Business Acquisitions

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Business Acquisitions

Business Acquisitions

On October 28 2015, CTS acquired Filter Sensing Technologies Inc. (“FST”), a privately-held company, for $1.9 million in cash, plus contingent consideration of $1.6 million. FST is a developer and designer of sensing technology for radio frequency measurement and control systems. This acquisition adds a cutting-edge sensing technology to CTS' transportation portfolio and allows the Company to participate in a market that is expected be $150-$300 million in size by 2025 as new filtering solutions gain traction.

The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of acquisition:

	Estimated Fair Values at October 28, 2015
Current assets	$	555
Property, plant and equipment	29
Goodwill	1,818
In-process research and development intangible asset	2,200
Other assets	8
Fair value of assets acquired	4,610
Less fair value of liabilities acquired	(1,205		)
Less fair value of contingent consideration	(1,550		)
Total cash purchase price	$	1,855

Goodwill recorded in connection with the above acquisition is primarily attributable to know-how of the acquired workforce in relation to the technology being developed.

The FST acquisition was accounted for using the acquisition method of accounting whereby the total purchase price is allocated to tangible and intangible assets and liabilities based on the fair market values on the date of acquisition. CTS determined the purchase price allocations based on estimates of the fair values of the assets acquired and liabilities assumed. The allocations for goodwill and other intangible assets were based on historical experience and third party evaluation.