CTS (CTS) 10-Q 27 Apr 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 25, 2017
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
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		32,851,024

Consolidated Statements of Earn

Consolidated Statements of Earnings - Unaudited - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Net sales	$ 100,154	$ 96,705
Cost of goods sold	65,930	63,237
Gross Margin	34,224	33,468
Selling, general and administrative expenses	15,246	14,872
Research and development expenses	6,003	6,163
Restructuring and impairment charges	777	0
Gain (Loss) on Disposition of Property Plant Equipment	(2)	3
Operating earnings	12,196	12,436
Other income (expense):
Interest expense	(684)	(820)
Interest income	253	547
Other income (expense)	460	(198)
Total other income (expense)	29	(471)
Earnings before income taxes	12,225	11,965
Income tax expense	3,741	4,102
Net earnings	$ 8,484	$ 7,863
Earnings per share:
Basic (in dollars per share)	$ 0	$ 0
Diluted (in dollars per share)	$ 0	$ 0
Basic weighted - average common shares outstanding (in shares):	32,802	32,632
Effect of dilutive securities (in shares)	560	373
Diluted weighted - average common shares outstanding (in shares)	33,362	33,005
Cash dividends declared per share (in dollars per share)	$ 0.04	$ 0.04

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Earnings - Unaudited - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net earnings	$ 8,484	$ 7,863
Other comprehensive income (loss):
Changes in fair market value of derivatives, net of tax	760	294
Changes in unrealized pension cost, net of tax	816	908
Cumulative translation adjustment, net of tax	88	(409)
Other comprehensive income	1,664	793
Comprehensive earnings	$ 10,148	$ 8,656

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - Unaudited - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current Assets
Cash and cash equivalents	$ 121,819	$ 113,805
Accounts receivable, net	63,016	62,612
Inventories, net	30,954	28,652
Other current assets	11,431	10,638
Total current assets	227,220	215,707
Property, plant and equipment, net	83,268	82,111
Other Assets
Prepaid pension asset	48,114	46,183
Goodwill	61,744	61,744
Other intangible assets, net	62,833	64,370
Deferred income taxes	42,779	45,839
Other	1,737	1,743
Total other assets	217,207	219,879
Total Assets	527,695	517,697
Short-term Non-bank Loans and Notes Payable	1,006	1,006
Current Liabilities
Accounts payable	41,937	40,046
Accrued payroll and benefits	7,590	11,369
Accrued liabilities	42,463	45,708
Total current liabilities	92,996	98,129
Long-term debt	94,000	89,100
Post-retirement obligations	7,008	7,006
Other long-term obligations	7,607	5,580
Total Liabilities	201,611	199,815
Shareholders’ Equity
Common stock	303,736	302,832
Additional contributed capital	38,985	40,521
Retained earnings	418,149	410,979
Accumulated other comprehensive loss	(91,530)	(93,194)
Total shareholders’ equity before treasury stock	669,340	661,138
Treasury stock	(343,256)	(343,256)
Total shareholders’ equity	326,084	317,882
Total Liabilities and Shareholders’ Equity	$ 527,695	$ 517,697

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 8,484	$ 7,863
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	4,708	4,021
Pension and other post-retirement plan income	(417)	(427)
Stock-based compensation	880	282
Restructuring and impairment charges	777	0
Deferred income taxes	2,313	(1,067)
Gain (Loss) on Disposition of Assets	(2)	3
Changes in assets and liabilities:
Accounts receivable	7	(8,122)
Inventories	(2,076)	966
Other assets	(16)	(3,330)
Accounts payable	942	1,647
Accrued payroll and benefits	(5,169)	2,584
Accrued expenses	(3,057)	(869)
Income taxes payable	248	735
Other liabilities	2,232	(1,398)
Pension and other post-retirement plans	(79)	(58)
Net cash provided by operating activities	9,779	2,824
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(3,806)	(2,877)
Proceeds from sale of assets	1	3
Payment for acquisition, net of cash acquired	0	(72,830)
Net cash used in investing activities	(3,805)	(75,704)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of long-term debt	(373,000)	(521,300)
Proceeds from borrowings of long-term debt	377,900	571,900
Dividends paid	(1,310)	(1,303)
Net cash provided by financing activities	2,024	47,522
Payments Related to Tax Withholding for Share-based Compensation	(1,566)	(1,775)
Effect of exchange rate changes on cash and cash equivalents	16	(606)
Net increase (decrease) in cash and cash equivalents	8,014	(25,964)
Cash and cash equivalents at beginning of period	113,805	156,928
Cash and cash equivalents at end of period	121,819	130,964
Supplemental cash flow information:
Cash paid for interest	529	736
Cash paid for income taxes, net	$ 1,386	$ 5,407

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Accounting Changes [Text Block]	Change in Estimate Beginning in January 2017, we changed the method we use to calculate the service and interest cost components of net periodic benefit cost for our U.S. pension and other post-retirement benefit plans. Previously, we calculated the service and interest cost components using a single weighted-average discount rate derived from the yield curve to measure the benefit obligation at the beginning of the period. In 2017, we began using a full yield curve approach in the estimation of these components of benefit cost by applying the specific spot-rates along the yield curve to the relevant projected cash flows. This approach better aligns each of the projected benefit cash flows to the corresponding spot rates on the yield curve, resulting in a more precise measurement of service and interest costs. The change in method will result in a decrease in the service and interest components of pension costs in 2017. Any decrease to these components as a result of adoption of this approach is equally offset by a decrease in the actuarial losses included in our accumulated other comprehensive loss, with no impact on the measurement of the benefit obligation.
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by CTS Corporation (“CTS” "we", "our", "us" 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, 2016 . 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. Change in Estimate Beginning in January 2017, we changed the method we use to calculate the service and interest cost components of net periodic benefit cost for our U.S. pension and other post-retirement benefit plans. Previously, we calculated the service and interest cost components using a single weighted-average discount rate derived from the yield curve to measure the benefit obligation at the beginning of the period. In 2017, we began using a full yield curve approach in the estimation of these components of benefit cost by applying the specific spot-rates along the yield curve to the relevant projected cash flows. This approach better aligns each of the projected benefit cash flows to the corresponding spot rates on the yield curve, resulting in a more precise measurement of service and interest costs. The change in method will result in a decrease in the service and interest components of pension costs in 2017. Any decrease to these components as a result of adoption of this approach is equally offset by a decrease in the actuarial losses included in our accumulated other comprehensive loss, with no impact on the measurement of the benefit obligation. This change is accounted for prospectively as a change in accounting estimate. Subsequent Events We have evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through the date the consolidated financial statements are issued.

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Accounts Receivable	Accounts Receivable The components of accounts receivable are as follows: As of March 31, December 31, 2017 2016 Accounts receivable, gross $ 63,176 $ 62,782 Less: Allowance for doubtful accounts (160 ) (170 ) Accounts receivable, net $ 63,016 $ 62,612

Inventories

Inventories	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: As of March 31, December 31, 2017 2016 Finished goods $ 7,005 $ 7,513 Work-in-process 11,661 9,596 Raw materials 19,277 17,680 Less: Inventory reserves (6,989 ) (6,137 ) Inventories, net $ 30,954 $ 28,652

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment is comprised of the following: As of March 31, December 31, 2017 2016 Land $ 2,330 $ 2,330 Buildings and improvements 63,875 63,621 Machinery and equipment 216,636 213,198 Less: Accumulated depreciation (199,573 ) (197,038 ) Property, plant and equipment, net $ 83,268 $ 82,111 Depreciation expense for the three months ended March 31, 2017 $ 3,172 Depreciation expense for the three months ended March 31, 2016 $ 2,926

Retirement Plans

Retirement Plans	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Retirement Plans	Retirement Plans Pension Plans Net pension income for our domestic and foreign plans was as follows: Three Months Ended March 31, March 31, 2017 2016 Net pension income $ (433 ) $ (392 ) The components of net pension (income) expense for our domestic and foreign plans include the following: Domestic Pension Plans Foreign Pension Plans Three Months Ended Three Months Ended March 31, March 31, March 31, March 31, 2017 2016 2017 2016 Service cost $ — $ 22 $ 12 $ 12 Interest cost 2,068 2,756 8 11 Expected return on plan assets (1) (4,061 ) (4,744 ) (5 ) 7 Amortization of loss 1,446 1,498 38 34 Other cost due to retirement 61 12 — — (Income) expense, net $ (486 ) $ (456 ) $ 53 $ 64 (1) Expected return on plan assets is net of expected investment expenses and certain administrative expenses. Other Post-retirement Benefit Plan Net post-retirement expense for our other post-retirement plan includes the following components: Three Months Ended March 31, March 31, 2017 2016 Service cost $ 1 $ 1 Interest cost 40 52 Amortization of gain (25 ) (38 ) Post-retirement expense $ 16 $ 15

Other Intangible Assets

Other Intangible Assets	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Other Intangible Assets	Other Intangible Assets Intangible assets consist of the following components: As of March 31, 2017 Gross Accumulated Net Amount Customer lists/relationships $ 63,386 $ (31,142 ) $ 32,244 Patents 10,319 (10,319 ) — Technology and other intangibles 36,255 (7,866 ) 28,389 In process research and development 2,200 — 2,200 Other intangible assets, net $ 112,160 $ (49,327 ) $ 62,833 Amortization expense for the three months ended March 31, 2017 $ 1,536 As of December 31, 2016 Gross Accumulated Net Amount Customer lists/relationships $ 63,386 $ (30,318 ) $ 33,068 Patents 10,319 (10,319 ) — Technology and other intangibles 36,715 (7,613 ) 29,102 In process research and development 2,200 — 2,200 Other intangible assets, net $ 112,620 $ (48,250 ) $ 64,370 Amortization expense for the three months ended March 31, 2016 $ 1,095 Amortization expense remaining for other intangible assets is as follows: Amortization 2017 $ 4,528 2018 5,956 2019 5,947 2020 5,947 2021 5,867 Thereafter 34,588 Total amortization expense $ 62,833

Costs Associated with Exit and

Costs Associated with Exit and Restructuring Activities	3 Months Ended
	Mar. 31, 2017
Restructuring and Related Activities [Abstract]
Costs Associated with Exit and Restructuring Activities	Costs Associated with Exit and Restructuring Activities Costs associated with exit and restructuring activities are recorded in the Condensed Consolidated Statement of Earnings as a separate component of Operating earnings. Total restructuring charges, all related to the June 2016 Plan described below, were as follows: Three Months Ended March 31, 2017 March 31, 2016 Restructuring and impairment charges 777 — In June 2016, we announced plans to restructure operations by phasing out production at the Elkhart facility by mid-2018 and transitioning it into a research and development center supporting our global operations ("June 2016 Plan"). Additional organizational changes will also occur in various other locations. The cost of the plan is expected to be approximately $12,300 and will impact approximately 230 employees. The total restructuring liability related to severance and other one-time benefit arrangements under the June 2016 Plan was $1,722 at March 31, 2017 and $ 1,739 at December 31, 2016 . Additional costs related to line movements, asset impairment and equipment charges, and other costs will be expensed as incurred. The following table displays the planned restructuring charges associated with the June 2016 Plan as well as a summary of the actual costs incurred through March 31, 2017 : Actual costs Planned incurred through June 2016 Plan Costs March 31, 2017 Workforce reduction 3,075 2,581 Equipment relocation 7,925 822 Other charges 1,300 422 Restructuring and impairment charges 12,300 3,825 In April 2014, we announced plans to restructure our operations and consolidate our Canadian operations into other existing facilities as part of our overall plan to simplify its business model and rationalize our global footprint (“April 2014 Plan”). These restructuring actions, which were completed during 2015, impacted approximately 120 positions. The remaining restructuring liability related to the April 2014 Plan was $429 at March 31, 2017 and $ 423 at December 31, 2016 . The following table displays the restructuring liability activity for all plans for the three months ended March 31, 2017 : Combined Plans Restructuring liability at January 1, 2017 $ 2,162 Restructuring and impairment charges 777 Cost paid (795 ) Other activity (1) 7 Restructuring liability at March 31, 2017 $ 2,151 (1) Other activity includes the effects of currency translation and other charges that do not flow through restructuring expense.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2017
Other Liabilities Disclosure [Abstract]
Accrued Liabilities	Accrued Liabilities The components of accrued liabilities are as follows: As of March 31, December 31, 2017 2016 Accrued product related costs $ 5,217 $ 5,556 Accrued income taxes 10,209 9,826 Accrued property and other taxes 1,853 1,917 Accrued professional fees 1,341 1,633 Dividends payable 1,314 1,309 Remediation reserves 17,922 18,176 Other accrued liabilities 4,607 7,291 Total accrued liabilities $ 42,463 $ 45,708

