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Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2017
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]  
Reconciliation of Benefit Obligation, Plan Assets, and Funded Status
The following table provides a reconciliation of benefit obligation, plan assets, and the funded status of the pension plans for U.S. and non-U.S. locations at the measurement dates.
 
U.S.
Pension Plans
 
Non-U.S.
Pension Plans
 
2017
2016
 
2017
2016
Accumulated benefit obligation
$
228,934

$
247,276

 
$
2,535

$
2,295

Change in projected benefit obligation:
 

 

 
 

 

Projected benefit obligation at January 1
$
247,276

$
256,924

 
$
2,866

$
2,796

Service cost
—

87

 
48

51

Interest cost
8,273

11,024

 
34

46

Benefits paid
(39,177
)
(20,537
)
 
(210
)
(289
)
Actuarial loss (gain)
12,562

(222
)
 
164

229

Foreign exchange impact
—

—

 
238

33

Projected benefit obligation at December 31
$
228,934

$
247,276

 
$
3,140

$
2,866

Change in plan assets:
 

 

 
 

 

Assets at fair value at January 1
$
292,044

$
289,315

 
$
1,523

$
1,480

Actual return on assets
31,559

23,163

 
17

11

Company contributions
336

103

 
319

303

Benefits paid
(39,177
)
(20,537
)
 
(210
)
(289
)
Foreign exchange impact
—

—

 
128

18

Assets at fair value at December 31
$
284,762

$
292,044

 
$
1,777

$
1,523

Funded status (plan assets less projected benefit obligations)
$
55,828

$
44,768

 
$
(1,363
)
$
(1,343
)
The measurement dates for the post-retirement life insurance plan were December 31, 2017, and 2016. The following table provides a reconciliation of benefit obligation, plan assets, and the funded status of the post-retirement life insurance plan at those measurement dates.
 
Post-Retirement
Life Insurance Plan
 
2017
2016
Accumulated benefit obligation
$
5,134

$
4,952

Change in projected benefit obligation:




Projected benefit obligation at January 1
$
4,952

$
4,886

Service cost
2

3

Interest cost
161

207

Benefits paid
(165
)
(165
)
Actuarial loss
184

21

Projected benefit obligation at December 31
$
5,134

$
4,952

Change in plan assets:
 

 

Assets at fair value at January 1
$
—

$
—

Actual return on assets
—

—

Company contributions
165

165

Benefits paid
(165
)
(165
)
Other
—

—

Assets at fair value at December 31
$
—

$
—

Funded status (plan assets less projected benefit obligations)
$
(5,134
)
$
(4,952
)
Components of Prepaid (Accrued) Cost
The components of the prepaid (accrued) cost of the domestic and foreign pension plans are classified in the following lines in the Consolidated Balance Sheets at December 31:
 
U.S.Pension Plans
 
Non-U.S. Pension Plans
 
2017
2016
 
2017
2016
Prepaid pension asset
$
57,050

$
46,183

 
$
—

$
—

Accrued expenses and other liabilities
(100
)
(317
)
 
—

—

Long-term pension obligations
(1,122
)
(1,098
)
 
(1,363
)
(1,343
)
Net prepaid (accrued) cost
$
55,828

$
44,768

 
$
(1,363
)
$
(1,343
)

The components of the accrued cost of the post-retirement life insurance plan are classified in the following lines in the Consolidated Balance Sheets at December 31:
 
Post-Retirement
Life Insurance Plan
 
2017
2016
Accrued expenses and other liabilities
$
(418
)
$
(387
)
Long-term pension obligations
(4,716
)
(4,565
)
Total accrued cost
$
(5,134
)
$
(4,952
)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
We have also recorded the following amounts to accumulated other comprehensive loss for the U.S. and non-U.S. pension plans, net of tax:
 
U.S.Pension Plans
 
Non-U.S. Pension Plans
 
Unrecognized
Loss
Prior
Service
Cost
Total
 
Unrecognized
Loss
Balance at January 1, 2016
$
96,388

$
—

$
96,388

 
$
1,639

Amortization of retirement benefits, net of tax
(3,817
)
—

(3,817
)
 
85

Net actuarial (loss) gain
(2,808
)
—

(2,808
)
 
12

Foreign exchange impact
—

—

—

 
7

Balance at January 1, 2017
$
89,763

$
—

$
89,763

 
$
1,743

Amortization of retirement benefits, net of tax
(3,685
)
—

(3,685
)
 
10

Settlements
(8,585
)
—

(8,585
)
 
—

Net actuarial (loss) gain
(1,753
)
—

(1,753
)
 
2

Foreign exchange impact
—

—

—

 
143

Balance at December 31, 2017
$
75,740

$
—

$
75,740

 
$
1,898

We have recorded the following amounts to accumulated other comprehensive loss for the post-retirement life insurance plan, net of tax:
 
