Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 13, 2017 | Jun. 30, 2016 | |
Document Documentand Entity Information [Abstract] | |||
Entity Registrant Name | ROGERS CORP | ||
Entity Trading Symbol | ROG | ||
Entity Central Index Key | 84,748 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Voluntary Filer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Season Filer | No | ||
Entity Common Stock, Shares Outstanding | 18,035,944 | ||
Entity Public Float | $ 1,091,625,859 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Income Statement [Abstract] | ||||
Net sales | [1] | $ 656,314,000 | $ 641,443,000 | $ 610,911,000 |
Cost of sales | 406,829,000 | 406,081,000 | 376,158,000 | |
Gross margin | 249,485,000 | 235,362,000 | 234,753,000 | |
Selling, general and administrative expenses | 136,317,000 | 131,463,000 | 125,244,000 | |
Research and development expenses | 28,582,000 | 27,644,000 | 22,878,000 | |
Restructuring and impairment charges | 734,000 | 0 | 5,390,000 | |
Operating income | 83,852,000 | 76,255,000 | 81,241,000 | |
Equity income in unconsolidated joint ventures | 4,146,000 | 2,890,000 | 4,123,000 | |
Interest income (expense), net | (3,930,000) | (4,480,000) | (2,946,000) | |
Other income (expense), net | (1,788,000) | (8,492,000) | (1,194,000) | |
Income before income taxes | 82,280,000 | 66,173,000 | 81,224,000 | |
Income tax expense | 33,997,000 | 19,853,000 | 27,812,000 | |
Net income | $ 48,283,000 | $ 46,320,000 | $ 53,412,000 | |
Earnings per share: | ||||
Basic earnings per share (in dollars per share) | $ 2.68 | $ 2.52 | $ 2.94 | |
Diluted earnings per share (in dollars per share) | $ 2.65 | $ 2.48 | $ 2.86 | |
Weighted average shares used in computing earnings per share: | ||||
Basic earnings per share (in shares) | 17,991 | 18,371 | 18,177 | |
Diluted earnings per share (in shares) | 18,223 | 18,680 | 18,698 | |
[1] | Net sales are allocated to countries based on the location of the customer. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 48,283 | $ 46,320 | $ 53,412 |
Foreign currency translation adjustments | (5,081) | (27,172) | (36,949) |
Derivative instruments designated as cash flow hedges: | |||
Unrealized gain (loss) on derivative instruments held at year end (net of taxes of $0 in 2016, $5 in 2015, $50 in 2014) | (2) | (93) | |
Unrealized gain (loss) reclassified into earnings | 11 | 84 | 209 |
Accumulated other comprehensive income (loss) pension and post-retirement benefits: | |||
Actuarial net gain (loss) incurred in fiscal year | 1,106 | 2,760 | (20,715) |
Amortization of gain (loss) | 160 | 966 | 3,904 |
Other comprehensive income (loss) | (3,804) | (23,364) | (53,644) |
Comprehensive income (loss) | $ 44,479 | $ 22,956 | $ (232) |
CONSOLIDATED STATEMENTS OF COM4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (PARENTHETICAL) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized gain (loss) on derivative instruments, tax | $ 0 | $ 5 | $ 50 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 227,767 | $ 204,586 |
Accounts receivable, less allowance for doubtful accounts of $1,952 and $695 | 119,604 | 101,428 |
Inventories | 91,130 | 91,824 |
Prepaid income taxes | 3,020 | 5,058 |
Deferred income taxes | 9,565 | |
Asbestos-related insurance receivables | 7,099 | 8,245 |
Land held for sale | 871 | |
Other current assets | 8,910 | 7,959 |
Total current assets | 458,401 | 428,665 |
Property, plant and equipment, net of accumulated depreciation | 176,916 | 178,661 |
Investments in unconsolidated joint ventures | 16,183 | 15,348 |
Deferred income taxes | 14,634 | 8,594 |
Goodwill | 208,431 | 175,453 |
Other intangible assets | 136,676 | 75,019 |
Asbestos-related insurance receivables | 41,295 | 45,114 |
Other long-term assets | 3,964 | 3,501 |
Total assets | 1,056,500 | 930,355 |
Current liabilities | ||
Accounts payable | 28,379 | 22,251 |
Accrued employee benefits and compensation | 31,104 | 23,263 |
Accrued income taxes payable | 10,921 | 3,599 |
Current portion of lease obligation | 350 | 284 |
Current portion of long term debt | 3,653 | 2,966 |
Asbestos-related liabilities | 7,099 | 8,245 |
Other accrued liabilities | 19,679 | 18,040 |
Total current liabilities | 101,185 | 78,648 |
Long term debt | 235,877 | 173,557 |
Long term lease obligation | 4,993 | 5,549 |
Pension liability | 8,501 | 12,623 |
Retiree health care and life insurance benefits | 1,992 | 2,185 |
Asbestos-related liabilities | 44,883 | 48,390 |
Non-current income tax | 6,238 | 11,863 |
Deferred income taxes | 13,883 | 9,455 |
Other long-term liabilities | 3,162 | 3,503 |
Commitments and Contingencies (Note 15) | ||
Shareholders’ Equity | ||
Capital Stock - $1 par value; 50,000 authorized shares; 18,021 and 17,957 shares outstanding | 18,021 | 17,957 |
Additional paid-in capital | 118,678 | 112,017 |
Retained earnings | 591,349 | 543,066 |
Accumulated other comprehensive loss | (92,262) | (88,458) |
Total shareholders’ equity | 635,786 | 584,582 |
Total liabilities and shareholders’ equity | $ 1,056,500 | $ 930,355 |
CONSOLIDATED STATEMENTS OF FIN6
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, less allowance for doubtful accounts | $ 1,952 | $ 695 |
Capital Stock, par value (in dollars per share) | $ 1 | $ 1 |
Capital Stock, authorized shares | 50,000,000 | 50,000,000 |
Capital Stock, shares outstanding | 18,021,000 | 17,957,000 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Capital Stock/Capital Shares | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2013 | $ 560,316 | $ 17,855 | $ 110,577 | $ 443,334 | $ (11,450) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 53,412 | 53,412 | |||
Other comprehensive income (loss) | (53,644) | (53,644) | |||
Stock options exercised | 20,513 | 465 | 20,048 | ||
Stock issued to directors | 0 | 16 | (16) | ||
Shares issued for employees stock purchase plan | 693 | 16 | 677 | ||
Shares issued for restricted stock | (1,542) | 52 | (1,594) | ||
Stock-based compensation expense | 7,533 | 7,533 | |||
Ending Balance at Dec. 31, 2014 | 587,281 | 18,404 | 137,225 | 496,746 | (65,094) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 46,320 | 46,320 | |||
Other comprehensive income (loss) | (23,364) | (23,364) | |||
Stock options exercised | 6,967 | 175 | 6,792 | ||
Stock issued to directors | 0 | 16 | (16) | ||
Shares issued for employees stock purchase plan | 727 | 13 | 714 | ||
Shares issued for restricted stock | (2,740) | 77 | (2,817) | ||
Shares repurchased | (39,993) | (728) | (39,265) | ||
Tax shortfalls on share-based compensation | (259) | (259) | |||
Stock-based compensation expense | 9,643 | 9,643 | |||
Ending Balance at Dec. 31, 2015 | 584,582 | 17,957 | 112,017 | 543,066 | (88,458) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 48,283 | 48,283 | |||
Other comprehensive income (loss) | (3,804) | (3,804) | |||
Stock options exercised | 4,143 | 95 | 4,048 | ||
Stock issued to directors | 0 | 24 | (24) | ||
Shares issued for employees stock purchase plan | 858 | 23 | 835 | ||
Shares issued for restricted stock | (1,377) | 63 | (1,440) | ||
Shares repurchased | (7,995) | (141) | (7,854) | ||
Tax adjustments on share-based compensation | (179) | (179) | |||
Stock-based compensation expense | 11,275 | 11,275 | |||
Ending Balance at Dec. 31, 2016 | $ 635,786 | $ 18,021 | $ 118,678 | $ 591,349 | $ (92,262) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities: | |||
Net income | $ 48,283 | $ 46,320 | $ 53,412 |
Adjustments to reconcile net income to cash from operating activities: | |||
Depreciation and amortization | 37,847 | 34,054 | 26,268 |
Stock-based compensation expense | 11,275 | 9,643 | 7,533 |
Deferred income taxes | 7,382 | 3,668 | 8,435 |
Equity in income of unconsolidated joint ventures | (4,146) | (2,890) | (4,123) |
Dividends received from unconsolidated joint ventures | 2,757 | 3,463 | 3,849 |
Pension and postretirement benefits | (2,822) | (1,512) | 1,976 |
Loss from the disposal of property, plant and equipment | 225 | 295 | (69) |
Impairment of assets/investments | 0 | 150 | |
Bad debt expense | 1,321 | 1,085 | 250 |
Loss on disposition of a business | 0 | 4,819 | 0 |
Changes in operating assets and liabilities excluding effects of acquisition and disposition of businesses: | |||
Accounts receivable | (13,005) | 8,971 | (10,438) |
Inventories | 9,689 | (10,608) | (6,054) |
Pension contribution | (842) | (7,737) | (14,645) |
Other current assets | 1,933 | (1,278) | 1,063 |
Accounts payable and other accrued expenses | 21,472 | (17,632) | 16,638 |
Other, net | (4,402) | 3,111 | 1,112 |
Net cash provided by operating activities | 116,967 | 73,922 | 85,207 |
Investing Activities: | |||
Capital expenditures | (18,136) | (24,837) | (28,755) |
Proceeds from life insurance | 275 | 2,682 | 0 |
Loss from the sale of property, plant and equipment, net | 0 | 0 | 69 |
Other investing activities | 0 | (1,000) | 166 |
Proceeds from the sale of a business | 0 | 1,265 | 0 |
Acquisition of business, net of cash received | (133,943) | (158,407) | 0 |
Net cash used in investing activities | (151,804) | (180,297) | (28,520) |
Financing Activities: | |||
Proceeds from long term borrowings | 166,000 | 125,000 | 0 |
Repayment of debt principal and long term lease obligation | (103,760) | (6,641) | (17,797) |
Debt issuance costs | 0 | (293) | 0 |
Repurchases of capital stock | (7,995) | (39,993) | 0 |
Proceeds from issuance of capital stock, net | 4,143 | 6,967 | 20,513 |
Issuance of restricted stock | (1,377) | (2,740) | (1,542) |
Proceeds from issuance of shares to employee stock purchase plan | 858 | 727 | 693 |
Net cash provided by financing activities | 57,869 | 83,027 | 1,867 |
Effect of exchange rate fluctuations on cash | 149 | (9,441) | (13,063) |
Net increase (decrease) in cash and cash equivalents | 23,181 | (32,789) | 45,491 |
Cash and cash equivalents at beginning of year | 204,586 | 237,375 | 191,884 |
Cash and cash equivalents at end of year | $ 227,767 | $ 204,586 | $ 237,375 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of the Company and our wholly‑owned subsidiaries, after elimination of inter-company accounts and transactions. In 2015, we changed our method for accounting for certain inventory items from the last in, first out (LIFO) method to the first in, first out (FIFO) method. Adjustments have been made to all periods and amounts presented to appropriately reflect the retrospective application of this accounting change. See the discussion below entitled “Inventories” for further information. The preparation of financial statements, in conformity with accounting principles generally accepted in the United States, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Organization Our reporting structure is comprised of the following operating segments: Advanced Connectivity Solutions (ACS), Elastomeric Material Solutions (EMS) and Power Electronics Solutions (PES). The remaining operations are reported under our Other business. • Advanced Connectivity Solutions Our ACS segment designs, develops, manufactures and sells circuit materials and solutions enabling high-performance and high-reliability connectivity for applications in wireless communications infrastructure (e.g., power amplifiers, antennas, small cells and distributed antenna systems), automotive (e.g., active safety, advanced driver assistance systems, telematics and thermal management), connected devices, (e.g., mobile internet devices and Internet of Things), wired infrastructure (e.g., computing, servers and storage), consumer electronics and aerospace/defense. We sell our circuit materials under various trade names, including RO3000 ® , RO4000 ® , RT/duroid ® , AD Series TM and CLTE Series TM . Our ACS segment has manufacturing and administrative facilities in Chandler, Arizona; Rogers, Connecticut; Bear, Delaware; Evergem, Belgium; and Suzhou, China. • Elastomeric Material Solutions Our EMS segment designs, develops, manufactures and sells elastomeric material solutions for critical cushioning, sealing, impact protection and vibration management applications including general industrial, portable electronics (e.g., mobile internet devices), consumer goods (e.g., protective sports equipment), automotive, mass transportation, construction and printing applications. We sell our elastomeric materials under various trade names, including DeWAL™, ARLON ® , PORON ® , XRD ® , BISCO ® and eSORBA ® . In November 2016, we acquired DeWAL Industries, a leading manufacturer of polytetrafluoroethylene, ultra-high molecular weight polyethylene films, pressure sensitive tapes and specialty products. As of December 31, 2016 , our EMS segment had administrative and manufacturing facilities in Woodstock, Connecticut; Rogers, Connecticut; Bear, Delaware; Carol Stream, Illinois; Narragansett, Rhode Island; Ansan, Korea, and Suzhou, China. We also own 50% of (1) Rogers Inoac Corporation (RIC), a joint venture established in Japan to design, develop, manufacture and sell PORON products predominantly for the Japanese market and (2) Rogers INOAC Suzhou Corporation (RIS), a joint venture established in China to design, develop, manufacture and sell PORON products primarily for RIC customers in various Asian countries. INOAC Corporation owns the remaining 50% of both RIC and RIS. RIC has manufacturing facilities at INOAC facilities in Nagoya and Mie, Japan, and RIS has manufacturing facilities at Rogers’ facilities in Suzhou, China. • Power Electronics Solutions Our PES segment designs, develops, manufactures and sells ceramic substrate materials for power module applications (e.g., variable frequency drives, vehicle electrification and renewable energy), laminated bus bars for power inverter and high power interconnect applications (e.g., mass transit, hybrid-electric and electric vehicles, renewable energy and variable frequency drives), and micro-channel coolers (e.g., laser cutting equipment). We sell our ceramic substrate materials and micro channel coolers under the curamik ® tradename, and our bus bars under the ROLINX ® tradename. Our PES segment has administrative and manufacturing facilities in Ghent, Belgium; Eschenbach, Germany; Budapest, Hungary; and Suzhou, China. • Other Other business consists of elastomeric components for applications in ground transportation, office equipment, consumer and other markets; elastomeric floats for level sensing in fuel tanks, motors, and storage tanks; and inverters for portable communications and automotive markets. The Arlon polyimide and thermoset laminate business, which was divested in December 2015, was also included within our Other businesses in 2015. Cash Equivalents Highly liquid investments with original maturities of three months or less are considered cash equivalents. These investments are stated at cost, which approximates fair value. Investments in Unconsolidated Joint Ventures We account for our investments in and advances to unconsolidated joint ventures, all of which are 50% owned, using the equity method of accounting. Foreign Currency All balance sheet accounts of foreign subsidiaries are translated or remeasured at exchange rates in effect at each year end, and income statement items are translated using the average exchange rates for the year. Resulting translation adjustments for those entities that operate under the local currency are made directly to a separate component of shareholders’ equity, while remeasurement adjustments for those entities that operate under the parent’s functional currency are made to the income statement as a component of “Other income (expense), net.” Currency transaction gains and losses are reported as income or expense, respectively, in the consolidated statements of operations as a component of “Other income (expense), net.” Such adjustments resulted in a loss of $2.7 million in 2016 and a gain of $0.3 million in 2015 . There were no material foreign currency transaction gains/losses in 2014 . Allowance for Doubtful Accounts The allowance for doubtful accounts is determined based on a variety of factors that affect the potential collectability of the related receivables, including the length of time receivables are past due, customer credit ratings, financial stability of customers, specific one-time events and past customer history. In addition, in circumstances where we are made aware of a specific customer’s inability to meet its financial obligations, a specific allowance is established. The majority of accounts are individually evaluated on a regular basis and appropriate reserves are established as deemed appropriate based on the criteria previously mentioned. The remainder of the reserve is based on management’s estimates and takes into consideration historical trends, market conditions and the composition of our customer base. Inventories Inventories are valued at the lower of cost or market. Effective October 1, 2015, the Company changed its method for inventory costing from the last in, first out (LIFO) cost method to the first in, first out (FIFO) cost method for all operations that were using the LIFO cost method. This change in accounting method was deemed preferable because this change causes inventory to be valued on a consistent basis throughout the entire Company and on a more comparable basis with industry peer companies. This change in accounting method was completed in accordance with Accounting Standards Codification (ASC) 250 Accounting changes and error corrections, and all periods presented have been retrospectively adjusted to reflect the period-specific effects of applying the new accounting principle. The following table summarizes the effect of this accounting change on the Company’s consolidated statements of operations for the year ended December 31, 2014: (Dollars in thousands, except per share amounts) As Originally Reported under LIFO As Adjusted under FIFO Effect of Change Cost of sales $ 376,972 $ 376,158 $ (814 ) Net income $ 52,883 $ 53,412 $ 529 Basic earnings per share $ 2.91 $ 2.94 $ 0.03 Diluted earnings per share $ 2.83 $ 2.86 $ 0.03 There was no impact on cash provided by operating activities as a result of the above changes. Inventories consisted of the following: As of December 31, (Dollars in thousands) 2016 2015 Raw materials $ 29,788 $ 35,499 Work-in-process 26,440 22,804 Finished goods 34,902 33,521 Total inventories $ 91,130 $ 91,824 Property, Plant and Equipment Property, plant and equipment are stated on the basis of cost. For financial reporting purposes, provisions for depreciation are calculated on a straight‑line basis over the following estimated useful lives of the underlying assets: Years Buildings and improvements 30-40 Machinery and equipment 5-15 Office equipment 3-10 Software Costs We capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended. Capitalized software costs include only (i) external direct costs of materials and services utilized in developing or obtaining computer software, and (ii) compensation and related benefits for employees who are directly associated with the software project. Capitalized software costs are amortized on a straight-line basis when placed into service over the estimated useful lives of the software, which approximates three to five years. Net capitalized software and development costs were $7.7 million and $6.7 million for the years ended December 31, 2016 and 2015 , respectively. Capitalized software is included within “Property, plant and equipment, net of accumulated depreciation” in the consolidated statements of financial position. Intangible Assets and Goodwill Intangible assets are classified into three categories: (1) intangible assets with definite lives subject to amortization; (2) intangible assets with indefinite lives not subject to amortization; and (3) goodwill. We review goodwill, which has an indefinite life, and intangible assets with indefinite lives for impairment annually and/or if events or changes in circumstances indicate the carrying value of an asset may have been impaired. We review intangible assets with definite lives for impairment whenever conditions exist that indicate the carrying value may not be recoverable. Goodwill is assessed for impairment by comparing the net book value of a reporting unit to its estimated fair value. Fair values are estimated using a discounted cash flow methodology. The determination of discounted cash flows is based on the reporting unit’s strategic plans and long-term operating forecasts. The revenue growth rates included in the plans are management’s best estimates based on current and forecasted market conditions, and the profit margin assumptions are projected by each segment based on the current cost structure and expected strategic changes to the cost structure. Purchased or acquired patents, covenants-not-to-compete, customer relationships and licensed technology are capitalized and amortized on a straight-line over their estimated useful lives. Environmental and Product Liabilities We accrue for our environmental investigation, remediation, operating and maintenance costs when it is probable that a liability has been incurred and the amount can be reasonably estimated. For environmental matters, the most likely cost to be incurred is accrued based on an evaluation of currently available facts with respect to each individual site, including existing technology, current laws and regulations and prior remediation experience. For sites with multiple potential responsible parties (PRPs), we consider our likely proportionate share of the anticipated remediation costs and the ability of the other parties to fulfill their obligations in establishing a provision for those costs. When no amount within a range of estimates is more likely to occur than another, we accrue to the low end of the range and disclose the range. When future liabilities are determined to be reimbursable by insurance coverage, an accrual is recorded for the potential liability and a receivable is recorded for the estimated insurance reimbursement amount. We are exposed to the uncertain nature inherent in such remediation and the possibility that initial estimates will not reflect the final outcome of a matter. We periodically perform a formal analysis to determine potential future liability and related insurance coverage for asbestos-related matters. Projecting future asbestos costs is subject to numerous variables that are extremely difficult to predict, including the number of claims that might be received, the type and severity of the disease alleged by each claimant, the long latency period associated with asbestos exposure, dismissal rates, costs of medical treatment, the financial resources of other companies that are co-defendants in claims, uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case, and the impact of potential changes in legislative or judicial standards, including potential tort reform. Furthermore, any predictions with respect to these variables are subject to even greater uncertainty as the projection period lengthens. We believe the assumptions used in our models for determining our potential exposure and related insurance coverage are reasonable at the present time, but such assumptions are inherently uncertain. We determined that a ten -year projection period is appropriate as we have experience in addressing asbestos related lawsuits over the last few years to use as a baseline to project the liability over ten years. However, we do not believe we have sufficient data to justify a longer projection period at this time. Fair Value of Financial Instruments Management believes that the carrying values of financial instruments, including cash and cash equivalents, short-term investments, accounts receivable, accounts payable and accrued liabilities approximate fair value based on the maturities of these instruments. The fair values of our long-term debt are determined using discounted cash flows based upon our estimated current interest cost for similar type borrowings or current market value, which falls under Level 2 of the fair value hierarchy. The carrying values of the long-term debt approximate fair market value. Concentration of Credit and Investment Risk We extend credit on an uncollateralized basis to almost all customers. Concentration of credit and geographic risk with respect to accounts receivable is limited due to the large number and general dispersion of accounts that constitute our customer base. We routinely perform credit evaluations on our customers. At December 31, 2016 and 2015 , there were no customers that individually accounted for more than ten percent of total accounts receivable. We have purchased credit insurance coverage for certain accounts receivable. We did not experience significant credit losses on customers’ accounts in 2016 , 2015 or 2014 . We are subject to credit and market risk by using derivative instruments. If a counterparty fails to fulfill its performance obligations under a derivative contract, our credit risk will equal the fair value of the derivative instrument. We seek to minimize counterparty credit (or repayment) risk by entering into derivative transactions with major financial institutions with investment grade credit ratings. We invest excess cash principally in investment grade government securities and time deposits. We have established guidelines relative to diversification and maturities in order to maintain safety and liquidity. These guidelines are periodically reviewed and modified to reflect changes in market conditions. Income Taxes We are subject to income taxes in the U.S. and in numerous foreign jurisdictions. The Company accounts for income taxes following ASC 740 (Accounting for Income Taxes) recognizing deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between book and tax basis of recorded assets and liabilities. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of a deferred tax asset will not be realized. U.S. income taxes have not been provided on $210.9 million of undistributed earnings of foreign subsidiaries since it is the Company’s intention to permanently reinvest such earnings or to repatriate them only when it is tax efficient to do so. It is impracticable to estimate the total tax liability, if any, that would be created by the future distribution of these earnings. If circumstances change and it becomes apparent that some, or all of the undistributed earnings as of December 31, 2016 will not be indefinitely reinvested, the provision for the tax consequences, if any, will be recorded in the period when circumstances change. Distributions out of current and future earnings are permissible to fund discretionary activities such as business acquisitions. However, when distributions are made, this could result in a higher effective tax rate. We record benefits for uncertain tax positions based on an assessment of whether it is more likely than not that the tax positions will be sustained by the taxing authorities. If this threshold is not met, no tax benefit of the uncertain position is recognized. If the threshold is met, we recognize the largest amount of the tax benefit that is greater than fifty percent likely to be realized upon ultimate settlement. We recognize interest and penalties within the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included within the related tax liability line in the consolidated statements of financial position. Revenue Recognition We recognize revenue when all of the following criteria are met: (1) we have entered into a binding agreement, (2) the product has shipped and title and risk of ownership have passed, (3) the sales price to the customer is fixed or determinable, and (4) collectability is reasonably assured. We consider that the criteria for revenue recognition have been met upon shipment of the finished product, based on the majority of our shipping terms. Some shipping terms require the goods to be through customs or be received by the customer before title passes. In those instances, revenue is not recognized until either the customer has received the goods or they have passed through customs, depending on the circumstances. As appropriate, we record estimated reductions to revenue for customer returns and allowances and warranty claims. Provisions for such allowances are made at the time of sale and are typically derived from historical trends and other relevant information. See further discussion in Note 19, “Recent Accounting Standards” to “Item 8 Financial Statements and Supplementary Data.” Shipping and Handling Charges Costs that we incur for shipping and handling charges are charged to “Cost of sales” and payments received from our customers for shipping and handling charges are included in “Net sales” on our consolidated statements of operations. Pension and Retiree Health Care and Life Insurance Benefits We provide various defined benefit pension plans for our U.S. employees and we sponsor multiple fully insured or self-funded medical plans and fully insured life insurance plans for retirees. In 2013, the defined benefit pension plans were frozen, so that future benefits no longer accrue. The costs and obligations associated with these plans are dependent upon various actuarial assumptions used in calculating such amounts. These assumptions include discount rates, long-term rate of return on plan assets, mortality rates, and other factors. The assumptions used in these models are determined as follows: (i) the discount rate used is based on the PruCurve index; (ii) the long-term rate of return on plan assets is determined based on historical portfolio results, market results and our expectations of future returns, as well as current market assumptions related to long-term return rates; and (iii) the mortality rate is based on a mortality projection that estimates current longevity rates and their impact on the long-term plan obligations. We review these assumptions periodically throughout the year and update as necessary. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: Years Ended December 31, (In thousands, except per share amounts) 2016 2015 2014 Numerator: Net income $ 48,283 $ 46,320 $ 53,412 Denominator: Weighted-average shares outstanding - basic 17,991 18,371 18,177 Effect of dilutive shares 232 309 521 Weighted-average shares outstanding - diluted 18,223 18,680 18,698 Basic earnings per share: $ 2.68 $ 2.52 $ 2.94 Diluted earnings per share: $ 2.65 $ 2.48 $ 2.86 Certain potential options to purchase shares were excluded from the calculation of diluted weighted-average shares outstanding because the exercise price was greater than the average market price of our capital stock during the year. For 2015, 44,350 shares were excluded. No shares were excluded in 2016 and 2014. Hedging Activity From time to time, we use derivative instruments to manage commodity, interest rate and foreign currency exposures. Derivative instruments are viewed as risk management tools and are not used for trading or speculative purposes. To qualify for hedge accounting treatment, derivatives used for hedging purposes must be designated and deemed effective as a hedge of the identified underlying risk exposure at the inception of the contract. Accordingly, changes in fair value of the derivative contract must be highly correlated with changes in the fair value of the underlying hedged item at inception of the hedge and over the life of the hedge contract. Derivatives used to hedge forecasted cash flows associated with foreign currency commitments or forecasted commodity purchases are accounted for as cash flow hedges. For those derivative instruments that qualify for hedge accounting treatment, gains and losses are recorded in other comprehensive income and reclassified to earnings in a manner that matches the timing of the earnings impact of the hedged transactions. The ineffective portion of all hedges, if any, is recognized currently in earnings. For those derivative instruments that do not qualify for hedge accounting treatment, any related gains and losses are recognized in the consolidated statements of operations as a component of “Other income (expense), net.” Advertising Costs Advertising is expensed as incurred and amounted to $3.0 million for 2016 , $3.2 million for 2015 and $3.3 million for 2014 . Equity Compensation Stock-based compensation is comprised of restricted stock units and stock options. Performance-based restricted stock unit compensation expense is based on achievement of certain performance and service conditions. The fair value of the awards is determined based on the market value of the underlying stock price at the grant date and marked to market over the vesting period based on probabilities and projections of the underlying performance measures. Time-based restricted stock units compensation is expensed over the vesting period, which is typically three years . The fair value of the awards is determined based on the market value of the underlying stock price at the grant date. Stock option fair value is measured at the grant date, based on the grant-date fair value of the awards ultimately expected to vest and, in most cases, is recognized as an expense on a straight-line basis over the vesting period, which is typically four years . A provision in our stock option agreements requires us to accelerate the expense for retirement eligible employees, as any unvested options would immediately vest upon retirement for such employees. We develop estimates used in calculating the grant-date fair value of stock options to determine the amount of stock-based compensation to be recorded. We calculate the grant-date fair value using the Black-Scholes valuation model. The use of this valuation model requires estimates of assumptions such as expected volatility, expected term, risk-free interest rate, expected dividend yield and forfeiture rates. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The accounting guidance for fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. From time to time we enter into various instruments that require fair value measurement, including foreign currency contracts, interest rate swaps and copper derivative contracts. Assets measured at fair value on a recurring basis, categorized by the level of inputs used in the valuation, include: (Dollars in thousands) As of Level 1 Level 2 Level 3 Foreign currency contracts $ (170 ) $ — $ (170 ) $ — Copper derivative contracts $ 1,277 $ — $ 1,277 $ — Interest rate swap $ — $ — $ — $ — (Dollars in thousands) As of Level 1 Level 2 Level 3 Foreign currency contracts $ (78 ) $ — $ (78 ) $ — Copper derivative contracts $ 193 $ — $ 193 $ — Interest rate swap $ (18 ) $ — $ (18 ) $ — For further discussion on our derivative contracts, see Note 3, “Hedging Transactions and Derivative Financial Instruments.” |
Hedging Transactions and Deriva
