þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Massachusetts | 06‑0513860 | |
(State or other jurisdiction of incorporation or organization) | (I. R. S. Employer Identification No.) | |
P.O. Box 188, One Technology Drive, Rogers, Connecticut 06263-0188 (Address of principal executive offices) Registrant's telephone number, including area code: (860) 774-9605 | ||
Securities registered pursuant to Section 12(b) of the Act: | ||
Title of Each Class | Name of Each Exchange on Which Registered | |
Common Stock, $1 Par Value | New York Stock Exchange | |
Rights to Purchase Capital Stock | ||
Securities registered pursuant to Section 12(g) of the Act: None |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. | |||
Large accelerated filer ý | Accelerated filer ¨ | Non-accelerated filer ¨ | Smaller reporting company ¨ |
(Do not check if a smaller reporting company) |
TABLE OF CONTENTS | ||
Part I | ||
Item 1. | Business | |
Item 1A. | Risk Factors | |
Item 1B. | Unresolved Staff Comments | |
Item 2. | Properties | |
Item 3. | Legal Proceedings | |
Item 4. | Mine Safety Disclosures | |
Part II | ||
Item 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | |
Item 6. | Selected Financial Data | |
Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | |
Item 8. | Financial Statements and Supplementary Data | |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | |
Item 9A. | Controls and Procedures | |
Item 9B. | Other Information | |
Part III | ||
Item 10. | Directors, Executive Officers and Corporate Governance | |
Item 11. | Executive Compensation | |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | |
Item 13. | Certain Relationships and Related Transactions, and Director Independence | |
Item 14. | Principal Accountant Fees and Services | |
Part IV | ||
Item 15. | Exhibits, Financial Statement Schedules | |
Signatures | ||
• | volatility within the Internet Connectivity, Clean Energy, and Safety and Protection megatrends on which our business is focused, as well as specific market and industry trends within these megatrends; |
• | business, economic and political conditions in the United States and abroad, particularly in China, South Korea, Germany, Hungary and Belgium, where we maintain significant manufacturing, sales or administrative operations; |
• | fluctuations in foreign currency exchange rates; |
• | our ability to develop innovative products and have them incorporated into end-user products and systems; |
• | the extent to which end-user products and systems incorporating our products achieve commercial success; |
• | the ability of our sole or limited source suppliers to deliver certain key raw materials to us in a timely manner; |
• | intense global competition affecting both our existing products and products currently under development; |
• | failure to realize, or delays in the realization of, anticipated benefits of acquisitions and divestitures due to, among other things, the existence of unknown liabilities or difficulty integrating acquired businesses; |
• | our ability to attract and retain management and skilled technical personnel; |
• | our ability to protect our proprietary technology from infringement by third parties and/or allegations that our technology infringes third party rights; |
• | changes in effective tax rates or tax laws and regulations in the jurisdictions in which we operate; |
• | financial and restrictive covenants in our credit agreement, which could limit our operational and financial flexibility; |
• | the outcome of ongoing and future litigation, including our asbestos-related product liability litigation; |
• | changes in environmental laws and regulations applicable to our business; |
• | disruptions in, or breaches of, our information technology systems; |
• | asset impairment and restructuring charges; and |
• | changes in accounting standards promulgated by the Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC). |
(Dollars in thousands) | 2015 | 2014 | 2013 | ||||||
ACS | $ | 267,630 | $ | 240,864 | $ | 184,949 | |||
EMS | 180,898 | 173,671 | 168,082 | ||||||
PES | 150,288 | 171,832 | 160,730 | ||||||
Other | 42,627 | 24,544 | 23,721 | ||||||
Total | $ | 641,443 | $ | 610,911 | $ | 537,482 |
Name | Age | Present Position | Year Elected to Present Position | Other Positions Held During 2011-2015 |
Bruce D. Hoechner | 56 | President and Chief Executive Officer | 2011 | President, Asia Pacific Region, Dow Advanced Materials Division, Rohm and Haas Company from 2009 to September 2011 |
Janice E. Stipp | 56 | Vice President, Finance, Chief Financial Officer and Corporate Treasurer | 2015 | Executive Vice President, Chief Financial Officer and Treasurer, Tecumseh from October 2011 to November 2015; Chief Financial Officer, Revstone from January 2011 to August 2011 |
Robert C. Daigle | 52 | Senior Vice President and Chief Technology Officer | 2009 | |
Gary M. Glandon | 57 | Vice President and Chief Human Resources Officer | 2012 | Chief Human Resources Officer, Solutia from October 2010 to July 2012 |
Jeffrey M. Grudzien | 54 | Vice President, Advanced Connectivity Solutions | 2012 | Vice President, Sales and Marketing September 2007 to February 2012 |
Jay Knoll | 52 | Vice President and General Counsel | 2014 | Senior Vice President, General Counsel PKC Group Oyj - North America from June 2012 to November 2014; Director and Chief Restructuring Officer Energy Conversion Devices, Inc. from November 2011 to June 2012, Interim President Energy Conversion Devices, Inc. from May 2011 to November 2011, Executive Vice President, General Counsel and Chief Administrative Officer Energy Conversion Devices, Inc. from January 2011 to April 2011. |
John J. Krawczynski | 44 | Chief Accounting Officer and Corporate Controller | 2014 | Vice President Finance, Controller, The Yankee Candle Company, Inc. from September 2012 to February 2014; Vice President, Corporate Controller, Oakleaf Waste Management from March 2010 to September 2012 |
Helen Zhang | 51 | Vice President, Power Electronics Solutions and President, Rogers Asia | 2013 | Global General Manager of Interconnect Technology, Dow Chemical Company, Dow Electronic Materials from July 2010 to April 2012 |
• | foreign currency fluctuations, particularly in the value of the Euro, the Hungarian forint, the Chinese yuan and the South Korean won against the U.S. dollar; |
• | economic and political instability, including regional or country-specific events; |
• | accounts receivable practices, including longer payment cycles; |
• | export control or customs matters and changes in trade policy, tariff regulations or other trade restrictions; |
• | complications in complying with a variety of foreign laws, including unexpected changes in the laws or regulations of the countries in which we operate; |
• | failure to comply with the U.S. Foreign Corrupt Practices Act or other applicable anti-corruption laws; |
• | greater difficulty protecting our intellectual property; |
• | employment regulations, work stoppages and labor and union disputes. |
• | innovation; |
• | historical customer relationships; |
• | product quality, reliability, performance and price; |
• | technical and engineering service and support; |
• | breadth of product line; and |
• | manufacturing capabilities. |
• | decisions to repatriate non-U.S. earnings for which we have not previously provided for U.S. income taxes; |
• | changes in the geographic mix of our profits among jurisdictions with differing statutory income tax rates; |
• | changes in tax laws and regulations applicable to us, including the expiration, renewal or application of tax holidays. |
Location | Floor Space (Sq Ft) | Type of Facility | Leased / Owned | |||
United States | ||||||
Rogers, Connecticut | 506,000 | Manufacturing / Administrative Offices | Owned | |||
Chandler, Arizona | 418,000 | Manufacturing | Owned | |||
Chandler, Arizona | 17,000 | Warehouse/Administrative Offices | Leased through 03/2017 | |||
Carol Stream, Illinois | 215,000 | Manufacturing | Owned | |||
Woodstock, Connecticut | 152,000 | Manufacturing | Owned | |||
Bear, Delaware | 125,000 | Manufacturing / Administrative Offices | Owned | |||
Burlington, Massachusetts | 5,000 | R&D Lab and Office Space | Leased through 2/2018 | |||
Europe | ||||||
Eschenbach, Germany | 149,000 | Manufacturing / Administrative Offices | Leased through 6/2021 | |||
Ghent, Belgium | 114,000 | Manufacturing | Owned | |||
Evergem, Belgium | 77,000 | Manufacturing / Administrative Offices | Owned | |||
Budapest, Hungary | 42,000 | Manufacturing | Leased through 2/2019 | |||
Asia | ||||||
Suzhou, China | 821,000 | Manufacturing / Administrative Offices | Owned | |||
Ansan, Korea | 40,000 | Manufacturing | Leased through 10/2018 | |||
Tokyo, Japan | 3,094 | Sales Office | Leased through 2/2018 | |||
Taipei, Taiwan, R.O.C. | 1,000 | Sales Office | Leased through 7/2016 | |||
Hwasung City, Korea | 1,000 | Sales Office | Leased through 8/2016 | |||
Singapore | 1,000 | Sales Office | Leased through 12/2016 | |||
Shanghai, China | 1,000 | Sales Office | Leased through 3/2017 | |||
Shenzhen, China | 1,000 | Sales Office | Leased through 5/2018 | |||
Beijing, China | 1,000 | Sales Office | Leased through 5/2018 |
2015 | 2014 | ||||||
High | Low | High | Low | ||||
Fourth | $57.15 | $46.23 | $82.48 | $51.40 | |||
Third | 66.99 | 51.65 | 68.34 | 53.69 | |||
Second | 83.85 | 66.07 | 67.30 | 56.26 | |||
First | 84.92 | 73.19 | 65.73 | 56.17 |
(Dollars in thousands, except per share amounts) | ||||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet be Purchased under the Plans or Programs | ||||||||||
October 1, 2015 to October 31, 2015 | 49,273 | $ | 51.44 | 49,273 | $ | 60,007 |
(Dollars in thousands, except per share amounts) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||
Financial Results | |||||||||||||||||||
Net sales | $ | 641,443 | $ | 610,911 | $ | 537,482 | $ | 498,761 | $ | 548,341 | |||||||||
Income before income taxes | $ | 66,173 | $ | 81,224 | $ | 49,722 | $ | 23,273 | $ | 56,496 | |||||||||
Net Income | $ | 46,320 | $ | 53,412 | $ | 38,203 | $ | 67,473 | $ | 44,978 | |||||||||
Per Share Data | |||||||||||||||||||
Basic | $ | 2.52 | $ | 2.94 | $ | 2.22 | $ | 4.11 | $ | 2.81 | |||||||||
Diluted | $ | 2.48 | $ | 2.86 | $ | 2.15 | $ | 3.97 | $ | 2.69 | |||||||||
Book value | $ | 32.55 | $ | 31.91 | $ | 31.38 | $ | 25.93 | $ | 21.22 | |||||||||
Financial Position | |||||||||||||||||||
Current assets | $ | 429,137 | $ | 438,174 | $ | 383,623 | $ | 312,472 | $ | 272,269 | |||||||||
Current liabilities | $ | 79,120 | $ | 120,445 | $ | 90,040 | $ | 84,502 | $ | 78,558 | |||||||||
Ratio of current assets to current liabilities | 4.7 to 1 | 3.6 to 1 | 4.3 to 1 | 3.7 to 1 | 3.5 to 1 | ||||||||||||||
Cash and cash equivalents | $ | 204,586 | $ | 237,375 | $ | 191,884 | $ | 114,863 | $ | 79,728 | |||||||||
Net working capital | $ | 350,017 | $ | 317,729 | $ | 293,583 | $ | 227,970 | $ | 193,711 | |||||||||
Property, plant and equipment, net | $ | 178,661 | $ | 150,420 | $ | 146,931 | $ | 149,017 | $ | 148,182 | |||||||||
Total assets | $ | 932,458 | $ | 840,435 | $ | 811,321 | $ | 764,267 | $ | 683,532 | |||||||||
Long-term debt | $ | 175,188 | $ | 25,000 | $ | 60,000 | $ | 77,500 | $ | 115,000 | |||||||||
Shareholders’ equity | $ | 584,582 | $ | 587,281 | $ | 560,314 | $ | 438,395 | $ | 344,160 | |||||||||
Long-term debt as a percentage of shareholders’ equity | 30.0 | % | 4.3 | % | 10.7 | % | 17.7 | % | 33.4 | % | |||||||||
Other Data | |||||||||||||||||||
Depreciation and amortization | $ | 34,054 | $ | 26,268 | $ | 26,351 | $ | 27,130 | $ | 26,308 | |||||||||
Research and development expenses | $ | 27,644 | $ | 22,878 | $ | 21,646 | $ | 19,311 | $ | 21,530 | |||||||||
Capital expenditures | $ | 24,837 | $ | 28,755 | $ | 16,859 | $ | 23,774 | $ | 21,316 | |||||||||
Number of employees (average) | 2,800 | 2,800 | 2,500 | 2,441 | 2,566 | ||||||||||||||
Net sales per employee | $ | 229 | $ | 218 | $ | 215 | $ | 204 | $ | 214 | |||||||||
Number of shares outstanding at year end | 17,957,760 | 18,403,109 | 17,854,506 | 16,904,441 | 16,220,648 |
• | Our revenue growth in 2015 was attributable primarily to our newly-acquired Arlon operations. The increase in net sales in 2015 was composed of an organic sales decrease of 6.9%, negative currency impact of 4.5%, offset by acquisition related growth of 16.4%. We believe our revenue decline is associated with the uncertain macro-economic conditions in China and Europe as well as the U.S. This situation has resulted in the delay of several key projects within the markets that we participate in, leading to weaker demand in certain applications across all three business segments. We expect to see a moderate recovery in sales going forward however we remain cautious as to the exact timing of the recovery. |
• | Our operating income declined due to a variety of factors in 2015. We achieved $76.3 million in operating income during 2015, a 6.1% decline over the $81.2 million achieved in 2014. Operating results in 2015 and 2014 included approximately $11.2 million and $7.7 million of special charges, respectively. Contributing to the decline in operating income was the decline in gross margin. Gross margin declined due to the lower organic sales and the lower gross margin from the Arlon business; however, this decline was partially mitigated through operational excellence initiatives across our business units. Gross margin was 36.7% in 2015 as compared to 38.4% in 2014. |
• | We are an innovation company and in 2015 spent approximately 4.3% of our revenues on research and development, an increase from 3.7% in 2014. Research and development (R&D) expenses were $27.6 million in 2015, an increase of 20.8%, from $22.9 million in 2014. The increased spending was due to increased investments that are targeted at developing new platforms and technologies, as evidenced by the recent creation of the Rogers Innovation Centers in Massachusetts and in Asia. Since 2013, we have made concerted efforts to realign our R&D organization to better fit the future direction of our Company, including dedicating resources to focus on current product extensions and enhancements to meet our short term technology needs. |
• | We completed $40.0 million in share repurchases in 2015. These repurchases were part of a $100 million share repurchase program announced in August 2015. The repurchases were made at an average price of $54.97 per share. We initiated this program to mitigate potentially dilutive effects of stock options and shares of restricted stock granted by the Company, in addition to enhancing shareholder value. Further share repurchases under the program will be subject to management’s consideration of cash availability, including cash generation, as well as potential cash uses, including capital spending and other investments, and potential acquisitions. |
• | We closed on the acquisition of Arlon in January of 2015. The Arlon business has been fully integrated into the ACS and EMS businesses, and contributed approximately $100.0 million in sales in 2015. |
2015 | 2014 | 2013 | |||
Net sales | 100.0% | 100.0% | 100.0% | ||
Gross margin | 36.7% | 38.4% | 35.1% | ||
Selling, general and administrative expenses | 20.5% | 20.5% | 19.8% | ||
Research and development expenses | 4.3% | 3.7% | 4.0% | ||
Restructuring and impairment charges | — | 0.9% | 1.9% | ||
Operating income | 11.9% | 13.3% | 9.3% | ||
Equity income in unconsolidated joint ventures | 0.5% | 0.7% | 0.8% | ||
Interest income (expense), net | (0.7)% | (0.5)% | (0.6)% | ||
Other income (expense), net | (1.3)% | (0.2)% | (0.2) | ||
Income before income taxes | 10.3% | 13.3% | 9.3% | ||
Income tax expense | 3.1% | 4.6% | 2.1% | ||
Income from continuing operations | 7.2% | 8.7% | 7.0% |
(Dollars in thousands) | 2015 | 2014 | Percent Change | |||||||
Net Sales | $ | 641,443 | $ | 610,911 | 5.0% |
(Dollars in thousands) | 2015 | 2014 | Percent Change | |||||||
Gross Margin | $ | 235,362 | $ | 234,753 | 0.3% | |||||
Percentage of sales | 36.7 | % | 38.4 | % |
(Dollars in thousands) | 2015 | 2014 | Percent Change | |||||||
Selling, general and administrative expenses | $ | 131,463 | $ | 125,244 | 5.0% | |||||
Percentage of sales | 20.5 | % | 20.5 | % |
(Dollars in thousands) | 2015 | 2014 | Percent Change | |||||||
Research and development expense | $ | 27,644 | $ | 22,878 | 20.8% | |||||
Percentage of sales | 4.3 | % | 3.7 | % |
(Dollars in thousands) | 2015 | 2014 | Percent Change | |||||||
Equity income in unconsolidated joint ventures | $ | 2,890 | $ | 4,123 | (29.9)% |
(Dollars in thousands) | 2015 | 2014 | Percent Change | |||||||
Interest income (expense), net | $ | (4,480 | ) | $ | (2,946 | ) | 52.1% |
(Dollars in thousands) | 2015 | 2014 | Percent Change | |||||||
Other income (expense), net | $ | (8,492 | ) | $ | (1,194 | ) | 611.2% |
(Dollars in thousands) | 2015 | 2014 | Percent Change | |||||||
Income tax expense | $ | 19,853 | $ | 27,812 | (28.6)% | |||||
Effective tax rate | 30.0 | % | 34.2 | % |
(Dollars in thousands) | 2014 | 2013 | Percent Change | |||||||
Net Sales | $ | 610,911 | $ | 537,482 | 13.7% |
(Dollars in thousands) | 2014 | 2013 | Percent Change | |||||
Gross Margin | 234,753 | 188,537 | 24.5% | |||||
Percentage of sales | 38.4 | % | 35.1 | % |
(Dollars in thousands) | 2014 | 2013 | Percent Change | |||||||
Selling, general and administrative expenses | $ | 125,244 | $ | 106,398 | 17.7% | |||||
Percentage of sales | 20.5 | % | 19.8 | % |
(Dollars in thousands) | 2014 | 2013 | Percent Change | |||||||
Research and development expense | $ | 22,878 | $ | 21,646 | 5.7% | |||||
Percentage of sales | 3.7 | % | 4.0 | % |
(Dollars in thousands) | 2014 | 2013 | Percent Change | |||||||
Equity income in unconsolidated joint ventures | $ | 4,123 | $ | 4,326 | (4.7)% |
(Dollars in thousands) | 2014 | 2013 | Percent Change | |||||||
Interest income (expense), net | $ | (2,946 | ) | $ | (3,481 | ) | (15.4)% |
(Dollars in thousands) | 2014 | 2013 | Percent Change | |||||||
Other income (expense), net | $ | (1,194 | ) | $ | (1,240 | ) | (3.7)% |
(Dollars in thousands) | 2014 | 2013 | Percent Change | ||||||||
Income tax expense | $ | 27,812 | $ | 11,519 | 141.4 | % | |||||
Effective tax rate | 34.2 | % | 23.2 | % |
(Dollars in millions) | 2015 | 2014 | 2013 | ||||||||
Net sales | $ | 267.6 | $ | 240.9 | $ | 184.9 | |||||
Operating income | $ | 45.1 | $ | 44.0 | $ | 19.1 |
(Dollars in millions) | 2015 | 2014 | 2013 | ||||||||
Net sales | $ | 180.9 | $ | 173.7 | $ | 168.1 | |||||
Operating income | $ | 20.0 | $ | 23.3 | $ | 22.6 |
(Dollars in millions) | 2015 | 2014 | 2013 | ||||||||
Net sales | $ | 150.3 | $ | 171.8 | $ | 160.7 | |||||
Operating income | $ | 3.8 | $ | 5.7 | $ | 1.3 |
(Dollars in millions) | 2015 | 2014 | 2013 | ||||||||
Net sales | $ | 42.6 | $ | 24.5 | $ | 23.7 | |||||
Operating income | $ | 7.4 | $ | 8.2 | $ | 7.1 |
(Dollars in thousands) | |||||||
Key Balance Sheet Accounts: | December 31, 2015 | December 31, 2014 | |||||
Cash and cash equivalents | $ | 204,586 | $ | 237,375 | |||
Accounts receivable, net | $ | 101,428 | $ | 99,065 | |||
Inventories | $ | 91,824 | $ | 76,806 | |||
Outstanding borrowings on credit facilities | $ | 178,626 | $ | 60,000 |
(Dollars in thousands) | For the year ended | ||||||
Key Cash Flow Measures: | December 31, 2015 | December 31, 2014 | |||||
Cash provided by operating activities | $ | 73,922 | $ | 85,207 | |||
Cash used in investing activities | $ | (180,297 | ) | $ | (28,520 | ) | |
Cash provided by financing activities | $ | 83,027 | $ | 1,867 |
(Dollars in thousands) | December 31, 2015 | December 31, 2014 | December 31, 2013 | ||||||||
U.S. | $ | 37,263 | $ | 96,721 | $ | 40,058 | |||||
Europe | 66,295 | 71,802 | 93,764 | ||||||||
Asia | 101,028 | 68,852 | 58,062 | ||||||||
Total cash and cash equivalents | $ | 204,586 | $ | 237,375 | $ | 191,884 |
◦ | Goodwill increased $77.2 million or 78.6% from $98.2 million at December 31, 2014 to $175.4 million at December 31, 2015. This increase is primarily due to the acquisition of Arlon. There have been no impairments of goodwill during the year ended December 31, 2015. |
◦ | Other intangible assets increased $36.7 million or 95.8% from $38.3 million at December 31, 2014 to $75.0 million at December 31, 2015. This increase is primarily due to the acquisition of Arlon. There have been no impairments of Other intangible assets during the year ended December 31, 2015. |
◦ | Overall, our debt position increased by $118.6 million from $60.0 million at December 31, 2014 to $178.6 million at December 31, 2015 due to additional borrowings made to finance the acquisition of Arlon. |
◦ | Property, plant and equipment increased by $28.2 million or 18.8% from $150.4 million at December 31, 2014 to $178.6 million at December 31, 2015. The increase was primarily due to the acquisition of Arlon, which increased property, plant and equipment by $28.7 million. Contributing to the increase was capital expenditures of $24.8 million, which was substantially offset by depreciation expense of $20.1 million. |
Year | Payments Due | |||
2016 | $3.4 | million | ||
2017 | $4.1 | million | ||
2018 | $4.8 | million | ||
2019 | $5.5 | million | ||
2020 | $160.8 | million |
(Dollars in thousands) | Payments Due by Period | ||||||||||||||||||
Total | Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 Years | |||||||||||||||
Operating leases | $ | 10,221 | $ | 2,981 | $ | 3,764 | $ | 1,664 | $ | 1,812 | |||||||||
Capital lease | 5,833 | 284 | 568 | 568 | 4,413 | ||||||||||||||
Interest payments on capital lease | 2,058 | 383 | 766 | 766 | 143 | ||||||||||||||
Inventory purchase obligation | 868 | 868 | — | — | — | ||||||||||||||
Capital commitments | 3,691 | 3,691 | — | — | — | ||||||||||||||
Outstanding borrowings on credit facilities | 178,626 | 3,438 | 8,938 | 166,250 | — | ||||||||||||||
Retiree health and life insurance benefits | 3,005 | 537 | 784 | 528 | 1,156 | ||||||||||||||
Pension obligation funding | 362 | 287 | 75 | — | — | ||||||||||||||
Interest payments on outstanding borrowings (1) | 19,971 | 3,674 | 8,913 | 7,384 | — | ||||||||||||||
Total | $ | 224,635 | $ | 16,143 | $ | 23,808 | $ | 177,160 | $ | 7,524 |
(1) | Estimated future interest payments are based on (1) rates that range from 1.375% to 1.75%, which take into consideration projected forward 1 Month LIBOR and (2) a leverage-based spread. |
• | Stock Options |
• | Performance-Based Restricted Stock |
• | Time-Based Restricted Stock |
• | Deferred Stock Units |
• | Foreign Currency Risk |
• | Interest Rate Risk |
• | Commodity Risk |
- | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; |
- | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that receipts and expenditures are being made only in accordance with authorizations of our management and directors; and |
- | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements. |
/s/ PricewaterhouseCoopers LLP | |
Hartford, Connecticut | |
February 23, 2016 |
2015 | 2014 | 2013 | |||||||||
Net sales | $ | 641,443 | $ | 610,911 | $ | 537,482 | |||||
Cost of sales | 406,081 | 376,158 | 348,945 | ||||||||
Gross margin | 235,362 | 234,753 | 188,537 | ||||||||
Selling, general and administrative expenses | 131,463 | 125,244 | 106,398 | ||||||||
Research and development expenses | 27,644 | 22,878 | 21,646 | ||||||||
Restructuring and impairment charges | — | 5,390 | 10,376 | ||||||||
Operating income | 76,255 | 81,241 | 50,117 | ||||||||
Equity income in unconsolidated joint ventures | 2,890 | 4,123 | 4,326 | ||||||||
Interest income (expense), net | (4,480 | ) | (2,946 | ) | (3,481 | ) | |||||
Other income (expense), net | (8,492 | ) | (1,194 | ) | (1,240 | ) | |||||
Income before income taxes | 66,173 | 81,224 | 49,722 | ||||||||
Income tax expense | 19,853 | 27,812 | 11,519 | ||||||||
Income from continuing operations | 46,320 | 53,412 | 38,203 | ||||||||
Income from discontinued operations, net of income taxes | — | — | 102 | ||||||||
Net income | $ | 46,320 | $ | 53,412 | $ | 38,305 | |||||
Basic earnings per share: | |||||||||||
Income from continuing operations | $ | 2.52 | $ | 2.94 | $ | 2.22 | |||||
Income from discontinued operations | — | — | 0.01 | ||||||||
Net income | $ | 2.52 | $ | 2.94 | $ | 2.23 | |||||
Diluted earnings per share: | |||||||||||
Income from continuing operations | $ | 2.48 | $ | 2.86 | $ | 2.15 | |||||
Income from discontinued operations | — | — | 0.01 | ||||||||
Net income | $ | 2.48 | $ | 2.86 | $ | 2.16 | |||||
Shares used in computing: | |||||||||||
Basic earnings per share | 18,371 | 18,177 | 17,198 | ||||||||
Diluted earnings per share | 18,680 | 18,698 | 17,768 |
2015 | 2014 | 2013 | |||||||||
Income from continuing operations, net of tax | $ | 46,320 | $ | 53,412 | $ | 38,203 | |||||
Foreign currency translation adjustments | (27,172 | ) | (36,949 | ) | 10,171 | ||||||
Derivative instruments designated as cash flow hedges: | |||||||||||
Unrealized gain (loss) on derivative instruments held at year end (net of taxes of $5 in 2015, $50 in 2014 and $110 in 2013) | (2 | ) | (93 | ) | (210 | ) | |||||
Unrealized gain (loss) reclassified into earnings | 84 | 209 | 236 | ||||||||
Accumulated other comprehensive income (loss) pension and post-retirement benefits: | |||||||||||
Actuarial net gain (loss) incurred in fiscal year | 2,760 | (20,715 | ) | 32,749 | |||||||
Amortization of gain (loss) | 966 | 3,904 | 2,482 | ||||||||
Amortization of prior service credit (cost) | — | — | 930 | ||||||||
Other comprehensive income (loss) | (23,364 | ) | (53,644 | ) | 46,358 | ||||||
Comprehensive income (loss) from continuing operations | 22,956 | (232 | ) | 84,561 | |||||||
Income from discontinued operations, net of income taxes | — | — | 102 | ||||||||
Comprehensive income (loss) | $ | 22,956 | $ | (232 | ) | $ | 84,663 |
December 31, 2015 | December 31, 2014 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 204,586 | $ | 237,375 | |||
Accounts receivable, less allowance for doubtful accounts of $695 and $476 | 101,428 | 99,065 | |||||
Inventories | 91,824 | 76,806 | |||||
Prepaid income taxes | 5,058 | 4,586 | |||||
Deferred income taxes | 9,565 | 6,467 | |||||
Asbestos-related insurance receivables | 8,245 | 6,827 | |||||
Other current assets | 8,431 | 7,048 | |||||
Total current assets | 429,137 | 438,174 | |||||
Property, plant and equipment, net of accumulated depreciation | 178,661 | 150,420 | |||||
Investments in unconsolidated joint ventures | 15,348 | 17,214 | |||||
Deferred income taxes | 8,594 | 44,051 | |||||
Goodwill | 175,453 | 98,227 | |||||
Other intangible assets | 75,019 | 38,340 | |||||
Asbestos-related insurance receivables | 45,114 | 46,186 | |||||
Other long-term assets | 5,132 | 7,823 | |||||
Total assets | $ | 932,458 | $ | 840,435 | |||
Liabilities and Shareholders’ Equity | |||||||
Current liabilities | |||||||
Accounts payable | $ | 19,851 | $ | 20,020 | |||
Accrued employee benefits and compensation | 23,263 | 33,983 | |||||
Accrued income taxes payable | 3,599 | 6,103 | |||||
Current portion of lease obligation | 284 | 747 | |||||
Current portion of long term debt | 3,438 | 35,000 | |||||
Asbestos-related liabilities | 8,245 | 6,827 | |||||
Other accrued liabilities | 20,440 | 17,765 | |||||
Total current liabilities | 79,120 | 120,445 | |||||
Long term debt | 175,188 | 25,000 | |||||
Long term lease obligation | 5,549 | 6,042 | |||||
Pension liability | 12,623 | 17,652 | |||||
Retiree health care and life insurance benefits | 2,185 | 8,768 | |||||
Asbestos-related liabilities | 48,390 | 49,718 | |||||
Non-current income tax | 11,863 | 10,544 | |||||
Deferred income taxes | 9,455 | 14,647 | |||||
Other long-term liabilities | 3,503 | 338 | |||||
Commitments and Contingencies (Note 15) | |||||||
Shareholders’ Equity | |||||||
Capital Stock - $1 par value; 50,000 authorized shares; 17,957 and 18,404 shares outstanding | 17,957 | 18,404 | |||||
Additional paid-in capital | 112,017 | 137,225 | |||||
Retained earnings | 543,066 | 496,746 | |||||
Accumulated other comprehensive loss | (88,458 | ) | (65,094 | ) | |||
Total shareholders' equity | 584,582 | 587,281 | |||||
Total liabilities and shareholders' equity | $ | 932,458 | $ | 840,435 |
Capital Stock/Capital Shares | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||
Balance at December 31, 2012 | $ | 16,904 | $ | 74,272 | $ | 405,029 | $ | (57,808 | ) | $ | 438,397 | ||||||||
Net income | — | — | 38,305 | — | 38,305 | ||||||||||||||
Other comprehensive income (loss) | — | — | — | 46,358 | 46,358 | ||||||||||||||
Stock options exercised | 859 | 31,567 | — | — | 32,426 | ||||||||||||||
Stock issued to directors | 15 | (15 | ) | — | — | — | |||||||||||||
Shares issued for employees stock purchase plan | 24 | 710 | — | — | 734 | ||||||||||||||
Shares issued for restricted stock | 53 | (1,350 | ) | — | — | (1,297 | ) | ||||||||||||
Stock-based compensation expense | — | 5,393 | — | — | 5,393 | ||||||||||||||
Balance at December 31, 2013 | 17,855 | 110,577 | 443,334 | (11,450 | ) | 560,316 | |||||||||||||
Net income | — | — | 53,412 | — | 53,412 | ||||||||||||||
Other comprehensive income (loss) | — | — | — | (53,644 | ) | (53,644 | ) | ||||||||||||
Stock options exercised | 465 | 20,048 | — | — | 20,513 | ||||||||||||||
Stock issued to directors | 16 | (16 | ) | — | — | — | |||||||||||||
Shares issued for employees stock purchase plan | 16 | 677 | — | — | 693 | ||||||||||||||
Shares issued for restricted stock | 52 | (1,594 | ) | — | — | (1,542 | ) | ||||||||||||
Stock-based compensation expense | — | 7,533 | — | — | 7,533 | ||||||||||||||
Balance at December 31, 2014 | 18,404 | 137,225 | 496,746 | (65,094 | ) | 587,281 | |||||||||||||
Net income | — | — | 46,320 | — | 46,320 | ||||||||||||||
Other comprehensive income (loss) | — | — | — | (23,364 | ) | (23,364 | ) | ||||||||||||
Stock options exercised | 175 | 6,792 | — | — | 6,967 | ||||||||||||||
Stock issued to directors | 16 | (16 | ) | — | — | — | |||||||||||||
Shares issued for employees stock purchase plan | 13 | 714 | — | — | 727 | ||||||||||||||
Shares issued for restricted stock | 77 | (2,817 | ) | — | — | (2,740 | ) | ||||||||||||
Shares repurchased | (728 | ) | (39,265 | ) | — | — | (39,993 | ) | |||||||||||
Tax shortfalls on share-based compensation | — | (259 | ) | — | — | (259 | ) | ||||||||||||
Stock-based compensation expense | — | 9,643 | — | — | 9,643 | ||||||||||||||
Balance at December 31, 2015 | $ | 17,957 | $ | 112,017 | $ | 543,066 | $ | (88,458 | ) | $ | 584,582 |
December 31, 2015 | December 31, 2014 | December 31, 2013 | |||||||||
Operating Activities: | |||||||||||
Net income | $ | 46,320 | $ | 53,412 | $ | 38,305 | |||||
Income from discontinued operations | — | — | (102 | ) | |||||||
Adjustments to reconcile net income to cash from operating activities: | |||||||||||
Depreciation and amortization | 34,054 | 26,268 | 26,351 | ||||||||
Stock-based compensation expense | 9,643 | 7,533 | 5,393 | ||||||||
Deferred income taxes | 3,668 | 8,435 | 5,927 | ||||||||
Equity in income of unconsolidated joint ventures | (2,890 | ) | (4,123 | ) | (4,326 | ) | |||||
Dividends received from unconsolidated joint ventures | 3,463 | 3,849 | 5,162 | ||||||||
Pension and postretirement benefits | (1,512 | ) | 1,976 | 5,118 | |||||||
Loss from the disposal of property, plant and equipment | 295 | (69 | ) | (7 | ) | ||||||
Impairment of assets/investments | 150 | — | 4,620 | ||||||||
Loss on disposition of a business | 4,819 | — | — | ||||||||
Changes in operating assets and liabilities excluding effects of acquisition and disposition of businesses: | |||||||||||
Accounts receivable | 10,056 | (10,188 | ) | (2,727 | ) | ||||||
Inventories | (10,608 | ) | (6,054 | ) | 6,351 | ||||||
Pension contribution | (7,737 | ) | (14,645 | ) | (13,751 | ) | |||||
Other current assets | (1,278 | ) | 1,063 | 639 | |||||||
Accounts payable and other accrued expenses | (17,632 | ) | 16,638 | 9,020 | |||||||
Other, net | 3,111 | 1,112 | (8,806 | ) | |||||||
Net cash provided by operating activities of continuing operations | 73,922 | 85,207 | 77,167 | ||||||||
Net cash provided by operating activities of discontinued operations | — | — | 848 | ||||||||
Net cash provided by operating activities | 73,922 | 85,207 | 78,015 | ||||||||
Investing Activities: | |||||||||||
Capital expenditures | (24,837 | ) | (28,755 | ) | (16,859 | ) | |||||
Proceeds from life insurance | 2,682 | — | — | ||||||||
Loss from the sale of property, plant and equipment, net | — | 69 | 7 | ||||||||
Other investing activities | (1,000 | ) | 166 | (127 | ) | ||||||
Proceeds from the sale of a business | 1,265 | — | — | ||||||||
Acquisition of business, net of cash received | (158,407 | ) | — | — | |||||||
Net cash used in investing activities | (180,297 | ) | (28,520 | ) | (16,979 | ) | |||||
Financing Activities: | |||||||||||
Proceeds from long term borrowings | 125,000 | — | — | ||||||||
Repayment of debt principal and long term lease obligation | (6,641 | ) | (17,797 | ) | (21,206 | ) | |||||
Debt issuance costs | (293 | ) | — | — | |||||||
Repurchases of capital stock | (39,993 | ) | — | — | |||||||
Proceeds from issuance of capital stock, net | 6,967 | 20,513 | 32,426 | ||||||||
Issuance of restricted stock | (2,740 | ) | (1,542 | ) | (1,297 | ) | |||||
Proceeds from issuance of shares to employee stock purchase plan | 727 | 693 | 734 | ||||||||
Net cash provided by financing activities | 83,027 | 1,867 | 10,657 | ||||||||
Effect of exchange rate fluctuations on cash | (9,441 | ) | (13,063 | ) | 5,328 | ||||||
Net (decrease) increase in cash and cash equivalents | (32,789 | ) | 45,491 | 77,021 | |||||||
Cash and cash equivalents at beginning of year | 237,375 | 191,884 | 114,863 | ||||||||
Cash and cash equivalents at end of year | $ | 204,586 | $ | 237,375 | $ | 191,884 |
• | Advanced Connectivity Solutions |
• | Elastomeric Material Solutions |
• | Power Electronics Solutions |
• | Other |
(Dollars in thousands, except per share amounts) | As Originally Reported under LIFO | As Adjusted under FIFO | Effect of Change | |||||||||
2013 | ||||||||||||
Cost of Sales | $ | 349,782 | $ | 348,945 | $ | (837 | ) | |||||
Income from continuing operations | $ | 37,659 | $ | 38,203 | $ | 544 | ||||||
Net income | $ | 37,761 | $ | 38,305 | $ | 544 | ||||||
Basic earnings per share | $ | 2.20 | $ | 2.23 | $ | 0.03 | ||||||
Diluted earnings per share | $ | 2.13 | $ | 2.16 | $ | 0.03 | ||||||
2014 | ||||||||||||
Cost of Sales | $ | 376,972 | $ | 376,158 | $ | (814 | ) | |||||
Income from continuing operations | $ | 52,883 | $ | 53,412 | $ | 529 | ||||||
Net income | $ | 52,883 | $ | 53,412 | $ | 529 | ||||||
Basic earnings per share | $ | 2.91 | $ | 2.94 | $ | 0.03 | ||||||
Diluted earnings per share | $ | 2.83 | $ | 2.86 | $ | 0.03 |
(Dollars in thousands) | December 31, 2015 | December 31, 2014 (1) | |||||
Raw materials | $ | 35,499 | $ | 29,980 | |||
Work-in-process | 22,804 | 18,537 | |||||
Finished goods | 33,521 | 28,289 | |||||
Total Inventory | $ | 91,824 | $ | 76,806 |
Years | |
Buildings and improvements | 30-40 |
Machinery and equipment | 5-15 |
Office equipment | 3-10 |
(In thousands, except per share amounts) | 2015 | 2014 | 2013 | ||||||||
Numerator: | |||||||||||
Net income from continuing operations | $ | 46,320 | $ | 53,412 | $ | 38,203 | |||||
