Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 04, 2014 | Jun. 30, 2013 | |
Document Documentand Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'ROGERS CORP | ' | ' |
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 | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
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 | ' | 17,882,696 | ' |
Entity Public Float | ' | ' | $801,437,215 |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $191,884 | $114,863 |
Restricted Cash | ' | 950 |
Accounts receivable, less allowance for doubtful accounts of $1,655 and $1,773 | 85,126 | 78,788 |
Accounts receivable from joint ventures | 1,897 | 2,142 |
Accounts receivable, other | 2,638 | 2,297 |
Taxes receivable | 1,578 | 5,079 |
Inventories | 66,889 | 73,178 |
Prepaid income taxes | 5,519 | 4,914 |
Deferred income taxes | 7,271 | 7,225 |
Asbestos-related insurance receivables | 7,542 | 8,195 |
Other current assets | 7,363 | 8,559 |
Assets of discontinued operations | ' | 746 |
Total current assets | 377,707 | 306,936 |
Property, plant and equipment, net of accumulated depreciation of $222,189 and $205,575 | 146,931 | 149,017 |
Investments in unconsolidated joint ventures | 18,463 | 21,171 |
Deferred income taxes | 44,854 | 71,439 |
Pension asset | 2,982 | 0 |
Goodwill | 108,671 | 105,041 |
Other intangible assets | 49,171 | 53,288 |
Asbestos-related insurance receivables | 49,508 | 40,067 |
Investments, other | 507 | 5,000 |
Other long-term assets | 7,740 | 8,065 |
Total assets | 806,534 | 760,024 |
Current liabilities | ' | ' |
Accounts payable | 17,534 | 16,730 |
Accrued employee benefits and compensation | 29,724 | 23,156 |
Accrued income taxes payable | 4,078 | 3,135 |
Current portion of lease obligation | 849 | 1,423 |
Current portion of long term debt | 17,500 | 20,500 |
Asbestos-related liabilities | 7,542 | 8,195 |
Other accrued liabilities | 12,813 | 11,363 |
Liabilities of discontinued operations | ' | 3 |
Total current liabilities | 90,040 | 84,505 |
Long term debt | 60,000 | 77,500 |
Long term lease obligation | 7,170 | 6,942 |
Pension liability | 5,435 | 65,942 |
Retiree health care and life insurance benefits | 9,649 | 10,654 |
Asbestos-related liabilities | 52,205 | 43,222 |
Non-current income tax | 10,208 | 19,300 |
Deferred income taxes | 16,077 | 17,545 |
Other long-term liabilities | 223 | 262 |
Shareholders' Equity | ' | ' |
Capital Stock - $1 par value; 50,000,000 authorized shares; 17,854,506 and 16,904,441 shares outstanding | 17,855 | 16,904 |
Additional paid-in capital | 110,577 | 74,272 |
Retained earnings | 438,545 | 400,784 |
Accumulated other comprehensive income (loss) | -11,450 | -57,808 |
Total shareholders' equity | 555,527 | 434,152 |
Total liabilities and shareholders' equity | $806,534 | $760,024 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, less allowance for doubtful accounts | $1,655 | $1,773 |
Property, plant and equipment, accumulated depreciation | $222,189 | $205,575 |
Capital Stock, par value | $1 | $1 |
Capital Stock, authorized shares | 50,000,000 | 50,000,000 |
Capital Stock, shares outstanding | 17,854,506 | 16,904,441 |
CONSOLIDATED_STATEMENT_OF_INCO
CONSOLIDATED STATEMENT OF INCOME (LOSS) (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Statement [Abstract] | ' | ' | ' | |||
Net sales | $537,482 | [1] | $498,761 | [1] | $548,341 | [1] |
Cost of sales | 349,782 | 340,015 | 369,356 | |||
Gross margin | 187,700 | 158,746 | 178,985 | |||
Selling and administrative expenses | 106,398 | 99,689 | 103,532 | |||
Research and development expenses | 21,646 | 19,311 | 21,530 | |||
Restructuring and impairment charges | 10,376 | 14,082 | 441 | |||
Operating income (loss) | 49,280 | 25,664 | 53,482 | |||
Equity income in unconsolidated joint ventures | 4,326 | 4,743 | 5,451 | |||
Other income (expense), net | -1,240 | -208 | 1,942 | |||
Realized investment gain (loss): | ' | ' | ' | |||
Increase (decrease) in fair value of investments | 0 | -522 | -14 | |||
Less: Portion reclassified to/from other comprehensive income | 0 | 2,723 | 182 | |||
Net realized gain (loss) | 0 | -3,245 | -196 | |||
Interest income (expense), net | -3,481 | -4,304 | -4,911 | |||
Income (loss) before income tax expense (benefit) | 48,885 | 22,650 | 55,768 | |||
Income tax expense (benefit) | 11,226 | -46,484 | 11,518 | |||
Income (loss) from continuing operations | 37,659 | 69,134 | 44,250 | |||
Income (loss) from discontinued operations, net of income taxes | 102 | -449 | -7,195 | |||
Net income (loss) | $37,761 | $68,685 | $37,055 | |||
Basic net income (loss) per share: | ' | ' | ' | |||
Income (loss) from continuing operations (in dollars per share) | $2.19 | $4.21 | $2.76 | |||
Income (loss) from discontinued operations (in dollars per share) | $0.01 | ($0.03) | ($0.45) | |||
Net income (loss) (in dollars per share) | $2.20 | $4.18 | $2.31 | |||
Diluted net income (loss) per share: | ' | ' | ' | |||
Income (loss) from continuing operations (in dollars per share) | $2.12 | $4.07 | $2.64 | |||
Income (loss) from discontinued operations (in dollars per share) | $0.01 | ($0.03) | ($0.43) | |||
Net income (loss) (in dollars per share) | $2.13 | $4.04 | $2.21 | |||
Shares used in computing: | ' | ' | ' | |||
Basic net income per share (shares) | 17,197,840 | 16,426,209 | 16,035,882 | |||
Diluted net income per share (shares) | 17,768,075 | 16,991,158 | 16,737,711 | |||
[1] | Net sales are allocated to countries based on the location of the customer. |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands | |||||
Beginning Balance at Dec. 31, 2010 | $330,532 | $15,841 | $33,194 | $295,044 | ($13,547) |
Net income (loss): | 37,055 | ' | ' | 37,055 | ' |
Other comprehensive income (loss): | -49,255 | ' | ' | ' | -49,255 |
Stock options exercised | 11,071 | 330 | 10,741 | ' | ' |
Stock issued to directors | 1 | 22 | -21 | ' | ' |
Shares issued for employees stock purchase plan | 756 | 28 | 728 | ' | ' |
Stock-based compensation expense | 8,096 | ' | 8,096 | ' | ' |
Ending Balance at Dec. 31, 2011 | 338,256 | 16,221 | 52,738 | 332,099 | -62,802 |
Net income (loss): | 68,685 | ' | ' | 68,685 | ' |
Other comprehensive income (loss): | 4,994 | ' | ' | ' | 4,994 |
Stock options exercised | 17,007 | 603 | 16,404 | ' | ' |
Stock issued to directors | 0 | 15 | -15 | ' | ' |
Shares issued for employees stock purchase plan | 809 | 27 | 782 | ' | ' |
Shares issued for restricted stock | -752 | 38 | -790 | ' | ' |
Stock-based compensation expense | 5,153 | ' | 5,153 | ' | ' |
Ending Balance at Dec. 31, 2012 | 434,152 | 16,904 | 74,272 | 400,784 | -57,808 |
Net income (loss): | 37,761 | ' | ' | 37,761 | ' |
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 | $555,527 | $17,855 | $110,577 | $438,545 | ($11,450) |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' |
Income (loss) from continuing operations, net of tax | $37,659 | $69,134 | $44,250 |
Foreign currency translation adjustment | 10,171 | 6,710 | -6,632 |
Net unrealized gain (loss) (net of taxes of $1,555 in 2012 and $292 in 2011) on marketable securities. | ' | 1,168 | -110 |
Unrealized gain (loss) on derivative instruments held at year end (net of taxes of $110 in 2013 and $127 in 2012) | -210 | -235 | -270 |
Unrealized gain (loss) reclassified into earnings | 236 | 270 | 0 |
Actuarial net gain (loss) incurred in fiscal year | -32,749 | 6,687 | 44,964 |
Amortization of gain (loss) | 2,482 | 3,760 | 2,752 |
Amortization of prior service credit (cost) | 930 | 8 | -31 |
Other comprehensive income (loss) | 46,358 | 4,994 | -49,255 |
Comprehensive income (loss) from continuing operations | 84,017 | 74,128 | -5,005 |
Income (loss) from discontinued operations, net of income taxes | 102 | -449 | -7,195 |
Comprehensive income (loss) | $84,119 | $73,679 | ($12,200) |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (PARENTHETICAL) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' |
Unrealized gain (loss) on marketable securities, tax | $0 | $1,555 | $292 |
Unrealized gain (loss) on derivative instruments, tax | $110 | $127 | $0 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities: | ' | ' | ' |
Net income (loss) | $37,761 | $68,685 | $37,055 |
Loss (income) from discontinued operations | -102 | 449 | 7,195 |
Adjustments to reconcile net income to cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation and amortization | 26,351 | 27,130 | 26,308 |
Stock-based compensation expense | 5,393 | 5,153 | 8,096 |
Loss from long-term investments | 0 | 3,245 | 0 |
Deferred income taxes | 5,634 | -58,253 | -2,725 |
Equity in undistributed income of unconsolidated joint ventures, net | -4,326 | -4,743 | -5,451 |
Dividends received from unconsolidated joint ventures | 5,162 | 6,553 | 7,637 |
Pension and postretirement benefits | 5,118 | 13,579 | 5,902 |
Gain from the sale of property, plant and equipment | -7 | -1,404 | -2,800 |
Impairment of assets/investments | 4,620 | 539 | 441 |
Amortization of inventory fair value | ' | 0 | 1,805 |
Changes in operating assets and liabilities excluding effects of acquisition and disposition of businesses: | ' | ' | ' |
Accounts receivable | -2,972 | -2,333 | -5,051 |
Accounts receivable, joint ventures | 245 | -502 | -302 |
Inventories | 7,188 | 5,873 | -20,628 |
Pension contribution | -13,751 | -23,518 | -5,904 |
Other current assets | 639 | -1,497 | -1,336 |
Accounts payable and other accrued expenses | 9,020 | -3,461 | -27,229 |
Other, net | -8,806 | 4,872 | -929 |
Net cash provided by (used in) operating activities of continuing operations | 77,167 | 40,367 | 22,084 |
Net cash provided by (used in) operating activities of discontinued operations | 848 | -328 | -5,223 |
Net cash provided by (used in) operating activities | 78,015 | 40,039 | 16,861 |
Investing Activities: | ' | ' | ' |
Capital expenditures | -16,859 | -23,774 | -21,316 |
Proceeds from the sale of property, plant and equipment, net | 7 | 2,804 | 7,500 |
Other investing activities | -127 | 0 | 0 |
Redemptions of long-term investments | 0 | 25,438 | 7,805 |
Acquisition of business, net of cash received | ' | -3,100 | -139,825 |
Net cash provided by (used in) investing activities of continuing operations | -16,979 | 1,368 | -145,836 |
Net cash provided by (used in) investing activities of discontinued operations | 0 | 0 | -158 |
Net cash provided by (used in) investing activities | -16,979 | 1,368 | -145,994 |
Financing Activities: | ' | ' | ' |
Proceeds from long term borrowings | ' | 0 | 145,000 |
Repayment of debt principal and long term lease obligation | -21,206 | -25,519 | -22,500 |
Payment of long term borrowings acquired through acquisition | ' | 0 | -6,061 |
Proceeds from sale of capital stock, net | 32,426 | 17,007 | 11,071 |
Issuance of restricted stock | -1,297 | -752 | 0 |
Proceeds from issuance of shares to employee stock purchase plan | 734 | 809 | 756 |
Net cash provided by (used in) financing activities of continuing operations | 10,657 | -8,455 | 128,266 |
Effect of exchange rate fluctuations on cash | 5,328 | 2,183 | 460 |
Net increase (decrease) in cash and cash equivalents | 77,021 | 35,135 | -407 |
Cash and cash equivalents at beginning of year | 114,863 | 79,728 | 80,135 |
Cash and cash equivalents at end of year | 191,884 | 114,863 | 79,728 |
Supplemental disclosure of noncash investing and financing activities | ' | ' | ' |
Capital lease obligation acquired through acquisition | ' | $0 | $9,206 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Organization and Summary of Significant Accounting Policies | ' | |||||||||||
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Organization | ||||||||||||
Our reporting structure is comprised of the following operating segments: High Performance Foams (HPF), Printed Circuit Materials (PCM), Power Electronics Solutions (PES) and the Other reportable segment. In the fourth quarter of 2013, we determined that a realignment of our segment structure was appropriate in order to present our financial results in a manner consistent with how management operates the business. Our previous reporting structure was comprised of the following operating segments: High Performance Foams, Printed Circuit Materials, Curamik Electronic Solutions and Power Distribution Systems and the Other reportable segment. | ||||||||||||
In the new structure, we will present three operating segments - High Performance Foams, Printed Circuit Materials, and Power Electronics Solutions and the Other reportable segment. During 2013, the management of the Curamik Electronic Solutions and Power Distribution Systems operations was combined under one segment management team and the former operating segments now meet the definition of product lines, as the management team has full cross functional and regional responsibility over all aspects of these product lines. Information is reported to the Chief Operating Decision Maker (the President and Chief Executive Officer of Rogers) at the Power Electronic Solutions operating segment level. We believe this structure aligns our external reporting presentation with how we currently manage and view our business internally. All prior periods herein have been recast to reflect this change. | ||||||||||||
• | High Performance Foams | |||||||||||
The High Performance Foams operating segment includes polyurethane and silicone foam products manufactured in roll stock, sheet, and molded formats. These foams have characteristics that offer functional advantages in many market applications which serve to differentiate Rogers' products from other commonly available materials. | ||||||||||||
High Performance Foams products are sold globally to converters, fabricators, distributors and original equipment manufacturers (OEMs) for use in general industrial applications, portable communications, consumer goods, transportation, printing applications and other markets. Trade names for our High Performance Foams include: PORON® urethane foams 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; 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 High Performance Foams. 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. | ||||||||||||
• | Printed Circuit Materials | |||||||||||
The Printed Circuit Materials 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® 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. | ||||||||||||
• | Power Electronics Solutions | |||||||||||
The Power Electronics Solutions operating segment is comprised of direct copper bonded (DCB) ceramic substrate products and RO-LINX® 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. | ||||||||||||
• | Other | |||||||||||
The Other reportable segment 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. | ||||||||||||
This segment previously included the results of the Composite Materials operating segment, which qualified as a discontinued operation in the fourth quarter of 2012 when we shut down production of non-woven composite materials. This segment also included the results of the Thermal Management Solutions operating segment, which qualified as a discontinued operation in 2011. All results have been recast to exclude these segments from consolidated results or continuing operations. | ||||||||||||
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 2011, operations of the Thermal Management Solutions operating segment ended and the segment qualified as a discontinued operation at that time. In the fourth quarter of 2012, the operations of the non-woven composite materials operating segment (aggregated in the Other reportable segment) ended and the segment qualified as a discontinued operations. See “Note 18 - Discontinued Operations” for further discussion. | ||||||||||||
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. In 2012, we had restricted cash of $1.0 million related to the termination of the lease at our Bremen, Germany facility. That cash was released in the first quarter of 2013. | ||||||||||||
Marketable Securities | ||||||||||||
We determine the appropriate classification of debt securities at the time of purchase and reevaluate such designation as of each balance sheet date. Debt securities are classified as held-to-maturity when we have the positive intent and ability to hold the securities to maturity. Marketable equity securities and debt securities not classified as held-to-maturity are classified as available-for-sale. Available-for-sale securities are carried at fair value with interest on such securities included in “Interest income” on our consolidated statements of income (loss). If the market values of individual securities are determined to be “other than temporarily” impaired, the carrying amount of such investments are written down to market value through “Net realized gain (loss)” in our consolidated statements of income (loss). Except for amounts recorded related to the auction rate securities, we have not recorded any such write down in 2013, 2012 or 2011, respectively. See “Note 2 - Fair Value Measurements” for further discussion on the auction rate securities. | ||||||||||||
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 translation adjustments are reported as income or expense in the consolidated statements of income (loss) as a component of "Other income (expense), net". Such adjustments resulted in a loss of $0.7 million in 2013, a loss of $0.8 million in 2012, and a gain of $0.6 million in 2011. | ||||||||||||
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. Certain inventories, amounting to $12.7 million and $17.1 million at December 31, 2013 and 2012, respectively, are valued by the last‑in, first‑out (LIFO) method. These inventories accounted for 25% of total gross inventory in 2013 and 27% of total gross inventory in 2012. The cost of the remaining portion of the inventories was determined principally on the basis of actual first-in, first-out (FIFO) costs. | ||||||||||||
If the inventories valued using the LIFO method had been valued at FIFO costs, their value would have increased by approximately $7.4 million and $6.5 million at December 31, 2013 and 2012, respectively. | ||||||||||||
Inventories consist of the following: | ||||||||||||
(Dollars in thousands) | December 31, 2013 | December 31, 2012 | ||||||||||
Raw materials | $ | 24,301 | $ | 29,064 | ||||||||
Work-in-process | 13,536 | 13,154 | ||||||||||
Finished goods | 29,052 | 30,960 | ||||||||||
Total Inventory | $ | 66,889 | $ | 73,178 | ||||||||
Property, Plant and Equipment | ||||||||||||
Property, plant and equipment are stated on the basis of cost. For financial reporting purposes, provisions for depreciation are calculated on a straight‑line basis over the following estimated useful lives of the underlying assets: | ||||||||||||
Years | ||||||||||||
Buildings and improvements | 15-Oct | |||||||||||
Machinery and equipment | 15-May | |||||||||||
Office equipment | 10-Mar | |||||||||||
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, such as in economic downturns in a market or a change in the assessment of future operations. | ||||||||||||
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 typically established 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 anticipated changes in that structure. | ||||||||||||
Purchased or acquired patents, covenants-not-to-compete, customer relationships and licensed technology are capitalized and amortized on a straight-line or accelerated basis 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. Historically , due to the inherent uncertainties of the forecast process and our limited amount of settlement and claims history, we utilized a forecast period of five years, which we concluded was the most reasonable period for recognizing a reserve for projected asbestos liabilities, and that costs that might be incurred after that period were not reasonably estimable at this time. In 2012, we reviewed this assumption and determined that it was appropriate to extend the forecast period from five years to ten years. We reached this conclusion due to the fact that we now have considerably more experience in addressing asbestos related lawsuits and have a longer history of activity to use as a baseline to more accurately project the liability over a longer period than previously disclosed. Further, settlement trends have become more consistent in recent years and we believe that we now have a more meaningful history of data on which to base our projections. We determined that a ten year projection period is appropriate as, although we have a longer and more meaningful history of data over the last few years, 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, accrued liabilities and debt approximate fair value based on the maturities of these instruments. | ||||||||||||
Concentration of Credit and Investment Risk | ||||||||||||
We extend credit on an uncollateralized basis to almost all customers. Concentration of credit and geographic risk with respect to accounts receivable is limited due to the large number and general dispersion of accounts that constitute our customer base. We routinely perform credit evaluations on our customers. At December 31, 2013 and 2012, there were no customers that individually accounted for more than ten percent of total accounts receivable. We did not experience significant credit losses on customers' accounts in 2013, 2012, or 2011. | ||||||||||||
We invest excess cash principally in investment grade government and corporate debt 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 | ||||||||||||
The objective of accounting for income taxes is to recognize the amount of taxes payable or refundable for the current year and the deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the entity's financial statements. We are subject to income taxes in the United States and in numerous foreign jurisdictions. No provision is made for U.S. income taxes on the undistributed earnings of our wholly-owned foreign subsidiaries because substantially all such earnings are indefinitely reinvested in those companies. If circumstances change and it becomes apparent that some or all of the undistributed earnings of our wholly-owned foreign subsidiaries will not be indefinitely reinvested, provision for the tax consequences, if any, will be recorded in the period circumstances change. | ||||||||||||
We have provided for potential liabilities due in various jurisdictions. In the ordinary course of global business, there are many transactions and calculations where the ultimate tax outcome is uncertain. Some of these uncertainties arise as a consequence of cost reimbursement arrangements among related entities. Although we believe our estimates are reasonable, no assurance can be given that the final tax outcome of these matters will not be different than that which is reflected in the historical income tax provisions and accruals. Such differences could have a material impact on our income tax provision and operating results in the period in which such determination is made. | ||||||||||||
Revenue Recognition | ||||||||||||
Revenue from product sales to customers is recognized when title passes to the customer, when persuasive evidence of an arrangement exists, the price is fixed or determinable, and collection is reasonably assured. | ||||||||||||
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 income (loss). | ||||||||||||
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 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, salary growth, 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 salary growth is based on our historical and projected level of salary increases; (iii) 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 (iv) 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 from continuing operations: | ||||||||||||
(In thousands, except per share amounts) | 2013 | 2012 | 2011 | |||||||||
Numerator: | ||||||||||||
Net income (loss) | $ | 37,659 | $ | 69,134 | $ | 44,250 | ||||||
Denominator: | ||||||||||||
Denominator for basic earnings per share - | ||||||||||||
Weighted-average shares | 17,197,840 | 16,426,209 | 16,035,882 | |||||||||
Effect of dilutive stock options | 570,235 | 564,949 | 701,829 | |||||||||
Denominator for diluted earnings per share - Adjusted weighted-average shares and assumed conversions | 17,768,075 | 16,991,158 | 16,737,711 | |||||||||
Basic income (loss) per share: | $ | 2.19 | $ | 4.21 | $ | 2.76 | ||||||
Diluted income (loss) per share: | 2.12 | 4.07 | 2.64 | |||||||||
Certain potential ordinary shares were excluded from the calculation of diluted weighted-average shares outstanding because they would have an anti-dilutive effect on net income per share. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Anti-dilutive shares excluded | — | 68,000 | — | |||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, 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. | ||||||||||||
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 statement of income as a component of "Other income/expense". | ||||||||||||
Advertising Costs | ||||||||||||
Advertising is expensed as incurred and amounted to $2.9 million for 2013, $2.0 million for 2012 and $3.0 million for 2011. | ||||||||||||
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 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_Notes
Fair Value Measurements (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
FAIR VALUE MEASURMENTS | ||||||||||||||||
The accounting guidance for fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. | ||||||||||||||||
• | Level 1 – Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||
• | Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||
• | Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||
From time to time we enter into various instruments that require fair value measurement, including foreign currency contracts, interest rate swaps and copper derivative contracts. Assets measured at fair value on a recurring basis, categorized by the level of inputs used in the valuation, include: | ||||||||||||||||
(Dollars in thousands) | Carrying amount as of | Level 1 | Level 2 | Level 3 | ||||||||||||
31-Dec-13 | ||||||||||||||||
Pension assets | $ | 171,218 | $ | 119,277 | $ | 38,584 | $ | 13,357 | ||||||||
Foreign currency contracts | (77 | ) | — | (77 | ) | — | ||||||||||
Copper derivative contracts | 984 | — | 984 | — | ||||||||||||
Interest rate swap | (296 | ) | — | (296 | ) | — | ||||||||||
(Dollars in thousands) | Carrying amount as of | Level 1 | Level 2 | Level 3 | ||||||||||||
31-Dec-12 | ||||||||||||||||
Pension assets | $ | 143,540 | $ | 98,269 | $ | 29,869 | $ | 15,402 | ||||||||
Foreign currency contracts | 15 | — | 15 | — | ||||||||||||
Copper derivative contracts | 267 | — | 267 | — | ||||||||||||
Interest rate swap | (361 | ) | — | (361 | ) | — | ||||||||||
The following table presents information about our assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall. This Level 3 asset represents the investment in Solicore, Inc. The valuation is based on the most recent round of capital financing that occurred in the fourth quarter of 2013, resulting in a $4.6 million impairment of the asset to the $0.5 million current market value. See Note 9 - Investment for further details. | ||||||||||||||||
(Dollars in thousands) | Carrying amount as of December 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||
Solicore investment | $ | 507 | $ | — | $ | — | $ | 507 | ||||||||
The table below sets forth a summary of changes in the fair value of the Solicore investment Level 3 asset for the year ended December 31, 2013. | ||||||||||||||||
(Dollars in thousands) | Solicore investment | |||||||||||||||
Balance at beginning of year | $ | 5,000 | ||||||||||||||
Cash investment | 127 | |||||||||||||||
Impairment reported in earnings | (4,620 | ) | ||||||||||||||
Balance at end of year | $ | 507 | ||||||||||||||
Auction Rate Securities | ||||||||||||||||
Prior to the first quarter of 2008, our available-for-sale auction rate securities were recorded at fair value as determined in the active market at the time. However, due to events in the credit markets, the auctions failed during the first quarter of 2008 for the auction rate securities that we held at the end of the first quarter of 2008, and all of our auction rate securities had been in a loss position since that time until we redeemed them in the first quarter of 2012. Given the lack of unobservable inputs in the auction markets since the first quarter of 2008, such securities were considered Level 3 securities. | ||||||||||||||||
During 2011, we performed a fair value assessment of these securities based on a discounted cash flow model, utilizing various assumptions that included estimated interest rates, probabilities of successful auctions, the timing of cash flows, and the quality and level of collateral of the securities. These inputs were chosen based on our understanding of the expectations of the market and were consistent with the assumptions utilized during our assessment of these securities at year end 2011. | ||||||||||||||||
Prior to the first quarter of 2012, we had recognized an other–than-temporary impairment (OTTI) on these securities. An OTTI is recognized in earnings for a security in an unrealized loss position when an entity either (a) has the intent to sell the security or (b) more likely than not will be required to sell the security before its anticipated recovery. | ||||||||||||||||
When an OTTI of a security occurs, the amount of the OTTI recognized in earnings depends on whether the security holder intended to sell the security or it is more likely than not that the holder would be required to sell the security before recovery of its cost basis. If the holder does not intend to sell the security and it is not more likely than not that the holder would be required to sell the security before the recovery of its cost basis, the other-than-temporary loss would be separated into (i) the amount representing the credit loss and (ii) the amount related to all other factors. The credit loss is primarily based on the underlying ratings of the securities. The amount representing the credit loss would be recognized in earnings, and the remaining amount would be recorded in other comprehensive income. This is the approach we used to recognize the OTTI taken prior to liquidation in the first quarter of 2012. The amount representing the credit loss was recognized in earnings, and since the factors above were not present, the remaining amount was recorded in other comprehensive income. | ||||||||||||||||
Due to our belief that it would have taken more than twelve months for the auction rate securities market to recover, these securities were classified as long-term assets, except for those that were scheduled to be redeemed within a twelve month period, which were classified as short-term investments. | ||||||||||||||||
During the first quarter of 2012, we liquidated our auction rate security portfolio, receiving net proceeds of $25.4 million on a stated par value of $29.5 million. As a result of this liquidation, we recognized a loss on the discount of the securities of $3.2 million (the remaining difference between the liquidation and par value of $0.9 million had previously been recognized as an impairment loss) in our earnings. Since the markets for these securities failed in the first quarter of 2008, we had redeemed $24.9 million of these securities, mostly at par prior to the liquidation in the first quarter of 2012. Since the rate of par value redemptions had slowed during the last several quarters with no clear path for full redemption over the next several years and the rate of return on these securities was very low, management determined that a discounted redemption in the first quarter of 2012 was in the best interest of the Company as the related cash could be better utilized for other purposes going forward. | ||||||||||||||||
The reconciliation of our assets measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows: | ||||||||||||||||
(Dollars in thousands) | Auction Rate | |||||||||||||||
Securities | ||||||||||||||||
Balance at December 31, 2011 | $ | 25,960 | ||||||||||||||
Cash received for redemptions below par | (25,438 | ) | ||||||||||||||
Reclassified from other comprehensive income | 2,723 | |||||||||||||||
Reported in earnings | (3,245 | ) | ||||||||||||||
Balance at December 31, 2012 | $ | — | ||||||||||||||
There were no credit losses recognized for the years ended December 31, 2013 and 2012, respectively. Below is a roll forward of credit losses recognized in earnings for the year ended December 31, 2011. | ||||||||||||||||
(Dollars in thousands) | Credit Losses | |||||||||||||||
Balance at December 31, 2010 | $ | 917 | ||||||||||||||
Credit losses recorded | 278 | |||||||||||||||
Reduction in credit losses due to redemptions | (82 | ) | ||||||||||||||
Balance at December 31, 2011 | $ | 1,113 | ||||||||||||||
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 counterparties' 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" below. | ||||||||||||||||
Pension Assets | ||||||||||||||||
Our pension assets are stated at fair value on an annual basis and there are categories of assets in Level 1, 2 and 3 of the fair value hierarchy. See further discussion in Note 10 - “Pension Benefits and Retirement Health and Life Insurance Benefits”. |
Hedging_Transactions_and_Deriv
Hedging Transactions and Derivative Financial Instruments (Notes) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
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 special hedge accounting treatment as defined under the applicable accounting guidance. For derivative instruments that are designated and qualify for cash flow 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 income (loss) 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, 2013 or 2012. | |||||||||||
We currently have twenty outstanding contracts to hedge our exposure related to the purchase of copper at our German subsidiary, Curamik and U.S. operations in Arizona. These contracts are held with financial institutions and minimize our risk associated with a potential rise in copper prices. These contracts cover the 2014 and 2015 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 income (loss). | |||||||||||
In 2013, we entered into Euro, Japanese Yen, U.S Dollar and Hungarian Florint currency forward contracts. We entered into these foreign currency forward contracts to mitigate certain global balance sheet exposures. Our Japanese Yen currency forward contracts in Germany qualify for hedge accounting. Those contracts that do not qualify for hedge accounting treatment, have any mark-to-market. adjustments on these contracts recorded in the "Other income, net" line item in our consolidated statements of income (loss). | |||||||||||
In 2012, we entered into an interest rate swap derivative instrument to hedge the LIBOR portion of the interest rate on 65% of the term loan debt then outstanding, effective July 2013. This transaction has been designated as a cash flow hedge and qualifies for hedge accounting treatment. At December 31, 2013, the term loan debt represents $77.5 million of our total outstanding debt. At December 31, 2013, the rate charged on this debt is the 1 month LIBOR at 0.1875% plus a spread of 2.0%. | |||||||||||
Notional Value of Copper Derivatives | |||||||||||
January 2014 - March 2014 | 30 metric tons per month | ||||||||||
January 2014 - April 2014 | 30 metric tons per month | ||||||||||
January 2014 - June 2014 | 75 metric tons per month | ||||||||||
April 2014 - June 2014 | 35 metric tons per month | ||||||||||
July 2014 - September 2014 | 40 metric tons per month | ||||||||||
May 2014 - December 2014 | 30 metric tons per month | ||||||||||
July 2014 - December 2014 | 80 metric tons per month | ||||||||||
October 2014 - December 2014 | 15 metric tons per month | ||||||||||
January 2014 - December 2014 | 45 metric tons per month | ||||||||||
January 2015 - March 2015 | 106 metric tons per month | ||||||||||
Notional Values of Foreign Currency Derivatives | |||||||||||
YEN/USD | ¥ | 300,000,000 | |||||||||
USD/KRW | $ | 2,000,000 | |||||||||
USD/EUR | $ | 3,500,000 | |||||||||
HUF/EUR | 280,000,000 | ||||||||||
JPY/EUR | ¥ | 160,100,000 | |||||||||
(Dollars in thousands) | The Effect of Current Derivative Instruments on the Financial Statements for the year ended December 31, 2013 | Fair Values of Derivative Instruments as of December 31, 2013 | |||||||||
Location of gain (loss) | Amount of | Other Assets | |||||||||
Foreign Exchange Contracts | gain (loss) | (Liabilities) | |||||||||
Contracts not designated as hedging instruments | Other income, net | $ | (79 | ) | $ | (79 | ) | ||||
Contracts designated as hedging instruments | Other comprehensive income (loss) | (24 | ) | 2 | |||||||
Copper Derivative Instruments | |||||||||||
Contracts not designated as hedging instruments | Other income, net | (373 | ) | 984 | |||||||
Interest Rate Swap Instrument | |||||||||||
Contracts designated as hedging instruments | Other comprehensive income (loss) | (296 | ) | (296 | ) | ||||||
(Dollars in thousands) | The Effect of Current Derivative Instruments on the Financial Statements for the year ended December 31, 2012 | Fair Values of Derivative Instruments as of December 31, 2012 | |||||||||
Location of gain (loss) | Amount of | Other Assets | |||||||||
Foreign Exchange Contracts | gain (loss) | (Liabilities) | |||||||||
Contracts not designated as hedging instruments | Other income, net | $ | 342 | $ | 15 | ||||||
Copper Derivative Instruments | |||||||||||
Contracts not designated as hedging instruments | Other income, net | (366 | ) | 267 | |||||||
Interest Rate Swap Instrument | |||||||||||
Contracts designated as hedging instruments | Other comprehensive income (loss) | (361 | ) | (361 | ) | ||||||
Concentration of Credit Risk | |||||||||||
By using derivative instruments, we are subject to credit and market risk. 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. Generally, when the fair value of a derivative contract is positive, the counterparty owes the Company, thus creating a receivable risk for the Company. We minimize counterparty credit (or repayment) risk by entering into derivative transactions with major financial institutions with investment grade credit ratings. |