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Certain processes in the manufacture of our current and past products create by-products classified as hazardous waste. We have been notified by the U.S. Environmental Protection Agency, state environmental agencies, and in some cases, groups of potentially responsible parties, that we may be potentially liable for environmental contamination at several sites currently and formerly owned or operated by us. Some sites, such as Asheville, North Carolina and Mountain View, California, are designated National Priorities List sites under the U.S. Environmental Protection Agency’s Superfund program. We reserve for probable remediation activities and for claims and proceedings against us with respect to other environmental matters. We record reserves on an undiscounted basis. In the opinion of management, based upon presently available information relating to such matters, adequate provision for probable and estimable costs have been recorded. We do not have any known environmental obligations where a loss is probable or reasonably possible of occurring for which we do not have a reserve, nor do we have any amounts for which we have not reserved because the amount of the loss cannot be reasonably estimated. Due to the inherent nature of environmental obligations, we cannot provide assurance that our ultimate environmental liability will not materially exceed the amount of its current reserve. Our reserve and disclosures will be adjusted accordingly if additional information becomes available in the future. A roll forward of remediation reserves included in accrued liabilities on the balance sheet is comprised of the following: March 31, 2017 December 31, 2016 Balance at beginning of period $ 18,176 $ 20,603 Remediation expense 97 556 Remediation payments (351 ) (2,983 ) Balance at end of the period $ 17,922 $ 18,176 Unrelated to the environmental claims described above, certain other claims are pending against us with respect to matters arising out of the ordinary conduct of our business. Although the ultimate outcome of any potential litigation resulting from these claims cannot be predicted with certainty, and some may be disposed of unfavorably to us, we believe that adequate provision for anticipated costs have been established based upon all presently available information. Except as noted herein, we do not believe we have any pending loss contingencies that are probable or reasonably possible of having a material impact on our consolidated financial position, results of operations, or cash flows.

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt Long-term debt was comprised of the following: As of March 31, December 31, 2017 2016 Revolving credit facility due in 2020 $ 94,000 $ 89,100 Weighted average interest rate 2.0 % 1.9 % Amount available $ 203,835 $ 208,735 Total credit facility $ 300,000 $ 300,000 Standby letters of credit $ 2,165 $ 2,165 Commitment fee percentage per annum 0.25 % 0.25 % On August 10, 2015, we entered into a new five -year credit agreement (“Revolving Credit Facility”) with a group of banks in order to support our financing needs. The Revolving Credit Facility originally provided for a credit line of $200,000 . On May 23, 2016, we requested and received a $100,000 increase in the aggregate revolving credit commitments under its existing credit agreement, which increased the credit line from $200,000 to $300,000 . The Revolving Credit Facility includes a swing line sublimit of $15,000 and a letter of credit sublimit of $10,000 . Borrowings under the Revolving Credit Facility bear interest, at our option, at the base rate plus the applicable margin for base rate loans or LIBOR plus the applicable margin for LIBOR loans. We also pay a quarterly commitment fee on the unused portion of the Revolving Credit Facility. The commitment fee ranges from 0.20% to 0.40% based on the our total leverage ratio. The Revolving Credit Facility requires, among other things, that we comply with a maximum total leverage ratio and a minimum fixed charge coverage ratio. Failure to comply with these covenants could reduce the borrowing availability under the Revolving Credit Facility. We were in compliance with all debt covenants at March 31, 2017 . The Revolving Credit Facility requires that we 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 our 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 our 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. We have debt issuance costs related to our long-term debt that is being amortized using the straight-line method over the life of the debt. These costs are included in interest expense in our Condensed Consolidated Statement of Earnings. Amortization expense was approximately $46 and $32 for the three months ended March 31, 2017 and March 31, 2016 , respectively.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Our earnings and cash flows are subject to fluctuations due to changes in foreign currency exchange rates and interest rates. We selectively use derivative financial instruments including foreign currency forward contracts and interest rate swaps to manage our exposure to these risks. The use of derivative financial instruments exposes the Company to credit risk, which relates to the risk of nonperformance by a counterparty to the derivative contracts. We manage our credit risk by entering into derivative contracts with only highly rated financial institutions and by using netting agreements. Foreign Currency Hedges In January of 2016, we began using forward contracts to mitigate currency risk related to a portion of our forecasted foreign currency revenues and costs. The currency forward contracts are designed as cash flow hedges and are recorded in the Condensed Consolidated Balance Sheets at fair value. At least quarterly, we assess the effectiveness of these hedging relationships based on the total change in their fair value using regression analysis. The effective portion of derivative gains and losses are recorded in accumulated other comprehensive income (loss) until the hedged transaction affects earnings upon settlement, at which time they are reclassified to cost of goods sold or net sales. Ineffectiveness is recorded in other income (expense) in our Condensed Consolidated Statement of Earnings. If it becomes probable that an anticipated transaction that is hedged will not occur by the end of the originally specified time period, we reclassify the gains or losses related to that hedge from accumulated other comprehensive income (loss) to other income (expense). We continue to monitor the Company’s overall currency exposure and may elect to add cash flow hedges in the future. At March 31, 2017 , we had a net unrealized gain of $ 486 in accumulated other comprehensive income, of which $482 is expected to be reclassified to income within the next 12 months. At March 31, 2016 we had a net unrealized gain of $378 in accumulated other comprehensive income (loss). The notional amount of foreign currency forward contracts outstanding was $16.5 million at March 31, 2017 . Interest Rate Swaps We use 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 of long-term debt for the periods January 2013 to January 2017. In the third quarter of 2012, we entered into four additional interest rate swap agreements to fix interest rates on $25,000 of long-term debt for the periods January 2013 to January 2017. In the third quarter of 2016, we entered into three additional forward-starting interest rate swap agreements to fix interest rates on $50,000 of long-term debt for the periods August 2017 to August 2020. 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 (loss). The estimated net amount of the existing gains or losses that are reported in accumulated other comprehensive income (loss) that is expected to be reclassified into earnings within the next twelve months is approximately $64 . The location and fair values of derivative instruments designated as hedging instruments in the Condensed Consolidated Balance Sheets as of March 31, 2017 , are shown in the following table: As of March 31, December 31, 2017 2016 Foreign currency hedges reported in Accrued liabilities $ — $ 601 Foreign currency hedges reported in Other current assets $ 522 $ — Interest rate swaps reported in Other current assets $ 64 $ 2 Interest rate swaps reported in Other assets $ 758 $ 751 The Company has elected to net its foreign currency derivative assets and liabilities in the balance sheet in accordance with ASC 210-20 (Balance Sheet, Offsetting). On a gross basis, there were foreign currency derivative assets of $548 and foreign currency derivative liabilities of $26 . The effect of derivative instruments on the Condensed Consolidated Statements of Earnings is as follows: Three Months Ended March 31, March 31, 2017 2016 Foreign Exchange Contracts: Loss recognized in Net Sales $ (2 ) $ (7 ) (Loss) gain recognized in Cost of Goods Sold (144 ) 1 (Loss) gain recognized in Selling, General and Administrative expense (3 ) 4 Loss recognized in Other (expenses) income (8 ) 6 Interest Rate Swaps: Benefit recorded in Interest Expense $ — $ 152 Total $ (157 ) $ 156

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Accumulated Other Comprehensive (Loss) Income	Accumulated Other Comprehensive (Loss) Income Shareholders’ equity includes certain items classified as accumulated other comprehensive (loss) income (“AOCI”) in the Condensed Consolidated Balance Sheets, including: Unrealized gains (losses) on hedges relate to interest rate swaps to convert the revolving credit facility's variable rate of interest into a fixed rate and foreign currency forward contracts used to hedge our exposure to changes in exchange rates affecting certain revenues and costs denominated in foreign currencies. These hedges are designated as cash flow hedges, and we have deferred income statement recognition of gains and losses until the hedged transaction occurs, at which time amounts are reclassified into earnings. Further information related to CTS’ derivative financial instruments is included in Note 11 - Derivative Financial Instruments and Note 15 – Fair Value Measurements. 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 income / (expense). Further information related to our 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. We are 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 (loss) income. Changes in exchange rates between the functional currency and the currency in which a transaction is denominated are foreign exchange transaction gains or losses. Transaction gains for the three months ended March 31, 2017 were $395 and transaction losses for the three months ended March 31, 2016 were $231 , which have been included in other income (expense) in the Condensed Consolidated Statement of Earnings. The components of accumulated other comprehensive (loss) income for the three months ended March 31, 2017 , are as follows: Gain (Loss) As of Gain (Loss) Reclassified As of December 31, Recognized from AOCI March 31, 2016 in OCI to Income 2017 Changes in fair market value of hedges: Gross $ 116 $ 1,042 $ 150 $ 1,308 Income tax benefit (42 ) (378 ) (54 ) (474 ) Net 74 664 96 834 Changes in unrealized pension cost: Gross (151,618 ) — 1,296 (150,322 ) Income tax expense (benefit) 60,672 — (480 ) 60,192 Net (90,946 ) — 816 (90,130 ) Cumulative translation adjustment: Gross (2,414 ) 86 — (2,328 ) Income tax expense 92 2 — 94 Net (2,322 ) 88 — (2,234 ) Total accumulated other comprehensive (loss) income $ (93,194 ) $ 752 $ 912 $ (91,530 ) The components of accumulated other comprehensive (loss) income for the three months ended March 31, 2016 , are as follows: Gain (Loss) As of Gain (Loss) Reclassified As of December 31, Recognized from AOCI March 31, 2015 in OCI to Income 2016 Changes in fair market value of hedges: Gross $ (768 ) $ 242 $ 231 $ (295 ) Income tax expense (benefit) 289 (91 ) (88 ) 110 Net (479 ) 151 143 (185 ) Changes in unrealized pension cost: Gross (161,719 ) — 1,451 (160,268 ) Income tax expense (benefit) 64,361 — (543 ) 63,818 Net (97,358 ) — 908 (96,450 ) Cumulative translation adjustment: Gross (1,279 ) (406 ) — (1,685 ) Income tax expense (benefit) 111 (3 ) — 108 Net (1,168 ) (409 ) — (1,577 ) Total accumulated other comprehensive (loss) income $ (99,005 ) $ (258 ) $ 1,051 $ (98,212 )

