Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 28, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Quarterly Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-4347 | ||
Entity Registrant Name | ROGERS CORP | ||
Entity Incorporation, State or Country Code | MA | ||
Entity Tax Identification Number | 06-0513860 | ||
Entity Address, Address Line One | 2225 W. Chandler Blvd. | ||
Entity Address, City or Town | Chandler | ||
Entity Address, State or Province | AZ | ||
Entity Address, Postal Zip Code | 85224-6155 | ||
City Area Code | 480 | ||
Local Phone Number | 917-6000 | ||
Title of 12(b) Security | Common Stock, | ||
Entity Trading Symbol | ROG | ||
Security Exchange Name | NYSE | ||
Entity Well-known Season Filer | Yes | ||
Entity Voluntary Filer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,172,358,484 | ||
Entity Common Stock, Shares Outstanding | 18,613,717 | ||
Entity Central Index Key | 0000084748 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Net sales | $ 898,260 | $ 879,091 | $ 821,043 |
Cost of sales | 583,968 | 568,308 | 502,468 |
Gross margin | 314,292 | 310,783 | 318,575 |
Selling, general and administrative expenses | 168,682 | 164,046 | 161,651 |
Research and development expenses | 31,685 | 33,075 | 29,547 |
Restructuring and impairment charges | 2,485 | 4,038 | 3,567 |
Other operating (income) expense, net | 959 | (3,087) | (5,329) |
Operating income | 110,481 | 112,711 | 129,139 |
Equity income in unconsolidated joint ventures | 5,319 | 5,501 | 4,898 |
Pension settlement charges | (53,213) | 0 | 0 |
Other income (expense), net | (592) | (994) | 5,019 |
Interest expense, net | (6,869) | (6,629) | (6,131) |
Income before income tax expense | 55,126 | 110,589 | 132,925 |
Income tax expense | 7,807 | 22,938 | 52,466 |
Net income | $ 47,319 | $ 87,651 | $ 80,459 |
Earnings per share: | |||
Basic earnings per share (in dollars per share) | $ 2.55 | $ 4.77 | $ 4.43 |
Diluted earnings per share (in dollars per share) | $ 2.53 | $ 4.70 | $ 4.34 |
Shares used in computing: | |||
Basic earnings per share (in shares) | 18,573 | 18,374 | 18,154 |
Diluted earnings per share (in shares) | 18,713 | 18,659 | 18,547 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 47,319 | $ 87,651 | $ 80,459 |
Foreign currency translation adjustment | (4,990) | (12,505) | 28,463 |
Pension and other postretirement benefits: | |||
Pension settlement charges, net of tax (Note 4) | 43,934 | 0 | 0 |
Actuarial net loss incurred, net of tax (Note 4) | (6,079) | (1,678) | (1,481) |
Amortization of loss, net of tax (Note 4) | 390 | 176 | 99 |
Derivative instrument designated as cash flow hedge: | |||
Change in unrealized (loss) gain before reclassifications, net of tax (Note 4) | (1,171) | 519 | (6) |
Unrealized (gain) loss reclassified into earnings, net of tax (Note 4) | (155) | (191) | 32 |
Other comprehensive income (loss) | 31,929 | (13,679) | 27,107 |
Comprehensive income | $ 79,248 | $ 73,972 | $ 107,566 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 166,849 | $ 167,738 |
Accounts receivable, less allowance for doubtful accounts of $1,691 and $1,354 | 122,285 | 144,623 |
Contract assets | 22,455 | 22,728 |
Inventories | 132,859 | 132,637 |
Prepaid income taxes | 4,524 | 3,093 |
Asbestos-related insurance receivables, current portion | 4,292 | 4,138 |
Other current assets | 10,838 | 10,829 |
Total current assets | 464,102 | 485,786 |
Property, plant and equipment, net of accumulated depreciation of $341,119 and $317,414 | 260,246 | |
Property, plant and equipment, net of accumulated depreciation of $341,119 and $317,414 | 242,759 | |
Investments in unconsolidated joint ventures | 16,461 | 18,667 |
Deferred income taxes | 17,117 | 8,236 |
Goodwill | 262,930 | 264,885 |
Other intangible assets, net of amortization | 158,947 | 177,008 |
Pension assets | 12,790 | 19,273 |
Asbestos-related insurance receivables, non-current portion | 74,024 | 59,685 |
Other long-term assets | 6,564 | 3,045 |
Total assets | 1,273,181 | 1,279,344 |
Current liabilities | ||
Accounts payable | 33,019 | 40,321 |
Accrued employee benefits and compensation | 29,678 | 30,491 |
Accrued income taxes payable | 10,649 | 7,032 |
Asbestos-related liabilities, current portion | 5,007 | 5,547 |
Other accrued liabilities | 21,872 | 23,789 |
Total current liabilities | 100,225 | 107,180 |
Borrowings under revolving credit facility | 123,000 | 228,482 |
Pension and other postretirement benefits liabilities | 1,567 | 1,739 |
Asbestos-related liabilities, non-current portion | 80,873 | 64,799 |
Non-current income tax | 10,423 | 8,418 |
Deferred income taxes | 9,220 | 10,806 |
Other long-term liabilities | 13,973 | 9,596 |
Commitments and contingencies (Note 10 and Note 12) | ||
Shareholders’ equity | ||
Capital stock - $1 par value; 50,000 authorized shares; 18,577 and 18,395 shares issued and outstanding, respectively | 18,577 | 18,395 |
Additional paid-in capital | 138,526 | 132,360 |
Retained earnings | 823,702 | 776,403 |
Accumulated other comprehensive loss | (46,905) | (78,834) |
Total shareholders' equity | 933,900 | 848,324 |
Total liabilities and shareholders' equity | $ 1,273,181 | $ 1,279,344 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts | $ 1,691 | $ 1,354 |
Accumulated Depreciation | $ 341,119 | $ 317,414 |
Capital Stock, par value (in dollars per share) | $ 1 | $ 1,000 |
Capital Stock, authorized shares (in shares) | 50,000,000 | 50,000,000 |
Capital Stock, shares issued (in shares) | 18,577,000 | 18,577,000 |
Capital Stock, shares outstanding (in shares) | 18,395,000 | 18,395,000 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Capital Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning Balance at Dec. 31, 2016 | $ 18,021 | $ 118,678 | $ 591,349 | $ (92,262) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares issued for vested restricted stock units, net of cancellations for tax withholding | 121 | (5,430) | |||
Net income | $ 80,459 | 80,459 | |||
Stock options exercised | 83 | 3,002 | |||
Shares issued for employee stock purchase plan | 15 | 880 | |||
Shares issued to directors | 15 | (15) | |||
Shares repurchased | 0 | 0 | 0 | ||
Equity compensation expense | 11,818 | ||||
Other comprehensive income (loss) | 27,107 | 27,107 | |||
Ending Balance at Dec. 31, 2017 | 766,573 | 18,255 | 128,933 | 684,540 | (65,155) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares issued for vested restricted stock units, net of cancellations for tax withholding | 117 | (6,717) | |||
Net income | 87,651 | 87,651 | |||
Stock options exercised | 22 | 839 | |||
Shares issued for employee stock purchase plan | 12 | 1,070 | |||
Shares issued to directors | 12 | (12) | |||
Shares repurchased | (2,999) | (23) | (2,976) | ||
Equity compensation expense | 11,223 | ||||
Other comprehensive income (loss) | (13,679) | (13,679) | |||
Ending Balance at Dec. 31, 2018 | 848,324 | 18,395 | 132,360 | 776,403 | (78,834) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares issued for vested restricted stock units, net of cancellations for tax withholding | 144 | (7,694) | |||
Net income | 47,319 | 47,319 | |||
Stock options exercised | 11 | 333 | |||
Shares issued for employee stock purchase plan | 15 | 1,234 | |||
Shares issued to directors | 12 | (12) | |||
Shares repurchased | 0 | 0 | 0 | ||
Equity compensation expense | 12,305 | ||||
Other comprehensive income (loss) | 31,929 | 31,929 | |||
Ending Balance at Dec. 31, 2019 | $ 933,900 | $ 18,577 | $ 138,526 | $ 823,702 | $ (46,905) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities: | |||
Net income | $ 47,319 | $ 87,651 | $ 80,459 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 49,162 | 50,073 | 44,099 |
Equity compensation expense | 12,305 | 11,223 | 11,818 |
Deferred income taxes | (17,549) | (3,325) | 17,513 |
Equity in undistributed income of unconsolidated joint ventures | (5,319) | (5,501) | (4,898) |
Dividends received from unconsolidated joint ventures | 5,375 | 4,431 | 3,529 |
Pension settlement charges | 53,213 | 0 | 0 |
Pension and other postretirement benefits | (943) | (1,552) | (1,561) |
Asbestos-related charges | 1,720 | 704 | 3,400 |
Loss (gain) on sale or disposal of property, plant and equipment | 756 | (164) | (5,154) |
Impairment charges | 1,537 | 1,506 | 807 |
Provision (benefit) for doubtful accounts | 437 | 236 | (439) |
Changes in assets and liabilities: | |||
Accounts receivable | 20,677 | (3,824) | (14,059) |
Contract assets | 273 | (22,728) | 0 |
Inventories | (1,200) | (19,013) | (14,208) |
Pension and postretirement benefit contributions | (103) | (25,354) | (906) |
Other current assets | (1,519) | (648) | (576) |
Accounts payable and other accrued expenses | (9,139) | (7,886) | 12,341 |
Proceeds from insurance related to operations | 0 | 0 | 932 |
Other, net | 4,321 | 991 | 5,885 |
Net cash provided by operating activities | 161,323 | 66,820 | 138,982 |
Investing Activities: | |||
Acquisition of business, net of cash received | 0 | (77,969) | (60,191) |
Isola asset acquisition | 0 | (43,434) | 0 |
Capital expenditures | (51,597) | (47,115) | (27,215) |
Proceeds from the sale of property, plant and equipment, net | 9 | 1,081 | 8,095 |
Proceeds from insurance claims | 0 | 0 | 1,041 |
Return of capital from unconsolidated joint ventures | 2,625 | 0 | 0 |
Net cash used in investing activities | (48,963) | (167,437) | (78,270) |
Financing Activities: | |||
Proceeds from borrowings under revolving credit facility | 0 | 102,500 | 0 |
Line of credit issuance costs | 0 | 0 | (1,169) |
Repayment of debt principal and finance lease obligations | (105,886) | (6,162) | (110,689) |
Payments of taxes related to net share settlement of equity awards | (7,550) | (6,600) | (5,309) |
Proceeds from the exercise of stock options, net | 344 | 861 | 3,085 |
Proceeds from issuance of shares to employee stock purchase plan | 1,249 | 1,082 | 895 |
Share repurchases | 0 | (2,999) | 0 |
Net cash (used in) provided by financing activities | (111,843) | 88,682 | (113,187) |
Effect of exchange rate fluctuations on cash | (1,406) | (1,486) | 5,867 |
Net decrease in cash and cash equivalents | (889) | (13,421) | (46,608) |
Cash and cash equivalents at beginning of period | 167,738 | 181,159 | 227,767 |
Cash and cash equivalents at end of period | 166,849 | 167,738 | 181,159 |
Supplemental Disclosures: | |||
Accrued capital additions | 3,420 | 2,744 | 2,376 |
Interest, net of amounts capitalized | 7,762 | 7,040 | 5,787 |
Income taxes | $ 17,593 | $ 29,161 | $ 36,918 |
Basis of Presentation, Organiza
Basis of Presentation, Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | Note 1 – Basis of Presentation, Organization and Summary of Significant Accounting Policies As used herein, the terms “Company,” “Rogers,” “we,” “us,” “our” and similar terms mean Rogers Corporation and its consolidated subsidiaries, unless the context indicates otherwise. Principles of Consolidation The consolidated financial statements include the accounts of the Company and our wholly-owned subsidiaries, after elimination of intercompany balances and transactions. The preparation of financial statements, in conformity with accounting principles generally accepted in the United States (U.S. GAAP), 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 three strategic operating segments: Advanced Connectivity Solutions (ACS), Elastomeric Material Solutions (EMS) and Power Electronics Solutions (PES). The remaining operations are accumulated and reported as our Other operating segment. Advanced Connectivity Solutions Our ACS operating segment designs, develops, manufactures and sells circuit materials and solutions enabling high-performance and high-reliability connectivity for applications in wireless infrastructure (e.g., power amplifiers, antennas and small cells), automotive (e.g., ADAS, telematics and thermal solutions), aerospace and defense (e.g. antenna systems, communication systems and phased array radar systems), connected devices (e.g., mobile internet devices and thermal solutions) and wired infrastructure (e.g., computing and IP infrastructure) markets. We believe these products have characteristics that offer performance and other functional advantages in many market applications that serve to differentiate our products from other commonly available materials. ACS products are sold principally to independent and captive printed circuit board fabricators that convert our laminates to custom printed circuits. Trade names for our ACS products include: RO4000 ® Series, RO3000 ® Series, RT/duroid ® , CLTE Series ® , AD Series ® , CuClad ® Series, TMM ® , Kappa ® , XTremeSpeed RO1200 TM Laminates, DiClad ® Series, IsoClad ® Series, COOLSPAN ® , MAGTREX TM , TC Series ® , IM Series TM , 92ML TM , 2929 Bondply and 3001 Bondply Film. As of December 31, 2019 , our ACS operating segment had manufacturing and administrative facilities in Chandler, Arizona; Rogers, Connecticut; Bear, Delaware; Evergem, Belgium; and Suzhou, China. Elastomeric Material Solutions Our EMS operating segment designs, develops, manufactures and sells engineered material solutions for a wide variety of applications and markets. These include polyurethane and silicone materials used in cushioning, gasketing and sealing, and vibration management applications for general industrial, portable electronics, automotive, mass transit, aerospace and defense, footwear and impact mitigation and printing markets; customized silicones used in flex heater and semiconductor thermal applications for general industrial, portable electronics, automotive, mass transit, aerospace and defense and medical markets; polytetrafluoroethylene and ultra-high molecular weight polyethylene materials used in wire and cable protection, electrical insulation, conduction and shielding, hose and belt protection, vibration management, cushioning, gasketing and sealing, and venting applications for general industrial, automotive and aerospace and defense markets. We believe 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). Trade names for our EMS products include: PORON ® , BISCO ® , DeWAL ® , ARLON ® , eSorba ® , Griswold ® , Diversified Silicone Products ® , XRD ® , R/bak ® and HeatSORB™. As of December 31, 2019 , our EMS operating segment had administrative and manufacturing facilities in Moosup, Connecticut; Rogers, Connecticut; Woodstock, Connecticut; Bear, Delaware; Carol Stream, Illinois; Narragansett, Rhode Island; Ansan, South Korea; and Suzhou, China. We also own 50% of two unconsolidated joint ventures: (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 the INOAC facilities in Nagoya and Mie, Japan, and RIS has manufacturing facilities at Rogers’ facilities in Suzhou, China. In July 2018, we acquired 100% of the membership interests in Griswold LLC (Griswold), a manufacturer of a wide range of high-performance engineered cellular elastomer and microcellular polyurethane products and solutions, for an aggregate purchase price of $78.0 million , net of cash acquired. Power Electronics Solutions Our PES operating segment designs, develops, manufactures and sells ceramic substrate materials, busbars and cooling solutions for a variety of applications in EV/HEV, general industrial, mass transit, renewable energy, aerospace and defense and wired infrastructure markets. We sell our ceramic substrate materials and cooling solutions under the curamik ® trade name and our busbars under the ROLINX ® trade name. As of December 31, 2019 , our PES operating segment had manufacturing and administrative facilities in Evergem, Belgium; Eschenbach, Germany; Budapest, Hungary; and Suzhou, China. Other Our Other operating segment consists of elastomer components for applications in general industrial market, as well as elastomer floats for level sensing in fuel tanks, motors, and storage tanks applications in the general industrial and automotive markets. We sell our elastomer components under our ENDUR ® trade name and our floats under our NITROPHYL ® trade name. Summary of Significant Accounting Policies 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, both 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. Translation adjustments for those entities that operate under a local currency are recorded directly to a separate component of shareholders’ equity, while remeasurement adjustments for those entities that operate under the parent’s functional currency are recorded 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 losses of $0.9 million in 2019 , losses of $0.7 million in 2018 and gains of $0.9 million in 2017 . 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 our estimates and takes into consideration historical trends, market conditions and the composition of our customer base. Inventories Inventories are stated at the lower of cost or net realizable value. The cost of inventories is determined using the first in, first out (FIFO) method. An allowance is made for estimated losses due to obsolescence. The allowance is determined for groups of products based on purchases in the recent past and/or expected future demand and market conditions. Abnormal amounts of idle facility expense and waste are not capitalized in inventory. The allocation of fixed production overheads to the inventory cost is based on the normal capacity of the production facilities. Our “Inventories” line item in the consolidated statements of financial position consisted of the following: As of December 31, (Dollars in thousands) 2019 2018 Raw materials $ 61,338 $ 59,321 Work-in-process 30,043 30,086 Finished goods 41,478 43,230 Total inventories $ 132,859 $ 132,637 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: Property, Plant and Equipment Classification Estimated Useful Lives Buildings and improvements 30-40 years Machinery and equipment 5-15 years Office equipment 3-10 years Software Costs We capitalize certain internal and external costs of computer software developed or obtained for internal use, principally related to software coding, software configuration, designing system interfaces and installation and testing of the software. We amortize capitalized internal use software costs using the straight-line method over the estimated useful lives of the software, generally from three to five years . Net capitalized software and development costs were $0.2 million and $1.7 million for the years ended December 31, 2019 and 2018 , respectively. Capitalized software is included within “Property, plant and equipment, net of accumulated depreciation” in the consolidated statements of financial position. Goodwill and Other Intangible Assets We have made acquisitions over the years that included the recognition of intangible assets. Intangible assets are classified into three categories: (1) goodwill; (2) other intangible assets with definite lives subject to amortization; and (3) other intangible assets with indefinite lives not subject to amortization. Other intangible assets can include items such as trademarks and trade names, licensed technology, customer relationships and covenants not to compete, among other things. Each definite-lived other intangible asset is amortized over its respective economic useful life using the economic attribution method. Goodwill is tested for impairment annually and between annual impairment tests if events or changes in circumstances indicate the carrying value may be impaired. If it is more likely than not that our goodwill is impaired, then we compare the estimated fair value of each of our reporting units to its respective carrying value. If a reporting unit’s carrying value is greater than its fair value, then an impairment is recognized for the excess and charged to operations. We currently have four reporting units with goodwill: ACS, EMS, curamik ® and Elastomer Components Division (ECD). Consistent with historical practice, the annual impairment test on these reporting units was performed as of November 30, 2019 . The application of the annual goodwill impairment test requires significant judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units and determination of the fair value of each reporting unit. Determining the fair value is subjective and requires the use of significant estimates and assumptions, including financial projections for net sales, gross margin and operating margin, discount rates, terminal growth rates and future market conditions, among others. We estimated the fair value of our reporting units using an income approach based on the present value of future cash flows through a five year discounted cash flow analysis. The discounted cash flow analysis utilized the discount rates for each of the reporting units ranging from 10.30% for EMS to 11.90% for ACS, and terminal growth rates ranging from 3.3% for curamik ® to 4.6% for ACS. 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 goodwill impairment test are reasonable, but inherently uncertain. There were no impairment charges resulting from our goodwill impairment analysis for the year ended December 31, 2019 . Our ACS, EMS, curamik ® and ECD reporting units had allocated goodwill of $51.7 million , $142.0 million , $67.0 million and $2.2 million respectively, as of December 31, 2019 . Indefinite-lived other intangible assets are tested for impairment annually and between annual impairment tests if events or changes in circumstances indicate the carrying value may be impaired. If it is more likely than not that an indefinite-lived other intangible asset is impaired, then we compare the estimated fair value of that indefinite-lived other intangible asset to its respective carrying value. If an indefinite-lived other intangible asset’s carrying value is greater than its fair value, then an impairment charge is recognized for the excess and charged to operations. Consistent with historical practice, the annual impairment test on these reporting units was performed as of November 30, 2019 . The application of the annual indefinite-lived other intangible asset impairment test requires significant judgment, including the determination of fair value of each indefinite-lived other intangible asset. Fair value is primarily based on income approaches using discounted cash flow models, which have significant assumptions. Such assumptions are subject to variability from year to year and are directly impacted by global market conditions. There were no impairment charges resulting from our indefinite-lived other intangible assets impairment analysis for the year ended December 31, 2019 . The curamik ® reporting unit had an indefinite-lived other intangible asset of $4.4 million as of December 31, 2019 . Definite-lived other intangible assets are tested for recoverability whenever events or changes in circumstances indicate the carrying value may not be recoverable. The recoverability test involves comparing the estimated sum of the undiscounted cash flows for each definite-lived other intangible asset to its respective carrying value. If a definite-lived other intangible asset’s carrying value is greater than the sum of its undiscounted cash flows, then the definite-lived other intangible asset’s carrying value is compared to its estimated fair value and an impairment charge is recognized for the excess and charged to operations. The application of the recoverability test requires significant judgment, including the identification of the asset group and determination of undiscounted cash flows and fair value of the underlying definite-lived other intangible asset. Determination of undiscounted cash flows requires the use of significant estimates and assumptions, including certain financial projections. Fair value is primarily based on income approaches using discounted cash flow models, which have significant assumptions. Such assumptions are subject to variability from year to year and are directly impacted by global market conditions. There were no impairment charges resulting from our definite-lived other intangible assets impairment analysis for the year ended December 31, 2019 . Our ACS, EMS and curamik ® reporting units had definite-lived other intangible assets of $4.7 million , $140.4 million and $9.5 million , respectively, as of December 31, 2019 . 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 review our asbestos-related projections annually in the fourth quarter of each year unless facts and circumstances materially change during the year, at which time we would analyze these projections. We believe the assumptions made on the potential exposure and expected insurance coverage are reasonable at the present time, but are subject to uncertainty based on the actual future outcome of our asbestos litigation. 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 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, average indemnity costs, average defense costs, 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 assumptions are subject to even greater uncertainty as the projection period lengthens. 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 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. Given the inherent uncertainty in making projections, we plan to re-examine periodically the assumptions used in the projections of current and future asbestos claims, and we will update them if needed based on our experience, changes in the assumptions underlying our models, and other relevant factors, such as changes in the tort system. Our accrued asbestos liabilities may not approximate our actual asbestos-related indemnity and defense costs, and our accrued insurance recoveries may not be realized. We believe that it is reasonably possible that we may incur additional charges for our asbestos liabilities and defense costs in the future that could exceed existing reserves and insurance recoveries. 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 value of our borrowings under credit facility 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. Based on our credit characteristics as of December 31, 2019 , borrowings would generally bear interest at London interbank offered rate (LIBOR) plus 137.5 basis points. As the current borrowings under the Third Amended Credit Agreement bear interest at adjusted 1-month LIBOR plus 137.5 basis points, we believe the carrying value of our borrowings approximates fair value. For additional information on the calculation of fair value measurements, refer to “ Note 2 – Fair Value Measurements .” Hedging Transactions and Derivative Financial Instruments 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 interest rates, foreign currency commitments, or forecasted commodity purchases are accounted for as cash flow hedges. For those derivative instruments that qualify for hedge accounting treatment, if the hedge is highly effective, all changes in the fair value of the derivative hedging instrument are recorded in other comprehensive income (loss). The derivative hedging instrument will be reclassified to earnings when the hedged item impacts 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.” For additional information, refer to “ Note 3 – Hedging Transactions and Derivative Financial Instruments .” 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. As of December 31, 2019 and 2018 , there were no customers that individually accounted for more than 10% of total accounts receivable. We did no t experience significant credit losses on customers’ accounts in 2019 , 2018 or 2017 . 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. We account for income taxes following Accounting Standards Codification (ASC) 740, 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. We did not make any changes in 2019 to our position on the permanent reinvestment of our historical earnings from foreign operations. With the exception of certain of our Chinese subsidiaries, we continue to assert that historical foreign earnings are indefinitely reinvested. As of December 31, 2019 and 2018 , we recorded a deferred tax liability of $1.6 million and $1.8 million , respectively, for Chinese withholding tax on undistributed earnings that are not indefinitely reinvested. The other remaining foreign subsidiaries have both the intent and ability to indefinitely reinvest their undistributed earnings and we expect that these undistributed earnings may give rise to an estimated $3.5 million of additional tax liabilities as a result of distribution of such earnings. If circumstances change and it becomes apparent that some, or all of the undistributed earnings as of December 31, 2019 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 item in the consolidated statements of operations. Accrued interest and penalties are included within the related tax liability line item in the consolidated statements of financial position. Revenue Recognition Recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the providing entity expects to be entitled in exchange for those goods or services. We recognize revenue when all of the following criteria are met: (1) we have entered into a binding agreement, (2) the performance obligations have been identified, (3) the transaction price to the customer has been determined, (4) the transaction price has been allocated to the performance obligations in the contract, and (5) the performance obligations have been satisfied. The majority of our shipping terms permit us to recognize revenue at point of shipment. Some shipping terms require the goods to be cleared 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. Shipping and handling costs are treated as fulfillment costs. Sales tax or VAT are excluded from the measurement of the transaction price. Pension and Other Postretirement 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 rates 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 bond index; (ii) the long-term rate of return on plan assets is determined based on historical portfolio results, market conditions and our expectations of future returns; 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 determine these assumptions based on consultation with outside actuaries and investment advisors. Any changes in these assumptions could have a significant impact on future recognized pension costs, assets and liabilities. We review these assumptions periodically throughout the year and update as necessary. 