Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 27, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ROGERS CORP | |
Trading Symbol | ROG | |
Entity Central Index Key | 84,748 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 18,243,932 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 206,783 | $ 165,259 | $ 612,035 | $ 483,314 |
Cost of sales | 124,595 | 103,330 | 368,951 | 300,678 |
Gross margin | 82,188 | 61,929 | 243,084 | 182,636 |
Selling, general and administrative expenses | 38,615 | 31,489 | 112,346 | 95,718 |
Research and development expenses | 7,411 | 7,294 | 21,512 | 20,916 |
Restructuring and impairment charges | 962 | 0 | 2,767 | 0 |
Gain on sale of long-lived asset | (4,387) | 0 | (5,329) | 0 |
Operating income | 39,587 | 23,146 | 111,788 | 66,002 |
Equity income in unconsolidated joint ventures | 1,384 | 898 | 3,359 | 2,220 |
Other income (expense), net | 1,596 | 676 | 2,126 | 320 |
Interest expense, net | (1,639) | (811) | (4,834) | (3,047) |
Income before income tax expense | 40,928 | 23,909 | 112,439 | 65,495 |
Income tax expense | 15,396 | 7,844 | 38,979 | 29,125 |
Net income | $ 25,532 | $ 16,065 | $ 73,460 | $ 36,370 |
Basic earnings per share (in dollars per share) | $ 1.40 | $ 0.89 | $ 4.05 | $ 2.02 |
Diluted earnings per share (in dollars per share) | $ 1.37 | $ 0.88 | $ 3.97 | $ 2 |
Shares used in computing: | ||||
Basic earnings per share (shares) | 18,181 | 17,996 | 18,126 | 17,990 |
Diluted earnings per share (shares) | 18,588 | 18,183 | 18,503 | 18,217 |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |||
Statement of Comprehensive Income [Abstract] | ||||||
Net income | $ 25,532 | $ 16,065 | $ 73,460 | $ 36,370 | ||
Foreign currency translation adjustment | 6,407 | 1,408 | 23,136 | 6,605 | ||
Derivative instruments designated as cash flow hedges: | ||||||
Unrealized gain (loss) on derivative instruments held at period end, net of tax (Note 6) | (51) | (487) | ||||
Unrealized (gain) loss reclassified into earnings (Note 6) | 115 | 0 | 222 | 11 | ||
Accumulated other comprehensive income (loss) pension and post-retirement benefits: | ||||||
Actuarial net gain (loss) incurred in fiscal year, net of tax (Note 6) | (300) | 0 | 35 | 0 | ||
Pension and postretirement benefit plans reclassified into earnings, net of tax (Note 6): | ||||||
Amortization of loss, net of tax (Note 6) | 0 | 34 | 36 | 105 | ||
Other comprehensive income | 6,171 | 1,442 | 22,942 | [1] | 6,721 | [2] |
Comprehensive income | $ 31,703 | $ 17,507 | $ 96,402 | $ 43,091 | ||
[1] | Net of taxes of $38 and $(151) for the pension plans and postretirement benefits and unrealized gain (loss) on derivatives, respectively. | |||||
[2] | Net of taxes of $58 and $5 for the pension plans and postretirement benefits and unrealized gain (loss) on derivatives, respectively. |
CONDENSED CONSOLIDATED STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 150,993 | $ 227,767 |
Accounts receivable, less allowance for doubtful accounts of $1,452 and $1,952 | 138,506 | 119,604 |
Inventories | 114,118 | 91,130 |
Prepaid income taxes | 4,383 | 3,020 |
Asbestos-related insurance receivables | 7,099 | 7,099 |
Assets held for sale | 896 | 871 |
Other current assets | 9,925 | 8,910 |
Total current assets | 425,920 | 458,401 |
Property, plant and equipment, net of accumulated depreciation | 174,855 | 176,916 |
Investments in unconsolidated joint ventures | 19,340 | 16,183 |
Deferred income taxes | 16,007 | 14,634 |
Goodwill | 234,587 | 208,431 |
Other intangible assets | 164,142 | 136,676 |
Asbestos-related insurance receivables | 41,295 | 41,295 |
Other long-term assets | 5,472 | 3,964 |
Total assets | 1,081,618 | 1,056,500 |
Current liabilities | ||
Accounts payable | 35,867 | 28,379 |
Accrued employee benefits and compensation | 34,176 | 31,104 |
Accrued income taxes payable | 16,147 | 10,921 |
Current portion of lease obligation | 399 | 350 |
Current portion of long term debt | 3,653 | |
Asbestos-related liabilities | 7,099 | 7,099 |
Other accrued liabilities | 20,299 | 19,679 |
Total current liabilities | 113,987 | 101,185 |
Borrowings under credit facility | 131,188 | 235,877 |
Long term lease obligation | 5,277 | 4,993 |
Pension and post-retirement benefit obligations | 8,501 | 8,501 |
Retiree health care and life insurance benefits | 1,971 | 1,992 |
Asbestos-related liabilities | 44,883 | 44,883 |
Non-current income tax | 7,619 | 6,238 |
Deferred income taxes | 13,680 | 13,883 |
Other long-term liabilities | 3,408 | 3,162 |
Commitments and contingencies (Note 14) | ||
Shareholders’ equity | ||
Capital Stock - $1 par value; 50,000 authorized shares; 18,218 and 18,021 shares outstanding | 18,218 | 18,021 |
Additional paid-in capital | 124,665 | 118,678 |
Retained earnings | 677,541 | 591,349 |
Accumulated other comprehensive income (loss) | (69,320) | (92,262) |
Total shareholders’ equity | 751,104 | 635,786 |
Total liabilities and shareholders’ equity | $ 1,081,618 | $ 1,056,500 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 1,452 | $ 1,952 |
Capital Stock, par value (in dollars per share) | $ 1 | $ 1 |
Capital Stock, authorized shares (shares) | 50,000,000 | 50,000,000 |
Capital Stock, shares outstanding (shares) | 18,218,000 | 18,021,000 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating Activities: | ||
Net income | $ 73,460 | $ 36,370 |
Adjustments to reconcile net income to cash from operating activities: | ||
Depreciation and amortization | 32,679 | 27,635 |
Stock-based compensation expense | 8,508 | 8,537 |
Deferred income taxes | 10,452 | 9,594 |
Equity in undistributed income of unconsolidated joint ventures | (3,359) | (2,220) |
Dividends received from unconsolidated joint ventures | 616 | 426 |
Loss from long-term investments | 341 | 0 |
Pension and postretirement benefits | (1,177) | (2,121) |
Loss (gain) from the sale of property, plant and equipment | (5,329) | 219 |
Bad debt expense | (553) | 0 |
Proceeds from insurance related to operations | 932 | 0 |
Changes in operating assets and liabilities, excluding effects of acquisitions: | ||
Accounts receivable | (12,772) | (9,316) |
Inventories | (16,573) | 6,536 |
Pension contribution | (372) | (274) |
Other current assets | (1,283) | 227 |
Accounts payable and other accrued expenses | 13,325 | 15,125 |
Other, net | 956 | 3,485 |
Net cash provided by operating activities | 99,851 | 94,223 |
Investing Activities: | ||
Business acquisition | (60,191) | 0 |
Capital expenditures, net | (17,678) | (14,926) |
Proceeds from insurance related to property, plant and equipment | 1,040 | |
Proceeds from the sale of property, plant and equipment, net | 8,130 | |
Net cash used in investing activities | (68,699) | (14,926) |
Financing Activities: | ||
Debt issuance costs | (1,169) | 0 |
Repayment of debt principal and long term lease obligation | (110,285) | (102,580) |
Repurchases of capital stock | (7,995) | |
Proceeds from the exercise of stock options, net | 1,926 | 2,058 |
Issuance of shares upon vesting of restricted stock units, net | (5,145) | (1,288) |
Proceeds from issuance of shares to employee stock purchase plan | 895 | 858 |
Net cash used in financing activities | (113,778) | (108,947) |
Effect of exchange rate fluctuations on cash | 5,852 | (1,420) |
Net decrease in cash and cash equivalents | (76,774) | (31,070) |
Cash and cash equivalents at beginning of period | 227,767 | 204,586 |
Cash and cash equivalents at end of period | $ 150,993 | $ 173,516 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Capital Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | ||
Balance, Beginning of Period at Dec. 31, 2015 | $ (88,458) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | $ 36,370 | ||||||
Other comprehensive income (loss) | [1] | 6,721 | |||||
Balance, End of Period at Sep. 30, 2016 | (81,737) | ||||||
Balance, Beginning of Period at Dec. 31, 2016 | 635,786 | $ 18,021 | $ 118,678 | $ 591,349 | (92,262) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 73,460 | ||||||
Other comprehensive income (loss) | 22,942 | [2] | 22,942 | ||||
Stock options exercised | 1,926 | 53 | 1,873 | ||||
Stock issued to directors | 0 | 15 | (15) | ||||
Shares issued for employees stock purchase plan | 895 | 15 | 880 | ||||
Shares issued for vested restricted stock units, net of cancellations for tax withholding | (5,145) | 114 | (5,259) | ||||
Cumulative-effect adjustment of change in accounting for share-based compensation | 12,732 | 12,732 | |||||
Stock-based compensation expense | 8,508 | 8,508 | |||||
Balance, End of Period at Sep. 30, 2017 | $ 751,104 | $ 18,218 | $ 124,665 | $ 677,541 | $ (69,320) | ||
[1] | Net of taxes of $58 and $5 for the pension plans and postretirement benefits and unrealized gain (loss) on derivatives, respectively. | ||||||
[2] | Net of taxes of $38 and $(151) for the pension plans and postretirement benefits and unrealized gain (loss) on derivatives, respectively. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation As used herein, the terms “Company,” “Rogers,” “we,” “us,” “our” and similar terms mean Rogers Corporation and its subsidiaries, unless the context indicates otherwise. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information. Accordingly, these statements do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, the accompanying condensed consolidated financial statements include all normal recurring adjustments necessary for their fair presentation in accordance with GAAP. All significant intercompany transactions have been eliminated. Certain statement of financial position reclassifications have been made to prior period balances in order to conform to the current period’s presentation. Interim results are not necessarily indicative of results for a full year. For further information regarding our accounting policies, refer to the audited consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016 . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The accounting guidance for fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. From time to time we enter into various instruments that require fair value measurement. Assets and liabilities measured on a recurring basis, categorized by the level of inputs used in the valuation, included: (Dollars in thousands) Carrying amount as of September 30, 2017 Level 1 Level 2 Level 3 Foreign currency contracts $ (382 ) $ — $ (382 ) $ — Copper derivative contracts $ 1,534 $ — $ 1,534 $ — Interest rate swap $ (638 ) $ — $ (638 ) $ — (Dollars in thousands) Carrying amount as of December 31, 2016 Level 1 Level 2 Level 3 Foreign currency contracts $ (170 ) $ — $ (170 ) $ — Copper derivative contracts $ 1,277 $ — $ 1,277 $ — |
Hedging Transactions and Deriva
Hedging Transactions and Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedging Transactions and Derivative Financial Instruments | Hedging Transactions and Derivative Financial Instruments We are exposed to certain risks related to our ongoing business operations. The primary risks being managed through our use of derivative instruments are foreign currency exchange rate risk and commodity pricing risk (primarily related to copper). During the first quarter of 2017, we also entered into an interest rate swap to hedge interest rate risk. We do not use derivative financial instruments for trading or speculative purposes. The valuation of derivative contracts used to manage each of these risks is described below: • Foreign Currency - The fair value of any foreign currency option derivative is based upon valuation models applied to current market information such as strike price, spot rate, maturity date and volatility, and by reference to market values resulting from an over-the-counter market or obtaining market data for similar instruments with similar characteristics. • Commodity - The fair value of copper derivatives is computed using a combination of intrinsic and time value valuation models. 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 interest rate swap instruments is derived by comparing the present value of the interest rate forward curve against the present value of the swap rate, relative to the notional amount of the swap. The net value represents the estimated amount we would receive or pay to terminate the agreements. Settlement amounts for an “in the money” swap would be adjusted down to compensate the counterparty for cost of funds, and the adjustment is directly related to the counterparties’ credit ratings. The guidance for the accounting and disclosure of derivatives and hedging transactions requires companies to recognize all of their derivative instruments as either assets or liabilities at fair value in the statements of financial position. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies for hedge accounting treatment as defined under the applicable accounting guidance. For derivative instruments that are designated and qualify for hedge accounting treatment as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss). This gain or loss is reclassified into earnings in the same line item of the condensed consolidated statements of operations associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of the future cash flows of the hedged item (i.e., the ineffective portion) if any, is recognized in the condensed consolidated statements of operations during the current period. As of September 30, 2017 only our interest rate swap qualified for hedge accounting treatment as a cash flow hedge. For the three and nine months ended September 30, 2017 , there was hedge ineffectiveness of approximately $0.1 million and $0.2 million , respectively which was recorded in the condensed consolidated statement of operations. As of September 30, 2016 , we did not have any contracts designated as cash flow hedges. Foreign Currency During the quarter ended September 30, 2017 , we entered into Korean Won, Japanese Yen, Euro, Hungarian Forint and Chinese Renminbi forward contracts. We entered into these foreign currency forward contracts to mitigate certain global transactional exposures. These contracts do not qualify for hedge accounting treatment. As a result, any fair value adjustments required on these contracts are recorded in “Other income (expense), net” in our condensed consolidated statements of operations. As of September 30, 2017 the notional values of these foreign currency forward contracts were: Notional Values of Foreign Currency Derivatives KRW/USD ₩ 3,281,770,000 JPY/EUR ¥ 350,000,000 EUR/USD € 4,635,239 EUR/HUF € 369,885 USD/CNY $ 6,083,500 Commodity We currently have twenty outstanding contracts to hedge exposure related to the purchase of copper in our Power Electronics Solutions (PES) and Advanced Connectivity Solutions (ACS) operations. These contracts are held with financial institutions and minimize the risk associated with a potential rise in copper prices. These contracts provide some coverage over the forecasted 2017 and 2018 monthly copper exposure and do not qualify for hedge accounting treatment. As a result, any fair value adjustments required on these contracts are recorded in “Other income (expense), net” in our condensed consolidated statements of operations. The notional values of our copper contracts outstanding as of September 30, 2017 were: Volume of Copper Derivatives October 2017 - December 2017 122 metric tons per month January 2018 - March 2018 140 metric tons per month April 2018 - June 2018 139 metric tons per month July 2018 - September 2018 93 metric tons per month October 2018 - December 2018 23 metric tons per month Interest Rates In March 2017, we entered into an interest rate swap to hedge the variable interest rate on $75.0 million of our $450.0 million revolving credit facility. This transaction has been designated as a cash flow hedge and qualifies for hedge accounting treatment. See Note 12, “Debt” for further discussion regarding the credit facility. Effects on Statements of Operations and of Comprehensive Income (Loss): (Dollars in thousands) The Effect of Current Derivative Instruments on the Financial Statements for the period ended September 30, 2017 Fair Values of Derivative Instruments as of September 30, 2017 Gain (Loss) Other Assets (Liabilities) Foreign Exchange Contracts Location Quarter Ended Nine Months Ended Contracts not designated as hedging instruments Other income (expense), net $ (198 ) $ (382 ) $ (382 ) Copper Derivatives Contracts not designated as hedging instruments Other income (expense), net $ 474 $ 578 $ 1,534 Interest Rate Swap Contract designated as hedging instrument Other comprehensive income (loss) $ 100 $ (415 ) $ (638 ) (Dollars in thousands) The Effect of Current Derivative Instruments on the Financial Statements for