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Share count and par value data related to shareholders’ equity are as follows: As of March 31, December 31, 2017 2016 Preferred Stock Par value per share No par value No par value Shares authorized 25,000,000 25,000,000 Shares outstanding — — Common Stock Par value per share No par value No par value Shares authorized 75,000,000 75,000,000 Shares issued 56,544,741 56,456,516 Shares outstanding 32,850,719 32,762,494 Treasury stock Shares held 23,694,022 23,694,022 No common stock repurchases were made during the three months ended March 31, 2017 . Through March 31, 2017 , we had purchased an aggregate of $7,446 under a previously board-authorized share repurchase plan allowing for up to $25,000 in stock repurchases. Approximately $17,554 is available for future purchases. A roll-forward of common shares outstanding is as follows: Three Months Ended March 31, March 31, 2017 2016 Balance at the beginning of the year 32,762,494 32,548,477 Repurchases — — Shares issued upon exercise of stock options — — Restricted share issuances 88,225 210,166 Balance at the end of the period 32,850,719 32,758,643 Certain potentially dilutive restricted stock units are excluded from diluted earning per share because they are anti-dilutive. The number of awards that were anti-dilutive at March 31, 2017 and March 31, 2016 were 88,592 and 83,148 , respectively.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-Based Compensation	-Based Compensation At March 31, 2017 , we had four active stock-based compensation plans: 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 following table summarizes the compensation expense included in selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings related to stock-based compensation plans: Three Months Ended March 31, March 31, 2017 2016 Service-Based RSUs $ 550 $ 512 Performance-Based RSUs 384 (182 ) Cash-settled RSUs $ (54 ) $ (48 ) Total $ 880 $ 282 Income tax benefit $ 331 $ 106 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 March 31, 2017 period Service-Based RSUs $ 1,790 1.36 Performance-Based RSUs 3,810 2.20 Total $ 5,600 1.93 We recognize expense on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in substance, multiple awards. The following table summarizes the status of these plans as of March 31, 2017 : 2014 Plan 2009 Plan 2004 Plan Directors' Plan Awards originally available 1,500,000 3,400,000 6,500,000 N/A Performance-based options outstanding 315,000 — — — Maximum potential RSU and cash settled awards outstanding 747,417 156,022 78,947 25,985 Maximum potential awards outstanding 1,062,417 156,022 78,947 25,985 RSUs and cash settled awards vested and released 157,212 — — — Awards available for grant 280,371 — — — Stock Options We have no stock options exercisable or outstanding as of March 31, 2017 , other than the performance-based stock options described below. Performance-Based Stock Options During 2015 and 2016, the Compensation Committee of the Board of Directors of the Company (the “Committee”) granted a total of 350,000 performance-based stock option awards (“Performance-Based Option Awards”) for certain employees under the 2014 Plan, of which 315,000 remain outstanding after considering forfeitures. The Performance-Based Option Awards have an exercise price of $18.37 , a term of five years , and generally will become exercisable (provided the optionee remains employed by the Company or an affiliate) upon our attainment of at least $600,000 in revenues during any of our four -fiscal-quarter trailing periods (as determined by the Committee) during the term. We have not recognized any expense on these Performance-Based Option Awards for the three -month periods ended March 31, 2017 and 2016 , since the revenue target was not deemed likely to be attained based on our current forecast. Service-Based Restricted Stock Units The following table summarizes the service-based RSU activity as of and for the three months ended March 31, 2017 : Three Months Ended March 31, 2017 Units Weighted Outstanding at January 1, 2017 554,478 $ 13.37 Granted 33,040 23.00 Vested and released (114,847 ) 15.11 Forfeited (2,536 ) 17.46 Outstanding at March 31, 2017 470,135 $ 13.59 Releasable at March 31, 2017 304,883 $ 11.38 Performance and Market-Based Restricted Stock Units The following table summarizes the performance and market-based RSU activity as of and for the three months ended March 31, 2017 : Units Weighted Outstanding at January 1, 2017 201,900 $ 16.48 Granted 123,919 23.83 Attained by performance 15,285 21.66 Released (41,264 ) 21.66 Forfeited (15,070 ) 21.66 Outstanding at March 31, 2017 284,770 $ 18.99 Releasable at March 31, 2017 2,011 $ 21.66 The following table summarizes each grant of performance awards outstanding at March 31, 2017 . Description Grant Date Vesting Year Vesting Dependency Target Units Outstanding Maximum Number of Units to be Granted 2015 - 2017 Performance RSUs February 5, 2015 2017 35% RTSR, 35% sales growth, 30% cash flow 62,000 124,000 2016 - 2018 Performance RSUs February 16, 2016 2018 35% RTSR, 35% sales growth, 30% cash flow 92,840 185,680 2017 - 2019 Performance RSUs February 9, 2017 2019 35% RTSR, 35% sales growth, 30% cash flow 78,341 156,682 2017 - 2019 Performance RSUs February 9, 2017 2018 - 2020 Operating Income 45,578 45,578 Single Crystal Performance RSUs March 31, 2016 2018 Various 4,000 8,000 Cash-Settled Restricted Stock Units Cash-Settled RSUs entitle the holder to receive the cash equivalent of one share of common stock for each unit when the unit vests. These RSUs are issued to key employees residing in foreign locations as direct compensation. Generally, these RSUs vest over a three-year period. Cash-Settled RSUs are classified as liabilities and are remeasured at each reporting date until settled. At March 31, 2017 and March 31, 2016 we had 16,285 and 12,074 cash-settled RSUs outstanding, respectively. At March 31, 2017 and March 31, 2016 , liabilities of $ 115 and $ 46 , respectively were included in Accrued liabilities on our Condensed Consolidated Balance Sheets.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements We use interest rate swaps to convert our line revolving credit facility’s variable rate of interest into a fixed rate and foreign currency forward contracts to hedge the effect of foreign currency changes on certain revenues and costs denominated in foreign currencies. These derivative financial instruments are measured at fair value on a recurring basis. The table below summarizes our financial assets that were measured at fair value on a recurring basis at March 31, 2017 : Quoted Prices Asset in Active Significant Carrying Markets for Other Significant Value at Identical Observable Unobservable March 31, Instruments Inputs Inputs 2017 (Level 1) (Level 2) (Level 3) Interest rate swaps $ 822 $ — $ 822 $ — Foreign currency hedges $ 522 $ — $ 522 $ — The table below summarizes the financial assets (liabilities) that were measured at fair value on a recurring basis as of December 31, 2016 : Quoted Asset Prices (Liability) in Active Significant Carrying Markets for Other Significant Value at Identical Observable Unobservable December 31, Instruments Inputs Inputs 2016 (Level 1) (Level 2) (Level 3) Interest rate swaps $ 753 $ — $ 753 $ — Foreign currency hedges $ (601 ) $ — $ (601 ) $ — The fair value of our interest rate swaps and foreign currency hedges were measured using standard valuation models using market-based observable inputs over the contractual terms, including forward yield curves, among others. There is a readily determinable market for these derivative instruments, but that market is not active and therefore they are classified within level 2 of the fair value hierarchy. The table below provides a reconciliation of the recurring financial assets (liabilities) for our derivative instruments: Foreign Interest Currency Rate Swaps Hedges Balance at January 1, 2016 $ (768 ) $ — Settled in cash — 54 Included in earnings 928 (18 ) Included in other comprehensive earnings 593 (637 ) Balance at December 31, 2016 $ 753 $ (601 ) Settled in cash — (157 ) Included in earnings — 157 Included in other comprehensive earnings 69 1,123 Balance at March 31, 2017 $ 822 $ 522 Our long-term debt consists of the Revolving Credit Facility which is recorded at its carrying value. There is a readily determinable market for our long-term 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 approximates carrying value and was determined by valuing a similar hypothetical coupon bond and attributing that value to our long-term debt under the Revolving Credit Facility.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rates for the three -month periods ended March 31, 2017 and 2016 are as follows: Three Months Ended March 31, March 31, 2017 2016 Effective tax rate 30.6 % 34.3 % Our effective income tax rate was 30.6% and 34.3% in the first quarter of 2017 and 2016, respectively. The tax rate in the first quarter 2017 was lower than the U.S. statutory tax rate due primarily to tax benefits recorded upon vesting of restricted stock units and favorable tax rates on foreign earnings, offset by the impact of state taxes, tax expense for withholding taxes on the anticipated distribution of earnings in China, and other various permanent items. Our continuing practice is to recognize interest and/or penalties related to income tax matters as income tax expense. For the three months ended March 31, 2017 , and March 31, 2016 , we recorded $176 and $184 , respectively, of interest or penalties in income tax expense.

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Business Combinations	Business Combinations On March 11, 2016, we acquired all of the outstanding membership interests in CTG Advanced Materials, LLC (“CTG-AM”), a privately-held company, for $73 million in cash plus a working capital adjustment. CTG-AM, formerly operated as H.C. Materials, is the market leading designer and manufacturer of single crystal piezoelectric materials, serving major original equipment manufacturers throughout the medical marketplace. These materials enable high definition ultrasound imaging (3D and 4D), as well as intravascular ultrasound applications. Other applications for these materials include wireless pacemakers, implantable hearing aids, and defense technologies. With the CTG-AM acquisition, we gain technology and proprietary manufacturing methods that expand its offering of piezoelectric materials. This allows us to become the leading large-scale commercial producer of both single crystal materials and traditional piezoelectric ceramics. The purchase price of $73,063 , net of cash acquired of $4 , has been allocated to the fair values of assets and liabilities acquired as of March 11, 2016. The following table summarizes the fair values of the assets acquired and the liabilities assumed at the date of acquisition: Fair Values at March 11, 2016 Current assets $ 4,215 Property, plant and equipment 6,173 Other assets 37 Goodwill 27,879 Intangible assets 35,427 Fair value of assets acquired 73,731 Less fair value of liabilities acquired (668 ) Net cash paid $ 73,063 Goodwill represents value the Company expects to be created by combining the operations of the acquired business with the Company's operations, including the expansion into markets within our existing business, access to new customers, and potential cost savings and synergies. Goodwill related to the acquisition is expected to be deductible for tax purposes. The following table summarizes the carrying amounts and weighted average lives of the acquired intangible assets: Intangible Asset Type Fair Value Weighted Average Amortization Period (in years) Developed Technology $ 23,730 15.0 Customer Relationships and Contracts 11,502 14.6 Other 195 0.8 Total $ 35,427 14.8 We incurred $804 in transaction related costs during in the year ended December 31, 2016. These costs are included in selling, general, and administrative costs in our Condensed Consolidated Statement of Earnings. Results of operations for CTG-AM are included in our consolidated condensed financial statements beginning on March 11, 2016. The amount of net sales and net loss from CTG-AM in the quarter ended March 31, 2016 that have been included in the Condensed Consolidated Statement of Earnings are as follows: For the period Net sales $ 758 Net earnings $ (64 )