Hedging Transactions and Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedging Transactions and Derivative Financial Instruments | HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS We are exposed to certain risks related to our ongoing business operations. The primary risks being managed through the use of derivative instruments are foreign currency exchange rate risk and commodity pricing risk (primarily related to copper). We previously hedged our interest rate risk through use of an interest rate swap, which expired as of June 30, 2016. We do not use derivative financial instruments for trading or speculative purposes. The valuation of derivative contracts used to manage each of these risks is described below: • Foreign Currency - The fair value of any foreign currency option derivative is based upon valuation models applied to current market information such as strike price, spot rate, maturity date and volatility, and by reference to market values resulting from an over-the-counter market or obtaining market data for similar instruments with similar characteristics. • Commodity - The fair value of copper derivatives is computed using a combination of intrinsic and time value valuation models. The intrinsic valuation model reflects the difference between the strike price of the underlying copper derivative instrument and the current prevailing copper prices in an over-the-counter market at period end. The time value valuation model incorporates the constant changes in the price of the underlying copper derivative instrument, the time value of money, the underlying copper derivative instrument’s strike price and the remaining time to the underlying copper derivative instrument’s expiration date from the period end date. Overall, fair value is a function of five primary variables: price of the underlying instrument, time to expiration, strike price, interest rate, and volatility. • Interest Rates - The fair value of any interest rate swap instruments is derived by comparing the present value of the interest rate forward curve against the present value of the swap rate, relative to the notional amount of the swap. The net value represents the estimated amount we would receive or pay to terminate such agreements. Settlement amounts for an “in the money” swap would be adjusted down to compensate the counterparty for cost of funds, and the adjustment would be directly related to the counterparty’s credit ratings. The guidance for the accounting and disclosure of derivatives and hedging transactions requires companies to recognize all of their derivative instruments as either assets or liabilities at fair value in the consolidated statements of financial position. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies for hedge accounting treatment as defined under the applicable accounting guidance. For derivative instruments that are designated and qualify for hedge accounting treatment (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss). This gain or loss is reclassified into earnings in the same line item of the consolidated statements of operations associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of the future cash flows of the hedged item (i.e., the ineffective portion) if any, is recognized in the consolidated statements of operations during the current period. As of December 31, 2016 , we did not have any contracts that are designated and qualify for hedge accounting treatment. As of December 31, 2015 and 2014 , we had contracts outstanding that qualify for hedge accounting treatment and there was no hedge ineffectiveness. Foreign Currency In 2016, we entered into Hungarian Forint, Japanese Yen, and Korean Won foreign currency forward contracts to mitigate certain global transactional exposures. These contracts do not qualify for hedge accounting treatment. As a result, the fair value adjustments for these contracts are recorded in other income (expense), net in our consolidated statements of operations. As of December 31, 2016 the notional values of these foreign currency forward contracts were: Notional Values of Foreign Currency Derivatives USD/KRW ₩ 10,537,789,000 EUR/JPY ¥ 309,000,000 EUR/HUF Ft 169,000,000 Commodity As of December 31, 2016 , we had twenty-eight outstanding contracts to hedge our exposure related to the purchase of copper by our Power Electronics Solutions and Advanced Connectivity Solutions operating segments. These contracts are held with financial institutions and minimize our risk associated with a potential rise in copper prices. These contracts are intended to provide coverage over the forecasted 2017 monthly copper exposure and do not qualify for hedge accounting treatment. As a result, any fair value adjustments required on these contracts are recorded in “Other income (expense), net” in our consolidated statements of operations. As of December 31, 2016 , the notional values of our copper contracts outstanding were: Notional Value of Copper Derivatives January 2017 - March 2017 122 metric tons per month April 2017 - June 2017 122 metric tons per month July 2017 - September 2017 122 metric tons per month October 2017 - December 2017 122 metric tons per month Interest Rates In July 2012, we entered into an interest rate swap to hedge the variable interest rate on our term loan debt. This swap expired as of June 30, 2016. Effects on Statements of Operations and Statements of Comprehensive Income (Loss): (Dollars in thousands) The Effect of Current Derivative Instruments on the Financial Statements for the year ended December 31, 2016 Fair Values of Derivative Instruments as of December 31, 2016 Foreign Exchange Contracts Location Gain/(Loss) Other Assets Contracts not designated as hedging instruments Other income (expense), net $ (170 ) $ (170 ) Copper Derivative Instruments Contracts not designated as hedging instruments Other income (expense), net $ 625 $ 1,277 (Dollars in thousands) The Effect of Current Derivative Instruments on the Financial Statements for the year ended December 31, 2015 Fair Values of Derivative Instruments as of December 31, 2015 Foreign Exchange Contracts Location Gain/(Loss) Other Assets Contracts not designated as hedging instruments Other income (expense), net $ (78 ) $ (78 ) Copper Derivative Instruments Contracts not designated as hedging instruments Other income (expense), net $ (666 ) $ 193 Interest Rate Swap Instrument Contracts designated as hedging instruments Other income (expense), net $ 126 $ (18 ) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The changes in accumulated other comprehensive income (loss) by component for the year ended December 31, 2016 were as follows: (Dollars in thousands) Foreign currency translation adjustments Funded status of pension plans and other postretirement benefits (1) Unrealized gain (loss) on derivative instruments (2) Total Beginning Balance December 31, 2015 $ (41,365 ) $ (47,082 ) $ (11 ) $ (88,458 ) Other comprehensive income before reclassifications (5,081 ) — — (5,081 ) Actuarial net gain (loss) incurred in the fiscal year — 1,106 — 1,106 Amounts reclassified from accumulated other comprehensive income — 160 11 171 Net current-period other comprehensive income (5,081 ) 1,266 11 (3,804 ) Ending Balance December 31, 2016 $ (46,446 ) $ (45,816 ) $ — $ (92,262 ) (1) Net of taxes of $9,160 and $9,879 for the years ended December 31, 2016 and December 31, 2015 , respectively. (2) Net of taxes of $0 and $5 for the years ended December 31, 2016 and December 31, 2015 , respectively. The changes in accumulated other comprehensive income (loss) by component for the year ended December 31, 2015 were as follows: (Dollars in thousands) Foreign currency translation adjustments Funded status of pension plans and other postretirement benefits (3) Unrealized gain (loss) on derivative instruments (4) Total Beginning Balance December 31, 2014 $ (14,193 ) $ (50,808 ) $ (93 ) $ (65,094 ) Other comprehensive income before reclassifications (27,172 ) — (2 ) (27,174 ) Actuarial net gain (loss) incurred in the fiscal year — 2,760 — 2,760 Amounts reclassified from accumulated other comprehensive income — 966 84 1,050 Net current-period other comprehensive income (27,172 ) 3,726 82 (23,364 ) Ending Balance December 31, 2015 $ (41,365 ) $ (47,082 ) $ (11 ) $ (88,458 ) (3) Net of taxes of $9,879 and $11,952 for the periods ended December 31, 2015 and December 31, 2014 , respectively. (4) Net of taxes of $5 and $50 for the periods ended December 31, 2015 and December 31, 2014 , respectively. The reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2016 were as follows: Details about accumulated other comprehensive income components Amounts reclassified from accumulated other comprehensive income (loss) for the period ended December 31, 2016 Affected line item in the statement where net income is presented Unrealized gains and losses on derivative instruments: $ 16 Other income (expense), net (5 ) Income tax expense $ 11 Net of tax Amortization of defined benefit pension and other post-retirement benefit items: Actuarial losses (gains) $ 246 Total before tax (5) (86 ) Income tax expense $ 160 Net of tax (5) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 10 - “Pension Benefits and Retirement Health and Life Insurance Benefits” for additional details. The reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2015 were as follows: Details about accumulated other comprehensive income components Amounts reclassified from accumulated other comprehensive income (loss) for the period ended December 31, 2015 Affected line item in the statement where net income is presented Unrealized gains and losses on derivative instruments: $ 129 Realized gain (loss) (45 ) Income tax expense $ 84 Net of tax Amortization of defined benefit pension and other post-retirement benefit items: Actuarial losses (gains) $ 1,486 Total before tax (6) (520 ) Income tax expense $ 966 Net of tax (6) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 10 - “Pension Benefits and Other Postretirement Benefit Plans” for additional details. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS DeWAL On November 23, 2016, we acquired all of the membership interests in DeWAL Industries (“DeWAL”), pursuant to the terms of the Membership Interest Purchase Agreement, dated November 23, 2016, by and among the Company and the members of DeWAL Industries LLC (the “DeWAL Purchase Agreement”) for an aggregate purchase price of $135.5 million . We used borrowings of $136.0 million under our credit facility to fund the acquisition. DeWAL is a leading manufacturer of polytetrafluoroethylene and ultra-high molecular weight polyethylene films, pressure sensitive tapes and specialty products for the industrial, aerospace, automotive, and electronics markets. The acquisition has been accounted for in accordance with applicable purchase accounting guidance. We recorded goodwill, primarily related to the expected synergies from combining operations and the value of the existing workforce. We also recorded intangible assets primarily related to trademarks, developed technology and customer relationships. As of the filing date of this Form 10-K, the final purchase accounting and purchase price allocation for the DeWAL acquisition are substantially complete; however, we continue to refine our preliminary valuation of certain acquired assets such as intangible assets. The following table represents the preliminary fair values assigned to the acquired assets and liabilities in the transaction: (Dollars in thousands) November 23, 2016 Assets: Cash and cash equivalents $ 1,539 Accounts receivable 7,513 Other current assets 691 Inventory 9,915 Property, plant & equipment 9,929 Intangible assets 73,500 Goodwill 35,638 Other long-term assets 221 Total assets 138,946 Liabilities: Accounts payable 2,402 Other current liabilities 1,062 Total liabilities 3,464 Fair value of net assets acquired $ 135,482 The intangible assets consist of customer relationships valued at $46.7 million , developed technology valued at $22.0 million , trademarks valued at $4.3 million , and a covenant not to compete valued at $0.5 million . The fair value of acquired identified intangible assets was determined by applying the income approach, using several significant unobservable inputs for projected cash flows and a discount rate. These inputs are considered Level 3 under the fair value measurements and disclosure guidance. The weighted average amortization period for the intangible asset classes are 9.6 years for customer relationships, 6.3 years for developed technology, 3.4 years for trademarks and 2.5 years for a covenant not to compete, resulting in amortization expenses ranging from $5.2 million to $5.3 million , annually. The future estimated annual amortization expense is $5.3 million for each of the years ending 2017, 2018, 2019 and 2020, and $5.2 million in 2021. During 2016, we incurred transaction costs of $2.1 million related to this acquisition, which were recorded within selling, general and administrative expenses on the consolidated statements of operations. The results of DeWAL have been included in our consolidated financial statements only for the period subsequent to the completion of our acquisition. During this period, net sales attributable to DeWAL totaled $5.4 million and operating income attributable to DeWAL totaled $2.0 million . Arlon On January 22, 2015, we completed the acquisition of Arlon and its subsidiaries, other than Arlon India (Pvt) Limited (collectively, “Arlon”), pursuant to the terms of the Stock Purchase Agreement, dated December 18, 2014, by and among the Company, Handy & Harman Group, Ltd. (“H&H Group”) and its subsidiary Bairnco Corporation (“Bairnco”), as amended, (the “Arlon Purchase Agreement”). Pursuant to the terms of the Arlon Purchase Agreement, we acquired Arlon and assumed certain liabilities related to the acquisition for an aggregate purchase price of approximately $157.0 million . We used borrowings of $125.0 million under our bank credit facility in addition to cash on hand to fund the acquisition. Arlon manufactures high performance materials for the printed circuit board industry and silicone rubber-based materials. The acquisition has been accounted for in accordance with applicable purchase accounting guidance. We recorded goodwill, primarily related to the expected synergies from combining operations and the value of the existing workforce. We also recorded intangible assets related to trademarks, technology and customer relationships. As of the filing date of this Form 10-K, the process of valuing the net assets of the business is complete. The following table represents the fair market values assigned to the acquired assets and liabilities in the transaction: (Dollars in thousands) January 22, 2015 Assets: Cash $ 142 Accounts receivable 17,301 Other current assets 856 Inventory 9,916 Deferred income tax assets, current 1,084 Property, plant & equipment 30,667 Intangible assets 50,020 Goodwill 85,565 Other long-term assets 106 Total assets 195,657 Liabilities: Accounts payable 4,958 Other current liabilities 4,385 Deferred tax liability 23,225 Other long-term liabilities 4,540 Total liabilities 37,108 Fair value of net assets acquired $ 158,549 The intangible assets consist of developed technology valued at $15.8 million , customer relationships valued at $32.7 million and trademarks valued at $1.6 million . The fair value of acquired identified intangible assets was determined by applying the income approach, using several significant unobservable inputs for projected cash flows and a discount rate. These inputs are considered Level 3 under the fair value measurements and disclosure guidance. The weighted average amortization period for the intangible asset classes are 5.7 years for developed technology, 6.0 years for customer relationships and 3.2 years for trademarks, resulting in amortization expenses ranging from $1.8 million to $5.8 million annually. The estimated annual future amortization expense is $5.8 million for each of the years ending 2017 , 2018 and 2019 . During 2015 , we incurred transaction costs of $1.5 million related to the Arlon acquisition, which were recorded within selling, general and administrative expenses on the consolidated statements of operations. The results of Arlon have been included in our consolidated financial statements only for the period subsequent to the completion of our acquisition. During the year ended December 31, 2015, net sales attributable to Arlon totaled $100.0 million and operating income attributable to Arlon totaled $25.1 million . On December 21, 2015 we sold an Arlon business, which makes polyimide and thermoset epoxy laminate products. This operation was acquired as part of our acquisition of Arlon. The operations were previously reported with our Other business. We received proceeds of $1.3 million and recognized a loss of $4.8 million , which was recorded in “Other income (expense), net” within the consolidated statements of operations. Pro Forma Financial Information The following unaudited pro forma financial information presents the combined results of operations of Rogers, DeWAL and Arlon, as if the DeWAL acquisition had occurred on January 1, 2015 and the Arlon acquisition occurred on January 1, 2014. The unaudited pro forma financial information is not intended to represent or be indicative of our consolidated results of operations that would have been reported had the DeWAL and Arlon acquisitions been completed as of January 1, 2015 and January 1, 2014, respectively, and should not be taken as indicative of our future consolidated results of operations. (Dollars in thousands) Year Ended December 31, 2016 Year Ended December 31, 2015 Year Ended December 31, 2014 Net sales $ 703,603 $ 693,462 $ 714,303 Net income 47,556 40,559 63,751 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT As of December 31, (Dollars in thousands) 2016 2015 Land $ 15,855 $ 16,726 Buildings and improvements 138,493 141,082 Machinery and equipment 220,238 191,459 Office equipment 54,013 42,696 428,599 391,963 Accumulated depreciation (259,178 ) (237,150 ) Property, plant and equipment, net 169,421 154,813 Equipment in process 7,495 23,848 Total property, plant and equipment, net $ 176,916 $ 178,661 In the fourth quarter of 2016, we signed an agreement to sell vacant land located in Evergem, Belgium for $1.6 million . The land has a book value of $0.9 million . We expect the transaction to close in the first quarter of 2017. The land is classified as held for sale in the consolidated statements of financial position as of December 31, 2016 . Depreciation expense was $26.6 million in 2016 , $23.2 million in 2015 , and $20.1 million in 2014 . |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS Goodwill On November 23, 2016, we acquired DeWAL. For further detail on the goodwill and intangible assets recorded on the acquisition date, see Note 5 - Acquisitions. The changes in the carrying amount of goodwill for the period ending December 31, 2016 , by reportable segment, were as follows: (Dollars in thousands) Advanced Connectivity Solutions Elastomeric Material Solutions Power Electronics Solutions Other Total December 31, 2015 $ 51,931 $ 56,269 $ 65,029 $ 2,224 $ 175,453 Arlon adjustment (238 ) — — — (238 ) DeWAL acquisition — 35,638 — — 35,638 Foreign currency translation adjustment — (376 ) (2,046 ) — (2,422 ) December 31, 2016 $ 51,693 $ 91,531 $ 62,983 $ 2,224 $ 208,431 Annual Impairment Testing We perform our annual goodwill impairment testing in the fourth quarter of the year. In 2016 , we estimated the fair value of our reporting units using an income approach based on the present value of future cash flows. We believe this approach yields the most appropriate evidence of fair value as our reporting units are not easily compared to other corporations involved in similar businesses. We further believe that the assumptions and rates used in our annual impairment test are reasonable, but inherently uncertain. We currently have four reporting units with goodwill - ACS, EMS, curamik ® and the Elastomer Components Division (ECD). No impairment charges resulted from this analysis. The excess of fair value over carrying value for ACS, EMS, curamik ® and ECD was 281.6% , 76.0% , 75.8% and 225.7% , respectively. These valuations are based on a five year discounted cash flow analysis, which utilized discount rates ranging from 12.0% for ACS to 12.9% for curamik ® and a terminal year growth rate of 3% for all four reporting units. The ACS, EMS, curamik ® and ECD reporting units had allocated goodwill of approximately $51.7 million , $91.5 million , $63.0 million and $2.2 million , respectively, at December 31, 2016 . Intangible Assets The changes in the carrying amount of other intangible assets for the two-year period ending December 31, 2016 , were as follows: December 31, 2016 December 31, 2015 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks and patents $ 6,825 $ 1,156 $ 5,669 $ 2,543 $ 718 $ 1,825 Developed technology 68,880 24,365 44,515 47,724 19,681 28,043 Covenant-not-to-compete 1,419 932 487 943 943 — Customer relationships 96,148 14,311 81,837 49,948 9,100 40,848 Total definite lived intangible assets 173,272 40,764 132,508 101,158 30,442 70,716 Indefinite lived intangible assets 4,168 — 4,168 4,303 — 4,303 Total intangible assets $ 177,440 $ 40,764 $ 136,676 $ 105,461 $ 30,442 $ 75,019 In the table above, gross carrying amounts and accumulated amortization may differ from prior periods due to foreign exchange rate fluctuations. The indefinite-lived trademark intangible assets were acquired in our acquisition of curamik ® and are assessed for impairment annually or when changes in circumstances indicate that their carrying values may be recoverable. The definite-lived intangibles are amortized using a fair value methodology that is based on the projected economic use of the related underlying asset. On November 23, 2016, we acquired DeWAL, and on January 22, 2015, we acquired Arlon. For further detail on the goodwill and intangible assets recorded on the acquisition, see Note 5 - Acquisitions. In November 2015, we entered into a technology license agreement with Saber, Inc., which resulted in a $1.0 million intangible asset that is being amortized on a straight-line basis over 5 years . Amortization expense was approximately $11.2 million , $10.9 million , and $6.1 million in 2016 , 2015 and 2014 , respectively. The estimated annual future amortization expense is $15.3 million , $14.7 million , $14.3 million , $10.8 million and $9.9 million in 2017 , 2018 , 2019 , 2020 and 2021 , respectively. These amounts could vary based on changes in foreign currency exchange rates. The weighted average amortization period as of December 31, 2016 , by intangible asset class, is presented in the table below: Intangible Asset Class Weighted Average Amortization Period Trademarks and patents 3.4 Developed technology 5.0 Customer relationships 7.7 Covenant not to compete 2.5 Total other intangible assets 6.6 |
Summarized Financial Informatio
Summarized Financial Information of Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized Financial Information of Unconsolidated Joint Ventures | SUMMARIZED FINANCIAL INFORMATION OF UNCONSOLIDATED JOINT VENTURES As of December 31, 2016 , we had two joint ventures, each 50% owned, which are accounted for under the equity method of accounting. Joint Venture Location Reportable Segment Fiscal Year-End Rogers INOAC Corporation (RIC) Japan Elastomeric Material Solutions October 31 Rogers INOAC Suzhou Corporation (RIS) China Elastomeric Material Solutions December 31 Equity income related to the joint ventures of $4.1 million , $2.9 million and $4.1 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, is included in the consolidated statements of operations. The summarized financial information for the joint ventures for the periods indicated was as follows: As of December 31, (Dollars in thousands) 2016 2015 Current assets $ 33,951 $ 28,239 Noncurrent assets $ 5,545 $ 7,207 Current liabilities $ 7,485 $ 4,608 Shareholders’ equity $ 32,011 $ 30,838 For the Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Net sales $ 47,321 $ 43,438 $ 48,259 Gross profit $ 16,829 $ 11,993 $ 14,277 Net income $ 8,292 $ 5,753 $ 8,246 Receivables from and payables to joint ventures arise during the normal course of business from transactions between us and the joint ventures. We had receivables of $2.4 million , and $1.8 million as of December 31, 2016 and 2015 , respectively, which were included in accounts receivable on our consolidated statements of financial position. |
Share Repurchase
Share Repurchase | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
SHARE REPURCHASE | SHARE REPURCHASE On August 6, 2015, we initiated a share repurchase program of up to $100.0 million of the Company’s capital stock. We initiated this program to mitigate potentially dilutive effects of stock options and shares of restricted stock granted by the Company, in addition to enhancing shareholder value. The share repurchase program has no expiration date, and may be suspended or discontinued at any time without notice. As of December 31, 2016 , $52.0 million remained of our $100.0 million share repurchase program. We repurchased the following shares of common stock through our share repurchase program during the years presented below: (Dollars in thousands) December 31, 2016 December 31, 2015 Shares of capital stock repurchased 140,498 727,573 Value of capital stock repurchased $ 7,995 $ 39,993 No shares of capital stock were repurchased during 2014. All repurchases were made using cash from operations and cash on hand. Refer to Part II, Item 5 for further detail of the share repurchase program. |
Pension Benefit and Retirement
Pension Benefit and Retirement Health and Life Insurance Benefits | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Benefit and Retirement Health and Life Insurance Benefits | PENSION BENEFITS AND RETIREMENT HEALTH AND LIFE INSURANCE BENEFITS We have three qualified noncontributory defined benefit pension plans for unionized hourly employees, all other U.S. employees hired before December 31, 2007 and employees of the acquired Arlon business. We also have established a nonqualified unfunded noncontributory defined benefit pension plan to restore certain retirement benefits that might otherwise be lost due to limitations imposed by federal law on qualified pension plans, as well as to provide supplemental retirement benefits, for certain senior executives of the Company. In addition, we sponsor multiple fully insured or self-funded medical plans and life insurance plan for certain retirees. The measurement date for all plans is December 31 for each respective plan year. We are required, as an employer, to: (a) recognize in our consolidated statements of financial position an asset for a plan’s overfunded status or a liability for a plan’s underfunded status; (b) measure a plan’s assets and our obligations that determine our funded status as of the end of the fiscal year; and (c) recognize changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur and report these changes in accumulated other comprehensive income. In addition, actuarial gains and losses that are not immediately recognized as net periodic pension cost are recognized as a component of accumulated other comprehensive income (loss) and amortized into net periodic pension cost in future periods. Defined Benefit Pension Plan Amendments and Retiree Medical Plan Amendments During the fourth quarter of 2015, we changed the benefits related to the salaried and non-union hourly participants of the retirement health insurance benefits program. This program had been frozen to new participants in 2007. The 2015 amendment to the plan was approved on October 2, 2015 and resulted in a negative prior service cost, which is being amortized over the average expected remaining years of future benefit payments for this group. This change resulted in a remeasurement event requiring us to remeasure the plan liabilities, as well as the expense related to the plan, as of October 31, 2015. All qualified noncontributory defined benefit pension plans have ceased accruing benefits. The Arlon pension plan (the “Bear Plan”) was frozen previous to our acquisition of Arlon. Effective June 30, 2013, for salaried and non-union hourly employees in the U.S., and effective December 31, 2013 for union employees in the U.S., benefits under the Rogers defined benefit pension plans no longer accrue. (Dollars in thousands) Pension Benefits Retirement Health and Life Insurance Benefits Change in benefit obligation: 2016 2015 2016 2015 Benefit obligation at beginning of year $ 182,359 $ 187,882 $ 2,722 $ 9,839 Addition of Bear Plan — 4,169 — — Service cost — — 133 411 Interest cost 7,530 7,523 75 216 Actuarial (gain) loss (3,621 ) (8,674 ) 72 (1,362 ) Benefit payments (8,572 ) (8,541 ) (860 ) (766 ) Plan Amendment — — — (5,616 ) Benefit obligation at end of year $ 177,696 $ 182,359 $ 2,142 $ 2,722 Change in plan assets: 2016 2015 2016 2015 Fair value of plan assets at the beginning of the year $ 171,007 $ 170,600 $ — $ — Addition of Bear Plan — 2,171 — — Actual return on plan assets 8,999 (194 ) — — Employer contributions 344 6,971 860 766 Benefit payments (8,572 ) (8,541 ) (860 ) (766 ) Fair value of plan assets at the end of the year 171,778 171,007 — — Unfunded status $ (5,918 ) $ (11,352 ) $ (2,142 ) $ (2,722 ) Amounts included in the consolidated statements of financial position consist of: (Dollars in thousands) Pension Benefits Retirement Health and Life Insurance Benefits 2016 2015 2016 2015 Noncurrent assets $ 2,583 $ 1,273 $ — $ — Current liabilities — (1 ) (150 ) (537 ) Noncurrent liabilities (8,501 ) (12,624 ) (1,992 ) (2,185 ) Net amount recognized at end of year $ (5,918 ) $ (11,352 ) $ (2,142 ) $ (2,722 ) (Dollars in thousands) Pension Benefits Retirement Health and Life Insurance Benefits 2016 2015 2016 2015 Net actuarial (loss) gain $ (59,377 ) (62,972 ) $ 523 643 Prior service benefit — — 3,878 5,368 Net amount recognized at end of year $ (59,377 ) $ (62,972 ) $ 4,401 $ 6,011 The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with an accumulated benefit obligation in excess of plan assets were $148.6 million , $148.6 million and $140.1 million , respectively, as of December 31, 2016 and $151.9 million , $151.9 million and $139.3 million , respectively, as of December 31, 2015 . The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with plan assets in excess of an accumulated benefit obligation were $29.1 million , $29.1 million and $31.7 million , respectively, as of December 31, 2016 . For 2015 , the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with plan assets in excess of an accumulated benefit obligation were $30.5 million , $30.5 million , and $31.7 million , respectively. Components of Net Periodic (Benefit) Cost (Dollars in thousands) Pension Benefits Postretirement Health and Life Insurance Benefits 2016 2015 2014 2016 2015 2014 Service cost $ — $ — $ — $ 133 $ 411 $ 556 Interest cost 7,530 7,523 8,015 75 216 305 Expected return of plan assets (10,808 ) (11,148 ) (12,909 ) — — — Amortization of prior service cost (credit) — — — (1,489 ) (248 ) — Amortization of net loss 1,784 1,690 686 (47 ) (12 ) — Settlement charge — 57 5,321 — — — Net periodic benefit cost (benefit) $ (1,494 ) $ (1,878 ) $ 1,113 $ (1,328 ) $ 367 $ 861 In the fourth quarter of 2014, certain eligible participants in the defined benefit pension plans were given a lump sum payout offer. The payout of this program resulted in a settlement charge of $5.2 million . The estimated net loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $1.7 million . The estimated net benefit for the defined benefit postretirement plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $1.5 million . Weighted-average assumptions used to determine benefit obligations at December 31: Pension Benefits Retirement Health and Life Insurance Benefits 2016 2015 2016 2015 Discount rate 4.25 % 4.25 % 3.25 % 3.00 % Weighted-average assumptions used to determine net benefit cost for the years ended December 31: Pension Benefits Retirement Health and Life Insurance Benefits 2016 2015 2016 2015 Discount rate 4.25 % 4.00 % 3.00 % 3.00 % Expected long-term rate of return on plan assets 5.51 % 6.50 % — — Rate of compensation increase - An expected rate of compensation increase was not included in the weighted average assumptions as there would be no impact to the net benefit cost, as the plans have been previously frozen. Discount rate - To determine the discount rate, we review current market indices of high quality corporate bonds, particularly the PruCurve index, to ensure that the rate used in our calculations is consistent and within an acceptable range based on these indices, which reflect current market conditions. The market-based rates are modified to be Rogers-specific, and this is done by applying our pension benefit cash flow projections to the generic index rate. Long-term rate of return on assets - To determine the expected long-term rate of return on plan assets, we review historical and projected portfolio performance, the historical long-term rate of return, and how any change in the allocation of the assets could affect the anticipated returns. Adjustments are made to the projected rate of return if it is deemed necessary based on those factors and other current market trends. Health care cost trend rates - For measurement purposes as of December 31, 2016 we assumed annual health care cost trend rates of 7.50% and 7.50% for covered health care benefits for retirees pre-age 65 and post-age 65 , respectively. The rates were assumed to decrease gradually by 0.25% annually until reaching 4.50% and 4.50% , respectively, and remain at those levels thereafter. For measurement purposes as of December 31, 2015 , we assumed annual health care cost trend rates of 7.00% and 7.50% for covered health care benefits for retirees pre-age 65 and post-age 65 , respectively. Assumed health care cost trend rates may have a significant effect on the amounts reported for the health care plans. A one -percentage point change in assumed health care cost trend rates would be expected to have the following effects: (Dollars in thousands) Increase Decrease Effect on total service and interest cost $ 12 $ (11 ) Effect on other postretirement benefit obligations 78 (74 ) Plan Assets Our defined benefit pension assets are invested with the objective of achieving a total rate of return over the long-term that is sufficient to fund future pension obligations. In managing these assets and our investment strategy, we take into consideration future cash contributions to the plans, as well as the potential of the portfolio underperforming the market, which is partially mitigated by maintaining a diversified portfolio of assets . In order to meet our investment objectives, we set asset allocation target ranges based on current funding status and future projections in order to mitigate the risk in the plan while maintaining its funded status. In November of 2014 we implemented a pension risk reduction strategy related to our investments, which included a change in our asset mix to hold a larger amount of fixed income securities. At December 31, 2016 and 2015, we held approximately 27% equity securities and 73% fixed income and short term cash securities in our portfolio. In determining our investment strategy and calculating the net benefit cost, we utilized an expected long-term rate of return on plan assets. This rate is developed based on several factors, including the plans’ asset allocation targets, the historical and projected performance on those asset classes, and on the plans’ current asset composition. To justify our assumptions, we analyze certain data points related to portfolio performance. For example, we analyze the actual historical performance of our total plan assets, which has generated a return of approximately 8.3% over the past 20 year period. Based on the historical returns and the projected future returns we determined that a target return of 5.5% is appropriate for the current portfolio. Investments were stated at fair value as of the dates reported. The following table presents the fair value of the pension plan net assets by asset category as of December 31, 2016 and 2015 : (Dollars in thousands) 2016 2015 Pooled separate accounts $ 7,587 $ 6,782 Fixed income bonds 111,070 110,427 Mutual funds 44,054 43,454 Guaranteed deposit account 9,067 10,344 Total investments at fair value $ 171,778 $ 171,007 Securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the plan year. The fair value of the guaranteed deposit account was determined through discounting expected future investment cash flow from both investment income and repayment of principal for each investment purchased. The estimated fair values of the participation units owned by the plan in pooled separate accounts were based on quoted redemption values and adjusted for management fees and asset charges, as determined by the record keeper, on the last business day of the Plan year. Pooled separate accounts are accounts established solely for the purpose of investing the assets of one or more plans. Funds in a separate account are not commingled with other assets of the Company for investment purposes. The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value as of December 31, 2016 and 2015 . Assets at Fair Value as of December 31, 2016 (Dollars in thousands) Level 1 Level 2 Level 3 Total Pooled separate accounts $ — $ 7,587 $ — $ 7,587 Fixed income bonds — 111,070 — 111,070 Mutual funds 44,054 — — 44,054 Guaranteed deposit account — — 9,067 9,067 Total assets at fair value $ 44,054 $ 118,657 $ 9,067 $ 171,778 Assets at Fair Value as of December 31, 2015 (Dollars in thousands) Level 1 Level 2 Level 3 Total Pooled separate accounts $ — $ 6,782 $ — $ 6,782 Fixed income bonds — 110,427 — 110,427 Mutual funds 43,454 — — 43,454 Guaranteed deposit account — — 10,344 10,344 Total assets at fair value $ 43,454 $ 117,209 $ 10,344 $ 171,007 The table below sets forth a summary of changes in the fair value of the guaranteed deposit account’s Level 3 assets for the year ended December 31, 2016 : (Dollars in thousands) Guaranteed Deposit Account Balance at beginning of year $ 10,344 Unrealized gains relating to instruments still held at the reporting date 329 Purchases, sales, issuances and settlements (net) (1,606 ) Balance at end of year $ 9,067 Cash Flows Contributions At December 31, 2016 , we had met the minimum funding requirements for all of our qualified defined benefit pension plans due to a required contribution to the Bear Plan of $0.3 million for 2016 and we estimate that we will be required to make a contribution of $0.3 million for 2017. In 2015 , we made mandatory contributions of $0.3 million and voluntary contributions of $6.5 million . As there is no funding requirement for the nonqualified defined benefit pension plans nor the Retiree Health and Life Insurance benefit plans, we fund the amount of benefit payments made during the year. Estimated Future Payments The following pension benefit payments are expected to be paid through the utilization of plan assets for the funded plans and from the Company’s operating cash flows for the unfunded plans. The Retiree Health and Life Insurance benefits, for which no funding has been made, are expected to be paid from the Company’s operating cash flows. The benefit payments are based on the same assumptions used to measure our benefit obligation at the end of fiscal 2016 . (Dollars in thousands) Pension Benefits Retiree Health and Life Insurance Benefits 2017 $ 8,916 $ 513 2018 $ 9,043 $ 345 2019 $ 9,201 $ 285 2020 $ 9,404 $ 280 2021 $ 9,694 $ 193 2022-2026 $ 52,583 $ 1,391 |