Denominator: | |||||||||||
Weighted-average shares outstanding - basic | 18,371 | 18,177 | 17,198 | ||||||||
Effect of dilutive shares | 309 | 521 | 570 | ||||||||
Weighted-average shares outstanding - diluted | 18,680 | 18,698 | 17,768 | ||||||||
Basic income from continuing operations per share: | $ | 2.52 | $ | 2.94 | $ | 2.22 | |||||
Diluted income from continuing operations per share: | $ | 2.48 | $ | 2.86 | $ | 2.15 |
• | 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. |
(Dollars in thousands) | Carrying amount as of December 31, 2015 | Level 1 | Level 2 | Level 3 | |||||||||||
Foreign currency contracts | $ | (78 | ) | $ | — | $ | (78 | ) | $ | — | |||||
Copper derivative contracts | $ | 193 | $ | — | $ | 193 | $ | — | |||||||
Interest rate swap | $ | (18 | ) | $ | — | $ | (18 | ) | $ | — |
(Dollars in thousands) | Carrying amount as of December 31, 2014 | Level 1 | Level 2 | Level 3 | |||||||||||
Foreign currency contracts | $ | (18 | ) | $ | — | $ | (18 | ) | $ | — | |||||
Copper derivative contracts | $ | 355 | $ | — | $ | 355 | $ | — | |||||||
Interest rate swap | $ | (144 | ) | $ | — | $ | (144 | ) | $ | — |
(Dollars in thousands) | Carrying amount as of December 31, 2015 | Level 1 | Level 2 | Level 3 | |||||||||||
BrightVolt investment | $ | 341 | $ | — | $ | — | $ | 341 |
Notional Value of Copper Derivatives | |
January 2016- March 2016 | 150 metric tons per month |
April 2016 - June 2016 | 130 metric tons per month |
July 2016 - September 2016 | 127 metric tons per month |
October 2016 - December 2016 | 117 metric tons per month |
January 2017 - March 2017 | 16 metric tons per month |
Notional Values of Foreign Currency Derivatives | |||
YEN/USD | ¥ | 155,000,000 | |
USD/KRW | ₩ | 7,580,028,000 | |
CNY/EUR | ¥ | 14,000,000 | |
EUR/GBP | € | 408,291 | |
CNY/USD | ¥ | 45,000,000 | |
USD/EUR | $ | 400,000 | |
YEN/EUR | ¥ | 160,000,000 | |
EUR/CNH | € | 363,029 |
(Dollars in thousands) | The Effect of Current Derivative Instruments on the Financial Statements for the year ended December 31, 2015 | Fair Values of Derivative Instruments as of December 31, 2015 | ||||||||
Foreign Exchange Contracts | Location of gain (loss) | Amount of gain (loss) | Other Assets (Liabilities) | |||||||
Contracts not designated as hedging instruments | Other income (expense), net | $ | (78 | ) | $ | (78 | ) | |||
Copper Derivative Instruments | ||||||||||
Contracts not designated as hedging instruments | Other income (expense), net | (666 | ) | 193 | ||||||
Interest Rate Swap Instrument | ||||||||||
Contracts designated as hedging instruments | Other comprehensive income (loss) | 126 | (18 | ) |
(Dollars in thousands) | The Effect of Current Derivative Instruments on the Financial Statements for the year ended December 31, 2014 | Fair Values of Derivative Instruments as of December 31, 2014 | ||||||||
Foreign Exchange Contracts | Location of gain (loss) | Amount of gain (loss) | Other Assets (Liabilities) | |||||||
Contracts not designated as hedging instruments | Other income (expense), net | $ | (18 | ) | $ | (18 | ) | |||
Copper Derivative Instruments | ||||||||||
Contracts not designated as hedging instruments | Other income (expense), net | (605 | ) | 355 | ||||||
Interest Rate Swap Instrument | ||||||||||
Contracts designated as hedging instruments | Other comprehensive income (loss) | 152 | (144 | ) |
(Dollars in thousands) | Foreign currency translation adjustments | Funded status of pension plans and other postretirement benefits (1) | Unrealized gain (loss) on derivative instruments (2) | Total | |||||||||||
Beginning Balance December 31, 2014 | $ | (14,193 | ) | $ | (50,808 | ) | $ | (93 | ) | $ | (65,094 | ) | |||
Other comprehensive income before reclassifications | (27,172 | ) | — | (2 | ) | (27,174 | ) | ||||||||
Actuarial net gain (loss) incurred in the fiscal year | — | 2,760 | — | 2,760 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 966 | 84 | 1,050 | |||||||||||
Net current-period other comprehensive income | (27,172 | ) | 3,726 | 82 | (23,364 | ) | |||||||||
Ending Balance December 31, 2015 | $ | (41,365 | ) | $ | (47,082 | ) | $ | (11 | ) | $ | (88,458 | ) |
(Dollars in thousands) | Foreign currency translation adjustments | Funded status of pension plans and other postretirement benefits (3) | Unrealized gain (loss) on derivative instruments (4) | Total | |||||||||||
Beginning Balance December 31, 2013 | $ | 22,756 | $ | (33,997 | ) | $ | (209 | ) | $ | (11,450 | ) | ||||
Other comprehensive income before reclassifications | (36,949 | ) | — | (93 | ) | (37,042 | ) | ||||||||
Actuarial net gain (loss) incurred in the fiscal year | — | (20,715 | ) | — | (20,715 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income | — | 3,904 | 209 | 4,113 | |||||||||||
Net current-period other comprehensive income | (36,949 | ) | (16,811 | ) | 116 | (53,644 | ) | ||||||||
Ending Balance December 31, 2014 | $ | (14,193 | ) | $ | (50,808 | ) | $ | (93 | ) | $ | (65,094 | ) |
Details about accumulated other comprehensive income components | Amounts reclassified from accumulated other comprehensive income (loss) for the period ended December 31, 2015 | Affected line item in the statement where net income is presented | |||
Unrealized gains and losses on derivative instruments: | |||||
$ | 129 | Other income (expense), net | |||
(45 | ) | Tax benefit (expense) | |||
$ | 84 | Net of tax | |||
Amortization of defined benefit pension and other post-retirement benefit items: | |||||
Actuarial losses | $ | 1,486 | Total before tax (5) | ||
(520 | ) | Tax benefit (expense) | |||
$ | 966 | Net of tax |
Details about accumulated other comprehensive income components | Amounts reclassified from accumulated other comprehensive income (loss) for the period ended December 31, 2014 | Affected line item in the statement where net income is presented | |||
Unrealized gains and losses on derivative instruments: | |||||
$ | 321 | Realized gain (loss) | |||
(112 | ) | Tax benefit (expense) | |||
$ | 209 | Net of tax | |||
Amortization of defined benefit pension and other post-retirement benefit items: | |||||
Actuarial losses | $ | 6,006 | (6) Total before tax | ||
(2,102 | ) | Tax benefit (expense) | |||
$ | 3,904 | Net of tax |
(Dollars in thousands) | January 22, 2015 | ||
Assets: | |||
Cash | $ | 142 | |
Accounts receivable | 17,301 | ||
Other current assets | 856 | ||
Inventory | 9,916 | ||
Deferred income tax assets, current | 1,084 | ||
Property, plant & equipment | 30,667 | ||
Intangible assets | 50,020 | ||
Goodwill | 85,803 | ||
Other long-term assets | 106 | ||
Total assets | 195,895 | ||
Liabilities: | |||
Accounts payable | 4,958 | ||
Other current liabilities | 4,385 | ||
Deferred tax liability | 23,463 | ||
Other long-term liabilities | 4,540 | ||
Total liabilities | 37,346 | ||
Fair value of net assets acquired | $ | 158,549 |
December 31, 2014 | ||||||
(Dollars in thousands) | Year ended | Quarter ended | ||||
Net sales | $ | 714,303 | $ | 173,633 | ||
Net income | $ | 63,751 | $ | 8,814 |
(Dollars in thousands) | December 31, 2015 | December 31, 2014 | |||||
Land | $ | 16,726 | $ | 14,045 | |||
Buildings and improvements | 141,082 | 132,105 | |||||
Machinery and equipment | 191,459 | 165,979 | |||||
Office equipment | 42,696 | 36,810 | |||||
391,963 | 348,939 | ||||||
Accumulated depreciation | (237,150 | ) | (225,092 | ) | |||
Property, plant and equipment, net | 154,813 | 123,847 | |||||
Equipment in process | 23,848 | 26,573 | |||||
Total property, plant and equipment, net | $ | 178,661 | $ | 150,420 |
December 31, 2015 | December 31, 2014 | ||||||||||||||||||||||
(Dollars in thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||
Trademarks and patents | $ | 2,543 | $ | 718 | $ | 1,825 | $ | 1,046 | $ | 364 | $ | 682 | |||||||||||
Technology | 47,724 | 19,681 | 28,043 | 33,942 | 15,958 | 17,984 | |||||||||||||||||
Covenant-not-to-compete | 943 | 943 | — | 1,016 | 823 | 193 | |||||||||||||||||
Customer relationships | 49,948 | 9,100 | 40,848 | 19,123 | 4,406 | 14,717 | |||||||||||||||||
Total definite lived intangible assets | 101,158 | 30,442 | 70,716 | 55,127 | 21,551 | 33,576 | |||||||||||||||||
Indefinite lived intangible assets | 4,303 | — | 4,303 | 4,764 | — | 4,764 | |||||||||||||||||
Total intangible assets | $ | 105,461 | $ | 30,442 | $ | 75,019 | $ | 59,891 | $ | 21,551 | $ | 38,340 |
Intangible Asset Class | Weighted Average Amortization Period | |
Trademarks and patents | 3.7 | |
Technology | 4.1 | |
Customer relationships | 5.5 | |
Total other intangible assets | 4.9 |
(Dollars in thousands) | Elastomeric Material Solutions | Advanced Connectivity Solutions | Power Electronics Solutions | Other | Total | ||||||||||||||
December 31, 2014 | $ | 23,565 | $ | — | $ | 72,438 | $ | 2,224 | $ | 98,227 | |||||||||
Arlon acquisition | 33,872 | 51,931 | — | — | 85,803 | ||||||||||||||
Foreign currency translation adjustment | (1,168 | ) | — | (7,409 | ) | — | (8,577 | ) | |||||||||||
December 31, 2015 | $ | 56,269 | $ | 51,931 | $ | 65,029 | $ | 2,224 | $ | 175,453 |
Joint Venture | Location | Reportable Segment | Fiscal Year-End |
Rogers INOAC Corporation (RIC) | Japan | Elastomeric Material Solutions | October 31 |
Rogers INOAC Suzhou Corporation (RIS) | China | Elastomeric Material Solutions | December 31 |
(Dollars in thousands) | December 31, 2015 | December 31, 2014 | |||||
Current assets | $ | 28,239 | $ | 31,155 | |||
Noncurrent assets | $ | 7,207 | $ | 9,427 | |||
Current liabilities | $ | 4,608 | $ | 6,473 | |||
Shareholders' equity | $ | 30,838 | $ | 34,109 |
For the years ended | |||||||||||
(Dollars in thousands) | December 31, 2015 | December 31, 2014 | December 31, 2013 | ||||||||
Net sales | $ | 43,438 | $ | 48,259 | $ | 52,982 | |||||
Gross profit | $ | 11,993 | $ | 14,277 | $ | 15,214 | |||||
Net income | $ | 5,753 | $ | 8,246 | $ | 8,652 |
(Dollars in thousands) | Pension Benefits | Retirement Health and Life Insurance Benefits | |||||||||||
Change in benefit obligation: | 2015 | 2014 | 2015 | 2014 | |||||||||
Benefit obligation at beginning of year | $ | 187,882 | $ | 174,325 | $ | 9,839 | $ | 10,824 | |||||
Addition of Bear Plan | 4,169 | — | — | — | |||||||||
Service cost | — | — | 411 | 556 | |||||||||
Interest cost | 7,523 | 8,015 | 216 | 305 | |||||||||
Actuarial (gain) loss | (8,674 | ) | 34,006 | (1,362 | ) | (1,071 | ) | ||||||
Benefit payments | (8,541 | ) | (24,934 | ) | (766 | ) | (775 | ) | |||||
Plan Amendment | — | — | (5,616 | ) | — | ||||||||
Special termination benefit | — | (3,530 | ) | — | — | ||||||||
Benefit obligation at end of year | $ | 182,359 | $ | 187,882 | $ | 2,722 | $ | 9,839 |
Change in plan assets: | 2015 | 2014 | 2015 | 2014 | |||||||||
Fair value of plan assets at the beginning of the year | $ | 170,600 | $ | 171,218 | $ | — | $ | — | |||||
Addition of Bear Plan | 2,171 | — | — | — | |||||||||
Actual return on plan assets | (194 | ) | 10,445 | — | — | ||||||||
Employer contributions | 6,971 | 13,871 | 766 | 775 | |||||||||
Benefit payments | (8,541 | ) | (24,934 | ) | (766 | ) | (775 | ) | |||||
Fair value of plan assets at the end of the year | 171,007 | 170,600 | — | — | |||||||||
Funded status | $ | (11,352 | ) | $ | (17,282 | ) | $ | (2,722 | ) | $ | (9,839 | ) |
(Dollars in thousands) | Pension Benefits | Retirement Health and Life Insurance Benefits | |||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
Noncurrent assets | $ | 1,273 | $ | 404 | $ | — | $ | — | |||||
Current liabilities | (1 | ) | (34 | ) | (537 | ) | (1,071 | ) | |||||
Noncurrent liabilities | (12,624 | ) | (17,652 | ) | (2,185 | ) | (8,768 | ) | |||||
Net amount recognized at end of year | $ | (11,352 | ) | $ | (17,282 | ) | $ | (2,722 | ) | $ | (9,839 | ) |
(Dollars in thousands) | Pension Benefits | Retirement Health and Life Insurance Benefits | Pension Benefits | Retirement Health and Life Insurance Benefits | |||||||||
2015 | 2015 | 2014 | 2014 | ||||||||||
Net actuarial (loss) gain | $ | (62,972 | ) | $ | 643 | (62,053 | ) | (707 | ) | ||||
Prior service benefit | — | 5,368 | — | — | |||||||||
Net amount recognized at end of year | $ | (62,972 | ) | $ | 6,011 | (62,053 | ) | (707 | ) |
(Dollars in thousands) | Pension Benefits | Postretirement Health and Life Insurance Benefits | |||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||
Service cost | $ | — | $ | — | $ | 2,473 | $ | 411 | $ | 556 | $ | 627 | |||||||||||
Interest cost | 7,523 | 8,015 | 7,753 | 216 | 305 | 262 | |||||||||||||||||
Expected return of plan assets | (11,148 | ) | (12,909 | ) | (11,247 | ) | — | — | — | ||||||||||||||
Amortization of prior service cost (credit) | — | — | 124 | (248 | ) | — | (230 | ) | |||||||||||||||
Amortization of net loss | 1,690 | 686 | 3,615 | (12 | ) | — | 204 | ||||||||||||||||
Settlement charge | 57 | 5,321 | — | — | — | — | |||||||||||||||||
Curtailment charge | — | — | 1,537 | — | — | — | |||||||||||||||||
Net periodic benefit cost (benefit) | $ | (1,878 | ) | $ | 1,113 | $ | 4,255 | $ | 367 | $ | 861 | $ | 863 |
Pension Benefits | Retirement Health and Life Insurance Benefits | ||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||
Discount rate | 4.25 | % | 4.00 | % | 3.00 | % | 3.00 | % |
Pension Benefits | Retirement Health and Life Insurance Benefits | |||||||||
2015 | 2014 | 2015 | 2014 | |||||||
Discount rate | 4.00 | % | 4.75 | % | 3.00 | % | 3.25 | % | ||
Expected long-term rate of return on plan assets | 6.50 | % | 7.50 | % | — | — |
One Percentage Point | |||||||
(Dollars in thousands) | Increase | Decrease | |||||
Effect on total service and interest cost | $ | 41 | $ | (38 | ) | ||
Effect on other postretirement benefit obligations | 73 | (68 | ) |
(Dollars in thousands) | 2015 | 2014 | |||||
Pooled separate accounts | $ | 6,782 | $ | 5,204 | |||
Fixed income bonds | 110,427 | 102,535 | |||||
Mutual funds | 43,454 | 51,097 | |||||
Guaranteed deposit account | 10,344 | 11,764 | |||||
Total investments at fair value | $ | 171,007 | $ | 170,600 |
Assets at Fair Value as of December 31, 2015 | |||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Pooled separate accounts | $ | — | $ | 6,782 | $ | — | $ | 6,782 | |||||||
Fixed income bonds | — | 110,427 | — | 110,427 | |||||||||||
Mutual funds | 43,454 | — | — | 43,454 | |||||||||||
Guaranteed deposit account | — | — | 10,344 | 10,344 | |||||||||||
Total assets at fair value | $ | 43,454 | $ | 117,209 | $ | 10,344 | $ | 171,007 | |||||||
Assets at Fair Value as of December 31, 2014 | |||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Pooled separate accounts | $ | — | $ | 5,204 | $ | — | $ | 5,204 | |||||||
Fixed Income Bonds | — | 102,535 | — | 102,535 | |||||||||||
Mutual funds | 51,097 | — | — | 51,097 | |||||||||||
Guaranteed deposit account | — | — | 11,764 | 11,764 | |||||||||||
Total assets at fair value | $ | 51,097 | $ | 107,739 | $ | 11,764 | $ | 170,600 |
(Dollars in thousands) | Guaranteed Deposit Account | ||
Balance at beginning of year | $ | 11,764 | |
Unrealized gains relating to instruments still held at the reporting date | 476 | ||
Purchases, sales, issuances and settlements (net) | (1,896 | ) | |
Balance at end of year | $ | 10,344 |
(Dollars in thousands) | Pension Benefits | Retiree Health and Life Insurance Benefits | |||||
2016 | $ | 8,489 | $ | 537 | |||
2017 | $ | 8,666 | $ | 465 | |||
2018 | $ | 8,858 | $ | 319 | |||
2019 | $ | 9,121 | $ | 266 | |||
2020 | $ | 9,389 | $ | 262 | |||
2021-2025 | $ | 52,370 | $ | 1,156 |
Year | Payments Due | |||
2016 | $3.4 | million | ||
2017 | $4.1 | million | ||
2018 | $4.8 | million | ||
2019 | $5.5 | million | ||
2020 | $160.8 | million |
(Dollars in thousands) | 2015 | 2014 | 2013 | ||||||||
Domestic | $ | 14,832 | $ | 9,604 | $ | 2,201 | |||||
International | 51,341 | 71,620 | 47,521 | ||||||||
Total | $ | 66,173 | $ | 81,224 | $ | 49,722 |
(Dollars in thousands) | Current | Deferred | Total | ||||||||
2015 | |||||||||||
Domestic | $ | 993 | $ | 4,272 | $ | 5,265 | |||||
International | 15,192 | (604 | ) | 14,588 | |||||||
Total | $ | 16,185 | $ | 3,668 | $ | 19,853 | |||||
2014 | |||||||||||
Domestic | $ | 2,205 | $ | 6,984 | $ | 9,189 | |||||
International | 17,172 | 1,451 | 18,623 | ||||||||
Total | $ | 19,377 | $ | 8,435 | $ | 27,812 | |||||
2013 | |||||||||||
Domestic | $ | (7,075 | ) | $ | 6,187 | $ | (888 | ) | |||
International | 12,667 | (260 | ) | 12,407 | |||||||
Total | $ | 5,592 | $ | 5,927 | $ | 11,519 |
(Dollars in thousands) | 2015 | 2014 | |||||
Deferred tax assets | |||||||
Accrued employee benefits and compensation | $ | 9,284 | $ | 9,168 | |||
Postretirement benefit obligations | 5,434 | 7,866 | |||||
Tax loss and credit carryforwards | 9,318 | 16,533 | |||||
Reserves and accruals | 5,075 | 4,230 | |||||
Depreciation and amortization | — | 17,862 | |||||
Other | 3,474 | 2,550 | |||||
Total deferred tax assets | 32,585 | 58,209 | |||||
Less deferred tax asset valuation allowance | (6,202 | ) | (7,691 | ) | |||
Total deferred tax assets, net of valuation allowance | 26,383 | 50,518 | |||||
Deferred tax liabilities | |||||||
Depreciation and amortization | 17,492 | 14,303 | |||||
Other | 187 | 344 | |||||
Total deferred tax liabilities | 17,679 | 14,647 | |||||
Net deferred tax asset | $ | 8,704 | $ | 35,871 |
(Dollars in thousands) | 2015 | 2014 | 2013 | ||||||||
Tax expense at Federal statutory income tax rate | $ | 23,161 | $ | 28,429 | $ | 17,403 | |||||
International tax rate differential | (4,792 | ) | (6,772 | ) | (2,541 | ) | |||||
Foreign source income, net of tax credits | 2,449 | 5,195 | (786 | ) | |||||||
State tax, net of federal | (416 | ) | — | — | |||||||
Unrecognized tax benefits | 148 | 603 | (2,197 | ) | |||||||
General business credits | (908 | ) | (604 | ) | (702 | ) | |||||
Acquisition related expenses | 453 | 590 | — | ||||||||
Valuation allowance change | (1,489 | ) | 388 | — | |||||||
Other | 1,247 | (17 | ) | 342 | |||||||
Income tax expense (benefit) | $ | 19,853 | $ | 27,812 | $ | 11,519 |
(Dollars in thousands) | |||||||
2015 | 2014 | ||||||
Beginning balance | $ | 9,368 | $ | 9,148 | |||
Gross increases - current period tax positions | 4,229 | 1,763 | |||||
Gross increases - tax positions in prior periods | 1,428 | 335 | |||||
Foreign currency exchange | (475 | ) | (230 | ) | |||
Lapse of statute of limitations | (3,979 | ) | (1,648 | ) | |||
Ending balance | $ | 10,571 | $ | 9,368 |
December 31, 2015 | December 31, 2014 | ||||
Stock acquisition program | 120,883 | 120,883 | |||
Stock options and restricted stock | 678,904 | 862,040 | |||
Shares available for issuance | 1,079,491 | 1,176,882 | |||
Rogers Employee Savings and Investment Plan | 169,044 | 169,044 | |||
Rogers Corporation Global Stock Ownership Plan for Employees | 153,357 | 166,152 | |||
Deferred compensation to be paid in stock | 13,239 | 13,248 | |||
Total | 2,214,918 | 2,508,249 |
Options Outstanding | Weighted- Average Exercise Price Per Share | Weighted-Average Remaining Contractual Life in Years | Aggregate Intrinsic Value | ||||||||
Options outstanding at December 31, 2014 | 393,347 | $ | 40.72 | 3.8 | 16,019,130 | ||||||
Options exercised | (178,759 | ) | 40.90 | ||||||||
Options forfeited | (2,550 | ) | 40.09 | ||||||||
Options outstanding at December 31, 2015 | 212,038 | 40.47 | 3.2 | 2,557,193 | |||||||
Options exercisable at December 31, 2015 | 204,394 | 40.44 | 3.1 | 2,478,456 | |||||||
Options vested at December 31, 2015 or expected to vest* | 211,809 | 40.50 | 3.2 | 2,554,831 |
2015 | 2014 | 2013 | ||||||||||||||||||
Options Outstanding | Weighted- Average Exercise Price Per Share | Options Outstanding | Weighted- Average Exercise Price Per Share | Options Outstanding | Weighted- Average Exercise Price Per Share | |||||||||||||||
Outstanding at beginning of year | 393,347 | $ | 40.72 | 893,139 | $ | 43.23 | 1,765,947 | $ | 40.58 | |||||||||||
Options exercised | (178,759 | ) | 40.90 | (476,793 | ) | 44.60 | (847,340 | ) | 37.82 | |||||||||||
Options forfeited | (2,550 | ) | 40.09 | (22,999 | ) | 57.07 | (25,468 | ) | 39.04 | |||||||||||
Outstanding at year-end | 212,038 | 40.47 | 393,347 | 40.72 | 893,139 | 43.23 | ||||||||||||||
Options exercisable at year-end | 204,394 | 364,770 | 721,645 |
2015 | 2014 | ||||
Expected volatility | 28.2 | % | 33.7 | % | |
Expected term (in years) | 3 | 3 | |||
Risk-free interest rate | 0.96 | % | 0.67 | % |
2015 | 2014 | 2013 | ||||||||||||||||||
Awards Outstanding | Weighted- Average Grant Date Fair Value | Awards Outstanding | Weighted- Average Grant Date Fair Value | Awards Outstanding | Weighted- Average Grant Date Fair Value | |||||||||||||||
Non-vested awards outstanding at beginning of year | 92,437 | $ | 52.75 | 71,175 | $ | 47.49 | 73,458 | $ | 38.01 | |||||||||||
Awards granted | 51,475 | 78.01 | 51,850 | 58.61 | 47,625 | 47.10 | ||||||||||||||
Stock issued | (20,910 | ) | 41.27 | (14,383 | ) | 47.89 | (33,538 | ) | 27.43 | |||||||||||
Awards forfeited or expired | (15,773 | ) | 59.45 | (16,205 | ) | 52.71 | (16,370 | ) | 44.90 | |||||||||||
Non-vested awards outstanding at end of year | 107,229 | $ | 66.13 | 92,437 | $ | 52.75 | 71,175 | $ | 47.49 |
2015 | 2014 | 2013 | ||||||||||||||||||
Awards Outstanding | Weighted- Average Grant Date Fair Value | Awards Outstanding | Weighted- Average Grant Date Fair Value | Awards Outstanding | Weighted-Average Grant Date Fair Value | |||||||||||||||
Non-vested awards outstanding at beginning of year | 238,386 | $ | 53.80 | 231,026 | $ | 48.54 | 115,139 | $ | 43.27 | |||||||||||
Awards granted | 75,160 | 77.15 | 93,780 | 61.7 | 156,665 | 51.78 | ||||||||||||||
Stock issued | (93,813 | ) | 48.35 | (62,378 | ) | 47.19 | (12,436 | ) | 43.97 | |||||||||||
Awards forfeited or expired | (11,415 | ) | 61.32 | (24,042 | ) | 51.19 | (28,342 | ) | 47.07 | |||||||||||
Non-vested awards outstanding at end of year | 208,318 | $ | 64.27 | 238,386 | $ | 53.80 | 231,026 | $ | 48.54 |
2015 | 2014 | 2013 | ||||||||||||||||||
Awards Outstanding | Weighted- Average Grant Date Fair Value | Awards Outstanding | Weighted- Average Grant Date Fair Value | Awards Outstanding | Weighted-Average Grant Date Fair Value | |||||||||||||||
Non-vested awards outstanding at beginning of year | 30,150 | $ | 24.43 | 31,550 | $ | 26.77 | 30,150 | $ | 26.13 | |||||||||||
Awards granted | 10,300 | 73.79 | 14,700 | 58.45 | 16,800 | 41.67 | ||||||||||||||
Stock issued | (16,500 | ) | 51.20 | (16,100 | ) | 60.08 | (15,400 | ) | 41.77 | |||||||||||
Non-vested awards outstanding at end of year | 23,950 | $ | 27.22 | 30,150 | $ | 24.43 | 31,550 | $ | 26.77 |
Lease Expense | |||||||||||
(Dollars in thousands) | 2015 | 2014 | 2013 | ||||||||
Operating leases | $ | 3,531 | $ | 2,716 | $ | 2,634 | |||||
Capital lease | $ | 667 | $ | 747 | $ | 1,233 |
Future Minimum Lease Payments | ||||||||||||||||||||||
(Dollars in thousands) | Total | 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | |||||||||||||||
Operating leases | $ | 10,221 | $ | 2,981 | $ | 2,089 | $ | 1,675 | $ | 915 | $ | 749 | $ | 1,812 | ||||||||
Capital lease | $ | 5,833 | $ | 284 | $ | 300 | $ | 320 | $ | 342 | $ | 366 | $ | 4,221 |
For the Year Ended December 31, | ||||
2015 | 2014 | |||
Claims outstanding at beginning of year | 440 | 362 | ||
New claims filed | 231 | 195 | ||
Pending claims concluded* | (183 | ) | (117 | ) |
Claims outstanding at end of year | 488 | 440 |
(Dollars in millions) | 2015 | 2014 | ||||
Asbestos-related claims | $ | 56.6 | $ | 56.5 | ||
Asbestos-related insurance receivables | $ | 53.4 | $ | 53.0 |
• | The Rogers Corporate Headquarters located in Rogers, Connecticut is part of the Connecticut Voluntary Corrective Action |
• | Advanced Connectivity Solutions |
• | Elastomeric Material Solutions |
• | Power Electronics Solutions |
• | Other |
(Dollars in thousands) | Elastomeric Material Solutions | Advanced Connectivity Solutions | Power Electronics Solutions | Other | Total | ||||||||||||||
2015 | |||||||||||||||||||
Net sales | $ | 180,898 | $ | 267,630 | $ | 150,288 | $ | 42,627 | $ | 641,443 | |||||||||
Operating income | $ | 19,979 | $ | 45,115 | $ | 3,750 | $ | 7,411 | $ | 76,255 | |||||||||
Total assets | $ | 265,575 | $ | 316,235 | $ | 321,248 | $ | 29,400 | $ | 932,458 | |||||||||
Capital expenditures | $ | 4,103 | $ | 15,532 | $ | 4,185 | $ | 1,017 | $ | 24,837 | |||||||||
Depreciation & amortization | $ | 9,280 | $ | 15,403 | $ | 7,855 | $ | 1,516 | $ | 34,054 | |||||||||
Investment in unconsolidated joint ventures | $ | 15,348 | $ | — | $ | — | $ | — | $ | 15,348 | |||||||||
Equity income in unconsolidated joint ventures | $ | 2,890 | $ | — | $ | — | $ | — | $ | 2,890 | |||||||||
2014 | |||||||||||||||||||
Net sales | $ | 173,671 | $ | 240,864 | $ | 171,832 | $ | 24,544 | $ | 610,911 | |||||||||
Operating income (loss) | $ | 23,350 | $ | 44,007 | $ | 5,654 | $ | 8,230 | $ | 81,241 | |||||||||
Total assets | $ | 221,013 | $ | 217,173 | $ | 377,181 | $ | 25,068 | $ | 840,435 | |||||||||
Capital expenditures | $ | 6,197 | $ | 14,290 | $ | 7,489 | $ | 779 | $ | 28,755 | |||||||||
Depreciation & amortization | $ | 6,561 | $ | 9,575 | $ | 9,332 | $ | 800 | $ | 26,268 | |||||||||
Investment in unconsolidated joint ventures | $ | 17,214 | $ | — | $ | — | $ | — | $ | 17,214 | |||||||||
Equity income in unconsolidated joint ventures | $ | 4,123 | $ | — | $ | — | $ | — | $ | 4,123 | |||||||||
2013 | |||||||||||||||||||
Net sales | $ | 168,082 | $ | 184,949 | $ | 160,730 | $ | 23,721 | $ | 537,482 | |||||||||
Operating income (loss) | $ | 22,601 | $ | 19,076 | $ | 1,338 | $ | 7,102 | $ | 50,117 | |||||||||
Total assets | $ | 223,346 | $ | 179,363 | $ | 384,249 | $ | 24,363 | $ | 811,321 | |||||||||
Capital expenditures | $ | 3,030 | $ | 7,793 | $ | 5,287 | $ | 749 | $ | 16,859 | |||||||||
Depreciation & amortization | $ | 6,410 | $ | 7,004 | $ | 12,406 | $ | 531 | $ | 26,351 | |||||||||
Investment in unconsolidated joint ventures | $ | 18,463 | $ | — | $ | — | $ | — | $ | 18,463 | |||||||||
Equity income in unconsolidated joint ventures | $ | 4,326 | $ | — | $ | — | $ | — | $ | 4,326 |
2015 | 2014 | 2013 | |||||||||
Operating income | $ | 76,255 | $ | 81,241 | $ | 50,117 | |||||
Equity income in unconsolidated joint ventures | 2,890 | 4,123 | 4,326 | ||||||||
Other income (expense), net | (8,492 | ) | (1,194 | ) | (1,240 | ) | |||||
Interest income (expense), net | (4,480 | ) | (2,946 | ) | (3,481 | ) | |||||
Income before income taxes | $ | 66,173 | $ | 81,224 | $ | 49,722 |
Net Sales (1) | Long-lived Assets (2) | |||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||
United States | $ | 162,662 | $ | 124,305 | $ | 118,217 | $ | 217,595 | $ | 70,728 | $ | 64,744 | ||||||||||
China | 192,155 | 236,488 | 193,734 | 65,994 | 49,794 | 44,805 | ||||||||||||||||
Germany | 81,452 | 93,478 | 79,043 | 110,240 | 129,702 | 154,688 | ||||||||||||||||
Other | 205,174 | 156,640 | 146,488 | 34,998 | 36,999 | 40,535 | ||||||||||||||||
Total | $ | 641,443 | $ | 610,911 | $ | 537,482 | $ | 428,827 | $ | 287,223 | $ | 304,772 |
• | 2015 |
• | 2014 |
• | 2013 |
(Dollars in thousands) | ||||||||
December 31, 2014 | December 31, 2013 | |||||||
Cost of Sales | ||||||||
Elastomeric Material Solutions | ||||||||
Union ratification bonus | — | 181 | ||||||
Advanced Connectivity Solutions | ||||||||
Union ratification bonus | — | 179 | ||||||
Power Electronics Solutions | ||||||||
Union ratification bonus | — | 8 | ||||||
Total charges for Cost of Sales | $ | — | $ | 368 | ||||
Restructuring and Impairment | ||||||||
Elastomeric Material Solutions | ||||||||
Pension settlement charge | 1,332 | — | ||||||
Severance related to Bremen shut-down | — | 1,345 | ||||||
Allocated Solicore impairment | 42 | 1,617 | ||||||
Advanced Connectivity Solutions | ||||||||
Pension settlement charge | 1,954 | — | ||||||
Allocated severance and related costs | — | 802 | ||||||
Allocated Solicore impairment | 62 | 1,617 | ||||||
Power Electronics Solutions | ||||||||
Pension settlement charge | 1,921 | — | ||||||
Severance and related costs | — | 3,494 | ||||||
Allocated Solicore impairment | 61 | 1,155 | ||||||
Other | ||||||||
Pension settlement charge | 17 | — | ||||||
Allocated severance and related costs | — | 115 | ||||||
Allocated Solicore impairment | 1 | 231 | ||||||
Total charges for Restructuring and Impairment | $ | 5,390 | $ | 10,376 |
(Dollars in thousands) | December 31, 2015 | ||
Shares of capital stock repurchased | 727,573 | ||
Value of capital stock repurchased | $ | 39,993 |
As adjusted for impact of the change to FIFO | |||||||||||||||
(Dollars in thousands, except per share amounts) | 2015 | ||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
Net sales | $ | 165,051 | $ | 163,098 | $ | 160,366 | $ | 152,928 | |||||||
Gross margin | $ | 62,425 | $ | 60,661 | $ | 59,672 | $ | 52,604 | |||||||
Net income | $ | 13,643 | $ | 13,554 | $ | 12,546 | $ | 6,577 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 0.74 | $ | 0.73 | $ | 0.68 | $ | 0.37 | |||||||
Diluted | $ | 0.72 | $ | 0.71 | $ | 0.67 | $ | 0.37 | |||||||
2014 | |||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
Net sales | $ | 146,640 | $ | 153,495 | $ | 163,052 | $ | 147,724 | |||||||
Gross margin | $ | 54,107 | $ | 57,376 | $ | 64,576 | $ | 58,695 | |||||||
Net income | $ | 14,702 | $ | 11,056 | $ | 20,407 | $ | 7,247 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 0.82 | $ | 0.61 | $ | 1.12 | $ | 0.40 | |||||||
Diluted | $ | 0.79 | $ | 0.59 | $ | 1.09 | $ | 0.39 |
As originally reported | |||||||||||||||
(Dollars in thousands, except per share amounts) | 2015 | ||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
Net sales | $ | 165,051 | $ | 163,098 | $ | 160,366 | $ | 152,928 | |||||||
Gross margin | $ | 62,355 | $ | 60,589 | $ | 59,530 | $ | 52,604 | |||||||
Net income | $ | 13,627 | $ | 13,540 | $ | 12,455 | $ | 6,577 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 0.74 | $ | 0.73 | $ | 0.68 | $ | 0.37 | |||||||
Diluted | $ | 0.72 | $ | 0.71 | $ | 0.67 | $ | 0.37 | |||||||
2014 | |||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
Net sales | $ | 146,640 | $ | 153,495 | $ | 163,052 | $ | 147,724 | |||||||
Gross margin | $ | 53,919 | $ | 57,138 | $ | 64,548 | $ | 58,335 | |||||||
Net income | $ | 14,580 | $ | 10,902 | $ | 20,388 | $ | 7,013 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 0.81 | $ | 0.60 | $ | 1.12 | $ | 0.38 | |||||||
Diluted | $ | 0.79 | $ | 0.58 | $ | 1.09 | $ | 0.37 |
(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, 2015 | $ | 476 | $ | 1,085 | $ | (866 | ) | $ | — | $ | 695 | |||||||||
December 31, 2014 | $ | 1,655 | $ | 250 | $ | (1,429 | ) | $ | — | $ | 476 | |||||||||
December 31, 2013 | $ | 1,773 | $ | 670 | $ | (788 | ) | $ | — | $ | 1,655 |
(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, 2015 | $ | 7,691 | $ | (1,484 | ) | $ | — | $ | (5 | ) | $ | 6,202 | ||||||||
December 31, 2014 | $ | 7,302 | $ | 159 | $ | — | $ | 230 | $ | 7,691 | ||||||||||
December 31, 2013 | $ | 7,992 | $ | (85 | ) | $ | — | $ | (605 | ) | $ | 7,302 |
(a) | (b) | (c) | ||||
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights (5) | Weighted average exercise price of outstanding options, warrants and rights (5) | Number of securities remaining available for future issuance under each equity compensation plan excluding securities referenced in column (a) (6) | |||
Equity Compensation Plans Approved by Security Holders | ||||||
Rogers Corporation 2009 Long-Term Equity Compensation Plan | 69,626 | $35.46 | 1,079,491 | |||
Rogers Corporation Global Stock Ownership Plan For Employees (1) | — | 153,357 | ||||
Equity Compensation Plans Not Approved by Security Holders | ||||||
Rogers Corporation Stock Acquisition Program (3) | — | — | 120,883 | |||
Inducement Awards for the CEO (4) | 23,200 | $37.05 | — | |||
Total (5) | 92,826 | $35.86 | 1,353,731 |
(1) | This is an employee stock purchase plan within the meaning of Section 432(b) of the Internal Revenue Code of 1986, as amended. |
(2) | The Rogers Corporation 1990 Stock Option Plan was adopted in 1990 to award certain key employees of Rogers with stock option grants. Under this plan, options generally have an exercise price equal to at least the fair market value of Rogers' stock as of the date of grant. Regular options generally have a ten-year life and generally vest in one-third increments on the second, third and fourth anniversary dates of the grant, except for the grants made to most employees in 2004 and 2005. Such 2004 and 2005 stock options were immediately vested upon grant, but any shares acquired upon option exercise during the first four years after the grant date could not be sold during the four year period if the individual was still actively employed at Rogers. Termination of employment because of retirement, or for certain other reasons, may shorten the vesting schedule, the expiration date or eliminate the aforementioned sales restriction. |
(3) | The purpose of the Stock Acquisition Program is to enable non-management directors and executive officers to acquire shares of Rogers' common stock in lieu of cash compensation at the then current fair market value of such common stock. |
(4) | Bruce D. Hoechner was granted three equity awards when he joined Rogers Corporation as its new President and Chief Executive Officer in October of 2011. This consisted of two time-based restricted stock unit awards with different vesting schedules and the non-qualified stock option, shown in the table above. The Board of Directors (including a majority of its independent directors) approved these equity inducement awards in reliance on an employment inducement exception to shareholder approval provided for in the New York Stock Exchange governance rules. |
(5) | Does not include deferred stock units, restricted stock or phantom stock units. As of December 31, 2015, 25,050 shares were reserved for deferred stock unit awards, 318,770 shares were reserved for restricted stock awards and 15,283 shares were reserved for phantom stock units related to the deferral of compensation ultimately to be paid in Rogers stock. |
(6) | On May 7, 2009, shareholders approved the Rogers Corporation 2009 Long-Term Equity Compensation Plan and as of that date no further equity awards will be made pursuant to the provisions of the Rogers Corporation (i)1988 Stock Option Plan, (ii) 1994 Stock Compensation Plan, (iii) 1998 Stock Incentive Plan, (iv) 2005 Equity Compensation Plan and (v) 1990 Stock Option Plan. For this reason a zero (i.e., a dash) appears in the applicable rows of this column. The number for the 2009 Long-Term Equity Compensation Plan has been reduced by shares reserved for restricted stock awards and deferred stock units. |
2.1 | Share Purchase and Transfer Agreement, dated December 31, 2010, among the Registrant, Electrovac Curamik GmbH, Curamik Electronics GmbH, and DZ Equity Partner GmbH, filed as Exhibit 2.1 to the Registrant's Current Report on Form 8-K filed on January 10, 2011*. |
2.2 | Stock Purchase Agreement, dated as of December 18, 2014, by and among Handy & Harman Group, Ltd., Bairnco, LLC and Rogers Corporation, filed as Exhibit 2.1 to the Registrant's Current Report on Form 8-K filed on December 22, 2014. |
2.3 | Amendment No. 1 to Stock Purchase Agreement, dated January 22, 2015, by and among Handy & Harman Group, Ltd.,Bairnco, LLC and Rogers Corporation, filed as Exhibit 2.1 to the Registrant's Current Report on Form 8-K filed on January 26, 2015. |
