CTS (CTS) 10-Q 26 Jul 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 21, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000026058
Document Transition Report	false
Entity File Number	1-4639
Entity Registrant Name	CTS CORPORATION
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	35-0225010
Entity Address, Address Line One	4925 Indiana Avenue
Entity Address, City or Town	Lisle
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60532
City Area Code	630
Local Phone Number	577-8800
Title of Each Class	Common stock, without par value
Trading Symbol	CTS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,865,314

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net sales	$ 144,982	$ 129,585	$ 292,677	$ 258,012
Cost of goods sold	93,134	81,889	186,489	167,725
Gross margin	51,848	47,696	106,188	90,287
Selling, general and administrative expenses	22,238	20,937	44,026	39,262
Research and development expenses	6,294	6,029	12,488	11,716
Restructuring charges	630	151	942	232
Operating earnings	22,686	20,579	48,732	39,077
Other (expense) income:
Interest expense	(602)	(508)	(1,148)	(1,063)
Interest income	263	257	443	459
Other expense, net	(5,425)	(20,929)	(5,359)	(24,285)
Total other expense, net	(5,764)	(21,180)	(6,064)	(24,889)
Earnings (loss) before income taxes	16,922	(601)	42,668	14,188
Income tax expense (benefit)	4,324	(1,476)	9,831	1,323
Net earnings	$ 12,598	$ 875	$ 32,837	$ 12,865
Earnings per share:
Basic	$ 0.39	$ 0.03	$ 1.02	$ 0.40
Diluted	$ 0.39	$ 0.03	$ 1.02	$ 0.39
Basic weighted – average common shares outstanding:	32,039	32,397	32,096	32,358
Effect of dilutive securities	204	229	218	259
Diluted weighted – average common shares outstanding:	32,243	32,626	32,314	32,617
Cash dividends declared per share	$ 0.04	$ 0.04	$ 0.08	$ 0.08

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - UNAUDITED - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net earnings	$ 12,598	$ 875	$ 32,837	$ 12,865
Other comprehensive earnings (loss):
Changes in fair market value of derivatives, net of tax	705	268	1,940	392
Changes in unrealized pension cost, net of tax	2,082	17,024	2,176	18,446
Cumulative translation adjustment, net of tax	(2,012)	1	(2,261)	13
Other comprehensive earnings	775	17,293	1,855	18,851
Comprehensive earnings	$ 13,373	$ 18,168	$ 34,692	$ 31,716

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 98,739	$ 141,465
Accounts receivable, net	98,949	82,191
Inventories, net	64,158	49,506
Other current assets	16,704	15,927
Total current assets	278,550	289,089
Property, plant and equipment, net	99,637	96,876
Operating lease assets, net	22,452	21,594
Other Assets
Prepaid pension asset	33,860	49,382
Goodwill	139,617	109,798
Other intangible assets, net	112,824	69,888
Deferred income taxes	23,401	25,415
Other	19,293	2,420
Total other assets	328,995	256,903
Total Assets	729,634	664,462
Current Liabilities
Accounts payable	60,662	55,537
Operating lease obligations	3,612	3,393
Accrued payroll and benefits	14,931	18,418
Accrued expenses and other liabilities	36,171	36,718
Total current liabilities	115,376	114,066
Long-term debt	91,027	50,000
Long-term operating lease obligations	21,851	21,354
Long-term pension obligations	6,361	6,886
Deferred income taxes	6,174	5,894
Other long-term obligations	2,898	2,684
Total Liabilities	243,687	200,884
Commitments and Contingencies (Note 11)
Shareholders’ Equity
Common stock	316,502	314,620
Additional contributed capital	42,585	42,549
Retained earnings	522,506	492,242
Accumulated other comprehensive loss	(2,670)	(4,525)
Total shareholders’ equity before treasury stock	878,923	844,886
Treasury stock	(392,976)	(381,308)
Total shareholders’ equity	485,947	463,578
Total Liabilities and Shareholders’ Equity	$ 729,634	$ 664,462

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 32,837	$ 12,865
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	13,765	13,512
Non-cash inventory charges	1,113
Pension and other post-retirement plan expense	182	23,823
Stock-based compensation	3,566	3,122
Deferred income taxes	1,277	(4,875)
Gain on foreign currency hedges, net of cash	(12)	(26)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(12,861)	316
Inventories	(7,177)	(2,994)
Operating lease assets	1,515	131
Other assets	2,513	(1,440)
Accounts payable	5,087	(3,433)
Accrued payroll and benefits	(4,458)	1,145
Operating lease liabilities	(1,658)	(143)
Accrued expenses and other liabilities	93	(3,028)
Pension and other post-retirement plans	(430)	(190)
Net cash provided by operating activities	35,352	38,785
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(6,991)	(3,970)
Payments for acquisitions, net of cash acquired	(96,528)	(255)
Net cash used in investing activities	(103,519)	(4,225)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of long-term debt	(300,000)	(430,300)
Proceeds from borrowings of long-term debt	341,027	425,700
Purchase of treasury stock	(11,668)
Dividends paid	(2,576)	(2,585)
Payments of contingent consideration	(900)	(350)
Taxes paid on behalf of equity award participants	(1,491)	(1,480)
Net cash provided by (used in) financing activities	24,392	(9,015)
Effect of exchange rate changes on cash and cash equivalents	1,049	79
Net (decrease) increase in cash and cash equivalents	(42,726)	25,624
Cash and cash equivalents at beginning of period	141,465	91,773
Cash and cash equivalents at end of period	98,739	117,397
Supplemental cash flow information:
Cash paid for interest	969	716
Cash paid for income taxes, net	7,606	7,516
Capital expenditures incurred but not paid	$ 1,397	$ 1,288

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - UNAUDITED - USD ($) $ in Thousands	Total	Common Stock	Additional Contributed Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning Balance at Dec. 31, 2020	$ 423,682	$ 311,190	$ 41,654	$ 539,281	$ (95,921)	$ (372,522)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	11,990			11,990
Changes in fair market value of derivatives, net of tax	124				124
Changes in unrealized pension cost, net of tax	1,422				1,422
Cumulative translation adjustment, net of tax	12				12
Cash dividends	(1,294)			(1,294)
Issued shares on vesting of restricted stock units	(1,400)	1,818	(3,218)
Stock compensation	1,180		1,180
Ending Balance at Mar. 31, 2021	435,716	313,008	39,616	549,977	(94,363)	(372,522)
Beginning Balance at Dec. 31, 2020	423,682	311,190	41,654	539,281	(95,921)	(372,522)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	12,865
Changes in fair market value of derivatives, net of tax	392
Changes in unrealized pension cost, net of tax	18,446
Cumulative translation adjustment, net of tax	13
Ending Balance at Jun. 30, 2021	454,309	314,341	40,007	549,553	(77,070)	(372,522)
Beginning Balance at Mar. 31, 2021	435,716	313,008	39,616	549,977	(94,363)	(372,522)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	875			875
Changes in fair market value of derivatives, net of tax	268				268
Changes in unrealized pension cost, net of tax	17,024				17,024
Cumulative translation adjustment, net of tax	1				1
Cash dividends	(1,299)			(1,299)
Issued shares on vesting of restricted stock units	(80)	1,333	(1,413)
Stock compensation	1,804		1,804
Ending Balance at Jun. 30, 2021	454,309	314,341	40,007	549,553	(77,070)	(372,522)
Beginning Balance at Dec. 31, 2021	463,578	314,620	42,549	492,242	(4,525)	(381,308)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	20,239			20,239
Changes in fair market value of derivatives, net of tax	1,235				1,235
Changes in unrealized pension cost, net of tax	94				94
Cumulative translation adjustment, net of tax	(249)				(249)
Cash dividends	(1,284)			(1,284)
Acquired shares for treasury stock	(3,920)					(3,920)
Issued shares on vesting of restricted stock units	(1,413)	1,876	(3,289)
Stock compensation	1,898		1,898
Ending Balance at Mar. 31, 2022	480,178	316,496	41,158	511,197	(3,445)	(385,228)
Beginning Balance at Dec. 31, 2021	463,578	314,620	42,549	492,242	(4,525)	(381,308)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	32,837
Changes in fair market value of derivatives, net of tax	1,940
Changes in unrealized pension cost, net of tax	2,176
Cumulative translation adjustment, net of tax	(2,261)
Acquired shares for treasury stock	(11,668)
Ending Balance at Jun. 30, 2022	485,947	316,502	42,585	522,506	(2,670)	(392,976)
Beginning Balance at Mar. 31, 2022	480,178	316,496	41,158	511,197	(3,445)	(385,228)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	12,598			12,598
Changes in fair market value of derivatives, net of tax	705				705
Changes in unrealized pension cost, net of tax	2,082				2,082
Cumulative translation adjustment, net of tax	(2,012)				(2,012)
Cash dividends	(1,289)			(1,289)
Acquired shares for treasury stock	(7,748)					(7,748)
Issued shares on vesting of restricted stock units	(78)	6	(84)
Stock compensation	1,511		1,511
Ending Balance at Jun. 30, 2022	$ 485,947	$ 316,502	$ 42,585	$ 522,506	$ (2,670)	$ (392,976)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - UNAUDITED (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share	$ 0.04	$ 0.04	$ 0.04	$ 0.04	$ 0.08	$ 0.08
Treasury stock, shares, acquired	216,252	116,176	0		332,428	0

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	NOTE 1 — 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, 2021. 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. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The reclassifications had no impact on previously reported net earnings. There have been no material changes in the Company’s significant accounting policies as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	NOTE 2 – Revenue Recognition The core principle of Accounting Standard Codification (“ASC”) Topic 606 Revenue from Contracts with Customers 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. The guidance provides a five-step process to achieve that core principle: • Identify the contract(s) with a customer • Identify the performance obligations • Determine the transaction price • Allocate the transaction price • Recognize revenue when the performance obligations are met We recognize revenue when the performance obligations specified in our contracts have been satisfied, after considering the impact of variable consideration and other factors that may affect the transaction price. Our contracts normally contain a single performance obligation that is fulfilled on the date of delivery or shipment based on shipping terms stipulated in the contract. We usually expect payment within 30 to 90 days from the shipping date, depending on our terms with the customer. None of our contracts as of June 30, 2022 contained a significant financing component. Differences between the amount of revenue recognized and the amount invoiced, collected from, or paid to our customers are recognized as contract assets or liabilities. Contract assets will be reviewed for impairment when events or circumstances indicate that they may not be recoverable. To the extent the transaction price includes variable consideration, we estimate the amount of variable consideration that should be included in the transaction price utilizing the most likely amount method based on an analysis of historical experience and current facts and circumstances, which requires significant judgment. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Disaggregated Revenue The following table presents revenues disaggregated by the major markets we serve: Three months ended Six months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Transportation $ 74,690 $ 71,556 $ 153,824 $ 147,410 Industrial 41,402 32,448 81,409 62,075 Medical 17,030 12,802 32,897 24,078 Aerospace & Defense 11,860 12,779 24,547 24,449 Total $ 144,982 $ 129,585 $ 292,677 $ 258,012