the period ended September 30, 2016 Fair Values of Derivative Instruments as of September 30, 2016 Gain (Loss) Other Assets (Liabilities) Foreign Exchange Contracts Location Quarter Ended Nine Months Ended Contracts not designated as hedging instruments Other income (expense), net $ 29 $ 29 $ 29 Copper Derivatives Contracts not designated as hedging instruments Other income (expense), net $ (94 ) $ (163 ) $ 490 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are valued at the lower of cost or market. Inventories were as follows at the end of the periods noted below: (Dollars in thousands) September 30, 2017 December 31, 2016 Raw materials $ 43,857 $ 29,788 Work-in-process 30,859 26,440 Finished goods 39,402 34,902 Total inventories $ 114,118 $ 91,130 |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Diversified Silicone Products On January 6, 2017, we acquired the principal operating assets of Diversified Silicone Products, Inc. (DSP), pursuant to the terms of the Asset Purchase Agreement by and among the Company, DSP and the principal shareholders of DSP (the Purchase Agreement). Pursuant to the terms of the Purchase Agreement, we acquired certain assets and assumed certain liabilities of DSP for a total purchase price of approximately $60.2 million . We used borrowings of $30.0 million under our credit facility in addition to cash on hand to fund the acquisition. DSP is a custom silicone product development and manufacturing business and expands the portfolio of Rogers’ Elastomeric Material Solutions business (EMS) in cellular sponge and specialty extruded silicone profile technologies, while strengthening existing expertise in precision-calendered silicone and silicone formulating and compounding. The acquisition has been accounted for in accordance with applicable purchase accounting guidance. On a preliminary basis, we recorded goodwill primarily related to the expected synergies from combining operations and the value of the existing workforce. We also recorded other intangible assets related to acquired customer relationships, developed technology, trademarks, and a covenant not to compete. As of the filing date of this Form 10-Q, the final purchase accounting and purchase price allocation for the DSP acquisition are substantially complete, however, we continue to refine our preliminary valuation of certain acquired assets and the valuations below remain subject to change. The following table represents the preliminary fair market values assigned to the acquired assets and liabilities in the transaction: (Dollars in thousands) January 6, 2017 Assets: Accounts receivable $ 2,724 Prepaid expenses 21 Inventory 2,433 Property, plant & equipment 1,589 Other intangible assets 35,860 Goodwill 17,793 Total assets 60,420 Liabilities: Accounts payable 179 Accrued expenses 50 Total liabilities 229 Fair value of net assets acquired $ 60,191 The other intangible assets consist of customer relationships valued at $30.5 million , developed technology valued at $1.8 million , trademarks valued at $3.3 million , and a covenant not to compete valued at $0.3 million . The fair value of acquired identified intangible assets was determined by applying the income approach, using several significant unobservable inputs for projected cash flows and a discount rate. These inputs are considered Level 3 under the fair value measurements and disclosure guidance. The weighted average amortization period for the other intangible asset classes are 11.8 years for customer relationships, 4.3 years for developed technology, 11.7 years for trademarks, and 4.1 years for a covenant not to compete, resulting in amortization expenses ranging from $1.1 million to $2.0 million annually. The estimated annual future amortization expense is $0.5 million for the remainder of 2017, $1.9 million for 2018, and $1.8 million for each of 2019, 2020, and 2021. During the first nine months of 2017 , we incurred transaction costs of $0.5 million related to the DSP acquisition, which were recorded within selling, general and administrative expenses in the condensed consolidated statements of operations. The results of DSP have been included in our condensed consolidated financial statements only for the period subsequent to the completion of the acquisition on January 6, 2017, through September 30, 2017 . DSP’s net sales for the three and nine months ended September 30, 2017 totaled $5.9 million and $16.8 million , respectively. DeWAL On November 23, 2016, we acquired all of the membership interests in DeWAL Industries LLC (DeWAL), pursuant to the terms of the Membership Interest Purchase Agreement, dated November 23, 2016, by and among the Company and the owners of DeWAL for an aggregate purchase price of $135.5 million . We used borrowings of $136.0 million under our credit facility to fund the acquisition. DeWAL is a leading manufacturer of polytetrafluoroethylene and ultra-high molecular weight polyethylene films, pressure sensitive tapes and specialty products for the industrial, aerospace, automotive, and electronics markets. The acquisition has been accounted for in accordance with applicable purchase accounting guidance. We recorded goodwill, primarily related to the expected synergies from combining operations and the value of the existing workforce. We also recorded other intangible assets primarily related to customer relationships, developed technology, trademarks, and a covenant not to compete. As of the filing date of this Form 10-Q, the final purchase accounting and purchase price allocation for the DeWAL acquisition are substantially complete; however, we continue to refine our preliminary valuation of certain acquired assets and the valuations set forth below remain subject to change. The following table represents the preliminary fair values assigned to the acquired assets and liabilities in the transaction: (Dollars in thousands) November 23, 2016 Assets: Cash and cash equivalents $ 1,539 Accounts receivable 7,513 Other current assets 691 Inventory 9,915 Property, plant & equipment 9,932 Other intangible assets 73,500 Goodwill 35,755 Other long-term assets 101 Total assets 138,946 Liabilities: Accounts payable 2,402 Other current liabilities 1,062 Total liabilities 3,464 Fair value of net assets acquired $ 135,482 The other intangible assets consist of customer relationships valued at $46.7 million , developed technology valued at $22.0 million , trademarks valued at $4.3 million , and a covenant not to compete valued at $0.5 million . The fair value of acquired identified intangible assets was determined by applying the income approach, using several significant unobservable inputs for projected cash flows and a discount rate. These inputs are considered Level 3 under the fair value measurements and disclosure guidance. The weighted average amortization period for the other intangible asset classes are 13.5 years for customer relationships, 8.6 years for developed technology, 5.2 years for trademarks, and 3.8 years for a covenant not to compete, resulting in amortization expenses ranging from $2.4 million to $4.3 million , annually. The future estimated annual amortization expense is $0.7 million for the remainder of 2017, $3.7 million for 2018, $4.1 million for 2019, and $4.3 million for 2020 and 2021. During the first nine months of 2017 , we incurred transaction costs of $0.1 million related to the DeWAL acquisition, which were recorded within selling, general and administrative expenses in the condensed consolidated statements of operations. In 2016, we incurred transaction costs of $2.1 million related to this acquisition. Pro Forma Financial Information The following unaudited pro forma financial information presents the combined results of operations of Rogers, DSP and DeWAL, as if the DSP acquisition had occurred on January 1, 2016 and the DeWAL acquisition had occurred on January 1, 2015. The unaudited pro forma financial information is not intended to represent or be indicative of our consolidated results of operations that would have been reported had the DSP and DeWAL acquisitions been completed as of January 1, 2016, and January 1, 2015, respectively, and should not be taken as indicative of our future consolidated results of operations. (Dollars in thousands) Three Months Ended September 30, 2016 (unaudited) Nine Months Ended September 30, 2016 (unaudited) Net sales 183,560 537,960 Net income 16,288 34,829 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2017 and 2016 were as follows: (Dollars in tables and footnotes in thousands) Foreign currency translation adjustments Funded status of pension plans and other postretirement benefits (1) Unrealized gain (loss) on derivative instruments (2) Total Beginning Balance December 31, 2015 $ (41,365 ) $ (47,082 ) $ (11 ) $ (88,458 ) Other comprehensive income (loss) before reclassifications 6,605 — — 6,605 Amounts reclassified from accumulated other comprehensive income (loss) — 105 11 116 Net current-period other comprehensive income (loss) (3) 6,605 105 11 6,721 Ending Balance September 30, 2016 $ (34,760 ) $ (46,977 ) $ — $ (81,737 ) Beginning Balance December 31, 2016 $ (46,446 ) $ (45,816 ) $ — $ (92,262 ) Other comprehensive income (loss) before reclassifications 23,136 — (487 ) 22,649 Actuarial net gain (loss) incurred in the fiscal year — 35 — 35 Amounts reclassified from accumulated other comprehensive (income) loss — 36 222 258 Net current-period other comprehensive income (loss) (4) 23,136 71 (265 ) 22,942 Ending Balance September 30, 2017 $ (23,310 ) $ (45,745 ) $ (265 ) $ (69,320 ) (1) Net of taxes of $9,122 and $9,160 as of September 30, 2017 and December 31, 2016 , respectively. Net of taxes of $9,821 and $9,879 as of September 30, 2016 and December 31, 2015 , respectively. (2) Net of taxes of $151 and $0 as of September 30, 2017 and December 31, 2016 , respectively. Net of taxes of $0 and $5 as of September 30, 2016 and December 31, 2015 , respectively. (3) Net of taxes of $58 and $5 for the pension plans and postretirement benefits and unrealized gain (loss) on derivatives, respectively. (4) Net of taxes of $38 and $(151) for the pension plans and postretirement benefits and unrealized gain (loss) on derivatives, respectively. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the periods indicated: (In thousands, except per share amounts) Quarter Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Numerator: Net income $ 25,532 $ 16,065 $ 73,460 $ 36,370 Denominator: Weighted-average shares outstanding - basic 18,181 17,996 18,126 17,990 Effect of dilutive shares 407 187 377 227 Weighted-average shares outstanding - diluted 18,588 18,183 18,503 18,217 Basic earnings per share $ 1.40 $ 0.89 $ 4.05 $ 2.02 Diluted earnings per share $ 1.37 $ 0.88 $ 3.97 $ 2.00 Certain potential options to purchase shares may be excluded from the calculation of diluted weighted-average shares outstanding where their exercise price is greater than the average market price of our capital stock during the relevant reporting period. For the quarter ended September 30, 2017 , no shares were excluded. For the quarter ended September 30, 2016 , 13,500 shares were excluded. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Equity Compensation Awards Performance-Based Restricted Stock Units As of September 30, 2017 , we had performance-based restricted stock awards from 2015, 2016 and 2017 outstanding. These awards generally cliff vest at the end of a three year measurement period. However, employees whose employment terminates during the measurement period due to death, disability, or, in certain cases, retirement may receive a pro-rata payout based on the number of days they were employed during the vesting period. Participants are eligible to be awarded shares ranging from 0% to 200% of the original award amount, based on certain defined performance measures. Compensation expense is recognized using the straight-line method over the vesting period, unless the employee has an accelerated vesting schedule. The 2015 awards have two measurement criteria on which the final payout of each award is based: (i) the three year return on invested capital (ROIC) compared to that of a specified group of peer companies, and (ii) the three year total shareholder return (TSR) on the performance of our capital stock as compared to that of a specified group of peer companies. The 2016 and 2017 awards have one measurement criteria: the three year TSR on the performance of our capital stock as compared to that of a specified group of peer companies. In accordance with the applicable accounting literature, the ROIC measurement criteria of the 2015 awards 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 measurement criteria of the awards is considered a market condition. As such, the fair value of this measurement criteria 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 and with no changes for the final projected payout of the awards. Below were the assumptions used in the Monte Carlo calculation: September 30, September 30, Expected volatility 33.6% 29.6% Expected term (in years) 3.0 3.0 Risk-free interest rate 1.38% 0.93% Expected volatility – In determining expected volatility, we have considered a number of factors, including historical volatility. Expected term – We use the vesting period of the award to determine the expected term assumption for the Monte Carlo simulation valuation model. Risk-free interest rate – We use an implied “spot rate” yield on U.S. Treasury Constant Maturity rates as of the grant date for our assumption of the risk-free interest rate. Expected dividend yield – We do not currently pay dividends on our capital stock; therefore, a dividend yield of 0% was used in the Monte Carlo simulation valuation model. Forfeiture Rate – We previously estimated the forfeiture rate based on historical experience and our expectations regarding future terminations. To the extent our actual forfeiture rate was different from our estimate, stock-based compensation expense was adjusted accordingly. In accordance with the adoption of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, on January 1, 2017, we now account for forfeitures as they occur. The adoption of this standard, with respect to treatment of forfeitures, did not have a material impact on our condensed consolidated financial statements in the period of adoption. The following table summarizes the change in number of non-vested performance-based restricted stock awards outstanding since December 31, 2016 : Performance-Based Restricted Stock Awards Non-vested awards outstanding at December 31, 2016 151,769 Awards granted 56,147 Stock issued (34,442 ) Awards forfeited (4,047 ) Non-vested awards outstanding at September 30, 2017 169,427 During the three and nine months ended September 30, 2017 , we recognized compensation expense for performance-based stock awards of approximately $ 1.4 million and $ 2.9 million , respectively. During the three and nine months ended and September 30, 2016 , we recognized compensation expense for performance-based stock awards of approximately $1.1 million and $3.2 million respectively. Time-Based Restricted Stock As of September 30, 2017 , we had time-based restricted stock grants from 2014, 2015, 2016 and 2017 outstanding. The 2014, 2015, 2016 and 2017 grants all ratably vest on the first, second and third anniversaries of the original grant date. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period. The fair value of the award is determined based on the market value of the underlying stock price at the grant date. The following table summarizes the change in number of non-vested time-based restricted stock awards outstanding since December 31, 2016 : Time-Based Restricted Stock Awards Non-vested awards outstanding at December 31, 2016 239,189 Awards granted 77,505 Stock issued (132,373 ) Awards forfeited (5,500 ) Non-vested awards outstanding at September 30, 2017 178,821 During the three and nine months ended September 30, 2017 we recognized compensation expense for time-based restricted stock awards of approximately $1.6 million and $4.2 million , respectively. During the three and nine months ended September 30, 2016 we recognized compensation expense for time-based restricted stock awards of approximately $1.6 million and $4.3 million , respectively. Forfeiture Rate – We previously estimated the forfeiture rate based on historical experience and our expectations regarding future terminations. To the extent our actual forfeiture rate was different from our estimate, stock-based compensation expense was adjusted accordingly. In accordance with the adoption of ASU 2016-09 on January 1, 2017, we now account for forfeitures as they occur. The adoption of this standard, with respect to treatment of forfeitures, did not have a material impact on our condensed consolidated financial statements in the period of adoption. Deferred Stock Units We grant deferred stock units to non-management directors. These awards are fully vested on the date of grant and the related shares are generally issued on the 13 month anniversary of the grant date unless the individual elects to defer the receipt of those shares. Each deferred stock unit results in the issuance of one share of Rogers’ capital stock. The grant of deferred stock units is typically done annually during the second quarter of each year. The fair value of the award is determined based on the market value of the underlying stock price at the grant date. The following table summarizes the change in number of deferred stock units outstanding since December 31, 2016 : Deferred Stock Units Awards outstanding at December 31, 2016 11,900 Awards granted 9,250 Stock issued (11,900 ) Awards outstanding at September 30, 2017 9,250 During the three and nine month periods ended September 30, 2017 , we recognized compensation expense associated with the deferred stock units of $0.1 million and $1.0 million , respectively. During the three months ended September 30, 2016 , we recognized no compensation expense associated with the deferred stock units. During the nine months ended September 30, 2016 , we recognized $0.7 million of compensation expense associated with the deferred stock units. Stock Options Stock options have been granted under various equity compensation plans, and they generally became exercisable in one-third increments on the second, third and fourth anniversaries of the grant dates. The maximum contractual term for all options was normally ten years . We used the Black-Scholes option-pricing model to calculate the grant-date fair value of an option. We have no t granted any stock options since the first quarter of 2012. A summary of the activity under our stock option plans during the three and nine month periods ended September 30, 2017 and changes during the nine months 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 June 30, 2017 64,958 $ 37.01 3.0 $ 4,651,550 Options exercised (1,400 ) $ 24.20 Options forfeited — $ — Options outstanding at September 30, 2017 63,558 $ 37.29 2.8 $ 6,100,702 Options exercisable at September 30, 2017 63,558 $ 37.29 2.8 $ 6,100,702 Options vested at September 30, 2017 63,558 $ 37.29 2.8 $ 6,100,702 Options Outstanding Weighted- Average Exercise Price Per Share Options outstanding at December 31, 2016 116,575 $ 37.76 Options exercised (53,017 ) $ 36.33 Options forfeited — $ — Options outstanding at September 30, 2017 63,558 $ 37.29 During the nine months ended September 30, 2017 , 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 $3.0 million , and the total amount of cash received from the exercise of these options was $1.9 million . Employee Stock Purchase Plan We have an employee stock purchase plan (ESPP) that allows eligible employees to purchase, through payroll deductions, shares of our capital stock at a discount to fair market value. The ESPP has two six 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 shares of our capital 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 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 $0.1 million of compensation expense associated with the plan in each of the three month periods ended September 30, 2017 and 2016 and approximately $0.3 million of compensation expense associated with each of the nine month periods ended September 30, 2017 and 2016 . |
Pension Benefits and Other Post
Pension Benefits and Other Postretirement Benefit Plans | 9 Months Ended |
Sep. 30, 2017 | |
Defined Benefit Plan [Abstract] | |
Pension Benefit and Other Postretirement Benefit Plans | Pension Benefits and Other Postretirement Benefit Plans We have three qualified noncontributory defined benefit pension plans: 1) the Rogers Corporation Employee’s Pension Plan for unionized hourly employees (the Union Plan); 2) the Rogers Corporation Defined Benefit Pension Plan for all other U.S. employees hired before December 31, 2007 who are salaried employees or non-union hourly employees (the Rogers Plan); and 3) the Hourly Employees Pension Plan of Arlon Inc., Microwave Material and Silicone Technologies Divisions, Bear, Delaware for employees of the acquired Arlon business (the Bear Plan). The Company also maintains the Rogers Corporation Amended and Restated Pension Restoration Plan effective as of January 1, 2004 and the Rogers Corporation Amended and Restated Pension Restoration Plan effective as of January 1, 2005 (collectively, the Nonqualified Plans). The Nonqualified Plans serve to restore certain retirement benefits that might otherwise be lost due to limitations imposed by federal law on qualified pension plans, as well as to provide supplemental retirement benefits, for certain senior executives of the Company. In addition, we sponsor multiple fully insured or self-funded medical plans and life insurance plans for certain retirees. The measurement date for all plans is December 31 for each respective plan year. Components of Net Periodic (Benefit) Cost The components of net periodic (benefit) cost for the periods indicated were: (Dollars in thousands) Pension Benefits Retirement Health and Life Insurance Benefits Quarter Ended September 30, Nine Months Ended September 30, Quarter Ended September 30, Nine Months Ended September 30, Change in benefit obligation: 2017 2016 2017 2016 2017 2016 2017 2016 Service cost $ — $ — $ — $ — $ 12 $ 37 $ 68 $ 111 Interest cost 1,837 1,872 5,519 5,658 20 19 51 57 Expected return on plan assets (2,302 ) (2,698 ) (6,920 ) (8,110 ) — — — — Amortization of prior service cost (credit) — — — — (411 ) (373 ) (1,191 ) (1,119 ) Amortization of net loss (gain) 445 445 1,311 1,339 16 (19 ) (15 ) (57 ) Net periodic (benefit) cost $ (20 ) $ (381 ) $ (90 ) $ (1,113 ) $ (363 ) $ (336 ) $ (1,087 ) $ (1,008 ) Employer Contributions We made required contributions of $0.4 million and $0.3 million to our qualified defined benefit pension plans in the first nine months of 2017 and 2016 , respectively. We are not required to make additional contributions to these plans in 2017 . In the three and nine month periods ended September 30, 2017 and 2016 , we did not make any voluntary contributions to our defined benefit pension plans. As there is no funding requirement for the non-qualified unfunded noncontributory defined benefit pension plan or the retiree health and life insurance benefit plans, benefit payments made during the year are funded directly by the Company. Pension Plan Merger and Proposed Termination In October 2017, the Company merged the Rogers Plan and the Bear Plan (the Merged Plan). The Company currently intends to terminate the Merged Plan and has requested a determination letter from the Internal Revenue Service (IRS). The termination of the Merged Plan remains subject to final approval by both management and the IRS. The Company plans to provide for lump sum distributions or annuity payments in connection with the termination of the Merged Plan and we expect the settlement process to be completed in late 2018 or early 2019. The Company lacks sufficient information as of September 30, 2017 to determine the financial impact of the proposed plan termination. The actuarial assumptions used to calculate pension cost and true-up the pension liability are reviewed annually and will be updated at December 31, 2017. At this time, there are no plans to terminate the remaining Union Plan. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Our reporting structure is comprised of the following operating segments: ACS, EMS, PES, and Other. We believe this structure aligns our external reporting presentation with how we currently manage and view our business internally. In November 2016, we acquired DeWAL, a leading manufacturer of polytetrafluoroethylene, ultra-high molecular weight polyethylene films, pressure sensitive tapes and specialty products for the industrial, aerospace, automotive, and electronics markets. In January 2017, we acquired the principal operating assets of DSP, a custom manufacturer of silicone sheet, extrusions, stripping and compounds. We are in the process of integrating both DeWAL and DSP into our EMS segment. The following table sets forth the information about our segments for the periods indicated; inter-segment sales have been eliminated from the net sales data: Quarter Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2017 2016 2017 2016 Net sales Advanced Connectivity Solutions $ 72,713 $ 65,518 $ 225,595 $ 206,115 Elastomeric Material Solutions 82,239 54,391 236,673 146,476 Power Electronics Solutions 46,409 39,777 132,966 113,391 Other 5,422 5,573 16,801 17,332 Total $ 206,783 $ 165,259 $ 612,035 $ 483,314 Operating income Advanced Connectivity Solutions $ 14,465 $ 7,605 $ 47,362 $ 34,334 Elastomeric Material Solutions 17,846 10,932 44,826 21,584 Power Electronics Solutions 5,429 2,767 14,024 4,540 Other 1,847 1,842 5,576 5,544 Total 39,587 23,146 111,788 66,002 Equity income in unconsolidated joint ventures 1,384 898 3,359 2,220 Other income (expense), net 1,596 676 2,126 320 Interest expense, net (1,639 ) (811 ) (4,834 ) (3,047 ) Income before income tax expense $ 40,928 $ 23,909 $ 112,439 $ 65,495 |
Joint Ventures
Joint Ventures | 9 Months Ended |
Sep. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint Ventures | Joint Ventures As of September 30, 2017 , we had two joint ventures, each 50% owned, which were accounted for under the equity method of accounting. Joint Venture Location Reportable Segment Fiscal Year-End Rogers INOAC Corporation (RIC) Japan Elastomeric Material Solutions October 31 Rogers INOAC Suzhou Corporation (RIS) China Elastomeric Material Solutions December 31 We recognized equity income related to the joint ventures of $1.4 million and $3.4 million for the three and nine months ended September 30, 2017 , respectively. We recognized equity income related to the joint ventures of $0.9 million and $2.2 million for the three and nine months ended September 30, 2016 , respectively. These amounts are included in the condensed consolidated statements of operations. The summarized financial information for the joint ventures for the periods indicated was as follows: Quarter Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2017 2016 2017 2016 Net sales $ 14,020 $ 12,773 $ 38,653 $ 32,934 Gross profit $ 5,463 $ 4,119 $ 14,832 $ 10,877 Net income $ 2,768 $ 1,796 $ 6,718 $ 4,440 Receivables from and payables to joint ventures arise during the normal course of business from transactions between us and the joint ventures. We had receivables of $2.7 million and $2.4 million due from RIC and RIS as of September 30, 2017 and December 31, 2016 , respectively. We owed payables of $2.7 million and $1.6 million to RIC and RIS as of September 30, 2017 and December 31, 2016 , respectively. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt On June 18, 2015, we entered into a secured five year credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (the Second Amended Credit Agreement). The Second Amended Credit Agreement provided (1) a $55.0 million term loan; (2) up to $295.0 million of revolving loans, with sublimits for multicurrency borrowings, letters of credit and swing-line notes; and (3) a $50.0 million expansion feature. On February 17, 2017, we entered into a secured five year credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (the Third Amended Credit Agreement), which amended and restated the Second Amended Credit Agreement. The Third Amended Credit Agreement refinanced the Second Amended Credit Agreement, eliminated the term loan under the Second Amended Credit Agreement, increased the principal amount of the revolving credit facility to up to $450.0 million borrowing capacity, with sublimits for multicurrency borrowings, letters of credit and swing-line notes, and provided an additional $175.0 million accordion feature. Borrowings may be used to finance working capital needs, for letters of credit and for general corporate purposes in the ordinary course of business, including the financing of permitted acquisitions (as defined in the Third Amended Credit Agreement). Borrowings under the Third Amended Credit Agreement can be made as alternate base rate loans or euro-currency loans. Alternate base rate loans bear interest that includes a base reference rate plus a spread of 37.5 to 75.0 basis points, depending on our leverage ratio. The base reference rate is the greater of the prime rate; federal funds effective rate (or the overnight bank funding rate, if greater) plus 50 basis points; or adjusted 1-month LIBOR plus 100 basis points. Euro-currency loans bear interest based on adjusted LIBOR plus a spread of 137.5 to 175.0 basis points, depending on our leverage ratio. In addition to interest payable on the principal amount of indebtedness outstanding from time to time under the Third Amended Credit Agreement, we are required to pay a quarterly fee of 20 to 30 basis points (based upon our leverage ratio) of the unused amount of the lenders’ commitments under the Third Amended Credit Agreement. The Third Amended Credit Agreement contains customary representations, warranties, covenants, mandatory prepayments and events of default under which our payment obligations may be accelerated. If an event of default occurs, the lenders may, among other things, terminate their commitments and declare all outstanding borrowings to be immediately due and payable together with accrued interest and fees. The financial covenants include requirements to maintain (1) a leverage ratio of no more than 3.25 to 1.00, subject to an election to increase the maximum leverage ratio to 3.50 to 1.00 for one fiscal year in connection with a permitted acquisition, and (2) an interest coverage ratio of no less than 3.00 to 1.00. All obligations under the Third Amended Credit Agreement are guaranteed by each of our existing and future material domestic subsidiaries, as defined in the Third Amended Credit Agreement (the Guarantors). The obligations are also secured by a Third Amended and Restated Pledge and Security Agreement, dated as of February 17, 2017, entered into by us and the Guarantors which grants to the administrative agent, for the benefit of the lenders, a security interest, subject to certain exceptions, in substantially all of the non-real estate assets of the Guarantors. These assets include, but are not limited to, receivables, equipment, intellectual property, inventory, and stock in certain subsidiaries. All revolving loans are due on the maturity date, February 17, 2022. We are not required to make any quarterly principal payments under the Third Amended Credit Agreement, however, during the second and third quarters of 2017, we made discretionary principal payments of $50.0 million and $60.0 million , respectively, to reduce the amount outstanding on our credit facility. As of September 30, 2017 we have $131.2 million in outstanding borrowings under our credit facility. At September 30, 2017 , we have $2.4 million of outstanding deferred debt issuance costs consisting of $1.4 million related to the term loans under the Second Amended Credit Agreement and $1.0 million related to the Third Amended Credit Agreement. These costs will be amortized over the life of the Third Amended Credit Agreement, which will terminate in February 2022. We incurred amortization expense of $0.1 million and $0.2 million in the three months ended September 30, 2017 and 2016 related to these deferred costs. We incurred amortization expense of $0.4 million in the nine months ended September 30, 2017 and 2016 related to these deferred costs. In March 2017, we entered into an interest rate swap to hedge the variable interest rate on $75.0 million of our $450.0 million revolving credit facility. See further discussion in Note 3 Hedging Transactions and Derivative Financial Instruments. Restriction on Payment of Dividends Our Third Amended Credit Agreement generally permits us to pay cash dividends to our shareholders, provided that (i) no default or event of default has occurred and is continuing or would result from the dividend payment and (ii) our leverage ratio does not exceed 2.75 to 1.00 . If our leverage ratio exceeds 2.75 to 1.00 , we may nonetheless make up to $20 million in restricted payments, including cash dividends, during the fiscal year, provided that no default or event of default has occurred and is continuing or would result from the payments. Our leverage ratio did not exceed 2.75 to 1.00 as of September 30, 2017 . Capital Lease We have a capital lease obligation related to our manufacturing facility in Eschenbach, Germany. Under the terms of the leasing agreement, we have an option to purchase the property upon the expiration of the lease in 2021 at a price which is the greater of (i) the then-current market value or (ii) the residual book value of the land including the buildings and installations thereon. The total obligation recorded for the lease as of September 30, 2017 is $5.7 million . Depreciation expense related to the capital lease was $0.1 million for each of the three months ended September 30, 2017 and 2016 . For the nine months ended September 30, 2017 and 2016 , depreciation expense related to the capital lease was $0.2 million and $0.3 million , respectively. Accumulated depreciation at September 30, 2017 and December 31, 2016 was $4.1 million and $3.4 million , respectively. These expenses are included as depreciation expense in cost of sales on our condensed consolidated statements of operations. We also incurred interest expense on the capital lease of $0.1 million for each of the three month periods ended September 30, 2017 and 2016 . For the nine month periods ended September 30, 2017 and 2016 , interest expense incurred on the capital lease was $0.1 million and $0.3 million , respectively. Interest expense related to the debt recorded on the capital lease is included in interest expense on the condensed consolidated statements of operations. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Other Intangible Assets Goodwill The changes in the carrying amount of goodwill for the period ending September 30, 2017 , by segment, were as follows: (Dollars in thousands) Advanced Connectivity Solutions Elastomeric Material Solutions Power Electronics Solutions Other Total December 31, 2016 $ 51,693 $ 91,531 $ 62,983 $ 2,224 $ 208,431 Foreign currency translation adjustment — 768 7,479 — 8,247 Purchase accounting adjustment — 116 — — 116 DSP acquisition — 17,793 — — 17,793 September 30, 2017 $ 51,693 $ 110,208 $ 70,462 $ 2,224 $ 234,587 Other Intangible Assets September 30, 2017 December 31, 2016 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks and patents $ 10,161 $ 1,882 $ 8,279 $ 6,825 $ 1,156 $ 5,669 Technology 73,779 31,382 42,397 68,880 24,365 44,515 Covenant not to compete 1,729 1,020 709 1,419 932 487 Customer relationships 128,357 20,262 108,095 96,148 14,311 81,837 Total definite-lived other intangible assets 214,026 54,546 159,480 173,272 40,764 132,508 Indefinite-lived other intangible assets 4,662 — 4,662 4,168 — 4,168 Total other intangible assets $ 218,688 $ 54,546 $ 164,142 $ 177,440 $ 40,764 $ 136,676 Gross and net carrying amounts and accumulated amortization may differ from prior periods due to foreign exchange rate fluctuations. Amortization expense for the three and nine months ended September 30, 2017 was approximately $3.8 million and $11.0 million , respectively. Amortization expense for the three and nine months ended September 30, 2016 was approximately $2.7 million and $8.0 million , respectively. The estimated future amortization expense is $3.9 million for the remainder of 2017 and $15.4 million , $15.2 million , $11.9 million and $11.0 million for 2018, 2019, 2020 and 2021, respectively. On November 23, 2016, we acquired DeWAL, and on January 6, 2017, we acquired the principal operating assets of DSP. For further detail on the goodwill and other intangible assets recorded in connection with the acquisitions, see Note 5, “Acquisitions”. The indefinite-lived other intangible assets were acquired as part of the acquisition of Curamik Electronics GmbH. These assets are assessed for impairment annually or if changes in circumstances indicate that the carrying values may not be recoverable. The definite-lived other intangible assets are amortized using a fair value methodology that is based on the projected economic use of the related underlying asset. The weighted average amortization period as of September 30, 2017 , by other intangible asset class, is presented in the table below: Other Intangible Asset Class Weighted Average Amortization Period (Years) Trademarks and patents 7.3 Technology 6.1 Customer relationships 10.4 Covenant not to compete 3.4 Total definite-lived other intangible assets 9.1 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We are currently engaged in the following environmental and legal proceedings: Voluntary Corrective Action Program Our location in Rogers, Connecticut is part of the Connecticut Voluntary Corrective Action Program (VCAP). As part of this program, we partnered with the Connecticut Department of Energy and Environmental Protection (CT DEEP) to determine the corrective actions to be taken at the site related to contamination issues. We evaluated this matter and completed internal due diligence work related to the site in the fourth quarter of 2015. We recorded an accrual of $3.2 million as of December 31, 2015 for remediation costs expected to be incurred based on the facts and circumstances known to us at that time. During the third quarter of 2016, the CT DEEP approved a change to our remediation plan for the site that will reduce our overall expected costs. Accordingly, we reduced the accrual by $0.9 million as a result of a change in the level of remediation that needs to take place. This benefit was recorded as an offset to selling, general, and administrative expenses in the condensed consolidated statement of operations. Remediation activities on the site continue, totaling approximately $0.5 million through September 30, 2017 , and the remaining accrual for future remediation efforts was $1.8 million . Superfund Sites We are currently involved as a potentially responsible party (PRP) in one active case involving a waste disposal site, the Chatham Superfund Site. The costs incurred since inception for this claim have been immaterial and have been primarily covered by insurance policies, for both legal and remediation costs. In this matter, we have been assessed a cost sharing percentage of approximately 2% in relation to the range for estimated total cleanup costs of $18.8 million to $29.6 million . We believe we have sufficient insurance coverage to fully cover this liability and have recorded a liability and related insurance receivable of approximately $0.4 million as of September 30, 2017 , which approximates our share of the low end of the estimated range. We believe we are a de minimis participant and, as such, have been allocated an insignificant percentage of the total PRP cost sharing responsibility. Based on facts presently known to us, we believe that the potential for the final results of this case having a material adverse effect on our results of operations, financial position or cash flows is remote. This case has been ongoing for many years and we believe that it will continue for the indefinite future. No time frame for completion can be estimated at the present time. PCB Contamination We have been working with CT DEEP and the United States Environmental Protection Agency, Region I, in connection with certain polychlorinated biphenyl (PCB) contamination at our facility in Woodstock, Connecticut. The issue was originally discovered in the soil at the facility in the late 1990s, which has been remediated. 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. 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. PCB contamination at this facility was also found in the buildings and courtyards original to the site, in addition to surrounding areas, including an on-site pond. We have completed remediation activities for the buildings and courtyards. We currently have a reserve of $0.2 million for the pond remediation recorded in our condensed consolidated statements of financial position. We believe this reserve will be adequate to cover the remaining remediation work related to the pond contamination based on the information known at this time. However, if additional contamination is found, the cost of the remaining remediation may increase. Asbestos Litigation We, like many other industrial companies, have been named as a defendant in a number of lawsuits filed in courts across the country by persons alleging personal injury from exposure to products containing asbestos. We have never mined, milled, manufactured or marketed asbestos; rather, we made and provided to industrial users a limited number of products that contained encapsulated asbestos, but we stopped manufacturing these products in the late 1980s. Most of the claims filed against us involve numerous defendants, sometimes as many as several hundred. The following table presents information about our recent asbestos claims activity: Asbestos Claims Activity Claims outstanding at December 31, 2016 605 New claims filed 284 Pending claims concluded (226 ) Claims outstanding at September 30, 2017 663 For the nine months ended September 30, 2017 , 211 claims were dismissed and 15 claims were settled. Settlements totaled approximately $2.4 million for the nine months ended September 30, 2017 . We recognize a liability for asbestos-related contingencies that are probable of occurrence and reasonably estimable. In connection with the recognition of liabilities for asbestos related matters, we record asbestos-related insurance receivables that are deemed probable. Our estimates of asbestos-related contingent liabilities and related insurance receivables are based on an independent actuarial analysis and an independent insurance usage analysis prepared annually by third parties. The actuarial analysis contains numerous assumptions, including general assumptions regarding the asbestos-related product liability litigation environment and company-specific assumptions regarding claims rates (including diseases alleged), dismissal rates, average settlement costs and average defense costs. The insurance usage analysis considers, among other things, applicable deductibles, retentions and policy limits, the solvency and historical payment experience of various insurance carriers, the likelihood of recovery as estimated by external legal counsel and existing insurance settlements. We review our asbestos-related forecasts annually in the fourth quarter of each year unless facts and circumstances materially change during the year, at which time we would analyze these forecasts. Currently, these analyses project liabilities and related insurance receivables over a 10 -year period. It is probable we will incur additional costs for asbestos-related claims following this 10 -year period, but we do not believe that any related contingencies are reasonably estimable beyond such period based on, among other things, the significant proportion of future claims included in the analysis and the lag time between the date a claim is filed and its resolution. Accordingly, no liability (or related asset) has yet been recorded for claims that may be asserted subsequent to 2026. As of December 31, 2016 , the asbestos-related claims and insurance receivables for the 10 -year projection period were $52.0 million and $48.4 million , respectively. As of September 30, 2017 , there have been no changes to these projections. To date, the defense and settlement costs of our asbestos-related product liability litigation have been substantially covered by insurance. We have identified continuous coverage for primary, excess and umbrella insurance from the 1950s through the mid-1980s, except for a period in the early 1960s, with respect to which we have entered into an agreement for primary, but not excess or umbrella, coverage. In addition, we have entered into a cost sharing agreement with most of our primary, excess and umbrella insurance carriers to facilitate the ongoing administration and payment of claims by the carriers. The cost sharing agreement may be terminated by any party, but will continue until a party elects to terminate it. As of the filing date for this report, the agreement has not been terminated. As previously disclosed, however, we expect to exhaust individual primary, excess and umbrella coverages over time, and there is no assurance that such exhaustion will not accelerate due to additional claims, damages and settlements or that coverage will be available as expected. Accordingly, while we believe it is reasonably possible that we may incur losses and defense costs in excess of our accruals in the future, we do not have sufficient data to provide a reasonable estimate or range of such losses and defense costs, at this time. 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 will continue to vigorously defend ourselves and believe we have substantial unutilized insurance coverage to mitigate future costs related to this matter. General Litigation In addition to the above issues, the nature and scope of our business brings us in regular contact with the general public and a variety of businesses and government agencies. Such activities inherently subject us to the possibility of litigation, including environmental and product liability matters that are defended and handled in the ordinary course of business. We have established accruals for matters for which management considers a loss to be probable and reasonably estimable. It is the opinion of management that facts known at the present time do not indicate that such litigation, after taking into account insurance coverage and the aforementioned accruals, will have a material adverse impact on our results of operations, financial position or cash flows. |
Share Repurchase
Share Repurchase | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Share Repurchase | Share Repurchase On August 6, 2015 , we initiated a share repurchase program (the Program) of up to $100.0 million of the Company’s capital stock. We initiated the Program to mitigate potentially dilutive effects of stock options and shares of restricted stock granted by the Company, in addition to enhancing shareholder value. The Program has no expiration date, and may be suspended or discontinued at any time without notice. As of September 30, 2017 , $52.0 million remained available to repurchase under the Program. No shares of capital stock were repurchased during the nine months ended September 30, 2017 . All previous repurchases were made using cash from operations and cash on hand. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective income tax rate was 37.6% and 32.8% for the three months ended September 30, 2017 and 2016 , respectively. The increase was primarily due to a change in valuation allowance associated with deferred tax assets that are capital in nature and changes in the pretax income mix across jurisdictions with disparate tax rates, partially offset by excess tax deductions on stock based compensation recognized in 2017. Our effective income tax rate was 34.6% and 44.5% for the nine months ended September 30, 2017 and 2016 , respectively. The decrease was primarily due to withholding taxes on off-shore cash movements and the change in our assertion that certain foreign earnings are permanently reinvested recorded in 2016, excess tax deductions on stock based compensation recognized in 2017 and a decrease in current year accruals of uncertain tax positions. This was partially offset by a decrease in reversal of reserves associated with uncertain tax positions, a change in valuation allowance associated with deferred tax assets that are capital in nature and changes in the pretax income mix across jurisdictions with disparate tax rates. During the quarter, we established a valuation allowance of $1.9 million on a deferred tax asset associated with a capital investment because its realizability was determined to no longer meet the more likely than not threshold. Historically, our intention was to permanently reinvest the majority of our foreign earnings indefinitely or to distribute them only when it was tax efficient to do so. As a result of certain internal restructuring transactions effectuated to more closely align our foreign subsidiaries from an operational, legal and geographic perspective and improve management of financial resources, with respect to offshore distributions, we modified our assertion of certain foreign subsidiary earnings considered permanently reinvested in 2016. In connection with this change, we recorded a deferred tax liability of $3.4 million associated with distribution-related foreign taxes on prior years’ undistributed earnings of certain of our Chinese subsidiaries in the second quarter of 2016. These taxes become due when distributed to other offshore subsidiaries. In addition, we incurred $5.5 million of withholding taxes related to distributions from China in the second quarter of 2016. With few exceptions, U.S. income taxes have not been provided on undistributed earnings of international subsidiaries. We continue to intend to reinvest these earnings permanently outside the U.S. or to repatriate the earnings only when it is tax efficient to do so. The total amount of unrecognized tax benefits as of September 30, 2017 was $6.8 million , of which $6.6 million would affect our effective tax rate if recognized. It is reasonably possible that approximately $1.6 million of our unrecognized tax benefits as of September 30, 2017 will reverse within the next twelve months. We recognize interest and penalties related to unrecognized tax benefits through income tax expense. As of September 30, 2017 , we had $0.7 million accrued for the payment of interest. We are subject to taxation in the U.S. and various state and foreign jurisdictions. With few exceptions, we are no longer subject to examinations by tax authorities for years prior to 2012. We adopted ASU 2016-09 on January 1, 2017. Upon adoption, we recognized excess tax benefits of approximately $12.7 million in deferred tax assets that were previously not recognized in a cumulative-effect adjustment to retained earnings. In addition, the new guidance requires that all of the tax effects related to share-based payments at settlement or expiration be recorded through the statement of operations which resulted in the recognition of $1.5 million and $3.2 million of income tax benefits during the three and nine months ended September 30, 2017 , respectively. See Note 19 - “Recent Accounting Standards” for further information. |