Employee Savings and Investment
Employee Savings and Investment Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation Related Costs [Abstract] | |
Employee Savings and Investment Plans | EMPLOYEE SAVINGS AND INVESTMENT PLANS We sponsor the Rogers Employee Savings and Investment Plan (RESIP), a 401(k) plan for domestic employees. Employees can defer an amount they choose, up to the yearly IRS limit of $18,000 in 2016 and 2015. Certain eligible participants are also allowed to contribute the maximum catch-up contribution per IRS regulations. Our matching contribution is 6% of an eligible employee’s annual pre-tax contribution at a rate of 100% for the first 1% and 50% for the next 5% for a total match of 3.5% . Unless otherwise indicated by the participant, the matching dollars are invested in the same funds as the participant’s contributions. RESIP related expense amounted to $3.0 million in 2016 , $3.2 million in 2015 and $2.7 million in 2014 , which related solely to our matching contributions. We acquired DeWAL in November 2016. Eligible DeWAL employees are covered under the DeWAL Industries, Inc. 401k Profit Sharing Plan (DeWAL Plan) . The DeWAL Plan matching contribution is 100% of the first 3% of employee pre-tax contributions. Compensation expense related to the DeWAL Plan was de minimis for the period in 2016 subsequent to the acquisition. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | DEBT On June 18, 2015, we entered into a secured five year credit agreement with JPMorgan Chase Bank, N.A, as administrative agent, and the lenders party thereto (the “Second Amended Credit Agreement”). The Second Amended Credit Agreement provided (1) a $55.0 million term loan; (2) up to $295.0 million of revolving loans, with sublimits for multicurrency borrowings, letters of credit and swing-line notes; and (3) a $50.0 million expansion feature. Borrowings could be used to finance working capital needs, for letters of credit and for general corporate purposes in the ordinary course of business, including the financing of permitted acquisitions (as defined in the Second Amended Credit Agreement). In 2016, we borrowed $136.0 million under the line of credit to fund the acquisition of DeWAL and an additional $30.0 million to partially fund the acquisition of Diversified Silicone Products. We borrowed $125.0 million under the line of credit under our prior credit agreement in the first quarter of 2015 to fund the acquisition of Arlon, and this amount was refinanced under our Second Amended Credit Agreement in June 2015. During 2016 and 2015, we made principal payments of $103.4 million , and $6.4 million , respectively, on the outstanding debt. We remain obligated to pay $4.1 million on this debt obligation in the next 12 months under the term loan. At December 31, 2016, our outstanding debt balance was comprised of a term loan of $50.2 million and $191.0 million borrowed on the revolving line of credit. In addition, as of December 31, 2016 and 2015 we had a $1.2 million standby letter of credit (LOC) to guarantee Rogers’ workers compensation plans that were backed by the Second Amended Credit Agreement. No amounts were drawn on the LOC as of December 31, 2016 or 2015. Borrowings under the Second Amended Credit Agreement could be made as alternate base rate loans or Euro-currency loans. Alternate base rate loans bore interest that included a base reference rate plus a spread of 37.5 to 75.0 basis points, depending on our leverage ratio. The base reference rate was the greater of the prime rate; federal funds effective rate plus 50 basis points; or adjusted 1-month LIBOR plus 100 basis points. Euro-currency loans bore interest based on adjusted LIBOR plus a spread of 137.5 to 175.0 basis points, depending on our leverage ratio. At December 31, 2016 , the rate charged on our outstanding borrowings under the Second Amended Credit Agreement was the 1-month LIBOR at 0.6250% plus a spread of 1.375% . We incurred interest expense on our outstanding debt of $3.1 million , $3.5 million , and $1.8 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Cash paid for interest was $3.1 million , $3.3 million , and $2.5 million for 2016 , 2015 and 2014 , respectively. In addition to interest payable on the principal amount of indebtedness outstanding from time to time under the Second Amended Credit Agreement, we were required to pay a quarterly fee of 20 to 30 basis points (based upon our leverage ratio) of the unused amount of the lenders’ commitments under the Second Amended Credit Agreement. We incurred an unused commitment fee of $0.4 million , $0.3 million , and $0.4 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The financial covenants under the Second Amended Credit Agreement included requirements to maintain (1) a leverage ratio of no more than 3.25 to 1.00, subject to a one-time election to increase the maximum leverage ratio to 3.50 to 1.00 for one fiscal year in connection with a permitted acquisition, and (2) an interest coverage ratio, calculated as defined in the Second Amended Credit Agreement, of no less than 3.00 to 1.00. As of December 31, 2016, we were in compliance with all of the financial covenants in the Second Amended Credit Agreement. The Second Amended Credit Agreement required mandatory quarterly repayment of principal on amounts borrowed under the term loan, and payment in full of outstanding borrowings by June 30, 2020. As of December 31, 2016 , the aggregate mandatory principal payments were as follows: Year Payments Due 2017 $4.1 million 2018 $4.8 million 2019 $5.5 million 2020 $226.8 million All obligations under the Second Amended Credit Agreement were guaranteed by each of our existing and future material domestic subsidiaries, as defined in the Second Amended Credit Agreement (the “Previous Guarantors”). The obligations were also secured by a Second Amended and Restated Pledge and Security Agreement, dated as of June 18, 2015, entered into by the Company and the Previous Guarantors, which granted to the administrative agent, for the benefit of the lenders, a security interest, subject to certain exceptions, in substantially all of the non-real estate assets of the Guarantors. These assets include, but are not limited to, receivables, equipment, intellectual property, inventory, and stock in certain subsidiaries. At December 31, 2016 , we had $1.6 million of remaining deferred debt issuance costs. These costs will be amortized over the life of the Second Amended Credit Agreement. We incurred amortization expense of $0.5 million in each of the years ended 2016 , 2015 and 2014 , related to these deferred costs. In July 2012, we entered into an interest rate swap to hedge the variable interest rate on our term loan debt. This swap expired as of June 30, 2016. Interest paid on the debt was $3.6 million for the year ended December 31, 2016. On February 17, 2017 , we entered into the Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A, as administrative agent, and the lenders party thereto (the “Third Amended Credit Agreement”), which amends and restates the Second Amended Credit Agreement. The Third Amended Credit Agreement refinances the Second Amended Credit Agreement, eliminates the term loan under the Second Amended Credit Agreement, and increases the principal amount of the revolving credit facility to up to $450.0 million borrowing capacity, with an additional $175.0 million accordion feature. All revolving loans under the Third Amended Credit Agreement are due on the maturity date, February 17, 2022. We are not required to make any quarterly principal payments under the Third Amended Credit Agreement. For additional information regarding the Third Amended Credit Agreement, see “Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Restriction on Payment of Dividends Our Second Amended Credit Agreement generally permitted us to pay cash dividends to our shareholders, provided that (i) no default or event of default had occurred and was continuing or would result from the dividend payment and (ii) our leverage ratio did not exceed 2.00 to 1.00 . If our leverage ratio exceeded 2.00 to 1.00 under the Second Amended Credit Agreement, we could have nonetheless made up to $10.0 million in restricted payments, including dividends, during the fiscal year, provided that no default or event of default had occurred and was continuing or would result from the payments. As of December 31, 2016 , our leverage ratio did not exceed 2.00 to 1.00 . Capital Lease We have a capital lease obligation related to our manufacturing facility in Eschenbach, Germany. Under the terms of the leasing agreement, we have an option to purchase the property upon the expiration of the lease in 2021 at a price which is the greater of (i) the then-current market value or (ii) the residual book value of the land including the buildings and installations thereon. The total obligation recorded for the lease as of December 31, 2016 and 2015 was $5.3 million and $5.8 million , respectively. Depreciation expense related to the capital lease was $0.3 million , $0.3 million and $0.4 million for the years ending December 31, 2016 , 2015 and 2014 , respectively. Accumulated depreciation as of December 31, 2016 and 2015 was $3.4 million and $3.3 million , respectively. These expenses are included as depreciation expense in cost of sales on our consolidated statements of operations. We also incurred interest expense on the capital lease of $0.3 million , $0.4 million and $0.5 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Interest expense related to the debt recorded on the capital lease is included in interest expense on the consolidated statements of operations. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Consolidated income before income taxes consisted of: (Dollars in thousands) 2016 2015 2014 Domestic $ 10,888 $ 14,832 $ 9,604 International 71,392 51,341 71,620 Total $ 82,280 $ 66,173 $ 81,224 Foreign earnings repatriated to the U.S. previously reported as U.S. income have been reclassified in 2014 to conform to the current year presentation. The income tax expense in the consolidated statements of operations consisted of: (Dollars in thousands) Current Deferred Total 2016 Domestic $ 2,078 $ 3,376 $ 5,454 International 24,537 4,006 28,543 Total $ 26,615 $ 7,382 $ 33,997 2015 Domestic $ 993 $ 4,272 $ 5,265 International 15,192 (604 ) 14,588 Total $ 16,185 $ 3,668 $ 19,853 2014 Domestic $ 2,205 $ 6,984 $ 9,189 International 17,172 1,451 18,623 Total $ 19,377 $ 8,435 $ 27,812 Deferred tax assets and liabilities as of December 31, 2016 and 2015, were comprised of the following: (Dollars in thousands) 2016 2015 Deferred tax assets Accrued employee benefits and compensation 9,899 9,284 Postretirement benefit obligations 3,335 5,434 Tax loss and credit carryforwards 7,146 9,318 Reserves and accruals 6,361 6,225 Other 2,792 3,474 Total deferred tax assets 29,533 33,735 Less deferred tax asset valuation allowance (6,388 ) (6,202 ) Total deferred tax assets, net of valuation allowance 23,145 27,533 Deferred tax liabilities Depreciation and amortization 14,965 17,492 Unremitted earnings 7,239 1,150 Other 190 187 Total deferred tax liabilities 22,394 18,829 Net deferred tax asset $ 751 $ 8,704 At December 31, 2016 , the Company had state net operating loss carryforwards ranging from $0.4 million to $6.4 million in various state taxing jurisdictions, which expire between 2017 and 2036. We also had approximately $8.0 million of credit carryforwards in Arizona, which will expire between 2017 and 2031, and a $1.3 million capital loss carryforward, which will expire in 2017. We believe that it is more likely than not that the benefit from the state net operating loss carryforwards, state credits and capital loss carryforwards will not be realized. In recognition of this risk, we have provided a valuation allowance of $6.4 million relating to these carryforwards. We currently have approximately $6.3 million of foreign tax credits that begin to expire in 2021 , $7.0 million of research and development credits that begin to expire in 2026 , and $0.5 million of minimum tax credits that can be carried forward indefinitely. As a result of certain realization requirements, the table of deferred tax assets and liabilities shown above does not include certain deferred tax assets as of December 31, 2016 for which the benefit thereof was postponed by tax deductions related to equity compensation in excess of compensation recognized for financial reporting. Those deferred tax assets include foreign tax credits of $6.3 million , research and development credits of $6.7 million and minimum tax credits of $0.4 million . Equity will be increased by these amounts if and when such deferred tax assets are ultimately realized by a reduction of taxes payable. We had a valuation allowance of $6.4 million at December 31, 2016 and $6.2 million at December 31, 2015 , against certain of our deferred tax assets, primarily carryforwards expected to expire unused. In 2015, we reversed the valuation allowance on California deferred tax assets due to positive factors from the Arlon acquisition. No valuation allowance has been provided on our other deferred tax assets, as we believe it is more likely than not that all such assets will be realized in the applicable jurisdictions. We reached this conclusion after considering the availability of taxable income in prior carryback years, tax planning strategies, and the likelihood of future taxable income exclusive of reversing temporary differences and carryforwards in the respective jurisdictions or entities. Differences between forecasted and actual future operating results or changes in carryforward periods could adversely impact the amount of deferred tax asset considered realizable. In appropriate circumstances we have the opportunity to undertake a tax planning strategy to ensure that our tax credit carryforwards do not expire unutilized. This strategy is based upon our ability to make a federal tax election to capitalize certain expenses that will result in generating taxable income to allow us to utilize our tax credit carryforwards before they expire. We would undertake such a strategy to realize these tax credit carryforwards prior to expiration as it is reasonable, prudent, and feasible. Income tax expense differs from the amount computed by applying the United States federal statutory income tax rate to income before income taxes. The reasons for this difference were as follows: (Dollars in thousands) 2016 2015 2014 Tax expense at Federal statutory income tax rate $ 28,798 $ 23,161 $ 28,429 International tax rate differential (2,260 ) (4,792 ) (6,772 ) Foreign source income, net of tax credits 7,559 2,449 5,195 State tax, net of federal (200 ) (416 ) — Unrecognized tax benefits (5,555 ) 148 603 General business credits (1,125 ) (908 ) (604 ) Acquisition related expenses — 453 590 Taxes on unremitted earnings 6,089 — — Valuation allowance change 171 (1,489 ) 388 Other 520 1,247 (17 ) Income tax expense (benefit) $ 33,997 $ 19,853 $ 27,812 The Company’s effective tax rate for 2016 was 41.3% compared to 30.0% in 2015 and 34.2% in 2014. The increase from 2015 is primarily related to withholding taxes on off-shore cash movements, a change to our assertion that certain foreign earnings are permanently reinvested and a change in the mix of earnings attributable to higher-taxing jurisdictions, offset by benefits associated with an increase in the reversal of reserves for uncertain tax positions. This increase was offset by the prior year being unfavorably impacted by adjustments related to finalization of 2014 income tax year returns. The prior year also included a benefit due to a change of the state tax rate as a result of a legal reorganization and release of valuation allowance on certain state tax attributes. Included in the 2016 effective tax rate are releases of reserves for uncertain tax positions for which an indemnity receivable had been recorded. The reversal of the receivable has been recorded in “Other income (expense), net”. Historically our intention was to permanently reinvest the majority of our foreign earnings indefinitely or to distribute them only when it is tax efficient to do so. As a result of changes in business circumstances and our long-term business plan, with respect to offshore distributions, we modified our assertion of certain accumulated foreign subsidiary earnings considered permanently reinvested during 2016. This change resulted in accrual of a deferred tax liability of $6.1 million associated with distribution related foreign taxes on undistributed earnings of our Chinese subsidiaries that are no longer considered permanently reinvested. In the event that we distributed these funds to other offshore subsidiaries, these taxes would become due. In addition, we incurred $6.3 million of withholding taxes related to distributions from China. U.S. income taxes have not been provided on $210.9 million of undistributed earnings of foreign subsidiaries since it is the Company’s intention to permanently reinvest such earnings offshore or to repatriate them only when it is tax efficient to do so. It is impracticable to estimate the total tax liability, if any, that would be created by the future distribution of these earnings. If circumstances change and it becomes apparent that some, or all of these undistributed earnings as of December 31, 2016 will not be indefinitely reinvested, the provision for the tax consequence, if any, will be recorded in the period when circumstances change. As of each of December 31, 2016 and 2015, $1.1 million of U.S. income taxes had been provided on undistributed earnings of foreign subsidiaries that are not considered permanently reinvested. Income taxes paid, net of refunds, were $24.0 million , $18.7 million , and $14.5 million in 2016 , 2015 , and 2014 , respectively. Unrecognized tax benefits, excluding potential interest and penalties, for the years ended December 31, 2016 and December 31, 2015 , were as follows: (Dollars in thousands) 2016 2015 Beginning balance $ 10,571 $ 9,368 Gross increases - current period tax positions 520 4,229 Gross increases - tax positions in prior periods — 1,428 Gross decreases - tax positions in prior periods (498 ) — Foreign currency exchange (137 ) (475 ) Lapse of statute of limitations (4,573 ) (3,979 ) Ending balance $ 5,883 $ 10,571 Included in the balance of unrecognized tax benefits as of December 31, 2016 were $5.9 million of tax benefits that, if recognized, would impact the effective tax rate. Also included in the balance of unrecognized tax benefit as of December 31, 2016 were $0.2 million of tax benefits that, if recognized, would result in adjustments to other tax accounts; primarily deferred taxes. We recognize interest accrued related to unrecognized tax benefit as income tax expense. Related to the unrecognized tax benefits noted above, at December 31, 2016 and 2015 , we had accrued potential interest and penalties of approximately $0.4 million and $1.3 million , respectively. We have recorded a net tax benefit of $0.9 million during 2016 and net income tax expense of $0.1 million and $0.1 million during 2015 and 2014 , respectively. It is possible that up to $1.7 million of our currently unrecognized tax benefits could be recognized within 12 months as a result of projected resolutions of worldwide tax disputes or the expiration of the statute of limitations. We are subject to taxation in the U.S. and various state and foreign jurisdictions. Our tax years from 2012 through 2016 are subject to examination by the tax authorities. With few exceptions, we are no longer subject to U.S. federal, state, local and foreign examinations by tax authorities for the years before 2012. |
Shareholders' Equity and Equity
Shareholders' Equity and Equity Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Shareholders' Equity and Equity Compensation | SHAREHOLDERS’ EQUITY AND EQUITY COMPENSATION Capital Stock and Equity Compensation Awards Under the Rogers Corporation 2009 Long-Term Equity Compensation Plan, we may grant stock options to officers, directors, and other key employees at exercise prices that are at least equal to the fair market value of our stock on the date of grant. Under our older plans, stock options to officers, directors, and other key employees could be granted at exercise prices that were as low as 50% of the fair market value of our stock as of the date of grant. However, in terms of these older plans, virtually all such options were granted at exercise prices equal to the fair market value of our stock as of the date of grant. Stock options granted to employees in the United States generally become exercisable over a four -year period from the grant date and expire ten years after such grant. We award each non-management director deferred stock units, which permit non-management directors to receive, at a later date, one share of Rogers stock for each deferred stock unit with no payment of any consideration by the director at the time the shares are received. For director stock options, the exercise price was equal to the fair market value of our stock as of the grant date, were immediately exercisable, and expire ten years after the date of grant. Our 2005 Equity Compensation Plan and our 2009 Long-Term Equity Compensation Plan also permit the granting of restricted stock units and certain other forms of equity awards to officers and other key employees, although no new equity awards have been made pursuant to the 2005 plan since shareholder approval of our 2009 Long-Term Equity Compensation Plan. Shares of capital stock reserved for possible future issuance were as follows: As of December 31, 2016 2015 Shares reserved for issuance under the stock acquisition program (1) 120,883 120,883 Shares reserved for issuance under outstanding stock options and restricted stock unit awards 659,302 641,265 Additional shares reserved for issuance under Rogers Corporation 2009 Long-Term Equity Compensation Plan 892,163 1,078,291 Shares reserved for issuance under the Rogers Employee Savings and Investment Plan (2) 169,044 169,044 Shares reserved for issuance under the Rogers Corporation Global Stock Ownership Plan for Employees 133,113 153,357 Deferred compensation to be paid in stock, including deferred stock units 22,752 37,207 Total 1,997,257 2,200,047 (1) As of December 31, 2016, the Company no longer offers capital stock under the stock acquisition program. (2) As of December 31, 2016, the Company no longer offers its capital stock as an investment option under the Rogers Employee Savings and Investment Plan. Each outstanding share of Rogers capital stock has attached to it a stock purchase right. One stock purchase right entitles the holder to buy one share of Rogers capital stock at an exercise price of $240.00 per share. The rights become exercisable only under certain circumstances related to a person or group acquiring or offering to acquire a substantial block of Rogers capital stock. In certain circumstances, holders may acquire Rogers stock, or in some cases the stock of an acquiring entity, with a value equal to twice the exercise price. The rights expire on March 30, 2017 , but may be exchanged or redeemed earlier. If such rights are redeemed, the redemption price would be $0.01 per right. Stock Options Stock options have been granted under various equity compensation plans. While we may grant options to employees that become exercisable at different times or within different periods, we have generally granted options to employees that vest and become exercisable in one-third increments on the second, third and fourth anniversaries of the grant dates. The maximum contractual term for all options is normally ten years . We use the Black-Scholes option-pricing model to calculate the grant-date fair value of an option. We have not granted any stock options since the first quarter of 2012. In most cases, we recognize expense using the straight-line attribution method for stock option grants. The amount of stock-based compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. Forfeitures are required to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The term “forfeitures” is distinct from “cancellations” or “expirations” and represents only the unvested portion of the surrendered option. We currently expect, based on an analysis of our historical forfeitures, an annual forfeiture rate of approximately 3% and applied that rate to the grants issued. This assumption will be reviewed periodically and the rate will be adjusted as necessary based on these reviews. Ultimately, the actual expense recognized over the vesting period will only be for those options that vest. Our employee stock option agreements contain a retirement provision, which results in the vesting of any unvested options immediately upon retirement. This provision affects the timing of option expense recognition for options meeting the criteria for retirement. We recognize compensation expense over the period from the date of grant to the date retirement eligibility is met, if it is shorter than the required service period, or upon grant if the employee is eligible for retirement on that date. As of December 31, 2016 , there was no unrecognized compensation cost related to unvested stock option awards. The first quarter of 2016 was the final quarter in which we recognized stock based compensation expense related to previously issued stock option grants, and the amount of such expense recorded in 2016 was de minimis. We recognized $0.2 million and $0.3 million of compensation expense related to stock options for the years ended December 31, 2015 and 2014 , respectively. A summary of the activity under our stock option plans as of December 31, 2016 and changes during the year then ended, is presented below: Options Outstanding Weighted- Average Exercise Price Per Share Weighted-Average Remaining Contractual Life in Years Aggregate Intrinsic Value Options outstanding at December 31, 2015 212,038 $ 40.47 3.2 2,557,193 Options exercised (95,113 ) 43.56 Options forfeited (350 ) 44.32 Options outstanding at December 31, 2016 116,575 37.76 3.2 4,552,580 Options exercisable at December 31, 2016 116,575 37.76 3.2 4,552,580 Options vested at December 31, 2016 116,575 37.76 3.2 4,552,580 During the years ended December 31, 2016 and 2015 , the total intrinsic value of options exercised (i.e., the difference between the market price at time of exercise and the price paid by the individual to exercise the options) was $2.1 million and $6.7 million , respectively. The total amount of cash received from the exercise of these options was $4.1 million and $7.0 million , respectively. The total grant-date fair value of stock options that vested during 2016 was de minimis and in 2015 was $0.2 million . A summary of the activity under our stock option plans for the fiscal years ended 2016 , 2015 and 2014 , is presented below: 2016 2015 2014 Weighted- Weighted- Weighted- Outstanding at beginning of year 212,038 $ 40.47 393,347 $ 40.72 893,139 $ 43.23 Options exercised (95,113 ) 43.56 (178,759 ) 40.90 (476,793 ) 44.60 Options forfeited (350 ) 44.32 (2,550 ) 40.09 (22,999 ) 57.07 Outstanding at year-end 116,575 37.76 212,038 40.47 393,347 40.72 Options exercisable at year-end 116,575 204,394 364,770 Performance-Based Restricted Stock Units We currently have performance-based restricted stock unit awards from 2014, 2015 and 2016 outstanding. These awards generally cliff vest at the end of a three year measurement period. With respect to the 2015 and 2016 awards, however, employees whose employment terminates during the measurement period due to death, disability, or, in certain cases, retirement may receive a pro-rata payout based on the number of days they were employed during the vesting period. Participants are eligible to be awarded shares ranging from 0% to 200% of the original award amount, based on certain defined performance measures. Compensation expense is recognized using the straight line method over the vesting period, unless the employee has an accelerated vesting schedule. The 2014 and 2015 awards have two measurement criteria on which the final payout of each award is based - (i) the three year return on invested capital (ROIC) compared to that of a specified group of peer companies, and (ii) the three year total shareholder return (TSR) on the performance of our capital stock as compared to that of a specified group of peer companies. The 2016 awards have one measurement criteria, the three year total shareholder return (TSR) on the performance of our capital stock as compared to that of a specified group of peer companies. In accordance with the applicable accounting literature, the ROIC portion of the award is considered a performance condition. As such, the fair value of the ROIC portion is determined based on the market value of the underlying stock price at the grant date with cumulative compensation expense recognized to date being increased or decreased based on changes in the forecasted pay out percentage at the end of each reporting period. The TSR portion of the award is considered a market condition. As such, the fair value of this award was determined on the date of grant using a Monte Carlo simulation valuation model with related compensation expense fixed on the grant date and expensed on a straight-line basis over the life of the awards that ultimately vest with no changes for the final projected payout of the award. Below were the assumptions used in the Monte Carlo calculation: 2016 2015 Expected volatility 29.6 % 28.2 % Expected term (in years) 3 3 Risk-free interest rate 0.93 % 0.96 % Expected volatility – In determining expected volatility, we have considered a number of factors, including historical volatility. Expected term – We use the vesting period of the award to determine the expected term assumption for the Monte Carlo simulation valuation model. Risk-free interest rate – We use an implied “spot rate” yield on U.S. Treasury Constant Maturity rates as of the grant date for our assumption of the risk-free interest rate. Expected dividend yield – We do not currently pay dividends on our capital stock; therefore, a dividend yield of 0% was used in the Monte Carlo simulation valuation model. A summary of activity under the performance-based restricted stock units plans for the fiscal years ended 2016 , 2015 and 2014 is presented below: 2016 2015 2014 Awards Outstanding Weighted- Awards Outstanding Weighted- Awards Outstanding Weighted- Non-vested awards outstanding at beginning of year 107,229 $ 66.13 92,437 $ 52.75 71,175 $ 47.49 Awards granted 84,443 69.01 51,475 78.01 51,850 58.61 Stock issued (25,397 ) 72.68 (20,910 ) 41.27 (14,383 ) 47.89 Awards forfeited or expired (14,506 ) 104.83 (15,773 ) 59.45 (16,205 ) 52.71 Non-vested awards outstanding at end of year 151,769 $ 89.72 107,229 $ 66.13 92,437 $ 52.75 We recognized $4.6 million , $3.2 million and $2.3 million of compensation expense related to performance-based restricted stock units for the years ended December 31, 2016 , 2015 and 2014 , respectively. As of December 31, 2016 , there was $5.9 million of total unrecognized compensation cost related to unvested performance-based restricted stock units. That cost is expected to be recognized over a weighted-average period of 1.5 years . Time-Based Restricted Stock Units We currently have time-based restricted stock unit grants from 2013, 2014, 2015, and 2016 outstanding. The majority of 2013 grants ratably vest on the first, second and third anniversaries of the original grant date. The 2014, 2015 and 2016 grants all ratably vest on the first, second and third anniversaries of the original grant date. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period. The fair value of the award is determined based on the market value of the underlying stock price at the grant date. 2016 2015 2014 Awards Outstanding Weighted- Awards Outstanding Weighted- Awards Outstanding Weighted-Average Grant Date Fair Value Non-vested awards outstanding at beginning of year 208,318 $ 64.27 238,386 $ 53.80 231,026 $ 48.54 Awards granted 118,660 51.70 75,160 77.15 93,780 61.70 Stock issued (60,326 ) 64.03 (93,813 ) 48.35 (62,378 ) 47.19 Awards forfeited or expired (27,463 ) 64.60 (11,415 ) 61.32 (24,042 ) 51.19 Non-vested awards outstanding at end of year 239,189 $ 57.71 208,318 $ 64.27 238,386 $ 53.80 We recognized $5.6 million , $5.0 million and $3.6 million of compensation expense related to time-based restricted stock units for years ended December 31, 2016 , 2015 and 2014 , respectively. As of December 31, 2016 , there was $7.3 million of total unrecognized compensation cost related to unvested time-based restricted stock units. That cost is expected to be recognized over a weighted-average period of 1.4 years . Deferred Stock Units We grant deferred stock units to non-management directors. These awards are fully vested on the date of grant and the related shares are generally issued on the 13 th month anniversary of the grant date unless the individual elects to defer the receipt of these shares. Each deferred stock unit results in the issuance of one share of Rogers’ stock. The grant of deferred stock units is typically done annually in the second quarter of each year. The fair value of the award is determined based on the market value of the underlying stock price at the grant date. 2016 2015 2014 Awards Outstanding Weighted- Awards Outstanding Weighted- Awards Outstanding Weighted-Average Grant Date Fair Value Non-vested awards outstanding at beginning of year 23,950 $ 27.22 30,150 $ 24.43 31,550 $ 26.77 Awards granted 11,900 58.82 10,300 73.79 14,700 58.45 Stock issued (23,950 ) 52.69 (16,500 ) 51.20 (16,100 ) 60.08 Non-vested awards outstanding at end of year 11,900 $ 58.82 23,950 $ 27.22 30,150 $ 24.43 We recognized compensation expense related to deferred stock units of $0.7 million , $0.8 million and $0.8 million , for the years ended December 31, 2016 , 2015 and 2014 , respectively. Employee Stock Purchase Plan We have an employee stock purchase plan (ESPP) that allows eligible employees to purchase, through payroll deductions, shares of our capital stock at a discount to fair market value. The ESPP has two 6 month offering periods each year, the first beginning in January and ending in June and the second beginning in July and ending in December. The ESPP contains a look-back feature that allows the employee to acquire stock at a 15% discount from the underlying market price at the beginning or end of the applicable period, whichever is lower. We recognize compensation expense on this plan ratably over the offering period based on the fair value of the anticipated number of shares that will be issued at the end of each offering period. Compensation expense is adjusted at the end of each offering period for the actual number of shares issued. Fair value is determined based on two factors: (i) the 15% discount amount on the underlying stock’s market value on the first day of the applicable offering period, and (ii) the fair value of the look-back feature determined by using the Black-Scholes model. We recognized approximately $0.5 million of compensation expense associated with the plan for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Leases Our principal noncancellable operating lease obligations are for building space and vehicles. The leases generally provide that we pay maintenance costs. The lease periods typically range from one to five years and include purchase or renewal provisions. We have leases that are cancellable with minimal notice. Additionally, we have a capital lease on our manufacturing facility in Eschenbach, Germany, which was entered into in 2011. The following table includes future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of December 31, 2016 : (Dollars in thousands) Year Ending December 31, 2017 $ 482 2018 482 2019 482 2020 482 2021 3,940 Thereafter — Total 5,868 Less: Interest (525 ) Present Value of Net Future Minimum Lease Payments $ 5,343 The following table includes future minimum lease payments required under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of December 31, 2016: (Dollars in thousands) Year Ending December 31, 2017 $ 3,352 2018 2,437 2019 1,240 2020 924 2021 720 Thereafter 1,034 Total $ 9,707 The following table includes lease expense for the three years ended December 31, 2016: For the Year Ended December 31, (Dollars in thousands) 2016 2015 2014 Operating leases $ 3,567 $ 3,531 $ 2,716 Capital lease $ 564 $ 667 $ 747 Environmental & Legal We are currently engaged in the following environmental and legal proceedings: Voluntary Corrective Action Program The Rogers corporate headquarters located in Rogers, Connecticut is part of the Connecticut Voluntary Corrective Action Program (VCAP). As part of this program, we partnered with the Connecticut Department of Energy and Environmental Protection (CT DEEP) to determine the corrective actions to be taken at the site related to contamination issues. We evaluated this matter and completed internal due diligence work related to the site in the fourth quarter of 2015. We recorded an accrual of $3.2 million as of December 31, 2015 for remediation costs expected to be incurred based on the facts and circumstances known to us at that time. During the third quarter of 2016, the CT DEEP approved a change to our remediation plan for the site that will reduce our overall expected costs. Accordingly, we reduced the accrual by $0.9 million as a result of change in the level of remediation that needs to take place as an offset to selling, general, and administrative expenses in the consolidated financial statements. Remediation activities on the site continued during 2016 and as of December 31, 2016 , the remaining accrual for future remediation efforts was $1.9 million . Superfund Sites We are currently involved as a potentially responsible party (PRP) in one active case involving a waste disposal site, the Chatham Superfund Site. The costs incurred since inception for this claim have been immaterial and have been primarily covered by insurance policies, for both legal and remediation costs. In this matter we have been assessed a cost sharing percentage of approximately 2% in relation to the range for estimated total cleanup costs of $18.8 million to $29.6 million . We believe we are a de minimis participant and, as such, have been allocated an insignificant percentage of the total PRP cost sharing responsibility. We believe that we have sufficient insurance coverage to fully cover this liability and have recorded a liability and related insurance receivable of approximately $0.4 million as of December 31, 2016 , which approximates our share of the low end of the estimated range. Based on facts presently known to us, we believe that the potential for the final results of this case having a material adverse effect on our results of operations, financial position or cash flows is remote. This case has been ongoing for many years and we believe that it will continue on for the indefinite future. No time frame for completion can be estimated at the present time. PCB Contamination We have been working with the Connecticut Department of Energy and Environmental Protection (CT DEEP) and the United States Environmental Protection Agency, Region I, in connection with certain polychlorinated biphenyl (PCB) contamination at our facility in Woodstock, Connecticut. The issue was originally discovered in the soil at the facility in the late 1990s, and this initial issue was remediated in 2000. Further contamination was later found in the groundwater beneath the property, which was addressed with the installation of a pump and treat system in 2011. Additional PCB contamination at this facility was found in the facility’s original buildings, courtyards and surrounding areas including an on-site pond. Remediation costs related to this contamination were expected to approximate $0.7 million . Remediation activities of the affected buildings and courtyards were completed in 2014 at a total cost of $0.5 million . Currently, we have an accrual of $0.2 million for the pond remediation recorded on our consolidated statements of financial position. We believe this accrual will be adequate to cover the remaining remediation work related to the soil and pond contamination based on the information known at this time. However, if additional contamination is found, the cost of the remaining remediation may increase. Overall, we have spent approximately $2.3 million in remediation and monitoring costs related to these PCB contamination issues. The future costs related to the maintenance of the groundwater pump and treat system now in place at the site are expected to be minimal. We believe that the remaining remediation activity will continue for several more years and no time frame for completion can be estimated at the present time. Asbestos We, like many other industrial companies, have been named as a defendant in a number of lawsuits filed in courts across the country by persons alleging personal injury from exposure to products containing asbestos. We have never mined, milled, manufactured or marketed asbestos; rather, we made and provided to industrial users a limited number of products that contained encapsulated asbestos, but we stopped manufacturing these products in the late 1980s. Most of the claims filed against us involve numerous defendants, sometimes as many as several hundred. The following table presents information about our recent asbestos claims activity: For the Year Ended December 31, 2016 2015 Claims outstanding at beginning of year 489 440 New claims filed 288 231 Pending claims concluded* (172 ) (182 ) Claims outstanding at end of year 605 489 * For the year ended December 31, 2016, 155 claims were dismissed and 17 claims were settled. For the year ended December 31, 2015, 176 claims were dismissed and 6 claims were settled. Settlements totaled approximately $4.4 million for the year ended December 31, 2016 , compared to $1.6 million for the year ended December 31, 2015 . We recognize a liability for asbestos-related contingencies that are probable of occurrence and reasonably estimable. In connection with the recognition of liabilities for asbestos related matters, we record asbestos-related insurance receivables that are deemed probable. Our estimates of asbestos-related contingent liabilities and related insurance receivables are based on an independent actuarial analysis and an independent insurance usage analysis prepared annually by third parties. The actuarial analysis contains numerous assumptions, including general assumptions regarding the asbestos-related product liability litigation environment and company-specific assumptions regarding claims rates (including diseases alleged), dismissal rates, average settlement costs and average defense costs. The insurance usage analysis considers, among other things, applicable deductibles, retentions and policy limits, the solvency and historical payment experience of various insurance carriers, the likelihood of recovery as estimated by external legal counsel and existing insurance settlements. We review our asbestos-related forecasts annually in the fourth quarter of each year unless facts and circumstances materially change during the year, at which time we would analyze these forecasts. Currently, these analyses project liabilities and related insurance receivables over a 10-year period. It is probable we will incur additional costs for asbestos-related claims following this 10-year period, but we do not believe that any related contingencies are reasonably estimable beyond such period based on, among other things, the significant proportion of future claims included in the analysis and the lag time between the date a claim is filed and its resolution. Accordingly, no liability (or related asset) has been recorded for claims that may be asserted subsequent to 2026. For the years ended December 31, 2016 and 2015 , respectively, our forecasted asbestos-related claims and insurance receivables for the 10-year projection period were as follows: (Dollars in millions) 2016 2015 Asbestos-related claims $ 52.0 $ 56.6 Asbestos-related insurance receivables $ 48.4 $ 53.4 To date, the defense and settlement costs of our asbestos-related product liability litigation have been substantially covered by insurance. We have identified continuous coverage for primary, excess and umbrella insurance from the 1950s through the mid-1980s, except for a period in the early 1960s, with respect to which we have entered into an agreement for primary, but not excess or umbrella, coverage. In addition, we have entered into a cost sharing agreement with most of our primary, excess and umbrella insurance carriers to facilitate the ongoing administration and payment of claims by the carriers. The cost sharing agreement may be terminated by any party, but will continue until a party elects to terminate it. As of the filing date for this report, the agreement has not been terminated. We expect to exhaust individual primary, excess and umbrella coverages over time, and there is no assurance that such exhaustion will not accelerate due to additional claims, damages and settlements or that coverage will be available as expected. Accordingly, while we believe it is reasonably possible that we may incur losses and defense costs in excess of our accruals in the future, we do not have sufficient data to provide a reasonable estimate or range of such losses and defense costs, at this time. Impact on Financial Statements Projections on the potential exposure and expected insurance coverage are based numerous assumptions. We believe the assumptions made are reasonable at the present time, but are subject to uncertainty based on the actual future outcome of our asbestos litigation. We determined that a ten -year projection period is appropriate as we have experience in addressing asbestos related lawsuits over the last few years to use as a baseline to project the liability over ten years. However, we do not believe we have sufficient data to justify a longer projection period at this time. As of December 31, 2016 , the estimated liability and estimated insurance recovery for the ten -year period through 2026 was $52.0 million and $48.4 million , respectively. Each year we evaluate the changes in the estimated liability and estimated insurance recovery based on the projections of asbestos litigation and corresponding insurance coverage for that litigation and record the resulting expense or income. For the years ended December 31, 2016 and 2014, we recognized expense of $0.3 million and $0.8 million , respectively, and for the year ended December 31, 2015 we recorded income of $0.3 million . The amounts recorded for the asbestos-related liability and the related insurance receivables described above were based on facts known at the time and a number of assumptions. However, projecting future events, such as the number of new claims to be filed each year, the average cost of disposing of such claims, the length of time it takes to dispose of such claims, coverage issues among insurers and the continuing solvency of various insurance companies, as well as the numerous uncertainties surrounding asbestos litigation in the United States, could cause the actual liability and insurance recoveries for us to be higher or lower than those projected or recorded. There can be no assurance that our accrued asbestos liabilities will approximate our actual asbestos-related settlement and defense costs, or that our accrued insurance recoveries will be realized. We believe that it is reasonably possible that we will incur additional charges for our asbestos liabilities and defense costs in the future, which could exceed existing accruals, but such excess amount cannot be reasonably estimated at this time. We will continue to vigorously defend ourselves and believe we have substantial unutilized insurance coverage to mitigate future costs related to this matter. General In addition to the above issues, the nature and scope of our business brings us in regular contact with the general public and a variety of businesses and government agencies. Such activities inherently subject us to the possibility of litigation, including environmental and product liability matters that are defended and handled in the ordinary course of business. We have established accruals for matters for which management considers a loss to be probable and reasonably estimable. It is the opinion of management that facts known at the present time do not indicate that such litigation, after taking into account insurance coverage and the aforementioned accruals, will have a material adverse impact on our results of operations, financial position or cash flows. |
Business Segment and Geographic
Business Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segment and Geographic Information | BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION Our reporting structure is comprised of the following operating segments: ACS, EMS, and PES. Our non-core businesses are reported in the “Other” reportable segment. • Advanced Connectivity Solutions The ACS operating segment includes circuit materials and solutions enabling high-performance and high-reliability connectivity for applications in wireless communications infrastructure (e.g., power amplifiers, antennas, small cells and distributed antenna systems), automotive (e.g., active safety, advanced driver assistance systems, telematics and thermal management), connected devices, (e.g., mobile internet devices and Internet of Things), wired infrastructure (e.g., computing, servers and storage), consumer electronics and aerospace/defense. These products have characteristics that offer performance and other functional advantages in many market applications and serve to differentiate our products from other commonly available materials. These products are sold principally to independent and captive printed circuit board fabricators that convert our laminates to custom printed circuits. The polymer-based dielectric layers of our circuit board laminates are proprietary materials that provide highly specialized electrical and mechanical properties. We sell our circuit materials under various trade names, including RO3000 ® , RO4000 ® , RT/duroid ® , AD Series TM and CLTE Series TM . All of these laminates are used for making circuitry that receive, transmit, and process high frequency communications signals, yet each laminate has varying properties that address specific needs and applications within the communications market. • Elastomeric Material Solutions The EMS operating segment includes elastomeric material solutions for critical cushioning, sealing, impact protection and vibration management applications including general industrial, portable electronics (e.g., mobile internet devices), consumer goods (e.g., protective sports equipment), automotive, mass transportation, construction and printing applications. These materials have characteristics that offer functional advantages in many market applications which serve to differentiate Rogers’ products from other commonly available materials. EMS products are sold globally to converters, fabricators, distributors and original equipment manufacturers (OEMs) for use in general industrial applications, portable electronics including mobile internet devices, consumer goods, mass transportation, construction, printing applications and other markets. Trade names for our EMS products include: DeWAL™, ARLON ® , PORON ® , XRD ® , BISCO ® and eSORBA ® . In November 2016, we acquired DeWAL which is being integrated into our EMS segment. DeWAL is a leading manufacturer of polytetrafluoroethylene, ultra-high molecular weight polyethylene films, pressure sensitive tapes and specialty products for the industrial, aerospace, automotive, and electronics markets. We have two 50% owned joint ventures that extend and complement our worldwide business in Elastomeric Material Solutions. Rogers INOAC Corporation (RIC), a joint venture with Japan-based INOAC Corporation, manufactures high performance polyurethane foam materials in Mie and Taketoyo, Japan to predominantly serve the Japanese and Taiwanese markets. Rogers INOAC Suzhou Corporation (RIS) is a joint venture in China that was established with INOAC Corporation and provides polyurethane foam materials primarily to the Asian marketplace. • Power Electronics Solutions The PES operating segment is comprised of direct bond copper (DBC) ceramic substrate products and busbar power distribution products. We believe that our advanced, customized components enable the performance and reliability of today’s growing array of power electronic devices and serve to increase the efficiency of applications by managing heat and ensuring the reliability of these critical devices used in converting raw energy into controlled and regulated power that can be used and managed. Trade names for our PES products include curamik ® ceramic substrates and ROLINX ® products. Our curamik ® ceramic substrates are used in the design of intelligent power management devices, such as insulated gate bipolar transistor (IGBT) modules, which enable a wide range of products including highly efficient industrial motor drives, wind and solar converters and electric and hybrid electric vehicle drive systems. ROLINX ® products are used in high power electrical inverter and converter systems for use in mass transit (e.g. high speed trains); clean technology applications (e.g. wind turbines, solar farms and electric vehicles) and variable frequency drives for high to mid power applications. • Other The remainder of operations are accumulated and reported as our Other business, which consists of elastomer components, floats and inverter distribution activities. Elastomer components are sold to OEMs for applications in ground transportation, office equipment, consumer and other markets. Trade names for our elastomer components include: NITROPHYL ® floats for level sensing in fuel tanks, motors, and storage tanks and ENDUR ® elastomer rollers and belts for document handling in copiers, printers, mail sorting machines and automated teller machines. Inverters are sold primarily to OEMs and fabricators that in turn sell to various other third parties primarily serving the portable communication and automotive markets. Arlon operations related to the manufacture of specialty polyimide, epoxy-based laminates and bonding materials were included in our Other segment until we divested those operations in December 2015. The following table sets forth the information about our reportable segments for the periods indicated, with inter-segment sales eliminated: (Dollars in thousands) Advanced Connectivity Solutions Elastomeric Material Solutions Power Electronics Solutions Other Total 2016 Net sales $ 277,787 $ 203,181 $ 152,367 $ 22,979 $ 656,314 Operating income $ 43,965 $ 26,593 $ 5,965 $ 7,329 $ 83,852 Total assets $ 361,746 $ 421,011 $ 247,187 $ 26,556 $ 1,056,500 Capital expenditures $ 7,569 $ 4,051 $ 6,009 $ 507 $ 18,136 Depreciation & amortization $ 15,654 $ 10,141 $ 11,208 $ 844 $ 37,847 Investment in unconsolidated joint ventures $ — $ 16,183 $ — $ — $ 16,183 Equity income in unconsolidated joint ventures $ — $ 4,146 $ — $ — $ 4,146 2015 Net sales $ 267,630 $ 180,898 $ 150,288 $ 42,627 $ 641,443 Operating income $ 45,115 $ 19,979 $ 3,750 $ 7,411 $ 76,255 Total assets $ 315,358 $ 264,982 $ 320,755 $ 29,260 $ 930,355 Capital expenditures $ 15,532 $ 4,103 $ 4,185 $ 1,017 $ 24,837 Depreciation & amortization $ 15,403 $ 9,280 $ 7,855 $ 1,516 $ 34,054 Investment in unconsolidated joint ventures $ — $ 15,348 $ — $ — $ 15,348 Equity income in unconsolidated joint ventures $ — $ 2,890 $ — $ — $ 2,890 2014 Net sales $ 240,864 $ 173,671 $ 171,832 $ 24,544 $ 610,911 Operating income $ 44,007 $ 23,350 $ 5,654 $ 8,230 $ 81,241 Total assets $ 217,173 $ 221,013 $ 377,181 $ 25,068 $ 840,435 Capital expenditures $ 14,290 $ 6,197 $ 7,489 $ 779 $ 28,755 Depreciation & amortization $ 9,575 $ 6,561 $ 9,332 $ 800 $ 26,268 Investment in unconsolidated joint ventures $ — $ 17,214 $ — $ — $ 17,214 Equity income in unconsolidated joint ventures $ — $ 4,123 $ — $ — $ 4,123 The following table sets forth the operating income reconciliation to the consolidated statements of operations for the periods indicated: (Dollars in thousands) 2016 2015 2014 Operating income $ 83,852 $ 76,255 $ 81,241 Equity income in unconsolidated joint ventures 4,146 2,890 4,123 Other income (expense), net (1,788 ) (8,492 ) (1,194 ) Interest income (expense), net (3,930 ) (4,480 ) (2,946 ) Income before income taxes $ 82,280 $ 66,173 $ 81,224 Information relating to our operations by geographic area was as follows: Net Sales (1) Long-lived Assets (2) (Dollars in thousands) 2016 2015 2014 2016 2015 2014 United States $ 158,136 $ 164,478 $ 124,305 $ 326,199 $ 218,439 $ 70,728 China 236,961 227,993 236,488 62,728 65,994 49,794 Germany 79,480 76,569 93,478 101,725 110,240 129,702 Other 181,737 172,403 156,640 32,242 34,460 36,999 Total $ 656,314 $ 641,443 $ 610,911 $ 522,894 $ 429,133 $ 287,223 (1) Net sales are allocated to countries based on the location of the customer. Countries with 10% or more of net sales have been disclosed. (2) Long-lived assets are based on the location of the asset and are comprised of goodwill and other intangibles and property, plant and equipment. Countries with 10% of more of long-lived assets have been disclosed. |
Restructuring and Impairment Ch
Restructuring and Impairment Charges | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Impairment Charges | RESTRUCTURING AND IMPAIRMENT CHARGES • 2016 On August 8, 2016, we announced plans to relocate our global headquarters from Rogers, Connecticut to Chandler, Arizona. The move will build upon our presence in Arizona, where we have major business and manufacturing operations. The decision supports our long-term strategy and is an integral part of our plans for growth and expansion. The new corporate headquarters location will be home to approximately 70 employees who support areas such as human resources, information technology, finance and supply chain, among others. The Rogers, Connecticut location will continue to have manufacturing, research and development and support services. In 2016, we recorded $0.7 million of expense related to this project. The fair value of the total severance benefits to be paid is $1.2 million , of which $0.6 million was expensed in 2016. The remainder will be expensed ratably over the required service period for the affected employees. • 2015 There were no restructuring or impairment charges in 2015. • 2014 In the fourth quarter of 2014 , we recognized a $0.2 million charge related to the impairment of the investment in BrightVolt, Inc. As this investment does not specifically relate to any of our operating segments, we have allocated this impairment charge on a basis similar to other Corporate allocations. In the fourth quarter of 2014 , certain eligible participants in the defined benefit pension plans were given a lump sum payout offer. The payout of this program resulted in a settlement charge of $5.2 million . The following table summarizes changes in the severance accrual from September 30, 2016 through December 31, 2016: (Dollars in thousands) Severance related to headquarters relocation Balance at September 30, 2016 $ 88 Provisions 471 Payments (89 ) Balance at December 31, 2016 $ 470 The following table summarizes the restructuring and impairment charges related to these activities recorded in our operating results in 2016 and 2014 . (Dollars in thousands) 2016 2014 Elastomeric Material Solutions Pension settlement charge $ — $ 1,332 Severance and other related costs 176 — Allocated Solicore impairment — 42 Advanced Connectivity Solutions Pension settlement charge — 1,954 Severance and other related costs 375 — Allocated Solicore impairment — 62 Power Electronics Solutions Pension settlement charge — 1,921 Severance and other related costs 183 — Allocated Solicore impairment — 61 Other Pension settlement charge — 17 Severance and other related costs — — Allocated Solicore impairment — 1 Total Charges for Restructuring and Impairment $ 734 $ 5,390 |
Quarterly Results of Operations
Quarterly Results of Operations (UNAUDITED) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Dollars in thousands, except per share amounts) 2016 First Second Third Fourth Net sales $ 160,566 $ 157,489 $ 165,259 $ 173,000 Gross margin $ 60,508 $ 60,199 $ 61,929 $ 66,849 Net income $ 14,928 $ 5,377 $ 16,065 $ 11,913 Net income per share: Basic $ 0.83 $ 0.30 $ 0.89 $ 0.66 Diluted $ 0.82 $ 0.29 $ 0.88 $ 0.65 2015 First Second Third Fourth Net sales $ 165,051 $ 163,098 $ 160,366 $ 152,928 Gross margin $ 62,425 $ 60,661 $ 59,672 $ 52,604 Net income $ 13,643 $ 13,554 $ 12,546 $ 6,577 Net income per share: Basic $ 0.74 $ 0.73 $ 0.68 $ 0.37 Diluted $ 0.72 $ 0.71 $ 0.67 $ 0.37 |
Recent Accounting Standards
Recent Accounting Standards | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Recent Accounting Standards | RECENT ACCOUNTING STANDARDS In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , which changed the presentation of debt issuance costs in the balance sheet. The new guidance required that debt issuance costs no longer be classified as an asset, but rather as an offset to the outstanding debt. The amortization of these costs continues to be recorded as interest expense. We retrospectively adopted this standard in the first quarter of 2016. The application of this guidance resulted in reclassifications of debt issuance costs of $0.5 million from current assets to the current portion of long-term debt as of December 31, 2016 and 2015. The application of this guidance resulted in reclassifications of debt issuance costs from long term assets to long-term debt of $1.1 million and $1.6 million as of December 31, 2016 and 2015, respectively. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes. This ASU requires all deferred tax assets and liabilities to be classified as non-current. ASU 2015-17 is effective for fiscal years and interim periods within those years beginning after December 15, 2016 with early adoption permitted. We elected to prospectively adopt ASU 2015-17 as of March 31, 2016. Had we applied this guidance retrospectively, $9.6 million would have been reclassified from current deferred tax assets to long term deferred tax assets in our consolidated statement of financial position as of December 31, 2015. The adoption of this guidance did not have an impact on our consolidated statements of operations or cash flows. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. On July 9, 2015, the FASB agreed to delay the effective date by one year. In accordance with the agreed upon delay, the updated standard is effective for us beginning in the first quarter of 2018. Early adoption is permitted, but not before the original effective date of the standard. During 2016, the FASB issued new accounting standards updates regarding principal versus agent considerations in determining revenue recognition identifying performance obligations and licensing, collectability, sales tax, non-cash considerations, completed contracts, contract modifications and effect of accounting change. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. We have initiated our implementation plan, which includes assessing the contracts the company has in place and quantifying the accounting impact in accordance with the new accounting standard, if any. We expect to be in full compliance with the accounting standard beginning in fiscal year 2018. In February 2016, the FASB issued ASU No. 2016-02, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on whether the lease effectively finances a purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method (finance lease) or on a straight line basis over the term of the lease (operating lease). A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASU No. 2016-2 supersedes the existing guidance on accounting for leases. The standard is effective for interim and annual reporting periods for fiscal years beginning after December 15, 2018. Early adoption of this standard is permitted and it is to be adopted using a modified retrospective approach. We have initiated our implementation plan, which includes ensuring appropriate classification of our lease agreements and quantifying the accounting impact in accordance with the new accounting standard. We expect to be in full compliance with the accounting standard beginning in fiscal year 2019. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting , which contains amendments intended to simplify various aspects of share-based payment accounting and presentation in the financial statements, including the income tax consequences, classification of awards as either equity or liabilities, treatment of forfeitures and statutory tax withholding requirements, and classification in the statement of cash flows. The update is effective for interim and annual reporting periods beginning after December 15, 2016. The new standard generally requires a modified retrospective transition through a cumulative effect adjustment as of the beginning of the period of adoption, with certain provisions requiring either a prospective or retrospective transition. The Company adopted ASU 2016-09 on January 1, 2017. Upon adoption, the Company will recognize excess tax benefits of approximately $13 million in deferred tax assets that were previously not recognized in a cumulative-effect adjustment to retained earnings. The Company will prospectively record a deferred tax benefit or expense associated with the difference between book and tax for stock compensation expense. As we progress through the remainder of the adoption process in the first quarter of 2017, we will continue to evaluate any other impacts on our financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , with the intention to reduce diversity in practice, as well as simplify elements of classification within the statement of cash flows for certain transactions. The update is effective for interim and annual reporting periods beginning after December 15, 2016. The accounting update is to be adopted using a retrospective approach. We adopted ASU 2016-15 effective January 1, 2017, and it is not expected to have a material impact on our financial statements. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Acquisition On January 6, 2017, we acquired the principal operating assets of Diversified Silicone Products, Inc. (DSP), a custom manufacturer of silicone sheet, extrusions, stripping and compounds for a stated purchase price of $60.0 million . We used cash on hand and $30.0 million in borrowings under our existing credit facility to fund the purchase price. DSP, headquartered in Santa Fe Springs, California, sells to customers across the automotive, aerospace, medical and oil and gas industries and has sales in North America, Central America, Europe and Asia. Due to the timing of the acquisition, disclosures relating to the acquisition, including the allocation of the purchase price, have been omitted because the initial accounting for the transaction was incomplete as of the filing date of this report. Third Amended Credit Agreement On February 17, 2017 , we entered into the Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (the “Third Amended Credit Agreement”), which amends and restates the Second Amended Credit Agreement. The Third Amended Credit Agreement refinances the Second Amended Credit Agreement, eliminates the term loan under the Second Amended Credit Agreement, and increases the principal amount of the revolving credit facility to up to $450.0 million borrowing capacity, with an additional $175.0 million accordion feature. All revolving loans under the Third Amended Credit Agreement are due on the maturity date, February 17, 2022. We are not required to make any quarterly principal payments under the Third Amended Credit Agreement. The Third Amended Credit Agreement generally permits us to pay cash dividends to our shareholders, provided that (i) no default or event of default has occurred and is continuing or would result from the dividend payment and (ii) our leverage ratio does not exceed 2.75 to 1.00. If our leverage ratio exceeds 2.75 to 1.00, we may nonetheless make up to $20.0 million in restricted payments, including cash dividends, during the fiscal year, provided that no default or event of default has occurred and is continuing or would result from the payments. |