Business Acquisitions

Business Acquisitions	6 Months Ended
	Jun. 30, 2022
Business Combinations [Abstract]
Business Acquisitions	NOTE 3 – Business Acquisitions TEWA Temperature Sensors SP. Zo.o. Acquisition On February 28, 2022, we acquired 100 % of the outstanding shares of TEWA Temperature Sensors SP. Zo.o. (“TEWA”). TEWA is a designer and manufacturer of high-quality temperature sensors. TEWA has complementary capabilities with our existing temperature sensing platform and the acquisition supports our end market diversification strategy by expanding our presence in Europe. The purchase price, which includes assumed changes in working capital, of $ 24,484 , net of cash acquired of $ 2,945 , has been allocated to the fair values of assets and liabilities acquired as of February 28, 2022. The allocation of the purchase price continues to be preliminary pending the completion of the valuation of intangible assets and finalization of management's estimates. The final purchase price allocation may result in a materially different allocation than that recorded as of June 30, 2022. The following table summarizes the consideration paid and the fair values of the assets acquired, and the liabilities assumed as of the date of acquisition: Fair Values at Current assets $ 6,451 Property, plant and equipment 2,177 Other assets 28 Goodwill 6,106 Intangible assets 12,503 Fair value of assets acquired 27,265 Less fair value of liabilities acquired ( 2,781 ) Purchase price $ 24,484 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 of customer relationships, access to new customers, and potential cost savings and synergies. Goodwill related to the acquisition is expected to be deductible for tax purposes. The Company recorded a $ 1,113 step-up of inventory to its fair value as of the acquisition date based on the preliminary valuation. The step-up is being amortized as a non-cash charge to cost of goods sold as the acquired inventory was sold with $ 580 recognized in the first quarter of 2022 and the remaining in the second quarter of 2022. Intangible assets acquired have been assigned a provisional value of $ 12,503 and an estimated weighted average amortization period of 12 years. They are included as customer lists/relationships in our Condensed Consolidated Balance Sheets and subsequent notes. Due to the timing of the acquisition, the identification and valuation of all intangible assets remains incomplete; however, management used historical experience and projections to estimate the potential value at June 30, 2022. The amount and assumptions included above remain an estimate that will be adjusted once purchase accounting is complete. Ferroperm Piezoceramics A/S Acquisition On June 30, 2022, we acquired 100 % of the outstanding shares of Ferroperm Piezoceramics A/S (“Ferroperm”). Ferroperm specializes in the design and manufacture of high performance piezoceramic components for use in complex and demanding medical, industrial, and aerospace applications. Ferroperm has complementary capabilities with our existing medical diagnostics and imaging product lines. The acquisition supports our end market diversification strategy and expanding our presence in European end markets. The purchase price of $ 72,044 , which includes assumed changes in working capital, net of cash acquired of $ 5,578 , has been allocated to the fair values of assets and liabilities acquired as of June 30, 2022. The allocation of the purchase price continues to be preliminary pending the completion of the valuation of intangible assets and finalization of management's estimates. The final purchase price allocation may result in a materially different allocation than that recorded as of June 30, 2022. The following table summarizes the consideration paid and the fair values of the assets acquired, and the liabilities assumed as of the date of acquisition: Fair Values at Accounts Receivable $ 3,073 Inventory 6,848 Other current assets 1,001 Property, plant and equipment 3,953 Other assets 158 Goodwill 24,285 Intangible assets 36,393 Fair value of assets acquired 75,711 Less fair value of liabilities acquired ( 3,667 ) Purchase price $ 72,044 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 of customer relationships, access to new customers, and potential cost savings and synergies. Goodwill related to the acquisition is expected to be deductible for tax purposes. The Company recorded a $ 3,012 step-up of inventory to its fair value as of the acquisition date based on the preliminary valuation. The step-up will be amortized as a non-cash charge to cost of goods sold as the acquired inventory is sold. Intangible assets acquired have been assigned a provisional value of $ 36,393 and an estimated weighted average amortization period of 12 years. They are included as customer lists/relationships in our Condensed Consolidated Balance Sheets and subsequent notes. Due to the timing of the acquisition, the identification and valuation of all intangible assets remains incomplete; however, management used historical experience and projections to estimate the potential value at June 30, 2022. The amount and assumptions included above remain an estimate that will be adjusted once purchase accounting is complete.

Accounts Receivable, Net

Accounts Receivable, Net	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Accounts Receivable, Net	NOTE 4 – Accounts Receivable, net The components of accounts receivable, net are as follows: As of June 30, December 31, 2022 2021 Accounts receivable, gross $ 100,260 $ 83,848 Less: Allowance for credit losses ( 1,311 ) ( 1,657 ) Accounts receivable, net $ 98,949 $ 82,191

Inventories, Net

Inventories, Net	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Inventories, Net	NOTE 5 – Inventories, net Inventories, net consists of the following: As of June 30, December 31, 2022 2021 Finished goods $ 15,476 $ 11,955 Work-in-process 21,367 18,878 Raw materials 37,520 28,078 Less: Inventory reserves ( 10,205 ) ( 9,405 ) Inventories, net $ 64,158 $ 49,506

Property, Plant and Equipment,

Property, Plant and Equipment, Net	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Net	NOTE 6 – Property, Plant and Equipment, net Property, plant and equipment, net is comprised of the following: As of June 30, December 31, 2022 2021 Land and land improvements $ 1,100 $ 1,095 Buildings and improvements 74,424 69,614 Machinery and equipment 250,718 247,708 Less: Accumulated depreciation ( 226,605 ) ( 221,541 ) Property, plant and equipment, net $ 99,637 $ 96,876 Depreciation expense for the six months ended June 30, 2022 and June 30, 2021 was $ 8,847 and $ 8,795 , respectively.

Retirement Plans

Retirement Plans	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
Retirement Plans	NOTE 7 – Retirement Plans Pension Plans Net pension expense for our domestic and foreign plans included in other expense, net in the Condensed Consolidated Statements of Earnings is as follows: Three months ended Six months ended June 30, June 30, June 30, June 30, 2022 2021 2022 2021 Net pension expense $ 65 $ 21,823 $ 130 $ 23,780 The components of net pension expense for our domestic and foreign plans include the following: Domestic Pension Plans Foreign Pension Plans Three Months Ended Three Months Ended June 30, June 30, June 30, June 30, 2022 2021 2022 2021 Service cost $ — $ — $ 6 $ 6 Interest cost 5 1,218 4 4 Expected return on plan assets (1) — ( 1,058 ) ( 3 ) ( 3 ) Amortization of loss 8 1,550 45 43 Settlement charges — 20,063 — — Total expense, net $ 13 $ 21,773 $ 52 $ 50 (1) Expected return on plan assets is net of expected investment expenses and certain administrative expenses. Domestic Pension Plans Foreign Pension Plans Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2022 2021 2022 2021 Service cost $ — $ — $ 12 $ 12 Interest cost 10 2,471 8 8 Expected return on plan assets (1) — ( 2,171 ) ( 6 ) ( 6 ) Amortization of loss 16 3,317 90 86 Settlement charges — 20,063 — — Total expense, net $ 26 $ 23,680 $ 104 $ 100 (1) Expected return on plan assets is net of expected investment expenses and certain administrative expenses. In February 2020, the Board of Directors authorized management to explore termination of the U.S.-based pension plan ("Plan"), subject to certain conditions. On June 1, 2020, we entered into the Fifth Amendment to the Plan whereby we set an effective termination date for the Plan of July 31, 2020. In February 2021, we received a determination letter from the Internal Revenue Service that allowed us to proceed with the termination process for the Plan. During the second quarter of 2021, the Company offered the option of receiving a lump sum payment to eligible participants with vested qualified Plan benefits in lieu of receiving monthly annuity payments. Approximately 365 participants elected to receive the settlement, and lump sum payments of approximately $ 35,594 were made from Plan assets to these participants in June 2021. As required under U.S. GAAP, the Company recognizes a settlement gain or loss when the aggregate amount of lump-sum distributions to participants equals or exceeds the sum of the service and interest cost components of the net periodic pension cost. The amount of settlement gain or loss recognized is the pro rata amount of the existing unrealized gain or loss immediately prior to the settlement. In general, both the projected benefit obligation and fair value of plan assets are required to be remeasured in order to determine the settlement gain or loss. Upon the partial settlement of the pension liability due to the lump sum offering in the second quarter of 2021, the Company recognized a non-cash and non-operating settlement charge of $ 20,063 related to pension losses, reclassified from accumulated other comprehensive loss to other income (expense) in the Company's Condensed Consolidated Statements of Earnings. On July 29, 2021, the Plan purchased a group annuity contract that transferred our benefit obligations for approximately 2,700 CTS participants and beneficiaries in the United States (“Transferred Participants”). As part of the purchase of the group annuity contract, Plan benefit obligations and related annuity administration services for Transferred Participants were irrevocably assumed and guaranteed by the insurance company effective as of August 3, 2021. There will be no change to pension benefits for Transferred Participants. The purchase of the group annuity contract was fully funded directly by Plan assets. As a result of the final settlement of the pension liability with the purchase of annuities, we reclassified the remaining related unrecognized pension losses of $ 106,206 that were previously recorded in accumulated other comprehensive loss to the Consolidated Statements of Earnings as a non-cash and non-operating settlement charge in the third quarter of 2021. In January 2022, we transferred approximately $ 17,500 of funds from Plan assets to a qualified replacement plan (“QRP”) managed by the Company. The QRP requires that these assets be used to fund future annual Company contributions to our U.S. 401(k) program. The Plan assets of $ 33,860 as of June 30, 2022, will remain in the Plan until final administrative tasks are completed. This process is now expected to be completed in the third quarter of 2022, whereby the remaining Plan assets will liquidate and revert to CTS. At that time, the funds will be subject to income and excise taxes. Other Post-retirement Benefit Plan Net post-retirement expense for our other post-retirement plan includes the following components: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2022 2021 2022 2021 Service cost $ — $ — $ — $ — Interest cost 26 20 52 43 Amortization of gain — — — — Total expense, net $ 26 $ 20 $ 52 $ 43

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	NOTE 8 – Goodwill and Other Intangible Assets Other Intangible Assets Other intangible assets, net consist of the following components: As of June 30, 2022 Gross Accumulated Net Amount Customer lists/relationships $ 144,735 $ ( 52,274 ) $ 92,461 Technology and other intangibles 47,441 ( 27,078 ) 20,363 Other intangible assets, net $ 192,176 $ ( 79,352 ) $ 112,824 Amortization expense for the three months ended $ 2,536 Amortization expense for the six months ended $ 4,918 As of December 31, 2021 Gross Accumulated Net Amount Customer lists/relationships $ 96,889 $ ( 49,213 ) $ 47,676 Technology and other intangibles 47,441 ( 25,229 ) 22,212 Other intangible assets, net $ 144,330 $ ( 74,442 ) $ 69,888 Amortization expense for the three months ended $ 2,348 Amortization expense for the six months ended $ 4,717 Remaining amortization expense for other intangible assets as of June 30, 2022 is as follows: Amortization 2022 $ 6,538 2023 11,107 2024 10,945 2025 10,723 2026 10,689 Thereafter 62,822 Total amortization expense $ 112,824 Goodwill Changes in the net carrying amount of goodwill were as follows: Total Goodwill as of December 31, 2021 $ 109,798 Increase from acquisitions 30,381 Foreign exchange impact ( 562 ) Goodwill as of June 30, 2022 $ 139,617

