NOTE 10 - Debt

Long-term debt was comprised of the following:


	As of
	June 28,			December 31,
($ in thousands)	2015			2014
Revolving credit facility due in 2017	$	88,700		$	75,000
Weighted average interest rate		1.4	%		1.5	%
Amount available	$	108,985		$	122,535
Total credit facility	$	200,000		$	200,000
Standby letters of credit	$	2,315		$	2,465
Commitment fee percentage per annum		0.25			0.25

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 June 28, 2015. The revolving credit facility requires CTS to deliver quarterly financial statements, annual financial statements, auditors certifications and compliance certificates within a specified number of days after the end of a quarter and year. Additionally, the revolving credit facility contains restrictions limiting CTS' ability to: dispose of assets; incur certain additional debt; repay other debt or amend subordinated debt instruments; create liens on assets; make investments, loans or advances; make acquisitions or engage in mergers or consolidations; engage in certain transactions with CTS' subsidiaries and affiliates; and make stock repurchases and dividend payments. Interest rates on the revolving credit facility fluctuate based upon the London Interbank Offered Rate and the Company’s quarterly total leverage ratio. CTS pays a commitment fee on the undrawn portion of the revolving credit facility. The commitment fee varies based on the quarterly leverage ratio.

CTS has debt issuance costs related to its long-term debt that are being amortized using the straight-line method over the life of the debt. Amortization expense was approximately $50,000 for the three months ended June 28, 2015 and approximately $100,000 for the six months ended June 28, 2015 and was recognized as interest expense.

CTS uses interest rate swaps to convert the revolving credit facility’s variable rate of interest into a fixed rate. In the second quarter of 2012, CTS entered into four separate interest rate swap agreements to fix interest rates on $50,000,000 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 $25,000,000 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 when settled.

These swaps are treated as cash flow hedges and consequently, the changes in fair value were recorded in Other comprehensive income. The estimated net amount of the existing gains or losses that are reported in accumulated other comprehensive income that is expected to be reclassified into earnings within the next twelve months is approximately $480,000. Interest rate swaps activity recorded in Other comprehensive earnings before tax includes the following:


	Three Months Ended				Six Months Ended
($ in thousands)	June 28, 2015		June 29, 2014		June 28, 2015		June 29, 2014
Unrealized loss	$	(82)	$	(360)	$	(409)	$	(414)
Realized gain reclassified to interest expense	$	192	$	122	$	382	$	240

Interest rate swaps included on the balance sheets are comprised of the following:


	As of
	June 28,		December 31,
($ in thousands)	2015		2014
Accrued liabilities	$	788	$	640
Other long-term obligations	$	259	$	380