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Balance Sheet Items
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Items Balance Sheet Items
Restricted Cash
Our restricted cash balance, which was subject to contractual restrictions and not readily available, was recorded in the “Cash and cash equivalents” line item in the consolidated statements of financial position, and served as collateral for letters of credit related to our environmental and workers’ compensation liabilities. This arrangement was terminated in the third quarter of 2024. Our restricted cash balance as of December 31, 2023 was as follows:
(Dollars in millions)20242023
Restricted cash$— $2.2 
Accounts Receivable
The “Accounts receivable, less allowance for credit losses” line item in the consolidated statements of financial position, as of December 31, 2024 and 2023, consisted of the following:
(Dollars in millions)20242023
Accounts receivable - trade$123.6 $143.2 
Accounts receivable - other11.7 18.7 
Total accounts receivable$135.3 $161.9 
Contract Assets
We had contract assets primarily related to unbilled revenue for revenue recognized related to products that are deemed to have no alternative use whereby we have the right to payment. Revenue is recognized in advance of billing to the customer in these circumstances as billing is typically performed at the time of shipment to the customer. The unbilled revenue is included in the “Contract assets” line item in the consolidated statements of financial position. We did not have any contract liabilities as of December 31, 2024 or 2023. No impairment losses were recognized in 2024, 2023 or 2022 on any contract assets arising from our contracts with customers. Our contract assets by operating segment as of December 31, 2024 and 2023, were as follows:
(Dollars in millions)20242023
Advanced Electronics Solutions$18.9 $41.4 
Elastomeric Material Solutions0.7 0.4 
Other4.1 3.4 
Total contract assets$23.7 $45.2 
Contract assets decreased 46% to $23.7 million as of December 31, 2024, from $45.2 million as of December 31, 2023, mainly attributable to the decrease of contract assets in our AES operating segment, which was driven by a decline in the global EV market as well as a decrease of customer orders due to inventory overstocking.
Inventories
The “Inventories, net” line item in the consolidated statements of financial position, as of December 31, 2024 and 2023, consisted of the following:
(Dollars in millions)20242023
Raw materials$62.7 $71.5 
Work-in-process41.7 45.6 
Finished goods37.9 36.4 
Total inventories, net$142.3 $153.5 
Accounts Payable
The “Accounts payable” line item in the consolidated statements of financial position, as of December 31, 2024 and 2023, consisted of the following:
(Dollars in millions)20242023
Accounts payable - trade$45.6 $46.3 
Accounts payable - other2.5 4.0 
Total accounts payable$48.1 $50.3 
Long-Lived Assets by Geographic Area
Our long-lived assets(1) by geographic area, as of December 31, 2024 and 2023, were as follows:
(Dollars in millions)20242023
U.S.$375.5 $384.1 
England159.6 166.7 
Germany136.4 148.9 
China107.6 83.4 
Other78.0 85.8 
Total long-lived assets$857.1 $868.9 
(1) Long-lived assets are based on the location of the asset and are comprised of goodwill, other intangible assets, property, plant and equipment and right-of-use assets. Countries with 10% or more of long-lived assets have been disclosed.
Supplemental Financial Information
Restructuring and Impairment Charges
The components of the “Restructuring and impairment charges” line item in the consolidated statements of operations were as follows:
(Dollars in millions)202420232022
Restructuring charges
Manufacturing footprint consolidation$12.2 $— $— 
R&D facility exit1.4 — — 
Global workforce reduction2.3 8.8 — 
Facility consolidations0.3 8.1 0.4 
Manufacturing footprint optimization— — 1.1 
Total restructuring charges16.2 16.9 1.5 
Impairment charges
Fixed assets impairment charges7.9 — 47.2 
Other impairment charges— — 17.9 
Total impairment charges7.9 — 65.1 
Total restructuring and impairment charges$24.1 $16.9 $66.6 
Restructuring Charges - Manufacturing Footprint Consolidation
On June 6, 2024, we announced our intent to consolidate our high frequency circuit material manufacturing operations, impacting our Evergem, Belgium facility. We anticipate the plan to be completed in the second half of 2025. The plan is expected to significantly reduce our manufacturing costs and operating expenses. We estimate this will improve operating income between $7.0 million and $9.0 million annually. We expect to incur approximately $22.0 million to $28.0 million in pre-tax restructuring charges related to this plan, the majority of which are expected to be in the form of cash-based expenditures related to employee severance and other termination benefits. Most of the non-cash expenditures will be in the form of accelerated depreciation. The restructuring may be considered by the Belgian authorities to be an exit of a business, which could subject Rogers to an additional charge in 2025 incurred at the time of exit.