Restructuring and Impairment Ch
Restructuring and Impairment Charges | 9 Months Ended |
Sep. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Impairment Charges | Restructuring and Impairment Charges In the second quarter of 2017, we completed the physical relocation of our global headquarters from Rogers, Connecticut to Chandler, Arizona. We recorded $0.6 million and $2.4 million of expense related to this project in the three and nine months ended September 30, 2017 . Severance activity related to the headquarters relocation is presented in the table below for the nine months ended September 30, 2017 : (Dollars in thousands) Severance Related to Headquarters Relocation Balance at December 31, 2016 $ 470 Provisions 361 Payments (649 ) Balance at September 30, 2017 $ 182 The fair value of the total severance benefits to be paid (including payments already made) in connection with the relocation is $1.1 million . This total is being expensed ratably over the required service period for the affected employees. In the third quarter of 2017, we recognized a $0.3 million charge related to the impairment of our remaining investment in BrightVolt, Inc. (formerly known as Solicore, Inc.). As this investment does not relate to a specific operating segment, we allocated it ratably among the three main operating segments. |
Assets Held for Sale
Assets Held for Sale | 9 Months Ended |
Sep. 30, 2017 | |
Assets Held-for-sale, Not Part of Disposal Group [Abstract] | |
Assets Held for Sale | Assets Held for Sale In the first quarter of 2017, we completed the planned sale of a parcel of land in Belgium that had been classified as held for sale as of December 31, 2016 and recognized a gain on sale of approximately $0.9 million in operating income. In the third quarter of 2017, we completed the sale of a facility located in Belgium that had been classified as held for sale as of June 30, 2017 and recognized a gain on sale of approximately $4.4 million in operating income. In the second quarter of 2017, we began actively marketing for sale unutilized property in the U.S. consisting of a building and an adjacent parcel of land with a net book value of $0.9 million . The asset is no longer being depreciated and is classified as held for sale as of September 30, 2017 as we expect it to be sold within the next twelve months. |
Recent Accounting Standards
Recent Accounting Standards | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Recent Accounting Standards | Recent Accounting Standards In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . These improvements expand and refine hedge accounting for both non-financial and financial risk components. Also, this amendment aligns the recognition and presentation of the effects of a hedging instrument and the hedged item in the financial statements. Additionally, this update includes certain targeted improvements to simplify the application of current guidance related to the assessment of hedge effectiveness. This update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company is in the process of evaluating the disclosure requirements and quantifying the financial impact of the adoption of this standard on our financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU clarifies which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. ASU No. 2017-09 is effective for interim and annual reporting periods beginning after December 15, 2017. Adoption of this standard will be applied prospectively to awards modified on or after the adoption date. The impact of this new standard will depend on the extent and nature of future changes to the terms and conditions of the Company’s share-based payment awards. Historically, the Company has not had significant changes to its share-based payment awards and therefore does not expect adoption of this guidance to have a material effect on the financial statements upon its adoption in 2018. In March 2017, the FASB issued ASU No. 2017-05 and ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-Retirement Benefit Cost . The changes to the standard require employers to report the service cost component in the same line item as other compensation costs arising from services rendered by employees during the reporting period. The other components of net periodic pension benefit costs will be presented in the statement of operations separately from the service cost and outside of a subtotal of operating income from operations. In addition, only the service cost component may be eligible for capitalization where applicable. ASU No. 2017-05 and ASU 2017-07 are effective for annual periods beginning after December 15, 2017. The Company expects to adopt this guidance when effective and the adoption is not expected to have a material effect on the financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , in an effort to simplify the subsequent measurement of goodwill and the associated procedures to determine fair value. The amendments of this ASU are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, however, the Company has not yet determined if it will adopt prior to 2020. The adoption of this guidance is not expected to have a material impact on our financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , with the intention to reduce diversity in practice, as well as simplify elements of classification within the statement of cash flows for certain transactions. The update was effective for interim and annual reporting periods beginning after December 15, 2016. The accounting update was to be adopted using a retrospective approach. The Company adopted ASU 2016-15 effective January 1, 2017, and it did not have a material impact on our financial statements. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting , which contains amendments intended to simplify various aspects of share-based payment accounting and presentation in the financial statements, including the income tax consequences, classification of awards as either equity or liabilities, treatment of forfeitures and statutory tax withholding requirements, and classification in the statement of cash flows. The update was effective for interim and annual reporting periods beginning after December 15, 2016. The new standard required a modified retrospective transition through a cumulative-effect adjustment as of the beginning of the period of adoption, with certain provisions requiring either a prospective or retrospective transition. The Company adopted ASU 2016-09 on January 1, 2017. Upon adoption, the Company recognized excess tax benefits of approximately $12.7 million in deferred tax assets that were previously not recognized in a cumulative-effect adjustment to retained earnings. In addition, the new guidance requires that all of the tax effects related to share-based payments at settlement or expiration be recorded through the statement of operations. The Company also adopted the standard with respect to treatment of forfeitures, which did not have a material impact on our financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to classify leases as either finance or operating leases and record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. An accounting policy election may be made to account for leases with a term of 12 months or less similar to existing guidance for operating leases today. ASU No. 2016-02 supersedes the existing guidance on accounting for leases. The standard is effective for interim and annual reporting periods for fiscal years beginning after December 15, 2018. Early adoption of this standard is permitted and it is to be adopted using a modified retrospective approach. The Company has initiated its implementation plan, which includes evaluating the classification of our lease agreements and quantifying the accounting impact in accordance with the new accounting standard. The Company expects to adopt this accounting standard beginning in fiscal year 2019. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. On July 9, 2015, the FASB agreed to delay the effective date by one year. In accordance with the agreed upon delay, the updated standard is effective for us beginning in the first quarter of 2018. Early adoption is permitted, but not before the original effective date of the standard. During 2016, the FASB issued new accounting standards updates regarding principal versus agent considerations in determining revenue recognition identifying performance obligations and licensing, collectability, sales tax, non-cash considerations, completed contracts, contract modifications and effect of accounting change. During 2017, the FASB issued new accounting standards updates regarding clarification of determining the customer in a service concession arrangement. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial implementation, without restatement of comparative periods. The Company plans to adopt this standard retrospectively with the cumulative effect recognized at January 1, 2018. The Company has established a cross-functional coordinated implementation team and engaged a third party service provider to assist with the project. The Company has completed its evaluation of contracts. The Company expects that a substantial portion of the business will continue to recognize revenue on a “point in time” basis. The financial impact of adoption primarily relates to recognizing revenue on an “over time” basis due to performance obligations to deliver products that do not have an alternative use to the company whereby the company has an enforceable right to payment evidenced by contractual termination clauses. The cost incurred method will be used to measure the progress to completion as it is the best depiction of the transferring of goods to the customer. The Company is in the process of quantifying the financial impact of the adoption as well as implementing changes to its systems, processes and internal controls, as necessary, to meet the reporting and disclosure requirements. |
Recent Accounting Standards (Po
Recent Accounting Standards (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Recent Accounting Standards | Recent Accounting Standards In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . These improvements expand and refine hedge accounting for both non-financial and financial risk components. Also, this amendment aligns the recognition and presentation of the effects of a hedging instrument and the hedged item in the financial statements. Additionally, this update includes certain targeted improvements to simplify the application of current guidance related to the assessment of hedge effectiveness. This update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company is in the process of evaluating the disclosure requirements and quantifying the financial impact of the adoption of this standard on our financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU clarifies which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. ASU No. 2017-09 is effective for interim and annual reporting periods beginning after December 15, 2017. Adoption of this standard will be applied prospectively to awards modified on or after the adoption date. The impact of this new standard will depend on the extent and nature of future changes to the terms and conditions of the Company’s share-based payment awards. Historically, the Company has not had significant changes to its share-based payment awards and therefore does not expect adoption of this guidance to have a material effect on the financial statements upon its adoption in 2018. In March 2017, the FASB issued ASU No. 2017-05 and ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-Retirement Benefit Cost . The changes to the standard require employers to report the service cost component in the same line item as other compensation costs arising from services rendered by employees during the reporting period. The other components of net periodic pension benefit costs will be presented in the statement of operations separately from the service cost and outside of a subtotal of operating income from operations. In addition, only the service cost component may be eligible for capitalization where applicable. ASU No. 2017-05 and ASU 2017-07 are effective for annual periods beginning after December 15, 2017. The Company expects to adopt this guidance when effective and the adoption is not expected to have a material effect on the financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , in an effort to simplify the subsequent measurement of goodwill and the associated procedures to determine fair value. The amendments of this ASU are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, however, the Company has not yet determined if it will adopt prior to 2020. The adoption of this guidance is not expected to have a material impact on our financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , with the intention to reduce diversity in practice, as well as simplify elements of classification within the statement of cash flows for certain transactions. The update was effective for interim and annual reporting periods beginning after December 15, 2016. The accounting update was to be adopted using a retrospective approach. The Company adopted ASU 2016-15 effective January 1, 2017, and it did not have a material impact on our financial statements. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting , which contains amendments intended to simplify various aspects of share-based payment accounting and presentation in the financial statements, including the income tax consequences, classification of awards as either equity or liabilities, treatment of forfeitures and statutory tax withholding requirements, and classification in the statement of cash flows. The update was effective for interim and annual reporting periods beginning after December 15, 2016. The new standard required a modified retrospective transition through a cumulative-effect adjustment as of the beginning of the period of adoption, with certain provisions requiring either a prospective or retrospective transition. The Company adopted ASU 2016-09 on January 1, 2017. Upon adoption, the Company recognized excess tax benefits of approximately $12.7 million in deferred tax assets that were previously not recognized in a cumulative-effect adjustment to retained earnings. In addition, the new guidance requires that all of the tax effects related to share-based payments at settlement or expiration be recorded through the statement of operations. The Company also adopted the standard with respect to treatment of forfeitures, which did not have a material impact on our financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to classify leases as either finance or operating leases and record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. An accounting policy election may be made to account for leases with a term of 12 months or less similar to existing guidance for operating leases today. ASU No. 2016-02 supersedes the existing guidance on accounting for leases. The standard is effective for interim and annual reporting periods for fiscal years beginning after December 15, 2018. Early adoption of this standard is permitted and it is to be adopted using a modified retrospective approach. The Company has initiated its implementation plan, which includes evaluating the classification of our lease agreements and quantifying the accounting impact in accordance with the new accounting standard. The Company expects to adopt this accounting standard beginning in fiscal year 2019. