Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 28, 2014 | Oct. 22, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 28-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'CTS | ' |
Entity Registrant Name | 'CTS CORP | ' |
Entity Central Index Key | '0000026058 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 33,474,035 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Earnings (Loss) - (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $99,957 | $103,632 | $303,643 | $307,075 |
Costs and expenses: | ' | ' | ' | ' |
Cost of goods sold | 67,458 | 71,631 | 206,706 | 215,888 |
Selling, general and administrative expenses | 13,899 | 17,829 | 43,353 | 52,662 |
Research and development expenses | 5,807 | 5,718 | 16,765 | 17,741 |
Restructuring and impairment charges | 1,570 | 901 | 4,806 | 8,107 |
Operating earnings | 11,223 | 7,553 | 32,013 | 12,677 |
Other (expense)/income: | ' | ' | ' | ' |
Interest expense | -568 | -818 | -1,763 | -2,782 |
Interest income | 707 | 441 | 1,959 | 1,300 |
Other | 562 | 490 | -1,618 | 381 |
Total other income (expense) | 701 | 113 | -1,422 | -1,101 |
Earnings from continuing operations before taxes | 11,924 | 7,666 | 30,591 | 11,576 |
Income tax expense | 3,807 | 2,551 | 11,033 | 13,727 |
Earnings (loss) from continuing operations | 8,117 | 5,115 | 19,558 | -2,151 |
Discontinued operations | ' | ' | ' | ' |
Earnings from discontinued operations, net of tax | ' | 1,704 | ' | 1,203 |
Net earnings (loss) | $8,117 | $6,819 | $19,558 | ($948) |
Basic: | ' | ' | ' | ' |
Continuing operations | $0.24 | $0.16 | $0.58 | ($0.06) |
Discontinued operations | ' | $0.04 | ' | $0.03 |
Basic net earnings (loss) per share | $0.24 | $0.20 | $0.58 | ($0.03) |
Diluted: | ' | ' | ' | ' |
Continuing operations | $0.24 | $0.16 | $0.57 | ($0.06) |
Discontinued operations | ' | $0.05 | ' | $0.03 |
Diluted net earnings (loss) per share | $0.24 | $0.21 | $0.57 | ($0.03) |
Basic weighted-average common shares outstanding | 33,599 | 33,696 | 33,683 | 33,603 |
Effect of dilutive securities | 508 | 635 | 515 | ' |
Diluted weighted-average common shares outstanding | 34,107 | 34,331 | 34,198 | 33,603 |
Cash dividends declared per share | $0.04 | $0.04 | $0.12 | $0.11 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Earnings (Loss) - (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net earnings (loss) | $8,117 | $6,819 | $19,558 | ($948) |
Other comprehensive earnings (loss): | ' | ' | ' | ' |
Changes in fair market value of hedges, net of tax | 153 | -210 | 26 | 373 |
Changes in unrealized pension cost, net of tax | 1,036 | 1,172 | 2,857 | 4,046 |
Cumulative translation adjustment, net of tax | -981 | 1,344 | -160 | -166 |
Other comprehensive earnings | 208 | 2,306 | 2,723 | 4,253 |
Comprehensive earnings | $8,325 | $9,125 | $22,281 | $3,305 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $130,884 | $124,368 |
Accounts receivable, net | 63,093 | 62,667 |
Inventories, net | 29,908 | 32,226 |
Other current assets | 20,569 | 17,008 |
Total current assets | 244,454 | 236,269 |
Property, plant and equipment, net | 74,157 | 74,869 |
Other Assets | ' | ' |
Prepaid pension asset | 66,112 | 56,396 |
Goodwill | 32,047 | 32,047 |
Indefinite-lived intangible asset | 690 | 690 |
Other intangible assets, net | 36,967 | 40,092 |
Deferred income taxes | 32,963 | 38,620 |
Other | 1,372 | 1,282 |
Total other assets | 170,151 | 169,127 |
Total Assets | 488,762 | 480,265 |
Current Liabilities | ' | ' |
Accounts payable | 45,405 | 47,052 |
Accrued payroll and benefits | 11,485 | 20,822 |
Accrued liabilities | 27,405 | 27,246 |
Total current liabilities | 84,295 | 95,120 |
Long-term debt | 80,300 | 75,000 |
Post retirement obligations | 7,193 | 7,935 |
Other long-term obligations | 5,455 | 5,481 |
Shareholders' Equity | ' | ' |
Preferred stock | ' | ' |
Common stock | 299,762 | 297,164 |
Additional contributed capital | 38,666 | 39,631 |
Retained earnings | 374,515 | 358,997 |
Accumulated other comprehensive loss | -79,174 | -81,897 |
Total shareholders' equity before treasury stock | 633,769 | 613,895 |
Treasury stock | -322,250 | -317,166 |
Total shareholders' equity | 311,519 | 296,729 |
Total Liabilities and Shareholders' Equity | $488,762 | $480,265 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows - (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net earnings (loss) | $19,558 | ($948) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 12,722 | 16,677 |
Prepaid pension asset | -6,687 | -2,422 |
Gain on sale of fixed assets | -1,915 | -546 |
Equity-based compensation | 1,839 | 3,141 |
Restructuring charges | 4,728 | 5,651 |
Restructuring impairment charges | 78 | 3,104 |
Amortization of retirement benefit adjustments | 4,296 | 6,494 |
Changes in assets and liabilities, net of acquisition | ' | ' |
Accounts receivable | -1,115 | -7,639 |
Inventories | 1,889 | -2,977 |
Other current assets | -3,703 | -409 |
Accounts payable | -1,175 | 3,582 |
Accrued liabilities | -17,204 | -3,284 |
Income tax payable | 1,599 | -265 |
Other | 433 | 5,336 |
Total adjustments | -4,215 | 26,443 |
Net cash provided by operating activities | 15,343 | 25,495 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Proceeds from sale of fixed assets | 1,851 | 593 |
Capital expenditures | -9,006 | -10,908 |
Net cash used in investing activities | -7,155 | -10,315 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Payments of long-term debt | -757,700 | -3,527,200 |
Proceeds from borrowings of long-term debt | 763,000 | 3,502,300 |
Payments of short-term notes payable | -778 | -1,646 |
Proceeds from borrowings of short-term notes payable | 778 | 1,646 |
Purchase of treasury stock | -5,084 | -2,224 |
Dividends paid | -4,038 | -3,524 |
Exercise of stock options | 1,328 | 2,235 |
Other | 235 | 16 |
Net cash used in financing activities | -2,259 | -28,397 |
Effect of exchange rate on cash and cash equivalents | 587 | 376 |
Net increase (decrease) in cash and cash equivalents | 6,516 | -12,841 |
Cash and cash equivalents at beginning of year | 124,368 | 109,571 |
Cash and cash equivalents at end of period | 130,884 | 96,730 |
Supplemental cash flow information: | ' | ' |
Cash paid for Interest | 1,434 | 2,506 |
Cash paid for Income taxes, net | $6,141 | $4,756 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 28, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
NOTE 1 – Basis of Presentation | |
The accompanying condensed consolidated financial statements have been prepared by CTS Corporation (“CTS” or “the Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the financial statements, notes thereto, and other information included in the Company’s Annual Report on | |
Form 10-K for the year ended December 31, 2013. | |
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. | |
On October 2, 2013, CTS sold its electronics manufacturing solutions (“EMS”) business to Benchmark Electronics, Inc. (“Benchmark”) for approximately $75 million in cash. The sale of EMS, along with the announcement of the June 2013 Restructuring Plan, has allowed CTS to sharpen its focus on its Components and Sensors business. Due to the sale, the 2013 amounts in the Statement of Earnings (Loss) related to EMS have been reported separately as discontinued operations. Refer to NOTE 15, “Discontinued Operations.” CTS now has one single business segment. Prior to October 2, 2013, the date of the close of the sale of the EMS segment, CTS had two reportable segments: 1) Components and Sensors and 2) EMS. The prior year’s segment reporting has been updated to conform to the current period’s presentation of one single business segment. | |
Reclassifications | |
Certain reclassifications for discontinued operations have been made for the prior periods presented in the Unaudited Condensed Consolidated Financial Statements to conform to the current period’s presentation. |
Accounts_Receivable
Accounts Receivable | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accounts Receivable | ' | ||||||||
NOTE 2 – Accounts Receivable | |||||||||
The components of accounts receivable are as follows: | |||||||||
As of | |||||||||
($ in thousands) | September 28, 2014 | December 31, 2013 | |||||||
Accounts receivable, gross | $ | 63,198 | $ | 62,806 | |||||
Less: Allowance for doubtful accounts | (105 | ) | (139 | ) | |||||
Accounts receivable, net | $ | 63,093 | $ | 62,667 | |||||
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
NOTE 3 – Inventories | |||||||||
Inventories consist of the following: | |||||||||
As of | |||||||||
($ in thousands) | September 28, 2014 | December 31, 2013 | |||||||
Finished goods | $ | 12,119 | $ | 10,310 | |||||
Work-in-process | 7,778 | 7,492 | |||||||
Raw materials | 17,705 | 19,021 | |||||||
Less: Inventory reserves | (7,694 | ) | (4,597 | )) | |||||
Inventories, net | $ | 29,908 | $ | 32,226 | |||||
Retirement_Plans
Retirement Plans | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Retirement Plans | ' | ||||||||||||||||
NOTE 4 – Retirement Plans | |||||||||||||||||
Net pension (income) expense for our domestic and foreign plans was as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
($ in thousands) | September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29, 2013 | |||||||||||||
Net pension (income) expense | $ | (637 | ) | $ | 533 | $ | (1,717 | ) | $ | 1,623 | |||||||
Net pension expense breakdown for our domestic and foreign plans include the following components: | |||||||||||||||||
Three months: | |||||||||||||||||
Domestic Pension Plans | Foreign Pension Plans | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
($ in thousands) | September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29, 2013 | |||||||||||||
Service cost | $ | 48 | $ | 648 | $ | 21 | $ | 28 | |||||||||
Interest cost | 3,052 | 2,711 | 156 | 134 | |||||||||||||
Expected return on plan assets (1) | (5,209 | ) | (5,042 | ) | (172 | ) | (103 | ) | |||||||||
Amortization of prior service cost | — | 138 | — | — | |||||||||||||
Amortization of loss | 1,408 | 1,921 | 59 | 98 | |||||||||||||
(Income) expense, net | $ | (701 | ) | $ | 376 | $ | 64 | $ | 157 | ||||||||
Nine months: | |||||||||||||||||
Domestic Pension Plans | Foreign Pension Plans | ||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||
($ in thousands) | September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29, 2013 | |||||||||||||
Service cost | $ | 144 | $ | 1,945 | $ | 63 | $ | 84 | |||||||||
Interest cost | 9,163 | 8,134 | 461 | 398 | |||||||||||||
Expected return on plan assets (1) | (15,625 | ) | (15,127 | ) | (509 | ) | (305 | ) | |||||||||
Amortization of prior service cost | — | 436 | — | — | |||||||||||||
Amortization of loss | 4,237 | 5,763 | 177 | 295 | |||||||||||||
Other cost due to retirement | 172 | — | — | — | |||||||||||||
(Income) expense, net | $ | (1,909 | ) | $ | 1,151 | $ | 192 | $ | 472 | ||||||||
-1 | Expected return on plan assets is net of expected investment expenses and certain administrative expenses. | ||||||||||||||||
Net postretirement expense for our postretirement plan includes the following components: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
($ in thousands) | September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29, 2013 | |||||||||||||
Other postretirement benefit plan | |||||||||||||||||
Service cost | $ | 1 | $ | 2 | $ | 3 | $ | 6 | |||||||||
Interest cost | 57 | 56 | 172 | 167 | |||||||||||||
Amortization of gain | (39 | ) | — | (118 | ) | — | |||||||||||
Postretirement expense | $ | 19 | $ | 58 | $ | 57 | $ | 173 | |||||||||
Other_Intangible_Assets
Other Intangible Assets | 9 Months Ended | ||||||||||||
Sep. 28, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Other Intangible Assets | ' | ||||||||||||
NOTE 5 – Other Intangible Assets | |||||||||||||
Intangible assets consist of the following as of: | |||||||||||||
As of | |||||||||||||
28-Sep-14 | |||||||||||||
($ in thousands) | Gross | Accumulated | Net Amount | ||||||||||
Carrying | Amortization | ||||||||||||
Amount | |||||||||||||
Amortized intangible assets: | |||||||||||||
Customer lists/relationships | $ | 51,804 | $ | (23,492 | ) | $ | 28,312 | ||||||
Patents | 10,319 | (10,319 | ) | — | |||||||||
Other intangibles | 12,270 | (3,615 | ) | 8,655 | |||||||||
Other intangible assets, net | $ | 74,393 | $ | (37,426 | ) | $ | 36,967 | ||||||
Amortization expense for the nine months ended September 28, 2014 | $ | 3,125 | |||||||||||
As of | |||||||||||||
December 31, 2013 | |||||||||||||
($ in thousands) | Gross | Accumulated | Net Amount | ||||||||||
Carrying | Amortization | ||||||||||||
Amount | |||||||||||||
Amortized intangible assets: | |||||||||||||
Customer lists/relationships | $ | 51,804 | $ | (21,490 | ) | $ | 30,314 | ||||||
Patents | 10,319 | (10,319 | ) | — | |||||||||
Other intangibles | 12,270 | (2,492 | ) | 9,778 | |||||||||
Other intangible assets, net | $ | 74,393 | $ | (34,301 | ) | $ | 40,092 | ||||||
Amortization expense for the nine months ended September 29, 2013 | $ | 3,623 | |||||||||||
Amortization expense remaining for other intangible assets is as follows: | |||||||||||||
($ in thousands) | Amortization | ||||||||||||
expense | |||||||||||||
2014 | $ | 1,067 | |||||||||||
2015 | 3,947 | ||||||||||||
2016 | 3,647 | ||||||||||||
2017 | 3,569 | ||||||||||||
2018 | 3,484 | ||||||||||||
Thereafter | 21,253 | ||||||||||||
Total amortization expense | $ | 36,967 | |||||||||||
Costs_Associated_with_Exit_and
Costs Associated with Exit and Restructuring Activities | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||
Costs Associated with Exit and Restructuring Activities | ' | ||||||||
NOTE 6 – Costs Associated with Exit and Restructuring Activities | |||||||||
Costs associated with exit and restructuring activities are recorded in the Condensed Consolidated Statement of Earnings (Loss) as follows: Restructuring related charges are recorded as a component of Cost of Goods Sold. Restructuring and impairment charges are reported on a separate line and included in Operating Earnings. Total restructuring, impairment and restructuring related charges were $2,064,000 for the three month period and $6,210,000 for the nine month period ended September 28, 2014. | |||||||||
Restructuring related charges were $494,000 for the three month period and $1,404,000 for the nine month period ended September 28, 2014. Restructuring and impairment charges were $1,570,000 for the three month period and $4,806,000 for the nine month period ended September 28, 2014. | |||||||||