Costs Associated with Exit and

Costs Associated with Exit and Restructuring Activities	6 Months Ended
	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Costs Associated with Exit and Restructuring Activities	NOTE 9 – Costs Associated with Exit and Restructuring Activities Restructuring charges are reported as a separate line within operating earnings in the Condensed Consolidated Statement of Earnings. Total restructuring charges are as follows: Three Months Ended June 30, 2022 June 30, 2021 Restructuring charges $ 630 $ 151 Six Months Ended June 30, 2022 June 30, 2021 Restructuring charges $ 942 $ 232 September 2020 Plan In September 2020, we initiated a restructuring plan focused on optimizing our manufacturing footprint and improving operational efficiency by better utilizing our systems capabilities (the "September 2020 Plan"). This plan includes transitioning certain administrative functions to a shared service center, realignment of manufacturing locations, and certain other efficiency improvement actions. The restructuring cost of the September 2020 Plan is now estimated to be in the range of $ 3,500 and $ 4,500 , including workforce reduction charges, building and equipment relocation charges and other contract and asset-related costs. We have incurred $ 1,555 in program costs to date. We recorded $ 158 in workforce reduction costs during the three and six months ended June 30, 2022 under the 2020 Plan. Due to the robust market demand and COVID-19 limitations, some projects have been delayed. The total restructuring liability associated with these actions was $ 158 as of June 30, 2022. There was no liability related to the September 2020 Plan as of December 31, 2021. Other Restructuring Activities From time to time we undertake other restructuring activities that are not part of a formal plan. During the three and six months ended June 30, 2022 , we incurred restructuring charges of $ 470 and $ 782 , respectively. During the three and six months ended June 30, 2021, we incurred restructuring charges of $ 161 and $ 262 , respectively. The total restructuring liability associated with these actions was $ 723 at June 30, 2022 and $ 962 at December 31, 2021. The following table displays the restructuring liability activity included in accrued expenses and other liabilities for all plans for the six months ended June 30, 2022: Restructuring liability at January 1, 2022 $ 962 Restructuring charges 942 Cost paid ( 1,023 ) Other activity (1) — Restructuring liability at June 30, 2022 $ 881 (1) Other activity includes the effects of currency translation, non-cash asset write-downs and other charges that do not flow through restructuring expense.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	NOTE 10 – Accrued Expenses and Other Liabilities The components of accrued expenses and other liabilities are as follows: As of June 30, December 31, 2022 2021 Accrued product related costs $ 2,623 $ 3,188 Accrued income taxes 7,843 6,761 Accrued property and other taxes 2,361 2,370 Accrued professional fees 1,698 1,629 Accrued customer related liabilities 4,767 3,254 Dividends payable 1,287 1,289 Remediation reserves 11,348 10,979 Derivative liabilities — 437 Other accrued liabilities 4,244 6,811 Total accrued expenses and other liabilities $ 36,171 $ 36,718

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	NOTE 11 – Commitments and 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. Two of those sites, Asheville, North Carolina and Mountain View, California, are designated National Priorities List sites under the U.S. Environmental Protection Agency’s Superfund program. We accrue a liability for probable remediation activities, claims and proceedings against us with respect to environmental matters if the amount can be reasonably estimated, and provide disclosures including the nature of a loss whenever it is probable or reasonably possible that a potentially material loss may have occurred but cannot be estimated. We record contingent loss accruals on an undiscounted basis. A roll-forward of remediation reserves included in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets is comprised of the following: As of June 30, December 31, 2022 2021 Balance at beginning of period $ 10,979 $ 10,642 Remediation expense 1,382 2,254 Net remediation payments ( 1,019 ) ( 1,929 ) Other activity (1) 6 12 Balance at end of the period $ 11,348 $ 10,979 (1) Other activity includes currency translation adjustments not recorded through remediation expense. Unrelated to the environmental claims described above, certain other legal claims are pending against us with respect to matters arising out of the ordinary conduct of our business. We provide product warranties when we sell our products and accrue for estimated liabilities at the time of sale. Warranty estimates are forecasts based on the best available information and historical claims experience. We accrue for specific warranty claims if we believe that the facts of a specific claim make it probable that a liability in excess of our historical experience has been or will be incurred, and provide disclosures for specific claims whenever it is reasonably possible that a material loss may be incurred which cannot be estimated. We cannot provide assurance that the ultimate disposition of environmental, legal, and product warranty claims will not materially exceed the amount of our accrued losses and adversely impact our consolidated financial position, results of operations, or cash flows. Our accrued liabilities and disclosures will be adjusted accordingly if additional information becomes available in the future.

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	NOTE 12 - Debt Long-term debt is comprised of the following: As of June 30, December 31, 2022 2021 Total credit facility $ 400,000 $ 400,000 Balance outstanding 91,027 50,000 Standby letters of credit 1,640 1,740 Amount available, subject to covenant restrictions $ 307,333 $ 348,260 Weighted-average interest rate 1.57 % 1.16 % On December 15, 2021, we entered into a second amended and restated five-year credit agreement with a group of banks (the “Revolving Credit Facility”) to (i) increase the total credit facility to $ 400,000 , which may be increased by $ 200,000 at the request of the Company, subject to the administrative agent's approval, (ii) extend the maturity of the Revolving Credit Facility from February 12, 2024 to December 15, 2026 , (iii) replace LIBOR with SOFR as the primary reference rate used to calculate interest on the loans under the Revolving Credit Facility, (iv) increase available sublimits for letters of credit, and swingline loans as well as providing for additional alternative currency borrowing capabilities, and (v) modify the financial and non-financial covenants to provide the Company additional flexibility. Borrowings in U.S. dollars under the Revolving Credit Facility bear interest, at a per annum rate equal to the applicable Term SOFR rate (but not less than 0.0 %), plus the Term SOFR adjustment, and plus an applicable margin, which ranges from 1.00 % to 1.75 %, based on our net leverage ratio. Similarly, borrowings of alternative currencies under the Revolving Credit Facility bear interest equal to a defined risk-free reference rate, plus the applicable risk-free rate adjustment and plus an applicable margin, which ranges from 1.00 % to 1.75 %, based on our net leverage ratio. The Revolving Credit Facility includes a swing line sublimit of $ 20,000 and a letter of credit sublimit of $ 20,000 . We also pay a quarterly commitment fee on the unused portion of the Revolving Credit Facility. The commitment fee ranges from 0.175 % to 0.25 % based on our net leverage ratio. The Revolving Credit Facility requires, in addition to customary representations and warranties, that we comply with a maximum net leverage ratio and a minimum interest 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 June 30, 2022. The Revolving Credit Facility requires that we deliver quarterly financial statements, annual financial statements, auditor 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. We have debt issuance costs related to our long-term debt that are being amortized using the straight-line method over the life of the debt, which approximates the effective interest method. Amortization expense for the three and six months ended June 30, 2022 was $ 48 and $ 97 , respectively. Amortization expense for the three and six months ended June 30, 2021 was $ 42 and $ 84 , respectively. These costs are included in interest expense in our Consolidated Statements of Earnings.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Note 13 - 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 as well as interest rate and cross-currency 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. The effective portion of derivative gains and losses are recorded in accumulated other comprehensive loss until the hedged transaction affects earnings upon settlement, at which time they are reclassified to cost of goods sold or net sales. If it is probable that an anticipated hedged transaction 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 loss to other income (expense), net. We assess hedge effectiveness qualitatively by verifying that the critical terms of the hedging instrument and the forecasted transaction continue to match, and that there have been no adverse developments that have increased the risk that the counterparty will default. No recognition of ineffectiveness was recorded in our Condensed Consolidated Statements of Earnings for the three and six months ended June 30, 2022. Foreign Currency Hedges We use 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. We continue to monitor the Company’s overall currency exposure and may elect to add cash flow hedges in the future. At June 30, 2022 , we had a net unrealized gain of $ 401 in accumulated other comprehensive (loss) income, all of which is expected to be reclassified to earnings within the next 12 months. The notional amount of foreign currency forward contracts outstanding was $ 9,379 at June 30, 2022. Interest Rate Swaps We use interest rate swaps to convert a portion of our Revolving Credit Facility’s outstanding balance from a variable rate of interest to a fixed rate. As of June 30, 2022 , we have agreements to fix interest rates on $ 50,000 of long-term debt until December 2026. 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 are recorded in other comprehensive (loss) income. The estimated net amount of the existing gains that are reported in accumulated other comprehensive (loss) income that are expected to be reclassified into earnings within the next twelve months is approximately $ 523 . Cross-Currency Swap The Company has operations and investments in various international locations and is subject to risks associated with changing foreign exchange rates. On June 27, 2022, the Company entered into a cross currency interest rate swap agreement that synthetically swapped $ 25,000 of variable rate debt to Krone denominated variable rate debt. Upon completion of the Ferroperm acquisition on June 30, 2022, the transaction was designated as a net investment hedge for accounting purposes and will mature on June 30, 2027 . Accordingly, any gains or losses on this derivative instrument will be included in the foreign currency translation component of other comprehensive income until the net investment is sold, diluted or liquidated. Interest payments received for the cross currency swap are excluded from the net investment hedge effectiveness assessment and are recorded in interest expense in the Condensed Consolidated Statements of Earnings. The assumptions used in measuring fair value of the cross currency swap are considered level 2 inputs, which are based upon the Krone to United States Dollar exchange rate market. Prior to designation as a net investment hedge, a gain of $ 111 was recorded in other expense within the Condensed Consolidated Statements of Earnings for three and six months ended June 30, 2022. The location and fair values of derivative instruments designated as hedging instruments in the Condensed Consolidated Balance Sheets as of June 30, 2022, are shown in the following table: As of June 30, December 31, 2022 2021 Interest rate swaps reported in Other current assets $ 679 $ — Interest rate swaps reported in Other assets $ 684 $ — Interest rate swaps reported in Accrued Expenses and other liabilities $ — $ ( 437 ) Interest rate swaps reported in Other long-term obligations $ — $ ( 353 ) Foreign currency hedges reported in Other current assets $ 514 $ 135 Net investment hedge reported in Other assets $ 111 $ — 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 $ 514 and foreign currency derivative liabilities of $ 0 at June 30, 2022. The effect of derivative instruments on the Condensed Consolidated Statements of Earnings is as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2022 2021 2022 2021 Foreign Exchange Contracts: Amounts reclassified from AOCI to earnings: Cost of goods sold 162 329 308 550 Total gain reclassified from AOCI to earnings 162 329 308 550 Total derivative gain on foreign exchange contracts recognized in earnings $ 162 $ 329 $ 308 $ 550 Interest Rate Swaps: Income (expense) recorded in Interest expense $ ( 101 ) $ ( 187 ) $ ( 273 ) $ ( 363 ) Total net gains on derivatives $ 61 $ 142 $ 35 $ 187 Derivative Contracts Not Designated as Hedges In the second quarter of 2022, the Company used derivative contracts to manage foreign currency exchange risk related to funds to be used for the purchase price of the Ferroperm acquisition. These contracts were not designated as hedges and therefore changes in the fair values of these instruments were recognized directly in earnings. All contracts were settled in conjunction with the acquisition. As a result of these contracts, the Company recognized a $ 1,776 loss in other expense in the Condensed Consolidated Statements of Earnings.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Accumulated Other Comprehensive Loss	NOTE 14 – Accumulated Other Comprehensive Loss Shareholders’ equity includes certain items classified as accumulated other comprehensive loss (“AOCI”) in the Condensed Consolidated Balance Sheets, including: • Unrealized gains (losses) on hedges relate to interest rate swaps to convert a portion of our Revolving Credit Facility's outstanding balance from a 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 transactions occur, at which time amounts are reclassified into earnings. Further information related to our derivative financial instruments is included in Note 13 - Derivative Financial Instruments and Note 17 – 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 7 – Retirement Plans. • Cumulative translation adjustments relate 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 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 losses for the three and six months ended June 30, 2022 were $ 3,817 and $ 3,529 , respectively. Transaction losses and (gains) for the three and six months ended June 30, 2021 were $ 928 and $( 401 ), respectively. The impact of these changes have been included in other income (expense) in the Condensed Consolidated Statements of Earnings. The components of accumulated other comprehensive loss for the three months ended June 30, 2022 are as follows: (Gain) Loss As of Gain (Loss) Reclassified As of March 31, Recognized from AOCI June 30, 2022 in OCI to Earnings 2022 Changes in fair market value of derivatives: Gross $ 969 $ 976 $ ( 61 ) $ 1,884 Income tax benefit (expense) ( 221 ) ( 224 ) 14 ( 431 ) Net 748 752 ( 47 ) 1,453 Changes in unrealized pension cost: Gross ( 2,624 ) 1,977 143 ( 504 ) Income tax benefit (expense) 712 — ( 38 ) 674 Net ( 1,912 ) 1,977 105 170 Cumulative translation adjustment: Gross ( 2,281 ) ( 2,012 ) — ( 4,293 ) Income tax benefit (expense) — — — — Net ( 2,281 ) ( 2,012 ) — ( 4,293 ) Total accumulated other comprehensive (loss) income $ ( 3,445 ) $ 717 $ 58 $ ( 2,670 ) The components of accumulated other comprehensive loss for the three months ended June 30, 2021, are as follows: (Gain) Loss As of Gain (Loss) Reclassified As of March 31, Recognized from AOCI June 30, 2021 in OCI to Earnings 2021 Changes in fair market value of derivatives: Gross $ ( 877 ) $ 490 $ ( 142 ) $ ( 529 ) Income tax (expense) benefit 203 ( 113 ) 33 123 Net ( 674 ) 377 ( 109 ) ( 406 ) Changes in unrealized pension cost: Gross ( 126,157 ) 499 21,606 ( 104,052 ) Income tax benefit (expense) 34,492 ( 115 ) ( 4,966 ) 29,411 Net ( 91,665 ) 384 16,640 ( 74,641 ) Cumulative translation adjustment: Gross ( 2,024 ) 1 — ( 2,023 ) Income tax benefit (expense) — — — — Net ( 2,024 ) 1 — ( 2,023 ) Total accumulated other comprehensive (loss) income $ ( 94,363 ) $ 762 $ 16,531 $ ( 77,070 ) The components of accumulated other comprehensive loss for the six months ended June 30, 2022, are as follows: (Gain) Loss As of Gain (Loss) Reclassified As of December 31, Recognized from AOCI June 30, 2021 in OCI to Earnings 2022 Changes in fair market value of derivatives: Gross $ ( 635 ) $ 2,554 ( 35 ) $ 1,884 Income tax (expense) benefit 147 ( 587 ) 9 ( 431 ) Net ( 488 ) 1,967 ( 26 ) 1,453 Changes in unrealized pension cost: Gross ( 2,744 ) 1,977 263 ( 504 ) Income tax benefit (expense) 738 — ( 64 ) 674 Net ( 2,006 ) 1,977 199 170 Cumulative translation adjustment: Gross ( 2,032 ) ( 2,261 ) — ( 4,293 ) Income tax benefit (expense) — — — — Net ( 2,032 ) ( 2,261 ) — ( 4,293 ) Total accumulated other comprehensive (loss) income $ ( 4,526 ) $ 1,683 $ 173 $ ( 2,670 ) The components of accumulated other comprehensive loss for the six months ended June 30, 2021, are as follows: (Gain) Loss As of Gain Reclassified As of December 31, Recognized from AOCI June 30, 2020 in OCI to Earnings 2021 Changes in fair market value of derivatives: Gross $ ( 1,038 ) $ 696 ( 187 ) $ ( 529 ) Income tax (expense) benefit 240 ( 160 ) 43 123 Net ( 798 ) 536 ( 144 ) ( 406 ) Changes in unrealized pension cost: Gross ( 128,004 ) 499 23,453 ( 104,052 ) Income tax benefit (expense) 34,917 ( 115 ) ( 5,391 ) 29,411 Net ( 93,087 ) 384 18,062 ( 74,641 ) Cumulative translation adjustment: Gross ( 2,036 ) 13 — ( 2,023 ) Income tax benefit (expense) — — — — Net ( 2,036 ) 13 — ( 2,023 ) Total accumulated other comprehensive (loss) income $ ( 95,921 ) $ 933 $ 17,918 $ ( 77,070 )