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. On July 9, 2015, the FASB agreed to delay the effective date by one year. In accordance with the agreed upon delay, the updated standard is effective for us beginning in the first quarter of 2018. Early adoption is permitted, but not before the original effective date of the standard. During 2016, the FASB issued new accounting standards updates regarding principal versus agent considerations in determining revenue recognition identifying performance obligations and licensing, collectability, sales tax, non-cash considerations, completed contracts, contract modifications and effect of accounting change. During 2017, the FASB issued new accounting standards updates regarding clarification of determining the customer in a service concession arrangement. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial implementation, without restatement of comparative periods. The Company plans to adopt this standard retrospectively with the cumulative effect recognized at January 1, 2018. The Company has established a cross-functional coordinated implementation team and engaged a third party service provider to assist with the project. The Company has completed its evaluation of contracts. The Company expects that a substantial portion of the business will continue to recognize revenue on a “point in time” basis. The financial impact of adoption primarily relates to recognizing revenue on an “over time” basis due to performance obligations to deliver products that do not have an alternative use to the company whereby the company has an enforceable right to payment evidenced by contractual termination clauses. The cost incurred method will be used to measure the progress to completion as it is the best depiction of the transferring of goods to the customer. The Company is in the process of quantifying the financial impact of the adoption as well as implementing changes to its systems, processes and internal controls, as necessary, to meet the reporting and disclosure requirements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on a Recurring Basis, Categorized by the Level of Inputs Used in the Valuation | From time to time we enter into various instruments that require fair value measurement. Assets and liabilities measured on a recurring basis, categorized by the level of inputs used in the valuation, included: (Dollars in thousands) Carrying amount as of September 30, 2017 Level 1 Level 2 Level 3 Foreign currency contracts $ (382 ) $ — $ (382 ) $ — Copper derivative contracts $ 1,534 $ — $ 1,534 $ — Interest rate swap $ (638 ) $ — $ (638 ) $ — (Dollars in thousands) Carrying amount as of December 31, 2016 Level 1 Level 2 Level 3 Foreign currency contracts $ (170 ) $ — $ (170 ) $ — Copper derivative contracts $ 1,277 $ — $ 1,277 $ — |
Hedging Transactions and Deri29
Hedging Transactions and Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of September 30, 2017 the notional values of these foreign currency forward contracts were: Notional Values of Foreign Currency Derivatives KRW/USD ₩ 3,281,770,000 JPY/EUR ¥ 350,000,000 EUR/USD € 4,635,239 EUR/HUF € 369,885 USD/CNY $ 6,083,500 The notional values of our copper contracts outstanding as of September 30, 2017 were: Volume of Copper Derivatives October 2017 - December 2017 122 metric tons per month January 2018 - March 2018 140 metric tons per month April 2018 - June 2018 139 metric tons per month July 2018 - September 2018 93 metric tons per month October 2018 - December 2018 23 metric tons per month |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Effects on Statements of Operations and of Comprehensive Income (Loss): (Dollars in thousands) The Effect of Current Derivative Instruments on the Financial Statements for the period ended September 30, 2017 Fair Values of Derivative Instruments as of September 30, 2017 Gain (Loss) Other Assets (Liabilities) Foreign Exchange Contracts Location Quarter Ended Nine Months Ended Contracts not designated as hedging instruments Other income (expense), net $ (198 ) $ (382 ) $ (382 ) Copper Derivatives Contracts not designated as hedging instruments Other income (expense), net $ 474 $ 578 $ 1,534 Interest Rate Swap Contract designated as hedging instrument Other comprehensive income (loss) $ 100 $ (415 ) $ (638 ) (Dollars in thousands) The Effect of Current Derivative Instruments on the Financial Statements for the period ended September 30, 2016 Fair Values of Derivative Instruments as of September 30, 2016 Gain (Loss) Other Assets (Liabilities) Foreign Exchange Contracts Location Quarter Ended Nine Months Ended Contracts not designated as hedging instruments Other income (expense), net $ 29 $ 29 $ 29 Copper Derivatives Contracts not designated as hedging instruments Other income (expense), net $ (94 ) $ (163 ) $ 490 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories were as follows at the end of the periods noted below: (Dollars in thousands) September 30, 2017 December 31, 2016 Raw materials $ 43,857 $ 29,788 Work-in-process 30,859 26,440 Finished goods 39,402 34,902 Total inventories $ 114,118 $ 91,130 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Schedule of assets acquired and liabilities assumed | The following table represents the preliminary fair market values assigned to the acquired assets and liabilities in the transaction: (Dollars in thousands) January 6, 2017 Assets: Accounts receivable $ 2,724 Prepaid expenses 21 Inventory 2,433 Property, plant & equipment 1,589 Other intangible assets 35,860 Goodwill 17,793 Total assets 60,420 Liabilities: Accounts payable 179 Accrued expenses 50 Total liabilities 229 Fair value of net assets acquired $ 60,191 The following table represents the preliminary fair values assigned to the acquired assets and liabilities in the transaction: (Dollars in thousands) November 23, 2016 Assets: Cash and cash equivalents $ 1,539 Accounts receivable 7,513 Other current assets 691 Inventory 9,915 Property, plant & equipment 9,932 Other intangible assets 73,500 Goodwill 35,755 Other long-term assets 101 Total assets 138,946 Liabilities: Accounts payable 2,402 Other current liabilities 1,062 Total liabilities 3,464 Fair value of net assets acquired $ 135,482 |
Business acquisition, pro forma information | The following unaudited pro forma financial information presents the combined results of operations of Rogers, DSP and DeWAL, as if the DSP acquisition had occurred on January 1, 2016 and the DeWAL acquisition had occurred on January 1, 2015. The unaudited pro forma financial information is not intended to represent or be indicative of our consolidated results of operations that would have been reported had the DSP and DeWAL acquisitions been completed as of January 1, 2016, and January 1, 2015, respectively, and should not be taken as indicative of our future consolidated results of operations. (Dollars in thousands) Three Months Ended September 30, 2016 (unaudited) Nine Months Ended September 30, 2016 (unaudited) Net sales 183,560 537,960 Net income 16,288 34,829 |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Balances Related to Each Component of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2017 and 2016 were as follows: (Dollars in tables and footnotes in thousands) Foreign currency translation adjustments Funded status of pension plans and other postretirement benefits (1) Unrealized gain (loss) on derivative instruments (2) Total Beginning Balance December 31, 2015 $ (41,365 ) $ (47,082 ) $ (11 ) $ (88,458 ) Other comprehensive income (loss) before reclassifications 6,605 — — 6,605 Amounts reclassified from accumulated other comprehensive income (loss) — 105 11 116 Net current-period other comprehensive income (loss) (3) 6,605 105 11 6,721 Ending Balance September 30, 2016 $ (34,760 ) $ (46,977 ) $ — $ (81,737 ) Beginning Balance December 31, 2016 $ (46,446 ) $ (45,816 ) $ — $ (92,262 ) Other comprehensive income (loss) before reclassifications 23,136 — (487 ) 22,649 Actuarial net gain (loss) incurred in the fiscal year — 35 — 35 Amounts reclassified from accumulated other comprehensive (income) loss — 36 222 258 Net current-period other comprehensive income (loss) (4) 23,136 71 (265 ) 22,942 Ending Balance September 30, 2017 $ (23,310 ) $ (45,745 ) $ (265 ) $ (69,320 ) (1) Net of taxes of $9,122 and $9,160 as of September 30, 2017 and December 31, 2016 , respectively. Net of taxes of $9,821 and $9,879 as of September 30, 2016 and December 31, 2015 , respectively. (2) Net of taxes of $151 and $0 as of September 30, 2017 and December 31, 2016 , respectively. Net of taxes of $0 and $5 as of September 30, 2016 and December 31, 2015 , respectively. (3) Net of taxes of $58 and $5 for the pension plans and postretirement benefits and unrealized gain (loss) on derivatives, respectively. (4) Net of taxes of $38 and $(151) for the pension plans and postretirement benefits and unrealized gain (loss) on derivatives, respectively. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share for the periods indicated: (In thousands, except per share amounts) Quarter Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Numerator: Net income $ 25,532 $ 16,065 $ 73,460 $ 36,370 Denominator: Weighted-average shares outstanding - basic 18,181 17,996 18,126 17,990 Effect of dilutive shares 407 187 377 227 Weighted-average shares outstanding - diluted 18,588 18,183 18,503 18,217 Basic earnings per share $ 1.40 $ 0.89 $ 4.05 $ 2.02 Diluted earnings per share $ 1.37 $ 0.88 $ 3.97 $ 2.00 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Assumptions Used in Calculation of Fair Value | Below were the assumptions used in the Monte Carlo calculation: September 30, September 30, Expected volatility 33.6% 29.6% Expected term (in years) 3.0 3.0 Risk-free interest rate 1.38% 0.93% |
Summary of Activity Under Stock Option Plans | A summary of the activity under our stock option plans during the three and nine month periods ended September 30, 2017 and changes during the nine months 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 June 30, 2017 64,958 $ 37.01 3.0 $ 4,651,550 Options exercised (1,400 ) $ 24.20 Options forfeited — $ — Options outstanding at September 30, 2017 63,558 $ 37.29 2.8 $ 6,100,702 Options exercisable at September 30, 2017 63,558 $ 37.29 2.8 $ 6,100,702 Options vested at September 30, 2017 63,558 $ 37.29 2.8 $ 6,100,702 Options Outstanding Weighted- Average Exercise Price Per Share Options outstanding at December 31, 2016 116,575 $ 37.76 Options exercised (53,017 ) $ 36.33 Options forfeited — $ — Options outstanding at September 30, 2017 63,558 $ 37.29 |
Time Based Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Activities | The following table summarizes the change in number of non-vested time-based restricted stock awards outstanding since December 31, 2016 : Time-Based Restricted Stock Awards Non-vested awards outstanding at December 31, 2016 239,189 Awards granted 77,505 Stock issued (132,373 ) Awards forfeited (5,500 ) Non-vested awards outstanding at September 30, 2017 178,821 |
Performance-Based Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Activities | The following table summarizes the change in number of non-vested performance-based restricted stock awards outstanding since December 31, 2016 : Performance-Based Restricted Stock Awards Non-vested awards outstanding at December 31, 2016 151,769 Awards granted 56,147 Stock issued (34,442 ) Awards forfeited (4,047 ) Non-vested awards outstanding at September 30, 2017 169,427 |
Deferred Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Activities | The following table summarizes the change in number of deferred stock units outstanding since December 31, 2016 : Deferred Stock Units Awards outstanding at December 31, 2016 11,900 Awards granted 9,250 Stock issued (11,900 ) Awards outstanding at September 30, 2017 9,250 |
Pension Benefits and Other Po35
Pension Benefits and Other Postretirement Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Defined Benefit Plan [Abstract] | |
Components of net periodic benefit cost | The components of net periodic (benefit) cost for the periods indicated were: (Dollars in thousands) Pension Benefits Retirement Health and Life Insurance Benefits Quarter Ended September 30, Nine Months Ended September 30, Quarter Ended September 30, Nine Months Ended September 30, Change in benefit obligation: 2017 2016 2017 2016 2017 2016 2017 2016 Service cost $ — $ — $ — $ — $ 12 $ 37 $ 68 $ 111 Interest cost 1,837 1,872 5,519 5,658 20 19 51 57 Expected return on plan assets (2,302 ) (2,698 ) (6,920 ) (8,110 ) — — — — Amortization of prior service cost (credit) — — — — (411 ) (373 ) (1,191 ) (1,119 ) Amortization of net loss (gain) 445 445 1,311 1,339 16 (19 ) (15 ) (57 ) Net periodic (benefit) cost $ (20 ) $ (381 ) $ (90 ) $ (1,113 ) $ (363 ) $ (336 ) $ (1,087 ) $ (1,008 ) |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Reportable Segment Information | The following table sets forth the information about our segments for the periods indicated; inter-segment sales have been eliminated from the net sales data: Quarter Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2017 2016 2017 2016 Net sales Advanced Connectivity Solutions $ 72,713 $ 65,518 $ 225,595 $ 206,115 Elastomeric Material Solutions 82,239 54,391 236,673 146,476 Power Electronics Solutions 46,409 39,777 132,966 113,391 Other 5,422 5,573 16,801 17,332 Total $ 206,783 $ 165,259 $ 612,035 $ 483,314 Operating income Advanced Connectivity Solutions $ 14,465 $ 7,605 $ 47,362 $ 34,334 Elastomeric Material Solutions 17,846 10,932 44,826 21,584 Power Electronics Solutions 5,429 2,767 14,024 4,540 Other 1,847 1,842 5,576 5,544 Total 39,587 23,146 111,788 66,002 Equity income in unconsolidated joint ventures 1,384 898 3,359 2,220 Other income (expense), net 1,596 676 2,126 320 Interest expense, net (1,639 ) (811 ) (4,834 ) (3,047 ) Income before income tax expense $ 40,928 $ 23,909 $ 112,439 $ 65,495 |
Joint Ventures (Tables)
Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint Ventures Accounted for Under Equity Method of Accounting | As of September 30, 2017 , we had two joint ventures, each 50% owned, which were accounted for under the equity method of accounting. Joint Venture Location Reportable Segment Fiscal Year-End Rogers INOAC Corporation (RIC) Japan Elastomeric Material Solutions October 31 Rogers INOAC Suzhou Corporation (RIS) China Elastomeric Material Solutions December 31 |
Summarized Information for Joint Ventures | The summarized financial information for the joint ventures for the periods indicated was as follows: Quarter Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2017 2016 2017 2016 Net sales $ 14,020 $ 12,773 $ 38,653 $ 32,934 Gross profit $ 5,463 $ 4,119 $ 14,832 $ 10,877 Net income $ 2,768 $ 1,796 $ 6,718 $ 4,440 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill for the period ending September 30, 2017 , by segment, were as follows: (Dollars in thousands) Advanced Connectivity Solutions Elastomeric Material Solutions Power Electronics Solutions Other Total December 31, 2016 $ 51,693 $ 91,531 $ 62,983 $ 2,224 $ 208,431 Foreign currency translation adjustment — 768 7,479 — 8,247 Purchase accounting adjustment — 116 — — 116 DSP acquisition — 17,793 — — 17,793 September 30, 2017 $ 51,693 $ 110,208 $ 70,462 $ 2,224 $ 234,587 |
Intangible Assets | Other Intangible Assets September 30, 2017 December 31, 2016 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks and patents $ 10,161 $ 1,882 $ 8,279 $ 6,825 $ 1,156 $ 5,669 Technology 73,779 31,382 42,397 68,880 24,365 44,515 Covenant not to compete 1,729 1,020 709 1,419 932 487 Customer relationships 128,357 20,262 108,095 96,148 14,311 81,837 Total definite-lived other intangible assets 214,026 54,546 159,480 173,272 40,764 132,508 Indefinite-lived other intangible assets 4,662 — 4,662 4,168 — 4,168 Total other intangible assets $ 218,688 $ 54,546 $ 164,142 $ 177,440 $ 40,764 $ 136,676 |