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 a plan’s obligations that determine our funded status as of the end of the 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 loss. In addition, actuarial losses (gains) that are not immediately recognized as net periodic pension cost (credit) are recognized as a component of accumulated other comprehensive loss (income) and amortized into net periodic pension cost (credit) in future periods. Investments were stated at fair value as of the dates reported. Securities traded on a national securities exchange were valued at the last reported sales price on the last business day of the plan year. Fixed-income bonds were valued using price evaluations provided by independent pricing services. 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 recordkeeper, on the last business day of the relevant 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 Company assets for investment purposes. Advertising Costs Advertising costs are expensed as incurred and amounted to $3.6 million , $3.8 million and $4.4 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Earnings Per Share Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. Equity Compensation Equity compensation mainly consists of expense related to restricted stock units and deferred stock units. Performance-based restricted stock unit compensation expense is based on achievement of both market and service conditions. The fair value of these awards is determined based on a Monte Carlo simulation valuation model on the grant date. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period with no changes for final projected payout of the awards. Time-based restricted stock unit compensation expense is based on the achievement of only service conditions. The fair value of these awards is determined based on the market value of the underlying stock price on the grant date. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period. Deferred stock units, which are granted to non-management directors, are fully vested on the date of grant and the related shares are generally issued on the 13 -month anniversary of the grant date unless the director elects to defer the receipt of those shares. The fair value of these awards is determined based on the market value of the underlying stock price on the grant date. The compensation related to these grants is expensed immediately on the date of grant. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 2 – 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, copper derivative contracts and interest rate swaps. Derivative instruments measured at fair value on a recurring basis, categorized by the level of inputs used in the valuation, include: Derivative Instruments at Fair Value as of December 31, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Total (1) Foreign currency contracts $ — $ (6 ) $ — $ (6 ) Copper derivative contracts $ — $ 1,147 $ — $ 1,147 Interest rate swap contract $ — $ (1,254 ) $ — $ (1,254 ) Derivative Instruments at Fair Value as of December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total (1) Foreign currency contracts $ — $ 522 $ — $ 522 Copper derivative contracts $ — $ 583 $ — $ 583 Interest rate swap contract $ — $ 461 $ — $ 461 (1) All balances were recorded in the “Other current assets” or “Other accrued liabilities” line items in the consolidated statements of financial position, except the 2019 and 2018 interest rate swap balance, which was recorded in the “Other long-term liabilities” and “Other long-term assets” line items, respectively, in the consolidated statements of financial position. For additional information on our derivative contracts, refer to “ Note 3 – Hedging Transactions and Derivative Financial Instruments .” |
Hedging Transactions and Deriva
Hedging Transactions and Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedging Transactions and Derivative Financial Instruments | Note 3 – Hedging Transactions and Derivative Financial Instruments We are exposed to certain risks related to our ongoing business operations. The primary risks being managed through our use of derivative instruments are foreign currency exchange rate risk, commodity pricing risk (primarily related to copper) and interest rate risk. 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, which are collectively a function of five primary variables: price of the underlying instrument, time to expiration, strike price, interest rate and volatility. 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 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. • Interest Rates – The fair value of 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 the agreements. Settlement amounts for an “in the money” swap would be adjusted down to compensate the counterparty for cost of funds, and the adjustment is directly related to the counterparties’ 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 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 as cash flow hedges (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. As of December 31, 2019 and 2018 , only our interest rate swap qualified for hedge accounting treatment as a cash flow hedge, and the hedge was highly effective. Foreign Currency In 2019 , we entered into U.S. dollar, Korean won, Japanese yen, euro, Chinese yuan and Chinese renminbi forward contracts. We entered into these foreign currency forward contracts to mitigate certain global transactional exposures. These contracts 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 in the period in which the adjustment occurred. As of December 31, 2019 the notional values of these foreign currency forward contracts were as follows: Notional Values of Foreign Currency Derivatives KRW/USD ₩ 10,413,450,000 USD/CNY $ 17,131,000 EUR/USD € 13,408,000 JPY/EUR ¥ 125,000,000 Commodity As of December 31, 2019 , we had 30 outstanding contracts to hedge exposure related to the purchase of copper in our PES and ACS operating segments. These contracts are held with financial institutions and are intended to offset rising copper prices 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 con solidated statements of operations in the period in which the adjustment occurred. As of December 31, 2019 , the volume of our copper contracts outstanding were as follows: Volume of Copper Derivatives January 2020 - March 2020 202 metric tons per month April 2020 - June 2020 202 metric tons per month July 2020 - September 2020 201 metric tons per month October 2020 - December 2020 201 metric tons per month January 2021 - March 2021 256 metric tons per month Interest Rates In March 2017, we entered into an interest rate swap to hedge the variable interest rate on $75.0 million of our $450.0 million revolving credit facility. This transaction has been designated as a cash flow hedge and qualifies for hedge accounting treatment. For additional information regarding our revolving credit facility, refer to “ Note 9 – Debt .” Effects on Financial Statements The following table presents the impact from these instruments on the statement of operations and statements of comprehensive income: Years Ended December 31, (Dollars in thousands) Financial Statement Line Item 2019 2018 2017 Foreign Currency Contracts Contracts not designated as hedging instruments Other income (expense), net $ (779 ) $ (333 ) $ (7 ) Copper Derivatives Contracts Contracts not designated as hedging instruments Other income (expense), net $ (716 ) $ (2,101 ) $ 1,928 Interest Rate Swap Contract Contract designated as hedging instrument Other comprehensive income (loss) $ (1,715 ) $ 420 $ 41 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 4 – Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss by component for each of the fiscal years in the two-year period ended December 31, 2019 were as follows: (Dollars and accompanying footnotes in thousands) Foreign Currency Translation Adjustments Pension and Other Postretirement Benefits (1) Derivative Instrument Designated as Cash Flow Hedge (2) Total Balance as of December 31, 2017 $ (17,983 ) $ (47,198 ) $ 26 $ (65,155 ) Other comprehensive income (loss) before reclassifications (12,505 ) (1,678 ) 519 (13,664 ) Amounts reclassified to earnings — 176 (191 ) (15 ) Net other comprehensive income (loss) for period (12,505 ) (1,502 ) 328 (13,679 ) Balance as of December 31, 2018 (30,488 ) (48,700 ) 354 (78,834 ) Other comprehensive income (loss) before reclassifications (4,990 ) (6,079 ) (1,171 ) (12,240 ) Amounts reclassified to earnings — 44,324 (155 ) 44,169 Net other comprehensive income (loss) for period (4,990 ) 38,245 (1,326 ) 31,929 Balance as of December 31, 2019 $ (35,478 ) $ (10,455 ) $ (972 ) $ (46,905 ) (1) Net of taxes of $2,368 , $9,984 and $9,563 for the years ended December 31, 2019 , 2018 and 2017 , respectively. (2) Net of taxes of $282 , ($106) and ($15) for the years ended December 31, 2019 , 2018 and 2017 , respectively. The impacts to the consolidated statements of operations related to items reclassified to earnings were as follows: Years Ended December 31, (Dollars in thousands) Financial Statement Line Item 2019 2018 Amortization/settlement of pension and other postretirement benefits Pension settlement charges $ (53,213 ) $ — Other income (expense), net (1) (504 ) (227 ) Income tax (expense) benefit 9,393 51 Net income $ (44,324 ) $ (176 ) Unrealized gains (losses) on derivative instrument (2) Other income (expense), net $ 200 $ 247 Income tax (expense) benefit (45 ) (56 ) Net income $ 155 $ 191 (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. For additional details, refer to “ Note 11 – Pension Benefits, Other Postretirement Benefits and Employee Savings and Investment Plan .” (2) This relates to the derivative instrument designated as a cash flow hedge and held as of the end of the year for each year presented. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 5 – Property, Plant and Equipment Our “Property, plant and equipment, net” line item in the consolidated statements of financial position consisted of the following: As of December 31, (Dollars in thousands) 2019 2018 Land $ 21,697 $ 21,525 Buildings and improvements 165,968 175,279 Machinery and equipment 281,771 256,301 Office equipment 68,349 64,886 Property plant and equipment, gross 537,785 517,991 Accumulated depreciation (341,119 ) (317,414 ) Property, plant and equipment, net 196,666 200,577 Equipment in process 63,580 42,182 Total property, plant and equipment, net $ 260,246 $ 242,759 Depreciation expense was $31.4 million in 2019 , $33.5 million in 2018 and $29.3 million in 2017 . Additionally, we recognized $1.5 million of impairment charges in both 2019 and 2018 , respectively, primarily relating to certain assets from the Isola asset acquisition. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 6 – Goodwill and Other Intangible Assets Goodwill The changes in the carrying amount of goodwill for the period ending December 31, 2019 , by operating segment, were as follows: (Dollars in thousands) Advanced Connectivity Solutions Elastomeric Material Solutions Power Electronics Solutions Other Total December 31, 2018 $ 51,694 $ 142,588 $ 68,379 $ 2,224 $ 264,885 Foreign currency translation adjustment — (558 ) (1,397 ) — (1,955 ) December 31, 2019 $ 51,694 $ 142,030 $ 66,982 $ 2,224 $ 262,930 Other Intangible Assets The changes in the carrying amount of other intangible assets for the two-year period ending December 31, 2019 , were as follows: December 31, 2019 December 31, 2018 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 149,317 $ 39,018 $ 110,299 $ 149,753 $ 30,078 $ 119,675 Technology 80,938 45,190 35,748 81,535 38,624 42,911 Trademarks and trade names 11,994 4,361 7,633 12,019 3,213 8,806 Covenants not to compete 1,340 505 835 1,340 249 1,091 Total definite-lived other intangible assets 243,589 89,074 154,515 244,647 72,164 172,483 Indefinite-lived other intangible asset 4,432 — 4,432 4,525 — 4,525 Total other intangible assets $ 248,021 $ 89,074 $ 158,947 $ 249,172 $ 72,164 $ 177,008 In the table above, gross carrying amounts and accumulated amortization may differ from prior periods due to foreign exchange rate fluctuations. Amortization expense was $17.8 million , $16.5 million and $14.8 million in 2019 , 2018 and 2017 , respectively. The estimated annual future amortization expense is $14.6 million , $13.8 million , $13.3 million , $12.7 million and $11.4 million in 2020 , 2021 , 2022 , 2023 and 2024 , respectively. These amounts could vary based on changes in foreign currency exchange rates. The weighted average amortization period as of December 31, 2019 , by definite-lived other intangible asset class, is presented in the table below: Definite-Lived Other Intangible Asset Class Weighted Average Remaining Amortization Period Customer relationships 7.3 Technology 4.1 Trademarks and trade names 4.9 Covenants not to compete 1.6 Total definite-lived other intangible assets 6.4 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 7 – Earnings Per Share Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. The following table sets forth the computation of basic and diluted earnings per share: Years Ended December 31, (Dollars and shares in thousands, except per share amounts) 2019 2018 2017 Numerator: Net income $ 47,319 $ 87,651 $ 80,459 Denominator: Weighted average shares outstanding - basic 18,573 18,374 18,154 Effect of dilutive shares 140 285 393 Weighted average shares outstanding - diluted 18,713 18,659 18,547 Basic earnings per share $ 2.55 $ 4.77 $ 4.43 Diluted earnings per share $ 2.53 $ 4.70 $ 4.34 Dilutive shares are calculated using the treasury stock method and primarily include unvested restricted stock units. Anti-dilutive shares are excluded from the calculation of diluted shares and diluted earnings per share. For 2019 and 2018 , 20,520 and 36,642 shares were excluded, respectively. No shares were excluded in 2017 . |
Capital Stock and Equity Compen
Capital Stock and Equity Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Capital Stock and Equity Compensation | Note 8 – Capital Stock and Equity Compensation Capital Stock Our 2019 Long-Term Equity Compensation Plan, which was approved by our shareholders in May 2019, permits the granting of restricted stock units and certain other forms of equity awards to officers and other key employees. Under this plan, we also grant each non-management director deferred stock units, which permit non-management directors to receive, at a later date, one share of Rogers capital stock for each deferred stock unit, with no payment of any consideration by the director at the time the shares were received. Shares of capital stock reserved for possible future issuance were as follows: As of December 31, 2019 2018 Shares reserved for issuance under outstanding restricted stock unit awards 315,571 413,294 Deferred compensation to be paid in stock, including deferred stock units 7,681 13,498 Additional shares reserved for issuance under Rogers Corporation 2019 Long-Term Equity Compensation Plan 1,063,920 777,385 Shares reserved for issuance under the Rogers Corporation Global Stock Ownership Plan for Employees 91,670 106,344 Total 1,478,842 1,310,521 Equity Compensation Performance-Based Restricted Stock Units As of December 31, 2019 , we had performance-based restricted stock units from 2019 , 2018 and 2017 outstanding. These awards generally cliff vest at the end of a three -year measurement period. 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 measurement period. Participants are eligible to be awarded shares ranging from 0% to 200% of the original award amount, based on certain defined performance measures. The outstanding awards have one measurement criteria: the three-year total shareholder return (TSR) on our capital stock as compared to that of a specified group of peer companies. The TSR measurement criteria of the awards is considered a market condition. As such, the fair value of this measurement criteria is determined on the grant date using a Monte Carlo simulation valuation model. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period with no changes for final projected payout of the awards. We account for forfeitures as they occur. Below were the assumptions used in the Monte Carlo calculation for each material award granted in 2019 , 2018 and 2017 : June 3, 2019 February 7, 2019 September 17, 2018 February 8, 2018 February 9, 2017 Expected volatility 39.7% 36.7% 36.6% 34.8% 33.6% Expected term (in years) 2.6 2.9 3.0 3.0 3.0 Risk-free interest rate 1.78% 2.43% 2.85% 2.28% 1.38% 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 of the outstanding performance-based restricted stock units for 2019 , 2018 and 2017 is presented below: 2019 2018 2017 Awards Outstanding Weighted- Awards Outstanding Weighted- Awards Outstanding Weighted- Awards outstanding as of January 1 142,434 $ 110.19 169,202 $ 97.16 151,769 $ 89.72 Awards granted 112,160 114.22 75,760 163.55 56,147 110.77 Stock issued (135,032 ) 69.10 (81,230 ) 131.72 (34,442 ) 86.59 Awards forfeited (12,619 ) 152.22 (21,298 ) 114.40 (4,272 ) 99.35 Awards outstanding as of December 31 106,943 $ 161.33 142,434 $ 110.19 169,202 $ 97.16 We recognized $5.0 million , $4.4 million and $4.7 million of compensation expense related to performance-based restricted stock units for the years ended December 31, 2019 , 2018 and 2017 , respectively. As of December 31, 2019 , there was $7.5 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 0.9 years. Time-Based Restricted Stock Units As of December 31, 2019 , we had time-based restricted stock unit awards from 2019 , 2018 and 2017 outstanding. The outstanding awards all ratably vest on the first, second and third anniversaries of the original grant date. 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 subsequent to the last grant anniversary date. Each time-based restricted stock unit represents a right to receive one share of the Rogers’ capital stock at the end of the vesting period. The fair value of the award is determined by the market value of the underlying stock price at the grant date. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period. We account for forfeitures as they occur. A summary of activity of the outstanding time-based restricted stock units for 2019 , 2018 and 2017 is presented below: 2019 2018 2017 Awards Outstanding Weighted- Awards Outstanding Weighted- Awards Outstanding Weighted- Awards outstanding as of January 1 117,476 $ 116.10 173,331 $ 69.10 239,189 $ 57.71 Awards granted 62,115 126.92 46,810 143.93 80,535 83.17 Stock issued (68,111 ) 81.53 (82,921 ) 84.92 (140,208 ) 58.18 Awards forfeited (9,795 ) 116.52 (19,744 ) 112.06 (6,185 ) 60.70 Awards outstanding as of December 31 101,685 $ 122.68 117,476 $ 116.10 173,331 $ 69.10 We recognized $5.8 million , $5.6 million and $5.7 million of compensation expense related to time-based restricted stock units for the years ended December 31, 2019 , 2018 and 2017 , respectively. As of December 31, 2019 , there was $7.7 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 0.9 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 -month anniversary of the grant date unless the individual elects to defer the receipt of those shares. Each deferred stock unit results in the issuance of one share of Rogers’ capital stock. The grant of deferred stock units is typically done annually during the second quarter of each year. The fair value of the award is determined by the market value of the underlying stock price at the grant date. A summary of activity of the outstanding deferred stock units for 2019 , 2018 and 2017 is presented below: 2019 2018 2017 Awards Outstanding Weighted- Awards Outstanding Weighted- Awards Outstanding Weighted- Awards outstanding as of January 1 8,400 $ 108.86 9,250 $ 109.48 11,900 $ 58.82 Awards granted 5,950 183.40 8,400 108.86 9,250 109.48 Stock issued (7,200 ) 108.86 (9,250 ) 109.48 (11,900 ) 58.82 Awards outstanding as of December 31 7,150 $ 170.89 8,400 $ 108.86 9,250 $ 109.48 We recognized compensation expense related to deferred stock units of $1.1 million , $0.9 million and $1.0 million , for the years ended December 31, 2019 , 2018 and 2017 , respectively. Stock Options Stock options have previously been granted under various equity compensation plans. The maximum contractual term for all options was normally 10 years . As of December 31, 2019 , there were no remaining outstanding stock option awards. 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 $1.6 million , $2.4 million and $6.0 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The total amount of cash received from the exercise of these options was $0.3 million , $0.9 million and $3.1 million , for the years ended December 31, 2019 , 2018 and 2017 , respectively. A summary of the activity under our stock option plans for 2019 , 2018 and 2017 , is presented below: 2019 2018 2017 Options Weighted- Options Weighted- Options Weighted- Options outstanding, vested and exercisable as of January 1 10,950 $ 31.99 33,283 $ 36.40 116,575 $ 37.76 Options exercised (10,650 ) 32.21 (22,333 ) 38.57 (83,292 ) 37.04 Options forfeited (300 ) 23.86 — — — — Options outstanding, vested and exercisable as of December 31 — $ — 10,950 $ 31.99 33,283 $ 36.40 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Note 9 – Debt In February 2017, we entered into a secured five -year credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (the Third Amended Credit Agreement), which increased the principal amount of our revolving credit facility to up to $450.0 million borrowing capacity, with sublimits for multicurrency borrowings, letters of credit and swing-line notes, and provided an additional $175.0 million accordion feature. Borrowings may 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 Third Amended Credit Agreement). All obligations under the Third Amended Credit Agreement are guaranteed by each of our existing and future material domestic subsidiaries, as defined in the Third Amended Credit Agreement (the Guarantors). The obligations are also secured by a Third Amended and Restated Pledge and Security Agreement, dated as of February 17, 2017, entered into by us and the Guarantors which grants 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. All revolving loans are due on the maturity date, February 17, 2022 . Borrowings under the Third Amended Credit Agreement can be made as alternate base rate loans or euro-currency loans. Alternate base rate loans bear interest that includes a base reference rate plus a spread of 37.5 to 75.0 basis points, depending on our leverage ratio. The base reference rate is the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Reserve Bank of New York (NYFRB) Rate in effect on such day plus ½ of 1% and (c) the adjusted LIBOR for a one month interest period in dollars on such day (or if such day is not a business day, the immediately preceding business day) plus 1%. Euro-currency loans bear interest based on adjusted LIBOR plus a spread of 137.5 to 175.0 basis points, depending on our leverage ratio. Based on our leverage ratio as of December 31, 2019 , the spread was 137.5 basis points. In addition to interest payable on the principal amount of indebtedness outstanding from time to time under the Third Amended Credit Agreement, we are 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 Third Amended Credit Agreement. The Third Amended Credit Agreement contains customary representations, warranties, covenants, mandatory prepayments and events of default under which our payment obligations may be accelerated. If an event of default occurs, the lenders may, among other things, terminate their commitments and declare all outstanding borrowings to be immediately due and payable together with accrued interest and fees. The financial covenants include requirements to maintain (1) a leverage ratio of no more than 3.25 to 1.00 , subject to an 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 of no less than 3.00 to 1.00 . 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. Our leverage ratio did not exceed 2.75 to 1.00 as of December 31, 2019 . In March 2017, we entered into an interest rate swap to hedge the variable interest rate on $75.0 million of our $450.0 million revolving credit facility. For additional information regarding the interest rate swap, refer to “ Note 3 – Hedging Transactions and Derivative Financial Instruments .” We are not required to make any quarterly principal payments under the Third Amended Credit Agreement, however, we made discretionary principal payments totaling $105.5 million , $5.0 million and $110.2 million on our revolving credit facility in 2019 , 2018 and 2017 , respectively. We had $123.0 million in outstanding borrowings under our revolving credit facility as of December 31, 2019 . We incurred interest expense on our outstanding debt, net of the impacts of our interest rate swap, of $7.2 million , $6.1 million , and $5.2 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. We incurred an unused commitment fee of $0.6 million for each of the years ended December 31, 2019 , 2018 and 2017 . We had $1.2 million and $1.7 million of outstanding line of credit issuance costs as of December 31, 2019 and 2018 , respectively, which will be amortized over the life of the Third Amended Credit Agreement. We recorded amortization expense of $0.6 million , $0.6 million and $0.5 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, related to these deferred costs. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Note 10 – Leases Finance Leases We have a finance lease obligation related to our manufacturing facility in Eschenbach, Germany. Under the terms of the lease 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. Our finance lease obligation related to this facility was $4.5 million and $5.0 million as of December 31, 2019 and 2018 , respectively. The finance lease right-of-use asset balance for this facility was $6.3 million and $6.7 million as of December 31, 2019 and 2018 , respectively. Accumulated amortization related to our finance lease right-of-use assets was $3.8 million and $3.5 million as of December 31, 2019 and December 31, 2018 , respectively. All other finance lease obligations, finance lease right-of-use assets and accumulated amortization were cumulatively immaterial as of December 31, 2019 and 2018 . Amortization expense related to our finance lease right-of-use assets, which is primarily included in the “Cost of sales” line item of the consolidated statements of operations, was immaterial for each of the years ended December 31, 2019 and 2018 . Interest expense related to our finance lease obligations, which is included in the “Interest expense, net” line item of the consolidated statements of operations, was immaterial for each of the years ended December 31, 2019 and 2018 . Payments made on the principal portion of our finance lease obligations were immaterial for each of the years ended December 31, 2019 and 2018 . Operating Leases We have operating leases primarily related to building space and vehicles. Renewal options are included in the lease term to the extent we are reasonably certain to exercise the option. The exercise of lease renewal options is at our sole discretion. We account for lease components separately from non-lease components. The incremental borrowing rate represents our ability to borrow on a collateralized basis over a similar lease term. Our expenses and payments for operating leases were as follows: Year Ended December 31, (Dollars in thousands) 2019 2018 2017 Operating leases expense $ 3,119 $ 3,850 $ 3,819 Short-term leases expense $ 192 $ 112 $ 236 Payments on operating lease obligations $ 2,967 $ 3,850 $ 3,819 Our assets and liabilities balances related to finance and operating leases reflected in the consolidated statements of financial position, were as follows: As of December 31, (Dollars in thousands) Financial Statement Line Item 2019 2018 Finance lease right-of-use assets Property, plant and equipment, net $ 6,280 $ 6,750 Operating lease right-of-use assets Other long-term assets $ 4,656 $ — Finance lease obligations, current portion Other accrued liabilities $ 400 $ 420 Finance lease obligations, non-current portion Other long-term liabilities $ 4,140 $ 4,629 Total finance lease obligations $ 4,540 $ 5,049 Operating lease obligations, current portion Other accrued liabilities $ 2,343 $ — Operating lease obligations, non-current portion Other long-term liabilities $ 2,334 $ — Total operating lease obligations $ 4,677 $ — Net Future Minimum Lease Payments The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of December 31, 2019 : Finance Operating (Dollars in thousands) Leases in Effect Leases Signed Less: Leases Not Yet Commenced Leases in Effect 2020 $ 532 $ 2,570 $ (128 ) $ 2,442 2021 4,202 1,649 (128 ) 1,521 2022 — 919 (101 ) 818 2023 — 332 (101 ) 231 2024 — 131 (101 ) 30 Thereafter — 2 — 2 Total lease payments 4,734 5,603 (559 ) 5,044 Less: Interest (194 ) (389 ) 22 (367 ) Present Value of Net Future Minimum Lease Payments $ 4,540 $ 5,214 $ (537 ) $ 4,677 The following table includes information regarding the lease term and discount rates utilized in the calculation of the present value of net future minimum lease payments: Finance Operating Weighted Average Remaining Lease Term 1.5 years 2.5 years Weighted Average Discount Rate 3.00% 6.07% Transition We adopted Accounting Standards Codification (ASC) 842, Leases , in the first quarter of 2019 using the optional transition method, which applies the new lease requirements through a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without restatement of comparative periods. The guidance was applied to all leases that were not completed at the date of implementation. The adoption primarily affected our consolidated statements of financial position through the recognition of $6.2 million of operating lease right-of-use assets and $6.2 million of operating lease obligations, as well as an immaterial impact to retained earnings, as of January 1, 2019. We recognized $0.8 million of operating lease right-of-use assets and $0.8 million of operating lease obligations for the year ended December 31, 2019 . The total operating lease right-of use assets and operating lease obligations recognized was $7.0 million and $7.0 million , respectively, for the year ended December 31, 2019 . Practical Expedients We have elected to recognize lease payments in the consolidated statements of operations on a straight-line basis over the term of the lease for short-term leases. We also elected the package of practical expedients that allows us to carry forward the historical lease classification and accounting for indirect costs for any existing leases. |