3.1 | Restated Articles of Organization of Rogers Corporation, as amended, filed as Exhibit 3a to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2006 (the 2006 Form 10-K)*. |
3.2 | Amended and Restated Bylaws of Rogers Corporation, effective October 2, 2008, filed as Exhibit 3.2 to the Registrant's Current Report on Form 8-K filed on October 7, 2008*. |
4.1 | Shareholder Rights Agreement, dated as of February 22, 2007, between the Registrant and Registrar and Transfer Company, as Rights Agent, filed as Exhibit 4.1 to the Registrant's registration statement on form 8-A filed on February 23, 2007*. |
10.1 | Rogers Corporation Annual Incentive Compensation Plan (as amended)**, filed as Exhibit II to the Registrant's Definitive Proxy Statement filed on March 20, 2009*. Second Amendment to Rogers Corporation Annual Incentive Compensation Plan, filed as Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on February 17, 2010*. Third Amendment to Rogers Corporation Annual Incentive Compensation Plan, filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on February 14, 2011*. Fourth Amendment to Rogers Corporation Annual Incentive Compensation Plan, filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on May 18, 2011*. |
10.2 | Rogers Corporation 1988 Stock Option Plan, as restated September 14, 1989 (the 1988 Plan)** (as amended October 23, 1996, April 18, 2000, June 21, 2001, August 22, 2002, December 5, 2002 and October 27, 2006). The 1988 Plan was filed as Exhibit 10d to the Registrant's Annual Report on Form 10-K for the fiscal year ended January 1, 1995 (the 1994 Form 10-K)*. The October 23, 1996 amendment was filed as Exhibit 10d to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 29, 1996 (the 1996 Form 10-K)*. The April 18, 2000, June 21, 2001, August 22, 2002 and December 5, 2002 amendments were filed as Exhibit 10d to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 28, 2003 (the 2003 Form 10-K)*. The October 27, 2006 amendment was filed as Exhibit 10aab to the 2006 Form 10-K*. |
10.3 | The Restated Rogers Corporation 1990 Stock Option Plan (the 1990 Plan)** (as amended December 21, 1999, April 18, 2000, June 21, 2001, August 22, 2002, October 7, 2002, December 5, 2002 and October 27, 2006) was filed as Exhibit 99.1 to Registration Statement on Form S-8 (No. 333-14419) dated October 18, 1996*. The December 21, 1999 amendment was filed as Exhibit 10e to the Registrant's Annual Report on Form 10-K for the fiscal year ended January 2, 2000 (the 1999 Form 10-K)*. The October 7, 2002 amendment was filed as Exhibit 10e to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 29, 2002 (the 2002 Form 10-K)*. The April 18, 2000, June 21, 2001, August 22, 2002 and December 5, 2002 amendments were filed as Exhibit 10e to the Registrant's 2003 Form 10-K*. The October 27, 2006 amendment was filed as Exhibit 10aab to the 2006 Form 10-K*. |
10.4 | The Amended and Restated Rogers Corporation Voluntary Deferred Compensation Plan for Non-Management Directors**, filed as Exhibit 10i to the Registrant's Quarterly Report on Form 10-Q filed November 8, 2007*. First Amendment to the Amended and Restated Rogers Corporation Voluntary Deferred Compensation Plan for Non-Management Directors, filed as Exhibit 10.5 to the Registrant's Quarterly Report on Form 10-Q filed November 3, 2009*. Second Amendment to the Amended and Restated Rogers Corporation Voluntary Deferred Compensation Plan for Non-Management Directors, filed as Exhibit 10.5 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2010 (the 2010 Form 10-K)*. |
10.5 | The Amended and Restated Rogers Corporation Voluntary Deferred Compensation Plan for Key Employees**, filed as Exhibit 10j to the Registrant's Quarterly Report on Form 10-Q filed November 8, 2007*. First Amendment to the Amended and Restated Rogers Corporation Voluntary Deferred Compensation Plan for Key Employees, filed as Exhibit 10j to the Registrant's Quarterly Report on Form 10-Q filed August 7, 2008*. Second Amendment to the Amended and Restated Rogers Corporation Voluntary Deferred Compensation Plan for Key Employees, filed as Exhibit 10.6 to the Registrant's Quarterly Report on Form 10-Q filed November 3, 2009*. Third Amendment to the Amended and Restated Rogers Corporation Voluntary Deferred Compensation Plan for Key Employees, filed as Exhibit 10.4 to the Registrant's Current Report on Form 8-K filed February 17, 2010*. Fourth Amendment to the Amended and Restated Rogers Corporation Voluntary Deferred Compensation Plan for Key Employees, filed as Exhibit 10.6 to the 2010 Form 10-K*. |
10.6 | Rogers Corporation 1998 Stock Incentive Plan (the 1998 Plan)** (as amended September 9, 1999, December 21, 1999, April 18, 2000, June 21, 2001, October 10, 2001, August 22, 2002, November 7, 2002, December 5, 2002, February 19, 2004, and October 27, 2006). The 1998 Plan was filed as Exhibit A to the Definitive Proxy Statement dated March 17, 1998*. The September 9, 1999 and December 21, 1999 amendments were filed as Exhibit 10l to the 1999 Form 10-K*. The October 10, 2001 and November 7, 2002 amendments were filed as Exhibit 10l to the 2002 Form 10-K*. The April 18, 2000, June 21, 2001, August 22, 2002, December 5, 2002 and February 19, 2004 amendments were filed as Exhibit 10l to the 2003 Form 10-K*. The April 28, 2005 amendment was filed as Exhibit 10.8 to the Registrant's Current Report on Form 8-K filed on May 2, 2005*. The October 27, 2006 amendment was filed as Exhibit 10aab to the 2006 Form 10-K*. |
10.7 | Rogers Corporation Amended and Restated Pension Restoration Plan**, filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed December 17, 2008*. First Amendment to the Rogers Corporation Amended and Restated Pension Restoration Plan, filed as Exhibit 10.4 to the Registrant's Quarterly Report on Form 10-Q filed November 3, 2009*. Second Amendment to the Rogers Corporation Amended and Restated Pension Restoration Plan, filed as Exhibit 10.10 to the 2010 Form 10-K*. |
10.8 | Form of Indemnification Agreement between the Registrant and each of its executive officers**, filed as Exhibit 99.2 to the Registrant's Current Report on Form 8-K on December 14, 2004*. |
10.9 | Form of Indemnification Agreement between the Registrant and each of its Directors**, filed as Exhibit 99.1 to the Registrant's Current Report on Form 8-K on December 14, 2004*. |
10.10 | Rogers Compensation Recovery Policy**, filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed October 19, 2009*. |
10.11 | Amended Rogers Corporation 2009 Long-Term Equity Compensation Plan**, filed as Exhibit 10.1 to the Registrant's Registration Statement on Form S-8 (File No. 333-181199) filed May 7, 2012*. |
10.12 | Form of Performance-Based Restricted Stock Award Agreement under the 2009 Plan**, filed as Exhibit 10.4 to the Registrant's Quarterly Report on Form 10-Q filed August 2, 2011*. |
10.13 | Form of Performance-Based Restricted Stock Award Agreement under the 2009 Plan**, filed as Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q filed May 2, 2012*. |
10.14 | Form of Performance-Based Restricted Stock Award Agreement under the 2009 Plan**, filed herewith. |
10.15 | Form of Basic Time-Based Restricted Stock Unit Award Agreement under the 2009 Plan**, filed as Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q filed August 2, 2011*. |
10.16 | Form of Time-Based Restricted Stock Unit Award Agreement under the 2009 Plan**, filed herewith. |
10.17 | Form of Non-Qualified Stock Option Agreement (For Officers and Employees) under the 2009 Plan**, filed as Exhibit 10.6 to the Registrant's Quarterly Report on Form 10-Q filed August 4, 2009*. |
10.18 | Form of Non-Qualified Stock Option Agreement (For Officers and Employees) under the 2009 Plan**, filed as Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q filed November 3, 2009*. |
10.19 | Form of Performance-Based Restricted Stock Award Agreement under the 2009 Plan**, filed as Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q filed November 3, 2009*. |
10.20 | Form of Restricted Stock Agreement under the 2009 Plan**, filed as Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q filed November 3, 2009*. |
10.21 | Second Amended and Restated Credit Agreement, dated as of June 18, 2015, with each of the lenders party thereto, JPMorgan Chase Bank, N.A. as administrative agent, HSBC Bank USA, National Association and Citizens Bank, N.A. as co-syndication agents, Fifth Third Bank and Citibank, N.A. as co-documentation agents and JPMorgan Securities LLC and HSBC Bank USA, National Association as joint bookrunners and joint lead arrangers, filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed June 24, 2015. |
10.23 | Letter Agreement between the Registrant and Bruce D. Hoechner, dated September 15, 2011 and accepted on September 20, 2011**, filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed September 26, 2011*. |
10.24 | Non-Qualified Stock Option Agreement between the Registrant and Bruce D. Hoechner**, filed as Exhibit 10.2 to the Registrant's Registration Statement on Form S-8 (File No. 333-181199) filed May 7, 2012*. |
10.25 | Time-Based Restricted Stock Unit Award Agreement between the Registrant and Bruce D. Hoechner**, filed as Exhibit 10.3 to the Registrant's Registration Statement on Form S-8 (File No. 333-181199) filed May 7, 2012*. |
10.26 | Time-Based Restricted Stock Unit Award Agreement (4 Year Cliff Vested) between the Registrant and Bruce D. Hoechner**, filed as Exhibit 10.4 to the Registrant's Registration Statement on Form S-8 (File No. 333-181199) filed May 7, 2012*. |
10.27 | Letter Agreement between the Company and David Mathieson, agreed to May 11, 2014, filed with the SEC as Exhibit 10.1 to the Company's Current Report on Form 8-K filed on May 12, 2014. |
10.28 | Letter Agreement between the Company and Janice Stipp, dated October 1, 2015 and accepted on October 5, 2015, filed herewith. |
10.29 | Rogers Corporation 2009 Long-Term Equity Compensation Plan, as amended, filed with the SEC as Exhibit B to the Company's Definitive Proxy Statement which was filed on March 24, 2014. |
10.30 | Rogers Corporation Deferred Compensation Plan, filed with the SEC as Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 26, 2014. |
10.31 | Form of Officer Special Severance Agreement between the Company and each of its executive officers, filed with the SEC as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on July 30, 2015**. |
18.1 | Preferability Letter from PricewaterhouseCoopers, LLP, filed herewith. |
21 | Subsidiaries of the Registrant, filed herewith. |
23.1 | Consent of Marsh U.S.A., Inc., filed herewith. |
23.2 | Consent of National Economic Research Associates, Inc., filed herewith. |
23.3 | Consent of PricewaterhouseCoopers, LLP, Independent Registered Public Accounting Firm, filed herewith |
23.4 | Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm, filed herewith. |
31.1 | Certification of President and Chief Executive Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith. |
31.2 | Certification of Vice President, Finance and Chief Financial Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith. |
32 | Certification of President and Chief Executive Officer and Vice President, Finance and Chief Financial Officer Pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith. |
101 | The following materials from Rogers Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Financial Position for the fiscal years ended December 31, 2015 and 2014; (ii) Consolidated Statements of Operations for the fiscal years ended December 31, 2015, 2014 and 2013; (iii) Consolidated Statements of Shareholders' Equity for the fiscal years ended December 31, 2015, 2014 and 2013; and (iv) Consolidated Statements of Cash Flows for the fiscal years ended December 31, 2015, 2014 and 2013; and (v) Notes to Consolidated Financial Statements. |
* | In accordance with Rule 12b-32 under the Securities Exchange Act of 1934, as amended, references are made to the indicated documents previously filed with the SEC, which documents are hereby incorporated by reference. |
** | Management contract or compensatory plan or arrangement. |
+ | Confidential Treatment granted for the deleted portion of this Exhibit. |
ROGERS CORPORATION (Registrant) |
/s/ Bruce D. Hoechner |
Bruce D. Hoechner |
President and Chief Executive Officer Principal Executive Officer |
Dated: February 23, 2016 |
/s/ Bruce D. Hoechner | /s/ Carol R. Jensen | |
Bruce D. Hoechner President and Chief Executive Officer Director Principal Executive Officer | Carol R. Jensen Director | |
/s/ Janice E. Stipp | /s/ William E. Mitchell | |
Janice E. Stipp Vice President, Finance, Chief Financial Officer, Principal Financial Officer | William E. Mitchell Director | |
/s/ John K. Krawczynski | /s/ Ganesh Moorthy | |
John J. Krawczynski Chief Accounting Officer and Corporate Controller, Principal Accounting Officer | Ganesh Moorthy Director | |
/s/ Michael F. Barry | /s/ Robert G. Paul | |
Michael F. Barry Director | Robert G. Paul Director | |
/s/ Helene Simonet | /s/ Peter C. Wallace | |
Helene Simonet Director | Peter C. Wallace Director | |
/s/ Keith Barnes | ||
Keith Barnes Director |
Weighted Average Performance Achievement Percentage | Percentage of Target Shares | |
Below Threshold | Less than 0% | None |
Threshold | 0% | 0% of Target Shares |
Target | 100% | 100% of Target Shares |
Maximum | 200% or more | 200% of Target Shares |
• | The TSR of the Company and the Index Companies will be rank ordered from highest to lowest, |
• | The S&P Percentile will be calculated as follows: |
• | (Company’s Rank Ordered Number / (Number of Index Companies + 1)) * 100 |
(a) | “Ending Average Stock Price” means the mathematical average of the daily closing stock prices for the last 90 days of 2015. |
(b) | “Beginning Average Stock Price” means the mathematical average of the daily closing stock prices for 90 days prior to January 1, 2013. |
• | “EBIT” means earnings before interest and taxes |
• | “Invested Capital” means notes payable plus short and long‐term debt and equity |
• | “Average Invested Capital” means, which respect to a fiscal year during the Performance Period, Invested Capital at the beginning of such year plus Invested at the end of such year divided by two. |
• | The ROIC of the Company and the Index Companies will be rank ordered from highest to lowest, |
• | The S&P Percentile will be calculated as follows: |
• | (Company’s Rank Ordered Number / (Number of Index Companies + 1)) * 100 |
(a) | The total number of Restricted Stock Units subject to this Award shall vest in equal one-third increments on each of the first three (3) anniversaries of the Grant Date provided that the Grantee is then employed by the Company or an Affiliate. Except to the extent provided in Section 3(b) below for special circumstances, Restricted Stock Units that are unvested as of the date of the Grantee’s employment termination for any reason shall be forfeited. Each date on which Restricted Stock Units vest under this Paragraph 3 is referred to below as a “Vesting Date.” |
(b) | In the event of the Grantee’s Termination of Service due to death or the Grantee’s Disability or Retirement (as such terms are defined below) prior to the third Vesting Date, a “Pro-Rata Percentage” (as defined below) of the total number of Restricted Stock Units subject to this Award will be immediately vested. For purposes of this Section 3(b), “Pro-Rata Percentage” is equal to one-third of the total number of Restricted Stock Units subject to this Award multiplied by a fraction, the numerator of which shall equal the number of days that the Grantee was employed by the Company or its Affiliates since the Grant Date (if the death, Disability or Retirement occurs less than one year after the Grant Date) or since the most recent Vesting Date (if the death, Disability or Retirement occurs more than one year but less than three years after the Grant Date), and the denominator of which shall equal 365. |
WORLD PROPERTIES, INC. By:_________________________________ Name: Title: | |
ROGERS SOUTHEAST ASIA, INC. By:_________________________________ Name: Title: | |
ARLON HOLDINGS, LLC By:_________________________________ Name: Title: | |
ARLON LLC By:_________________________________ Name: Title: | |
Janice Stipp 1281 Covington Bloomfield Hills, MI 48301 |
• | Effective for the 2015 fiscal year, you are eligible for the Annual Incentive Award program (AICP) with a target of 50% of your base salary. Depending on actual performance against predetermined company performance metrics, your actual AICP award payout can be as high as 200% of your target incentive. Actual awards are prorated according to start date. |
• | You will receive a special new hire stock grant of restricted stock units with an initial grant value of $400,000. split as follows: |
◦ | 50% in Time-Based Restricted Stock Units - (three year ratable vesting) |
◦ | 50% Performance-Based Restricted Stock Units - (three year performance period) |
▪ | Three year total shareholder return (TSR) 60% weighting |
▪ | Three year return on invested capital (ROIC) 40% weighting |
• | Additionally, you will be eligible for the 2016 annual long-term incentive grant. This grant would be comprised of time based restricted stock units and performance based stock units. The grant value and subsequent number of shares or units you would receive are determined in 2016 and presented to the Board of Directors’ Compensation & Organization Committee for review and approval. |
• | You will receive a one-time sign-on bonus of $50,000 payable in your first paycheck. If you voluntarily resign from Rogers or are terminated for cause within 6 months of hire, you will be required to reimburse the Company for the full sign-on bonus. This letter authorizes Rogers to deduct monies from your final paycheck. Any remaining amount must be paid within 30 days of your last day of work. |
1. | We will provide a flexible benefits package that presently contains choices in medical and dental insurance, flexible spending accounts, vision care and life insurance. In addition, we also provide salary continuation for short-term disability, long-term disability insurance, vacation and holiday pay, a 401(k) plan (Rogers Employee Savings and Investment Plan) with a Company-matching contribution, Employee Stock Purchase Plan, and tuition reimbursement. We have enclosed information describing these programs. Additionally, prior to your start date you will be receiving an email from ‘Rogers Welcomes You.’ This email will provide information and forms to assist you in your on-boarding process; please take some time to review it prior to your first day. As with other organizations, our benefits package may change from time to time. As this occurs, |
2. | As a condition of employment, you will be asked to sign an agreement regarding confidentiality of trade secrets and confidential business information (Employment, Invention, Confidentiality and Non-Compete Agreement). This document is enclosed for your review and will have to be signed at the time you start work with Rogers. |
3. | Your employment is “at will” and it is Rogers' policy not to enter into employment contracts. Verbal representations by Rogers' managers and supervisors do not create a binding agreement. If a contractual employment relationship were to be established, it must be in writing and signed by the Company President. |
4. | You will be provided with relocation benefits as described in the Relocation Policy for Newly Hired Salaried Employees which will be sent to you separately. Please contact Sara Dionne (Human Resources Director for Corporate Services) to begin the relocation process. If you voluntarily resign from Rogers, you will be required to reimburse all monies paid under the Relocation Policy directly to you, or on your behalf, within the prior 12 months of your termination. This letter authorizes Rogers to deduct monies from your final paycheck in accordance with the Relocation Policy. An arrangement will be made for repayment of any remaining amount owed to Rogers. |
6. | You will be provided severance pay and benefits as follows: |
• | A) Prior to a change in Control: In the event that your employment with the Company terminates due to a Qualified Involuntary Termination that occurs prior to a “Change in Control” (as defined in paragraph (B) below), Rogers will provide you with a severance benefit equal to 52 weeks of salary and target bonus, commencing upon your separation from service. This severance protection will remain in effect during your employment with Rogers at all times prior to a Change in Control. Except as specifically provided to the contrary in you agreement, all other provisions of the Rogers Severance Policy for Salaried Employees apply for purposes of determining your eligibility to receive the severance benefits set forth under this paragraph. |
• | B) Upon a Change of Control: You will be provided with an Officer Special Severance Agreement which provides certain benefits in the event that either Rogers (or its successor) terminates your employment without “Cause” or you resign due to “Constructive Termination” during the two year period beginning on the date of a “Change in Control,” as such terms are defined in the Officer Special Severance Agreement. Please note that the treatment of equity awards issued by Rogers upon a Change in Control is described in the Officer Special Severance Agreement. The enhanced severance benefits under your Change in Control agreement are in lieu of the severance benefits you would be entitled under any other severance arrangements prior to a Change in Control. The details of these severance provisions will be further described in Agreement that you will receive under separate cover. |
Company | Percentage of Voting Securities Owned | Jurisdiction of Incorporation or Organization |
Rogers Japan Inc. | 100% | Delaware |
Rogers Southeast Asia, Inc. | 100% | Delaware |
Rogers Taiwan, Inc. | 100% | Delaware |
Rogers Technologies Singapore, Inc. | 100% | Delaware |
Rogers Technologies (Suzhou) Co., Ltd. | 100% | China |
World Properties, Inc. | 100% | Illinois |
Rogers B.V.B.A. | 100% | Belgium |
Rogers GmbH | 100% | Germany |
Rogers (U.K.) Ltd. | 100% | England |
Rogers (Shanghai) International Trading Co. Ltd. | 100% | China |
Rogers KF, Inc. | 100% | Delaware |
Rogers Luxembourg Sarl | 100% | Luxembourg |
Rogers Benelux Sarl | 100% | Luxembourg |
Rogers Worldwide LLC | 100% | Delaware |
Rogers New Territories Corporation Limited | 100% | Hong Kong |
Rogers Asia Holding Company Limited | 100% | Hong Kong |
Rogers Pacific Limited | 100% | Hong Kong |
Utis Co., Ltd | 100% | Korea |
Rogers Germany GmbH | 100% | Germany |
Rogers Korea, Inc. | 100% | Korea |
Electronic Materials Division Holdings, LLC | 100% | Delaware |
Arlon Holdings, LLC | 100% | Delaware |
Arlon, LLC | 100% | Delaware |
Arlon MED International, LLC | 100% | Delaware |
Arlon Material Technologies Co., Ltd | 100% | China |
Arlon Materials Electronics Co., Ltd | 100% | China |
Rogers Hungary KFT | 100% | Hungary |
Rogers Inoac Corporation * | 50% | Japan |
Rogers Inoac Suzhou Corporation * | 50% | China |
* | These entities are unconsolidated joint ventures and accordingly are not included in the consolidated financial statements of Rogers Corporation, except to the extent required by the equity method of accounting. |
/s/ Ernst & Young LLP | ||
Boston, Massachusetts | ||
February 23, 2016 |
1. | I have reviewed this Annual Report on Form 10-K of Rogers Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: February 23, 2016 |
/s/ Bruce D. Hoechner |
Bruce D. Hoechner |
President and Chief Executive Officer |
Principal Executive Officer |
1. | I have reviewed this Annual Report on Form 10-K of Rogers Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: February 23, 2016 |
/s/ Janice E. Stipp |
Janice E. Stipp |
Vice President, Chief Financial Officer and Corporate Treasurer |
/s/ Bruce D. Hoechner |
Bruce D. Hoechner |
President and Chief Executive Officer |
Principal Executive Officer |
February 23, 2016 |
/s/ Janice E. Stipp |
Janice E. Stipp |
Vice President, Chief Financial Officer and Corporate Treasurer |
February 23, 2016 |
Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Feb. 04, 2016 |
Jun. 30, 2015 |
|
Document Documentand Entity Information [Abstract] | |||
Entity Registrant Name | ROGERS CORP | ||
Entity Trading Symbol | ROG | ||
Entity Central Index Key | 0000084748 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Voluntary Filer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Season Filer | Yes | ||
Entity Common Stock, Shares Outstanding | 17,969,554 | ||
Entity Public Float | $ 1,221,463,930 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Statement of Comprehensive Income [Abstract] | |||
Income from continuing operations, net of tax | $ 46,320 | $ 53,412 | $ 38,203 |
Foreign currency translation adjustments | (27,172) | (36,949) | 10,171 |
Derivative instruments designated as cash flow hedges: | |||
Unrealized gain (loss) on derivative instruments held at year end (net of taxes of $5 in 2015, $50 in 2014 and $110 in 2013) | (2) | (93) | (210) |
Unrealized gain (loss) reclassified into earnings | 84 | 209 | 236 |
Accumulated other comprehensive income (loss) pension and post-retirement benefits: | |||
Actuarial net gain (loss) incurred in fiscal year | 2,760 | (20,715) | 32,749 |
Amortization of gain (loss) | 966 | 3,904 | 2,482 |
Amortization of prior service credit (cost) | 0 | 0 | 930 |
Other comprehensive income (loss) | (23,364) | (53,644) | 46,358 |
Comprehensive income (loss) from continuing operations | 22,956 | (232) | 84,561 |
Income from discontinued operations, net of income taxes | 0 | 0 | 102 |
Comprehensive income (loss) | $ 22,956 | $ (232) | $ 84,663 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (PARENTHETICAL) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Statement of Comprehensive Income [Abstract] | |||
Unrealized gain (loss) on derivative instruments, tax | $ 5 | $ 50 | $ 110 |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands |
Total |
Capital Stock/Capital Shares |
Additional Paid-In Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2012 | $ 438,397 | $ 16,904 | $ 74,272 | $ 405,029 | $ (57,808) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 38,305 | 38,305 | |||
Other comprehensive income (loss) | 46,358 | 46,358 | |||
Stock options exercised | 32,426 | 859 | 31,567 | ||
Stock issued to directors | 0 | 15 | (15) | ||
Shares issued for employees stock purchase plan | 734 | 24 | 710 | ||
Shares issued for restricted stock | (1,297) | 53 | (1,350) | ||
Stock-based compensation expense | 5,393 | 5,393 | |||
Ending Balance at Dec. 31, 2013 | 560,316 | 17,855 | 110,577 | 443,334 | (11,450) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 53,412 | 53,412 | |||
Other comprehensive income (loss) | (53,644) | (53,644) | |||
Stock options exercised | 20,513 | 465 | 20,048 | ||
Stock issued to directors | 0 | 16 | (16) | ||
Shares issued for employees stock purchase plan | 693 | 16 | 677 | ||
Shares issued for restricted stock | (1,542) | 52 | (1,594) | ||
Stock-based compensation expense | 7,533 | 7,533 | |||
Ending Balance at Dec. 31, 2014 | 587,281 | 18,404 | 137,225 | 496,746 | (65,094) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 46,320 | 46,320 | |||
Other comprehensive income (loss) | (23,364) | (23,364) | |||
Stock options exercised | 6,967 | 175 | 6,792 | ||
Stock issued to directors | 0 | 16 | (16) | ||
Shares issued for employees stock purchase plan | 727 | 13 | 714 | ||
Shares issued for restricted stock | (2,740) | 77 | (2,817) | ||
Shares repurchased | (39,993) | (728) | (39,265) | ||
Tax shortfalls on share-based compensation | (259) | (259) | |||
Stock-based compensation expense | 9,643 | 9,643 | |||
Ending Balance at Dec. 31, 2015 | $ 584,582 | $ 17,957 | $ 112,017 | $ 543,066 | $ (88,458) |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
---|---|---|---|---|---|
Current assets | |||||
Cash and cash equivalents | $ 204,586 | $ 237,375 | |||
Accounts receivable, less allowance for doubtful accounts of $695 and $476 | 101,428 | 99,065 | |||
Inventories | 91,824 | 76,806 | [1] | ||
Prepaid income taxes | 5,058 | 4,586 | |||
Deferred income taxes | 9,565 | 6,467 | |||
Asbestos-related insurance receivables | 8,245 | 6,827 | |||
Other current assets | 8,431 | 7,048 | |||
Total current assets | 429,137 | 438,174 | |||
Property, plant and equipment, net of accumulated depreciation | 178,661 | 150,420 | |||
Investments in unconsolidated joint ventures | 15,348 | 17,214 | |||
Deferred income taxes | 8,594 | 44,051 | |||
Goodwill | 175,453 | 98,227 | |||
Other intangible assets | 75,019 | 38,340 | |||
Asbestos-related insurance receivables | 45,114 | 46,186 | |||
Other long-term assets | 5,132 | 7,823 | |||
Total assets | 932,458 | 840,435 | |||
Current liabilities | |||||
Accounts payable | 19,851 | 20,020 | |||
Accrued employee benefits and compensation | 23,263 | 33,983 | |||
Accrued income taxes payable | 3,599 | 6,103 | |||
Current portion of lease obligation | 284 | 747 | |||
Current portion of long term debt | 3,438 | 35,000 | |||
Asbestos-related liabilities | 8,245 | 6,827 | |||
Other accrued liabilities | 20,440 | 17,765 | |||
Total current liabilities | 79,120 | 120,445 | |||
Long term debt | 175,188 | 25,000 | |||
Long term lease obligation | 5,549 | 6,042 | |||
Pension liability | 12,623 | 17,652 | |||
Retiree health care and life insurance benefits | 2,185 | 8,768 | |||
Asbestos-related liabilities | 48,390 | 49,718 | |||
Non-current income tax | 11,863 | 10,544 | |||
Deferred income taxes | 9,455 | 14,647 | |||
Other long-term liabilities | $ 3,503 | $ 338 | |||
Commitments and Contingencies (Note 15) | |||||
Shareholders’ Equity | |||||
Capital Stock - $1 par value; 50,000 authorized shares; 17,957 and 18,404 shares outstanding | $ 17,957 | $ 18,404 | |||
Additional paid-in capital | 112,017 | 137,225 | |||
Retained earnings | 543,066 | 496,746 | |||
Accumulated other comprehensive loss | (88,458) | (65,094) | |||
Total shareholders' equity | 584,582 | 587,281 | |||
Total liabilities and shareholders' equity | $ 932,458 | $ 840,435 | |||
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CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accounts receivable, less allowance for doubtful accounts | $ 695 | $ 476 |
Capital Stock, par value (in dollars per share) | $ 1 | $ 1 |
Capital Stock, authorized shares | 50,000,000 | 50,000,000 |
Capital Stock, shares outstanding | 17,957,000 | 18,404,000 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Operating Activities: | |||
Net income | $ 46,320 | $ 53,412 | $ 38,305 |
Income from discontinued operations | 0 | 0 | (102) |
Adjustments to reconcile net income to cash from operating activities: | |||
Depreciation and amortization | 34,054 | 26,268 | 26,351 |
Stock-based compensation expense | 9,643 | 7,533 | 5,393 |
Deferred income taxes | 3,668 | 8,435 | 5,927 |
Equity in income of unconsolidated joint ventures, net | (2,890) | (4,123) | (4,326) |
Dividends received from unconsolidated joint ventures | 3,463 | 3,849 | 5,162 |
Pension and postretirement benefits | (1,512) | 1,976 | 5,118 |
Loss from the sale of property, plant and equipment | 295 | (69) | (7) |
Impairment of assets/investments | 150 | 4,620 | |
Loss on disposition of a business | 4,819 | 0 | 0 |
Changes in operating assets and liabilities excluding effects of acquisition and disposition of businesses: | |||
Accounts receivable | 10,056 | (10,188) | (2,727) |
Inventories | (10,608) | (6,054) | 6,351 |
Pension contribution | (7,737) | (14,645) | (13,751) |
Other current assets | (1,278) | 1,063 | 639 |
Accounts payable and other accrued expenses | (17,632) | 16,638 | 9,020 |
Other, net | 3,111 | 1,112 | (8,806) |
Net cash provided by operating activities of continuing operations | 73,922 | 85,207 | 77,167 |
Net cash provided by operating activities of discontinued operations | 0 | 848 | |
Net cash provided by operating activities | 73,922 | 85,207 | 78,015 |
Investing Activities: | |||
Capital expenditures | (24,837) | (28,755) | (16,859) |
Proceeds from life insurance | 2,682 | 0 | 0 |
Loss from the sale of property, plant and equipment, net | 0 | 69 | 7 |
Other investing activities | (1,000) | 166 | (127) |
Proceeds from the sale of a business | 1,300 | 0 | 0 |
Acquisition of business, net of cash received | (158,407) | 0 | 0 |
Net cash used in investing activities | (180,297) | (28,520) | (16,979) |
Financing Activities: | |||
Proceeds from long term borrowings | 125,000 | 0 | 0 |
Repayment of debt principal and long term lease obligation | (6,641) | (17,797) | (21,206) |
Debt issuance costs | (293) | 0 | 0 |
Repurchases of capital stock | (39,993) | 0 | 0 |
Proceeds from issuance of capital stock, net | 6,967 | 20,513 | 32,426 |
Issuance of restricted stock | (2,740) | (1,542) | (1,297) |
Proceeds from issuance of shares to employee stock purchase plan | 727 | 693 | 734 |
Net cash provided by financing activities | 83,027 | 1,867 | 10,657 |
Effect of exchange rate fluctuations on cash | (9,441) | (13,063) | 5,328 |
Net (decrease) increase in cash and cash equivalents | (32,789) | 45,491 | 77,021 |
Cash and cash equivalents at beginning of year | 237,375 | 191,884 | 114,863 |
Cash and cash equivalents at end of year | $ 204,586 | $ 237,375 | $ 191,884 |
Organization and Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization and Summary of Significant Accounting Policies | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of the Company and our wholly‑owned subsidiaries, after elimination of inter-company accounts and transactions. For all periods and amounts presented, reclassifications have been made for discontinued operations. In the fourth quarter of 2012, the operations of the non-woven composite materials operating segment (aggregated in Other business) ended and the segment qualified as a discontinued operation. See Note 18, "Discontinued Operations" for further discussion. In 2015, the we changed our method for accounting for certain inventory items from the last in, first out (LIFO) method to the first in, first out (FIFO) method. Adjustments have been made to all periods and amounts presented to appropriately reflect the retrospective application of this accounting change. See the discussion below entitled "Inventories" for further information. The preparation of financial statements, in conformity with accounting principles generally accepted in the United States, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Organization Our reporting structure is comprised of the following operating segments: Advanced Connectivity Solutions (ACS), Elastomeric Material Solutions (EMS) and Power Electronics Solutions (PES). The remaining operations are reported under our Other business. In 2015, we updated the names of two of our segments to better align with their product portfolios: our “Printed Circuit Materials” segment was renamed to “Advanced Connectivity Solutions,” and our “High Performance Foams” segment was renamed to “Elastomeric Material Solutions.”