SCHEDULE II Valuation and Quali
SCHEDULE II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II Valuation and Qualifying Accounts | Valuation and Qualifying Accounts (Dollars in thousands) Balance at Beginning of Period Charged to (Reduction of) Costs and Expenses Taken Against Allowance Other (Deductions) Recoveries Balance at End of Period Allowance for Doubtful Accounts December 31, 2016 $ 695 $ 1,321 $ (64 ) $ — $ 1,952 December 31, 2015 $ 476 $ 1,085 $ (866 ) $ — $ 695 December 31, 2014 $ 1,655 $ 250 $ (1,429 ) $ — $ 476 (Dollars in thousands) Balance at Beginning of Period Charged to (Reduction of) Costs and Expenses Taken Against Allowance Other (Deductions) Recoveries Balance at End of Period Valuation on Allowance for Deferred Tax Assets December 31, 2016 $ 6,202 $ 186 $ — $ — $ 6,388 December 31, 2015 $ 7,691 $ (1,484 ) $ — $ (5 ) $ 6,202 December 31, 2014 $ 7,302 $ 159 $ — $ 230 $ 7,691 |
Organization and Summary of S30
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and our wholly‑owned subsidiaries, after elimination of inter-company accounts and transactions. In 2015, we changed our method for accounting for certain inventory items from the last in, first out (LIFO) method to the first in, first out (FIFO) method. Adjustments have been made to all periods and amounts presented to appropriately reflect the retrospective application of this accounting change. See the discussion below entitled “Inventories” for further information. The preparation of financial statements, in conformity with accounting principles generally accepted in the United States, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Organization | Organization Our reporting structure is comprised of the following operating segments: Advanced Connectivity Solutions (ACS), Elastomeric Material Solutions (EMS) and Power Electronics Solutions (PES). The remaining operations are reported under our Other business. • Advanced Connectivity Solutions Our ACS segment designs, develops, manufactures and sells circuit materials and solutions enabling high-performance and high-reliability connectivity for applications in wireless communications infrastructure (e.g., power amplifiers, antennas, small cells and distributed antenna systems), automotive (e.g., active safety, advanced driver assistance systems, telematics and thermal management), connected devices, (e.g., mobile internet devices and Internet of Things), wired infrastructure (e.g., computing, servers and storage), consumer electronics and aerospace/defense. We sell our circuit materials under various trade names, including RO3000 ® , RO4000 ® , RT/duroid ® , AD Series TM and CLTE Series TM . Our ACS segment has manufacturing and administrative facilities in Chandler, Arizona; Rogers, Connecticut; Bear, Delaware; Evergem, Belgium; and Suzhou, China. • Elastomeric Material Solutions Our EMS segment designs, develops, manufactures and sells elastomeric material solutions for critical cushioning, sealing, impact protection and vibration management applications including general industrial, portable electronics (e.g., mobile internet devices), consumer goods (e.g., protective sports equipment), automotive, mass transportation, construction and printing applications. We sell our elastomeric materials under various trade names, including DeWAL™, ARLON ® , PORON ® , XRD ® , BISCO ® and eSORBA ® . In November 2016, we acquired DeWAL Industries, a leading manufacturer of polytetrafluoroethylene, ultra-high molecular weight polyethylene films, pressure sensitive tapes and specialty products. As of December 31, 2016 , our EMS segment had administrative and manufacturing facilities in Woodstock, Connecticut; Rogers, Connecticut; Bear, Delaware; Carol Stream, Illinois; Narragansett, Rhode Island; Ansan, Korea, and Suzhou, China. We also own 50% of (1) Rogers Inoac Corporation (RIC), a joint venture established in Japan to design, develop, manufacture and sell PORON products predominantly for the Japanese market and (2) Rogers INOAC Suzhou Corporation (RIS), a joint venture established in China to design, develop, manufacture and sell PORON products primarily for RIC customers in various Asian countries. INOAC Corporation owns the remaining 50% of both RIC and RIS. RIC has manufacturing facilities at INOAC facilities in Nagoya and Mie, Japan, and RIS has manufacturing facilities at Rogers’ facilities in Suzhou, China. • Power Electronics Solutions Our PES segment designs, develops, manufactures and sells ceramic substrate materials for power module applications (e.g., variable frequency drives, vehicle electrification and renewable energy), laminated bus bars for power inverter and high power interconnect applications (e.g., mass transit, hybrid-electric and electric vehicles, renewable energy and variable frequency drives), and micro-channel coolers (e.g., laser cutting equipment). We sell our ceramic substrate materials and micro channel coolers under the curamik ® tradename, and our bus bars under the ROLINX ® tradename. Our PES segment has administrative and manufacturing facilities in Ghent, Belgium; Eschenbach, Germany; Budapest, Hungary; and Suzhou, China. • Other Other business consists of elastomeric components for applications in ground transportation, office equipment, consumer and other markets; elastomeric floats for level sensing in fuel tanks, motors, and storage tanks; and inverters for portable communications and automotive markets. The Arlon polyimide and thermoset laminate business, which was divested in December 2015, was also included within our Other businesses in 2015. |
Cash Equivalents | Cash Equivalents Highly liquid investments with original maturities of three months or less are considered cash equivalents. These investments are stated at cost, which approximates fair value. |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures We account for our investments in and advances to unconsolidated joint ventures, all of which are 50% owned, using the equity method of accounting. |
Foreign Currency | Foreign Currency All balance sheet accounts of foreign subsidiaries are translated or remeasured at exchange rates in effect at each year end, and income statement items are translated using the average exchange rates for the year. Resulting translation adjustments for those entities that operate under the local currency are made directly to a separate component of shareholders’ equity, while remeasurement adjustments for those entities that operate under the parent’s functional currency are made to the income statement as a component of “Other income (expense), net.” Currency transaction gains and losses are reported as income or expense, respectively, in the consolidated statements of operations as a component of “Other income (expense), net. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The allowance for doubtful accounts is determined based on a variety of factors that affect the potential collectability of the related receivables, including the length of time receivables are past due, customer credit ratings, financial stability of customers, specific one-time events and past customer history. In addition, in circumstances where we are made aware of a specific customer’s inability to meet its financial obligations, a specific allowance is established. The majority of accounts are individually evaluated on a regular basis and appropriate reserves are established as deemed appropriate based on the criteria previously mentioned. The remainder of the reserve is based on management’s estimates and takes into consideration historical trends, market conditions and the composition of our customer base. |
Inventories | Inventories Inventories are valued at the lower of cost or market. Effective October 1, 2015, the Company changed its method for inventory costing from the last in, first out (LIFO) cost method to the first in, first out (FIFO) cost method for all operations that were using the LIFO cost method. This change in accounting method was deemed preferable because this change causes inventory to be valued on a consistent basis throughout the entire Company and on a more comparable basis with industry peer companies. This change in accounting method was completed in accordance with Accounting Standards Codification (ASC) 250 Accounting changes and error corrections, and all periods presented have been retrospectively adjusted to reflect the period-specific effects of applying the new accounting principle. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated on the basis of cost. For financial reporting purposes, provisions for depreciation are calculated on a straight‑line basis over the following estimated useful lives of the underlying assets: Years Buildings and improvements 30-40 Machinery and equipment 5-15 Office equipment 3-10 |
Software Costs | Software Costs We capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended. Capitalized software costs include only (i) external direct costs of materials and services utilized in developing or obtaining computer software, and (ii) compensation and related benefits for employees who are directly associated with the software project. Capitalized software costs are amortized on a straight-line basis when placed into service over the estimated useful lives of the software, which approximates three to five years. Capitalized software is included within “Property, plant and equipment, net of accumulated depreciation” in the consolidated statements of financial position. |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible assets are classified into three categories: (1) intangible assets with definite lives subject to amortization; (2) intangible assets with indefinite lives not subject to amortization; and (3) goodwill. We review goodwill, which has an indefinite life, and intangible assets with indefinite lives for impairment annually and/or if events or changes in circumstances indicate the carrying value of an asset may have been impaired. We review intangible assets with definite lives for impairment whenever conditions exist that indicate the carrying value may not be recoverable. Goodwill is assessed for impairment by comparing the net book value of a reporting unit to its estimated fair value. Fair values are estimated using a discounted cash flow methodology. The determination of discounted cash flows is based on the reporting unit’s strategic plans and long-term operating forecasts. The revenue growth rates included in the plans are management’s best estimates based on current and forecasted market conditions, and the profit margin assumptions are projected by each segment based on the current cost structure and expected strategic changes to the cost structure. Purchased or acquired patents, covenants-not-to-compete, customer relationships and licensed technology are capitalized and amortized on a straight-line over their estimated useful lives. |
Environmental and Product Liabilities | Environmental and Product Liabilities We accrue for our environmental investigation, remediation, operating and maintenance costs when it is probable that a liability has been incurred and the amount can be reasonably estimated. For environmental matters, the most likely cost to be incurred is accrued based on an evaluation of currently available facts with respect to each individual site, including existing technology, current laws and regulations and prior remediation experience. For sites with multiple potential responsible parties (PRPs), we consider our likely proportionate share of the anticipated remediation costs and the ability of the other parties to fulfill their obligations in establishing a provision for those costs. When no amount within a range of estimates is more likely to occur than another, we accrue to the low end of the range and disclose the range. When future liabilities are determined to be reimbursable by insurance coverage, an accrual is recorded for the potential liability and a receivable is recorded for the estimated insurance reimbursement amount. We are exposed to the uncertain nature inherent in such remediation and the possibility that initial estimates will not reflect the final outcome of a matter. We periodically perform a formal analysis to determine potential future liability and related insurance coverage for asbestos-related matters. Projecting future asbestos costs is subject to numerous variables that are extremely difficult to predict, including the number of claims that might be received, the type and severity of the disease alleged by each claimant, the long latency period associated with asbestos exposure, dismissal rates, costs of medical treatment, the financial resources of other companies that are co-defendants in claims, uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case, and the impact of potential changes in legislative or judicial standards, including potential tort reform. Furthermore, any predictions with respect to these variables are subject to even greater uncertainty as the projection period lengthens. We believe the assumptions used in our models for determining our potential exposure and related insurance coverage are reasonable at the present time, but such assumptions are inherently uncertain. We determined that a ten -year projection period is appropriate as we have experience in addressing asbestos related lawsuits over the last few years to use as a baseline to project the liability over ten years. However, we do not believe we have sufficient data to justify a longer projection period at this time. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Management believes that the carrying values of financial instruments, including cash and cash equivalents, short-term investments, accounts receivable, accounts payable and accrued liabilities approximate fair value based on the maturities of these instruments. The fair values of our long-term debt are determined using discounted cash flows based upon our estimated current interest cost for similar type borrowings or current market value, which falls under Level 2 of the fair value hierarchy. The carrying values of the long-term debt approximate fair market value. |
Concentration of Credit and Investment Risk | Concentration of Credit and Investment Risk We extend credit on an uncollateralized basis to almost all customers. Concentration of credit and geographic risk with respect to accounts receivable is limited due to the large number and general dispersion of accounts that constitute our customer base. We routinely perform credit evaluations on our customers. At December 31, 2016 and 2015 , there were no customers that individually accounted for more than ten percent of total accounts receivable. We have purchased credit insurance coverage for certain accounts receivable. We did not experience significant credit losses on customers’ accounts in 2016 , 2015 or 2014 . We are subject to credit and market risk by using derivative instruments. If a counterparty fails to fulfill its performance obligations under a derivative contract, our credit risk will equal the fair value of the derivative instrument. We seek to minimize counterparty credit (or repayment) risk by entering into derivative transactions with major financial institutions with investment grade credit ratings. We invest excess cash principally in investment grade government securities and time deposits. We have established guidelines relative to diversification and maturities in order to maintain safety and liquidity. These guidelines are periodically reviewed and modified to reflect changes in market conditions. |
Income Taxes | Income Taxes We are subject to income taxes in the U.S. and in numerous foreign jurisdictions. The Company accounts for income taxes following ASC 740 (Accounting for Income Taxes) recognizing deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between book and tax basis of recorded assets and liabilities. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of a deferred tax asset will not be realized. U.S. income taxes have not been provided on $210.9 million of undistributed earnings of foreign subsidiaries since it is the Company’s intention to permanently reinvest such earnings or to repatriate them only when it is tax efficient to do so. It is impracticable to estimate the total tax liability, if any, that would be created by the future distribution of these earnings. If circumstances change and it becomes apparent that some, or all of the undistributed earnings as of December 31, 2016 will not be indefinitely reinvested, the provision for the tax consequences, if any, will be recorded in the period when circumstances change. Distributions out of current and future earnings are permissible to fund discretionary activities such as business acquisitions. However, when distributions are made, this could result in a higher effective tax rate. We record benefits for uncertain tax positions based on an assessment of whether it is more likely than not that the tax positions will be sustained by the taxing authorities. If this threshold is not met, no tax benefit of the uncertain position is recognized. If the threshold is met, we recognize the largest amount of the tax benefit that is greater than fifty percent likely to be realized upon ultimate settlement. We recognize interest and penalties within the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included within the related tax liability line in the consolidated statements of financial position. |
Revenue Recognition | Revenue Recognition We recognize revenue when all of the following criteria are met: (1) we have entered into a binding agreement, (2) the product has shipped and title and risk of ownership have passed, (3) the sales price to the customer is fixed or determinable, and (4) collectability is reasonably assured. We consider that the criteria for revenue recognition have been met upon shipment of the finished product, based on the majority of our shipping terms. Some shipping terms require the goods to be through customs or be received by the customer before title passes. In those instances, revenue is not recognized until either the customer has received the goods or they have passed through customs, depending on the circumstances. As appropriate, we record estimated reductions to revenue for customer returns and allowances and warranty claims. Provisions for such allowances are made at the time of sale and are typically derived from historical trends and other relevant information. See further discussion in Note 19, “Recent Accounting Standards” to “Item 8 Financial Statements and Supplementary Data.” |
Shipping and Handling Charges | Shipping and Handling Charges Costs that we incur for shipping and handling charges are charged to “Cost of sales” and payments received from our customers for shipping and handling charges are included in “Net sales” on our consolidated statements of operations. |
Pension and Retiree Health Care and Life Insurance Benefits | Pension and Retiree Health Care and Life Insurance Benefits We provide various defined benefit pension plans for our U.S. employees and we sponsor multiple fully insured or self-funded medical plans and fully insured life insurance plans for retirees. In 2013, the defined benefit pension plans were frozen, so that future benefits no longer accrue. The costs and obligations associated with these plans are dependent upon various actuarial assumptions used in calculating such amounts. These assumptions include discount rates, long-term rate of return on plan assets, mortality rates, and other factors. The assumptions used in these models are determined as follows: (i) the discount rate used is based on the PruCurve index; (ii) the long-term rate of return on plan assets is determined based on historical portfolio results, market results and our expectations of future returns, as well as current market assumptions related to long-term return rates; and (iii) the mortality rate is based on a mortality projection that estimates current longevity rates and their impact on the long-term plan obligations. We review these assumptions periodically throughout the year and update as necessary. |
Earnings Per Share | Certain potential options to purchase shares were excluded from the calculation of diluted weighted-average shares outstanding because the exercise price was greater than the average market price of our capital stock during the year. For 2015, 44,350 shares were excluded. No shares were excluded in 2016 and 2014. Earnings Per Share |
Hedging Activity | Hedging Activity From time to time, we use derivative instruments to manage commodity, interest rate and foreign currency exposures. Derivative instruments are viewed as risk management tools and are not used for trading or speculative purposes. To qualify for hedge accounting treatment, derivatives used for hedging purposes must be designated and deemed effective as a hedge of the identified underlying risk exposure at the inception of the contract. Accordingly, changes in fair value of the derivative contract must be highly correlated with changes in the fair value of the underlying hedged item at inception of the hedge and over the life of the hedge contract. Derivatives used to hedge forecasted cash flows associated with foreign currency commitments or forecasted commodity purchases are accounted for as cash flow hedges. For those derivative instruments that qualify for hedge accounting treatment, gains and losses are recorded in other comprehensive income and reclassified to earnings in a manner that matches the timing of the earnings impact of the hedged transactions. The ineffective portion of all hedges, if any, is recognized currently in earnings. For those derivative instruments that do not qualify for hedge accounting treatment, any related gains and losses are recognized in the consolidated statements of operations as a component of “Other income (expense), net. |
Advertising Cost | Advertising Costs Advertising is expensed as incurred |
Equity Compensation | Equity Compensation Stock-based compensation is comprised of restricted stock units and stock options. Performance-based restricted stock unit compensation expense is based on achievement of certain performance and service conditions. The fair value of the awards is determined based on the market value of the underlying stock price at the grant date and marked to market over the vesting period based on probabilities and projections of the underlying performance measures. Time-based restricted stock units compensation is expensed over the vesting period, which is typically three years . The fair value of the awards is determined based on the market value of the underlying stock price at the grant date. Stock option fair value is measured at the grant date, based on the grant-date fair value of the awards ultimately expected to vest and, in most cases, is recognized as an expense on a straight-line basis over the vesting period, which is typically four years . A provision in our stock option agreements requires us to accelerate the expense for retirement eligible employees, as any unvested options would immediately vest upon retirement for such employees. We develop estimates used in calculating the grant-date fair value of stock options to determine the amount of stock-based compensation to be recorded. We calculate the grant-date fair value using the Black-Scholes valuation model. The use of this valuation model requires estimates of assumptions such as expected volatility, expected term, risk-free interest rate, expected dividend yield and forfeiture rates. |
Recent Accounting Standards | RECENT ACCOUNTING STANDARDS In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , which changed the presentation of debt issuance costs in the balance sheet. The new guidance required that debt issuance costs no longer be classified as an asset, but rather as an offset to the outstanding debt. The amortization of these costs continues to be recorded as interest expense. We retrospectively adopted this standard in the first quarter of 2016. The application of this guidance resulted in reclassifications of debt issuance costs of $0.5 million from current assets to the current portion of long-term debt as of December 31, 2016 and 2015. The application of this guidance resulted in reclassifications of debt issuance costs from long term assets to long-term debt of $1.1 million and $1.6 million as of December 31, 2016 and 2015, respectively. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes. This ASU requires all deferred tax assets and liabilities to be classified as non-current. ASU 2015-17 is effective for fiscal years and interim periods within those years beginning after December 15, 2016 with early adoption permitted. We elected to prospectively adopt ASU 2015-17 as of March 31, 2016. Had we applied this guidance retrospectively, $9.6 million would have been reclassified from current deferred tax assets to long term deferred tax assets in our consolidated statement of financial position as of December 31, 2015. The adoption of this guidance did not have an impact on our consolidated statements of operations or cash flows. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. On July 9, 2015, the FASB agreed to delay the effective date by one year. In accordance with the agreed upon delay, the updated standard is effective for us beginning in the first quarter of 2018. Early adoption is permitted, but not before the original effective date of the standard. During 2016, the FASB issued new accounting standards updates regarding principal versus agent considerations in determining revenue recognition identifying performance obligations and licensing, collectability, sales tax, non-cash considerations, completed contracts, contract modifications and effect of accounting change. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. We have initiated our implementation plan, which includes assessing the contracts the company has in place and quantifying the accounting impact in accordance with the new accounting standard, if any. We expect to be in full compliance with the accounting standard beginning in fiscal year 2018. In February 2016, the FASB issued ASU No. 2016-02, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on whether the lease effectively finances a purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method (finance lease) or on a straight line basis over the term of the lease (operating lease). A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASU No. 2016-2 supersedes the existing guidance on accounting for leases. The standard is effective for interim and annual reporting periods for fiscal years beginning after December 15, 2018. Early adoption of this standard is permitted and it is to be adopted using a modified retrospective approach. We have initiated our implementation plan, which includes ensuring appropriate classification of our lease agreements and quantifying the accounting impact in accordance with the new accounting standard. We expect to be in full compliance with the accounting standard beginning in fiscal year 2019. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting , which contains amendments intended to simplify various aspects of share-based payment accounting and presentation in the financial statements, including the income tax consequences, classification of awards as either equity or liabilities, treatment of forfeitures and statutory tax withholding requirements, and classification in the statement of cash flows. The update is effective for interim and annual reporting periods beginning after December 15, 2016. The new standard generally requires a modified retrospective transition through a cumulative effect adjustment as of the beginning of the period of adoption, with certain provisions requiring either a prospective or retrospective transition. The Company adopted ASU 2016-09 on January 1, 2017. Upon adoption, the Company will recognize excess tax benefits of approximately $13 million in deferred tax assets that were previously not recognized in a cumulative-effect adjustment to retained earnings. The Company will prospectively record a deferred tax benefit or expense associated with the difference between book and tax for stock compensation expense. As we progress through the remainder of the adoption process in the first quarter of 2017, we will continue to evaluate any other impacts on our financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , with the intention to reduce diversity in practice, as well as simplify elements of classification within the statement of cash flows for certain transactions. The update is effective for interim and annual reporting periods beginning after December 15, 2016. The accounting update is to be adopted using a retrospective approach. We adopted ASU 2016-15 effective January 1, 2017, and it is not expected to have a material impact on our financial statements. |
Organization and Summary of S31
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Change in Accounting Estimate | The following table summarizes the effect of this accounting change on the Company’s consolidated statements of operations for the year ended December 31, 2014: (Dollars in thousands, except per share amounts) As Originally Reported under LIFO As Adjusted under FIFO Effect of Change Cost of sales $ 376,972 $ 376,158 $ (814 ) Net income $ 52,883 $ 53,412 $ 529 Basic earnings per share $ 2.91 $ 2.94 $ 0.03 Diluted earnings per share $ 2.83 $ 2.86 $ 0.03 |
Schedule of inventory | Inventories consisted of the following: As of December 31, (Dollars in thousands) 2016 2015 Raw materials $ 29,788 $ 35,499 Work-in-process 26,440 22,804 Finished goods 34,902 33,521 Total inventories $ 91,130 $ 91,824 |
Schedule of property, plant and equipment, estimated useful lives | For financial reporting purposes, provisions for depreciation are calculated on a straight‑line basis over the following estimated useful lives of the underlying assets: Years Buildings and improvements 30-40 Machinery and equipment 5-15 Office equipment 3-10 As of December 31, (Dollars in thousands) 2016 2015 Land $ 15,855 $ 16,726 Buildings and improvements 138,493 141,082 Machinery and equipment 220,238 191,459 Office equipment 54,013 42,696 428,599 391,963 Accumulated depreciation (259,178 ) (237,150 ) Property, plant and equipment, net 169,421 154,813 Equipment in process 7,495 23,848 Total property, plant and equipment, net $ 176,916 $ 178,661 |
Schedule of calculation of numerator and denominator in earnings per share | The following table sets forth the computation of basic and diluted earnings per share: Years Ended December 31, (In thousands, except per share amounts) 2016 2015 2014 Numerator: Net income $ 48,283 $ 46,320 $ 53,412 Denominator: Weighted-average shares outstanding - basic 17,991 18,371 18,177 Effect of dilutive shares 232 309 521 Weighted-average shares outstanding - diluted 18,223 18,680 18,698 Basic earnings per share: $ 2.68 $ 2.52 $ 2.94 Diluted earnings per share: $ 2.65 $ 2.48 $ 2.86 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets measured at fair value on a recurring basis, categorized by the level of inputs used in the valuation | Assets measured at fair value on a recurring basis, categorized by the level of inputs used in the valuation, include: (Dollars in thousands) As of Level 1 Level 2 Level 3 Foreign currency contracts $ (170 ) $ — $ (170 ) $ — Copper derivative contracts $ 1,277 $ — $ 1,277 $ — Interest rate swap $ — $ — $ — $ — (Dollars in thousands) As of Level 1 Level 2 Level 3 Foreign currency contracts $ (78 ) $ — $ (78 ) $ — Copper derivative contracts $ 193 $ — $ 193 $ — Interest rate swap $ (18 ) $ — $ (18 ) $ — |
Hedging Transactions and Deri33
Hedging Transactions and Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional values of outstanding derivative positions | As of December 31, 2016 , the notional values of our copper contracts outstanding were: Notional Value of Copper Derivatives January 2017 - March 2017 122 metric tons per month April 2017 - June 2017 122 metric tons per month July 2017 - September 2017 122 metric tons per month October 2017 - December 2017 122 metric tons per month As of December 31, 2016 the notional values of these foreign currency forward contracts were: Notional Values of Foreign Currency Derivatives USD/KRW ₩ 10,537,789,000 EUR/JPY ¥ 309,000,000 EUR/HUF Ft 169,000,000 |