Leases | Note 10 – Leases Finance Leases We have a finance lease obligation related to our manufacturing facility in Eschenbach, Germany. Under the terms of the lease 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. Our finance lease obligation related to this facility was $4.5 million and $5.0 million as of December 31, 2019 and 2018 , respectively. The finance lease right-of-use asset balance for this facility was $6.3 million and $6.7 million as of December 31, 2019 and 2018 , respectively. Accumulated amortization related to our finance lease right-of-use assets was $3.8 million and $3.5 million as of December 31, 2019 and December 31, 2018 , respectively. All other finance lease obligations, finance lease right-of-use assets and accumulated amortization were cumulatively immaterial as of December 31, 2019 and 2018 . Amortization expense related to our finance lease right-of-use assets, which is primarily included in the “Cost of sales” line item of the consolidated statements of operations, was immaterial for each of the years ended December 31, 2019 and 2018 . Interest expense related to our finance lease obligations, which is included in the “Interest expense, net” line item of the consolidated statements of operations, was immaterial for each of the years ended December 31, 2019 and 2018 . Payments made on the principal portion of our finance lease obligations were immaterial for each of the years ended December 31, 2019 and 2018 . Operating Leases We have operating leases primarily related to building space and vehicles. Renewal options are included in the lease term to the extent we are reasonably certain to exercise the option. The exercise of lease renewal options is at our sole discretion. We account for lease components separately from non-lease components. The incremental borrowing rate represents our ability to borrow on a collateralized basis over a similar lease term. Our expenses and payments for operating leases were as follows: Year Ended December 31, (Dollars in thousands) 2019 2018 2017 Operating leases expense $ 3,119 $ 3,850 $ 3,819 Short-term leases expense $ 192 $ 112 $ 236 Payments on operating lease obligations $ 2,967 $ 3,850 $ 3,819 Our assets and liabilities balances related to finance and operating leases reflected in the consolidated statements of financial position, were as follows: As of December 31, (Dollars in thousands) Financial Statement Line Item 2019 2018 Finance lease right-of-use assets Property, plant and equipment, net $ 6,280 $ 6,750 Operating lease right-of-use assets Other long-term assets $ 4,656 $ — Finance lease obligations, current portion Other accrued liabilities $ 400 $ 420 Finance lease obligations, non-current portion Other long-term liabilities $ 4,140 $ 4,629 Total finance lease obligations $ 4,540 $ 5,049 Operating lease obligations, current portion Other accrued liabilities $ 2,343 $ — Operating lease obligations, non-current portion Other long-term liabilities $ 2,334 $ — Total operating lease obligations $ 4,677 $ — Net Future Minimum Lease Payments The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of December 31, 2019 : Finance Operating (Dollars in thousands) Leases in Effect Leases Signed Less: Leases Not Yet Commenced Leases in Effect 2020 $ 532 $ 2,570 $ (128 ) $ 2,442 2021 4,202 1,649 (128 ) 1,521 2022 — 919 (101 ) 818 2023 — 332 (101 ) 231 2024 — 131 (101 ) 30 Thereafter — 2 — 2 Total lease payments 4,734 5,603 (559 ) 5,044 Less: Interest (194 ) (389 ) 22 (367 ) Present Value of Net Future Minimum Lease Payments $ 4,540 $ 5,214 $ (537 ) $ 4,677 The following table includes information regarding the lease term and discount rates utilized in the calculation of the present value of net future minimum lease payments: Finance Operating Weighted Average Remaining Lease Term 1.5 years 2.5 years Weighted Average Discount Rate 3.00% 6.07% Transition We adopted Accounting Standards Codification (ASC) 842, Leases , in the first quarter of 2019 using the optional transition method, which applies the new lease requirements through a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without restatement of comparative periods. The guidance was applied to all leases that were not completed at the date of implementation. The adoption primarily affected our consolidated statements of financial position through the recognition of $6.2 million of operating lease right-of-use assets and $6.2 million of operating lease obligations, as well as an immaterial impact to retained earnings, as of January 1, 2019. We recognized $0.8 million of operating lease right-of-use assets and $0.8 million of operating lease obligations for the year ended December 31, 2019 . The total operating lease right-of use assets and operating lease obligations recognized was $7.0 million and $7.0 million , respectively, for the year ended December 31, 2019 . Practical Expedients We have elected to recognize lease payments in the consolidated statements of operations on a straight-line basis over the term of the lease for short-term leases. We also elected the package of practical expedients that allows us to carry forward the historical lease classification and accounting for indirect costs for any existing leases. |
Pension Benefits, Other Postret
Pension Benefits, Other Postretirement Benefits and Employee Savings and Investment Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension Benefits, Other Postretirement Benefits and Employee Savings and Investment Plan | Note 11 – Pension Benefits, Other Postretirement Benefits and Employee Savings and Investment Plan Pension and Other Postretirement Benefits Pension and Other Postretirement Benefit Plans As of December 31, 2019 , we had two qualified noncontributory defined benefit pension plan, the Rogers Corporation Employees’ Pension Plan (the Union Plan) and the Rogers Corporation Defined Benefit Pension Plan (following its merger with the Hourly Employees Pension Plan of Arlon LLC, Microwave Material and Silicone Technologies Divisions, Bear, Delaware (collectively, the Merged Plan)), which were frozen and had ceased accruing benefits. The Merged Plan was terminated and substantially settled in late 2019, with remaining settlement efforts expected to be completed in the first half of 2020. There are no plans to terminate the Union Plan. Additionally, we sponsor other postretirement benefit plans including multiple fully insured or self-funded medical plans and life insurance plans for certain retirees. The measurement date for all plans is December 31 st for each respective plan year. Pension Plan Termination During the second quarter of 2019, following receipt of a determination letter from the Internal Revenue Service (IRS), the Company amended the Merged Plan to (a) terminate the Merged Plan (subject to discretionary approval by the Company’s Chief Executive Officer) and (b) add a lump sum distribution option in connection with the termination of the Merged Plan, if approved. The Company subsequently provided participants of the Merged Plan an option to elect either a lump sum distribution or an annuity. On October 17, 2019, the Company’s Chief Executive Officer approved the termination of the Merged Plan. A group annuity contract was purchased with an insurance company for all participants who did not elect a lump sum distribution, for $123.5 million , with a cash settlement date of October 24, 2019. The insurance company is responsible for administering and paying pension benefit payments effective January 1, 2020. The lump sum distributions, which totaled $38.9 million , were all paid out prior to December 31, 2019. The Merged Plan paid an additional $1.3 million of monthly pension benefit payments subsequent to the annuity purchase date during the transition period ending December 31, 2019. The Merged Plan had sufficient assets to satisfy all transaction obligations. The Merged Plan had $9.0 million of net assets remaining as of December 31, 2019 . In addition, we recorded a total non-cash pre-tax settlement charge in connection with the termination of the Merged Plan of $53.2 million during the fourth quarter of 2019. This settlement charge consisted of the immediate recognition into expense of the related unrecognized losses within “Accumulated other comprehensive loss” in the consolidated statements of financial position as of the plan termination date. The settlement charge was recognized in “Pension settlement charges” in the consolidated statements of operations. We expect to incur an additional non-cash pre-tax settlement charge in connection with the remaining settlement efforts of the Merged Plan of approximately $0.7 million during the first half of 2020. Plan Assets and Plan Benefit Obligations The following table summarizes the change in plan benefit obligations and changes in plan assets: Pension Benefits Other Postretirement Benefits (Dollars in thousands) 2019 2018 2019 2018 Change in plan benefit obligations: Benefit obligation as of January 1 $ 172,608 $ 185,760 $ 1,803 $ 2,037 Service cost — — 61 73 Interest cost 5,641 6,758 59 62 Actuarial (gain) loss 23,797 (10,805 ) (51 ) (5 ) Benefit payments (9,262 ) (9,105 ) (273 ) (364 ) Pension settlements (162,484 ) — — — Benefit obligation as of December 31 $ 30,300 $ 172,608 $ 1,599 $ 1,803 Change in plan assets: Fair value of plan assets as of January 1 $ 191,652 $ 180,056 $ — $ — Actual return on plan assets 22,888 (4,299 ) — — Employer contributions 41 25,000 273 364 Benefit payments (9,262 ) (9,105 ) (273 ) (364 ) Pension settlements (162,484 ) — — — Fair value of plan assets as of December 31 $ 42,835 $ 191,652 $ — $ — Amount overfunded (underfunded) $ 12,535 $ 19,044 $ (1,599 ) $ (1,803 ) The decrease in our plan benefit obligations in 2019 was primarily driven by the termination and settlement of our Merged Plan benefit obligations, in addition to actuarial gains and benefit payments, partially offset by interest costs. The decrease in our benefit obligation in 2018 was primarily driven by actuarial gains and benefit payments made, partially offset by interest costs. Our pension-related balances reflected in the consolidated statements of financial position consisted of the following: Pension Benefits Other Postretirement Benefits As of December 31, As of December 31, (Dollars in thousands) 2019 2018 2019 2018 Assets & Liabilities: Non-current assets $ 12,790 $ 19,273 $ — $ — Current liabilities (5 ) (4 ) (282 ) (334 ) Non-current liabilities (250 ) (225 ) (1,317 ) (1,469 ) Net assets (liabilities) $ 12,535 $ 19,044 $ (1,599 ) $ (1,803 ) Accumulated Other Comprehensive Loss: Net actuarial (loss) gain $ (13,085 ) $ (59,972 ) $ 54 $ 68 Prior service benefit — — 209 1,220 Accumulated other comprehensive (loss) income $ (13,085 ) $ (59,972 ) $ 263 $ 1,288 The projected benefit obligation (PBO), accumulated benefit obligation (ABO), and fair value of plan assets for the pension plan with a PBO or ABO in excess of its plan assets were immaterial as of December 31, 2019 and 2018 . The PBO, ABO, and fair value of plan assets for the pension plan with plan assets in excess of its PBO or ABO were $30.0 million , $30.0 million and $42.8 million , respectively, as of December 31, 2019 . The PBO, ABO, and fair value of plan assets for the pension plans with plan assets in excess of their PBO or ABO were $172.4 million , $172.4 million and $191.7 million , respectively, as of December 31, 2018. The PBO and ABO of plan assets for the other postretirement benefit plans with a PBO or ABO in excess of plan assets were both $1.6 million as of December 31, 2019 . The PBO and ABO of plan assets for the other postretirement benefit plans with a PBO or ABO in excess of plan assets were both $1.8 million as of December 31, 2018 . The other postretirement benefit plans did not have any plan assets as of December 31, 2019 or 2018 . Components of Net Periodic Benefit Cost (Credit) The components of net periodic benefit cost (credit) were as follows: Pension Benefits Other Postretirement Benefits Years Ended December 31, Years Ended December 31, (Dollars in thousands) 2019 2018 2017 2019 2018 2017 Service cost $ — $ — $ — $ 61 $ 73 $ 80 Interest cost 5,641 6,758 7,356 59 62 71 Expected return of plan assets (6,932 ) (8,662 ) (9,221 ) — — — Amortization of prior service credit — — — (1,011 ) (1,602 ) (1,602 ) Amortization of net loss (gain) 1,514 1,828 1,755 — — — Settlement charge 53,213 — — — — — Net periodic benefit cost (credit) $ 53,436 $ (76 ) $ (110 ) $ (891 ) $ (1,467 ) $ (1,451 ) Plan Assumptions Pension Benefits Other Postretirement Benefits 2019 2018 2019 2018 Weighted average assumptions used in benefit obligations: Discount rate 3.25 % 4.25 % 2.75 % 3.75 % Weighted average assumptions used in net periodic benefit costs: Discount rate 4.25 % 3.70 % 3.75 % 3.25 % Expected long-term rate of return on assets 4.69 % 4.94 % — % — % For measurement purposes as of December 31, 2019 , we assumed an annual health care cost trend rate of 6.75% for covered health care benefits for retirees pre-age 65 or post-age 65 . The rate was assumed to decrease gradually by 0.25% annually until reaching 4.50% and remain at that level thereafter. For measurement purposes as of December 31, 2018 , we assumed an annual health care cost trend rate of 7.00% for covered health care benefits for retirees pre-age 65 or post-age 65 . Our pension plan 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 consider future cash contributions to the plan as well as the potential of the portfolio underperforming the market . We set asset allocation target ranges based on current funding status and future projections in order to mitigate the portfolio performance risk while maintaining its funded status. Fixed income securities comprise a substantial percentage of our plan assets portfolio. As of December 31, 2019 , we held approximately 92% fixed income and short-term cash securities and 8% equity securities in our portfolio, compared to December 31, 2018 when we held approximately 99% fixed income and short-term cash securities and 1% equity securities. In determining our investment strategy and calculating the net benefit cost, we utilized an expected long-term rate of return on plan assets, which was developed based on several factors, including the plans’ asset allocation targets, the historical and projected performance on those asset classes, as well as the plan’s current asset composition. To justify our assumptions, we analyzed 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 6.32% over the past 20-year period. Based on the historical returns and the projected future returns, we determined that a target return of 4.91% is appropriate for the current portfolio. The following table presents the fair value of the pension plan net assets by asset category and level, within the fair value hierarchy, as of December 31, 2019 and 2018 . Fair Value of Plan Assets as of December 31, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Total Fixed income bonds $ — $ 27,704 $ — $ 27,704 Mutual funds 3,277 — — 3,277 Pooled separate accounts — 10,516 — 10,516 Guaranteed deposit account — — 1,338 1,338 Total plan assets at fair value $ 3,277 $ 38,220 $ 1,338 $ 42,835 Fair Value of Plan Assets as of December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Fixed income bonds $ — $ 186,385 $ — $ 186,385 Mutual funds 2,691 — — 2,691 Pooled separate accounts — 1,216 — 1,216 Guaranteed deposit account — — 1,360 1,360 Total plan assets at fair value $ 2,691 $ 187,601 $ 1,360 $ 191,652 The following table presents a summary of changes in the fair value of the guaranteed deposit account’s Level 3 assets for the year ended December 31, 2019 : Guaranteed Deposit Account Balance as of January 1, 2019 $ 1,360 Change in unrealized gain (loss) 41 Purchases, sales, issuances and settlements (net) (63 ) Balance as of December 31, 2019 $ 1,338 Cash Flows We were not required to make any contributions to our qualified noncontributory defined benefit pension plans in 2019 and 2018 . We made a voluntary contribution of $25.0 million to the Merged Plan in 2018 as part of the proposed plan termination process. We made expected benefit payments for our defined benefit pension plans, as well as substantially settled the Merged Plan benefit obligations, through the utilization of plan assets for the funded pension plans in 2019 and 2018 . As there is no funding requirement for the other postretirement benefit plans, we funded benefit payments, which were immaterial in 2019 and 2018 , as incurred using cash from operations. The benefit payments are based on the same assumptions used to measure our benefit obligations as of December 31, 2019 . The following table sets forth the expected benefit payments to be paid for the pension plans and the other postretirement benefit plans: Pension Benefits Other Postretirement Benefits 2020 $ 2,780 $ 282 2021 $ 1,870 $ 160 2022 $ 1,818 $ 121 2023 $ 1,832 $ 131 2024 $ 1,818 $ 116 2025-2029 $ 8,928 $ 774 Employee Savings and Investment Plan 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 annual IRS limit of $19,000 . 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% of the employee’s salary and 50% for the next 5% of the employee’s salary 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 $4.4 million in 2019 , $5.6 million in 2018 and $4.0 million in 2017 , which related solely to our matching contributions. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12 – Commitments and Contingencies Environmental & Legal We are currently engaged in the following environmental and legal proceedings: Voluntary Corrective Action Program Our location 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. Remediation activities on the site are ongoing and are recorded as reductions to the accrual as they are incurred. We have incurred aggregate remediation costs of $1.4 million through December 31, 2019 , and the accrual for future remediation efforts is $1.5 million . Asbestos Overview 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 summarizes the change in number of asbestos claims outstanding during 2019 and 2018 : 2019 2018 Claims outstanding as of January 1 745 687 New claims filed 251 275 Pending claims concluded* (404 ) (217 ) Claims outstanding as of December 31 592 745 * For the year ended December 31, 2019 , 373 claims were dismissed and 31 claims were settled. For the year ended December 31, 2018 , 192 claims were dismissed and 25 claims were settled. Settlements totaled approximately $5.0 million for the year ended December 31, 2019 , compared to $7.1 million for the year ended December 31, 2018 . Impacts on Financial Statements 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. The liability projection period covers all current and future indemnity and defense costs through 2064 , which represents the expected end of our asbestos liability exposure with no further ongoing claims expected beyond that date. This conclusion was based on our history and experience with the claims data, the diminished volatility and consistency of observable claims data, the period of time that has elapsed since we stopped manufacturing products that contained encapsulated asbestos and an expected downward trend in claims due to the average age of our claimants, which is approaching the average life expectancy. To date, the indemnity and defense costs of our asbestos-related product liability litigation have been substantially covered by insurance. Although we have exhausted coverage under some of our insurance policies, we believe that we have applicable primary, excess and/or umbrella coverage for claims arising with respect to most of the years during which we manufactured and marketed asbestos-containing products. 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 covered 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, and no carrier had informed us it intended to terminate the agreement. We expect to continue 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. We are responsible for uninsured indemnity and defense costs, and for the years ended December 31, 2019 and 2018 , we paid $0.7 million and $1.2 million , respectively, related to such costs. The amounts recorded for the asbestos-related liability and the related insurance receivables are 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 U.S., could cause the actual liability and insurance recoveries for us to be higher or lower than those projected or recorded. Changes recorded in the estimated liability and estimated insurance recovery based on the projections of asbestos litigation and corresponding insurance coverage, result in the recognition of expense or income. For the years ended December 31, 2019 , 2018 and 2017 , we recognized expense of $1.7 million , $0.7 million and $3.4 million , respectively. The increase in expense in 2019 compared to 2018 was due to an unfavorable change in the defense cost assumptions and the inclusion of non-mesothelioma cases in the cost projections, partially offset by a corresponding favorable change in our insurance recovery expectations. The higher expense recognized in 2017 was primarily attributable to the change in the forecast period from 10 years to 40 years , partially offset by a corresponding favorable change in our insurance recovery expectations. Our projected asbestos-related claims and insurance receivables were as follows: As of December 31, (Dollars in millions) 2019 2018 Asbestos-related liabilities $ 85.9 $ 70.3 Asbestos-related insurance receivables $ 78.3 $ 63.8 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 will have a material adverse impact on our results of operations, financial position or cash flows. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13 – Income Taxes The “Income before income tax expense” line item in the consolidated statements of operations consisted of: (Dollars in thousands) 2019 2018 2017 Domestic $ (18,711 ) $ 14,381 $ 39,751 International 73,837 96,208 93,174 Total $ 55,126 $ 110,589 $ 132,925 The “Income tax expense” line item in the consolidated statements of operations consisted of: (Dollars in thousands) Current Deferred Total 2019 Domestic $ 3,372 $ (16,827 ) $ (13,455 ) International 21,984 (722 ) 21,262 Total $ 25,356 $ (17,549 ) $ 7,807 2018 Domestic $ (341 ) $ (3,007 ) $ (3,348 ) International 26,604 (318 ) 26,286 Total $ 26,263 $ (3,325 ) $ 22,938 2017 Domestic $ 7,535 $ 21,936 $ 29,471 International 27,418 (4,423 ) 22,995 Total $ 34,953 $ 17,513 $ 52,466 Deferred tax assets and liabilities as of December 31, 2019 and 2018 , were comprised of the following: (Dollars in thousands) 2019 2018 Deferred tax assets Accrued employee benefits and compensation $ 5,730 $ 4,269 Tax loss and credit carryforwards 17,761 18,604 Reserves and accruals 5,996 4,935 Operating leases 904 — Other 2,210 1,953 Total deferred tax assets 32,601 29,761 Less deferred tax asset valuation allowance (14,625 ) (16,889 ) Total deferred tax assets, net of valuation allowance 17,976 12,872 Deferred tax liabilities Depreciation and amortization 4,025 8,335 Postretirement benefit obligations 1,719 3,234 Unremitted earnings 1,624 1,778 Operating leases 908 — Other 1,803 2,094 Total deferred tax liabilities 10,079 15,441 Net deferred tax asset (liability) $ 7,897 $ (2,569 ) As of December 31, 2019 , we had state net operating loss carryforwards ranging from $0.2 million to $5.0 million in various state taxing jurisdictions, which expire between 2022 and 2039 and approximately $8.7 million of credit carryforwards in Arizona, which will expire between 2020 and 2034. We also had $5.9 million of federal research and development credit carryforwards that begin to expire in 2026. We believe that it is more likely than not that the benefit from certain of the state net operating loss, state credits and federal research and development credits carryforwards will not be realized. In recognition of this risk, we have provided a valuation allowance of $13.4 million relating to these carryforwards. We currently have approximately $4.6 million of foreign tax credits that begin to expire in 2028. We had a valuation allowance of $14.6 million as of December 31, 2019 and $16.9 million as of December 31, 2018 , against certain of our deferred tax assets, primarily carryforwards expected to expire unused and deferred tax assets that are capital in nature. 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. Income tax expense differs from the amount computed by applying the U.S. federal statutory income tax rate to income before income taxes. The reasons for this difference were as follows: (Dollars in thousands) 2019 2018 2017 Tax expense at Federal statutory income tax rate $ 11,576 $ 23,224 $ 46,529 Impact of foreign operations 107 826 (9,603 ) Foreign source income, net of tax credits (2,248 ) (197 ) 1,087 State tax, net of federal (690 ) 121 279 Unrecognized tax benefits 543 (869 ) 2,874 U.S. Tax Reform — 209 13,683 Equity compensation excess tax deductions (2,902 ) (2,238 ) (3,867 ) General business credits (656 ) (2,172 ) (1,080 ) Distribution related foreign taxes 1,240 1,916 2,173 Valuation allowance change (excluding U.S. Tax Reform) (2,527 ) 602 1,393 Disproportionate tax effect of pension settlement charges 2,510 — — Other 854 1,516 (1,002 ) Income tax expense (benefit) $ 7,807 $ 22,938 $ 52,466 Our effective income tax rate for 2019 was 14.2% compared to 20.7% for 2018 . The 2019 rate decrease was primarily due to the impact of changes in valuation allowance against deferred tax assets associated with carried over research and development credits, excess tax deductions on stock-based compensation, and the international provisions from the U.S. tax reform enacted in 2017. This decrease was partially offset by a disproportionate tax impact from the non-cash settlement charge in connection with the termination of the Merged Plan, increase in taxes associated with the repatriation of foreign earnings, and increase in current accruals of reserves for uncertain tax positions. We did not make any changes in 2019 to our position on the permanent reinvestment of our historical earnings from foreign operations. With the exception of certain Chinese subsidiaries, we continue to assert that historical foreign earnings are indefinitely reinvested. As of December 31, 2019 and 2018 , we had recorded a deferred tax liability of $1.6 million and $1.8 million , respectively, for Chinese withholding tax on undistributed earnings that are not indefinitely reinvested. The other remaining foreign subsidiaries have both the intent and ability to indefinitely reinvest their undistributed earnings and we expect that these undistributed earnings may give rise to an estimated $3.5 million of additional tax liabilities as a result of distribution of such earnings. If circumstances change and it becomes apparent that some, or all of the undistributed earnings as of December 31, 2019 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. Unrecognized tax benefits, excluding potential interest and penalties, for the years ended December 31, 2019 and December 31, 2018 , were as follows: (Dollars in thousands) 2019 2018 Beginning balance as of January 1 $ 9,801 $ 14,565 Gross increases - current period tax positions 3,139 2,583 Gross increases - tax positions in prior periods — 505 Gross decreases - tax positions in prior periods — — Foreign currency exchange — (142 ) Lapse of statute of limitations (2,723 ) (7,710 ) Ending balance as of December 31 $ 10,217 $ 9,801 Included in the balance of unrecognized tax benefits as of December 31, 2019 were $9.9 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, 2019 were $0.3 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, 2019 and 2018 , we had accrued potential interest and penalties of approximately $0.7 million and $0.5 million , respectively. We have recorded a net income tax expense of $0.2 million during 2019 , net income tax expense of $0.1 million during 2018 and $0.9 million net income tax benefit during 2017 . We are subject to taxation in the U.S. and various state and foreign jurisdictions. Our tax years from 2015 through 2019 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 2015. |