Acquisition_of_Business_Notes
Acquisition of Business (Notes) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Acquisition of Business | ' | |||
ACQUISITION OF A BUSINESS | ||||
Curamik Electronics GmbH | ||||
On January 4, 2011, we acquired Curamik Electronics GmbH (Curamik), a manufacturer of power electronic substrate products headquartered in Eschenbach, Germany. The aggregate purchase price was $151.1 million, which reflects post-closing adjustments. | ||||
Curamik, founded in 1983, is the worldwide leader for the development and production of direct bonded copper ceramic substrate products. These products are used primarily in the design of intelligent power management devices, such as IGBT (insulated gate bipolar transistor) modules, that enable a wide range of products, including high efficiency industrial motor drives, wind and solar energy converters and electrical systems in automobiles. Most of Curamik’s products are manufactured using state of the art automated processes in its facility located in Eschenbach. | ||||
For reporting purposes, Curamik's substrate products are considered a product line of Rogers and its results are included in the Power Electronics Solutions operating segment. | ||||
The acquisition was accounted for in accordance with applicable purchase accounting guidance. The following table represents the fair market value assigned to the acquired assets and liabilities in the transaction. | ||||
(Dollars in thousands) | ||||
Assets: | ||||
Cash | $ | 11,256 | ||
Accounts receivable | 11,876 | |||
Other current assets | 1,386 | |||
Inventory | 12,259 | |||
Property, plant & equipment | 32,312 | |||
Other non-current assets | 2,276 | |||
Intangible assets | 52,354 | |||
Goodwill | 79,837 | |||
Total assets | 203,556 | |||
Liabilities | ||||
Accounts payable | 6,053 | |||
Other current liabilities | 20,427 | |||
Deferred tax liability | 9,329 | |||
Other long-term liabilities | 16,666 | |||
Total liabilities | 52,475 | |||
Fair value of net assets acquired | $ | 151,081 | ||
Total costs incurred related to the acquisition were approximately $3.4 million, of which $1.3 million were incurred in the first quarter of 2011 and $2.1 million in the fourth quarter of 2010. They are included in “Selling and administrative expenses” on our consolidated statements of income (loss). |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) (Notes) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
The changes of accumulated other comprehensive income (loss) by component at December 31, 2013 were as follows: | ||||||||||||||||||||
(Dollars in thousands) | Foreign currency translation adjustments | Funded status of pension plans and other postretirement benefits (1) | Unrealized gain (loss) on derivative instruments (2) | Total | ||||||||||||||||
Beginning Balance December 31, 2012 | $ | 12,585 | $ | (70,158 | ) | $ | (235 | ) | $ | (57,808 | ) | |||||||||
Other comprehensive income before reclassifications | 10,171 | — | (210 | ) | 9,961 | |||||||||||||||
Actuarial net gain (loss) incurred in the fiscal year | — | 32,749 | — | 32,749 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 3,412 | 236 | 3,648 | ||||||||||||||||
Net current-period other comprehensive income | 10,171 | 36,161 | 26 | 46,358 | ||||||||||||||||
Ending Balance December 31, 2013 | $ | 22,756 | $ | (33,997 | ) | $ | (209 | ) | $ | (11,450 | ) | |||||||||
(1) Net of taxes of $2,900 and $22,371 for the periods ended December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||
(2) Net of taxes of $110 and $127 for the periods ended December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||
The changes of accumulated other comprehensive income (loss) by component at December 31, 2012 were as follows: | ||||||||||||||||||||
(Dollars in thousands) | Foreign currency translation adjustments | Funded status of pension plans and other postretirement benefits (3) | Unrealized gain (loss) on derivative instruments (4) | Unrealized gain (loss) on marketable securities (5) | Total | |||||||||||||||
Beginning Balance December 31, 2011 | $ | 5,875 | $ | (67,239 | ) | $ | (270 | ) | $ | (1,168 | ) | $ | (62,802 | ) | ||||||
Other comprehensive income before reclassifications | 6,710 | — | (235 | ) | — | 6,475 | ||||||||||||||
Actuarial net gain (loss) incurred in the fiscal year | — | (6,687 | ) | — | — | (6,687 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 3,768 | 270 | 1,168 | 5,206 | |||||||||||||||
Net current-period other comprehensive income | 6,710 | (2,919 | ) | 35 | 1,168 | 4,994 | ||||||||||||||
Ending Balance December 31, 2012 | $ | 12,585 | $ | (70,158 | ) | $ | (235 | ) | $ | — | $ | (57,808 | ) | |||||||
(3) Net of taxes of $22,371 and $20,799 for the periods ended December 31, 2012 and December 31, 2011, respectively. | ||||||||||||||||||||
(4) Net of taxes of $127 and $0 for the periods ended December 31, 2012 and December 31, 2011, respectively. | ||||||||||||||||||||
(5) Net of taxes of $1,555 for the period ended December 31, 2011. | ||||||||||||||||||||
The reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2013 were as follows: | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) for the period ended December 31, 2013 | ||||||||||||||||||||
Details about accumulated other comprehensive income components | Affected line item in the statement where net income is presented | |||||||||||||||||||
Unrealized gains and losses on derivative instruments: | ||||||||||||||||||||
363 | Realized gain (loss) | |||||||||||||||||||
(127 | ) | Tax benefit (expense) | ||||||||||||||||||
236 | Net of tax | |||||||||||||||||||
Amortization of defined benefit pension and other post-retirement benefit items: | ||||||||||||||||||||
Prior service costs | $ | 1,431 | -6 | |||||||||||||||||
Actuarial losses | 3,819 | -6 | ||||||||||||||||||
5,250 | Total before tax | |||||||||||||||||||
(1,838 | ) | Tax benefit (expense) | ||||||||||||||||||
$ | 3,412 | Net of tax | ||||||||||||||||||
(6) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 10 - "Pension Benefits and Retirement Health and Life Insurance Benefits" for additional details. | ||||||||||||||||||||
The reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2012 were as follows: | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) for the period ended December 31, 2012 | ||||||||||||||||||||
Details about accumulated other comprehensive income components | Affected line item in the statement where net income is presented | |||||||||||||||||||
Unrealized gains and losses on marketable securities: | ||||||||||||||||||||
$ | (2,723 | ) | Realized gain (loss) | |||||||||||||||||
1,555 | Tax benefit (expense) | |||||||||||||||||||
$ | (1,168 | ) | Net of tax | |||||||||||||||||
Unrealized gains and losses on derivative instruments: | ||||||||||||||||||||
415 | Realized gain (loss) | |||||||||||||||||||
(145 | ) | Tax benefit (expense) | ||||||||||||||||||
270 | Net of tax | |||||||||||||||||||
Amortization of defined benefit pension and other post-retirement benefit items: | ||||||||||||||||||||
Prior service costs | $ | 12 | -6 | |||||||||||||||||
Actuarial losses | 5,784 | -6 | ||||||||||||||||||
5,796 | Total before tax | |||||||||||||||||||
(2,028 | ) | Tax benefit (expense) | ||||||||||||||||||
$ | 3,768 | Net of tax | ||||||||||||||||||
(6) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 8 - "Pension Benefits and Other Postretirement Benefit Plans" for additional details. |
Property_Plant_and_Equiptment_
Property, Plant and Equiptment (Notes) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
(Dollars in thousands) | December 31, | December 31, | ||||||
2013 | 2012 | |||||||
Land | $ | 14,986 | $ | 15,394 | ||||
Buildings and improvements | 136,959 | 132,673 | ||||||
Machinery and equipment | 160,843 | 151,023 | ||||||
Office equipment | 34,972 | 34,300 | ||||||
Equipment in process | 21,360 | 21,202 | ||||||
369,120 | 354,592 | |||||||
Accumulated depreciation | (222,189 | ) | (205,575 | ) | ||||
Total property, plant and equipment | $ | 146,931 | $ | 149,017 | ||||
Depreciation expense was $20.4 million in 2013, $22.7 million in 2012, and $20.8 million in 2011. As part of the acquisition of Curamik in 2011, we acquired a capital lease on its facility in Eschenbach, Germany. At December 31, 2011 this capital lease was recorded in Property, plant and equipment in our consolidated statements of financial position for $12.1 million, net of accumulated depreciation. The total obligation recorded for the lease as of December 31, 2013 and 2012 was $8.0 million and $8.4 million, respectively. Depreciation expense related to the capital lease was $0.4 million, $0.4 million and $0.4 million for the years ending December 31, 2013, 2012 and 2011, respectively. Accumulated depreciation for the capital lease as of December 31, 2013 and 2012 was $1.2 million and $0.8 million, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets (Notes) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||||||
Definite Lived Intangible Assets | ||||||||||||||||||||||||
(Dollars in thousands) | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Trademarks and patents | $ | 1,075 | $ | 303 | $ | 772 | $ | 1,066 | $ | 227 | $ | 839 | ||||||||||||
Technology | 37,825 | 13,340 | $ | 24,485 | 36,479 | 8,394 | 28,085 | |||||||||||||||||
Covenant-not-to-compete | 1,056 | 628 | $ | 428 | 1,042 | 358 | 684 | |||||||||||||||||
Customer relationships | 21,280 | 3,235 | $ | 18,045 | 20,529 | 2,066 | 18,463 | |||||||||||||||||
Total other intangible assets | $ | 61,236 | $ | 17,506 | $ | 43,730 | $ | 59,116 | $ | 11,045 | $ | 48,071 | ||||||||||||
In the table above, gross carrying amounts and accumulated amortization may differ from prior periods due to foreign exchange rate fluctuations. | ||||||||||||||||||||||||
Amortization expense was approximately $6.0 million, $4.4 million and $5.4 million in 2013, 2012 and 2011, respectively. The estimated annual future amortization expense is $5.9 million, $5.5 million, $5.0 million and $4.4 million in 2014, 2015, 2016 and 2017, respectively. These amounts could vary based on changes in foreign currency exchange rates. | ||||||||||||||||||||||||
The weighted average amortization period as of December 31, 2013, by intangible asset class, is presented in the table below: | ||||||||||||||||||||||||
Intangible Asset Class | Weighted Average Amortization Period | |||||||||||||||||||||||
Trademarks and patents | 6.9 | |||||||||||||||||||||||
Technology | 4 | |||||||||||||||||||||||
Covenant not-to-compete | 1.5 | |||||||||||||||||||||||
Customer relationships | 6.9 | |||||||||||||||||||||||
Total other intangible assets | 5.2 | |||||||||||||||||||||||
On January 4, 2011 we acquired Curamik, a manufacturer of power electronic substrate products, which contributed $52.4 million of intangible assets and $79.8 million of goodwill. The intangible assets are comprised of trademarks, technology, and customer relationships and include approximately $5.3 million of indefinite-lived intangible assets comprised of trademarks, which are assessed for impairment annually or when changes in circumstances indicate that the carrying values may not be recoverable. The definite-lived intangible assets are amortized using a fair value methodology that is based on the projected economic use of the related underlying asset. | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill for the period ending December 31, 2013, by reportable segment, are as follows: | ||||||||||||||||||||||||
(Dollars in thousands) | High Performance Foams | Printed Circuit Materials | Power Electronics Solutions | Other | Total | |||||||||||||||||||
December 31, 2012 | $ | 23,973 | $ | — | $ | 78,844 | $ | 2,224 | $ | 105,041 | ||||||||||||||
Foreign currency translation adjustment | 232 | — | 3,398 | — | 3,630 | |||||||||||||||||||
December 31, 2013 | $ | 24,205 | $ | — | $ | 82,242 | $ | 2,224 | $ | 108,671 | ||||||||||||||
Annual Impairment Testing | ||||||||||||||||||||||||
We perform our annual goodwill impairment testing in the fourth quarter of the year. In 2013, we estimated the fair value of our reporting units using an income approach based on the present value of future cash flows. We believe this approach yields the most appropriate evidence of fair value as our reporting units are not easily compared to other corporations involved in similar businesses. We further believe that the assumptions and rates used in our annual impairment test are reasonable, but inherently uncertain. We currently have three reporting units with goodwill and intangible assets - High Performance Foams, Curamik and the Elastomer Components Division (ECD). The HPF, Curamik and ECD reporting units had allocated goodwill of approximately $24.2 million, $82.2 million and $2.2 million, respectively, at December 31, 2013. No impairment charges resulted from these analyses. The excess of fair value over carrying value for these reporting units was 405% for HPF, 30% for Curamik and 200% for ECD. From a sensitivity perspective, if the fair value of these reporting units declined by 10%, the fair value of the HPF reporting unit would exceed its carrying value by approximately 355%, the fair value of the Curamik reporting unit would exceed its carrying value by approximately 17%, and the fair value of the ECD reporting unit would exceed its carrying value by approximately 170%. These valuations are based on a five year discounted cash flow analysis, which utilized a discount rates ranging from 13.0% for HPF and ECD to 14.5% for Curamik and a terminal year growth rate of 3% for all three reporting units. |
Summarized_Financial_Informati
Summarized Financial Information of Unconsolidated Joint Ventures (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
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, 2013, we had two joint ventures, each 50% owned, which are accounted for under the equity method of accounting. | ||||||||||||
Joint Venture | Location | Reportable Segment | Fiscal Year-End | |||||||||
Rogers INOAC Corporation (RIC) | Japan | High Performance Foams | October 31 | |||||||||
Rogers INOAC Suzhou Corporation (RIS) | China | High Performance Foams | December 31 | |||||||||
Equity income related to the joint ventures of $4.3 million, $4.7 million and $5.5 million for the years ended December 31, 2013 , 2012 and 2011, respectively, is included in the consolidated statements of income (loss). | ||||||||||||
The summarized financial information for the joint ventures for the periods indicated is as follows: | ||||||||||||
(Dollars in thousands) | 31-Dec-13 | 31-Dec-12 | ||||||||||
Current assets | $ | 32,033 | $ | 40,721 | ||||||||
Noncurrent assets | 10,303 | 13,629 | ||||||||||
Current liabilities | 5,943 | 12,008 | ||||||||||
Shareholders' equity | 36,393 | 42,342 | ||||||||||
(Dollars in thousands) | For the years then ended: | |||||||||||
December 31, | December 31, | December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
Net sales | $ | 52,982 | $ | 63,297 | $ | 70,368 | ||||||
Gross profit (loss) | 15,214 | 17,280 | 13,638 | |||||||||
Net income (loss) | 8,652 | 9,486 | 10,902 | |||||||||
The effect of transactions between us and our unconsolidated joint ventures was accounted for on a consolidated basis. Receivables from and payables to joint ventures arise during the normal course of business from transactions between us and the joint ventures, typically from the joint venture purchasing raw materials from us to produce end products, which are sold to third parties, or from us purchasing finished goods from our joint ventures, which are then sold to third parties. |
Investment_Notes
Investment (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Investments, All Other Investments [Abstract] | ' |
Investment | ' |
INVESTMENT | |
In the third quarter of 2009, we made a strategic investment of $5.0 million in Solicore, Inc., headquartered in Lakeland, Florida. Solicore 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. Our investment, part of a total of $13.3 million raised by Solicore in that financing round, provided us with a minority equity stake in Solicore and representation on Solicore's Board of Directors. 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 Solicore 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 Solicore. | |
During the fourth quarter of 2013, Solicore raised additional equity capital through a round of capital financing that decreased our ownership interest in Solicore 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 Solicore. In accordance with the applicable accounting guidance, this event represented an indicator of impairment. As a result, we performed an impairment test 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 Solicore. 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 Solicore. Based on the results of this valuation, there was a significant decline in the fair value of the Solicore business, which caused us to recognize an impairment charge on our investment in Solicore of approximately $4.6 million. The remaining book value of our investment in Solicore is approximately $0.5 million. |
Pension_Benefit_and_Retirement
Pension Benefit and Retirement Health and Life Insurance Benefits (Notes) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
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 two qualified noncontributory defined benefit pension plans. One plan covers our U.S. unionized hourly employees and the other plan covers all other U.S. employees hired through December 30, 2007. 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 a fully insured life insurance plan for 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 | |||||||||||||||||||||||||
In the second quarter of 2013, we made changes to our retirement plans in order to better plan and manage related expenses which have a significant and variable impact on earnings. 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 our defined benefit pension plans will no longer accrue. The freeze of the defined benefit pension plan for salaried and non-union hourly employees was approved by the Board of Directors on May 3, 2013. The freeze of the union employees' defined benefit pension plan was approved upon ratification of the labor agreement on April 14, 2013. These changes resulted in a remeasurement event requiring us to remeasure the plan asset and liabilities, as well as the expense related to the plans, as of April 30, 2013. This date was considered the accounting date, per the related accounting guidance, as it was reasonably close to the approval dates of these changes for both the union and salaried plans. | |||||||||||||||||||||||||
(Dollars in thousands) | Pension Benefits | Retirement Health and Life Insurance Benefits | |||||||||||||||||||||||
Change in benefit obligation: | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Benefit obligation at beginning of year | $ | 209,844 | $ | 193,715 | $ | 11,891 | $ | 10,495 | |||||||||||||||||
Service cost | 2,473 | 4,596 | 627 | 630 | |||||||||||||||||||||
Interest cost | 7,753 | 8,420 | 262 | 364 | |||||||||||||||||||||
Actuarial (gain) loss | (15,834 | ) | 16,636 | (1,205 | ) | (395 | ) | ||||||||||||||||||
Benefit payments | (7,276 | ) | (6,800 | ) | (751 | ) | (795 | ) | |||||||||||||||||
Settlement charge | — | (6,723 | ) | — | — | ||||||||||||||||||||
Special termination benefit | (22,635 | ) | — | — | 1,592 | ||||||||||||||||||||
Benefit obligation at end of year | $ | 174,325 | $ | 209,844 | $ | 10,824 | $ | 11,891 | |||||||||||||||||
Change in plan assets: | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Fair value of plan assets at the beginning of the year | $ | 143,540 | $ | 120,565 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 21,954 | 13,775 | — | — | |||||||||||||||||||||
Employer contributions | 13,000 | 22,723 | 751 | 795 | |||||||||||||||||||||
Benefit payments | (7,276 | ) | (6,800 | ) | (751 | ) | (795 | ) | |||||||||||||||||
Settlement charge | — | (6,723 | ) | — | — | ||||||||||||||||||||
Fair value of plan assets at the end of the year | 171,218 | 143,540 | — | — | |||||||||||||||||||||
Funded status | $ | (3,107 | ) | $ | (66,304 | ) | $ | (10,824 | ) | $ | (11,891 | ) | |||||||||||||
Amounts recognized in the consolidated statements of financial position consist of: | |||||||||||||||||||||||||
(Dollars in thousands) | Pension Benefits | Retirement Health and Life Insurance Benefits | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Noncurrent assets | $ | 2,983 | $ | — | $ | — | $ | — | |||||||||||||||||
Current liabilities | (654 | ) | (362 | ) | (1,175 | ) | (1,237 | ) | |||||||||||||||||
Noncurrent liabilities | (5,436 | ) | (65,942 | ) | (9,649 | ) | (10,654 | ) | |||||||||||||||||
Net amount recognized at end of year | $ | (3,107 | ) | $ | (66,304 | ) | $ | (10,824 | ) | $ | (11,891 | ) | |||||||||||||
(Dollars in thousands) | Pension Benefits | Retirement Health and Life Insurance Benefits | |||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||
Net actuarial loss | $ | 35,119 | $ | 1,778 | |||||||||||||||||||||
Prior service cost | — | — | |||||||||||||||||||||||
Net amount recognized at end of year | $ | 35,119 | $ | 1,778 | |||||||||||||||||||||
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 $144.3 million, $144.3 million and $138.2 million, respectively, as of December 31, 2013 and $209.8 million, $186.1 million and $143.5 million, respectively, as of December 31, 2012. | |||||||||||||||||||||||||
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 $30.0 million, $30.0 million and $33.0 million, respectively, as of December 31, 2013. For 2012, there were no pension plans with plan assets in excess of an accumulated benefit obligation. | |||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||||||||||
(Dollars in thousands) | Pension Benefits | Postretirement Health and Life Insurance Benefits | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Service cost | $ | 2,473 | $ | 4,596 | $ | 3,922 | $ | 627 | $ | 630 | $ | 693 | |||||||||||||
Interest cost | 7,753 | 8,420 | 8,535 | 262 | 364 | 413 | |||||||||||||||||||
Expected return of plan assets | (11,247 | ) | (9,892 | ) | (10,559 | ) | — | — | — | ||||||||||||||||
Amortization of prior service cost | 124 | 463 | 597 | (230 | ) | (451 | ) | (627 | ) | ||||||||||||||||
Amortization of net loss | 3,615 | 5,471 | 2,331 | 204 | 313 | 421 | |||||||||||||||||||
Settlement charge/(credit) | — | 2,073 | — | — | — | — | |||||||||||||||||||
Special termination benefit | — | — | 176 | — | 1,592 | — | |||||||||||||||||||
Curtailment charge | 1,537 | — | — | — | — | — | |||||||||||||||||||
Net periodic benefit cost | $ | 4,255 | $ | 11,131 | $ | 5,002 | $ | 863 | $ | 2,448 | $ | 900 | |||||||||||||
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 first quarter of 2012, we implemented an early retirement program for certain eligible employees. As a result of this program, we incurred $1.6 million in charges in 2012 related to a special termination benefit associated with the retirement health and life insurance benefits program, as we extended eligibility benefits to certain individuals who chose to participate in the program. | |||||||||||||||||||||||||
Early in the third quarter of 2012, we made a one-time cash payment to our former President and Chief Executive Officer of approximately $6.3 million in accordance with the provisions of his retirement contract as part of his Pension Restoration Plan. This payment resulted in a settlement charge of approximately $2.1 million, which was recognized in the third quarter of 2012. | |||||||||||||||||||||||||
The estimated net loss for the defined benefit pension plans that will be amortized from other comprehensive income into net periodic benefit cost over the next fiscal year is $0.7 million. The estimated net loss (gain) for the defined benefit postretirement plans that will be amortized from other comprehensive income into net periodic benefit cost over the next fiscal year is $0.1 million. | |||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||||||||||||||||||||||||
Pension Benefits | Retirement Health and Life Insurance Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Discount rate | 4.75 | % | 4 | % | 3.25 | % | 2.5 | % | |||||||||||||||||
Rate of compensation increase | — | % | 4 | % | — | % | — | % | |||||||||||||||||
Expected long-term rate of return on plan assets | 7.5 | % | 7.5 | % | — | % | — | % | |||||||||||||||||
Weighted-average assumptions used to determine net benefit cost for the years ended: | |||||||||||||||||||||||||
Pension Benefits | Retirement Health and Life Insurance Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Discount rate | 4 | % | 4.5 | % | 2.5 | % | 3.5 | % | |||||||||||||||||
Expected long-term rate of return on plan assets | 7.5 | % | 7.75 | % | — | — | |||||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | — | — | |||||||||||||||||||
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. | |||||||||||||||||||||||||
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, 2013, this analysis resulted in a 75 basis point increase to the discount rate which went from 4.0% at December 31, 2012 to 4.75% at December 31, 2013. | |||||||||||||||||||||||||
Health care cost trend rates - For measurement purposes as of December 31, 2013 we assumed annual health care cost trend rates of 7.0% and 6.5% for covered health care benefits for retirees pre-age 65 and post-age 65, respectively. The rates were assumed to decrease gradually to 5.0% and 5.5%, respectively, in 2015 and remain at those levels thereafter. For measurement purposes as of December 31, 2012, we assumed annual health care cost trend rates of 8.0% and 7.5% for covered health care benefits for retirees pre-age 65 and post-age 65, respectively. Assumed health care cost trend rates 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: | |||||||||||||||||||||||||
(Dollars in thousands) | One Percentage Point | ||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||
Effect on total service and interest cost | $ | 69 | $ | 596 | |||||||||||||||||||||
Effect on other postretirement benefit obligations | (64 | ) | (558 | ) | |||||||||||||||||||||
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. At December 31, 2013, we held approximately 60% equity securities and 40% fixed income securities in our portfolio, which is consistent with our allocation target of 57% equity to 43% fixed income. In order to further mitigate risk, in the future we plan to migrate to a portfolio more heavily weighted toward fixed income as our plan assets approach the projected benefit obligation. | |||||||||||||||||||||||||
In determining our investment strategy and calculating our plan liability and related expense, we utilize 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 9.1% over the past 18 year period (earliest data available for our analysis was 1996). 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, 7.6% over the last 20 years and 7.7% over the last 10 years. Additionally, we analyzed the potential return associated with our portfolio mix and determined it to be a projected return of 5% to 8% for the 25th to 75th percentile of assets, with a average return of 7%. Based on the historical returns and the projected future returns we determined that a target return of 7.5% is appropriate for the current portfolio. | |||||||||||||||||||||||||
Investments are stated at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). | |||||||||||||||||||||||||
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 is 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 are 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 net assets by asset category at December 31, 2013 and 2012: | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Pooled separate accounts | $ | 38,584 | $ | 29,869 | |||||||||||||||||||||
Mutual funds | 119,277 | 98,269 | |||||||||||||||||||||||
Guaranteed deposit account | 13,357 | 15,402 | |||||||||||||||||||||||
Total investments at fair value | $ | 171,218 | $ | 143,540 | |||||||||||||||||||||
The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value as of December 31, 2013 and 2012. | |||||||||||||||||||||||||
Assets at Fair Value as of December 31, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Pooled separate accounts | $ | — | $ | 38,584 | $ | — | $ | 38,584 | |||||||||||||||||
Mutual funds | 119,277 | — | — | 119,277 | |||||||||||||||||||||
Guaranteed deposit account | — | — | 13,357 | 13,357 | |||||||||||||||||||||
Total assets at fair value | $ | 119,277 | $ | 38,584 | $ | 13,357 | $ | 171,218 | |||||||||||||||||
Assets at Fair Value as of December 31, 2012 | |||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Pooled separate accounts | $ | — | $ | 29,869 | $ | — | $ | 29,869 | |||||||||||||||||
Mutual funds | 98,269 | — | — | 98,269 | |||||||||||||||||||||
Guaranteed deposit account | — | — | 15,402 | 15,402 | |||||||||||||||||||||
Total assets at fair value | $ | 98,269 | $ | 29,869 | $ | 15,402 | $ | 143,540 | |||||||||||||||||
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, 2013. | |||||||||||||||||||||||||
(Dollars in thousands) | Guaranteed Deposit Account | ||||||||||||||||||||||||
Balance at beginning of year | $ | 15,402 | |||||||||||||||||||||||
Realized gains (losses) | — | ||||||||||||||||||||||||
Unrealized gains relating to instruments still held at the reporting date | 784 | ||||||||||||||||||||||||
Purchases, sales, issuances and settlements (net) | (2,829 | ) | |||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | ||||||||||||||||||||||||
Balance at end of year | $ | 13,357 | |||||||||||||||||||||||
Cash Flows | |||||||||||||||||||||||||
Contributions | |||||||||||||||||||||||||
At December 31, 2013, we have met the minimum funding requirements for our qualified defined benefit pension plans and were therefore not required to make a contribution to the plans in 2013 for any past years. In 2013 and 2012, we made voluntary contributions of $13.0 million and $16.0 million, respectively. As there is no funding requirement for the nonqualified defined benefit pension plans and the Retiree Health and Life Insurance benefit plans, we fund the amount of benefit payments made during the year, which is consistent with past practices. We currently estimate that we will make voluntary contributions of approximately $13.0 million in 2014 towards our qualified defined benefit pension plans. | |||||||||||||||||||||||||
Estimated Future Payments | |||||||||||||||||||||||||
The following pension benefit payments, which reflect expected future employee service, as appropriate, are expected to be paid through the utilization of plan assets for the funded plans and from 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 operating cash flows. The benefit payments are based on the same assumptions used to measure our benefit obligation at the end of fiscal 2013. | |||||||||||||||||||||||||
Pension Benefits | Retiree Health and Life Insurance Benefits | ||||||||||||||||||||||||
2014 | 8,682 | 1,175 | |||||||||||||||||||||||
2015 | 8,210 | 1,186 | |||||||||||||||||||||||
2016 | 8,302 | 1,170 | |||||||||||||||||||||||
2017 | 8,599 | 1,094 | |||||||||||||||||||||||
2018 | 8,959 | 1,074 | |||||||||||||||||||||||
2019-2023 | 50,843 | 6,234 | |||||||||||||||||||||||
Employee_Savings_and_Investmen
Employee Savings and Investment Plan (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
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 $17,500 in 2013 and $17,000 in 2012. 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 $2.1 million in 2013, $1.7 million in 2012 and $1.7 million in 2011, which related solely to our matching contributions. |
Debt_Notes
Debt (Notes) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Debt | ' | ||||||||||
DEBT | |||||||||||
On July 13, 2011, we entered into an amended and restated $265 million secured five year credit agreement. This credit agreement (“Amended Credit Agreement”) is with (i) JPMorgan Chase Bank, N.A., as administrative agent; (ii) HSBC Bank USA, National Association; (iii) RBS Citizens, National Association; (iv) Fifth Third Bank; and (v) Citibank, N.A. JPMorgan Securities LLC and HSBC Bank USA, National Association acted as joint bookrunners and joint lead arrangers; HSBC Bank USA, National Association and RBS Citizens, National Association acted as co-syndication agents; and Fifth Third Bank and Citibank, N.A. acted as co-documentation agents. The Amended Credit Agreement amends and restates the credit agreement signed between the Company and the same banks on November 23, 2010 and increased our borrowing capacity from $165.0 million under the original agreement to $265.0 million under the Amended Credit Agreement. | |||||||||||
Key features of the Amended Credit Agreement, as compared to the November 23, 2010 credit agreement, include an increase in credit from $165.0 million to $265.0 million with the addition of a $100.0 million term loan; the extension of maturity from November 23, 2014 to July 13, 2016; a 25 basis point reduction in interest costs; an increase in the size of permitted acquisitions from $25.0 million to $100.0 million; and an increase in permitted additional indebtedness from $20.0 million to $120.0 million. | |||||||||||
The Amended Credit Agreement provided for the extension of credit in the form of a $100.0 million term loan (which refinanced outstanding borrowings in the amount of $100.0 million from the existing revolving credit line), as further described below; and up to $165.0 million of revolving loans, in multiple currencies, at any time and from time to time until the maturity of the Amended Credit Agreement on July 13, 2016. We may borrow, pre-pay and re-borrow amounts under the $165.0 million revolving portion of the Amended Credit Agreement; however, with respect to the $100.0 million term loan portion, any principal amounts re-paid may not be re-borrowed. 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 75 - 150 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; and adjusted London interbank offered (“LIBO”) rate plus 100 basis points. Euro-currency loans bear interest based on the adjusted LIBO rate plus a spread of 175 - 250 basis points, depending on our leverage ratio. Our current borrowings are Euro-currency based. | |||||||||||
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 0.35% (based upon its leverage ratio) on the unused amount of the lenders’ commitments under the Amended Credit Agreement. | |||||||||||
In connection with the Amended Credit Agreement, we transferred borrowings in the amount of $100.0 million from the revolving credit line under the November 23, 2010 credit agreement to the term loan under the Amended Credit Agreement. The Amended Credit Agreement requires the mandatory quarterly repayment of principal on amounts borrowed under such term loan. Payments commenced on September 30, 2011, and are scheduled to be completed on June 30, 2016. The aggregate mandatory principal payments due are as follows: | |||||||||||
2011 | $2.50 | million | |||||||||
2012 | $7.50 | million | |||||||||
2013 | $12.50 | million | |||||||||
2014 | $17.50 | million | |||||||||
2015 | $35.00 | million | |||||||||
2016 | $25.00 | million | |||||||||
The Amended Credit Agreement is secured by many of the assets of Rogers and our World Properties, Inc, subsidiary, including but not limited to, receivables, equipment, intellectual property, inventory, stock in certain subsidiaries and real property. | |||||||||||
As part of the Amended Credit Agreement, we are restricted in our ability to perform certain actions, including, but not limited to, our ability to pay dividends, incur additional debt, sell certain assets, and make capital expenditures, with certain exceptions. Further, we are required to maintain certain financial covenant ratios, including (i) a leverage ratio of no more than 3.0 to 1.0 and (ii) a minimum fixed charge coverage ratio (FCCR) as defined in the following table: | |||||||||||
Period | Ratio | ||||||||||
March 31, 2012 to December 31, 2012 | 1.25 : 1.00 | ||||||||||
March 31, 2013 to December 31, 2013 | 1.50 : 1.00 | ||||||||||
March 31, 2014 and thereafter | 1.75 : 1.00 | ||||||||||
The FCCR is the ratio between Adjusted Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) and Consolidated Fixed Charges as defined in the Amended Credit Agreement, which measures our ability to cover the fixed charge obligations. The key components of Consolidated Fixed Charges are capital expenditures, scheduled debt payments, capital lease payments, rent and interest expenses. | |||||||||||
Relevant Fixed Charge metrics are detailed in the table below: | |||||||||||
Periods | Q4 2012 | Q1 2013 | Q2 2013 | Q3 2013 | Q4 2013 | ||||||
Covenant Limit (minimum) | 1.25 | 1.5 | 1.5 | 1.5 | 1.5 | ||||||
Actual FCCR | 2.18 | 2.27 | 2.06 | 2.23 | 2.39 | ||||||
As of December 31, 2013, we were in compliance with all of our covenants, as we achieved actual ratios of approximately 1.00 on the leverage ratio and 2.39 on the fixed charge coverage ratio. | |||||||||||
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. | |||||||||||
In connection with the establishment of the initial credit agreement in 2010, we capitalized approximately $1.6 million of debt issuance costs. We capitalized an additional $0.7 million of debt issuance costs in 2011 related to the Amended Credit Agreement, as amended. Also, in connection with the Amended Credit Agreement, as amended, we capitalized an additional $0.1 million of debt issuance costs in 2012. These costs will be amortized over the life of the Amended Credit Agreement, as amended, which will terminate in June 2016. | |||||||||||
We incurred amortization expense of $0.5 million, $0.5 million, and $0.5 million for the years ended 2013, 2012 and 2011, respectively. At December 31, 2013, we have approximately $1.3 million of credit facility costs remaining to be amortized. | |||||||||||