Our ACS segment designs, develops, manufactures and sells circuit materials enabling high-performance and high-reliability connectivity for applications including communications infrastructure (e.g., cellular communication antennas and equipment), automotive (e.g., advanced driver assistance systems and global positioning applications), consumer electronics and aerospace/defense. We sell our circuit materials under various tradenames, including RO3000®, RO4000®, RT/duroid®, ULTRALAM®, RO2800®, LoPro®, COOLSPAN® and TMM®. In January 2015, we acquired the Arlon business, and subsequently integrated a portion of the product portfolio into the ACS segment operations and products that expanded the segment’s product portfolio, market reach and customer base, particularly in the RF antenna business. Our ACS segment has manufacturing and administrative facilities in Chandler, Arizona; Rogers, Connecticut; Bear, Delaware; Evergem, Belgium; and Suzhou, China.
Our EMS segment designs, develops, manufactures and sells elastomeric material solutions for critical cushioning, sealing, impact protection and vibration management applications including general industrial, portable electronics (e.g., mobile internet devices), consumer goods (e.g., protective sports equipment), automotive, mass transportation, construction and printing applications. We sell our elastomeric materials under various trade names, including PORON®, XRD®, BISCO® and eSORBA®. In January 2015, we acquired the Arlon business, and subsequently integrated a portion of the product portfolio into the EMS segment operations and products that expanded the segment’s product portfolio, market reach and customer base, particularly in the engineered silicones for sealing and insulation applications. Our EMS segment has administrative and manufacturing facilities in Woodstock, Connecticut; Rogers, Connecticut; Bear, Delaware; Carol Stream, Illinois; and Suzhou, China. We also own 50% of (1) Rogers Inoac Corporation (RIC), a joint venture that was established in Japan 1989 to design, develop, manufacture and sell PORON products predominantly for the Japanese market and (2) Rogers INOAC Suzhou Corporation (RIS) that was established in China in 2004 to design, develop, manufacture and sell PORON products primarily for RIC customers in China. INOAC Corporation owns the remaining 50% of both RIC and RIS. RIC has manufacturing facilities at INOAC facilities in Nagoya and Mie, Japan, and RIS has manufacturing facilities at Rogers’ facilities in Suzhou, China.
Our PES segment designs, develops, manufactures and sells ceramic substrate materials for power module applications (e.g., variable frequency drives, vehicle electrification and renewable energy), laminated bus bars for power inverter and high power interconnect applications (e.g., mass transit, hybrid-electric and electric vehicles, renewable energy and variable frequency drives), and micro-channel coolers (e.g., laser cutting equipment). We sell our ceramic substrate materials and micro channel coolers under the curamik® tradename, and our bus bars under the ROLINX® tradename. Our PES segment has administrative and manufacturing facilities in Ghent, Belgium; Eschenbach, Germany; Budapest, Hungary; and Suzhou, China.
Other business consists of elastomeric components for applications in ground transportation, office equipment, consumer and other markets; elastomeric floats for level sensing in fuel tanks, motors, and storage tanks; and inverters for portable communications and automotive markets. The Arlon polyimide and thermoset laminate business, which was sold in December 2015, was also included within our Other businesses in 2015. Cash Equivalents Highly liquid investments with original maturities of three months or less are considered cash equivalents. These investments are stated at cost, which approximates fair value. Investments in Unconsolidated Joint Ventures We account for our investments in and advances to unconsolidated joint ventures, all of which are 50% owned, using the equity method of accounting. Foreign Currency All balance sheet accounts of foreign subsidiaries are translated or remeasured at exchange rates in effect at each year end, and income statement items are translated at the average exchange rates for the year. Resulting translation adjustments for those entities that operate under the local currency are made directly to a separate component of shareholders' equity, while remeasurement adjustments for those entities that operate under the parent's functional currency are made to the income statement as a component of “Other income (expense), net.” Currency transaction gains and losses are reported as income or expense, respectively, in the consolidated statements of operations as a component of "Other income (expense), net." Such adjustments resulted in a gain of $0.3 million in 2015 and a loss of $0.7 million in 2013. There were no material foreign currency transaction gains/losses in 2014. Allowance for Doubtful Accounts The allowance for doubtful accounts is determined based on a variety of factors that affect the potential collectability of the related receivables, including the length of time receivables are past due, customer credit ratings, financial stability of customers, specific one-time events and past customer history. In addition, in circumstances where we are made aware of a specific customer's inability to meet its financial obligations, a specific allowance is established. The majority of accounts are individually evaluated on a regular basis and appropriate reserves are established as deemed appropriate based on the criteria previously mentioned. The remainder of the reserve is based on management's estimates and takes into consideration historical trends, market conditions and the composition of our customer base. Inventories Inventories are valued at the lower of cost or market. Effective October 1, 2015, the Company changed its method for inventory costing from the last in, first out (LIFO) cost method to the first in, first out (FIFO) cost method for all operations that were using the LIFO cost method. This change in accounting method was deemed preferable because this change causes inventory to be valued on a consistent basis throughout the entire Company and on a more comparable basis with industry peer companies. This change in accounting method was completed in accordance with Accounting Standards Codification (ASC) 250 Accounting changes and error corrections, and all periods presented have been retrospectively adjusted to reflect the period-specific effects of applying the new accounting principle. The cumulative effect of this change to the new accounting principle, on periods prior to those presented, resulted in an increase in retained earnings of $4.2 million as of December 31, 2012, as presented in this Form 10-K. The following table summarizes the effect of this accounting change on the Company’s consolidated statements of operations for each of the two years ended December 31, 2014 and 2013:
There was no impact on cash provided by operating activities as a result of the above changes. Inventories consisted of the following:
(1) Inventory amounts have been adjusted for the 2015 conversion from LIFO to FIFO as discussed above. 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:
Software Costs We capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended. Capitalized software costs include only (i) external direct costs of materials and services utilized in developing or obtaining computer software, and (ii) compensation and related benefits for employees who are directly associated with the software project. Capitalized software costs are included in property, plant and equipment on our consolidated statement of financial position and amortized on a straight-line basis when placed into service over the estimated useful lives of the software, which approximates three to five years. Net capitalized software and development costs were $6.7 million and $3.4 million for the years ended December 31, 2015 and 2014, respectively. Capitalized software is included within "Property, plant and equipment, net of accumulated depreciation" in the consolidated statements of financial position. Goodwill and Intangible Assets Intangible assets are classified into three categories: (1) intangible assets with definite lives subject to amortization; (2) intangible assets with indefinite lives not subject to amortization; and (3) goodwill. We review goodwill, which has an indefinite life, and intangible assets with indefinite lives for impairment annually and/or if events or changes in circumstances indicate the carrying value of an asset may have been impaired. We review intangible assets with definite lives for impairment whenever conditions exist that indicate the carrying value may not be recoverable. Goodwill and indefinite lived intangible assets are assessed for impairment by comparing the net book value of a reporting unit to its estimated fair value. Fair values are estimated using a discounted cash flow methodology. The determination of discounted cash flows is based on the reporting unit's strategic plans and long-term operating forecasts. The revenue growth rates included in the plans are management's best estimates based on current and forecasted market conditions, and the profit margin assumptions are projected by each segment based on the current cost structure and expected strategic changes to the cost structure. Purchased or acquired patents, covenants-not-to-compete, customer relationships and licensed technology are capitalized and amortized on a straight-line over their estimated useful lives. Environmental and Product Liabilities We accrue for our environmental investigation, remediation, operating and maintenance costs when it is probable that a liability has been incurred and the amount can be reasonably estimated. For environmental matters, the most likely cost to be incurred is accrued based on an evaluation of currently available facts with respect to each individual site, including existing technology, current laws and regulations and prior remediation experience. For sites with multiple potential responsible parties (PRPs), we consider our likely proportionate share of the anticipated remediation costs and the ability of the other parties to fulfill their obligations in establishing a provision for those costs. When no amount within a range of estimates is more likely to occur than another, we accrue to the low end of the range. When future liabilities are determined to be reimbursable by insurance coverage, an accrual is recorded for the potential liability and a receivable is recorded for the estimated insurance reimbursement amount. We are exposed to the uncertain nature inherent in such remediation and the possibility that initial estimates will not reflect the final outcome of a matter. We periodically perform a formal analysis to determine potential future liability and related insurance coverage for asbestos-related matters. Projecting future asbestos costs is subject to numerous variables that are extremely difficult to predict, including the number of claims that might be received, the type and severity of the disease alleged by each claimant, the long latency period associated with asbestos exposure, dismissal rates, costs of medical treatment, the financial resources of other companies that are co-defendants in claims, uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case, and the impact of potential changes in legislative or judicial standards, including potential tort reform. Furthermore, any predictions with respect to these variables are subject to even greater uncertainty as the projection period lengthens. The models developed for determining the potential exposure and related insurance coverage were developed by outside consultants deemed to be experts in their respective fields with the forecast for asbestos related liabilities generated by National Economic Research Associates, Inc. (NERA) and the related insurance receivable projections developed by Marsh Risk Consulting (Marsh). The models contain numerous assumptions that significantly impact the results generated by the models. We believe the assumptions made are reasonable at the present time, but are subject to uncertainty based on the actual future outcome of our asbestos litigation. We determined that a ten-year projection period is appropriate as we have experience in addressing asbestos related lawsuits over the last few years to use as a baseline to project the liability over ten years. However, we do not believe we have sufficient data to justify a longer projection period at this time. Fair Value of Financial Instruments Management believes that the carrying values of financial instruments, including cash and cash equivalents, short-term investments, accounts receivable, accounts payable and accrued liabilities approximate fair value based on the maturities of these instruments. The fair values of our long-term debt are determined using discounted cash flows based upon the our estimated current interest cost for similar type borrowings or current market value, which falls under Level 2 of the fair value hierarchy. The carrying values of the long-term debt approximate fair market value. Concentration of Credit and Investment Risk We extend credit on an uncollateralized basis to almost all customers. Concentration of credit and geographic risk with respect to accounts receivable is limited due to the large number and general dispersion of accounts that constitute our customer base. We routinely perform credit evaluations on our customers. At December 31, 2015 and 2014, there were no customers that individually accounted for more than ten percent of total accounts receivable. We have purchased credit insurance coverage for certain accounts receivable. We did not experience significant credit losses on customers' accounts in 2015, 2014 or 2013. 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 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. We have established guidelines relative to diversification and maturities in order to maintain safety and liquidity. These guidelines are periodically reviewed and modified to reflect changes in market conditions. Income Taxes We are subject to income taxes in the U.S. and in numerous foreign jurisdictions. The Company accounts for income taxes following ASC 740 (Accounting for Income Taxes) recognizing deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between book and tax basis of recorded assets and liabilities. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of a deferred tax asset will not be realized. U.S. income taxes have not been provided on $179.1 million of undistributed earnings of foreign subsidiaries since it is the Company’s intention to permanently reinvest such earnings or to distribute them only when it is tax efficient to do so. It is impracticable to estimate the total tax liability, if any, that would be created by the future distribution of these earnings. If circumstances change and it becomes apparent that some, or all of the undistributed earnings as of December 31, 2015 will not be indefinitely reinvested, the provision for the tax consequences, if any, will be recorded in the period when circumstances change. Distributions out of current and future earnings are permissible to fund discretionary activities such as business acquisitions. However, when distributions are made, this could result in a higher effective tax rate. We record benefits for uncertain tax positions based on an assessment of whether it is more likely than not that the tax positions will be sustained by the taxing authorities. If this threshold is not met, no tax benefit of the uncertain position is recognized. If the threshold is met, we recognize the largest amount of the tax benefit that is greater than fifty percent likely to be realized upon ultimate settlement. We recognize interest and penalties within the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included within the related tax liability line in the consolidated statements of financial position. Revenue Recognition We recognize revenue when all of the following criteria are met: (1) we have entered into a binding agreement, (2) the product has shipped and title and risk of ownership have passed, (3) the sales price to the customer is fixed or determinable, and (4) collectability is reasonably assured. We consider that the criteria for revenue recognition have been met upon shipment of the finished product, based on the majority of our shipping terms. Some shipping terms require the goods to be through customs or be received by the customer before title passes. In those instances, revenue is not recognized until either the customer has received the goods or they have passed through customs, depending on the circumstances. As appropriate, we record estimated reductions to revenue for customer returns and allowances and warranty claims. Provisions for such allowances are made at the time of sale and are typically derived from historical trends and other relevant information. Shipping and Handling Charges Costs that we incur for shipping and handling charges are charged to “Cost of sales” and payments received from our customers for shipping and handling charges are included in “Net sales” on our consolidated statements of operations. Pension and Retiree Health Care and Life Insurance Benefits We provide various defined benefit pension plans for our U.S. employees and we sponsor multiple fully insured or self-funded medical plans and fully insured life insurance plans for retirees. In 2013, the defined benefit pension plans were frozen, so that future benefits no longer accrue. The costs and obligations associated with these plans are dependent upon various actuarial assumptions used in calculating such amounts. These assumptions include discount rates, long-term rate of return on plan assets, mortality rates, and other factors. The assumptions used in these models are determined as follows: (i) the discount rate used is based on the PruCurve index; (ii) the long-term rate of return on plan assets is determined based on historical portfolio results, market results and our expectations of future returns, as well as current market assumptions related to long-term return rates; and (iii) the mortality rate is based on a mortality projection that estimates current longevity rates and their impact on the long-term plan obligations. We review these assumptions periodically throughout the year and update as necessary. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share:
Certain potential options to purchase shares were excluded from the calculation of diluted weighted-average shares outstanding because the exercise price was greater than the average market price of our capital stock during the year. For 2015, 44,350 shares were excluded. No shares were excluded in 2014 or 2013. Hedging Activity We use derivative instruments to manage commodity, interest rate and foreign currency exposures. Derivative instruments are viewed as risk management tools and are not used for trading or speculative purposes. To qualify for hedge accounting treatment, derivatives used for hedging purposes must be designated and deemed effective as a hedge of the identified underlying risk exposure at the inception of the contract. Accordingly, changes in fair value of the derivative contract must be highly correlated with changes in the fair value of the underlying hedged item at inception of the hedge and over the life of the hedge contract. Derivatives used to hedge forecasted cash flows associated with foreign currency commitments or forecasted commodity purchases are accounted for as cash flow hedges. For those derivative instruments that qualify for hedge accounting treatment, gains and losses are recorded in other comprehensive income and reclassified to earnings in a manner that matches the timing of the earnings impact of the hedged transactions. The ineffective portion of all hedges, if any, is recognized currently in earnings. For those derivative instruments that do not qualify for hedge accounting treatment, any related gains and losses are recognized in the consolidated statements of operations as a component of "Other income (expense), net." Advertising Costs Advertising is expensed as incurred and amounted to $3.2 million for 2015, $3.3 million for 2014 and $2.9 million for 2013. Equity Compensation Stock-based compensation is comprised of stock options and restricted stock. Stock options are measured at the grant date, based on the grant-date fair value of the awards ultimately expected to vest and, in most cases, is recognized as an expense on a straight-line basis over the vesting period, which is typically four years. A provision in our stock option agreements requires us to accelerate the expense for retirement eligible employees, as any unvested options would immediately vest upon retirement for such employees. We develop estimates used in calculating the grant-date fair value of stock options to determine the amount of stock-based compensation to be recorded. We calculate the grant-date fair value using the Black-Scholes valuation model. The use of this valuation model requires estimates of assumptions such as expected volatility, expected term, risk-free interest rate, expected dividend yield and forfeiture rates. Performance-based restricted stock compensation expense is based on achievement of certain performance and service conditions. The fair value of the awards is determined based on the market value of the underlying stock price at the grant date and marked to market over the vesting period based on probabilities and projections of the underlying performance measures. Time-based restricted stock compensation awards are expensed over the vesting period, which is typically three years. The fair value of the awards is determined based on the market value of the underlying stock price at the grant date. |
Fair Value Measurements |
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Fair Value Measurements | FAIR VALUE MEASUREMENTS The accounting guidance for fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.
From time to time we enter into various instruments that require fair value measurement, including foreign currency contracts, interest rate swaps and copper derivative contracts. Assets measured at fair value on a recurring basis, categorized by the level of inputs used in the valuation, include:
The following table presents information about our assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2015, aggregated by the level in the fair value hierarchy within which those measurements fall. This Level 3 asset represents the investment in BrightVolt, Inc. (formerly known as Solicore, Inc.) The valuation is based on our evaluation of BrightVolt's financial performance through December 31, 2015 and the most recent round of capital financing that was initiated in the first quarter of 2015. See Note 9, "Investment" for further details.
There were no changes in the fair value of the BrightVolt investment Level 3 asset for the year ended December 31, 2015. Derivatives Contracts We are exposed to certain risks relating to our ongoing business operations. The primary risks being managed through the use of derivative instruments are interest rate risk, foreign currency exchange rate risk and commodity pricing risk (particularly related to copper). Foreign Currency - The fair value of any foreign currency option derivatives 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 (Copper) - The fair value of copper derivatives is computed using a combination of intrinsic and time value valuation models. The intrinsic valuation model reflects the difference between the strike price of the underlying copper derivative instrument and the current prevailing copper prices in an over-the-counter market at period end. The time value valuation model incorporates the constant changes in the price of the underlying copper derivative instrument, the time value of money, the underlying copper derivative instrument's strike price and the remaining time to the underlying copper derivative instrument's expiration date from the period end date. Overall, fair value is a function of five primary variables: price of the underlying instrument, time to expiration, strike price, interest rate, and volatility. Interest Rates - The fair value of our 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 counterparty's credit ratings. We do not use derivative financial instruments for trading or speculation purposes. For further discussion on our derivative contracts, see Note 3, "Hedging Transactions and Derivative Financial Instruments." |
Hedging Transactions and Derivative Financial Instruments |
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Hedging Transactions and Derivative Financial Instruments | HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS The guidance for the accounting and disclosure of derivatives and hedging transactions requires companies to recognize all of their derivative instruments as either assets or liabilities at fair value in the consolidated statements of financial position. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies for hedge accounting treatment as defined under the applicable accounting guidance. For derivative instruments that are designated and qualify for hedge accounting treatment (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss). This gain or loss is reclassified into earnings in the same line item of the consolidated statements of operations associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of the future cash flows of the hedged item (i.e., the ineffective portion) if any, is recognized in the earnings during the current period. There was no material ineffectiveness for the year ended December 31, 2015, 2014 or 2013. As of December 31, 2015, we have twenty-four outstanding contracts to hedge our exposure related to the purchase of copper by our Power Electronics Solutions and Advanced Connectivity Solutions operating segments. These contracts are held with financial institutions and minimize our risk associated with a potential rise in copper prices. These contracts cover the 2016 and 2017 monthly copper exposure and do not qualify for hedge accounting treatment; therefore, any mark-to-market adjustments required on these contracts are recorded in the "Other income, net" line item in our consolidated statements of operations. In 2015, we entered into Euro, Japanese Yen, U.S Dollar, South Korean Won, Great Britain Pound and Chinese Yuan currency forward contracts. We entered into these foreign currency forward contracts to mitigate certain global balance sheet exposures. Mark-to-market adjustments required on the contracts that do not qualify for hedge accounting treatment are recorded in the "Other income, net" line item in our consolidated statements of operations. We have an interest rate swap to hedge the variable interest rate on our term loan debt. As of December 31, 2015, the remaining notional amount of the interest rate swap covers $16.2 million of our term loan debt. This transaction has been designated as a cash flow hedge and qualifies for hedge accounting treatment.
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Accumulated Other Comprehensive Income (Loss) |
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Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The changes in accumulated other comprehensive income (loss) by component for the year ended December 31, 2015 were as follows:
(1) Net of taxes of $9,879 and $11,952 for the periods ended December 31, 2015 and December 31, 2014, respectively. (2) Net of taxes of $5 and $50 for the periods ended December 31, 2015 and December 31, 2014, respectively. The changes in accumulated other comprehensive income (loss) by component for the year ended December 31, 2014 were as follows:
(3) Net of taxes of $11,952 and $2,900 for the periods ended December 31, 2014 and December 31, 2013, respectively. (4) Net of taxes of $50 and $110 for the periods ended December 31, 2014 and December 31, 2013, respectively. The reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2015 were as follows:
(5) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 10 - "Pension Benefits and Retirement Health and Life Insurance Benefits" for additional details. The reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2014 were as follows:
(6) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 10 - "Pension Benefits and Other Postretirement Benefit Plans" for additional details. |
Acquisition |
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ACQUISITION | ACQUISITION On January 22, 2015, we completed the acquisition of Arlon and its subsidiaries, other than Arlon India (Pvt) Limited (collectively, “Arlon”), pursuant to the terms of the Stock Purchase Agreement, dated December 18, 2014, by and among the Company, Handy & Harman Group, Ltd. (“H&H Group”) and its subsidiary Bairnco Corporation (“Bairnco”), as amended, (the “Purchase Agreement”). Pursuant to the terms of the Purchase Agreement, we acquired Arlon and assumed certain liabilities related to the acquisition for an aggregate purchase price of approximately $157 million. We used borrowings of $125.0 million under our bank credit facility in addition to cash on hand to fund the acquisition. Arlon manufactures high performance materials for the printed circuit board industry and silicone rubber-based materials. The acquisition of Arlon and its integration into our operating segments is expected to provide increased scale and complementary product offerings, allowing us to enhance our ability to support our customers. The acquisition has been accounted for in accordance with applicable purchase accounting guidance. We recorded goodwill, primarily related to the expected synergies from combining operations and the value of the existing workforce. We also recorded intangible assets related to trademarks, technology and customer relationships. As of the filing date of this Form 10-K, the process of valuing the net assets of the business is complete. The following table represents the fair market values assigned to the acquired assets and liabilities in the transaction:
The intangible assets consist of developed technology valued at $15.8 million, customer relationships valued at $32.7 million and trademarks valued at $1.6 million. The fair value of acquired identified intangible assets was determined by applying the income approach, using several significant unobservable inputs for projected cash flows and a discount rate. These inputs are considered Level 3 under the fair value measurements and disclosure guidance. The weighted average amortization period for the intangible asset classes are 5.7 years for developed technology, 6.0 years for customer relationships and 3.2 years for trademarks, resulting in amortization expenses ranging from $1.8 million to $5.8 million annually. The estimated annual future amortization expense is $5.8 million for each of the years ending 2016, 2017, 2018 and 2019. During 2015, we incurred transaction costs of $1.5 million, which were recorded within selling, general and administrative expenses on the consolidated statements of operations. The results of Arlon have been included in our consolidated financial statements only for the period subsequent to the completion of our acquisition. Arlon's revenues for the year ended December 31, 2015 totaled $100.0 million. Arlon's net operating income for the year ended December 31, 2015 totaled $24.7 million. The following unaudited pro forma financial information presents the combined results of operations of Rogers and Arlon for the year and quarter ended December 31, 2014, as if the acquisition had occurred on January 1, 2014. The unaudited pro forma financial information is not intended to represent or be indicative of our consolidated results of operations that would have been reported had the Arlon acquisition been completed as of January 1, 2014 and should not be taken as indicative of our future consolidated results of operations.
On December 21, 2015 we sold an Arlon business, which makes polyimide and thermoset epoxy laminate products. This operation was acquired as part of our acquisition of Arlon. The operations were previously reported with our Other business. We received proceeds of $1.3 million and recognized a loss of $4.8 million, which was recorded in "Other income (expense), net" within the consolidated statements of operations. The assets of this business were reported as assets held for sale in the third quarter of 2015. |
Property, Plant and Equipment |
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Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT
Depreciation expense was $23.2 million in 2015, $20.1 million in 2014, and $20.4 million in 2013. As part of the acquisition of Curamik in 2011, we acquired a capital lease on its facility in Eschenbach, Germany. The total obligation recorded for the lease as of December 31, 2015 and 2014 was $5.8 million and $6.8 million, respectively. Depreciation expense related to the capital lease was $0.3 million, $0.4 million and $0.4 million for the years ending December 31, 2015, 2014 and 2013, respectively. Accumulated depreciation for the capital lease as of December 31, 2015 and 2014 was $1.9 million and $1.6 million, respectively. |
Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS Intangible Assets The changes in the carrying amount of other intangible assets for the period ending December 31, 2015, were as follows:
In the table above, gross carrying amounts and accumulated amortization may differ from prior periods due to foreign exchange rate fluctuations. The indefinite-lived trademark intangible assets were acquired from the acquisition of Curamik. These assets are assessed for impairment annually or when changes in circumstances indicated that the carrying values may be recoverable. The definite-lived intangibles are amortized using a fair value methodology that is based on the projected economic use of the related underlying asset. On January 22, 2015, we acquired Arlon. For further detail on the goodwill and intangible assets recorded on the acquisition, see Note 5 - Acquisition. In November 2015, we entered into a technology license agreement with Saber, Inc., which resulted in a $1.0 million intangible asset that will be amortized on a straight-line basis over 5 years. Amortization expense was approximately $10.9 million, $6.1 million and $6.0 million in 2015, 2014 and 2013, respectively. The estimated annual future amortization expense is $10.6 million, $10.2 million, $9.6 million, $9.1 million and $5.6 million in 2016, 2017, 2018, 2019 and 2020, respectively. These amounts could vary based on changes in foreign currency exchange rates. The weighted average amortization period as of December 31, 2015, by intangible asset class, is presented in the table below:
Goodwill The changes in the carrying amount of goodwill for the period ending December 31, 2015, by reportable segment, were as follows:
Annual Impairment Testing We perform our annual goodwill impairment testing in the fourth quarter of the year. In 2015, we estimated the fair value of our reporting units using an income approach based on the present value of future cash flows. We believe this approach yields the most appropriate evidence of fair value as our reporting units are not easily compared to other corporations involved in similar businesses. We further believe that the assumptions and rates used in our annual impairment test are reasonable, but inherently uncertain. No impairment charges resulted from these analyses. We currently have four reporting units with goodwill and intangible assets - Advanced Connectivity Solutions (ACS), Elastomeric Material Solutions (EMS), Curamik and the Elastomer Components Division (ECD). The ACS, EMS, Curamik and ECD reporting units had allocated goodwill of approximately $51.9 million, $56.3 million, $65.0 million and $2.2 million, respectively, at December 31, 2015. No impairment charges resulted from the annual goodwill impairment analysis. The excess of fair value over carrying value for these reporting units was 341.0% for ACS, 208.6% for EMS, 73.8% for Curamik and 232.3% for ECD. These valuations are based on a five year discounted cash flow analysis, which utilized a discount rates ranging from 12.0% for EMS and ECD to 15.3% for Curamik and a terminal year growth rate of 3% for all three reporting units. |
Summarized Financial Information of Unconsolidated Joint Ventures |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Financial Information of Unconsolidated Joint Ventures | SUMMARIZED FINANCIAL INFORMATION OF UNCONSOLIDATED JOINT VENTURES As of December 31, 2015, we had two joint ventures, each 50% owned, which are accounted for under the equity method of accounting.
Equity income related to the joint ventures of $2.9 million, $4.1 million and $4.3 million for the years ended December 31, 2015, 2014 and 2013, respectively, is included in the consolidated statements of operations. The summarized financial information for the joint ventures for the periods indicated was as follows:
Receivables from and payables to joint ventures arise during the normal course of business from transactions between us and the joint ventures. We had receivables of $1.8 million and $1.8 million, as of December 31, 2015 and 2014, respectively, which were included in accounts receivable on our consolidated statements of financial position. |
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Investments, All Other Investments [Abstract] | |
Investment | INVESTMENT In the third quarter of 2009, we made a strategic investment of $5.0 million in BrightVolt Inc. (formerly known as Solicore, Inc.), headquartered in Lakeland, Florida. BrightVolt is focused on penetrating the market for embedded power solutions, offering its patented Flexicon advanced ultra-thin, flexible, lithium polymer batteries for smart cards, controlled access cards, RFID tags, and medical devices. We account for this investment under the cost method as we cannot exert significant influence over the business. We also entered into a joint development agreement with BrightVolt to develop the next generation of power solution products using screen printing technology. If this technology is adopted, we will have the option to manufacture a significant portion of the products that result from this collaboration. In the first quarter of 2013, we made an additional investment of $0.1 million in BrightVolt. During the fourth quarter of 2013, BrightVolt raised additional equity capital through a round of capital financing that decreased our ownership interest in BrightVolt as we did not participate in this round of financing. Further, the financing round was issued at a significantly lower price than when we had initially invested in BrightVolt. In accordance with the applicable accounting guidance, this event represented an indicator of impairment. As a result, we performed an impairment analysis during the fourth quarter of 2013. The valuation was based on an option pricing methodology to estimate the per share value of the equity classes of stock held in BrightVolt. This method utilized a Black-Scholes option pricing model and the analytic process utilized to perform the valuation, which included back solving for the total equity value of BrightVolt. Based on the results of this valuation, there was a significant decline in the fair value of the BrightVolt business, which caused us to recognize an impairment charge on our investment in BrightVolt of approximately $4.6 million. The remaining book value of our investment in BrightVolt as of December 31, 2013 was $0.5 million. During the fourth quarter of 2014, we determined that BrightVolt continued to have negative business results, in addition to Rogers not participating in the latest round of financing initiated in the fourth quarter of 2014. As a result, we performed an impairment analysis during the fourth quarter of 2014. This valuation was done using the same methodology as performed in 2013, and described above. Based on the results of this valuation, there was a decline in the fair value of the BrightVolt business, which caused us to recognize an impairment charge on our investment in BrightVolt of approximately $0.2 million. The remaining book value of our investment in BrightVolt as of December 31, 2014 was approximately $0.3 million. During the fourth quarter of 2015, we determined that BrightVolt continued to have negative business results, in addition to Rogers not participating in the latest round of financing initiated in the first quarter of 2015. As a result, we performed an impairment analysis during the fourth quarter of 2015. This valuation was done using the same methodology as performed in 2014, as described above. Based on the results of this valuation, the fair value of BrightVolt was determined to be not further impaired. The remaining book value of our investment in BrightVolt as of December 31, 2015 was approximately $0.3 million. |
Pension Benefit and Retirement Health and Life Insurance Benefits |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefit and Retirement Health and Life Insurance Benefits | PENSION BENEFITS AND RETIREMENT HEALTH AND LIFE INSURANCE BENEFITS We have three qualified noncontributory defined benefit pension plans for unionized hourly employees, all other U.S. employees hired before December 31, 2007 and employees of the acquired Arlon business. We also have established a nonqualified unfunded noncontributory defined benefit pension plan to restore certain retirement benefits that might otherwise be lost due to limitations imposed by federal law on qualified pension plans, as well as to provide supplemental retirement benefits, for certain senior executives of the Company. In addition, we sponsor multiple fully insured or self-funded medical plans and life insurance plan for certain retirees. The measurement date for all plans is December 31 for each respective plan year. We are required, as an employer, to: (a) recognize in our statement of financial position an asset for a plan's overfunded status or a liability for a plan's underfunded status; (b) measure a plan's assets and our obligations that determine our funded status as of the end of the fiscal year; and (c) recognize changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur and report these changes in accumulated other comprehensive income. In addition, actuarial gains and losses that are not immediately recognized as net periodic pension cost are recognized as a component of accumulated other comprehensive income (loss) and amortized into net periodic pension cost in future periods. Defined Benefit Pension Plan Amendments and Retiree Medical Plan Amendments During the fourth quarter of 2015, we announced that we would be changing the benefits related to the salaried and non-union hourly participants of the retirement health insurance benefits program. This program had been frozen to new participants in 2007. The 2015 amendment to the plan was approved on October 2, 2015 and resulted in a negative prior service cost, which will be amortized over the average expected remaining years of future benefit payments for this group. This change resulted in a remeasurement event requiring us to remeasure the plan liabilities, as well as the expense related to the plan, as of October 31, 2015. All qualified noncontributory defined benefit pension plans have ceased accruing benefits. The Arlon pension plan (the "Bear Plan") was frozen previous to our acquisition of Arlon. Effective June 30, 2013, for salaried and non-union hourly employees in the U.S., and effective December 31, 2013 for union employees in the U.S., benefits under the Rogers defined benefit pension plans no longer accrue.