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Shareholders' Equity	NOTE 15 – Shareholders’ Equity Share count and par value data related to shareholders’ equity are as follows: As of June 30, December 31, 2022 2021 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 57,310,174 57,245,060 Shares outstanding 31,911,401 32,178,715 Treasury stock Shares held 25,398,773 25,066,345 On May 13, 2021, the Board of Directors approved a new share repurchase program that authorizes the Company to repurchase up to $ 50,000 of the Company’s common stock. The repurchase program has no set expiration date and replaces the repurchase program approved by the Board of Directors on February 7, 2019. During the three and six months ended June 30, 2022, 216,252 and 332,428 shares of common stock were repurchased for $ 7,748 and $ 11,668 , respectively. During the three and six months ended June 30, 2021, there were no shares of common stock that were repurchased. As of June 30, 2022, approximately $ 29,546 remains available for future purchases. A roll-forward of common shares outstanding is as follows: Six months ended June 30, June 30, 2022 2021 Balance at the beginning of the year 32,178,715 32,276,787 Repurchases ( 332,428 ) — Restricted share issuances 65,114 158,969 Balance at the end of the period 31,911,401 32,435,756 Certain potentially dilutive restricted stock units are excluded from diluted earnings per share because they are anti-dilutive. The number of outstanding awards that were anti-dilutive for the three months ended June 30, 2022 and 2021 were 2,500 and 93 , respectively. The number of outstanding awards that were anti-dilutive for the six months ended June 30, 2022 and 2021 were 2,500 and 46,810 , respectively

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	NOTE 16- Stock-Based Compensation At June 30, 2022, we had five active stock-based compensation plans: the Non-Employee 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”), the 2014 Performance and Incentive Compensation Plan (“2014 Plan”), and the 2018 Equity and Incentive Compensation Plan ("2018 Plan"). Future grants can only be made under the 2018 Plan. These plans allow for grants of stock options, stock appreciation rights, restricted stock, restricted stock units ("RSUs"), performance shares, performance units, and other stock awards subject to the terms of the specific plans under which the awards are granted. 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 Six months ended June 30, June 30, June 30, June 30, 2022 2021 2022 2021 Service-based RSUs $ 691 $ 738 $ 1,368 $ 1,425 Performance-based RSUs 820 1,066 2,041 1,559 Cash-settled RSUs 105 99 157 138 Total $ 1,616 $ 1,903 $ 3,566 $ 3,122 Income tax benefit 372 438 820 718 Net expense $ 1,244 $ 1,465 $ 2,746 $ 2,404 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 June 30, 2022 Period (years) Service-based RSUs $ 2,711 1.44 Performance-based RSUs 5,117 1.89 Total $ 7,828 1.73 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 June 30, 2022: 2018 Plan 2014 Plan 2009 Plan 2004 Plan Directors' Awards originally available 2,500,000 1,500,000 3,400,000 6,500,000 N/A Maximum potential awards outstanding 716,826 35,100 45,200 14,545 4,722 RSUs and cash settled awards vested and released 117,828 — — — — Awards available for grant 1,665,346 — — — — Service-Based Restricted Stock Units The following table summarizes the service-based RSU activity for the three months ended June 30, 2022: Units Weighted Outstanding at December 31, 2021 283,216 $ 24.91 Granted 68,124 33.70 Vested and released ( 58,144 ) 29.96 Forfeited ( 7,838 ) 30.35 Outstanding at June 30, 2022 285,358 $ 25.83 Releasable at June 30, 2022 132,834 $ 17.55 Performance and Market-Based Restricted Stock Units The following table summarizes the performance and market-based RSU activity for the three months ended June 30, 2022: Units Weighted Outstanding at December 31, 2021 237,767 $ 31.35 Granted 81,702 37.15 Attained by performance 5,136 29.50 Released ( 51,848 ) 30.64 Forfeited ( 14,351 ) 32.62 Outstanding at June 30, 2022 258,406 $ 33.20 Releasable at June 30, 2022 — $ — 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 June 30, 2022 and December 31, 2021, we had 46,524 and 32,085 cash-settled RSUs outstanding, respectively. At June 30, 2022 and December 31, 2021, liabilities of $ 299 and $ 400 , respectively, were included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheets.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 17 — Fair Value Measurements The table below summarizes our financial assets and liabilities that were measured at fair value on a recurring basis at June 30, 2022: Asset (Liability) Carrying Quoted Prices Significant Significant Interest rate swaps $ 1,363 $ — $ 1,363 $ — Foreign currency hedges $ 514 $ — $ 514 $ — Cross-currency swap $ 111 $ — $ 111 $ — Qualified replacement plan assets $ 16,149 $ 16,149 $ — $ — Contingent consideration $ ( 300 ) $ — $ — $ ( 300 ) The table below summarizes the financial assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2021: (Liability) Asset Carrying Quoted Prices Significant Significant Interest rate swaps $ ( 790 ) $ — $ ( 790 ) $ — Foreign currency hedges $ 135 $ — $ 135 $ — Contingent consideration $ ( 1,200 ) $ — $ — $ ( 1,200 ) We use interest rate swaps to convert a portion of our Revolving Credit Facility’s outstanding balance from a 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. The Company entered into a cross currency swap agreement in order to manage its exposure to changes in interest rates related to foreign debt. These derivative financial instruments are measured at fair value on a recurring basis. 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 fair value of the contingent consideration requires significant judgment. The Company's fair value estimates used in the contingent consideration valuation are considered Level 3 fair value measurements. The fair value estimates were based on assumptions management believes to be reasonable, but that are inherently uncertain, including estimates of future revenues and timing of events and activities that are expected to take place. A roll-forward of the contingent consideration is as follows: Contingent Balance at December 31, 2021 $ 1,200 Settled in cash ( 900 ) Balance at June 30, 2022 in accrued expenses and other liabilities $ 300 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. The QRP assets consist of investment funds maintained for future contributions to the Company’s U.S. 401(k) program. See Note 7 for further information on the QRP. The investments are Level 1 marketable securities and are recorded in Other assets on our Condensed Consolidated Balance Sheets.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 18 — Income Taxes The effective tax rates for the three and six months ended June 30, 2022 and 2021 are as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2022 2021 2022 2021 Effective tax rate 25.6 % 245.6 % 23.0 % 9.3 % Our effective income tax rate was 25.6 % and 245.6 % in the second quarters of 2022 and 2021, respectively. The decrease in effective income tax is primarily attributed to a one-time non-cash settlement expense related to lump sum payments for the CTS Corporation U.S. pension plan that occurred in the second quarter of 2021. The second quarter 2022 effective income tax rate was higher than the U.S. statutory federal tax rate primarily due to the impact of foreign withholding taxes and state taxes. The second quarter 2021 effective tax rate was higher, primarily due to the one-time non-cash settlement expense in the U.S. pension plan outlined above. Our effective income tax rate was 23.0 % and 9.3 % in the first half of 2022 and 2021, respectively. The increase is primarily attributed to a one-time non-cash settlement expense related to lump sum payments made for the CTS Corporation U.S. pension plan that occurred in Q2 2021. The tax rate in the first half of 2022 was higher than the U.S. statutory federal tax rate primarily due to the impact of foreign withholding taxes and state taxes. The tax rate in the first half of 2021 was lower than the U.S. statutory federal tax rate, primarily due to the one-time non-cash settlement expense in the U.S. pension plan outlined above.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2022
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, 2021. 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. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The reclassifications had no impact on previously reported net earnings. There have been no material changes in the Company’s significant accounting policies as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Summary of Disaggregated Revenues	The following table presents revenues disaggregated by the major markets we serve: Three months ended Six months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Transportation $ 74,690 $ 71,556 $ 153,824 $ 147,410 Industrial 41,402 32,448 81,409 62,075 Medical 17,030 12,802 32,897 24,078 Aerospace & Defense 11,860 12,779 24,547 24,449 Total $ 144,982 $ 129,585 $ 292,677 $ 258,012