In the first quarter of 2011, we made an initial draw on the line of credit of $145.0 million to fund the acquisition of Curamik. During 2013 and 2012, we made principal payments of $20.5 million and $24.5 million, respectively, on the outstanding debt. The 2013 payments included an $8.0 million payment on the revolving credit line, which paid the remaining balance of the revolving credit line. | |||||||||||
We are obligated to pay $17.5 million on this debt obligation in 2014. As of December 31, 2013, the outstanding debt related to the Amended Credit Agreement, as amended, consists of $77.5 million of term loan debt. We have the option to pay part of or the entire amount at any time over the remaining life of the Amended Credit Agreement, as amended, with any balance due and payable at the agreement's expiration. | |||||||||||
In addition, as of December 31, 2013, we had the following standby letter of credit (LOC) that was backed by the Amended Credit Agreement, as amended: | |||||||||||
• | $1.4 million letter of credit to guarantee Rogers workers compensation plan; | ||||||||||
No amounts were owed on the standby LOC as of December 31, 2013 or December 31, 2012. | |||||||||||
We also guarantee an interest rate swap related to the lease of the Curamik manufacturing facility in Eschenbach, Germany. The swap agreement is between the lessor, our Curamik subsidiary, and a third party bank. We guarantee any liability related to the swap agreement in case of default by the lessor through the term of the swap until expiration in July 2016, or if we exercised the option to buyout the lease at June 30, 2013 as specified within the lease agreement. We did not exercise our option to buyout the lease at June 30, 2013. The swap is in a liability position with the bank at December 31, 2013, and has a fair value of $0.7 million. We have concluded that the probability of default by the lessor is not probable during the term of the swap, and we chose not to exercise the option to buyout the lease during the leasing period; therefore, the guarantee has no value. | |||||||||||
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, 2013 and 2012 was $8.0 million and $8.4 million, respectively. Depreciation expense related to the capital lease was $0.4 million, $0.4 million and $0.4 million for the years ending December 31, 2013, 2012 and 2011, respectively. Accumulated depreciation as of December 31, 2013 and 2012 was $1.2 million and $0.8 million, respectively. | |||||||||||
These expenses are included as depreciation expense in Cost of Sales on our consolidated statements of income (loss). Interest expense related to the debt recorded on the capital lease is included in interest expense on the consolidated statements of income (loss). See “Interest” section below for further discussion. | |||||||||||
Interest | |||||||||||
We incurred interest expense on our outstanding debt of $2.2 million, $2.9 million and $3.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. We incurred an unused commitment fee of approximately $0.5 million, $0.4 million, and $0.2 million for the years ended December 31, 2013, 2012, and 2011, respectively. In July 2012, we entered into an interest rate swap to hedge the variable interest rate on 65% of the term loan debt, then outstanding, effective through July 2013. At December 31, 2013, our outstanding debt balance is only made up of the term loan debt, which is $77.5 million. At December 31, 2013, the rate charged on this debt is the 1 month LIBOR at 0.1875% plus a spread of 2.00%. | |||||||||||
We also incurred interest expense on the capital lease of $0.5 million , $0.6 million and $1.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. Cash paid for interest was $3.1 million, $4.0 million and $4.2 million for 2013, 2012 and 2011, respectively. | |||||||||||
Restriction on Payment of Dividends | |||||||||||
Pursuant to the Amended Credit Agreement, as amended, we cannot make a cash dividend payment if a default or event of default has occurred and is continuing or shall result from the cash dividend payment. |
Income_Taxes_Notes
Income Taxes (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
INCOME TAXES | ||||||||||||
Consolidated income (loss) from continuing operations before income taxes consists of: | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||||||||
Domestic | $ | 13,208 | $ | 6,260 | $ | 9,285 | ||||||
International | 35,677 | 16,390 | 46,483 | |||||||||
Total | $ | 48,885 | $ | 22,650 | $ | 55,768 | ||||||
The income tax expense (benefit) in the consolidated statements of income (loss) consists of: | ||||||||||||
(Dollars in thousands) | Current | Deferred | Total | |||||||||
2013 | ||||||||||||
Domestic | $ | (7,075 | ) | $ | 5,894 | $ | (1,181 | ) | ||||
International | 12,667 | (260 | ) | 12,407 | ||||||||
Total | $ | 5,592 | $ | 5,634 | $ | 11,226 | ||||||
2012 | ||||||||||||
Domestic | $ | 3,651 | $ | (59,414 | ) | $ | (55,763 | ) | ||||
International | 8,118 | 1,161 | 9,279 | |||||||||
Total | $ | 11,769 | $ | (58,253 | ) | $ | (46,484 | ) | ||||
2011 | ||||||||||||
Domestic | $ | 2,173 | $ | (828 | ) | $ | 1,345 | |||||
International | 12,070 | (1,897 | ) | 10,173 | ||||||||
Total | $ | 14,243 | $ | (2,725 | ) | $ | 11,518 | |||||
Deferred tax assets and liabilities as of December 31, 2013 and 2012, are comprised of the following: | ||||||||||||
(Dollars in thousands) | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets | ||||||||||||
Accrued employee benefits and compensation | $ | 8,927 | $ | 10,591 | ||||||||
Postretirement benefit obligations | 2,736 | 23,066 | ||||||||||
Tax credit carryforwards | 9,825 | 18,574 | ||||||||||
Reserves and accruals | 6,671 | 6,014 | ||||||||||
Depreciation and amortization | 20,717 | 19,134 | ||||||||||
Other | 3,715 | 1,751 | ||||||||||
Total deferred tax assets | 52,591 | 79,130 | ||||||||||
Less deferred tax asset valuation allowance | (466 | ) | (466 | ) | ||||||||
Total deferred tax assets, net of valuation allowance | 52,125 | 78,664 | ||||||||||
Deferred tax liabilities | ||||||||||||
Investment in joint ventures, net | — | 1,559 | ||||||||||
Depreciation and amortization | 15,839 | 15,654 | ||||||||||
Other | 238 | 332 | ||||||||||
Total deferred tax liabilities | 16,077 | 17,545 | ||||||||||
Net deferred tax asset | $ | 36,048 | $ | 61,119 | ||||||||
We have a $1.0 million net operating loss carryforward in China which will begin to expire in 2017. Excluded from the table above are state loss carryforwards ranging from approximately $0.0 million to $11.0 million in various state taxing jurisdictions, and credit carryforwards ranging from approximately $0.0 million to $4.0 million in various state taxing jurisdictions. As we continually generate credits in excess of our current year tax liability in these jurisdictions, we believe that it is remote that we will ever benefit from those tax attributes. Accordingly, we have not recorded any deferred tax assets related to such items on our consolidated statements of financial position for the years ended December 31, 2013 and 2012. | ||||||||||||
We currently have approximately $13.8 million of foreign tax credits that begin to expire in 2022, $4.6 million of research and development credits that begin to expire in 2027, 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, 2013 that the use of which was postponed by tax deductions related to equity compensation in excess of compensation recognized for financial reporting. Those deferred tax assets include foreign tax credits of $6.8 million, research and development credits of $1.2 million and minimum tax credits of $0.4 million. Equity will be increased by $8.4 million if and when such deferred tax assets are ultimately realized. | ||||||||||||
We had a valuation allowance of $0.5 million at both December 31, 2013 and 2012, against certain of our U.S. deferred tax assets. A valuation allowance for deferred tax assets is recorded to the extent we cannot determine that the ultimate realization of a deferred tax asset is more likely than not. In determining the need for a valuation allowance, we assess the available positive and negative evidence as well as consider available tax planning strategies. In 2009, we established a valuation allowance against substantially all of our U.S. deferred tax assets as we concluded that we did not have sufficient evidence to support the position that these assets would be utilized in the future. This conclusion was reached primarily due to the presence of recent cumulative losses in the U.S. and upon consideration of all other available evidence, both positive and negative, using a “more likely than not standard” in accordance with applicable accounting guidance. At the end of the third quarter of 2012, we concluded that a valuation allowance against these assets was longer no necessary as we were no longer in, nor were we expecting to be in, a cumulative loss in the foreseeable future. As we are no longer in a cumulative loss position we should be able to rely on forecasted U.S. profits as a source of taxable income. Also, 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 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. This, along with other positive evidence, such as our recent history of positive taxable income, led us to conclude in 2012 that it is more likely than not that we will ultimately be able to realize our deferred tax assets. | ||||||||||||
Also in 2012, we realized a capital loss on the sale of the auction rate securities. As we do not have the ability to generate capital gains in the near future, we have established a valuation allowance against this deferred tax asset. | ||||||||||||
On September 13, 2013, Treasury and the Internal Revenue Service issued final regulations regarding the deduction and capitalization of expenditures related to tangible property. The final regulations under Internal Revenue Code Sections 162, 167 and 263(a) apply to amounts paid to acquire, produce, or improve tangible property as well as dispositions of such property and are generally effective for tax years beginning on or after January 1, 2014. We have evaluated these regulations and determined they will not have a material impact on our consolidated results of operations, cash flows or financial position. | ||||||||||||
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 are as follows: | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||||||||
Tax expense at Federal statutory income tax rate | $ | 17,110 | $ | 7,928 | $ | 19,518 | ||||||
International tax rate differential | (2,541 | ) | (209 | ) | (4,627 | ) | ||||||
Foreign source income, net of tax credits | (786 | ) | (3,428 | ) | (1,021 | ) | ||||||
Unrecognized tax benefits | (2,197 | ) | 1,604 | 272 | ||||||||
General business credits | (702 | ) | — | (831 | ) | |||||||
Valuation allowance change | — | (52,650 | ) | (1,989 | ) | |||||||
Other | 342 | 271 | 196 | |||||||||
Income tax expense (benefit) | $ | 11,226 | $ | (46,484 | ) | $ | 11,518 | |||||
Our tax holiday on the earnings of our subsidiaries in China expired at the end of 2011. Under the business license agreement granted to Rogers Technologies (Suzhou) Company (RSZ), a wholly-owned subsidiary of ours, the first two years of cumulatively profitable operations were taxed at a 0% tax rate followed by a reduced tax rate in subsequent years that gradually increased to the 25% full rate of tax beginning in 2012. In 2011, RSZ reported pretax income of $17.9 million, which was subject to a tax rate of 24%. Under the business license agreement granted to Rogers (Shanghai) International Trading Company Ltd. (RSH), also a wholly-owned subsidiary of ours, RSH was subject to a reduced rate of tax that gradually increased to the 25% full rate of tax beginning in 2012. In 2011, RSH reported pretax income of $2.4 million which was subject to a tax rate of 24%. | ||||||||||||
The objective of accounting for income taxes is to recognize the amount of taxes payable or refundable for the current year and the deferred tax liabilities and assets for the future tax consequence of events that have been recognized in the entity's financial statements. We are subject to income taxes in the United States and in numerous foreign jurisdictions. No provision is made for U.S. income taxes on the undistributed earnings of substantially all of our wholly-owned foreign subsidiaries because such earnings are indefinitely reinvested in those companies. If circumstances change and it becomes apparent that all or some of the undistributed earnings of our wholly-owned foreign subsidiaries will not be indefinitely reinvested, a provision for the tax consequence, if any, will be recorded in the period circumstances change. At December 31, 2013 and 2012, we have not accrued U.S. income taxes on unremitted earnings of approximately $172.9 million and $130.9 million, respectively. | ||||||||||||
Income taxes paid, net of refunds, were $11.1 million, $11.6 million, and $17.1 million, in 2013, 2012, and 2011, respectively. | ||||||||||||
A reconciliation of unrecognized tax benefits, excluding potential interest and penalties, for the years ending December 31, 2013 and December 31, 2012, is as follows: | ||||||||||||
(Dollars in thousands) | ||||||||||||
2013 | 2012 | |||||||||||
Beginning balance | $ | 17,333 | $ | 16,133 | ||||||||
Gross increases - current period tax positions | 1,445 | 1,929 | ||||||||||
Gross decreases - tax positions in prior periods | (7,136 | ) | — | |||||||||
Foreign currency exchange | 79 | 37 | ||||||||||
Lapse of statute of limitations | (2,573 | ) | (766 | ) | ||||||||
Ending balance | $ | 9,148 | $ | 17,333 | ||||||||
If the December 31, 2013 balance of $9.1 million is recognized, it would decrease the effective tax rate in the period in which each of the benefits is recognized. Based upon new facts and circumstances that took place during the year, in 2013 we had a $7.136 million reduction to unrecognized tax benefits as a result of a redetermination of a prior position related to an international tax matter. At December 31, 2013 and 2012, we had accrued potential interest and penalties of approximately $1.1 million and $2.0 million, respectively. The potential interest and penalties are included as a component of income tax expense. It is reasonably possible that between $1.5 million and $2.0 million of our currently unrecognized tax benefits may 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 2010 through 2013 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 2010. |
Shareholders_Equity_and_Stock_
Shareholders Equity and Stock Options (Notes) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||||||||
Shareholders Equity and Stock Options | ' | ||||||||||||||||||||
SHAREHOLDERS' EQUITY AND STOCK OPTIONS | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||
The components of accumulated other comprehensive income (loss) at December 31, 2013 were as follows: | |||||||||||||||||||||
(Dollars in thousands) | December 31, | December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Foreign currency translation adjustments | $ | 22,756 | $ | 12,585 | |||||||||||||||||
Funded status of pension plans and other postretirement benefits, net of tax of $2,900 and $22,371. | (33,997 | ) | (70,158 | ) | |||||||||||||||||
Unrealized gain (loss) on derivative instruments, net of tax of $110 and $127 | (209 | ) | (235 | ) | |||||||||||||||||
Accumulated other comprehensive income (loss) | (11,450 | ) | (57,808 | ) | |||||||||||||||||
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, are 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. | |||||||||||||||||||||
Bruce D. Hoechner, President and Chief Executive Officer, was granted three equity awards when he joined Rogers as our 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 a non-qualified stock option award. 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. | |||||||||||||||||||||
Shares of capital stock reserved for possible future issuance are as follows: | |||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
Stock acquisition program | 120,883 | 120,883 | |||||||||||||||||||
Stock options and restricted stock | 1,328,414 | 2,081,116 | |||||||||||||||||||
Shares available for issuance | 479,307 | 659,292 | |||||||||||||||||||
Rogers Employee Savings and Investment Plan | 169,044 | 249,490 | |||||||||||||||||||
Rogers Corporation Global Stock Ownership Plan for Employees | 181,617 | 201,676 | |||||||||||||||||||
Deferred compensation to be paid in stock | 14,558 | 49,090 | |||||||||||||||||||
Total | 2,293,823 | 3,361,547 | |||||||||||||||||||
Each outstanding share of Rogers capital (common) stock has attached to it a stock purchase right. One stock purchase right entitles the holder to buy one share of Rogers capital (common) 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 (common) 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 2nd, 3rd and 4th 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 did not grant any stock options in 2013. The fair value of options granted in 2012 and 2011 were calculated using the following weighted average assumptions: | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||
Options granted | 46,950 | 131,750 | |||||||||||||||||||
Weighted average exercise price | $ | 41.27 | $ | 46.29 | |||||||||||||||||
Weighted-average grant date fair value | 19.08 | 21.08 | |||||||||||||||||||
Assumptions: | |||||||||||||||||||||
Expected volatility | 47.7 | % | 46.92 | % | |||||||||||||||||
Expected term (in years) | 5.9 | 5.6 | |||||||||||||||||||
Risk-free interest rate | 1.43 | % | 2.13 | % | |||||||||||||||||
Expected dividend yield | — | — | |||||||||||||||||||
Expected volatility – In determining expected volatility, we have considered a number of factors, including historical volatility and implied volatility. | |||||||||||||||||||||
Expected term – We use historical employee exercise data to estimate the expected term assumption for the Black-Scholes valuation. | |||||||||||||||||||||
Risk-free interest rate – We use the yield on zero-coupon U.S. Treasury securities for a period commensurate with the expected term assumption as the risk-free interest rate. | |||||||||||||||||||||
Expected dividend yield – We do not currently pay dividends on our common stock; therefore, a dividend yield of 0% was used in the Black-Scholes model. | |||||||||||||||||||||
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, 2013 and changes during the year then ended, is presented below: | |||||||||||||||||||||
Options Outstanding | Weighted- Average Exercise Price Per Share | Weighted-Average Remaining Contractual Life in Years | Aggregate Intrinsic Value | ||||||||||||||||||
Options outstanding at December 31, 2012 | 1,765,947 | $ | 40.58 | 1.3 | 19,557,233 | ||||||||||||||||
Options granted | — | — | |||||||||||||||||||
Options exercised | (847,340 | ) | 37.82 | ||||||||||||||||||
Options cancelled | (25,468 | ) | 39.04 | ||||||||||||||||||
Options outstanding at December 31, 2013 | 893,139 | 43.23 | 3.9 | 16,403,816 | |||||||||||||||||
Options exercisable at December 31, 2013 | 721,645 | 44.62 | 3.2 | 12,270,104 | |||||||||||||||||
Options vested or expected to vest at December 31, 2013* | 887,994 | 43.27 | 3.9 | 16,279,805 | |||||||||||||||||
* 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, 2013 and 2012, 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 $13.6 million and $8.9 million, respectively. The total amount of cash received from the exercise of these options was $32.4 million and $17.0 million, respectively. The total grant-date fair value of stock options that vested during the years ended December 31, 2013 and 2012 was approximately $0.4 million and $2.0 million, respectively. | |||||||||||||||||||||
As of December 31, 2013, there was $0.6 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 1.4 years. | |||||||||||||||||||||
We recognized $0.4 million, $2.0 million and $3.6 million of compensation expense related to stock options for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
A summary of the activity under our stock option plans as for the fiscal years ended 2013, 2012 and 2011, is presented below: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Weighted- | Weighted- | Weighted- | |||||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Options | Exercise Price | Options | Exercise Price | Options | Exercise Price | ||||||||||||||||
Outstanding | Per Share | Outstanding | Per Share | Outstanding | Per Share | ||||||||||||||||
Outstanding at beginning of year | 1,765,947 | $ | 40.58 | 2,401,809 | $ | 37.54 | 2,626,371 | $ | 36.63 | ||||||||||||
Options granted | — | — | 46,950 | 41.27 | 131,750 | 46.29 | |||||||||||||||
Options exercised | (847,340 | ) | 37.82 | (614,263 | ) | 42.97 | (329,964 | ) | 33.61 | ||||||||||||
Options cancelled | (25,468 | ) | 39.04 | (68,549 | ) | 43.57 | (26,348 | ) | 30.77 | ||||||||||||
Outstanding at year-end | 893,139 | 43.23 | 1,765,947 | 40.58 | 2,401,809 | 37.54 | |||||||||||||||
Options exercisable at year-end | 721,645 | 1,274,340 | 1,609,982 | ||||||||||||||||||
Performance-Based Restricted Stock | |||||||||||||||||||||
In 2006, we began granting performance-based restricted stock awards to certain key executives. We currently have awards from 2011, 2012 and 2013 outstanding. These awards cliff vest at the end of a 3 year measurement period, except for 2011 and 2012 grants to those individuals who are retirement eligible during the grant period, as such awards 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 2011 and 2012 awards have three measurement criteria on which the final payout of the award is based - (i) the three year compounded annual growth rate (CAGR) of net sales, (ii) the three year CAGR of diluted earnings per share, and (iii) the three year average of each year's free cash flow as a percentage of net sales. In accordance with the applicable accounting literature, these measures are treated as performance conditions. The fair value of these awards 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 percentages at the end of each reporting period. | |||||||||||||||||||||
The 2013 award has two measurement criteria on which the final payout of the 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 common 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 are the assumptions used in the Monte Carlo calculation: | |||||||||||||||||||||
Expected volatility | 37.1 | % | |||||||||||||||||||
Expected term (in years) | 3 | ||||||||||||||||||||
Risk-free interest rate | 0.4 | % | |||||||||||||||||||
Expected dividend yield | — | ||||||||||||||||||||
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 common stock; therefore, a dividend yield of 0% was used in the Monte Carlo simulation valuation model. | |||||||||||||||||||||
Actual performance during the relevant period for the 2011 grant, which vested as of December 31, 2013, met the target performance criteria and shares will be paid out at 108% of target during the first quarter of 2014. | |||||||||||||||||||||
A summary of activity under the performance-based restricted stock plans for the fiscal years ended 2013, 2012 and 2011 is presented below: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Awards Outstanding | Weighted- | Awards Outstanding | Weighted- | Awards Outstanding | Weighted- | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Grant Date Fair Value | Grant Date Fair Value | Grant Date Fair Value | |||||||||||||||||||
Non-vested awards outstanding at beginning of year | 73,458 | $ | 38.01 | 101,730 | $ | 31.19 | 115,250 | $ | 27.09 | ||||||||||||
Awards granted | 47,625 | 47.1 | 22,120 | 41.27 | 20,630 | 47.89 | |||||||||||||||
Stock issued | (33,538 | ) | 27.43 | (43,750 | ) | 23.86 | — | — | |||||||||||||
Awards forfeited or expired | (16,370 | ) | 44.9 | (6,642 | ) | 37.67 | (34,150 | ) | 27.43 | ||||||||||||
Non-vested awards outstanding at end of year | 71,175 | $ | 47.49 | 73,458 | $ | 38.01 | 101,730 | $ | 31.19 | ||||||||||||
We recognized $1.3 million, $0.5 million, and $1.7 million of compensation expense related to performance-based restricted stock grants for the years ended December 31, 2013, 2012 and 2011, respectively. The 2013 expense represents a 108% projected payout for the 2011 performance-based grants, a projected payout of 108% for the performance-based awards granted in 2012 and a projected payout of 166% for the performance-based awards granted in 2013. The 2012 expense represents a 200% projected payout for the 2010 performance-based grants, and a projected payout of 100% for the performance-based awards granted in 2011 and 2012, respectively. The 2011 expense represented a 97.4% actual payout for the 2009 performance-based grants, and a projected payout of 200% for the performance-based awards granted in 2010 and 2011, respectively. | |||||||||||||||||||||
As of December 31, 2013, there was $2.4 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 2011, 2012 and 2013 outstanding. The 2011 and 2012 grants cliff vest at the end of the three year vesting period. The 2013 grants 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. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Awards Outstanding | Weighted- | Awards Outstanding | Weighted- | Awards Outstanding | Weighted-Average Grant Date Fair Value | ||||||||||||||||
Average | Average | ||||||||||||||||||||
Grant Date Fair Value | Grant Date Fair Value | ||||||||||||||||||||
Non-vested awards outstanding at beginning of year | 115,139 | $ | 43.27 | 86,707 | $ | 44.55 | 2,500 | $ | 20.01 | ||||||||||||
Awards granted | 156,665 | 51.78 | 51,790 | 40.99 | 84,667 | 45.29 | |||||||||||||||
Stock issued | (12,436 | ) | 43.97 | (16,620 | ) | 41.64 | — | — | |||||||||||||
Awards forfeited or expired | (28,342 | ) | 47.07 | (6,738 | ) | 46.21 | (460 | ) | 47.89 | ||||||||||||
Non-vested awards outstanding at end of year | 231,026 | $ | 48.54 | 115,139 | $ | 43.27 | 86,707 | $ | 44.55 | ||||||||||||
We recognized $2.5 million, $1.6 million, and $1.6 million of compensation expense related to time-based restricted stock for years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, there was $6.9 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 1.9 years. | |||||||||||||||||||||
Deferred Stock Units | |||||||||||||||||||||
We grant deferred stock units to non-management directors. These awards are fully vested on the date of grant and the related shares are generally issued on the 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. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Awards Outstanding | Weighted- | Awards Outstanding | Weighted- | Awards Outstanding | Weighted-Average Grant Date Fair Value | ||||||||||||||||
Average | Average | ||||||||||||||||||||
Grant Date Fair Value | Grant Date Fair Value | ||||||||||||||||||||
Non-vested awards outstanding at beginning of year | 30,150 | $ | 26.13 | 27,350 | $ | 28.8 | 30,250 | $ | 28.98 | ||||||||||||
Awards granted | 16,800 | 41.67 | 17,600 | 38.64 | 16,650 | 45.95 | |||||||||||||||
Stock issued | (15,400 | ) | 41.77 | (14,800 | ) | 45.95 | (19,550 | ) | 43.69 | ||||||||||||
Non-vested awards outstanding at end of year | 31,550 | $ | 26.77 | 30,150 | $ | 26.13 | 27,350 | $ | 28.8 | ||||||||||||
We recognized compensation expense related to deferred stock units of $0.7 million, $0.7 million and $0.7 million, for the years ended December 31, 2013, 2012 and 2011, 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 common 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, 2013 and $0.5 million for the year ended December 31, 2012 and $0.5 million for the year ended December 31, 2011. |
Commitments_and_Contingencies_
Commitments and Contingencies (Notes) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
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. Further, in 2013 we entered into an operating lease for the Rogers Innovation Center at Northeastern University in Burlington, Massachusetts. The lease term expires three years from the November 2014 inception date and lease payments are determined based upon square footage occupied by Rogers personnel during the lease period that currently amount to approximately $10k per month. Further, under the lease arrangement, Rogers agreed to fund research activities for the University totaling a minimum of $0.5 million annually over the three year term of the agreement. | |||||||||||||||||||||
Lease / Depreciation Expense | |||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||
Operating leases | $ | 2,634 | $ | 2,655 | $ | 3,137 | |||||||||||||||
Capital lease | 1,233 | 1,627 | 1,672 | ||||||||||||||||||
Future Minimum Lease Payments | |||||||||||||||||||||
(Dollars in thousands) | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||
Operating leases | $ | 1,938 | $ | 1,089 | $ | 848 | $ | 419 | $ | 234 | |||||||||||
Capital lease | 849 | 843 | 843 | 843 | 843 | ||||||||||||||||
(Dollars in thousands) | Operating Leases | Capital Lease | |||||||||||||||||||
Total future minimum lease payments | $ | 4,565 | $ | 6,328 | |||||||||||||||||
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 have recorded a liability and related insurance receivable of approximately $0.4 million as of December 31, 2013, which approximates our share of the low end of the estimated range. Based on facts presently known to us, we believe that the potential for the final results of this case having a material adverse effect on our results of operations, financial position or cash flows is remote. This case has been ongoing for many years and we believe that it will continue on for the indefinite future. No time frame for completion can be estimated at the present time. | |||||||||||||||||||||
PCB Contamination | |||||||||||||||||||||
We have been working with the Connecticut Department of Energy and Environmental Protection (CT DEEP) and the EPA, 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 uncovered in the original buildings, courtyards and surrounding areas including an on-site pond. Remediation activities of the affected building materials and courtyards were completed in 2013. Remediation costs related to the original buildings, courtyards and surrounding areas including an on-site pond are expected to approximate $1.0 million, which was recorded as our original liability during 2010. To date, we have incurred $0.8 million in remediation costs related to the buildings and courtyards and anticipate that the remaining reserve of $0.2 million will be adequate to cover the remaining remediation work related to the surrounding areas and pond. | |||||||||||||||||||||
To date, we have spent approximately $1.9 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 Litigation | |||||||||||||||||||||
A significant number of asbestos-related product liability claims have been brought against numerous United States industrial companies where the third-party plaintiffs allege personal injury from exposure to asbestos-containing products. We have been named, along with hundreds of other companies, as a defendant in some of these claims. In virtually all of these claims filed against us, the plaintiffs are seeking unspecified damages, or, if an amount is specified, such amount merely represents a jurisdictional amount. However, occasionally specific damages are alleged and in such situations, plaintiffs' lawyers often sue dozens of defendants, frequently without factual basis or support. As a result, even when a specific amount of damages is alleged, such action can be arbitrary, both as to the amount being sought and the defendant being charged with such damages. | |||||||||||||||||||||
We did not mine, mill, manufacture or market asbestos; rather we made a limited number of products which contained encapsulated asbestos. Such products were provided to industrial users. We stopped manufacturing these products in the late 1980s. | |||||||||||||||||||||
• | Claims | ||||||||||||||||||||
We have been named in asbestos litigation primarily in Illinois, Pennsylvania and Mississippi. As of December 31, 2013, there were 362 pending claims compared to 319 pending claims at December 31, 2012. The number of pending claims at a particular time can fluctuate significantly from period to period depending on how successful we have been in getting these cases dismissed or settled. Some jurisdictions prohibit specifying alleged damages in personal injury tort cases such as these, other than a minimum jurisdictional amount which may be required for such reasons as allowing the case to be litigated in a jury trial (which the plaintiffs believe will be more favorable to them than if heard only before a judge) or allowing the case to be litigated in federal court. This is in contrast to commercial litigation, in which specific alleged damage claims are often permitted. The prohibition on specifying alleged damages sometimes applies not only to the suit when filed but also during the trial – in some jurisdictions the plaintiff is not actually permitted to specify to the jury during the course of the trial the amount of alleged damages the plaintiff is claiming. Further, in those jurisdictions in which plaintiffs are permitted to claim specific alleged damages, many plaintiffs nonetheless still choose not to do so. In those cases in which plaintiffs are permitted to and choose to assert specific dollar amounts in their complaints, we believe the amounts claimed are typically not meaningful as an indicator of a company’s potential liability. This is because (1) the amounts claimed may bear no relation to the level of the plaintiff’s injury and are often used as part of the plaintiff’s litigation strategy, (2) the complaints typically assert claims against numerous defendants, and often the alleged damages are not allocated against specific defendants, but rather the broad claim is made against all of the defendants as a group, making it impossible for a particular defendant to quantify the alleged damages that are being specifically claimed against it and therefore its potential liability, and (3) many cases are brought on behalf of plaintiffs who have not suffered any medical injury, and ultimately are resolved without any payment or payment of a small fraction of the damages initially claimed. Of the 362 claims pending as of December 31, 2013, 69 claims do not specify the amount of damages sought, 291 claims cite jurisdictional amounts, and only two (2) claims (less than 1.0% of the total pending claims) specify the amount of damages sought not based on jurisdictional requirements. Of these two (2) claims, one (1) claim alleges compensatory and punitive damages of $20 million each and one (1) claim alleges punitive damages of 20 million. These two (2) claims name between twenty-one (21) and twenty-nine (29) defendants. However, for the reasons cited above, we do not believe that this data allows for an accurate assessment of the relation that the amount of alleged damages claimed might bear to the ultimate disposition of these cases. | |||||||||||||||||||||
We believe the rate at which plaintiffs filed asbestos-related suits against us increased in 2001, 2002, 2003 and 2004 because of increased activity on the part of plaintiffs to identify those companies that sold asbestos-containing products, but which did not directly mine, mill or market asbestos. A significant increase in the volume of asbestos-related bodily injury cases arose in Mississippi in 2002. This increase in the volume of claims in Mississippi was apparently due to the passage of tort reform legislation (applicable to asbestos-related injuries), which became effective on September 1, 2003 and which resulted in a higher than average number of claims being filed in Mississippi by plaintiffs seeking to ensure their claims would be governed by the law in effect prior to the passage of tort reform. The number of asbestos related suits filed against us decreased slightly in 2005 and 2006, but increased slightly in 2007, declined in 2008 and increased again in 2009 and 2010. The number of lawsuits filed against us in 2011, 2012 and 2013 was significantly higher than in 2010. These new lawsuits are reflected in the National Economic Research Associates, Inc. (“NERA”) and Marsh UA Inc. (“Marsh”) reports. (See "Impact of Financials Statements" section below.) | |||||||||||||||||||||
• | Defenses | ||||||||||||||||||||
In many cases, plaintiffs are unable to demonstrate that they have suffered any compensable loss as a result of exposure to our asbestos-containing products. We continue to believe that a majority of the claimants in pending cases will not be able to demonstrate exposure or loss. This belief is based in large part on the limited number of asbestos-related products manufactured and sold by us and the fact that the asbestos was encapsulated in such products. In addition, even at sites where the presence of an alleged injured party can be verified during the same period those products were used, our liability cannot be presumed because even if an individual contracted an asbestos-related disease, not everyone who was employed at a site was exposed to the asbestos containing products that we manufactured. Based on these and other factors, we have and will continue to vigorously defend ourselves in asbestos-related matters. | |||||||||||||||||||||
• | Dismissals and Settlements | ||||||||||||||||||||
Cases involving us typically name 50-300 defendants, although some cases have had as few as one (1) and as many as 833 defendants. We have obtained dismissals of many of these claims. For the year ended December 31, 2013, one hundred fifteen (115) claims were dismissed and twenty-three (23) were settled. For the year ended December 31, 2012 we were able to have ninety-three (93) claims dismissed and sixteen (16) settled. The majority of costs have been paid by our insurance carriers, including the costs associated with the small number of cases that have been settled. Such settlements totaled approximately $4.8 million for the year ended December 31, 2013, compared to 6.3 million for the year ended 2012 and such settlement amounts were paid by our insurance carriers. Although these figures provide some insight into our experience with asbestos litigation, no guarantee can be made as to the dismissal and settlement rates that we will experience in the future. | |||||||||||||||||||||
