Other Comprehensive Income

6 Months Ended

Jun. 30, 2013

Other Comprehensive Income [Abstract]

Other Comprehensive Income

Note N – Other Comprehensive Income

The following table displays the changes in Accumulated Other Comprehensive Income by components for the six months ended June 30, 2013 (all amounts are stated net of tax):

($ in thousands)	Cumulative translation adjustment			Defined benefit pension items			Unrealized gains and losses on cash flow hedges			Total
Accumulated other comprehensive income – balance at January 1, 2013	$	1,219		$	(120,843	)	$	(980	)	$	(120,604	)
Other comprehensive earnings before reclassifications		(1,510	)		—			489			(1,021	)
Amounts reclassified from accumulated other comprehensive income		—			2,874			94			2,968
Net current period other comprehensive income	$	(1,510	)	$	2,874		$	583		$	1,947
Accumulated other comprehensive income – balance at June 30, 2013	$	(291	)	$	(117,969	)	$	(397	)	$	(118,657	)

The following table displays the reclassifications out of Accumulated Other Comprehensive Income for the six months ended June 30, 2013:

($ in thousands) Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income (a)			Affected Line Item in the Statement Where Net Income is Presented
Losses on cash flow hedges:
Interest rate swap contracts	$	155		Interest expense
		(61	)	Tax benefit
	$	94		Net of tax
Amortization of defined benefit and post-retirement benefit plans:
Prior service costs	$	300		(b)
Loss included in net periodic pension costs		4,038		(b)
Foreign Exchange Impact		274		Other expense
		4,612		Total before tax
	$	(1,738	)	Tax benefit
		2,874		Net of tax
Total reclassification for the period	$	2,968		Net of tax

^(a)  Amounts in parenthesis indicate credit.

^{(b )}  These accumulated other comprehensive income components are included in the computation of net periodic pension cost. The actuarial loss that was reclassified to Cost of goods sold $1,504, Selling, general and administrative expenses $2,015 and research and development expenses $819 are reflected on CTS’ Condensed Consolidated Statements of Earnings.