Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2016

The table below summarizes CTS’ financial assets (liabilities) that were measured at fair value at June 30, 2016:

The table below summarizes the financial liability that was measured at fair value on a recurring basis as of December 31, 2015:

Quoted

Prices

in Active

Significant

Carrying

Markets for

Other

Significant

Value at

Identical

Observable

Unobservable

December 31,

Instruments

Inputs

2015

(Level 1)

(Level 2)

(Level 3)

Interest rate swaps

(768

)

—

(768

)

—

The effect of derivative instruments on the Condensed Consolidated Statements of Earnings is as follows:



	Three Months Ended					Six Months Ended
	June 30,			June 28,		June 30,			June 28,
	2016			2015		2016			2015
Foreign Exchange Contracts:
Loss recognized in Net Sales	$	(84	)	$	—	$	(91	)	$	—
Gain recognized in Cost of Goods Sold	88			—		88			—
Gain recognized Selling, General and Administrative expense	6			—		10			—
Loss recognized in Other (expenses) income	—			—		(1		)	—

Interest Rate Swaps:
Interest Expense	$	161		$	192	$	313		$	382
Total	$	171		$	192	$	319		$	382

The table below provides a reconciliation of the recurring financial assets (liabilities) for our derivative instruments:



				Foreign
	Interest			Currency
	Rate Swaps			Hedges
Balance at January 1, 2015	$	(1,020	)	$	—
Realized gains (losses) included in earnings	768			—
Unrealized gains (losses)	(516		)	—
Balance at December 31, 2015	$	(768	)	$	—
Realized gains (losses) included in earnings	472			3
Unrealized gains (losses)	(184		)	31
Balance at June 30, 2016	$	(480	)	$	34