During April of 2014, CTS announced plans to restructure its operations and consolidate its Canadian operations into other existing CTS facilities as part of CTS’ overall plan to simplify its business model and rationalize its global footprint. | |||||||||
These restructuring actions will result in the elimination of approximately 120 positions. These actions are expected to be completed in 2015. The following table displays the planned restructuring and restructuring-related charges associated with the April 2014 Plan, as well as a summary of the actual costs incurred through September 28, 2014: | |||||||||
April 2014 Plan | |||||||||
($ in thousands) | Planned | Actual costs | |||||||
Costs | incurred through | ||||||||
September 28, | |||||||||
2014 | |||||||||
Inventory write-down | $ | 250 | $ | — | |||||
Equipment relocation | 500 | — | |||||||
Other charges | 350 | — | |||||||
Restructuring related charges, included in cost of goods sold | $ | 1,100 | $ | — | |||||
Workforce reduction | $ | 4,100 | $ | 2,980 | |||||
Asset impairment charge | — | — | |||||||
Other charges, including pension termination costs | 500 | — | |||||||
Restructuring and impairment charges | $ | 4,600 | $ | 2,980 | |||||
Total restructuring, impairment and restructuring related charges | $ | 5,700 | $ | 2,980 | |||||
Under the April 2014 Plan, restructuring and impairment charges were $575,000 in the three month period and $2,980,000 in the nine month period ended September 28, 2014. | |||||||||
During June of 2013, CTS announced a restructuring plan to simplify CTS’ global footprint by consolidating manufacturing facilities into existing locations. This plan includes the consolidation of operations from the U.K. manufacturing facility into the Czech Republic facility, the Carol Stream, Illinois manufacturing facility into the Juarez, Mexico facility and to discontinue manufacturing at its Singapore facility. Certain Corporate functions were consolidated or eliminated as a result of the above June 2013 plan and also as a result of the sale of CTS’ EMS business. | |||||||||
These restructuring actions will result in the elimination of approximately 350 positions. These actions are expected to be completed in 2014. The following table displays the planned restructuring and restructuring-related charges associated with the realignment, as well as a summary of the actual costs incurred through September 28, 2014: | |||||||||
June 2013 Plan | |||||||||
($ in thousands) | Planned | Actual costs | |||||||
Costs | incurred through | ||||||||
September 28, | |||||||||
2014 | |||||||||
Inventory write-down | $ | 800 | $ | 1,143 | |||||
Equipment relocation | 900 | 1,288 | |||||||
Other charges | 100 | 549 | |||||||
Restructuring-related charges, included in cost of goods sold | $ | 1,800 | $ | 2,980 | |||||
Workforce reduction | $ | 8,300 | $ | 8,189 | |||||
Asset impairment charge | 3,000 | 4,464 | |||||||
Other charges, including pension termination costs | 5,500 | 515 | |||||||
Restructuring and impairment charges | $ | 16,800 | $ | 13,168 | |||||
Total restructuring and restructuring-related charges | $ | 18,600 | $ | 16,148 | |||||
Under the June 2013 Plan, total restructuring, impairment and restructuring related charges incurred were $1,489,000 for the three month period and $3,230,000 for the nine month period ended September 28, 2014. For the three month period ended September 28, 2014, the restructuring related charges were $494,000 and the restructuring and impairment charges were $995,000. For the nine month period ended September 28, 2014, the restructuring related charges were $1,404,000 and the restructuring and impairment charges were $1,827,000. | |||||||||
The following table displays the restructuring reserve activity for the period ended September 28, 2014: | |||||||||
June 2013 Plan and April 2014 Plan | |||||||||
($ in thousands) | |||||||||
Restructuring liability at January 1, 2014 | $ | 3,100 | |||||||
Restructuring and restructuring-related charges, excluding asset impairments and write-offs | 5,571 | ||||||||
Cost paid | (5,622 | ) | |||||||
Restructuring liability at September 28, 2014 | $ | 3,049 | |||||||
During December of 2012, CTS realigned its operations to suit the business needs of the Company. These realignment actions resulted in the elimination of approximately 190 positions. These actions were completed as of March 31, 2013. Approximately $200,000 of the remaining restructuring and restructuring-related charges were incurred in the first quarter of 2013. | |||||||||
The following table displays the restructuring reserve activity related to the December 2012 Plan: | |||||||||
December 2012 Plan | |||||||||
($ in thousands) | |||||||||
Restructuring liability at January 1, 2013 | $ | 1,600 | |||||||
Restructuring and restructuring-related charges, excluding asset impairments and write-offs | 800 | ||||||||
Cost paid | (2,400 | ) | |||||||
Restructuring liability at December 31, 2013 | $ | 0 | |||||||
Accrued_liabilities
Accrued liabilities | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Accrued liabilities | ' | ||||||||
NOTE 7 – Accrued liabilities | |||||||||
The components of Accrued liabilities are as follows: | |||||||||
As of | |||||||||
($ in thousands) | September 28, 2014 | December 31, 2013 | |||||||
Accrued product related costs | $ | 5,967 | $ | 5,429 | |||||
Accrued income taxes | 4,333 | 2,666 | |||||||
Accrued property and other taxes | 1,633 | 1,718 | |||||||
Dividends payable | 1,342 | 1,342 | |||||||
Other accrued liabilities | 14,130 | 16,091 | |||||||
Total accrued liabilities | $ | 27,405 | $ | 27,246 | |||||
Contingencies
Contingencies | 9 Months Ended |
Sep. 28, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
NOTE 8 – Contingencies | |
Certain processes in the manufacture of CTS’ current and past products create hazardous waste by-products as currently defined by federal and state laws and regulations. CTS has been notified by the U.S. Environmental Protection Agency, state environmental agencies and, in some cases, generator groups, that it is or may be a potentially responsible party regarding hazardous waste remediation at several non-CTS sites, including Superfund sites in Asheville, NC and San Francisco, CA. In addition to these non-CTS sites, CTS has an ongoing practice of providing reserves for probable remediation activities at certain of its manufacturing locations and for claims and proceedings against CTS with respect to other environmental matters. In the opinion of management, based upon presently available information relating to all such matters, adequate provision for probable costs has been made. | |
CTS manufactures accelerator pedals for a number of automobile manufacturers, including subsidiaries of Toyota Motor Corporation (“Toyota”). In January 2010, Toyota initiated a recall of a substantial number of vehicles in North America containing pedals manufactured by CTS. The recall expanded to include vehicles in Europe and Asia. The pedal recall and associated events have led to the Company being named as a co-defendant with Toyota in certain litigation in the United States and Canada. CTS is not aware of any legal actions filed in Asia or Europe against CTS at this time. In February 2010, CTS entered into an agreement with Toyota whereby Toyota agreed that it will indemnify, defend, and hold the Company harmless from, and the parties will cooperate in the defense of, third-party civil claims and actions that are filed or asserted in the United States or Canada and that arise from or relate to alleged incidents of unintended acceleration of Toyota and Lexus vehicles. The limited exceptions to indemnification restrict CTS’ share of any liability to amounts collectable from its insurers. CTS cannot assure that Toyota will not seek to recover a portion of its recall-related costs from CTS, or that the insurance CTS carries will be sufficient to cover such costs. |
Debt
Debt | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt | ' | ||||||||||||||||
NOTE 9 – Debt | |||||||||||||||||
Long-term debt was comprised of the following: | |||||||||||||||||
As of | |||||||||||||||||
($ in thousands) | September 28, 2014 | December 31, 2013 | |||||||||||||||
Revolving credit facility due in 2017 | $ | 80,300 | $ | 75,000 | |||||||||||||
Weighted average interest rate | 1.5 | % | 1.9 | % | |||||||||||||
Amount available | $ | 117,235 | $ | 122,400 | |||||||||||||
Total credit facility | $ | 200,000 | $ | 200,000 | |||||||||||||
Standby letters of credit | $ | 2,465 | $ | 2,600 | |||||||||||||
Commitment fee percentage per annum | 0.25 | 0.3 | |||||||||||||||
The revolving credit facility requires, among other things, that CTS comply with a maximum total leverage ratio and a minimum fixed charge coverage ratio. Failure of CTS to comply with these covenants could reduce the borrowing availability under the revolving credit facility. CTS was in compliance with all debt covenants at September 28, 2014. | |||||||||||||||||
CTS uses interest rate swaps to convert the line of credit’s variable rate of interest into a fixed rate. In the second quarter of 2012, CTS entered into four separate interest rate swap agreements to fix interest rates on $50 million of long-term debt for the periods January 2013 to January 2017. In the third quarter of 2012, CTS entered into four separate interest rate swap agreements to fix interest rates on $25 million of long-term debt for the periods January 2013 to January 2017. The difference to be paid or received under the terms of the swap agreements will be recognized as an adjustment to interest expense for the related line of credit when settled. | |||||||||||||||||
These swaps are treated as cash flow hedges and consequently, the changes in fair value were recorded in Other Comprehensive Income. Interest rate swaps activity recorded in Other Comprehensive Income before tax includes the following: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
($ in thousands) | September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29, 2013 | |||||||||||||
Unrealized gain (loss) | $ | 124 | $ | (428 | ) | $ | (288 | ) | $ | 373 | |||||||
Realized loss reclassified to interest expense | $ | 123 | $ | 81 | $ | 363 | $ | 236 | |||||||||
Interest rate swaps included on the balance sheets are comprised of the following: | |||||||||||||||||
As of | |||||||||||||||||
($ in thousands) | September 28, 2014 | December 31, 2013 | |||||||||||||||
Accrued liabilities | $ | 583 | $ | 392 | |||||||||||||
Other long-term obligations | $ | 340 | $ | 604 |
Other_Comprehensive_Income
Other Comprehensive Income | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Other Comprehensive Income | ' | ||||||||||||||||||||
NOTE 10 – Other Comprehensive Income | |||||||||||||||||||||
Shareholders’ equity includes certain items classified as Accumulated Other Comprehensive Income (“AOCI”), including: | |||||||||||||||||||||
• | Unrealized gains (losses) on hedges relate to interest rate swaps to convert the line of credit’s variable rate of interest into a fixed rate. These hedges are designated as cash flow hedges, and CTS has deferred income statement recognition of gains and losses until the hedged transaction occurs. Amounts reclassified to income from AOCI for hedges are included in interest expense. Further information related to CTS’ interest rate swaps is included in NOTE 13 – Fair Value Measurement. | ||||||||||||||||||||
• | Unrealized gains (losses) on pension obligations are deferred from income statement recognition until the gains or losses are realized. Amounts reclassified to income from AOCI are included in net periodic pension expense. Further information related to CTS’ pension obligations is included in NOTE 4 – Retirement Plans. | ||||||||||||||||||||
• | Cumulative translation adjustment relates to our non-U.S. subsidiary companies that have designated a functional currency other than the U.S. dollar. CTS is required to translate the subsidiary functional currency financial statements to dollars using a combination of historical, period-end, and average foreign exchange rates. This combination of rates creates the foreign currency translation adjustment component of other comprehensive income. Transfer of foreign currency translation gains and (losses) from AOCI to income are included in Total other income (expense). | ||||||||||||||||||||
The components of other comprehensive loss for the three months ended September 28, 2014 are as follows (in thousands): | |||||||||||||||||||||
As of | Gain (Loss) | Gain (Loss) | Three months | As of | |||||||||||||||||
June 29, 2014 | recognized | reclassified | ended | September 28, 2014 | |||||||||||||||||
in | from AOCI | September 28, | |||||||||||||||||||
OCI | to income | 2014 | |||||||||||||||||||
Changes in fair market value of hedges: | |||||||||||||||||||||
Gross | $ | (1,170 | ) | $ | 124 | $ | 123 | $ | 247 | $ | (923 | ) | |||||||||
Income tax (benefit) | (447 | ) | 47 | 47 | 94 | (353 | ) | ||||||||||||||
Net | (723 | ) | 77 | 76 | 153 | (570 | ) | ||||||||||||||
Changes in unrealized pension cost: | |||||||||||||||||||||
Gross | (135,180 | ) | 1,575 | — | 1,575 | (133,605 | ) | ||||||||||||||
Income tax (benefit) | (53,896 | ) | 539 | — | 539 | (53,357 | ) | ||||||||||||||
Net | (81,284 | ) | 1,036 | — | 1,036 | (80,248 | ) | ||||||||||||||
Cumulative translation adjustment: | |||||||||||||||||||||
Gross | 1,470 | (590 | ) | — | (590 | ) | 880 | ||||||||||||||
Income tax (benefit) | (1,155 | ) | 391 | — | 391 | (764 | ) | ||||||||||||||
Net | 2,625 | (981 | ) | — | (981 | ) | 1,644 | ||||||||||||||
Total accumulated other comprehensive (loss) income | $ | (79,382 | ) | $ | 132 | $ | 76 | $ | 208 | $ | (79,174 | ) | |||||||||
The components of other comprehensive loss for the three months ended September 29, 2013 are as follows (in thousands): | |||||||||||||||||||||
As of | Gain (Loss) | Gain (Loss) | Three months | As of | |||||||||||||||||
June 30, 2013 | recognized | reclassified | ended | September 29, 2013 | |||||||||||||||||
in | from AOCI | September 29, | |||||||||||||||||||
OCI | to income | 2013 | |||||||||||||||||||
Changes in fair market value of hedges: | |||||||||||||||||||||
Gross | $ | (650 | ) | $ | (428 | ) | $ | 81 | $ | (347 | ) | $ | (997 | ) | |||||||
Income tax (benefit) | (253 | ) | (168 | ) | 31 | (137 | ) | (390 | ) | ||||||||||||
Net | (397 | ) | (260 | ) | 50 | (210 | ) | (607 | ) | ||||||||||||
Changes in unrealized pension cost: | |||||||||||||||||||||