Business Acquisitions (Tables)

Business Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2022
TEWA Temperature Sennsors SP.Zo.o.
Business Acquisition [Line Items]
Summary of Consideration Paid and Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the consideration paid and the fair values of the assets acquired, and the liabilities assumed as of the date of acquisition: Fair Values at Current assets $ 6,451 Property, plant and equipment 2,177 Other assets 28 Goodwill 6,106 Intangible assets 12,503 Fair value of assets acquired 27,265 Less fair value of liabilities acquired ( 2,781 ) Purchase price $ 24,484
Ferroperm Piezoceramics A/S Acquisition
Business Acquisition [Line Items]
Summary of Consideration Paid and Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the consideration paid and the fair values of the assets acquired, and the liabilities assumed as of the date of acquisition: Fair Values at Accounts Receivable $ 3,073 Inventory 6,848 Other current assets 1,001 Property, plant and equipment 3,953 Other assets 158 Goodwill 24,285 Intangible assets 36,393 Fair value of assets acquired 75,711 Less fair value of liabilities acquired ( 3,667 ) Purchase price $ 72,044

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Components of Accounts Receivable, Net	The components of accounts receivable, net are as follows: As of June 30, December 31, 2022 2021 Accounts receivable, gross $ 100,260 $ 83,848 Less: Allowance for credit losses ( 1,311 ) ( 1,657 ) Accounts receivable, net $ 98,949 $ 82,191

Inventories, Net (Tables)

Inventories, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Summary of Inventories, Net	Inventories, net consists of the following: As of June 30, December 31, 2022 2021 Finished goods $ 15,476 $ 11,955 Work-in-process 21,367 18,878 Raw materials 37,520 28,078 Less: Inventory reserves ( 10,205 ) ( 9,405 ) Inventories, net $ 64,158 $ 49,506

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment, Net	Property, plant and equipment, net is comprised of the following: As of June 30, December 31, 2022 2021 Land and land improvements $ 1,100 $ 1,095 Buildings and improvements 74,424 69,614 Machinery and equipment 250,718 247,708 Less: Accumulated depreciation ( 226,605 ) ( 221,541 ) Property, plant and equipment, net $ 99,637 $ 96,876

Retirement Plans (Tables)

Retirement Plans (Tables)	6 Months Ended
	Jun. 30, 2022
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Net Pension Expense or Postretirement Expense	Net pension expense for our domestic and foreign plans included in other expense, net in the Condensed Consolidated Statements of Earnings is as follows: Three months ended Six months ended June 30, June 30, June 30, June 30, 2022 2021 2022 2021 Net pension expense $ 65 $ 21,823 $ 130 $ 23,780 The components of net pension expense for our domestic and foreign plans include the following: Domestic Pension Plans Foreign Pension Plans Three Months Ended Three Months Ended June 30, June 30, June 30, June 30, 2022 2021 2022 2021 Service cost $ — $ — $ 6 $ 6 Interest cost 5 1,218 4 4 Expected return on plan assets (1) — ( 1,058 ) ( 3 ) ( 3 ) Amortization of loss 8 1,550 45 43 Settlement charges — 20,063 — — Total expense, net $ 13 $ 21,773 $ 52 $ 50 (1) Expected return on plan assets is net of expected investment expenses and certain administrative expenses. Domestic Pension Plans Foreign Pension Plans Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2022 2021 2022 2021 Service cost $ — $ — $ 12 $ 12 Interest cost 10 2,471 8 8 Expected return on plan assets (1) — ( 2,171 ) ( 6 ) ( 6 ) Amortization of loss 16 3,317 90 86 Settlement charges — 20,063 — — Total expense, net $ 26 $ 23,680 $ 104 $ 100 (1) Expected return on plan assets is net of expected investment expenses and certain administrative expenses.
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Net Pension Expense or Postretirement Expense	Net post-retirement expense for our other post-retirement plan includes the following components: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2022 2021 2022 2021 Service cost $ — $ — $ — $ — Interest cost 26 20 52 43 Amortization of gain — — — — Total expense, net $ 26 $ 20 $ 52 $ 43

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Other Intangible Assets	Other intangible assets, net consist of the following components: As of June 30, 2022 Gross Accumulated Net Amount Customer lists/relationships $ 144,735 $ ( 52,274 ) $ 92,461 Technology and other intangibles 47,441 ( 27,078 ) 20,363 Other intangible assets, net $ 192,176 $ ( 79,352 ) $ 112,824 Amortization expense for the three months ended $ 2,536 Amortization expense for the six months ended $ 4,918 As of December 31, 2021 Gross Accumulated Net Amount Customer lists/relationships $ 96,889 $ ( 49,213 ) $ 47,676 Technology and other intangibles 47,441 ( 25,229 ) 22,212 Other intangible assets, net $ 144,330 $ ( 74,442 ) $ 69,888 Amortization expense for the three months ended $ 2,348 Amortization expense for the six months ended $ 4,717
Summary of Amortization Expense Remaining for Other Intangible Assets	Remaining amortization expense for other intangible assets as of June 30, 2022 is as follows: Amortization 2022 $ 6,538 2023 11,107 2024 10,945 2025 10,723 2026 10,689 Thereafter 62,822 Total amortization expense $ 112,824
Summary Changes in Net Carrying Amount of Goodwill	Changes in the net carrying amount of goodwill were as follows: Total Goodwill as of December 31, 2021 $ 109,798 Increase from acquisitions 30,381 Foreign exchange impact ( 562 ) Goodwill as of June 30, 2022 $ 139,617

Costs Associated with Exit an_2

Costs Associated with Exit and Restructuring Activities (Tables)	6 Months Ended
	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges	Total restructuring charges are as follows: Three Months Ended June 30, 2022 June 30, 2021 Restructuring charges $ 630 $ 151 Six Months Ended June 30, 2022 June 30, 2021 Restructuring charges $ 942 $ 232
Schedule of Restructuring Liability Activity	The following table displays the restructuring liability activity included in accrued expenses and other liabilities for all plans for the six months ended June 30, 2022: Restructuring liability at January 1, 2022 $ 962 Restructuring charges 942 Cost paid ( 1,023 ) Other activity (1) — Restructuring liability at June 30, 2022 $ 881 (1) Other activity includes the effects of currency translation, non-cash asset write-downs and other charges that do not flow through restructuring expense.

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Components of Accrued Expenses and Other Liabilities	The components of accrued expenses and other liabilities are as follows: As of June 30, December 31, 2022 2021 Accrued product related costs $ 2,623 $ 3,188 Accrued income taxes 7,843 6,761 Accrued property and other taxes 2,361 2,370 Accrued professional fees 1,698 1,629 Accrued customer related liabilities 4,767 3,254 Dividends payable 1,287 1,289 Remediation reserves 11,348 10,979 Derivative liabilities — 437 Other accrued liabilities 4,244 6,811 Total accrued expenses and other liabilities $ 36,171 $ 36,718

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Roll-forward of Remediation Reserves Included in Accrued Expenses and Other Liabilities	A roll-forward of remediation reserves included in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets is comprised of the following: As of June 30, December 31, 2022 2021 Balance at beginning of period $ 10,979 $ 10,642 Remediation expense 1,382 2,254 Net remediation payments ( 1,019 ) ( 1,929 ) Other activity (1) 6 12 Balance at end of the period $ 11,348 $ 10,979 (1) Other activity includes currency translation adjustments not recorded through remediation expense.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Long-term debt is comprised of the following: As of June 30, December 31, 2022 2021 Total credit facility $ 400,000 $ 400,000 Balance outstanding 91,027 50,000 Standby letters of credit 1,640 1,740 Amount available, subject to covenant restrictions $ 307,333 $ 348,260 Weighted-average interest rate 1.57 % 1.16 %

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Location and Fair Values of Derivative Instruments	The location and fair values of derivative instruments designated as hedging instruments in the Condensed Consolidated Balance Sheets as of June 30, 2022, are shown in the following table: As of June 30, December 31, 2022 2021 Interest rate swaps reported in Other current assets $ 679 $ — Interest rate swaps reported in Other assets $ 684 $ — Interest rate swaps reported in Accrued Expenses and other liabilities $ — $ ( 437 ) Interest rate swaps reported in Other long-term obligations $ — $ ( 353 ) Foreign currency hedges reported in Other current assets $ 514 $ 135 Net investment hedge reported in Other assets $ 111 $ —
Schedule of Effect of Derivative Instruments on Consolidated Statements of Earnings	The effect of derivative instruments on the Condensed Consolidated Statements of Earnings is as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2022 2021 2022 2021 Foreign Exchange Contracts: Amounts reclassified from AOCI to earnings: Cost of goods sold 162 329 308 550 Total gain reclassified from AOCI to earnings 162 329 308 550 Total derivative gain on foreign exchange contracts recognized in earnings $ 162 $ 329 $ 308 $ 550 Interest Rate Swaps: Income (expense) recorded in Interest expense $ ( 101 ) $ ( 187 ) $ ( 273 ) $ ( 363 ) Total net gains on derivatives $ 61 $ 142 $ 35 $ 187