Unrecognized
Gain
Balance at January 1, 2016
$
(669
)
Amortization of retirement benefits, net of tax
95

Net actuarial gain
14

Balance at January 1, 2017
$
(560
)
Amortization of retirement benefits, net of tax
64

Net actuarial gain
117

Balance at December 31, 2017
$
(379
)
Projected Benefit Obligation Accumulated Benefit Obligation and Fair Value of Plan Assets
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for those Pension Plans with accumulated benefit obligation in excess of fair value of plan assets is shown below:
 
As of December 31,
 
2017
2016
Projected benefit obligation
$
4,361

$
4,281

Accumulated benefit obligation
3,757

3,710

Fair value of plan assets
1,776

1,523
Net Pension Income or Postretirement Expense
Net pension (income) expense includes the following components:
 
Years Ended
December 31,

Years Ended
December 31,
 
U.S. Pension Plans

Non-U.S. Pension Plans
 
2017
2016
2015

2017
2016
2015
Service cost
$
—

$
87

$
171


$
48

$
51

$
63

Interest cost
8,273

11,024

11,258


34

46

465

Expected return on plan assets(1)
(16,243
)
(18,976
)
(20,272
)

(20
)
(26
)
(446
)
Amortization of unrecognized loss
5,785

5,994

6,339


155

140

7,492

Additional cost due to early retirement
—

—

—


—

—

651

Settlement loss
13,476

—

—


—

—

—

Net expense (income)
$
11,291

$
(1,871
)
$
(2,504
)

$
217

$
211

$
8,225

Weighted-average actuarial assumptions(2)
 

 

 


 

 

 

Benefit obligation assumptions:
 

 

 


 

 

 

Discount rate
3.63
%
4.16
%
4.43
%

1.38
%
1.13
%
1.63
%
Rate of compensation increase
0.00
%
0.00
%
0.00
%

2.00
%
2.00
%
2.00
%
Pension income/expense assumptions:


 

 






 

Discount rate
4.16
%
4.43
%
4.07
%

1.13
%
1.63
%
3.13
%
Expected return on plan assets(1)
5.61
%
6.63
%
7.00
%

1.13
%
1.63
%
2.00
%
Rate of compensation increase
0.00
%
0.00
%
0.00
%

2.00
%
2.00
%
0.48
%
(1)
Expected return on plan assets is net of expected investment expenses and certain administrative expenses.
(2)
During the fourth quarter of each year, we review our actuarial assumptions in light of current economic factors to determine if the assumptions need to be adjusted.
Net post-retirement expense includes the following components:
 
Post-Retirement
Life Insurance Plan
 
Years Ended December 31,
 
2017
2016
2015
Service cost
$
2

$
3

$
5

Interest cost
161

207

204

Amortization of unrecognized gain
(101
)
(149
)
(101
)
Net expense
$
62

$
61

$
108

Weighted-average actuarial assumptions (1)
 

 

 

Benefit obligation assumptions:
 

 

 

Discount rate
3.59
%
4.10
%
4.43
%
Rate of compensation increase
0
%
0
%
0
%
Pension income/post-retirement expense assumptions:




 

Discount rate
4.10
%
4.43
%
4.07
%
Rate of compensation increase
0
%
0
%
0
%
(1)
During the fourth quarter of each year, we review our actuarial assumptions in light of current economic factors to determine if the assumptions need to be adjusted.
Asset Allocation and Target Allocation Plan
Our pension plan asset allocation at December 31, 2017, and 2016, and target allocation for 2018 by asset category are as follows:
 
Target Allocations

Percentage of Plan Assets
at December 31,
Asset Category
2018
 
2017
2016
Equity securities (1)
13%

11%
25%
Debt securities
83%

82%
59%
Other
4%

7%
16%
Total
100%

100%
100%
(1)
Equity securities include CTS common stock in the amount of $0 at December 31, 2017 and approximately $17,700 (6% of total plan assets) at December 31, 2016.
Summary of Fair Values of Pension Plan
The following table summarizes the fair values of our pension plan assets:
 
As of December 31,
 
2017
2016
Equity securities - U.S. holdings(1)
$
19,487

$
43,708

Equity securities - non-U.S. holdings(1)
1,131

819

Equity funds - U.S. holdings(1)
1,314

28,052

Bond funds - government(5)
3,126

22,237

Bond funds - other(6)
231,710

150,712

Real estate(7)
1,235

3,812

Cash and cash equivalents(2)
11,145

7,823

Partnerships(4)
10,787

12,862

International hedge funds(3)
6,604

23,542

Total fair value of plan assets
$
286,539

$
293,567
Summary of Categories in Fair Value Hierarchy
The fair values at December 31, 2017, are classified within the following categories in the fair value hierarchy:
 