Gross | (194,629 | ) | — | 1,943 | 1,943 | (192,686 | ) | ||||||||||||||
Income tax (benefit) | (76,660 | ) | — | 771 | 771 | (75,889 | ) | ||||||||||||||
Net | (117,969 | ) | — | 1,172 | 1,172 | (116,797 | ) | ||||||||||||||
Cumulative translation adjustment: | |||||||||||||||||||||
Gross | (473 | ) | 914 | — | 914 | 441 | |||||||||||||||
Income tax (benefit) | (182 | ) | (430 | ) | — | (430 | ) | (612 | ) | ||||||||||||
Net | (291 | ) | 1,344 | — | 1,344 | 1,053 | |||||||||||||||
Total accumulated other comprehensive (loss) income | $ | (118,657 | ) | $ | 1,084 | $ | 1,222 | $ | 2,306 | $ | (116,351 | ) | |||||||||
The components of other comprehensive loss for the nine months ended September 28, 2014 are as follows (in thousands): | |||||||||||||||||||||
As of | Gain (Loss) | Gain (Loss) | Nine months | As of | |||||||||||||||||
December 31, | Recognized | reclassified | ended | September 28, 2014 | |||||||||||||||||
2013 | in | from AOCI | September 29, | ||||||||||||||||||
OCI | to income | 2014 | |||||||||||||||||||
Changes in fair market value of hedges : | |||||||||||||||||||||
Gross | $ | (998 | ) | $ | (288 | ) | $ | 363 | $ | 75 | $ | (923 | ) | ||||||||
Income tax (benefit) | (402 | ) | (90 | ) | 139 | 49 | (353 | ) | |||||||||||||
Net | (596 | ) | (198 | ) | 224 | 26 | (570 | ) | |||||||||||||
Changes in unrealized pension cost: | |||||||||||||||||||||
Gross | (138,133 | ) | 4,356 | (1) | 172 | 4,528 | (133,605 | ) | |||||||||||||
Income tax (benefit) | (55,028 | ) | 1,605 | 66 | 1,671 | (53,357 | ) | ||||||||||||||
Net | (83,105 | ) | 2,751 | 106 | 2,857 | (80,248 | ) | ||||||||||||||
Cumulative translation adjustment: | |||||||||||||||||||||
Gross | 949 | (69 | ) | — | (69 | ) | 880 | ||||||||||||||
Income tax (benefit) | (855 | ) | 91 | — | 91 | (764 | ) | ||||||||||||||
Net | 1,804 | (160 | ) | — | (160 | ) | 1,644 | ||||||||||||||
Total accumulated other comprehensive (loss) income | $ | (81,897 | ) | $ | 2,393 | $ | 330 | $ | 2,723 | $ | (79,174 | ) | |||||||||
The components of other comprehensive loss for the nine months ended September 29, 2013 are as follows (in thousands): | |||||||||||||||||||||
As of | Gain (Loss) | Gain (Loss) | Nine months | As of | |||||||||||||||||
December 31, | recognized | reclassified | ended | September 29, 2013 | |||||||||||||||||
2012 | in | from AOCI | September 29, | ||||||||||||||||||
OCI | to income | 2013 | |||||||||||||||||||
Changes in fair market value of hedges : | |||||||||||||||||||||
Gross | $ | (1,606 | ) | $ | 373 | $ | 236 | $ | 609 | $ | (997 | ) | |||||||||
Income tax (benefit) | (626 | ) | 144 | 92 | 236 | (390 | ) | ||||||||||||||
Net | (980 | ) | 229 | 144 | 373 | (607 | ) | ||||||||||||||
Changes in unrealized pension cost: | |||||||||||||||||||||
Gross | (199,241 | ) | — | 6,555 | 6,555 | (192,686 | ) | ||||||||||||||
Income tax (benefit) | (78,398 | ) | — | 2,509 | 2,509 | (75,889 | ) | ||||||||||||||
Net | (120,843 | ) | — | 4,046 | 4,046 | (116,797 | ) | ||||||||||||||
Cumulative translation adjustment: | |||||||||||||||||||||
Gross | 575 | (134 | ) | — | (134 | ) | 441 | ||||||||||||||
Income tax (benefit) | (644 | ) | 32 | — | 32 | (612 | ) | ||||||||||||||
Net | 1,219 | (166 | ) | — | (166 | ) | 1,053 | ||||||||||||||
Total accumulated other comprehensive (loss) income | $ | (120,604 | ) | $ | 63 | $ | 4,190 | $ | 4,253 | $ | (116,351 | ) | |||||||||
-1 | The actuarial loss reclassified to income for 2014 was recognized in Cost of goods sold of $1,557, Selling, general and administrative expenses of $2,129, and Research and development expenses of $670, in CTS’ Consolidated Statements of Comprehensive Earnings. | ||||||||||||||||||||
Shareholders_Equity
Shareholders' Equity | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Shareholders' Equity | ' | ||||||||||||||||
NOTE 11 – Shareholders’ Equity | |||||||||||||||||
Share count and par value data related to shareholders’ equity are as follows: | |||||||||||||||||
As of | |||||||||||||||||
September 28, 2014 | December 31, 2013 | ||||||||||||||||
Preferred Stock | |||||||||||||||||
Par value per share | $ | No par value | $ | No par value | |||||||||||||
Shares authorized | 25,000,000 | 25,000,000 | |||||||||||||||
Shares outstanding | — | — | |||||||||||||||
Common Stock | |||||||||||||||||
Par value per share | $ | No par value | $ | No par value | |||||||||||||
Shares authorized | 75,000,000 | 75,000,000 | |||||||||||||||
Shares issued | 56,082,249 | 55,808,008 | |||||||||||||||
Shares outstanding | 33,544,723 | 33,558,864 | |||||||||||||||
Treasury stock | |||||||||||||||||
Shares held | 22,537,526 | 22,249,144 | |||||||||||||||
During the nine month period ended September 28, 2014, CTS purchased 288,382 shares of common stock for $5,084,000 under a board-authorized share repurchase plan. For the nine month period ended September 29, 2013, CTS purchased 199,969 shares of common stock for $2,224,000. | |||||||||||||||||
A roll forward of common shares outstanding is as follows: | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 28, 2014 | September 29, 2013 | ||||||||||||||||
Balance at the beginning of the year | 33,558,864 | 33,433,128 | |||||||||||||||
Repurchases | (288,382 | ) | (199,969 | ) | |||||||||||||
Stock option issuances | 101,350 | 226,449 | |||||||||||||||
Restricted share issuances | 172,891 | 203,704 | |||||||||||||||
Restricted share forfeitures | — | — | |||||||||||||||
Shares withheld for tax obligations | — | — | |||||||||||||||
Balance at the end of the period | 33,544,723 | 33,663,312 | |||||||||||||||
The following table shows the potentially dilutive securities which have been excluded from the dilutive earnings per share calculation because they are either anti-dilutive, or the exercise price exceeds the average market price. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29 , 2013 | ||||||||||||||
Potentially dilutive securities | — | 25 | — | 634 | |||||||||||||
EquityBased_compensation
Equity-Based compensation | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Equity-Based compensation | ' | ||||||||||||||||
NOTE 12 – Equity-Based compensation | |||||||||||||||||
At September 28, 2014, CTS had five equity-based compensation plans: the 2001 Stock Option Plan (“2001 Plan”), the Nonemployee Directors’ Stock Retirement Plan (“Directors’ Plan”), the 2004 Omnibus Long-Term Incentive Plan (“2004 Plan”), the 2009 Omnibus Equity and Performance Incentive Plan (“2009 Plan”), and the 2014 Performance & Incentive Plan (“2014 Plan”). Future grants can only be made under the 2014 Plan. | |||||||||||||||||
The 2009 Plan, and previously the 2001 Plan and 2004 Plan, provides for grants of incentive stock options or nonqualified stock options to officers, key employees, and nonemployee members of CTS’ Board of Directors. In addition, the 2009 Plan and the 2004 Plan allow for grants of stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance shares, performance units, and other stock awards. | |||||||||||||||||
The following table summarizes the compensation expense included in Selling, general and administrative expenses in the Unaudited Condensed Consolidated Statements of Earnings related to equity-based compensation plans: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
($ in thousands) | September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29, 2013 | |||||||||||||
Service-Based RSUs | 397 | 444 | 1,080 | 1,961 | |||||||||||||
Performance-Based RSUs | 146 | 117 | 419 | 690 | |||||||||||||
Market-Based RSUs | 117 | 99 | 340 | 490 | |||||||||||||
Total | $ | 660 | $ | 660 | $ | 1,839 | $ | 3,141 | |||||||||
Income tax benefit | $ | 252 | $ | 252 | $ | 703 | $ | 1,200 | |||||||||
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: | |||||||||||||||||
($ in thousands) | Unrecognized | Weighted average | |||||||||||||||
compensation expense | period | ||||||||||||||||
at September 28, 2014 | |||||||||||||||||
Service-Based RSUs | 1,439 | 1.2 years | |||||||||||||||
Performance-Based RSUs | 1,064 | 1.4 years | |||||||||||||||
Market-Based RSUs | 775 | 1.3 years | |||||||||||||||
Total | $ | 3,278 | |||||||||||||||
CTS recognizes expense on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in substance, multiple awards. | |||||||||||||||||
The following table summarizes the status of these plans as of September 28, 2014: | |||||||||||||||||
2014 Plan | 2009 Plan | 2004 Plan | 2001 Plan | ||||||||||||||
Awards originally available | 1,500,000 | 3,400,000 | 6,500,000 | 2,000,000 | |||||||||||||
Stock options outstanding | — | — | 5,200 | — | |||||||||||||
Restricted stock units outstanding | 6,500 | 425,156 | 101,223 | — | |||||||||||||
Options exercisable | — | — | 5,200 | — | |||||||||||||
Awards available for grant | 1,493,500 | 1,593,853 | 106,423 | — | |||||||||||||
Stock Options | |||||||||||||||||
Stock options are exercisable in cumulative annual installments over a maximum 10-year period, commencing at least one year from the date of grant. Stock options are generally granted with an exercise price equal to the market price of the Company’s stock on the date of grant. The stock options generally vest over four years and have a 10-year contractual life. The awards generally contain provisions to either accelerate vesting or allow vesting to continue on schedule upon retirement if certain service and age requirements are met. The awards also provide for accelerated vesting if there is a change in control event. | |||||||||||||||||
A summary of the status of stock options as of September 28, 2014 and the nine month period then ended is presented below: | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 28, 2014 | |||||||||||||||||
Options | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Exercise Price | |||||||||||||||||
Outstanding at beginning of year | 123,000 | $ | 12.78 | ||||||||||||||
Exercised | (115,100 | ) | $ | 12.84 | |||||||||||||
Expired | (2,700 | ) | $ | 11.04 | |||||||||||||
Forfeited | — | $ | — | ||||||||||||||
Outstanding at end of period | 5,200 | $ | 12.35 | ||||||||||||||
Exercisable at end of period | 5,200 | $ | 12.35 | ||||||||||||||
Nine Months Ended | |||||||||||||||||
28-Sep-14 | |||||||||||||||||
Intrinsic values of share options exercised | $ | 831,000 | |||||||||||||||
Weighted average remaining contractual life | 1.2 years | ||||||||||||||||
Aggregate intrinsic values of options outstanding and options exercisable | $ | 22,000 | |||||||||||||||
There are no unvested stock options at September 28, 2014. | |||||||||||||||||
Service-Based Restricted Stock Units | |||||||||||||||||
Service-based RSUs entitle the holder to receive one share of common stock for each unit when the unit vests. RSUs are issued to officers, key employees and non-employee directors as compensation. Generally, the RSUs vest over a three-year period. A summary of the status of RSUs is presented below: | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 28, 2014 | |||||||||||||||||
RSUs | Weighted- | ||||||||||||||||
average | |||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at beginning of year | 630,288 | $ | 10.36 | ||||||||||||||
Granted | 90,115 | $ | 19.05 | ||||||||||||||
Converted | (128,108 | ) | $ | 10.74 | |||||||||||||
Forfeited | (59,416 | ) | $ | 11.99 | |||||||||||||
Outstanding at end of period | 532,879 | $ | 11.55 | ||||||||||||||
Performance-Based Restricted Stock Units | |||||||||||||||||
CTS grants performance-based restricted stock unit awards for certain executives. Vesting may occur in the range from zero percent to 200% of the target amount. Vesting is subject to certification of the fiscal results of the year prior to the target year by CTS’ independent auditors. Vesting is dependent upon CTS’ achievement of either sales growth targets or cash flow targets as noted in the table below. | |||||||||||||||||
Performance-Based RSUs include the following components: | |||||||||||||||||
Grant Date | Target Units | Vesting Year | Vesting Dependency | Units Awarded | |||||||||||||
February 8, 2012 | 45,850 | 2014 | Sales growth | — | |||||||||||||
February 8, 2012 | 39,300 | 2014 | Cash flow | 69,600 | |||||||||||||
February 11, 2013 | 77,700 | 2016 | Sales growth | — | |||||||||||||
February 11, 2013 | 66,600 | 2016 | Cash flow | — | |||||||||||||
February 14, 2014 | 25,085 | 2017 | Sales growth | — | |||||||||||||
February 14, 2014 | 21,500 | 2017 | Cash flow | — | |||||||||||||
Market-Based Restricted Stock Units | |||||||||||||||||
CTS grants market-based restricted stock unit awards for certain executives and key employees. Vesting may occur in the range from zero percent to 200% of the target amount. Vesting is subject to certification of the fiscal results of the year prior to the target year by CTS’ independent auditors. The vesting rate will be determined using a matrix based on a percentile ranking of CTS total stockholder return with peer group total shareholder return over a three-year period. Vesting is tied exclusively to CTS total stockholder return relative to peer group companies’ total stockholder return rates. | |||||||||||||||||
Market-Based RSUs include the following components: | |||||||||||||||||
Grant Date | Target Units | Vesting Year | Number of Peer | Units Awarded | |||||||||||||
Group Companies | |||||||||||||||||
February 8, 2012 | 45,850 | 2014 | 28 | 63,800 | |||||||||||||
February 11, 2013 | 77,700 | 2016 | 20 | — | |||||||||||||
February 11, 2013 | 32,500 | 2016 | 20 | — | |||||||||||||
February 14, 2014 | 25,085 | 2017 | 15 | — |
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurement | ' | ||||||||||||||||||||
NOTE 13 – Fair Value Measurement | |||||||||||||||||||||
The table below summarizes the non-financial assets that were measured and recorded at fair value on a non-recurring basis as of September 28, 2014 and the loss recorded during the nine months ended September 28, 2014 on those assets: | |||||||||||||||||||||
($ in thousands) | Carrying | Quoted Prices | Significant | Significant | Loss for Nine | ||||||||||||||||
Value at | in Active | Other | Unobservable | Months Ended | |||||||||||||||||
September 28, | Markets for | Observable | Inputs | September 28, | |||||||||||||||||
2014 | Identical | Inputs | (Level 3) | 2014 | |||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Long-lived assets | — | — | — | — | 79 | ||||||||||||||||