Amounts recognized in the consolidated statements of financial position consist of:
The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with an accumulated benefit obligation in excess of plan assets were $151.9 million, $151.9 million and $139.3 million, respectively, as of December 31, 2015 and $155.2 million, $155.2 million and $137.6 million, respectively, as of December 31, 2014. The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with plan assets in excess of an accumulated benefit obligation were $30.5 million, $30.5 million and $31.7 million, respectively, as of December 31, 2015. For 2014, the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with plan assets in excess of an accumulated benefit obligation were $32.6 million, $32.6 million, and $33.0 million, respectively. Components of Net Periodic (Benefit) Cost
In the second quarter of 2013, the decision to freeze the accruing of benefits in the defined benefit pension plans resulted in a curtailment charge of $1.5 million. In the fourth quarter of 2014, certain eligible participants in the defined benefit pension plans were given a lump sum payout offer. The payout of this program resulted in a settlement charge of $5.2 million. The estimated net loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $1.8 million. The estimated net benefit for the defined benefit postretirement plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $1.6 million. Weighted-average assumptions used to determine benefit obligations at December 31:
Weighted-average assumptions used to determine net benefit cost for the years ended:
Rate of compensation increase - An expected rate of compensation increase was not included in the weighted average assumptions as there would be no impact to the net benefit cost, as the plans have been previously frozen. Discount rate - To determine the discount rate, we review current market indices of high quality corporate bonds, particularly the PruCurve index, to ensure that the rate used in our calculations is consistent and within an acceptable range based on these indices, which reflect current market conditions. The market-based rates are modified to be Rogers-specific, and this is done by applying our pension benefit cash flow projections to the generic index rate. At December 31, 2015, this analysis resulted in a 25 basis point increase to the discount rate which went from 4.00% at December 31, 2014 to 4.25% at December 31, 2015. Long-term rate of return on assets - To determine the expected long-term rate of return on plan assets, we review historical and projected portfolio performance, the historical long-term rate of return, and how any change in the allocation of the assets could affect the anticipated returns. Adjustments are made to the projected rate of return if it is deemed necessary based on those factors and other current market trends. Health care cost trend rates - For measurement purposes as of December 31, 2015 we assumed annual health care cost trend rates of 7.50% and 7.50% for covered health care benefits for retirees pre-age 65 and post-age 65, respectively. The rates were assumed to decrease gradually by 0.5% annually until reaching 4.50% and 4.50%, respectively, and remain at those levels thereafter. For measurement purposes as of December 31, 2014, we assumed annual health care cost trend rates of 7.50% and 7.50% for covered health care benefits for retirees pre-age 65 and post-age 65, respectively. Assumed health care cost trend rates may have a significant effect on the amounts reported for the health care plans. A one-percentage point change in assumed health care cost trend rates would have the following effects:
Plan Assets Our defined benefit pension assets are invested with the objective of achieving a total rate of return over the long-term that is sufficient to fund future pension obligations. In managing these assets and our investment strategy, we take into consideration future cash contributions to the plans, as well as the potential of the portfolio underperforming the market, which is partially mitigated by maintaining a diversified portfolio of assets. In order to meet our investment objectives, we set asset allocation target ranges based on current funding status and future projections in order to mitigate the risk in the plan while maintaining its funded status. In November of 2014 we implemented a pension risk reduction strategy related to our investments, which included a change in our asset mix to hold a larger amount of fixed income securities. At December 31, 2015, we held approximately 27% equity securities and 73% fixed income and short term cash securities in our portfolio, compared to December 31, 2014 when we had approximately 23% in equity securities and 77% in fixed income securities. In determining our investment strategy and calculating the net benefit cost, we utilized an expected long-term rate of return on plan assets. This rate is developed based on several factors, including the plans' asset allocation targets, the historical and projected performance on those asset classes, and on the plans' current asset composition. To justify our assumptions, we analyze certain data points related to portfolio performance. For example, we analyze the actual historical performance of our total plan assets, which has generated a return of approximately 8.4% over the past 20 year period. Also, we analyze hypothetical rates of return for plan assets based on our current asset allocation mix, which we estimate would have generated a return of approximately, 8.5% over the last 20 years and 7.5% over the last 10 years. Based on the historical returns and the projected future returns we determined that a target return of 6.5% is appropriate for the current portfolio. Investments were stated at fair value as of the dates reported. Securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the plan year. The fair value of the guaranteed deposit account was determined through discounting expected future investment cash flow from both investment income and repayment of principal for each investment purchased. The estimated fair values of the participation units owned by the plan in pooled separate accounts were based on quoted redemption values and adjusted for management fees and asset charges, as determined by the record keeper, on the last business day of the Plan year. Pooled separate accounts are accounts established solely for the purpose of investing the assets of one or more plans. Funds in a separate account are not commingled with other assets of the Company for investment purposes. The following table presents the fair value of the pension plan net assets by asset category at December 31, 2015 and 2014:
The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value as of December 31, 2015 and 2014.
The table below sets forth a summary of changes in the fair value of the guaranteed deposit account's Level 3 assets for the year ended December 31, 2015:
Cash Flows Contributions At December 31, 2015, we have not met the minimum funding requirements for all of our qualified defined benefit pension plans and are therefore required to make a contribution to the Bear Plan of $0.3 million for 2015 and we estimate that we will be required to make a contribution of $0.3 million for 2016. In 2015 and 2014, we made voluntary contributions of $6.5 million and $13.0 million, respectively. As there is no funding requirement for the nonqualified defined benefit pension plans nor the Retiree Health and Life Insurance benefit plans, we fund the amount of benefit payments made during the year. Estimated Future Payments The following pension benefit payments are expected to be paid through the utilization of plan assets for the funded plans and from the Company's operating cash flows for the unfunded plans. The Retiree Health and Life Insurance benefits, for which no funding has been made, are expected to be paid from the Company's operating cash flows. The benefit payments are based on the same assumptions used to measure our benefit obligation at the end of fiscal 2015.
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Compensation Related Costs [Abstract] | |
Employee Savings and Investment Plan | 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 yearly IRS limit of $18,000 in 2015 and $17,500 in 2014. Certain eligible participants are also allowed to contribute the maximum catch-up contribution per IRS regulations. Our matching contribution is 6% of an eligible employee’s annual pre-tax contribution at a rate of 100% for the first 1% and 50% for the next 5% for a total match of 3.5%. Unless otherwise indicated by the participant, the matching dollars are invested in the same funds as the participant’s contributions. RESIP related expense amounted to $3.2 million in 2015, $2.7 million in 2014 and $2.1 million in 2013, which related solely to our matching contributions. |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Debt | DEBT On June 18, 2015, we entered into a secured five year credit agreement (the "Amended Credit Agreement"). The Amended Credit Agreement amends and restates the credit agreement signed between the Company and the same banks on July 13, 2011 and increased our borrowing capacity from $265.0 million to $350.0 million, with an additional $50.0 million accordion. The Amended Credit Agreement provides (1) a $55.0 million term loan; (2) up to $295.0 million of revolving loans, with sublimits for multicurrency borrowings, letters of credit and swing-line notes; and (3) a $50.0 million expansion feature. Borrowings 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 Amended Credit Agreement). Borrowings under the Amended Credit Agreement bear interest based on one of two options. 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 greater of the prime rate; federal funds effective rate plus 50 basis points; or adjusted 1-month LIBOR plus 100 basis points. Euro-currency loans bear interest based on adjusted LIBOR plus a spread of 137.5 to 175.0 basis points, depending on our leverage ratio. In addition to interest payable on the principal amount of indebtedness outstanding from time to time under the Amended Credit Agreement, the Company is required to pay a quarterly fee of 0.20% to 0.30% (based upon our leverage ratio) of the unused amount of the lenders’ commitments under the Amended Credit Agreement. The Amended Credit Agreement contains customary representations, warranties, covenants, mandatory prepayments and events of default under which the Company's payment obligations may be accelerated. The financial covenants include requirements to maintain (1) a leverage ratio of no more than 3.25 to 1.00, subject to a one-time election to increase the maximum leverage ratio to 3.50 to 1.00 for one fiscal year in connection with a permitted acquisition, and (2) an interest coverage ratio ("ICR") of no less than 3.00 to 1.00. The ICR is the ratio determined as of the end of each of its fiscal quarters ending on and after September 30, 2015, of (i) Consolidated Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (as defined in the Amended Credit Agreement) minus the unfinanced portion of Consolidated Capital Expenditures to (ii) Consolidated Interest Expense paid in cash, in each case for the period of four consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated for the Borrower and its subsidiaries on a consolidated basis. As of December 31, 2015, we were in compliance with all of the financial covenants in the Amended Credit Agreement, as we achieved actual ratios of approximately 1.47 to 1.00 on the leverage ratio and 23.82 to 1.00 on the ICR. The Amended Credit Agreement requires the mandatory quarterly repayment of principal on amounts borrowed under such term loan. Payments commenced on September 30, 2015, and are scheduled to be completed on June 30, 2020. The aggregate mandatory principal payments due are as follows:
All obligations under the Amended Credit Agreement are guaranteed by each of the Corporation’s existing and future material domestic subsidiaries, as defined in the Amended Credit Agreement (the “Guarantors”). The obligations are also secured by a Second Amended and Restated Pledge and Security Agreement, dated as of June 18, 2015, entered into by the Company and the 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. All amounts borrowed or outstanding under the Amended Credit Agreement, with the exception of amounts borrowed under the term loan which are subject to quarterly principal payments, are due and mature on June 18, 2020, unless the commitments are terminated earlier either at the request of the Company or if certain events of default occur. In addition, as of December 31, 2015 and 2014 we had a $1.2 million and $1.4 million standby letter of credit (LOC) to guarantee Rogers workers compensation plans that were backed by the Amended Credit Agreement. No amounts were drawn on the LOC as of December 31, 2015 or 2014. The Amended Credit Agreement is secured by many of the assets of Rogers, including but not limited to, receivables, equipment, intellectual property, inventory, and stock in certain subsidiaries. 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. Before entering into the Amended Credit Agreement, we had $0.5 million of remaining capitalized costs from the previous credit agreements. These costs will continue to be amortized over the life of the Amended Credit Agreement. In the second quarter of 2015, we capitalized an additional $1.8 million in connection with the Amended Credit Agreement. These costs will be amortized over the life of the Amended Credit Agreement, which will terminate in June 2020. We incurred amortization expense of $0.5 million in each of the years ended 2015, 2014 and 2013, respectively. At December 31, 2015, we have approximately $2.1 million of credit facility costs remaining to be amortized. We borrowed $125.0 million under the line of credit in the first quarter of 2015 to fund the acquisition of Arlon. During 2015 and 2014, we made principal payments of $6.4 million and $17.5 million, respectively, on the outstanding debt. The principal amount of this debt has been transferred to the new revolving credit line created in June of 2015. We are obligated to pay $3.4 million on this debt obligation in the next 12 months under the term loan. We incurred interest expense on our outstanding debt of $3.5 million, $1.8 million, and $2.2 million for the years ended December 31, 2015, 2014 and 2013, respectively. Cash paid for interest was $3.3 million, $2.5 million and $3.1 million for 2015, 2014 and 2013, respectively. We incurred an unused commitment fee of $0.3 million, $0.4 million and $0.5 million for the years ended December 31, 2015, 2014 and 2013, respectively. In July 2012, we entered into an interest rate swap to hedge the variable interest rate on our term loan debt. As of December 31, 2015, the remaining notional amount of the interest rate swap covers $16.2 million of our term loan debt and has a rate of 0.752%. At December 31, 2015, our outstanding debt balance is comprised of a term loan of $53.6 million and $125.0 million borrowed on the revolving line of credit. At December 31, 2015, the rate charged on this debt is the 1 month LIBOR at 0.4375% plus a spread of 1.50%. Capital Lease During the first quarter of 2011, we recorded a capital lease obligation related to the acquisition of Curamik for its primary manufacturing facility in Eschenbach, Germany. Under the terms of the leasing agreement, we had an option to purchase the property in either 2013 or 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. We chose not to exercise the option to purchase the property that was available to us on June 30, 2013. The total obligation recorded for the lease as of December 31, 2015 and 2014 was $5.8 million and $6.8 million, respectively. Depreciation expense related to the capital lease was $0.3 million, $0.4 million and $0.4 million for the years ending December 31, 2015, 2014 and 2013, respectively. Accumulated depreciation as of December 31, 2015 and 2014 was $1.9 million and $1.6 million, respectively. These expenses are included as depreciation expense in Cost of Sales on our consolidated statements of operations. Interest expense related to the debt recorded on the capital lease is included in interest expense on the consolidated statements of operations. We also incurred interest expense on the capital lease of $0.4 million, $0.5 million and $0.5 million for the years ended December 31, 2015, 2014 and 2013, respectively. Restriction on Payment of Dividends Pursuant to the Amended Credit Agreement, we cannot make a cash dividend payment if (i) a default or event of default has occurred and is continuing or will result from the cash dividend payment.We do not currently have any restrictions in our ability to pay dividends under our current, amended credit agreement, as no default of event of default has occurred. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | INCOME TAXES Consolidated income before income taxes consisted of:
Foreign earnings repatriated to the U.S. previously reported as U.S. income have been reclassified in both 2014 and 2013 to conform to the current year presentation. The income tax expense in the consolidated statements of operations consisted of:
Deferred tax assets and liabilities as of December 31, 2015 and 2014, were comprised of the following:
At December 31, 2015, the Company had state net operating loss carryforwards ranging from $0.5 million to $8.5 million in various state taxing jurisdictions, which expire between 2016 and 2034. We also had approximately $7.6 million of credit carryforwards in Arizona, which will expire between 2016 and 2030, and a $1.3 million capital loss carryforward, which will expire in 2017. In addition, the Company had a $0.2 million net operating loss carryforward in one of our Chinese entities that will expire in 2018. We believe that it is more likely than not that the benefit from the China and state net operating loss carryforwards as well as our state credit and capital loss carryforwards will not be realized. In recognition of this risk, we have provided a valuation allowance of $6.2 million relating to these carryforwards. We currently have approximately $10.1 million of foreign tax credits that begin to expire in 2020, $6.1 million of research and development credits that begin to expire in 2026, and $0.5 million of minimum tax credits that can be carried forward indefinitely. As a result of certain realization requirements, the table of deferred tax assets and liabilities shown above does not include certain deferred tax assets as of December 31, 2015 for which the benefit thereof was postponed by tax deductions related to equity compensation in excess of compensation recognized for financial reporting. Those deferred tax assets include foreign tax credits of $10.1 million, research and development credits of $2.1 million and minimum tax credits of $0.4 million. Equity will be increased by these amounts if and when such deferred tax assets are ultimately realized by a reduction of taxes payable. We had a valuation allowance of $6.2 million at December 31, 2015 and $7.7 million at December 31, 2014, against certain of our deferred tax assets, primarily carryfowards expected to expire unused. In 2015, we reversed the valuation allowance on California deferred tax assets due to positive factors from the Arlon acquisition. No valuation allowance has been provided on our other deferred tax assets, as we believe it is more likely than not that all such assets will be realized in the applicable jurisdictions. We reached this conclusion after considering the availability of taxable income in prior carryback years, tax planning strategies, and the likelihood of future taxable income exclusive of reversing temporary differences and carryforwards in the respective jurisdictions or entities. Differences between forecasted and actual future operating results or changes in carryforward periods could adversely impact the amount of deferred tax asset considered realizable. In appropriate circumstances we have the opportunity to undertake a tax planning strategy to ensure that our tax credit carryforwards do not expire unutilized. This strategy is based upon our ability to make a federal tax election to capitalize certain expenses that will result in generating taxable income to allow us to utilize our tax credit carryforwards before they expire. We would undertake such a strategy to realize these tax credit carryforwards prior to expiration as it is reasonable, prudent, and feasible. Income tax expense differs from the amount computed by applying the United States federal statutory income tax rate to income before income taxes. The reasons for this difference were as follows:
The Company’s effective tax rate for 2015 was 30.0% compared to 34.2% in 2014 and 23.2% in 2013. In 2015, the difference between the Company’s effective tax rate and the statutory federal tax rate was favorably impacted by taxable income generated in countries with a lower tax rate to that of the United States, research and development credits, a tax benefit related to a change in the effective state rate and release of valuation allowance on certain state tax attributes. The rate was unfavorably impacted by reserves for uncertain tax positions, change in prior estimates and non-deductible expenses. The rate decreased from 2014 primarily due to a reduction in the level of repatriation of current foreign earnings, increased reversals of uncertain tax benefits, and deferred state tax benefits due to the acquisition of Arlon, partially offset with a shift of earnings from low tax to high tax jurisdictions. Included in the 2015 effective tax rate are releases of reserves for uncertain tax positions for which an indemnity receivable had been recorded. The reversal of the receivable has been recorded in "Other income (expense), net." U.S. income taxes have not been provided on $179.1 million of undistributed earnings of foreign subsidiaries since it is the Company’s intention to permanently reinvest such earnings or to distribute them only when it is tax efficient to do so. It is impracticable to estimate the total tax liability, if any, that would be created by the future distribution of these earnings. If circumstances change and it becomes apparent that some, or all of the undistributed earnings as of December 31, 2015 will not be indefinitely reinvested, the provision for the tax consequence, if any, will be recorded in the period when circumstances change. Income taxes paid, net of refunds, were $18.7 million, $14.5 million, and $11.1 million, in 2015, 2014, and 2013, respectively. Unrecognized tax benefits, excluding potential interest and penalties, for the years ended December 31, 2015 and December 31, 2014, were as follows:
Included in the balance of unrecognized tax benefits as of December 31, 2015 were $10.6 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, 2015 were $0.1 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, 2015 and 2014, we had accrued potential interest and penalties of approximately $1.3 million and $1.2 million, respectively. We recorded net income tax expense of $0.1 million and $0.1 million during 2015 and 2014, respectively, and a net tax benefit of $0.9 million during 2013. It is possible that up to $8.3 million of our currently unrecognized tax benefits could be recognized within 12 months as a result of projected resolutions of worldwide tax disputes or the expiration of the statute of limitations. We are subject to taxation in the U.S. and various state and foreign jurisdictions. Our tax years from 2012 through 2015 are subject to examination by the tax authorities. With few exceptions, we are no longer subject to U.S. federal, state, local and foreign examinations by tax authorities for the years before 2012. |
Shareholders' Equity and Equity Compensation |
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Share-based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity and Equity Compensation | SHAREHOLDERS' EQUITY AND EQUITY COMPENSATION Capital Stock and Equity Compensation Awards Under the Rogers Corporation 2009 Long-Term Equity Compensation Plan, we may grant stock options to officers, directors, and other key employees at exercise prices that are at least equal to the fair market value of our stock on the date of grant. Under our older plans, stock options to officers, directors, and other key employees could be granted at exercise prices that were as low as 50% of the fair market value of our stock as of the date of grant. However, in terms of these older plans, virtually all such options were granted at exercise prices equal to the fair market value of our stock as of the date of grant. With shareholder approval of the Rogers Corporation 2009 Long-Term Equity Compensation Plan, no new equity awards will be granted from our older plans. Regular options granted to employees in the United States generally become exercisable over a four-year period from the grant date and expire ten years after such grant. Stock option grants were also made under the older plans to non-management directors, on a semi-annual basis, with the last of such grants being made in June 2008. Beginning in December 2008, each non-management director was awarded deferred stock units instead of stock options. Such deferred stock units permit non-management directors to receive, at a later date, one share of Rogers stock for each deferred stock unit with no payment of any consideration by the director at the time the shares are received. For director stock options, the exercise price was equal to the fair market value of our stock as of the grant date, were immediately exercisable, and expire ten years after the date of grant. Our 2005 Equity Compensation Plan and our 2009 Long-Term Equity Compensation Plan also permit the granting of restricted stock and certain other forms of equity awards to officers and other key employees, although, as mentioned above, no new equity awards are being made pursuant to the 2005 plan. Stock grants in lieu of cash compensation are also made to non-management directors and the Stock Acquisition Program, approved in 2009, is now being used for such grants if a non-management director chooses to receive Rogers stock in lieu of cash compensation. Shares of capital stock reserved for possible future issuance were as follows:
Each outstanding share of Rogers capital stock has attached to it a stock purchase right. One stock purchase right entitles the holder to buy one share of Rogers capital stock at an exercise price of $240.00 per share. The rights become exercisable only under certain circumstances related to a person or group acquiring or offering to acquire a substantial block of Rogers capital stock. In certain circumstances, holders may acquire Rogers stock, or in some cases the stock of an acquiring entity, with a value equal to twice the exercise price. The rights expire on March 30, 2017, but may be exchanged or redeemed earlier. If such rights are redeemed, the redemption price would be $0.01 per right. Stock Options Stock options have been granted under various equity compensation plans. While we may grant options to employees that become exercisable at different times or within different periods, we have generally granted options to employees that vest and become exercisable in one-third increments on the second, third and fourth anniversaries of the grant dates. The maximum contractual term for all options is normally ten years. We use the Black-Scholes option-pricing model to calculate the grant-date fair value of an option. We have not granted any stock options since the first quarter of 2012. In most cases, we recognize expense using the straight-line attribution method for stock option grants. The amount of stock-based compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. Forfeitures are required to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The term “forfeitures” is distinct from “cancellations” or “expirations” and represents only the unvested portion of the surrendered option. We currently expect, based on an analysis of our historical forfeitures, an annual forfeiture rate of approximately 3% and applied that rate to the grants issued. This assumption will be reviewed periodically and the rate will be adjusted as necessary based on these reviews. Ultimately, the actual expense recognized over the vesting period will only be for those options that vest. Our employee stock option agreements contain a retirement provision, which results in the vesting of any unvested options immediately upon retirement. This provision affects the timing of option expense recognition for options meeting the criteria for retirement. We recognize compensation expense over the period from the date of grant to the date retirement eligibility is met, if it is shorter than the required service period, or upon grant if the employee is eligible for retirement on that date. A summary of the activity under our stock option plans as of December 31, 2015 and changes during the year then ended, is presented below:
* In addition to the vested options, we expect a portion of the unvested options to vest at some point in the future. Options expected to vest are calculated by applying an estimated forfeiture rate to the unvested options. During the years ended December 31, 2015 and 2014, 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 $6.7 million and $9.4 million, respectively. The total amount of cash received from the exercise of these options was $7.0 million and $20.5 million, respectively. The total grant-date fair value of stock options that vested during the years ended December 31, 2015 and 2014 was approximately $0.0 million and $0.3 million, respectively. As of December 31, 2015, there was $0.0 million of total unrecognized compensation cost related to unvested stock option awards. That cost is expected to be recognized over a weighted-average period of 0.1 years. We recognized $0.2 million, $0.3 million and $0.4 million of compensation expense related to stock options for the years ended December 31, 2015, 2014 and 2013, respectively. A summary of the activity under our stock option plans for the fiscal years ended 2015, 2014 and 2013, is presented below:
Performance-Based Restricted Stock In 2006, we began granting performance-based restricted stock awards to certain key executives. We currently have awards from 2013, 2014 and 2015 outstanding. These awards cliff vest at the end of a three year measurement period, except for 2015 grants to those individuals who are retirement eligible during the grant period, as such grants are subject to accelerated vesting as the grant is earned over the course of the vesting period (i.e., a pro-rata payout occurs based on the retirement date). Participants are eligible to be awarded shares ranging from 0% to 200% of the original award amount, based on certain defined performance measures. Compensation expense is recognized using the straight line method over the vesting period, unless the employee has an accelerated vesting schedule. The 2013, 2014 and 2015 awards have two measurement criteria on which the final payout of each award is based - (i) the three year return on invested capital (ROIC) compared to that of a specified group of peer companies, and (ii) the three year total shareholder return (TSR) on the performance of our capital stock as compared to that of a specified group of peer companies. In accordance with the applicable accounting literature, the ROIC portion of the award is considered a performance condition. As such, the fair value of the ROIC portion is determined based on the market value of the underlying stock price at the grant date with cumulative compensation expense recognized to date being increased or decreased based on changes in the forecasted pay out percentage at the end of each reporting period. The TSR portion of the award is considered a market condition. As such, the fair value of this award was determined on the date of grant using a Monte Carlo simulation valuation model with related compensation expense fixed on the grant date and expensed on a straight-line basis over the life of the awards that ultimately vest with no changes for the final projected payout of the award. Below were the assumptions used in the Monte Carlo calculation:
Expected volatility – In determining expected volatility, we have considered a number of factors, including historical volatility. Expected term – We use the vesting period of the award to determine the expected term assumption for the Monte Carlo simulation valuation model. Risk-free interest rate – We use an implied "spot rate" yield on U.S. Treasury Constant Maturity rates as of the grant date for our assumption of the risk-free interest rate. Expected dividend yield – We do not currently pay dividends on our capital stock; therefore, a dividend yield of 0% was used in the Monte Carlo simulation valuation model. A summary of activity under the performance-based restricted stock plans for the fiscal years ended 2015, 2014 and 2013 is presented below:
We recognized $3.2 million, $2.3 million, and $1.3 million of compensation expense related to performance-based restricted stock grants for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, there was $6.0 million of total unrecognized compensation cost related to unvested performance-based restricted stock. That cost is expected to be recognized over a weighted-average period of 1.4 years. Time-Based Restricted Stock In 2011, we began granting time-based restricted stock awards to certain key executives and other key members of the Company’s management team. We currently have grants from 2013, 2014 and 2015 outstanding. The majority of 2013 grants ratably vest on the first, second and third anniversaries of the original grant date. The 2014 and 2015 grants all ratably vest on the first, second and third anniversaries of the original grant date. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period. The fair value of the award is determined based on the market value of the underlying stock price at the grant date.
We recognized $5.0 million, $3.6 million, and $2.5 million of compensation expense related to time-based restricted stock for years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, there was $7.9 million of total unrecognized compensation cost related to unvested time-based restricted stock. That cost is expected to be recognized over a weighted-average period of 1.5 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 13th month anniversary of the grant date unless the individual elects to defer the receipt of these shares. Each deferred stock unit results in the issuance of one share of Rogers’ stock. The grant of deferred stock units is typically done annually in the second quarter of each year. The fair value of the award is determined based on the market value of the underlying stock price at the grant date.
We recognized compensation expense related to deferred stock units of $0.8 million, $0.8 million and $0.7 million, for the years ended December 31, 2015, 2014 and 2013, respectively. Employee Stock Purchase Plan We have an employee stock purchase plan (ESPP) that allows eligible employees to purchase, through payroll deductions, shares of our capital stock at a discount to fair market value. The ESPP has two 6 month offering periods each year, the first beginning in January and ending in June and the second beginning in July and ending in December. The ESPP contains a look-back feature that allows the employee to acquire stock at a 15% discount from the underlying market price at the beginning or end of the applicable period, whichever is lower. We recognize compensation expense on this plan ratably over the offering period based on the fair value of the anticipated number of shares that will be issued at the end of each offering period. Compensation expense is adjusted at the end of each offering period for the actual number of shares issued. Fair value is determined based on two factors: (i) the 15% discount amount on the underlying stock’s market value on the first day of the applicable offering period, and (ii) the fair value of the look-back feature determined by using the Black-Scholes model. We recognized approximately $0.5 million of compensation expense associated with the plan for the year ended December 31, 2015, $0.5 million for the year ended December 31, 2014 and $0.5 million for the year ended December 31, 2013. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Leases Our principal noncancellable operating lease obligations are for building space and vehicles. The leases generally provide that we pay maintenance costs. The lease periods typically range from one to five years and include purchase or renewal provisions. We have leases that are cancellable with minimal notice. Additionally, we have a capital lease on our manufacturing facility in Eschenbach, Germany, which was entered into in 2011.
Environmental & Legal We are currently engaged in the following environmental and legal proceedings: Superfund Sites We are currently involved as a potentially responsible party (PRP) in one active case involving a waste disposal site, the Chatham Superfund Site. The costs incurred since inception for this claim have been immaterial and have been primarily covered by insurance policies, for both legal and remediation costs. In this matter we have been assessed a cost sharing percentage of approximately 2% in relation to the range for estimated total cleanup costs of $18.8 million to $29.6 million. We believe that we have sufficient insurance coverage to fully cover this liability and have recorded a liability and related insurance receivable of approximately $0.4 million as of December 31, 2015, which approximates our share of the low end of the estimated range. We believe we are a de minimis participant and, as such, have been allocated an insignificant percentage of the total PRP cost sharing responsibility. Based on facts presently known to us, we believe that the potential for the final results of this case having a material adverse effect on our results of operations, financial position or cash flows is remote. This case has been ongoing for many years and we believe that it will continue on for the indefinite future. No time frame for completion can be estimated at the present time. PCB Contamination We have been working with the Connecticut Department of Energy and Environmental Protection (CT DEEP) and the United States Environmental Protection Agency, Region I, in connection with certain polychlorinated biphenyl (PCB) contamination at our facility in Woodstock, Connecticut. The issue was originally discovered in the soil at the facility in the late 1990s, and this initial issue was remediated in 2000. Further contamination was later found in the groundwater beneath the property, which was addressed with the installation of a pump and treat system in 2011. Additional PCB contamination at this facility was found in the facility's original buildings, courtyards and surrounding areas including an on-site pond. Remediation costs related to this contamination are expected to approximate $0.7 million. Remediation activities of the affected buildings and courtyards were completed in 2014 at a total cost of $0.5 million. Currently, we have an accrualof $0.2 million for the pond remediation recorded on our consolidated statements of financial position. We believe this accrual will be adequate to cover the remaining remediation work related to the soil and pond contamination based on the information known at this time. However, if additional contamination is found, the cost of the remaining remediation may increase. Overall, we have spent approximately $2.5 million in remediation and monitoring costs related to these PCB contamination issues. The future costs related to the maintenance of the groundwater pump and treat system now in place at the site are expected to be minimal. We believe that the remaining remediation activity will continue for several more years and no time frame for completion can be estimated at the present time. Asbestos We, like many other industrial companies, have been named as a defendant in a number of lawsuits filed in courts across the country by persons alleging personal injury from exposure to products containing asbestos. We have never mined, milled, manufactured or marketed asbestos; rather, we made and provided to industrial users a limited number of products that contained encapsulated asbestos, but we stopped manufacturing these products in the late 1980s. Most of the claims filed against us involve numerous defendants, sometimes as many as several hundred. The following table presents information about our recent asbestos claims activity:
* For the year ended December 31, 2015, 231 claims were dismissed and 6 claims were settled. For the year ended December 31, 2014, 104 claims were dismissed and 13 claims were settled. Settlements totaled approximately $1.6 million for the year ended December 31, 2015, compared to $3.2 million for the year ended December 31, 2014. We recognize a liability for asbestos-related contingencies that are probable of occurrence and reasonably estimable. In connection with the recognition of liabilities for asbestos related matters, we record asbestos-related insurance receivables that are deemed probable. Our estimates of asbestos-related contingent liabilities and related insurance receivables are based on an independent actuarial analysis and an independent insurance usage analysis prepared annually by third parties. The actuarial analysis contains numerous assumptions, including general assumptions regarding the asbestos-related product liability litigation environment and company-specific assumptions regarding claims rates (including diseases alleged), dismissal rates, average settlement costs and average defense costs. The insurance usage analysis considers, among other things, applicable deductibles, retentions and policy limits, the solvency and historical payment experience of various insurance carriers, the likelihood of recovery as estimated by external legal counsel and existing insurance settlements. We review our asbestos-related forecasts annually in the fourth quarter of each year unless facts and circumstances materially change during the year, at which time we would analyze these forecasts. Currently, these analyses project liabilities and related insurance receivables over a 10-year period. It is probable we will incur additional costs for asbestos-related claims following this 10-year period, but we do not believe that any related contingencies are reasonably estimable beyond such period based on, among other things, the significant proportion of future claims included in the analysis and the lag time between the date a claim is filed and its resolution. Accordingly, no liability (or related asset) has been recorded for claims that may be asserted subsequent to 2025. For the years ended December 31, 2015 and 2014, respectively, our forecasted asbestos-related claims and insurance receivables for the 10-year projection period were as follows:
To date, the defense and settlement costs of our asbestos-related product liability litigation have been substantially covered by insurance. We have identified continuous coverage for primary, excess and umbrella insurance from the 1950s through the mid-1980s, except for a period in the early 1960s, with respect to which we have entered into an agreement for primary, but not excess or umbrella, coverage. In addition, we have entered into a cost sharing agreement with most of our primary, excess and umbrella insurance carriers to facilitate the ongoing administration and payment of claims by the carriers. The cost sharing agreement may be terminated by any party, but will continue until a party elects to terminate it. As of the filing date for this report, the agreement has not been terminated. As previously disclosed, however, we expect to exhaust individual primary, excess and umbrella coverages over time, and there is no assurance that such exhaustion will not accelerate due to additional claims, damages and settlements or that coverage will be available as expected. Accordingly, while we believe it is reasonably possible that we may incur losses and defense costs in excess of our accruals in the future, we do not have sufficient data to provide a reasonable estimate or range of such losses and defense costs, at this time. Impact on Financial Statements The models developed for determining the potential exposure and related insurance coverage were developed by outside consultants deemed to be experts in their respective fields with the forecast for asbestos related liabilities generated by NERA and the related insurance receivable projections developed by Marsh. The models contain numerous assumptions that significantly impact the results generated by the models. We believe the assumptions made are reasonable at the present time, but are subject to uncertainty based on the actual future outcome of our asbestos litigation. We determined that a ten-year projection period is appropriate as we have experience in addressing asbestos related lawsuits over the last few years to use as a baseline to project the liability over ten years. However, we do not believe we have sufficient data to justify a longer projection period at this time. As of December 31, 2015, the estimated liability and estimated insurance recovery for the ten-year period through 2025 was $56.6 million and $53.4 million, respectively. Each year we evaluate the changes in the estimated liability and estimated insurance recovery based on the projections of asbestos litigation and corresponding insurance coverage for that litigation and record the resulting expense or income. For the years ended December 31, 2015 and 2013, we recognized income of $0.3 million and $0.5 million, respectively, and for the year ended December 31, 2014 we recorded expense of $0.8 million. The amounts recorded for the asbestos-related liability and the related insurance receivables described above were based on facts known at the time and a number of assumptions. However, projecting future events, such as the number of new claims to be filed each year, the average cost of disposing of such claims, the length of time it takes to dispose of such claims, coverage issues among insurers and the continuing solvency of various insurance companies, as well as the numerous uncertainties surrounding asbestos litigation in the United States could cause the actual liability and insurance recoveries for us to be higher or lower than those projected or recorded. There can be no assurance that our accrued asbestos liabilities will approximate our actual asbestos-related settlement and defense costs, or that our accrued insurance recoveries will be realized. We believe that it is reasonably possible that we will incur additional charges for our asbestos liabilities and defense costs in the future, which could exceed existing accruals, but such excess amount cannot be reasonably estimated at this time. We will continue to vigorously defend ourselves and believe we have substantial unutilized insurance coverage to mitigate future costs related to this matter. Other Environmental and General Litigation
Program (VCAP). As part of this program, we have partnered with the CT DEEP to determine the corrective actions to be taken at the site related to contamination issues. We have evaluated this matter and have completed internal due diligence work related to the site. Based on the facts and circumstances known to us at the present time an accrual of $3.2 million was recorded as of December 31, 2015 for remediation that will be required. General In addition to the above issues, the nature and scope of our business brings us in regular contact with the general public and a variety of businesses and government agencies. Such activities inherently subject us to the possibility of litigation, including environmental and product liability matters that are defended and handled in the ordinary course of business. We have established accruals for matters for which management considers a loss to be probable and reasonably estimable. It is the opinion of management that facts known at the present time do not indicate that such litigation, after taking into account insurance coverage and the aforementioned accruals, will have a material adverse impact on our results of operations, financial position or cash flows. |
Business Segment and Geographic Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment and Geographic Information | BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION Our reporting structure is comprised of the following operating segments: Advanced Connectivity Solutions (ACS), Elastomeric Material Solutions (EMS) and Power Electronics Solutions (PES). Our non-core businesses are reported in the "Other" reportable segment.
