Plan 2004 Plan 2001 Plan Awards originally available Stock options outstanding — — — — RSUs outstanding — Options exercisable — — — — Awards available for grant —
Summary of Changes of Stock Options	Six Months Ended June 28, 2015 Weighted Average Exercise Options Price Outstanding at beginning of year $ Exercised $ Outstanding at end of period — $ — Exercisable at end of period — $ —
Summary of Service-Based Restricted Stock Units	Six Months Ended June 28, 2015 Weighted Average Grant Date Units Fair Value Outstanding at January 1, 2015 $ Granted Converted Forfeited Outstanding at June 28, 2015 $
Schedule of Components of Performance-Based RSU's	Target Vesting Vesting Units Grant Date Units Year Dependency Awarded February 11, 2013 2016 Sales growth — February 11, 2013 2016 Cash flow — February 14, 2014 2017 Sales growth — February 14, 2014 2017 Cash flow — February 13, 2015 2018 Sales growth — February 13, 2015 2018 Cash flow —
Schedule of Components of Market-Based RSU's	Number of Target Vesting Peer Group Units Grant Date Units Year Companies Awarded February 11, 2013 — February 11, 2013 — February 14, 2014 — February 13, 2015 —

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 28, 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 June 28, 2015 and the loss recorded during the six month period ended June 28, 2015 : Quoted Prices in Active Significant Carrying Markets for Other Significant Loss for Value at Identical Observable Unobservable Six Months Ended June 28, Instruments Inputs Inputs June 28, ($ in thousands) 2015 (Level 1) (Level 2) (Level 3) 2015 Interest rate swap – cash flow hedge $ $ — $ $ — $ 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 in Active Significant Carrying Markets for Other Significant Loss for Value at Identical Observable Unobservable Year Ended December 31, Instruments Inputs Inputs December 31, ($ in thousands) 2014 (Level 1) (Level 2) (Level 3) 2014 Interest rate swap – cash flow hedge $ $ — $ $ — $
Reconciliation of Recurring Financial Liability Related to Interest Rate Swaps	Interest ($ in thousands) Rate Swaps Balance at January 1, 2014 $ Total gains (losses) for the period: Included in earnings Included in other comprehensive earnings Balance at December 31, 2014 $ Total gains (losses) for the period: Included in earnings Included in other comprehensive earnings Balance at June 28, 2015 $

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 28, 2015
Income Taxes
Reconciliation of Effective Income Taxes Rate	Three Months Ended Six Months Ended June 28, 2015 June 29, 2014 June 28, 2015 June 29, 2014 Effective tax rate % % % %

Accounts Receivable - Component

Accounts Receivable - Components of Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 28, 2015	Dec. 31, 2014
Accounts Receivable
Accounts receivable, gross	$ 63,174	$ 56,994
Less: Allowance for doubtful accounts	(128)	(100)
Accounts receivable, net	$ 63,046	$ 56,894

Inventories - Summary of Invent

Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Jun. 28, 2015	Dec. 31, 2014
Inventories
Finished goods	$ 12,922	$ 11,728
Work-in-process	8,000	7,297
Raw materials	16,297	15,562
Less: Inventory reserves	(6,795)	(6,700)
Inventories, net	$ 30,424	$ 27,887

Property, Plant and Equipment -

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 28, 2015	Dec. 31, 2014
Property, plant and equipment
Accumulated depreciation	$ (189,756)	$ (184,898)
Net property, plant and equipment	70,166	71,414
Land
Property, plant and equipment
Property, plant and equipment gross	3,044	3,044
Buildings and improvements
Property, plant and equipment
Property, plant and equipment gross	68,371	67,269
Machinery and equipment
Property, plant and equipment
Property, plant and equipment gross	$ 188,507	$ 185,999