During the second quarter of 2013, CTS initiated the June 2013 restructuring plan which impacted certain locations. This was considered a triggering event and the company performed an impairment analysis for the impacted intangibles and long-lived assets. The resulting intangible impairment loss related to customer based intangibles. The fair value of these assets were measured and recorded using an income approach. Projected future cash flows related to these assets were used under this approach to determine their fair values. CTS recorded an impairment charge of approximately $3,104,000 for the nine months ended September 29, 2013. The impairment charge was recorded under “Restructuring and Impairment Charge” on CTS’ Condensed Consolidated Statements of Earnings. | |||||||||||||||||||||
The table below summarizes the financial liability that was measured at fair value on a recurring basis as of September 28, 2014 and the loss recorded during the nine months ended September 28, 2014: | |||||||||||||||||||||
($ in thousands) | Carrying | Quoted Prices | Significant | Significant | Loss for Nine | ||||||||||||||||
Value at | in Active | Other | Unobservable | Months Ended | |||||||||||||||||
September 28, | Markets for | Observable | Inputs | September 28, | |||||||||||||||||
2014 | Identical | Inputs | (Level 3) | 2014 | |||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Interest rate swap – cash flow hedge | $ | 923 | $ | — | $ | 923 | $ | — | $ | 363 | |||||||||||
The table below summarizes the financial liability that was measured at fair value on a recurring basis as of December 31, 2013 and the loss recorded during the year ended December 31, 2013: | |||||||||||||||||||||
($ in thousands) | Carrying | Quoted Prices | Significant | Significant | Loss for Year | ||||||||||||||||
Value at | in Active | Other | Unobservable | Ended | |||||||||||||||||
December 31, | Markets for | Observable | Inputs | December 31, | |||||||||||||||||
2013 | Identical | Inputs | (Level 3) | 2013 | |||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Interest rate swap – cash flow hedge | $ | 998 | $ | — | $ | 998 | $ | — | $ | 322 | |||||||||||
The fair value of CTS’ interest rate swaps were measured using a market approach which uses current industry information. There is a readily determinable market and these swaps are classified within level 2 of the fair value hierarchy. | |||||||||||||||||||||
The table below provides a reconciliation of the recurring financial liability related to interest rate swaps: | |||||||||||||||||||||
($ in thousands) | Interest Rate | ||||||||||||||||||||
Swaps | |||||||||||||||||||||
Balance at January 1, 2013 | $ | (1,609 | ) | ||||||||||||||||||
Total gains/(losses) for the period: | |||||||||||||||||||||
Included in earnings | 322 | ||||||||||||||||||||
Included in other comprehensive income | 289 | ||||||||||||||||||||
Balance at January 1, 2014 | $ | (998 | ) | ||||||||||||||||||
Total gains/(losses) for the period: | |||||||||||||||||||||
Included in earnings | 363 | ||||||||||||||||||||
Included in other comprehensive income | (288 | ) | |||||||||||||||||||
Balance at September 28, 2014 | $ | (923 | ) | ||||||||||||||||||
CTS’ long-term debt consists of a revolving debt facility. There is a readily determinable market for CTS’ revolving credit debt and it is classified within Level 2 of the fair value hierarchy as the market is not deemed to be active. The fair value of long-term debt was measured using a market approach which uses current industry information and approximates carrying value. |
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
NOTE 14 – Income Taxes | |||||||||||||||||
CTS has identified, evaluated, and measured the amount of income tax benefits to be recognized for all of our income tax positions. CTS earns a significant amount of its operating income outside of the U.S., which is considered to be permanently reinvested in foreign jurisdictions. | |||||||||||||||||
As of September 28, 2014, CTS’ intent is to permanently reinvest funds outside the U.S. Any repatriation may not result in significant cash income tax payments as the taxable event would likely be offset by the utilization of the then available net operating losses and tax credits. CTS does not provide for U.S. income taxes on undistributed earnings of its foreign subsidiaries that are intended to be permanently reinvested. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29, 2013 | ||||||||||||||
Effective tax rate | 31.9 | % | 33.3 | % | 36.1 | % | 118.6 | % | |||||||||
The 2014 effective tax rate reflects higher profits, primarily from a change in the mix of earnings by jurisdiction, and the effect of tax adjustments decreased the rate by 3.3% in the third quarter of 2014. Tax adjustments recorded in the nine month period ended September 28, 2014 increased the rate by 0.4%. Tax expense during the nine months ended September 29, 2013 includes a discrete period tax expense of $10,800,000 related to cash repatriation that was recorded in the second quarter of 2013. | |||||||||||||||||
CTS’ continuing practice is to recognize interest and/or penalties related to income tax matters as part of income tax expense. For the nine months ended September 28, 2014 and September 29, 2013, CTS did not accrue any interest or penalties into income tax expense. | |||||||||||||||||
The repatriation to the U.S. of approximately $30,000,000 during the second quarter of 2013 resulted from a reduction in the amount of earnings required to remain permanently reinvested in Singapore that was made possible by the June 2013 restructuring plan. No deferred income taxes had been previously recorded for unremitted earnings from Singapore due to previous conclusions that the earnings were permanently reinvested. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Discontinued Operations | ' | ||||||||
NOTE 15 – Discontinued Operations | |||||||||
On October 2, 2013, the company completed the sale of its Electronics Manufacturing Services (“EMS”) Business to Benchmark Electronics, Inc. (“Benchmark”) for approximately $75,000,000 in cash. Included were five manufacturing facilities located in Moorpark, CA, Londonderry, NH, Bangkok, Thailand, Matamoros, Mexico and San Jose, CA and approximately 1,000 employees. | |||||||||
The Condensed Statement of Earnings of the EMS discontinued operations is as follows: | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
($ in thousands) | September 29, 2013 | September 29, 2013 | |||||||
Net sales | $ | 55,931 | $ | 153,561 | |||||
Cost of goods sold | 50,402 | 140,550 | |||||||
Selling, general and administrative expenses | 2,938 | 10,260 | |||||||
Restructuring and impairment charge | 52 | 648 | |||||||
Operating income | 2,539 | 2,103 | |||||||
Other income, net | 187 | 254 | |||||||
Earnings before income taxes | 2,726 | 2,357 | |||||||
Income tax expense | 1,022 | 1,154 | |||||||
Net earnings from discontinued operations | $ | 1,704 | $ | 1,203 | |||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 28, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
NOTE 16 – Recent Accounting Pronouncements | |
ASU 2014-12, “Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period” | |
In June 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-12, “Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period”. The amended guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period should be treated as a performance condition. | |
Current U.S. GAAP does not contain explicit guidance on whether to treat a performance target that could be achieved after the requisite service period as a performance condition that affects vesting or as a nonvesting condition that affects the grant-date fair value of an award. The amendments in this update provide explicit guidance for those awards. | |
The amendments are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. Entities may apply the amendments either prospectively to all awards granted or modified after the effective date, or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. These provisions will not have a material impact on our financial statements. | |
ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”. The guidance in this ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The new revenue recognition guidance more closely aligns US GAAP with IFRS. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. | |
To achieve that core principle, an entity should apply the following steps: | |
Step 1: Identify the contract(s) with a customer. | |
Step 2: Identify the performance obligations in the contract. | |
Step 3: Determine the transaction price. | |
Step 4: Allocate the transaction price to the performance obligations in the contract. | |
Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. | |
The guidance is effective for annual periods beginning on or after December 15, 2016 and interim periods within that reporting period. Early adoption is not permitted. These provisions of this guidance are still being evaluated. The impact on CTS’ financial statements has not yet been determined. | |
ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” | |
In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”. The ASU is aimed at reducing the frequency of disposals reported as discontinued operations by focusing on strategic shifts that have or will have a major effect on an entity’s operations and financial results. In another change from current US GAAP, the guidance permits companies to have continuing cash flows and significant continuing involvement with the disposed component. The new definition of a discontinued operation more closely aligns US GAAP with IFRS. | |
The ASU requires the reclassification of assets and liabilities of a discontinued operation in the statement of financial position for all prior periods presented. The standard expands the disclosures for discontinued operations and requires new disclosures related to individually material disposals that do not meet the definition of a discontinued operation, an entity’s continuing involvement with a discontinued operation following the disposal date and retained equity method investments in a discontinued operation. | |
The guidance is effective for annual periods beginning on or after December 15, 2014 and interim periods within that year. The ASU is applied prospectively. Early adoption is permitted but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issue. These provisions will not have a material impact on our financial statements. | |
ASU 2014-06, “Technical Corrections and Improvements Related to Glossary Terms” | |
In March 2014, the FASB issued ASU 2014-06, “Technical Corrections and Improvements Related to Glossary Terms”. The new guidance is designed to clarify the Master Glossary of the Codification, consolidate multiple instances of the same into a single definition and make minor improvements to the Master Glossary. The FASB said the amendments are not expected to result in substantial changes to the application of existing guidance. These provisions are effective upon issuance. These provisions will not have a material impact on our financial statements. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 28, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Basis of Presentation | ' |
The accompanying condensed consolidated financial statements have been prepared by CTS Corporation (“CTS” or “the Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the financial statements, notes thereto, and other information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
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. | |
Reclassifications | ' |
Reclassifications | |
Certain reclassifications for discontinued operations have been made for the prior periods presented in the Unaudited Condensed Consolidated Financial Statements to conform to the current period’s presentation. | |
Recent Accounting Pronouncements | ' |
ASU 2014-12, “Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period” | |
In June 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-12, “Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period”. The amended guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period should be treated as a performance condition. | |
Current U.S. GAAP does not contain explicit guidance on whether to treat a performance target that could be achieved after the requisite service period as a performance condition that affects vesting or as a nonvesting condition that affects the grant-date fair value of an award. The amendments in this update provide explicit guidance for those awards. | |
The amendments are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. Entities may apply the amendments either prospectively to all awards granted or modified after the effective date, or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. These provisions will not have a material impact on our financial statements. | |
ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”. The guidance in this ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The new revenue recognition guidance more closely aligns US GAAP with IFRS. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. | |
To achieve that core principle, an entity should apply the following steps: | |
Step 1: Identify the contract(s) with a customer. | |
Step 2: Identify the performance obligations in the contract. | |
Step 3: Determine the transaction price. | |
Step 4: Allocate the transaction price to the performance obligations in the contract. | |
Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. | |
The guidance is effective for annual periods beginning on or after December 15, 2016 and interim periods within that reporting period. Early adoption is not permitted. These provisions of this guidance are still being evaluated. The impact on CTS’ financial statements has not yet been determined. | |
ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” | |
In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”. The ASU is aimed at reducing the frequency of disposals reported as discontinued operations by focusing on strategic shifts that have or will have a major effect on an entity’s operations and financial results. In another change from current US GAAP, the guidance permits companies to have continuing cash flows and significant continuing involvement with the disposed component. The new definition of a discontinued operation more closely aligns US GAAP with IFRS. | |