Operating Segments and Geograph
Operating Segments and Geographic Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Operating Segments and Geographic Information | Note 14 – Operating Segment and Geographic Information Our reporting structure is comprised of the following strategic operating segments: ACS, EMS and PES. The remaining operations, which represent our non-core businesses, are reported in the Other operating segment. We believe this structure aligns our external reporting presentation with how we currently manage and view our business internally. Operating Segment Information The following table presents a disaggregation of revenue from contracts with customers and other pertinent financial information, for the periods indicated; inter-segment sales have been eliminated from the net sales data: (Dollars in thousands) Advanced Connectivity Solutions Elastomeric Material Solutions Power Electronics Solutions Other Total 2019 Net sales - recognized over time $ — $ 12,687 $ 197,702 $ 18,112 $ 228,501 Net sales - recognized at a point in time $ 316,592 $ 348,916 $ 833 $ 3,418 $ 669,759 Total net sales $ 316,592 $ 361,603 $ 198,535 $ 21,530 $ 898,260 Operating income $ 48,654 $ 57,080 $ (1,437 ) $ 6,184 $ 110,481 Total assets $ 402,398 $ 569,484 $ 278,763 $ 22,536 $ 1,273,181 Capital expenditures $ 22,156 $ 8,550 $ 20,191 $ 700 $ 51,597 Depreciation & amortization $ 18,267 $ 19,887 $ 10,260 $ 748 $ 49,162 Investment in unconsolidated joint ventures $ — $ 16,461 $ — $ — 16,461 Equity income in unconsolidated joint ventures $ — $ 5,319 $ — $ — $ 5,319 2018 Net sales - recognized over time $ — $ 5,788 $ 221,896 $ 16,973 $ 244,657 Net sales - recognized at a point in time $ 294,154 $ 335,576 $ 1,442 $ 3,262 $ 634,434 Total net sales $ 294,154 $ 341,364 $ 223,338 $ 20,235 $ 879,091 Operating income $ 33,827 $ 52,502 $ 19,648 $ 6,734 $ 112,711 Total assets $ 396,075 $ 588,841 $ 273,212 $ 21,216 $ 1,279,344 Capital expenditures $ 61,425 $ 10,917 $ 18,051 $ 156 $ 90,549 Depreciation & amortization $ 20,121 $ 18,501 $ 10,640 $ 811 $ 50,073 Investment in unconsolidated joint ventures $ — $ 18,667 $ — $ — $ 18,667 Equity income in unconsolidated joint ventures $ — $ 5,501 $ — $ — $ 5,501 2017 Total net sales $ 301,092 $ 312,661 $ 184,954 $ 22,336 $ 821,043 Operating income $ 55,410 $ 50,908 $ 15,668 $ 7,153 $ 129,139 Total assets $ 353,786 $ 489,456 $ 261,034 $ 20,858 $ 1,125,134 Capital expenditures $ 9,900 $ 7,563 $ 9,238 $ 514 $ 27,215 Depreciation & amortization $ 16,351 $ 16,270 $ 10,572 $ 906 $ 44,099 Investment in unconsolidated joint ventures $ — $ 18,324 $ — $ — $ 18,324 Equity income in unconsolidated joint ventures $ — $ 4,898 $ — $ — $ 4,898 Operating Segment Net Sales by Geographic Area The following table presents net sales by our operating segment operations by geographic area for the years indicated: (Dollars in thousands) Net Sales (1) Region/Country Advanced Connectivity Solutions Elastomeric Material Solutions Power Electronics Solutions Other Total December 31, 2019 United States $ 63,753 $ 160,918 $ 31,874 $ 4,507 $ 261,052 Other Americas 3,348 9,208 365 913 13,834 Total Americas 67,101 170,126 32,239 5,420 274,886 China 153,127 95,653 40,391 6,086 295,257 Other APAC 60,457 55,402 23,401 2,920 142,180 Total APAC 213,584 151,055 63,792 9,006 437,437 Germany 15,912 13,702 57,761 573 87,948 Other EMEA 19,995 26,720 44,743 6,531 97,989 Total EMEA 35,907 40,422 102,504 7,104 185,937 Total net sales $ 316,592 $ 361,603 $ 198,535 $ 21,530 $ 898,260 December 31, 2018 United States $ 52,661 $ 152,284 $ 37,325 $ 4,527 $ 246,797 Other Americas 3,104 14,453 931 773 19,261 Total Americas 55,765 166,737 38,256 5,300 266,058 China 136,315 101,036 39,781 4,959 282,091 Other APAC 63,318 40,788 28,414 2,892 135,412 Total APAC 199,633 141,824 68,195 7,851 417,503 Germany 18,165 9,907 62,359 584 91,015 Other EMEA 20,591 22,896 54,528 6,500 104,515 Total EMEA 38,756 32,803 116,887 7,084 195,530 Total net sales $ 294,154 $ 341,364 $ 223,338 $ 20,235 $ 879,091 December 31, 2017 United States $ 48,277 $ 141,508 $ 30,403 $ 5,210 $ 225,398 Other Americas 2,946 9,709 1,153 699 14,507 Total Americas 51,223 151,217 31,556 5,909 239,905 China 143,065 93,039 32,164 5,123 273,391 Other APAC 64,077 36,233 21,845 3,421 125,576 Total APAC 207,142 129,272 54,009 8,544 398,967 Germany 23,925 9,211 54,813 657 88,606 Other EMEA 18,802 22,961 44,576 7,226 93,565 Total EMEA 42,727 32,172 99,389 7,883 182,171 Total net sales $ 301,092 $ 312,661 $ 184,954 $ 22,336 $ 821,043 (1) Net sales are allocated to countries based on the location of the customer. The table above lists individual countries with 10% or more of net sales for the periods indicated. Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , to achieve a consistent application of revenue recognition, 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 providing 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 January 1, 2018, we adopted ASU 2014-09 retrospectively with the cumulative effect of applying the standard recognized at the date of implementation and without restatement of comparative periods. This application of the new standard resulted in an increase to the January 1, 2018 balance of retained earnings of approximately $4.2 million , net of tax. The Company manufactures some products to customer specifications which are customized to such a degree that it is unlikely that another entity would purchase these products or that we could modify these products for another customer. These products are deemed to have no alternative use to the Company whereby we have an enforceable right to payment evidenced by contractual termination clauses. In accordance with ASC 606, for those circumstances we recognize revenue on an over-time basis. Revenue recognition does not occur until the product meets the definition of “no alternative use” and therefore, items that have not yet reached that point in the production process are not included in the population of items with over-time revenue recognition. As appropriate, we record estimated reductions to revenue for customer returns, allowances, and warranty claims. Provisions for such reductions are made at the time of sale and are typically derived from historical trends and other relevant information. We had contract assets primarily related to unbilled revenue for revenue recognized related to products that are deemed to have no alternative use whereby we have the right to payment. Revenue is recognized in advance of billing to the customer in these circumstances as billing is typically performed at the time of shipment to the customer. The unbilled revenue is included in the contract assets on the consolidated statements of financial position. Our contract assets by operating segment were as follows: As of December 31, (Dollars in thousands) 2019 2018 Advanced Connectivity Solutions $ — $ — Elastomeric Material Solutions 1,077 943 Power Electronics Solutions 19,471 19,738 Other 1,907 2,047 Total contract assets $ 22,455 $ 22,728 We did not have any contract liabilities as of December 31, 2019 or 2018 . No impairment losses were recognized for the years ended December 31, 2019 and 2018 on any receivables or contract assets arising from our contracts with customers. Long-Lived Assets by Geographic Area Our long-lived assets (1) by geographic area were as follows: As of December 31, (Dollars in thousands) 2019 2018 United States $ 469,234 $ 476,560 China 55,078 58,205 Germany 120,869 113,412 Other 36,942 36,475 Total long-lived assets $ 682,123 $ 684,652 (1) Long-lived assets are based on the location of the asset and are comprised of goodwill, other intangible assets and property, plant and equipment. Countries with 10% of more of long-lived assets have been disclosed. |
Supplemental Financial Informat
Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Income Statement Elements [Abstract] | |
Supplemental Financial Information | Note 15 – Supplemental Financial Information Restructuring and Impairment Charges The components of “Restructuring and impairment charges” were as follows: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Restructuring charges Global headquarters relocation $ — $ 550 $ 2,760 Facility consolidation 948 1,982 — Total restructuring charges 948 2,532 2,760 Impairment charges Fixed assets impairment charges 1,537 1,506 — Other impairment charges — — 807 Total impairment charges 1,537 1,506 807 Total restructuring and impairment charges $ 2,485 $ 4,038 $ 3,567 Relocation Charges - Facility Consolidation In 2018, we made the decision to consolidate our Santa Fe Springs, California operations into our facilities in Carol Stream, Illinois and Bear, Delaware. We recorded $0.9 million and $2.0 million of expense in 2019 and 2018, respectively, related to the facility consolidation. Relocation Charges - Global Headquarters Relocation In 2017, we relocated our global headquarters from Rogers, Connecticut to Chandler, Arizona. We recorded $0.6 million and $2.8 million of expense in 2018 and 2017, respectively, related to the headquarters relocation. Impairment Charges We recognized $1.5 million of impairment charges in both 2019 and 2018 pertaining to our ACS operating segment, primarily relating to certain assets in connection with the Isola asset acquisition. In 2017, we recognized a $0.3 million charge related to the impairment of our remaining investment in BrightVolt, Inc. As this investment did not relate to a specific operating segment, we allocated it ratably among ACS, EMS and PES. Also in 2017, we recognized a $0.5 million impairment charge related to the remaining net book value of an other intangible asset within the ROLINX ® product line in our PES operating segment. Allocation of Restructuring and Impairment Charges to Operating Segments The following table summarizes the allocation of restructuring and impairment charges to our operating segments: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Advanced Connectivity Solutions Allocated restructuring charges $ — $ 244 $ 1,305 Allocated impairment charges 1,537 1,506 161 Elastomeric Material Solutions Allocated restructuring charges 948 2,152 834 Allocated impairment charges — — 103 Power Electronics Solutions Allocated restructuring charges — 136 621 Allocated impairment charges — — 543 Total restructuring and impairment charges $ 2,485 $ 4,038 $ 3,567 Other Operating (Income) Expense, Net The components of “Other operating (income) expense, net” were as follows: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Lease income $ (989 ) $ (948 ) $ — Depreciation on leased assets 1,907 3,512 — Loss (gain) on sale or disposal of property, plant and equipment 756 (164 ) (5,329 ) Gain from antitrust litigation settlement — (4,231 ) — Indemnity claim settlements from acquisitions (715 ) (700 ) — Economic incentive grants — (556 ) — Total other operating (income) expense, net $ 959 $ (3,087 ) $ (5,329 ) In connection with the transitional leaseback of a portion of the facility and certain machinery and equipment acquired from Isola in August 2018, we recognized lease income and related depreciation on leased assets of $1.0 million and $1.9 million , respectively, in 2019, and $0.9 million and $3.5 million , respectively, in 2018. In 2019, we recorded a gain of $0.7 million for the settlement of indemnity claims related to the Isola asset acquisition. In 2018, we recorded a gain from the settlement of antitrust litigation in the amount of $4.2 million as a result of the settlement of a class action lawsuit, filed in 2005, which alleged that Dow Chemical Company and other urethane raw material suppliers unlawfully agreed to fix, raise, maintain or stabilize the prices of polyether polyol products sold in the U.S. from January 1, 1999 through December 31, 2004 in violation of the federal antitrust laws. We also recorded a gain of $0.7 million for the settlement of indemnity claims related to the DSP acquisition and income of $0.6 million from economic incentive grants related to the relocation of our global headquarters from Rogers, Connecticut to Chandler, Arizona. In 2017, we recognized other operating income of $5.3 million as a result of the sales of a facility and a parcel of land located in Belgium. Interest Expense, Net The components of “Interest expense, net” were as follows: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Interest on revolving credit facility $ 7,378 $ 6,304 $ 5,115 Interest rate swap settlements (200 ) (247 ) 51 Line of credit fees 576 573 555 Debt issuance amortization costs 552 552 549 Interest on finance leases 127 172 169 Interest income (1,610 ) (804 ) (379 ) Other 46 79 71 Total interest expense, net $ 6,869 $ 6,629 $ 6,131 |
Recent Accounting Standards
Recent Accounting Standards | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Standards | Note 16 – Recent Accounting Standards Recently Issued Standards In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This ASU replaces the incurred loss model with a new expected loss impairment model that applies to most assets measured at amortized cost and certain other financial instruments, including trade receivables and other receivables. This ASU is effective for our fiscal year ending December 31, 2020 and for the interim periods within that year. Early adoption of this update is permitted and it is required to be applied with a modified-retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the new guidance is effective. We expect this new guidance to have an immaterial impact on its consolidated financial statements, however, we are still finalizing our analysis. Recently Adopted Standards Reflected in Our 2019 Financial Statements In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans , which modifies the disclosure requirements for employers that sponsor defined benefit plans or other postretirement plans. This ASU is effective for our fiscal year ending December 31, 2020, with early adoption permitted. ASU 2018-14 is required to be applied on a retrospective basis to all periods presented. We early adopted this guidance in October 2019. It did not have a material impact on our consolidated financial statements but it resulted in revised disclosures related to our defined benefit plans. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement . This ASU modifies the disclosure requirements for fair value measurements by removing the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for timing of such transfers. This ASU expands the disclosure requirements for Level 3 fair value measurements, primarily focused on changes in unrealized gains and losses included in other comprehensive income (loss). This ASU is effective for our fiscal year ending December 31, 2020 and for the interim periods within that year. Early adoption is permitted. ASU 2018-13 is generally required to be applied retrospectively to all periods presented upon their effective date with the exception of certain amendments that should be applied prospectively to the most recent interim or annual period presented in the year of adoption. We early adopted this guidance in October 2019. It did not have a material impact on our consolidated financial statements or impact our fair value measurement disclosures. In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes , which permits the use of the OIS rate based on the SOFR as a U.S. benchmark interest rate for hedge accounting purposes. The amendments in this update were effective for the Company on January 1, 2019 and we will apply them to qualifying new or redesignated hedging relationships. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract , which aligns the requirements for capitalizing costs incurred in the implementation of a hosting arrangement that is a service contract with the requirements for capitalizing costs incurred to develop or obtain internal use software. We adopted this ASU on January 1, 2019 on a prospective basis and it did not have a material impact on our consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . This ASU allows for reclassification of stranded tax effects resulting from U.S. Tax Reform from accumulated other comprehensive loss to retained earnings but it does not require this reclassification. We adopted this ASU on January 1, 2019 and elected to not reclassify the stranded tax effects resulting from U.S. Tax Reform. As a result of that election, the adoption of ASU 2018-02 did not have an impact on our consolidated financial statements and disclosures. In February 2016, the FASB issued ASU 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 standard requires lessees to classify leases as either finance or operating leases and 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. An accounting policy election may be made to account for leases with a term of 12 months or less similar to existing guidance for operating leases today. ASU 2016-02 supersedes the existing guidance on accounting for leases. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , which allowed for an optional transition method for the adoption of Topic 842. The two permitted transition methods were the modified retrospective approach, which applies the lease requirements at the beginning of the earliest period presented, and the optional transition method, which applies the lease requirements through a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We adopted this standard on January 1, 2019 using the optional transition method. We elected to use the practical expedients that allow us to carry forward the historical lease classification. For additional information regarding the impact of the adoption of this standard, refer to “ Note 10 – Leases .” |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | Note 17 – Quarterly Results of Operations (Unaudited) 2019 (Dollars in thousands, except per share amounts) First Second Third Fourth Net sales $ 239,798 $ 242,852 $ 221,842 $ 193,768 Gross margin $ 85,394 $ 85,828 $ 78,867 $ 64,203 Net income (loss) $ 28,399 $ 24,293 $ 23,387 $ (28,760 ) Net income (loss) per share: Basic $ 1.53 $ 1.31 $ 1.26 $ (1.55 ) Diluted $ 1.52 $ 1.30 $ 1.25 $ (1.55 ) 2018 (Dollars in thousands, except per share amounts) First Second Third Fourth Net sales $ 214,611 $ 214,675 $ 226,863 $ 222,942 Gross margin $ 76,606 $ 76,672 $ 79,130 $ 78,375 Net income $ 26,136 $ 17,329 $ 19,734 $ 24,452 Net income per share: Basic $ 1.43 $ 0.94 $ 1.07 $ 1.33 Diluted $ 1.40 $ 0.93 $ 1.06 $ 1.31 |
Share Repurchases
Share Repurchases | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Share Repurchases | Note 18 – Share Repurchases In 2015, we initiated a share repurchase program (the Program) of up to $100.0 million of the Company’s capital stock. We initiated the 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, 2019 , $49.0 million remained of our $100.0 million share repurchase program. There were no share repurchases in 2019. We repurchased the following shares of capital stock through the Program, using cash from operations and cash on hand, during the years presented below: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Shares of capital stock repurchased — 23,138 — Value of capital stock repurchased $ — $ 2,999 $ — |
SCHEDULE II Valuation and Quali
SCHEDULE II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II 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, 2019 $ 1,354 $ 437 $ (100 ) $ — $ 1,691 December 31, 2018 $ 1,525 $ 189 $ (360 ) $ — $ 1,354 December 31, 2017 $ 1,952 $ (275 ) $ (152 ) $ — $ 1,525 (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, 2019 $ 16,889 $ 656 $ (2,920 ) $ — $ 14,625 December 31, 2018 $ 8,754 $ 8,135 $ — $ — $ 16,889 December 31, 2017 $ 6,388 $ 2,366 $ — $ — $ 8,754 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 intercompany balances and transactions. The preparation of financial statements, in conformity with accounting principles generally accepted in the United States (U.S. GAAP), 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 three strategic operating segments: Advanced Connectivity Solutions (ACS), Elastomeric Material Solutions (EMS) and Power Electronics Solutions (PES). The remaining operations are accumulated and reported as our Other operating segment. Advanced Connectivity Solutions Our ACS operating segment designs, develops, manufactures and sells circuit materials and solutions enabling high-performance and high-reliability connectivity for applications in wireless infrastructure (e.g., power amplifiers, antennas and small cells), automotive (e.g., ADAS, telematics and thermal solutions), aerospace and defense (e.g. antenna systems, communication systems and phased array radar systems), connected devices (e.g., mobile internet devices and thermal solutions) and wired infrastructure (e.g., computing and IP infrastructure) markets. We believe these products have characteristics that offer performance and other functional advantages in many market applications that serve to differentiate our products from other commonly available materials. ACS products are sold principally to independent and captive printed circuit board fabricators that convert our laminates to custom printed circuits. Trade names for our ACS products include: RO4000 ® Series, RO3000 ® Series, RT/duroid ® , CLTE Series ® , AD Series ® , CuClad ® Series, TMM ® , Kappa ® , XTremeSpeed RO1200 TM Laminates, DiClad ® Series, IsoClad ® Series, COOLSPAN ® , MAGTREX TM , TC Series ® , IM Series TM , 92ML TM , 2929 Bondply and 3001 Bondply Film. As of December 31, 2019 , our ACS operating segment had manufacturing and administrative facilities in Chandler, Arizona; Rogers, Connecticut; Bear, Delaware; Evergem, Belgium; and Suzhou, China. Elastomeric Material Solutions Our EMS operating segment designs, develops, manufactures and sells engineered material solutions for a wide variety of applications and markets. These include polyurethane and silicone materials used in cushioning, gasketing and sealing, and vibration management applications for general industrial, portable electronics, automotive, mass transit, aerospace and defense, footwear and impact mitigation and printing markets; customized silicones used in flex heater and semiconductor thermal applications for general industrial, portable electronics, automotive, mass transit, aerospace and defense and medical markets; polytetrafluoroethylene and ultra-high molecular weight polyethylene materials used in wire and cable protection, electrical insulation, conduction and shielding, hose and belt protection, vibration management, cushioning, gasketing and sealing, and venting applications for general industrial, automotive and aerospace and defense markets. We believe 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). Trade names for our EMS products include: PORON ® , BISCO ® , DeWAL ® , ARLON ® , eSorba ® , Griswold ® , Diversified Silicone Products ® , XRD ® , R/bak ® and HeatSORB™. As of December 31, 2019 , our EMS operating segment had administrative and manufacturing facilities in Moosup, Connecticut; Rogers, Connecticut; Woodstock, Connecticut; Bear, Delaware; Carol Stream, Illinois; Narragansett, Rhode Island; Ansan, South Korea; and Suzhou, China. We also own 50% of two unconsolidated joint ventures: (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 the INOAC facilities in Nagoya and Mie, Japan, and RIS has manufacturing facilities at Rogers’ facilities in Suzhou, China. In July 2018, we acquired 100% of the membership interests in Griswold LLC (Griswold), a manufacturer of a wide range of high-performance engineered cellular elastomer and microcellular polyurethane products and solutions, for an aggregate purchase price of $78.0 million , net of cash acquired. Power Electronics Solutions Our PES operating segment designs, develops, manufactures and sells ceramic substrate materials, busbars and cooling solutions for a variety of applications in EV/HEV, general industrial, mass transit, renewable energy, aerospace and defense and wired infrastructure markets. We sell our ceramic substrate materials and cooling solutions under the curamik ® trade name and our busbars under the ROLINX ® trade name. As of December 31, 2019 , our PES operating segment had manufacturing and administrative facilities in Evergem, Belgium; Eschenbach, Germany; Budapest, Hungary; and Suzhou, China. Other Our Other operating segment consists of elastomer components for applications in general industrial market, as well as elastomer floats for level sensing in fuel tanks, motors, and storage tanks applications in the general industrial and automotive markets. We sell our elastomer components under our ENDUR ® trade name and our floats under our NITROPHYL ® trade name. |
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, both of which are 50% owned, using the equity method of accounting. |
Foreign Currency | Foreign Currency |
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 our estimates and takes into consideration historical trends, market conditions and the composition of our customer base. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. The cost of inventories is determined using the first in, first out (FIFO) method. An allowance is made for estimated losses due to obsolescence. The allowance is determined for groups of products based on purchases in the recent past and/or expected future demand and market conditions. Abnormal amounts of idle facility expense and waste are not capitalized in inventory. The allocation of fixed production overheads to the inventory cost is based on the normal capacity of the production facilities. |
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: Property, Plant and Equipment Classification Estimated Useful Lives Buildings and improvements 30-40 years Machinery and equipment 5-15 years Office equipment 3-10 years |