The Advanced Connectivity Solutions operating segment includes printed circuit board laminate products for high frequency, high performance applications. These products have characteristics that offer performance and other functional advantages in many market applications and serve to differentiate our products from other commonly available materials. These products are sold principally to independent and captive printed circuit board fabricators that convert our laminates to custom printed circuits. The polymer-based dielectric layers of our circuit board laminates are proprietary materials that provide highly specialized electrical and mechanical properties. Trade names for our printed circuit board materials include RO3000®, RO4000®, RT/duroid®, ULTRALAM®, RO2800®, LoPro®, COOLSPAN® and TMM® laminates. All of these laminates are used for making circuitry that receive, transmit, and process high frequency communications signals, yet each laminate has varying properties that address specific needs and applications within the communications market. High frequency circuits are used in the equipment and devices that comprise wireless communications systems, including cellular communications, digital cellular communications, paging, direct broadcast television, global positioning, mobile radio communications, and radar for both aviation and automotive applications.
The Elastomeric Material Solutions operating segment includes polyurethane and silicone foam as well as solid products manufactured in roll stock, sheet, and molded formats. These materials have characteristics that offer functional advantages in many market applications which serve to differentiate Rogers' products from other commonly available materials. Elastomeric Material Solutions products are sold globally to converters, fabricators, distributors and original equipment manufacturers (OEMs) for use in general industrial applications, portable electronics including mobile internet devices, consumer goods, mass transportation, construction, printing applications and other markets. Trade names for our Elastomeric Material Solutions include: PORON® Microcellular Urethanes used for making high performance gaskets and seals in vehicles, portable communications devices, computers and peripherals; PORON® cushion insole materials for footwear and related products; PORON® healthcare and medical materials for body cushioning and orthotic appliances; R/bak® compressible printing plate backing and mounting products for cushioning flexographic plates for printing on packaging materials; PORON® and XRD® for high impact cushioning protection; Rogers BISCO® silicone foams, solids, sponge and extrusion products for flame retardant gaskets, seals and cushioning applications in communications infrastructure equipment, aircraft, trains, cars and trucks, and for shielding extreme temperature or flame; and eSORBA® urethane foams used in portable communications, entertainment devices and other industrial applications. We have two 50% owned joint ventures that extend and complement our worldwide business in Elastomeric Material Solutions. Rogers INOAC Corporation (RIC), a joint venture with Japan-based INOAC Corporation, manufactures high performance polyurethane foam materials in Mie and Taketoyo, Japan to predominantly serve the Japanese and Taiwanese markets. Rogers INOAC Suzhou Corporation (RIS) was established in 2004 with INOAC Corporation and provides polyurethane foam materials primarily to the Asian marketplace.
The Power Electronics Solutions operating segment is comprised of direct bond copper (DBC) ceramic substrate products and busbar power distribution products. We believe that our advanced, customized components enable the performance and reliability of today’s growing array of power electronic devices and serve to increase the efficiency of applications by managing heat and ensuring the reliability of these critical devices used in converting raw energy into controlled and regulated power that can be used and managed. Trade names for our Power Electronics Solutions products include curamik® ceramic substrates and RO-LINX® products. Curamik® ceramic substrates are used in the design of intelligent power management devices, such as insulated gate bipolar transistor (IGBT) modules, which enable a wide range of products including highly efficient industrial motor drives, wind and solar converters and electric and hybrid electric vehicle drive systems. RO-LINX® products are used in high power electrical inverter and converter systems for use in mass transit (e.g. high speed trains); clean technology applications (e.g. wind turbines, solar farms and electric vehicles) and variable frequency drives for high to mid power applications.
The remainder of operations are accumulated and reported as our Other business, which consists of elastomer components, floats and inverter distribution activities. Elastomer components are sold to OEMs for applications in ground transportation, office equipment, consumer and other markets. Trade names for our elastomer components include: NITROPHYL® floats for level sensing in fuel tanks, motors, and storage tanks and ENDUR® elastomer rollers and belts for document handling in copiers, printers, mail sorting machines and automated teller machines. Inverters are sold primarily to OEMs and fabricators that in turn sell to various other third parties primarily serving the portable communication and automotive markets. In 2015, the Other businesses included the Arlon polyimide and thermoset laminate operations, which was sold in December 2015. The following table sets forth the information about our reportable segments for the periods indicated:
Inter-segment sales have been eliminated from the sales data in the preceding table. The following table sets forth the operating income reconciliation to the consolidated statements of operations for the periods indicated:
Information relating to our operations by geographic area was as follows:
(1) Net sales are allocated to countries based on the location of the customer. Countries with 10% of more of net sales have been disclosed. (2) Long-lived assets are based on the location of the asset and are comprised of goodwill and other intangibles and property, plant and equipment. Countries with 10% of more of long-lived assets have been disclosed. |
Restructuring and Impairment Charges |
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Restructuring and Impairment Charges | RESTRUCTURING AND IMPAIRMENT CHARGES
There were no restructuring or impairment charges in 2015.
In the fourth quarter of 2014, we recognized a $0.2 million charge related to the impairment of the investment in BrightVolt, Inc. As this investment does not specifically relate to any of our operating segments, we have allocated this impairment charge on a basis similar to other Corporate allocations. See Note 9, "Investment" for further details on this write-down. In the fourth quarter of 2014, certain eligible participants in the defined benefit pension plans were given a lump sum payout offer. The payout of this program resulted in a settlement charge of $5.2 million.
In 2013, we recognized approximately $10.4 million of restructuring and impairment charges. Approximately $5.7 million of these charges are related to the streamlining initiatives that began in 2012 as we incurred approximately $4.2 million in severance and related charges as a result of these activities as well as changes to the executive management team and we recognized a $1.5 million curtailment charge related to the freezing of the defined benefit pension plans. Further in 2013, we recognized a $4.6 million charge related to the impairment of the investment in Solicore, Inc. As this investment does not specifically relate to any of our operating segments, we have allocated this impairment charge on a basis similar to other Corporate allocations. See Note 9, "Investment" for further details on this write-down. The following table summarizes the restructuring and impairment charges related to these activities recorded in our operating results in 2015, 2014 and 2013.
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Discontinued Operations |
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Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS In 2012, we decided to cease production of our non-woven composite materials operating segment located in Rogers, Connecticut. Sales of non-woven products had been steadily declining for several years. Manufacturing operations ceased by the end of 2012 and last sales out of inventory occurred in the first quarter of 2013. There was no activity for this segment in 2014 or 2015. For the year ended December 31, 2013, an operating loss of $0.1 million, net of tax, was reflected as discontinued operations in the accompanying consolidated statements of operations. Net sales for 2013 were $0.2 million and tax related to the discontinued operation was $0.1 million for the year ended December 31, 2013. |
Share Repurchase |
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Equity [Abstract] | |||||||||||||||||||||
SHAREHOLDERS' EQUITY | SHARE REPURCHASE On August 6, 2015, we initiated a share repurchase program of up to $100.0 million of the Company's capital stock. We initiated this program to mitigate potentially dilutive effects of stock options and shares of restricted stock granted by the Company, in addition to enhancing shareholder value. The share repurchase program has no expiration date, and may be suspended or discontinued at any time without notice. As of December 31, 2015, $60.0 million remained of our $100.0 million share repurchase program. We repurchased the following shares of common stock through our share repurchase program during the periods presented:
No shares of capital stock were repurchased during 2014. All repurchases were made using cash from operations and cash on hand. Refer to Part II, Item 5 for further detail of the share repurchase program. |
Quarterly Results of Operations (UNAUDITED) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
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Recent Accounting Standards |
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Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Recent Accounting Standards | RECENT ACCOUNTING STANDARDS In May 2014, the Financial Accounting Standards Board (FASB) issued a new standard to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. On July 9, 2015, the FASB agreed to delay the effective date by one year. In accordance with the agreed upon delay, the new standard is effective for us beginning in the first quarter of 2018. Early adoption is permitted, but not before the original effective date of the standard. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. We have not yet selected a transition method nor have we determined the impact of the new standard on our consolidated condensed financial statements. In September, 2015, the FASB issued a new standard to simplify the accounting for measurement-period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment be recognized in the reporting period in which the adjustment is identified. The new standard is effective for interim and annual periods beginning after December 31, 2015. Early adoption is permitted. The new standard should be applied prospectively to measurement period adjustments that occur after the effective date. We have elected early adoption of the standard and have determined the impact of the new standard on our consolidated financial statements to be immaterial. In November 2015, the Financial Accounting Standards Board (“FASB”) issued a new accounting update which requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. This update is effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption of this update is permitted and an entity may choose to adopt this update on either a prospective or retrospective basis. We are still evaluating the impact this new standard will have on our financial statements. In April 2015, the FASB issued amendments that require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Under current guidance, our debt issuance costs are reflected as a deferred charge, within other current assets and other long-term assets on our consolidated balance sheets. This update is effective for the annual reporting periods beginning after December 15, 2015. In August 2015, the FASB confirmed that the aforementioned amendments did not address the presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. For line-of-credit arrangements, borrowers have the option of presenting debt issuance costs as an asset which is subsequently amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any related outstanding borrowings. These amendments are not expected to have a material impact on our financial statements. |
SCHEDULE II Valuation and Qualifying Accounts |
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SCHEDULE II Valuation and Qualifying Accounts | Valuation and Qualifying Accounts
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Organization and Summary of Significant Accounting Policies (Policies) |
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Dec. 31, 2015 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and our wholly‑owned subsidiaries, after elimination of inter-company accounts and transactions. For all periods and amounts presented, reclassifications have been made for discontinued operations. In the fourth quarter of 2012, the operations of the non-woven composite materials operating segment (aggregated in Other business) ended and the segment qualified as a discontinued operation. See Note 18, "Discontinued Operations" for further discussion. In 2015, the we changed our method for accounting for certain inventory items from the last in, first out (LIFO) method to the first in, first out (FIFO) method. Adjustments have been made to all periods and amounts presented to appropriately reflect the retrospective application of this accounting change. See the discussion below entitled "Inventories" for further information. The preparation of financial statements, in conformity with accounting principles generally accepted in the United States, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
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Organization | Organization Our reporting structure is comprised of the following operating segments: Advanced Connectivity Solutions (ACS), Elastomeric Material Solutions (EMS) and Power Electronics Solutions (PES). The remaining operations are reported under our Other business. In 2015, we updated the names of two of our segments to better align with their product portfolios: our “Printed Circuit Materials” segment was renamed to “Advanced Connectivity Solutions,” and our “High Performance Foams” segment was renamed to “Elastomeric Material Solutions.”
Our ACS segment designs, develops, manufactures and sells circuit materials enabling high-performance and high-reliability connectivity for applications including communications infrastructure (e.g., cellular communication antennas and equipment), automotive (e.g., advanced driver assistance systems and global positioning applications), consumer electronics and aerospace/defense. We sell our circuit materials under various tradenames, including RO3000®, RO4000®, RT/duroid®, ULTRALAM®, RO2800®, LoPro®, COOLSPAN® and TMM®. In January 2015, we acquired the Arlon business, and subsequently integrated a portion of the product portfolio into the ACS segment operations and products that expanded the segment’s product portfolio, market reach and customer base, particularly in the RF antenna business. Our ACS segment has manufacturing and administrative facilities in Chandler, Arizona; Rogers, Connecticut; Bear, Delaware; Evergem, Belgium; and Suzhou, China.
Our EMS segment designs, develops, manufactures and sells elastomeric material solutions for critical cushioning, sealing, impact protection and vibration management applications including general industrial, portable electronics (e.g., mobile internet devices), consumer goods (e.g., protective sports equipment), automotive, mass transportation, construction and printing applications. We sell our elastomeric materials under various trade names, including PORON®, XRD®, BISCO® and eSORBA®. In January 2015, we acquired the Arlon business, and subsequently integrated a portion of the product portfolio into the EMS segment operations and products that expanded the segment’s product portfolio, market reach and customer base, particularly in the engineered silicones for sealing and insulation applications. Our EMS segment has administrative and manufacturing facilities in Woodstock, Connecticut; Rogers, Connecticut; Bear, Delaware; Carol Stream, Illinois; and Suzhou, China. We also own 50% of (1) Rogers Inoac Corporation (RIC), a joint venture that was established in Japan 1989 to design, develop, manufacture and sell PORON products predominantly for the Japanese market and (2) Rogers INOAC Suzhou Corporation (RIS) that was established in China in 2004 to design, develop, manufacture and sell PORON products primarily for RIC customers in China. INOAC Corporation owns the remaining 50% of both RIC and RIS. RIC has manufacturing facilities at INOAC facilities in Nagoya and Mie, Japan, and RIS has manufacturing facilities at Rogers’ facilities in Suzhou, China.
Our PES segment designs, develops, manufactures and sells ceramic substrate materials for power module applications (e.g., variable frequency drives, vehicle electrification and renewable energy), laminated bus bars for power inverter and high power interconnect applications (e.g., mass transit, hybrid-electric and electric vehicles, renewable energy and variable frequency drives), and micro-channel coolers (e.g., laser cutting equipment). We sell our ceramic substrate materials and micro channel coolers under the curamik® tradename, and our bus bars under the ROLINX® tradename. Our PES segment has administrative and manufacturing facilities in Ghent, Belgium; Eschenbach, Germany; Budapest, Hungary; and Suzhou, China.
Other business consists of elastomeric components for applications in ground transportation, office equipment, consumer and other markets; elastomeric floats for level sensing in fuel tanks, motors, and storage tanks; and inverters for portable communications and automotive markets. The Arlon polyimide and thermoset laminate business, which was sold in December 2015, was also included within our Other businesses in 2015. |
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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. |
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Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures We account for our investments in and advances to unconsolidated joint ventures, all of which are 50% owned, using the equity method of accounting. |
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Foreign Currency | Foreign Currency All balance sheet accounts of foreign subsidiaries are translated or remeasured at exchange rates in effect at each year end, and income statement items are translated at the average exchange rates for the year. Resulting translation adjustments for those entities that operate under the local currency are made directly to a separate component of shareholders' equity, while remeasurement adjustments for those entities that operate under the parent's functional currency are made to the income statement as a component of “Other income (expense), net.” Currency transaction gains and losses are reported as income or expense, respectively, in the consolidated statements of operations as a component of "Other income (expense), net." |
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Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The allowance for doubtful accounts is determined based on a variety of factors that affect the potential collectability of the related receivables, including the length of time receivables are past due, customer credit ratings, financial stability of customers, specific one-time events and past customer history. In addition, in circumstances where we are made aware of a specific customer's inability to meet its financial obligations, a specific allowance is established. The majority of accounts are individually evaluated on a regular basis and appropriate reserves are established as deemed appropriate based on the criteria previously mentioned. The remainder of the reserve is based on management's estimates and takes into consideration historical trends, market conditions and the composition of our customer base. |
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Inventories | Inventories Inventories are valued at the lower of cost or market. Effective October 1, 2015, the Company changed its method for inventory costing from the last in, first out (LIFO) cost method to the first in, first out (FIFO) cost method for all operations that were using the LIFO cost method. This change in accounting method was deemed preferable because this change causes inventory to be valued on a consistent basis throughout the entire Company and on a more comparable basis with industry peer companies. This change in accounting method was completed in accordance with Accounting Standards Codification (ASC) 250 Accounting changes and error corrections, and all periods presented have been retrospectively adjusted to reflect the period-specific effects of applying the new accounting principle. |
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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:
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Software Costs | Capitalized software is included within "Property, plant and equipment, net of accumulated depreciation" in the consolidated statements of financial position. Software Costs We capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended. Capitalized software costs include only (i) external direct costs of materials and services utilized in developing or obtaining computer software, and (ii) compensation and related benefits for employees who are directly associated with the software project. Capitalized software costs are included in property, plant and equipment on our consolidated statement of financial position and amortized on a straight-line basis when placed into service over the estimated useful lives of the software, which approximates three to five years. |
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Goodwill and Intangible Assets | Goodwill and Intangible Assets Intangible assets are classified into three categories: (1) intangible assets with definite lives subject to amortization; (2) intangible assets with indefinite lives not subject to amortization; and (3) goodwill. We review goodwill, which has an indefinite life, and intangible assets with indefinite lives for impairment annually and/or if events or changes in circumstances indicate the carrying value of an asset may have been impaired. We review intangible assets with definite lives for impairment whenever conditions exist that indicate the carrying value may not be recoverable. Goodwill and indefinite lived intangible assets are assessed for impairment by comparing the net book value of a reporting unit to its estimated fair value. Fair values are estimated using a discounted cash flow methodology. The determination of discounted cash flows is based on the reporting unit's strategic plans and long-term operating forecasts. The revenue growth rates included in the plans are management's best estimates based on current and forecasted market conditions, and the profit margin assumptions are projected by each segment based on the current cost structure and expected strategic changes to the cost structure. Purchased or acquired patents, covenants-not-to-compete, customer relationships and licensed technology are capitalized and amortized on a straight-line over their estimated useful lives. |
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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. When future liabilities are determined to be reimbursable by insurance coverage, an accrual is recorded for the potential liability and a receivable is recorded for the estimated insurance reimbursement amount. We are exposed to the uncertain nature inherent in such remediation and the possibility that initial estimates will not reflect the final outcome of a matter. We periodically perform a formal analysis to determine potential future liability and related insurance coverage for asbestos-related matters. Projecting future asbestos costs is subject to numerous variables that are extremely difficult to predict, including the number of claims that might be received, the type and severity of the disease alleged by each claimant, the long latency period associated with asbestos exposure, dismissal rates, costs of medical treatment, the financial resources of other companies that are co-defendants in claims, uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case, and the impact of potential changes in legislative or judicial standards, including potential tort reform. Furthermore, any predictions with respect to these variables are subject to even greater uncertainty as the projection period lengthens. The models developed for determining the potential exposure and related insurance coverage were developed by outside consultants deemed to be experts in their respective fields with the forecast for asbestos related liabilities generated by National Economic Research Associates, Inc. (NERA) and the related insurance receivable projections developed by Marsh Risk Consulting (Marsh). The models contain numerous assumptions that significantly impact the results generated by the models. We believe the assumptions made are reasonable at the present time, but are subject to uncertainty based on the actual future outcome of our asbestos litigation. We determined that a ten-year projection period is appropriate as we have experience in addressing asbestos related lawsuits over the last few years to use as a baseline to project the liability over ten years. However, we do not believe we have sufficient data to justify a longer projection period at this time. |
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Fair Value of Financial Instruments | Fair Value of Financial Instruments Management believes that the carrying values of financial instruments, including cash and cash equivalents, short-term investments, accounts receivable, accounts payable and accrued liabilities approximate fair value based on the maturities of these instruments. The fair values of our long-term debt are determined using discounted cash flows based upon the our estimated current interest cost for similar type borrowings or current market value, which falls under Level 2 of the fair value hierarchy. The carrying values of the long-term debt approximate fair market value. |
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Concentration of Credit and Investment Risk | Concentration of Credit and Investment Risk We extend credit on an uncollateralized basis to almost all customers. Concentration of credit and geographic risk with respect to accounts receivable is limited due to the large number and general dispersion of accounts that constitute our customer base. We routinely perform credit evaluations on our customers. At December 31, 2015 and 2014, there were no customers that individually accounted for more than ten percent of total accounts receivable. We have purchased credit insurance coverage for certain accounts receivable. We did not experience significant credit losses on customers' accounts in 2015, 2014 or 2013. 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 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. 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. |
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Income Taxes | Income Taxes We are subject to income taxes in the U.S. and in numerous foreign jurisdictions. The Company accounts for income taxes following ASC 740 (Accounting for Income Taxes) recognizing deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between book and tax basis of recorded assets and liabilities. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of a deferred tax asset will not be realized. U.S. income taxes have not been provided on $179.1 million of undistributed earnings of foreign subsidiaries since it is the Company’s intention to permanently reinvest such earnings or to distribute them only when it is tax efficient to do so. It is impracticable to estimate the total tax liability, if any, that would be created by the future distribution of these earnings. If circumstances change and it becomes apparent that some, or all of the undistributed earnings as of December 31, 2015 will not be indefinitely reinvested, the provision for the tax consequences, if any, will be recorded in the period when circumstances change. Distributions out of current and future earnings are permissible to fund discretionary activities such as business acquisitions. However, when distributions are made, this could result in a higher effective tax rate. We record benefits for uncertain tax positions based on an assessment of whether it is more likely than not that the tax positions will be sustained by the taxing authorities. If this threshold is not met, no tax benefit of the uncertain position is recognized. If the threshold is met, we recognize the largest amount of the tax benefit that is greater than fifty percent likely to be realized upon ultimate settlement. We recognize interest and penalties within the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included within the related tax liability line in the consolidated statements of financial position. |
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Revenue Recognition | Revenue Recognition We recognize revenue when all of the following criteria are met: (1) we have entered into a binding agreement, (2) the product has shipped and title and risk of ownership have passed, (3) the sales price to the customer is fixed or determinable, and (4) collectability is reasonably assured. We consider that the criteria for revenue recognition have been met upon shipment of the finished product, based on the majority of our shipping terms. Some shipping terms require the goods to be through customs or be received by the customer before title passes. In those instances, revenue is not recognized until either the customer has received the goods or they have passed through customs, depending on the circumstances. As appropriate, we record estimated reductions to revenue for customer returns and allowances and warranty claims. Provisions for such allowances are made at the time of sale and are typically derived from historical trends and other relevant information. |
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Shipping and Handling Charges | Shipping and Handling Charges Costs that we incur for shipping and handling charges are charged to “Cost of sales” and payments received from our customers for shipping and handling charges are included in “Net sales” on our consolidated statements of operations. |
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Pension and Retiree Health Care and Life Insurance Benefits | Pension and Retiree Health Care and Life Insurance Benefits We provide various defined benefit pension plans for our U.S. employees and we sponsor multiple fully insured or self-funded medical plans and fully insured life insurance plans for retirees. In 2013, the defined benefit pension plans were frozen, so that future benefits no longer accrue. The costs and obligations associated with these plans are dependent upon various actuarial assumptions used in calculating such amounts. These assumptions include discount rates, long-term rate of return on plan assets, mortality rates, and other factors. The assumptions used in these models are determined as follows: (i) the discount rate used is based on the PruCurve index; (ii) the long-term rate of return on plan assets is determined based on historical portfolio results, market results and our expectations of future returns, as well as current market assumptions related to long-term return rates; and (iii) the mortality rate is based on a mortality projection that estimates current longevity rates and their impact on the long-term plan obligations. We review these assumptions periodically throughout the year and update as necessary. |
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Earnings Per Share | Certain potential options to purchase shares were excluded from the calculation of diluted weighted-average shares outstanding because the exercise price was greater than the average market price of our capital stock during the year. For 2015, 44,350 shares were excluded. No shares were excluded in 2014 or 2013. Earnings Per Share |
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Hedging Activity | Hedging Activity We use derivative instruments to manage commodity, interest rate and foreign currency exposures. Derivative instruments are viewed as risk management tools and are not used for trading or speculative purposes. To qualify for hedge accounting treatment, derivatives used for hedging purposes must be designated and deemed effective as a hedge of the identified underlying risk exposure at the inception of the contract. Accordingly, changes in fair value of the derivative contract must be highly correlated with changes in the fair value of the underlying hedged item at inception of the hedge and over the life of the hedge contract. Derivatives used to hedge forecasted cash flows associated with foreign currency commitments or forecasted commodity purchases are accounted for as cash flow hedges. For those derivative instruments that qualify for hedge accounting treatment, gains and losses are recorded in other comprehensive income and reclassified to earnings in a manner that matches the timing of the earnings impact of the hedged transactions. The ineffective portion of all hedges, if any, is recognized currently in earnings. For those derivative instruments that do not qualify for hedge accounting treatment, any related gains and losses are recognized in the consolidated statements of operations as a component of "Other income (expense), net. |
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Advertising Cost | Advertising Costs Advertising is expensed as incurred |
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Equity Compensation | Equity Compensation Stock-based compensation is comprised of stock options and restricted stock. Stock options are measured at the grant date, based on the grant-date fair value of the awards ultimately expected to vest and, in most cases, is recognized as an expense on a straight-line basis over the vesting period, which is typically four years. A provision in our stock option agreements requires us to accelerate the expense for retirement eligible employees, as any unvested options would immediately vest upon retirement for such employees. We develop estimates used in calculating the grant-date fair value of stock options to determine the amount of stock-based compensation to be recorded. We calculate the grant-date fair value using the Black-Scholes valuation model. The use of this valuation model requires estimates of assumptions such as expected volatility, expected term, risk-free interest rate, expected dividend yield and forfeiture rates. Performance-based restricted stock compensation expense is based on achievement of certain performance and service conditions. The fair value of the awards is determined based on the market value of the underlying stock price at the grant date and marked to market over the vesting period based on probabilities and projections of the underlying performance measures. Time-based restricted stock compensation awards are expensed over the vesting period, which is typically three years. The fair value of the awards is determined based on the market value of the underlying stock price at the grant date. |
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Recent Accounting Standards | RECENT ACCOUNTING STANDARDS In May 2014, the Financial Accounting Standards Board (FASB) issued a new standard to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. On July 9, 2015, the FASB agreed to delay the effective date by one year. In accordance with the agreed upon delay, the new standard is effective for us beginning in the first quarter of 2018. Early adoption is permitted, but not before the original effective date of the standard. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. We have not yet selected a transition method nor have we determined the impact of the new standard on our consolidated condensed financial statements. In September, 2015, the FASB issued a new standard to simplify the accounting for measurement-period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment be recognized in the reporting period in which the adjustment is identified. The new standard is effective for interim and annual periods beginning after December 31, 2015. Early adoption is permitted. The new standard should be applied prospectively to measurement period adjustments that occur after the effective date. We have elected early adoption of the standard and have determined the impact of the new standard on our consolidated financial statements to be immaterial. In November 2015, the Financial Accounting Standards Board (“FASB”) issued a new accounting update which requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. This update is effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption of this update is permitted and an entity may choose to adopt this update on either a prospective or retrospective basis. We are still evaluating the impact this new standard will have on our financial statements. In April 2015, the FASB issued amendments that require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Under current guidance, our debt issuance costs are reflected as a deferred charge, within other current assets and other long-term assets on our consolidated balance sheets. This update is effective for the annual reporting periods beginning after December 15, 2015. In August 2015, the FASB confirmed that the aforementioned amendments did not address the presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. For line-of-credit arrangements, borrowers have the option of presenting debt issuance costs as an asset which is subsequently amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any related outstanding borrowings. These amendments are not expected to have a material impact on our financial statements. |
Organization and Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Change in Accounting Estimate | The following table summarizes the effect of this accounting change on the Company’s consolidated statements of operations for each of the two years ended December 31, 2014 and 2013:
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Schedule of inventory | Inventories consisted of the following:
(1) Inventory amounts have been adjusted for the 2015 conversion from LIFO to FIFO as discussed above. |
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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:
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Schedule of calculation of numerator and denominator in earnings per share | The following table sets forth the computation of basic and diluted earnings per share:
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets measured at fair value on a recurring basis, categorized by the level of inputs used in the valuation | Assets measured at fair value on a recurring basis, categorized by the level of inputs used in the valuation, include:
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Assets measured at fair value on a nonrecurring basis | The following table presents information about our assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2015, aggregated by the level in the fair value hierarchy within which those measurements fall. This Level 3 asset represents the investment in BrightVolt, Inc. (formerly known as Solicore, Inc.) The valuation is based on our evaluation of BrightVolt's financial performance through December 31, 2015 and the most recent round of capital financing that was initiated in the first quarter of 2015. See Note 9, "Investment" for further details.
There were no changes in the fair value of the BrightVolt investment Level 3 asset for the year ended December 31, 2015. |
Hedging Transactions and Derivative Financial Instruments (Tables) |
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Notional values of outstanding derivative positions |
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Gain (loss) on derivative instruments |
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Accumulated Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated balances related to each component of accumulated other comprehensive income (loss) | The changes in accumulated other comprehensive income (loss) by component for the year ended December 31, 2015 were as follows:
(1) Net of taxes of $9,879 and $11,952 for the periods ended December 31, 2015 and December 31, 2014, respectively. (2) Net of taxes of $5 and $50 for the periods ended December 31, 2015 and December 31, 2014, respectively. The changes in accumulated other comprehensive income (loss) by component for the year ended December 31, 2014 were as follows:
(3) Net of taxes of $11,952 and $2,900 for the periods ended December 31, 2014 and December 31, 2013, respectively. (4) Net of taxes of $50 and $110 for the periods ended December 31, 2014 and December 31, 2013, respectively. |
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Reclassification out of accumulated other comprehensive income | The reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2015 were as follows:
(5) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 10 - "Pension Benefits and Retirement Health and Life Insurance Benefits" for additional details. The reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2014 were as follows:
(6) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 10 - "Pension Benefits and Other Postretirement Benefit Plans" for additional details. |
Acquisition (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets acquired and liabilities assumed | The following table represents the fair market values assigned to the acquired assets and liabilities in the transaction:
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Business acquisition, pro forma information | The following unaudited pro forma financial information presents the combined results of operations of Rogers and Arlon for the year and quarter ended December 31, 2014, as if the acquisition had occurred on January 1, 2014. The unaudited pro forma financial information is not intended to represent or be indicative of our consolidated results of operations that would have been reported had the Arlon acquisition been completed as of January 1, 2014 and should not be taken as indicative of our future consolidated results of operations.
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Property, Plant and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Goodwill and Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | The changes in the carrying amount of other intangible assets for the period ending December 31, 2015, were as follows:
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Weighted average amortization period, by intangible asset class | The weighted average amortization period as of December 31, 2015, by intangible asset class, is presented in the table below:
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Changes in the carrying amount of goodwill, by segment | The changes in the carrying amount of goodwill for the period ending December 31, 2015, by reportable segment, were as follows:
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Summarized Financial Information of Unconsolidated Joint Ventures (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Joint ventures accounted for under equity method of accounting |
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Summarized information for joint ventures | The summarized financial information for the joint ventures for the periods indicated was as follows:
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Pension Benefit and Retirement Health and Life Insurance Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in benefit obligation |
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Change in plan assets |
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Amounts recognized in consolidated balance sheet | Amounts recognized in the consolidated statements of financial position consist of:
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Schedule of net periodic benefit cost not yet recognized |
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Components of net periodic benefit cost | Components of Net Periodic (Benefit) Cost
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Schedule of weighted-average assumptions used | Weighted-average assumptions used to determine benefit obligations at December 31:
Weighted-average assumptions used to determine net benefit cost for the years ended:
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Schedule of effect of one-percentage-point change in assumed health care cost trend rates | A one-percentage point change in assumed health care cost trend rates would have the following effects:
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Schedule of allocation of plan assets | The following table presents the fair value of the pension plan net assets by asset category at December 31, 2015 and 2014:
The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value as of December 31, 2015 and 2014.
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Changes in fair value of Level 3 assets | The table below sets forth a summary of changes in the fair value of the guaranteed deposit account's Level 3 assets for the year ended December 31, 2015:
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Schedule of future benefit payments | The following pension benefit payments are expected to be paid through the utilization of plan assets for the funded plans and from the Company's operating cash flows for the unfunded plans. The Retiree Health and Life Insurance benefits, for which no funding has been made, are expected to be paid from the Company's operating cash flows. The benefit payments are based on the same assumptions used to measure our benefit obligation at the end of fiscal 2015.
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Aggregate mandatory payments due by year | The aggregate mandatory principal payments due are as follows:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated income (loss) from continuing operations before income taxes by location | Consolidated income before income taxes consisted of:
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Income tax expense (benefit) by location | The income tax expense in the consolidated statements of operations consisted of:
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Deferred tax assets and liabilities | Deferred tax assets and liabilities as of December 31, 2015 and 2014, were comprised of the following:
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Effective income tax rate reconciliation | Income tax expense differs from the amount computed by applying the United States federal statutory income tax rate to income before income taxes. The reasons for this difference were as follows:
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Reconciliation of unrecognized tax benefits | Unrecognized tax benefits, excluding potential interest and penalties, for the years ended December 31, 2015 and December 31, 2014, were as follows:
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Shareholders' Equity and Stock Options (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Weighted average assumptions used to calculate fair value of options granted | . |
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Activity under our stock option plans | A summary of the activity under our stock option plans for the fiscal years ended 2015, 2014 and 2013, is presented below:
A summary of the activity under our stock option plans as of December 31, 2015 and changes during the year then ended, is presented below:
* In addition to the vested options, we expect a portion of the unvested options to vest at some point in the future. Options expected to vest are calculated by applying an estimated forfeiture rate to the unvested options. |
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Schedule of weighted-average assumptions used | Weighted-average assumptions used to determine benefit obligations at December 31:
Weighted-average assumptions used to determine net benefit cost for the years ended:
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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:
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Schedule of restricted stock and restricted stock activity | A summary of activity under the performance-based restricted stock plans for the fiscal years ended 2015, 2014 and 2013 is presented below:
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Time Based Restricted Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of restricted stock and restricted stock activity |
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Deferred Stock Units | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of restricted stock and restricted stock activity |
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating and capital leases |
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Future minimum lease payments for operating and capital leases |
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Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | The following table presents information about our recent asbestos claims activity:
* For the year ended December 31, 2015, 231 claims were dismissed and 6 claims were settled. For the year ended December 31, 2014, 104 claims were dismissed and 13 claims were settled. Settlements totaled approximately $1.6 million for the year ended December 31, 2015, compared to $3.2 million for the year ended December 31, 2014. |
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Schedule of Loss Contingencies by Contingency | For the years ended December 31, 2015 and 2014, respectively, our forecasted asbestos-related claims and insurance receivables for the 10-year projection period were as follows:
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Business Segment and Geographic Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reportable segment information | The following table sets forth the information about our reportable segments for the periods indicated:
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Reconciliation of Operating Income to the Consolidated Statements of Operations | The following table sets forth the operating income reconciliation to the consolidated statements of operations for the periods indicated:
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Revenue and long-lived assets by geographic region | Information relating to our operations by geographic area was as follows:
(1) Net sales are allocated to countries based on the location of the customer. Countries with 10% of more of net sales have been disclosed. (2) Long-lived assets are based on the location of the asset and are comprised of goodwill and other intangibles and property, plant and equipment. |
Restructuring and Impairment Charges (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and impairment charges | The following table summarizes the restructuring and impairment charges related to these activities recorded in our operating results in 2015, 2014 and 2013.
