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Other Comprehensive (Loss) Income | 9 Months Ended
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Sep. 27, 2015
Other Comprehensive (Loss) Earnings |
Other Comprehensive Income | NOTE 11 – Other Comprehensive (Loss) Earnings Shareholders’ equity includes certain items classified as Accumulated other comprehensive (loss) income (“AOCI”) in the Consolidated Balance Sheets, including:
| · |  | Unrealized gains (losses) on hedges relate to interest rate swaps to convert the line of credit’s variable rate of interest into a fixed rate. These hedges are designated as cash flow hedges, and CTS has deferred income statement recognition of gains and losses until the hedged transaction occurs. Amounts reclassified to income from AOCI for hedges are included in interest expense. Further information related to CTS’ interest rate swaps is included in NOTE 10 – Debt and NOTE 14 – Fair Value Measurements.
| · |  | Unrealized gains (losses) on pension obligations are deferred from income statement recognition until the gains or losses are realized. Amounts reclassified to income from AOCI are included in net periodic pension expense. Further information related to CTS’ pension obligations is included in NOTE 5 – Retirement Plans.
| · |  | Cumulative translation adjustment relates to our non-U.S. subsidiary companies that have designated a functional currency other than the U.S. dollar. CTS is required to translate the subsidiary functional currency financial statements to dollars using a combination of historical, period-end, and average foreign exchange rates. This combination of rates creates the foreign currency translation adjustment component of other comprehensive (loss) income. Changes in exchange rates between the functional currency and the currency in which a transaction is denominated is a foreign exchange transaction gain or loss. Transaction loss for the nine month period ended September 27, 2015 was $4,640,000 which is included in Other in the Condensed Consolidated Statement of (Loss) Earnings.
The components of other comprehensive (loss) income for the three months ended September 27, 2015 are as follows:
|  |  |  |  |  | Gain (Loss) |  |  |
|  | As of |  | Gain (Loss) |  | reclassified |  | As of |
|  | June 28, |  | Recognized |  | from AOCI |  | September 27, |
($ in thousands) |  | 2015 |  | in OCI |  | to income |  | 2015 |
Changes in fair market value of hedges: |  |  |  |  |  |  |  |  |  |  |  |  |
Gross |  | $ | (1,047) |  | $ | (219) |  | $ | 192 |  | $ | (1,074) |
Income tax (benefit) |  |  | (394) |  |  | (82) |  |  | 72 |  |  | (404) |
Net |  |  | (653) |  |  | (137) |  |  | 120 |  |  | (670) |
Changes in unrealized pension cost: |  |  |  |  |  |  |  |  |  |  |  |  |
Gross |  |  | (166,161) |  |  | 2,039 |  |  | — |  |  | (164,122) |
Income tax (benefit) |  |  | (63,957) |  |  | 703 |  |  | — |  |  | (63,254) |
Net |  |  | (102,204) |  |  | 1,336 |  |  | — |  |  | (100,868) |
Cumulative translation adjustment: |  |  |  |  |  |  |  |  |  |  |  |  |
Gross |  |  | 572 |  |  | (1,056) |  |  | — |  |  | (484) |
Income tax (benefit) |  |  | (385) |  |  | 148 |  |  | — |  |  | (237) |
Net |  |  | 957 |  |  | (1,204) |  |  | — |  |  | (247) |
Total accumulated other comprehensive (loss) income |  | $ | (101,900) |  | $ | (5) |  | $ | 120 |  | $ | (101,785) |
The components of other comprehensive (loss) income for the three months ended September 28, 2014 are as follows:
|  |  |  |  |  | Gain (Loss) |  |  |
|  | As of |  | Gain (Loss) |  | reclassified |  | As of |
|  | June 29, |  | Recognized |  | from AOCI |  | September 28, |
($ in thousands) |  | 2014 |  | in OCI |  | to income |  | 2014 |
Changes in fair market value of hedges: |  |  |  |  |  |  |  |  |  |  |  |  |
Gross |  | $ | (1,170) |  | $ | 124 |  | $ | 123 |  | $ | (923) |