Gain (loss) on derivative instruments | Effects on Statements of Operations and Statements of Comprehensive Income (Loss): (Dollars in thousands) The Effect of Current Derivative Instruments on the Financial Statements for the year ended December 31, 2016 Fair Values of Derivative Instruments as of December 31, 2016 Foreign Exchange Contracts Location Gain/(Loss) Other Assets Contracts not designated as hedging instruments Other income (expense), net $ (170 ) $ (170 ) Copper Derivative Instruments Contracts not designated as hedging instruments Other income (expense), net $ 625 $ 1,277 (Dollars in thousands) The Effect of Current Derivative Instruments on the Financial Statements for the year ended December 31, 2015 Fair Values of Derivative Instruments as of December 31, 2015 Foreign Exchange Contracts Location Gain/(Loss) Other Assets Contracts not designated as hedging instruments Other income (expense), net $ (78 ) $ (78 ) Copper Derivative Instruments Contracts not designated as hedging instruments Other income (expense), net $ (666 ) $ 193 Interest Rate Swap Instrument Contracts designated as hedging instruments Other income (expense), net $ 126 $ (18 ) |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated balances related to each component of accumulated other comprehensive income (loss) | The changes in accumulated other comprehensive income (loss) by component for the year ended December 31, 2016 were as follows: (Dollars in thousands) Foreign currency translation adjustments Funded status of pension plans and other postretirement benefits (1) Unrealized gain (loss) on derivative instruments (2) Total Beginning Balance December 31, 2015 $ (41,365 ) $ (47,082 ) $ (11 ) $ (88,458 ) Other comprehensive income before reclassifications (5,081 ) — — (5,081 ) Actuarial net gain (loss) incurred in the fiscal year — 1,106 — 1,106 Amounts reclassified from accumulated other comprehensive income — 160 11 171 Net current-period other comprehensive income (5,081 ) 1,266 11 (3,804 ) Ending Balance December 31, 2016 $ (46,446 ) $ (45,816 ) $ — $ (92,262 ) (1) Net of taxes of $9,160 and $9,879 for the years ended December 31, 2016 and December 31, 2015 , respectively. (2) Net of taxes of $0 and $5 for the years ended December 31, 2016 and December 31, 2015 , respectively. The changes in accumulated other comprehensive income (loss) by component for the year ended December 31, 2015 were as follows: (Dollars in thousands) Foreign currency translation adjustments Funded status of pension plans and other postretirement benefits (3) Unrealized gain (loss) on derivative instruments (4) Total Beginning Balance December 31, 2014 $ (14,193 ) $ (50,808 ) $ (93 ) $ (65,094 ) Other comprehensive income before reclassifications (27,172 ) — (2 ) (27,174 ) Actuarial net gain (loss) incurred in the fiscal year — 2,760 — 2,760 Amounts reclassified from accumulated other comprehensive income — 966 84 1,050 Net current-period other comprehensive income (27,172 ) 3,726 82 (23,364 ) Ending Balance December 31, 2015 $ (41,365 ) $ (47,082 ) $ (11 ) $ (88,458 ) (3) Net of taxes of $9,879 and $11,952 for the periods ended December 31, 2015 and December 31, 2014 , respectively. (4) Net of taxes of $5 and $50 for the periods ended December 31, 2015 and December 31, 2014 , respectively. |
Reclassification out of accumulated other comprehensive income | The reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2016 were as follows: Details about accumulated other comprehensive income components Amounts reclassified from accumulated other comprehensive income (loss) for the period ended December 31, 2016 Affected line item in the statement where net income is presented Unrealized gains and losses on derivative instruments: $ 16 Other income (expense), net (5 ) Income tax expense $ 11 Net of tax Amortization of defined benefit pension and other post-retirement benefit items: Actuarial losses (gains) $ 246 Total before tax (5) (86 ) Income tax expense $ 160 Net of tax (5) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 10 - “Pension Benefits and Retirement Health and Life Insurance Benefits” for additional details. The reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2015 were as follows: Details about accumulated other comprehensive income components Amounts reclassified from accumulated other comprehensive income (loss) for the period ended December 31, 2015 Affected line item in the statement where net income is presented Unrealized gains and losses on derivative instruments: $ 129 Realized gain (loss) (45 ) Income tax expense $ 84 Net of tax Amortization of defined benefit pension and other post-retirement benefit items: Actuarial losses (gains) $ 1,486 Total before tax (6) (520 ) Income tax expense $ 966 Net of tax (6) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 10 - “Pension Benefits and Other Postretirement Benefit Plans” for additional details. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Acquisition [Line Items] | |
Business acquisition, pro forma information | The following unaudited pro forma financial information presents the combined results of operations of Rogers, DeWAL and Arlon, as if the DeWAL acquisition had occurred on January 1, 2015 and the Arlon acquisition occurred on January 1, 2014. The unaudited pro forma financial information is not intended to represent or be indicative of our consolidated results of operations that would have been reported had the DeWAL and Arlon acquisitions been completed as of January 1, 2015 and January 1, 2014, respectively, and should not be taken as indicative of our future consolidated results of operations. (Dollars in thousands) Year Ended December 31, 2016 Year Ended December 31, 2015 Year Ended December 31, 2014 Net sales $ 703,603 $ 693,462 $ 714,303 Net income 47,556 40,559 63,751 |
DeWAL | |
Business Acquisition [Line Items] | |
Schedule of assets acquired and liabilities assumed | The following table represents the preliminary fair values assigned to the acquired assets and liabilities in the transaction: (Dollars in thousands) November 23, 2016 Assets: Cash and cash equivalents $ 1,539 Accounts receivable 7,513 Other current assets 691 Inventory 9,915 Property, plant & equipment 9,929 Intangible assets 73,500 Goodwill 35,638 Other long-term assets 221 Total assets 138,946 Liabilities: Accounts payable 2,402 Other current liabilities 1,062 Total liabilities 3,464 Fair value of net assets acquired $ 135,482 |
Arlon | |
Business Acquisition [Line Items] | |
Schedule of assets acquired and liabilities assumed | The following table represents the fair market values assigned to the acquired assets and liabilities in the transaction: (Dollars in thousands) January 22, 2015 Assets: Cash $ 142 Accounts receivable 17,301 Other current assets 856 Inventory 9,916 Deferred income tax assets, current 1,084 Property, plant & equipment 30,667 Intangible assets 50,020 Goodwill 85,565 Other long-term assets 106 Total assets 195,657 Liabilities: Accounts payable 4,958 Other current liabilities 4,385 Deferred tax liability 23,225 Other long-term liabilities 4,540 Total liabilities 37,108 Fair value of net assets acquired $ 158,549 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | For financial reporting purposes, provisions for depreciation are calculated on a straight‑line basis over the following estimated useful lives of the underlying assets: Years Buildings and improvements 30-40 Machinery and equipment 5-15 Office equipment 3-10 As of December 31, (Dollars in thousands) 2016 2015 Land $ 15,855 $ 16,726 Buildings and improvements 138,493 141,082 Machinery and equipment 220,238 191,459 Office equipment 54,013 42,696 428,599 391,963 Accumulated depreciation (259,178 ) (237,150 ) Property, plant and equipment, net 169,421 154,813 Equipment in process 7,495 23,848 Total property, plant and equipment, net $ 176,916 $ 178,661 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets | The changes in the carrying amount of other intangible assets for the two-year period ending December 31, 2016 , were as follows: December 31, 2016 December 31, 2015 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks and patents $ 6,825 $ 1,156 $ 5,669 $ 2,543 $ 718 $ 1,825 Developed technology 68,880 24,365 44,515 47,724 19,681 28,043 Covenant-not-to-compete 1,419 932 487 943 943 — Customer relationships 96,148 14,311 81,837 49,948 9,100 40,848 Total definite lived intangible assets 173,272 40,764 132,508 101,158 30,442 70,716 Indefinite lived intangible assets 4,168 — 4,168 4,303 — 4,303 Total intangible assets $ 177,440 $ 40,764 $ 136,676 $ 105,461 $ 30,442 $ 75,019 |
Weighted average amortization period, by intangible asset class | The weighted average amortization period as of December 31, 2016 , by intangible asset class, is presented in the table below: Intangible Asset Class Weighted Average Amortization Period Trademarks and patents 3.4 Developed technology 5.0 Customer relationships 7.7 Covenant not to compete 2.5 Total other intangible assets 6.6 |
Changes in the carrying amount of goodwill, by segment | The changes in the carrying amount of goodwill for the period ending December 31, 2016 , by reportable segment, were as follows: (Dollars in thousands) Advanced Connectivity Solutions Elastomeric Material Solutions Power Electronics Solutions Other Total December 31, 2015 $ 51,931 $ 56,269 $ 65,029 $ 2,224 $ 175,453 Arlon adjustment (238 ) — — — (238 ) DeWAL acquisition — 35,638 — — 35,638 Foreign currency translation adjustment — (376 ) (2,046 ) — (2,422 ) December 31, 2016 $ 51,693 $ 91,531 $ 62,983 $ 2,224 $ 208,431 |
Summarized Financial Informat38
Summarized Financial Information of Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint ventures accounted for under equity method of accounting | Joint Venture Location Reportable Segment Fiscal Year-End Rogers INOAC Corporation (RIC) Japan Elastomeric Material Solutions October 31 Rogers INOAC Suzhou Corporation (RIS) China Elastomeric Material Solutions December 31 |
Summarized information for joint ventures | The summarized financial information for the joint ventures for the periods indicated was as follows: As of December 31, (Dollars in thousands) 2016 2015 Current assets $ 33,951 $ 28,239 Noncurrent assets $ 5,545 $ 7,207 Current liabilities $ 7,485 $ 4,608 Shareholders’ equity $ 32,011 $ 30,838 For the Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Net sales $ 47,321 $ 43,438 $ 48,259 Gross profit $ 16,829 $ 11,993 $ 14,277 Net income $ 8,292 $ 5,753 $ 8,246 |
Share Repurchase (Tables)
Share Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of shares of common stock through the repurchase program | We repurchased the following shares of common stock through our share repurchase program during the years presented below: (Dollars in thousands) December 31, 2016 December 31, 2015 Shares of capital stock repurchased 140,498 727,573 Value of capital stock repurchased $ 7,995 $ 39,993 |
Pension Benefit and Retiremen40
Pension Benefit and Retirement Health and Life Insurance Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Change in benefit obligation | (Dollars in thousands) Pension Benefits Retirement Health and Life Insurance Benefits Change in benefit obligation: 2016 2015 2016 2015 Benefit obligation at beginning of year $ 182,359 $ 187,882 $ 2,722 $ 9,839 Addition of Bear Plan — 4,169 — — Service cost — — 133 411 Interest cost 7,530 7,523 75 216 Actuarial (gain) loss (3,621 ) (8,674 ) 72 (1,362 ) Benefit payments (8,572 ) (8,541 ) (860 ) (766 ) Plan Amendment — — — (5,616 ) Benefit obligation at end of year $ 177,696 $ 182,359 $ 2,142 $ 2,722 |
Change in plan assets | Change in plan assets: 2016 2015 2016 2015 Fair value of plan assets at the beginning of the year $ 171,007 $ 170,600 $ — $ — Addition of Bear Plan — 2,171 — — Actual return on plan assets 8,999 (194 ) — — Employer contributions 344 6,971 860 766 Benefit payments (8,572 ) (8,541 ) (860 ) (766 ) Fair value of plan assets at the end of the year 171,778 171,007 — — Unfunded status $ (5,918 ) $ (11,352 ) $ (2,142 ) $ (2,722 ) |
Amounts recognized in consolidated balance sheet | Amounts included in the consolidated statements of financial position consist of: (Dollars in thousands) Pension Benefits Retirement Health and Life Insurance Benefits 2016 2015 2016 2015 Noncurrent assets $ 2,583 $ 1,273 $ — $ — Current liabilities — (1 ) (150 ) (537 ) Noncurrent liabilities (8,501 ) (12,624 ) (1,992 ) (2,185 ) Net amount recognized at end of year $ (5,918 ) $ (11,352 ) $ (2,142 ) $ (2,722 ) |
Schedule of net periodic benefit cost not yet recognized | (Dollars in thousands) Pension Benefits Retirement Health and Life Insurance Benefits 2016 2015 2016 2015 Net actuarial (loss) gain $ (59,377 ) (62,972 ) $ 523 643 Prior service benefit — — 3,878 5,368 Net amount recognized at end of year $ (59,377 ) $ (62,972 ) $ 4,401 $ 6,011 |
Components of net periodic benefit cost | Components of Net Periodic (Benefit) Cost (Dollars in thousands) Pension Benefits Postretirement Health and Life Insurance Benefits 2016 2015 2014 2016 2015 2014 Service cost $ — $ — $ — $ 133 $ 411 $ 556 Interest cost 7,530 7,523 8,015 75 216 305 Expected return of plan assets (10,808 ) (11,148 ) (12,909 ) — — — Amortization of prior service cost (credit) — — — (1,489 ) (248 ) — Amortization of net loss 1,784 1,690 686 (47 ) (12 ) — Settlement charge — 57 5,321 — — — Net periodic benefit cost (benefit) $ (1,494 ) $ (1,878 ) $ 1,113 $ (1,328 ) $ 367 $ 861 |
Schedule of weighted-average assumptions used | Weighted-average assumptions used to determine benefit obligations at December 31: Pension Benefits Retirement Health and Life Insurance Benefits 2016 2015 2016 2015 Discount rate 4.25 % 4.25 % 3.25 % 3.00 % Weighted-average assumptions used to determine net benefit cost for the years ended December 31: Pension Benefits Retirement Health and Life Insurance Benefits 2016 2015 2016 2015 Discount rate 4.25 % 4.00 % 3.00 % 3.00 % Expected long-term rate of return on plan assets 5.51 % 6.50 % — — |
Schedule of effect of one-percentage-point change in assumed health care cost trend rates | A one -percentage point change in assumed health care cost trend rates would be expected to have the following effects: (Dollars in thousands) Increase Decrease Effect on total service and interest cost $ 12 $ (11 ) Effect on other postretirement benefit obligations 78 (74 ) |
Schedule of allocation of plan assets | The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value as of December 31, 2016 and 2015 . Assets at Fair Value as of December 31, 2016 (Dollars in thousands) Level 1 Level 2 Level 3 Total Pooled separate accounts $ — $ 7,587 $ — $ 7,587 Fixed income bonds — 111,070 — 111,070 Mutual funds 44,054 — — 44,054 Guaranteed deposit account — — 9,067 9,067 Total assets at fair value $ 44,054 $ 118,657 $ 9,067 $ 171,778 Assets at Fair Value as of December 31, 2015 (Dollars in thousands) Level 1 Level 2 Level 3 Total Pooled separate accounts $ — $ 6,782 $ — $ 6,782 Fixed income bonds — 110,427 — 110,427 Mutual funds 43,454 — — 43,454 Guaranteed deposit account — — 10,344 10,344 Total assets at fair value $ 43,454 $ 117,209 $ 10,344 $ 171,007 The following table presents the fair value of the pension plan net assets by asset category as of December 31, 2016 and 2015 : (Dollars in thousands) 2016 2015 Pooled separate accounts $ 7,587 $ 6,782 Fixed income bonds 111,070 110,427 Mutual funds 44,054 43,454 Guaranteed deposit account 9,067 10,344 Total investments at fair value $ 171,778 $ 171,007 |
Changes in fair value of Level 3 assets | The table below sets forth a summary of changes in the fair value of the guaranteed deposit account’s Level 3 assets for the year ended December 31, 2016 : (Dollars in thousands) Guaranteed Deposit Account Balance at beginning of year $ 10,344 Unrealized gains relating to instruments still held at the reporting date 329 Purchases, sales, issuances and settlements (net) (1,606 ) Balance at end of year $ 9,067 |
Schedule of future benefit payments | The following pension benefit payments are expected to be paid through the utilization of plan assets for the funded plans and from the Company’s operating cash flows for the unfunded plans. The Retiree Health and Life Insurance benefits, for which no funding has been made, are expected to be paid from the Company’s operating cash flows. The benefit payments are based on the same assumptions used to measure our benefit obligation at the end of fiscal 2016 . (Dollars in thousands) Pension Benefits Retiree Health and Life Insurance Benefits 2017 $ 8,916 $ 513 2018 $ 9,043 $ 345 2019 $ 9,201 $ 285 2020 $ 9,404 $ 280 2021 $ 9,694 $ 193 2022-2026 $ 52,583 $ 1,391 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Aggregate mandatory payments due by year | As of December 31, 2016 , the aggregate mandatory principal payments were as follows: Year Payments Due 2017 $4.1 million 2018 $4.8 million 2019 $5.5 million 2020 $226.8 million |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Consolidated income (loss) from continuing operations before income taxes by location | Consolidated income before income taxes consisted of: (Dollars in thousands) 2016 2015 2014 Domestic $ 10,888 $ 14,832 $ 9,604 International 71,392 51,341 71,620 Total $ 82,280 $ 66,173 $ 81,224 |
Income tax expense (benefit) by location | The income tax expense in the consolidated statements of operations consisted of: (Dollars in thousands) Current Deferred Total 2016 Domestic $ 2,078 $ 3,376 $ 5,454 International 24,537 4,006 28,543 Total $ 26,615 $ 7,382 $ 33,997 2015 Domestic $ 993 $ 4,272 $ 5,265 International 15,192 (604 ) 14,588 Total $ 16,185 $ 3,668 $ 19,853 2014 Domestic $ 2,205 $ 6,984 $ 9,189 International 17,172 1,451 18,623 Total $ 19,377 $ 8,435 $ 27,812 |
Deferred tax assets and liabilities | Deferred tax assets and liabilities as of December 31, 2016 and 2015, were comprised of the following: (Dollars in thousands) 2016 2015 Deferred tax assets Accrued employee benefits and compensation 9,899 9,284 Postretirement benefit obligations 3,335 5,434 Tax loss and credit carryforwards 7,146 9,318 Reserves and accruals 6,361 6,225 Other 2,792 3,474 Total deferred tax assets 29,533 33,735 Less deferred tax asset valuation allowance (6,388 ) (6,202 ) Total deferred tax assets, net of valuation allowance 23,145 27,533 Deferred tax liabilities Depreciation and amortization 14,965 17,492 Unremitted earnings 7,239 1,150 Other 190 187 Total deferred tax liabilities 22,394 18,829 Net deferred tax asset $ 751 $ 8,704 |
Effective income tax rate reconciliation | Income tax expense differs from the amount computed by applying the United States federal statutory income tax rate to income before income taxes. The reasons for this difference were as follows: (Dollars in thousands) 2016 2015 2014 Tax expense at Federal statutory income tax rate $ 28,798 $ 23,161 $ 28,429 International tax rate differential (2,260 ) (4,792 ) (6,772 ) Foreign source income, net of tax credits 7,559 2,449 5,195 State tax, net of federal (200 ) (416 ) — Unrecognized tax benefits (5,555 ) 148 603 General business credits (1,125 ) (908 ) (604 ) Acquisition related expenses — 453 590 Taxes on unremitted earnings 6,089 — — Valuation allowance change 171 (1,489 ) 388 Other 520 1,247 (17 ) Income tax expense (benefit) $ 33,997 $ 19,853 $ 27,812 |
Reconciliation of unrecognized tax benefits | Unrecognized tax benefits, excluding potential interest and penalties, for the years ended December 31, 2016 and December 31, 2015 , were as follows: (Dollars in thousands) 2016 2015 Beginning balance $ 10,571 $ 9,368 Gross increases - current period tax positions 520 4,229 Gross increases - tax positions in prior periods — 1,428 Gross decreases - tax positions in prior periods (498 ) — Foreign currency exchange (137 ) (475 ) Lapse of statute of limitations (4,573 ) (3,979 ) Ending balance $ 5,883 $ 10,571 |
Shareholders' Equity and Stock
Shareholders' Equity and Stock Options (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares of capital stock reserved for possible future issuance | Shares of capital stock reserved for possible future issuance were as follows: As of December 31, 2016 2015 Shares reserved for issuance under the stock acquisition program (1) 120,883 120,883 Shares reserved for issuance under outstanding stock options and restricted stock unit awards 659,302 641,265 Additional shares reserved for issuance under Rogers Corporation 2009 Long-Term Equity Compensation Plan 892,163 1,078,291 Shares reserved for issuance under the Rogers Employee Savings and Investment Plan (2) 169,044 169,044 Shares reserved for issuance under the Rogers Corporation Global Stock Ownership Plan for Employees 133,113 153,357 Deferred compensation to be paid in stock, including deferred stock units 22,752 37,207 Total 1,997,257 2,200,047 (1) As of December 31, 2016, the Company no longer offers capital stock under the stock acquisition program. (2) As of December 31, 2016, the Company no longer offers its capital stock as an investment option under the Rogers Employee Savings and Investment Plan. |
Activity under our stock option plans | A summary of the activity under our stock option plans as of December 31, 2016 and changes during the year then ended, is presented below: Options Outstanding Weighted- Average Exercise Price Per Share Weighted-Average Remaining Contractual Life in Years Aggregate Intrinsic Value Options outstanding at December 31, 2015 212,038 $ 40.47 3.2 2,557,193 Options exercised (95,113 ) 43.56 Options forfeited (350 ) 44.32 Options outstanding at December 31, 2016 116,575 37.76 3.2 4,552,580 Options exercisable at December 31, 2016 116,575 37.76 3.2 4,552,580 Options vested at December 31, 2016 116,575 37.76 3.2 4,552,580 A summary of the activity under our stock option plans for the fiscal years ended 2016 , 2015 and 2014 , is presented below: 2016 2015 2014 Weighted- Weighted- Weighted- Outstanding at beginning of year 212,038 $ 40.47 393,347 $ 40.72 893,139 $ 43.23 Options exercised (95,113 ) 43.56 (178,759 ) 40.90 (476,793 ) 44.60 Options forfeited (350 ) 44.32 (2,550 ) 40.09 (22,999 ) 57.07 Outstanding at year-end 116,575 37.76 212,038 40.47 393,347 40.72 Options exercisable at year-end 116,575 204,394 364,770 |
Schedule of weighted-average assumptions used | Weighted-average assumptions used to determine benefit obligations at December 31: Pension Benefits Retirement Health and Life Insurance Benefits 2016 2015 2016 2015 Discount rate 4.25 % 4.25 % 3.25 % 3.00 % Weighted-average assumptions used to determine net benefit cost for the years ended December 31: Pension Benefits Retirement Health and Life Insurance Benefits 2016 2015 2016 2015 Discount rate 4.25 % 4.00 % 3.00 % 3.00 % Expected long-term rate of return on plan assets 5.51 % 6.50 % — — |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of weighted-average assumptions used | Below were the assumptions used in the Monte Carlo calculation: 2016 2015 Expected volatility 29.6 % 28.2 % Expected term (in years) 3 3 Risk-free interest rate 0.93 % 0.96 % |
Schedule of restricted stock and restricted stock activity | A summary of activity under the performance-based restricted stock units plans for the fiscal years ended 2016 , 2015 and 2014 is presented below: 2016 2015 2014 Awards Outstanding Weighted- Awards Outstanding Weighted- Awards Outstanding Weighted- Non-vested awards outstanding at beginning of year 107,229 $ 66.13 92,437 $ 52.75 71,175 $ 47.49 Awards granted 84,443 69.01 51,475 78.01 51,850 58.61 Stock issued (25,397 ) 72.68 (20,910 ) 41.27 (14,383 ) 47.89 Awards forfeited or expired (14,506 ) 104.83 (15,773 ) 59.45 (16,205 ) 52.71 Non-vested awards outstanding at end of year 151,769 $ 89.72 107,229 $ 66.13 92,437 $ 52.75 |
Time Based Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of restricted stock and restricted stock activity | 2016 2015 2014 Awards Outstanding Weighted- Awards Outstanding Weighted- Awards Outstanding Weighted-Average Grant Date Fair Value Non-vested awards outstanding at beginning of year 208,318 $ 64.27 238,386 $ 53.80 231,026 $ 48.54 Awards granted 118,660 51.70 75,160 77.15 93,780 61.70 Stock issued (60,326 ) 64.03 (93,813 ) 48.35 (62,378 ) 47.19 Awards forfeited or expired (27,463 ) 64.60 (11,415 ) 61.32 (24,042 ) 51.19 Non-vested awards outstanding at end of year 239,189 $ 57.71 208,318 $ 64.27 238,386 $ 53.80 |
Deferred Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of restricted stock and restricted stock activity | 2016 2015 2014 Awards Outstanding Weighted- Awards Outstanding Weighted- Awards Outstanding Weighted-Average Grant Date Fair Value Non-vested awards outstanding at beginning of year 23,950 $ 27.22 30,150 $ 24.43 31,550 $ 26.77 Awards granted 11,900 58.82 10,300 73.79 14,700 58.45 Stock issued (23,950 ) 52.69 (16,500 ) 51.20 (16,100 ) 60.08 Non-vested awards outstanding at end of year 11,900 $ 58.82 23,950 $ 27.22 30,150 $ 24.43 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments for Operating Leases | The following table includes future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of December 31, 2016 : (Dollars in thousands) Year Ending December 31, 2017 $ 482 2018 482 2019 482 2020 482 2021 3,940 Thereafter — Total 5,868 Less: Interest (525 ) Present Value of Net Future Minimum Lease Payments $ 5,343 |
Schedule of Future Minimum Lease Payments for Capital Leases | The following table includes future minimum lease payments required under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of December 31, 2016: (Dollars in thousands) Year Ending December 31, 2017 $ 3,352 2018 2,437 2019 1,240 2020 924 2021 720 Thereafter 1,034 Total $ 9,707 |
Operating and capital leases | The following table includes lease expense for the three years ended December 31, 2016: For the Year Ended December 31, (Dollars in thousands) 2016 2015 2014 Operating leases $ 3,567 $ 3,531 $ 2,716 Capital lease $ 564 $ 667 $ 747 |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | The following table presents information about our recent asbestos claims activity: For the Year Ended December 31, 2016 2015 Claims outstanding at beginning of year 489 440 New claims filed 288 231 Pending claims concluded* (172 ) (182 ) Claims outstanding at end of year 605 489 * For the year ended December 31, 2016, 155 claims were dismissed and 17 claims were settled. For the year ended December 31, 2015, 176 claims were dismissed and 6 claims were settled. Settlements totaled approximately $4.4 million for the year ended December 31, 2016 , compared to $1.6 million for the year ended December 31, 2015 . |
Schedule of Loss Contingencies by Contingency | For the years ended December 31, 2016 and 2015 , respectively, our forecasted asbestos-related claims and insurance receivables for the 10-year projection period were as follows: (Dollars in millions) 2016 2015 Asbestos-related claims $ 52.0 $ 56.6 Asbestos-related insurance receivables $ 48.4 $ 53.4 |
Business Segment and Geograph45
Business Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Reportable segment information | The following table sets forth the information about our reportable segments for the periods indicated, with inter-segment sales eliminated: (Dollars in thousands) Advanced Connectivity Solutions Elastomeric Material Solutions Power Electronics Solutions Other Total 2016 Net sales $ 277,787 $ 203,181 $ 152,367 $ 22,979 $ 656,314 Operating income $ 43,965 $ 26,593 $ 5,965 $ 7,329 $ 83,852 Total assets $ 361,746 $ 421,011 $ 247,187 $ 26,556 $ 1,056,500 Capital expenditures $ 7,569 $ 4,051 $ 6,009 $ 507 $ 18,136 Depreciation & amortization $ 15,654 $ 10,141 $ 11,208 $ 844 $ 37,847 Investment in unconsolidated joint ventures $ — $ 16,183 $ — $ — $ 16,183 Equity income in unconsolidated joint ventures $ — $ 4,146 $ — $ — $ 4,146 2015 Net sales $ 267,630 $ 180,898 $ 150,288 $ 42,627 $ 641,443 Operating income $ 45,115 $ 19,979 $ 3,750 $ 7,411 $ 76,255 Total assets $ 315,358 $ 264,982 $ 320,755 $ 29,260 $ 930,355 Capital expenditures $ 15,532 $ 4,103 $ 4,185 $ 1,017 $ 24,837 Depreciation & amortization $ 15,403 $ 9,280 $ 7,855 $ 1,516 $ 34,054 Investment in unconsolidated joint ventures $ — $ 15,348 $ — $ — $ 15,348 Equity income in unconsolidated joint ventures $ — $ 2,890 $ — $ — $ 2,890 2014 Net sales $ 240,864 $ 173,671 $ 171,832 $ 24,544 $ 610,911 Operating income $ 44,007 $ 23,350 $ 5,654 $ 8,230 $ 81,241 Total assets $ 217,173 $ 221,013 $ 377,181 $ 25,068 $ 840,435 Capital expenditures $ 14,290 $ 6,197 $ 7,489 $ 779 $ 28,755 Depreciation & amortization $ 9,575 $ 6,561 $ 9,332 $ 800 $ 26,268 Investment in unconsolidated joint ventures $ — $ 17,214 $ — $ — $ 17,214 Equity income in unconsolidated joint ventures $ — $ 4,123 $ — $ — $ 4,123 |
Reconciliation of Operating Income to the Consolidated Statements of Operations | The following table sets forth the operating income reconciliation to the consolidated statements of operations for the periods indicated: (Dollars in thousands) 2016 2015 2014 Operating income $ 83,852 $ 76,255 $ 81,241 Equity income in unconsolidated joint ventures 4,146 2,890 4,123 Other income (expense), net (1,788 ) (8,492 ) (1,194 ) Interest income (expense), net (3,930 ) (4,480 ) (2,946 ) Income before income taxes $ 82,280 $ 66,173 $ 81,224 |
Revenue and long-lived assets by geographic region | Information relating to our operations by geographic area was as follows: Net Sales (1) Long-lived Assets (2) (Dollars in thousands) 2016 2015 2014 2016 2015 2014 United States $ 158,136 $ 164,478 $ 124,305 $ 326,199 $ 218,439 $ 70,728 China 236,961 227,993 236,488 62,728 65,994 49,794 Germany 79,480 76,569 93,478 101,725 110,240 129,702 Other 181,737 172,403 156,640 32,242 34,460 36,999 Total $ 656,314 $ 641,443 $ 610,911 $ 522,894 $ 429,133 $ 287,223 (1) Net sales are allocated to countries based on the location of the customer. Countries with 10% or more of net sales have been disclosed. (2) Long-lived assets are based on the location of the asset and are comprised of goodwill and other intangibles and property, plant and equipment. Countries with 10% of more of long-lived assets have been disclosed. |
Restructuring and Impairment 46
Restructuring and Impairment Charges (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and related costs | The following table summarizes changes in the severance accrual from September 30, 2016 through December 31, 2016: (Dollars in thousands) Severance related to headquarters relocation Balance at September 30, 2016 $ 88 Provisions 471 Payments (89 ) Balance at December 31, 2016 $ 470 |
Restructuring and impairment charges | The following table summarizes the restructuring and impairment charges related to these activities recorded in our operating results in 2016 and 2014 . (Dollars in thousands) 2016 2014 Elastomeric Material Solutions Pension settlement charge $ — $ 1,332 Severance and other related costs 176 — Allocated Solicore impairment — 42 Advanced Connectivity Solutions Pension settlement charge — 1,954 Severance and other related costs 375 — Allocated Solicore impairment — 62 Power Electronics Solutions Pension settlement charge — 1,921 Severance and other related costs 183 — Allocated Solicore impairment — 61 Other Pension settlement charge — 17 Severance and other related costs — — Allocated Solicore impairment — 1 Total Charges for Restructuring and Impairment $ 734 $ 5,390 |
Quarterly Results of Operatio47
Quarterly Results of Operations (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly financial information | (Dollars in thousands, except per share amounts) 2016 First Second Third Fourth Net sales $ 160,566 $ 157,489 $ 165,259 $ 173,000 Gross margin $ 60,508 $ 60,199 $ 61,929 $ 66,849 Net income $ 14,928 $ 5,377 $ 16,065 $ 11,913 Net income per share: Basic $ 0.83 $ 0.30 $ 0.89 $ 0.66 Diluted $ 0.82 $ 0.29 $ 0.88 $ 0.65 2015 First Second Third Fourth Net sales $ 165,051 $ 163,098 $ 160,366 $ 152,928 Gross margin $ 62,425 $ 60,661 $ 59,672 $ 52,604 Net income $ 13,643 $ 13,554 $ 12,546 $ 6,577 Net income per share: Basic $ 0.74 $ 0.73 $ 0.68 $ 0.37 Diluted $ 0.72 $ 0.71 $ 0.67 $ 0.37 |
Organization and Summary of S48
Organization and Summary of Significant Accounting Policies (Investments in Unconsolidated Joint Ventures) (Details) | Dec. 31, 2016 |
Rogers INOAC Corporation | |
Schedule of Equity Method Investments [Line Items] | |
Joint venture ownership percentage | 50.00% |
Rogers INOAC Corporation | INOAC Corporation | |
Schedule of Equity Method Investments [Line Items] | |
Joint venture ownership percentage | 50.00% |
Rogers I N O A C Suzhou Corporation | |
Schedule of Equity Method Investments [Line Items] | |
Joint venture ownership percentage | 50.00% |
Rogers I N O A C Suzhou Corporation | INOAC Corporation | |
Schedule of Equity Method Investments [Line Items] | |
Joint venture ownership percentage | 50.00% |
Organization and Summary of S49
Organization and Summary of Significant Accounting Policies (Foreign Currency) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Currency transaction adjustment gain (loss) | $ 2.7 | $ 0.3 | $ 0 |
Organization and Summary of S50
Organization and Summary of Significant Accounting Policies (Schedule of Effects of Change in Accounting for Inventory on the Statement of Income (Loss)) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cost of sales | $ 406,829 | $ 406,081 | $ 376,158 |
Net income | $ 48,283 | $ 46,320 | $ 53,412 |
Basic earnings per share (in dollars per share) | $ 2.68 | $ 2.52 | $ 2.94 |
Diluted earnings per share (in dollars per share) | $ 2.65 | $ 2.48 | $ 2.86 |
Scenario, Previously Reported | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cost of sales | $ 376,972 | ||
Net income | $ 52,883 | ||
Basic earnings per share (in dollars per share) | $ 2.91 | ||
Diluted earnings per share (in dollars per share) | $ 2.83 | ||
Pro Forma | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cost of sales | $ 376,158 | ||
Net income | $ 53,412 | ||
Basic earnings per share (in dollars per share) | $ 2.94 | ||
Diluted earnings per share (in dollars per share) | $ 2.86 | ||
Restatement Adjustment | Change from LIFO to FIFO | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cost of sales | $ (814) | ||
Net income | $ 529 | ||
Basic earnings per share (in dollars per share) | $ 0.03 | ||
Diluted earnings per share (in dollars per share) | $ 0.03 |
Organization and Summary of S51
Organization and Summary of Significant Accounting Policies (Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory, Gross [Abstract] | ||
Raw materials | $ 29,788 | $ 35,499 |
Work-in-process | 26,440 | 22,804 |
Finished goods | 34,902 | 33,521 |
Total inventories | $ 91,130 | $ 91,824 |
Organization and Summary of S52
Organization and Summary of Significant Accounting Policies (Property, Plant and Equipment Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 30 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 40 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 15 years |
Office equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Office equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Organization and Summary of S53
Organization and Summary of Significant Accounting Policies (Software Costs) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||
Net capitalized software and development costs | $ 7.7 | $ 6.7 |
Organization and Summary of S54
Organization and Summary of Significant Accounting Policies Goodwill and Intangible Assets (Details) | Dec. 31, 2016category |
Accounting Policies [Abstract] | |
Categories of intangible assets | 3 |
Organization and Summary of S55
Organization and Summary of Significant Accounting Policies (Environmental and Product Liabilities) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Asbestos forecast claim period | 10 years |
Organization and Summary of S56
Organization and Summary of Significant Accounting Policies (Concentration of Credit and Investment Risk) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Concentration risk, percentage | 10.00% | ||
Significant credit losses, amount | $ 0 | $ 0 | $ 0 |
Organization and Summary of S57
Organization and Summary of Significant Accounting Policies (Income Taxes) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Income Tax Disclosure [Abstract] | |
Undistributed earnings of foreign subsidiaries | $ 210.9 |
Organization and Summary of S58
Organization and Summary of Significant Accounting Policies (Earning Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Net income | $ 48,283 | $ 46,320 | $ 53,412 |
Weighted-average shares outstanding - basic | 17,991,000 | 18,371,000 | 18,177,000 |
Effect of dilutive stock options (in shares) | 232,000 | 309,000 | 521,000 |
Denominator for diluted earnings per share - Adjusted weighted-average shares and assumed conversions (shares) | 18,223,000 | 18,680,000 | 18,698,000 |
Basic earnings per share (in dollars per share) | $ 2.68 | $ 2.52 | $ 2.94 |
Diluted earnings per share (in dollars per share) | $ 2.65 | $ 2.48 | $ 2.86 |
Antidilutive securities excluded from computation of earnings per share (shares) | 0 | 44,350 | 0 |
