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Other Comprehensive Income
 6 Months Ended
Jun. 29, 2014
Equity [Abstract]  
Other Comprehensive Income

Note J – Other Comprehensive Income

The following table displays the changes in Accumulated Other Comprehensive Income (Loss) (“AOCI”) by components for the six months ended June 29, 2014 (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 (loss)
income		  

AOCI – balance at January 1, 2014

    $ 1,804       $ (83,105 )   $ (596 )   $ (81,897 )

Other comprehensive earnings before reclassifications

      821         —          (255 )      566   

Amounts reclassified from AOCI

      —           1,801        148        1,949   
  

 

 

     

 

 

    

 

 

    

 

 

  

Net current period other comprehensive income

    $ 821       $ 1,801      $ (107 )    $ 2,515   
  

 

 

     

 

 

    

 

 

    

 

 

  

AOCI – balance at June 29, 2014

    $ 2,625       $ (81,304 )    $ (703 )    $ (79,382 )
  

 

 

     

 

 

    

 

 

    

 

 

  

 

The following table displays the reclassifications out of Accumulated Other Comprehensive Income (Loss) for the six months ended June 29, 2014:

 

 

($ in thousands)

    Amount Reclassified
from Accumulated
Other Comprehensive
Income(a)		     Affected Line Item in
the Statement Where
Net Income is
Presented

Details about Accumulated Other Comprehensive Income
Components

     

Losses on cash flow hedges:

     

Interest rate swap contracts

    $ 240      Interest expense
     92      Tax expense
  

 

 

    
   $ 148      Net of tax
  

 

 

    

Amortization of defined benefit and post-retirement benefit plans:

     

Prior service costs

    $ —        (b)

Loss included in net periodic pension costs

      2,829      (b)

Settlements

      172      SG&A

Foreign Exchange Impact

      (128 )    Other expense
  

 

 

    
     2,873      Total before tax
   $ 1,072      Tax expense
  

 

 

    
     1,801      Net of tax
  

 

 

    

Total reclassification for the period

    $ 1,949      Net of tax
  

 

 

    

 

(a)  Amounts in parenthesis indicate credit.
(b)  These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost. The actuarial loss that was reclassified to Cost of goods sold $1,011, Selling, general and administrative expenses $1,383 and Research and development expenses $435 are reflected on CTS’ Condensed Consolidated Statements of Earnings.