Settlements are made without any admission of liability. Settlement amounts may vary depending upon a number of factors, including the jurisdiction where the action was brought, the nature and extent of the disease alleged and the associated medical evidence, the age and occupation of the claimant, the existence or absence of other possible causes of the alleged illness of the alleged injured party and the availability of legal defenses, as well as whether the action is brought alone or as part of a group of claimants. To date, we have been successful in obtaining dismissals for many of the claims and have settled only a limited number. The majority of settled claims were settled for immaterial amounts, and the majority of such costs have been paid by our insurance carriers. In addition, to date, we have not been required to pay any punitive damage awards. | |||||||||||||||||||||
• | Potential Liability | ||||||||||||||||||||
National Economic Research Associates, Inc. (NERA), a consulting firm with expertise in the field of evaluating mass tort litigation asbestos bodily-injury claims, has historically been engaged to assist us in projecting our future asbestos-related liabilities and defense costs with regard to pending claims and future unasserted claims. 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. In light of these inherent uncertainties, the variability of our claims history and consultations with NERA, we currently believe that ten years is the most reasonable period for recognizing a reserve for future costs, and that costs that might be incurred after that period are not reasonably estimable at this time. As a result, we also believe that our ultimate asbestos-related contingent liability (i.e., our indemnity or other claim disposition costs plus related legal fees) cannot be estimated with certainty. (See "Impact of Financials Statements" section below for further discussion.) | |||||||||||||||||||||
• | Insurance Coverage | ||||||||||||||||||||
Our applicable insurance policies generally provide coverage for asbestos liability costs, including coverage for both resolution and defense costs. Following the initiation of asbestos litigation, an effort was made to identify all of our primary, umbrella and excess level insurance carriers that provided applicable coverage beginning in the 1950s through the mid-1980s. We located primary policies for all such years except for the early 1960s. With respect to this period, we entered into an arrangement with ACE Property & Casualty Insurance Company in 2005, pursuant to which we and they share in asbestos liabilities allocable to such period. We have located umbrella or excess layer policies for all such years except for the period from May 18, 1961 to May 18, 1964. We believe that a policy was purchased from Continental Casualty Company covering this period based upon documents we have found, but the insurer has denied coverage. This policy has not yet been triggered. | |||||||||||||||||||||
Where appropriate, carriers were put on notice of the litigation. Marsh USA, Inc., also known as Marsh Risk Consulting (Marsh), a consulting firm with expertise in the field of evaluating insurance coverage and the likelihood of recovery for asbestos-related claims, has historically been engaged to work with us to project our insurance coverage for asbestos-related claims. Marsh’s conclusions are based primarily on a review of our coverage history, application of reasonable assumptions on the allocation of coverage consistent with certain industry practices, an assessment of the creditworthiness of the insurance carriers, analysis of applicable deductibles, retentions and policy limits, the experience of NERA and a review of NERA’s reports. | |||||||||||||||||||||
• | Cost Sharing Agreement | ||||||||||||||||||||
To date, our insurance carriers have paid for substantially all of the settlement and defense costs associated with our asbestos-related claims. The current cost sharing agreement between us and such insurance carriers is primarily designed to facilitate the ongoing administration and payment of such claims by the carriers until the applicable insurance coverage is exhausted. The agreement, which replaced an older expired agreement, can be terminated by election of any part thereto after January 25, 2015. Absent any such election, the agreement will continue until a party elects to terminate it. | |||||||||||||||||||||
In 2013, the primary layer insurance policies providing coverage for the January 1, 1966 to January 1, 1967 period exhausted. The cost sharing agreement contemplates that any excess carrier over exhausted primary layer carriers will become a party to the cost sharing agreement, replacing the coverage provided by the exhausted primary policies if the carrier providing such excess coverage is not already a party to the cost sharing agreement. The excess carrier providing coverage for the period set forth above is currently providing applicable insurance coverage in accordance with the allocation provisions of the cost sharing agreement, but has not yet signed that agreement. | |||||||||||||||||||||
• | 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. Historically, due to the inherent uncertainties of the forecast process and our limited amount of settlement and claims history, we utilized a forecast period of five years, which we concluded was the most reasonable period for recognizing a reserve for projected asbestos liabilities, and that costs that might be incurred after that period were not reasonably estimable at that time. In 2012, we reviewed this assumption and determined that it was appropriate to extend the forecast period from five years to ten years. We reached this conclusion due to the fact that we now have considerably more experience in addressing asbestos related lawsuits and have a longer history of activity to use as a baseline to more accurately project the liability over a longer period than previously disclosed. Also, settlement trends have become more meaningful in recent years and we believe that we now have a more meaningful history of data on which to base our projections. Further, we determined that a 10 year projection period is now appropriate as, although we have a longer and more consistent history of data over the last few years, we do not believe we have sufficient data to justify a longer projection period at this time. As of December 31, 2013, the estimated liability and estimated insurance recovery for the ten-year period through 2023 was $59.7 million and $57.1 million, respectively. For sensitivity purposes, if the forecast period was decreased to five years, the projected liability and related insurance recovery would be $34.9 million and $33.6 million, respectively. Also, if the forecast period was increased to fifteen years, the projected liability and related insurance recovery would be $77.2 million and $73.2 million, respectively. | |||||||||||||||||||||
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 reserves, 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 | |||||||||||||||||||||
• | In the second quarter of 2010, the CT DEEP contacted us to discuss a disposal site in Killingly, Connecticut. We have initiated internal due diligence work related to the site to better understand the issue and our alleged involvement. As a matter of procedure, we have submitted an insurance claim for the disposal site, but we currently do not know the nature and extent of any alleged contamination at the site, how many parties could be potentially involved in any remediation, if necessary, or the extent to which we could be deemed a potentially responsible party. CT DEEP has not made any assessment of the nature of any potential remediation work that may be done, nor have they made any indication of any potential costs associated with such remediation. Therefore, based on the facts and circumstances known to us at the present time, we are not able to estimate the probability of incurring a contingent liability related to this site, nor are we able to reasonably estimate any potential range of exposure at this time. As such, no reserve has been established for this matter at this time. We continually monitor this situation and are in correspondence with the CT DEEP as appropriate. When and if facts and circumstances related to this mater change, we will review our position and our ability to estimate the probability of any potential loss contingencies, as well as the range of any such potential exposure. | ||||||||||||||||||||
• | The Rogers Corporate Headquarters located in Rogers, Connecticut is part of the Connecticut Voluntary Corrective Action Program (VCAP). As part of this program, we have had conversations with the CT DEEP to begin to determine if any corrective actions need to be taken at the site related to any potential contamination issues. We are currently in the early stages of evaluating this matter and have initiated internal due diligence work related to the site to better understand any potential issues. However, at this time, it is currently unknown what the nature and extent of any potential contamination is at the site, nor what any potential remediation or associated costs would be if any such issues were found. Therefore, based on the facts and circumstances known to us at the present time, we are unable to estimate the probability of incurring a contingent liability related to this site, nor are we able to reasonably estimate any potential range of exposure at this time. As such, no reserve has been established for this matter at this time. | ||||||||||||||||||||
• | In 2013, we became aware of a claim made by a sales agent/distributor in Europe for the alleged improper termination of our relationship. The sales agent/distributor seeks compensation for the terminated relationship. At this point in time, we are very early in the process and can not reasonably assess the probability of an unfavorable outcome related to this matter, nor reasonably estimate any potential contingent liability based upon the facts and circumstances known to us at this time. As such, no reserve has been established for this matter at this time. | ||||||||||||||||||||
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. Environmental remediation costs are recorded in "Selling and administrative expenses" on our consolidated statements of income (loss). 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_Geographi
Business Segment and Geographic Information (Notes) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||
Business Segment and Geographic Information | ' | ||||||||||||||||||||||
BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION | |||||||||||||||||||||||
Our reporting structure is comprised of the following operating segments: High Performance Foams (HPF), Printed Circuit Materials (PCM), Power Electronics Solutions (PES) and the Other reportable segment. In the fourth quarter of 2013, we determined that a realignment of our segment structure was appropriate in order to present our financial results in a manner consistent with how management operates the business. Our previous reporting structure was comprised of the following operating segments: High Performance Foams, Printed Circuit Materials, Curamik Electronic Solutions and Power Distribution Systems and the Other reportable segment. | |||||||||||||||||||||||
In the new structure, we will present three operating segments - High Performance Foams, Printed Circuit Materials, and Power Electronics Solutions and the Other reportable segment. During 2013, the management of the Curamik Electronic Solutions and Power Distribution Systems operations was combined under one segment management team and the former operating segments now meet the reporting definition of product lines, as the management team has full cross functional and regional responsibility over all aspects of these product lines. Information is reported to the Chief Operating Decision Maker (the President and Chief Executive Officer of Rogers) at the Power Electronic Solutions operating segment level. We believe this structure aligns our external reporting presentation with how we currently manage and view our business internally. All prior periods herein have been recast to support this change. | |||||||||||||||||||||||
• | High Performance Foams | ||||||||||||||||||||||
The High Performance Foams operating segment includes polyurethane and silicone foam products manufactured in roll stock, sheet, and molded formats. These foams have characteristics that offer functional advantages in many market applications which serve to differentiate Rogers' products from other commonly available materials. | |||||||||||||||||||||||
High Performance Foams products are sold globally to converters, fabricators, distributors and original equipment manufacturers (OEMs) for use in general industrial applications, portable communications, consumer goods, transportation, printing applications and other markets. Trade names for our High Performance Foams include: PORON® urethane foams 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; 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 High Performance Foams. 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. | |||||||||||||||||||||||
• | Printed Circuit Materials | ||||||||||||||||||||||
The Printed Circuit Materials 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® 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. | |||||||||||||||||||||||
• | Power Electronics Solutions | ||||||||||||||||||||||
The Power Electronics Solutions operating segment is comprised of direct copper bonded (DCB) ceramic substrate products and RO-LINX® 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. | |||||||||||||||||||||||
• | Other | ||||||||||||||||||||||
The Other reportable segment 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. | |||||||||||||||||||||||
This segment previously included the results of the Composite Materials operating segment, which qualified as a discontinued operation in the fourth quarter of 2012 when we shut down production of non-woven composite materials. This segment also included the results of the Thermal Management Solutions operating segment, which qualified as a discontinued operation in 2011. All results have been recast to exclude these segments from consolidated results or continuing operations. | |||||||||||||||||||||||
The following table sets forth the information about our reportable segments for the periods indicated: | |||||||||||||||||||||||
(Dollars in thousands) | High Performance Foams | Printed Circuit Materials | Power Electronics Solutions | Other | Total | ||||||||||||||||||
2013 | |||||||||||||||||||||||
Net sales | $ | 168,082 | $ | 184,949 | $ | 160,730 | $ | 23,721 | $ | 537,482 | |||||||||||||
Operating income (loss) | 22,339 | 18,788 | 1,088 | 7,065 | 49,280 | ||||||||||||||||||
Total assets | 221,848 | 177,716 | 382,818 | 24,152 | 806,534 | ||||||||||||||||||
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 (loss) in unconsolidated joint ventures | 4,326 | — | — | — | 4,326 | ||||||||||||||||||
2012 | |||||||||||||||||||||||
Net sales | $ | 179,421 | $ | 161,893 | $ | 134,279 | $ | 23,168 | $ | 498,761 | |||||||||||||
Operating income (loss) | 25,730 | 8,170 | (12,022 | ) | 3,786 | 25,664 | |||||||||||||||||
Total assets | 233,401 | 156,103 | 345,013 | 24,761 | 759,278 | ||||||||||||||||||
Capital expenditures | 4,947 | 12,849 | 5,746 | 232 | 23,774 | ||||||||||||||||||
Depreciation & amortization | 7,947 | 7,172 | 11,083 | 928 | 27,130 | ||||||||||||||||||
Investment in unconsolidated joint ventures | 21,171 | — | — | — | 21,171 | ||||||||||||||||||
Equity income (loss) in unconsolidated joint ventures | 4,743 | — | — | — | 4,743 | ||||||||||||||||||
2011 | |||||||||||||||||||||||
Net sales | $ | 177,645 | $ | 166,424 | $ | 180,234 | $ | 24,038 | $ | 548,341 | |||||||||||||
Operating income (loss) | 28,280 | 11,127 | 11,320 | 2,755 | 53,482 | ||||||||||||||||||
Total assets | 192,829 | 123,883 | 338,418 | 21,655 | 676,785 | ||||||||||||||||||
Capital expenditures | 5,325 | 5,901 | 9,362 | 728 | 21,316 | ||||||||||||||||||
Depreciation & amortization | 7,873 | 6,348 | 10,989 | 1,098 | 26,308 | ||||||||||||||||||
Investment in unconsolidated joint ventures | 23,868 | — | — | — | 23,868 | ||||||||||||||||||
Equity income (loss) in unconsolidated joint ventures | 5,451 | — | — | — | 5,451 | ||||||||||||||||||
Inter-segment sales have been eliminated from the sales data in the preceding table. | |||||||||||||||||||||||
The following table sets forth the operating income (loss) reconciliation to the consolidated statements of income (loss) for the periods indicated: | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Operating income (loss) | $ | 49,280 | $ | 25,664 | $ | 53,482 | |||||||||||||||||
Equity income in unconsolidated joint ventures | 4,326 | 4,743 | 5,451 | ||||||||||||||||||||
Other income (expense), net | (1,240 | ) | (208 | ) | 1,942 | ||||||||||||||||||
Net realized investment gain (loss) | — | (3,245 | ) | (196 | ) | ||||||||||||||||||
Interest income (expense), net | (3,481 | ) | (4,304 | ) | (4,911 | ) | |||||||||||||||||
Income (loss) before income tax expense (benefit) | $ | 48,885 | $ | 22,650 | $ | 55,768 | |||||||||||||||||
Information relating to our operations by geographic area is as follows: | |||||||||||||||||||||||
Net Sales (1) | Long-lived Assets (2) | ||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||
United States | $ | 118,263 | $ | 115,035 | $ | 109,581 | $ | 64,545 | $ | 64,845 | $ | 65,432 | |||||||||||
Asia | 275,969 | 250,682 | 271,132 | 68,613 | 69,830 | 64,181 | |||||||||||||||||
Europe | 132,126 | 123,040 | 154,423 | 171,615 | 172,671 | 177,196 | |||||||||||||||||
Other | 11,124 | 10,004 | 13,205 | — | — | — | |||||||||||||||||
Total | $ | 537,482 | $ | 498,761 | $ | 548,341 | $ | 304,773 | $ | 307,346 | $ | 306,809 | |||||||||||
(1) Net sales are allocated to countries based on the location of the customer. | |||||||||||||||||||||||
(2) Long-lived assets are based on the location of the asset and are comprised of goodwill and other intangibles and property, plant and equipment. |
Restructuring_and_Impairment_C
Restructuring and Impairment Charges (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||||||
Restructuring and Impairment Charges | ' | |||||||||||||||
RESTRUCTURING AND IMPAIRMENT CHARGES | ||||||||||||||||
• | 2013 | |||||||||||||||
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 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. | ||||||||||||||||
• | 2012 | |||||||||||||||
In 2012, we began several initiatives to streamline our organization and rationalize our cost structure in order to better position the Company for profitable growth in the future. The goal of these initiatives is to become a more streamlined organization both from an organizational and cost perspective, with efficient manufacturing capabilities that are focused on meeting our customers' needs. | ||||||||||||||||
During 2012, we recorded approximately $15.9 million in restructuring and impairment charges (of which $1.8 million was recorded in “Cost of Sales” and $14.1 million was recorded in “Restructuring and impairment expense” on our consolidated statement of income (loss)). These charges were comprised of the following: | ||||||||||||||||
• | $7.1 million severance and related costs associated with streamlining initiatives, including an early retirement program for certain eligible individuals. As a result of the early retirement program, we incurred $1.6 million in charges in 2012 related to a special termination benefit associated with the retirement health and life insurance benefits program, as we extended eligibility benefits to certain individuals who chose to participate in the program. We incurred $5.5 million of severance charges related primarily to the early retirement program. | |||||||||||||||
• | $3.8 million severance and related costs associated with moving the Curamik inspection process from Germany to Hungary; | |||||||||||||||
• | $3.3 million related to the shut-down of the High Performance Foams manufacturing facility in Bremen, Germany. This charge includes approximately $1.4 million of shut-down related costs, $0.9 million of severance charges, $0.8 million of accelerated depreciation on certain assets, and $0.2 million of inventory related charges; | |||||||||||||||
• | $0.5 million of charges related to the shut-down of Power Distribution Systems startup operations in North America for accelerated depreciation on certain assets, along with $0.1 million of other costs associated with the shut-down; | |||||||||||||||
• | Other charges included, $0.4 million of accelerated depreciation of certain assets of Curamik, $0.3 million impairment charge relate to an investment related receivable, and a $0.4 million impairment charge on a license agreement. | |||||||||||||||
High Performance Foams | ||||||||||||||||
In the second quarter of 2012, we announced the shut-down of the High Performance Foams manufacturing facility in Bremen, Germany. This shut-down was completed in the first quarter of 2013. The manufacture of certain silicone foam materials produced in the Bremen facility was consolidated into our existing silicone foam manufacturing facility in Carol Stream, Illinois, while certain product lines were discontinued. Charges related to the shut-down of the facility include the following: $0.9 million of severance charges related to the termination of certain employees, $0.8 million of accelerated depreciation expense on certain assets that were no longer to be used in production, $0.2 million of inventory related charges and $0.1 million related to a fixed asset disposal. We also incurred an additional $1.4 million in costs related to the shut-down of the facility and other costs to remove and transport certain equipment to Carol Stream. In 2012, we recorded $1.0 million as restricted cash related to early termination of the Bremen Facility lease. This amount was paid to the lessor in the first quarter of 2013. | ||||||||||||||||
The High Performance Foams operating segment also recognized $2.2 million in allocated severance and related costs associated with the streamlining initiatives and early retirement program. | ||||||||||||||||
Printed Circuit Materials | ||||||||||||||||
The Printed Circuit Materials operating segment recognized $2.9 million in allocated severance and related costs associated with the streamlining initiatives and early retirement program. | ||||||||||||||||
Power Electronics Solutions | ||||||||||||||||
In the third quarter of 2012, we announced a plan to move the final inspection stage of manufacturing operations in the facility in Eschenbach, Germany to Hungary. The move is expected to enable more cost effective performance of the inspection operation and was completed in 2013. We recognized approximately $3.8 million in severance charges related to the separation from employment of certain employees at the facility in Germany. We also recorded $0.4 million of accelerated depreciation related to certain assets. | ||||||||||||||||
We incurred $0.5 million in accelerated depreciation associated with the shut-down of the busbar power distribution startup operation in North America, along with $0.1 million of other costs associated with the shut-down. We also incurred $0.3 million in expense related to the impairment of an investment receivable. | ||||||||||||||||
The PES operating segment recognized $1.4 million in allocated severance and related costs associated with the streamlining activities and early retirement program. | ||||||||||||||||
Other | ||||||||||||||||
We incurred a charge of $0.4 million related to the write off of a license agreement formerly associated with the discontinued Thermal Management Solutions operating segment. We also recognized $0.3 million in allocated severance and related costs associated with the streamlining activities and early retirement program. | ||||||||||||||||
The following table summarizes the restructuring and impairment charges related to these activities recorded in our operating results in 2013. | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-11 | ||||||||||||||
Cost of Sales | ||||||||||||||||
High Performance Foams | ||||||||||||||||
Accelerated depreciation expense related to Bremen shut-down | $ | — | $ | 764 | $ | — | ||||||||||
Inventory impairment related to Bremen shut-down | — | 191 | — | |||||||||||||
Union ratification bonus | 181 | — | — | |||||||||||||
Printed Circuit Materials | ||||||||||||||||
Union ratification bonus | 179 | — | — | |||||||||||||
Power Electronics Solutions | ||||||||||||||||
Accelerated depreciation related to certain assets | — | 393 | — | |||||||||||||
Accelerated depreciation expense related to U.S. shut-down | — | 499 | — | |||||||||||||
Union ratification bonus | 8 | — | — | |||||||||||||
Total charges for Cost of Sales | $ | 368 | $ | 1,847 | $ | — | ||||||||||
Restructuring and Impairment | ||||||||||||||||
High Performance Foams | ||||||||||||||||
Fixed asset disposal (1) | $ | — | $ | 79 | $ | 441 | ||||||||||
Severance related to Bremen shut-down | 1,345 | 861 | — | |||||||||||||
Bremen shut down-costs | — | 1,442 | — | |||||||||||||
Allocated severance and related costs | — | 2,188 | — | |||||||||||||
Allocated Solicore impairment | 1,617 | — | — | |||||||||||||
Printed Circuit Materials | ||||||||||||||||
Allocated severance and related costs | 802 | 2,915 | — | |||||||||||||
Allocated Solicore impairment | 1,617 | — | — | |||||||||||||
Power Electronics Solutions | ||||||||||||||||
Impairment of investment related receivable | — | 264 | — | |||||||||||||
Severance and related costs | 3,494 | 1,799 | — | |||||||||||||
Severance related to Hungary move | — | 3,774 | — | |||||||||||||
PDS North America shut-down costs | — | 149 | — | |||||||||||||
Allocated Solicore impairment | 1,155 | — | — | |||||||||||||
Other | ||||||||||||||||
License agreement expense | — | 356 | — | |||||||||||||
Allocated severance and related costs | 115 | 255 | — | |||||||||||||
Allocated Solicore impairment | 231 | — | — | |||||||||||||
Total charges for Restructuring and Impairment | $ | 10,376 | $ | 14,082 | $ | 441 | ||||||||||
(1) In the first quarter of 2012, we signed an agreement to sell our facility in Richmond, Virginia for $1.5 million. This facility had a book value of approximately $1.8 million prior to the signing of the agreement, and we recorded an impairment charge of approximately $0.4 million as of December 31, 2011, which represents the write down to the selling price minus approximately $0.1 million of estimated selling costs. The transaction closed in the second quarter of 2012. | ||||||||||||||||
The following table summarizes charges in the severance accrual from January 1, 2013 through December 31, 2013: | ||||||||||||||||
(Dollars in thousands) | Streamlining and restructuring related activities | Bremen facility shut down | Curamik finishing operations relocation to Hungary | Total | ||||||||||||
Balance at January 1, 2013 | $ | 1,573 | $ | — | $ | 4,035 | $ | 5,608 | ||||||||
Provisions | 4,174 | — | — | 4,174 | ||||||||||||
Payments | (4,651 | ) | — | (4,035 | ) | (8,686 | ) | |||||||||
Balance at December 31, 2013 | $ | 1,096 | $ | — | $ | — | $ | 1,096 | ||||||||
Balances may differ from prior periods due to foreign exchange rate fluctuations. |
Discontinued_Operations_Notes
Discontinued Operations (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Discontinued Operations [Abstract] | ' |
Discontinued Operations | ' |
DISCONTINUED OPERATIONS | |
In the fourth quarter of 2011, we made the strategic decision to end the operations of our Thermal Management Solutions operating segment. We had invested in its operations for the previous few years, but had difficulty gaining traction in the market and working through issues in the manufacturing process. Therefore, we determined that we would not achieve future success in this operation and chose to shut down operations rather than invest further. There was no activity for this segment in 2013. For the years ended December 31, 2012 and 2011, operating losses of $0.1 million and $6.8 million, net of tax, respectively, were reflected as discontinued operations in the accompanying consolidated statements of income (loss). Net sales associated with the discontinued operations for the years ended December 31, 2012 and 2011 were 0.1 million and 0.9 million , respectively. The tax related to the discontinued operations was de minimus for 2013 and 2012 and was $0.1 million for 2011. | |
In the second quarter of 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 and totaled approximately $5.3 million and $4.8 million for the years ended December 31, 2012 and 2011, respectively. Manufacturing operations ceased by the end of 2012 and last sales out of inventory occurred in the first quarter of 2013. For the year ended December 31, 2013, net operating income of $0.1 million was reflected as discontinued operations in the accompanying consolidated statement of income (loss). 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. For the years ended December 31, 2012 and 2011 operating losses of $0.1 million and $0.4 million, net of tax, respectively, were reflected as discontinued operations in the accompanying consolidated statements of income (loss). The tax related to the discontinued operations was de minimis for the year ended December 31, 2012 and $0.2 million for the year ended December 31, 2011. |
Quarterly_Results_of_Operation
Quarterly Results of Operations (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Results of Operations [Abstract] | ' | |||||||||||||||
Quarterly Results of Operations | ' | |||||||||||||||
QUARTERLY RESULTS OF OPERATIONS | ||||||||||||||||
(Dollars in thousands, except per share amounts) | 2013 | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Net sales | $ | 125,979 | $ | 132,452 | $ | 142,820 | $ | 136,231 | ||||||||
Gross margin | 41,289 | 44,429 | 51,186 | 50,796 | ||||||||||||
Income (loss) from continuing operations | 6,976 | 5,583 | 13,572 | 11,528 | ||||||||||||
Net income per share: | ||||||||||||||||
Basic | $ | 0.41 | $ | 0.33 | $ | 0.79 | $ | 0.66 | ||||||||
Diluted | 0.39 | 0.32 | 0.76 | 0.64 | ||||||||||||
(Dollars in thousands, except per share amounts) | 2012 | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Net sales | $ | 120,155 | $ | 125,296 | $ | 129,134 | $ | 124,176 | ||||||||
Gross margin | 36,404 | 36,654 | 42,977 | 42,711 | ||||||||||||
Income (loss) from continuing operations | (1,586 | ) | 6,417 | 59,124 | 5,179 | |||||||||||
Net income per share: | ||||||||||||||||
Basic | $ | (0.10 | ) | $ | 0.4 | $ | 3.6 | $ | 0.31 | |||||||
Diluted | (0.10 | ) | 0.39 | 3.48 | 0.3 | |||||||||||
Recent_Accounting_Standards_No
Recent Accounting Standards (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Recent Accounting Standards [Abstract] | ' |
Recent Accounting Standards | ' |
RECENT ACCOUNTING STANDARDS | |
Comprehensive Income | |
In January 2013, the Financial Accounting Standards Board issued an update which seeks to improve the reporting of reclassifications out of accumulated other comprehensive income. This change requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This update supersedes the presentation requirements for reclassifications out of accumulated other comprehensive income in Accounting Standards Update (ASU) No. 2011-05, Presentation of Comprehensive Income, and ASU No. 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. This update is effective for the reporting periods beginning after December 15, 2012, which was our first quarter of fiscal year 2013. The adoption of the update is reflected in Note 5 - "Accumulated other comprehensive income (loss)" but has not impacted our financial condition or results of operations. | |
Balance Sheet | |
In December 2011, the FASB issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities (ASU No. 2011-11). ASU No. 2011-11 amended ASC 210, Balance Sheet, to converge the presentation of offsetting assets and liabilities between U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). ASU No. 2011-11 requires that entities disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. ASU No. 2011-11 is effective for fiscal years, and interim periods within those years, beginning after January 1, 2013. The adoption of ASU No. 2011-11 did not require additional disclosures related to offsetting assets and liabilities and did not materially impact our financial condition or results of operations. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
There were no events subsequent to December 31, 2013 that we believe could have a material effect on our financial statements as of December 31, 2013, or are of such significance that would require mention as a subsequent event in order to make the financial statements not misleading. |
SCHEDULE_II_Valuation_and_Qual
SCHEDULE II Valuation and Qualifying Accounts (Notes) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
SCHEDULE II Valuation and Qualifying Accounts | ' | ||||||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||||||
(Dollars in thousands) | Balance at Beginning of Period | Charged to (Reduction of) Costs and Expenses | Taken Against Allowance | Other (Deductions) Recoveries | Balance at End of Period | ||||||||||||||||
31-Dec-13 | $ | 1,773 | $ | 670 | $ | (788 | ) | $ | — | $ | 1,655 | ||||||||||
31-Dec-12 | $ | 1,040 | $ | 1,253 | $ | (520 | ) | $ | — | $ | 1,773 | ||||||||||
31-Dec-11 | 1,630 | 680 | (1,270 | ) | — | 1,040 | |||||||||||||||
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
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 2011, operations of the Thermal Management Solutions operating segment ended and the segment qualified as a discontinued operation at that time. In the fourth quarter of 2012, the operations of the non-woven composite materials operating segment (aggregated in the Other reportable segment) ended and the segment qualified as a discontinued operations. See “Note 18 - Discontinued Operations” for further discussion. | ||||||||||||
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. In 2012, we had restricted cash of $1.0 million related to the termination of the lease at our Bremen, Germany facility. That cash was released in the first quarter of 2013. | ||||||||||||
Marketable Securities | ' | |||||||||||
Marketable Securities | ||||||||||||
We determine the appropriate classification of debt securities at the time of purchase and reevaluate such designation as of each balance sheet date. Debt securities are classified as held-to-maturity when we have the positive intent and ability to hold the securities to maturity. Marketable equity securities and debt securities not classified as held-to-maturity are classified as available-for-sale. Available-for-sale securities are carried at fair value with interest on such securities included in “Interest income” on our consolidated statements of income (loss). If the market values of individual securities are determined to be “other than temporarily” impaired, the carrying amount of such investments are written down to market value through “Net realized gain (loss)” in our consolidated statements of income (loss). Except for amounts recorded related to the auction rate securities, we have not recorded any such write down in 2013, 2012 or 2011, respectively. See “Note 2 - Fair Value Measurements” for further discussion on the auction rate securities. | ||||||||||||
Investments in Unconsolidated Joint Ventures | ' | |||||||||||
Investments in Unconsolidated Joint Ventures | ||||||||||||
We account for our investments in and advances to unconsolidated joint ventures, all of which are 50% owned, using the equity method of accounting. | ||||||||||||
Foreign Currency | ' | |||||||||||
Foreign Currency | ||||||||||||
All balance sheet accounts of foreign subsidiaries are translated or remeasured at exchange rates in effect at each year end, and income statement items are translated 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 translation adjustments are reported as income or expense in the consolidated statements of income (loss) as a component of "Other income (expense), net". | ||||||||||||
Allowance for Doubtful Accounts | ' | |||||||||||
Allowance for Doubtful Accounts | ||||||||||||
The allowance for doubtful accounts is determined based on a variety of factors that affect the potential collectability of the related receivables, including the length of time receivables are past due, customer credit ratings, financial stability of customers, specific one-time events and past customer history. In addition, in circumstances where we are made aware of a specific customer's inability to meet its financial obligations, a specific allowance is established. The majority of accounts are individually evaluated on a regular basis and appropriate reserves are established as deemed appropriate based on the criteria previously mentioned. The remainder of the reserve is based on management's estimates and takes into consideration historical trends, market conditions and the composition of our customer base. | ||||||||||||
Inventories | ' | |||||||||||
Inventories | ||||||||||||
Inventories are valued at the lower of cost or market. Certain inventories, amounting to $12.7 million and $17.1 million at December 31, 2013 and 2012, respectively, are valued by the last‑in, first‑out (LIFO) method. These inventories accounted for 25% of total gross inventory in 2013 and 27% of total gross inventory in 2012. The cost of the remaining portion of the inventories was determined principally on the basis of actual first-in, first-out (FIFO) costs. | ||||||||||||