Software Costs | Software Costs We capitalize certain internal and external costs of computer software developed or obtained for internal use, principally related to software coding, software configuration, designing system interfaces and installation and testing of the software. We amortize capitalized internal use software costs using the straight-line method over the estimated useful lives of the software, generally from three to five years . Net capitalized software and development costs were $0.2 million and $1.7 million for the years ended December 31, 2019 and 2018 , respectively. Capitalized software is included within “Property, plant and equipment, net of accumulated depreciation” in the consolidated statements of financial position. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets We have made acquisitions over the years that included the recognition of intangible assets. Intangible assets are classified into three categories: (1) goodwill; (2) other intangible assets with definite lives subject to amortization; and (3) other intangible assets with indefinite lives not subject to amortization. Other intangible assets can include items such as trademarks and trade names, licensed technology, customer relationships and covenants not to compete, among other things. Each definite-lived other intangible asset is amortized over its respective economic useful life using the economic attribution method. Goodwill is tested for impairment annually and between annual impairment tests if events or changes in circumstances indicate the carrying value may be impaired. If it is more likely than not that our goodwill is impaired, then we compare the estimated fair value of each of our reporting units to its respective carrying value. If a reporting unit’s carrying value is greater than its fair value, then an impairment is recognized for the excess and charged to operations. We currently have four reporting units with goodwill: ACS, EMS, curamik ® and Elastomer Components Division (ECD). Consistent with historical practice, the annual impairment test on these reporting units was performed as of November 30, 2019 . The application of the annual goodwill impairment test requires significant judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units and determination of the fair value of each reporting unit. Determining the fair value is subjective and requires the use of significant estimates and assumptions, including financial projections for net sales, gross margin and operating margin, discount rates, terminal growth rates and future market conditions, among others. We estimated the fair value of our reporting units using an income approach based on the present value of future cash flows through a five year discounted cash flow analysis. The discounted cash flow analysis utilized the discount rates for each of the reporting units ranging from 10.30% for EMS to 11.90% for ACS, and terminal growth rates ranging from 3.3% for curamik ® to 4.6% for ACS. 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 goodwill impairment test are reasonable, but inherently uncertain. There were no impairment charges resulting from our goodwill impairment analysis for the year ended December 31, 2019 . Our ACS, EMS, curamik ® and ECD reporting units had allocated goodwill of $51.7 million , $142.0 million , $67.0 million and $2.2 million respectively, as of December 31, 2019 . Indefinite-lived other intangible assets are tested for impairment annually and between annual impairment tests if events or changes in circumstances indicate the carrying value may be impaired. If it is more likely than not that an indefinite-lived other intangible asset is impaired, then we compare the estimated fair value of that indefinite-lived other intangible asset to its respective carrying value. If an indefinite-lived other intangible asset’s carrying value is greater than its fair value, then an impairment charge is recognized for the excess and charged to operations. Consistent with historical practice, the annual impairment test on these reporting units was performed as of November 30, 2019 . The application of the annual indefinite-lived other intangible asset impairment test requires significant judgment, including the determination of fair value of each indefinite-lived other intangible asset. Fair value is primarily based on income approaches using discounted cash flow models, which have significant assumptions. Such assumptions are subject to variability from year to year and are directly impacted by global market conditions. There were no impairment charges resulting from our indefinite-lived other intangible assets impairment analysis for the year ended December 31, 2019 . The curamik ® reporting unit had an indefinite-lived other intangible asset of $4.4 million as of December 31, 2019 . Definite-lived other intangible assets are tested for recoverability whenever events or changes in circumstances indicate the carrying value may not be recoverable. The recoverability test involves comparing the estimated sum of the undiscounted cash flows for each definite-lived other intangible asset to its respective carrying value. If a definite-lived other intangible asset’s carrying value is greater than the sum of its undiscounted cash flows, then the definite-lived other intangible asset’s carrying value is compared to its estimated fair value and an impairment charge is recognized for the excess and charged to operations. The application of the recoverability test requires significant judgment, including the identification of the asset group and determination of undiscounted cash flows and fair value of the underlying definite-lived other intangible asset. Determination of undiscounted cash flows requires the use of significant estimates and assumptions, including certain financial projections. Fair value is primarily based on income approaches using discounted cash flow models, which have significant assumptions. Such assumptions are subject to variability from year to year and are directly impacted by global market conditions. There were no impairment charges resulting from our definite-lived other intangible assets impairment analysis for the year ended December 31, 2019 . Our ACS, EMS and curamik ® reporting units had definite-lived other intangible assets of $4.7 million , $140.4 million and $9.5 million , respectively, as of December 31, 2019 . |
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 review our asbestos-related projections annually in the fourth quarter of each year unless facts and circumstances materially change during the year, at which time we would analyze these projections. We believe the assumptions made on the potential exposure and expected insurance coverage are reasonable at the present time, but are subject to uncertainty based on the actual future outcome of our asbestos litigation. 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 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, average indemnity costs, average defense costs, 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 assumptions are subject to even greater uncertainty as the projection period lengthens. 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 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. Given the inherent uncertainty in making projections, we plan to re-examine periodically the assumptions used in the projections of current and future asbestos claims, and we will update them if needed based on our experience, changes in the assumptions underlying our models, and other relevant factors, such as changes in the tort system. Our accrued asbestos liabilities may not approximate our actual asbestos-related indemnity and defense costs, and our accrued insurance recoveries may not be realized. We believe that it is reasonably possible that we may incur additional charges for our asbestos liabilities and defense costs in the future that could exceed existing reserves and insurance recoveries. |
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 value of our borrowings under credit facility 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. Based on our credit characteristics as of December 31, 2019 , borrowings would generally bear interest at London interbank offered rate (LIBOR) plus 137.5 basis points. As the current borrowings under the Third Amended Credit Agreement bear interest at adjusted 1-month LIBOR plus 137.5 basis points, we believe the carrying value of our borrowings approximates fair value. For additional information on the calculation of fair value measurements, refer to “ Note 2 – Fair Value Measurements .” |
Hedging Activity | Hedging Transactions and Derivative Financial Instruments 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. |
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. As of December 31, 2019 and 2018 , there were no customers that individually accounted for more than 10% of total accounts receivable. We did no t experience significant credit losses on customers’ accounts in 2019 , 2018 or 2017 . 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. We account for income taxes following Accounting Standards Codification (ASC) 740, 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. We did not make any changes in 2019 to our position on the permanent reinvestment of our historical earnings from foreign operations. With the exception of certain of our Chinese subsidiaries, we continue to assert that historical foreign earnings are indefinitely reinvested. As of December 31, 2019 and 2018 , we recorded a deferred tax liability of $1.6 million and $1.8 million , respectively, for Chinese withholding tax on undistributed earnings that are not indefinitely reinvested. The other remaining foreign subsidiaries have both the intent and ability to indefinitely reinvest their undistributed earnings and we expect that these undistributed earnings may give rise to an estimated $3.5 million of additional tax liabilities as a result of distribution of such earnings. If circumstances change and it becomes apparent that some, or all of the undistributed earnings as of December 31, 2019 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 item in the consolidated statements of operations. Accrued interest and penalties are included within the related tax liability line item in the consolidated statements of financial position. |
Revenue Recognition | Revenue Recognition Recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the providing entity expects to be entitled in exchange for those goods or services. We recognize revenue when all of the following criteria are met: (1) we have entered into a binding agreement, (2) the performance obligations have been identified, (3) the transaction price to the customer has been determined, (4) the transaction price has been allocated to the performance obligations in the contract, and (5) the performance obligations have been satisfied. The majority of our shipping terms permit us to recognize revenue at point of shipment. Some shipping terms require the goods to be cleared 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. Shipping and handling costs are treated as fulfillment costs. Sales tax or VAT are excluded from the measurement of the transaction price. |
Pension and Other Postretirement Benefits | Pension and Other Postretirement 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 rates 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 bond index; (ii) the long-term rate of return on plan assets is determined based on historical portfolio results, market conditions and our expectations of future returns; 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 determine these assumptions based on consultation with outside actuaries and investment advisors. Any changes in these assumptions could have a significant impact on future recognized pension costs, assets and liabilities. We review these assumptions periodically throughout the year and update as necessary. |
Advertising Cost | Advertising Costs |
Earnings Per Share | Earnings Per Share Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. |
Equity Compensation | Equity Compensation Equity compensation mainly consists of expense related to restricted stock units and deferred stock units. Performance-based restricted stock unit compensation expense is based on achievement of both market and service conditions. The fair value of these awards is determined based on a Monte Carlo simulation valuation model on the grant date. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period with no changes for final projected payout of the awards. Time-based restricted stock unit compensation expense is based on the achievement of only service conditions. The fair value of these awards is determined based on the market value of the underlying stock price on the grant date. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period. Deferred stock units, which are granted to non-management directors, are fully vested on the date of grant and the related shares are generally issued on the 13 -month anniversary of the grant date unless the director elects to defer the receipt of those shares. The fair value of these awards is determined based on the market value of the underlying stock price on the grant date. The compensation related to these grants is expensed immediately on the date of grant. |
Recent Accounting Standards | Recently Issued Standards In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This ASU replaces the incurred loss model with a new expected loss impairment model that applies to most assets measured at amortized cost and certain other financial instruments, including trade receivables and other receivables. This ASU is effective for our fiscal year ending December 31, 2020 and for the interim periods within that year. Early adoption of this update is permitted and it is required to be applied with a modified-retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the new guidance is effective. We expect this new guidance to have an immaterial impact on its consolidated financial statements, however, we are still finalizing our analysis. Recently Adopted Standards Reflected in Our 2019 Financial Statements In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans , which modifies the disclosure requirements for employers that sponsor defined benefit plans or other postretirement plans. This ASU is effective for our fiscal year ending December 31, 2020, with early adoption permitted. ASU 2018-14 is required to be applied on a retrospective basis to all periods presented. We early adopted this guidance in October 2019. It did not have a material impact on our consolidated financial statements but it resulted in revised disclosures related to our defined benefit plans. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement . This ASU modifies the disclosure requirements for fair value measurements by removing the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for timing of such transfers. This ASU expands the disclosure requirements for Level 3 fair value measurements, primarily focused on changes in unrealized gains and losses included in other comprehensive income (loss). This ASU is effective for our fiscal year ending December 31, 2020 and for the interim periods within that year. Early adoption is permitted. ASU 2018-13 is generally required to be applied retrospectively to all periods presented upon their effective date with the exception of certain amendments that should be applied prospectively to the most recent interim or annual period presented in the year of adoption. We early adopted this guidance in October 2019. It did not have a material impact on our consolidated financial statements or impact our fair value measurement disclosures. In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes , which permits the use of the OIS rate based on the SOFR as a U.S. benchmark interest rate for hedge accounting purposes. The amendments in this update were effective for the Company on January 1, 2019 and we will apply them to qualifying new or redesignated hedging relationships. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract , which aligns the requirements for capitalizing costs incurred in the implementation of a hosting arrangement that is a service contract with the requirements for capitalizing costs incurred to develop or obtain internal use software. We adopted this ASU on January 1, 2019 on a prospective basis and it did not have a material impact on our consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . This ASU allows for reclassification of stranded tax effects resulting from U.S. Tax Reform from accumulated other comprehensive loss to retained earnings but it does not require this reclassification. We adopted this ASU on January 1, 2019 and elected to not reclassify the stranded tax effects resulting from U.S. Tax Reform. As a result of that election, the adoption of ASU 2018-02 did not have an impact on our consolidated financial statements and disclosures. In February 2016, the FASB issued ASU 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 standard requires lessees to classify leases as either finance or operating leases and 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. An accounting policy election may be made to account for leases with a term of 12 months or less similar to existing guidance for operating leases today. ASU 2016-02 supersedes the existing guidance on accounting for leases. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , which allowed for an optional transition method for the adoption of Topic 842. The two permitted transition methods were the modified retrospective approach, which applies the lease requirements at the beginning of the earliest period presented, and the optional transition method, which applies the lease requirements through a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We adopted this standard on January 1, 2019 using the optional transition method. We elected to use the practical expedients that allow us to carry forward the historical lease classification. For additional information regarding the impact of the adoption of this standard, refer to “ Note 10 – Leases .” |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of inventory | Our “Inventories” line item in the consolidated statements of financial position consisted of the following: As of December 31, (Dollars in thousands) 2019 2018 Raw materials $ 61,338 $ 59,321 Work-in-process 30,043 30,086 Finished goods 41,478 43,230 Total inventories $ 132,859 $ 132,637 |
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: Property, Plant and Equipment Classification Estimated Useful Lives Buildings and improvements 30-40 years Machinery and equipment 5-15 years Office equipment 3-10 years As of December 31, (Dollars in thousands) 2019 2018 Land $ 21,697 $ 21,525 Buildings and improvements 165,968 175,279 Machinery and equipment 281,771 256,301 Office equipment 68,349 64,886 Property plant and equipment, gross 537,785 517,991 Accumulated depreciation (341,119 ) (317,414 ) Property, plant and equipment, net 196,666 200,577 Equipment in process 63,580 42,182 Total property, plant and equipment, net $ 260,246 $ 242,759 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of derivative instruments measured at fair value on a recurring basis, categorized by the level of inputs used in the valuation | Derivative instruments measured at fair value on a recurring basis, categorized by the level of inputs used in the valuation, include: Derivative Instruments at Fair Value as of December 31, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Total (1) Foreign currency contracts $ — $ (6 ) $ — $ (6 ) Copper derivative contracts $ — $ 1,147 $ — $ 1,147 Interest rate swap contract $ — $ (1,254 ) $ — $ (1,254 ) Derivative Instruments at Fair Value as of December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total (1) Foreign currency contracts $ — $ 522 $ — $ 522 Copper derivative contracts $ — $ 583 $ — $ 583 Interest rate swap contract $ — $ 461 $ — $ 461 (1) All balances were recorded in the “Other current assets” or “Other accrued liabilities” line items in the consolidated statements of financial position, except the 2019 and 2018 interest rate swap balance, which was recorded in the “Other long-term liabilities” and “Other long-term assets” line items, respectively, in the consolidated statements of financial position. |
Hedging Transactions and Deri_2
Hedging Transactions and Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of notional values of outstanding derivative positions and volume of copper contracts outstanding | As of December 31, 2019 , the volume of our copper contracts outstanding were as follows: Volume of Copper Derivatives January 2020 - March 2020 202 metric tons per month April 2020 - June 2020 202 metric tons per month July 2020 - September 2020 201 metric tons per month October 2020 - December 2020 201 metric tons per month January 2021 - March 2021 256 metric tons per month As of December 31, 2019 the notional values of these foreign currency forward contracts were as follows: Notional Values of Foreign Currency Derivatives KRW/USD ₩ 10,413,450,000 USD/CNY $ 17,131,000 EUR/USD € 13,408,000 JPY/EUR ¥ 125,000,000 |
Schedule of gain (loss) on derivative instruments | Effects on Financial Statements The following table presents the impact from these instruments on the statement of operations and statements of comprehensive income: Years Ended December 31, (Dollars in thousands) Financial Statement Line Item 2019 2018 2017 Foreign Currency Contracts Contracts not designated as hedging instruments Other income (expense), net $ (779 ) $ (333 ) $ (7 ) Copper Derivatives Contracts Contracts not designated as hedging instruments Other income (expense), net $ (716 ) $ (2,101 ) $ 1,928 Interest Rate Swap Contract Contract designated as hedging instrument Other comprehensive income (loss) $ (1,715 ) $ 420 $ 41 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated balances related to each component of accumulated other comprehensive income (loss) | The changes in accumulated other comprehensive loss by component for each of the fiscal years in the two-year period ended December 31, 2019 were as follows: (Dollars and accompanying footnotes in thousands) Foreign Currency Translation Adjustments Pension and Other Postretirement Benefits (1) Derivative Instrument Designated as Cash Flow Hedge (2) Total Balance as of December 31, 2017 $ (17,983 ) $ (47,198 ) $ 26 $ (65,155 ) Other comprehensive income (loss) before reclassifications (12,505 ) (1,678 ) 519 (13,664 ) Amounts reclassified to earnings — 176 (191 ) (15 ) Net other comprehensive income (loss) for period (12,505 ) (1,502 ) 328 (13,679 ) Balance as of December 31, 2018 (30,488 ) (48,700 ) 354 (78,834 ) Other comprehensive income (loss) before reclassifications (4,990 ) (6,079 ) (1,171 ) (12,240 ) Amounts reclassified to earnings — 44,324 (155 ) 44,169 Net other comprehensive income (loss) for period (4,990 ) 38,245 (1,326 ) 31,929 Balance as of December 31, 2019 $ (35,478 ) $ (10,455 ) $ (972 ) $ (46,905 ) (1) Net of taxes of $2,368 , $9,984 and $9,563 for the years ended December 31, 2019 , 2018 and 2017 , respectively. (2) Net of taxes of $282 , ($106) and ($15) for the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Reclassification out of accumulated other comprehensive income | The impacts to the consolidated statements of operations related to items reclassified to earnings were as follows: Years Ended December 31, (Dollars in thousands) Financial Statement Line Item 2019 2018 Amortization/settlement of pension and other postretirement benefits Pension settlement charges $ (53,213 ) $ — Other income (expense), net (1) (504 ) (227 ) Income tax (expense) benefit 9,393 51 Net income $ (44,324 ) $ (176 ) Unrealized gains (losses) on derivative instrument (2) Other income (expense), net $ 200 $ 247 Income tax (expense) benefit (45 ) (56 ) Net income $ 155 $ 191 (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. For additional details, refer to “ Note 11 – Pension Benefits, Other Postretirement Benefits and Employee Savings and Investment Plan .” (2) This relates to the derivative instrument designated as a cash flow hedge and held as of the end of the year for each year presented. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: Property, Plant and Equipment Classification Estimated Useful Lives Buildings and improvements 30-40 years Machinery and equipment 5-15 years Office equipment 3-10 years As of December 31, (Dollars in thousands) 2019 2018 Land $ 21,697 $ 21,525 Buildings and improvements 165,968 175,279 Machinery and equipment 281,771 256,301 Office equipment 68,349 64,886 Property plant and equipment, gross 537,785 517,991 Accumulated depreciation (341,119 ) (317,414 ) Property, plant and equipment, net 196,666 200,577 Equipment in process 63,580 42,182 Total property, plant and equipment, net $ 260,246 $ 242,759 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the carrying amount of goodwill, by segment | The changes in the carrying amount of goodwill for the period ending December 31, 2019 , by operating segment, were as follows: (Dollars in thousands) Advanced Connectivity Solutions Elastomeric Material Solutions Power Electronics Solutions Other Total December 31, 2018 $ 51,694 $ 142,588 $ 68,379 $ 2,224 $ 264,885 Foreign currency translation adjustment — (558 ) (1,397 ) — (1,955 ) December 31, 2019 $ 51,694 $ 142,030 $ 66,982 $ 2,224 $ 262,930 |
Intangible assets | The changes in the carrying amount of other intangible assets for the two-year period ending December 31, 2019 , were as follows: December 31, 2019 December 31, 2018 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 149,317 $ 39,018 $ 110,299 $ 149,753 $ 30,078 $ 119,675 Technology 80,938 45,190 35,748 81,535 38,624 42,911 Trademarks and trade names 11,994 4,361 7,633 12,019 3,213 8,806 Covenants not to compete 1,340 505 835 1,340 249 1,091 Total definite-lived other intangible assets 243,589 89,074 154,515 244,647 72,164 172,483 Indefinite-lived other intangible asset 4,432 — 4,432 4,525 — 4,525 Total other intangible assets $ 248,021 $ 89,074 $ 158,947 $ 249,172 $ 72,164 $ 177,008 |
Weighted average amortization period, by intangible asset class | The weighted average amortization period as of December 31, 2019 , by definite-lived other intangible asset class, is presented in the table below: Definite-Lived Other Intangible Asset Class Weighted Average Remaining Amortization Period Customer relationships 7.3 Technology 4.1 Trademarks and trade names 4.9 Covenants not to compete 1.6 Total definite-lived other intangible assets 6.4 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: Years Ended December 31, (Dollars and shares in thousands, except per share amounts) 2019 2018 2017 Numerator: Net income $ 47,319 $ 87,651 $ 80,459 Denominator: Weighted average shares outstanding - basic 18,573 18,374 18,154 Effect of dilutive shares 140 285 393 Weighted average shares outstanding - diluted 18,713 18,659 18,547 Basic earnings per share $ 2.55 $ 4.77 $ 4.43 Diluted earnings per share $ 2.53 $ 4.70 $ 4.34 |
Capital Stock and Equity Comp_2
Capital Stock and Equity Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 Shares reserved for issuance under outstanding restricted stock unit awards 315,571 413,294 Deferred compensation to be paid in stock, including deferred stock units 7,681 13,498 Additional shares reserved for issuance under Rogers Corporation 2019 Long-Term Equity Compensation Plan 1,063,920 777,385 Shares reserved for issuance under the Rogers Corporation Global Stock Ownership Plan for Employees 91,670 106,344 Total 1,478,842 1,310,521 |
Schedule of weighted-average assumptions used | Pension Benefits Other Postretirement Benefits 2019 2018 2019 2018 Weighted average assumptions used in benefit obligations: Discount rate 3.25 % 4.25 % 2.75 % 3.75 % Weighted average assumptions used in net periodic benefit costs: Discount rate 4.25 % 3.70 % 3.75 % 3.25 % Expected long-term rate of return on assets 4.69 % 4.94 % — % — % |
Activity under our stock option plans | A summary of the activity under our stock option plans for 2019 , 2018 and 2017 , is presented below: 2019 2018 2017 Options Weighted- Options Weighted- Options Weighted- Options outstanding, vested and exercisable as of January 1 10,950 $ 31.99 33,283 $ 36.40 116,575 $ 37.76 Options exercised (10,650 ) 32.21 (22,333 ) 38.57 (83,292 ) 37.04 Options forfeited (300 ) 23.86 — — — — Options outstanding, vested and exercisable as of December 31 — $ — 10,950 $ 31.99 33,283 $ 36.40 |
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 for each material award granted in 2019 , 2018 and 2017 : June 3, 2019 February 7, 2019 September 17, 2018 February 8, 2018 February 9, 2017 Expected volatility 39.7% 36.7% 36.6% 34.8% 33.6% Expected term (in years) 2.6 2.9 3.0 3.0 3.0 Risk-free interest rate 1.78% 2.43% 2.85% 2.28% 1.38% |
Schedule of restricted stock and restricted stock activity | A summary of activity of the outstanding performance-based restricted stock units for 2019 , 2018 and 2017 is presented below: 2019 2018 2017 Awards Outstanding Weighted- Awards Outstanding Weighted- Awards Outstanding Weighted- Awards outstanding as of January 1 142,434 $ 110.19 169,202 $ 97.16 151,769 $ 89.72 Awards granted 112,160 114.22 75,760 163.55 56,147 110.77 Stock issued (135,032 ) 69.10 (81,230 ) 131.72 (34,442 ) 86.59 Awards forfeited (12,619 ) 152.22 (21,298 ) 114.40 (4,272 ) 99.35 Awards outstanding as of December 31 106,943 $ 161.33 142,434 $ 110.19 169,202 $ 97.16 |
Time Based Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of restricted stock and restricted stock activity | A summary of activity of the outstanding time-based restricted stock units for 2019 , 2018 and 2017 is presented below: 2019 2018 2017 Awards Outstanding Weighted- Awards Outstanding Weighted- Awards Outstanding Weighted- Awards outstanding as of January 1 117,476 $ 116.10 173,331 $ 69.10 239,189 $ 57.71 Awards granted 62,115 126.92 46,810 143.93 80,535 83.17 Stock issued (68,111 ) 81.53 (82,921 ) 84.92 (140,208 ) 58.18 Awards forfeited (9,795 ) 116.52 (19,744 ) 112.06 (6,185 ) 60.70 Awards outstanding as of December 31 101,685 $ 122.68 117,476 $ 116.10 173,331 $ 69.10 |