Quoted Prices
in Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Not Leveled
Total
Equity securities - U.S. holdings(1)
$
19,487

$
—

$
—

$
—

$
19,487

Equity securities - non-U.S. holdings(1)
1,131

—

—

—

1,131

Equity funds - U.S. holdings(1)
—

1,314

—

—

1,314

Bond funds - government(5)
—

3,126

—

—

3,126

Bond funds - other(6)
—

231,710

—

—

231,710

Real estate(7) (8)
—

—

—

1,235

1,235

Cash and cash equivalents(2)
11,145

—

—

—

11,145

Partnerships(4)
—

—

10,787

—

10,787

International hedge funds(3) (8)
—

—

—

6,604

6,604

Total
$
31,763

$
236,150

$
10,787

$
7,839

$
286,539

The fair values at December 31, 2016, are classified within the following categories in the fair value hierarchy:
 
Quoted Prices
in Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Not Leveled
Total
Equity securities - U.S. holdings(1)
$
43,708

$
—

$
—

$
—

$
43,708

Equity securities - non-U.S. holdings(1)
819

—

—

—

819

Equity funds - U.S.holdings(1)
—

28,052

—

—

28,052

Bond funds - government(5)
—

22,237

—

—

22,237

Bond funds - other(6)
—

150,712

—

—

150,712

Real estate(7) (8)
—

—

—

3,812

3,812

Cash and cash equivalents(2)
7,823

—

—

—

7,823

Partnerships(4)
—

—

12,862

—

12,862

International hedge funds(3) (8)
—

—

—

23,542

23,542

Total
$
52,350

$
201,001

$
12,862

$
27,354

$
293,567

(1)
Comprised of common stocks of companies in various industries. The Pension Plan fund manager may shift investments from value to growth strategies or vice-versa, from small cap to large cap stocks or vice-versa, in order to meet the Pension Plan's investment objectives, which are to provide for a reasonable amount of long-term growth of capital without undue exposure to volatility, and protect the assets from erosion of purchasing power.
(2)
Comprised of investment grade short-term investment and money-market funds.
(3)
This fund allocates its capital across several direct hedge-fund organizations. This fund invests with hedge funds that employ "non-directional" strategies. These strategies do not require the direction of the markets to generate returns. The majority of these hedge funds generate returns by the occurrence of key events such as bankruptcies, mergers, spin-offs, etc. Investments can be redeemed at the Share Net Asset Value ("NAV") as of the last business day of each calendar quarter with at least a sixty-five day prior written notice to the administrator.
(4)
Comprised of partnerships that invest in various U.S. and international industries.
(5)
Comprised of long-term government bonds with a minimum maturity of 10 years and zero-coupon Treasury securities ("Treasury Strips") with maturities greater than 20 years.
(6)
Comprised predominately of investment grade U.S. corporate bonds with maturities greater than 10 years and U.S. high-yield corporate bonds; emerging market debt (local currency sovereign bonds, U.S. dollar-denominated sovereign bonds and U.S. dollar-denominated corporate bonds); and U.S. bank loans.
(7)
Comprised of investments in securities of U.S. and non-U.S. real estate investment trusts (REITs), real estate operating companies and other companies that are principally engaged in the real estate industry and of investments in global private direct commercial real estate. Investments can be redeemed immediately following the valuation date with a notice of at least fifteen business days before valuation.
(8)
Comprised of investments that are measured at fair value using the NAV per share practical expedient. In accordance with the provisions of ASC 820-10, these investments have not been classified in the fair value hierarchy. The fair value amount not leveled is presented to allow reconciliation of the fair value hierarchy to total fund pension plan assets.
Estimated Future Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
 
U.S.
Pension
Plans
Non-U.S.
Pension
Plans
Post-Retirement
Life Insurance Plan
2018
$
15,693

$
67

$
418

2019
15,705

72

405

2020
15,673

242

392

2021
15,548

63

378

2022
15,361

69

363

2023-2026
72,669

532

1,610

Total
$
150,649

$
1,045

$
3,566
Summary of 401K and Other Plan Expense
Expenses related to defined contribution plans include the following:
 
Years Ended December 31,
 
2017
2016
2015
401(k) and other plan expense
$
3,141

$
2,841

$
3,352
Partnership  
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]  
Reconciliation of Level 3 Hedge Fund Asset Within Fair Value Hierarchy
The table below reconciles the Level 3 partnership assets within the fair value hierarchy:
 
Amount
Fair value of Level 3 partnership assets at January 1, 2016
$
13,360

Capital contributions
1,419

Realized and unrealized gain
584

Capital distributions
(2,501
)
Fair value of Level 3 partnership assets at December 31, 2016
12,862

Capital contributions
343

Realized and unrealized gain
2,107

Capital distributions
(4,525
)
Fair value of Level 3 partnership assets at December 31, 2017
$
10,787