Retirement Plans - Net Pension

Retirement Plans - Net Pension Income or Postretirement Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
Pension Plans
Net pension expense (income)
(Income) expense, net	$ (530)	$ (454)	$ (1,059)	$ (1,080)
Domestic Pension Plans
Net pension expense (income)
Service cost	42	48	86	96
Interest cost	2,815	3,053	5,629	6,111
Expected return on plan assets	(5,068)	(5,208)	(10,136)	(10,416)
Amortization of loss (gain)	1,585	1,416	3,169	2,829
Other cost due to retirement		172		172
(Income) expense, net	(626)	(519)	(1,252)	(1,208)
Foreign Pension Plans
Net pension expense (income)
Service cost	16	21	33	42
Interest cost	124	155	247	305
Expected return on plan assets	(134)	(170)	(267)	(337)
Amortization of loss (gain)	90	59	180	118
(Income) expense, net	96	65	193	128
Other Postretirement Benefit Plan
Net pension expense (income)
Service cost	1	1	2	2
Interest cost	51	58	102	115
Amortization of loss (gain)	(25)	(40)	(50)	(79)
(Income) expense, net	$ 27	$ 19	$ 54	$ 38

Other Intangible Assets - Summa

Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014	Dec. 31, 2014
Other Intangible Assets
Gross Carrying Amount	$ 74,393		$ 74,393		$ 74,393
Accumulated Amortization	(40,448)		(40,448)		(38,491)
Total amortization expense	33,945		33,945		35,902
Amortization expense	984	$ 1,045	1,957	$ 2,079
Customer lists/relationships
Other Intangible Assets
Gross Carrying Amount	51,804		51,804		51,804
Accumulated Amortization	(25,752)		(25,752)		(24,415)
Total amortization expense	26,052		26,052		27,389
Patents
Other Intangible Assets
Gross Carrying Amount	10,319		10,319		10,319
Accumulated Amortization	(10,319)		(10,319)		(10,319)
Other intangibles
Other Intangible Assets
Gross Carrying Amount	12,270		12,270		12,270
Accumulated Amortization	(4,377)		(4,377)		(3,757)
Total amortization expense	$ 7,893		$ 7,893		$ 8,513

Other Intangible Assets - Sum42

Other Intangible Assets - Summary of Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 28, 2015	Dec. 31, 2014
Other intangible assets
2,015	$ 1,992
2,016	3,647
2,017	3,569
2,018	3,484
2,019	3,475
Thereafter	17,778
Total amortization expense	$ 33,945	$ 35,902

Costs Associated with Exit an43

Costs Associated with Exit and Restructuring Activities - April 2014 Plan (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2015USD ($)	Jun. 29, 2014USD ($)	Jun. 28, 2015USD ($)employee	Jun. 29, 2014USD ($)
Restructuring charges
Restructuring and impairment charges	$ 2,335	$ 3,072	$ 3,148	$ 4,146
Cost of Goods
Restructuring charges
Restructuring charges	217	338	292	910
Operating Earnings
Restructuring charges
Restructuring and impairment charges	2,118	2,733	2,856	3,236
April 2014 Plan
Restructuring charges
Planned Costs	9,950		9,950
Actual costs incurred	5,564		5,564
April 2014 Plan | Cost of Goods
Restructuring charges
Restructuring charges	217	0	217	0
Planned Costs	4,050		4,050
Actual costs incurred	217		217
April 2014 Plan | Operating Earnings
Restructuring charges
Restructuring and impairment charges	1,516	$ 2,405	1,877	$ 2,405
Planned Costs	5,900		5,900
Actual costs incurred	5,347		$ 5,347
April 2014 Plan | Forecast
Restructuring charges
Elimination of workforce | employee			120
April 2014 Plan | Equipment relocation | Cost of Goods
Restructuring charges
Planned Costs	1,800		$ 1,800
Actual costs incurred	135		135
April 2014 Plan | Inventory write-down | Cost of Goods
Restructuring charges
Planned Costs	850		850
April 2014 Plan | Other charges | Cost of Goods
Restructuring charges
Planned Costs	1,400		1,400
Actual costs incurred	82		82
April 2014 Plan | Workforce reduction | Operating Earnings
Restructuring charges
Planned Costs	4,200		4,200
Actual costs incurred	3,888		3,888
April 2014 Plan | Other charges, including pension termination costs | Operating Earnings
Restructuring charges
Planned Costs	1,700		1,700
Actual costs incurred	1,459		1,459
April 2014 Plan Amendment
Restructuring charges
Planned Costs	4,250		4,250
April 2014 Plan Amendment | Plant shutdown
Restructuring charges
Planned Costs	1,300		1,300
April 2014 Plan Amendment | Equipment relocation
Restructuring charges
Planned Costs	$ 2,950		$ 2,950