The ASU requires the reclassification of assets and liabilities of a discontinued operation in the statement of financial position for all prior periods presented. The standard expands the disclosures for discontinued operations and requires new disclosures related to individually material disposals that do not meet the definition of a discontinued operation, an entity’s continuing involvement with a discontinued operation following the disposal date and retained equity method investments in a discontinued operation. | |
The guidance is effective for annual periods beginning on or after December 15, 2014 and interim periods within that year. The ASU is applied prospectively. Early adoption is permitted but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issue. These provisions will not have a material impact on our financial statements. | |
ASU 2014-06, “Technical Corrections and Improvements Related to Glossary Terms” | |
In March 2014, the FASB issued ASU 2014-06, “Technical Corrections and Improvements Related to Glossary Terms”. The new guidance is designed to clarify the Master Glossary of the Codification, consolidate multiple instances of the same into a single definition and make minor improvements to the Master Glossary. The FASB said the amendments are not expected to result in substantial changes to the application of existing guidance. These provisions are effective upon issuance. These provisions will not have a material impact on our financial statements. |
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Components of Accounts Receivable | ' | ||||||||
The components of accounts receivable are as follows: | |||||||||
As of | |||||||||
($ in thousands) | September 28, 2014 | December 31, 2013 | |||||||
Accounts receivable, gross | $ | 63,198 | $ | 62,806 | |||||
Less: Allowance for doubtful accounts | (105 | ) | (139 | ) | |||||
Accounts receivable, net | $ | 63,093 | $ | 62,667 | |||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summary of Inventories | ' | ||||||||
Inventories consist of the following: | |||||||||
As of | |||||||||
($ in thousands) | September 28, 2014 | December 31, 2013 | |||||||
Finished goods | $ | 12,119 | $ | 10,310 | |||||
Work-in-process | 7,778 | 7,492 | |||||||
Raw materials | 17,705 | 19,021 | |||||||
Less: Inventory reserves | (7,694 | ) | (4,597 | )) | |||||
Inventories, net | $ | 29,908 | $ | 32,226 | |||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Net Pension Income or Postretirement Expense | ' | ||||||||||||||||
Net pension (income) expense for our domestic and foreign plans was as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
($ in thousands) | September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29, 2013 | |||||||||||||
Net pension (income) expense | $ | (637 | ) | $ | 533 | $ | (1,717 | ) | $ | 1,623 | |||||||
Net pension expense breakdown for our domestic and foreign plans include the following components: | |||||||||||||||||
Three months: | |||||||||||||||||
Domestic Pension Plans | Foreign Pension Plans | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
($ in thousands) | September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29, 2013 | |||||||||||||
Service cost | $ | 48 | $ | 648 | $ | 21 | $ | 28 | |||||||||
Interest cost | 3,052 | 2,711 | 156 | 134 | |||||||||||||
Expected return on plan assets (1) | (5,209 | ) | (5,042 | ) | (172 | ) | (103 | ) | |||||||||
Amortization of prior service cost | — | 138 | — | — | |||||||||||||
Amortization of loss | 1,408 | 1,921 | 59 | 98 | |||||||||||||
(Income) expense, net | $ | (701 | ) | $ | 376 | $ | 64 | $ | 157 | ||||||||
Nine months: | |||||||||||||||||
Domestic Pension Plans | Foreign Pension Plans | ||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||
($ in thousands) | September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29, 2013 | |||||||||||||
Service cost | $ | 144 | $ | 1,945 | $ | 63 | $ | 84 | |||||||||
Interest cost | 9,163 | 8,134 | 461 | 398 | |||||||||||||
Expected return on plan assets (1) | (15,625 | ) | (15,127 | ) | (509 | ) | (305 | ) | |||||||||
Amortization of prior service cost | — | 436 | — | — | |||||||||||||
Amortization of loss | 4,237 | 5,763 | 177 | 295 | |||||||||||||
Other cost due to retirement | 172 | — | — | — | |||||||||||||
(Income) expense, net | $ | (1,909 | ) | $ | 1,151 | $ | 192 | $ | 472 | ||||||||
-1 | Expected return on plan assets is net of expected investment expenses and certain administrative expenses. | ||||||||||||||||
Net postretirement expense for our postretirement plan includes the following components: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
($ in thousands) | September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29, 2013 | |||||||||||||
Other postretirement benefit plan | |||||||||||||||||
Service cost | $ | 1 | $ | 2 | $ | 3 | $ | 6 | |||||||||
Interest cost | 57 | 56 | 172 | 167 | |||||||||||||
Amortization of gain | (39 | ) | — | (118 | ) | — | |||||||||||
Postretirement expense | $ | 19 | $ | 58 | $ | 57 | $ | 173 | |||||||||
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 9 Months Ended | ||||||||||||
Sep. 28, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Summary of Intangible Assets | ' | ||||||||||||
Intangible assets consist of the following as of: | |||||||||||||
As of | |||||||||||||
28-Sep-14 | |||||||||||||
($ in thousands) | Gross | Accumulated | Net Amount | ||||||||||
Carrying | Amortization | ||||||||||||
Amount | |||||||||||||
Amortized intangible assets: | |||||||||||||
Customer lists/relationships | $ | 51,804 | $ | (23,492 | ) | $ | 28,312 | ||||||
Patents | 10,319 | (10,319 | ) | — | |||||||||
Other intangibles | 12,270 | (3,615 | ) | 8,655 | |||||||||
Other intangible assets, net | $ | 74,393 | $ | (37,426 | ) | $ | 36,967 | ||||||
Amortization expense for the nine months ended September 28, 2014 | $ | 3,125 | |||||||||||
As of | |||||||||||||
December 31, 2013 | |||||||||||||
($ in thousands) | Gross | Accumulated | Net Amount | ||||||||||
Carrying | Amortization | ||||||||||||
Amount | |||||||||||||
Amortized intangible assets: | |||||||||||||
Customer lists/relationships | $ | 51,804 | $ | (21,490 | ) | $ | 30,314 | ||||||
Patents | 10,319 | (10,319 | ) | — | |||||||||
Other intangibles | 12,270 | (2,492 | ) | 9,778 | |||||||||
Other intangible assets, net | $ | 74,393 | $ | (34,301 | ) | $ | 40,092 | ||||||
Amortization expense for the nine months ended September 29, 2013 | $ | 3,623 | |||||||||||
Summary of Amortization Expense | ' | ||||||||||||
Amortization expense remaining for other intangible assets is as follows: | |||||||||||||
($ in thousands) | Amortization | ||||||||||||
expense | |||||||||||||
2014 | $ | 1,067 | |||||||||||
2015 | 3,947 | ||||||||||||
2016 | 3,647 | ||||||||||||
2017 | 3,569 | ||||||||||||
2018 | 3,484 | ||||||||||||
Thereafter | 21,253 | ||||||||||||
Total amortization expense | $ | 36,967 | |||||||||||
Costs_Associated_with_Exit_and1
Costs Associated with Exit and Restructuring Activities (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||
Restructuring and Restructuring Related Charges of Actual Costs | ' | ||||||||
The following table displays the planned restructuring and restructuring-related charges associated with the April 2014 Plan, as well as a summary of the actual costs incurred through September 28, 2014: | |||||||||
April 2014 Plan | |||||||||
($ in thousands) | Planned | Actual costs | |||||||
Costs | incurred through | ||||||||
September 28, | |||||||||
2014 | |||||||||
Inventory write-down | $ | 250 | $ | — | |||||
Equipment relocation | 500 | — | |||||||
Other charges | 350 | — | |||||||
Restructuring related charges, included in cost of goods sold | $ | 1,100 | $ | — | |||||
Workforce reduction | $ | 4,100 | $ | 2,980 | |||||
Asset impairment charge | — | — | |||||||
Other charges, including pension termination costs | 500 | — | |||||||
Restructuring and impairment charges | $ | 4,600 | $ | 2,980 | |||||
Total restructuring, impairment and restructuring related charges | $ | 5,700 | $ | 2,980 | |||||
June 2013 Plan | |||||||||
($ in thousands) | Planned | Actual costs | |||||||
Costs | incurred through | ||||||||
September 28, | |||||||||
2014 | |||||||||
Inventory write-down | $ | 800 | $ | 1,143 | |||||
Equipment relocation | 900 | 1,288 | |||||||
Other charges | 100 | 549 | |||||||
Restructuring-related charges, included in cost of goods sold | $ | 1,800 | $ | 2,980 | |||||
Workforce reduction | $ | 8,300 | $ | 8,189 | |||||
Asset impairment charge | 3,000 | 4,464 | |||||||
Other charges, including pension termination costs | 5,500 | 515 | |||||||
Restructuring and impairment charges | $ | 16,800 | $ | 13,168 | |||||
Total restructuring and restructuring-related charges | $ | 18,600 | $ | 16,148 | |||||
Restructuring Reserve Activity | ' | ||||||||
The following table displays the restructuring reserve activity for the period ended September 28, 2014: | |||||||||
June 2013 Plan and April 2014 Plan | |||||||||
($ in thousands) | |||||||||
Restructuring liability at January 1, 2014 | $ | 3,100 | |||||||
Restructuring and restructuring-related charges, excluding asset impairments and write-offs | 5,571 | ||||||||
Cost paid | (5,622 | ) | |||||||
Restructuring liability at September 28, 2014 | $ | 3,049 | |||||||
The following table displays the restructuring reserve activity related to the December 2012 Plan: | |||||||||
December 2012 Plan | |||||||||
($ in thousands) | |||||||||
Restructuring liability at January 1, 2013 | $ | 1,600 | |||||||
Restructuring and restructuring-related charges, excluding asset impairments and write-offs | 800 | ||||||||
Cost paid | (2,400 | ) | |||||||
Restructuring liability at December 31, 2013 | $ | 0 | |||||||
Accrued_liabilities_Tables
Accrued liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Components of Accrued Liabilities | ' | ||||||||
The components of Accrued liabilities are as follows: | |||||||||
As of | |||||||||
($ in thousands) | September 28, 2014 | December 31, 2013 | |||||||
Accrued product related costs | $ | 5,967 | $ | 5,429 | |||||
Accrued income taxes | 4,333 | 2,666 | |||||||
Accrued property and other taxes | 1,633 | 1,718 | |||||||
Dividends payable | 1,342 | 1,342 | |||||||
Other accrued liabilities | 14,130 | 16,091 | |||||||
Total accrued liabilities | $ | 27,405 | $ | 27,246 | |||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||
Long-term debt was comprised of the following: | |||||||||||||||||
As of | |||||||||||||||||
($ in thousands) | September 28, 2014 | December 31, 2013 | |||||||||||||||
Revolving credit facility due in 2017 | $ | 80,300 | $ | 75,000 | |||||||||||||
Weighted average interest rate | 1.5 | % | 1.9 | % | |||||||||||||
Amount available | $ | 117,235 | $ | 122,400 | |||||||||||||
Total credit facility | $ | 200,000 | $ | 200,000 | |||||||||||||
Standby letters of credit | $ | 2,465 | $ | 2,600 | |||||||||||||
Commitment fee percentage per annum | 0.25 | 0.3 | |||||||||||||||
Summary of Interest Rate Swaps Activity Recorded in Other Comprehensive Income Before Tax | ' | ||||||||||||||||
Interest rate swaps activity recorded in Other Comprehensive Income before tax includes the following: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
($ in thousands) | September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29, 2013 | |||||||||||||
Unrealized gain (loss) | $ | 124 | $ | (428 | ) | $ | (288 | ) | $ | 373 | |||||||
Realized loss reclassified to interest expense | $ | 123 | $ | 81 | $ | 363 | $ | 236 | |||||||||
Summary of Interest Rate Swaps Included on Balance Sheets | ' | ||||||||||||||||
Interest rate swaps included on the balance sheets are comprised of the following: | |||||||||||||||||
As of | |||||||||||||||||
($ in thousands) | September 28, 2014 | December 31, 2013 | |||||||||||||||
Accrued liabilities | $ | 583 | $ | 392 | |||||||||||||
Other long-term obligations | $ | 340 | $ | 604 |
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Summary of Components of Other Comprehensive Loss | ' | ||||||||||||||||||||
The components of other comprehensive loss for the three months ended September 28, 2014 are as follows (in thousands): | |||||||||||||||||||||
As of | Gain (Loss) | Gain (Loss) | Three months | As of | |||||||||||||||||
June 29, 2014 | recognized | reclassified | ended | September 28, 2014 | |||||||||||||||||
in | from AOCI | September 28, | |||||||||||||||||||
OCI | to income | 2014 | |||||||||||||||||||
Changes in fair market value of hedges: | |||||||||||||||||||||
Gross | $ | (1,170 | ) | $ | 124 | $ | 123 | $ | 247 | $ | (923 | ) | |||||||||
Income tax (benefit) | (447 | ) | 47 | 47 | 94 | (353 | ) | ||||||||||||||
Net | (723 | ) | 77 | 76 | 153 | (570 | ) | ||||||||||||||
Changes in unrealized pension cost: | |||||||||||||||||||||
Gross | (135,180 | ) | 1,575 | — | 1,575 | (133,605 | ) | ||||||||||||||
Income tax (benefit) | (53,896 | ) | 539 | — | 539 | (53,357 | ) | ||||||||||||||
Net | (81,284 | ) | 1,036 | — | 1,036 | (80,248 | ) | ||||||||||||||
Cumulative translation adjustment: | |||||||||||||||||||||
Gross | 1,470 | (590 | ) | — | (590 | ) | 880 | ||||||||||||||
Income tax (benefit) | (1,155 | ) | 391 | — | 391 | (764 | ) | ||||||||||||||
Net | 2,625 | (981 | ) | — | (981 | ) | 1,644 | ||||||||||||||
Total accumulated other comprehensive (loss) income | $ | (79,382 | ) | $ | 132 | $ | 76 | $ | 208 | $ | (79,174 | ) | |||||||||
The components of other comprehensive loss for the three months ended September 29, 2013 are as follows (in thousands): | |||||||||||||||||||||
As of | Gain (Loss) | Gain (Loss) | Three months | As of | |||||||||||||||||
June 30, 2013 | recognized | reclassified | ended | September 29, 2013 | |||||||||||||||||
in | from AOCI | September 29, | |||||||||||||||||||
OCI | to income | 2013 | |||||||||||||||||||
Changes in fair market value of hedges: | |||||||||||||||||||||
Gross | $ | (650 | ) | $ | (428 | ) | $ | 81 | $ | (347 | ) | $ | (997 | ) | |||||||
Income tax (benefit) | (253 | ) | (168 | ) | 31 | (137 | ) | (390 | ) | ||||||||||||
Net | (397 | ) | (260 | ) | 50 | (210 | ) | (607 | ) | ||||||||||||
Changes in unrealized pension cost: | |||||||||||||||||||||
Gross | (194,629 | ) | — | 1,943 | 1,943 | (192,686 | ) | ||||||||||||||
Income tax (benefit) | (76,660 | ) | — | 771 | 771 | (75,889 | ) | ||||||||||||||
Net | (117,969 | ) | — | 1,172 | 1,172 | (116,797 | ) | ||||||||||||||
Cumulative translation adjustment: | |||||||||||||||||||||
Gross | (473 | ) | 914 | — | 914 | 441 | |||||||||||||||
Income tax (benefit) | (182 | ) | (430 | ) | — | (430 | ) | (612 | ) | ||||||||||||
Net | (291 | ) | 1,344 | — | 1,344 | 1,053 | |||||||||||||||