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss for the three months ended June 30, 2022 are as follows: (Gain) Loss As of Gain (Loss) Reclassified As of March 31, Recognized from AOCI June 30, 2022 in OCI to Earnings 2022 Changes in fair market value of derivatives: Gross $ 969 $ 976 $ ( 61 ) $ 1,884 Income tax benefit (expense) ( 221 ) ( 224 ) 14 ( 431 ) Net 748 752 ( 47 ) 1,453 Changes in unrealized pension cost: Gross ( 2,624 ) 1,977 143 ( 504 ) Income tax benefit (expense) 712 — ( 38 ) 674 Net ( 1,912 ) 1,977 105 170 Cumulative translation adjustment: Gross ( 2,281 ) ( 2,012 ) — ( 4,293 ) Income tax benefit (expense) — — — — Net ( 2,281 ) ( 2,012 ) — ( 4,293 ) Total accumulated other comprehensive (loss) income $ ( 3,445 ) $ 717 $ 58 $ ( 2,670 ) The components of accumulated other comprehensive loss for the three months ended June 30, 2021, are as follows: (Gain) Loss As of Gain (Loss) Reclassified As of March 31, Recognized from AOCI June 30, 2021 in OCI to Earnings 2021 Changes in fair market value of derivatives: Gross $ ( 877 ) $ 490 $ ( 142 ) $ ( 529 ) Income tax (expense) benefit 203 ( 113 ) 33 123 Net ( 674 ) 377 ( 109 ) ( 406 ) Changes in unrealized pension cost: Gross ( 126,157 ) 499 21,606 ( 104,052 ) Income tax benefit (expense) 34,492 ( 115 ) ( 4,966 ) 29,411 Net ( 91,665 ) 384 16,640 ( 74,641 ) Cumulative translation adjustment: Gross ( 2,024 ) 1 — ( 2,023 ) Income tax benefit (expense) — — — — Net ( 2,024 ) 1 — ( 2,023 ) Total accumulated other comprehensive (loss) income $ ( 94,363 ) $ 762 $ 16,531 $ ( 77,070 ) The components of accumulated other comprehensive loss for the six months ended June 30, 2022, are as follows: (Gain) Loss As of Gain (Loss) Reclassified As of December 31, Recognized from AOCI June 30, 2021 in OCI to Earnings 2022 Changes in fair market value of derivatives: Gross $ ( 635 ) $ 2,554 ( 35 ) $ 1,884 Income tax (expense) benefit 147 ( 587 ) 9 ( 431 ) Net ( 488 ) 1,967 ( 26 ) 1,453 Changes in unrealized pension cost: Gross ( 2,744 ) 1,977 263 ( 504 ) Income tax benefit (expense) 738 — ( 64 ) 674 Net ( 2,006 ) 1,977 199 170 Cumulative translation adjustment: Gross ( 2,032 ) ( 2,261 ) — ( 4,293 ) Income tax benefit (expense) — — — — Net ( 2,032 ) ( 2,261 ) — ( 4,293 ) Total accumulated other comprehensive (loss) income $ ( 4,526 ) $ 1,683 $ 173 $ ( 2,670 ) The components of accumulated other comprehensive loss for the six months ended June 30, 2021, are as follows: (Gain) Loss As of Gain Reclassified As of December 31, Recognized from AOCI June 30, 2020 in OCI to Earnings 2021 Changes in fair market value of derivatives: Gross $ ( 1,038 ) $ 696 ( 187 ) $ ( 529 ) Income tax (expense) benefit 240 ( 160 ) 43 123 Net ( 798 ) 536 ( 144 ) ( 406 ) Changes in unrealized pension cost: Gross ( 128,004 ) 499 23,453 ( 104,052 ) Income tax benefit (expense) 34,917 ( 115 ) ( 5,391 ) 29,411 Net ( 93,087 ) 384 18,062 ( 74,641 ) Cumulative translation adjustment: Gross ( 2,036 ) 13 — ( 2,023 ) Income tax benefit (expense) — — — — Net ( 2,036 ) 13 — ( 2,023 ) Total accumulated other comprehensive (loss) income $ ( 95,921 ) $ 933 $ 17,918 $ ( 77,070 )

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, December 31, 2022 2021 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 57,310,174 57,245,060 Shares outstanding 31,911,401 32,178,715 Treasury stock Shares held 25,398,773 25,066,345
Summary of Common Shares Outstanding	A roll-forward of common shares outstanding is as follows: Six months ended June 30, June 30, 2022 2021 Balance at the beginning of the year 32,178,715 32,276,787 Repurchases ( 332,428 ) — Restricted share issuances 65,114 158,969 Balance at the end of the period 31,911,401 32,435,756

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of 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 Six months ended June 30, June 30, June 30, June 30, 2022 2021 2022 2021 Service-based RSUs $ 691 $ 738 $ 1,368 $ 1,425 Performance-based RSUs 820 1,066 2,041 1,559 Cash-settled RSUs 105 99 157 138 Total $ 1,616 $ 1,903 $ 3,566 $ 3,122 Income tax benefit 372 438 820 718 Net expense $ 1,244 $ 1,465 $ 2,746 $ 2,404
Summary of Unrecognized Compensation Expense related to Non-Vested RSUs	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 June 30, 2022 Period (years) Service-based RSUs $ 2,711 1.44 Performance-based RSUs 5,117 1.89 Total $ 7,828 1.73
Summary of Status of Plans	The following table summarizes the status of these plans as of June 30, 2022: 2018 Plan 2014 Plan 2009 Plan 2004 Plan Directors' Awards originally available 2,500,000 1,500,000 3,400,000 6,500,000 N/A Maximum potential awards outstanding 716,826 35,100 45,200 14,545 4,722 RSUs and cash settled awards vested and released 117,828 — — — — Awards available for grant 1,665,346 — — — —
Summary of Service-Based Restricted Stock Units	The following table summarizes the service-based RSU activity for the three months ended June 30, 2022: Units Weighted Outstanding at December 31, 2021 283,216 $ 24.91 Granted 68,124 33.70 Vested and released ( 58,144 ) 29.96 Forfeited ( 7,838 ) 30.35 Outstanding at June 30, 2022 285,358 $ 25.83 Releasable at June 30, 2022 132,834 $ 17.55
Summary of Performance and Market Based RSUs	The following table summarizes the performance and market-based RSU activity for the three months ended June 30, 2022: Units Weighted Outstanding at December 31, 2021 237,767 $ 31.35 Granted 81,702 37.15 Attained by performance 5,136 29.50 Released ( 51,848 ) 30.64 Forfeited ( 14,351 ) 32.62 Outstanding at June 30, 2022 258,406 $ 33.20 Releasable at June 30, 2022 — $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	The table below summarizes our financial assets and liabilities that were measured at fair value on a recurring basis at June 30, 2022: Asset (Liability) Carrying Quoted Prices Significant Significant Interest rate swaps $ 1,363 $ — $ 1,363 $ — Foreign currency hedges $ 514 $ — $ 514 $ — Cross-currency swap $ 111 $ — $ 111 $ — Qualified replacement plan assets $ 16,149 $ 16,149 $ — $ — Contingent consideration $ ( 300 ) $ — $ — $ ( 300 ) The table below summarizes the financial assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2021: (Liability) Asset Carrying Quoted Prices Significant Significant Interest rate swaps $ ( 790 ) $ — $ ( 790 ) $ — Foreign currency hedges $ 135 $ — $ 135 $ — Contingent consideration $ ( 1,200 ) $ — $ — $ ( 1,200 )
Roll-forward of the Contingent Consideration	A roll-forward of the contingent consideration is as follows: Contingent Balance at December 31, 2021 $ 1,200 Settled in cash ( 900 ) Balance at June 30, 2022 in accrued expenses and other liabilities $ 300

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate	The effective tax rates for the three and six months ended June 30, 2022 and 2021 are as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2022 2021 2022 2021 Effective tax rate 25.6 % 245.6 % 23.0 % 9.3 %

Revenue Recognition - Summary o

Revenue Recognition - Summary of Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 144,982	$ 129,585	$ 292,677	$ 258,012
Transportation
Disaggregation of Revenue [Line Items]
Revenues	74,690	71,556	153,824	147,410
Industrial
Disaggregation of Revenue [Line Items]
Revenues	41,402	32,448	81,409	62,075
Medical
Disaggregation of Revenue [Line Items]
Revenues	17,030	12,802	32,897	24,078
Aerospace and Defense
Disaggregation of Revenue [Line Items]
Revenues	$ 11,860	$ 12,779	$ 24,547	$ 24,449

Business Acquisitions - Additio

Business Acquisitions - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended
	Jun. 30, 2022	Feb. 28, 2022	Mar. 31, 2022
TEWA Temperature Sennsors SP.Zo.o.
Business Acquisition [Line Items]
Percentage of outstanding shares acquired		100%
Purchase price of fair values of assets and liabilities acquired		$ 24,484
Cash acquired from acquisition		2,945
Inventory		1,113
TEWA Temperature Sennsors SP.Zo.o. | Customer Lists/Relationships
Business Acquisition [Line Items]
Intangible assets provisional value		$ 12,503
Estimated weighted average amortization period		12 years
TEWA Temperature Sennsors SP.Zo.o. | Cost of Goods Sold
Business Acquisition [Line Items]
Non-cash charge			$ 580
Ferroperm Piezoceramics A/S Acquisition
Business Acquisition [Line Items]
Percentage of outstanding shares acquired	100%
Purchase price of fair values of assets and liabilities acquired	$ 72,044
Cash acquired from acquisition	5,578
Inventory	3,012
Intangible assets provisional value	$ 36,393
Estimated weighted average amortization period	12 years

Business Acquisitions - Summary

Business Acquisitions - Summary of Consideration Paid and Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Feb. 28, 2022	Dec. 31, 2021
Fair Values
Goodwill	$ 139,617		$ 109,798
TEWA Temperature Sennsors SP.Zo.o.
Fair Values
Current assets		$ 6,451
Property, plant and equipment		2,177
Other assets		28
Goodwill		6,106
Intangible assets		12,503
Fair value of assets acquired		27,265
Less fair value of liabilities acquired		(2,781)
Purchase price		$ 24,484
Ferroperm Piezoceramics A/S Acquisition
Fair Values
Accounts Receivable	3,073
Inventory	6,848
Other current assets	1,001
Property, plant and equipment	3,953
Other assets	158
Goodwill	24,285
Intangible assets	36,393
Fair value of assets acquired	75,711
Less fair value of liabilities acquired	(3,667)
Purchase price	$ 72,044

Accounts Receivable, Net - Comp

Accounts Receivable, Net - Components of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Accounts receivable, gross	$ 100,260	$ 83,848
Less: Allowance for credit losses	(1,311)	(1,657)
Accounts receivable, net	$ 98,949	$ 82,191

Inventories, Net - Summary of I

Inventories, Net - Summary of Inventories, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 15,476	$ 11,955
Work-in-process	21,367	18,878
Raw materials	37,520	28,078
Less: Inventory reserves	(10,205)	(9,405)
Inventories, net	$ 64,158	$ 49,506

Property, Plant and Equipment_3

Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation	$ (226,605)	$ (221,541)
Property, plant and equipment, net	99,637	96,876
Land and Land Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	1,100	1,095
Buildings and Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	74,424	69,614
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	$ 250,718	$ 247,708

Property, Plant and Equipment_4

Property, Plant and Equipment, Net - Additional Information - (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 8,847	$ 8,795

Retirement Plans - Net Pension

Retirement Plans - Net Pension Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Net pension expense	$ 65	$ 21,823	$ 130	$ 23,780