Property, Plant and Equipment | ' | |||||||||||
Property, Plant and Equipment | ||||||||||||
Property, plant and equipment are stated on the basis of cost. For financial reporting purposes, provisions for depreciation are calculated on a straight‑line basis over the following estimated useful lives of the underlying assets: | ||||||||||||
Years | ||||||||||||
Buildings and improvements | 15-Oct | |||||||||||
Machinery and equipment | 15-May | |||||||||||
Office equipment | 10-Mar | |||||||||||
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, such as in economic downturns in a market or a change in the assessment of future operations. | ||||||||||||
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 typically established 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 anticipated changes in that structure. | ||||||||||||
Purchased or acquired patents, covenants-not-to-compete, customer relationships and licensed technology are capitalized and amortized on a straight-line or accelerated basis over their estimated useful lives. | ||||||||||||
Environmental and Product Liabilities | ' | |||||||||||
Environmental and Product Liabilities | ||||||||||||
We accrue for our environmental investigation, remediation, operating and maintenance costs when it is probable that a liability has been incurred and the amount can be reasonably estimated. For environmental matters, the most likely cost to be incurred is accrued based on an evaluation of currently available facts with respect to each individual site, including existing technology, current laws and regulations and prior remediation experience. For sites with multiple potential responsible parties (PRPs), we consider our likely proportionate share of the anticipated remediation costs and the ability of the other parties to fulfill their obligations in establishing a provision for those costs. When no amount within a range of estimates is more likely to occur than another, we accrue to the low end of the range. 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. Historically , due to the inherent uncertainties of the forecast process and our limited amount of settlement and claims history, we utilized a forecast period of five years, which we concluded was the most reasonable period for recognizing a reserve for projected asbestos liabilities, and that costs that might be incurred after that period were not reasonably estimable at this time. In 2012, we reviewed this assumption and determined that it was appropriate to extend the forecast period from five years to ten years. We reached this conclusion due to the fact that we now have considerably more experience in addressing asbestos related lawsuits and have a longer history of activity to use as a baseline to more accurately project the liability over a longer period than previously disclosed. Further, settlement trends have become more consistent in recent years and we believe that we now have a more meaningful history of data on which to base our projections. We determined that a ten year projection period is appropriate as, although we have a longer and more meaningful history of data over the last few years, we do not believe we have sufficient data to justify a longer projection period at this time. | ||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||
Fair Value of Financial Instruments | ||||||||||||
Management believes that the carrying values of financial instruments, including cash and cash equivalents, short-term investments, accounts receivable, accounts payable, accrued liabilities and debt approximate fair value based on the maturities of these instruments. | ||||||||||||
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, 2013 and 2012, there were no customers that individually accounted for more than ten percent of total accounts receivable. We did not experience significant credit losses on customers' accounts in 2013, 2012, or 2011. | ||||||||||||
We invest excess cash principally in investment grade government and corporate debt 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 | ' | |||||||||||
Income Taxes | ||||||||||||
The objective of accounting for income taxes is to recognize the amount of taxes payable or refundable for the current year and the deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the entity's financial statements. We are subject to income taxes in the United States and in numerous foreign jurisdictions. No provision is made for U.S. income taxes on the undistributed earnings of our wholly-owned foreign subsidiaries because substantially all such earnings are indefinitely reinvested in those companies. If circumstances change and it becomes apparent that some or all of the undistributed earnings of our wholly-owned foreign subsidiaries will not be indefinitely reinvested, provision for the tax consequences, if any, will be recorded in the period circumstances change. | ||||||||||||
We have provided for potential liabilities due in various jurisdictions. In the ordinary course of global business, there are many transactions and calculations where the ultimate tax outcome is uncertain. Some of these uncertainties arise as a consequence of cost reimbursement arrangements among related entities. Although we believe our estimates are reasonable, no assurance can be given that the final tax outcome of these matters will not be different than that which is reflected in the historical income tax provisions and accruals. Such differences could have a material impact on our income tax provision and operating results in the period in which such determination is made. | ||||||||||||
Revenue Recognition | ' | |||||||||||
Revenue Recognition | ||||||||||||
Revenue from product sales to customers is recognized when title passes to the customer, when persuasive evidence of an arrangement exists, the price is fixed or determinable, and collection is reasonably assured. | ||||||||||||
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 income (loss). | ||||||||||||
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 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, salary growth, 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 salary growth is based on our historical and projected level of salary increases; (iii) 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 (iv) 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 | ' | |||||||||||
Earnings Per Share | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per share from continuing operations: | ||||||||||||
(In thousands, except per share amounts) | 2013 | 2012 | 2011 | |||||||||
Numerator: | ||||||||||||
Net income (loss) | $ | 37,659 | $ | 69,134 | $ | 44,250 | ||||||
Denominator: | ||||||||||||
Denominator for basic earnings per share - | ||||||||||||
Weighted-average shares | 17,197,840 | 16,426,209 | 16,035,882 | |||||||||
Effect of dilutive stock options | 570,235 | 564,949 | 701,829 | |||||||||
Denominator for diluted earnings per share - Adjusted weighted-average shares and assumed conversions | 17,768,075 | 16,991,158 | 16,737,711 | |||||||||
Basic income (loss) per share: | $ | 2.19 | $ | 4.21 | $ | 2.76 | ||||||
Diluted income (loss) per share: | 2.12 | 4.07 | 2.64 | |||||||||
Certain potential ordinary shares were excluded from the calculation of diluted weighted-average shares outstanding because they would have an anti-dilutive effect on net income per share. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Anti-dilutive shares excluded | — | 68,000 | — | |||||||||
Use of Estimates | ' | |||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, 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. | ||||||||||||
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 statement of income as a component of "Other income/expense". | ||||||||||||
Advertising Costs | ' | |||||||||||
Advertising Costs | ||||||||||||
Advertising is expensed as incurred and amounted to $2.9 million for 2013, $2.0 million for 2012 and $3.0 million for 2011. | ||||||||||||
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 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. | ||||||||||||
Comprehensive Income | ' | |||||||||||
Comprehensive Income | ||||||||||||
In January 2013, the Financial Accounting Standards Board issued an update which seeks to improve the reporting of reclassifications out of accumulated other comprehensive income. This change requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This update supersedes the presentation requirements for reclassifications out of accumulated other comprehensive income in Accounting Standards Update (ASU) No. 2011-05, Presentation of Comprehensive Income, and ASU No. 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. This update is effective for the reporting periods beginning after December 15, 2012, which was our first quarter of fiscal year 2013. The adoption of the update is reflected in Note 5 - "Accumulated other comprehensive income (loss)" but has not impacted our financial condition or results of operations. |
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Schedule of inventory | ' | |||||||||||
Inventories consist of the following: | ||||||||||||
(Dollars in thousands) | December 31, 2013 | December 31, 2012 | ||||||||||
Raw materials | $ | 24,301 | $ | 29,064 | ||||||||
Work-in-process | 13,536 | 13,154 | ||||||||||
Finished goods | 29,052 | 30,960 | ||||||||||
Total Inventory | $ | 66,889 | $ | 73,178 | ||||||||
Property, plant and equipment, estimated useful lives | 'For financial reporting purposes, provisions for depreciation are calculated on a straightbline basis over the following estimated useful lives of the underlying assets:B YearsBuildings and improvements10-15Machinery and equipment5-15Office equipment3-10 | |||||||||||
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 from continuing operations: | ||||||||||||
(In thousands, except per share amounts) | 2013 | 2012 | 2011 | |||||||||
Numerator: | ||||||||||||
Net income (loss) | $ | 37,659 | $ | 69,134 | $ | 44,250 | ||||||
Denominator: | ||||||||||||
Denominator for basic earnings per share - | ||||||||||||
Weighted-average shares | 17,197,840 | 16,426,209 | 16,035,882 | |||||||||
Effect of dilutive stock options | 570,235 | 564,949 | 701,829 | |||||||||
Denominator for diluted earnings per share - Adjusted weighted-average shares and assumed conversions | 17,768,075 | 16,991,158 | 16,737,711 | |||||||||
Basic income (loss) per share: | $ | 2.19 | $ | 4.21 | $ | 2.76 | ||||||
Diluted income (loss) per share: | 2.12 | 4.07 | 2.64 | |||||||||
Schedule of antidilutive securities excluded from computation of earnings per share | ' | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Anti-dilutive shares excluded | — | 68,000 | — | |||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2011 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ' | ||||||||||||||||||
Assets measured at fair value on a recurring basis, categorized by the level of inputs used in the valuation | ' | ' | ||||||||||||||||||
Assets measured at fair value on a recurring basis, categorized by the level of inputs used in the valuation, include: | ||||||||||||||||||||
(Dollars in thousands) | Carrying amount as of | Level 1 | Level 2 | Level 3 | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Pension assets | $ | 171,218 | $ | 119,277 | $ | 38,584 | $ | 13,357 | ||||||||||||
Foreign currency contracts | (77 | ) | — | (77 | ) | — | ||||||||||||||
Copper derivative contracts | 984 | — | 984 | — | ||||||||||||||||
Interest rate swap | (296 | ) | — | (296 | ) | — | ||||||||||||||
(Dollars in thousands) | Carrying amount as of | Level 1 | Level 2 | Level 3 | ||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Pension assets | $ | 143,540 | $ | 98,269 | $ | 29,869 | $ | 15,402 | ||||||||||||
Foreign currency contracts | 15 | — | 15 | — | ||||||||||||||||
Copper derivative contracts | 267 | — | 267 | — | ||||||||||||||||
Interest rate swap | (361 | ) | — | (361 | ) | — | ||||||||||||||
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, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall. This Level 3 asset represents the investment in Solicore, Inc. The valuation is based on the most recent round of capital financing that occurred in the fourth quarter of 2013, resulting in a $4.6 million impairment of the asset to the $0.5 million current market value. See Note 9 - Investment for further details. | ||||||||||||||||||||
(Dollars in thousands) | Carrying amount as of December 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Solicore investment | $ | 507 | $ | — | $ | — | $ | 507 | ||||||||||||
The table below sets forth a summary of changes in the fair value of the Solicore investment Level 3 asset for the year ended December 31, 2013. | ||||||||||||||||||||
(Dollars in thousands) | Solicore investment | |||||||||||||||||||
Balance at beginning of year | $ | 5,000 | ||||||||||||||||||
Cash investment | 127 | |||||||||||||||||||
Impairment reported in earnings | (4,620 | ) | ||||||||||||||||||
Balance at end of year | $ | 507 | ||||||||||||||||||
Reconciliation of assets measured at fair value on a recurring basis using unobservable inputs (Level 3) | ' | ' | ||||||||||||||||||
The reconciliation of our assets measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows: | ||||||||||||||||||||
(Dollars in thousands) | Auction Rate | |||||||||||||||||||
Securities | ||||||||||||||||||||
Balance at December 31, 2011 | $ | 25,960 | ||||||||||||||||||
Cash received for redemptions below par | (25,438 | ) | ||||||||||||||||||
Reclassified from other comprehensive income | 2,723 | |||||||||||||||||||
Reported in earnings | (3,245 | ) | ||||||||||||||||||
Balance at December 31, 2012 | $ | — | ||||||||||||||||||
Rollforward of credit losses recognized in earnings | ' | ' | ||||||||||||||||||
Below is a roll forward of credit losses recognized in earnings for the year ended December 31, 2011. | ||||||||||||||||||||
(Dollars in thousands) | Credit Losses | |||||||||||||||||||
Balance at December 31, 2010 | $ | 917 | ||||||||||||||||||
Credit losses recorded | 278 | |||||||||||||||||||
Reduction in credit losses due to redemptions | (82 | ) | ||||||||||||||||||
Balance at December 31, 2011 | $ | 1,113 | ||||||||||||||||||
Hedging_Transactions_and_Deriv1
Hedging Transactions and Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Notional values of outstanding derivative positions | ' | ||||||||||
Notional Value of Copper Derivatives | |||||||||||
January 2014 - March 2014 | 30 metric tons per month | ||||||||||
January 2014 - April 2014 | 30 metric tons per month | ||||||||||
January 2014 - June 2014 | 75 metric tons per month | ||||||||||
April 2014 - June 2014 | 35 metric tons per month | ||||||||||
July 2014 - September 2014 | 40 metric tons per month | ||||||||||
May 2014 - December 2014 | 30 metric tons per month | ||||||||||
July 2014 - December 2014 | 80 metric tons per month | ||||||||||
October 2014 - December 2014 | 15 metric tons per month | ||||||||||
January 2014 - December 2014 | 45 metric tons per month | ||||||||||
January 2015 - March 2015 | 106 metric tons per month | ||||||||||
Notional Values of Foreign Currency Derivatives | |||||||||||
YEN/USD | ¥ | 300,000,000 | |||||||||
USD/KRW | $ | 2,000,000 | |||||||||
USD/EUR | $ | 3,500,000 | |||||||||
HUF/EUR | 280,000,000 | ||||||||||
JPY/EUR | ¥ | 160,100,000 | |||||||||
Gain (loss) on derivative instruments | ' | ||||||||||
(Dollars in thousands) | The Effect of Current Derivative Instruments on the Financial Statements for the year ended December 31, 2013 | Fair Values of Derivative Instruments as of December 31, 2013 | |||||||||
Location of gain (loss) | Amount of | Other Assets | |||||||||
Foreign Exchange Contracts | gain (loss) | (Liabilities) | |||||||||
Contracts not designated as hedging instruments | Other income, net | $ | (79 | ) | $ | (79 | ) | ||||
Contracts designated as hedging instruments | Other comprehensive income (loss) | (24 | ) | 2 | |||||||
Copper Derivative Instruments | |||||||||||
Contracts not designated as hedging instruments | Other income, net | (373 | ) | 984 | |||||||
Interest Rate Swap Instrument | |||||||||||
Contracts designated as hedging instruments | Other comprehensive income (loss) | (296 | ) | (296 | ) | ||||||
(Dollars in thousands) | The Effect of Current Derivative Instruments on the Financial Statements for the year ended December 31, 2012 | Fair Values of Derivative Instruments as of December 31, 2012 | |||||||||
Location of gain (loss) | Amount of | Other Assets | |||||||||
Foreign Exchange Contracts | gain (loss) | (Liabilities) | |||||||||
Contracts not designated as hedging instruments | Other income, net | $ | 342 | $ | 15 | ||||||
Copper Derivative Instruments | |||||||||||
Contracts not designated as hedging instruments | Other income, net | (366 | ) | 267 | |||||||
Interest Rate Swap Instrument | |||||||||||
Contracts designated as hedging instruments | Other comprehensive income (loss) | (361 | ) | (361 | ) |
Acquisition_of_Business_Tables
Acquisition of Business (Tables) (Curamik Electronics GmbH [Member]) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Curamik Electronics GmbH [Member] | ' | |||
Fair values of assets acquired and liabilities assumed | ' | |||
The following table represents the fair market value assigned to the acquired assets and liabilities in the transaction. | ||||
(Dollars in thousands) | ||||
Assets: | ||||
Cash | $ | 11,256 | ||
Accounts receivable | 11,876 | |||
Other current assets | 1,386 | |||
Inventory | 12,259 | |||
Property, plant & equipment | 32,312 | |||
Other non-current assets | 2,276 | |||
Intangible assets | 52,354 | |||
Goodwill | 79,837 | |||
Total assets | 203,556 | |||
Liabilities | ||||
Accounts payable | 6,053 | |||
Other current liabilities | 20,427 | |||
Deferred tax liability | 9,329 | |||
Other long-term liabilities | 16,666 | |||
Total liabilities | 52,475 | |||
Fair value of net assets acquired | $ | 151,081 | ||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | |||||||||||||||||||
Accumulated balances related to each component of accumulated other comprehensive income (loss) | ' | |||||||||||||||||||
The changes of accumulated other comprehensive income (loss) by component at December 31, 2013 were as follows: | ||||||||||||||||||||
(Dollars in thousands) | Foreign currency translation adjustments | Funded status of pension plans and other postretirement benefits (1) | Unrealized gain (loss) on derivative instruments (2) | Total | ||||||||||||||||
Beginning Balance December 31, 2012 | $ | 12,585 | $ | (70,158 | ) | $ | (235 | ) | $ | (57,808 | ) | |||||||||
Other comprehensive income before reclassifications | 10,171 | — | (210 | ) | 9,961 | |||||||||||||||
Actuarial net gain (loss) incurred in the fiscal year | — | 32,749 | — | 32,749 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 3,412 | 236 | 3,648 | ||||||||||||||||
Net current-period other comprehensive income | 10,171 | 36,161 | 26 | 46,358 | ||||||||||||||||
Ending Balance December 31, 2013 | $ | 22,756 | $ | (33,997 | ) | $ | (209 | ) | $ | (11,450 | ) | |||||||||
(1) Net of taxes of $2,900 and $22,371 for the periods ended December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||
(2) Net of taxes of $110 and $127 for the periods ended December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||
The changes of accumulated other comprehensive income (loss) by component at December 31, 2012 were as follows: | ||||||||||||||||||||
(Dollars in thousands) | Foreign currency translation adjustments | Funded status of pension plans and other postretirement benefits (3) | Unrealized gain (loss) on derivative instruments (4) | Unrealized gain (loss) on marketable securities (5) | Total | |||||||||||||||
Beginning Balance December 31, 2011 | $ | 5,875 | $ | (67,239 | ) | $ | (270 | ) | $ | (1,168 | ) | $ | (62,802 | ) | ||||||
Other comprehensive income before reclassifications | 6,710 | — | (235 | ) | — | 6,475 | ||||||||||||||
Actuarial net gain (loss) incurred in the fiscal year | — | (6,687 | ) | — | — | (6,687 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 3,768 | 270 | 1,168 | 5,206 | |||||||||||||||
Net current-period other comprehensive income | 6,710 | (2,919 | ) | 35 | 1,168 | 4,994 | ||||||||||||||
Ending Balance December 31, 2012 | $ | 12,585 | $ | (70,158 | ) | $ | (235 | ) | $ | — | $ | (57,808 | ) | |||||||
(3) Net of taxes of $22,371 and $20,799 for the periods ended December 31, 2012 and December 31, 2011, respectively. | ||||||||||||||||||||
(4) Net of taxes of $127 and $0 for the periods ended December 31, 2012 and December 31, 2011, respectively. | ||||||||||||||||||||
(5) Net of taxes of $1,555 for the period ended December 31, 2011. | ||||||||||||||||||||
The components of accumulated other comprehensive income (loss) at December 31, 2013 were as follows: | ||||||||||||||||||||
(Dollars in thousands) | December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Foreign currency translation adjustments | $ | 22,756 | $ | 12,585 | ||||||||||||||||
Funded status of pension plans and other postretirement benefits, net of tax of $2,900 and $22,371. | (33,997 | ) | (70,158 | ) | ||||||||||||||||
Unrealized gain (loss) on derivative instruments, net of tax of $110 and $127 | (209 | ) | (235 | ) | ||||||||||||||||
Accumulated other comprehensive income (loss) | (11,450 | ) | (57,808 | ) | ||||||||||||||||
Reclassification out of accumulated other comprehensive income | ' | |||||||||||||||||||
The reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2013 were as follows: | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) for the period ended December 31, 2013 | ||||||||||||||||||||
Details about accumulated other comprehensive income components | Affected line item in the statement where net income is presented | |||||||||||||||||||
Unrealized gains and losses on derivative instruments: | ||||||||||||||||||||
363 | Realized gain (loss) | |||||||||||||||||||
(127 | ) | Tax benefit (expense) | ||||||||||||||||||
236 | Net of tax | |||||||||||||||||||
Amortization of defined benefit pension and other post-retirement benefit items: | ||||||||||||||||||||
Prior service costs | $ | 1,431 | -6 | |||||||||||||||||
Actuarial losses | 3,819 | -6 | ||||||||||||||||||
5,250 | Total before tax | |||||||||||||||||||
(1,838 | ) | Tax benefit (expense) | ||||||||||||||||||
$ | 3,412 | Net of tax | ||||||||||||||||||
(6) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 10 - "Pension Benefits and Retirement Health and Life Insurance Benefits" for additional details. | ||||||||||||||||||||
The reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2012 were as follows: | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) for the period ended December 31, 2012 | ||||||||||||||||||||
Details about accumulated other comprehensive income components | Affected line item in the statement where net income is presented | |||||||||||||||||||
Unrealized gains and losses on marketable securities: | ||||||||||||||||||||
$ | (2,723 | ) | Realized gain (loss) | |||||||||||||||||
1,555 | Tax benefit (expense) | |||||||||||||||||||
$ | (1,168 | ) | Net of tax | |||||||||||||||||
Unrealized gains and losses on derivative instruments: | ||||||||||||||||||||
415 | Realized gain (loss) | |||||||||||||||||||
(145 | ) | Tax benefit (expense) | ||||||||||||||||||
270 | Net of tax | |||||||||||||||||||
Amortization of defined benefit pension and other post-retirement benefit items: | ||||||||||||||||||||
Prior service costs | $ | 12 | -6 | |||||||||||||||||
Actuarial losses | 5,784 | -6 | ||||||||||||||||||
5,796 | Total before tax | |||||||||||||||||||
(2,028 | ) | Tax benefit (expense) | ||||||||||||||||||
$ | 3,768 | Net of tax | ||||||||||||||||||
(6) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 8 - "Pension Benefits and Other Postretirement Benefit Plans" for additional details. |
Property_Plant_and_Equiptment_1
Property, Plant and Equiptment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of property, plant and equipment | ' | |||||||
(Dollars in thousands) | December 31, | December 31, | ||||||
2013 | 2012 | |||||||
Land | $ | 14,986 | $ | 15,394 | ||||
Buildings and improvements | 136,959 | 132,673 | ||||||
Machinery and equipment | 160,843 | 151,023 | ||||||
Office equipment | 34,972 | 34,300 | ||||||
Equipment in process | 21,360 | 21,202 | ||||||
369,120 | 354,592 | |||||||
Accumulated depreciation | (222,189 | ) | (205,575 | ) | ||||
Total property, plant and equipment | $ | 146,931 | $ | 149,017 | ||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Intangible assets | ' | |||||||||||||||||||||||
(Dollars in thousands) | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Trademarks and patents | $ | 1,075 | $ | 303 | $ | 772 | $ | 1,066 | $ | 227 | $ | 839 | ||||||||||||
Technology | 37,825 | 13,340 | $ | 24,485 | 36,479 | 8,394 | 28,085 | |||||||||||||||||
Covenant-not-to-compete | 1,056 | 628 | $ | 428 | 1,042 | 358 | 684 | |||||||||||||||||
Customer relationships | 21,280 | 3,235 | $ | 18,045 | 20,529 | 2,066 | 18,463 | |||||||||||||||||
Total other intangible assets | $ | 61,236 | $ | 17,506 | $ | 43,730 | $ | 59,116 | $ | 11,045 | $ | 48,071 | ||||||||||||
Weighted average amortization period, by intangible asset class | ' | |||||||||||||||||||||||
The weighted average amortization period as of December 31, 2013, by intangible asset class, is presented in the table below: | ||||||||||||||||||||||||
Intangible Asset Class | Weighted Average Amortization Period | |||||||||||||||||||||||
Trademarks and patents | 6.9 | |||||||||||||||||||||||
Technology | 4 | |||||||||||||||||||||||
Covenant not-to-compete | 1.5 | |||||||||||||||||||||||
Customer relationships | 6.9 | |||||||||||||||||||||||
Total other intangible assets | 5.2 | |||||||||||||||||||||||
Changes in the carrying amount of goodwill, by segment | ' | |||||||||||||||||||||||
The changes in the carrying amount of goodwill for the period ending December 31, 2013, by reportable segment, are as follows: | ||||||||||||||||||||||||
(Dollars in thousands) | High Performance Foams | Printed Circuit Materials | Power Electronics Solutions | Other | Total | |||||||||||||||||||
December 31, 2012 | $ | 23,973 | $ | — | $ | 78,844 | $ | 2,224 | $ | 105,041 | ||||||||||||||
Foreign currency translation adjustment | 232 | — | 3,398 | — | 3,630 | |||||||||||||||||||
December 31, 2013 | $ | 24,205 | $ | — | $ | 82,242 | $ | 2,224 | $ | 108,671 | ||||||||||||||
Summarized_Financial_Informati1
Summarized Financial Information of Unconsolidated Joint Ventures (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||
Joint ventures accounted for under equity method of accounting | ' | |||||||||||
Joint Venture | Location | Reportable Segment | Fiscal Year-End | |||||||||
Rogers INOAC Corporation (RIC) | Japan | High Performance Foams | October 31 | |||||||||
Rogers INOAC Suzhou Corporation (RIS) | China | High Performance Foams | December 31 | |||||||||
Summarized information for joint ventures | ' | |||||||||||
The summarized financial information for the joint ventures for the periods indicated is as follows: | ||||||||||||
(Dollars in thousands) | 31-Dec-13 | 31-Dec-12 | ||||||||||
Current assets | $ | 32,033 | $ | 40,721 | ||||||||
Noncurrent assets | 10,303 | 13,629 | ||||||||||
Current liabilities | 5,943 | 12,008 | ||||||||||
Shareholders' equity | 36,393 | 42,342 | ||||||||||
(Dollars in thousands) | For the years then ended: | |||||||||||
December 31, | December 31, | December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
Net sales | $ | 52,982 | $ | 63,297 | $ | 70,368 | ||||||
Gross profit (loss) | 15,214 | 17,280 | 13,638 | |||||||||
Net income (loss) | 8,652 | 9,486 | 10,902 | |||||||||
Pension_Benefit_and_Retirement1
Pension Benefit and Retirement Health and Life Insurance Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Change in benefit obligation | ' | ||||||||||||||||||||||||
(Dollars in thousands) | Pension Benefits | Retirement Health and Life Insurance Benefits | |||||||||||||||||||||||
Change in benefit obligation: | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Benefit obligation at beginning of year | $ | 209,844 | $ | 193,715 | $ | 11,891 | $ | 10,495 | |||||||||||||||||
Service cost | 2,473 | 4,596 | 627 | 630 | |||||||||||||||||||||
Interest cost | 7,753 | 8,420 | 262 | 364 | |||||||||||||||||||||
Actuarial (gain) loss | (15,834 | ) | 16,636 | (1,205 | ) | (395 | ) | ||||||||||||||||||
Benefit payments | (7,276 | ) | (6,800 | ) | (751 | ) | (795 | ) | |||||||||||||||||
Settlement charge | — | (6,723 | ) | — | — | ||||||||||||||||||||
Special termination benefit | (22,635 | ) | — | — | 1,592 | ||||||||||||||||||||
Benefit obligation at end of year | $ | 174,325 | $ | 209,844 | $ | 10,824 | $ | 11,891 | |||||||||||||||||
Change in plan assets | ' | ||||||||||||||||||||||||
Change in plan assets: | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Fair value of plan assets at the beginning of the year | $ | 143,540 | $ | 120,565 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 21,954 | 13,775 | — | — | |||||||||||||||||||||
Employer contributions | 13,000 | 22,723 | 751 | 795 | |||||||||||||||||||||
Benefit payments | (7,276 | ) | (6,800 | ) | (751 | ) | (795 | ) | |||||||||||||||||
Settlement charge | — | (6,723 | ) | — | — | ||||||||||||||||||||
Fair value of plan assets at the end of the year | 171,218 | 143,540 | — | — | |||||||||||||||||||||
Funded status | $ | (3,107 | ) | $ | (66,304 | ) | $ | (10,824 | ) | $ | (11,891 | ) | |||||||||||||
Amounts recognized in consolidated balance sheet | ' | ||||||||||||||||||||||||
Amounts recognized in the consolidated statements of financial position consist of: | |||||||||||||||||||||||||
(Dollars in thousands) | Pension Benefits | Retirement Health and Life Insurance Benefits | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Noncurrent assets | $ | 2,983 | $ | — | $ | — | $ | — | |||||||||||||||||
Current liabilities | (654 | ) | (362 | ) | (1,175 | ) | (1,237 | ) | |||||||||||||||||
Noncurrent liabilities | (5,436 | ) | (65,942 | ) | (9,649 | ) | (10,654 | ) | |||||||||||||||||
Net amount recognized at end of year | $ | (3,107 | ) | $ | (66,304 | ) | $ | (10,824 | ) | $ | (11,891 | ) | |||||||||||||
Schedule of net periodic benefit cost not yet recognized | ' | ||||||||||||||||||||||||
(Dollars in thousands) | Pension Benefits | Retirement Health and Life Insurance Benefits | |||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||
Net actuarial loss | $ | 35,119 | $ | 1,778 | |||||||||||||||||||||
Prior service cost | — | — | |||||||||||||||||||||||
Net amount recognized at end of year | $ | 35,119 | $ | 1,778 | |||||||||||||||||||||
Components of net periodic benefit cost | ' | ||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||||||||||
(Dollars in thousands) | Pension Benefits | Postretirement Health and Life Insurance Benefits | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Service cost | $ | 2,473 | $ | 4,596 | $ | 3,922 | $ | 627 | $ | 630 | $ | 693 | |||||||||||||
Interest cost | 7,753 | 8,420 | 8,535 | 262 | 364 | 413 | |||||||||||||||||||
Expected return of plan assets | (11,247 | ) | (9,892 | ) | (10,559 | ) | — | — | — | ||||||||||||||||
Amortization of prior service cost | 124 | 463 | 597 | (230 | ) | (451 | ) | (627 | ) | ||||||||||||||||
Amortization of net loss | 3,615 | 5,471 | 2,331 | 204 | 313 | 421 | |||||||||||||||||||
Settlement charge/(credit) | — | 2,073 | — | — | — | — | |||||||||||||||||||
Special termination benefit | — | — | 176 | — | 1,592 | — | |||||||||||||||||||
Curtailment charge | 1,537 | — | — | — | — | — | |||||||||||||||||||
Net periodic benefit cost | $ | 4,255 | $ | 11,131 | $ | 5,002 | $ | 863 | $ | 2,448 | $ | 900 | |||||||||||||
Schedule of weighted-average assumptions used | ' | ||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||||||||||||||||||||||||
Pension Benefits | Retirement Health and Life Insurance Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Discount rate | 4.75 | % | 4 | % | 3.25 | % | 2.5 | % | |||||||||||||||||
Rate of compensation increase | — | % | 4 | % | — | % | — | % | |||||||||||||||||
Expected long-term rate of return on plan assets | 7.5 | % | 7.5 | % | — | % | — | % | |||||||||||||||||
Weighted-average assumptions used to determine net benefit cost for the years ended: | |||||||||||||||||||||||||
Pension Benefits | Retirement Health and Life Insurance Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Discount rate | 4 | % | 4.5 | % | 2.5 | % | 3.5 | % | |||||||||||||||||
Expected long-term rate of return on plan assets | 7.5 | % | 7.75 | % | — | — | |||||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | — | — | |||||||||||||||||||
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: | |||||||||||||||||||||||||
(Dollars in thousands) | One Percentage Point | ||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||
Effect on total service and interest cost | $ | 69 | $ | 596 | |||||||||||||||||||||
Effect on other postretirement benefit obligations | (64 | ) | (558 | ) | |||||||||||||||||||||
Schedule of allocation of plan assets | ' | ||||||||||||||||||||||||
The following table presents the fair value of the net assets by asset category at December 31, 2013 and 2012: | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Pooled separate accounts | $ | 38,584 | $ | 29,869 | |||||||||||||||||||||
Mutual funds | 119,277 | 98,269 | |||||||||||||||||||||||
Guaranteed deposit account | 13,357 | 15,402 | |||||||||||||||||||||||
Total investments at fair value | $ | 171,218 | $ | 143,540 | |||||||||||||||||||||
The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value as of December 31, 2013 and 2012. | |||||||||||||||||||||||||
Assets at Fair Value as of December 31, 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Pooled separate accounts | $ | — | $ | 38,584 | $ | — | $ | 38,584 | |||||||||||||||||
Mutual funds | 119,277 | — | — | 119,277 | |||||||||||||||||||||
Guaranteed deposit account | — | — | 13,357 | 13,357 | |||||||||||||||||||||
Total assets at fair value | $ | 119,277 | $ | 38,584 | $ | 13,357 | $ | 171,218 | |||||||||||||||||
Assets at Fair Value as of December 31, 2012 | |||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Pooled separate accounts | $ | — | $ | 29,869 | $ | — | $ | 29,869 | |||||||||||||||||
Mutual funds | 98,269 | — | — | 98,269 | |||||||||||||||||||||
Guaranteed deposit account | — | — | 15,402 | 15,402 | |||||||||||||||||||||
Total assets at fair value | $ | 98,269 | $ | 29,869 | $ | 15,402 | $ | 143,540 | |||||||||||||||||
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, 2013. | |||||||||||||||||||||||||
(Dollars in thousands) | Guaranteed Deposit Account | ||||||||||||||||||||||||
Balance at beginning of year | $ | 15,402 | |||||||||||||||||||||||
Realized gains (losses) | — | ||||||||||||||||||||||||
Unrealized gains relating to instruments still held at the reporting date | 784 | ||||||||||||||||||||||||
Purchases, sales, issuances and settlements (net) | (2,829 | ) | |||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | ||||||||||||||||||||||||
Balance at end of year | $ | 13,357 | |||||||||||||||||||||||
Schedule of future benefit payments | ' | ||||||||||||||||||||||||
The following pension benefit payments, which reflect expected future employee service, as appropriate, are expected to be paid through the utilization of plan assets for the funded plans and from 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 operating cash flows. The benefit payments are based on the same assumptions used to measure our benefit obligation at the end of fiscal 2013. | |||||||||||||||||||||||||
Pension Benefits | Retiree Health and Life Insurance Benefits | ||||||||||||||||||||||||
2014 | 8,682 | 1,175 | |||||||||||||||||||||||
2015 | 8,210 | 1,186 | |||||||||||||||||||||||
2016 | 8,302 | 1,170 | |||||||||||||||||||||||
2017 | 8,599 | 1,094 | |||||||||||||||||||||||
2018 | 8,959 | 1,074 | |||||||||||||||||||||||
2019-2023 | 50,843 | 6,234 | |||||||||||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Aggregate mandatory payments due by year | ' | ||||||||||
The aggregate mandatory principal payments due are as follows: | |||||||||||
2011 | $2.50 | million | |||||||||
2012 | $7.50 | million | |||||||||
2013 | $12.50 | million | |||||||||
2014 | $17.50 | million | |||||||||
2015 | $35.00 | million | |||||||||
2016 | $25.00 | million | |||||||||
Fixed charge metrics | ' | ||||||||||
Relevant Fixed Charge metrics are detailed in the table below: | |||||||||||
Periods | Q4 2012 | Q1 2013 | Q2 2013 | Q3 2013 | Q4 2013 | ||||||
Covenant Limit (minimum) | 1.25 | 1.5 | 1.5 | 1.5 | 1.5 | ||||||
Actual FCCR | 2.18 | 2.27 | 2.06 | 2.23 | 2.39 | ||||||
Further, we are required to maintain certain financial covenant ratios, including (i) a leverage ratio of no more than 3.0 to 1.0 and (ii) a minimum fixed charge coverage ratio (FCCR) as defined in the following table: | |||||||||||
Period | Ratio | ||||||||||
March 31, 2012 to December 31, 2012 | 1.25 : 1.00 | ||||||||||
March 31, 2013 to December 31, 2013 | 1.50 : 1.00 | ||||||||||
March 31, 2014 and thereafter | 1.75 : 1.00 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Consolidated income (loss) from continuing operations before income taxes by location | ' | |||||||||||
Consolidated income (loss) from continuing operations before income taxes consists of: | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||||||||
Domestic | $ | 13,208 | $ | 6,260 | $ | 9,285 | ||||||
International | 35,677 | 16,390 | 46,483 | |||||||||
Total | $ | 48,885 | $ | 22,650 | $ | 55,768 | ||||||
Income tax expense (benefit) by location | ' | |||||||||||
The income tax expense (benefit) in the consolidated statements of income (loss) consists of: | ||||||||||||
(Dollars in thousands) | Current | Deferred | Total | |||||||||
2013 | ||||||||||||
Domestic | $ | (7,075 | ) | $ | 5,894 | $ | (1,181 | ) | ||||
International | 12,667 | (260 | ) | 12,407 | ||||||||
