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Fair Value Measurements | 9 Months Ended
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Sep. 27, 2015
Fair Value Measurements |
Fair Value Measurements | NOTE 14 — Fair Value Measurements CTS uses interest rate swaps to convert the line of credit’s variable rate of interest into a fixed rate. The interest rate swaps are measured at fair value on a recurring basis. The table below summarizes CTS’ financial liability that was measured at fair value as of three month period September 27, 2015 and the loss recorded during the nine month period ended September 27, 2015:
|  |  |  |  | Quoted |  |  |  |  |  |  |  |  |
|  |  |  |  | Prices |  |  |  |  |  |  |  |  |
|  |  |  | in Active |  | Significant |  |  |  |  |
|  | Carrying |  | Markets for |  | Other |  | Significant |  | Loss for |
|  | Value at |  | Identical |  | Observable |  | Unobservable |  | Nine Months Ended |
|  | September 27, |  | Instruments |  | Inputs |  | Inputs |  | September 27, |
($ in thousands) |  | 2015 |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | 2015 |
Interest rate swap – cash flow hedge |  | $ | 1,074 |  | $ | — |  | $ | 1,074 |  | $ | — |  | $ | 574 |
The table below summarizes the financial liability that was measured at fair value on a recurring basis as of December 31, 2014 and the loss recorded during the year ended December 31, 2014:
|  |  |  |  | Quoted |  |  |  |  |  |  |  |  |
|  |  |  |  | Prices |  |  |  |  |  |  |  |  |
|  |  |  | in Active |  | Significant |  |  |  |  |
|  | Carrying |  | Markets for |  | Other |  | Significant |  | Loss for |
|  | Value at |  | Identical |  | Observable |  | Unobservable |  | Year Ended |
|  | December 31, |  | Instruments |  | Inputs |  | Inputs |  | December 31, |
($ in thousands) |  | 2014 |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | 2014 |
Interest rate swap – cash flow hedge |  | $ | 1,020 |  | $ | — |  | $ | 1,020 |  | $ | — |  | $ | 488 |
The fair value of CTS’ interest rate swaps were measured using a market approach which uses current industry information. There is a readily determinable market and these swaps are classified within level 2 of the fair value hierarchy. The table below provides a reconciliation of the recurring financial liability related to interest rate swaps:
|  | Interest |
($ in thousands) |  | Rate Swaps |
Balance at January 1, 2014 |  | $ | (998) |
Total gains (losses) for the period: |  |  |  |
Included in earnings |  |  | 488 |
Included in other comprehensive earnings |  |  | (510) |
Balance at December 31, 2014 |  | $ | (1,020) |
Total gains (losses) for the period: |  |  |  |
Included in earnings |  |  | 574 |
Included in other comprehensive earnings |  |  | (628) |
Balance at September 27, 2015 |  | $ | (1,074) |
CTS’ long-term debt consists of a revolving credit facility which is recorded at its carrying value. There is a readily determinable market for CTS’ revolving credit debt and it is classified within Level 2 of the fair value hierarchy as the market is not deemed to be active. The fair value of long-term debt was measured using a market approach which uses current industry information and approximates carrying value.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611 + Details
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