Retirement Plans - Net Pensio_2

Retirement Plans - Net Pension Expense Domestic and Foreign (Details) - Pension Plans - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net pension expense (income)
Total expense, net	$ 65	$ 21,823	$ 130	$ 23,780
UNITED STATES
Net pension expense (income)
Service cost	0	0	0	0
Interest cost	5	1,218	10	2,471
Expected return on plan assets	0	(1,058)	0	(2,171)
Amortization of loss	8	1,550	16	3,317
Settlement charges	0	20,063	0	20,063
Total expense, net	13	21,773	26	23,680
Foreign Plan
Net pension expense (income)
Service cost	6	6	12	12
Interest cost	4	4	8	8
Expected return on plan assets	(3)	(3)	(6)	(6)
Amortization of loss	45	43	90	86
Settlement charges	0	0	0	0
Total expense, net	$ 52	$ 50	$ 104	$ 100

Retirement Plans - Additional I

Retirement Plans - Additional Information (Details) $ in Thousands		1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 01, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($) Participant	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jul. 29, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Benefit obligations							$ 2,700
Remaining unrecognized pension losses reclassified in accumulated other comprehensive loss						$ 106,206
Defined benefit plan, plan assets transferred to (from) plan	$ 17,500
Prepaid pension asset				$ 33,860	$ 49,382
Pension Plans | UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, termination process description				In February 2021, we received a determination letter from the Internal Revenue Service that allowed us to proceed with the termination process for the Plan. During the second quarter of 2021, the Company offered the option of receiving a lump sum payment to eligible participants with vested qualified Plan benefits in lieu of receiving monthly annuity payments.
Number of participants elected to receive settlement | Participant			365
Lump sum payments from plan assets		$ 35,594
Non-operating settlement charge			$ 20,063

Retirement Plans - Other Postre

Retirement Plans - Other Postretirement Benefit Plan (Details) - Other Postretirement Benefits Plan - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	26	20	52	43
Amortization of gain	0	0	0	0
Total expense, net	$ 26	$ 20	$ 52	$ 43

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 192,176		$ 192,176		$ 144,330
Accumulated Amortization	(79,352)		(79,352)		(74,442)
Net Amount	112,824		112,824		69,888
Amortization expense	2,536	$ 2,348	4,918	$ 4,717
Customer Lists/Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	144,735		144,735		96,889
Accumulated Amortization	(52,274)		(52,274)		(49,213)
Net Amount	92,461		92,461		47,676
Technology and Other Intangibles
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	47,441		47,441		47,441
Accumulated Amortization	(27,078)		(27,078)		(25,229)
Net Amount	$ 20,363		$ 20,363		$ 22,212

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Summary of Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule
2022	$ 6,538
2023	11,107
2024	10,945
2025	10,723
2026	10,689
Thereafter	62,822
Net Amount	$ 112,824	$ 69,888

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Summary Changes in Net Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill Roll Forward
Beginning balance	$ 109,798
Increase from acquisitions	30,381
Foreign exchange impact	(562)
Ending balance	$ 139,617

Costs Associated with Exit an_3

Costs Associated with Exit and Restructuring Activities - Schedule of Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 630	$ 151	$ 942	$ 232

Costs Associated with Exit an_4

Costs Associated with Exit and Restructuring Activities -Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		22 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2020
Restructuring Cost And Reserve [Line Items]
Restructuring charges	$ 630,000	$ 151,000	$ 942,000	$ 232,000
Restructuring reserve	881,000		881,000		$ 881,000	$ 962,000
Exit and Disposal Activities, Building and Equipment Relocation and Workforce Reduction
Restructuring Cost And Reserve [Line Items]
Restructuring charges	470,000	$ 161,000	782,000	$ 262,000
Restructuring reserve	723,000		723,000		723,000	962,000
September 2020 Plan
Restructuring Cost And Reserve [Line Items]
Restructuring charges	158,000		158,000		1,555,000
Restructuring reserve	$ 158,000		$ 158,000		$ 158,000	$ 0
September 2020 Plan | Minimum
Restructuring Cost And Reserve [Line Items]
Restructuring and related cost, expected cost of plan							$ 3,500,000
September 2020 Plan | Maximum
Restructuring Cost And Reserve [Line Items]
Restructuring and related cost, expected cost of plan							$ 4,500,000

Costs Associated with Exit an_5

Costs Associated with Exit and Restructuring Activities - Schedule of Restructuring Liability Activities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring liability			$ 962
Restructuring charges	$ 630	$ 151	942	$ 232
Other activity			(1,023)
Restructuring liability	$ 881		$ 881

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities - Components of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued product related costs	$ 2,623	$ 3,188
Accrued income taxes	7,843	6,761
Accrued property and other taxes	2,361	2,370
Accrued professional fees	1,698	1,629
Accrued customer related liabilities	4,767	3,254
Dividends payable	1,287	1,289
Remediation reserves	11,348	10,979	$ 10,642
Derivative liabilities		437
Other accrued liabilities	4,244	6,811
Total accrued expenses and other liabilities	$ 36,171	$ 36,718

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 Site
U.S. Environmental Protection Agency
Loss Contingencies [Line Items]
Number of sites under National Priorities List of Superfund program	2

Commitments and Contingencies_2

Commitments and Contingencies - Roll-forward of Remediation Reserves Included in Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Balance at beginning of period	$ 10,979	$ 10,642
Remediation expense	1,382	2,254
Net remediation payments	(1,019)	(1,929)
Other activity	6	12
Balance at end of the period	$ 11,348	$ 10,979

Debt - Summary of Long-Term Deb

Debt - Summary of Long-Term Debt (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021	Dec. 15, 2021
Long-term debt
Total credit facility	$ 400,000,000	$ 400,000,000
Balance outstanding	91,027,000	50,000,000
Standby letters of credit	1,640,000	1,740,000
Amount available, subject to covenant restrictions	307,333,000	348,260,000
Revolving Credit Facility Due 2024
Long-term debt
Total credit facility			$ 400,000,000
Balance outstanding	$ 91,027,000	$ 50,000,000
Weighted-average interest rate	1.57%	1.16%

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)			3 Months Ended		6 Months Ended
	Dec. 15, 2021	May 23, 2016	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Line of Credit Facility
Line of credit maximum borrowing amount			$ 400,000,000		$ 400,000,000		$ 400,000,000
Debt amortization expense			$ 48,000	$ 42,000	$ 97,000	$ 84,000
Revolving Credit Facility Due 2024
Line of Credit Facility
Line of credit maximum borrowing amount	$ 400,000,000
Line of credit facility contingent increase to maximum borrowing capacity	$ 200,000,000
Maturity date	Dec. 15, 2026	Feb. 12, 2024
Revolving Credit Facility Due 2024 | Minimum
Line of Credit Facility
Commitment fee percentage per annum	0.175%
Revolving Credit Facility Due 2024 | Maximum
Line of Credit Facility
Commitment fee percentage per annum	0.25%
Revolving Credit Facility | SOFR | Minimum
Line of Credit Facility
Interest rate					0%
Revolving Credit Facility | U S Dollar Denominated Debt | SOFR | Minimum
Line of Credit Facility
Interest rate plus an applicable margin					1%
Revolving Credit Facility | U S Dollar Denominated Debt | SOFR | Maximum
Line of Credit Facility
Interest rate plus an applicable margin					1.75%
Revolving Credit Facility | Foreign Currency Denominated Debt | SOFR | Minimum
Line of Credit Facility
Interest rate plus an applicable margin					1%
Revolving Credit Facility | Foreign Currency Denominated Debt | SOFR | Maximum
Line of Credit Facility
Interest rate plus an applicable margin					1.75%
Revolving Credit Facility Due 2024 Swingline Sublimit
Line of Credit Facility
Line of credit maximum borrowing amount	$ 20,000,000
Revolving Credit Facility Due 2024 Letter Of Credit Sublimit
Line of Credit Facility
Line of credit maximum borrowing amount	$ 20,000,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 27, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative hedge, Ineffectiveness recognized	$ 0	$ 0
Unrealized gain on foreign currency derivatives, net, before tax		401,000
Derivative liabilities				$ 437,000
Foreign Currency Derivatives
Derivative [Line Items]
Derivative asset	514,000	514,000
Derivative liabilities	0	$ 0
Cross Currency Interest Rate Swap Agreement | Krone
Derivative [Line Items]
Variable Rate debt			$ 25,000,000
Designated As Net Investment Hedge | Ferroperm Acquisition
Derivative [Line Items]
Derivative maturity date		Jun. 30, 2027
Designated As Net Investment Hedge | Cross Currency Interest Rate Swap Agreement | Other Expense
Derivative [Line Items]
Gain (loss) on foreign currency derivatives	111,000
Designated As Hedging | Cash Flow Hedging | Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount	50,000,000	$ 50,000,000
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months	523,000	523,000
Designated As Hedging | Cash Flow Hedging | Foreign Currency Forward Contracts
Derivative [Line Items]
Derivative, notional amount	9,379,000	$ 9,379,000
Not Designated As Hedges | Ferroperm Acquisition | Other Expense
Derivative [Line Items]
Loss on derivative	$ 1,776,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Location and Fair Values of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Derivatives Fair Value [Line Items]
Derivative liabilities		$ (437)
Cash Flow Hedging | Other Current Assets
Derivatives Fair Value [Line Items]
Derivative asset	$ 514	135
Net Investment Hedge | Other Assets
Derivatives Fair Value [Line Items]
Derivative asset	111	0
Interest Rate Swap | Cash Flow Hedging | Other Current Assets
Derivatives Fair Value [Line Items]
Derivative asset	679	0
Interest Rate Swap | Cash Flow Hedging | Other Assets
Derivatives Fair Value [Line Items]
Derivative asset	684	0
Interest Rate Swap | Cash Flow Hedging | Accrued Expenses and Other Liabilities
Derivatives Fair Value [Line Items]
Derivative liabilities	0	(437)
Interest Rate Swap | Cash Flow Hedging | Other Long-term Obligations
Derivatives Fair Value [Line Items]
Derivative liabilities	$ 0	$ (353)