Costs Associated with Exit an44

Costs Associated with Exit and Restructuring Activities - June 2013 Plan (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 28, 2015USD ($)	Dec. 31, 2014USD ($)employee	Jun. 29, 2014USD ($)	Jun. 28, 2015USD ($)employee	Jun. 29, 2014USD ($)
Restructuring charges
Restructuring and impairment charges	$ 2,335		$ 3,072	$ 3,148	$ 4,146
Cost of Goods
Restructuring charges
Restructuring charges	217		338	292	910
Operating Earnings
Restructuring charges
Restructuring and impairment charges	2,118		2,733	2,856	3,236
June 2013 Plan
Restructuring charges
Planned Costs	22,600			22,600
Actual costs incurred	18,378			18,378
Restructuring and impairment charges	602		667	1,054	1,741
June 2013 Plan | Cost of Goods
Restructuring charges
Planned Costs	1,800			1,800
Actual costs incurred	3,587			3,587
Restructuring charges	0		338	75	910
June 2013 Plan | Operating Earnings
Restructuring charges
Planned Costs	20,800			20,800
Actual costs incurred	14,791			14,791
Restructuring and impairment charges	602		$ 329	$ 979	$ 832
June 2013 Plan | Forecast
Restructuring charges
Elimination of workforce | employee				350
June 2013 Plan | Inventory write-down | Cost of Goods
Restructuring charges
Planned Costs	800			$ 800
Actual costs incurred	1,143			1,143
June 2013 Plan | Equipment relocation | Cost of Goods
Restructuring charges
Planned Costs	900			900
Actual costs incurred	1,792			1,792
June 2013 Plan | Other charges | Cost of Goods
Restructuring charges
Planned Costs	100			100
Actual costs incurred	652			652
June 2013 Plan | Workforce reduction | Operating Earnings
Restructuring charges
Planned Costs	10,150			10,150
Actual costs incurred	8,793			8,793
June 2013 Plan | Asset impairment charge | Operating Earnings
Restructuring charges
Planned Costs	3,000			3,000
Actual costs incurred	4,258			4,258
June 2013 Plan | Other charges, including pension termination costs | Operating Earnings
Restructuring charges
Planned Costs	7,650			7,650
Actual costs incurred	$ 1,740			$ 1,740
Amended June 2013 Plan
Restructuring charges
Planned Costs		$ 4,000
Amended June 2013 Plan | Workforce reduction | Forecast
Restructuring charges
Elimination of workforce | employee		130
Foreign Pension Plans | Amended June 2013 Plan | UNITED KINGDOM
Restructuring charges
Planned Costs		$ 2,000
Foreign Pension Plans | Amended June 2013 Plan | Workforce reduction
Restructuring charges
Planned Costs		$ 2,000

Costs Associated with Exit an45

Costs Associated with Exit and Restructuring Activities - Restructuring Reserve Activity (Details) - June 2013 Plan and April 2014 Plan $ in Thousands	6 Months Ended
	Jun. 28, 2015USD ($)
Restructuring reserve activity
Restructuring liability at beginning	$ 3,904
Restructuring and restructuring-related charges	3,148
Cost paid	(2,849)
Restructuring liability at ending	$ 4,203

Accrued Liabilities - Component

Accrued Liabilities - Components of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 28, 2015	Dec. 31, 2014
Accrued Liabilities
Accrued product related costs	$ 4,020	$ 5,216
Accrued Income taxes	4,560	3,346
Accrued property and other taxes	3,032	2,547
Dividends payable	1,316	1,336
Remediation and monitoring reserves	4,980	3,918
Other accrued liabilities	9,487	8,993
Total accrued liabilities	$ 27,395	$ 25,356

Debt - Long-Term Debt - (Detail

Debt - Long-Term Debt - (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 28, 2015	Jun. 28, 2015	Dec. 31, 2014
Long-term debt
Revolving credit facility due in 2017	$ 88,700	$ 88,700	$ 75,000
Amortization expenses	50	100
Revolving credit facility due in 2017 | Line of Credit
Long-term debt
Revolving credit facility due in 2017	$ 88,700	$ 88,700	$ 75,000
Weighted-average interest rate	1.40%	1.40%	1.50%
Amount available	$ 108,985	$ 108,985	$ 122,535
Total credit facility	200,000	200,000	200,000
Standby letters of credit	$ 2,315	$ 2,315	$ 2,465
Commitment fee percentage per annum		0.25%	0.25%