Total | $ | 5,592 | $ | 5,634 | $ | 11,226 | ||||||
2012 | ||||||||||||
Domestic | $ | 3,651 | $ | (59,414 | ) | $ | (55,763 | ) | ||||
International | 8,118 | 1,161 | 9,279 | |||||||||
Total | $ | 11,769 | $ | (58,253 | ) | $ | (46,484 | ) | ||||
2011 | ||||||||||||
Domestic | $ | 2,173 | $ | (828 | ) | $ | 1,345 | |||||
International | 12,070 | (1,897 | ) | 10,173 | ||||||||
Total | $ | 14,243 | $ | (2,725 | ) | $ | 11,518 | |||||
Deferred tax assets and liabilities | ' | |||||||||||
Deferred tax assets and liabilities as of December 31, 2013 and 2012, are comprised of the following: | ||||||||||||
(Dollars in thousands) | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets | ||||||||||||
Accrued employee benefits and compensation | $ | 8,927 | $ | 10,591 | ||||||||
Postretirement benefit obligations | 2,736 | 23,066 | ||||||||||
Tax credit carryforwards | 9,825 | 18,574 | ||||||||||
Reserves and accruals | 6,671 | 6,014 | ||||||||||
Depreciation and amortization | 20,717 | 19,134 | ||||||||||
Other | 3,715 | 1,751 | ||||||||||
Total deferred tax assets | 52,591 | 79,130 | ||||||||||
Less deferred tax asset valuation allowance | (466 | ) | (466 | ) | ||||||||
Total deferred tax assets, net of valuation allowance | 52,125 | 78,664 | ||||||||||
Deferred tax liabilities | ||||||||||||
Investment in joint ventures, net | — | 1,559 | ||||||||||
Depreciation and amortization | 15,839 | 15,654 | ||||||||||
Other | 238 | 332 | ||||||||||
Total deferred tax liabilities | 16,077 | 17,545 | ||||||||||
Net deferred tax asset | $ | 36,048 | $ | 61,119 | ||||||||
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 are as follows: | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||||||||
Tax expense at Federal statutory income tax rate | $ | 17,110 | $ | 7,928 | $ | 19,518 | ||||||
International tax rate differential | (2,541 | ) | (209 | ) | (4,627 | ) | ||||||
Foreign source income, net of tax credits | (786 | ) | (3,428 | ) | (1,021 | ) | ||||||
Unrecognized tax benefits | (2,197 | ) | 1,604 | 272 | ||||||||
General business credits | (702 | ) | — | (831 | ) | |||||||
Valuation allowance change | — | (52,650 | ) | (1,989 | ) | |||||||
Other | 342 | 271 | 196 | |||||||||
Income tax expense (benefit) | $ | 11,226 | $ | (46,484 | ) | $ | 11,518 | |||||
Reconciliation of unrecognized tax benefits | ' | |||||||||||
A reconciliation of unrecognized tax benefits, excluding potential interest and penalties, for the years ending December 31, 2013 and December 31, 2012, is as follows: | ||||||||||||
(Dollars in thousands) | ||||||||||||
2013 | 2012 | |||||||||||
Beginning balance | $ | 17,333 | $ | 16,133 | ||||||||
Gross increases - current period tax positions | 1,445 | 1,929 | ||||||||||
Gross decreases - tax positions in prior periods | (7,136 | ) | — | |||||||||
Foreign currency exchange | 79 | 37 | ||||||||||
Lapse of statute of limitations | (2,573 | ) | (766 | ) | ||||||||
Ending balance | $ | 9,148 | $ | 17,333 | ||||||||
Shareholders_Equity_and_Stock_1
Shareholders Equity and Stock Options (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||||||
Accumulated balances related to each component of accumulated other comprehensive income (loss) | ' | ||||||||||||||||||||
The changes of accumulated other comprehensive income (loss) by component at December 31, 2013 were as follows: | |||||||||||||||||||||
(Dollars in thousands) | Foreign currency translation adjustments | Funded status of pension plans and other postretirement benefits (1) | Unrealized gain (loss) on derivative instruments (2) | Total | |||||||||||||||||
Beginning Balance December 31, 2012 | $ | 12,585 | $ | (70,158 | ) | $ | (235 | ) | $ | (57,808 | ) | ||||||||||
Other comprehensive income before reclassifications | 10,171 | — | (210 | ) | 9,961 | ||||||||||||||||
Actuarial net gain (loss) incurred in the fiscal year | — | 32,749 | — | 32,749 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 3,412 | 236 | 3,648 | |||||||||||||||||
Net current-period other comprehensive income | 10,171 | 36,161 | 26 | 46,358 | |||||||||||||||||
Ending Balance December 31, 2013 | $ | 22,756 | $ | (33,997 | ) | $ | (209 | ) | $ | (11,450 | ) | ||||||||||
(1) Net of taxes of $2,900 and $22,371 for the periods ended December 31, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||
(2) Net of taxes of $110 and $127 for the periods ended December 31, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||
The changes of accumulated other comprehensive income (loss) by component at December 31, 2012 were as follows: | |||||||||||||||||||||
(Dollars in thousands) | Foreign currency translation adjustments | Funded status of pension plans and other postretirement benefits (3) | Unrealized gain (loss) on derivative instruments (4) | Unrealized gain (loss) on marketable securities (5) | Total | ||||||||||||||||
Beginning Balance December 31, 2011 | $ | 5,875 | $ | (67,239 | ) | $ | (270 | ) | $ | (1,168 | ) | $ | (62,802 | ) | |||||||
Other comprehensive income before reclassifications | 6,710 | — | (235 | ) | — | 6,475 | |||||||||||||||
Actuarial net gain (loss) incurred in the fiscal year | — | (6,687 | ) | — | — | (6,687 | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 3,768 | 270 | 1,168 | 5,206 | ||||||||||||||||
Net current-period other comprehensive income | 6,710 | (2,919 | ) | 35 | 1,168 | 4,994 | |||||||||||||||
Ending Balance December 31, 2012 | $ | 12,585 | $ | (70,158 | ) | $ | (235 | ) | $ | — | $ | (57,808 | ) | ||||||||
(3) Net of taxes of $22,371 and $20,799 for the periods ended December 31, 2012 and December 31, 2011, respectively. | |||||||||||||||||||||
(4) Net of taxes of $127 and $0 for the periods ended December 31, 2012 and December 31, 2011, respectively. | |||||||||||||||||||||
(5) Net of taxes of $1,555 for the period ended December 31, 2011. | |||||||||||||||||||||
The components of accumulated other comprehensive income (loss) at December 31, 2013 were as follows: | |||||||||||||||||||||
(Dollars in thousands) | December 31, | December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Foreign currency translation adjustments | $ | 22,756 | $ | 12,585 | |||||||||||||||||
Funded status of pension plans and other postretirement benefits, net of tax of $2,900 and $22,371. | (33,997 | ) | (70,158 | ) | |||||||||||||||||
Unrealized gain (loss) on derivative instruments, net of tax of $110 and $127 | (209 | ) | (235 | ) | |||||||||||||||||
Accumulated other comprehensive income (loss) | (11,450 | ) | (57,808 | ) | |||||||||||||||||
Shares of capital stock reserved for possible future issuance | ' | ||||||||||||||||||||
Shares of capital stock reserved for possible future issuance are as follows: | |||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
Stock acquisition program | 120,883 | 120,883 | |||||||||||||||||||
Stock options and restricted stock | 1,328,414 | 2,081,116 | |||||||||||||||||||
Shares available for issuance | 479,307 | 659,292 | |||||||||||||||||||
Rogers Employee Savings and Investment Plan | 169,044 | 249,490 | |||||||||||||||||||
Rogers Corporation Global Stock Ownership Plan for Employees | 181,617 | 201,676 | |||||||||||||||||||
Deferred compensation to be paid in stock | 14,558 | 49,090 | |||||||||||||||||||
Total | 2,293,823 | 3,361,547 | |||||||||||||||||||
Weighted average assumptions used to calculate fair value of options granted | ' | ||||||||||||||||||||
The fair value of options granted in 2012 and 2011 were calculated using the following weighted average assumptions: | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||
Options granted | 46,950 | 131,750 | |||||||||||||||||||
Weighted average exercise price | $ | 41.27 | $ | 46.29 | |||||||||||||||||
Weighted-average grant date fair value | 19.08 | 21.08 | |||||||||||||||||||
Assumptions: | |||||||||||||||||||||
Expected volatility | 47.7 | % | 46.92 | % | |||||||||||||||||
Expected term (in years) | 5.9 | 5.6 | |||||||||||||||||||
Risk-free interest rate | 1.43 | % | 2.13 | % | |||||||||||||||||
Expected dividend yield | — | — | |||||||||||||||||||
Activity under our stock option plans | ' | ||||||||||||||||||||
A summary of the activity under our stock option plans as for the fiscal years ended 2013, 2012 and 2011, is presented below: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Weighted- | Weighted- | Weighted- | |||||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Options | Exercise Price | Options | Exercise Price | Options | Exercise Price | ||||||||||||||||
Outstanding | Per Share | Outstanding | Per Share | Outstanding | Per Share | ||||||||||||||||
Outstanding at beginning of year | 1,765,947 | $ | 40.58 | 2,401,809 | $ | 37.54 | 2,626,371 | $ | 36.63 | ||||||||||||
Options granted | — | — | 46,950 | 41.27 | 131,750 | 46.29 | |||||||||||||||
Options exercised | (847,340 | ) | 37.82 | (614,263 | ) | 42.97 | (329,964 | ) | 33.61 | ||||||||||||
Options cancelled | (25,468 | ) | 39.04 | (68,549 | ) | 43.57 | (26,348 | ) | 30.77 | ||||||||||||
Outstanding at year-end | 893,139 | 43.23 | 1,765,947 | 40.58 | 2,401,809 | 37.54 | |||||||||||||||
Options exercisable at year-end | 721,645 | 1,274,340 | 1,609,982 | ||||||||||||||||||
A summary of the activity under our stock option plans as of December 31, 2013 and changes during the year then ended, is presented below: | |||||||||||||||||||||
Options Outstanding | Weighted- Average Exercise Price Per Share | Weighted-Average Remaining Contractual Life in Years | Aggregate Intrinsic Value | ||||||||||||||||||
Options outstanding at December 31, 2012 | 1,765,947 | $ | 40.58 | 1.3 | 19,557,233 | ||||||||||||||||
Options granted | — | — | |||||||||||||||||||
Options exercised | (847,340 | ) | 37.82 | ||||||||||||||||||
Options cancelled | (25,468 | ) | 39.04 | ||||||||||||||||||
Options outstanding at December 31, 2013 | 893,139 | 43.23 | 3.9 | 16,403,816 | |||||||||||||||||
Options exercisable at December 31, 2013 | 721,645 | 44.62 | 3.2 | 12,270,104 | |||||||||||||||||
Options vested or expected to vest at December 31, 2013* | 887,994 | 43.27 | 3.9 | 16,279,805 | |||||||||||||||||
Schedule of weighted-average assumptions used | ' | ||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||||||||||||||||||||
Pension Benefits | Retirement Health and Life Insurance Benefits | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Discount rate | 4.75 | % | 4 | % | 3.25 | % | 2.5 | % | |||||||||||||
Rate of compensation increase | — | % | 4 | % | — | % | — | % | |||||||||||||
Expected long-term rate of return on plan assets | 7.5 | % | 7.5 | % | — | % | — | % | |||||||||||||
Weighted-average assumptions used to determine net benefit cost for the years ended: | |||||||||||||||||||||
Pension Benefits | Retirement Health and Life Insurance Benefits | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Discount rate | 4 | % | 4.5 | % | 2.5 | % | 3.5 | % | |||||||||||||
Expected long-term rate of return on plan assets | 7.5 | % | 7.75 | % | — | — | |||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | — | — | |||||||||||||||
Performance Shares [Member] | ' | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||||||
Schedule of weighted-average assumptions used | ' | ||||||||||||||||||||
Below are the assumptions used in the Monte Carlo calculation: | |||||||||||||||||||||
Expected volatility | 37.1 | % | |||||||||||||||||||
Expected term (in years) | 3 | ||||||||||||||||||||
Risk-free interest rate | 0.4 | % | |||||||||||||||||||
Expected dividend yield | — | ||||||||||||||||||||
Schedule of of restricted stock and restricted stock activity | ' | ||||||||||||||||||||
A summary of activity under the performance-based restricted stock plans for the fiscal years ended 2013, 2012 and 2011 is presented below: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Awards Outstanding | Weighted- | Awards Outstanding | Weighted- | Awards Outstanding | Weighted- | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Grant Date Fair Value | Grant Date Fair Value | Grant Date Fair Value | |||||||||||||||||||
Non-vested awards outstanding at beginning of year | 73,458 | $ | 38.01 | 101,730 | $ | 31.19 | 115,250 | $ | 27.09 | ||||||||||||
Awards granted | 47,625 | 47.1 | 22,120 | 41.27 | 20,630 | 47.89 | |||||||||||||||
Stock issued | (33,538 | ) | 27.43 | (43,750 | ) | 23.86 | — | — | |||||||||||||
Awards forfeited or expired | (16,370 | ) | 44.9 | (6,642 | ) | 37.67 | (34,150 | ) | 27.43 | ||||||||||||
Non-vested awards outstanding at end of year | 71,175 | $ | 47.49 | 73,458 | $ | 38.01 | 101,730 | $ | 31.19 | ||||||||||||
Time Based Restricted Stock [Member] | ' | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||||||
Schedule of of restricted stock and restricted stock activity | ' | ||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Awards Outstanding | Weighted- | Awards Outstanding | Weighted- | Awards Outstanding | Weighted-Average Grant Date Fair Value | ||||||||||||||||
Average | Average | ||||||||||||||||||||
Grant Date Fair Value | Grant Date Fair Value | ||||||||||||||||||||
Non-vested awards outstanding at beginning of year | 115,139 | $ | 43.27 | 86,707 | $ | 44.55 | 2,500 | $ | 20.01 | ||||||||||||
Awards granted | 156,665 | 51.78 | 51,790 | 40.99 | 84,667 | 45.29 | |||||||||||||||
Stock issued | (12,436 | ) | 43.97 | (16,620 | ) | 41.64 | — | — | |||||||||||||
Awards forfeited or expired | (28,342 | ) | 47.07 | (6,738 | ) | 46.21 | (460 | ) | 47.89 | ||||||||||||
Non-vested awards outstanding at end of year | 231,026 | $ | 48.54 | 115,139 | $ | 43.27 | 86,707 | $ | 44.55 | ||||||||||||
Deferred Stock Units [Member] | ' | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||||||
Schedule of of restricted stock and restricted stock activity | ' | ||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Awards Outstanding | Weighted- | Awards Outstanding | Weighted- | Awards Outstanding | Weighted-Average Grant Date Fair Value | ||||||||||||||||
Average | Average | ||||||||||||||||||||
Grant Date Fair Value | Grant Date Fair Value | ||||||||||||||||||||
Non-vested awards outstanding at beginning of year | 30,150 | $ | 26.13 | 27,350 | $ | 28.8 | 30,250 | $ | 28.98 | ||||||||||||
Awards granted | 16,800 | 41.67 | 17,600 | 38.64 | 16,650 | 45.95 | |||||||||||||||
Stock issued | (15,400 | ) | 41.77 | (14,800 | ) | 45.95 | (19,550 | ) | 43.69 | ||||||||||||
Non-vested awards outstanding at end of year | 31,550 | $ | 26.77 | 30,150 | $ | 26.13 | 27,350 | $ | 28.8 | ||||||||||||
Commitments_and_Contingencies_1
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||
Operating and capital leases | ' | ||||||||||||||||||||
Lease / Depreciation Expense | |||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||
Operating leases | $ | 2,634 | $ | 2,655 | $ | 3,137 | |||||||||||||||
Capital lease | 1,233 | 1,627 | 1,672 | ||||||||||||||||||
Future minimum lease payments for operating and capital leases | ' | ||||||||||||||||||||
Future Minimum Lease Payments | |||||||||||||||||||||
(Dollars in thousands) | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||
Operating leases | $ | 1,938 | $ | 1,089 | $ | 848 | $ | 419 | $ | 234 | |||||||||||
Capital lease | 849 | 843 | 843 | 843 | 843 | ||||||||||||||||
(Dollars in thousands) | Operating Leases | Capital Lease | |||||||||||||||||||
Total future minimum lease payments | $ | 4,565 | $ | 6,328 | |||||||||||||||||
Business_Segment_and_Geographi1
Business Segment and Geographic Information (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||
Reportable segment information | ' | ||||||||||||||||||||||
The following table sets forth the information about our reportable segments for the periods indicated: | |||||||||||||||||||||||
(Dollars in thousands) | High Performance Foams | Printed Circuit Materials | Power Electronics Solutions | Other | Total | ||||||||||||||||||
2013 | |||||||||||||||||||||||
Net sales | $ | 168,082 | $ | 184,949 | $ | 160,730 | $ | 23,721 | $ | 537,482 | |||||||||||||
Operating income (loss) | 22,339 | 18,788 | 1,088 | 7,065 | 49,280 | ||||||||||||||||||
Total assets | 221,848 | 177,716 | 382,818 | 24,152 | 806,534 | ||||||||||||||||||
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 (loss) in unconsolidated joint ventures | 4,326 | — | — | — | 4,326 | ||||||||||||||||||
2012 | |||||||||||||||||||||||
Net sales | $ | 179,421 | $ | 161,893 | $ | 134,279 | $ | 23,168 | $ | 498,761 | |||||||||||||
Operating income (loss) | 25,730 | 8,170 | (12,022 | ) | 3,786 | 25,664 | |||||||||||||||||
Total assets | 233,401 | 156,103 | 345,013 | 24,761 | 759,278 | ||||||||||||||||||
Capital expenditures | 4,947 | 12,849 | 5,746 | 232 | 23,774 | ||||||||||||||||||
Depreciation & amortization | 7,947 | 7,172 | 11,083 | 928 | 27,130 | ||||||||||||||||||
Investment in unconsolidated joint ventures | 21,171 | — | — | — | 21,171 | ||||||||||||||||||
Equity income (loss) in unconsolidated joint ventures | 4,743 | — | — | — | 4,743 | ||||||||||||||||||
2011 | |||||||||||||||||||||||
Net sales | $ | 177,645 | $ | 166,424 | $ | 180,234 | $ | 24,038 | $ | 548,341 | |||||||||||||
Operating income (loss) | 28,280 | 11,127 | 11,320 | 2,755 | 53,482 | ||||||||||||||||||
Total assets | 192,829 | 123,883 | 338,418 | 21,655 | 676,785 | ||||||||||||||||||
Capital expenditures | 5,325 | 5,901 | 9,362 | 728 | 21,316 | ||||||||||||||||||
Depreciation & amortization | 7,873 | 6,348 | 10,989 | 1,098 | 26,308 | ||||||||||||||||||
Investment in unconsolidated joint ventures | 23,868 | — | — | — | 23,868 | ||||||||||||||||||
Equity income (loss) in unconsolidated joint ventures | 5,451 | — | — | — | 5,451 | ||||||||||||||||||
Inter-segment sales have been eliminated from the sales data in the preceding table. | |||||||||||||||||||||||
The following table sets forth the operating income (loss) reconciliation to the consolidated statements of income (loss) for the periods indicated: | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Operating income (loss) | $ | 49,280 | $ | 25,664 | $ | 53,482 | |||||||||||||||||
Equity income in unconsolidated joint ventures | 4,326 | 4,743 | 5,451 | ||||||||||||||||||||
Other income (expense), net | (1,240 | ) | (208 | ) | 1,942 | ||||||||||||||||||
Net realized investment gain (loss) | — | (3,245 | ) | (196 | ) | ||||||||||||||||||
Interest income (expense), net | (3,481 | ) | (4,304 | ) | (4,911 | ) | |||||||||||||||||
Income (loss) before income tax expense (benefit) | $ | 48,885 | $ | 22,650 | $ | 55,768 | |||||||||||||||||
Revenue and long-lived assets by geographic region | ' | ||||||||||||||||||||||
Information relating to our operations by geographic area is as follows: | |||||||||||||||||||||||
Net Sales (1) | Long-lived Assets (2) | ||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||
United States | $ | 118,263 | $ | 115,035 | $ | 109,581 | $ | 64,545 | $ | 64,845 | $ | 65,432 | |||||||||||
Asia | 275,969 | 250,682 | 271,132 | 68,613 | 69,830 | 64,181 | |||||||||||||||||
Europe | 132,126 | 123,040 | 154,423 | 171,615 | 172,671 | 177,196 | |||||||||||||||||
Other | 11,124 | 10,004 | 13,205 | — | — | — | |||||||||||||||||
Total | $ | 537,482 | $ | 498,761 | $ | 548,341 | $ | 304,773 | $ | 307,346 | $ | 306,809 | |||||||||||
(1) Net sales are allocated to countries based on the location of the customer. | |||||||||||||||||||||||
(2) Long-lived assets are based on the location of the asset and are comprised of goodwill and other intangibles and property, plant and equipment. |
Restructuring_and_Impairment_C1
Restructuring and Impairment Charges (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||||||
Restructuring and impairment charges | ' | |||||||||||||||
The following table summarizes the restructuring and impairment charges related to these activities recorded in our operating results in 2013. | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-11 | ||||||||||||||
Cost of Sales | ||||||||||||||||
High Performance Foams | ||||||||||||||||
Accelerated depreciation expense related to Bremen shut-down | $ | — | $ | 764 | $ | — | ||||||||||
Inventory impairment related to Bremen shut-down | — | 191 | — | |||||||||||||
Union ratification bonus | 181 | — | — | |||||||||||||
Printed Circuit Materials | ||||||||||||||||
Union ratification bonus | 179 | — | — | |||||||||||||
Power Electronics Solutions | ||||||||||||||||
Accelerated depreciation related to certain assets | — | 393 | — | |||||||||||||
Accelerated depreciation expense related to U.S. shut-down | — | 499 | — | |||||||||||||
Union ratification bonus | 8 | — | — | |||||||||||||
Total charges for Cost of Sales | $ | 368 | $ | 1,847 | $ | — | ||||||||||
Restructuring and Impairment | ||||||||||||||||
High Performance Foams | ||||||||||||||||
Fixed asset disposal (1) | $ | — | $ | 79 | $ | 441 | ||||||||||
Severance related to Bremen shut-down | 1,345 | 861 | — | |||||||||||||
Bremen shut down-costs | — | 1,442 | — | |||||||||||||
Allocated severance and related costs | — | 2,188 | — | |||||||||||||
Allocated Solicore impairment | 1,617 | — | — | |||||||||||||
Printed Circuit Materials | ||||||||||||||||
Allocated severance and related costs | 802 | 2,915 | — | |||||||||||||
Allocated Solicore impairment | 1,617 | — | — | |||||||||||||
Power Electronics Solutions | ||||||||||||||||
Impairment of investment related receivable | — | 264 | — | |||||||||||||
Severance and related costs | 3,494 | 1,799 | — | |||||||||||||
Severance related to Hungary move | — | 3,774 | — | |||||||||||||
PDS North America shut-down costs | — | 149 | — | |||||||||||||
Allocated Solicore impairment | 1,155 | — | — | |||||||||||||
Other | ||||||||||||||||
License agreement expense | — | 356 | — | |||||||||||||
Allocated severance and related costs | 115 | 255 | — | |||||||||||||
Allocated Solicore impairment | 231 | — | — | |||||||||||||
Total charges for Restructuring and Impairment | $ | 10,376 | $ | 14,082 | $ | 441 | ||||||||||
(1) In the first quarter of 2012, we signed an agreement to sell our facility in Richmond, Virginia for $1.5 million. This facility had a book value of approximately $1.8 million prior to the signing of the agreement, and we recorded an impairment charge of approximately $0.4 million as of December 31, 2011, which represents the write down to the selling price minus approximately $0.1 million of estimated selling costs. The transaction closed in the second quarter of 2012. | ||||||||||||||||
Components of severance accrual | ' | |||||||||||||||
The following table summarizes charges in the severance accrual from January 1, 2013 through December 31, 2013: | ||||||||||||||||
(Dollars in thousands) | Streamlining and restructuring related activities | Bremen facility shut down | Curamik finishing operations relocation to Hungary | Total | ||||||||||||
Balance at January 1, 2013 | $ | 1,573 | $ | — | $ | 4,035 | $ | 5,608 | ||||||||
Provisions | 4,174 | — | — | 4,174 | ||||||||||||
Payments | (4,651 | ) | — | (4,035 | ) | (8,686 | ) | |||||||||
Balance at December 31, 2013 | $ | 1,096 | $ | — | $ | — | $ | 1,096 | ||||||||
Balances may differ from prior periods due to foreign exchange rate fluctuations. |
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Results of Operations [Abstract] | ' | |||||||||||||||
Quarterly financial information | ' | |||||||||||||||
(Dollars in thousands, except per share amounts) | 2013 | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Net sales | $ | 125,979 | $ | 132,452 | $ | 142,820 | $ | 136,231 | ||||||||
Gross margin | 41,289 | 44,429 | 51,186 | 50,796 | ||||||||||||
Income (loss) from continuing operations | 6,976 | 5,583 | 13,572 | 11,528 | ||||||||||||
Net income per share: | ||||||||||||||||
Basic | $ | 0.41 | $ | 0.33 | $ | 0.79 | $ | 0.66 | ||||||||
Diluted | 0.39 | 0.32 | 0.76 | 0.64 | ||||||||||||
(Dollars in thousands, except per share amounts) | 2012 | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Net sales | $ | 120,155 | $ | 125,296 | $ | 129,134 | $ | 124,176 | ||||||||
Gross margin | 36,404 | 36,654 | 42,977 | 42,711 | ||||||||||||
Income (loss) from continuing operations | (1,586 | ) | 6,417 | 59,124 | 5,179 | |||||||||||
Net income per share: | ||||||||||||||||
Basic | $ | (0.10 | ) | $ | 0.4 | $ | 3.6 | $ | 0.31 | |||||||
Diluted | (0.10 | ) | 0.39 | 3.48 | 0.3 | |||||||||||
Organization_and_Summary_of_Si3
Organization and Summary of Significant Accounting Policies (Additional Information) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | |||
category | |||
Accounting Policies [Abstract] | ' | ' | ' |
Number of operating segments | 3 | ' | ' |
Currency transaction adjustment gain (loss) | ($0.70) | ($0.80) | $0.60 |
Categories of intangible assets | 3 | ' | ' |
Advertising expense | $2.90 | $2 | $3 |
Organization_and_Summary_of_Si4
Organization and Summary of Significant Accounting Policies (Cash Equivalents) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
High Performance Foams [Member] | ||
Facility Closing [Member] | ||
Bremen facility shut-down [Member] | ||
Accounting Policies [Abstract] | ' | ' |
Original Maturities of three months or less | 'P3M | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | ' | $1 |
Organization_and_Summary_of_Si5
Organization and Summary of Significant Accounting Policies (Investments in Unconsolidated Joint Ventures) (Details) (Rogers INOAC Corporation [Member]) | Dec. 31, 2013 |
Rogers INOAC Corporation [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Joint venture ownership percentage | 50.00% |
Organization_and_Summary_of_Si6
Organization and Summary of Significant Accounting Policies (Inventories) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Inventory Disclosure [Abstract] | ' | ' |
LIFO Inventory Amount | $12,700,000 | $17,100,000 |
Percentage of LIFO Inventory | 25.00% | 27.00% |
Inventory, LIFO Reserve, Effect on Income, Net | 7,400,000 | 6,500,000 |
Inventory, Gross [Abstract] | ' | ' |
Raw Materials | 24,301,000 | 29,064,000 |
Work in Process | 13,536,000 | 13,154,000 |
Finished Goods | 29,052,000 | 30,960,000 |
Total Inventory | $66,889,000 | $73,178,000 |
Organization_and_Summary_of_Si7
Organization and Summary of Significant Accounting Policies (Property, Plant and Equipment Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Building and improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '10 years |
Building and improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '15 years |
Machinery and equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '5 years |
Machinery and equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '15 years |
Office equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '3 years |
Office equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '10 years |
Organization_and_Summary_of_Si8
Organization and Summary of Significant Accounting Policies (Environmental and Product Liabilities) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Loss Contingencies [Line Items] | ' |
Asbestos Forecast Claim Period | '10 years |
Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Asbestos Forecast Claim Period | '5 years |
Maximum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Asbestos Forecast Claim Period | '10 years |
Organization_and_Summary_of_Si9
Organization and Summary of Significant Accounting Policies (Concentration of Credit and Investment Risk) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
customer | customer | ||
Accounting Policies [Abstract] | ' | ' | ' |
Number of customers that individually accounted for more than ten percent of accounts receivable | ' | 0 | 0 |
Amount of significant credit losses experienced on customer accounts | $0 | $0 | $0 |
Concentration Risk, Percentage | 10.00% | ' | ' |
Recovered_Sheet1
Organization and Summary of Significant Accounting Policies (Earning Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations, net of tax | $11,528 | $13,572 | $5,583 | $6,976 | $5,179 | $59,124 | $6,417 | ($1,586) | $37,659 | $69,134 | $44,250 |
Weighted-average shares | ' | ' | ' | ' | ' | ' | ' | ' | 17,197,840 | 16,426,209 | 16,035,882 |
Effect of dilutive stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 570,235 | 564,949 | 701,829 |
Denominator for diluted earnings per share - Adjusted weighted-average shares and assumed conversions (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 17,768,075 | 16,991,158 | 16,737,711 |
Net income per basic share (in dollars per share) | $0.66 | $0.79 | $0.33 | $0.41 | $0.31 | $3.60 | $0.40 | ($0.10) | $2.19 | $4.21 | $2.76 |
Net income per diluted share (in dollars per share) | $0.64 | $0.76 | $0.32 | $0.39 | $0.30 | $3.48 | $0.39 | ($0.10) | $2.12 | $4.07 | $2.64 |
Antidilutive securities excluded from computation of earnings per share (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 68,000 | 0 |
Recovered_Sheet2
Organization and Summary of Significant Accounting Policies (Equity Compensation) (Details) (Four Years [Member]) | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number Of Years | '4 years |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number Of Years | '4 years |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number Of Years | '3 years |
Fair_Value_Measurements_Variou
Fair Value Measurements (Various Instruments That Require Fair Value Measurement) (Detail) (Fair Value, Recurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pension assets | $171,218 | $143,540 |
Foreign currency contracts | -77 | 15 |
Copper derivative contracts | 984 | 267 |
Interest rate swap | -296 | -361 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pension assets | 119,277 | 98,269 |
Foreign currency contracts | 0 | 0 |
Copper derivative contracts | 0 | 0 |
Interest rate swap | 0 | 0 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pension assets | 38,584 | 29,869 |
Foreign currency contracts | -77 | 15 |
Copper derivative contracts | 984 | 267 |
Interest rate swap | -296 | -361 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pension assets | 13,357 | 15,402 |
Foreign currency contracts | 0 | 0 |
Copper derivative contracts | 0 | 0 |
Interest rate swap | $0 | $0 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets Held For Sale) (Details) (USD $) | 3 Months Ended | 3 Months Ended | |||||||
Dec. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Fair Value, Nonrecurring [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Nonrecurring [Member] | ||||
Solicore investment [Member] | Solicore investment [Member] | Level 1 [Member] | Level 2 [Member] | Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge | $4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in joint venture | 500,000 | 100,000 | 5,000,000 | ' | ' | ' | ' | ' | ' |
Assets held for sale | ' | ' | ' | 507,000 | ' | ' | 0 | 0 | 507,000 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of year | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' |
Cash investment | ' | ' | ' | ' | ' | 127,000 | ' | ' | ' |
Impairment reported in earnings | ' | ' | ' | ' | -4,620,000 | ' | ' | ' | ' |
Balance at end of year | ' | ' | ' | ' | $507,000 | ' | ' | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements (Additional Information) (Detail) (Auction Rate Securities [Member], USD $) | 3 Months Ended |
Mar. 31, 2012 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Par value of auction rate securities redeemed | $29,500,000 |
Loss on liquidation of the securities | 3,200,000 |
Impairment on auction rate securities | 900,000 |
Securities Redeemed at Less Than Par Value [Member] | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Net proceeds from liquidation of auction rate security | 25,400,000 |
Par value of auction rate securities redeemed | $24,900,000 |
Fair_Value_Measurements_Reconc
Fair Value Measurements (Reconciliation of Assets Measured at Fair Value on Recurring Basis using Unobservable Inputs Level 3) (Detail) (Auction Rate Securities [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Balance at beginning of year | $25,960 |
Reclassified from other comprehensive income | 2,723 |
Reported in earnings | -3,245 |
Securities Redeemed at Less Than Par Value [Member] | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Cash received for redemptions below par | ($25,438) |
Fair_Value_Measurements_Rollfo
Fair Value Measurements (Rollforward of Credit Losses Recognized in Earnings) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2013 | |
Disclosure Rollforward Of Credit Losses Recognized In Earnings [Abstract] | ' | ' |
Beginning Balance | $917,000 | $0 |
Credit losses recorded | 278,000 | ' |
Reduction in credit losses due to redemptions | -82,000 | ' |
Ending Balance | $1,113,000 | $0 |
Hedging_Transactions_and_Deriv2
Hedging Transactions and Derivative Financial Instruments (Additional Information) (Detail) (USD $) | Dec. 31, 2013 | Jul. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' | ' |
Interest rate spread over variable rate | 2.00% | ' |
Bank Term Loan [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' | ' |
Number of derivative contracts related to minimizing risk associated with potential rise in copper prices | 20 | ' |
Term loan debt | 77.5 | ' |
Variable interest rate | 0.19% | ' |
Interest rate spread over variable rate | 2.00% | ' |
Bank Term Loan [Member] | Cash Flow Hedging [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' | ' |
Interest rate swap derivative, percentage of debt hedged | 65.00% | 65.00% |
Hedging_Transactions_and_Deriv3
Hedging Transactions and Derivative Financial Instruments (Notional Values of Derivative Instruments) (Detail) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Copper January 2014 - March 2014 [Member] | Copper January 2014 - June 2014 [Member] | Copper January 2014 - April 2014 [Member] | Copper April 2014 - June 2014 [Member] | Copper July 2014 - September 2014 [Member] | Copper March 2014 - December 2014 [Member] | Copper July 2014 - December 2014 [Member] | Copper October 2014 - December 2014 [Member] | Copper January 2014 - December 2014 [Member] | Copper January 2015 - March 2015 [Member] | YEN/USD Notional Amount of Foreign Currency Derivatives [Member] | USD/KRW Notional Amount of Foreign Currency Derivatives [Member] | USD/EUR Notional Amount of Foreign Currency Derivatives [Member] | HUF/EUR Notional Amount of Foreign Currency Derivatives [Member] | JPY/EUR Notional Amount of Foreign Currency Derivatives [Member] |
JPY (¥) | USD ($) | USD ($) | HUF | JPY (¥) | |||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Value of Copper Derivatives | 30 | 75 | 30 | 35 | 40 | 30 | 80 | 15 | 45 | 106 | ' | ' | ' | ' | ' |
Notional Values of Foreign Currency Derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ¥ 300,000 | $2,000 | $3,500 | 280,000 | ¥ 160,100 |
Hedging_Transactions_and_Deriv4
Hedging Transactions and Derivative Financial Instruments (Effect and Fair Value of Derivative Instruments) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Foreign Exchange Option Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Foreign Exchange option contracts not designated as hedging instruments, amount of gain (loss) | ($79) | $342 |
Foreign Exchange option contracts not designated as hedging instruments, other assets (liabilities) | -79 | 15 |
Foreign Exchange option contracts designated as hedging instruments, other assets (liabilities) | 2 | ' |
Interest Rate Swap Instrument designated as hedging instruments, amoint of gain (loss) | -24 | ' |
Copper Derivative Instruments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Copper Derivative Instruments not designated as hedging instruments, amount of gain (loss) | -373 | -366 |
Copper Derivative Instruments not designated as hedging instruments, other assets (liabilities) | 984 | 267 |
Interest Rate Swap Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Interest Rate Swap Instrument designated as hedging instruments, amoint of gain (loss) | -296 | -361 |
Interest Rate Swap Instrument designated as hedging instruments, other assets (liabilities) | ($296) | ($361) |
Acquisition_of_Business_Additi
Acquisition of Business (Additional Information) (Detail) (Curamik Electronics GmbH [Member], USD $) | Dec. 31, 2013 | Mar. 31, 2011 | Jan. 04, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Curamik Electronics GmbH [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Aggregate purchase price | ' | ' | $151.10 | ' |
Total acquisition costs incurred | $3.40 | $1.30 | ' | $2.10 |
Acquisition_of_Business_Prelim
Acquisition of Business (Preliminary Fair Market Value Assigned to Acquired Assets and Liabilities of Curamik Electronics Gmbh) (Detail) (Curamik Electronics GmbH [Member], USD $) | Jan. 04, 2011 |
In Thousands, unless otherwise specified | |
Curamik Electronics GmbH [Member] | ' |
Assets: | ' |
Cash | $11,256 |
Accounts receivable | 11,876 |
Other current assets | 1,386 |
Inventory | 12,259 |
Property, plant & equipment | 32,312 |
Other non-current assets | 2,276 |
Intangible assets | 52,354 |
Goodwill acquired | 79,837 |
Total assets | 203,556 |
Liabilities | ' |
Accounts payable | 6,053 |
Other current liabilities | 20,427 |
Deferred tax liability | 9,329 |
Other long-term liabilities | 16,666 |
Total liabilities | 52,475 |
Fair value of net assets acquired | $151,081 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income or Loss) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ||
Beginning balance | ($57,808) | ($62,802) | ' | ||
Other comprehensive income before reclassifications | 9,961 | 6,475 | ' | ||
Actuarial net gain (loss) incurred in the fiscal year | 32,749 | -6,687 | ' | ||
Amounts reclassified from accumulated other comprehensive income | 3,648 | 5,206 | ' | ||
Net current-period other comprehensive income | 46,358 | 4,994 | ' | ||
Ending balance | -11,450 | -57,808 | ' | ||
AOCI, Pension and other postretirement benefit plans, tax | 2,900 | 22,371 | 20,799 | ||
AOCI, Cumulative changes in net gain (loss) from cash flow hedges, tax | 110 | 127 | 0 | ||
AOCI, Available-for-sale securities adjustment, tax | ' | ' | 1,555 | ||
Foreign currency translation adjustments [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ||
Beginning balance | 12,585 | 5,875 | ' | ||
Other comprehensive income before reclassifications | 10,171 | 6,710 | ' | ||