We incurred $12.2 million of restructuring charges related to this plan as of December 31, 2024, of which $9.7 million were cash-based expenditures in the form of severance and other termination benefits and $2.3 million were non-cash expenditures in the form of accelerated depreciation.
Severance and related benefits activity related to the manufacturing footprint consolidation plan is presented in the table below as of December 31, 2024:
(Dollars in thousands)
Manufacturing Footprint Consolidation Restructuring Severance and Related Benefits
Balance as of December 31, 2023$— 
Provisions9.7 
Payments— 
Foreign currency translation adjustment(0.5)
Balance as of December 31, 2024$9.2 
Restructuring Charges - R&D Facility Exit
On June 13, 2024, we announced that our Burlington, Massachusetts Innovation Center facility would be closed by the end of 2024. We incurred $1.4 million in pre-tax restructuring charges as of December 31, 2024, of which $0.6 million were cash-based expenditures in the form of severance and other termination benefits and $0.7 million were non-cash expenditures in the form of accelerated depreciation.
Restructuring Charges - Global Workforce Reduction
In November 2024, we announced a plan to reduce our global workforce that was substantially completed in the fourth quarter of 2024. We incurred $2.3 million in pre-tax restructuring charges related to this plan, all of which were cash-based expenditures in the form of employee severance and other termination benefits.
In February 2023, we announced a plan to reduce our global workforce that was completed in late 2023. The plan significantly reduced our manufacturing costs and operating expenses. We incurred $8.8 million in pre-tax restructuring charges related to this plan, all of which were cash-based expenditures in the form of employee severance and other termination benefits.
Restructuring Charges - Facility Consolidations
In late 2022 and early 2023, we announced our intention to exit certain facilities in the U.S. and Asia. The plan significantly reduced our manufacturing costs and operating expenses. We incurred $8.3 million in pre-tax restructuring charges to-date related to these facility consolidations, of which $0.3 million was incurred in 2024 while $8.1 million was incurred in 2023, the majority of which were non-cash expenditures in the form of accelerated depreciation.
As part of our facility consolidations plan, in February 2023, we entered into an asset purchase agreement to sell our high-performance engineered cellular elastomer business in our EMS operating segment for a purchase price of $1.8 million. The first phase of the deal, which pertained to the net assets other than the land and building, was completed in late March 2023, while the second phase, which pertained to the sale of the land and building, was completed in early September 2023. Of the $1.8 million purchase price, $1.0 million and $0.8 million were allocated to the first and second phases of the deal, respectively. The first phase of the deal included $3.7 million in assets and $3.1 million in liabilities. The assets were primarily comprised of accounts receivable, contract assets and inventories, while the liabilities were primarily comprised of accounts payable and other accrued liabilities, along with the previously recognized accrual against the net assets of the business based on the estimated fair value of the business in December 2022. We incurred $1.2 million of selling costs in 2023, which were recorded in “Selling, general and administrative expenses” in our consolidated statements of operations.
As of December 31, 2024, and as of December 31, 2023, we included $13.1 million of assets held for sale within the “Other current assets” financial statement line item of our consolidated statements of financial position, representing the land and building at our Price Road facility in Chandler, Arizona. We expect the sale of this facility to be completed in early 2025. In September 2023, we entered into an agreement to sell one of our Suzhou, China facilities, which had a carrying value of $3.0 million, for $6.8 million resulting in a pre-tax gain of $1.9 million, inclusive of selling and disposal costs. The sale was completed in December 2023. The net impact of this transaction was recorded in the “Other operating (income) expense, net” line item in the consolidated statements of operations.