Weighted Average Amortization Period, by Intangible Asset Class | The weighted average amortization period as of September 30, 2017 , by other intangible asset class, is presented in the table below: Other Intangible Asset Class Weighted Average Amortization Period (Years) Trademarks and patents 7.3 Technology 6.1 Customer relationships 10.4 Covenant not to compete 3.4 Total definite-lived other intangible assets 9.1 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | The following table presents information about our recent asbestos claims activity: Asbestos Claims Activity Claims outstanding at December 31, 2016 605 New claims filed 284 Pending claims concluded (226 ) Claims outstanding at September 30, 2017 663 |
Restructuring and Impairment 40
Restructuring and Impairment Charges (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | Severance activity related to the headquarters relocation is presented in the table below for the nine months ended September 30, 2017 : (Dollars in thousands) Severance Related to Headquarters Relocation Balance at December 31, 2016 $ 470 Provisions 361 Payments (649 ) Balance at September 30, 2017 $ 182 |
Fair Value Measurements (Variou
Fair Value Measurements (Various Instruments That Require Fair Value Measurement) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Foreign currency contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | $ (382) | $ (170) |
Foreign currency contracts | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | 0 | 0 |
Foreign currency contracts | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | (382) | (170) |
Foreign currency contracts | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | 0 | 0 |
Copper derivative contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | 1,534 | 1,277 |
Copper derivative contracts | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | 0 | 0 |
Copper derivative contracts | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | 1,534 | 1,277 |
Copper derivative contracts | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | 0 | $ 0 |
Interest rate swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | (638) | |
Interest rate swap | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | 0 | |
Interest rate swap | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | (638) | |
Interest rate swap | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives | $ 0 |
Hedging Transactions and Deri42
Hedging Transactions and Derivative Financial Instruments (Additional Information) (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017USD ($)Contract | Sep. 30, 2017USD ($)Contract | Mar. 31, 2017USD ($) | |
Bank Term Loan | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Number of derivative contracts related to minimizing risk associated with potential rise in copper prices (contract) | Contract | 20 | 20 | |
Third Amended Credit Agreement | Revolving Credit Facility | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Maximum borrowing capacity | $ 450,000,000 | $ 450,000,000 | |
Interest rate swap | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Loss on cash flow hedge ineffectiveness | $ 100,000 | $ 200,000 | |
Interest rate swap | Third Amended Credit Agreement | Revolving Credit Facility | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedged balance on debt instrument | $ 75,000,000 |
Hedging Transactions and Deri43
Hedging Transactions and Derivative Financial Instruments (Notional Values of Derivative Instruments) (Details) | Sep. 30, 2017JPY (¥)T | Sep. 30, 2017EUR (€)T | Sep. 30, 2017USD ($)T | Sep. 30, 2017KRW (₩)T |
Contracts not designated as hedging instruments | KRW/USD | Foreign Exchange Forward | ||||
Derivative [Line Items] | ||||
Notional Values of Foreign Currency Derivatives | ₩ | ₩ 3,281,770,000 | |||
Contracts not designated as hedging instruments | JPY/EUR | Foreign Exchange Forward | ||||
Derivative [Line Items] | ||||
Notional Values of Foreign Currency Derivatives | ¥ | ¥ 350,000,000 | |||
Contracts not designated as hedging instruments | EUR/USD | Foreign Exchange Forward | ||||
Derivative [Line Items] | ||||
Notional Values of Foreign Currency Derivatives | € | € 4,635,239 | |||
Contracts not designated as hedging instruments | EUR/HUF | Foreign Exchange Forward | ||||
Derivative [Line Items] | ||||
Notional Values of Foreign Currency Derivatives | € | € 369,885 | |||
Contracts not designated as hedging instruments | USD/CNY | Foreign Exchange Forward | ||||
Derivative [Line Items] | ||||
Notional Values of Foreign Currency Derivatives | $ | $ 6,083,500 | |||
Contracts designated as hedging instruments | October 2017 - December 2017 | ||||
Derivative [Line Items] | ||||
Volume of Copper Derivatives | 122 | 122 | 122 | 122 |
Contracts designated as hedging instruments | January 2018 - March 2018 | ||||
Derivative [Line Items] | ||||
Volume of Copper Derivatives | 140 | 140 | 140 | 140 |
Contracts designated as hedging instruments | April 2018 - June 2018 | ||||
Derivative [Line Items] | ||||
Volume of Copper Derivatives | 139 | 139 | 139 | 139 |
Contracts designated as hedging instruments | July 2018 - September 2018 | ||||
Derivative [Line Items] | ||||
Volume of Copper Derivatives | 93 | 93 | 93 | 93 |
Contracts designated as hedging instruments | October 2018 - December 2018 | ||||
Derivative [Line Items] | ||||
Volume of Copper Derivatives | 23 | 23 | 23 | 23 |
Hedging Transactions and Deri44
Hedging Transactions and Derivative Financial Instruments (Effect and Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Contracts not designated as hedging instruments | Other income (expense), net | Foreign Exchange Contracts | ||||
Derivative [Line Items] | ||||
Effect of current derivative instruments | $ (198) | $ 29 | $ (382) | $ 29 |
Fair Values of Derivative Instruments | (382) | 29 | (382) | 29 |
Contracts not designated as hedging instruments | Other income (expense), net | Copper Derivatives | ||||
Derivative [Line Items] | ||||
Effect of current derivative instruments | 474 | (94) | 578 | (163) |
Fair Values of Derivative Instruments | 1,534 | $ 490 | 1,534 | $ 490 |
Contracts designated as hedging instruments | Other comprehensive income (loss) | Interest rate swap | ||||
Derivative [Line Items] | ||||
Effect of current derivative instruments | 100 | (415) | ||
Fair Values of Derivative Instruments | $ (638) | $ (638) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 43,857 | $ 29,788 |
Work-in-process | 30,859 | 26,440 |
Finished goods | 39,402 | 34,902 |
Total inventories | $ 114,118 | $ 91,130 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Millions | Jan. 06, 2017 | Nov. 23, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||||||
Weighted average useful life (in years) | 9 years 1 month 6 days | ||||||
Amortization expense | $ 3.8 | $ 2.7 | $ 11 | $ 8 | |||
Anticipated future amortization expense for 2017 | 3.9 | 3.9 | |||||
Anticipated future amortization expense for 2018 | 15.4 | 15.4 | |||||
Anticipated future amortization expense for 2019 | 15.2 | 15.2 | |||||
Anticipated future amortization expense for 2020 | 11.9 | 11.9 | |||||
Anticipated future amortization expense for 2021 | 11 | 11 | |||||
Diversified Silicone Products, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Consideration transferred | $ 60.2 | ||||||
Anticipated future amortization expense for 2017 | 0.5 | 0.5 | |||||
Anticipated future amortization expense for 2018 | 1.9 | 1.9 | |||||
Anticipated future amortization expense for 2019 | 1.8 | 1.8 | |||||
Anticipated future amortization expense for 2020 | 1.8 | 1.8 | |||||
Anticipated future amortization expense for 2021 | 1.8 | 1.8 | |||||
Business acquisition, acquiree revenue | 5.9 | 16.8 | |||||
Diversified Silicone Products, Inc. | Revolving Credit Facility | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from line of credit | 30 | ||||||
DeWAL Industries LLC. | |||||||
Business Acquisition [Line Items] | |||||||
Consideration transferred | $ 135.5 | ||||||
Proceeds from line of credit | 136 | ||||||
Anticipated future amortization expense for 2017 | 0.7 | 0.7 | |||||
Anticipated future amortization expense for 2018 | 3.7 | 3.7 | |||||
Anticipated future amortization expense for 2019 | 4.1 | 4.1 | |||||
Anticipated future amortization expense for 2020 | 4.3 | 4.3 | |||||
Anticipated future amortization expense for 2021 | $ 4.3 | 4.3 | |||||
Transaction costs | 0.1 | $ 2.1 | |||||
Minimum | Diversified Silicone Products, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Amortization expense | 1.1 | ||||||
Minimum | DeWAL Industries LLC. | |||||||
Business Acquisition [Line Items] | |||||||
Amortization expense | 2.4 | ||||||
Maximum | Diversified Silicone Products, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Amortization expense | 2 | ||||||
Maximum | DeWAL Industries LLC. | |||||||
Business Acquisition [Line Items] | |||||||
Amortization expense | $ 4.3 | ||||||
Customer relationships | |||||||
Business Acquisition [Line Items] | |||||||
Weighted average useful life (in years) | 10 years 4 months 24 days | ||||||
Customer relationships | Diversified Silicone Products, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 30.5 | ||||||
Weighted average useful life (in years) | 11 years 9 months 24 days | ||||||
Customer relationships | DeWAL Industries LLC. | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 46.7 | ||||||
Weighted average useful life (in years) | 13 years 6 months | ||||||
Developed Technology Rights | Diversified Silicone Products, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 1.8 | ||||||
Weighted average useful life (in years) | 4 years 3 months 18 days | ||||||
Developed Technology Rights | DeWAL Industries LLC. | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 22 | ||||||
Weighted average useful life (in years) | 8 years 7 months 6 days | ||||||
Trademarks | Diversified Silicone Products, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 3.3 | ||||||
Weighted average useful life (in years) | 11 years 8 months 12 days | ||||||
Trademarks | DeWAL Industries LLC. | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 4.3 | ||||||
Weighted average useful life (in years) | 5 years 2 months 12 days | ||||||
Covenant-not-to-compete | |||||||
Business Acquisition [Line Items] | |||||||
Weighted average useful life (in years) | 3 years 4 months 24 days | ||||||
Covenant-not-to-compete | Diversified Silicone Products, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | $ 0.3 | ||||||
Weighted average useful life (in years) | 4 years 1 month 6 days | ||||||
Covenant-not-to-compete | DeWAL Industries LLC. | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | $ 0.5 | ||||||
Weighted average useful life (in years) | 3 years 9 months 6 days | ||||||
Selling and Administrative Expenses | Diversified Silicone Products, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Transaction costs | $ 0.5 |
Acquisitions - Schedule of Reco
Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jan. 06, 2017 | Dec. 31, 2016 | Nov. 23, 2016 |
Assets: | ||||
Goodwill | $ 234,587 | $ 208,431 | ||
Diversified Silicone Products, Inc. | ||||
Assets: | ||||
Accounts receivable | $ 2,724 | |||
Prepaid expenses | 21 | |||
Inventory | 2,433 | |||
Property, plant & equipment | 1,589 | |||
Other intangible assets | 35,860 | |||
Goodwill | 17,793 | |||
Total assets | 60,420 | |||
Liabilities: | ||||
Accounts payable | 179 | |||
Accrued expenses | 50 | |||
Total liabilities | 229 | |||
Fair value of net assets acquired | $ 60,191 | |||
DeWAL Industries LLC. | ||||
Assets: | ||||
Cash and cash equivalents | $ 1,539 | |||
Accounts receivable | 7,513 | |||
Other current assets | 691 | |||
Inventory | 9,915 | |||
Property, plant & equipment | 9,932 | |||
Other intangible assets | 73,500 | |||
Goodwill | 35,755 | |||
Other long-term assets | 101 | |||
Total assets | 138,946 | |||
Liabilities: | ||||
Accounts payable | 2,402 | |||
Other current liabilities | 1,062 | |||
Total liabilities | 3,464 | |||
Fair value of net assets acquired | $ 135,482 |
Acquisitions - Business Acquisi
Acquisitions - Business Acquisition Pro Forma Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Business Combinations [Abstract] | ||
Net sales | $ 183,560 | $ 537,960 |
Net income | $ 16,288 | $ 34,829 |
Accumulated Other Comprehensi49
Accumulated Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||||
Balance, Beginning of Period | $ 635,786 | ||||||||
Other comprehensive income (loss) before reclassifications (4) | 22,649 | $ 6,605 | |||||||
Actuarial net gain (loss) incurred in the fiscal year | 35 | ||||||||
Amounts reclassified from accumulated other comprehensive (income) loss | 258 | 116 | |||||||
Other comprehensive income | $ 6,171 | $ 1,442 | 22,942 | [1] | 6,721 | [2] | |||
Balance, End of Period | 751,104 | 751,104 | |||||||
AOCI, Pension and other postretirement benefit plans, tax | 9,122 | 9,821 | 9,122 | 9,821 | $ 9,160 | $ 9,879 | |||
AOCI, Cumulative changes in net gain (loss) from cash flow hedges, tax | 151 | 0 | 151 | 0 | $ 0 | $ 5 | |||
Foreign currency translation adjustments | |||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||||
Balance, Beginning of Period | (46,446) | (41,365) | |||||||
Other comprehensive income (loss) before reclassifications (4) | 23,136 | 6,605 | |||||||
Actuarial net gain (loss) incurred in the fiscal year | 0 | ||||||||
Amounts reclassified from accumulated other comprehensive (income) loss | 0 | 0 | |||||||
Other comprehensive income | 23,136 | [1] | 6,605 | [2] | |||||
Balance, End of Period | (23,310) | (34,760) | (23,310) | (34,760) | |||||
Funded status of pension plans and other postretirement benefits | |||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||||
Balance, Beginning of Period | [3] | (45,816) | (47,082) | ||||||
Other comprehensive income (loss) before reclassifications (4) | [3] | 0 | 0 | ||||||
Actuarial net gain (loss) incurred in the fiscal year | [3] | 35 | |||||||
Amounts reclassified from accumulated other comprehensive (income) loss | [3] | 36 | 105 | ||||||
Other comprehensive income | [3] | 71 | [1] | 105 | [2] | ||||
Balance, End of Period | [3] | (45,745) | (46,977) | (45,745) | (46,977) | ||||
Reclassification from AOCI, Current Period, Tax | 58 | 38 | |||||||
Unrealized gain (loss) on derivative instruments | |||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||||
Balance, Beginning of Period | [4] | 0 | (11) | ||||||
Other comprehensive income (loss) before reclassifications (4) | [4] | (487) | |||||||
Actuarial net gain (loss) incurred in the fiscal year | [4] | 0 | |||||||
Amounts reclassified from accumulated other comprehensive (income) loss | [4] | 222 | 11 | ||||||
Other comprehensive income | [4] | (265) | [1] | 11 | [2] | ||||
Balance, End of Period | [4] | (265) | 0 | (265) | 0 | ||||
Reclassification from AOCI, Current Period, Tax | 5 | (151) | |||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||||
Balance, Beginning of Period | (92,262) | (88,458) | |||||||
Other comprehensive income | 22,942 | ||||||||
Balance, End of Period | $ (69,320) | $ (81,737) | $ (69,320) | $ (81,737) | |||||
[1] | Net of taxes of $38 and $(151) for the pension plans and postretirement benefits and unrealized gain (loss) on derivatives, respectively. | ||||||||
[2] | Net of taxes of $58 and $5 for the pension plans and postretirement benefits and unrealized gain (loss) on derivatives, respectively. | ||||||||
[3] | Net of taxes of $9,122 and $9,160 as of September 30, 2017 and December 31, 2016, respectively. Net of taxes of $9,821 and $9,879 as of September 30, 2016 and December 31, 2015, respectively. | ||||||||
[4] | Net of taxes of $151 and $0 as of September 30, 2017 and December 31, 2016, respectively. Net of taxes of $0 and $5 as of September 30, 2016 and December 31, 2015, respectively. |
Earnings Per Share (Computation
Earnings Per Share (Computation of Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Numerator: | ||||
Net income | $ 25,532 | $ 16,065 | $ 73,460 | $ 36,370 |
Denominator: | ||||
Weighted-average shares outstanding - basic (shares) | 18,181,000 | 17,996,000 | 18,126,000 | 17,990,000 |
Effect of dilutive shares (shares) | 407,000 | 187,000 | 377,000 | 227,000 |
Weighted-average shares outstanding - diluted (shares) | 18,588,000 | 18,183,000 | 18,503,000 | 18,217,000 |
Basic earnings per share (in dollars per share) | $ 1.40 | $ 0.89 | $ 4.05 | $ 2.02 |
Diluted earnings per share (in dollars per share) | $ 1.37 | $ 0.88 | $ 3.97 | $ 2 |
Anti-dilutive shares excluded (shares) | 0 | 13,500 |
Stock-Based Compensation (Addit
Stock-Based Compensation (Additional Information) (Details) | 3 Months Ended | 9 Months Ended | 63 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)offering_periods | Sep. 30, 2016USD ($) | Jun. 30, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Proceeds from the exercise of stock options, net | $ 1,926,000 | $ 2,058,000 | |||