Organization and Summary of S59
Organization and Summary of Significant Accounting Policies (Advertising Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Advertising expense | $ 3 | $ 3.2 | $ 3.3 |
Organization and Summary of S60
Organization and Summary of Significant Accounting Policies (Equity Compensation) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Employee stock option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 4 years |
Fair Value Measurements (Variou
Fair Value Measurements (Various Instruments That Require Fair Value Measurement) (Detail) - Fair Value, Recurring - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Foreign currency contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | $ (170) | $ (78) |
Foreign currency contracts | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | 0 | 0 |
Foreign currency contracts | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | (170) | (78) |
Foreign currency contracts | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | 0 | 0 |
Copper derivative contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | 1,277 | 193 |
Copper derivative contracts | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | 0 | 0 |
Copper derivative contracts | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | 1,277 | 193 |
Copper derivative contracts | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | 0 | 0 |
Interest rate swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | 0 | (18) |
Interest rate swap | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | 0 | 0 |
Interest rate swap | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | 0 | (18) |
Interest rate swap | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | $ 0 | $ 0 |
Hedging Transactions and Deri62
Hedging Transactions and Derivative Financial Instruments (Notional Values of Derivative Instruments) (Detail) | Dec. 31, 2016JPY (¥)T / mo | Dec. 31, 2016HUFT / mo | Dec. 31, 2016KRW (₩)T / mo |
Not Designated as Hedging Instrument | Foreign Exchange Forward | USD/KRW Notional Amount of Foreign Currency Derivatives | |||
Derivative [Line Items] | |||
Notional Values of Foreign Currency Derivatives | ₩ | ₩ 10,537,789,000 | ||
Not Designated as Hedging Instrument | Foreign Exchange Forward | EUR/JPY Notional Amount of Foreign Currency Derivatives | |||
Derivative [Line Items] | |||
Notional Values of Foreign Currency Derivatives | ¥ | ¥ 309,000,000 | ||
Not Designated as Hedging Instrument | Foreign Exchange Forward | EUR/HUF Notional Amount of Foreign Currency Derivatives | |||
Derivative [Line Items] | |||
Notional Values of Foreign Currency Derivatives | HUF | HUF 169,000,000 | ||
Designated as Hedging Instrument | Copper, January 2017 - March 2017 | |||
Derivative [Line Items] | |||
Notional Value of Copper Derivatives | 122 | 122 | 122 |
Designated as Hedging Instrument | Copper, April 2017 - June 2017 | |||
Derivative [Line Items] | |||
Notional Value of Copper Derivatives | 122 | 122 | 122 |
Designated as Hedging Instrument | Copper, July 2017 - September 2017 | |||
Derivative [Line Items] | |||
Notional Value of Copper Derivatives | 122 | 122 | 122 |
Designated as Hedging Instrument | Copper, October 2017 - December 2017 | |||
Derivative [Line Items] | |||
Notional Value of Copper Derivatives | 122 | 122 | 122 |
Hedging Transactions and Deri63
Hedging Transactions and Derivative Financial Instruments (Additional Information) (Detail) | Dec. 31, 2016Contract |
Bank Term Loan | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Number of derivative contracts related to minimizing risk associated with potential rise in copper prices | 28 |
Hedging Transactions and Deri64
Hedging Transactions and Derivative Financial Instruments (Effect and Fair Value of Derivative Instruments) (Detail) - Other income, net - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Foreign Exchange Option Contracts | ||
Derivative [Line Items] | ||
Foreign Exchange Contracts, Not designated as hedging instruments, Amount of gain (loss) | $ (170) | $ (78) |
Foreign Exchange Contracts, Not designated as hedging instruments, Other assets (liabilities) | (170) | (78) |
Copper Derivative Instruments | ||
Derivative [Line Items] | ||
Copper Derivative Instruments, Not designated as hedging instruments, Amount of gain (loss) | 625 | (666) |
Copper Derivative Instruments, Not designated as hedging instruments, Other assets (liabilities) | $ 1,277 | 193 |
Interest Rate Swap Instrument | ||
Derivative [Line Items] | ||
Interest Rate Swap Instrument, Designated as hedging instruments, Amount of gain (loss) | 126 | |
Interest Rate Swap Instrument, Designated as hedging instruments, Other assets (liabilities) | $ (18) |
Accumulated Other Comprehensi65
Accumulated Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income or Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | $ 584,582 | $ 587,281 | $ 560,316 | |
Actuarial net gain (loss) incurred in fiscal year | 1,106 | 2,760 | (20,715) | |
Ending Balance | 635,786 | 584,582 | 587,281 | |
AOCI, Pension and other postretirement benefit plans, tax | 9,160 | 9,879 | 11,952 | |
AOCI, Cumulative changes in net gain (loss) from cash flow hedges, tax | 0 | 5 | 50 | |
Foreign currency translation adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (41,365) | (14,193) | ||
Other comprehensive income before reclassifications | (5,081) | (27,172) | ||
Actuarial net gain (loss) incurred in fiscal year | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | ||
Net current-period other comprehensive income | (5,081) | (27,172) | ||
Ending Balance | (46,446) | (41,365) | (14,193) | |
Funded status of pension plans and other postretirement benefits | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | [1] | (47,082) | (50,808) | |
Other comprehensive income before reclassifications | [1] | 0 | 0 | |
Actuarial net gain (loss) incurred in fiscal year | [1] | 1,106 | 2,760 | |
Amounts reclassified from accumulated other comprehensive income | [1] | 160 | 966 | |
Net current-period other comprehensive income | [1] | 1,266 | 3,726 | |
Ending Balance | [1] | (45,816) | (47,082) | (50,808) |
Unrealized gain (loss) on derivative instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | [2] | (11) | (93) | |
Other comprehensive income before reclassifications | [2] | 0 | (2) | |
Actuarial net gain (loss) incurred in fiscal year | [2] | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income | [2] | 11 | 84 | |
Net current-period other comprehensive income | [2] | 11 | 82 | |
Ending Balance | [2] | 0 | (11) | (93) |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (88,458) | (65,094) | (11,450) | |
Other comprehensive income before reclassifications | (5,081) | (27,174) | ||
Actuarial net gain (loss) incurred in fiscal year | 1,106 | 2,760 | ||
Amounts reclassified from accumulated other comprehensive income | 171 | 1,050 | ||
Net current-period other comprehensive income | (3,804) | (23,364) | ||
Ending Balance | $ (92,262) | $ (88,458) | $ (65,094) | |
[1] | Net of taxes of $9,160 and $9,879 for the years ended December 31, 2016 and December 31, 2015, respectively. | |||
[2] | Net of taxes of $0 and $5 for the years ended December 31, 2016 and December 31, 2015, respectively. |
Accumulated Other Comprehensi66
Accumulated Other Comprehensive Income (Loss) (Reclassification) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other income (expense), net | $ (1,788) | $ (8,492) | $ (1,194) | |
Income tax expense | (33,997) | (19,853) | (27,812) | |
Net income | 48,283 | 46,320 | $ 53,412 | |
Unrealized gain (loss) on derivative instruments | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from AOCI, net of tax | [1] | (11) | (84) | |
Accumulated defined benefit plans adjustment, Net gain (loss) attributable to parent | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income before income taxes | 246 | 1,486 | ||
Funded status of pension plans and other postretirement benefits | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from AOCI, tax | (86) | (520) | ||
Reclassification from AOCI, net of tax | [2] | (160) | (966) | |
Amounts reclassified from accumulated other comprehensive income (loss) for the period ended December 31, 2013 | Unrealized gain (loss) on derivative instruments | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other income (expense), net | 16 | |||
Realized gain (loss) | 129 | |||
Income tax expense | (5) | (45) | ||
Net income | $ 11 | $ 84 | ||
[1] | Net of taxes of $0 and $5 for the years ended December 31, 2016 and December 31, 2015, respectively. | |||
[2] | Net of taxes of $9,160 and $9,879 for the years ended December 31, 2016 and December 31, 2015, respectively. |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Nov. 23, 2016 | Dec. 21, 2015 | Jan. 22, 2015 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | |||||||
Weighted average useful life | 6 years 7 months 6 days | ||||||
Amortization expense | $ 11,200 | $ 10,900 | $ 6,100 | ||||
Estimated future amortization expense for 2017 | $ 15,300 | 15,300 | |||||
Estimated future amortization expense for 2018 | 14,700 | 14,700 | |||||
Estimated future amortization expense for 2019 | 14,300 | 14,300 | |||||
Estimated future amortization expense for 2020 | 10,800 | 10,800 | |||||
Estimated future amortization expense for 2021 | 9,900 | 9,900 | |||||
Proceeds from the sale of a business | $ 1,265 | 0 | 1,265 | 0 | |||
Loss on disposition of a business | $ 4,800 | $ 0 | 4,819 | $ 0 | |||
Customer relationships | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Weighted average useful life | 7 years 8 months 12 days | ||||||
Developed technology | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Weighted average useful life | 5 years | ||||||
Covenant-not-to-compete | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Weighted average useful life | 2 years 6 months | ||||||
DeWAL | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Purchase price | $ 136,000 | ||||||
Cash from credit facility used to fund acquisition | 136,000 | ||||||
Estimated future amortization expense for 2017 | 5,300 | $ 5,300 | |||||
Estimated future amortization expense for 2018 | 5,300 | 5,300 | |||||
Estimated future amortization expense for 2019 | 5,300 | 5,300 | |||||
Estimated future amortization expense for 2020 | 5,300 | 5,300 | |||||
Estimated future amortization expense for 2021 | 5,200 | 5,200 | |||||
Transaction costs | $ 2,100 | ||||||
Business acquisition, acquiree revenue | 5,400 | ||||||
Business acquisition, acquiree net income | 2,000 | ||||||
DeWAL | Customer relationships | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible assets acquired | 46,700 | ||||||
Weighted average useful life | 9 years 7 months 6 days | ||||||
DeWAL | Developed technology | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible assets acquired | 22,000 | ||||||
Weighted average useful life | 6 years 3 months 18 days | ||||||
DeWAL | Trademarks | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Weighted average useful life | 3 years 4 months 24 days | ||||||
DeWAL | Covenant-not-to-compete | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible assets acquired | $ 500 | ||||||
Weighted average useful life | 2 years 6 months | ||||||
Arlon | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Purchase price | $ 157,000 | ||||||
Cash from credit facility used to fund acquisition | 125,000 | ||||||
Estimated future amortization expense for 2017 | 5,800 | $ 5,800 | |||||
Estimated future amortization expense for 2018 | 5,800 | 5,800 | |||||
Estimated future amortization expense for 2019 | $ 5,800 | $ 5,800 | |||||
Transaction costs | 1,500 | ||||||
Business acquisition, acquiree revenue | 100,000 | ||||||
Business acquisition, acquiree net income | $ 25,100 | ||||||
Arlon | Customer relationships | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible assets acquired | 32,700 | ||||||
Weighted average useful life | 6 years | ||||||
Arlon | Developed technology | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible assets acquired | 15,800 | ||||||
Weighted average useful life | 5 years 8 months 12 days | ||||||
Arlon | Trademarks | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible assets acquired | $ 1,600 | ||||||
Weighted average useful life | 3 years 2 months 12 days | ||||||
Minimum | DeWAL | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Amortization expense | $ 4,300 | ||||||
Minimum | Arlon | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Amortization expense | 1,800 | ||||||
Maximum | DeWAL | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Amortization expense | 5,300 | ||||||
Maximum | Arlon | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Amortization expense | $ 5,800 |
Acquisitions Schedule of recogn
Acquisitions Schedule of recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Nov. 23, 2016 | Dec. 31, 2015 | Jan. 22, 2015 |
Assets: | ||||
Goodwill | $ 208,431 | $ 175,453 | ||
DeWAL | ||||
Assets: | ||||
Cash and equivalents | $ 1,539 | |||
Accounts receivable | 7,513 | |||
Other current assets | 691 | |||
Inventory | 9,915 | |||
Property, plant & equipment | 9,929 | |||
Intangible assets | 73,500 | |||
Goodwill | 35,638 | |||
Other long-term assets | 221 | |||
Total assets | 138,946 | |||
Liabilities: | ||||
Accounts payable | 2,402 | |||
Other current liabilities | 1,062 | |||
Total liabilities | 3,464 | |||
Fair value of net assets acquired | $ 135,482 | |||
Arlon | ||||
Assets: | ||||
Cash and equivalents | $ 142 | |||
Accounts receivable | 17,301 | |||
Other current assets | 856 | |||
Inventory | 9,916 | |||
Deferred income tax assets, current | 1,084 | |||
Property, plant & equipment | 30,667 | |||
Intangible assets | 50,020 | |||
Goodwill | 85,565 | |||
Other long-term assets | 106 | |||
Total assets | 195,657 | |||
Liabilities: | ||||
Accounts payable | 4,958 | |||
Other current liabilities | 4,385 | |||
Deferred tax liability | 23,225 | |||
Other long-term liabilities | 4,540 | |||
Total liabilities | 37,108 | |||
Fair value of net assets acquired | $ 158,549 |
Acquisitions Business Acquisiti
Acquisitions Business Acquisition Pro Forma Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combinations [Abstract] | |||
Net sales | $ 704,000 | $ 693,000 | $ 714,303 |
Net income | $ 48,000 | $ 41,000 | $ 63,751 |
Property, Plant and Equipment70
Property, Plant and Equipment (Schedule of Plant Property and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 15,855 | $ 16,726 |
Buildings and improvements | 138,493 | 141,082 |
Machinery and equipment | 220,238 | 191,459 |
Office equipment | 54,013 | 42,696 |
Property, plant and equipment, gross | 428,599 | 391,963 |
Accumulated depreciation | (259,178) | (237,150) |
Property, plant and equipment, net | 169,421 | 154,813 |
Equipment in process | 7,495 | 23,848 |
Total property, plant and equipment, net | $ 176,916 | $ 178,661 |
Property, Plant and Equipment71
Property, Plant and Equipment (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||||
Proceeds from sale of vacant land | $ 0 | $ 0 | $ 69 | |
Book value | $ 871 | 871 | ||
Depreciation | 26,600 | $ 23,200 | $ 20,100 | |
Belgium | ||||
Property, Plant and Equipment [Line Items] | ||||
Book value | 900 | $ 900 | ||
Land | Belgium | ||||
Property, Plant and Equipment [Line Items] | ||||
Proceeds from sale of vacant land | $ 1,600 |
Goodwill and Intangible Asset72
Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill by Segment) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Goodwill [Roll Forward] | |
December 31, 2015 | $ 175,453 |
Arlon adjustment | (238) |
DeWAL acquisition | 35,638 |
Foreign currency translation adjustment | (2,422) |
December 31, 2016 | 208,431 |
Elastomeric Material Solutions | |
Goodwill [Roll Forward] | |
December 31, 2015 | 56,269 |
Arlon adjustment | 0 |
DeWAL acquisition | 35,638 |
Foreign currency translation adjustment | (376) |
December 31, 2016 | 91,531 |
Advanced Connectivity Solutions | |
Goodwill [Roll Forward] | |
December 31, 2015 | 51,931 |
Arlon adjustment | (238) |
DeWAL acquisition | 0 |
Foreign currency translation adjustment | 0 |
December 31, 2016 | 51,693 |
Power Electronics Solutions | |
Goodwill [Roll Forward] | |
December 31, 2015 | 65,029 |
Arlon adjustment | 0 |
DeWAL acquisition | 0 |
Foreign currency translation adjustment | (2,046) |
Other | |
Goodwill [Roll Forward] | |
December 31, 2015 | 2,224 |
Arlon adjustment | 0 |
DeWAL acquisition | 0 |
Foreign currency translation adjustment | $ 0 |
Goodwill and Intangible Asset73
Goodwill and Intangible Assets (Additional Information) (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($)Segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Nov. 30, 2015USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||||
Carrying amount of intangible assets | $ 173,272 | $ 101,158 | ||
Weighted average useful life | 6 years 7 months 6 days | |||
Amortization expense | $ 11,200 | 10,900 | $ 6,100 | |
Estimated future amortization expense for 2017 | 15,300 | |||
Estimated future amortization expense for 2018 | 14,700 | |||
Estimated future amortization expense for 2019 | 14,300 | |||
Estimated future amortization expense for 2020 | 10,800 | |||
Estimated future amortization expense for 2021 | $ 9,900 | |||
Number of reportable segments | Segment | 4 | |||
Goodwill acquired | $ 208,431 | 175,453 | ||
Advanced Connectivity Solutions | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill acquired | $ 51,693 | 51,931 | ||
Annual Impairment Testing | ||||
Fair value of goodwill in excess of carrying value, Percent | 281.60% | |||
Sensitivity analysis, Discount rate used | 12.00% | |||
Sensitivity analysis, Terminal year growth rate | 3.00% | |||
Elastomeric Material Solutions | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill acquired | $ 91,531 | $ 56,269 | ||
Annual Impairment Testing | ||||
Fair value of goodwill in excess of carrying value, Percent | 76.00% | |||
Sensitivity analysis, Terminal year growth rate | 3.00% | |||
Curamik Electronics Solutions | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill acquired | $ 62,983 | |||
Annual Impairment Testing | ||||
Fair value of goodwill in excess of carrying value, Percent | 75.80% | |||
Sensitivity analysis, Discount rate used | 12.90% | |||
Sensitivity analysis, Terminal year growth rate | 3.00% | |||
ROLINX | ||||
Annual Impairment Testing | ||||
Sensitivity analysis, Terminal year growth rate | 3.00% | |||
Elastomer Component Division | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill acquired | $ 2,224 | |||
Annual Impairment Testing | ||||
Fair value of goodwill in excess of carrying value, Percent | 225.70% | |||
Sensitivity analysis, Terminal year growth rate | 3.00% | |||
Technology License Agreement | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Carrying amount of intangible assets | $ 1,000 | |||
Weighted average useful life | 5 years |
Goodwill and Intangible Asset74
Goodwill and Intangible Assets (Intangible Assets) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 173,272 | $ 101,158 |
Accumulated Amortization | 40,764 | 30,442 |
Net Carrying Amount | 132,508 | 70,716 |
Indefinite lived intangible assets | 4,168 | 4,303 |
Total intangible assets | 177,440 | 105,461 |
Other intangible assets | 136,676 | 75,019 |
Trademarks and patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,825 | 2,543 |
Accumulated Amortization | 1,156 | 718 |
Net Carrying Amount | 5,669 | 1,825 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 68,880 | 47,724 |
Accumulated Amortization | 24,365 | 19,681 |
Net Carrying Amount | 44,515 | 28,043 |
Covenant-not-to-compete | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,419 | 943 |
Accumulated Amortization | 932 | 943 |
Net Carrying Amount | 487 | 0 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 96,148 | 49,948 |
Accumulated Amortization | 14,311 | 9,100 |
Net Carrying Amount | $ 81,837 | $ 40,848 |
Goodwill and Intangible Asset75
Goodwill and Intangible Assets (Weighted Average Amortization Period by Intangible Asset Class) (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful life | 6 years 7 months 6 days |
Trademarks and patents | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful life | 3 years 4 months 24 days |
Developed technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful life | 5 years |
Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful life | 7 years 8 months 12 days |
Covenant-not-to-compete | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful life | 2 years 6 months |
Summarized Financial Informat76
Summarized Financial Information of Unconsolidated Joint Ventures (Additional Information) (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)joint_venture | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Number of joint ventures that are 50% owned | joint_venture | 2 | ||
Equity income in unconsolidated joint ventures | $ 4,146 | $ 2,890 | $ 4,123 |
Due from joint ventures, current | $ 2,400 | $ 1,800 | |
Rogers INOAC Corporation | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest in joint venture | 50.00% | ||
Rogers I N O A C Suzhou Corporation | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest in joint venture | 50.00% |
Summarized Financial Informat77
Summarized Financial Information of Unconsolidated Joint Ventures (Accounted for Under Equity Method of Accounting) (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |
Fiscal Year-End | --12-31 |
Rogers INOAC Corporation | Japan | Elastomeric Material Solutions | |
Schedule of Equity Method Investments [Line Items] | |
Fiscal Year-End | --10-31 |
Rogers I N O A C Suzhou Corporation | China | Elastomeric Material Solutions | |
Schedule of Equity Method Investments [Line Items] | |
Fiscal Year-End | --12-31 |
Summarized Financial Informat78
Summarized Financial Information of Unconsolidated Joint Ventures (Assets, Liabilities, and Equity) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Current assets | $ 33,951 | $ 28,239 |
Noncurrent assets | 5,545 | 7,207 |
Current liabilities | 7,485 | 4,608 |
Shareholders’ equity | $ 32,011 | $ 30,838 |
Summarized Financial Informat79
Summarized Financial Information of Unconsolidated Joint Ventures (Sales, Profit, and Income) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Net sales | $ 47,321 | $ 43,438 | $ 48,259 |
Gross profit | 16,829 | 11,993 | 14,277 |
Net income | $ 8,292 | $ 5,753 | $ 8,246 |
Share Repurchase (Details)
Share Repurchase (Details) - USD ($) | Dec. 31, 2016 | Aug. 06, 2015 |
Equity [Abstract] | ||
Stock repurchase program, authorized amount | $ 100,000,000 | |
Stock repurchase program, remaining authorized repurchase amount | $ 52,000,000 |
Share Repurchase (Schedule of S
Share Repurchase (Schedule of Shares of Common Stock Through the Repurchase Program) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | |||
Shares of capital stock repurchased (in shares) | 140,498,000 | 727,573,000 | 0 |
Repurchases of capital stock | $ 7,995 | $ 39,993 |
Pension Benefit and Retiremen82
Pension Benefit and Retirement Health and Life Insurance Benefits (Additional Information) (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($)plan | Dec. 31, 2015USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Number of defined benefit pension plans | plan | 3 | ||
Projected benefit obligation of plan with accumulated benefit obligation in excess of plan assets | $ 148,600 | $ 151,900 | |
Accumulated benefit obligation of plan with accumulated benefit obligation in excess of plan assets | 148,600 | 151,900 | |
Fair value of the plan assets of plan with accumulated benefit obligation in excess of plan assets | 140,100 | 139,300 | |
Projected benefit obligation of plan with plan assets in excess of accumulated benefit obligation | 29,100 | 30,500 | |
Accumulated benefit obligation of plan with plan assets in excess of accumulated benefit obligation | 29,100 | 30,500 | |
Fair value of the plan assets of plan with plan assets in excess of accumulated benefit obligation | $ 31,700 | $ 31,700 | |
Change in discount rate | 4.00% | ||
Health care cost trend rate annual change | (0.25%) | ||
Percentage point change in assumed health care cost trend rates | 1.00% | ||
Health care cost, employees age | 65 years | ||
Remaining required employer contributions | $ 300 | ||
Estimated employer contributions in 2017 | $ 300 | ||
Employer contributions | $ 6,500 | ||
Retirees of 65 Years Old or Younger | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Health care cost trend rate assumed for next fiscal year | 7.50% | 7.00% | |
Ultimate health care cost trend rate | 4.50% | ||
Retirees of 65 Years Old or Older | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Health care cost trend rate assumed for next fiscal year | 7.50% | 7.50% | |
Ultimate health care cost trend rate | 4.50% | ||
Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Settlement charge | $ 5,200 | ||
Net loss to be recognized over next twelve months | $ 1,700 | ||
Historical return on plan assets over 20 years | 8.30% | ||
Expected long-term rate of return on plan assets | 5.51% | ||
Employer contributions | $ 344 | $ 6,971 | |
Pension Benefits | Equity Securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan asset allocations | 27.00% | 27.00% | |
Pension Benefits | Debt Securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan asset allocations | 73.00% | 73.00% | |
Retirement Health and Life Insurance Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net loss to be recognized over next twelve months | $ 1,500 | ||
Employer contributions | 860 | $ 766 | |
Bear Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Remaining required employer contributions | $ 300 |
Pension Benefit and Retiremen83
Pension Benefit and Retirement Health and Life Insurance Benefits (Obligations and Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in plan assets: | |||
Employer contributions | $ 6,500 | ||
Pension Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 182,359 | 187,882 | |
Addition of Bear Plan | 0 | 4,169 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 7,530 | 7,523 | 8,015 |
Actuarial (gain) loss | (3,621) | (8,674) | |
Benefit payments | (8,572) | (8,541) | |
Plan Amendment | 0 | 0 | |
Benefit obligation at end of year | 177,696 | 182,359 | 187,882 |
Change in plan assets: | |||
Fair value of plan assets at the beginning of the year | 171,007 | 170,600 | |
Addition of Bear Plan | 0 | 2,171 | |
Actual return on plan assets | 8,999 | (194) | |
Employer contributions | 344 | 6,971 | |
Benefit payments | (8,572) | (8,541) | |
Fair value of plan assets at the end of the year | 171,778 | 171,007 | 170,600 |
Unfunded status | (5,918) | (11,352) | |
Retirement Health and Life Insurance Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 2,722 | 9,839 | |
Addition of Bear Plan | 0 | 0 | |
Service cost | 133 | 411 | 556 |
Interest cost | 75 | 216 | 305 |
Actuarial (gain) loss | 72 | (1,362) | |
Benefit payments | (860) | (766) | |
Plan Amendment | 0 | (5,616) | |
Benefit obligation at end of year | 2,142 | 2,722 | 9,839 |
Change in plan assets: | |||
Fair value of plan assets at the beginning of the year | 0 | 0 | |
Addition of Bear Plan | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 860 | 766 | |
Benefit payments | (860) | (766) | |
Fair value of plan assets at the end of the year | 0 | 0 | $ 0 |
Unfunded status | $ (2,142) | $ (2,722) |
Pension Benefit and Retiremen84
Pension Benefit and Retirement Health and Life Insurance Benefits (Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Benefits | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Noncurrent assets | $ 2,583 | $ 1,273 |
Current liabilities | 0 | (1) |
Noncurrent liabilities | (8,501) | (12,624) |
Net amount recognized at end of year | (5,918) | (11,352) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||
Net actuarial (loss) gain | (59,377) | (62,972) |
Prior service benefit | 0 | 0 |
Net amount recognized at end of year | (59,377) | (62,972) |
Retirement Health and Life Insurance Benefits | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Noncurrent assets | 0 | 0 |
Current liabilities | (150) | (537) |
Noncurrent liabilities | (1,992) | (2,185) |
Net amount recognized at end of year | (2,142) | (2,722) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||
Net actuarial (loss) gain | 523 | 643 |
Prior service benefit | 3,878 | 5,368 |
Net amount recognized at end of year | $ 4,401 | $ 6,011 |
Pension Benefit and Retiremen85
Pension Benefit and Retirement Health and Life Insurance Benefits (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 7,530 | 7,523 | 8,015 |
Expected return of plan assets | (10,808) | (11,148) | (12,909) |
Amortization of prior service cost (credit) | 0 | 0 | 0 |
Amortization of net loss | 1,784 | 1,690 | 686 |
Settlement charge | 0 | 57 | 5,321 |
Net periodic benefit cost (benefit) | (1,494) | (1,878) | 1,113 |
Retirement Health and Life Insurance Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 133 | 411 | 556 |
Interest cost | 75 | 216 | 305 |
Expected return of plan assets | 0 | 0 | 0 |
Amortization of prior service cost (credit) | (1,489) | (248) | 0 |
Amortization of net loss | (47) | (12) | 0 |
Settlement charge | 0 | 0 | 0 |
Net periodic benefit cost (benefit) | $ (1,328) | $ 367 | $ 861 |
Pension Benefit and Retiremen86
Pension Benefit and Retirement Health and Life Insurance Benefits (Assumptions Used) (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 4.25% | 4.25% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.25% | 4.00% |
Expected long-term rate of return on plan assets | 6.50% | |
Retirement Health and Life Insurance Benefits | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 3.25% | 3.00% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 3.00% | 3.00% |
Expected long-term rate of return on plan assets | 0.00% | 0.00% |
Pension Benefit and Retiremen87
Pension Benefit and Retirement Health and Life Insurance Benefits (One-Percentage Point Change in Assumed Health Care Cost Trend Rates) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | |
Effect on total service and interest cost - Increase | $ 12 |
Effect on total service and interest cost - Decrease | (11) |
Effect on other postretirement benefit obligations - Increase | 78 |
Effect on other postretirement benefit obligations - Decrease | $ (74) |
Pension Benefit and Retiremen88
Pension Benefit and Retirement Health and Life Insurance Benefits (Fair Value of Net Assets by Asset Category) (Details) - Pension Benefits - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | $ 171,778 | $ 171,007 | $ 170,600 |
Pooled separate accounts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 7,587 | 6,782 | |
Fixed income bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 111,070 | 110,427 | |
Mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 44,054 | 43,454 | |
Guaranteed deposit account | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | $ 9,067 | $ 10,344 |
Pension Benefit and Retiremen89
Pension Benefit and Retirement Health and Life Insurance Benefits (Assets Carried at Fair Value by Level) (Details) - Pension Benefits - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | $ 171,778 | $ 171,007 | $ 170,600 |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 44,054 | 43,454 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 118,657 | 117,209 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 9,067 | 10,344 | |
Pooled separate accounts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 7,587 | 6,782 | |
Pooled separate accounts | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 0 | 0 | |
Pooled separate accounts | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 7,587 | 6,782 | |
Pooled separate accounts | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 0 | 0 | |
Fixed income bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 111,070 | 110,427 | |
Fixed income bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 0 | 0 | |
Fixed income bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 111,070 | 110,427 | |
Fixed income bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 0 | 0 | |
Mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 44,054 | 43,454 | |
Mutual funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 44,054 | 43,454 | |
Mutual funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 0 | 0 | |
Mutual funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 0 | 0 | |
Guaranteed deposit account | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 9,067 | 10,344 | |
Guaranteed deposit account | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 0 | 0 | |
Guaranteed deposit account | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 0 | 0 | |
Guaranteed deposit account | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | $ 9,067 | $ 10,344 |
Pension Benefit and Retiremen90
Pension Benefit and Retirement Health and Life Insurance Benefits (Summary of Changes in Fair Value of Guaranteed Deposit Account's Level 3 Assets) (Details) - Pension Benefits - Guaranteed deposit account - Level 3 $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at beginning of year | $ 10,344 |
Unrealized gains relating to instruments still held at the reporting date | 329 |
Purchases, sales, issuances and settlements (net) | (1,606) |
Balance at end of year | $ 9,067 |
Pension Benefit and Retiremen91
Pension Benefit and Retirement Health and Life Insurance Benefits (Estimated Future Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 8,916 |
2,018 | 9,043 |
2,019 | 9,201 |
2,020 | 9,404 |
2,021 | 9,694 |
2022-2026 | 52,583 |
Retirement Health and Life Insurance Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 513 |
2,018 | 345 |
2,019 | 285 |
2,020 | 280 |
2,021 | 193 |
2022-2026 | $ 1,391 |
Employee Savings and Investme92
Employee Savings and Investment Plans (Additional Information) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Employer contributions | $ 6,500,000 | |||
Rogers Employee Savings and Investment Plan (RESIP) | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
IRS deferral limit | $ 18,000 | 18,000 | ||
Employee compensation subject to employer matching percent | 6.00% | |||
Employer contributions | $ 3,000,000 | $ 3,200,000 | $ 2,700,000 | |
Rogers Employee Savings and Investment Plan (RESIP) | 100% match | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Employee compensation subject to employer matching percent | 3.50% | |||
Rogers Employee Savings and Investment Plan (RESIP) | 100% match | 1% of compensation | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Employee compensation subject to employer matching percent | 1.00% | |||
Employer matching contribution percent | 100.00% | |||
Rogers Employee Savings and Investment Plan (RESIP) | 50% match | 5% of compensation | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Employee compensation subject to employer matching percent | 5.00% | |||
Employer matching contribution percent | 50.00% | |||
DeWAL Industries, Inc 401k Profit Sharing Plan (DeWAL Plan) | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Employer matching contribution percent | 3.00% | |||
Employer matching contribution, percent of match | 100.00% |
Debt (Additional Information) (
Debt (Additional Information) (Detail) | Feb. 17, 2017USD ($) | Jan. 06, 2017USD ($) | Nov. 23, 2016USD ($) | Jan. 22, 2015USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 18, 2015USD ($) |
Debt Instrument [Line Items] | ||||||||||