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Share Repurchase (Tables) |
12 Months Ended | ||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Schedule of shares of common stock through the repurchase program | We repurchased the following shares of common stock through our share repurchase program during the periods presented:
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Quarterly Results of Operations (UNAUDITED) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly financial information |
|
Organization and Summary of Significant Accounting Policies (Investments in Unconsolidated Joint Ventures) (Details) |
Dec. 31, 2015
joint_venture
|
---|---|
Schedule of Equity Method Investments [Line Items] | |
Number of joint ventures that are 50% owned | 2 |
Rogers INOAC Corporation | |
Schedule of Equity Method Investments [Line Items] | |
Joint venture ownership percentage | 50.00% |
Rogers INOAC Corporation | INOAC Corporation | |
Schedule of Equity Method Investments [Line Items] | |
Joint venture ownership percentage | 50.00% |
Rogers I N O A C Suzhou Corporation | |
Schedule of Equity Method Investments [Line Items] | |
Joint venture ownership percentage | 50.00% |
Rogers I N O A C Suzhou Corporation | INOAC Corporation | |
Schedule of Equity Method Investments [Line Items] | |
Joint venture ownership percentage | 50.00% |
Organization and Summary of Significant Accounting Policies (Foreign Currency) (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Accounting Policies [Abstract] | |||
Currency transaction adjustment gain (loss) | $ 300,000 | $ 0 | $ (700,000) |
Organization and Summary of Significant Accounting Policies (Inventories) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2015 |
||||
Inventory Disclosure [Abstract] | |||||
Inventory, LIFO reserve, effect on income, net | $ 4,200 | ||||
Inventory, Gross [Abstract] | |||||
Raw materials | 29,980 | [1] | $ 35,499 | ||
Work-in-process | 18,537 | [1] | 22,804 | ||
Finished goods | 28,289 | [1] | 33,521 | ||
Total Inventory | $ 76,806 | [1] | $ 91,824 | ||
|
Organization and Summary of Significant Accounting Policies (Schedule of Effects of Change in Accounting for Inventory on the Statement of Income (Loss)) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Cost of sales | $ 406,081 | $ 376,158 | $ 348,945 | ||||||||
Income from continuing operations, net of tax | 46,320 | 53,412 | 38,203 | ||||||||
Net income | $ 46,320 | $ 53,412 | $ 38,305 | ||||||||
Basic earnings per share (in dollars per share) | $ 2.52 | $ 2.94 | $ 2.23 | ||||||||
Diluted earnings per share (in dollars per share) | $ 2.48 | $ 2.86 | $ 2.16 | ||||||||
Change from LIFO to FIFO | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Cost of sales | $ 376,158 | $ 348,945 | |||||||||
Income from continuing operations, net of tax | $ 6,577 | $ 12,546 | $ 13,554 | $ 13,643 | $ 7,247 | $ 20,407 | $ 11,056 | $ 14,702 | 53,412 | 38,203 | |
Net income | $ 53,412 | $ 38,305 | |||||||||
Basic earnings per share (in dollars per share) | $ 2.94 | $ 2.23 | |||||||||
Diluted earnings per share (in dollars per share) | $ 2.86 | $ 2.16 | |||||||||
Scenario, Previously Reported | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Income from continuing operations, net of tax | $ 6,577 | $ 12,455 | $ 13,540 | $ 13,627 | $ 7,013 | $ 20,388 | $ 10,902 | $ 14,580 | |||
Scenario, Previously Reported | Change from LIFO to FIFO | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Cost of sales | $ 376,972 | $ 349,782 | |||||||||
Income from continuing operations, net of tax | 52,883 | 37,659 | |||||||||
Net income | $ 52,883 | $ 37,761 | |||||||||
Basic earnings per share (in dollars per share) | $ 2.91 | $ 2.20 | |||||||||
Diluted earnings per share (in dollars per share) | $ 2.83 | $ 2.13 | |||||||||
Restatement Adjustment | Change from LIFO to FIFO | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Cost of sales | $ (814) | $ (837) | |||||||||
Income from continuing operations, net of tax | 529 | 544 | |||||||||
Net income | $ 529 | $ 544 | |||||||||
Basic earnings per share (in dollars per share) | $ 0.03 | $ 0.03 | |||||||||
Diluted earnings per share (in dollars per share) | $ 0.03 | $ 0.03 |
Organization and Summary of Significant Accounting Policies (Property, Plant and Equipment Estimated Useful Lives) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 30 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 40 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 15 years |
Office equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Office equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Organization and Summary of Significant Accounting Policies (Software Costs) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Capitalized Computer Software, Net [Abstract] | ||
Net capitalized software and development costs | $ 6.7 | $ 3.4 |
Software | Minimum | ||
Capitalized Computer Software, Net [Abstract] | ||
Useful life | 3 years | |
Software | Maximum | ||
Capitalized Computer Software, Net [Abstract] | ||
Useful life | 5 years |
Organization and Summary of Significant Accounting Policies Goodwill and Intangible Assets (Details) |
Dec. 31, 2015
category
|
---|---|
Accounting Policies [Abstract] | |
Categories of intangible assets | 3 |
Organization and Summary of Significant Accounting Policies (Environmental and Product Liabilities) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Asbestos forecast claim period | 10 years |
Organization and Summary of Significant Accounting Policies (Concentration of Credit and Investment Risk) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
customer
shares
|
Dec. 31, 2014
USD ($)
customer
shares
|
Dec. 31, 2013
USD ($)
customer
shares
|
|
Accounting Policies [Abstract] | |||
Concentration risk, percentage | 10.00% | ||
Accounts Receivable, Number of Customers that Individually Accounted for more than Ten Percent | customer | 0 | 0 | 0 |
Significant Credit Losses, Amount | $ | $ 0 | $ 0 | $ 0 |
Antidilutive securities excluded from computation of earnings per share (shares) | shares | 44,350 | 0 | 0 |
Organization and Summary of Significant Accounting Policies (Income Taxes) (Details) $ in Millions |
Dec. 31, 2015
USD ($)
|
---|---|
Income Tax Disclosure [Abstract] | |
Undistributed earnings of foreign subsidiaries | $ 179.1 |
Organization and Summary of Significant Accounting Policies (Earning Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Accounting Policies [Abstract] | |||
Income from continuing operations, net of tax | $ 46,320 | $ 53,412 | $ 38,203 |
Weighted-average shares outstanding - basic | 18,371,000 | 18,177,000 | 17,198,000 |
Effect of dilutive stock options (in shares) | 309,000 | 521,000 | 570,000 |
Denominator for diluted earnings per share - Adjusted weighted-average shares and assumed conversions (shares) | 18,680,000 | 18,698,000 | 17,768,000 |
Basic income from continuing operations (in dollars per share) | $ 2.52 | $ 2.94 | $ 2.22 |
Diluted income from continuing operationss (in dollars per share) | $ 2.48 | $ 2.86 | $ 2.15 |
Antidilutive securities excluded from computation of earnings per share (shares) | 44,350 | 0 | 0 |
Organization and Summary of Significant Accounting Policies (Advertising Costs) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Accounting Policies [Abstract] | |||
Advertising expense | $ 3.2 | $ 3.3 | $ 2.9 |
Organization and Summary of Significant Accounting Policies (Equity Compensation) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Employee stock option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 4 years |
Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Fair Value Measurements (Various Instruments That Require Fair Value Measurement) (Detail) - Fair Value, Recurring - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contracts | $ (78) | $ (18) |
Copper derivative contracts | 193 | 355 |
Interest rate swap | (18) | (144) |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contracts | 0 | 0 |
Copper derivative contracts | 0 | 0 |
Interest rate swap | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contracts | (78) | (18) |
Copper derivative contracts | 193 | 355 |
Interest rate swap | (18) | (144) |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contracts | 0 | 0 |
Copper derivative contracts | 0 | 0 |
Interest rate swap | $ 0 | $ 0 |
Fair Value Measurements (Assets Held For Sale) (Details) - Fair Value, Nonrecurring $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
BrightVolt investment | $ 341 |
Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
BrightVolt investment | 0 |
Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
BrightVolt investment | 0 |
Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
BrightVolt investment | $ 341 |
Hedging Transactions and Derivative Financial Instruments (Additional Information) (Detail) - Bank Term Loan $ in Millions |
Dec. 31, 2015
USD ($)
Contract
|
---|---|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Number of derivative contracts related to minimizing risk associated with potential rise in copper prices | Contract | 24 |
Term loan debt | $ 53.6 |
Interest Rate Swap Instrument | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Term loan debt | $ 16.2 |
Hedging Transactions and Derivative Financial Instruments (Notional Values of Derivative Instruments) (Detail) |
Dec. 31, 2015
JPY (¥)
T / mo
|
Dec. 31, 2015
USD ($)
T / mo
|
Dec. 31, 2015
KRW (₩)
T / mo
|
Dec. 31, 2015
CNY (¥)
T / mo
|
Dec. 31, 2015
EUR (€)
T / mo
|
---|---|---|---|---|---|
Copper Derivative Instruments | Copper January 2016 - March 2016 | |||||
Derivative [Line Items] | |||||
Notional Value of Copper Derivatives | 150 | 150 | 150 | 150 | 150 |
Copper Derivative Instruments | Copper April 2016 - June 2016 | |||||
Derivative [Line Items] | |||||
Notional Value of Copper Derivatives | 130 | 130 | 130 | 130 | 130 |
Copper Derivative Instruments | Copper July 2016 - September 2016 | |||||
Derivative [Line Items] | |||||
Notional Value of Copper Derivatives | 127 | 127 | 127 | 127 | 127 |
Copper Derivative Instruments | Copper October 2016 - December 2016 | |||||
Derivative [Line Items] | |||||
Notional Value of Copper Derivatives | 117 | 117 | 117 | 117 | 117 |
Copper Derivative Instruments | Copper January 2017 - March 2017 | |||||
Derivative [Line Items] | |||||
Notional Value of Copper Derivatives | 16 | 16 | 16 | 16 | 16 |
Foreign Currency Derivative Instruments | YEN/USD Notional Amount of Foreign Currency Derivatives | |||||
Derivative [Line Items] | |||||
Notional Values of Foreign Currency Derivatives | ¥ | ¥ 155,000,000 | ||||
Foreign Currency Derivative Instruments | USD/KRW Notional Amount of Foreign Currency Derivatives | |||||
Derivative [Line Items] | |||||
Notional Values of Foreign Currency Derivatives | ₩ | ₩ 7,580,028,000 | ||||
Foreign Currency Derivative Instruments | CNY/EUR Notional Amount of Foreign Currency Derivatives | |||||
Derivative [Line Items] | |||||
Notional Values of Foreign Currency Derivatives | ¥ | ¥ 14,000,000 | ||||
Foreign Currency Derivative Instruments | EUR/GBP Notional Amount of Foreign Currency Derivatives | |||||
Derivative [Line Items] | |||||
Notional Values of Foreign Currency Derivatives | € | € 408,291 | ||||
Foreign Currency Derivative Instruments | CNY/USD Notional Amount of Foreign Currency Derivatives | |||||
Derivative [Line Items] | |||||
Notional Values of Foreign Currency Derivatives | ¥ | ¥ 45,000,000 | ||||
Foreign Currency Derivative Instruments | USD/EUR Notional Amount of Foreign Currency Derivatives | |||||
Derivative [Line Items] | |||||
Notional Values of Foreign Currency Derivatives | $ | $ 400,000 | ||||
Foreign Currency Derivative Instruments | YEN/EUR Notional Amount of Foreign Currency Derivatives | |||||
Derivative [Line Items] | |||||
Notional Values of Foreign Currency Derivatives | ¥ | ¥ 160,000,000 | ||||
Foreign Currency Derivative Instruments | EUR/CNH Notional Amount of Foreign Currency Derivatives | |||||
Derivative [Line Items] | |||||
Notional Values of Foreign Currency Derivatives | € | € 363,029 |
Hedging Transactions and Derivative Financial Instruments (Effect and Fair Value of Derivative Instruments) (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Other income, net | Foreign Exchange Option Contracts | ||
Derivative [Line Items] | ||
Foreign Exchange Contracts, Not designated as hedging instruments, Amount of gain (loss) | $ (78) | $ (18) |
Foreign Exchange Contracts, Not designated as hedging instruments, Other assets (liabilities) | (78) | (18) |
Other income, net | Copper Derivative Instruments | ||
Derivative [Line Items] | ||
Copper Derivative Instruments, Not designated as hedging instruments, Amount of gain (loss) | (666) | (605) |
Copper Derivative Instruments, Not designated as hedging instruments, Other assets (liabilities) | 193 | 355 |
Other comprehensive income (loss) | Interest Rate Swap Instrument | ||
Derivative [Line Items] | ||
Interest Rate Swap Instrument, Designated as hedging instruments, Amount of gain (loss) | 126 | 152 |
Interest Rate Swap Instrument, Designated as hedging instruments, Other assets (liabilities) | $ (18) | $ (144) |
Accumulated Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income or Loss) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||||||||||
Beginning Balance | $ (65,094) | $ (11,450) | |||||||||||||
Other comprehensive income before reclassifications | (27,174) | (37,042) | |||||||||||||
Actuarial net gain (loss) incurred in fiscal year | 2,760 | (20,715) | $ 32,749 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | 1,050 | 4,113 | |||||||||||||
Net current-period other comprehensive income | (23,364) | (53,644) | |||||||||||||
Ending Balance | (88,458) | (65,094) | (11,450) | ||||||||||||
AOCI, Pension and other postretirement benefit plans, tax | 9,879 | 11,952 | 2,900 | ||||||||||||
AOCI, Cumulative changes in net gain (loss) from cash flow hedges, tax | 5 | 50 | 110 | ||||||||||||
Foreign currency translation adjustments | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||||||||||
Beginning Balance | (14,193) | 22,756 | |||||||||||||
Other comprehensive income before reclassifications | (27,172) | (36,949) | |||||||||||||
Actuarial net gain (loss) incurred in fiscal year | 0 | 0 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | |||||||||||||
Net current-period other comprehensive income | (27,172) | (36,949) | |||||||||||||
Ending Balance | (41,365) | (14,193) | 22,756 | ||||||||||||
Funded status of pension plans and other postretirement benefits | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||||||||||
Beginning Balance | [1] | (50,808) | [2] | (33,997) | |||||||||||
Other comprehensive income before reclassifications | 0 | [2] | 0 | [1] | |||||||||||
Actuarial net gain (loss) incurred in fiscal year | 2,760 | [2] | (20,715) | [1] | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 966 | [2] | 3,904 | [1] | |||||||||||
Net current-period other comprehensive income | 3,726 | [2] | (16,811) | [1] | |||||||||||
Ending Balance | (47,082) | [2] | (50,808) | [1],[2] | (33,997) | [1] | |||||||||
Unrealized gain (loss) on derivative instruments | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||||||||||
Beginning Balance | [4] | (93) | [3] | (209) | |||||||||||
Other comprehensive income before reclassifications | (2) | [3] | (93) | [4] | |||||||||||
Actuarial net gain (loss) incurred in fiscal year | 0 | [3] | 0 | [4] | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 84 | [3] | 209 | [4] | |||||||||||
Net current-period other comprehensive income | 82 | [3] | 116 | [4] | |||||||||||
Ending Balance | $ (11) | [3] | $ (93) | [3],[4] | $ (209) | [4] | |||||||||
|
Accumulated Other Comprehensive Income (Loss) (Reclassification) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Income (loss) before income taxes | $ 66,173 | $ 81,224 | $ 49,722 |
Tax benefit (expense) | (19,853) | (27,812) | (11,519) |
Income from continuing operations | 46,320 | 53,412 | $ 38,203 |
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 | 129 | 321 | |
Tax benefit (expense) | (45) | (112) | |
Income from continuing operations | 84 | 209 | |
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] | |||
Income (loss) before income taxes | 1,486 | 6,006 | |
Tax benefit (expense) | (520) | (2,102) | |
Income from continuing operations | $ 966 | $ 3,904 |
Acquisition (Details) - USD ($) $ in Thousands |
3 Months Ended | 11 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jan. 22, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Finite-Lived Intangible Assets [Line Items] | ||||||
Proceeds from the sale of a business | $ 1,300 | $ 0 | $ 0 | |||
Weighted average useful life | 4 years 10 months 24 days | |||||
Amortization expense | $ 10,900 | 6,100 | 6,000 | |||
Estimated future amortization expense for 2016 | $ 10,600 | 10,600 | ||||
Estimated future amortization expense for 2017 | 10,200 | 10,200 | ||||
Estimated future amortization expense for 2018 | 9,600 | 9,600 | ||||
Estimated future amortization expense for 2019 | 9,100 | 9,100 | ||||
Gain (Loss) on Disposition of Business | $ (4,819) | 0 | $ 0 | |||
Customer relationships | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Weighted average useful life | 5 years 6 months | |||||
Arlon | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Purchase price | $ 157,000 | |||||
Cash from credit facility used to fund acquisition | 125,000 | |||||
Estimated future amortization expense for 2016 | 5,800 | $ 5,800 | ||||
Estimated future amortization expense for 2017 | 5,800 | 5,800 | ||||
Estimated future amortization expense for 2018 | 5,800 | 5,800 | ||||
Estimated future amortization expense for 2019 | $ 5,800 | 5,800 | ||||
Transaction costs | 1,500 | |||||
Business Acquisition, Acquiree Revenue | 100,000 | |||||
Business Acquisition, Pro Forma Revenue | $ 173,633 | 714,303 | ||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 8,814 | $ 63,751 | ||||
Business Acquisition, Acquiree Net Income (Loss) | $ 24,700 | |||||
Arlon | Developed technology rights | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets acquired | 15,800 | |||||
Weighted average useful life | 5 years 8 months 12 days | 5 years 8 months 12 days | ||||
Arlon | Customer relationships | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets acquired | 32,700 | |||||
Weighted average useful life | 6 years | 6 years | ||||
Arlon | Trademarks | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets acquired | 1,600 | |||||
Weighted average useful life | 3 years 2 months 12 days | 3 years 2 months 12 days | ||||
Minimum | Arlon | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Amortization expense | 1,800 | |||||
Maximum | Arlon | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Amortization expense | $ 5,800 |
Acquisition Schedule of recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Jan. 22, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Assets: | |||
Goodwill | $ 175,453 | $ 98,227 | |
Arlon | |||
Assets: | |||
Cash | $ 142 | ||
Accounts receivable | 17,301 | ||
Other current assets | 856 | ||
Inventory | 9,916 | ||
Deferred income tax assets, current | 1,084 | ||
Property, plant & equipment | 30,667 | ||
Intangible assets | 50,020 | ||
Goodwill | 85,803 | ||
Other long-term assets | 106 | ||
Total assets | 195,895 | ||
Liabilities: | |||
Accounts payable | 4,958 | ||
Other current liabilities | 4,385 | ||
Deferred tax liability | 23,463 | ||
Other long-term liabilities | 4,540 | ||
Total liabilities | 37,346 | ||
Fair value of net assets acquired | $ 158,549 |
Acquisition Business Acquisition Pro Forma Information (Details) - Arlon - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Dec. 31, 2014 |
Dec. 31, 2014 |
|
Business Acquisition [Line Items] | ||
Net sales | $ 173,633 | $ 714,303 |
Net income | $ 8,814 | $ 63,751 |
Property, Plant and Equipment (Schedule of Plant Property and Equipment) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Property, Plant and Equipment [Abstract] | ||
Land | $ 16,726 | $ 14,045 |
Buildings and improvements | 141,082 | 132,105 |
Machinery and equipment | 191,459 | 165,979 |
Office equipment | 42,696 | 36,810 |
Property, plant and equipment, gross | 391,963 | 348,939 |
Accumulated depreciation | (237,150) | (225,092) |
Property, Plant and Equipment, Before Equipment in Process | 154,813 | 123,847 |
Equipment in process | 23,848 | 26,573 |
Total property, plant and equipment, net | $ 178,661 | $ 150,420 |
Property, Plant and Equipment (Additional Information) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 23.2 | $ 20.1 | $ 20.4 |
Capital lease obligation | 5.8 | 6.8 | |
Amortization of leased asset | 0.3 | 0.4 | $ 0.4 |
Capital leases accumulated depreciation | $ 1.9 | $ 1.6 |
Goodwill and Intangible Assets (Intangible Assets) (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Nov. 30, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 101,158 | $ 55,127 | |
Accumulated Amortization | 30,442 | 21,551 | |
Net Carrying Amount | 70,716 | 33,576 | |
Indefinite lived intangible assets | 4,303 | 4,764 | |
Total intangible assets | 105,461 | 59,891 | |
Other intangible assets | 75,019 | 38,340 | |
Trademarks and patents | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 2,543 | 1,046 | |
Accumulated Amortization | 718 | 364 | |
Net Carrying Amount | 1,825 | 682 | |
Technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 47,724 | 33,942 | |
Accumulated Amortization | 19,681 | 15,958 | |
Net Carrying Amount | 28,043 | 17,984 | |
Covenant-not-to-compete | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 943 | 1,016 | |
Accumulated Amortization | 943 | 823 | |
Net Carrying Amount | 0 | 193 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 49,948 | 19,123 | |
Accumulated Amortization | 9,100 | 4,406 | |
Net Carrying Amount | $ 40,848 | $ 14,717 | |
Technology License Agreement | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 1,000 |
Goodwill and Intangible Assets (Additional Information) (Detail) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015
USD ($)
unit
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Nov. 30, 2015
USD ($)
|
|
Finite-Lived Intangible Assets [Line Items] | ||||
Carrying amount of intangible assets | $ 101,158,000 | $ 55,127,000 | ||
Weighted average useful life | 4 years 10 months 24 days | |||
Amortization expense | $ 10,900,000 | 6,100,000 | $ 6,000,000 | |
Estimated future amortization expense for 2016 | 10,600,000 | |||
Estimated future amortization expense for 2017 | 10,200,000 | |||
Estimated future amortization expense for 2018 | 9,600,000 | |||
Estimated future amortization expense for 2019 | 9,100,000 | |||
Estimated future amortization expense for 2020 | $ 5,600,000 | |||
Number of reportable segments | unit | 4 | |||
Goodwill acquired | $ 175,453,000 | 98,227,000 | ||
Goodwill, Impairment Loss | 0 | |||
Advanced Connectivity Solutions | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill acquired | $ 51,931,000 | 0 | ||
Annual Impairment Testing | ||||
Fair value of goodwill in excess of carrying value, Percent | 341.00% | |||
Elastomeric Material Solutions | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill acquired | $ 56,269,000 | $ 23,565,000 | ||
Annual Impairment Testing | ||||
Fair value of goodwill in excess of carrying value, Percent | 208.60% | |||
Sensitivity analysis, Discount rate used | 12.00% | |||
Sensitivity analysis, Terminal year growth rate | 3.00% | |||
Curamik Electronics Solutions | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill acquired | $ 65,000,000 | |||
Annual Impairment Testing | ||||
Fair value of goodwill in excess of carrying value, Percent | 73.80% | |||
Sensitivity analysis, Discount rate used | 15.30% | |||
Sensitivity analysis, Terminal year growth rate | 3.00% | |||
Elastomer Component Division | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill acquired | $ 2,200,000 | |||
Annual Impairment Testing | ||||
Fair value of goodwill in excess of carrying value, Percent | 232.30% | |||
Sensitivity analysis, Discount rate used | 13.00% | |||
Sensitivity analysis, Terminal year growth rate | 3.00% | |||
Technology License Agreement | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Carrying amount of intangible assets | $ 1,000,000 | |||
Weighted average useful life | 5 years |
Goodwill and Intangible Assets (Weighted Average Amortization Period by Intangible Asset Class) (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful life | 4 years 10 months 24 days |
Trademarks and patents | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful life | 3 years 8 months 12 days |
Technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful life | 4 years 1 month 6 days |
Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average useful life | 5 years 6 months |
Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill by Segment) (Detail) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Goodwill [Roll Forward] | |
December 31, 2014 | $ 98,227 |
Arlon acquisition | 85,803 |
Foreign currency translation adjustment | (8,577) |
December 31, 2015 | 175,453 |
Elastomeric Material Solutions | |
Goodwill [Roll Forward] | |
December 31, 2014 | 23,565 |
Arlon acquisition | 33,872 |
Foreign currency translation adjustment | (1,168) |
December 31, 2015 | 56,269 |
Advanced Connectivity Solutions | |
Goodwill [Roll Forward] | |
December 31, 2014 | 0 |
Arlon acquisition | 51,931 |
Foreign currency translation adjustment | 0 |
December 31, 2015 | 51,931 |
Power Electronics Solutions | |
Goodwill [Roll Forward] | |
December 31, 2014 | 72,438 |
Arlon acquisition | 0 |
Foreign currency translation adjustment | (7,409) |
December 31, 2015 | 65,029 |
Other | |
Goodwill [Roll Forward] | |
December 31, 2014 | 2,224 |
Arlon acquisition | 0 |
Foreign currency translation adjustment | 0 |
December 31, 2015 | $ 2,224 |
Summarized Financial Information of Unconsolidated Joint Ventures (Additional Information) (Detail) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
joint_venture
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Schedule of Equity Method Investments [Line Items] | |||
Number of joint ventures that are 50% owned | joint_venture | 2 | ||
Equity income in unconsolidated joint ventures | $ 2,890 | $ 4,123 | $ 4,326 |
Due from joint ventures, current | $ 1,800 | $ 1,800 | |
Rogers INOAC Corporation | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest in joint venture | 50.00% | ||
Rogers I N O A C Suzhou Corporation | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest in joint venture | 50.00% |
Summarized Financial Information of Unconsolidated Joint Ventures (Accounted for Under Equity Method of Accounting) (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |
Fiscal Year-End | --12-31 |
Rogers INOAC Corporation | Japan | Elastomeric Material Solutions | |
Schedule of Equity Method Investments [Line Items] | |
Fiscal Year-End | --10-31 |
Rogers I N O A C Suzhou Corporation | China | Elastomeric Material Solutions | |
Schedule of Equity Method Investments [Line Items] | |
Fiscal Year-End | --12-31 |
Summarized Financial Information of Unconsolidated Joint Ventures (Assets, Liabilities, and Equity) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Equity Method Investments and Joint Ventures [Abstract] | ||
Current assets | $ 28,239 | $ 31,155 |
Noncurrent assets | 7,207 | 9,427 |
Current liabilities | 4,608 | 6,473 |
Shareholders' equity | $ 30,838 | $ 34,109 |
Summarized Financial Information of Unconsolidated Joint Ventures (Sales, Profit, and Income) (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Equity Method Investments and Joint Ventures [Abstract] | |||
Net sales | $ 43,438 | $ 48,259 | $ 52,982 |
Gross profit | 11,993 | 14,277 | 15,214 |
Net income | $ 5,753 | $ 8,246 | $ 8,652 |
Investment (Additional Information) (Details) - BrightVolt Inc. - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Mar. 31, 2013 |
Sep. 30, 2009 |
|
Schedule of Investments [Line Items] | |||||
Investment in joint venture | $ 0.3 | $ 0.5 | $ 0.3 | $ 0.1 | $ 5.0 |
Impairment charge | $ 0.2 | $ 4.6 |
Pension Benefit and Retirement Health and Life Insurance Benefits (Additional Information) (Detail) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2014
USD ($)
|
Jun. 30, 2013
USD ($)
|
Dec. 31, 2015
USD ($)
plan
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Number of defined benefit pension plans | plan | 3 | ||||
Projected benefit obligation of plan with accumulated benefit obligation in excess of plan assets | $ 155,200 | $ 151,900 | $ 155,200 | ||
Accumulated benefit obligation of plan with accumulated benefit obligation in excess of plan assets | 155,200 | 151,900 | 155,200 | ||
Fair value of the plan assets of plan with accumulated benefit obligation in excess of plan assets | 137,600 | 139,300 | 137,600 | ||
Projected benefit obligation of plan with plan assets in excess of accumulated benefit obligation | 32,600 | 30,500 | 32,600 | ||
Accumulated benefit obligation of plan with plan assets in excess of accumulated benefit obligation | 32,600 | 30,500 | 32,600 | ||
Fair value of the plan assets of plan with plan assets in excess of accumulated benefit obligation | 33,000 | $ 31,700 | $ 33,000 | ||
Change in discount rate | 0.25% | ||||
Discount rate | 4.25% | 4.00% | |||
Health care cost trend rate annual change | 0.50% | ||||
Percentage point change in assumed health care cost trend rates | 1.00% | ||||
Health care cost, employees age | 65 years | ||||
Estimated employer contributions in 2015 | $ 300 | ||||
Employer contributions | $ 6,500 | $ 13,000 | |||
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 | 7.50% | 7.50% | |||
Ultimate health care cost trend rate | 4.50% | ||||
Retirees of 65 Years Old or Older | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Health care cost trend rate assumed for next fiscal year | 7.50% | 7.50% | |||
Ultimate health care cost trend rate | 4.50% | ||||
Pension Benefits | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined benefit plan, one-time cash payment | $ 8,541 | $ 24,934 | |||
Settlement charge | $ 5,200 | 0 | 3,530 | ||
Curtailment charges | $ 1,500 | 0 | $ 0 | $ (1,537) | |
Net loss to be recognized over next twelve months | $ 1,800 | ||||
Discount rate | 4.00% | 4.75% | |||
Historical return on plan assets over 20 years | 8.40% | ||||
Hypothetical long-term return on assets over last 20 years | 8.50% | ||||
Hypothetical long-term return on assets over the last 10 years | 7.50% | ||||
Expected long-term rate of return on plan assets | 6.50% | ||||
Employer contributions | $ 6,971 | $ 13,871 | |||
Pension Benefits | Equity Securities | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Plan asset allocations | 23.00% | 27.00% | 23.00% | ||
Pension Benefits | Debt Securities | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Plan asset allocations | 77.00% | 73.00% | 77.00% | ||
Retirement Health and Life Insurance Benefits | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined benefit plan, one-time cash payment | $ 766 | $ 775 | |||
Settlement charge | 0 | 0 | |||
Curtailment charges | 0 | $ 0 | $ 0 | ||
Net loss to be recognized over next twelve months | $ 1,600 | ||||
Discount rate | 3.00% | 3.25% | |||
Employer contributions | $ 766 | $ 775 | |||
Bear Plan | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Remaining required employer contributions | $ 300 |
Pension Benefit and Retirement Health and Life Insurance Benefits (Obligations and Funded Status) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Change in plan assets: | ||||
Employer contributions | $ 6,500 | $ 13,000 | ||
Pension Benefits | ||||
Change in benefit obligation: | ||||
Benefit obligation at beginning of year | 187,882 | 174,325 | ||
Addition of Bear Plan | 4,169 | 0 | ||
Service cost | 0 | 0 | $ 2,473 | |
Interest cost | 7,523 | 8,015 | 7,753 | |
Actuarial (gain) loss | (8,674) | 34,006 | ||
Benefit payments | (8,541) | (24,934) | ||
Plan Amendment | 0 | 0 | ||
Special termination benefit | $ (5,200) | 0 | (3,530) | |
Benefit obligation at end of year | 187,882 | 182,359 | 187,882 | 174,325 |
Change in plan assets: | ||||
Fair value of plan assets at the beginning of the year | 170,600 | 171,218 | ||
Addition of Bear Plan | 2,171 | 0 | ||
Actual return on plan assets | (194) | 10,445 | ||
Employer contributions | 6,971 | 13,871 | ||
Benefit payments | (8,541) | (24,934) | ||
Fair value of plan assets at the end of the year | 170,600 | 171,007 | 170,600 | 171,218 |
Funded status | (17,282) | (11,352) | (17,282) | |
Retirement Health and Life Insurance Benefits | ||||
Change in benefit obligation: | ||||
Benefit obligation at beginning of year | 9,839 | 10,824 | ||
Addition of Bear Plan | 0 | 0 | ||
Service cost | 411 | 556 | 627 | |
Interest cost | 216 | 305 | 262 | |
Actuarial (gain) loss | (1,362) | (1,071) | ||
Benefit payments | (766) | (775) | ||
Plan Amendment | (5,616) | 0 | ||
Special termination benefit | 0 | 0 | ||
Benefit obligation at end of year | 9,839 | 2,722 | 9,839 | 10,824 |
Change in plan assets: | ||||
Fair value of plan assets at the beginning of the year | 0 | 0 | ||
Addition of Bear Plan | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Employer contributions | 766 | 775 | ||
Benefit payments | (766) | (775) | ||
Fair value of plan assets at the end of the year | 0 | 0 | 0 | $ 0 |
Funded status | $ (9,839) | $ (2,722) | $ (9,839) |
Pension Benefit and Retirement Health and Life Insurance Benefits (Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Pension Benefits | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Noncurrent assets | $ 1,273 | $ 404 |
Current liabilities | (1) | (34) |
Noncurrent liabilities | (12,624) | (17,652) |
Net amount recognized at end of year | (11,352) | (17,282) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||
Net actuarial (loss) gain | (62,972) | (62,053) |
Prior service benefit | 0 | 0 |
Net amount recognized at end of year | (62,972) | (62,053) |
Retirement Health and Life Insurance Benefits | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Noncurrent assets | 0 | 0 |
Current liabilities | (537) | (1,071) |
Noncurrent liabilities | (2,185) | (8,768) |
Net amount recognized at end of year | (2,722) | (9,839) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||
Net actuarial (loss) gain | 643 | (707) |
Prior service benefit | 5,368 | 0 |
Net amount recognized at end of year | $ 6,011 | $ (707) |
Pension Benefit and Retirement Health and Life Insurance Benefits (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 2,473 | |
Interest cost | 7,523 | 8,015 | 7,753 | |
Expected return of plan assets | (11,148) | (12,909) | (11,247) | |
Amortization of prior service cost (credit) | 0 | 0 | 124 | |
Amortization of net loss | 1,690 | 686 | 3,615 | |
Settlement charge | 57 | 5,321 | 0 | |
Curtailment charge | $ (1,500) | 0 | 0 | 1,537 |
Net periodic benefit cost (benefit) | (1,878) | 1,113 | 4,255 | |
Retirement Health and Life Insurance Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 411 | 556 | 627 | |
Interest cost | 216 | 305 | 262 | |
Expected return of plan assets | 0 | 0 | 0 | |
Amortization of prior service cost (credit) | (248) | 0 | (230) | |
Amortization of net loss | (12) | 0 | 204 | |
Settlement charge | 0 | 0 | 0 | |
Curtailment charge | 0 | 0 | 0 | |
Net periodic benefit cost (benefit) | $ 367 | $ 861 | $ 863 |
Pension Benefit and Retirement Health and Life Insurance Benefits (Assumptions Used) (Details) |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.25% | 4.00% |
Pension Benefits | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 4.25% | 4.00% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.00% | 4.75% |
Expected long-term rate of return on plan assets | 6.50% | 7.50% |
Retirement Health and Life Insurance Benefits | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 3.00% | 3.00% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 3.00% | 3.25% |
Expected long-term rate of return on plan assets | 0.00% | 0.00% |
Pension Benefit and Retirement Health and Life Insurance Benefits (One-Percentage Point Change in Assumed Health Care Cost Trend Rates) (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | |
Effect on total service and interest cost - Increase | $ 41 |
Effect on total service and interest cost - Decrease | (38) |
Effect on other postretirement benefit obligations - Increase | 73 |
Effect on other postretirement benefit obligations - Decrease | $ (68) |
Pension Benefit and Retirement Health and Life Insurance Benefits (Fair Value of Net Assets by Asset Category) (Details) - Pension Benefits - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | $ 171,007 | $ 170,600 | $ 171,218 |