Actuarial net gain (loss) incurred in the fiscal year | 0 | 0 | ' | ||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | ' | ||
Net current-period other comprehensive income | 10,171 | 6,710 | ' | ||
Ending balance | 22,756 | 12,585 | ' | ||
Funded status of pension plans and other postretirement benefits [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ||
Beginning balance | -70,158 | [1],[2] | -67,239 | [1] | ' |
Other comprehensive income before reclassifications | 0 | [2] | 0 | [1] | ' |
Actuarial net gain (loss) incurred in the fiscal year | 32,749 | [2] | -6,687 | [1] | ' |
Amounts reclassified from accumulated other comprehensive income | 3,412 | [2] | 3,768 | [1] | ' |
Net current-period other comprehensive income | 36,161 | [2] | -2,919 | [1] | ' |
Ending balance | -33,997 | [2] | -70,158 | [1],[2] | ' |
Unrealized gain (loss) on derivative instruments [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ||
Beginning balance | -235 | [3],[4] | -270 | [3] | ' |
Other comprehensive income before reclassifications | -210 | [4] | -235 | [3] | ' |
Actuarial net gain (loss) incurred in the fiscal year | 0 | [4] | 0 | [3] | ' |
Amounts reclassified from accumulated other comprehensive income | 236 | [4] | 270 | [3] | ' |
Net current-period other comprehensive income | 26 | [4] | 35 | [3] | ' |
Ending balance | -209 | [4] | -235 | [3],[4] | ' |
Unrealized gain (loss) on marketable securities [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ||
Beginning balance | ' | -1,168 | [5] | ' | |
Other comprehensive income before reclassifications | ' | 0 | [5] | ' | |
Actuarial net gain (loss) incurred in the fiscal year | ' | 0 | [5] | ' | |
Amounts reclassified from accumulated other comprehensive income | ' | 1,168 | [5] | ' | |
Net current-period other comprehensive income | ' | 1,168 | [5] | ' | |
Ending balance | ' | $0 | [5] | ' | |
[1] | Net of taxes of $22,371 and $20,799 for the periods ended December 31, 2012 and December 31, 2011, respectively. | ||||
[2] | Net of taxes of $2,900 and $22,371 for the periods ended DecemberB 31, 2013 and December 31, 2012, respectively. | ||||
[3] | Net of taxes of $127 and $0 for the periods ended December 31, 2012 and December 31, 2011, respectively. | ||||
[4] | Net of taxes of $110 and $127 for the periods ended DecemberB 31, 2013 and December 31, 2012, respectively. | ||||
[5] | Net of taxes of $1,555 for the period ended December 31, 2011. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Reclassification) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Realized gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ($1,240) | ($208) | $1,942 | ||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 11,226 | -46,484 | 11,518 | ||
Income (loss) from continuing operations | 11,528 | 13,572 | 5,583 | 6,976 | 5,179 | 59,124 | 6,417 | -1,586 | 37,659 | 69,134 | 44,250 | ||
Income (loss) before income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 48,885 | 22,650 | 55,768 | ||
Amounts reclassified from accumulated other comprehensive income (loss) for the period ended December 31, 2013 [Member] | Unrealized gain (loss) on marketable securities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,555 | ' | ||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,168 | ' | ||
Realized gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,723 | ' | ||
Amounts reclassified from accumulated other comprehensive income (loss) for the period ended December 31, 2013 [Member] | Unrealized gain (loss) on derivative instruments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Realized gain (loss) | ' | ' | ' | ' | ' | ' | ' | 415 | 363 | ' | ' | ||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | 145 | 127 | ' | ' | ||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | 270 | 236 | ' | ' | ||
Amounts reclassified from accumulated other comprehensive income (loss) for the period ended December 31, 2013 [Member] | Amortization of defined benefit pension and other post-retirement benefit items: [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -1,838 | -2,028 | ' | ||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -3,412 | -3,768 | ' | ||
Prior service costs | ' | ' | ' | ' | ' | ' | ' | ' | 1,431 | [1] | 12 | [1] | ' |
Actuarial losses | ' | ' | ' | ' | ' | ' | ' | ' | 3,819 | [1] | 5,784 | [1] | ' |
Income (loss) before income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ($5,250) | ($5,796) | ' | ||
[1] | 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. |
Property_Plant_and_Equiptment_2
Property, Plant and Equiptment (Schedule of Plant Property and Equiptment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Land | $14,986 | $15,394 |
Buildings and improvements | 136,959 | 132,673 |
Machinery and equipment | 160,843 | 151,023 |
Office equipment | 34,972 | 34,300 |
Equipment in process | 21,360 | 21,202 |
Property, Plant and Equipment, Gross | 369,120 | 354,592 |
Accumulated depreciation | -222,189 | -205,575 |
Total property, plant and equipment | $146,931 | $149,017 |
Property_Plant_and_Equiptment_3
Property, Plant and Equiptment (Additional Information) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation | $20.40 | $22.70 | $20.80 |
Capital lease obligation | 8 | 8.4 | 12.1 |
Amortization of leased asset | 0.4 | 0.4 | 0.4 |
Capital leases accumulated depreciation | $1.20 | $0.80 | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Intangible Assets) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $61,236 | $59,116 |
Accumulated Amortization | 17,506 | 11,045 |
Net Carrying Amount | 43,730 | 48,071 |
Trademarks and patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 1,075 | 1,066 |
Accumulated Amortization | 303 | 227 |
Net Carrying Amount | 772 | 839 |
Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 37,825 | 36,479 |
Accumulated Amortization | 13,340 | 8,394 |
Net Carrying Amount | 24,485 | 28,085 |
Covenant not-to-compete [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 1,056 | 1,042 |
Accumulated Amortization | 628 | 358 |
Net Carrying Amount | 428 | 684 |
Customer relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 21,280 | 20,529 |
Accumulated Amortization | 3,235 | 2,066 |
Net Carrying Amount | $18,045 | $18,463 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Additional Information) (Detail) (USD $) | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 04, 2011 | Jan. 04, 2011 | |
High Performance Foams [Member] | High Performance Foams [Member] | Curamik Electronics Solutions [Member] | Elastomer Component Division [Member] | Curamik Electronics GmbH [Member] | Curamik Electronics GmbH [Member] | ||||
Unclassified Indefinite-lived Intangible Assets [Member] | |||||||||
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense | $6,000,000 | $4,400,000 | $5,400,000 | ' | ' | ' | ' | ' | ' |
Estimated future amortization expense for 2014 | 5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated future amortization expense for 2015 | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated future amortization expense for 2016 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated future amortization expense for 2017 | 4,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | 52,354,000 | 5,300,000 |
Goodwill acquired | ' | ' | ' | ' | ' | ' | ' | 79,837,000 | ' |
Annual Impairment Testing | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $108,671,000 | $105,041,000 | ' | $24,205,000 | $23,973,000 | $82,200,000 | $2,200,000 | ' | ' |
Annual Impairment Testing, Percent Decline in Operating Segment | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Annual Impairment Testing, with Decline, Fair Value | ' | ' | ' | 355.00% | ' | 17.00% | 170.00% | ' | ' |
Annual Impairment Discounted Cash Flow, Discount Rate | ' | ' | ' | 13.00% | ' | 14.50% | 3.00% | ' | ' |
Goodwill, Excess of Fair Value Over Carrying Value, Percent | ' | ' | ' | 405.00% | ' | 30.00% | 200.00% | ' | ' |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets (Weighted Average Amortization Period by Intangible Asset Class) (Detail) | Dec. 31, 2013 |
Year | |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Weighted Average Amortization Period | 5.2 |
Trademarks and patents [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Weighted Average Amortization Period | 6.9 |
Technology [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Weighted Average Amortization Period | 4 |
Covenant not-to-compete [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Weighted Average Amortization Period | 1.5 |
Customer relationships [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Weighted Average Amortization Period | 6.9 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill by Segment) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Goodwill [Roll Forward] | ' |
Beginning Balance | $105,041 |
Foreign currency translation adjustment | 3,630 |
Ending Balance | 108,671 |
High Performance Foams [Member] | ' |
Goodwill [Roll Forward] | ' |
Beginning Balance | 23,973 |
Foreign currency translation adjustment | 232 |
Ending Balance | 24,205 |
Printed Circuit Materials [Member] | ' |
Goodwill [Roll Forward] | ' |
Beginning Balance | 0 |
Foreign currency translation adjustment | 0 |
Ending Balance | 0 |
Power Electronics Solutions [Member] | ' |
Goodwill [Roll Forward] | ' |
Beginning Balance | 78,844 |
Foreign currency translation adjustment | 3,398 |
Ending Balance | 82,242 |
Other [Member] | ' |
Goodwill [Roll Forward] | ' |
Beginning Balance | 2,224 |
Foreign currency translation adjustment | 0 |
Ending Balance | $2,224 |
Summarized_Financial_Informati2
Summarized Financial Information of Unconsolidated Joint Ventures (Additional Information) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
joint_venture | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Number of joint ventures that are 50% owned | 2 | ' | ' |
Equity income in unconsolidated joint ventures | $4,326 | $4,743 | $5,451 |
Rogers INOAC Corporation [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Ownership interest in joint venture | 50.00% | ' | ' |
Rogers INOAC Suzhou Corporation [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Ownership interest in joint venture | 50.00% | ' | ' |
Summarized_Financial_Informati3
Summarized Financial Information of Unconsolidated Joint Ventures (Accounted for Under Equity Method of Accounting) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | ' |
Fiscal Year-End | '--12-31 |
Rogers INOAC Corporation [Member] | Japan [Member] | High Performance Foams [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Fiscal Year-End | '--10-31 |
Rogers INOAC Suzhou Corporation [Member] | China [Member] | High Performance Foams [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Fiscal Year-End | '--12-31 |
Summarized_Financial_Informati4
Summarized Financial Information of Unconsolidated Joint Ventures (Assets, Liabilities, and Equity) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Equity Method Investments and Joint Ventures [Abstract] | ' | ' |
Current assets | $32,033 | $40,721 |
Noncurrent assets | 10,303 | 13,629 |
Current liabilities | 5,943 | 12,008 |
Shareholders' equity | $36,393 | $42,342 |
Summarized_Financial_Informati5
Summarized Financial Information of Unconsolidated Joint Ventures (Sales, Profit, and Income) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity Method Investments and Joint Ventures [Abstract] | ' | ' | ' |
Net sales | $52,982 | $63,297 | $70,368 |
Gross profit (loss) | 15,214 | 17,280 | 13,638 |
Net income (loss) | $8,652 | $9,486 | $10,902 |
Investment_Additional_Informat
Investment (Additional Information) (Details) (USD $) | 3 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2009 | Mar. 31, 2013 |
Investments, All Other Investments [Abstract] | ' | ' | ' |
Investment in joint venture | $0.50 | $5 | $0.10 |
Financing raised by investee | ' | 13.3 | ' |
Weighted average issuance price | $0.14 | ' | ' |
Impairment charge | $4.60 | ' | ' |
Pension_Benefit_and_Retirement2
Pension Benefit and Retirement Health and Life Insurance Benefits (Additional Information) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
plan | Voluntary Contributions [Member] | Voluntary Contributions [Member] | Minimum [Member] | Maximum [Member] | Average [Member] | Historical Performance of Plan Assets Over a 17 Year Period [Member] | Hypothetical rates of return on plan assets for a 10 year period [Member] | Hypothetical rates of return on plan assets for a 20 year period [Member] | Equity Securities [Member] | Debt Securities [Member] | Retirees of 65 Years Old or Yonger [Member] | Retirees of 65 Years Old or Yonger [Member] | Retirees of 65 Years Old or Older [Member] | Retirees of 65 Years Old or Older [Member] | Retirement Health and Life Insurance Benefits [Member] | Retirement Health and Life Insurance Benefits [Member] | Retirement Health and Life Insurance Benefits [Member] | Retirement Health and Life Insurance Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | ||||
Facility Closing [Member] | |||||||||||||||||||||||||||||
High Performance Foams [Member] | |||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of defined benefit pension plans | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Projected benefit obligation of plan with accumulated benefit obligation in excess of plan assets | ' | $144,300,000 | $209,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated benefit obligation of plan with accumulated benefit obligation in excess of plan assets | ' | 144,300,000 | 186,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the plan assets of plan with accumulated benefit obligation in excess of plan assets | ' | 138,200,000 | 143,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Projected benefit obligation of plan with plan assets in excess of accumulated benefit obligation | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated benefit obligation of plan with plan assets in excess of accumulated benefit obligation | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the plan assets of plan with plan assets in excess of accumulated benefit obligation | ' | 33,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Curtailment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | -1,500,000 | ' | ' | ' | -1,537,000 | 0 | 0 |
Expenses and charges related to the termination of the operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan, one-time cash payment | 6,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 751,000 | 795,000 | ' | ' | ' | ' | ' | ' | 7,276,000 | 6,800,000 | ' |
Net loss to be recognized over next twelve months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' |
Settlement charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 2,100,000 | ' | 0 | 6,723,000 | ' |
Change in discount rate | ' | -0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate | ' | 4.75% | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 3.50% | ' | ' | ' | ' | ' | ' | 4.00% | 4.50% | ' |
Health care cost trend rate assumed for next fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 8.00% | 6.50% | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ultimate health care cost trend rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | 5.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Health care cost, employees age | ' | '65 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plan asset allocations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target plan asset allocations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57.00% | 43.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual return on total plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 years | '10 years | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected return on plan assets | ' | ' | ' | ' | ' | ' | 5.00% | 8.00% | 7.00% | ' | 7.70% | 7.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit pension plans, voluntary contributions | ' | 2,100,000 | 1,700,000 | 1,700,000 | 13,000,000 | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 751,000 | 795,000 | ' | ' | ' | 0 | ' | 0 | 13,000,000 | 22,723,000 | ' |
Expected long-term rate of return on plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' | ' | ' | 7.50% | ' | ' | 7.50% | 7.50% | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | ' | ' | ' | ' | $13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension_Benefit_and_Retirement3
Pension Benefit and Retirement Health and Life Insurance Benefits (Obligations and Funded Status) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ' | ' | ' |
Benefit payments | ' | ($6,300,000) | ' | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' | ' | ' |
Employer contributions | ' | ' | ' | 2,100,000 | 1,700,000 | 1,700,000 |
Pension Benefits [Member] | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ' | ' | ' |
Benefit obligation at beginning of year | ' | ' | ' | 209,844,000 | 193,715,000 | ' |
Service cost | ' | ' | ' | 2,473,000 | 4,596,000 | 3,922,000 |
Interest cost | ' | ' | ' | 7,753,000 | 8,420,000 | 8,535,000 |
Actuarial (gain) loss | ' | ' | ' | -15,834,000 | 16,636,000 | ' |
Benefit payments | ' | ' | ' | -7,276,000 | -6,800,000 | ' |
Settlement charge | ' | -2,100,000 | ' | 0 | -6,723,000 | ' |
Special termination benefit | ' | ' | ' | -22,635,000 | 0 | ' |
Benefit obligation at end of year | 209,844,000 | ' | ' | 174,325,000 | 209,844,000 | 193,715,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at the beginning of the year | ' | ' | ' | 143,540,000 | 120,565,000 | ' |
Actual return on plan assets | ' | ' | ' | 21,954,000 | 13,775,000 | ' |
Employer contributions | 0 | ' | 0 | 13,000,000 | 22,723,000 | ' |
Fair value of plan assets at the end of the year | 143,540,000 | ' | ' | 171,218,000 | 143,540,000 | 120,565,000 |
Funded status | -66,304,000 | ' | ' | -3,107,000 | -66,304,000 | ' |
Retirement Health and Life Insurance Benefits [Member] | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ' | ' | ' |
Benefit obligation at beginning of year | ' | ' | ' | 11,891,000 | 10,495,000 | ' |
Service cost | ' | ' | ' | 627,000 | 630,000 | 693,000 |
Interest cost | ' | ' | ' | 262,000 | 364,000 | 413,000 |
Actuarial (gain) loss | ' | ' | ' | -1,205,000 | -395,000 | ' |
Benefit payments | ' | ' | ' | -751,000 | -795,000 | ' |
Settlement charge | ' | ' | ' | 0 | 0 | ' |
Special termination benefit | ' | ' | ' | 0 | 1,592,000 | ' |
Benefit obligation at end of year | 11,891,000 | ' | ' | 10,824,000 | 11,891,000 | 10,495,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at the beginning of the year | ' | ' | ' | 0 | 0 | ' |
Actual return on plan assets | ' | ' | ' | 0 | 0 | ' |
Employer contributions | ' | ' | ' | 751,000 | 795,000 | ' |
Fair value of plan assets at the end of the year | 0 | ' | ' | 0 | 0 | 0 |
Funded status | ($11,891,000) | ' | ' | ($10,824,000) | ($11,891,000) | ' |
Pension_Benefit_and_Retirement4
Pension Benefit and Retirement Health and Life Insurance Benefits (Amounts Recognized in Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' |
Noncurrent assets | $2,982 | $0 |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' |
Noncurrent assets | 2,983 | 0 |
Current liabilities | -654 | -362 |
Noncurrent liabilities | -5,436 | -65,942 |
Net amount recognized at end of year | -3,107 | -66,304 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ' | ' |
Net actuarial loss | 35,119 | ' |
Prior service cost | 0 | ' |
Net amount recognized at end of year | 35,119 | ' |
Retirement Health and Life Insurance Benefits [Member] | ' | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' |
Noncurrent assets | 0 | 0 |
Current liabilities | -1,175 | -1,237 |
Noncurrent liabilities | -9,649 | -10,654 |
Net amount recognized at end of year | -10,824 | -11,891 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ' | ' |
Net actuarial loss | 1,778 | ' |
Prior service cost | 0 | ' |
Net amount recognized at end of year | $1,778 | ' |
Pension_Benefit_and_Retirement5
Pension Benefit and Retirement Health and Life Insurance Benefits (Components of Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | ' | $2,473 | $4,596 | $3,922 |
Interest cost | ' | 7,753 | 8,420 | 8,535 |
Expected return of plan assets | ' | -11,247 | -9,892 | -10,559 |
Amortization of prior service cost | ' | 124 | 463 | 597 |
Amortization of net loss | ' | 3,615 | 5,471 | 2,331 |
Settlement charge/(credit) | ' | 0 | -2,073 | 0 |
Special termination benefit | ' | 0 | 0 | 176 |
Curtailment charge | 1,500 | 1,537 | 0 | 0 |
Net periodic benefit cost | ' | 4,255 | 11,131 | 5,002 |
Retirement Health and Life Insurance Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | ' | 627 | 630 | 693 |
Interest cost | ' | 262 | 364 | 413 |
Expected return of plan assets | ' | 0 | 0 | 0 |
Amortization of prior service cost | ' | -230 | -451 | -627 |
Amortization of net loss | ' | 204 | 313 | 421 |
Settlement charge/(credit) | ' | 0 | 0 | 0 |
Special termination benefit | ' | 0 | 1,592 | 0 |
Curtailment charge | ' | 0 | 0 | 0 |
Net periodic benefit cost | ' | $863 | $2,448 | $900 |
Pension_Benefit_and_Retirement6
Pension Benefit and Retirement Health and Life Insurance Benefits (Assumptions Used) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' |
Discount rate | 4.75% | 4.00% |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' |
Discount rate | 4.75% | 4.00% |
Rate of compensation increase | 0.00% | 4.00% |
Expected long-term rate of return on plan assets | 7.50% | 7.50% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' |
Discount rate | 4.00% | 4.50% |
Expected long-term rate of return on plan assets | 7.50% | 7.75% |
Rate of compensation increase | 4.00% | 4.00% |
Retirement Health and Life Insurance Benefits [Member] | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' |
Discount rate | 3.25% | 2.50% |
Rate of compensation increase | 0.00% | 0.00% |
Expected long-term rate of return on plan assets | 0.00% | 0.00% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' |
Discount rate | 2.50% | 3.50% |
Expected long-term rate of return on plan assets | 0.00% | 0.00% |
Rate of compensation increase | 0.00% | 0.00% |
Pension_Benefit_and_Retirement7
Pension Benefit and Retirement Health and Life Insurance Benefits (One-Percentage Point Change in Assumed Health Care Cost Trend Rates) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' |
Percentage point change in assumed health care cost trend rates | 100.00% |
Effect on total service and interest cost - Increase | $69 |
Effect on total service and interest cost - Decrease | 596 |
Effect on other postretirement benefit obligations - Increase | -64 |
Effect on other postretirement benefit obligations - Decrease | ($558) |
Pension_Benefit_and_Retirement8
Pension Benefit and Retirement Health and Life Insurance Benefits (Fair Value of Net Assets by Asset Category) (Details) (Pension Benefits [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | $171,218 | $143,540 | $120,565 |
Pooled separate accounts [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | 38,584 | 29,869 | ' |
Mutual funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | 119,277 | 98,269 | ' |
Guaranteed deposit account [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | $13,357 | $15,402 | ' |
Pension_Benefit_and_Retirement9
Pension Benefit and Retirement Health and Life Insurance Benefits (Assets Carried at Fair Value by Level) (Details) (Pension Benefits [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | $171,218 | $143,540 | $120,565 |
Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | 119,277 | 98,269 | ' |
Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | 38,584 | 29,869 | ' |
Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | 13,357 | 15,402 | ' |
Estimate of Fair Value [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | 171,218 | 143,540 | ' |
Pooled separate accounts [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | 38,584 | 29,869 | ' |
Pooled separate accounts [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | 0 | 0 | ' |
Pooled separate accounts [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | 38,584 | 29,869 | ' |
Pooled separate accounts [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | 0 | 0 | ' |
Pooled separate accounts [Member] | Estimate of Fair Value [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | 38,584 | 29,869 | ' |
Mutual funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | 119,277 | 98,269 | ' |
Mutual funds [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | 119,277 | 98,269 | ' |
Mutual funds [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | 0 | 0 | ' |
Mutual funds [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | 0 | 0 | ' |
Mutual funds [Member] | Estimate of Fair Value [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | 119,277 | 98,269 | ' |
Guaranteed deposit account [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | 13,357 | 15,402 | ' |
Guaranteed deposit account [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | 0 | 0 | ' |
Guaranteed deposit account [Member] | Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | 0 | 0 | ' |
Guaranteed deposit account [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | 13,357 | 15,402 | ' |
Guaranteed deposit account [Member] | Estimate of Fair Value [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension assets | $13,357 | $15,402 | ' |
Recovered_Sheet3
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 [Member], Guaranteed deposit account [Member], Level 3 [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Pension Benefits [Member] | Guaranteed deposit account [Member] | Level 3 [Member] | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Balance at beginning of year | $15,402 |
Realized gains (losses) | 0 |
Unrealized gains relating to instruments still held at the reporting date | 784 |
Purchases, sales, issuances and settlements (net) | -2,829 |
Transfers in and/or out of Level 3 | 0 |
Balance at end of year | $13,357 |
Recovered_Sheet4
Pension Benefit and Retirement Health and Life Insurance Benefits (Estimated Future Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $8,682 |
2015 | 8,210 |
2016 | 8,302 |
2017 | 8,599 |
2018 | 8,959 |
2019-2023 | 50,843 |
Retirement Health and Life Insurance Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 1,175 |
2015 | 1,186 |
2016 | 1,170 |
2017 | 1,094 |
2018 | 1,074 |
2019-2023 | $6,234 |
Employee_Savings_and_Investmen1
Employee Savings and Investment Plan (Additional Information) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
IRS deferral limit | $17,500 | $17,000 | ' |
Employee compensation subject to employer matching percent | 6.00% | ' | ' |
Employer contributions | $2,100,000 | $1,700,000 | $1,700,000 |
100% match [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Employee compensation subject to employer matching percent | 3.50% | ' | ' |
100% match [Member] | 1% of compensation [Member] | ' | ' | ' |
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% | ' | ' |
50% match [Member] | 5% of compensation [Member] | ' | ' | ' |
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_De
Debt (Additional Information) (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||
Nov. 30, 2010 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jul. 13, 2011 | Nov. 23, 2010 | Jul. 13, 2011 | Jul. 13, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2013 | Jul. 13, 2011 | Jul. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 13, 2011 | Jul. 13, 2011 | Jul. 31, 2011 | Jul. 31, 2011 | Jul. 13, 2011 | Jul. 13, 2011 | |
Credit Agreement [Member] | Maximum [Member] | Bank Term Loan [Member] | Bank Term Loan [Member] | Bank Term Loan [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Amended Credit Facility [Member] | Eurocurrency loans [Member] | |||||||||||
Credit Agreement [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Credit Agreement [Member] | Federal Funds Rate [Member] | One Month LIBOR [Member] | Minimum [Member] | Maximum [Member] | Bank Term Loan [Member] | Credit Agreement [Member] | |||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement, maximum borrowing capacity | ' | ' | $165,000,000 | ' | ' | ' | ' | ' | ' | $165,000,000 | ' | ' | ' | ' | ' | ' | ' | $265,000,000 | ' | ' | ' | ' | ' | ' | $100,000,000 | ' |
Credit agreement, agreement period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement, maturity date | 23-Nov-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13-Jul-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in interest costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Size of permitted acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Permitted additional indebtedness | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | 120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit outstanding borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Lower Range Basis Spread On Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' |
Debt Instrument Higher Range Basis Spread On Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' |
Line of credit, LIBOR rate, minimum spread | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% |
Line of credit, LIBOR rate, maximum spread | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% |
Unused commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | 0.35% | ' | ' |
Payments commencement date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Sep-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual leverage ratio | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual FCCR | ' | ' | 2.39 | 2.18 | ' | 2.23 | 2.06 | 2.27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized debt issuance costs | ' | ' | ' | 100,000 | 700,000 | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense, debt issue costs | ' | ' | 500,000 | 500,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized debt issuance costs, net | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount drawn on the line of credit to fund the acquisition of Curamik | ' | 145,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of debt principal | ' | ' | 21,206,000 | 25,519,000 | 22,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,500,000 | 24,500,000 | ' | ' | ' | ' | ' | ' | ' |
Required payment on debt obligation within the next 12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' |
Term loan debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77,500,000 | ' | ' | ' | ' | 77,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit remaining borrowing capacity | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit amount outstanding | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of interest rate swap liability | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option to buy out capital lease, year | ' | ' | '2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease, expiration date | ' | ' | '2021 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease obligation | ' | ' | 8,000,000 | 8,400,000 | 12,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense related to the capital lease | ' | ' | 400,000 | 400,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | ' | ' | 1,200,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense on outstanding debt | ' | ' | 2,200,000 | 2,900,000 | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused commitment fee | ' | ' | 500,000 | 400,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap derivative, percentage of debt hedged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR in Effect at Period End | ' | ' | 0.19% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate spread over variable rate | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense on capital lease | ' | ' | 500,000 | 600,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Paid | ' | ' | $3,100,000 | $4,000,000 | $4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Aggregate_Payments_Detail
Debt (Aggregate Payments) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Disclosure [Abstract] | ' | ' | ' |
Repayments of principal | $12.50 | $7.50 | $2.50 |
2014 | 17.5 | ' | ' |
2015 | 35 | ' | ' |
2016 | $25 | ' | ' |
Debt_Fixed_Charge_Metrics_Deta
Debt (Fixed Charge Metrics) (Detail) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Amended Credit Facility [Member] | Amended Credit Facility [Member] | ||||||
Debt Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Minimum fixed charge coverage ratio in 2012 | ' | ' | ' | ' | ' | ' | 1.25 |
Minimum fixed charge coverage ratio in 2013 | ' | ' | ' | ' | ' | 1.5 | ' |
Minimum fixed charge coverage ratio in 2014 | ' | ' | ' | ' | ' | 1.75 | ' |
Covenant Limit | 1.5 | 1.5 | 1.5 | 1.5 | 1.25 | ' | ' |
Actual FCCR | 2.39 | 2.23 | 2.06 | 2.27 | 2.18 | ' | ' |
Income_Taxes_Consolidated_Inco
Income Taxes (Consolidated Income (Loss) from Continuing Operations Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic | $13,208 | $6,260 | $9,285 |
International | 35,677 | 16,390 | 46,483 |
Total | $48,885 | $22,650 | $55,768 |
Income_Taxes_Income_Tax_Expens
Income Taxes (Income Tax Expense (Benefit) in the Consolidated Statements of Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current | ' | ' | ' |
Domestic | ($7,075) | $3,651 | $2,173 |
International | 12,667 | 8,118 | 12,070 |
Total | 5,592 | 11,769 | 14,243 |
Deferred | ' | ' | ' |
Domestic | 5,894 | -59,414 | -828 |
International | -260 | 1,161 | -1,897 |
Total | 5,634 | -58,253 | -2,725 |
Domestic | -1,181 | -55,763 | 1,345 |
International | 12,407 | 9,279 | 10,173 |
Total | $11,226 | ($46,484) | $11,518 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets | ' | ' |
Accrued employee benefits and compensation | $8,927 | $10,591 |
Postretirement benefit obligations | 2,736 | 23,066 |
Tax credit carryforwards | 9,825 | 18,574 |
Reserves and accruals | 6,671 | 6,014 |
Depreciation and amortization | 20,717 | 19,134 |
Other | 3,715 | 1,751 |
Total deferred tax assets | 52,591 | 79,130 |
Less deferred tax asset valuation allowance | -466 | -466 |
Total deferred tax assets, net of valuation allowance | 52,125 | 78,664 |
Deferred tax liabilities | ' | ' |
Investment in joint ventures, net | 0 | 1,559 |
Depreciation and amortization | 15,839 | 15,654 |
Other | 238 | 332 |
Total deferred tax liabilities | 16,077 | 17,545 |
Net deferred tax asset | $36,048 | $61,119 |
Income_Taxes_Additional_Inform
Income Taxes (Additional Information) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ' | ' | ' |
Tax credit carryforwards, foreign | $13,800,000 | ' | ' |
Tax credit carryforwards, research | 4,600,000 | ' | ' |
Tax credit carryforwards, AMT | 500,000 | ' | ' |
Excluded tax credit carryforwards, foreign | 6,800,000 | ' | ' |
Excluded tax credit carryforwards, research | 1,200,000 | ' | ' |
Excluded tax credit carryforwards, AMT | 400,000 | ' | ' |
Increase in equity if deferred tax assets realized | 8,400,000 | ' | ' |
Deferred tax asset valuation allowance | 466,000 | 466,000 | ' |
Income (loss) before income tax expense (benefit) | 48,885,000 | 22,650,000 | 55,768,000 |
Undistributed foreign earnings | 172,900,000 | 130,900,000 | ' |
Income taxes paid, net of refunds | 11,100,000 | 11,600,000 | 17,100,000 |
Unrecognized tax benefits | 9,148,000 | 17,333,000 | 16,133,000 |
Gross decreases - tax positions in prior periods | 7,136,000 | ' | ' |
Unrecognized tax benefits, interest and penalties accrued | 1,100,000 | 2,000,000 | ' |
Minimum amount of unrecognized tax benefits that could be recognized over next 12 months | 1,500,000 | ' | ' |
Maximum amount of unrecognized tax benefits that could be recognized over next 12 months | 2,000,000 | ' | ' |
Rogers Technologies (Suzhou) Company [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Effective income tax rate, first two years of profitable operation | ' | ' | 0.00% |
Effective tax rate | ' | 25.00% | 24.00% |
Income (loss) before income tax expense (benefit) | ' | ' | 17,900,000 |
Rogers (Shanghai) International Trading Company Ltd [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Effective tax rate | ' | ' | 24.00% |
Income (loss) before income tax expense (benefit) | ' | ' | 2,400,000 |
China [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Net operating loss carryforward, foreign | 1,000,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
State operating loss carryforwards | 0 | ' | ' |
State tax credit carryforwards | 0 | ' | ' |
Maximum [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
State operating loss carryforwards | 11,000,000 | ' | ' |
State tax credit carryforwards | $4,000,000 | ' | ' |
Income_Taxes_Income_Tax_Expens1
Income Taxes (Income Tax Expense Difference) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Tax expense at Federal statutory income tax rate | $17,110 | $7,928 | $19,518 |
International tax rate differential | -2,541 | -209 | -4,627 |
Foreign source income, net of tax credits | -786 | -3,428 | -1,021 |
Unrecognized tax benefits | -2,197 | 1,604 | 272 |
General business credits | -702 | 0 | -831 |
Valuation allowance change | 0 | -52,650 | -1,989 |
Other | 342 | 271 | 196 |
Income tax expense (benefit) | $11,226 | ($46,484) | $11,518 |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Unrecognized Tax Benefits, Excluding Potential Interest and Penalties) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' |
Beginning balance | $17,333 | $16,133 |
Gross increases - current period tax positions | 1,445 | 1,929 |
Gross decreases - tax positions in prior periods | -7,136 | 0 |
Foreign currency exchange | 79 | 37 |
Lapse of statute of limitations | -2,573 | -766 |
Ending balance | $9,148 | $17,333 |
Shareholders_Equity_and_Stock_2
Shareholders Equity and Stock Options (Components of Accumulated Other Comprehensive Income or Loss) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Share-based Compensation [Abstract] | ' | ' | ' |
Foreign currency translation adjustments | $22,756 | $12,585 | ' |
Funded status of pension plans and other postretirement benefits, net of tax of $2,900 and $22,371. | -33,997 | -70,158 | ' |
Funded status of pension plans and other postretirement benefits, net, deferred taxes | 2,900 | 22,371 | 20,799 |