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements ASU 2017-07 "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost" In March 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2017-07 "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and net Periodic Post-retirement Benefit Cost" . This ASU is meant to improve the presentation of net periodic pension and net periodic post-retirement benefits costs. Currently, pension and post-retirement benefit costs are comprised of several components reflecting the different aspects of an employer's financial arrangements and cost of providing benefits to employees. These components are aggregated for reporting, but prior guidance does not prescribe where the net cost should be presented in the income statement or capitalized in assets. This ASU requires disaggregation of the service cost component from other components of net benefit cost and provides explicit guidance on how to present the service cost and other components in the income statement, allowing only the service cost component of net benefit costs to be eligible for capitalization. This ASU is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. Early adoption is permitted as of the beginning of an annual period for which financial statements have not been issued or made available for issuance. These amendments should be applied retrospectively for the presentation of the service cost and other components of net periodic pension and net post-retirement benefit cost in the income statement and prospectively for the capitalization of the service cost and net periodic pension cost and periodic post-retirement benefit in assets. This ASU is not expected to have a material impact on our financial statements because the service cost component of our pension cost is expected to be immaterial to our financial results on a prospective basis. ASU 2017-04 "Intangibles -Goodwill and Other (Topic 305): Simplifying the Test for Goodwill Impairment" In January 2017, the FASB issued ASU No. 2017-04 "Intangibles - Goodwill and Other (Topic 305): Simplifying the Test for Goodwill Impairment" . This ASU is meant to simplify the subsequent measurement of goodwill for impairment by eliminating the current Step 2 analysis in computing the implied fair value of goodwill. In addition, this ASU requires an entity to consider income tax effects on any tax deductible goodwill on the carrying amount of the reporting unit when measuring an impairment loss, if applicable. Under this ASU, impairment is determined by comparing the reporting unit's fair value to the carrying value. This amendment is effective for fiscal years beginning after December 15, 2019, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We do not expect this guidance to have an impact on our financial statements. ASU 2017-01 "Business Combinations (Topic 805): Clarifying the Definition of Business" In January 2017, the FASB issued ASU No. 2017-01 "Business Combinations (Topic 805): Clarifying the Definition of Business" . This ASU is meant to clarify the definition of a business to add guidance when determining when an acquisition or disposal should be accounted for as a sale of assets or business. This ASU provides a more robust framework to use in determining when a set of assets or activities should be classified as a business, providing more consistency in accounting for business or asset acquisitions. This ASU is effective for public companies, for fiscal years beginning after December 15, 2017, including interim periods within those periods. The ASU will be applied prospectively. ASU 2016-16 "Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other Than Inventory" In October 2016, the FASB issued ASU No. 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory" . This ASU is meant to improve the accounting for the income tax effect of intra-entity transfers of assets other than inventory. Currently, US GAAP prohibits the recognition of current and deferred income taxes for intra-entity asset transfers until the asset is sold to a third party. This ASU will now require companies to recognize the income tax effect of an intra-entity asset transfer (other than inventory) when the transaction occurs. This ASU is effective for public companies, for fiscal years beginning after December 15, 2019 and interim periods within those annual reporting periods. Early adoption is permitted and is to be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. This guidance is not expected to have a material impact on our consolidated financial statements. ASU 2016-15 "Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments" In August 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments". This ASU reduces the diversity in reporting of eight specific cash flow issues due to accounting guidance that is unclear or does not exist. The eight issues relate to certain debt activities, business combination activities, insurance settlements and other various activities. This guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted and is to be applied retrospectively using a transition method for each period presented. An entity that elects early adoption of the amendment under this ASU must adopt all aspects of the amendment in the same period. This guidance is not expected to have a material impact on our consolidated financial statements. ASU 2016-02 "Leases (Topic 842)" In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)". This amendment created a new Topic under the accounting standards codification to account for the provisions of the ASU. This amendment is meant to provide transparency and to improve comparability between entities. The ASU requires companies to record an asset and liability on the balance sheet for leases that were formerly designated as operating leases as well as leases designated as financing leases. The provisions of the ASU predominately change the recognition of leases for lessees, the provisions do not substantially change the accounting for lessors. This ASU will supersede the provisions of Topic 840 Leases. The liability recorded for a lease is meant to recognize the lease payments and the asset as a right to use the underlying asset for the lease, including optional periods if it is reasonably certain the option will be exercised. Recording of the liability should be based on the present value of the lease payments. If a lease term is less than twelve months, a company is allowed to elect not to record the asset and liability. Expense related to these leases are to be amortized straight-line over the expected term of the lease. Additionally, the provisions of this ASU provide additional guidance on separating lease terms from maintenance and other type of provisions that provide a good or service, accounting for sale-leaseback provisions, and leveraged leases. Reporting in the cash flow statement remains virtually unchanged. Additional qualitative and quantitative disclosures are required. These updates are required to be applied under a modified retrospective approach from the beginning of the earlier period presented. The modified approach provides optional practical expedients that may be elected, which will allow companies to continue to account for leases under the previous guidance for leases that commenced prior to the effective date. The provisions of this ASU are effective for fiscal years beginning after December 15, 2018, and interim periods within those periods. Early adoption is allowed. We have not yet commenced the process for evaluating the impact of this ASU on our financial statements, and therefore it's impact has not yet been determined. ASU 2014-09 , "Revenue from Contracts with Customers (Topic 606)" In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)". 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. In August 2015, the FASB issued ASU 2015-14: Accounting for Revenue from Contracts with Customers (Topic 606) " The amended guidance deferred the effective date of ASU 2014-9 to annual periods beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2016 and interim periods within those fiscal years. In addition, four other ASUs have been issued amending and clarifying ASU 2014-09 and must be adopted concurrently. • ASU 2016-08 "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) • ASU 2016-10 "Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing" • ASU 2016-12 "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients" • ASU 2016-20 "Revenue from Contracts with Customers (Topic 606): Technical Corrections and Improvements" This update can either be applied under a cumulative effect or retrospective method. We are in the process of reviewing customer contracts and agreements to determine the potential effects of the standard based on our revenue streams and current revenue recognition practices. Following review of customer contracts, we will summarize contract terms, reference the findings to the applicable new guidance, determine the financial statement impact, and then update policies and controls to ensure application of the new provisions will be applied consistently throughout the Company. While the impact of the adoption of this ASU has not yet been determined, we expect there to be minor differences in the timing of revenue recognition, due primarily to changes in how variable consideration is estimated. The Company expects to adopt the provisions of this standard using the modified retrospective approach, which requires a cumulative effect adjustment to the opening balance of retained earnings on the date of adoption. The Company will adopt ASU 2014-09 effective January 1, 2018.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements have been prepared by CTS Corporation (“CTS” "we", "our", "us" 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, 2016 . 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 Pronouncements	NOTE 18 — Recent Accounting Pronouncements ASU 2017-07 "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost" In March 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2017-07 "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and net Periodic Post-retirement Benefit Cost" . This ASU is meant to improve the presentation of net periodic pension and net periodic post-retirement benefits costs. Currently, pension and post-retirement benefit costs are comprised of several components reflecting the different aspects of an employer's financial arrangements and cost of providing benefits to employees. These components are aggregated for reporting, but prior guidance does not prescribe where the net cost should be presented in the income statement or capitalized in assets. This ASU requires disaggregation of the service cost component from other components of net benefit cost and provides explicit guidance on how to present the service cost and other components in the income statement, allowing only the service cost component of net benefit costs to be eligible for capitalization. This ASU is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. Early adoption is permitted as of the beginning of an annual period for which financial statements have not been issued or made available for issuance. These amendments should be applied retrospectively for the presentation of the service cost and other components of net periodic pension and net post-retirement benefit cost in the income statement and prospectively for the capitalization of the service cost and net periodic pension cost and periodic post-retirement benefit in assets. This ASU is not expected to have a material impact on our financial statements because the service cost component of our pension cost is expected to be immaterial to our financial results on a prospective basis. ASU 2017-04 "Intangibles -Goodwill and Other (Topic 305): Simplifying the Test for Goodwill Impairment" In January 2017, the FASB issued ASU No. 2017-04 "Intangibles - Goodwill and Other (Topic 305): Simplifying the Test for Goodwill Impairment" . This ASU is meant to simplify the subsequent measurement of goodwill for impairment by eliminating the current Step 2 analysis in computing the implied fair value of goodwill. In addition, this ASU requires an entity to consider income tax effects on any tax deductible goodwill on the carrying amount of the reporting unit when measuring an impairment loss, if applicable. Under this ASU, impairment is determined by comparing the reporting unit's fair value to the carrying value. This amendment is effective for fiscal years beginning after December 15, 2019, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We do not expect this guidance to have an impact on our financial statements. ASU 2017-01 "Business Combinations (Topic 805): Clarifying the Definition of Business" In January 2017, the FASB issued ASU No. 2017-01 "Business Combinations (Topic 805): Clarifying the Definition of Business" . This ASU is meant to clarify the definition of a business to add guidance when determining when an acquisition or disposal should be accounted for as a sale of assets or business. This ASU provides a more robust framework to use in determining when a set of assets or activities should be classified as a business, providing more consistency in accounting for business or asset acquisitions. This ASU is effective for public companies, for fiscal years beginning after December 15, 2017, including interim periods within those periods. The ASU will be applied prospectively. ASU 2016-16 "Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other Than Inventory" In October 2016, the FASB issued ASU No. 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory" . This ASU is meant to improve the accounting for the income tax effect of intra-entity transfers of assets other than inventory. Currently, US GAAP prohibits the recognition of current and deferred income taxes for intra-entity asset transfers until the asset is sold to a third party. This ASU will now require companies to recognize the income tax effect of an intra-entity asset transfer (other than inventory) when the transaction occurs. This ASU is effective for public companies, for fiscal years beginning after December 15, 2019 and interim periods within those annual reporting periods. Early adoption is permitted and is to be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. This guidance is not expected to have a material impact on our consolidated financial statements. ASU 2016-15 "Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments" In August 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments". This ASU reduces the diversity in reporting of eight specific cash flow issues due to accounting guidance that is unclear or does not exist. The eight issues relate to certain debt activities, business combination activities, insurance settlements and other various activities. This guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted and is to be applied retrospectively using a transition method for each period presented. An entity that elects early adoption of the amendment under this ASU must adopt all aspects of the amendment in the same period. This guidance is not expected to have a material impact on our consolidated financial statements. ASU 2016-02 "Leases (Topic 842)" In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)". This amendment created a new Topic under the accounting standards codification to account for the provisions of the ASU. This amendment is meant to provide transparency and to improve comparability between entities. The ASU requires companies to record an asset and liability on the balance sheet for leases that were formerly designated as operating leases as well as leases designated as financing leases. The provisions of the ASU predominately change the recognition of leases for lessees, the provisions do not substantially change the accounting for lessors. This ASU will supersede the provisions of Topic 840 Leases. The liability recorded for a lease is meant to recognize the lease payments and the asset as a right to use the underlying asset for the lease, including optional periods if it is reasonably certain the option will be exercised. Recording of the liability should be based on the present value of the lease payments. If a lease term is less than twelve months, a company is allowed to elect not to record the asset and liability. Expense related to these leases are to be amortized straight-line over the expected term of the lease. Additionally, the provisions of this ASU provide additional guidance on separating lease terms from maintenance and other type of provisions that provide a good or service, accounting for sale-leaseback provisions, and leveraged leases. Reporting in the cash flow statement remains virtually unchanged. Additional qualitative and quantitative disclosures are required. These updates are required to be applied under a modified retrospective approach from the beginning of the earlier period presented. The modified approach provides optional practical expedients that may be elected, which will allow companies to continue to account for leases under the previous guidance for leases that commenced prior to the effective date. The provisions of this ASU are effective for fiscal years beginning after December 15, 2018, and interim periods within those periods. Early adoption is allowed. We have not yet commenced the process for evaluating the impact of this ASU on our financial statements, and therefore it's impact has not yet been determined. ASU 2014-09 , "Revenue from Contracts with Customers (Topic 606)" In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)". 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. In August 2015, the FASB issued ASU 2015-14: Accounting for Revenue from Contracts with Customers (Topic 606) " The amended guidance deferred the effective date of ASU 2014-9 to annual periods beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2016 and interim periods within those fiscal years. In addition, four other ASUs have been issued amending and clarifying ASU 2014-09 and must be adopted concurrently. • ASU 2016-08 "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) • ASU 2016-10 "Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing" • ASU 2016-12 "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients" • ASU 2016-20 "Revenue from Contracts with Customers (Topic 606): Technical Corrections and Improvements" This update can either be applied under a cumulative effect or retrospective method. We are in the process of reviewing customer contracts and agreements to determine the potential effects of the standard based on our revenue streams and current revenue recognition practices. Following review of customer contracts, we will summarize contract terms, reference the findings to the applicable new guidance, determine the financial statement impact, and then update policies and controls to ensure application of the new provisions will be applied consistently throughout the Company. While the impact of the adoption of this ASU has not yet been determined, we expect there to be minor differences in the timing of revenue recognition, due primarily to changes in how variable consideration is estimated. The Company expects to adopt the provisions of this standard using the modified retrospective approach, which requires a cumulative effect adjustment to the opening balance of retained earnings on the date of adoption. The Company will adopt ASU 2014-09 effective January 1, 2018.