Total accumulated other comprehensive (loss) income | $ | (118,657 | ) | $ | 1,084 | $ | 1,222 | $ | 2,306 | $ | (116,351 | ) | |||||||||
The components of other comprehensive loss for the nine months ended September 28, 2014 are as follows (in thousands): | |||||||||||||||||||||
As of | Gain (Loss) | Gain (Loss) | Nine months | As of | |||||||||||||||||
December 31, | Recognized | reclassified | ended | September 28, 2014 | |||||||||||||||||
2013 | in | from AOCI | September 29, | ||||||||||||||||||
OCI | to income | 2014 | |||||||||||||||||||
Changes in fair market value of hedges : | |||||||||||||||||||||
Gross | $ | (998 | ) | $ | (288 | ) | $ | 363 | $ | 75 | $ | (923 | ) | ||||||||
Income tax (benefit) | (402 | ) | (90 | ) | 139 | 49 | (353 | ) | |||||||||||||
Net | (596 | ) | (198 | ) | 224 | 26 | (570 | ) | |||||||||||||
Changes in unrealized pension cost: | |||||||||||||||||||||
Gross | (138,133 | ) | 4,356 | (1) | 172 | 4,528 | (133,605 | ) | |||||||||||||
Income tax (benefit) | (55,028 | ) | 1,605 | 66 | 1,671 | (53,357 | ) | ||||||||||||||
Net | (83,105 | ) | 2,751 | 106 | 2,857 | (80,248 | ) | ||||||||||||||
Cumulative translation adjustment: | |||||||||||||||||||||
Gross | 949 | (69 | ) | — | (69 | ) | 880 | ||||||||||||||
Income tax (benefit) | (855 | ) | 91 | — | 91 | (764 | ) | ||||||||||||||
Net | 1,804 | (160 | ) | — | (160 | ) | 1,644 | ||||||||||||||
Total accumulated other comprehensive (loss) income | $ | (81,897 | ) | $ | 2,393 | $ | 330 | $ | 2,723 | $ | (79,174 | ) | |||||||||
The components of other comprehensive loss for the nine months ended September 29, 2013 are as follows (in thousands): | |||||||||||||||||||||
As of | Gain (Loss) | Gain (Loss) | Nine months | As of | |||||||||||||||||
December 31, | recognized | reclassified | ended | September 29, 2013 | |||||||||||||||||
2012 | in | from AOCI | September 29, | ||||||||||||||||||
OCI | to income | 2013 | |||||||||||||||||||
Changes in fair market value of hedges : | |||||||||||||||||||||
Gross | $ | (1,606 | ) | $ | 373 | $ | 236 | $ | 609 | $ | (997 | ) | |||||||||
Income tax (benefit) | (626 | ) | 144 | 92 | 236 | (390 | ) | ||||||||||||||
Net | (980 | ) | 229 | 144 | 373 | (607 | ) | ||||||||||||||
Changes in unrealized pension cost: | |||||||||||||||||||||
Gross | (199,241 | ) | — | 6,555 | 6,555 | (192,686 | ) | ||||||||||||||
Income tax (benefit) | (78,398 | ) | — | 2,509 | 2,509 | (75,889 | ) | ||||||||||||||
Net | (120,843 | ) | — | 4,046 | 4,046 | (116,797 | ) | ||||||||||||||
Cumulative translation adjustment: | |||||||||||||||||||||
Gross | 575 | (134 | ) | — | (134 | ) | 441 | ||||||||||||||
Income tax (benefit) | (644 | ) | 32 | — | 32 | (612 | ) | ||||||||||||||
Net | 1,219 | (166 | ) | — | (166 | ) | 1,053 | ||||||||||||||
Total accumulated other comprehensive (loss) income | $ | (120,604 | ) | $ | 63 | $ | 4,190 | $ | 4,253 | $ | (116,351 | ) | |||||||||
-1 | The actuarial loss reclassified to income for 2014 was recognized in Cost of goods sold of $1,557, Selling, general and administrative expenses of $2,129, and Research and development expenses of $670, in CTS’ Consolidated Statements of Comprehensive Earnings. |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Equity [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 | |||||||||||||||||
September 28, 2014 | December 31, 2013 | ||||||||||||||||
Preferred Stock | |||||||||||||||||
Par value per share | $ | No par value | $ | No par value | |||||||||||||
Shares authorized | 25,000,000 | 25,000,000 | |||||||||||||||
Shares outstanding | — | — | |||||||||||||||
Common Stock | |||||||||||||||||
Par value per share | $ | No par value | $ | No par value | |||||||||||||
Shares authorized | 75,000,000 | 75,000,000 | |||||||||||||||
Shares issued | 56,082,249 | 55,808,008 | |||||||||||||||
Shares outstanding | 33,544,723 | 33,558,864 | |||||||||||||||
Treasury stock | |||||||||||||||||
Shares held | 22,537,526 | 22,249,144 | |||||||||||||||
Summary of Common Shares Outstanding | ' | ||||||||||||||||
A roll forward of common shares outstanding is as follows: | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 28, 2014 | September 29, 2013 | ||||||||||||||||
Balance at the beginning of the year | 33,558,864 | 33,433,128 | |||||||||||||||
Repurchases | (288,382 | ) | (199,969 | ) | |||||||||||||
Stock option issuances | 101,350 | 226,449 | |||||||||||||||
Restricted share issuances | 172,891 | 203,704 | |||||||||||||||
Restricted share forfeitures | — | — | |||||||||||||||
Shares withheld for tax obligations | — | — | |||||||||||||||
Balance at the end of the period | 33,544,723 | 33,663,312 | |||||||||||||||
Potentially Dilutive Securities Earnings Per Share | ' | ||||||||||||||||
The following table shows the potentially dilutive securities which have been excluded from the dilutive earnings per share calculation because they are either anti-dilutive, or the exercise price exceeds the average market price. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29 , 2013 | ||||||||||||||
Potentially dilutive securities | — | 25 | — | 634 | |||||||||||||
EquityBased_compensation_Table
Equity-Based compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Summary of Equity-Based Compensation Expense | ' | ||||||||||||||||
The following table summarizes the compensation expense included in Selling, general and administrative expenses in the Unaudited Condensed Consolidated Statements of Earnings related to equity-based compensation plans: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
($ in thousands) | September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29, 2013 | |||||||||||||
Service-Based RSUs | 397 | 444 | 1,080 | 1,961 | |||||||||||||
Performance-Based RSUs | 146 | 117 | 419 | 690 | |||||||||||||
Market-Based RSUs | 117 | 99 | 340 | 490 | |||||||||||||
Total | $ | 660 | $ | 660 | $ | 1,839 | $ | 3,141 | |||||||||
Income tax benefit | $ | 252 | $ | 252 | $ | 703 | $ | 1,200 | |||||||||
Summary of Equity-Based 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: | |||||||||||||||||
($ in thousands) | Unrecognized | Weighted average | |||||||||||||||
compensation expense | period | ||||||||||||||||
at September 28, 2014 | |||||||||||||||||
Service-Based RSUs | 1,439 | 1.2 years | |||||||||||||||
Performance-Based RSUs | 1,064 | 1.4 years | |||||||||||||||
Market-Based RSUs | 775 | 1.3 years | |||||||||||||||
Total | $ | 3,278 | |||||||||||||||
Summary of Status of Equity-Based Compensation Plans | ' | ||||||||||||||||
The following table summarizes the status of these plans as of September 28, 2014: | |||||||||||||||||
2014 Plan | 2009 Plan | 2004 Plan | 2001 Plan | ||||||||||||||
Awards originally available | 1,500,000 | 3,400,000 | 6,500,000 | 2,000,000 | |||||||||||||
Stock options outstanding | — | — | 5,200 | — | |||||||||||||
Restricted stock units outstanding | 6,500 | 425,156 | 101,223 | — | |||||||||||||
Options exercisable | — | — | 5,200 | — | |||||||||||||
Awards available for grant | 1,493,500 | 1,593,853 | 106,423 | — | |||||||||||||
Summary of Status of Stock Options | ' | ||||||||||||||||
A summary of the status of stock options as of September 28, 2014 and the nine month period then ended is presented below: | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 28, 2014 | |||||||||||||||||
Options | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Exercise Price | |||||||||||||||||
Outstanding at beginning of year | 123,000 | $ | 12.78 | ||||||||||||||
Exercised | (115,100 | ) | $ | 12.84 | |||||||||||||
Expired | (2,700 | ) | $ | 11.04 | |||||||||||||
Forfeited | — | $ | — | ||||||||||||||
Outstanding at end of period | 5,200 | $ | 12.35 | ||||||||||||||
Exercisable at end of period | 5,200 | $ | 12.35 | ||||||||||||||
Nine Months Ended | |||||||||||||||||
28-Sep-14 | |||||||||||||||||
Intrinsic values of share options exercised | $ | 831,000 | |||||||||||||||
Weighted average remaining contractual life | 1.2 years | ||||||||||||||||
Aggregate intrinsic values of options outstanding and options exercisable | $ | 22,000 | |||||||||||||||
Summary of Service-Based Restricted Stock Units | ' | ||||||||||||||||
A summary of the status of RSUs is presented below: | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 28, 2014 | |||||||||||||||||
RSUs | Weighted- | ||||||||||||||||
average | |||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at beginning of year | 630,288 | $ | 10.36 | ||||||||||||||
Granted | 90,115 | $ | 19.05 | ||||||||||||||
Converted | (128,108 | ) | $ | 10.74 | |||||||||||||
Forfeited | (59,416 | ) | $ | 11.99 | |||||||||||||
Outstanding at end of period | 532,879 | $ | 11.55 | ||||||||||||||
Schedule of Performance-Based RSUs | ' | ||||||||||||||||
Performance-Based RSUs include the following components: | |||||||||||||||||
Grant Date | Target Units | Vesting Year | Vesting Dependency | Units Awarded | |||||||||||||
February 8, 2012 | 45,850 | 2014 | Sales growth | — | |||||||||||||
February 8, 2012 | 39,300 | 2014 | Cash flow | 69,600 | |||||||||||||
February 11, 2013 | 77,700 | 2016 | Sales growth | — | |||||||||||||
February 11, 2013 | 66,600 | 2016 | Cash flow | — | |||||||||||||
February 14, 2014 | 25,085 | 2017 | Sales growth | — | |||||||||||||
February 14, 2014 | 21,500 | 2017 | Cash flow | — | |||||||||||||
Schedule of Market-Based RSUs | ' | ||||||||||||||||
Market-Based RSUs include the following components: | |||||||||||||||||
Grant Date | Target Units | Vesting Year | Number of Peer | Units Awarded | |||||||||||||
Group Companies | |||||||||||||||||
February 8, 2012 | 45,850 | 2014 | 28 | 63,800 | |||||||||||||
February 11, 2013 | 77,700 | 2016 | 20 | — | |||||||||||||
February 11, 2013 | 32,500 | 2016 | 20 | — | |||||||||||||
February 14, 2014 | 25,085 | 2017 | 15 | — |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Non-Financial Assets Measured and Recorded at Fair Value on a Non-Recurring | ' | ||||||||||||||||||||
The table below summarizes the non-financial assets that were measured and recorded at fair value on a non-recurring basis as of September 28, 2014 and the loss recorded during the nine months ended September 28, 2014 on those assets: | |||||||||||||||||||||
($ in thousands) | Carrying | Quoted Prices | Significant | Significant | Loss for Nine | ||||||||||||||||
Value at | in Active | Other | Unobservable | Months Ended | |||||||||||||||||
September 28, | Markets for | Observable | Inputs | September 28, | |||||||||||||||||
2014 | Identical | Inputs | (Level 3) | 2014 | |||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Long-lived assets | — | — | — | — | 79 | ||||||||||||||||
Summary of Financial Liability Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||||||
The table below summarizes the financial liability that was measured at fair value on a recurring basis as of September 28, 2014 and the loss recorded during the nine months ended September 28, 2014: | |||||||||||||||||||||
($ in thousands) | Carrying | Quoted Prices | Significant | Significant | Loss for Nine | ||||||||||||||||
Value at | in Active | Other | Unobservable | Months Ended | |||||||||||||||||
September 28, | Markets for | Observable | Inputs | September 28, | |||||||||||||||||
2014 | Identical | Inputs | (Level 3) | 2014 | |||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Interest rate swap – cash flow hedge | $ | 923 | $ | — | $ | 923 | $ | — | $ | 363 | |||||||||||
The table below summarizes the financial liability that was measured at fair value on a recurring basis as of December 31, 2013 and the loss recorded during the year ended December 31, 2013: | |||||||||||||||||||||
($ in thousands) | Carrying | Quoted Prices | Significant | Significant | Loss for Year | ||||||||||||||||
Value at | in Active | Other | Unobservable | Ended | |||||||||||||||||
December 31, | Markets for | Observable | Inputs | December 31, | |||||||||||||||||
2013 | Identical | Inputs | (Level 3) | 2013 | |||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Interest rate swap – cash flow hedge | $ | 998 | $ | — | $ | 998 | $ | — | $ | 322 | |||||||||||
Reconciliation of Recurring Financial Liability Related to Interest Rate Swaps | ' | ||||||||||||||||||||
The table below provides a reconciliation of the recurring financial liability related to interest rate swaps: | |||||||||||||||||||||
($ in thousands) | Interest Rate | ||||||||||||||||||||
Swaps | |||||||||||||||||||||
Balance at January 1, 2013 | $ | (1,609 | ) | ||||||||||||||||||
Total gains/(losses) for the period: | |||||||||||||||||||||
Included in earnings | 322 | ||||||||||||||||||||
Included in other comprehensive income | 289 | ||||||||||||||||||||
Balance at January 1, 2014 | $ | (998 | ) | ||||||||||||||||||
Total gains/(losses) for the period: | |||||||||||||||||||||
Included in earnings | 363 | ||||||||||||||||||||
Included in other comprehensive income | (288 | ) | |||||||||||||||||||
Balance at September 28, 2014 | $ | (923 | ) | ||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Effective Income Tax Rate | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29, 2013 | ||||||||||||||
Effective tax rate | 31.9 | % | 33.3 | % | 36.1 | % | 118.6 | % |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Statement of Earnings of Discontinued Operation | ' | ||||||||
The Condensed Statement of Earnings of the EMS discontinued operations is as follows: | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
($ in thousands) | September 29, 2013 | September 29, 2013 | |||||||
Net sales | $ | 55,931 | $ | 153,561 | |||||
Cost of goods sold | 50,402 | 140,550 | |||||||
Selling, general and administrative expenses | 2,938 | 10,260 | |||||||
Restructuring and impairment charge | 52 | 648 | |||||||
Operating income | 2,539 | 2,103 | |||||||
Other income, net | 187 | 254 | |||||||
Earnings before income taxes | 2,726 | 2,357 | |||||||
Income tax expense | 1,022 | 1,154 | |||||||
Net earnings from discontinued operations | $ | 1,704 | $ | 1,203 | |||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | 0 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Oct. 02, 2013 | Sep. 28, 2014 |
Segment | Segment | |
Basis Of Presentation [Abstract] | ' | ' |
Approximate amount of cash received from sale of business | $75 | ' |
Number or reportable segments | 2 | 1 |
Accounts_Receivable_Components
Accounts Receivable - Components of Accounts Receivable (Detail) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Accounts receivable, gross | $63,198 | $62,806 |
Less: Allowance for doubtful accounts | -105 | -139 |