Deferred Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of restricted stock and restricted stock activity | deferred stock units for 2019 , 2018 and 2017 is presented below: 2019 2018 2017 Awards Outstanding Weighted- Awards Outstanding Weighted- Awards Outstanding Weighted- Awards outstanding as of January 1 8,400 $ 108.86 9,250 $ 109.48 11,900 $ 58.82 Awards granted 5,950 183.40 8,400 108.86 9,250 109.48 Stock issued (7,200 ) 108.86 (9,250 ) 109.48 (11,900 ) 58.82 Awards outstanding as of December 31 7,150 $ 170.89 8,400 $ 108.86 9,250 $ 109.48 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Lease Payments and Fair Value Assumptions | The following table includes information regarding the lease term and discount rates utilized in the calculation of the present value of net future minimum lease payments: Finance Operating Weighted Average Remaining Lease Term 1.5 years 2.5 years Weighted Average Discount Rate 3.00% 6.07% Our expenses and payments for operating leases were as follows: Year Ended December 31, (Dollars in thousands) 2019 2018 2017 Operating leases expense $ 3,119 $ 3,850 $ 3,819 Short-term leases expense $ 192 $ 112 $ 236 Payments on operating lease obligations $ 2,967 $ 3,850 $ 3,819 |
Schedule of Assets and Liabilities Related to Finance and Operating Leases | Our assets and liabilities balances related to finance and operating leases reflected in the consolidated statements of financial position, were as follows: As of December 31, (Dollars in thousands) Financial Statement Line Item 2019 2018 Finance lease right-of-use assets Property, plant and equipment, net $ 6,280 $ 6,750 Operating lease right-of-use assets Other long-term assets $ 4,656 $ — Finance lease obligations, current portion Other accrued liabilities $ 400 $ 420 Finance lease obligations, non-current portion Other long-term liabilities $ 4,140 $ 4,629 Total finance lease obligations $ 4,540 $ 5,049 Operating lease obligations, current portion Other accrued liabilities $ 2,343 $ — Operating lease obligations, non-current portion Other long-term liabilities $ 2,334 $ — Total operating lease obligations $ 4,677 $ — |
Schedule of Finance Lease Liability Maturity | The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of December 31, 2019 : Finance Operating (Dollars in thousands) Leases in Effect Leases Signed Less: Leases Not Yet Commenced Leases in Effect 2020 $ 532 $ 2,570 $ (128 ) $ 2,442 2021 4,202 1,649 (128 ) 1,521 2022 — 919 (101 ) 818 2023 — 332 (101 ) 231 2024 — 131 (101 ) 30 Thereafter — 2 — 2 Total lease payments 4,734 5,603 (559 ) 5,044 Less: Interest (194 ) (389 ) 22 (367 ) Present Value of Net Future Minimum Lease Payments $ 4,540 $ 5,214 $ (537 ) $ 4,677 |
Schedule of Operating Lease Liability Maturity | The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of December 31, 2019 : Finance Operating (Dollars in thousands) Leases in Effect Leases Signed Less: Leases Not Yet Commenced Leases in Effect 2020 $ 532 $ 2,570 $ (128 ) $ 2,442 2021 4,202 1,649 (128 ) 1,521 2022 — 919 (101 ) 818 2023 — 332 (101 ) 231 2024 — 131 (101 ) 30 Thereafter — 2 — 2 Total lease payments 4,734 5,603 (559 ) 5,044 Less: Interest (194 ) (389 ) 22 (367 ) Present Value of Net Future Minimum Lease Payments $ 4,540 $ 5,214 $ (537 ) $ 4,677 |
Pension Benefits, Other Postr_2
Pension Benefits, Other Postretirement Benefits and Employee Savings and Investment Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Change in benefit obligation | Pension Benefits Other Postretirement Benefits (Dollars in thousands) 2019 2018 2019 2018 Change in plan benefit obligations: Benefit obligation as of January 1 $ 172,608 $ 185,760 $ 1,803 $ 2,037 Service cost — — 61 73 Interest cost 5,641 6,758 59 62 Actuarial (gain) loss 23,797 (10,805 ) (51 ) (5 ) Benefit payments (9,262 ) (9,105 ) (273 ) (364 ) Pension settlements (162,484 ) — — — Benefit obligation as of December 31 $ 30,300 $ 172,608 $ 1,599 $ 1,803 Change in plan assets: Fair value of plan assets as of January 1 $ 191,652 $ 180,056 $ — $ — Actual return on plan assets 22,888 (4,299 ) — — Employer contributions 41 25,000 273 364 Benefit payments (9,262 ) (9,105 ) (273 ) (364 ) Pension settlements (162,484 ) — — — Fair value of plan assets as of December 31 $ 42,835 $ 191,652 $ — $ — Amount overfunded (underfunded) $ 12,535 $ 19,044 $ (1,599 ) $ (1,803 ) |
Change in plan assets | The following table summarizes the change in plan benefit obligations and changes in plan assets: Pension Benefits Other Postretirement Benefits (Dollars in thousands) 2019 2018 2019 2018 Change in plan benefit obligations: Benefit obligation as of January 1 $ 172,608 $ 185,760 $ 1,803 $ 2,037 Service cost — — 61 73 Interest cost 5,641 6,758 59 62 Actuarial (gain) loss 23,797 (10,805 ) (51 ) (5 ) Benefit payments (9,262 ) (9,105 ) (273 ) (364 ) Pension settlements (162,484 ) — — — Benefit obligation as of December 31 $ 30,300 $ 172,608 $ 1,599 $ 1,803 Change in plan assets: Fair value of plan assets as of January 1 $ 191,652 $ 180,056 $ — $ — Actual return on plan assets 22,888 (4,299 ) — — Employer contributions 41 25,000 273 364 Benefit payments (9,262 ) (9,105 ) (273 ) (364 ) Pension settlements (162,484 ) — — — Fair value of plan assets as of December 31 $ 42,835 $ 191,652 $ — $ — Amount overfunded (underfunded) $ 12,535 $ 19,044 $ (1,599 ) $ (1,803 ) |
Amounts recognized in consolidated balance sheet | Our pension-related balances reflected in the consolidated statements of financial position consisted of the following: Pension Benefits Other Postretirement Benefits As of December 31, As of December 31, (Dollars in thousands) 2019 2018 2019 2018 Assets & Liabilities: Non-current assets $ 12,790 $ 19,273 $ — $ — Current liabilities (5 ) (4 ) (282 ) (334 ) Non-current liabilities (250 ) (225 ) (1,317 ) (1,469 ) Net assets (liabilities) $ 12,535 $ 19,044 $ (1,599 ) $ (1,803 ) Accumulated Other Comprehensive Loss: Net actuarial (loss) gain $ (13,085 ) $ (59,972 ) $ 54 $ 68 Prior service benefit — — 209 1,220 Accumulated other comprehensive (loss) income $ (13,085 ) $ (59,972 ) $ 263 $ 1,288 |
Schedule of net periodic benefit cost not yet recognized | Our pension-related balances reflected in the consolidated statements of financial position consisted of the following: Pension Benefits Other Postretirement Benefits As of December 31, As of December 31, (Dollars in thousands) 2019 2018 2019 2018 Assets & Liabilities: Non-current assets $ 12,790 $ 19,273 $ — $ — Current liabilities (5 ) (4 ) (282 ) (334 ) Non-current liabilities (250 ) (225 ) (1,317 ) (1,469 ) Net assets (liabilities) $ 12,535 $ 19,044 $ (1,599 ) $ (1,803 ) Accumulated Other Comprehensive Loss: Net actuarial (loss) gain $ (13,085 ) $ (59,972 ) $ 54 $ 68 Prior service benefit — — 209 1,220 Accumulated other comprehensive (loss) income $ (13,085 ) $ (59,972 ) $ 263 $ 1,288 |
Components of net periodic benefit cost | The components of net periodic benefit cost (credit) were as follows: Pension Benefits Other Postretirement Benefits Years Ended December 31, Years Ended December 31, (Dollars in thousands) 2019 2018 2017 2019 2018 2017 Service cost $ — $ — $ — $ 61 $ 73 $ 80 Interest cost 5,641 6,758 7,356 59 62 71 Expected return of plan assets (6,932 ) (8,662 ) (9,221 ) — — — Amortization of prior service credit — — — (1,011 ) (1,602 ) (1,602 ) Amortization of net loss (gain) 1,514 1,828 1,755 — — — Settlement charge 53,213 — — — — — Net periodic benefit cost (credit) $ 53,436 $ (76 ) $ (110 ) $ (891 ) $ (1,467 ) $ (1,451 ) |
Schedule of weighted-average assumptions used | Pension Benefits Other Postretirement Benefits 2019 2018 2019 2018 Weighted average assumptions used in benefit obligations: Discount rate 3.25 % 4.25 % 2.75 % 3.75 % Weighted average assumptions used in net periodic benefit costs: Discount rate 4.25 % 3.70 % 3.75 % 3.25 % Expected long-term rate of return on assets 4.69 % 4.94 % — % — % |
Schedule of allocation of plan assets | The following table presents the fair value of the pension plan net assets by asset category and level, within the fair value hierarchy, as of December 31, 2019 and 2018 . Fair Value of Plan Assets as of December 31, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Total Fixed income bonds $ — $ 27,704 $ — $ 27,704 Mutual funds 3,277 — — 3,277 Pooled separate accounts — 10,516 — 10,516 Guaranteed deposit account — — 1,338 1,338 Total plan assets at fair value $ 3,277 $ 38,220 $ 1,338 $ 42,835 Fair Value of Plan Assets as of December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Fixed income bonds $ — $ 186,385 $ — $ 186,385 Mutual funds 2,691 — — 2,691 Pooled separate accounts — 1,216 — 1,216 Guaranteed deposit account — — 1,360 1,360 Total plan assets at fair value $ 2,691 $ 187,601 $ 1,360 $ 191,652 |
Changes in fair value of Level 3 assets | The following table presents a summary of changes in the fair value of the guaranteed deposit account’s Level 3 assets for the year ended December 31, 2019 : Guaranteed Deposit Account Balance as of January 1, 2019 $ 1,360 Change in unrealized gain (loss) 41 Purchases, sales, issuances and settlements (net) (63 ) Balance as of December 31, 2019 $ 1,338 |
Schedule of future benefit payments | The following table sets forth the expected benefit payments to be paid for the pension plans and the other postretirement benefit plans: Pension Benefits Other Postretirement Benefits 2020 $ 2,780 $ 282 2021 $ 1,870 $ 160 2022 $ 1,818 $ 121 2023 $ 1,832 $ 131 2024 $ 1,818 $ 116 2025-2029 $ 8,928 $ 774 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | The following table summarizes the change in number of asbestos claims outstanding during 2019 and 2018 : 2019 2018 Claims outstanding as of January 1 745 687 New claims filed 251 275 Pending claims concluded* (404 ) (217 ) Claims outstanding as of December 31 592 745 * For the year ended December 31, 2019 , 373 claims were dismissed and 31 claims were settled. For the year ended December 31, 2018 , 192 claims were dismissed and 25 claims were settled. Settlements totaled approximately $5.0 million for the year ended December 31, 2019 , compared to $7.1 million for the year ended December 31, 2018 . |
Schedule of Loss Contingencies by Contingency | Our projected asbestos-related claims and insurance receivables were as follows: As of December 31, (Dollars in millions) 2019 2018 Asbestos-related liabilities $ 85.9 $ 70.3 Asbestos-related insurance receivables $ 78.3 $ 63.8 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Consolidated income (loss) from continuing operations before income taxes by location | The “Income before income tax expense” line item in the consolidated statements of operations consisted of: (Dollars in thousands) 2019 2018 2017 Domestic $ (18,711 ) $ 14,381 $ 39,751 International 73,837 96,208 93,174 Total $ 55,126 $ 110,589 $ 132,925 |
Income tax expense (benefit) by location | The “Income tax expense” line item in the consolidated statements of operations consisted of: (Dollars in thousands) Current Deferred Total 2019 Domestic $ 3,372 $ (16,827 ) $ (13,455 ) International 21,984 (722 ) 21,262 Total $ 25,356 $ (17,549 ) $ 7,807 2018 Domestic $ (341 ) $ (3,007 ) $ (3,348 ) International 26,604 (318 ) 26,286 Total $ 26,263 $ (3,325 ) $ 22,938 2017 Domestic $ 7,535 $ 21,936 $ 29,471 International 27,418 (4,423 ) 22,995 Total $ 34,953 $ 17,513 $ 52,466 |
Deferred tax assets and liabilities | Deferred tax assets and liabilities as of December 31, 2019 and 2018 , were comprised of the following: (Dollars in thousands) 2019 2018 Deferred tax assets Accrued employee benefits and compensation $ 5,730 $ 4,269 Tax loss and credit carryforwards 17,761 18,604 Reserves and accruals 5,996 4,935 Operating leases 904 — Other 2,210 1,953 Total deferred tax assets 32,601 29,761 Less deferred tax asset valuation allowance (14,625 ) (16,889 ) Total deferred tax assets, net of valuation allowance 17,976 12,872 Deferred tax liabilities Depreciation and amortization 4,025 8,335 Postretirement benefit obligations 1,719 3,234 Unremitted earnings 1,624 1,778 Operating leases 908 — Other 1,803 2,094 Total deferred tax liabilities 10,079 15,441 Net deferred tax asset (liability) $ 7,897 $ (2,569 ) |
Effective income tax rate reconciliation | Income tax expense differs from the amount computed by applying the U.S. federal statutory income tax rate to income before income taxes. The reasons for this difference were as follows: (Dollars in thousands) 2019 2018 2017 Tax expense at Federal statutory income tax rate $ 11,576 $ 23,224 $ 46,529 Impact of foreign operations 107 826 (9,603 ) Foreign source income, net of tax credits (2,248 ) (197 ) 1,087 State tax, net of federal (690 ) 121 279 Unrecognized tax benefits 543 (869 ) 2,874 U.S. Tax Reform — 209 13,683 Equity compensation excess tax deductions (2,902 ) (2,238 ) (3,867 ) General business credits (656 ) (2,172 ) (1,080 ) Distribution related foreign taxes 1,240 1,916 2,173 Valuation allowance change (excluding U.S. Tax Reform) (2,527 ) 602 1,393 Disproportionate tax effect of pension settlement charges 2,510 — — Other 854 1,516 (1,002 ) Income tax expense (benefit) $ 7,807 $ 22,938 $ 52,466 |
Reconciliation of unrecognized tax benefits | Unrecognized tax benefits, excluding potential interest and penalties, for the years ended December 31, 2019 and December 31, 2018 , were as follows: (Dollars in thousands) 2019 2018 Beginning balance as of January 1 $ 9,801 $ 14,565 Gross increases - current period tax positions 3,139 2,583 Gross increases - tax positions in prior periods — 505 Gross decreases - tax positions in prior periods — — Foreign currency exchange — (142 ) Lapse of statute of limitations (2,723 ) (7,710 ) Ending balance as of December 31 $ 10,217 $ 9,801 |
Operating Segments and Geogra_2
Operating Segments and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Reportable segment information | The following table presents a disaggregation of revenue from contracts with customers and other pertinent financial information, for the periods indicated; inter-segment sales have been eliminated from the net sales data: (Dollars in thousands) Advanced Connectivity Solutions Elastomeric Material Solutions Power Electronics Solutions Other Total 2019 Net sales - recognized over time $ — $ 12,687 $ 197,702 $ 18,112 $ 228,501 Net sales - recognized at a point in time $ 316,592 $ 348,916 $ 833 $ 3,418 $ 669,759 Total net sales $ 316,592 $ 361,603 $ 198,535 $ 21,530 $ 898,260 Operating income $ 48,654 $ 57,080 $ (1,437 ) $ 6,184 $ 110,481 Total assets $ 402,398 $ 569,484 $ 278,763 $ 22,536 $ 1,273,181 Capital expenditures $ 22,156 $ 8,550 $ 20,191 $ 700 $ 51,597 Depreciation & amortization $ 18,267 $ 19,887 $ 10,260 $ 748 $ 49,162 Investment in unconsolidated joint ventures $ — $ 16,461 $ — $ — 16,461 Equity income in unconsolidated joint ventures $ — $ 5,319 $ — $ — $ 5,319 2018 Net sales - recognized over time $ — $ 5,788 $ 221,896 $ 16,973 $ 244,657 Net sales - recognized at a point in time $ 294,154 $ 335,576 $ 1,442 $ 3,262 $ 634,434 Total net sales $ 294,154 $ 341,364 $ 223,338 $ 20,235 $ 879,091 Operating income $ 33,827 $ 52,502 $ 19,648 $ 6,734 $ 112,711 Total assets $ 396,075 $ 588,841 $ 273,212 $ 21,216 $ 1,279,344 Capital expenditures $ 61,425 $ 10,917 $ 18,051 $ 156 $ 90,549 Depreciation & amortization $ 20,121 $ 18,501 $ 10,640 $ 811 $ 50,073 Investment in unconsolidated joint ventures $ — $ 18,667 $ — $ — $ 18,667 Equity income in unconsolidated joint ventures $ — $ 5,501 $ — $ — $ 5,501 2017 Total net sales $ 301,092 $ 312,661 $ 184,954 $ 22,336 $ 821,043 Operating income $ 55,410 $ 50,908 $ 15,668 $ 7,153 $ 129,139 Total assets $ 353,786 $ 489,456 $ 261,034 $ 20,858 $ 1,125,134 Capital expenditures $ 9,900 $ 7,563 $ 9,238 $ 514 $ 27,215 Depreciation & amortization $ 16,351 $ 16,270 $ 10,572 $ 906 $ 44,099 Investment in unconsolidated joint ventures $ — $ 18,324 $ — $ — $ 18,324 Equity income in unconsolidated joint ventures $ — $ 4,898 $ — $ — $ 4,898 Operating Segment Net Sales by Geographic Area The following table presents net sales by our operating segment operations by geographic area for the years indicated: (Dollars in thousands) Net Sales (1) Region/Country Advanced Connectivity Solutions Elastomeric Material Solutions Power Electronics Solutions Other Total December 31, 2019 United States $ 63,753 $ 160,918 $ 31,874 $ 4,507 $ 261,052 Other Americas 3,348 9,208 365 913 13,834 Total Americas 67,101 170,126 32,239 5,420 274,886 China 153,127 95,653 40,391 6,086 295,257 Other APAC 60,457 55,402 23,401 2,920 142,180 Total APAC 213,584 151,055 63,792 9,006 437,437 Germany 15,912 13,702 57,761 573 87,948 Other EMEA 19,995 26,720 44,743 6,531 97,989 Total EMEA 35,907 40,422 102,504 7,104 185,937 Total net sales $ 316,592 $ 361,603 $ 198,535 $ 21,530 $ 898,260 December 31, 2018 United States $ 52,661 $ 152,284 $ 37,325 $ 4,527 $ 246,797 Other Americas 3,104 14,453 931 773 19,261 Total Americas 55,765 166,737 38,256 5,300 266,058 China 136,315 101,036 39,781 4,959 282,091 Other APAC 63,318 40,788 28,414 2,892 135,412 Total APAC 199,633 141,824 68,195 7,851 417,503 Germany 18,165 9,907 62,359 584 91,015 Other EMEA 20,591 22,896 54,528 6,500 104,515 Total EMEA 38,756 32,803 116,887 7,084 195,530 Total net sales $ 294,154 $ 341,364 $ 223,338 $ 20,235 $ 879,091 December 31, 2017 United States $ 48,277 $ 141,508 $ 30,403 $ 5,210 $ 225,398 Other Americas 2,946 9,709 1,153 699 14,507 Total Americas 51,223 151,217 31,556 5,909 239,905 China 143,065 93,039 32,164 5,123 273,391 Other APAC 64,077 36,233 21,845 3,421 125,576 Total APAC 207,142 129,272 54,009 8,544 398,967 Germany 23,925 9,211 54,813 657 88,606 Other EMEA 18,802 22,961 44,576 7,226 93,565 Total EMEA 42,727 32,172 99,389 7,883 182,171 Total net sales $ 301,092 $ 312,661 $ 184,954 $ 22,336 $ 821,043 (1) Net sales are allocated to countries based on the location of the customer. The table above lists individual countries with 10% or more of net sales for the periods indicated. Our contract assets by operating segment were as follows: As of December 31, (Dollars in thousands) 2019 2018 Advanced Connectivity Solutions $ — $ — Elastomeric Material Solutions 1,077 943 Power Electronics Solutions 19,471 19,738 Other 1,907 2,047 Total contract assets $ 22,455 $ 22,728 |
Revenue and long-lived assets by geographic region | Our long-lived assets (1) by geographic area were as follows: As of December 31, (Dollars in thousands) 2019 2018 United States $ 469,234 $ 476,560 China 55,078 58,205 Germany 120,869 113,412 Other 36,942 36,475 Total long-lived assets $ 682,123 $ 684,652 (1) Long-lived assets are based on the location of the asset and are comprised of goodwill, other intangible assets and property, plant and equipment. Countries with 10% of more of long-lived assets have been disclosed. |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Income Statement Elements [Abstract] | |
Restructuring and related costs | Restructuring and Impairment Charges The components of “Restructuring and impairment charges” were as follows: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Restructuring charges Global headquarters relocation $ — $ 550 $ 2,760 Facility consolidation 948 1,982 — Total restructuring charges 948 2,532 2,760 Impairment charges Fixed assets impairment charges 1,537 1,506 — Other impairment charges — — 807 Total impairment charges 1,537 1,506 807 Total restructuring and impairment charges $ 2,485 $ 4,038 $ 3,567 |
Restructuring and impairment charges | The following table summarizes the allocation of restructuring and impairment charges to our operating segments: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Advanced Connectivity Solutions Allocated restructuring charges $ — $ 244 $ 1,305 Allocated impairment charges 1,537 1,506 161 Elastomeric Material Solutions Allocated restructuring charges 948 2,152 834 Allocated impairment charges — — 103 Power Electronics Solutions Allocated restructuring charges — 136 621 Allocated impairment charges — — 543 Total restructuring and impairment charges $ 2,485 $ 4,038 $ 3,567 |
Schedule of Income Statement Supplemental Disclosures | The components of “Other operating (income) expense, net” were as follows: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Lease income $ (989 ) $ (948 ) $ — Depreciation on leased assets 1,907 3,512 — Loss (gain) on sale or disposal of property, plant and equipment 756 (164 ) (5,329 ) Gain from antitrust litigation settlement — (4,231 ) — Indemnity claim settlements from acquisitions (715 ) (700 ) — Economic incentive grants — (556 ) — Total other operating (income) expense, net $ 959 $ (3,087 ) $ (5,329 ) |
Interest Income and Interest Expense Disclosure | The components of “Interest expense, net” were as follows: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Interest on revolving credit facility $ 7,378 $ 6,304 $ 5,115 Interest rate swap settlements (200 ) (247 ) 51 Line of credit fees 576 573 555 Debt issuance amortization costs 552 552 549 Interest on finance leases 127 172 169 Interest income (1,610 ) (804 ) (379 ) Other 46 79 71 Total interest expense, net $ 6,869 $ 6,629 $ 6,131 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly financial information | 2019 (Dollars in thousands, except per share amounts) First Second Third Fourth Net sales $ 239,798 $ 242,852 $ 221,842 $ 193,768 Gross margin $ 85,394 $ 85,828 $ 78,867 $ 64,203 Net income (loss) $ 28,399 $ 24,293 $ 23,387 $ (28,760 ) Net income (loss) per share: Basic $ 1.53 $ 1.31 $ 1.26 $ (1.55 ) Diluted $ 1.52 $ 1.30 $ 1.25 $ (1.55 ) 2018 (Dollars in thousands, except per share amounts) First Second Third Fourth Net sales $ 214,611 $ 214,675 $ 226,863 $ 222,942 Gross margin $ 76,606 $ 76,672 $ 79,130 $ 78,375 Net income $ 26,136 $ 17,329 $ 19,734 $ 24,452 Net income per share: Basic $ 1.43 $ 0.94 $ 1.07 $ 1.33 Diluted $ 1.40 $ 0.93 $ 1.06 $ 1.31 |
Share Repurchases (Tables)
Share Repurchases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of shares of common stock through the repurchase program | We repurchased the following shares of capital stock through the Program, using cash from operations and cash on hand, during the years presented below: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Shares of capital stock repurchased — 23,138 — Value of capital stock repurchased $ — $ 2,999 $ — |
Basis of Presentation, Organi_2
Basis of Presentation, Organization and Summary of Significant Accounting Policies (Organization) (Details) | 12 Months Ended |
Dec. 31, 2019Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 3 |
Basis of Presentation, Organi_3
Basis of Presentation, Organization and Summary of Significant Accounting Policies (Investments in Unconsolidated Joint Ventures) (Details) - USD ($) | 1 Months Ended | |
Jul. 31, 2018 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||
Membership Interests (percentage) | $ 1 | |
Aggregate purchase price | $ (78,000,000) | |
Rogers INOAC Corporation (RIC) | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture ownership percentage | 50.00% | |
Rogers INOAC Suzhou Corporation (RIS) | INOAC Corporation | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture ownership percentage | 50.00% |
Basis of Presentation, Organi_4
Basis of Presentation, Organization and Summary of Significant Accounting Policies (Foreign Currency) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Currency transaction adjustment gain (loss) | $ (0.9) | $ (0.7) | $ 0.9 |
Basis of Presentation, Organi_5
Basis of Presentation, Organization and Summary of Significant Accounting Policies (Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Raw materials | $ 61,338 | $ 59,321 |
Work-in-process | 30,043 | 30,086 |
Finished goods | 41,478 | 43,230 |
Total inventories | $ 132,859 | $ 132,637 |
Basis of Presentation, Organi_6
Basis of Presentation, Organization and Summary of Significant Accounting Policies (Property, Plant and Equipment Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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 |
Basis of Presentation, Organi_7
Basis of Presentation, Organization and Summary of Significant Accounting Policies (Software Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Net capitalized software and development costs | $ 0.2 | $ 1.7 |
Software and Software Development Costs | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 3 years | |
Software and Software Development Costs | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 5 years |
Basis of Presentation, Organi_8
Basis of Presentation, Organization and Summary of Significant Accounting Policies (Goodwill and Intangible Assets) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)Segment | Dec. 31, 2018USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | ||
Number of reportable segments | Segment | 4 | |
Goodwill | $ 262,930 | $ 264,885 |
Indefinite-lived other intangible asset | 4,432 | 4,525 |
Definite-lived other intangible assets | 154,515 | 172,483 |
Advanced Connectivity Solutions | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | $ 51,694 | 51,694 |
Elastomeric Material Solutions | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Sensitivity analysis, Discount rate used | 10.30% | |
Goodwill | $ 142,030 | 142,588 |
Power Electronics Solutions | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | 66,982 | 68,379 |
Other | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | $ 2,224 | $ 2,224 |
Elastomer Component Division | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Sensitivity analysis, Discount rate used | 11.90% | |
ACS | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Definite-lived other intangible assets | $ 4,700 | |
ACS | Measurement Input, Long-term Revenue Growth Rate | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Sensitivity analysis, Terminal year growth rate | 0.046 | |
Curamik | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived other intangible asset | $ 4,400 | |
Definite-lived other intangible assets | $ 9,500 | |
Curamik | Elastomer Component Division | Measurement Input, Long-term Revenue Growth Rate | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Sensitivity analysis, Terminal year growth rate | 0.033 | |
EMS | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Definite-lived other intangible assets | $ 140,400 |
Basis of Presentation, Organi_9
Basis of Presentation, Organization and Summary of Significant Accounting Policies (Fair Value of Financial Statements) (Details) - London Interbank Offered Rate (LIBOR) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate spread over variable rate | 1.375% | |
Third Amended Credit Agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate spread over variable rate | 1.375% | 0.50% |
Basis of Presentation, Organ_10
Basis of Presentation, Organization and Summary of Significant Accounting Policies (Concentration of Credit and Investment Risk) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Accounting Policies [Abstract] | |
Significant credit losses, amount | $ 0 |
Basis of Presentation, Organ_11
Basis of Presentation, Organization and Summary of Significant Accounting Policies (Income Tax) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Deferred tax liabilities, undistributed foreign earnings | $ 1.6 | $ 1.8 |
Deferred tax liability that may result from distribution of undistributed earnings | $ 3.5 |
Basis of Presentation, Organ_12
Basis of Presentation, Organization and Summary of Significant Accounting Policies (Advertising Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Advertising expense | $ 3.6 | $ 3.8 | $ 4.4 |
Fair Value Measurements (Variou
Fair Value Measurements (Various Instruments That Require Fair Value Measurement) (Detail) - Fair Value, Recurring - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Foreign currency contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | $ (6) | $ 522 |
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 | (6) | 522 |
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 | 1,147 | 583 |
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 | 1,147 | 583 |
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 contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | (1,254) | 461 |
Interest rate swap contract | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | 0 | 0 |
Interest rate swap contract | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | (1,254) | 461 |
Interest rate swap contract | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | $ 0 | $ 0 |
Hedging Transactions and Deri_3
Hedging Transactions and Derivative Financial Instruments (Notional Values of Foreign Currency Derivatives) (Detail) - Dec. 31, 2019 - Not Designated as Hedging Instrument - Foreign Exchange Forward | JPY (¥) | EUR (€) | USD ($) | KRW (₩) |
USD/KRW Notional Amount of Foreign Currency Derivatives | ||||
Derivative [Line Items] | ||||
Notional Values of Foreign Currency Derivatives | ₩ | ₩ 10,413,450,000 | |||
USD/CNY Notional Amount of Foreign Currency Derivatives | ||||
Derivative [Line Items] | ||||
Notional Values of Foreign Currency Derivatives | $ | $ 17,131,000 | |||
EUR/USD Notional Amount Of Foreign Currency Derivatives | ||||
Derivative [Line Items] | ||||
Notional Values of Foreign Currency Derivatives | € | € 13,408,000 | |||