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Components of Accounts Receivable	The components of accounts receivable are as follows: As of March 31, December 31, 2017 2016 Accounts receivable, gross $ 63,176 $ 62,782 Less: Allowance for doubtful accounts (160 ) (170 ) Accounts receivable, net $ 63,016 $ 62,612

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories consist of the following: As of March 31, December 31, 2017 2016 Finished goods $ 7,005 $ 7,513 Work-in-process 11,661 9,596 Raw materials 19,277 17,680 Less: Inventory reserves (6,989 ) (6,137 ) Inventories, net $ 30,954 $ 28,652

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment	Property, plant and equipment is comprised of the following: As of March 31, December 31, 2017 2016 Land $ 2,330 $ 2,330 Buildings and improvements 63,875 63,621 Machinery and equipment 216,636 213,198 Less: Accumulated depreciation (199,573 ) (197,038 ) Property, plant and equipment, net $ 83,268 $ 82,111 Depreciation expense for the three months ended March 31, 2017 $ 3,172 Depreciation expense for the three months ended March 31, 2016 $ 2,926

Retirement Plans (Tables)

Retirement Plans (Tables) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net Pension Income or Postretirement Expense	Net pension income for our domestic and foreign plans was as follows: Three Months Ended March 31, March 31, 2017 2016 Net pension income $ (433 ) $ (392 ) The components of net pension (income) expense for our domestic and foreign plans include the following: Domestic Pension Plans Foreign Pension Plans Three Months Ended Three Months Ended March 31, March 31, March 31, March 31, 2017 2016 2017 2016 Service cost $ — $ 22 $ 12 $ 12 Interest cost 2,068 2,756 8 11 Expected return on plan assets (1) (4,061 ) (4,744 ) (5 ) 7 Amortization of loss 1,446 1,498 38 34 Other cost due to retirement 61 12 — — (Income) expense, net $ (486 ) $ (456 ) $ 53 $ 64 (1) Expected return on plan assets is net of expected investment expenses and certain administrative expenses. Net post-retirement expense for our other post-retirement plan includes the following components: Three Months Ended March 31, March 31, 2017 2016 Service cost $ 1 $ 1 Interest cost 40 52 Amortization of gain (25 ) (38 ) Post-retirement expense $ 16 $ 15
United States Pension Plan of US Entity [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 0	$ 22

Other Intangible Assets (Tables

Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of other intangible assets	Intangible assets consist of the following components: As of March 31, 2017 Gross Accumulated Net Amount Customer lists/relationships $ 63,386 $ (31,142 ) $ 32,244 Patents 10,319 (10,319 ) — Technology and other intangibles 36,255 (7,866 ) 28,389 In process research and development 2,200 — 2,200 Other intangible assets, net $ 112,160 $ (49,327 ) $ 62,833 Amortization expense for the three months ended March 31, 2017 $ 1,536 As of December 31, 2016 Gross Accumulated Net Amount Customer lists/relationships $ 63,386 $ (30,318 ) $ 33,068 Patents 10,319 (10,319 ) — Technology and other intangibles 36,715 (7,613 ) 29,102 In process research and development 2,200 — 2,200 Other intangible assets, net $ 112,620 $ (48,250 ) $ 64,370 Amortization expense for the three months ended March 31, 2016 $ 1,095
Summary of amortization expense remaining for other intangible assets	Amortization expense remaining for other intangible assets is as follows: Amortization 2017 $ 4,528 2018 5,956 2019 5,947 2020 5,947 2021 5,867 Thereafter 34,588 Total amortization expense $ 62,833

Costs Associated with Exit an30

Costs Associated with Exit and Restructuring Activities (Tables)	3 Months Ended
	Mar. 31, 2017
Restructuring Reserve Activity	The following table displays the restructuring liability activity for all plans for the three months ended March 31, 2017 : Combined Plans Restructuring liability at January 1, 2017 $ 2,162 Restructuring and impairment charges 777 Cost paid (795 ) Other activity (1) 7 Restructuring liability at March 31, 2017 $ 2,151 (1) Other activity includes the effects of currency translation and other charges that do not flow through restructuring expense.
June 2016 Plan
Restructuring and Restructuring Related Charges of Actual Costs	Total restructuring charges, all related to the June 2016 Plan described below, were as follows: Three Months Ended March 31, 2017 March 31, 2016 Restructuring and impairment charges 777 —
Schedule of Planned and Actual Costs Incurred to Date	The following table displays the planned restructuring charges associated with the June 2016 Plan as well as a summary of the actual costs incurred through March 31, 2017 : Actual costs Planned incurred through June 2016 Plan Costs March 31, 2017 Workforce reduction 3,075 2,581 Equipment relocation 7,925 822 Other charges 1,300 422 Restructuring and impairment charges 12,300 3,825

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Other Liabilities Disclosure [Abstract]
Components of Accrued Liabilities	The components of accrued liabilities are as follows: As of March 31, December 31, 2017 2016 Accrued product related costs $ 5,217 $ 5,556 Accrued income taxes 10,209 9,826 Accrued property and other taxes 1,853 1,917 Accrued professional fees 1,341 1,633 Dividends payable 1,314 1,309 Remediation reserves 17,922 18,176 Other accrued liabilities 4,607 7,291 Total accrued liabilities $ 42,463 $ 45,708

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Long-term debt was comprised of the following: As of March 31, December 31, 2017 2016 Revolving credit facility due in 2020 $ 94,000 $ 89,100 Weighted average interest rate 2.0 % 1.9 % Amount available $ 203,835 $ 208,735 Total credit facility $ 300,000 $ 300,000 Standby letters of credit $ 2,165 $ 2,165 Commitment fee percentage per annum 0.25 % 0.25 %

Derivative Financial Instrume33

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The location and fair values of derivative instruments designated as hedging instruments in the Condensed Consolidated Balance Sheets as of March 31, 2017 , are shown in the following table: As of March 31, December 31, 2017 2016 Foreign currency hedges reported in Accrued liabilities $ — $ 601 Foreign currency hedges reported in Other current assets $ 522 $ — Interest rate swaps reported in Other current assets $ 64 $ 2 Interest rate swaps reported in Other assets $ 758 $ 751
Derivative Instruments, Gain (Loss)	The effect of derivative instruments on the Condensed Consolidated Statements of Earnings is as follows: Three Months Ended March 31, March 31, 2017 2016 Foreign Exchange Contracts: Loss recognized in Net Sales $ (2 ) $ (7 ) (Loss) gain recognized in Cost of Goods Sold (144 ) 1 (Loss) gain recognized in Selling, General and Administrative expense (3 ) 4 Loss recognized in Other (expenses) income (8 ) 6 Interest Rate Swaps: Benefit recorded in Interest Expense $ — $ 152 Total $ (157 ) $ 156 The table below provides a reconciliation of the recurring financial assets (liabilities) for our derivative instruments: Foreign Interest Currency Rate Swaps Hedges Balance at January 1, 2016 $ (768 ) $ — Settled in cash — 54 Included in earnings 928 (18 ) Included in other comprehensive earnings 593 (637 ) Balance at December 31, 2016 $ 753 $ (601 ) Settled in cash — (157 ) Included in earnings — 157 Included in other comprehensive earnings 69 1,123 Balance at March 31, 2017 $ 822 $ 522

Accumulated Other Comprehensi34

Accumulated Other Comprehensive (Loss) Income (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of Accumulated Other Comprehensive (Loss) Income	The components of accumulated other comprehensive (loss) income for the three months ended March 31, 2017 , are as follows: Gain (Loss) As of Gain (Loss) Reclassified As of December 31, Recognized from AOCI March 31, 2016 in OCI to Income 2017 Changes in fair market value of hedges: Gross $ 116 $ 1,042 $ 150 $ 1,308 Income tax benefit (42 ) (378 ) (54 ) (474 ) Net 74 664 96 834 Changes in unrealized pension cost: Gross (151,618 ) — 1,296 (150,322 ) Income tax expense (benefit) 60,672 — (480 ) 60,192 Net (90,946 ) — 816 (90,130 ) Cumulative translation adjustment: Gross (2,414 ) 86 — (2,328 ) Income tax expense 92 2 — 94 Net (2,322 ) 88 — (2,234 ) Total accumulated other comprehensive (loss) income $ (93,194 ) $ 752 $ 912 $ (91,530 ) The components of accumulated other comprehensive (loss) income for the three months ended March 31, 2016 , are as follows: Gain (Loss) As of Gain (Loss) Reclassified As of December 31, Recognized from AOCI March 31, 2015 in OCI to Income 2016 Changes in fair market value of hedges: Gross $ (768 ) $ 242 $ 231 $ (295 ) Income tax expense (benefit) 289 (91 ) (88 ) 110 Net (479 ) 151 143 (185 ) Changes in unrealized pension cost: Gross (161,719 ) — 1,451 (160,268 ) Income tax expense (benefit) 64,361 — (543 ) 63,818 Net (97,358 ) — 908 (96,450 ) Cumulative translation adjustment: Gross (1,279 ) (406 ) — (1,685 ) Income tax expense (benefit) 111 (3 ) — 108 Net (1,168 ) (409 ) — (1,577 ) Total accumulated other comprehensive (loss) income $ (99,005 ) $ (258 ) $ 1,051 $ (98,212 )