Restructuring Charges - Manufacturing Footprint Optimization
During the third quarter of 2020, we commenced manufacturing footprint optimization plans involving certain Europe and Asia manufacturing locations, primarily impacting our AES operating segment, in order to achieve greater cost competitiveness as well as align capacity with end market demand. The majority of the restructuring activities were completed in the first half of 2021. We incurred restructuring charges and related expenses of $1.1 million in 2022.
Impairment Charges
We recognized $7.9 million and $65.1 million of impairment charges in 2024 and 2022, respectively. The impairment charges in 2022 primarily related to certain AES operating segment equipment-in-process in the U.S. as well as certain EMS operating segment intangible assets and fixed assets related to our high-performance engineered cellular elastomer business in the U.S. The impairment of the equipment-in-process in our AES operating segment was triggered by our decision in November 2022 to exit the Price Road facility in Arizona. The impairment charges in 2024 were primarily related to our new ERP system still in development.
Allocation of Restructuring and Impairment Charges to Operating Segments
The following table summarizes the allocation of restructuring and impairment charges to our operating segments:
(Dollars in millions)202420232022
Advanced Electronics Solutions
Allocated restructuring charges$13.8 $10.7 $1.1 
Allocated impairment charges4.7 — 40.5 
Elastomeric Material Solutions
Allocated restructuring charges2.4 6.2 0.4 
Allocated impairment charges3.2 — 24.6 
Total restructuring and impairment charges$24.1 $16.9 $66.6 
Other Operating (Income) Expense, Net
The components of the “Other operating (income) expense, net” line item in the consolidated statements of operations were as follows:
(Dollars in millions)202420232022
UTIS fire
Inventory charges$— $— $0.2 
Professional services— 0.9 1.4 
Lease obligations— — 0.4 
Compensation & benefits— — 2.4 
Other— — (0.2)
Insurance recoveries— (31.4)(6.6)
Total UTIS fire— (30.5)(2.4)
Regulatory termination fee, net— — (142.1)
Loss (gain) on sale or disposal of property, plant and equipment0.1 (2.6)0.5 
Total other operating (income) expense, net$0.1 $(33.1)$(144.0)
In early February 2021, there was a fire at our UTIS manufacturing facility in Ansan, South Korea, which manufactures eSorba® polyurethane foams used in portable electronics and display applications. The site was safely evacuated and there were no reported injuries; however, there was extensive damage to the manufacturing site and some damage to nearby property. Commercial production at a new location in Siheung, South Korea commenced in late-January 2023.
In 2023, in connection with the UTIS fire, we recognized insurance recoveries of $31.4 million related to our business interruption and property damage insurance claims and incurred $0.9 million for various professional services. In 2022, in connection with the UTIS fire, we recognized insurance recoveries of $6.6 million related to our ongoing insurance claim for property damage and compensation and benefits of hourly employees, incurred $1.4 million for various professional services and incurred $2.4 million for compensation and benefits for UTIS manufacturing employees subsequent to the fire.
In 2022, we recognized income from a regulatory termination fee of $142.1 million, which was net of an incurred transaction-related fee. For additional information, refer to “Note 16 – Mergers and Acquisitions.”
Other Income (Expense), Net
The components of the “Other income (expense), net” line item in the consolidated statements of operations were as follows:
(Dollars in millions)202420232022
Foreign currency translation impacts$1.7 $(1.1)$1.7 
Foreign currency derivative impacts(0.2)1.0 (0.3)
Copper derivative impacts(0.4)(0.6)(0.8)
Gain on JV Separation Agreement transactions7.7 — — 
Other— — 0.5 
Total other income (expense), net$8.8 $(0.7)$1.1 
Interest Expense, Net
The components of the “Interest expense, net” line item in the consolidated statements of operations were as follows:
(Dollars in millions)202420232022
Interest on revolving credit facility$0.5 $9.6 $9.0 
Line of credit fees1.1 0.8 0.5 
Debt issuance amortization costs0.5 0.7 0.7 
Interest income(1.4)(1.2)(0.7)
Other0.1 0.2 — 
Total interest expense, net$0.8 $10.1 $9.5