Pooled separate accounts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 6,782 | 5,204 | |
Fixed income bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 110,427 | 102,535 | |
Mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 43,454 | 51,097 | |
Guaranteed deposit account | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | $ 10,344 | $ 11,764 |
Pension Benefit and Retirement Health and Life Insurance Benefits (Assets Carried at Fair Value by Level) (Details) - Pension Benefits - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | $ 171,007 | $ 170,600 | $ 171,218 |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 43,454 | 51,097 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 117,209 | 107,739 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 10,344 | 11,764 | |
Pooled separate accounts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 6,782 | 5,204 | |
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 | 6,782 | 5,204 | |
Pooled separate accounts | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 0 | 0 | |
Fixed income bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 110,427 | 102,535 | |
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 | 110,427 | 102,535 | |
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 | 43,454 | 51,097 | |
Mutual funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 43,454 | 51,097 | |
Mutual funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 0 | 0 | |
Mutual funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 0 | 0 | |
Guaranteed deposit account | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension assets | 10,344 | 11,764 | |
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 | $ 10,344 | $ 11,764 |
Pension Benefit and Retirement Health and Life Insurance Benefits (Summary of Changes in Fair Value of Guaranteed Deposit Account's Level 3 Assets) (Details) - Pension Benefits - Guaranteed deposit account - Level 3 $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at beginning of year | $ 11,764 |
Unrealized gains relating to instruments still held at the reporting date | 476 |
Purchases, sales, issuances and settlements (net) | (1,896) |
Balance at end of year | $ 10,344 |
Pension Benefit and Retirement Health and Life Insurance Benefits (Estimated Future Payments) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2016 | $ 8,489 |
2017 | 8,666 |
2018 | 8,858 |
2019 | 9,121 |
2020 | 9,389 |
2021-2025 | 52,370 |
Retirement Health and Life Insurance Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2016 | 537 |
2017 | 465 |
2018 | 319 |
2019 | 266 |
2020 | 262 |
2021-2025 | $ 1,156 |
Employee Savings and Investment Plan (Additional Information) (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer contributions | $ 6,500,000 | $ 13,000,000 | |
Rogers Employee Savings and Investment Plan (RESIP) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
IRS deferral limit | $ 18,000 | 17,500 | |
Employee compensation subject to employer matching percent | 6.00% | ||
Employer contributions | $ 3,200,000 | $ 2,700,000 | $ 2,100,000 |
Rogers Employee Savings and Investment Plan (RESIP) | 100% match | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employee compensation subject to employer matching percent | 3.50% | ||
Rogers Employee Savings and Investment Plan (RESIP) | 100% match | 1% of compensation | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer matching contribution percent | 100.00% | ||
Employee compensation subject to employer matching percent | 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] | |||
Employer matching contribution percent | 50.00% | ||
Employee compensation subject to employer matching percent | 5.00% |
Debt (Additional Information) (Detail) |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Jun. 30, 2015
USD ($)
|
Jun. 18, 2015
USD ($)
|
Jun. 17, 2015
USD ($)
|
Jul. 13, 2011
USD ($)
|
|
Debt Instrument [Line Items] | |||||||
Estimated employer contributions in 2015 | $ 300,000 | ||||||
Credit agreement, maximum borrowing capacity | $ 265,000,000 | ||||||
Credit line | 0 | ||||||
Debt issuance cost, noncurrent | $ 2,100,000 | $ 500,000 | |||||
Actual leverage ratio | 1.47 | ||||||
Interest coverage ratio, actual | 23.82 | ||||||
Amortization expense, debt issue costs | $ 500,000 | $ 500,000 | $ 500,000 | ||||
Interest expense on outstanding debt | 3,500,000 | 1,800,000 | 2,200,000 | ||||
Unused commitment fee | $ 300,000 | 400,000 | 500,000 | ||||
Option to buy out capital lease, year | 2013 | ||||||
Capital lease, expiration date | 2021 | ||||||
Capital lease obligation | $ 5,800,000 | 6,800,000 | |||||
Amortization expense related to the capital lease | 300,000 | 400,000 | 400,000 | ||||
Capital leases accumulated depreciation | 1,900,000 | 1,600,000 | |||||
Interest expense on capital lease | 400,000 | 500,000 | 500,000 | ||||
Interest Paid | 3,300,000 | 2,500,000 | $ 3,100,000 | ||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Amount drawn on the line of credit to fund the acquisition of Curamik | 125,000,000 | ||||||
Repayments of lines of credit | 6,400,000 | 17,500,000 | |||||
Letter of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Credit agreement, maximum borrowing capacity | 1,200,000 | 1,400,000 | |||||
Amounts drawn on LOC | $ 0 | ||||||
Bank Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Term loan debt | $ 53,600,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.752% | ||||||
Interest rate spread over variable rate | 1.50% | ||||||
Amended Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Credit agreement, maximum borrowing capacity | $ 350,000,000 | ||||||
Debt issuance cost, noncurrent | $ 1,800,000 | ||||||
Line of credit facility, additional borrowing capacity | 50,000,000 | ||||||
Leverage ratio, maximum | 3.25 | ||||||
Maximum leverage ratio option | 3.50 | ||||||
Interest coverage ratio, minimum | 3.00 | ||||||
Amended Credit Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Credit agreement, maximum borrowing capacity | 295,000,000 | ||||||
Amended Credit Facility | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Unused commitment fee percentage | 0.20% | ||||||
Interest rate spread over variable rate | 0.375% | ||||||
Amended Credit Facility | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Unused commitment fee percentage | 0.30% | ||||||
Interest rate spread over variable rate | 0.75% | ||||||
Amended Credit Facility | Bank Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Credit agreement, maximum borrowing capacity | $ 55,000,000.0 | ||||||
Eurocurrency loans | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate spread over variable rate | 1.375% | ||||||
Eurocurrency loans | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate spread over variable rate | 1.75% | ||||||
Federal Funds Rate | Amended Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate spread over variable rate | 0.50% | ||||||
London Interbank Offered Rate (LIBOR) | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate spread over variable rate | 1.00% | ||||||
London Interbank Offered Rate (LIBOR) | Bank Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Derivative, Basis Spread on Variable Rate | 0.4375% | ||||||
Interest Rate Swap Instrument | Bank Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Term loan debt | $ 16,200,000 |
Debt (Aggregate Payments) (Detail) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Debt Disclosure [Abstract] | |
2016 | $ 3.4 |
2017 | 4.1 |
2018 | 4.8 |
2019 | 5.5 |
2020 | $ 160.8 |
Income Taxes (Consolidated Income (Loss) from Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Domestic | $ 14,832 | $ 9,604 | $ 2,201 |
International | 51,341 | 71,620 | 47,521 |
Total | $ 66,173 | $ 81,224 | $ 49,722 |
Income Taxes (Income Tax Expense (Benefit) in the Consolidated Statements of Income) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Current | |||
Domestic | $ 993 | $ 2,205 | $ (7,075) |
International | 15,192 | 17,172 | 12,667 |
Total | 16,185 | 19,377 | 5,592 |
Deferred | |||
Domestic | 4,272 | 6,984 | 6,187 |
International | (604) | 1,451 | (260) |
Total | 3,668 | 8,435 | 5,927 |
Domestic | 5,265 | 9,189 | (888) |
International | 14,588 | 18,623 | 12,407 |
Total | $ 19,853 | $ 27,812 | $ 11,519 |
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
---|---|---|---|---|
Deferred tax assets | ||||
Accrued employee benefits and compensation | $ 9,284 | $ 9,168 | ||
Postretirement benefit obligations | 5,434 | 7,866 | ||
Tax loss and credit carryforwards | 9,318 | 16,533 | ||
Reserves and accruals | 5,075 | 4,230 | ||
Depreciation and amortization | 0 | 17,862 | ||
Other | 3,474 | 2,550 | ||
Total deferred tax assets | 32,585 | 58,209 | ||
Less deferred tax asset valuation allowance | (6,202) | (7,691) | $ (7,302) | $ (7,992) |
Total deferred tax assets, net of valuation allowance | 26,383 | 50,518 | ||
Deferred tax liabilities | ||||
Depreciation and amortization | 17,492 | 14,303 | ||
Other | 187 | 344 | ||
Total deferred tax liabilities | 17,679 | 14,647 | ||
Net deferred tax asset | $ 8,704 | $ 35,871 |
Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Income Tax Examination [Line Items] | ||||
Effective income tax rate | 30.00% | 34.20% | 23.20% | |
Undistributed earnings of foreign subsidiaries | $ 179,100 | |||
Tax loss and credit carryforwards | 9,318 | $ 16,533 | ||
Deferred tax asset valuation allowance | 6,202 | 7,691 | $ 7,302 | $ 7,992 |
Tax credit carryforwards, foreign | 10,100 | |||
Tax credit carryforwards, research | 6,100 | |||
Tax credit carryforwards, AMT | 500 | |||
Excluded tax credit carryforwards, foreign | 10,100 | |||
Excluded tax credit carryforwards, research | 2,100 | |||
Excluded tax credit carryforwards, AMT | 400 | |||
Income taxes paid, net of refunds | 18,700 | 14,500 | 11,100 | |
Unrecognized tax benefits | 10,571 | 9,368 | 9,148 | |
Unrecognized tax benefits that would impact effective tax rate | 100 | |||
Unrecognized tax benefits, interest and penalties accrued | 1,300 | 1,200 | ||
Income Tax Examination, Interest Expense | (100) | $ (100) | $ 900 | |
Minimum amount of unrecognized tax benefits that could be recognized over next 12 months | 8,300 | |||
Minimum | ||||
Income Tax Examination [Line Items] | ||||
State operating loss carryforwards | 500 | |||
Minimum | Arizona | ||||
Income Tax Examination [Line Items] | ||||
Tax loss and credit carryforwards | 7,600 | |||
Capital loss carryforwards | 1,300 | |||
Maximum | ||||
Income Tax Examination [Line Items] | ||||
State operating loss carryforwards | 8,500 | |||
China | ||||
Income Tax Examination [Line Items] | ||||
State operating loss carryforwards | $ 200 |
Income Taxes (Income Tax Expense Difference) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Tax expense at Federal statutory income tax rate | $ 23,161 | $ 28,429 | $ 17,403 |
International tax rate differential | (4,792) | (6,772) | (2,541) |
Foreign source income, net of tax credits | 2,449 | 5,195 | (786) |
State tax, net of federal | (416) | 0 | 0 |
Unrecognized tax benefits | 148 | 603 | (2,197) |
General business credits | (908) | (604) | (702) |
Acquisition related expenses | 453 | 590 | 0 |
Valuation allowance change | (1,489) | 388 | 0 |
Other | 1,247 | (17) | 342 |
Total | $ 19,853 | $ 27,812 | $ 11,519 |
Income Taxes (Reconciliation of Unrecognized Tax Benefits, Excluding Potential Interest and Penalties) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 9,368 | $ 9,148 |
Gross increases - current period tax positions | 4,229 | 1,763 |
Gross increases - tax positions in prior periods | 1,428 | 335 |
Foreign currency exchange | (475) | (230) |
Lapse of statute of limitations | (3,979) | (1,648) |
Ending balance | $ 10,571 | $ 9,368 |
Shareholders' Equity and Equity Compensation (Additional Information) (Details) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
stock_purchase_right
offering_periods
$ / shares
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Lower limit of exercise price range | 50.00% | ||
Vesting period | 4 years | ||
Expiration period | 10 years | ||
Stock purchase right | stock_purchase_right | 1 | ||
Stock repurchase right exercise price (in dollars per share) | $ / shares | $ 240.00 | ||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares | $ 0.01 | ||
Total intrinsic value of options exercised in period | $ 6,700 | $ 9,400 | |
Cash received from exercise of options exercised | 7,000 | 20,500 | |
Total grant-date fair value of stock options vested | 0 | 300 | |
Stock-based compensation expense | 9,643 | 7,533 | $ 5,393 |
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 500 | 500 | 500 |
Employee stock purchase plan number of offering periods | offering_periods | 2 | ||
Employee stock purchase plan length of offering periods | 6 months | ||
Discount from market price percentage | 15.00% | ||
Equity Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 10 years | ||
Annual forfeiture rate | 3.00% | ||
Nonvested awards, total compensation cost not yet recognized | $ 0 | ||
Future compensation cost, period of recognition | 1 month | ||
Stock-based compensation expense | $ 200 | 300 | 400 |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 0.00% | ||
Nonvested awards, total compensation cost not yet recognized | $ 6,000 | ||
Future compensation cost, period of recognition | 1 year 5 months | ||
Stock-based compensation expense | $ 3,200 | 2,300 | 1,300 |
Performance-based restricted stock measurement period | 3 years | ||
Performance Shares | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance-based restricted stock award percentage target | 200.00% | ||
Performance Shares | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance-based restricted stock award percentage target | 0.00% | ||
Time Based Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested awards, total compensation cost not yet recognized | $ 7,900 | ||
Future compensation cost, period of recognition | 1 year 6 months | ||
Stock-based compensation expense | $ 5,000 | 3,600 | 2,500 |
Deferred Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 800 | $ 800 | $ 700 |
Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 10 years | ||
Vesting on the second anniversary after the grant date | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options vesting percentage | 33.33% | ||
Vesting on the third anniversary after the grant date | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options vesting percentage | 33.33% | ||
Vesting on the fourth anniversary after the grant date | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options vesting percentage | 33.34% |
Shareholders' Equity and Equity Compensation (Shares of Capital Stock Reserved) (Details) - shares shares in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance | 2,214,918 | 2,508,249 |
Stock acquisition program (shares) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance | 120,883 | 120,883 |
Stock options and restricted stock (shares) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance | 678,904 | 862,040 |
Shares available for issuance (shares) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance | 1,079,491 | 1,176,882 |
Rogers Employee and Investment Plan (shares) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance | 169,044 | 169,044 |
Rogers Corporation Global Stock Ownership Plan for Employees (shares) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance | 153,357 | 166,152 |
Deferred compensation to be paid in stock (shares) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance | 13,239 | 13,248 |
Shareholders' Equity and Equity Compensation (Summary of Activity Under Stock Option Plans) (Detail) - USD ($) |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||
Options Outstanding | ||||||
Options outstanding at beginning of period (in shares) | 393,347 | 893,139 | 1,765,947 | |||
Options exercised (in shares) | (178,759) | (476,793) | (847,340) | |||
Options canceled (in shares) | (2,550) | (22,999) | (25,468) | |||
Options outstanding at end of period (in shares) | 212,038 | 393,347 | 893,139 | |||
Options exercisable at end of period (in shares) | 204,394 | 364,770 | 721,645 | |||
Options vested at the end of the period (in shares) | [1] | 211,809 | ||||
Weighted- Average Exercise Price Per Share | ||||||
Weighted Average Exercise Price Per Share, Outstanding at period start (in dollars per share) | $ 40.72 | $ 43.23 | $ 40.58 | |||
Weighted Average Exercise Price Per Share, Options exercised (in dollars per share) | 40.90 | 44.6 | 37.82 | |||
Weighted Average Exercise Price Per Share, Options canceled (in dollars per share) | 40.09 | 57.07 | 39.04 | |||
Weighted Average Exercise Price Per Share, Outstanding at period end (in dollars per share) | 40.47 | $ 40.72 | $ 43.23 | |||
Weighted Average Exercise Price Per Share, Options exercisable at December 31, 2014 | 40.44 | |||||
Weighted Average Exercise Price Per Share, Options vested at December 31, 2014 or expected to vest | [1] | $ 40.50 | ||||
Weighted-Average Remaining Contractual Life in Years | ||||||
Weighted-Average Remaining Contractual Life in Years, Options outstanding | 3 years 2 months | 3 years 9 months 24 days | ||||
Weighted-Average Remaining Contractual Life in Years, Options exercisable at December 31, 2014 | 3 years 1 month | |||||
Weighted-Average Remaining Contractual Life in Years, Options vested at December 31, 2014 or expected to vest | [1] | 3 years 2 months | ||||
Aggregate Intrinsic Value | ||||||
Aggregate Intrinsic Value, Options outstanding | $ 2,557,193 | $ 16,019,130 | ||||
Aggregate Intrinsic Value, Options exercisable at December 31, 2014 | 2,478,456 | |||||
Aggregate Intrinsic Value, Options vested at December 31, 2014 or expected to vest | [1] | $ 2,554,831 | ||||
|
Shareholders' Equity and Equity Compensation (Monte Carlo Assumptions Used) (Details) - Performance Shares |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 28.20% | 33.70% |
Expected term (in years) | 3 years | 3 years |
Risk-free interest rate | 0.96% | 0.67% |
Shareholders' Equity and Equity Compensation (Performance Based Restricted Stock Awards) (Detail) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Performance Shares | |||
Awards Outstanding | |||
Non-vested awards outstanding, beginning balance (in shares) | 92,437 | 71,175 | 73,458 |
Awards granted (in shares) | 51,475 | 51,850 | 47,625 |
Stock issued (in shares) | (20,910) | (14,383) | (33,538) |
Awards forfeited or expired (in shares) | (15,773) | (16,205) | (16,370) |
Non-vested awards outstanding, ending balance (in shares) | 107,229 | 92,437 | 71,175 |
Weighted- Average Grant Date Fair Value | |||
Weighted-Average Grant Date Fair Value, Outstanding at period beginning (in dollars per share) | $ 52.75 | $ 47.49 | $ 38.01 |
Weighted-Average Grant Date Fair Value, Awards granted (in dollars per share) | 78.01 | 58.61 | 47.1 |
Weighted-Average Grant Date Fair Value, Stock issued (in dollars per share) | 41.27 | 47.89 | 27.43 |
Weighted-Average Grant Date Fair Value, Awards forfeited or expired (in dollars per share) | 59.45 | 52.71 | 44.9 |
Weighted-Average Grant Date Fair Value, Outstanding at period end (in dollars per share) | $ 66.1 | $ 52.75 | $ 47.49 |
Shareholders' Equity and Equity Compensation (Time Based Restricted Stock Awards) (Detail) - Time Based Restricted Stock - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Awards Outstanding | |||
Non-vested awards outstanding, beginning balance (in shares) | 238,386 | 231,026 | 115,139 |
Awards granted (in shares) | 75,160 | 93,780 | 156,665 |
Stock issued (in shares) | (93,813) | (62,378) | (12,436) |
Awards forfeited or expired (in shares) | (11,415) | (24,042) | (28,342) |
Non-vested awards outstanding, ending balance (in shares) | 208,318 | 238,386 | 231,026 |
Weighted- Average Grant Date Fair Value | |||
Weighted-Average Grant Date Fair Value, Outstanding at period beginning (in dollars per share) | $ 53.80 | $ 48.54 | $ 43.27 |
Weighted-Average Grant Date Fair Value, Awards granted (in dollars per share) | 77.15 | 61.7 | 51.78 |
Weighted-Average Grant Date Fair Value, Stock issued (in dollars per share) | 48.35 | 47.19 | 43.97 |
Weighted-Average Grant Date Fair Value, Awards forfeited or expired (in dollars per share) | 61.32 | 51.19 | 47.07 |
Weighted-Average Grant Date Fair Value, Outstanding at period end (in dollars per share) | $ 64.27 | $ 53.80 | $ 48.54 |
Shareholders' Equity and Equity Compensation (Deferred Stock Units) (Detail) - Deferred Stock Units - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Awards Outstanding | |||
Non-vested awards outstanding, beginning balance (in shares) | 30,150 | 31,550 | 30,150 |
Awards granted (in shares) | 10,300 | 14,700 | 16,800 |
Stock issued (in shares) | (16,500) | (16,100) | (15,400) |
Non-vested awards outstanding, ending balance (in shares) | 23,950 | 30,150 | 31,550 |
Weighted- Average Grant Date Fair Value | |||
Weighted-Average Grant Date Fair Value, Outstanding at period beginning (in dollars per share) | $ 24.43 | $ 26.77 | $ 26.13 |
Weighted-Average Grant Date Fair Value, Awards granted (in dollars per share) | 73.79 | 58.45 | 41.67 |
Weighted-Average Grant Date Fair Value, Stock issued (in dollars per share) | 51.20 | 60.08 | 41.77 |
Weighted-Average Grant Date Fair Value, Outstanding at period end (in dollars per share) | $ 27.22 | $ 24.43 | $ 26.77 |
Commitments and Contingencies (Leases) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Lease Expense | |||
Operating leases | $ 3,531 | $ 2,716 | $ 2,634 |
Capital lease | 667 | $ 747 | $ 1,233 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Total | 10,221 | ||
Operating leases due in 2016 | 2,981 | ||
Operating leases due in 2017 | 2,089 | ||
Operating leases due in 2018 | 1,675 | ||
Operating leases due in 2019 | 915 | ||
Operating leases due in 2020 | 749 | ||
Thereafter | 1,812 | ||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Total | 5,833 | ||
Capital leases due in 2016 | 284 | ||
Capital leases due in 2017 | 300 | ||
Capital leases due in 2018 | 320 | ||
Capital leases due in 2019 | 342 | ||
Capital leases due in 2020 | 366 | ||
Thereafter | $ 4,221 | ||
Minimum | |||
Lease Expense | |||
Operating lease period | 1 year | ||
Maximum | |||
Lease Expense | |||
Operating lease period | 5 years |
Commitments and Contingencies (Additional Information) (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
claims
LegalMatter
|
Dec. 31, 2014
USD ($)
claims
|
Dec. 31, 2013
USD ($)
claims
|
|
Loss Contingencies [Line Items] | |||
Number of pending claims | claims | 488 | 440 | 362 |
Estimated total cleanup costs, accrual | $ 400,000 | ||
Number of claims dismissed | claims | 231 | 104 | |
Number of claims settled | claims | 6 | 13 | |
Claims settlements amount | $ 1,600,000 | $ 3,200,000 | |
Asbestos forecast claim period | 10 years | ||
Asbestos-related liabilities, estimated liability | $ 56,600,000 | 56,500,000 | |
Asbestos-related liabilities, estimated insurance recovery | 53,400,000 | 53,000,000 | |
Environmental remediation expense (income) | $ 300,000 | (800,000) | $ 500,000 |
Superfund Sites Proceedings | |||
Loss Contingencies [Line Items] | |||
Number of pending claims | LegalMatter | 1 | ||
Estimated total cleanup costs, cost sharing percentage | 2.00% | ||
Loss contingency, minimum possible loss | $ 18,800,000 | ||
Loss contingency, maximum possible loss | 29,600,000 | ||
PCB Contamination Proceedings | |||
Loss Contingencies [Line Items] | |||
PCB contamination of the building and pond, liability recording during the period | 700,000 | ||
Remediation and monitoring costs incurred since inception related to the PCB soil and building contamination | 2,500,000 | ||
PCB Contamination Proceedings | Building | |||
Loss Contingencies [Line Items] | |||
Remediation and monitoring costs incurred since inception related to the PCB soil and building contamination | $ 500,000 | ||
PCB Contamination Proceedings | Pond | |||
Loss Contingencies [Line Items] | |||
Estimated total cleanup costs, accrual | 200,000 | ||
Connecticut Voluntary Corrective Action Program (VCAP) | |||
Loss Contingencies [Line Items] | |||
Estimated total cleanup costs, accrual | 3,200,000 | ||
CT DEEP | |||
Loss Contingencies [Line Items] | |||
Estimated total cleanup costs, accrual | $ 0 |
Commitments and Contingencies (Claims for Asbestos) (Details) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015
USD ($)
claims
|
Dec. 31, 2014
USD ($)
claims
|
|||
Commitments and Contingencies Disclosure [Abstract] | ||||
Claims outstanding at beginning of year | 440 | 362 | ||
New claims filed | 231 | 195 | ||
Pending claims concluded | [1] | (183) | (117) | |
Claims outstanding at end of year | 488 | 440 | ||
Number of claims dismissed | 231 | 104 | ||
Number of claims settled | 6 | 13 | ||
Claims settlements amount | $ | $ 1.6 | $ 3.2 | ||
|
Commitments and Contingencies (Schedule to Total Estimated of Liability for Asbestos) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Asbestos-related liabilities, estimated liability | $ 56.6 | $ 56.5 |
Asbestos-related liabilities, estimated insurance recovery | $ 53.4 | $ 53.0 |
Business Segment and Geographic Information (Narrative) (Details) |
Dec. 31, 2015
joint_venture
|
---|---|
Segment Reporting Information [Line Items] | |
Number of joint ventures that are 50% owned | 2 |
Rogers INOAC Corporation | |
Segment Reporting Information [Line Items] | |
Ownership interest in joint venture | 50.00% |
Rogers I N O A C Suzhou Corporation | |
Segment Reporting Information [Line Items] | |
Ownership interest in joint venture | 50.00% |
Business Segment and Geographic Information (Information About Reportable Segments) (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Segment Reporting Information [Line Items] | |||||
Net sales | [1] | $ 641,443 | $ 610,911 | $ 537,482 | |
Operating income | 76,255 | 81,241 | 50,117 | ||
Total assets | 932,458 | 840,435 | 811,321 | ||
Capital expenditures | 24,837 | 28,755 | 16,859 | ||
Depreciation & amortization | 34,054 | 26,268 | 26,351 | ||
Investment in unconsolidated joint ventures | 15,348 | 17,214 | 18,463 | ||
Equity income in unconsolidated joint ventures | 2,890 | 4,123 | 4,326 | ||
Operating Segments | Elastomeric Material Solutions | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 180,898 | 173,671 | 168,082 | ||
Operating income | 19,979 | 23,350 | 22,601 | ||
Total assets | 265,575 | 221,013 | 223,346 | ||
Capital expenditures | 4,103 | 6,197 | 3,030 | ||
Depreciation & amortization | 9,280 | 6,561 | 6,410 | ||
Investment in unconsolidated joint ventures | 15,348 | 17,214 | 18,463 | ||
Equity income in unconsolidated joint ventures | 2,890 | 4,123 | 4,326 | ||
Operating Segments | Advanced Connectivity Solutions | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 267,630 | 240,864 | 184,949 | ||
Operating income | 45,115 | 44,007 | 19,076 | ||
Total assets | 316,235 | 217,173 | 179,363 | ||
Capital expenditures | 15,532 | 14,290 | 7,793 | ||
Depreciation & amortization | 15,403 | 9,575 | 7,004 | ||
Operating Segments | Power Electronics Solutions | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 150,288 | 171,832 | 160,730 | ||
Operating income | 3,750 | 5,654 | 1,338 | ||
Total assets | 321,248 | 377,181 | 384,249 | ||
Capital expenditures | 4,185 | 7,489 | 5,287 | ||
Depreciation & amortization | 7,855 | 9,332 | 12,406 | ||
Investment in unconsolidated joint ventures | 0 | 0 | 0 | ||
Equity income in unconsolidated joint ventures | 0 | 0 | 0 | ||
Operating Segments | Other | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 42,627 | 24,544 | 23,721 | ||
Operating income | 7,411 | 8,230 | 7,102 | ||
Total assets | 29,400 | 25,068 | 24,363 | ||
Capital expenditures | 1,017 | 779 | 749 | ||
Depreciation & amortization | $ 1,516 | $ 800 | $ 531 | ||
|
Business Segment and Geographic Information (Reconciliation to Consolidated Statements of Income (Loss)) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Segment Reporting [Abstract] | |||
Operating income | $ 76,255 | $ 81,241 | $ 50,117 |
Equity income in unconsolidated joint ventures | 2,890 | 4,123 | 4,326 |
Other income (expense), net | (8,492) | (1,194) | (1,240) |
Interest income (expense), net | (4,480) | (2,946) | (3,481) |
Income before income taxes | $ 66,173 | $ 81,224 | $ 49,722 |
Business Segment and Geographic Information (Operations by Geographic Area) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | [1] | $ 641,443 | $ 610,911 | $ 537,482 | ||||
Long-Lived Assets | [2] | 428,827 | 287,223 | 304,772 | ||||
United States | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | [1] | 162,662 | 124,305 | 118,217 | ||||
Long-Lived Assets | [2] | 217,595 | 70,728 | 64,744 | ||||
China | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | [1] | 192,155 | 236,488 | 193,734 | ||||
Long-Lived Assets | [2] | 65,994 | 49,794 | 44,805 | ||||
Germany | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | [1] | 81,452 | 93,478 | 79,043 | ||||
Long-Lived Assets | [2] | 110,240 | 129,702 | 154,688 | ||||
Other | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net sales | [1] | 205,174 | 156,640 | 146,488 | ||||
Long-Lived Assets | [2] | $ 34,998 | $ 36,999 | $ 40,535 | ||||
|
Restructuring and Impairment Charges (Additional Information) (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | 24 Months Ended | ||
---|---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2013 |
|
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and impairment charges | $ 0 | $ 5,390 | $ 10,376 | ||
Pension settlement charge | $ 5,200 | ||||
Restructuring charges recorded in cost of sales | 0 | 368 | |||
Loss from the sale of property, plant and equipment, net | $ 0 | 69 | 7 | ||
Advanced Connectivity Solutions | Employee Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 0 | 802 | |||
Other | Employee Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 0 | 115 | |||
Streamlining and restructuring related activites | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and impairment charges | $ 5,700 | ||||
Streamlining and restructuring related activites | Employee Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and impairment charges | 4,200 | ||||
Streamlining and restructuring related activites | Defined Benefit Plan, Curtailment Charge | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and impairment charges | $ 1,500 | ||||
BrightVolt Inc. | Asset Impairments | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and impairment charges | $ 200 | $ 4,600 |
Restructuring and Impairment Charges (Restructuring and Impairment Charges) (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Cost of Sales | ||||
Total charges for Cost of Sales | $ 0 | $ 368 | ||
Restructuring and Impairment | ||||
Pension settlement charge | $ 5,200 | |||
Total charges for Restructuring and Impairment | $ 0 | 5,390 | 10,376 | |
Elastomeric Material Solutions | Facility Closing | ||||
Restructuring and Impairment | ||||
Severance costs | 0 | 1,345 | ||
Elastomeric Material Solutions | Asset Impairments | ||||
Restructuring and Impairment | ||||
Allocated Solicore impairment | 42 | 1,617 | ||
Elastomeric Material Solutions | Employee Severance | ||||
Cost of Sales | ||||
Union ratification bonus | 0 | 181 | ||
Elastomeric Material Solutions | Pension Settlement | ||||
Restructuring and Impairment | ||||
Pension settlement charge | 1,332 | 0 | ||
Advanced Connectivity Solutions | Asset Impairments | ||||
Restructuring and Impairment | ||||
Allocated Solicore impairment | 62 | 1,617 | ||
Advanced Connectivity Solutions | Employee Severance | ||||
Cost of Sales | ||||
Union ratification bonus | 0 | 179 | ||
Restructuring and Impairment | ||||
Restructuring charges | 0 | 802 | ||
Advanced Connectivity Solutions | Pension Settlement | ||||
Restructuring and Impairment | ||||
Pension settlement charge | 1,954 | 0 | ||
Power Electronics Solutions | Asset Impairments | ||||
Restructuring and Impairment | ||||
Allocated Solicore impairment | 61 | 1,155 | ||
Power Electronics Solutions | Employee Severance | ||||
Cost of Sales | ||||
Union ratification bonus | 0 | 8 | ||
Restructuring and Impairment | ||||
Restructuring charges | 0 | 3,494 | ||
Power Electronics Solutions | Pension Settlement | ||||
Restructuring and Impairment | ||||
Pension settlement charge | 1,921 | 0 | ||
Other | Asset Impairments | ||||
Restructuring and Impairment | ||||
Allocated Solicore impairment | 1 | 231 | ||
Other | Employee Severance | ||||
Restructuring and Impairment | ||||
Restructuring charges | 0 | 115 | ||
Other | Pension Settlement | ||||
Restructuring and Impairment | ||||
Pension settlement charge | $ 17 | $ 0 |
Discontinued Operations (Additional Information) (Detail) - Composite Material Division $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2013
USD ($)
| |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Income (loss) from discontinued operations, net of income taxes | $ 0.1 |
Net sales associated with the discontinued operations | 0.2 |
Tax related to discontinued operations | $ 0.1 |
Share Repurchase (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Aug. 06, 2015 |
|
Equity [Abstract] | |||
Shares of capital stock repurchased (in shares) | 727,573,000 | 0 | |
Stock repurchase program, authorized amount | $ 100,000,000 | ||
Stock repurchase program, remaining authorized repurchase amount | $ 60,000,000 |
Share Repurchase (Schedule of Shares of Common Stock Through the Repurchase Program) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Equity [Abstract] | ||
Shares of capital stock repurchased (in shares) | 727,573,000 | 0 |
Repurchases of capital stock | $ 39,993 |
Quarterly Results of Operations (UNAUDITED) (Results of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net sales | [1] | $ 641,443 | $ 610,911 | $ 537,482 | |||||||||
Gross margin | 235,362 | 234,753 | 188,537 | ||||||||||
Income (loss) from continuing operations | $ 46,320 | $ 53,412 | $ 38,203 | ||||||||||
Net income per share: | |||||||||||||
Basic income from continuing operations (in dollars per share) | $ 2.52 | $ 2.94 | $ 2.22 | ||||||||||
Diluted income from continuing operationss (in dollars per share) | $ 2.48 | $ 2.86 | $ 2.15 | ||||||||||
Scenario, Previously Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net sales | $ 152,928 | $ 160,366 | $ 163,098 | $ 165,051 | $ 147,724 | $ 163,052 | $ 153,495 | $ 146,640 | |||||
Gross margin | 52,604 | 59,530 | 60,589 | 62,355 | 58,335 | 64,548 | 57,138 | 53,919 | |||||
Income (loss) from continuing operations | $ 6,577 | $ 12,455 | $ 13,540 | $ 13,627 | $ 7,013 | $ 20,388 | $ 10,902 | $ 14,580 | |||||
Net income per share: | |||||||||||||
Basic income from continuing operations (in dollars per share) | $ 0.37 | $ 0.68 | $ 0.73 | $ 0.74 | $ 0.38 | $ 1.12 | $ 0.60 | $ 0.81 | |||||
Diluted income from continuing operationss (in dollars per share) | $ 0.37 | $ 0.67 | $ 0.71 | $ 0.72 | $ 0.37 | $ 1.09 | $ 0.58 | $ 0.79 | |||||
Change from LIFO to FIFO | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net sales | $ 152,928 | $ 160,366 | $ 163,098 | $ 165,051 | $ 147,724 | $ 163,052 | $ 153,495 | $ 146,640 | |||||
Gross margin | 52,604 | 59,672 | 60,661 | 62,425 | 58,695 | 64,576 | 57,376 | 54,107 | |||||
Income (loss) from continuing operations | $ 6,577 | $ 12,546 | $ 13,554 | $ 13,643 | $ 7,247 | $ 20,407 | $ 11,056 | $ 14,702 | $ 53,412 | $ 38,203 | |||
Net income per share: | |||||||||||||
Basic income from continuing operations (in dollars per share) | $ 0.37 | $ 0.68 | $ 0.73 | $ 0.74 | $ 0.40 | $ 1.12 | $ 0.61 | $ 0.82 | |||||
Diluted income from continuing operationss (in dollars per share) | $ 0.37 | $ 0.67 | $ 0.71 | $ 0.72 | $ 0.39 | $ 1.09 | $ 0.59 | $ 0.79 | |||||
Change from LIFO to FIFO | Scenario, Previously Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Income (loss) from continuing operations | $ 52,883 | $ 37,659 | |||||||||||
|
SCHEDULE II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Allowance for Doubtful Accounts | |||
Balance at Beginning of Period | $ 476 | $ 1,655 | $ 1,773 |
Charged to (Reduction of) Costs and Expenses | 1,085 | 250 | 670 |
Taken Against Allowance | (866) | (1,429) | (788) |
Other (Deductions) Recoveries | 0 | 0 | 0 |
Balance at End of Period | 695 | 476 | 1,655 |
Valuation on Allowance for Deferred Tax Assets | |||
Balance at Beginning of Period | 7,691 | 7,302 | 7,992 |
Charged to (Reduction of) Costs and Expenses | (1,484) | 159 | (85) |
Taken Against Allowance | 0 | 0 | 0 |
Other (Deductions) Recoveries | (5) | 230 | (605) |
Balance at End of Period | $ 6,202 | $ 7,691 | $ 7,302 |
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