JPY/EUR Notional Amount of Foreign Currency Derivatives | ||||
Derivative [Line Items] | ||||
Notional Values of Foreign Currency Derivatives | ¥ | ¥ 125,000,000 |
Hedging Transactions and Deri_4
Hedging Transactions and Derivative Financial Instruments (Additional Information) (Detail) | Dec. 31, 2019Contract | Mar. 31, 2017USD ($) | Feb. 28, 2017USD ($) |
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 | Contract | 30 | ||
Revolving Credit Facility | Third Amended Credit Agreement | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Credit agreement, maximum borrowing capacity | $ 450,000,000 | ||
Interest rate swap contract | Revolving Credit Facility | Third Amended Credit Agreement | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, amount of hedged item | $ 75,000,000 |
Hedging Transactions and Deri_5
Hedging Transactions and Derivative Financial Instruments (Volume of Copper Derivatives) (Details) - Designated as Hedging Instrument | Dec. 31, 2019T / mo |
April 2020 - June 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Volume of copper derivatives | 202 |
July 2020 - September 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Volume of copper derivatives | 202 |
October 2020 - December 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Volume of copper derivatives | 201 |
January 2021 - March 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Volume of copper derivatives | 201 |
January 2021 - March 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Volume of copper derivatives | 256 |
Hedging Transactions and Deri_6
Hedging Transactions and Derivative Financial Instruments (Effect and Fair Value of Derivative Instruments) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Effect of current derivative instruments | $ 200 | $ 247 | $ (51) |
Not Designated as Hedging Instrument | Other income (expense), net | Foreign Exchange Contracts | |||
Derivative [Line Items] | |||
Effect of current derivative instruments | (779) | (333) | (7) |
Not Designated as Hedging Instrument | Other income (expense), net | Copper Derivatives | |||
Derivative [Line Items] | |||
Effect of current derivative instruments | (716) | (2,101) | 1,928 |
Designated as Hedging Instrument | Other comprehensive income (loss) | Interest Rate Swap | |||
Derivative [Line Items] | |||
Effect of current derivative instruments | $ (1,715) | $ 420 | $ 41 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Income or Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | $ 848,324 | $ 766,573 | |
Other comprehensive income (loss) before reclassifications | (12,240) | (13,664) | |
Amounts reclassified to earnings | 44,169 | (15) | |
Net other comprehensive income (loss) for period | 31,929 | (13,679) | |
Ending Balance | 933,900 | 848,324 | |
AOCI, Pension and other postretirement benefit plans, tax | 2,368 | 9,984 | |
AOCI, cumulative changes in net gain (loss) from cash flow hedges, tax | 282 | (106) | $ (15) |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (30,488) | (17,983) | |
Other comprehensive income (loss) before reclassifications | (4,990) | (12,505) | |
Amounts reclassified to earnings | 0 | 0 | |
Net other comprehensive income (loss) for period | (4,990) | (12,505) | |
Ending Balance | (35,478) | (30,488) | |
Pension and Other Postretirement Benefits | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (48,700) | (47,198) | |
Other comprehensive income (loss) before reclassifications | (6,079) | (1,678) | |
Amounts reclassified to earnings | 44,324 | 176 | |
Net other comprehensive income (loss) for period | 38,245 | (1,502) | |
Ending Balance | (10,455) | (48,700) | |
Derivative Instrument Designated as Cash Flow Hedge | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | 26 | ||
Other comprehensive income (loss) before reclassifications | 519 | ||
Amounts reclassified to earnings | (191) | ||
Net other comprehensive income (loss) for period | 328 | ||
Derivative Instrument Designated as Cash Flow Hedge | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | 354 | ||
Other comprehensive income (loss) before reclassifications | (1,171) | ||
Amounts reclassified to earnings | (155) | ||
Net other comprehensive income (loss) for period | (1,326) | ||
Ending Balance | (972) | 354 | |
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (78,834) | (65,155) | |
Ending Balance | $ (46,905) | $ (78,834) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Reclassification) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Other income (expense), net | $ (592) | $ (994) | $ 5,019 |
Income tax (expense) benefit | (7,807) | (22,938) | (52,466) |
Net income | 47,319 | 87,651 | $ 80,459 |
Amounts reclassified from accumulated other comprehensive income (loss) for the period ended December 31, 2013 | Funded status of pension plans and other postretirement benefits | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Pension settlement charges | (53,213) | 0 | |
Other income (expense), net | (504) | (227) | |
Income tax (expense) benefit | 9,393 | 51 | |
Net income | (44,324) | (176) | |
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 | 200 | 247 | |
Income tax (expense) benefit | (45) | (56) | |
Net income | $ 155 | $ 191 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Schedule of Plant Property and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 537,785 | |
Property plant and equipment, gross | $ 517,991 | |
Accumulated depreciation | (341,119) | |
Accumulated depreciation | (341,119) | (317,414) |
Property, plant and equipment, net | 196,666 | 200,577 |
Equipment in process | 63,580 | 42,182 |
Total property, plant and equipment, net | 260,246 | |
Total property, plant and equipment, net | 242,759 | |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 21,697 | |
Property plant and equipment, gross | 21,525 | |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 165,968 | |
Property plant and equipment, gross | 175,279 | |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 281,771 | |
Property plant and equipment, gross | 256,301 | |
Office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 68,349 | |
Property plant and equipment, gross | $ 64,886 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 31,400 | $ 33,500 | $ 29,300 |
Fixed assets impairment charges | 1,537 | 1,506 | $ 0 |
Isola Asset Acquisition | |||
Property, Plant and Equipment [Line Items] | |||
Fixed assets impairment charges | $ 1,500 | $ 1,500 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill by Segment) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 264,885 |
Foreign currency translation adjustment | (1,955) |
Ending balance | 262,930 |
Advanced Connectivity Solutions | |
Goodwill [Roll Forward] | |
Beginning balance | 51,694 |
Foreign currency translation adjustment | 0 |
Ending balance | 51,694 |
Elastomeric Material Solutions | |
Goodwill [Roll Forward] | |
Beginning balance | 142,588 |
Foreign currency translation adjustment | (558) |
Ending balance | 142,030 |
Power Electronics Solutions | |
Goodwill [Roll Forward] | |
Beginning balance | 68,379 |
Foreign currency translation adjustment | (1,397) |
Ending balance | 66,982 |
Other | |
Goodwill [Roll Forward] | |
Beginning balance | 2,224 |
Foreign currency translation adjustment | 0 |
Ending balance | $ 2,224 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Intangible Assets) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 243,589 | $ 244,647 |
Accumulated Amortization | 89,074 | 72,164 |
Net Carrying Amount | 154,515 | 172,483 |
Indefinite-lived other intangible asset | 4,432 | 4,525 |
Total other intangible assets | 248,021 | 249,172 |
Other intangible assets, net of amortization | 158,947 | 177,008 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 149,317 | 149,753 |
Accumulated Amortization | 39,018 | 30,078 |
Net Carrying Amount | 110,299 | 119,675 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 80,938 | 81,535 |
Accumulated Amortization | 45,190 | 38,624 |
Net Carrying Amount | 35,748 | 42,911 |
Trademarks and trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 11,994 | 12,019 |
Accumulated Amortization | 4,361 | 3,213 |
Net Carrying Amount | 7,633 | 8,806 |
Covenants not to compete | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,340 | 1,340 |
Accumulated Amortization | 505 | 249 |
Net Carrying Amount | $ 835 | $ 1,091 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Additional Information) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 17.8 | $ 16.5 | $ 14.8 |
Estimated future amortization expense for 2020 | 14.6 | ||
Estimated future amortization expense for 2020 | 13.8 | ||
Estimated future amortization expense for 2021 | 13.3 | ||
Estimated future amortization expense for 2022 | 12.7 | ||
Estimated future amortization expense for 2023 and 2024 | $ 11.4 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Weighted Average Amortization Period by Intangible Asset Class) (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful life | 6 years 4 months 24 days |
Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful life | 7 years 3 months 18 days |
Technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful life | 4 years 1 month 6 days |
Trademarks and trade names | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful life | 4 years 10 months 24 days |
Covenants not to compete | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful life | 1 year 7 months 6 days |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||
Net income | $ 47,319 | $ 87,651 | $ 80,459 |
Denominator: | |||
Weighted average shares outstanding - basic (in shares) | 18,573,000 | 18,374,000 | 18,154,000 |
Effect of dilutive shares (in shares) | 140,000 | 285,000 | 393,000 |
Weighted average shares outstanding - diluted (in shares) | 18,713,000 | 18,659,000 | 18,547,000 |
Basic earnings per share (in dollars per share) | $ 2.55 | $ 4.77 | $ 4.43 |
Diluted earnings per share (in dollars per share) | $ 2.53 | $ 4.70 | $ 4.34 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 20,520 | 36,642 | 0 |
Capital Stock and Equity Comp_3
Capital Stock and Equity Compensation (Shares of Capital Stock Reserved) (Details) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance (in shares) | 1,478,842 | 1,310,521 |
Shares reserved for issuance under outstanding restricted stock unit awards (in shares) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance (in shares) | 315,571 | 413,294 |
Deferred compensation to be paid in stock, including deferred stock units (in shares) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance (in shares) | 7,681 | 13,498 |
Additional shares reserved for issuance under Rogers Corporation 2009 Long-Term Equity Compensation Plan (in shares) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance (in shares) | 1,063,920 | 777,385 |
Shares reserved for issuance under the Rogers Corporation Global Stock Ownership Plan for Employees (in shares) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance (in shares) | 91,670 | 106,344 |
Capital Stock and Equity Comp_4
Capital Stock and Equity Compensation (Additional Information) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding | $ 0 | ||
Total intrinsic value of options exercised in period | 1,600,000 | $ 2,400,000 | $ 6,000,000 |
Cash received from exercise of options exercised | $ 300,000 | 900,000 | 3,100,000 |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Future compensation cost, period of recognition | 3 years | ||
Compensation expense | $ 5,000,000 | 4,400,000 | 4,700,000 |
Nonvested awards, total compensation cost not yet recognized | $ 7,500,000 | ||
Weighted-average remaining contractual life in years, options outstanding | 10 months 24 days | ||
Performance Shares | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield (percentage) | 0.00% | ||
Performance Shares | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock award program, awarded shares as a percentage of the original award amount (percent) | 200.00% | ||
Time Based Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 5,800,000 | 5,600,000 | 5,700,000 |
Nonvested awards, total compensation cost not yet recognized | $ 7,700,000 | ||
Weighted-average remaining contractual life in years, options outstanding | 10 months 24 days | ||
Deferred Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 1,100,000 | $ 900,000 | $ 1,000,000 |
Anniversary period from grant date | 13 months | ||
Conversion ratio | 1 | ||
Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options, contractual term (years) | 10 years |
Capital Stock and Equity Comp_5
Capital Stock and Equity Compensation (Monte Carlo Assumptions Used) (Details) - Performance Shares | Jun. 03, 2019 | Feb. 07, 2019 | Sep. 17, 2018 | Feb. 08, 2018 | Feb. 09, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected volatility | 39.70% | 36.70% | 36.60% | 34.80% | 33.60% |
Expected term (in years) | 2 years 7 months 6 days | 2 years 10 months 24 days | 3 years | 3 years | 3 years |
Risk-free interest rate | 1.78% | 2.43% | 2.85% | 2.28% | 1.38% |
Capital Stock and Equity Comp_6
Capital Stock and Equity Compensation (Performance Based Restricted Stock Awards) (Detail) - Performance Shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Awards Outstanding | |||
Non-vested awards outstanding, beginning balance (in shares) | 142,434 | 169,202 | 151,769 |
Awards granted (in shares) | 112,160 | 75,760 | 56,147 |
Stock issued (in shares) | (135,032) | (81,230) | (34,442) |
Awards forfeited or expired (in shares) | (12,619) | (21,298) | (4,272) |
Non-vested awards outstanding, ending balance (in shares) | 106,943 | 142,434 | 169,202 |
Weighted- Average Grant Date Fair Value | |||
Weighted-Average Grant Date Fair Value, Outstanding at period beginning (in dollars per share) | $ 110.19 | $ 97.16 | $ 89.72 |
Weighted-Average Grant Date Fair Value, Awards granted (in dollars per share) | 114.22 | 163.55 | 110.77 |
Weighted-Average Grant Date Fair Value, Stock issued (in dollars per share) | 69.10 | 131.72 | 86.59 |
Weighted-Average Grant Date Fair Value, Awards forfeited (in dollars per share) | 152.22 | 114.40 | 99.35 |
Weighted-Average Grant Date Fair Value, Outstanding at period end (in dollars per share) | $ 161.33 | $ 110.19 | $ 97.16 |
Capital Stock and Equity Comp_7
Capital Stock and Equity Compensation (Time Based Restricted Stock Awards) (Detail) - Time Based Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Awards Outstanding | |||
Non-vested awards outstanding, beginning balance (in shares) | 117,476 | 173,331 | 239,189 |
Awards granted (in shares) | 62,115 | 46,810 | 80,535 |
Stock issued (in shares) | (68,111) | (82,921) | (140,208) |
Awards forfeited or expired (in shares) | (9,795) | (19,744) | (6,185) |
Non-vested awards outstanding, ending balance (in shares) | 101,685 | 117,476 | 173,331 |
Weighted- Average Grant Date Fair Value | |||
Weighted-Average Grant Date Fair Value, Outstanding at period beginning (in dollars per share) | $ 116.10 | $ 69.10 | $ 57.71 |
Weighted-Average Grant Date Fair Value, Awards granted (in dollars per share) | 126.92 | 143.93 | 83.17 |
Weighted-Average Grant Date Fair Value, Stock issued (in dollars per share) | 81.53 | 84.92 | 58.18 |
Weighted-Average Grant Date Fair Value, Awards forfeited (in dollars per share) | 116.52 | 112.06 | 60.70 |
Weighted-Average Grant Date Fair Value, Outstanding at period end (in dollars per share) | $ 122.68 | $ 116.10 | $ 69.10 |
Capital Stock and Equity Comp_8
Capital Stock and Equity Compensation (Deferred Stock Units) (Detail) - Deferred Stock Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Awards Outstanding | |||
Non-vested awards outstanding, beginning balance (in shares) | 8,400 | 9,250 | 11,900 |
Awards granted (in shares) | 5,950 | 8,400 | 9,250 |
Stock issued (in shares) | (7,200) | (9,250) | (11,900) |
Non-vested awards outstanding, ending balance (in shares) | 7,150 | 8,400 | 9,250 |
Weighted- Average Grant Date Fair Value | |||
Weighted-Average Grant Date Fair Value, Outstanding at period beginning (in dollars per share) | $ 108.86 | $ 109.48 | $ 58.82 |
Weighted-Average Grant Date Fair Value, Awards granted (in dollars per share) | 183.40 | 108.86 | 109.48 |
Weighted-Average Grant Date Fair Value, Stock issued (in dollars per share) | 108.86 | 109.48 | 58.82 |
Weighted-Average Grant Date Fair Value, Outstanding at period end (in dollars per share) | $ 170.89 | $ 108.86 | $ 109.48 |
Capital Stock and Equity Comp_9
Capital Stock and Equity Compensation (Summary of Activity Under Stock Option Plans) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Options Outstanding | |||
Options outstanding at beginning of period (in shares) | 10,950 | 33,283 | 116,575 |
Options exercised (in shares) | (10,650) | (22,333) | (83,292) |
Options forfeited (in shares) | (300) | 0 | 0 |
Options outstanding at end of period (in shares) | 0 | 10,950 | 33,283 |
Weighted- Average Exercise Price Per Share | |||
Weighted Average Exercise Price Per Share, Outstanding at period start (in dollars per share) | $ 31.99 | $ 36.40 | $ 37.76 |
Weighted Average Exercise Price Per Share, Options exercised (in dollars per share) | 32.21 | 38.57 | 37.04 |
Weighted Average Exercise Price Per Share, Options forfeited (in dollars per share) | 23.86 | 0 | 0 |
Weighted Average Exercise Price Per Share, Outstanding at period end (in dollars per share) | $ 0 | $ 31.99 | $ 36.40 |
Debt (Additional Information) (
Debt (Additional Information) (Detail) | 12 Months Ended | |||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Feb. 28, 2017USD ($) | Feb. 17, 2017 | |
Debt Instrument [Line Items] | ||||||
Leverage ratio, cash dividends, maximum | 2.75 | |||||
Borrowings under revolving credit facility | $ 123,000,000 | $ 228,482,000 | ||||
Interest expense on debt | 7,200,000 | 6,100,000 | $ 5,200,000 | |||
Line of credit fees | 576,000 | 573,000 | 555,000 | |||
Debt issuance amortization costs | 552,000 | 552,000 | 549,000 | |||
Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Allowed dividend payments | 20,000,000 | |||||
Third Amended Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Leverage ratio, maximum | 3.25 | |||||
Maximum leverage ratio option | 3.50 | |||||
Interest coverage ratio, minimum | 3 | |||||
Repayments of lines of credit | 105,500,000 | 5,000,000 | $ 110,200,000 | |||
Long-term line of credit | $ 1,200,000 | $ 1,700,000 | ||||
Third Amended Credit Agreement | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, term | 5 years | |||||
Credit agreement, maximum borrowing capacity | $ 450,000,000 | |||||
Line of credit facility, additional borrowing capacity | $ 175,000,000 | |||||
Third Amended Credit Agreement | Minimum | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Unused commitment fee, percentage | 0.20% | |||||
Third Amended Credit Agreement | Maximum | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Unused commitment fee, percentage | 0.30% | |||||
Interest rate swap contract | Third Amended Credit Agreement | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, amount of hedged item | $ 75,000,000 | |||||
Secured Revolving Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, lower range basis spread on variable rate | 0.375% | |||||
Debt instrument, higher range basis spread on variable rate | 0.75% | |||||
Secured Revolving Credit Agreement | Eurocurrency loans | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR spread minimum | 1.375% | |||||
LIBOR spread maximum | 1.75% | |||||
London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Basis points spread | 1.375% | |||||
London Interbank Offered Rate (LIBOR) | Third Amended Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Basis points spread | 1.375% | 0.50% | ||||
Adjusted London Interbank Offered Rate (LIBOR) | Third Amended Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Basis points spread | 1.00% |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Finance lease obligation | $ 4,540 | $ 5,049 | |
Finance lease right-of-use assets | 6,280 | 6,750 | |
Operating lease right-of-use assets | 4,656 | 0 | |
Operating lease, liability | 4,677 | 0 | |
Germany | |||
Lessee, Lease, Description [Line Items] | |||
Finance lease obligation | 4,500 | 5,000 | |
Finance lease right-of-use assets | 6,300 | 6,700 | |
Finance lease, right-of-use asset, amortization | 3,800 | $ 3,500 | |
Cumulative-effect adjustment for lease accounting | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | $ 6,200 | ||
Operating lease, liability | $ 6,200 | ||
Additional operating lease asset recognized | 800 | ||
Additional operating lease liability recognized | 800 | ||
Scenario, Adjustment | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | 7,000 | ||
Operating lease, liability | $ 7,000 |
Leases (Lease Expenses) (Detai
Leases (Lease Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | |||
Operating leases expense | $ 3,119 | $ 3,850 | $ 3,819 |
Short-term leases expense | 192 | 112 | 236 |
Payments on operating lease obligations | $ 2,967 | $ 3,850 | $ 3,819 |
Leases (Assets and Liabilities
Leases (Assets and Liabilities Balance Related to Finance and Operating Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Finance lease right-of-use assets | $ 6,280 | $ 6,750 |
Operating lease right-of-use assets | 4,656 | 0 |
Finance lease obligations, current portion | 400 | 420 |
Finance lease obligations, non-current portion | 4,140 | 4,629 |
Total finance lease obligations | 4,540 | 5,049 |
Operating lease obligations, current portion | 2,343 | 0 |
Operating lease obligations, non-current portion | 2,334 | 0 |
Total operating lease obligations | $ 4,677 | $ 0 |
Leases (Lease Payments) (Detai
Leases (Lease Payments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finance | ||
2020 | $ 532 | |
2021 | 4,202 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Total lease payments | 4,734 | |
Less: Interest | (194) | |
Present Value of Net Future Minimum Lease Payments | 4,540 | $ 5,049 |
Operating Leases Signed | ||
2020 | 2,570 | |
2021 | 1,649 | |
2022 | 919 | |
2023 | 332 | |
2024 | 131 | |
Thereafter | 2 | |
Total lease payments | 5,603 | |
Less: Interest | (389) | |
Present Value of Net Future Minimum Lease Payments | 5,214 | |
Operating Less: Leases Not Yet Commenced | ||
2020 | (128) | |
2021 | (128) | |
2022 | (101) | |
2023 | (101) | |
2024 | (101) | |
Thereafter | 0 | |
Total lease payments | (559) | |
Less: Interest | 22 | |
Present Value of Net Future Minimum Lease Payments | (537) | |
Operating Leases | ||
2020 | 2,442 | |
2021 | 1,521 | |
2022 | 818 | |
2023 | 231 | |
2024 | 30 | |
Thereafter | 2 | |
Total lease payments | 5,044 | |
Less: Interest | (367) | |
Total operating lease obligations | $ 4,677 | $ 0 |
Leases (Lease Term and Discoun
Leases (Lease Term and Discount Rate) (Details) | Dec. 31, 2019 |
Leases [Abstract] | |
Finance leases, weighted average remaining lease term | 1 year 6 months |
Finance leases, weighted average discount rate (percentage) | 3.00% |
Operating leases, weighted average remaining lease term | 2 years 6 months |
Operating leases, weighted average discount rate (percentage) | 6.07% |
Pension Benefits, Other Postr_3
Pension Benefits, Other Postretirement Benefits and Employee Savings and Investment Plans (Additional Information) (Detail) - USD ($) | Oct. 18, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Merged plan assets | $ 12,790,000 | $ 12,790,000 | $ 12,790,000 | $ 19,273,000 | |||
Pension settlement charges, net of tax (Note 4) | (53,200,000) | 43,934,000 | 0 | $ 0 | |||
Termination of the Merged Plan | (53,213,000) | 0 | 0 | ||||
Projected benefit obligation of plan with accumulated benefit obligation in excess of plan assets | 30,000,000 | 30,000,000 | 30,000,000 | 172,400,000 | |||
Accumulated benefit obligation of plan with plan assets in excess of accumulated benefit obligation | 30,000,000 | 30,000,000 | 30,000,000 | 172,400,000 | |||
Fair value of the plan assets of plan with plan assets in excess of accumulated benefit obligation | $ 42,800,000 | $ 42,800,000 | $ 42,800,000 | $ 191,700,000 | |||
Health care cost, employees age | 65 years | 65 years | |||||
Health care cost trend rate annual change (as a percentage) | 0.25% | ||||||
Historical return on plan assets over 20 years (as a percentage) | 6.32% | ||||||
Employer contributions | $ 25,000,000 | ||||||
Document Fiscal Year Focus | 2019 | ||||||
Payment for Pension Benefits | $ 103,000 | $ 25,354,000 | 906,000 | ||||
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 (as a percentage) | 6.75% | 6.75% | 6.75% | 7.00% | |||
Ultimate health care cost trend rate (as a percentage) | 4.50% | 4.50% | 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 (as a percentage) | 6.75% | 6.75% | 6.75% | 7.00% | |||
Ultimate health care cost trend rate (as a percentage) | 4.50% | 4.50% | 4.50% | ||||
Pension Benefits | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Annuity payments | $ 123,500,000 | $ 1,300,000 | |||||
Lump sum distributions | $ 38,900,000 | ||||||
Merged plan assets | 12,790,000 | $ 12,790,000 | 12,790,000 | $ 19,273,000 | |||
PBO and ABO of plan assets for the other postretirement benefit plans with a PBO or ABO in excess of plan assets | $ 12,535,000 | $ 12,535,000 | $ 12,535,000 | 19,044,000 | |||
Expected long-term rate of return on plan assets (as a percentage) | 4.91% | ||||||
Employer contributions | $ 41,000 | 25,000,000 | |||||
Payment for Pension Benefits | $ 162,484,000 | $ 0 | |||||
Pension Benefits | Equity Securities | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Plan asset allocations (as a percentage) | 8.00% | 8.00% | 8.00% | 1.00% | |||
Pension Benefits | Debt Securities | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Plan asset allocations (as a percentage) | 92.00% | 92.00% | 92.00% | 99.00% | |||
Other Postretirement Benefits | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Merged plan assets | $ 0 | $ 0 | $ 0 | $ 0 | |||
PBO and ABO of plan assets for the other postretirement benefit plans with a PBO or ABO in excess of plan assets | (1,599,000) | (1,599,000) | (1,599,000) | (1,803,000) | |||
Employer contributions | 273,000 | 364,000 | |||||
Payment for Pension Benefits | 0 | 0 | |||||
Rogers Employee Savings and Investment Plan (RESIP) | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Employer contributions | 4,400,000 | $ 5,600,000 | |||||
IRS deferral limit | $ 19,000 | ||||||
Employee compensation subject to employer matching percent (as a percentage) | 6.00% | ||||||
Payment for Pension Benefits | $ 4,000,000 | ||||||
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 (as a percentage) | 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 (as a percentage) | 100.00% | ||||||
Employer matching contribution (as a percentage) | 1.00% | ||||||
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 (as a percentage) | 5.00% | ||||||
Employer matching contribution (as a percentage) | 50.00% | ||||||
Minimum | Pension Benefits | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Merged plan assets | $ 9,000,000 | $ 9,000,000 | $ 9,000,000 | ||||
Forecast | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Termination of the Merged Plan | $ 700,000 |
Pension Benefits, Other Postr_4
Pension Benefits, Other Postretirement Benefits and Employee Savings and Investment Plans (Obligations and Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in plan benefit obligations: | |||
Pension settlements | $ (103) | $ (25,354) | $ (906) |
Change in plan assets: | |||
Employer contributions | 25,000 | ||
Pension settlements | (103) | (25,354) | (906) |
Pension Benefits | |||
Change in plan benefit obligations: | |||
Benefit obligation as of January 1 | 172,608 | 185,760 | |
Service cost | 0 | 0 | 0 |
Interest cost | 5,641 | 6,758 | 7,356 |
Actuarial (gain) loss | 23,797 | (10,805) | |
Benefit payments | (9,262) | (9,105) | |
Pension settlements | (162,484) | 0 | |
Benefit obligation as of December 31 | 30,300 | 172,608 | 185,760 |
Change in plan assets: | |||
Fair value of plan assets at the beginning of the year | 191,652 | 180,056 | |
Actual return on plan assets | 22,888 | (4,299) | |
Employer contributions | 41 | 25,000 | |
Benefit payments | (9,262) | (9,105) | |
Pension settlements | (162,484) | 0 | |
Fair value of plan assets at the end of the year | 42,835 | 191,652 | 180,056 |
Amount overfunded (underfunded) | 12,535 | 19,044 | |
Other Postretirement Benefits | |||
Change in plan benefit obligations: | |||
Benefit obligation as of January 1 | 1,803 | 2,037 | |
Service cost | 61 | 73 | 80 |
Interest cost | 59 | 62 | 71 |
Actuarial (gain) loss | (51) | (5) | |
Benefit payments | (273) | (364) | |
Pension settlements | 0 | 0 | |
Benefit obligation as of December 31 | 1,599 | 1,803 | 2,037 |
Change in plan assets: | |||
Fair value of plan assets at the beginning of the year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 273 | 364 | |
Benefit payments | (273) | (364) | |
Pension settlements | 0 | 0 | |
Fair value of plan assets at the end of the year | 0 | 0 | $ 0 |
Amount overfunded (underfunded) | $ (1,599) | $ (1,803) |
Pension Benefits, Other Postr_5
Pension Benefits, Other Postretirement Benefits and Employee Savings and Investment Plans (Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||