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Summary of Share Count and Par Value Data Related to Shareholders' Equity	Share count and par value data related to shareholders’ equity are as follows: As of March 31, December 31, 2017 2016 Preferred Stock Par value per share No par value No par value Shares authorized 25,000,000 25,000,000 Shares outstanding — — Common Stock Par value per share No par value No par value Shares authorized 75,000,000 75,000,000 Shares issued 56,544,741 56,456,516 Shares outstanding 32,850,719 32,762,494 Treasury stock Shares held 23,694,022 23,694,022
Summary of Common Shares Outstanding	A roll-forward of common shares outstanding is as follows: Three Months Ended March 31, March 31, 2017 2016 Balance at the beginning of the year 32,762,494 32,548,477 Repurchases — — Shares issued upon exercise of stock options — — Restricted share issuances 88,225 210,166 Balance at the end of the period 32,850,719 32,758,643 Certain potentially dilutive restricted stock units are excluded from diluted earning per share because they are anti-dilutive. The number of awards that were anti-dilutive at March 31, 2017 and March 31, 2016 were 88,592 and 83,148 , respectively.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Equity-Based Compensation Expense	The following table summarizes the compensation expense included in selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings related to stock-based compensation plans: Three Months Ended March 31, March 31, 2017 2016 Service-Based RSUs $ 550 $ 512 Performance-Based RSUs 384 (182 ) Cash-settled RSUs $ (54 ) $ (48 ) Total $ 880 $ 282 Income tax benefit $ 331 $ 106
Schedule of Unrecognized Equity-Based Compensation Expense	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 March 31, 2017 period Service-Based RSUs $ 1,790 1.36 Performance-Based RSUs 3,810 2.20 Total $ 5,600 1.93
Summary of Status of Equity-Based Compensation Plans	The following table summarizes the status of these plans as of March 31, 2017 : 2014 Plan 2009 Plan 2004 Plan Directors' Plan Awards originally available 1,500,000 3,400,000 6,500,000 N/A Performance-based options outstanding 315,000 — — — Maximum potential RSU and cash settled awards outstanding 747,417 156,022 78,947 25,985 Maximum potential awards outstanding 1,062,417 156,022 78,947 25,985 RSUs and cash settled awards vested and released 157,212 — — — Awards available for grant 280,371 — — —
Summary of Service-Based Restricted Stock Units	summarizes the service-based RSU activity as of and for the three months ended March 31, 2017 : Three Months Ended March 31, 2017 Units Weighted Outstanding at January 1, 2017 554,478 $ 13.37 Granted 33,040 23.00 Vested and released (114,847 ) 15.11 Forfeited (2,536 ) 17.46 Outstanding at March 31, 2017 470,135 $ 13.59 Releasable at March 31, 2017 304,883 $ 11.38
Schedule of Components of Performance-Based RSU's	The following table summarizes the performance and market-based RSU activity as of and for the three months ended March 31, 2017 : Units Weighted Outstanding at January 1, 2017 201,900 $ 16.48 Granted 123,919 23.83 Attained by performance 15,285 21.66 Released (41,264 ) 21.66 Forfeited (15,070 ) 21.66 Outstanding at March 31, 2017 284,770 $ 18.99 Releasable at March 31, 2017 2,011 $ 21.66 The following table summarizes each grant of performance awards outstanding at March 31, 2017 . Description Grant Date Vesting Year Vesting Dependency Target Units Outstanding Maximum Number of Units to be Granted 2015 - 2017 Performance RSUs February 5, 2015 2017 35% RTSR, 35% sales growth, 30% cash flow 62,000 124,000 2016 - 2018 Performance RSUs February 16, 2016 2018 35% RTSR, 35% sales growth, 30% cash flow 92,840 185,680 2017 - 2019 Performance RSUs February 9, 2017 2019 35% RTSR, 35% sales growth, 30% cash flow 78,341 156,682 2017 - 2019 Performance RSUs February 9, 2017 2018 - 2020 Operating Income 45,578 45,578 Single Crystal Performance RSUs March 31, 2016 2018 Various 4,000 8,000

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Summary of Financial Liability Measured at Fair Value on a Recurring Basis	The table below summarizes our financial assets that were measured at fair value on a recurring basis at March 31, 2017 : Quoted Prices Asset in Active Significant Carrying Markets for Other Significant Value at Identical Observable Unobservable March 31, Instruments Inputs Inputs 2017 (Level 1) (Level 2) (Level 3) Interest rate swaps $ 822 $ — $ 822 $ — Foreign currency hedges $ 522 $ — $ 522 $ — The table below summarizes the financial assets (liabilities) that were measured at fair value on a recurring basis as of December 31, 2016 : Quoted Asset Prices (Liability) in Active Significant Carrying Markets for Other Significant Value at Identical Observable Unobservable December 31, Instruments Inputs Inputs 2016 (Level 1) (Level 2) (Level 3) Interest rate swaps $ 753 $ — $ 753 $ — Foreign currency hedges $ (601 ) $ — $ (601 ) $ —
Reconciliation of Recurring Financial Liability Related to Interest Rate Swaps	The effect of derivative instruments on the Condensed Consolidated Statements of Earnings is as follows: Three Months Ended March 31, March 31, 2017 2016 Foreign Exchange Contracts: Loss recognized in Net Sales $ (2 ) $ (7 ) (Loss) gain recognized in Cost of Goods Sold (144 ) 1 (Loss) gain recognized in Selling, General and Administrative expense (3 ) 4 Loss recognized in Other (expenses) income (8 ) 6 Interest Rate Swaps: Benefit recorded in Interest Expense $ — $ 152 Total $ (157 ) $ 156 The table below provides a reconciliation of the recurring financial assets (liabilities) for our derivative instruments: Foreign Interest Currency Rate Swaps Hedges Balance at January 1, 2016 $ (768 ) $ — Settled in cash — 54 Included in earnings 928 (18 ) Included in other comprehensive earnings 593 (637 ) Balance at December 31, 2016 $ 753 $ (601 ) Settled in cash — (157 ) Included in earnings — 157 Included in other comprehensive earnings 69 1,123 Balance at March 31, 2017 $ 822 $ 522

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Reconciliation of Effective Income Taxes Rate	The effective tax rates for the three -month periods ended March 31, 2017 and 2016 are as follows: Three Months Ended March 31, March 31, 2017 2016 Effective tax rate 30.6 % 34.3 %

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the fair values of the assets acquired and the liabilities assumed at the date of acquisition: Fair Values at March 11, 2016 Current assets $ 4,215 Property, plant and equipment 6,173 Other assets 37 Goodwill 27,879 Intangible assets 35,427 Fair value of assets acquired 73,731 Less fair value of liabilities acquired (668 ) Net cash paid $ 73,063 The amount of net sales and net loss from CTG-AM in the quarter ended March 31, 2016 that have been included in the Condensed Consolidated Statement of Earnings are as follows: For the period Net sales $ 758 Net earnings $ (64 )
Schedule of Finite-Lived Intangible Assets Acquired	The following table summarizes the carrying amounts and weighted average lives of the acquired intangible assets: Intangible Asset Type Fair Value Weighted Average Amortization Period (in years) Developed Technology $ 23,730 15.0 Customer Relationships and Contracts 11,502 14.6 Other 195 0.8 Total $ 35,427 14.8

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Consolidated Balance Sheet Line Item
Other current assets	$ 11,431	$ 10,638
Deferred income taxes	42,779	45,839
Accrued liabilities	(42,463)	(45,708)
Post retirement obligations	(7,008)	(7,006)
Other long-term obligations	$ (7,607)	$ (5,580)

Accounts Receivable - Component

Accounts Receivable - Components of Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accounts Receivable
Accounts receivable, gross	$ 63,176	$ 62,782
Less: Allowance for doubtful accounts	(160)	(170)
Accounts receivable, net	$ 63,016	$ 62,612

Inventories - Summary of Invent

Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Inventories
Finished goods	$ 7,005	$ 7,513
Work-in-process	11,661	9,596
Raw materials	19,277	17,680
Less: Inventory reserves	(6,989)	(6,137)
Inventories, net	$ 30,954	$ 28,652

Property, Plant and Equipment -

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Property, plant and equipment
Less: Accumulated depreciation	$ (199,573)		$ (197,038)
Property, plant and equipment, net	83,268		82,111
Depreciation	3,172	$ 2,926
Land
Property, plant and equipment
Property, plant and equipment gross	2,330		2,330
Buildings and improvements
Property, plant and equipment
Property, plant and equipment gross	63,875		63,621
Machinery and equipment
Property, plant and equipment
Property, plant and equipment gross	$ 216,636		$ 213,198

Retirement Plans - Net Pension

Retirement Plans - Net Pension Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Pension Plans
Defined Benefit Plan Disclosure
Net pension income	$ (433)	$ (392)

Retirement Plans - Net Pensio45

Retirement Plans - Net Pension Income Domestic and Foreign (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Pension Plans
Net pension expense (income)
(Income) expense, net	$ (433)	$ (392)
United States Pension Plan of US Entity [Member]
Net pension expense (income)
Service cost	0	22
Interest cost	2,068	2,756
Expected return on plan assets	(4,061)	(4,744)
Amortization of loss	1,446	1,498
Other cost due to retirement	61	12
(Income) expense, net	(486)	(456)
Foreign Pension Plans
Net pension expense (income)
Service cost	12	12
Interest cost	8	11
Expected return on plan assets	(5)	7
Amortization of loss	38	34
Other cost due to retirement	0	0
(Income) expense, net	$ 53	$ 64

Retirement Plans - Other Postre

Retirement Plans - Other Postretirement Benefit Plan (Details) - Other post-retirement benefit plan - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Defined Benefit Plan Disclosure
Service cost	$ 1	$ 1
Interest cost	40	52
Amortization of gain	(25)	(38)
(Income) expense, net	$ 16	$ 15

Other Intangible Assets - Summa

Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Other Intangible Assets
Gross Carrying Amount	$ 112,160	$ 112,620
Accumulated Amortization	(49,327)	(48,250)
Total amortization expense	62,833	64,370
Amortization expense	1,536	1,095
Customer lists/relationships
Other Intangible Assets
Gross Carrying Amount	63,386	63,386
Accumulated Amortization	(31,142)	(30,318)
Total amortization expense	32,244	33,068
Patents
Other Intangible Assets
Gross Carrying Amount	10,319	10,319
Accumulated Amortization	(10,319)	(10,319)
Total amortization expense	0	0
Technology and other intangibles
Other Intangible Assets
Gross Carrying Amount	36,255	36,715
Accumulated Amortization	(7,866)	(7,613)
Total amortization expense	28,389	29,102
In process research and development
Other Intangible Assets
Gross Carrying Amount		2,200
Total amortization expense	2,200	$ 2,200
Indefinite-Lived Intangible Assets (Excluding Goodwill)	$ 2,200

Other Intangible Assets - Sum48

Other Intangible Assets - Summary of Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule
2,016	$ 4,528
2,017	5,956
2,018	5,947
2,019	5,947
2,020	5,867
Thereafter	34,588
Total amortization expense	$ 62,833	$ 64,370

Costs Associated with Exit an49

Costs Associated with Exit and Restructuring Activities - Summary (Details) - Operating Earnings - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
June 2013 Plan, April 2014 Plan and June 2016 Plan
Total restructuring, impairment and restructuring related charges
Restructuring and impairment charges	$ 777
June 2013 Plan, April 2014 Plan and June 2016
Total restructuring, impairment and restructuring related charges
Restructuring and impairment charges		$ 0