Debt - Additional Information (

Debt - Additional Information (Details) - Interest Rate Swap - Designated - Cash Flow Hedge	Sep. 30, 2012USD ($)agreement	Jul. 01, 2012USD ($)agreement
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 ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 29, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
Interest rate swap activity recorded in Other comprehensive earnings before tax
Amount expected to be reclassified in the next twelve months			$ 480
Interest Rate Swap | Designated | Cash Flow Hedge
Interest rate swap activity recorded in Other comprehensive earnings before tax
Unrealized gain (loss)	$ (82)	$ (360)	(409)	$ (414)
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	$ 192	$ 122	$ 382	$ 240

Debt - Summary of Interest Ra50

Debt - Summary of Interest Rate Swaps Included on Balance Sheets (Details) - Interest Rate Swap - Designated - Cash Flow Hedge - USD ($) $ in Thousands	Jun. 28, 2015	Dec. 31, 2014
Accrued Liabilities
Interest rate swaps included on the balance sheet
Accrued liabilities	$ 788	$ 640
Other long-term obligations
Interest rate swaps included on the balance sheet
Other long-term obligations	$ 259	$ 380

Other Comprehensive Income - Su

Other Comprehensive Income - Summary of Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
Foreign currency transaction loss
Foreign currency transaction loss			$ 1,563
Changes in AOCI, Net
Total accumulated other comprehensive (loss) income, beginning of period	$ (104,165)	$ (80,739)	(104,233)	$ (81,897)
Gain (Loss) recognized in OCI, Net	2,145	1,176	2,095	2,261
Gain (Loss) reclassified from AOCI to income, Net	120	181	238	254
Total accumulated other comprehensive (loss) income, end of period	(101,900)	(79,382)	(101,900)	(79,382)
Changes in fair market value of hedges
Changes in AOCI, Gross
Gross, beginning of the period	(1,157)	(934)	(1,020)	(998)
Gain (Loss) recognized in OCI, Gross	(82)	(358)	(409)	(412)
Gain (Loss) reclassified from AOCI to income, Gross	192	122	382	240
Gross, end of the period	(1,047)	(1,170)	(1,047)	(1,170)
Changes in AOCI, Income tax (benefit)
Income tax (benefit), beginning of period	(435)	(378)	(384)	(402)
Income tax (benefit), Gain (Loss) recognized in OCI	(31)	(136)	(154)	(157)
Income tax (benefit), Gain (Loss) reclassified from AOCI to income	72	47	144	92
Income tax (benefit), end of period	(394)	(467)	(394)	(467)
Changes in AOCI, Net
Total accumulated other comprehensive (loss) income, beginning of period	(722)	(556)	(636)	(596)
Gain (Loss) recognized in OCI, Net	(51)	(222)	(255)	(255)
Gain (Loss) reclassified from AOCI to income, Net	120	75	238	148
Total accumulated other comprehensive (loss) income, end of period	(653)	(703)	(653)	(703)
Changes in unrealized pension cost
Changes in AOCI, Gross
Gross, beginning of the period	(167,361)	(136,683)	(169,291)	(138,133)
Gain (Loss) recognized in OCI, Gross	1,199	1,251	3,129	2,701
Gain (Loss) reclassified from AOCI to income, Gross		172		172
Gross, end of the period	(166,162)	(135,260)	(166,162)	(135,260)
Changes in AOCI, Income tax (benefit)
Income tax (benefit), beginning of period	(64,451)	(54,492)	(65,124)	(55,028)
Income tax (benefit), Gain (Loss) recognized in OCI	494	470	1,167	1,006
Income tax (benefit), Gain (Loss) reclassified from AOCI to income		66		66
Income tax (benefit), end of period	(63,957)	(53,956)	(63,957)	(53,956)
Changes in AOCI, Net
Total accumulated other comprehensive (loss) income, beginning of period	(102,910)	(82,191)	(104,167)	(83,105)
Gain (Loss) recognized in OCI, Net	705	781	1,962	1,695
Gain (Loss) reclassified from AOCI to income, Net		106		106
Total accumulated other comprehensive (loss) income, end of period	(102,205)	(81,304)	(102,205)	(81,304)
Cumulative translation adjustment
Changes in AOCI, Gross
Gross, beginning of the period	(491)	1,082	245	949
Gain (Loss) recognized in OCI, Gross	1,064	388	328	521
Gross, end of the period	573	1,470	573	1,470
Changes in AOCI, Income tax (benefit)
Income tax (benefit), beginning of period	42	(926)	(325)	(855)
Income tax (benefit), Gain (Loss) recognized in OCI	(427)	(229)	(60)	(300)
Income tax (benefit), end of period	(385)	(1,155)	(385)	(1,155)
Changes in AOCI, Net
Total accumulated other comprehensive (loss) income, beginning of period	(533)	2,008	570	1,804
Gain (Loss) recognized in OCI, Net	1,491	617	388	821
Total accumulated other comprehensive (loss) income, end of period	$ 958	$ 2,625	$ 958	$ 2,625