Non-current assets | $ 12,790 | $ 19,273 |
Pension Benefits | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||
Non-current assets | 12,790 | 19,273 |
Current liabilities | (5) | (4) |
Non-current liabilities | (250) | (225) |
Accumulated other comprehensive (loss) income | 12,535 | 19,044 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | ||
Net actuarial (loss) gain | (13,085) | (59,972) |
Prior service benefit | 0 | 0 |
Accumulated other comprehensive (loss) income | (13,085) | (59,972) |
Other Postretirement Benefits | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||
Non-current assets | 0 | 0 |
Current liabilities | (282) | (334) |
Non-current liabilities | (1,317) | (1,469) |
Accumulated other comprehensive (loss) income | (1,599) | (1,803) |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | ||
Net actuarial (loss) gain | 54 | 68 |
Prior service benefit | 209 | 1,220 |
Accumulated other comprehensive (loss) income | $ 263 | $ 1,288 |
Pension Benefits, Other Postr_6
Pension Benefits, Other Postretirement Benefits and Employee Savings and Investment Plans (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 5,641 | 6,758 | 7,356 |
Expected return of plan assets | (6,932) | (8,662) | (9,221) |
Amortization of prior service credit | 0 | 0 | 0 |
Amortization of net loss (gain) | 1,514 | 1,828 | 1,755 |
Settlement charge | 53,213 | 0 | 0 |
Net periodic benefit cost (credit) | 53,436 | (76) | (110) |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 61 | 73 | 80 |
Interest cost | 59 | 62 | 71 |
Expected return of plan assets | 0 | 0 | 0 |
Amortization of prior service credit | (1,011) | (1,602) | (1,602) |
Amortization of net loss (gain) | 0 | 0 | 0 |
Settlement charge | 0 | 0 | 0 |
Net periodic benefit cost (credit) | $ (891) | $ (1,467) | $ (1,451) |
Pension Benefits, Other Postr_7
Pension Benefits, Other Postretirement Benefits and Employee Savings and Investment Plans (Assumptions Used) (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Benefits | ||
Weighted average assumptions used in benefit obligations: | ||
Discount rate | 3.25% | 4.25% |
Weighted average assumptions used in net periodic benefit costs: | ||
Discount rate | 4.25% | 3.70% |
Expected long-term rate of return on plan assets | 4.69% | 4.94% |
Other Postretirement Benefits | ||
Weighted average assumptions used in benefit obligations: | ||
Discount rate | 2.75% | 3.75% |
Weighted average assumptions used in net periodic benefit costs: | ||
Discount rate | 3.75% | 3.25% |
Expected long-term rate of return on plan assets | 0.00% | 0.00% |
Pension Benefits, Other Postr_8
Pension Benefits, Other Postretirement Benefits and Employee Savings and Investment Plans (Assets Carried at Fair Value by Level) (Details) - Pension Benefits - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | $ 42,835 | $ 191,652 | $ 180,056 |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 3,277 | 2,691 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 38,220 | 187,601 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 1,338 | 1,360 | |
Fixed income bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 27,704 | 186,385 | |
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 | 27,704 | 186,385 | |
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 | 3,277 | 2,691 | |
Mutual funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 3,277 | 2,691 | |
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 | |
Pooled separate accounts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 10,516 | 1,216 | |
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 | 10,516 | 1,216 | |
Pooled separate accounts | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 0 | 0 | |
Guaranteed deposit account | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 1,338 | 1,360 | |
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 | $ 1,338 | $ 1,360 |
Pension Benefits, Other Postr_9
Pension Benefits, Other Postretirement Benefits and Employee Savings and Investment Plans (Summary of Changes in Fair Value of Guaranteed Deposit Account's Level 3 Assets) (Details) - Pension Benefits $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair value of plan assets at the beginning of the year | $ 191,652 |
Fair value of plan assets at the end of the year | 42,835 |
Level 3 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair value of plan assets at the beginning of the year | 1,360 |
Fair value of plan assets at the end of the year | 1,338 |
Guaranteed deposit account | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair value of plan assets at the beginning of the year | 1,360 |
Fair value of plan assets at the end of the year | 1,338 |
Guaranteed deposit account | Level 3 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair value of plan assets at the beginning of the year | 1,360 |
Change in unrealized gain (loss) | 41 |
Purchases, sales, issuances and settlements (net) | (63) |
Fair value of plan assets at the end of the year | $ 1,338 |
Pension Benefits, Other Post_10
Pension Benefits, Other Postretirement Benefits and Employee Savings and Investment Plans (Estimated Future Payments) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 2,780 |
2021 | 1,870 |
2022 | 1,818 |
2023 | 1,832 |
2024 | 1,818 |
2025-2029 | 8,928 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 282 |
2021 | 160 |
2022 | 121 |
2023 | 131 |
2024 | 116 |
2025-2029 | $ 774 |
Commitments and Contingencies_2
Commitments and Contingencies (Additional Information) (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)claimsclaim | Dec. 31, 2018USD ($)claims | Dec. 31, 2017USD ($) | |
Loss Contingencies [Line Items] | |||
Number of claims dismissed | 373 | 192 | |
Number of claims settled | claims | 31 | 25 | |
Claims settlements amount | $ 5 | $ 7.1 | |
Legal fees | 0.7 | 1.2 | |
Environmental remediation expense (income) | $ 1.7 | $ 0.7 | $ 3.4 |
Projection period (years) | 10 years | 40 years | |
Connecticut Voluntary Corrective Action Program | |||
Loss Contingencies [Line Items] | |||
Environmental remediation expense | $ 1.4 | ||
Estimated total cleanup costs, accrual | $ 1.5 |
Commitments and Contingencies_3
Commitments and Contingencies (Claims for Asbestos) (Details) - claim | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Claims outstanding as of January 1 | 745 | 687 |
New claims filed | 251 | 275 |
Pending claims concluded | (404) | (217) |
Claims outstanding as of December 31 | 592 | 745 |
Commitments and Contingencies_4
Commitments and Contingencies (Schedule to Total Estimated of Liability for Asbestos) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Asbestos-related liabilities | $ 85.9 | $ 70.3 |
Asbestos-related insurance receivables | $ 78.3 | $ 63.8 |
Income Taxes (Consolidated Inco
Income Taxes (Consolidated Income (Loss) from Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (18,711) | $ 14,381 | $ 39,751 |
International | 73,837 | 96,208 | 93,174 |
Total | $ 55,126 | $ 110,589 | $ 132,925 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | |||
Domestic | $ 3,372 | $ (341) | $ 7,535 |
International | 21,984 | 26,604 | 27,418 |
Total | 25,356 | 26,263 | 34,953 |
Deferred | |||
Domestic | (16,827) | (3,007) | 21,936 |
International | (722) | (318) | (4,423) |
Total | (17,549) | (3,325) | 17,513 |
Domestic | (13,455) | (3,348) | 29,471 |
International | 21,262 | 26,286 | 22,995 |
Total | $ 7,807 | $ 22,938 | $ 52,466 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets | ||||
Accrued employee benefits and compensation | $ 5,730 | $ 4,269 | ||
Tax loss and credit carryforwards | 17,761 | 18,604 | ||
Reserves and accruals | 5,996 | 4,935 | ||
Operating leases | 904 | 0 | ||
Other | 2,210 | 1,953 | ||
Total deferred tax assets | 32,601 | 29,761 | ||
Less deferred tax asset valuation allowance | (14,625) | (16,889) | $ (8,754) | $ (6,388) |
Total deferred tax assets, net of valuation allowance | 17,976 | 12,872 | ||
Deferred tax liabilities | ||||
Depreciation and amortization | 4,025 | 8,335 | ||
Postretirement benefit obligations | 1,719 | 3,234 | ||
Unremitted earnings | 1,624 | 1,778 | ||
Operating leases | 908 | 0 | ||
Other | 1,803 | 2,094 | ||
Total deferred tax liabilities | 10,079 | 15,441 | ||
Net deferred tax asset (liability) | $ 7,897 | |||
Net deferred tax asset (liability) | $ (2,569) |
Income Taxes (Additional Inform
Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Examination [Line Items] | ||||
Tax credit carryforwards, research | $ 5,900 | |||
Deferred tax asset valuation allowance | 14,625 | $ 16,889 | $ 8,754 | $ 6,388 |
Current foreign tax expense (benefit) | $ 21,984 | $ 26,604 | 27,418 | |
Effective income tax rate | 14.20% | 20.70% | ||
Deferred tax liabilities, undistributed foreign earnings | $ 1,600 | $ 1,800 | ||
Deferred tax liability that may result from distribution of undistributed earnings | 3,500 | |||
Unrecognized tax benefits that would impact effective tax rate | 9,900 | |||
Unrecognized tax benefits that would result in adjustments to other tax accounts | 300 | |||
Unrecognized tax benefits, income tax penalties and interest accrued | 700 | 500 | ||
Unrecognized tax benefits, income tax penalties and interest expense (benefit) | 200 | 100 | $ (900) | |
Arizona | ||||
Income Tax Examination [Line Items] | ||||
State operating loss carryforwards | 8,700 | |||
State and Local Jurisdiction | ||||
Income Tax Examination [Line Items] | ||||
Deferred tax asset valuation allowance | 13,400 | |||
Minimum | ||||
Income Tax Examination [Line Items] | ||||
State operating loss carryforwards | 200 | |||
Maximum | ||||
Income Tax Examination [Line Items] | ||||
State operating loss carryforwards | 5,000 | |||
China | ||||
Income Tax Examination [Line Items] | ||||
Current foreign tax expense (benefit) | 4,600 | |||
Deferred tax liabilities, undistributed foreign earnings | $ 1,600 | $ 1,800 |
Income Taxes (Income Tax Expe_2
Income Taxes (Income Tax Expense Difference) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Tax expense at Federal statutory income tax rate | $ 11,576 | $ 23,224 | $ 46,529 |
Impact of foreign operations | 107 | 826 | (9,603) |
Foreign source income, net of tax credits | (2,248) | (197) | 1,087 |
State tax, net of federal | (690) | 121 | 279 |
Unrecognized tax benefits | 543 | (869) | 2,874 |
U.S. Tax Reform | 0 | 209 | 13,683 |
Equity compensation excess tax deductions | (2,902) | (2,238) | (3,867) |
General business credits | (656) | (2,172) | (1,080) |
Distribution related foreign taxes | 1,240 | 1,916 | 2,173 |
Valuation allowance change (excluding U.S. Tax Reform) | (2,527) | 602 | 1,393 |
Disproportionate tax effect of pension settlement charges | 2,510 | 0 | 0 |
Other | 854 | 1,516 | (1,002) |
Total | $ 7,807 | $ 22,938 | $ 52,466 |
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, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance as of January 1 | $ 9,801 | $ 14,565 |
Gross increases - current period tax positions | 3,139 | 2,583 |
Gross increases - tax positions in prior periods | 0 | 505 |
Gross decreases - tax positions in prior periods | 0 | 0 |
Foreign currency exchange | 0 | (142) |
Lapse of statute of limitations | (2,723) | (7,710) |
Ending balance as of December 31 | $ 10,217 | $ 9,801 |
Operating Segments and Geogra_3
Operating Segments and Geographic Information (Information About Reportable Segments) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 193,768 | $ 221,842 | $ 242,852 | $ 239,798 | $ 222,942 | $ 226,863 | $ 214,675 | $ 214,611 | $ 898,260 | $ 879,091 | $ 821,043 |
Total net sales | 821,043 | ||||||||||
Operating income | 110,481 | 112,711 | 129,139 | ||||||||
Total assets | 1,273,181 | 1,279,344 | 1,273,181 | 1,279,344 | 1,125,134 | ||||||
Capital expenditures | 51,597 | 90,549 | 27,215 | ||||||||
Depreciation & amortization | 49,162 | 50,073 | 44,099 | ||||||||
Investment in unconsolidated joint ventures | 16,461 | 18,667 | 16,461 | 18,667 | 18,324 | ||||||
Equity income in unconsolidated joint ventures | 5,319 | 5,501 | 4,898 | ||||||||
Advanced Connectivity Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 316,592 | 294,154 | 301,092 | ||||||||
Total net sales | 301,092 | ||||||||||
Operating income | 48,654 | 33,827 | 55,410 | ||||||||
Total assets | 402,398 | 396,075 | 402,398 | 396,075 | 353,786 | ||||||
Capital expenditures | 22,156 | 61,425 | 9,900 | ||||||||
Depreciation & amortization | 18,267 | 20,121 | 16,351 | ||||||||
Investment in unconsolidated joint ventures | 0 | 0 | 0 | 0 | 0 | ||||||
Equity income in unconsolidated joint ventures | 0 | 0 | 0 | ||||||||
Elastomeric Material Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 361,603 | 341,364 | 312,661 | ||||||||
Total net sales | 312,661 | ||||||||||
Operating income | 57,080 | 52,502 | 50,908 | ||||||||
Total assets | 569,484 | 588,841 | 569,484 | 588,841 | 489,456 | ||||||
Capital expenditures | 8,550 | 10,917 | 7,563 | ||||||||
Depreciation & amortization | 19,887 | 18,501 | 16,270 | ||||||||
Investment in unconsolidated joint ventures | 18,667 | 18,667 | 18,324 | ||||||||
Equity income in unconsolidated joint ventures | 5,501 | 4,898 | |||||||||
Power Electronics Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 198,535 | 223,338 | 184,954 | ||||||||
Total net sales | 184,954 | ||||||||||
Operating income | (1,437) | 19,648 | 15,668 | ||||||||
Total assets | 278,763 | 273,212 | 278,763 | 273,212 | 261,034 | ||||||
Capital expenditures | 20,191 | 18,051 | 9,238 | ||||||||
Depreciation & amortization | 10,260 | 10,640 | 10,572 | ||||||||
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 | 21,530 | 20,235 | 22,336 | ||||||||
Total net sales | 22,336 | ||||||||||
Operating income | 6,184 | 6,734 | 7,153 | ||||||||
Total assets | 22,536 | 21,216 | 22,536 | 21,216 | 20,858 | ||||||
Capital expenditures | 700 | 156 | 514 | ||||||||
Depreciation & amortization | 748 | 811 | 906 | ||||||||
Investment in unconsolidated joint ventures | $ 0 | $ 0 | 0 | 0 | 0 | ||||||
Equity income in unconsolidated joint ventures | 0 | 0 | $ 0 | ||||||||
Transferred over Time | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 228,501 | 244,657 | |||||||||
Transferred over Time | Advanced Connectivity Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 0 | 0 | |||||||||
Transferred over Time | Elastomeric Material Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 12,687 | 5,788 | |||||||||
Transferred over Time | Power Electronics Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 197,702 | 221,896 | |||||||||
Transferred over Time | Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 18,112 | 16,973 | |||||||||
Transferred at a point in time | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 669,759 | 634,434 | |||||||||
Transferred at a point in time | Advanced Connectivity Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 316,592 | 294,154 | |||||||||
Transferred at a point in time | Elastomeric Material Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 348,916 | 335,576 | |||||||||
Transferred at a point in time | Power Electronics Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 833 | 1,442 | |||||||||
Transferred at a point in time | Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 3,418 | $ 3,262 |
Operating Segments and Geogra_4
Operating Segments and Geographic Information (Revenue by Country) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 193,768 | $ 221,842 | $ 242,852 | $ 239,798 | $ 222,942 | $ 226,863 | $ 214,675 | $ 214,611 | $ 898,260 | $ 879,091 | $ 821,043 |
Advanced Connectivity Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 316,592 | 294,154 | 301,092 | ||||||||
Elastomeric Material Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 361,603 | 341,364 | 312,661 | ||||||||
Power Electronics Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 198,535 | 223,338 | 184,954 | ||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 21,530 | 20,235 | 22,336 | ||||||||
United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 261,052 | 246,797 | 225,398 | ||||||||
United States | Advanced Connectivity Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 63,753 | 52,661 | 48,277 | ||||||||
United States | Elastomeric Material Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 160,918 | 152,284 | 141,508 | ||||||||
United States | Power Electronics Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 31,874 | 37,325 | 30,403 | ||||||||
United States | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 4,507 | 4,527 | 5,210 | ||||||||
Other Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 13,834 | 19,261 | 14,507 | ||||||||
Other Americas | Advanced Connectivity Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 3,348 | 3,104 | 2,946 | ||||||||
Other Americas | Elastomeric Material Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 9,208 | 14,453 | 9,709 | ||||||||
Other Americas | Power Electronics Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 365 | 931 | 1,153 | ||||||||
Other Americas | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 913 | 773 | 699 | ||||||||
Total Americas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 274,886 | 266,058 | 239,905 | ||||||||
Total Americas | Advanced Connectivity Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 67,101 | 55,765 | 51,223 | ||||||||
Total Americas | Elastomeric Material Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 170,126 | 166,737 | 151,217 | ||||||||
Total Americas | Power Electronics Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 32,239 | 38,256 | 31,556 | ||||||||
Total Americas | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 5,420 | 5,300 | 5,909 | ||||||||
China | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 295,257 | 282,091 | 273,391 | ||||||||
China | Advanced Connectivity Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 153,127 | 136,315 | 143,065 | ||||||||
China | Elastomeric Material Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 95,653 | 101,036 | 93,039 | ||||||||
China | Power Electronics Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 40,391 | 39,781 | 32,164 | ||||||||
China | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 6,086 | 4,959 | 5,123 | ||||||||
Other APAC | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 142,180 | 135,412 | 125,576 | ||||||||
Other APAC | Advanced Connectivity Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 60,457 | 63,318 | 64,077 | ||||||||
Other APAC | Elastomeric Material Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 55,402 | 40,788 | 36,233 | ||||||||
Other APAC | Power Electronics Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 23,401 | 28,414 | 21,845 | ||||||||
Other APAC | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 2,920 | 2,892 | 3,421 | ||||||||
Total APAC | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 437,437 | 417,503 | 398,967 | ||||||||
Total APAC | Advanced Connectivity Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 213,584 | 199,633 | 207,142 | ||||||||
Total APAC | Elastomeric Material Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 151,055 | 141,824 | 129,272 | ||||||||
Total APAC | Power Electronics Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 63,792 | 68,195 | 54,009 | ||||||||
Total APAC | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 9,006 | 7,851 | 8,544 | ||||||||
Germany | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 87,948 | 91,015 | 88,606 | ||||||||
Germany | Advanced Connectivity Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 15,912 | 18,165 | 23,925 | ||||||||
Germany | Elastomeric Material Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 13,702 | 9,907 | 9,211 | ||||||||
Germany | Power Electronics Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 57,761 | 62,359 | 54,813 | ||||||||
Germany | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 573 | 584 | 657 | ||||||||
Other EMEA | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 97,989 | 104,515 | 93,565 | ||||||||
Other EMEA | Advanced Connectivity Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 19,995 | 20,591 | 18,802 | ||||||||
Other EMEA | Elastomeric Material Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 26,720 | 22,896 | 22,961 | ||||||||
Other EMEA | Power Electronics Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 44,743 | 54,528 | 44,576 | ||||||||
Other EMEA | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 6,531 | 6,500 | 7,226 | ||||||||
Total EMEA | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 185,937 | 195,530 | 182,171 | ||||||||
Total EMEA | Advanced Connectivity Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 35,907 | 38,756 | 42,727 | ||||||||
Total EMEA | Elastomeric Material Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 40,422 | 32,803 | 32,172 | ||||||||
Total EMEA | Power Electronics Solutions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 102,504 | 116,887 | 99,389 | ||||||||
Total EMEA | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 7,104 | $ 7,084 | $ 7,883 |
Operating Segments and Geogra_5
Operating Segments and Geographic Information (Narrative) (Details) $ in Millions | Jan. 01, 2018USD ($) |
Accounting Standards Update 2014-09 | |
Segment Reporting Information [Line Items] | |
Cumulative effect adjustment | $ 4.2 |
Operating Segments and Geogra_6
Operating Segments and Geographic Information (Contract Assets by Segment) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Contract assets | $ 22,455 | $ 22,728 |
Advanced Connectivity Solutions | ||
Segment Reporting Information [Line Items] | ||
Contract assets | 0 | 0 |
Elastomeric Material Solutions | ||
Segment Reporting Information [Line Items] | ||
Contract assets | 1,077 | 943 |
Power Electronics Solutions | ||
Segment Reporting Information [Line Items] | ||
Contract assets | 19,471 | 19,738 |
Other | ||
Segment Reporting Information [Line Items] | ||
Contract assets | $ 1,907 | $ 2,047 |
Operating Segments and Geogra_7
Operating Segments and Geographic Information (Operations by Geographic Area) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Long-Lived Assets | $ 682,123 | $ 684,652 |
United States | ||
Segment Reporting Information [Line Items] | ||
Long-Lived Assets | 469,234 | 476,560 |
China | ||
Segment Reporting Information [Line Items] | ||
Long-Lived Assets | 55,078 | 58,205 |
Germany | ||
Segment Reporting Information [Line Items] | ||
Long-Lived Assets | 120,869 | 113,412 |
Other | ||
Segment Reporting Information [Line Items] | ||
Long-Lived Assets | $ 36,942 | $ 36,475 |
Supplemental Financial Inform_3
Supplemental Financial Information - Restructuring Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||
Restructuring charges | $ 948 | $ 2,532 | $ 2,760 |
Fixed assets impairment charges | 1,537 | 1,506 | 0 |
Other impairment charges | 0 | 0 | 807 |
Total impairment charges | 1,537 | 1,506 | 807 |
Total restructuring and impairment charges | 2,485 | 4,038 | 3,567 |
Global Headquarters Move | |||
Condensed Financial Statements, Captions [Line Items] | |||
Restructuring charges | 0 | 550 | 2,760 |
Facility Closing | |||
Condensed Financial Statements, Captions [Line Items] | |||
Restructuring charges | $ 948 | $ 1,982 | $ 0 |
Supplemental Financial Inform_4
Supplemental Financial Information - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Restructuring charges | $ 948 | $ 2,532 | $ 2,760 | |
Fixed assets impairment charges | 1,537 | 1,506 | 0 | |
Impairment charges | 1,537 | 1,506 | 807 | |
Lease income | (989) | (948) | 0 | |
Depreciation on leased assets | 1,907 | 3,512 | 0 | |
Indemnity claim settlements from acquisitions | (715) | (700) | 0 | |
Gain from antitrust litigation settlement | 0 | (4,231) | 0 | |
Economic incentive grants | 0 | (556) | 0 | |
Gain on sale of property, plant and equipment | 756 | (164) | (5,329) | |
Brightvolt, Inc. | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Impairment charges | 300 | |||
ROLINX | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Impairment charges | $ 500 | |||
Facility Closing | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Restructuring charges | 948 | 1,982 | 0 | |
Global Headquarters Move | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Restructuring charges | $ 0 | $ 550 | $ 2,760 |
Supplemental Financial Inform_5
Supplemental Financial Information - Allocation of Restructuring and Impairment Charges to Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring and impairment charges | $ 2,485 | $ 4,038 | $ 3,567 |
Allocated restructuring charges | Advanced Connectivity Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring and impairment charges | 0 | 244 | 1,305 |
Allocated restructuring charges | Elastomeric Material Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring and impairment charges | 948 | 2,152 | 834 |
Allocated restructuring charges | Power Electronics Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring and impairment charges | 0 | 136 | 621 |
Allocated impairment charges | Advanced Connectivity Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring and impairment charges | 1,537 | 1,506 | 161 |
Allocated impairment charges | Elastomeric Material Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring and impairment charges | 0 | 0 | 103 |
Allocated impairment charges | Power Electronics Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring and impairment charges | $ 0 | $ 0 | $ 543 |
Supplemental Financial Inform_6
Supplemental Financial Information - Components of Other Operating (Income) Expense, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Income Statement Elements [Abstract] | |||
Lease income | $ (989) | $ (948) | $ 0 |
Depreciation on leased assets | 1,907 | 3,512 | 0 |
Loss (gain) on sale or disposal of property, plant and equipment | 756 | (164) | (5,329) |
Gain from antitrust litigation settlement | 0 | (4,231) | 0 |
Indemnity claim settlements from acquisitions | (715) | (700) | 0 |
Economic incentive grants | 0 | (556) | 0 |
Total other operating (income) expense, net | $ 959 | $ (3,087) | $ (5,329) |
Supplemental Financial Inform_7
Supplemental Financial Information - Components of Interest Expense (Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Income Statement Elements [Abstract] | |||
Interest on revolving credit facility | $ 7,378 | $ 6,304 | $ 5,115 |
Interest rate swap settlements | (200) | (247) | 51 |
Line of credit fees | 576 | 573 | 555 |
Debt issuance amortization costs | 552 | 552 | 549 |
Interest on finance leases | 127 | 172 | 169 |
Interest income | (1,610) | (804) | (379) |
Other | 46 | 79 | 71 |
Total interest expense, net | $ 6,869 | $ 6,629 | $ 6,131 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Unaudited) (Results of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 193,768 | $ 221,842 | $ 242,852 | $ 239,798 | $ 222,942 | $ 226,863 | $ 214,675 | $ 214,611 | $ 898,260 | $ 879,091 | $ 821,043 |
Gross margin | 64,203 | 78,867 | 85,828 | 85,394 | 78,375 | 79,130 | 76,672 | 76,606 | $ 314,292 | $ 310,783 | $ 318,575 |
Net income (loss) | $ (28,760) | $ 23,387 | $ 24,293 | $ 28,399 | $ 24,452 | $ 19,734 | $ 17,329 | $ 26,136 | |||
Net income (loss) per share: | |||||||||||
Basic (in dollars per share) | $ (1.55) | $ 1.26 | $ 1.31 | $ 1.53 | $ 1.33 | $ 1.07 | $ 0.94 | $ 1.43 | |||
Diluted (in dollars per share) | $ (1.55) | $ 1.25 | $ 1.30 | $ 1.52 | $ 1.31 | $ 1.06 | $ 0.93 | $ 1.40 |
Share Repurchases (Details)
Share Repurchases (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2015 |
Equity [Abstract] | ||
Stock repurchase program, authorized amount | $ 100,000,000 | |
Stock repurchase program, remaining authorized repurchase amount | $ 49,000,000 |
Share Repurchases (Schedule of
Share Repurchases (Schedule of Shares of Common Stock Through the Repurchase Program) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | |||
Shares of capital stock repurchased (in shares) | 0 | 23,138 | 0 |
Value of capital stock repurchased | $ 0 | $ 2,999 | $ 0 |
SCHEDULE II Valuation and Qua_2
SCHEDULE II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Doubtful Accounts | |||
Balance at Beginning of Period | $ 1,354 | $ 1,525 | $ 1,952 |
Charged to (Reduction of) Costs and Expenses | 437 | 189 | (275) |
Taken Against Allowance | (100) | (360) | (152) |
Other (Deductions) Recoveries | 0 | 0 | 0 |
Balance at End of Period | 1,691 | 1,354 | 1,525 |
Valuation on Allowance for Deferred Tax Assets | |||
Balance at Beginning of Period | 16,889 | 8,754 | 6,388 |
Charged to (Reduction of) Costs and Expenses | 656 | 8,135 | 2,366 |
Taken Against Allowance | (2,920) | 0 | 0 |
Other (Deductions) Recoveries | 0 | 0 | 0 |
Balance at End of Period | $ 14,625 | $ 16,889 | $ 8,754 |
Uncategorized Items - rog-20191
Label | Element | Value |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 0 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 4,212,000 |
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (20,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Accounting Standards Update 2016-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 12,732,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 0 |