Accounts receivable, net | $63,093 | $62,667 |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Finished goods | $12,119 | $10,310 |
Work-in-process | 7,778 | 7,492 |
Raw materials | 17,705 | 19,021 |
Less: Inventory reserves | -7,694 | -4,597 |
Inventories, net | $29,908 | $32,226 |
Retirement_Plans_Net_Pension_I
Retirement Plans - Net Pension Income or Postretirement Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Net pension (income) expense, net | ($637) | $533 | ($1,717) | $1,623 |
Domestic Pension Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Service cost | 48 | 648 | 144 | 1,945 |
Interest cost | 3,052 | 2,711 | 9,163 | 8,134 |
Expected return on plan assets | -5,209 | -5,042 | -15,625 | -15,127 |
Amortization of prior service cost | ' | 138 | ' | 436 |
Amortization of (gain) loss | 1,408 | 1,921 | 4,237 | 5,763 |
Other cost due to retirement | ' | ' | 172 | ' |
Net pension (income) expense, net | -701 | 376 | -1,909 | 1,151 |
Foreign Pension Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Service cost | 21 | 28 | 63 | 84 |
Interest cost | 156 | 134 | 461 | 398 |
Expected return on plan assets | -172 | -103 | -509 | -305 |
Amortization of (gain) loss | 59 | 98 | 177 | 295 |
Net pension (income) expense, net | 64 | 157 | 192 | 472 |
Other Postretirement Benefit Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Service cost | 1 | 2 | 3 | 6 |
Interest cost | 57 | 56 | 172 | 167 |
Amortization of (gain) loss | -39 | ' | -118 | ' |
Net pension (income) expense, net | $19 | $58 | $57 | $173 |
Other_Intangible_Assets_Summar
Other Intangible Assets - Summary of Intangible Assets (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization expense | $3,125 | $3,623 |
Gross Carrying Amount | 74,393 | 74,393 |
Accumulated Amortization | -37,426 | -34,301 |
Net Amount | 36,967 | 40,092 |
Customer lists / relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 51,804 | 51,804 |
Accumulated Amortization | -23,492 | -21,490 |
Net Amount | 28,312 | 30,314 |
Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 10,319 | 10,319 |
Accumulated Amortization | -10,319 | -10,319 |
Net Amount | ' | ' |
Other intangibles [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 12,270 | 12,270 |
Accumulated Amortization | -3,615 | -2,492 |
Net Amount | $8,655 | $9,778 |
Other_Intangible_Assets_Summar1
Other Intangible Assets - Summary of Amortization Expense (Detail) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ' | ' |
2014 | $1,067 | ' |
2015 | 3,947 | ' |
2016 | 3,647 | ' |
2017 | 3,569 | ' |
2018 | 3,484 | ' |
Thereafter | 21,253 | ' |
Net Amount | $36,967 | $40,092 |
Costs_Associated_with_Exit_and2
Costs Associated with Exit and Restructuring Activities - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Dec. 31, 2012 | Sep. 28, 2014 | Sep. 29, 2013 | Mar. 31, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Jun. 30, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 |
Person | Person | Restructuring related charges, included in cost of goods sold [Member] | Restructuring related charges, included in cost of goods sold [Member] | Restructuring and impairment charges [Member] | Restructuring and impairment charges [Member] | June 2013 Plan [Member] | June 2013 Plan [Member] | June 2013 Plan [Member] | June 2013 Plan [Member] | June 2013 Plan [Member] | June 2013 Plan [Member] | June 2013 Plan [Member] | April 2014 Plan [Member] | April 2014 Plan [Member] | ||||||
Person | Restructuring related charges, included in cost of goods sold [Member] | Restructuring related charges, included in cost of goods sold [Member] | Restructuring and impairment charges [Member] | Restructuring and impairment charges [Member] | Restructuring and impairment charges [Member] | Restructuring and impairment charges [Member] | ||||||||||||||
Restructuring Charges [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and impairment charges | ' | ' | $2,064 | ' | $200 | $6,210 | ' | ' | ' | $1,570 | $4,806 | ' | $1,489 | $3,230 | $494 | $1,404 | $995 | $1,827 | $575 | $2,980 |
Restructuring related charges | ' | ' | $1,570 | $901 | ' | $4,806 | $8,107 | $494 | $1,404 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Elimination of workforce | 120 | 190 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350 | ' | ' | ' | ' | ' | ' | ' | ' |
Costs_Associated_with_Exit_and3
Costs Associated with Exit and Restructuring Activities - Restructuring and Restructuring Related Charges of Actual Costs (Detail) (USD $) | Sep. 28, 2014 |
In Thousands, unless otherwise specified | |
June 2013 Plan [Member] | ' |
Restructuring Charges [Abstract] | ' |
Planned Costs | $18,600 |
Actual costs incurred | 16,148 |
June 2013 Plan [Member] | Restructuring related charges, included in cost of goods sold [Member] | ' |
Restructuring Charges [Abstract] | ' |
Planned Costs | 1,800 |
Actual costs incurred | 2,980 |
June 2013 Plan [Member] | Inventory write-down [Member] | ' |
Restructuring Charges [Abstract] | ' |
Planned Costs | 800 |
Actual costs incurred | 1,143 |
June 2013 Plan [Member] | Equipment relocation [Member] | ' |
Restructuring Charges [Abstract] | ' |
Planned Costs | 900 |
Actual costs incurred | 1,288 |
June 2013 Plan [Member] | Other charges [Member] | ' |
Restructuring Charges [Abstract] | ' |
Planned Costs | 100 |
Actual costs incurred | 549 |
June 2013 Plan [Member] | Workforce reduction [Member] | ' |
Restructuring Charges [Abstract] | ' |
Planned Costs | 8,300 |
Actual costs incurred | 8,189 |
June 2013 Plan [Member] | Asset impairments charge [Member] | ' |
Restructuring Charges [Abstract] | ' |
Planned Costs | 3,000 |
Actual costs incurred | 4,464 |
June 2013 Plan [Member] | Other charges, including pension termination costs [Member] | ' |
Restructuring Charges [Abstract] | ' |
Planned Costs | 5,500 |
Actual costs incurred | 515 |
June 2013 Plan [Member] | Restructuring and impairment charges [Member] | ' |
Restructuring Charges [Abstract] | ' |
Planned Costs | 16,800 |
Actual costs incurred | 13,168 |
April 2014 Plan [Member] | ' |
Restructuring Charges [Abstract] | ' |
Planned Costs | 5,700 |
Actual costs incurred | 2,980 |
April 2014 Plan [Member] | Restructuring related charges, included in cost of goods sold [Member] | ' |
Restructuring Charges [Abstract] | ' |
Planned Costs | 1,100 |
April 2014 Plan [Member] | Inventory write-down [Member] | ' |
Restructuring Charges [Abstract] | ' |
Planned Costs | 250 |
April 2014 Plan [Member] | Equipment relocation [Member] | ' |
Restructuring Charges [Abstract] | ' |
Planned Costs | 500 |
April 2014 Plan [Member] | Other charges [Member] | ' |
Restructuring Charges [Abstract] | ' |
Planned Costs | 350 |
April 2014 Plan [Member] | Workforce reduction [Member] | ' |
Restructuring Charges [Abstract] | ' |
Planned Costs | 4,100 |
Actual costs incurred | 2,980 |
April 2014 Plan [Member] | Other charges, including pension termination costs [Member] | ' |
Restructuring Charges [Abstract] | ' |
Planned Costs | 500 |
April 2014 Plan [Member] | Restructuring and impairment charges [Member] | ' |
Restructuring Charges [Abstract] | ' |
Planned Costs | 4,600 |
Actual costs incurred | $2,980 |
Costs_Associated_with_Exit_and4
Costs Associated with Exit and Restructuring Activities - Restructuring Reserve Activity (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Dec. 31, 2013 |
June 2013 Plan and April 2014 Plan [Member] | December 2012 Plan [Member] | |
Restructuring Reserve Activity | ' | ' |
Restructuring liability at beginning | $3,100 | $1,600 |
Restructuring and restructuring-related charges, excluding asset impairments and write-offs | 5,571 | 800 |
Cost paid | -5,622 | -2,400 |
Restructuring liability at ending | $3,049 | $0 |
Accrued_liabilities_Components
Accrued liabilities - Components of Accrued Liabilities (Detail) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities and Other Liabilities [Abstract] | ' | ' |
Accrued product related costs | $5,967 | $5,429 |
Accrued income taxes | 4,333 | 2,666 |
Accrued property and other taxes | 1,633 | 1,718 |
Dividends payable | 1,342 | 1,342 |
Other accrued liabilities | 14,130 | 16,091 |
Total accrued liabilities | $27,405 | $27,246 |
Debt_LongTerm_Debt_Detail
Debt - Long-Term Debt (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Dec. 31, 2013 |
Credit Facilities [Line Items] | ' | ' |
Long term debt | $80,300 | $75,000 |
Revolving Credit Facility [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Long term debt | 80,300 | 75,000 |
Weighted average interest rate | 1.50% | 1.90% |
Amount available | 117,235 | 122,400 |
Total credit facility | 200,000 | 200,000 |
Standby letters of credit | $2,465 | $2,600 |
Commitment fee percentage per annum | 0.25% | 0.30% |
Debt_LongTerm_Debt_Parenthetic
Debt - Long-Term Debt (Parenthetical) (Detail) (Revolving Credit Facility [Member]) | 9 Months Ended |
Sep. 28, 2014 | |
Revolving Credit Facility [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Due date of long term debt | '2017 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | Sep. 30, 2012 | Jun. 30, 2012 |
In Millions, unless otherwise specified | Swap | Swap |
Debt Disclosure [Abstract] | ' | ' |
Number of interest rate derivatives held | 4 | 4 |
Interest Rate Swap [Member] | ' | ' |
Debt Disclosure [Abstract] | ' | ' |
Amount of swap agreement | 25 | 50 |
Debt_Summary_of_Interest_Rate_
Debt - Summary of Interest Rate Swaps Activity Recorded in Other Comprehensive Income Before Tax (Detail) (Interest Rate Swap [Member], USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Dec. 31, 2013 |
Interest Rate Swap [Member] | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' |
Unrealized gain (loss) | $124 | ($428) | ($288) | $373 | $289 |
Realized loss reclassified to interest expense | $123 | $81 | $363 | $236 | ' |
Debt_Summary_of_Interest_Rate_1
Debt - Summary of Interest Rate Swaps Included on Balance Sheets (Detail) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Accrued liabilities | $583 | $392 |
Other long-term obligations | $340 | $604 |
Other_Comprehensive_Income_Sum
Other Comprehensive Income - Summary of Components of Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Accumulated other comprehensive (loss) income, Net, Beginning balance | ($79,382) | ($118,657) | ($81,897) | ($120,604) |
Gain (Loss) recognized in OCI, Net | 132 | 1,084 | 2,393 | 63 |
Gain (Loss) recognized in OCI, Net | 132 | 1,084 | 2,393 | 63 |
Gain (Loss) reclassified from AOCI to income, Net | 76 | 1,222 | 330 | 4,190 |
Accumulated other comprehensive (loss) income, Net | 208 | 2,306 | 2,723 | 4,253 |
Accumulated other comprehensive (loss) income, Net, Ending balance | -79,174 | -116,351 | -79,174 | -116,351 |
Changes in Fair Market Value of Hedges [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Accumulated other comprehensive (loss) income, Gross, Beginning balance | -1,170 | -650 | -998 | -1,606 |
Accumulated other comprehensive (loss) income, Income tax (benefit), Beginning balance | -447 | -253 | -402 | -626 |
Accumulated other comprehensive (loss) income, Net, Beginning balance | -723 | -397 | -596 | -980 |
Gain (Loss) recognized in OCI, Gross | 124 | -428 | -288 | 373 |
Gain (Loss) recognized in OCI, Income tax (benefit) | 47 | -168 | -90 | 144 |
Gain (Loss) recognized in OCI, Net | 77 | -260 | -198 | 229 |
Gain (Loss) recognized in OCI, Gross | 124 | -428 | -288 | 373 |
Gain (Loss) recognized in OCI, Net | 77 | -260 | -198 | 229 |
Gain (Loss) reclassified from AOCI to income, Gross | 123 | 81 | 363 | 236 |
Gain (Loss) reclassified from AOCI to income, Income tax (benefit) | 47 | 31 | 139 | 92 |
Gain (Loss) reclassified from AOCI to income, Net | 76 | 50 | 224 | 144 |
Accumulated other comprehensive (loss) income, Gross | 247 | -347 | 75 | 609 |
Accumulated other comprehensive (loss) income, Income tax (benefit) | 94 | -137 | 49 | 236 |
Accumulated other comprehensive (loss) income, Net | 153 | -210 | 26 | 373 |
Accumulated other comprehensive (loss) income, Gross, Ending balance | -923 | -997 | -923 | -997 |
Accumulated other comprehensive (loss) income, Income tax (benefit), Ending balance | -353 | -390 | -353 | -390 |
Accumulated other comprehensive (loss) income, Net, Ending balance | -570 | -607 | -570 | -607 |
Changes in Unrealized Pension Cost [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Accumulated other comprehensive (loss) income, Gross, Beginning balance | -135,180 | -194,629 | -138,133 | -199,241 |
Accumulated other comprehensive (loss) income, Income tax (benefit), Beginning balance | -53,896 | -76,660 | -55,028 | -78,398 |
Accumulated other comprehensive (loss) income, Net, Beginning balance | -81,284 | -117,969 | -83,105 | -120,843 |
Gain (Loss) recognized in OCI, Gross | 1,575 | ' | 4,356 | ' |
Gain (Loss) recognized in OCI, Income tax (benefit) | 539 | ' | 1,605 | ' |
Gain (Loss) recognized in OCI, Net | 1,036 | ' | 2,751 | ' |
Gain (Loss) recognized in OCI, Gross | 1,575 | ' | 4,356 | ' |
Gain (Loss) recognized in OCI, Net | 1,036 | ' | 2,751 | ' |
Gain (Loss) reclassified from AOCI to income, Gross | ' | 1,943 | 172 | 6,555 |
Gain (Loss) reclassified from AOCI to income, Income tax (benefit) | ' | 771 | 66 | 2,509 |
Gain (Loss) reclassified from AOCI to income, Net | ' | 1,172 | 106 | 4,046 |
Accumulated other comprehensive (loss) income, Gross | 1,575 | 1,943 | 4,528 | 6,555 |
Accumulated other comprehensive (loss) income, Income tax (benefit) | 539 | 771 | 1,671 | 2,509 |
Accumulated other comprehensive (loss) income, Net | 1,036 | 1,172 | 2,857 | 4,046 |
Accumulated other comprehensive (loss) income, Gross, Ending balance | -133,605 | -192,686 | -133,605 | -192,686 |
Accumulated other comprehensive (loss) income, Income tax (benefit), Ending balance | -53,357 | -75,889 | -53,357 | -75,889 |
Accumulated other comprehensive (loss) income, Net, Ending balance | -80,248 | -116,797 | -80,248 | -116,797 |
Cumulative Translation Adjustment [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Accumulated other comprehensive (loss) income, Gross, Beginning balance | 1,470 | -473 | 949 | 575 |
Accumulated other comprehensive (loss) income, Income tax (benefit), Beginning balance | -1,155 | -182 | -855 | -644 |
Accumulated other comprehensive (loss) income, Net, Beginning balance | 2,625 | -291 | 1,804 | 1,219 |
Gain (Loss) recognized in OCI, Gross | -590 | 914 | -69 | -134 |
Gain (Loss) recognized in OCI, Income tax (benefit) | 391 | -430 | 91 | 32 |
Gain (Loss) recognized in OCI, Net | -981 | 1,344 | -160 | -166 |
Gain (Loss) recognized in OCI, Gross | -590 | 914 | -69 | -134 |
