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Fair Value Measurement (Tables)
 9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Summary of Financial Liability Measured at Fair Value on a Recurring Basis
The table below summarizes CTS’ financial assets (liabilities) that were measured at fair value at September 30, 2016:
 
 
 
Quoted
 
 
 
 
 
 
 
 
Prices
 
 
 
 
 
 
 
 
in Active
 
Significant
 
 
 
 
Carrying
 
Markets for
 
Other
 
Significant
 
 
Value at
 
Identical
 
Observable
 
Unobservable
 
 
September 30,
 
Instruments
 
Inputs
 
Inputs
 

2016
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Interest rate swaps
$
(606
)
 
$
—

 
$
(606
)
 
$
—

 
Foreign currency hedges
$
(234
)
 
$
—

 
$
(234
)
 
$
—

 
 
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
 
Inputs
 

2015
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Interest rate swaps
$
(768
)
 
$
—

 
$
(768
)
 
$
—

 
Reconciliation of Recurring Financial Liability Related to Interest Rate Swaps
The effect of derivative instruments on the Condensed Consolidated Statements of Earnings is as follows:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 27,
 
September 30,

September 27,
 
2016

2015
 
2016

2015
Foreign Exchange Contracts:
 
 
 
 
 
 
 
Loss recognized in Net Sales
$
(35
)
 
$
—

 
$
(125
)
 
$
—

Gain recognized in Cost of Goods Sold
51

 
—

 
139

 
—

Gain recognized in Selling, General and Administrative expense
—

 
—

 
10

 
—

Loss recognized in Other (expenses) income
(5
)
 
—

 
(9
)
 
—

 
 
 
 
 

 

Interest Rate Swaps:
 
 
 
 

 

Interest Expense
$
158

 
$
192

 
$
471

 
$
574

  Total
$
169

 
$
192

 
$
486

 
$
574

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 included in earnings
768

 
—

Unrealized (losses)
(516
)
 
—

Balance at December 31, 2015
$
(768
)
 
$
—

Realized gains included in earnings
709

 
—

Unrealized (losses)
(547
)
 
(234
)
Balance at September 30, 2016
$
(606
)
 
$
(234
)