Income tax (benefit) |  |  | (447) |  |  | 47 |  |  | 47 |  |  | (353) |
Net |  |  | (723) |  |  | 77 |  |  | 76 |  |  | (570) |
Changes in unrealized pension cost: |  |  |  |  |  |  |  |  |  |  |  |  |
Gross |  |  | (135,180) |  |  | 1,575 |  |  | — |  |  | (133,605) |
Income tax (benefit) |  |  | (53,896) |  |  | 539 |  |  | — |  |  | (53,357) |
Net |  |  | (81,284) |  |  | 1,036 |  |  | — |  |  | (80,248) |
Cumulative translation adjustment: |  |  |  |  |  |  |  |  |  |  |  |  |
Gross |  |  | 1,470 |  |  | (590) |  |  | — |  |  | 880 |
Income tax (benefit) |  |  | (1,155) |  |  | 391 |  |  | — |  |  | (764) |
Net |  |  | 2,625 |  |  | (981) |  |  | — |  |  | 1,644 |
Total accumulated other comprehensive (loss) income |  | $ | (79,382) |  | $ | 132 |  | $ | 76 |  | $ | (79,174) |
The components of other comprehensive (loss) income for the nine months ended September 27, 2015 are as follows:
|  |  |  |  |  | Gain (Loss) |  |  |
|  | As of |  | Gain (Loss) |  | reclassified |  | As of |
|  | December 31, |  | Recognized |  | from AOCI |  | September 27, |
($ in thousands) |  | 2014 |  | in OCI |  | to income |  | 2015 |
Changes in fair market value of hedges: |  |  |  |  |  |  |  |  |  |  |  |  |
Gross |  | $ | (1,020) |  | $ | (628) |  | $ | 574 |  | $ | (1,074) |
Income tax (benefit) |  |  | (384) |  |  | (236) |  |  | 216 |  |  | (404) |
Net |  |  | (636) |  |  | (392) |  |  | 358 |  |  | (670) |
Changes in unrealized pension cost: |  |  |  |  |  |  |  |  |  |  |  |  |
Gross |  |  | (169,291) |  |  | 5,169 |  |  | — |  |  | (164,122) |
Income tax (benefit) |  |  | (65,124) |  |  | 1,870 |  |  | — |  |  | (63,254) |
Net |  |  | (104,167) |  |  | 3,299 |  |  | — |  |  | (100,868) |
Cumulative translation adjustment: |  |  |  |  |  |  |  |  |  |  |  |  |
Gross |  |  | 245 |  |  | (729) |  |  | — |  |  | (484) |
Income tax (benefit) |  |  | (325) |  |  | 88 |  |  | — |  |  | (237) |
Net |  |  | 570 |  |  | (817) |  |  | — |  |  | (247) |
Total accumulated other comprehensive (loss) income |  | $ | (104,233) |  | $ | 2,090 |  | $ | 358 |  | $ | (101,785) |
The components of other comprehensive (loss) income for the nine months ended September 28, 2014 are as follows:
|  |  |  |  |  | Gain (Loss) |  |  |
|  | As of |  | Gain (Loss) |  | reclassified |  | As of |
|  | December 31, |  | Recognized |  | from AOCI |  | September 28, |
($ in thousands) |  | 2013 |  | in OCI |  | to income |  | 2014 |
Changes in fair market value of hedges: |  |  |  |  |  |  |  |  |  |  |  |  |
Gross |  | $ | (998) |  | $ | (288) |  | $ | 363 |  | $ | (923) |
Income tax (benefit) |  |  | (402) |  |  | (90) |  |  | 139 |  |  | (353) |
Net |  |  | (596) |  |  | (198) |  |  | 224 |  |  | (570) |
Changes in unrealized pension cost: |  |  |  |  |  |  |  |  |  |  |  |  |
Gross |  |  | (138,133) |  |  | 4,356 |  |  | 172 |  |  | (133,605) |
Income tax (benefit) |  |  | (55,028) |  |  | 1,605 |  |  | 66 |  |  | (53,357) |
Net |  |  | (83,105) |  |  | 2,751 |  |  | 106 |  |  | (80,248) |
Cumulative translation adjustment: |  |  |  |  |  |  |  |  |  |  |  |  |
Gross |  |  | 949 |  |  | (69) |  |  | — |  |  | 880 |
Income tax (benefit) |  |  | (855) |  |  | 91 |  |  | — |  |  | (764) |
Net |  |  | 1,804 |  |  | (160) |  |  | — |  |  | 1,644 |
Total accumulated other comprehensive (loss) income |  | $ | (81,897) |  | $ | 2,393 |  | $ | 330 |  | $ | (79,174) |

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669619-108580 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e640-108580 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e716-108580 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e709-108580 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Reclassification Adjustments -URI http://asc.fasb.org/extlink&oid=6522872 + Details
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