Gain (Loss) recognized in OCI, Net | -981 | 1,344 | -160 | -166 |
Gain (Loss) reclassified from AOCI to income, Gross | ' | ' | ' | ' |
Gain (Loss) reclassified from AOCI to income, Income tax (benefit) | ' | ' | ' | ' |
Gain (Loss) reclassified from AOCI to income, Net | ' | ' | ' | ' |
Accumulated other comprehensive (loss) income, Gross | -590 | 914 | -69 | -134 |
Accumulated other comprehensive (loss) income, Income tax (benefit) | 391 | -430 | 91 | 32 |
Accumulated other comprehensive (loss) income, Net | -981 | 1,344 | -160 | -166 |
Accumulated other comprehensive (loss) income, Gross, Ending balance | 880 | 441 | 880 | 441 |
Accumulated other comprehensive (loss) income, Income tax (benefit), Ending balance | -764 | -612 | -764 | -612 |
Accumulated other comprehensive (loss) income, Net, Ending balance | $1,644 | $1,053 | $1,644 | $1,053 |
Other_Comprehensive_Income_Sum1
Other Comprehensive Income - Summary of Components of Other Comprehensive Loss (Parenthetical) (Detail) (Reclassification out of Accumulated Other Comprehensive Earnings [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2014 |
Cost of Goods Sold [Member] | ' |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Abstract] | ' |
Actuarial loss reclassified to net pension expense on consolidated statements of earning | $1,557 |
Selling, General and Administrative Expenses [Member] | ' |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Abstract] | ' |
Actuarial loss reclassified to net pension expense on consolidated statements of earning | 2,129 |
Research and Development Expenses [Member] | ' |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Abstract] | ' |
Actuarial loss reclassified to net pension expense on consolidated statements of earning | $670 |
Shareholders_Equity_Summary_of
Shareholders' Equity - Summary of Share Count and Par Value Data Related to Shareholders' Equity (Detail) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Dec. 31, 2012 |
Preferred Stock | ' | ' | ' | ' |
Par value per share | ' | ' | ' | ' |
Shares authorized | 25,000,000 | 25,000,000 | ' | ' |
Shares outstanding | ' | ' | ' | ' |
Common Stock | ' | ' | ' | ' |
Par value per share | ' | ' | ' | ' |
Shares authorized | 75,000,000 | 75,000,000 | ' | ' |
Shares issued | 56,082,249 | 55,808,008 | ' | ' |
Shares outstanding | 33,544,723 | 33,558,864 | 33,663,312 | 33,433,128 |
Treasury stock | ' | ' | ' | ' |
Shares held | 22,537,526 | 22,249,144 | ' | ' |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 28, 2014 | Sep. 29, 2013 | |
Class of Stock [Line Items] | ' | ' |
Common stock repurchased, Shares | 288,382 | 199,969 |
Board-authorized share repurchase plan [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common stock repurchased, Shares | 288,382 | 199,969 |
Common stock repurchased, Value | 5,084,000 | 2,224,000 |
Shareholders_Equity_Summary_of1
Shareholders' Equity - Summary of Common Shares Outstanding (Detail) | 9 Months Ended | |
Sep. 28, 2014 | Sep. 29, 2013 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Balance at the beginning of the year | 33,558,864 | 33,433,128 |
Repurchases | -288,382 | -199,969 |
Stock option issuances | 101,350 | 226,449 |
Restricted share issuances | 172,891 | 203,704 |
Restricted share forfeitures | ' | ' |
Shares withheld for tax obligations | ' | ' |
Balance at the end of the period | 33,544,723 | 33,663,312 |
Shareholders_Equity_Potentiall
Shareholders' Equity - Potentially Dilutive Securities Earnings Per Share (Detail) | 3 Months Ended | 9 Months Ended |
Sep. 29, 2013 | Sep. 29, 2013 | |
Earnings Per Share, Diluted, Other Disclosures [Abstract] | ' | ' |
Antidilutive securities excluded from computation of EPS | 25 | 634 |
EquityBased_Compensation_Addit
Equity-Based Compensation - Additional Information (Detail) | 9 Months Ended |
Sep. 28, 2014 | |
Equity Based Compensation Textual [Abstract] | ' |
Number of Equity Based Compensation Plan | 5 |
Stock Options [Member] | ' |
Equity Based Compensation Textual [Abstract] | ' |
Stock options exercisable cumulative annual installments period | '10 years |
Vesting period | '4 years |
Stock option contractual term | '10 years |
Stock option granted during the period | 0 |
Service-Based RSUs [Member] | ' |
Equity Based Compensation Textual [Abstract] | ' |
Vesting period | '3 years |
Number of shares issuable, against each unit of RSU | 1 |
Minimum [Member] | Stock Options [Member] | ' |
Equity Based Compensation Textual [Abstract] | ' |
Stock option exercises, commencement period from date of grant | 'P1Y |
Minimum [Member] | Performance-Based RSUs [Member] | ' |
Equity Based Compensation Textual [Abstract] | ' |
Vesting performance-based restricted stock unit | 0.00% |
Minimum [Member] | Market-Based Restricted Stock Units [Member] | Certain Executives and Key Employees [Member] | ' |
Equity Based Compensation Textual [Abstract] | ' |
Vesting market-based restricted stock unit | 0.00% |
Maximum [Member] | Performance-Based RSUs [Member] | ' |
Equity Based Compensation Textual [Abstract] | ' |
Vesting performance-based restricted stock unit | 200.00% |
Maximum [Member] | Market-Based Restricted Stock Units [Member] | Certain Executives and Key Employees [Member] | ' |
Equity Based Compensation Textual [Abstract] | ' |
Vesting market-based restricted stock unit | 200.00% |
EquityBased_Compensation_Summa
Equity-Based Compensation - Summary of Equity-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Equity-based compensation expenses | $660 | $660 | $1,839 | $3,141 |
Income tax benefit | 3,807 | 2,551 | 11,033 | 13,727 |
Service-Based RSUs [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Equity-based compensation expenses | 397 | 444 | 1,080 | 1,961 |
Performance-Based RSUs [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Equity-based compensation expenses | 146 | 117 | 419 | 690 |
Market-Based Restricted Stock Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Equity-based compensation expenses | $117 | $99 | $340 | $490 |
EquityBased_Compensation_Summa1
Equity-Based Compensation - Summary of Equity-Based Compensation Expense related to Non-Vested RSUs (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation expense | $3,278 |
Service-Based RSUs [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation expense | 1,439 |
Weighted average period | '1 year 2 months 12 days |
Performance-Based RSUs [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation expense | 1,064 |
Weighted average period | '1 year 4 months 24 days |
Market-Based Restricted Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation expense | $775 |
Weighted average period | '1 year 3 months 18 days |
EquityBased_Compensation_Summa2
Equity-Based Compensation - Summary of Status of Equity-Based Compensation Plans (Detail) | Sep. 28, 2014 |
2014 Plan [Member] | ' |
Summary of Status of Equity-Based Compensation Plans | ' |
Awards originally available | 1,500,000 |
Restricted stock units outstanding | 6,500 |
Awards available for grant | 1,493,500 |
2009 Plan [Member] | ' |
Summary of Status of Equity-Based Compensation Plans | ' |
Awards originally available | 3,400,000 |
Restricted stock units outstanding | 425,156 |
Awards available for grant | 1,593,853 |
2004 Plan [Member] | ' |
Summary of Status of Equity-Based Compensation Plans | ' |
Awards originally available | 6,500,000 |
Stock options outstanding | 5,200 |
Restricted stock units outstanding | 101,223 |
Options exercisable | 5,200 |
Awards available for grant | 106,423 |
2001 Plan [Member] | ' |
Summary of Status of Equity-Based Compensation Plans | ' |
Awards originally available | 2,000,000 |
EquityBased_Compensation_Summa3
Equity-Based Compensation - Summary of Status of Stock Options (Detail) (USD $) | 9 Months Ended |
Sep. 28, 2014 | |
Summary of Status of Stock Options | ' |
Outstanding, Options at beginning of year | 123,000 |
Exercised, Options | -115,100 |
Expired, Options | -2,700 |
Forfeited, Options | ' |
Outstanding, Options at end of period | 5,200 |
Exercisable, Options at end of period | 5,200 |
Outstanding, Weighted - Average Exercise Price at beginning of year | $12.78 |
Exercised, Weighted - Average Exercise Price | $12.84 |
Expired, Weighted - Average Exercise Price | $11.04 |
Forfeited, Weighted - Average Exercise Price | ' |
Outstanding, Weighted - Average Exercise Price at end of period | $12.35 |
Exercisable, Weighted - Average Exercise Price at end of period | $12.35 |
Stock Options [Member] | ' |
Summary of Status of Stock Options | ' |
Intrinsic values of share options exercised | $831,000 |
Weighted average remaining contractual life | '1 year 2 months 12 days |
Aggregate intrinsic values of options outstanding and options exercisable | $22,000 |
EquityBased_Compensation_Summa4
Equity-Based Compensation - Summary of Service-Based Restricted Stock Units (Detail) (RSUs [Member], USD $) | 9 Months Ended |
Sep. 28, 2014 | |
RSUs [Member] | ' |
Summary of Service-Based Restricted Stock Units | ' |
Outstanding at beginning of year, RSUs | 630,288 |
Granted, RSUs | 90,115 |
Converted, RSUs | -128,108 |
Forfeited, RSUs | -59,416 |
Outstanding at end of period, RSUs | 532,879 |
Outstanding at beginning of year, Weighted-average Grant-Date Fair Value | $10.36 |
Granted, Weighted-average Grant-Date Fair Value | $19.05 |
Converted, Weighted-average Grant-Date Fair Value | $10.74 |
Forfeited, Weighted-average Grant-Date Fair Value | $11.99 |
Outstanding at end of period, Weighted-average Grant-Date Fair Value | $11.55 |
EquityBased_Compensation_Sched
Equity-Based Compensation - Schedule of Performance-Based RSUs (Detail) (Performance-Based RSUs [Member]) | 0 Months Ended | |||||
Feb. 14, 2014 | Feb. 11, 2013 | Feb. 08, 2012 | Feb. 14, 2014 | Feb. 11, 2013 | Feb. 08, 2012 | |
Vesting dependent upon achievement of sales growth targets [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Target based vesting of performance-based restricted stock unit | ' | ' | ' | 25,085 | 77,700 | 45,850 |
Performance-based restricted stock unit awards year of award granted | '2017 | '2016 | '2014 | ' | ' | ' |
Vesting dependent upon achievement of free cash flow targets [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Target based vesting of performance-based restricted stock unit | ' | ' | ' | 21,500 | 66,600 | 39,300 |
Performance-based restricted stock unit awards year of award granted | '2017 | '2016 | '2014 | ' | ' | ' |
Restricted stock units, awarded and vested | ' | ' | ' | ' | ' | 69,600 |
EquityBased_Compensation_Sched1
Equity-Based Compensation - Schedule of Market-Based RSUs (Detail) (Market-Based Restricted Stock Units [Member]) | 0 Months Ended | |||||
Feb. 14, 2014 | Feb. 11, 2013 | Feb. 08, 2012 | Feb. 14, 2014 | Feb. 11, 2013 | Feb. 08, 2012 | |
Companies | Companies | Companies | ||||
Executive Officer [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Target based Vesting of market-based restricted stock unit | ' | ' | ' | 25,085 | 32,500 | 45,850 |
Market-based restricted stock unit awards year of award granted | '2017 | '2016 | '2014 | ' | ' | ' |
Number of enumerated peer group companies | ' | ' | ' | 15 | 20 | 28 |
Earned and awarded performance and market-based restricted stock unit | ' | ' | 63,800 | ' | ' | ' |
Certain Executives and Key Employees [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Target based Vesting of market-based restricted stock unit | ' | ' | ' | ' | 77,700 | ' |
Market-based restricted stock unit awards year of award granted | ' | '2016 | ' | ' | ' | ' |
Number of enumerated peer group companies | ' | ' | ' | ' | 20 | ' |
Fair_Value_Measurement_NonFina
Fair Value Measurement - Non-Financial Assets Measured and Recorded at Fair Value on a Non-Recurring (Detail) (Loss during the period [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2014 |
Loss during the period [Member] | ' |
Assets, Fair Value Disclosure [Abstract] | ' |
Long-lived assets | $79 |
Fair_Value_Measurement_Additio
Fair Value Measurement - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 |
Debt Instrument Fair Value Carrying Value [Abstract] | ' | ' |
Impairment charge | $78 | $3,104 |
Fair_Value_Measurement_Summary
Fair Value Measurement - Summary of Financial Liability Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate swap - cash flow hedge | $923 | $998 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate swap - cash flow hedge | 923 | 998 |
Loss during the period [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate swap - cash flow hedge | $363 | $322 |
Fair_Value_Measurement_Reconci
Fair Value Measurement - Reconciliation of Recurring Financial Liability Related to Interest Rate Swaps (Detail) (Interest Rate Swap [Member], USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Dec. 31, 2013 |
Interest Rate Swap [Member] | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ($998) | ($1,609) | ($1,609) |
Total gains/(losses) for the period: | ' | ' | ' | ' | ' |
Included in earnings | ' | ' | 363 | ' | 322 |
Included in other comprehensive income | 124 | -428 | -288 | 373 | 289 |
Ending balance | ($923) | ' | ($923) | ' | ($998) |
Income_Taxes_Schedule_of_Effec
Income Taxes - Schedule of Effective Income Tax Rate (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective tax rate | 31.90% | 33.30% | 36.10% | 118.60% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Jun. 30, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Increase (decrease) in effective tax rate | -3.30% | ' | 0.40% | ' |
Tax expense related to repatriation | ' | ' | ' | $10,800,000 |
Tax expense related to repatriation | ' | $30,000,000 | ' | ' |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Oct. 02, 2013 |
Employees | |
ManufacturingSites | |
Disclosure Discontinued Operations [Abstract] | ' |
Approximate amount of cash received from sale of business | $75 |
Number of manufacturing facilities | 5 |
Number of employees | 1,000 |
Discontinued_Operations_Statem
Discontinued Operations - Statement of Earnings of Discontinued Operation (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 29, 2013 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' |
Net sales | $55,931 | $153,561 |
Cost of goods sold | 50,402 | 140,550 |
Selling, general and administrative expenses | 2,938 | 10,260 |
Restructuring and impairment charge | 52 | 648 |
Operating income | 2,539 | 2,103 |
Other income, net | 187 | 254 |
Earnings before income taxes | 2,726 | 2,357 |
Income tax expense | 1,022 | 1,154 |
Net earnings from discontinued operations | $1,704 | $1,203 |