$CTS
CTS CORP

2021 Q1 Form 10-Q Financial Statement

#000156459021021956 Filed on April 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $128.4M $103.1M
YoY Change 24.6% -12.37%
Cost Of Revenue $85.84M $70.18M
YoY Change 22.32% -8.87%
Gross Profit $42.59M $32.90M
YoY Change 29.46% -19.0%
Gross Profit Margin 33.16% 31.92%
Selling, General & Admin $18.33M $16.76M
YoY Change 9.34% -4.35%
% of Gross Profit 43.03% 50.94%
Research & Development $5.687M $7.408M
YoY Change -23.23% 9.09%
% of Gross Profit 13.35% 22.52%
Depreciation & Amortization $6.800M $6.532M
YoY Change 4.1% 10.26%
% of Gross Profit 15.97% 19.85%
Operating Expenses $24.01M $24.17M
YoY Change -0.64% -0.6%
Operating Profit $18.50M $8.492M
YoY Change 117.83% -40.27%
Interest Expense $555.0K $851.0K
YoY Change -34.78% 82.62%
% of Operating Profit 3.0% 10.02%
Other Income/Expense, Net -$3.709M -$2.502M
YoY Change 48.24% -4135.48%
Pretax Income $14.79M $5.990M
YoY Change 146.89% -58.05%
Income Tax $2.799M $2.182M
% Of Pretax Income 18.93% 36.43%
Net Earnings $11.99M $3.808M
YoY Change 214.86% -66.65%
Net Earnings / Revenue 9.34% 3.69%
Basic Earnings Per Share $0.37 $0.12
Diluted Earnings Per Share $0.37 $0.12
COMMON SHARES
Basic Shares Outstanding 32.32M 32.47M
Diluted Shares Outstanding 32.62M 32.79M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $103.4M $151.0M
YoY Change -31.52% 49.21%
Cash & Equivalents $103.4M $151.0M
Short-Term Investments $0.00
Other Short-Term Assets $14.12M $15.09M
YoY Change -6.49% -6.83%
Inventory $47.56M $45.68M
Prepaid Expenses
Receivables $81.57M $71.25M
Other Receivables $0.00 $0.00
Total Short-Term Assets $246.6M $283.0M
YoY Change -12.84% 16.84%
LONG-TERM ASSETS
Property, Plant & Equipment $94.85M $101.8M
YoY Change -6.79% -17.61%
Goodwill $109.5M $106.1M
YoY Change 3.22%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.468M $2.951M
YoY Change -16.37% -96.25%
Total Long-Term Assets $388.0M $402.2M
YoY Change -3.52% 21.21%
TOTAL ASSETS
Total Short-Term Assets $246.6M $283.0M
Total Long-Term Assets $388.0M $402.2M
Total Assets $634.7M $685.2M
YoY Change -7.37% 19.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.32M $46.77M
YoY Change 14.0% -11.6%
Accrued Expenses $37.44M $34.48M
YoY Change 8.59% 38.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $106.7M $93.24M
YoY Change 14.45% -4.37%
LONG-TERM LIABILITIES
Long-Term Debt $50.00M $151.2M
YoY Change -66.93% 202.4%
Other Long-Term Liabilities $4.547M $6.059M
YoY Change -24.95% -82.98%
Total Long-Term Liabilities $4.547M $6.059M
YoY Change -24.95% -92.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $106.7M $93.24M
Total Long-Term Liabilities $4.547M $6.059M
Total Liabilities $198.9M $287.7M
YoY Change -30.85% 53.77%
SHAREHOLDERS EQUITY
Retained Earnings $550.0M $512.3M
YoY Change 7.36%
Common Stock $352.6M $349.9M
YoY Change 0.77%
Preferred Stock
YoY Change
Treasury Stock (at cost) $372.5M $369.7M
YoY Change 0.75%
Treasury Stock Shares $24.80M 24.68M shares
Shareholders Equity $435.7M $397.5M
YoY Change
Total Liabilities & Shareholders Equity $634.7M $685.2M
YoY Change -7.37% 19.37%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $11.99M $3.808M
YoY Change 214.86% -66.65%
Depreciation, Depletion And Amortization $6.800M $6.532M
YoY Change 4.1% 10.26%
Cash From Operating Activities $20.11M $11.93M
YoY Change 68.61% 24.33%
INVESTING ACTIVITIES
Capital Expenditures -$1.600M -$4.600M
YoY Change -65.22% -13.21%
Acquisitions $73.91M
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.638M -$4.570M
YoY Change -64.16% -13.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.304M
YoY Change 524.73%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.293M 42.99M
YoY Change -116.96% -996.46%
NET CHANGE
Cash From Operating Activities 20.11M 11.93M
Cash From Investing Activities -1.638M -4.570M
Cash From Financing Activities -7.293M 42.99M
Net Change In Cash 11.62M 50.71M
YoY Change -77.09% -22639.56%
FREE CASH FLOW
Cash From Operating Activities $20.11M $11.93M
Capital Expenditures -$1.600M -$4.600M
Free Cash Flow $21.71M $16.53M
YoY Change 31.36% 10.97%