Costs Associated with Exit an50

Costs Associated with Exit and Restructuring Activities Costs Associated with Exit and Restructuring Activities - June 2016 Plan (Details) - June 2016 Plan $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)employee	Dec. 31, 2016USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Number of Positions Eliminated | employee	230
Actual costs incurred	$ 822
Total restructuring, impairment and restructuring related charges
Restructuring Reserve	1,722	$ 1,739
Operating Earnings
Restructuring Cost and Reserve [Line Items]
Planned Costs	12,300
Actual costs incurred	3,825
Equipment relocation
Restructuring Cost and Reserve [Line Items]
Planned Costs	7,925
Other charges
Restructuring Cost and Reserve [Line Items]
Planned Costs	1,300
Other charges | Operating Earnings
Restructuring Cost and Reserve [Line Items]
Actual costs incurred	422
Workforce reduction
Restructuring Cost and Reserve [Line Items]
Planned Costs	3,075
Workforce reduction | Operating Earnings
Restructuring Cost and Reserve [Line Items]
Actual costs incurred	2,581
Minimum
Restructuring Cost and Reserve [Line Items]
Planned Costs	$ 12,300

Costs Associated with Exit an51

Costs Associated with Exit and Restructuring Activities - April 2014 Plan (Details) - April 2014 Plan $ in Thousands	12 Months Ended
	Dec. 31, 2015employee	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve | $		$ 429	$ 423
Restructuring charges
Elimination of workforce | employee	120

Costs Associated with Exit an52

Costs Associated with Exit and Restructuring Activities - Restructuring Reserve Activity (Details) - June 2013 Plan, April 2014 Plan and June 2016 Plan $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Restructuring reserve activity
Restructuring liability at beginning	$ 2,162
Restructuring and restructuring-related charges	777
Cost paid	(795)
Restructuring liability at ending	2,151
Restructuring Reserve, Translation and Other Adjustment	$ 7

Accrued Liabilities - Component

Accrued Liabilities - Components of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accrued Liabilities
Accrued product related costs	$ 5,217	$ 5,556
Accrued income taxes	10,209	9,826
Accrued property and other taxes	1,853	1,917
Accrued professional fees	1,341	1,633
Dividends payable	1,314	1,309
Remediation reserves	17,922	18,176	$ 20,603
Other accrued liabilities	4,607	7,291
Total accrued liabilities	$ 42,463	$ 45,708

Contingencies Remediation Liabi

Contingencies Remediation Liability (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Loss Contingencies [Line Items]
Accrued Environmental Loss Contingencies, Current	$ 17,922	$ 18,176	$ 20,603
Accrual for Environmental Loss Contingencies, Charges to Expense for New Losses	97	556
Accrual for Environmental Loss Contingencies, Payments	$ (351)	$ (2,983)

Debt - Long-Term Debt (Details)

Debt - Long-Term Debt (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	May 23, 2016	May 22, 2016	Aug. 10, 2015
Long-term debt
Revolving credit facility	$ 94,000,000	$ 89,100,000
Line of Credit | Revolving Credit Facility Due 2020
Long-term debt
Revolving credit facility	$ 94,000,000	$ 89,100,000
Weighted-average interest rate	2.00%	1.90%
Amount available	$ 203,835,000	$ 208,735,000
Total credit facility	300,000,000	300,000,000	$ 300,000	$ 200,000	$ 200,000,000
Standby letters of credit	$ 2,165,000	$ 2,165,000
Commitment fee percentage per annum	0.25%	0.25%

Debt - Narratives (Details)

Debt - Narratives (Details) - USD ($)	Aug. 10, 2015	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	May 23, 2016	May 22, 2016
Line of Credit Facility
Debt amortization expense		$ 46,000	$ 32,000
Line of Credit | Revolving Credit Facility Due 2020
Line of Credit Facility
Debt instrument, term	5 years
Line of credit maximum borrowing amount	$ 200,000,000	$ 300,000,000		$ 300,000,000	$ 300,000	$ 200,000
Line of credit facility contingent increase to maximum borrowing capacity					$ 100,000,000
Commitment fee percentage per annum		0.25%		0.25%
Line of Credit | Revolving Credit Facility Due 2020 Swingline Sublimit
Line of Credit Facility
Line of credit maximum borrowing amount	15,000,000
Line of Credit | Revolving Credit Facility Due 2020 Letter Of Credit Sublimit
Line of Credit Facility
Line of credit maximum borrowing amount	$ 10,000,000
Minimum | Line of Credit | Revolving Credit Facility Due 2020
Line of Credit Facility
Commitment fee percentage per annum	0.20%
Maximum | Line of Credit | Revolving Credit Facility Due 2020
Line of Credit Facility
Commitment fee percentage per annum	0.40%

Derivative Financial Instrume57

Derivative Financial Instruments - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016instrument	Dec. 31, 2015USD ($)	Sep. 30, 2012USD ($)instrument	Jun. 24, 2012USD ($)instrument
Derivative
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax	$ 486
Foreign exchange derivative
Derivative
Derivative Asset	548
Derivative Liability	26
Cash Flow Hedge | Designated As Hedging | Foreign currency forward contracts
Derivative
Foreign currency cash flow hedge gain to be reclassified during next 12 months	0
Derivative, notional amount	16,500
Derivative Asset	522
Derivative Liability		$ 601		$ 0
Cash Flow Hedge | Designated As Hedging | Interest rate swap
Derivative
Derivative, notional amount					$ 25,000	$ 50,000
Number of derivative instruments held | instrument			3		4	4
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months	64
Derivative Liability	$ (822)	$ (753)		$ 768

Derivative Financial Instrume58

Derivative Financial Instruments - Fair Value of Derivative Instruments (Details) - Cash Flow Hedge - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Interest rate swap | Other Current Assets [Member]
Derivative Liability
Derivative Asset	$ 64	$ 2
Interest rate swap | Other Noncurrent Assets [Member]
Derivative Liability
Derivative Asset	758	751
Foreign currency hedges | Other Current Liabilities [Member]
Derivative Liability
Derivative Liability	0	601
Foreign currency hedges | Other Current Assets [Member]
Derivative Liability
Derivative Asset	522
Designated as Hedging Instrument [Member] | Interest rate swap
Derivative Liability
Derivative Liability	(822)	(753)	$ 768
Designated as Hedging Instrument [Member] | Foreign currency hedges
Derivatives, Fair Value [Line Items]
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months	0
Derivative Liability
Derivative Liability		$ 601	$ 0
Derivative Asset	$ 522

Derivative Financial Instrume59

Derivative Financial Instruments - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative, Gain (Loss) on Derivative, Net
Derivative, Gain (Loss) on Derivative, Net	$ (157)	$ 156
Foreign exchange derivative | Net sales | Designated As Hedging
Derivative, Gain (Loss) on Derivative, Net
Derivative, Gain (Loss) on Derivative, Net	(2)	(7)
Foreign exchange derivative | Cost of goods sold | Designated As Hedging
Derivative, Gain (Loss) on Derivative, Net
Derivative, Gain (Loss) on Derivative, Net	(144)	1
Foreign exchange derivative | Selling, general and administrative expenses | Designated As Hedging
Derivative, Gain (Loss) on Derivative, Net
Derivative, Gain (Loss) on Derivative, Net	(3)	4
Foreign exchange derivative | Other income and expenses | Designated As Hedging
Derivative, Gain (Loss) on Derivative, Net
Derivative, Gain (Loss) on Derivative, Net	(8)	6
Interest rate swap | Interest expense | Designated As Hedging
Derivative, Gain (Loss) on Derivative, Net
Derivative, Gain (Loss) on Derivative, Net	$ 0	$ 152

Accumulated Other Comprehensi60

Accumulated Other Comprehensive (Loss) Income - Summary of Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Foreign currency transaction loss
Foreign currency transaction gain (loss)	$ 395	$ 231
AOCI Attributable to Parent, Net of Tax
Total accumulated other comprehensive (loss) income, beginning of period	(93,194)
Total accumulated other comprehensive (loss) income, end of period	(91,530)
Accumulated other comprehensive (loss) income
AOCI Attributable to Parent, Net of Tax
Total accumulated other comprehensive (loss) income, beginning of period	(93,194)	(99,005)
Gain (Loss) recognized in OCI, Net	752	(258)
Gain (Loss) reclassified from AOCI to income, Net	912	1,051
Total accumulated other comprehensive (loss) income, end of period	(91,530)	(98,212)
Changes in fair market value of hedges
Changes in AOCI, Gross
Gross, beginning of the period	116	(768)
Other Comprehensive Income (Loss), before Reclassifications, before Tax	1,042	242
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	150	231
Gross, ending balance	1,308	(295)
Changes in AOCI, Income tax (benefit)
Income tax (benefit), beginning of period	(42)	289
Income tax (benefit), Gain (Loss) recognized in OCI	(378)	(91)
Income tax (benefit), Gain (Loss) reclassified from AOCI to income	(54)	(88)
Income tax (benefit), ending of period	(474)	110
AOCI Attributable to Parent, Net of Tax
Total accumulated other comprehensive (loss) income, beginning of period	74	(479)
Gain (Loss) recognized in OCI, Net	664	151
Gain (Loss) reclassified from AOCI to income, Net	96	143
Total accumulated other comprehensive (loss) income, end of period	834	(185)
Changes in unrealized pension cost
Changes in AOCI, Gross
Gross, beginning of the period	(151,618)	(161,719)
Other Comprehensive Income (Loss), before Reclassifications, before Tax	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	1,296	1,451
Gross, ending balance	(150,322)	(160,268)
Changes in AOCI, Income tax (benefit)
Income tax (benefit), beginning of period	60,672	64,361
Income tax (benefit), Gain (Loss) recognized in OCI	0	0
Income tax (benefit), Gain (Loss) reclassified from AOCI to income	(480)	(543)
Income tax (benefit), ending of period	60,192	63,818
AOCI Attributable to Parent, Net of Tax
Total accumulated other comprehensive (loss) income, beginning of period	(90,946)	(97,358)
Gain (Loss) recognized in OCI, Net	0	0
Gain (Loss) reclassified from AOCI to income, Net	816	908
Total accumulated other comprehensive (loss) income, end of period	(90,130)	(96,450)
Cumulative translation adjustment
Changes in AOCI, Gross
Gross, beginning of the period	(2,414)	(1,279)
Other Comprehensive Income (Loss), before Reclassifications, before Tax	86	(406)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0	0
Gross, ending balance	(2,328)	(1,685)
Changes in AOCI, Income tax (benefit)
Income tax (benefit), beginning of period	92	111
Income tax (benefit), Gain (Loss) recognized in OCI	2	(3)
Income tax (benefit), Gain (Loss) reclassified from AOCI to income	0	0
Income tax (benefit), ending of period	94	108
AOCI Attributable to Parent, Net of Tax
Total accumulated other comprehensive (loss) income, beginning of period	(2,322)	(1,168)
Gain (Loss) recognized in OCI, Net	88	(409)
Gain (Loss) reclassified from AOCI to income, Net	0	0
Total accumulated other comprehensive (loss) income, end of period	$ (2,234)	$ (1,577)

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Share Count and Par Value Data Related to Shareholders' Equity (Details) - $ / shares	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
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	56,544,741	56,456,516
Common stock, shares outstanding	32,850,719	32,762,494	32,758,643	32,548,477
Treasury stock
Treasury stock, shares held	23,694,022	23,694,022

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Common stock repurchased, shares	0	0
Common stock repurchased, value			$ 7,446
Shares are available for future issuances	17,554
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	0	0
Antidilutive securities excluded from computation of earnings per share (shares)	88,592	83,148