Periodic payment | $ 3,653,000 | $ 3,653,000 | $ 2,966,000 | |||||||
Interest expense on capital lease | 300,000 | 400,000 | $ 500,000 | |||||||
Interest expense on outstanding debt | 3,100,000 | 3,500,000 | 1,800,000 | |||||||
Interest paid | 3,100,000 | 3,300,000 | 2,500,000 | |||||||
Unused commitment fee | 400,000 | 300,000 | 400,000 | |||||||
Amortization expense, debt issue costs | $ 500,000 | 500,000 | 500,000 | |||||||
Leverage ratio, cash dividends, maximum | 2 | 2 | ||||||||
Capital lease, expiration date | 2,021 | |||||||||
Capital lease obligation | $ 5,300,000 | $ 5,300,000 | 5,800,000 | |||||||
Amortization expense related to the capital lease | 300,000 | 300,000 | $ 400,000 | |||||||
Capital leases accumulated depreciation | 3,400,000 | 3,400,000 | 3,300,000 | |||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of lines of credit | 103,400,000 | 6,400,000 | ||||||||
Line of credit | 191,000,000 | 191,000,000 | ||||||||
Letter of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit agreement, maximum borrowing capacity | 1,200,000 | 1,200,000 | 1,200,000 | |||||||
Amounts drawn on LOC | 0 | 0 | $ 0 | |||||||
Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Allowed dividend payments | 10,000,000 | |||||||||
Bank Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Periodic payment | 4,100,000 | 4,100,000 | ||||||||
Term loan debt | $ 50,200,000 | $ 50,200,000 | ||||||||
Interest rate spread over variable rate | 1.375% | |||||||||
Amended Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, additional borrowing capacity | $ 50,000,000 | |||||||||
Interest paid | $ 3,600,000 | |||||||||
Leverage ratio, maximum | 3.25 | 3.25 | ||||||||
Maximum leverage ratio option | 3.50 | 3.50 | ||||||||
Interest coverage ratio, minimum | 3 | 3 | ||||||||
Deferred debt issuance costs | $ 1,600,000 | $ 1,600,000 | ||||||||
Amended Credit Facility | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit agreement, maximum borrowing capacity | 295,000,000 | |||||||||
Amended Credit Facility | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate spread over variable rate | 0.375% | |||||||||
Unused commitment fee, percentage | 0.20% | |||||||||
Amended Credit Facility | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate spread over variable rate | 0.75% | |||||||||
Unused commitment fee, percentage | 0.30% | |||||||||
Amended Credit Facility | Bank Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit agreement, maximum borrowing capacity | $ 55,000,000 | |||||||||
Eurocurrency loans | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate spread over variable rate | 1.375% | |||||||||
Eurocurrency loans | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate spread over variable rate | 1.75% | |||||||||
Federal Funds Rate | Amended Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate spread over variable rate | 0.50% | |||||||||
London Interbank Offered Rate (LIBOR) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate spread over variable rate | 1.00% | |||||||||
London Interbank Offered Rate (LIBOR) | Bank Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Derivative, basis spread on variable rate | 0.625% | 0.625% | ||||||||
DeWAL | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount drawn on the line of credit to fund acquisition | $ 136,000,000 | |||||||||
DeWAL | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount drawn on the line of credit to fund acquisition | $ 136,000,000 | |||||||||
Diversified Silicone Products, Inc. | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount drawn on the line of credit to fund acquisition | $ 30,000,000 | |||||||||
Arlon | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount drawn on the line of credit to fund acquisition | $ 125,000,000 | |||||||||
Arlon | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount drawn on the line of credit to fund acquisition | $ 125,000,000 | |||||||||
Subsequent Event | Third Amended Credit Agreement | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit agreement, maximum borrowing capacity | $ 450,000,000 | |||||||||
Line of credit facility, additional borrowing capacity | $ 175,000,000 | |||||||||
Leverage ratio, cash dividends, maximum | 2.75 | |||||||||
Subsequent Event | Third Amended Credit Agreement | Maximum | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Allowed dividend payments | $ 20,000,000 | |||||||||
Subsequent Event | Diversified Silicone Products, Inc. | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount drawn on the line of credit to fund acquisition | $ 30,000,000 |
Debt (Aggregate Payments) (Deta
Debt (Aggregate Payments) (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 4.1 |
2,018 | 4.8 |
2,019 | 5.5 |
2,020 | $ 226.8 |
Income Taxes (Consolidated Inco
Income Taxes (Consolidated Income (Loss) from Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 10,888 | $ 14,832 | $ 9,604 |
International | 71,392 | 51,341 | 71,620 |
Total | $ 82,280 | $ 66,173 | $ 81,224 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense (Benefit) in the Consolidated Statements of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current | |||
Domestic | $ 2,078 | $ 993 | $ 2,205 |
International | 24,537 | 15,192 | 17,172 |
Total | 26,615 | 16,185 | 19,377 |
Deferred | |||
Domestic | 3,376 | 4,272 | 6,984 |
International | 4,006 | (604) | 1,451 |
Total | 7,382 | 3,668 | 8,435 |
Domestic | 5,454 | 5,265 | 9,189 |
International | 28,543 | 14,588 | 18,623 |
Total | $ 33,997 | $ 19,853 | $ 27,812 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets | ||||
Accrued employee benefits and compensation | $ 9,899 | $ 9,284 | ||
Postretirement benefit obligations | 3,335 | 5,434 | ||
Tax loss and credit carryforwards | 7,146 | 9,318 | ||
Reserves and accruals | 6,361 | 6,225 | ||
Other | 2,792 | 3,474 | ||
Total deferred tax assets | 29,533 | 33,735 | ||
Less deferred tax asset valuation allowance | (6,388) | (6,202) | $ (7,691) | $ (7,302) |
Total deferred tax assets, net of valuation allowance | 23,145 | 27,533 | ||
Deferred tax liabilities | ||||
Depreciation and amortization | 14,965 | 17,492 | ||
Unremitted earnings | 7,239 | 1,150 | ||
Other | 190 | 187 | ||
Total deferred tax liabilities | 22,394 | 18,829 | ||
Net deferred tax asset | $ 751 | $ 8,704 |
Income Taxes (Additional Inform
Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2016 | Dec. 31, 2013 | |
Income Tax Examination [Line Items] | |||||
Tax loss and credit carryforwards | $ 7,146 | $ 9,318 | |||
Deferred tax asset valuation allowance | 6,388 | $ 6,202 | $ 7,691 | $ 7,302 | |
Excluded tax credit carryforwards, foreign | 6,300 | ||||
Tax credit carryforwards, research | 7,000 | ||||
Tax credit carryforwards, AMT | 500 | ||||
Excluded tax credit carryforwards, research | 6,700 | ||||
Excluded tax credit carryforwards, AMT | $ 400 | ||||
Effective income tax rate | 41.30% | 30.00% | 34.20% | ||
Deferred tax liabilities, undistributed foreign earnings | $ 6,100 | ||||
Current foreign tax expense (benefit) | $ 24,537 | $ 15,192 | $ 17,172 | ||
Undistributed earnings of foreign subsidiaries | 210,900 | ||||
Tax on undistributed earnings of foreign subsidiaries | 1,100 | 1,100 | |||
Income taxes paid, net of refunds | 24,000 | 18,700 | 14,500 | ||
Unrecognized tax benefits | 5,883 | 10,571 | 9,368 | ||
Unrecognized tax benefits that would impact effective tax rate | 200 | ||||
Unrecognized tax benefits, interest and penalties accrued | 400 | 1,300 | |||
Income tax examination, interest expense | 900 | $ (100) | $ (100) | ||
Minimum amount of unrecognized tax benefits that could be recognized over next 12 months | 1,700 | ||||
Minimum | |||||
Income Tax Examination [Line Items] | |||||
State operating loss carryforwards | 400 | ||||
Minimum | Arizona | |||||
Income Tax Examination [Line Items] | |||||
Tax loss and credit carryforwards | 8,000 | ||||
Capital loss carryforwards | 1,300 | ||||
Maximum | |||||
Income Tax Examination [Line Items] | |||||
State operating loss carryforwards | 6,400 | ||||
Deferred tax asset valuation allowance | 6,400 | ||||
China | |||||
Income Tax Examination [Line Items] | |||||
Current foreign tax expense (benefit) | $ 6,300 |
Income Taxes (Income Tax Expe99
Income Taxes (Income Tax Expense Difference) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Tax expense at Federal statutory income tax rate | $ 28,798 | $ 23,161 | $ 28,429 |
International tax rate differential | (2,260) | (4,792) | (6,772) |
Foreign source income, net of tax credits | 7,559 | 2,449 | 5,195 |
State tax, net of federal | (200) | (416) | 0 |
Unrecognized tax benefits | (5,555) | 148 | 603 |
General business credits | (1,125) | (908) | (604) |
Acquisition related expenses | 0 | 453 | 590 |
Taxes on unremitted earnings | 6,089 | 0 | 0 |
Valuation allowance change | 171 | (1,489) | 388 |
Other | 520 | 1,247 | (17) |
Total | $ 33,997 | $ 19,853 | $ 27,812 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Unrecognized Tax Benefits, Excluding Potential Interest and Penalties) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 10,571 | $ 9,368 |
Gross increases - current period tax positions | 520 | 4,229 |
Gross increases - tax positions in prior periods | 0 | 1,428 |
Gross decreases - tax positions in prior periods | (498) | 0 |
Foreign currency exchange | (137) | (475) |
Lapse of statute of limitations | (4,573) | (3,979) |
Ending balance | $ 5,883 | $ 10,571 |
Shareholders' Equity and Equ101
Shareholders' Equity and Equity Compensation (Additional Information) (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)offering_periodsstock_purchase_right$ / shares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Lower limit of exercise price range | 50.00% | ||
Vesting period | 4 years | ||
Expiration period | 10 years | ||
Stock purchase right | stock_purchase_right | 1 | ||
Stock repurchase right exercise price (in dollars per share) | $ / shares | $ 240 | ||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares | $ 0.01 | ||
Stock-based compensation expense | $ 11,275,000 | $ 9,643,000 | $ 7,533,000 |
Total intrinsic value of options exercised in period | 2,100,000 | 6,700,000 | |
Cash received from exercise of options exercised | 4,100,000 | 7,000,000 | |
Total grant-date fair value of stock options vested | 200,000 | ||
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 500,000 | 500,000 | 500,000 |
Employee stock purchase plan number of offering periods | offering_periods | 2 | ||
Employee stock purchase plan length of offering periods | 6 months | ||
Discount from market price percentage | 15.00% | ||
Equity Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 10 years | ||
Annual forfeiture rate | 3.00% | ||
Nonvested awards, total compensation cost not yet recognized | $ 0 | ||
Stock-based compensation expense | 200,000 | 300,000 | |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested awards, total compensation cost not yet recognized | 5,900,000 | ||
Stock-based compensation expense | $ 4,600,000 | 3,200,000 | 2,300,000 |
Performance-based restricted stock measurement period | 3 years | ||
Expected dividend yield | 0.00% | ||
Future compensation cost, period of recognition | 1 year 6 months | ||
Performance Shares | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance-based restricted stock award percentage target | 200.00% | ||
Performance Shares | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance-based restricted stock award percentage target | 0.00% | ||
Time Based Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested awards, total compensation cost not yet recognized | $ 7,300,000 | ||
Stock-based compensation expense | $ 5,600,000 | 5,000,000 | 3,600,000 |
Future compensation cost, period of recognition | 1 year 5 months | ||
Deferred Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 700,000 | $ 800,000 | $ 800,000 |
Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 10 years | ||
Vesting on the second anniversary after the grant date | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options vesting percentage | 33.33% | ||
Vesting on the third anniversary after the grant date | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options vesting percentage | 33.33% | ||
Vesting on the fourth anniversary after the grant date | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options vesting percentage | 33.34% |
Shareholders' Equity and Equ102
Shareholders' Equity and Equity Compensation (Shares of Capital Stock Reserved) (Details) - shares shares in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance (in shares) | 1,997,257 | 2,200,047 |
Rogers Corporation Stock acquisition program (shares) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance (in shares) | 120,883 | 120,883 |
Stock options and restricted stock (shares) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance (in shares) | 659,302 | 641,265 |
Rogers Corporation 2009 Long-Term Equity Compensation Plan (shares) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance (in shares) | 892,163 | 1,078,291 |
Rogers Employee and Investment Plan (shares) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance (in shares) | 169,044 | 169,044 |
Rogers Corporation Global Stock Ownership Plan for Employees (shares) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance (in shares) | 133,113 | 153,357 |
Deferred compensation to be paid in stock, including deferred stock units (shares) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance (in shares) | 22,752 | 37,207 |
Shareholders' Equity and Equ103
Shareholders' Equity and Equity Compensation (Summary of Activity Under Stock Option Plans) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Options Outstanding | |||
Options outstanding at beginning of period (in shares) | 212,038 | 393,347 | 893,139 |
Options exercised (in shares) | (95,113) | (178,759) | (476,793) |
Options canceled (in shares) | (350) | (2,550) | (22,999) |
Options outstanding at end of period (in shares) | 116,575 | 212,038 | 393,347 |
Options exercisable at end of period (in shares) | 116,575 | 204,394 | 364,770 |
Options vested at the end of the period (in shares) | 116,575 | ||
Weighted- Average Exercise Price Per Share | |||
Weighted Average Exercise Price Per Share, Outstanding at period start (in dollars per share) | $ 40.47 | $ 40.72 | $ 43.23 |
Weighted Average Exercise Price Per Share, Options exercised (in dollars per share) | 43.56 | 40.90 | 44.60 |
Weighted Average Exercise Price Per Share, Options canceled (in dollars per share) | 44.32 | 40.09 | 57.07 |
Weighted Average Exercise Price Per Share, Outstanding at period end (in dollars per share) | 37.76 | $ 40.47 | $ 40.72 |
Weighted Average Exercise Price Per Share, Options exercisable at December 31, 2016 | 37.76 | ||
Weighted Average Exercise Price Per Share, Options vested at December 31, 2016 or expected to vest | $ 37.76 | ||
Weighted-Average Remaining Contractual Life in Years | |||
Weighted-Average Remaining Contractual Life in Years, Options outstanding | 3 years 2 months | 3 years 2 months | |
Weighted-Average Remaining Contractual Life in Years, Options exercisable at December 31, 2016 | 3 years 2 months | ||
Weighted-Average Remaining Contractual Life in Years, Options vested at December 31, 2016 or expected to vest | 3 years 2 months | ||
Aggregate Intrinsic Value | |||
Aggregate Intrinsic Value, Options outstanding | $ 4,552,580 | $ 2,557,193 | |
Aggregate Intrinsic Value, Options exercisable at December 31, 2016 | 4,552,580 | ||
Aggregate Intrinsic Value, Options vested at December 31, 2016 or expected to vest | $ 4,552,580 |
Shareholders' Equity and Equ104
Shareholders' Equity and Equity Compensation (Monte Carlo Assumptions Used) (Details) - Performance Shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 29.60% | 28.20% |
Expected term (in years) | 3 years | 3 years |
Risk-free interest rate | 0.93% | 0.96% |
Shareholders' Equity and Equ105
Shareholders' Equity and Equity Compensation (Performance Based Restricted Stock Awards) (Detail) - Performance Shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Awards Outstanding | |||
Non-vested awards outstanding, beginning balance (in shares) | 107,229 | 92,437 | 71,175 |
Awards granted (in shares) | 84,443 | 51,475 | 51,850 |
Stock issued (in shares) | (25,397) | (20,910) | (14,383) |
Awards forfeited or expired (in shares) | (14,506) | (15,773) | (16,205) |
Non-vested awards outstanding, ending balance (in shares) | 151,769 | 107,229 | 92,437 |
Weighted- Average Grant Date Fair Value | |||
Weighted-Average Grant Date Fair Value, Outstanding at period beginning (in dollars per share) | $ 66.13 | $ 52.75 | $ 47.49 |
Weighted-Average Grant Date Fair Value, Awards granted (in dollars per share) | 69.01 | 78.01 | 58.61 |
Weighted-Average Grant Date Fair Value, Stock issued (in dollars per share) | 72.68 | 41.27 | 47.89 |
Weighted-Average Grant Date Fair Value, Awards forfeited or expired (in dollars per share) | 104.83 | 59.45 | 52.71 |
Weighted-Average Grant Date Fair Value, Outstanding at period end (in dollars per share) | $ 89.72 | $ 66.13 | $ 52.75 |
Shareholders' Equity and Equ106
Shareholders' Equity and Equity Compensation (Time Based Restricted Stock Awards) (Detail) - Time Based Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Awards Outstanding | |||
Non-vested awards outstanding, beginning balance (in shares) | 208,318 | 238,386 | 231,026 |
Awards granted (in shares) | 118,660 | 75,160 | 93,780 |
Stock issued (in shares) | (60,326) | (93,813) | (62,378) |
Awards forfeited or expired (in shares) | (27,463) | (11,415) | (24,042) |
Non-vested awards outstanding, ending balance (in shares) | 239,189 | 208,318 | 238,386 |
Weighted- Average Grant Date Fair Value | |||
Weighted-Average Grant Date Fair Value, Outstanding at period beginning (in dollars per share) | $ 64.27 | $ 53.80 | $ 48.54 |
Weighted-Average Grant Date Fair Value, Awards granted (in dollars per share) | 51.7 | 77.2 | 61.70 |
Weighted-Average Grant Date Fair Value, Stock issued (in dollars per share) | 64.03 | 48.35 | 47.19 |
Weighted-Average Grant Date Fair Value, Awards forfeited or expired (in dollars per share) | 64.60 | 61.32 | 51.19 |
Weighted-Average Grant Date Fair Value, Outstanding at period end (in dollars per share) | $ 57.71 | $ 64.27 | $ 53.80 |
Shareholders' Equity and Equ107
Shareholders' Equity and Equity Compensation (Deferred Stock Units) (Detail) - Deferred Stock Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Awards Outstanding | |||
Non-vested awards outstanding, beginning balance (in shares) | 23,950 | 30,150 | 31,550 |
Awards granted (in shares) | 11,900 | 10,300 | 14,700 |
Stock issued (in shares) | (23,950) | (16,500) | (16,100) |
Non-vested awards outstanding, ending balance (in shares) | 11,900 | 23,950 | 30,150 |
Weighted- Average Grant Date Fair Value | |||
Weighted-Average Grant Date Fair Value, Outstanding at period beginning (in dollars per share) | $ 27.22 | $ 24.43 | $ 26.77 |
Weighted-Average Grant Date Fair Value, Awards granted (in dollars per share) | 58.82 | 73.79 | 58.45 |
Weighted-Average Grant Date Fair Value, Stock issued (in dollars per share) | 52.69 | 51.20 | 60.08 |
Weighted-Average Grant Date Fair Value, Outstanding at period end (in dollars per share) | $ 58.82 | $ 27.22 | $ 24.43 |
Commitments and Contingencie108
Commitments and Contingencies (Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Lease Expense | |||
Operating leases | $ 3,567 | $ 3,531 | $ 2,716 |
Capital lease | $ 564 | $ 667 | $ 747 |
Minimum | |||
Lease Expense | |||
Operating lease period | 1 year | ||
Maximum | |||
Lease Expense | |||
Operating lease period | 5 years |
Commitments and Contingencie109
Commitments and Contingencies (Operating Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,017 | $ 482 |
2,018 | 482 |
2,019 | 482 |
2,020 | 482 |
2,021 | 3,940 |
Thereafter | 0 |
Total | 5,868 |
Less: Interest | (525) |
Present Value of Net Future Minimum Lease Payments | $ 5,343 |
Commitments and Contingencie110
Commitments and Contingencies (Capital Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,017 | $ 3,352 |
2,018 | 2,437 |
2,019 | 1,240 |
2,020 | 924 |
2,021 | 720 |
Thereafter | 1,034 |
Total | $ 9,707 |
Commitments and Contingencie111
Commitments and Contingencies (Additional Information) (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)claimslegal_matter | Dec. 31, 2015USD ($)claims | Dec. 31, 2014USD ($)claims | |
Loss Contingencies [Line Items] | |||
Estimated total cleanup costs, accrual | $ 0.4 | ||
Number of pending claims | claims | 605 | 489 | 440 |
Number of claims dismissed | claims | 155 | 176 | |
Number of claims settled | claims | 17 | 6 | |
Claims settlements amount | $ 4.4 | $ 1.6 | |
Asbestos forecast claim period | 10 years | ||
Asbestos-related liabilities, estimated liability | $ 52 | 56.6 | |
Asbestos-related liabilities, estimated insurance recovery | 48.4 | 53.4 | |
Environmental remediation expense (income) | 0.3 | (0.3) | $ 0.8 |
Connecticut Voluntary Corrective Action Program (VCAP) | |||
Loss Contingencies [Line Items] | |||
Estimated total cleanup costs, accrual | 1.9 | $ 3.2 | |
Decrease in loss contingency accrual | $ 0.9 | ||
Superfund Sites Proceedings | |||
Loss Contingencies [Line Items] | |||
Number of pending claims | legal_matter | 1 | ||
Estimated total cleanup costs, cost sharing percentage | 2.00% | ||
Superfund Sites Proceedings | Minimum | |||
Loss Contingencies [Line Items] | |||
Loss contingency, not accrued, best estimate | $ 18.8 | ||
Superfund Sites Proceedings | Maximum | |||
Loss Contingencies [Line Items] | |||
Loss contingency, not accrued, best estimate | 29.6 | ||
PCB Contamination Proceedings | |||
Loss Contingencies [Line Items] | |||
PCB contamination of the building and pond, liability recording during the period | 0.7 | ||
Remediation and monitoring costs incurred since inception related to the PCB soil and building contamination | 2.3 | ||
PCB Contamination Proceedings | Building | |||
Loss Contingencies [Line Items] | |||
Remediation and monitoring costs incurred since inception related to the PCB soil and building contamination | $ 0.5 | ||
PCB Contamination Proceedings | Pond | |||
Loss Contingencies [Line Items] | |||
Estimated total cleanup costs, accrual | $ 0.2 |
Commitments and Contingencie112
Commitments and Contingencies (Claims for Asbestos) (Details) - claims | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Claims outstanding at beginning of year | 489 | 440 |
New claims filed | 288 | 231 |
Pending claims concluded | (172) | (182) |
Claims outstanding at end of year | 605 | 489 |
Commitments and Contingencie113
Commitments and Contingencies (Schedule to Total Estimated of Liability for Asbestos) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | ||
Asbestos-related liabilities, estimated liability | $ 52 | $ 56.6 |
Asbestos-related liabilities, estimated insurance recovery | $ 48.4 | $ 53.4 |
Business Segment and Geograp114
Business Segment and Geographic Information (Narrative) (Details) | Dec. 31, 2016joint_venture |
Segment Reporting Information [Line Items] | |
Number of joint ventures that are 50% owned | 2 |
Rogers INOAC Corporation | |
Segment Reporting Information [Line Items] | |
Ownership interest in joint venture | 50.00% |
Rogers I N O A C Suzhou Corporation | |
Segment Reporting Information [Line Items] | |
Ownership interest in joint venture | 50.00% |
Business Segment and Geograp115
Business Segment and Geographic Information (Information About Reportable Segments) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | $ 173,000 | $ 165,259 | $ 157,489 | $ 160,566 | $ 152,928 | $ 160,366 | $ 163,098 | $ 165,051 | $ 656,314 | [1] | $ 641,443 | [1] | $ 610,911 | [1] |
Operating income | 83,852 | 76,255 | 81,241 | |||||||||||
Total assets | 1,056,500 | 930,355 | 1,056,500 | 930,355 | 840,435 | |||||||||
Capital expenditures | 18,136 | 24,837 | 28,755 | |||||||||||
Depreciation & amortization | 37,847 | 34,054 | 26,268 | |||||||||||
Investment in unconsolidated joint ventures | 16,183 | 15,348 | 16,183 | 15,348 | 17,214 | |||||||||
Equity income in unconsolidated joint ventures | 4,146 | 2,890 | 4,123 | |||||||||||
Advanced Connectivity Solutions | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 277,787 | 267,630 | 240,864 | |||||||||||
Operating income | 43,965 | 45,115 | 44,007 | |||||||||||
Total assets | 361,746 | 315,358 | 361,746 | 315,358 | 217,173 | |||||||||
Capital expenditures | 7,569 | 15,532 | 14,290 | |||||||||||
Depreciation & amortization | 15,654 | 15,403 | 9,575 | |||||||||||
Investment in unconsolidated joint ventures | 0 | 0 | ||||||||||||
Equity income in unconsolidated joint ventures | 0 | |||||||||||||
Elastomeric Material Solutions | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 203,181 | 180,898 | 173,671 | |||||||||||
Operating income | 26,593 | 19,979 | 23,350 | |||||||||||
Total assets | 421,011 | 264,982 | 421,011 | 264,982 | 221,013 | |||||||||
Capital expenditures | 4,051 | 4,103 | 6,197 | |||||||||||
Depreciation & amortization | 10,141 | 9,280 | 6,561 | |||||||||||
Investment in unconsolidated joint ventures | 15,348 | 15,348 | 17,214 | |||||||||||
Equity income in unconsolidated joint ventures | 4,146 | 2,890 | 4,123 | |||||||||||
Power Electronics Solutions | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 152,367 | 150,288 | 171,832 | |||||||||||
Operating income | 5,965 | 3,750 | 5,654 | |||||||||||
Total assets | 247,187 | 320,755 | 247,187 | 320,755 | 377,181 | |||||||||
Capital expenditures | 6,009 | 4,185 | 7,489 | |||||||||||
Depreciation & amortization | 11,208 | 7,855 | 9,332 | |||||||||||
Investment in unconsolidated joint ventures | 0 | 0 | 0 | 0 | 0 | |||||||||
Equity income in unconsolidated joint ventures | 0 | 0 | 0 | |||||||||||
Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 22,979 | 42,627 | 24,544 | |||||||||||
Operating income | 7,329 | 7,411 | 8,230 | |||||||||||
Total assets | 26,556 | $ 29,260 | 26,556 | 29,260 | 25,068 | |||||||||
Capital expenditures | 507 | 1,017 | 779 | |||||||||||
Depreciation & amortization | 844 | $ 1,516 | $ 800 | |||||||||||
Investment in unconsolidated joint ventures | $ 0 | 0 | ||||||||||||
Equity income in unconsolidated joint ventures | $ 0 | |||||||||||||
[1] | Net sales are allocated to countries based on the location of the customer. |
Business Segment and Geograp116
Business Segment and Geographic Information (Reconciliation to Consolidated Statements of Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting [Abstract] | |||
Operating income | $ 83,852 | $ 76,255 | $ 81,241 |
Equity income in unconsolidated joint ventures | 4,146 | 2,890 | 4,123 |
Other income (expense), net | (1,788) | (8,492) | (1,194) |
Interest income (expense), net | (3,930) | (4,480) | (2,946) |
Income before income taxes | $ 82,280 | $ 66,173 | $ 81,224 |
Business Segment and Geograp117
Business Segment and Geographic Information (Operations by Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net sales | $ 173,000 | $ 165,259 | $ 157,489 | $ 160,566 | $ 152,928 | $ 160,366 | $ 163,098 | $ 165,051 | $ 656,314 | [1] | $ 641,443 | [1] | $ 610,911 | [1] | ||
Long-Lived Assets | 522,894 | 429,133 | [2] | 522,894 | 429,133 | [2] | 287,223 | [2] | ||||||||
United States | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net sales | [1] | 158,136 | 164,478 | 124,305 | ||||||||||||
Long-Lived Assets | 326,199 | 218,439 | [2] | 326,199 | 218,439 | [2] | 70,728 | [2] | ||||||||
China | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net sales | [1] | 236,961 | 227,993 | 236,488 | ||||||||||||
Long-Lived Assets | 62,728 | 65,994 | [2] | 62,728 | 65,994 | [2] | 49,794 | [2] | ||||||||
Germany | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net sales | [1] | 79,480 | 76,569 | 93,478 | ||||||||||||
Long-Lived Assets | 101,725 | 110,240 | [2] | 101,725 | 110,240 | [2] | 129,702 | [2] | ||||||||
Other | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net sales | [1] | 181,737 | 172,403 | 156,640 | ||||||||||||
Long-Lived Assets | $ 32,242 | $ 34,460 | [2] | $ 32,242 | $ 34,460 | [2] | $ 36,999 | [2] | ||||||||
[1] | Net sales are allocated to countries based on the location of the customer. | |||||||||||||||
[2] | Long-lived assets are based on the location of the asset and are comprised of goodwill and other intangibles and property, plant and equipment. |
Restructuring and Impairment118
Restructuring and Impairment Charges (Additional Information) (Detail) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016USD ($)employee | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($)employee | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 471,000 | $ 700,000 | |||
Restructuring and impairment charges | 734,000 | $ 0 | $ 5,390,000 | ||
Pension settlement charge | $ 5,200,000 | ||||
Employee Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 600,000 | ||||
Expected cost | $ 1,200,000 | $ 1,200,000 | |||
BrightVolt Inc. | Asset Impairments | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and impairment charges | $ 200,000 | ||||
Arizona | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of employees | employee | 70 | 70 |
Restructuring and Impairment119
Restructuring and Impairment Charges (Schedule of Restructuring Charges) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Dec. 31, 2016 | |
Restructuring Reserve [Roll Forward] | ||
Balance at September 30, 2016 | $ 88 | |
Provisions | 471 | $ 700 |
Payments | (89) | |
Balance at December 31, 2016 | $ 470 | $ 470 |
Restructuring and Impairment120
Restructuring and Impairment Charges (Restructuring and Impairment Charges) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring and Impairment | |||||
Pension settlement charge | $ 5,200,000 | ||||
Restructuring charges | $ 471,000 | $ 700,000 | |||
Total Charges for Restructuring and Impairment | 734,000 | $ 0 | $ 5,390,000 | ||
Employee Severance | |||||
Restructuring and Impairment | |||||
Restructuring charges | 600,000 | ||||
Elastomeric Material Solutions | Pension Settlement | |||||
Restructuring and Impairment | |||||
Pension settlement charge | 0 | 1,332,000 | |||
Elastomeric Material Solutions | Employee Severance | |||||
Restructuring and Impairment | |||||
Restructuring charges | 176,000 | 0 | |||
Elastomeric Material Solutions | Asset Impairments | |||||
Restructuring and Impairment | |||||
Allocated Solicore impairment | 0 | 42,000 | |||
Advanced Connectivity Solutions | Pension Settlement | |||||
Restructuring and Impairment | |||||
Pension settlement charge | 0 | 1,954,000 | |||
Advanced Connectivity Solutions | Employee Severance | |||||
Restructuring and Impairment | |||||
Restructuring charges | 375,000 | 0 | |||
Advanced Connectivity Solutions | Asset Impairments | |||||
Restructuring and Impairment | |||||
Allocated Solicore impairment | 0 | 62,000 | |||
Power Electronics Solutions | Pension Settlement | |||||
Restructuring and Impairment | |||||
Pension settlement charge | 0 | 1,921,000 | |||
Power Electronics Solutions | Employee Severance | |||||
Restructuring and Impairment | |||||
Restructuring charges | 183,000 | ||||
Power Electronics Solutions | Asset Impairments | |||||
Restructuring and Impairment | |||||
Allocated Solicore impairment | 0 | 61,000 | |||
Other | Pension Settlement | |||||
Restructuring and Impairment | |||||
Pension settlement charge | 0 | 17,000 | |||
Other | Employee Severance | |||||
Restructuring and Impairment | |||||
Restructuring charges | 0 | 0 | |||
Other | Asset Impairments | |||||
Restructuring and Impairment | |||||
Allocated Solicore impairment | $ 0 | $ 1,000 |
Quarterly Results of Operati121
Quarterly Results of Operations (UNAUDITED) (Results of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Net sales | $ 173,000 | $ 165,259 | $ 157,489 | $ 160,566 | $ 152,928 | $ 160,366 | $ 163,098 | $ 165,051 | $ 656,314 | [1] | $ 641,443 | [1] | $ 610,911 | [1] |
Gross margin | 66,849 | 61,929 | 60,199 | 60,508 | 52,604 | 59,672 | 60,661 | 62,425 | $ 249,485 | $ 235,362 | $ 234,753 | |||
Income (loss) from continuing operations | $ 11,913 | $ 16,065 | $ 5,377 | $ 14,928 | $ 6,577 | $ 12,546 | $ 13,554 | $ 13,643 | ||||||
Net income per share: | ||||||||||||||
Basic income from continuing operations (in dollars per share) | $ 0.66 | $ 0.89 | $ 0.30 | $ 0.83 | $ 0.37 | $ 0.68 | $ 0.73 | $ 0.74 | ||||||
Diluted income from continuing operations (in dollars per share) | $ 0.65 | $ 0.88 | $ 0.29 | $ 0.82 | $ 0.37 | $ 0.67 | $ 0.71 | $ 0.72 | ||||||
[1] | Net sales are allocated to countries based on the location of the customer. |
Recent Accounting Standards - N
Recent Accounting Standards - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term Debt, Current Portion | Accounting Standards Update 2015-03 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Debt issuance costs, net | $ 0.5 | $ 0.5 |
Long-term Debt | Accounting Standards Update 2015-03 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Debt issuance costs, net | 1.1 | 1.6 |
Other Current Assets | Accounting Standards Update 2015-03 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Debt issuance costs, net | 0.5 | (0.5) |
Other Noncurrent Assets | Accounting Standards Update 2015-03 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Debt issuance costs, net | 1.1 | (1.6) |
New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2015-17 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred income tax assets, net | $ 9.6 | |
Retained Earnings | New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2016-09 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect adjustment | $ 13 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) | Feb. 17, 2017USD ($) | Jan. 06, 2017USD ($) | Dec. 31, 2016USD ($) |
Subsequent Event [Line Items] | |||
Leverage ratio, cash dividends, maximum | 2 | ||
Diversified Silicone Products, Inc. | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Purchase price | $ 60,000,000 | ||
Diversified Silicone Products, Inc. | Revolving Credit Facility | |||
Subsequent Event [Line Items] | |||
Cash from credit facility used to fund acquisition | $ 30,000,000 | ||
Diversified Silicone Products, Inc. | Revolving Credit Facility | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Cash from credit facility used to fund acquisition | $ 30,000,000 | ||
Third Amended Credit Agreement | Revolving Credit Facility | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Credit agreement, maximum borrowing capacity | $ 450,000,000 | ||
Line of credit facility, additional borrowing capacity | $ 175,000,000 | ||
Leverage ratio, cash dividends, maximum | 2.75 | ||
Maximum | |||
Subsequent Event [Line Items] | |||
Allowed dividend payments | $ 10,000,000 | ||
Maximum | Third Amended Credit Agreement | Revolving Credit Facility | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Allowed dividend payments | $ 20,000,000 |
SCHEDULE II Valuation and Qu124
SCHEDULE II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Doubtful Accounts | |||
Balance at Beginning of Period | $ 695 | $ 476 | $ 1,655 |
Charged to (Reduction of) Costs and Expenses | 1,321 | 1,085 | 250 |
Taken Against Allowance | (64) | (866) | (1,429) |
Other (Deductions) Recoveries | 0 | 0 | 0 |
Balance at End of Period | 1,952 | 695 | 476 |
Valuation on Allowance for Deferred Tax Assets | |||
Balance at Beginning of Period | 6,202 | 7,691 | 7,302 |
Charged to (Reduction of) Costs and Expenses | 186 | (1,484) | 159 |
Taken Against Allowance | 0 | 0 | 0 |
Other (Deductions) Recoveries | 0 | (5) | 230 |
Balance at End of Period | $ 6,388 | $ 6,202 | $ 7,691 |