Unrealized gain (loss) on derivative instruments, net of tax of $110 and $127 | -209 | -235 | ' |
Unrealized gain (loss) on derivative instruments, tax, accumulated | 110 | 127 | 0 |
Accumulated other comprehensive income (loss) | ($11,450) | ($57,808) | ($62,802) |
Shareholders_Equity_and_Stock_3
Shareholders Equity and Stock Options (Additional Information) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
stock_award | offering_period | |||
stock_purchase_right | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Lower limit of exercise price range | ' | $0.50 | ' | ' |
Time based restricted stock awards | 2 | ' | ' | ' |
Stock purchase right | ' | 1 | ' | ' |
Stock repurchase right exercise price | ' | $240 | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | 0.01 | ' | ' |
Expected dividend yield | ' | ' | 0.00% | 0.00% |
Total intrinsic value of options exercised in period | ' | $13,600,000 | $8,900,000 | ' |
Cash received from exercise of options exercised | ' | 32,400,000 | 17,000,000 | ' |
Total grant-date fair value of stock options vested | ' | 400,000 | 2,000,000 | ' |
Share-based Compensation expense | ' | 5,393,000 | 5,153,000 | 8,096,000 |
Employee stock purchase plan number of offering periods | ' | 2 | ' | ' |
Employee stock purchase plan length of offering periods | ' | '6 months | ' | ' |
2011 Performance Grants [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Target Award Percentage | ' | ' | 100.00% | ' |
Four Years [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number Of Years | ' | '4 years | ' | ' |
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation expense | ' | 500,000 | 500,000 | 500,000 |
Discount from market price percentage | ' | 15.00% | ' | ' |
Stock Options [Member] | Four Years [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number Of Years | ' | '4 years | ' | ' |
Stock Option [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number Of Years | ' | '1 year 5 months 5 days | ' | ' |
Expected dividend yield | ' | 0.00% | ' | ' |
Annual forfeiture rate | ' | 3.00% | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | ' | 600,000 | ' | ' |
Share-based Compensation expense | ' | 400,000 | 2,000,000 | 3,600,000 |
Stock Option [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expiration period from date of grant | ' | '10 years | ' | ' |
Performance Shares [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number Of Years | ' | '1 year 5 months 5 days | ' | ' |
Expected dividend yield | ' | 0.00% | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | ' | 2,400,000 | ' | ' |
Share-based Compensation expense | ' | 1,300,000 | 500,000 | 1,700,000 |
Performance-based restricted stock measurement period | ' | '3 years | ' | ' |
Performance Shares [Member] | 2011 Performance Grants [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Target Award Percentage | ' | 108.00% | ' | ' |
Performance Shares [Member] | 2012 Performance Grants [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Target Award Percentage | ' | 108.00% | ' | ' |
Performance Shares [Member] | 2013 Performance Grants [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Target Award Percentage | ' | 166.00% | ' | ' |
Performance Shares [Member] | 2009 Performance Grants [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Performance-based restricted stock actual payout percentage | ' | ' | ' | 97.40% |
Performance Shares [Member] | 2010 Performance Grants [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Target Award Percentage | ' | ' | 200.00% | 200.00% |
Performance Shares [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Performance-based restricted stock award percentage target | ' | 200.00% | ' | ' |
Performance-based restricted stock actual payout percentage | ' | 108.00% | ' | ' |
Performance Shares [Member] | Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Performance-based restricted stock award percentage target | ' | 0.00% | ' | ' |
Time Based Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number Of Years | ' | '1 year 11 months | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | ' | 6,900,000 | ' | ' |
Share-based Compensation expense | ' | 2,500,000 | 1,600,000 | 1,600,000 |
Deferred Stock Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation expense | ' | $700,000 | $700,000 | $700,000 |
Shareholders_Equity_and_Stock_4
Shareholders Equity and Stock Options (Shares of Capital Stock Reserved) (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common stock shares reserved for future issuance | 2,293,823,000 | 3,361,547,000 |
Stock acquisition program (shares) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common stock shares reserved for future issuance | 120,883,000 | 120,883,000 |
Stock options and restricted stock (shares) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common stock shares reserved for future issuance | 1,328,414,000 | 2,081,116,000 |
Shares available for issuance (shares) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common stock shares reserved for future issuance | 479,307,000 | 659,292,000 |
Rogers Employee and Investment Plan (shares) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common stock shares reserved for future issuance | 169,044,000 | 249,490,000 |
Rogers Corporation Global Stock Ownership Plan for Employees (shares) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common stock shares reserved for future issuance | 181,617,000 | 201,676,000 |
Deferred compensation to be paid in stock (shares) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common stock shares reserved for future issuance | 14,558,000 | 49,090,000 |
Shareholders_Equity_and_Stock_5
Shareholders Equity and Stock Options (Fair Value of Options Granted) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation [Abstract] | ' | ' | ' |
Options granted (shares) | 0 | 46,950 | 131,750 |
Weighted average exercise price (in dollars per share) | $0 | $41.27 | $46.29 |
Weighted-average grant date fair value (in dollars per share) | ' | $19.08 | $21.08 |
Expected volatility | ' | 47.70% | 46.92% |
Expected term (in years) | ' | '5 years 10 months 24 days | '5 years 7 months 6 days |
Risk-free interest rate | ' | 1.43% | 2.13% |
Expected dividend yield | ' | 0.00% | 0.00% |
Shareholders_Equity_and_Stock_6
Shareholders Equity and Stock Options (Summary of Activity Under Stock Option Plans) (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Options Outstanding | ' | ' | ' | |
Options outstanding at beginning of period | 1,765,947 | 2,401,809 | 2,626,371 | |
Options granted | 0 | 46,950 | 131,750 | |
Options exercised | -847,340 | -614,263 | -329,964 | |
Options canceled | -25,468 | -68,549 | -26,348 | |
Options outstanding at end of period | 893,139 | 1,765,947 | 2,401,809 | |
Options exercisable at end of period | 721,645 | 1,274,340 | 1,609,982,000 | |
Options vested or expected to vest at December 31, 2013 | 887,994 | [1] | ' | ' |
Weighted-Average Exercise Price Per Share | ' | ' | ' | |
Outstanding at period beginning, weighted average grant date fair value | $40.58 | $37.54 | $36.63 | |
Awards granted, weighted average grant date fair value | $0 | $41.27 | $46.29 | |
Options exercised | $37.82 | $42.97 | $33.61 | |
Options cancelled | $39.04 | $43.57 | $30.77 | |
Outstanding at period end, weighted average grant date fair value | $43.23 | $40.58 | $37.54 | |
Options exercisable at December 31, 2013 | $44.62 | ' | ' | |
Options vested or expected to vest at December 31, 2013 | $43.27 | [1] | ' | ' |
Weighted-Average Remaining Contractual Life in Years | ' | ' | ' | |
Options outstanding | '3 years 10 months 24 days | '1 year 3 months 18 days | ' | |
Options exercisable at December 31, 2013 | '3 years 2 months 12 days | ' | ' | |
Options vested or expected to vest at December 31, 2013 | '3 years 10 months 24 days | [1] | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' | |
Options outstanding | $16,403,816 | $19,557,233 | ' | |
Options exercisable at December 31, 2013 | 12,270,104 | ' | ' | |
Options vested or expected to vest at December 31, 2013 | $16,279,805 | [1] | ' | ' |
[1] | 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. |
Shareholders_Equity_and_Stock_7
Shareholders Equity and Stock Options (Monte Carlo Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected volatility | 47.70% | 46.92% | 37.10% |
Expected term (in years) | '5 years 10 months 24 days | '5 years 7 months 6 days | '3 years |
Risk-free interest rate | 1.43% | 2.13% | 0.40% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Shareholders_Equity_and_Stock_8
Shareholders Equity and Stock Options (Performance Based Restricted Stock Awards) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Outstanding at period beginning, weighted average grant date fair value | $40.58 | $37.54 | $36.63 |
Awards granted, weighted average grant date fair value | $0 | $41.27 | $46.29 |
Stock issued, weighted average grant date fair value | $37.82 | $42.97 | $33.61 |
Awards forfeited or expired, weighted average grant date fair value | $39.04 | $43.57 | $30.77 |
Outstanding at period end, weighted average grant date fair value | $43.23 | $40.58 | $37.54 |
Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Non-vested awards outstanding, beginning balance | 73,458 | 101,730 | 115,250 |
Awards granted | 47,625 | 22,120 | 20,630 |
Stock issued | -33,538 | -43,750 | 0 |
Awards forfeited or expired | -16,370 | -6,642 | -34,150 |
Non-vested awards outstanding, ending balance | 71,175 | 73,458 | 101,730 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Outstanding at period beginning, weighted average grant date fair value | $38.01 | $31.19 | $27.09 |
Awards granted, weighted average grant date fair value | $47.10 | $41.27 | $47.89 |
Stock issued, weighted average grant date fair value | $27.43 | $23.86 | $0 |
Awards forfeited or expired, weighted average grant date fair value | $44.90 | $37.67 | $27.43 |
Outstanding at period end, weighted average grant date fair value | $47.49 | $38.01 | $31.19 |
Shareholders_Equity_and_Stock_9
Shareholders Equity and Stock Options (Time Based Restricted Stock Awards) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Outstanding at period beginning, weighted average grant date fair value | $40.58 | $37.54 | $36.63 |
Awards granted, weighted average grant date fair value | $0 | $41.27 | $46.29 |
Stock issued, weighted average grant date fair value | $37.82 | $42.97 | $33.61 |
Awards forfeited or expired, weighted average grant date fair value | $39.04 | $43.57 | $30.77 |
Outstanding at period end, weighted average grant date fair value | $43.23 | $40.58 | $37.54 |
Time Based Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Non-vested awards outstanding, beginning balance | 115,139 | 86,707 | 2,500 |
Awards granted | 156,665 | 51,790 | 84,667 |
Stock issued | -12,436 | -16,620 | 0 |
Awards forfeited or expired | -28,342 | -6,738 | -460 |
Non-vested awards outstanding, ending balance | 231,026 | 115,139 | 86,707 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Outstanding at period beginning, weighted average grant date fair value | $43.27 | $44.55 | $20.01 |
Awards granted, weighted average grant date fair value | $51.78 | $40.99 | $45.29 |
Stock issued, weighted average grant date fair value | $43.97 | $41.64 | $0 |
Awards forfeited or expired, weighted average grant date fair value | $47.07 | $46.21 | $47.89 |
Outstanding at period end, weighted average grant date fair value | $48.54 | $43.27 | $44.55 |
Recovered_Sheet5
Shareholders Equity and Stock Options (Deferred Stock Units) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Outstanding at period beginning, weighted average grant date fair value | $40.58 | $37.54 | $36.63 |
Awards granted, weighted average grant date fair value | $0 | $41.27 | $46.29 |
Stock issued, weighted average grant date fair value | $37.82 | $42.97 | $33.61 |
Outstanding at period end, weighted average grant date fair value | $43.23 | $40.58 | $37.54 |
Deferred Stock Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Non-vested awards outstanding, beginning balance | 30,150 | 27,350 | 30,250 |
Awards granted | 16,800 | 17,600 | 16,650 |
Stock issued | -15,400 | -14,800 | -19,550 |
Non-vested awards outstanding, ending balance | 31,550 | 30,150 | 27,350 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Outstanding at period beginning, weighted average grant date fair value | $26.13 | $28.80 | $28.98 |
Awards granted, weighted average grant date fair value | $41.67 | $38.64 | $45.95 |
Stock issued, weighted average grant date fair value | $41.77 | $45.95 | $43.69 |
Outstanding at period end, weighted average grant date fair value | $26.77 | $26.13 | $28.80 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Leases) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating leases | $2,634,000 | $2,655,000 | $3,137,000 |
Capital lease | 1,233,000 | 1,627,000 | 1,672,000 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Operating leases due in 2014 | 1,938,000 | ' | ' |
Operating leases due in 2015 | 1,089,000 | ' | ' |
Operating leases due in 2016 | 848,000 | ' | ' |
Operating leases due in 2017 | 419,000 | ' | ' |
Operating leases due in 2018 | 234,000 | ' | ' |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Capital leases due in 2014 | 849,000 | ' | ' |
Capital leases due in 2015 | 843,000 | ' | ' |
Capital leases due in 2016 | 843,000 | ' | ' |
Capital leases due in 2017 | 843,000 | ' | ' |
Capital leases due in 2018 | 843,000 | ' | ' |
Operating leases, future minimum payments due | 4,565,000 | ' | ' |
Capital leases, future minimum payments due | 6,328,000 | ' | ' |
Rogers Innovation Center [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating lease period | '3 years | ' | ' |
Monthly rent expense | 10,000 | ' | ' |
Minimum yearly research funding commitment | $500,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating lease period | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating lease period | '5 years | ' | ' |
Commitments_and_Contingencies_3
Commitments and Contingencies (Additional Information) (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 |
claim | claim | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | 5 year forecast [Member] | 10 year forecast [Member] | 15 year forecast [Member] | Claims that Specify Amount of Damages Sought [Member] | Claims that Cite Jurisdictional Amounts [Member] | Claims that Specify Amount of Damages Sought not Based on Jurisdictional Requirements [Member] | Claims that Specify Amount of Damages Sought not Based on Jurisdictional Requirements [Member] | Claims that Specify Amount of Damages Sought not Based on Jurisdictional Requirements [Member] | Claims that Specify Amount of Damages Sought not Based on Jurisdictional Requirements [Member] | Claims that Specify Amount of Damages Sought not Based on Jurisdictional Requirements [Member] | Claims that Specify Amount of Damages Sought not Based on Jurisdictional Requirements [Member] | Claims that Specify Amount of Damages Sought not Based on Jurisdictional Requirements [Member] | Claims that Specify Amount of Damages Sought not Based on Jurisdictional Requirements [Member] | Superfund Sites Proceedings [Member] | PCB Contamination Proceedings [Member] | PCB Contamination Proceedings [Member] | PCB Contamination Proceedings [Member] | |
LegalMatter | LegalMatter | defendant | defendant | LegalMatter | LegalMatter | LegalMatter | Minimum [Member] | Maximum [Member] | Legal Claim 1 [Member] | Legal Claim 1 [Member] | Legal Claim 1 [Member] | Legal Claim 2 [Member] | Legal Claim 2 [Member] | LegalMatter | Building [Member] | ||||||||
LegalMatter | LegalMatter | LegalMatter | Compensatory [Member] | Punitive [Member] | LegalMatter | Punitive [Member] | |||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of pending claims | 362 | 319 | ' | ' | ' | ' | ' | ' | ' | 69 | 291 | 2 | ' | ' | 1 | ' | ' | 1 | ' | 1 | ' | ' | ' |
Estimated total cleanup costs, cost sharing percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' |
Loss contingency, minimum possible loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18.80 | ' | ' | ' |
Loss contingency, maximum possible loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29.6 | ' | ' | ' |
Estimated total cleanup costs, accrual | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PCB contamination of the building, liability recording during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0.2 | ' |
Remediation and monitoring costs incurred since inception related to the PCB soil and building contamination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.9 | 0.8 |
Percentage of pending claims | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Damages sought | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | 20 | ' | 20 | ' | ' | ' | ' |
Number of defendants | ' | ' | ' | 1 | ' | 833 | ' | ' | ' | ' | ' | ' | 21 | 29 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of claims dismissed | 115 | 93 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of claims settled | 23 | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Claims settlements amount | 4.8 | 6.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost Sharing Agreement, expiration date | 25-Jan-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asbestos Forecast Claim Period | '10 years | ' | '5 years | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asbestos-related liabilities, estimated liability | ' | ' | ' | ' | ' | ' | 34.9 | 59.7 | 77.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asbestos-related liabilities, estimated insurance recovery | ' | ' | ' | ' | ' | ' | $33.60 | $57.10 | $73.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Segment_and_Geographi2
Business Segment and Geographic Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Segment | |
joint_venture | |
Segment Reporting Information [Line Items] | ' |
Number of operating segments | 3 |
Number of joint ventures that are 50% owned | 2 |
Rogers INOAC Corporation [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Ownership interest in joint venture | 50.00% |
Rogers INOAC Suzhou Corporation [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Ownership interest in joint venture | 50.00% |
Business_Segment_and_Geographi3
Business Segment and Geographic Information (Information About Reportable Segments) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $136,231 | $142,820 | $132,452 | $125,979 | $124,176 | $129,134 | $125,296 | $120,155 | $537,482 | [1] | $498,761 | [1] | $548,341 | [1] |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 49,280 | 25,664 | 53,482 | |||
Total assets | 806,534 | ' | ' | ' | 760,024 | ' | ' | ' | 806,534 | 760,024 | ' | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 16,859 | 23,774 | 21,316 | |||
Depreciation & amortization | ' | ' | ' | ' | ' | ' | ' | ' | 26,351 | 27,130 | 26,308 | |||
Investment in unconsolidated joint ventures | 18,463 | ' | ' | ' | 21,171 | ' | ' | ' | 18,463 | 21,171 | ' | |||
Equity income in unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 4,326 | 4,743 | 5,451 | |||
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 537,482 | 498,761 | 548,341 | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 49,280 | 25,664 | 53,482 | |||
Total assets | 806,534 | ' | ' | ' | 759,278 | ' | ' | ' | 806,534 | 759,278 | 676,785 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 16,859 | 23,774 | 21,316 | |||
Depreciation & amortization | ' | ' | ' | ' | ' | ' | ' | ' | 26,351 | 27,130 | 26,308 | |||
Investment in unconsolidated joint ventures | 18,463 | ' | ' | ' | 21,171 | ' | ' | ' | 18,463 | 21,171 | 23,868 | |||
Equity income in unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 4,326 | 4,743 | 5,451 | |||
Operating Segments [Member] | High Performance Foams [Member] | Reportable Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 168,082 | 179,421 | 177,645 | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 22,339 | 25,730 | 28,280 | |||
Total assets | 221,848 | ' | ' | ' | 233,401 | ' | ' | ' | 221,848 | 233,401 | 192,829 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 3,030 | 4,947 | 5,325 | |||
Depreciation & amortization | ' | ' | ' | ' | ' | ' | ' | ' | 6,410 | 7,947 | 7,873 | |||
Investment in unconsolidated joint ventures | 18,463 | ' | ' | ' | 21,171 | ' | ' | ' | 18,463 | 21,171 | 23,868 | |||
Equity income in unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 4,326 | 4,743 | 5,451 | |||
Operating Segments [Member] | Printed Circuit Materials [Member] | Reportable Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 184,949 | 161,893 | 166,424 | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 18,788 | 8,170 | 11,127 | |||
Total assets | 177,716 | ' | ' | ' | 156,103 | ' | ' | ' | 177,716 | 156,103 | 123,883 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 7,793 | 12,849 | 5,901 | |||
Depreciation & amortization | ' | ' | ' | ' | ' | ' | ' | ' | 7,004 | 7,172 | 6,348 | |||
Investment in unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity income in unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating Segments [Member] | Power Electronics Solutions [Member] | Reportable Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 160,730 | 134,279 | 180,234 | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,088 | -12,022 | 11,320 | |||
Total assets | 382,818 | ' | ' | ' | 345,013 | ' | ' | ' | 382,818 | 345,013 | 338,418 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 5,287 | 5,746 | 9,362 | |||
Depreciation & amortization | ' | ' | ' | ' | ' | ' | ' | ' | 12,406 | 11,083 | 10,989 | |||
Investment in unconsolidated joint ventures | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | |||
Equity income in unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operating Segments [Member] | Other [Member] | Reportable Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 23,721 | 23,168 | 24,038 | |||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 7,065 | 3,786 | 2,755 | |||
Total assets | 24,152 | ' | ' | ' | 24,761 | ' | ' | ' | 24,152 | 24,761 | 21,655 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 749 | 232 | 728 | |||
Depreciation & amortization | ' | ' | ' | ' | ' | ' | ' | ' | 531 | 928 | 1,098 | |||
Investment in unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity income in unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | Net sales are allocated to countries based on the location of the customer. |
Business_Segment_and_Geographi4
Business Segment and Geographic Information (Reconciliation to Consolidated Statements of Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting [Abstract] | ' | ' | ' |
Operating Income (Loss) | $49,280 | $25,664 | $53,482 |
Equity income in unconsolidated joint ventures | 4,326 | 4,743 | 5,451 |
Other income (expense), net | -1,240 | -208 | 1,942 |
Net realized investment gain (loss) | 0 | -3,245 | -196 |
Interest income (expense), net | -3,481 | -4,304 | -4,911 |
Income (loss) before income tax expense (benefit) | $48,885 | $22,650 | $55,768 |
Business_Segment_and_Geographi5
Business Segment and Geographic Information (Operations by Geographic Area) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | $136,231 | $142,820 | $132,452 | $125,979 | $124,176 | $129,134 | $125,296 | $120,155 | $537,482 | [1] | $498,761 | [1] | $548,341 | [1] | ||
Long-Lived Assets | 304,773 | [2] | ' | ' | ' | 307,346 | [2] | ' | ' | ' | 304,773 | [2] | 307,346 | [2] | 306,809 | [2] |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 118,263 | [1] | 115,035 | [1] | 109,581 | [1] | ||
Long-Lived Assets | 64,545 | [2] | ' | ' | ' | 64,845 | [2] | ' | ' | ' | 64,545 | [2] | 64,845 | [2] | 65,432 | [2] |
Asia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 275,969 | [1] | 250,682 | [1] | 271,132 | [1] | ||
Long-Lived Assets | 68,613 | [2] | ' | ' | ' | 69,830 | [2] | ' | ' | ' | 68,613 | [2] | 69,830 | [2] | 64,181 | [2] |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 132,126 | [1] | 123,040 | [1] | 154,423 | [1] | ||
Long-Lived Assets | 171,615 | [2] | ' | ' | ' | 172,671 | [2] | ' | ' | ' | 171,615 | [2] | 172,671 | [2] | 177,196 | [2] |
Other regions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 11,124 | [1] | 10,004 | [1] | 13,205 | [1] | ||
Long-Lived Assets | $0 | [2] | ' | ' | ' | $0 | [2] | ' | ' | ' | $0 | [2] | $0 | [2] | $0 | [2] |
[1] | Net sales are allocated to countries based on the location of the customer. | |||||||||||||||
[2] | Long-lived assets are based on the location of the asset and are comprised of goodwill and other intangibles and property, plant and equipment. |
Restructuring_and_Impairment_C2
Restructuring and Impairment Charges (Additional Information) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | ||||
Asset Impairments [Member] | Facility Closing [Member] | Facility Closing [Member] | High Performance Foams [Member] | High Performance Foams [Member] | High Performance Foams [Member] | High Performance Foams [Member] | High Performance Foams [Member] | High Performance Foams [Member] | High Performance Foams [Member] | High Performance Foams [Member] | High Performance Foams [Member] | Power Distribution Systems [Member] | Power Distribution Systems [Member] | Power Distribution Systems [Member] | Power Distribution Systems [Member] | Power Distribution Systems [Member] | Power Distribution Systems [Member] | Power Distribution Systems [Member] | Printed Circuit Materials [Member] | Printed Circuit Materials [Member] | Printed Circuit Materials [Member] | Printed Circuit Materials [Member] | Other [Member] | Other [Member] | Other [Member] | Other [Member] | Streamlining and restructuring related activites [Member] | Streamlining and restructuring related activites [Member] | Streamlining and restructuring related activites [Member] | Streamlining and restructuring related activites [Member] | Streamlining and restructuring related activites [Member] | Streamlining and restructuring related activites [Member] | Streamlining and restructuring related activites [Member] | Curamik finishing operations relocated to Hungary [Member] | Curamik finishing operations relocated to Hungary [Member] | Bremen facility shut-down [Member] | Bremen facility shut-down [Member] | Bremen facility shut-down [Member] | Bremen facility shut-down [Member] | Shutdown of Power Distribution Systems [Member] | Shutdown of Power Distribution Systems [Member] | ||||||||
Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Asset Impairments [Member] | Asset Impairments [Member] | Asset Impairments [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Employee Severance [Member] | Asset Impairments [Member] | Asset Impairments [Member] | Asset Impairments [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Asset Impairments [Member] | Asset Impairments [Member] | Asset Impairments [Member] | Contract Termination [Member] | Employee Severance [Member] | Asset Impairments [Member] | Asset Impairments [Member] | Asset Impairments [Member] | Employee Severance [Member] | Employee Severance [Member] | Defined Benefit Plan, Curtailment Charge [Member] | Early Retirement Program [Member] | Special Termination Benefits [Member] | High Performance Foams [Member] | Curamik Electronics Solutions [Member] | Curamik Electronics Solutions [Member] | High Performance Foams [Member] | High Performance Foams [Member] | High Performance Foams [Member] | High Performance Foams [Member] | Power Distribution Systems [Member] | Power Distribution Systems [Member] | ||||||||||||
Other Restructuring [Member] | Employee Severance [Member] | Facility Closing [Member] | Employee Severance [Member] | Asset Impairments [Member] | Facility Closing [Member] | Inventory Valuation Reserve [Member] | Facility Closing [Member] | Other Restructuring [Member] | |||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring charges | ' | ' | $15,900,000 | ' | ' | ' | ' | $0 | $2,188,000 | $0 | ' | ' | ' | $0 | $1,442,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,600,000 | $5,500,000 | ' | ' | ' | $900,000 | ' | $1,400,000 | $200,000 | ' | $100,000 | |||
Restructuring charges recorded in cost of sales | ' | 368,000 | 1,847,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring and impairment charges | ' | 10,376,000 | 14,082,000 | 441,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,700,000 | 4,200,000 | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Impairment charge | 4,600,000 | ' | ' | ' | 4,600,000 | ' | ' | ' | ' | ' | 1,617,000 | 0 | 0 | ' | ' | ' | ' | 1,155,000 | 0 | 0 | ' | ' | ' | 1,617,000 | 0 | 0 | ' | ' | 231,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Expenses and charges related to the termination of the operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | 0 | 149,000 | 0 | ' | ' | ' | 2,900,000 | 300,000 | 0 | 356,000 | 0 | ' | ' | 7,100,000 | ' | ' | ' | 2,200,000 | 3,800,000 | ' | ' | ' | 3,300,000 | ' | ' | ' | |||
Restricted cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | |||
Accelerated depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 764,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | 800,000 | ' | ' | 500,000 | ' | |||
Impairment of investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 264,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Fixed asset disposal charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 79,000 | [1] | 441,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' |
Proceeds from the sale of property, plant and equipment, net | ' | 7,000 | 2,804,000 | 7,500,000 | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Facility book value | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Building selling costs | ' | ' | ' | ' | ' | ' | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | In the first quarter of 2012, we signed an agreement to sell our facility in Richmond, Virginia for $1.5 million. This facility had a book value of approximately $1.8 million prior to the signing of the agreement, and we recorded an impairment charge of approximately $0.4 million as of December 31, 2011, which represents the write down to the selling price minus approximately $0.1 million of estimated selling costs. The transaction closed in the second quarter of 2012. |
Restructuring_and_Impairment_C3
Restructuring and Impairment Charges (Restructuring and Impairment Charges) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Cost of Sales | ' | ' | ' | ' | |||
Inventory write-down | ' | ' | $0 | $1,805 | |||
Restructuring charges recorded in cost of sales | ' | 368 | 1,847 | 0 | |||
Restructuring and Impairment | ' | ' | ' | ' | |||
Restructuring charges | ' | ' | 15,900 | ' | |||
Allocated Solicore impairment | 4,600 | ' | ' | ' | |||
Total charges for Restructuring and Impairment | ' | 10,376 | 14,082 | 441 | |||
Asset Impairments [Member] | ' | ' | ' | ' | |||
Restructuring and Impairment | ' | ' | ' | ' | |||
Allocated Solicore impairment | 4,600 | ' | ' | ' | |||
Printed Circuit Materials [Member] | Employee Severance [Member] | ' | ' | ' | ' | |||
Restructuring and Impairment | ' | ' | ' | ' | |||
Restructuring charges | ' | 802 | 2,915 | 0 | |||
Power Electronics Solutions [Member] | Facility Closing [Member] | ' | ' | ' | ' | |||
Cost of Sales | ' | ' | ' | ' | |||
Accelerated depreciation | ' | 0 | 393 | 0 | |||
Other [Member] | Employee Severance [Member] | ' | ' | ' | ' | |||
Restructuring and Impairment | ' | ' | ' | ' | |||
Restructuring charges | ' | 115 | 255 | 0 | |||
Power Distribution Systems [Member] | Power Electronics Solutions [Member] | Facility Closing [Member] | ' | ' | ' | ' | |||
Cost of Sales | ' | ' | ' | ' | |||
Accelerated depreciation | ' | 0 | 499 | 0 | |||
Curamik Electronics Solutions [Member] | Power Electronics Solutions [Member] | Employee Severance [Member] | ' | ' | ' | ' | |||
Restructuring and Impairment | ' | ' | ' | ' | |||
Restructuring charges | ' | 3,494 | 1,799 | 0 | |||
High Performance Foams [Member] | Employee Severance [Member] | ' | ' | ' | ' | |||
Cost of Sales | ' | ' | ' | ' | |||
Union ratification bonus | ' | 181 | 0 | 0 | |||
Restructuring and Impairment | ' | ' | ' | ' | |||
Restructuring charges | ' | 0 | 2,188 | 0 | |||
High Performance Foams [Member] | Facility Closing [Member] | ' | ' | ' | ' | |||
Cost of Sales | ' | ' | ' | ' | |||
Accelerated depreciation | ' | 0 | 764 | 0 | |||
Restructuring and Impairment | ' | ' | ' | ' | |||
Fixed asset disposal charges | ' | 0 | [1] | 79 | [1] | 441 | [1] |
Severance Costs | ' | 1,345 | 861 | 0 | |||
Restructuring charges | ' | 0 | 1,442 | 0 | |||
High Performance Foams [Member] | Asset Impairments [Member] | ' | ' | ' | ' | |||
Cost of Sales | ' | ' | ' | ' | |||
Inventory write-down | ' | 0 | 191 | 0 | |||
Restructuring and Impairment | ' | ' | ' | ' | |||
Allocated Solicore impairment | ' | 1,617 | 0 | 0 | |||
Printed Circuit Materials [Member] | Employee Severance [Member] | ' | ' | ' | ' | |||
Cost of Sales | ' | ' | ' | ' | |||
Union ratification bonus | ' | 179 | 0 | 0 | |||
Printed Circuit Materials [Member] | Asset Impairments [Member] | ' | ' | ' | ' | |||
Restructuring and Impairment | ' | ' | ' | ' | |||
Allocated Solicore impairment | ' | 1,617 | 0 | 0 | |||
Power Distribution Systems [Member] | Employee Severance [Member] | ' | ' | ' | ' | |||
Restructuring and Impairment | ' | ' | ' | ' | |||
Expenses and charges related to the termination of the operations | ' | ' | 1,400 | ' | |||
Power Distribution Systems [Member] | Facility Closing [Member] | ' | ' | ' | ' | |||
Restructuring and Impairment | ' | ' | ' | ' | |||
Expenses and charges related to the termination of the operations | ' | 0 | 149 | 0 | |||
Power Distribution Systems [Member] | Asset Impairments [Member] | ' | ' | ' | ' | |||
Restructuring and Impairment | ' | ' | ' | ' | |||
Allocated Solicore impairment | ' | 1,155 | 0 | 0 | |||
Impairment of investments | ' | 0 | 264 | 0 | |||
Power Distribution Systems [Member] | Power Electronics Solutions [Member] | Employee Severance [Member] | ' | ' | ' | ' | |||
Cost of Sales | ' | ' | ' | ' | |||
Union ratification bonus | ' | 8 | 0 | 0 | |||
Curamik Electronics Solutions [Member] | Employee Severance [Member] | ' | ' | ' | ' | |||
Restructuring and Impairment | ' | ' | ' | ' | |||
Severance Costs | ' | 0 | 3,774 | 0 | |||
Other [Member] | Employee Severance [Member] | ' | ' | ' | ' | |||
Restructuring and Impairment | ' | ' | ' | ' | |||
Expenses and charges related to the termination of the operations | ' | ' | 300 | ' | |||
Other [Member] | Asset Impairments [Member] | ' | ' | ' | ' | |||
Restructuring and Impairment | ' | ' | ' | ' | |||
Expenses and charges related to the termination of the operations | ' | 0 | 356 | 0 | |||
Allocated Solicore impairment | ' | $231 | $0 | $0 | |||
[1] | In the first quarter of 2012, we signed an agreement to sell our facility in Richmond, Virginia for $1.5 million. This facility had a book value of approximately $1.8 million prior to the signing of the agreement, and we recorded an impairment charge of approximately $0.4 million as of December 31, 2011, which represents the write down to the selling price minus approximately $0.1 million of estimated selling costs. The transaction closed in the second quarter of 2012. |
Restructuring_and_Impairment_C4
Restructuring and Impairment Charges (Summary of Severance Accrual Activity) (Detail) (Employee Severance [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Restructuring Reserve [Roll Forward] | ' |
Beginning Balance | $5,608 |
Provisions | 4,174 |
Payments | -8,686 |
Ending Balance | 1,096 |
Streamlining and restructuring related activites [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Beginning Balance | 1,573 |
Provisions | 4,174 |
Payments | -4,651 |
Ending Balance | 1,096 |
Bremen facility shut-down [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Beginning Balance | 0 |
Provisions | 0 |
Payments | 0 |
Ending Balance | 0 |
Curamik finishing operations relocated to Hungary [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Beginning Balance | 4,035 |
Provisions | 0 |
Payments | -4,035 |
Ending Balance | $0 |
Discontinued_Operations_Additi
Discontinued Operations (Additional Information) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Thernal Management Solutions [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Income (loss) from discontinued operations, net of income taxes | ' | ($0.10) | ($6.80) |
Net sales associated with the discontinued operations | ' | 0.1 | 0.9 |
Tax related to discontinued operations | ' | ' | -0.1 |
Composite Material Division [Member] | ' | ' | ' |
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 | -0.1 | -0.4 |
Net sales associated with the discontinued operations | 0.2 | 5.3 | 4.8 |
Tax related to discontinued operations | $0.10 | ' | ($0.20) |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Results of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Quarterly Results of Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $136,231 | $142,820 | $132,452 | $125,979 | $124,176 | $129,134 | $125,296 | $120,155 | $537,482 | [1] | $498,761 | [1] | $548,341 | [1] |
Gross margin | 50,796 | 51,186 | 44,429 | 41,289 | 42,711 | 42,977 | 36,654 | 36,404 | 187,700 | 158,746 | 178,985 | |||
Income (loss) from continuing operations | $11,528 | $13,572 | $5,583 | $6,976 | $5,179 | $59,124 | $6,417 | ($1,586) | $37,659 | $69,134 | $44,250 | |||
Net income per basic share (in dollars per share) | $0.66 | $0.79 | $0.33 | $0.41 | $0.31 | $3.60 | $0.40 | ($0.10) | $2.19 | $4.21 | $2.76 | |||
Net income per diluted share (in dollars per share) | $0.64 | $0.76 | $0.32 | $0.39 | $0.30 | $3.48 | $0.39 | ($0.10) | $2.12 | $4.07 | $2.64 | |||
[1] | Net sales are allocated to countries based on the location of the customer. |
SCHEDULE_II_Valuation_and_Qual1
SCHEDULE II Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Period | $1,773 | $1,040 | $1,630 |
Charged to (Reduction of) Costs and Expenses | 670 | 1,253 | 680 |
Taken Against Allowance | -788 | -520 | -1,270 |
Other (Deductions) Recoveries | 0 | 0 | 0 |
Balance at End of Period | $1,655 | $1,773 | $1,040 |