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Share Count and Par Value Data Related to Shareholders' Equity (Details) - $ / shares None in scaling factor is -9223372036854775296	Jun. 28, 2015	Dec. 31, 2014	Jun. 29, 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	56,240,253	56,101,700
Common stock, shares outstanding	32,903,731	33,392,060	33,618,881	33,558,864
Treasury stock
Treasury stock, shares held	23,336,522	22,709,640

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Stockholders' Equity
Common stock repurchased, Shares	626,882	211,270
Common stock repurchased, Value	$ 11,369,132	$ 3,732,000
Shares are available for future issuances	9,517,922

Shareholders' Equity - Summar54

Shareholders' Equity - Summary of Common Shares Outstanding (Details) - shares	6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Roll forward of common shares outstanding
Balance at the beginning of the year	33,392,060	33,558,864
Repurchases	(626,882)	(211,270)
Shares issued upon exercise of stock options	5,200	101,350
Restricted share issuances	133,353	169,937
Balance at the end of the period	32,903,731	33,618,881

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Equity-Based Compensation Expense (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2015USD ($)plan	Jun. 29, 2014USD ($)	Jun. 28, 2015USD ($)plan	Jun. 29, 2014USD ($)
Share-based Compensation
Number of Equity-Based Compensation Plans | plan	5		5
Restricted stock units			$ 2,362	$ 1,179
Service-Based RSUs
Share-based Compensation
Restricted stock units	$ 400	$ 210	949	683
Performance-Based RSUs
Share-based Compensation
Restricted stock units	251	99	771	273
Market-Based RSUs
Share-based Compensation
Restricted stock units	191	91	642	223
RSUs
Share-based Compensation
Restricted stock units	842	400	2,362	1,179
Income tax benefit	$ 317	$ 153	$ 888	$ 450

Equity-Based Compensation - S56

Equity-Based Compensation - Summary of Equity-Based Compensation Expense related to Non-Vested RSUs (Details) - Jun. 28, 2015 - USD ($) $ in Thousands	Total
Service-Based RSUs
Share-based Compensation
Unrecognized compensation cost	$ 1,886
Weighted average period	1 year 2 months 12 days
Performance-Based RSUs
Share-based Compensation
Unrecognized compensation cost	$ 1,656
Weighted average period	1 year 4 months 24 days
Market-Based RSUs
Share-based Compensation
Unrecognized compensation cost	$ 988
Weighted average period	1 year 3 months 18 days
RSUs
Share-based Compensation
Unrecognized compensation cost	$ 4,530

Equity-Based Compensation - S57

Equity-Based Compensation - Summary of Status of Equity-Based Compensation Plans (Details)	Jun. 28, 2015shares
2014 Plan
Summary of Status of Equity-Based Compensation Plans
Awards originally available	1,500,000
Awards available for grant	1,352,075
2009 Plan
Summary of Status of Equity-Based Compensation Plans
Awards originally available	3,400,000
Awards available for grant	1,617,062
2004 Plan
Summary of Status of Equity-Based Compensation Plans
Awards originally available	6,500,000
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	78,947
RSUs | 2009 Plan
Summary of Status of Equity-Based Compensation Plans
RSU's outstanding	248,389
RSUs | 2004 Plan
Summary of Status of Equity-Based Compensation Plans
RSU's outstanding	129,025