Shareholders' Equity - Summar63

Shareholders' Equity - Summary of Common Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Roll forward of common shares outstanding
Balance at the beginning of the year	32,762,494	32,548,477
Restricted share issuances	88,225	210,166
Balance at the end of the period	32,850,719	32,758,643

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Equity-Based Compensation Expense (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)plan$ / sharesshares	Mar. 31, 2016USD ($)shares	Dec. 31, 2016$ / sharesshares
Share-based Compensation
Number of Equity-Based Compensation Plans | plan	4
Restricted stock units | $	$ 880	$ 282
Service-Based RSUs
Share-based Compensation
Restricted stock units | $	550	512
Performance and market-based RSU's
Share-based Compensation
Restricted stock units | $	$ 384	$ (182)
Cash Settled Awards
Share-based Compensation
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | shares	16,285	12,074
Restricted stock units | $	$ (54)	$ (48)
RSUs
Share-based Compensation
Restricted stock units | $	880	282
Income tax benefit | $	$ 331	$ 106
Officers, key employees, and non-employee directors | Service-Based RSUs
Share-based Compensation
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures | shares	2,536
Releasable - weighted average fair value | $ / shares	$ 11.38
Granted - shares | shares	33,040
Forfeited - weighted average fair value | $ / shares	$ 17.46
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Released Number | shares	114,847
Granted - weighted average fair value | $ / shares	$ 23
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares	13.59		$ 13.37
Converted - weighted average fair value | $ / shares	$ 15.11
Releasable - shares | shares	304,883
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | shares	470,135		554,478

Equity-Based Compensation - S65

Equity-Based Compensation - Summary of Equity-Based Compensation Expense related to Non-Vested RSUs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Service-Based RSUs
Share-based Compensation
Unrecognized compensation cost	$ 1,790
Weighted average period	1 year 4 months 10 days
Performance and market-based RSU's
Share-based Compensation
Unrecognized compensation cost	$ 3,810
Weighted average period	2 years 2 months 13 days
RSUs
Share-based Compensation
Unrecognized compensation cost	$ 5,600
Weighted average period	1 year 11 months 5 days

Equity-Based Compensation - S66

Equity-Based Compensation - Summary of Status of Equity-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Summary of Status of Equity-Based Compensation Plans
Other accrued liabilities	$ 4,607	$ 7,291
2014 Plan
Summary of Status of Equity-Based Compensation Plans
Awards originally available	1,500,000
Shares outstanding	747,417
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number	1,062,417
Vested and released - shares	157,212
Awards available for grant	280,371
2009 Plan
Summary of Status of Equity-Based Compensation Plans
Awards originally available	3,400,000
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number	156,022
Awards available for grant	0
2004 Plan
Summary of Status of Equity-Based Compensation Plans
Awards originally available	6,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number	78,947
Awards available for grant	0
Directors' Plan
Summary of Status of Equity-Based Compensation Plans
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number	25,985
Awards available for grant	0
RSUs | 2009 Plan
Summary of Status of Equity-Based Compensation Plans
Shares outstanding	156,022
Vested and released - shares	0
RSUs | 2004 Plan
Summary of Status of Equity-Based Compensation Plans
Shares outstanding	78,947
RSUs | Directors' Plan
Summary of Status of Equity-Based Compensation Plans
Shares outstanding	25,985
Performance-Based Stock Options | 2014 Plan
Summary of Status of Equity-Based Compensation Plans
Awards originally available	350,000
Shares outstanding	315,000
Stock options outstanding	315,000
Cash Settled Awards
Summary of Status of Equity-Based Compensation Plans
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number	16,285		12,074
Other accrued liabilities	$ 115		$ 0
Officers, key employees, and non-employee directors | Service-Based RSUs
Share-based Compensation
Releasable - weighted average fair value	$ 11.38
Summary of Status of Equity-Based Compensation Plans
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number	470,135	554,478

Equity-Based Compensation - Per

Equity-Based Compensation - Performance-Based Stock Options (Details) - USD ($)	May 26, 2015	Mar. 31, 2017
Performance and Market-based Restricted Stock Units
Share-based Compensation
Attained by performance - weighted average fair value		$ 21.66
2014 Plan
Share-based Compensation
Awards granted (in shares)		1,500,000
2014 Plan | Performance-Based Stock Options
Share-based Compensation
Awards granted (in shares)		350,000
Grant date fair value (in dollars per share)	$ 18.37
Option term (in years)	5 years
Revenue threshold for award	$ 600,000

Equity-Based Compensation - S68

Equity-Based Compensation - Summary of Service-Based Restricted Stock Units (Details) - Officers, key employees, and non-employee directors - Service-Based RSUs	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Units
Outstanding at beginning of year - shares | shares	554,478
Granted - shares | shares	33,040
Released - shares | shares	(114,847)
Forfeited - shares | shares	(2,536)
Outstanding at end of year - shares | shares	470,135
Releasable - shares | shares	304,883
Weighted Average Grant Date Fair Value
Beginning of year - weighted average fair value | $ / shares	$ 13.37
Granted - weighted average fair value | $ / shares	23
Converted - weighted average fair value | $ / shares	15.11
Forfeited - weighted average fair value | $ / shares	17.46
End of year - weighted average fair value | $ / shares	13.59
Releasable - weighted average fair value | $ / shares	$ 11.38

Equity-Based Compensation - Dir

Equity-Based Compensation - Directors Plan (Details)	3 Months Ended
	Mar. 31, 2017shares
Directors' Plan
Units
Outstanding at end of year - shares	25,985

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Performance-Based RSUs (Details) - shares	Mar. 31, 2017	Feb. 09, 2017	Mar. 31, 2016	Feb. 16, 2016	Feb. 05, 2015
Performance and Market-based Restricted Stock Units
Share-based Compensation
Maximum potential units outstanding at June 30, 2016 - shares	2,011
Performance-Based RSUs
Share-based Compensation
Target Units Outstanding		78,341	4,000	92,840	62,000
Shared Based Compensation Maximum Potential Awards		156,682	8,000	185,680	124,000
Performance Shares [Member]
Share-based Compensation
Target Units Outstanding		45,578
Shared Based Compensation Maximum Potential Awards		45,578

Equity-Based Compensation Equit

Equity-Based Compensation Equity-Based Compensation - Performance and Market Based RSUs (Details) - Performance and Market-based Restricted Stock Units	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Units
Outstanding at beginning of year - shares | shares	201,900
Granted - shares | shares	123,919
Attained by performance - shares | shares	15,285
Vested and released - shares | shares	(41,264)
Forfeited - shares | shares	(15,070)
Outstanding at end of year - shares | shares	284,770
Maximum potential units outstanding at June 30, 2016 - shares | shares	2,011
Weighted Average Grant Date Fair Value
Beginning of year - weighted average fair value | $ / shares	$ 16.48
Granted - weighted average fair value | $ / shares	23.83
Attained by performance - weighted average fair value | $ / shares	21.66
Vested and released - weighted average fair value | $ / shares	21.66
Forfeited - weighted average fair value | $ / shares	21.66
End of year - weighted average fair value | $ / shares	18.99
Maximum potential units outstanding at June 30, 2016 - weighted average fair value | $ / shares	$ 21.66

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Liability Measured at Fair Value on a Recurring Basis (Details) - Designated As Hedging - Cash Flow Hedge - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Interest rate swap
Recurring financial liability that was measured at carrying value
Derivative liability	$ 822	$ 753	$ (768)
Realized gain (loss) on cash flow hedge	0		928
Foreign currency hedges
Recurring financial liability that was measured at carrying value
Derivative liability		(601)	$ 0
Realized gain (loss) on cash flow hedge	157	(18)
Derivative Asset	522
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate swap
Recurring financial liability that was measured at carrying value
Derivative liability	822	753
Recurring | Significant Other Observable Inputs (Level 2) | Foreign currency hedges
Recurring financial liability that was measured at carrying value
Derivative liability		601
Derivative Asset	522
Recurring | Carrying Value | Interest rate swap
Recurring financial liability that was measured at carrying value
Derivative liability	822	753
Recurring | Carrying Value | Foreign currency hedges
Recurring financial liability that was measured at carrying value
Derivative liability		$ 601
Derivative Asset	$ 522

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Recurring Financial Liability Related to Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Cost of Hedge Net of Cash Received	$ (157)
Derivative, Cash Received on Hedge		$ 54
Interest rate swap | Designated As Hedging | Cash Flow Hedge
Reconciliation of the recurring financial derivatives
Beginning balance, derivative liability	753	(768)
Total gains/(losses) for the period:
Included in earnings	0		$ 928
Included in other comprehensive income	69		593
Ending balance, derivative liability	822	753	(768)
Foreign currency hedges | Designated As Hedging | Cash Flow Hedge
Reconciliation of the recurring financial derivatives
Beginning balance, derivative liability	(601)	0
Total gains/(losses) for the period:
Included in earnings	157	(18)
Included in other comprehensive income	1,123	(637)
Ending balance, derivative liability		$ (601)	$ 0
Ending balance, derivative asset	$ 522

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate (Details)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate	30.60%	34.30%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reconciliation of effective income taxes rate
Effective income tax rate	30.60%	34.30%
Accrued for interest and penalties related to uncertain income tax	$ 176	$ 184

Business Combinations - Narrati

Business Combinations - Narratives (Details) - USD ($) $ in Thousands	Mar. 11, 2016	Mar. 31, 2017	Mar. 31, 2016
Business Acquisition
Cost of goods sold		$ 65,930	$ 63,237
CTG Advanced
Business Acquisition
Net cash paid	$ 73,063
Cash acquired in acquisition	$ 4
Acquisition related cost		$ 804

Business Combinations - Acquisi

Business Combinations - Acquisition (Details) - USD ($) $ in Thousands	Mar. 11, 2016	Mar. 31, 2017	Dec. 31, 2016
Business Acquisition
Goodwill		$ 61,744	$ 61,744
CTG Advanced
Business Acquisition
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 35,427
Current assets	4,215
Property, plant and equipment	6,173
Other assets	37
Goodwill	27,879
Fair value of assets acquired	73,731
Less fair value of liabilities acquired	(668)
Net cash paid	$ 73,063

Business Combinations - Acquire

Business Combinations - Acquired Intangible Assets (Details) - CTG Advanced $ in Thousands	Mar. 11, 2016USD ($)
Business Acquisition
Fair Value	$ 35,427
Weighted Average Amortization Period (in years)	14 years 9 months 20 days
Developed Technology
Business Acquisition
Fair Value	$ 23,730
Weighted Average Amortization Period (in years)	15 years
Customer Relationships and Contracts
Business Acquisition
Fair Value	$ 11,502
Weighted Average Amortization Period (in years)	14 years 7 months 6 days
Other
Business Acquisition
Fair Value	$ 195
Weighted Average Amortization Period (in years)	9 months 18 days

Business Combinations - Income

Business Combinations - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		7 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Sep. 30, 2016
Business Acquisition
Net sales	$ 100,154	$ 96,705
Net earnings	$ 8,484	$ 7,863
CTG Advanced
Business Acquisition
Net sales			$ 758
Net earnings			$ (64)

Business Combinations - Pro For

Business Combinations - Pro Forma (Details) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Business Acquisition, Pro Forma Information
Earnings Per Share, Basic	$ 0	$ 0
Earnings Per Share, Diluted	$ 0	$ 0