Facts In Submission

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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
11619000
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
91773000
CY2021Q1 us-gaap Interest Paid
InterestPaid
378000
CY2020Q1 us-gaap Interest Paid
InterestPaid
678000
CY2021Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3510000
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1019000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
423682000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
11990000
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
124000
CY2021Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-1422000
CY2021Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
12000
CY2021Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.04
CY2021Q1 us-gaap Dividends
Dividends
1294000
CY2021Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-1400000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1180000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
435716000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
405219000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
3808000
CY2020Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-4414000
CY2020Q1 us-gaap Dividends
Dividends
1298000
CY2020Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
220731
CY2020Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
5304000
CY2020Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-1903000
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
212000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
397466000
CY2020Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-1285000
CY2020Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-139000
CY2020Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.04
CY2020Q4 us-gaap Inventory Net
InventoryNet
45870000
CY2021Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">NOTE 1 — Basis of Presentation</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying condensed consolidated financial statements have been prepared by CTS Corporation (“CTS”, "we", "our", "us" or the "Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the financial statements, notes thereto, and other information included in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2020.</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments (consisting of normal recurring items) necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods presented. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ materially from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The reclassifications had no impact on previously reported net earnings.</p>
CY2021Q1 us-gaap Revenues
Revenues
128427000
CY2020Q1 us-gaap Revenues
Revenues
103075000
CY2021Q1 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
5340000
CY2021Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
82334000
CY2020Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
81745000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
763000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
764000
CY2021Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
81571000
CY2020Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
80981000
CY2021Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
10222000
CY2020Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
10647000
CY2021Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
18841000
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
16927000
CY2021Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
26267000
CY2020Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
24893000
CY2021Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
7772000
CY2020Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
6597000
CY2021Q1 us-gaap Inventory Net
InventoryNet
47558000
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
210903000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
206761000
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
94848000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
97437000
CY2021Q1 us-gaap Depreciation
Depreciation
4431000
CY2020Q1 us-gaap Depreciation
Depreciation
4237000
CY2021Q1 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Before Tax
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax
123238000
CY2021Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
147034000
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
70103000
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
76931000
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2369000
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
146856000
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
67735000
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
79121000
CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2295000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
7170000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
9173000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
7167000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
7005000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
6783000
CY2021Q1 cts Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
39633000
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
76931000
CY2020Q4 us-gaap Goodwill
Goodwill
109497000
CY2021Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-29000
CY2021Q1 us-gaap Goodwill
Goodwill
109468000
CY2021Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
81000
CY2020Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
240000
CY2020Q4 us-gaap Restructuring Reserve
RestructuringReserve
1363000
CY2021Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
81000
CY2021Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
232000
CY2021Q1 us-gaap Restructuring Reserve Translation And Other Adjustment
RestructuringReserveTranslationAndOtherAdjustment
-152000
CY2021Q1 us-gaap Restructuring Reserve
RestructuringReserve
1060000
CY2021Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4013000
CY2020Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4470000
CY2021Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
6461000
CY2020Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
7320000
CY2021Q1 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
1590000
CY2020Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
2478000
CY2021Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1199000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1663000
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4536000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3815000
CY2021Q1 us-gaap Dividends Payable Current
DividendsPayableCurrent
1294000
CY2020Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
1291000
CY2021Q1 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
10431000
CY2020Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
10642000
CY2021Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
673000
CY2020Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
671000
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7239000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5821000
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
37436000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
38171000
CY2020Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
10642000
CY2019Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
11444000
CY2021Q1 us-gaap Accrual For Environmental Loss Contingencies Charges To Expense For New Losses
AccrualForEnvironmentalLossContingenciesChargesToExpenseForNewLosses
199000
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
278000
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
167000
CY2020 us-gaap Accrual For Environmental Loss Contingencies Charges To Expense For New Losses