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Effect of Derivative Instruments on Consolidated Statements of Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain on Derivative, Net	$ 61	$ 142	$ 35	$ 187
Foreign Currency Derivatives | Designated As Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Total gain reclassified from AOCI to earnings	162	329	308	550
Derivative, Gain on Derivative, Net	162	329	308	550
Foreign Currency Derivatives | Cost of Goods Sold | Designated As Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Total gain reclassified from AOCI to earnings	162	329	308	550
Interest Rate Swap | Interest Expense | Designated As Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain on Derivative, Net	$ 101	$ (187)	$ 273	$ (363)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Foreign currency transaction loss
Foreign currency transaction gain (loss)	$ 3,817	$ 928	$ 3,529	$ (401)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Changes in AOCI, Net
Total accumulated other comprehensive (loss) income, beginning of period			$ (4,525)
Total accumulated other comprehensive (loss) income, end of period	$ (2,670)		(2,670)
Changes in Fair Market Value of Derivatives
Changes in AOCI, Gross
Gross, beginning of the period	969	$ (877)	(635)	$ (1,038)
Gross, gain (loss) recognized in OCI	976	490	2,554	696
Gross, gain (loss) reclassified from AOCI to earnings	(61)	(142)	(35)	(187)
Gross, ending balance	1,884	(529)	1,884	(529)
Changes in AOCI, Income tax benefit (expense)
Income tax benefit (expense), beginning of period	(221)	203	147	240
Income tax benefit (expense), gain (loss) recognized in OCI	(224)	(113)	(587)	(160)
Income tax benefit (expense), gain (loss) reclassified from AOCI to earnings	14	33	9	43
Income tax benefit (expense), ending of period	(431)	123	(431)	123
Changes in AOCI, Net
Total accumulated other comprehensive (loss) income, beginning of period	748	(674)	(488)	(798)
Gain (loss) recognized in OCI, net	752	377	1,967	536
(Gain) Loss reclassified from AOCI to earnings, net	47	109	26	144
Total accumulated other comprehensive (loss) income, end of period	1,453	(406)	1,453	(406)
Changes in Unrealized Pension Cost
Changes in AOCI, Gross
Gross, beginning of the period	(2,624)	(126,157)	(2,744)	(128,004)
Gross, gain (loss) recognized in OCI	1,977	499	1,977	499
Gross, gain (loss) reclassified from AOCI to earnings	143	21,606	263	23,453
Gross, ending balance	(504)	(104,052)	(504)	(104,052)
Changes in AOCI, Income tax benefit (expense)
Income tax benefit (expense), beginning of period	712	34,492	738	34,917
Income tax benefit (expense), gain (loss) recognized in OCI	0	(115)	0	(115)
Income tax benefit (expense), gain (loss) reclassified from AOCI to earnings	(38)	(4,966)	(64)	(5,391)
Income tax benefit (expense), ending of period	674	29,411	674	29,411
Changes in AOCI, Net
Total accumulated other comprehensive (loss) income, beginning of period	(1,912)	(91,665)	(2,006)	(93,087)
Gain (loss) recognized in OCI, net	1,977	384	1,977	384
(Gain) Loss reclassified from AOCI to earnings, net	(105)	(16,640)	(199)	(18,062)
Total accumulated other comprehensive (loss) income, end of period	170	(74,641)	170	(74,641)
Cumulative Translation Adjustment
Changes in AOCI, Gross
Gross, beginning of the period	(2,281)	(2,024)	(2,032)	(2,036)
Gross, gain (loss) recognized in OCI	(2,012)	1	(2,261)	13
Gross, gain (loss) reclassified from AOCI to earnings	0	0	0	0
Gross, ending balance	(4,293)	(2,023)	(4,293)	(2,023)
Changes in AOCI, Income tax benefit (expense)
Income tax benefit (expense), beginning of period	0	0	0	0
Income tax benefit (expense), gain (loss) recognized in OCI	0	0	0	0
Income tax benefit (expense), gain (loss) reclassified from AOCI to earnings	0	0	0	0
Income tax benefit (expense), ending of period	0	0	0	0
Changes in AOCI, Net
Total accumulated other comprehensive (loss) income, beginning of period	(2,281)	(2,024)	(2,032)	(2,036)
Gain (loss) recognized in OCI, net	(2,012)	1	(2,261)	13
(Gain) Loss reclassified from AOCI to earnings, net		0	0	0
Total accumulated other comprehensive (loss) income, end of period	(4,293)	(2,023)	(4,293)	(2,023)
Accumulated Other Comprehensive (Loss) Income
Changes in AOCI, Net
Total accumulated other comprehensive (loss) income, beginning of period	(3,445)	(94,363)	(4,526)	(95,921)
Gain (loss) recognized in OCI, net	717	762	1,683	933
(Gain) Loss reclassified from AOCI to earnings, net	58	16,531	173	17,918
Total accumulated other comprehensive (loss) income, end of period	$ (2,670)	$ (77,070)	$ (2,670)	$ (77,070)

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Share Count and Par Value Data Related to Shareholders' Equity (Details) - $ / shares	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
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	57,310,174	57,245,060
Common stock, shares outstanding	31,911,401	32,178,715	32,435,756	32,276,787
Treasury stock
Treasury stock, shares held	25,398,773	25,066,345

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	May 13, 2021
Equity Class Of Treasury Stock [Line Items]
Common stock repurchased, shares	216,252	116,176	0	332,428	0
Common stock repurchased, value	$ 7,748,000	$ 3,920,000		$ 11,668,000
Shares available for future purchases	$ 29,546,000			$ 29,546,000
Antidilutive securities excluded from computation of earnings per share (shares)	2,500		93	2,500	46,810
Maximum
Equity Class Of Treasury Stock [Line Items]
Treasury shares authorized to be purchased						$ 50,000,000

Shareholders' Equity - Summar_2

Shareholders' Equity - Summary of Common Shares Outstanding (Details) - shares	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Roll forward of common shares outstanding
Balance at the beginning of the year		32,178,715		32,178,715	32,276,787
Repurchases	(216,252)	(116,176)	0	(332,428)	0
Restricted share issuances				65,114	158,969
Balance at the end of the period	31,911,401		32,435,756	31,911,401	32,435,756

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) $ in Thousands	Jun. 30, 2022 USD ($) Plan shares	Dec. 31, 2021 USD ($) shares
Share-based Compensation
Number of equity based compensation plans | Plan	5
Other accrued liabilities	$ 4,244	$ 6,811
Cash Settled Awards
Share-based Compensation
Outstanding shares | shares	46,524	32,085
Other accrued liabilities	$ 299	$ 400

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation			$ 3,566	$ 3,122
Service-Based RSUs
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	$ 691	$ 738	1,368	1,425
Performance-Based RSUs
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	820	1,066	2,041	1,559
Cash Settled Awards
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	105	99	157	138
RSUs
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	1,616	1,903	3,566	3,122
Income tax benefit	372	438	820	718
Net expense	$ 1,244	$ 1,465	$ 2,746	$ 2,404

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Unrecognized Compensation Expense related to Non-vested RSUs (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Service-Based RSUs
Share-based Compensation
Unrecognized compensation expense	$ 2,711
Weighted-average period (years)	1 year 5 months 8 days
Performance-Based RSUs
Share-based Compensation
Unrecognized compensation expense	$ 5,117
Weighted-average period (years)	1 year 10 months 20 days
RSUs
Share-based Compensation
Unrecognized compensation expense	$ 7,828
Weighted-average period (years)	1 year 8 months 23 days

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Status of Plans (Details)	6 Months Ended
	Jun. 30, 2022 shares
2018 Plan
Summary of Status of Equity-Based Compensation Plans
Awards originally available	2,500,000
Maximum potential awards outstanding	716,826
RSUs and cash settled awards vested and released	117,828
Awards available for grant	1,665,346
2014 Plan
Summary of Status of Equity-Based Compensation Plans
Awards originally available	1,500,000
Maximum potential awards outstanding	35,100
2009 Plan
Summary of Status of Equity-Based Compensation Plans
Awards originally available	3,400,000
Maximum potential awards outstanding	45,200
2004 Plan
Summary of Status of Equity-Based Compensation Plans
Awards originally available	6,500,000
Maximum potential awards outstanding	14,545
Directors' Plan
Summary of Status of Equity-Based Compensation Plans
Maximum potential awards outstanding	4,722

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Service-Based Restricted Stock Units (Details) - Service-Based RSUs	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Units
Outstanding at beginning of year - Units | shares	283,216
Granted - Units | shares	68,124
Vested and released - Units | shares	(58,144)
Forfeited - Units | shares	(7,838)
Outstanding at end of year - Units | shares	285,358
Releasable - Units | shares	132,834
Weighted Average Grant Date Fair Value
Beginning of year - Weighted Average Grant Date Fair Value | $ / shares	$ 24.91
Granted - Weighted Average Grant Date Fair Value | $ / shares	33.70
Vested and released - Weighted Average Grant Date Fair Value | $ / shares	29.96
Forfeited - Weighted Average Grant Date Fair Value | $ / shares	30.35
End of year - Weighted Average Grant Date Fair Value | $ / shares	25.83
Releasable - Weighted Average Grant Date Fair Value | $ / shares	$ 17.55

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Performance-Based RSUs (Details) - Performance and Market-based Restricted Stock Units	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Units
Outstanding at beginning of year - Units | shares	237,767
Granted - Units | shares	81,702
Attained by performance - Units | shares	5,136
Released - Units | shares	(51,848)
Forfeited - Units | shares	(14,351)
Outstanding at end of year - Units | shares	258,406
Releasable - Units | shares	0
Weighted Average Grant Date Fair Value
Beginning of year - Weighted Average Grant Date Fair Value | $ / shares	$ 31.35
Granted - Weighted Average Grant Date Fair Value | $ / shares	37.15
Attained by performance - Weighted Average Grant Date Fair Value | $ / shares	29.50
Vested and released - Weighted Average Grant Date Fair Value | $ / shares	30.64
Forfeited - Weighted Average Grant Date Fair Value | $ / shares	32.62
End of year - Weighted Average Grant Date Fair Value | $ / shares	33.20
Releasable - Weighted Average Grant Date Fair Value | $ / shares	$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Financial assets (liabilities), measured at fair value
Derivative liabilities		$ (437)
Recurring | Carrying Value | Designated As Hedging | Cash Flow Hedge
Financial assets (liabilities), measured at fair value
Contingent consideration	$ (300)	(1,200)
Qualified replacement plan assets	16,149
Recurring | Interest Rate Swaps | Carrying Value | Designated As Hedging | Cash Flow Hedge
Financial assets (liabilities), measured at fair value
Derivative Asset	1,363
Derivative liabilities		(790)
Recurring | Foreign Currency Forward Contracts | Carrying Value | Designated As Hedging | Cash Flow Hedge
Financial assets (liabilities), measured at fair value
Derivative Asset	514	135
Recurring | Cross-currency Swap | Carrying Value | Designated As Hedging | Cash Flow Hedge
Financial assets (liabilities), measured at fair value
Derivative Asset	111
Recurring | Quoted Prices in Active Markets for Identical (Level 1) | Designated As Hedging | Cash Flow Hedge
Financial assets (liabilities), measured at fair value
Qualified replacement plan assets	16,149
Recurring | Significant Other Observable Inputs (Level 2) | Interest Rate Swaps | Designated As Hedging | Cash Flow Hedge
Financial assets (liabilities), measured at fair value
Derivative Asset	1,363
Derivative liabilities		(790)
Recurring | Significant Other Observable Inputs (Level 2) | Foreign Currency Forward Contracts | Designated As Hedging | Cash Flow Hedge
Financial assets (liabilities), measured at fair value
Derivative Asset	514	135
Recurring | Significant Other Observable Inputs (Level 2) | Cross-currency Swap | Designated As Hedging | Cash Flow Hedge
Financial assets (liabilities), measured at fair value
Derivative Asset	111
Recurring | Significant Unobservable Inputs (Level 3) | Designated As Hedging | Cash Flow Hedge
Financial assets (liabilities), measured at fair value
Contingent consideration	$ (300)	$ (1,200)

Fair Value Measurements - Roll-

Fair Value Measurements - Roll-forward of the Contingent Consideration (Details) - Contingent Consideration $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance at December 31, 2021	$ 1,200
Settled in cash	(900)
Balance at June 30, 2022	$ 300

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	25.60%	245.60%	23%	9.30%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	25.60%	245.60%	23%	9.30%