Equity-Based Compensation - Sto

Equity-Based Compensation - Stock Options (Details) - 6 months ended Jun. 28, 2015 - Stock Options - $ / shares	Total
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
Exercised, Options	(5,200)
Outstanding, Weighted - Average Exercise Price at beginning of year	$ 12.35
Exercised, Weighted - Average Exercise Price	$ 12.35
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

Equity-Based Compensation - Per

Equity-Based Compensation - Performance-Based Stock Options (Details) - 2014 Plan - Performance-Based Stock Options	May. 26, 2015$ / shares	Jun. 28, 2015USD ($)periodshares	Jun. 28, 2015USD ($)period
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted (in shares) | shares		430,000
Grant date fair value (in dollars per share) | $ / shares	$ 18.37
Option term (in years)		5 years
Revenue threshold for award		$ 600,000,000
Number of fiscal-quarter ending periods for threshold | period		4	4
Compensation expense			$ 0

Equity-Based Compensation - S60

Equity-Based Compensation - Summary of Service-Based Restricted Stock Units (Details) - 6 months ended Jun. 28, 2015 - Service-Based RSUs - $ / shares	Total
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	(163,633)
Forfeited	(11,996)
Outstanding at end of year	456,361
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	12.34
Forfeited, Weighted-average Grant-Date Fair Value	16.78
End of year, Weighted-average Grant-Date Fair Value	$ 13.05
Certain executives and key employees
Share-based Compensation
Vesting period	3 years
Non-employee directors
Share-based Compensation
Vesting period	1 month

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Performance-Based RSUs (Details) - Jun. 28, 2015 - Certain executives - Performance-Based RSUs - shares	Total
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	30,993
February 13, 2015 | Cash flow
Share-based Compensation
Target based Vesting of performance-based restricted stock unit	26,565
Minimum
Share-based Compensation
Vesting percent	0.00%
Maximum
Share-based Compensation
Vesting percent	200.00%

Equity-Based Compensation - S62

Equity-Based Compensation - Schedule of Market-Based RSUs (Details) - Jun. 28, 2015 - Market-Based RSUs	itemshares
Market-Based RSUs
Vesting period	3 years
February 11, 2013 | CEO
Market-Based RSUs
Target based Vesting of market-based restricted stock unit | shares	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 | shares	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 | shares	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 | shares	30,993
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 - Summa

Fair Value Measurements - Summary of Financial Liability Measured at Fair Value on a Recurring Basis (Details) - Interest Rate Swap - Designated - Cash Flow Hedge - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 28, 2015	Dec. 31, 2014	Dec. 31, 2013
Recurring financial liability that was measured at carrying value
Interest rate swap - cash flow hedge	$ 1,047	$ 1,020	$ 998
Interest rate swap - cash flow hedge, loss	382	488
Recurring
Recurring financial liability that was measured at carrying value
Interest rate swap - cash flow hedge, loss	27	488
Recurring | Significant Other Observable Inputs (Level 2)
Recurring financial liability that was measured at carrying value
Interest rate swap - cash flow hedge	1,047	1,020
Recurring | Carrying Value
Recurring financial liability that was measured at carrying value
Interest rate swap - cash flow hedge	$ 1,047	$ 1,020

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Recurring Financial Liability Related to Interest Rate Swaps (Details) - Interest Rate Swap - Designated - Cash Flow Hedge - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 28, 2015	Dec. 31, 2014
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	382	488
Included in other comprehensive earnings	(409)	(510)
Ending balance	$ (1,047)	$ (1,020)

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate (Details)	3 Months Ended		6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
Income Taxes
Effective income tax rate	(75.70%)	34.00%	(27.70%)	38.70%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
Reconciliation of effective income taxes rate
Increase in effective tax rate due to reserve on an uncertain tax position (as a percent)	45.70%		25.00%
Decrease in effective tax rate due to treatment of foreign tax benefits (as a percent)	145.50%		79.50%
Increase (decrease) in effective tax rate due to tax adjustments		(2.60%)		2.70%
Accrued for interest and penalties related to uncertain income tax	$ 820	$ 0	$ 820	$ 0