AccrualForEnvironmentalLossContingenciesChargesToExpenseForNewLosses
2769000
CY2021Q1 us-gaap Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
398000
CY2020 us-gaap Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
3639000
CY2021Q1 us-gaap Accrual For Environmental Loss Contingencies Foreign Currency Translation Gain Loss
AccrualForEnvironmentalLossContingenciesForeignCurrencyTranslationGainLoss
-12000
CY2020 us-gaap Accrual For Environmental Loss Contingencies Foreign Currency Translation Gain Loss
AccrualForEnvironmentalLossContingenciesForeignCurrencyTranslationGainLoss
68000
CY2021Q1 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
10431000
CY2020Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
10642000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1232000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1199000
CY2021Q1 us-gaap Lease Cost
LeaseCost
1510000
CY2020Q1 us-gaap Lease Cost
LeaseCost
1366000
CY2021Q1 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
1221000
CY2020Q1 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
1130000
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1157000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1179000
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3271000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3294000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
23510000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
23163000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
26781000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
26457000
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0641
CY2021Q1 cts Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
14297000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
35102000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4713000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4423000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4285000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3731000
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0640
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3653000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
8321000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
26781000
CY2021Q1 cts Lessee Operating Lease Paymenton Extension Option
LesseeOperatingLeasePaymentonExtensionOption
3822000
CY2021Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
300000000
CY2020Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
300000000
CY2021Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1740000
CY2020Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1740000
CY2021Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
248260000
CY2020Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
243660000
CY2021Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
42000
CY2020Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
42000
CY2021Q1 us-gaap Derivative Net Hedge Ineffectiveness Gain Loss
DerivativeNetHedgeIneffectivenessGainLoss
0
CY2021Q1 us-gaap Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTax
670000
CY2020Q1 us-gaap Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTax
-2076000
CY2021Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000
CY2021Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
45000
CY2020Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
281000
CY2021Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1330000
CY2020Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1271000
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000
CY2021Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
57147983
CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
57076410
CY2021Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32348360
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32276787
CY2021Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
24799623
CY2020Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
24799623
CY2019Q1 cts Treasury Shares Authorizedtobe Purchased
TreasurySharesAuthorizedtobePurchased
25000000
CY2021Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2020Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
220731
CY2020Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
5304000
CY2020Q1 cts Common Stock Capital Shares Availablefor Future Purchases Value
CommonStockCapitalSharesAvailableforFuturePurchasesValue
5740000
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32276787
CY2019Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32472406
CY2020Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
220731
CY2021Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
71573
CY2020Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
94232
CY2021Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32348360
CY2020Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32345907
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
35167
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
38839
CY2021Q1 cts Number Of Equity Based Compensation Plan
NumberOfEquityBasedCompensationPlan
5
CY2021Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
938000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
177000
CY2021Q1 cts Target Units Outstanding
TargetUnitsOutstanding
235779
CY2021Q1 cts Shared Based Compensation Maximum Potential Awards
SharedBasedCompensationMaximumPotentialAwards
427808
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.189
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.364
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.189
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.364
CY2021Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">NOTE 20 — Recent Accounting Pronouncements</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Accounting Pronouncements Recently Adopted</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">ASU No. 2019-12 <span style="font-style:italic;">"Simplifying the Accounting for Income Taxes"</span></p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, <span style="font-style:italic;">Simplifying the Accounting for Income Taxes</span>, as part of its simplification initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of U.S. GAAP. The guidance is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. <span style="Background-color:#FFFFFF;color:#000000;">We adopted this ASU on January 1, 2021 and it did not have a material impact on our financial statements.</span></p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Recently Issued Accounting Pronouncements</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">ASU No. 2020-04 <span style="font-style:italic;">"Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting"</span></p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">In March 2020, the FASB issued ASU 2020-04, “</span><span style="font-style:italic;">Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting</span><span style="Background-color:#FFFFFF;">”, which provides temporary optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting as it relates to our LIBOR indexed instruments. ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022, and an entity may elect to apply ASU 2020-04 for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. We are currently evaluating the impact of the transition from LIBOR to an alternative reference interest rate in our financial instruments including the potential election of certain practical expedients. Our LIBOR based revolving credit facility includes a provision for the determination of a successor LIBOR rate, and we are still evaluating the impact to potential future hedging activities.</span></p>
CY2021Q1 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Before Tax
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax
123238000

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