Deferred Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense (income) | $ 100,000 | $ 0 | $ 1,000,000 | 700,000 | |
Employee Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options, contractual term (years) | 10 years | ||||
Stock options, grants in period, gross | shares | 0 | ||||
Options exercised, total intrinsic value | $ 3,000,000 | ||||
Performance-Based Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock award program, measurement period (years) | 3 years | ||||
Expected dividend yield (percent) | 0.00% | ||||
Compensation expense (income) | 1,400,000 | 1,100,000 | $ 2,900,000 | 3,200,000 | |
Performance-Based Restricted Stock | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock award program, awarded shares as a percentage of the original award amount (percent) | 0.00% | ||||
Performance-Based Restricted Stock | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock award program, awarded shares as a percentage of the original award amount (percent) | 200.00% | ||||
Time Based Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense (income) | 1,600,000 | 1,600,000 | $ 4,200,000 | 4,300,000 | |
Employee Stock Purchase Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense (income) | $ 100,000 | $ 300,000 | $ 100,000 | $ 300,000 | |
Employee stock purchase plan, number of offering (offering period) | offering_periods | 2 | ||||
Employee stock purchase plan, offering period (months) | 6 months | ||||
Employee stock purchase plan, purchase price discount (percent) | 15.00% |
Stock-Based Compensation (Monte
Stock-Based Compensation (Monte Carlo Calculation Assumptions) (Details) - Performance-Based Restricted Stock | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility (percent) | 33.60% | 29.60% |
Expected term (years) | 3 years | 3 years |
Risk-free interest rate (percent) | 1.38% | 0.93% |
Stock-Based Compensation (Perfo
Stock-Based Compensation (Performance Based Restricted Stock Awards) (Details) - Performance-Based Restricted Stock | 9 Months Ended |
Sep. 30, 2017shares | |
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 (shares) | 151,769 |
Awards granted (shares) | 56,147 |
Stock issued (shares) | (34,442) |
Awards forfeited (shares) | (4,047) |
Non-vested awards outstanding ending balance (shares) | 169,427 |
Stock-Based Compensation (Time
Stock-Based Compensation (Time Based Restricted Stock Awards) (Details) - Time Based Restricted Stock | 9 Months Ended |
Sep. 30, 2017shares | |
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 (shares) | 239,189 |
Awards granted (shares) | 77,505 |
Stock issued (shares) | (132,373) |
Awards forfeited (shares) | (5,500) |
Non-vested awards outstanding ending balance (shares) | 178,821 |
Stock-Based Compensation (Defer
Stock-Based Compensation (Deferred Stock Units) (Details) - Deferred Stock Units | 9 Months Ended |
Sep. 30, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Conversion ratio | 1 |
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 (shares) | 11,900 |
Awards granted (shares) | 9,250 |
Stock issued (shares) | (11,900) |
Non-vested awards outstanding ending balance (shares) | 9,250 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Activity Under Stock Option Plans) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | |
Options Outstanding | |||
Options outstanding at beginning of period (shares) | 64,958 | 116,575 | 116,575 |
Options exercised (shares) | (1,400) | (53,017) | |
Options forfeited (shares) | 0 | 0 | |
Options outstanding at end of period (shares) | 63,558 | 64,958 | 63,558 |
Options exercisable at end of period (shares) | 63,558 | 63,558 | |
Options vested at end of period (shares) | 63,558 | 63,558 | |
Weighted- Average Exercise Price Per Share | |||
Options outstanding at beginning of period (in USD per share) | $ 37.01 | $ 37.76 | $ 37.76 |
Options exercised (in USD per share) | 24.20 | 36.33 | |
Options forfeited (dollars per share) | 0 | 0 | |
Options outstanding at end of period (in USD per share) | 37.29 | $ 37.01 | 37.29 |
Options exercisable at end of peirod (in USD per share) | 37.29 | 37.29 | |
Options vested at end of period (in USD per share) | $ 37.29 | $ 37.29 | |
Weighted-Average Remaining Contractual Life in Years | |||
Weighted-Average Remaining Contractual Life in Year, Options outstanding | 3 years | 2 years 9 months | |
Options exercisable, Weighted-Average Remaining Contractual Life in Years (years) | 2 years 9 months | ||
Options vested, Weighted-Average Remaining Contractual Life in Years (years) | 2 years 9 months | ||
Aggregate Intrinsic Value | |||
Options outstanding, Aggregate Intrinsic Value | $ 6,100,702 | $ 4,651,550 | $ 6,100,702 |
Options exercisable, Aggregate Intrinsic Value | 6,100,702 | 6,100,702 | |
Options vested, Aggregate Intrinsic Value | $ 6,100,702 | $ 6,100,702 |
Pension Benefits and Other Po57
Pension Benefits and Other Postretirement Benefit Plans (Additional Information) (Details) | 9 Months Ended |
Sep. 30, 2017pension_plan | |
Defined Benefit Plan [Abstract] | |
Number of plans | 3 |
Pension Benefits and Other Po58
Pension Benefits and Other Postretirement Benefit Plans (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Bear Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit pension plan, required employer contribution | $ 400 | $ 100 | ||
Defined benefit plan, contributions by employer | 300 | |||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 1,837 | $ 1,872 | 5,519 | 5,658 |
Expected return on plan assets | (2,302) | (2,698) | (6,920) | (8,110) |
Amortization of net loss (gain) | 445 | 445 | 1,311 | 1,339 |
Net periodic (benefit) cost | (20) | (381) | (90) | (1,113) |
Retirement Health and Life Insurance Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 12 | 37 | 68 | 111 |
Interest cost | 20 | 19 | 51 | 57 |
Amortization of prior service cost (credit) | (411) | (373) | (1,191) | (1,119) |
Amortization of net loss (gain) | 16 | (19) | (15) | (57) |
Net periodic (benefit) cost | $ (363) | $ (336) | $ (1,087) | $ (1,008) |
Segment Information (Income by
Segment Information (Income by Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 206,783 | $ 165,259 | $ 612,035 | $ 483,314 |
Operating income | 39,587 | 23,146 | 111,788 | 66,002 |
Equity income in unconsolidated joint ventures | 1,384 | 898 | 3,359 | 2,220 |
Other income (expense), net | 1,596 | 676 | 2,126 | 320 |
Interest expense, net | (1,639) | (811) | (4,834) | (3,047) |
Income before income tax expense | 40,928 | 23,909 | 112,439 | 65,495 |
Advanced Connectivity Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 72,713 | 65,518 | 225,595 | 206,115 |
Operating income | 14,465 | 7,605 | 47,362 | 34,334 |
Elastomeric Material Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 82,239 | 54,391 | 236,673 | 146,476 |
Operating income | 17,846 | 10,932 | 44,826 | 21,584 |
Power Electronics Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 46,409 | 39,777 | 132,966 | 113,391 |
Operating income | 5,429 | 2,767 | 14,024 | 4,540 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 5,422 | 5,573 | 16,801 | 17,332 |
Operating income | $ 1,847 | $ 1,842 | $ 5,576 | $ 5,544 |
Joint Ventures (Additional Info
Joint Ventures (Additional Information) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($)Entity | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)Entity | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Number of joint ventures that are 50% owned (entity) | Entity | 2 | 2 | |||
Equity income related to joint ventures | $ 1,384 | $ 898 | $ 3,359 | $ 2,220 | |
Due from joint ventures, current | $ 2,700 | $ 2,700 | $ 2,400 | ||
Rogers INOAC Corporation (RIC) | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest in joint venture (percent) | 50.00% | 50.00% | |||
Rogers INOAC Suzhou Corporation (RIS) | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest in joint venture (percent) | 50.00% | 50.00% | |||
Corporate Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Due to related parties, current | $ 2,700 | $ 2,700 | $ 1,600 |
Joint Ventures (Accounted for U
Joint Ventures (Accounted for Under Equity Method of Accounting) (Details) | 9 Months Ended |
Sep. 30, 2017 | |
Schedule of Equity Method Investments [Line Items] | |
Fiscal Year-End | --12-31 |
Rogers INOAC Corporation (RIC) | Japan | High Performance Foams | |
Schedule of Equity Method Investments [Line Items] | |
Fiscal Year-End | --10-31 |
Rogers INOAC Suzhou Corporation (RIS) | China | High Performance Foams | |
Schedule of Equity Method Investments [Line Items] | |
Fiscal Year-End | --12-31 |
Joint Ventures (Summarized Info
Joint Ventures (Summarized Information for Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Net sales | $ 14,020 | $ 12,773 | $ 38,653 | $ 32,934 |
Gross profit | 5,463 | 4,119 | 14,832 | 10,877 |
Net income | $ 2,768 | $ 1,796 | $ 6,718 | $ 4,440 |
Debt (Additional Information) (
Debt (Additional Information) (Details) | Jun. 18, 2015USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Feb. 17, 2017USD ($) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | ||||||||
Debt issuance cost | $ 2,400,000 | $ 2,400,000 | ||||||
Amortization expense, debt issue costs | $ 100,000 | $ 200,000 | $ 400,000 | $ 400,000 | ||||
Debt instrument, leverage ratio, maximum | 2.75 | 2.75 | ||||||
Capital lease, expiration date | 2,021 | |||||||
Capital lease obligation | $ 5,700,000 | $ 5,700,000 | ||||||
Amortization expense related to the capital lease | 100,000 | 100,000 | 200,000 | 300,000 | ||||
Capital lease accumulated depreciation | 4,100,000 | 4,100,000 | $ 3,400,000 | |||||
Interest expense on capital lease | 100,000 | $ 100,000 | 100,000 | $ 300,000 | ||||
Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Dividends | 20,000,000 | |||||||
Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable rate lower range basis spread | 37.50% | |||||||
Variable rate higher range basis spread | 75.00% | |||||||
Line of credit, base reference rate description | The base reference rate is the greater of the prime rate; federal funds effective rate (or the overnight bank funding rate, if greater) plus 50 basis points; or adjusted 1-month LIBOR plus 100 basis points. | |||||||
Amended Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit agreement, agreement period (in years) | 5 years | |||||||
Expansion option | $ 50,000,000 | |||||||
Debt issuance cost | 1,400,000 | 1,400,000 | ||||||
Amended Credit Facility | Federal Funds Effective Swap Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable rate lower range basis spread | 0.50% | |||||||
Amended Credit Facility | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable rate higher range basis spread | 1.00% | |||||||
Amended Credit Facility | Bank Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 55,000,000 | |||||||
Amended Credit Facility | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 295,000,000 | |||||||
Third Amended Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Leverage ratio | 3.25 | |||||||
One-time leverage ratio maximum option | 3.50 | |||||||
ICR covenant limit | 3 | |||||||
Debt issuance cost | 1,000,000 | 1,000,000 | ||||||
Eurocurrency loans | Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit, LIBOR rate, minimum spread | 137.50% | |||||||
Line of credit, LIBOR rate, maximum spread | 175.00% | |||||||
Revolving Credit Facility | Third Amended Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 450,000,000 | 450,000,000 | ||||||
Additional borrowing capacity | $ 175,000,000 | |||||||
Repayments of lines of credit | 60,000,000 | $ 50,000,000 | ||||||
Outstanding borrowings | $ 131,200,000 | $ 131,200,000 | ||||||
Revolving Credit Facility | Third Amended Credit Agreement | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused capacity, commitment fee percentage | 20.00% | |||||||
Revolving Credit Facility | Third Amended Credit Agreement | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused capacity, commitment fee percentage | 30.00% |
Goodwill and Intangible Asset64
Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill by Segment) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Goodwill [Roll Forward] | |
December 31, 2016 | $ 208,431 |
Foreign currency translation adjustment | 8,247 |
Purchase accounting adjustment | 116 |
DSP acquisition | 17,793 |
September 30, 2017 | 234,587 |
Advanced Connectivity Solutions | |
Goodwill [Roll Forward] | |
December 31, 2016 | 51,693 |
Foreign currency translation adjustment | 0 |
Purchase accounting adjustment | 0 |
DSP acquisition | 0 |
September 30, 2017 | 51,693 |
Elastomeric Material Solutions | |
Goodwill [Roll Forward] | |
December 31, 2016 | 91,531 |
Foreign currency translation adjustment | 768 |
Purchase accounting adjustment | 116 |
DSP acquisition | 17,793 |
September 30, 2017 | 110,208 |
Power Electronics Solutions | |
Goodwill [Roll Forward] | |
December 31, 2016 | 62,983 |
Foreign currency translation adjustment | 7,479 |
Purchase accounting adjustment | 0 |
DSP acquisition | 0 |
September 30, 2017 | 70,462 |
Other | |
Goodwill [Roll Forward] | |
December 31, 2016 | 2,224 |
Foreign currency translation adjustment | 0 |
Purchase accounting adjustment | 0 |
DSP acquisition | 0 |
September 30, 2017 | $ 2,224 |
Goodwill and Intangible Asset65
Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 214,026 | $ 173,272 |
Accumulated Amortization | 54,546 | 40,764 |
Total intangible Assets, Gross Carrying Amount | 218,688 | 177,440 |
Net Carrying Amount | 159,480 | 132,508 |
Indefinite-lived other intangible assets | 4,662 | 4,168 |
Total intangible assets, Net Carrying Amount | 164,142 | 136,676 |
Trademarks and patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 10,161 | 6,825 |
Accumulated Amortization | 1,882 | 1,156 |
Net Carrying Amount | 8,279 | 5,669 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 73,779 | 68,880 |
Accumulated Amortization | 31,382 | 24,365 |
Net Carrying Amount | 42,397 | 44,515 |
Covenant not to compete | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,729 | 1,419 |
Accumulated Amortization | 1,020 | 932 |
Net Carrying Amount | 709 | 487 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 128,357 | 96,148 |
Accumulated Amortization | 20,262 | 14,311 |
Net Carrying Amount | $ 108,095 | $ 81,837 |
Goodwill and Intangible Asset66
Goodwill and Intangible Assets (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 3.8 | $ 2.7 | $ 11 | $ 8 |
Annual Future Amortization Expense | ||||
Anticipated future amortization expense for 2017 | 3.9 | 3.9 | ||
Anticipated future amortization expense for 2018 | 15.4 | 15.4 | ||
Anticipated future amortization expense for 2019 | 15.2 | 15.2 | ||
Anticipated future amortization expense for 2020 | 11.9 | 11.9 | ||
Anticipated future amortization expense for 2021 | $ 11 | $ 11 |
Goodwill and Intangible Asset67
Goodwill and Intangible Assets (Weighted Average Amortization Period by Intangible Asset Class) (Details) | 9 Months Ended |
Sep. 30, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Amortization Period (Years) | 9 years 1 month 6 days |
Trademarks and patents | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Amortization Period (Years) | 7 years 3 months 18 days |
Technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Amortization Period (Years) | 6 years 1 month 6 days |
Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Amortization Period (Years) | 10 years 4 months 24 days |
Covenant-not-to-compete | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Amortization Period (Years) | 3 years 4 months 24 days |
Commitments and Contingencies68
Commitments and Contingencies (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)LegalMatterclaims | Dec. 31, 2016claims | Dec. 31, 2015USD ($) | |
Loss Contingencies [Line Items] | ||||
Environmental remediation expense | $ 0.5 | |||
Number of pending claims (legal matter) | claims | 663 | 605 | ||
Asbestos forecast claim period | 10 years | 10 years | ||
Connecticut Voluntary Corrective Action Program | ||||
Loss Contingencies [Line Items] | ||||
Estimated total cleanup costs, accrual | $ 1.8 | $ 3.2 | ||
Loss contingency accrual, period decrease | $ 0.9 | |||
Superfund Sites Proceedings | ||||
Loss Contingencies [Line Items] | ||||
Estimated total cleanup costs, accrual | $ 0.4 | |||
Number of pending claims (legal matter) | LegalMatter | 1 | |||
Estimated total cleanup costs, cost sharing percentage (percent) | 2.00% | |||
PCB Contamination Proceedings | ||||
Loss Contingencies [Line Items] | ||||
Accrual for environmental loss contingencies | $ 0.2 | |||
Minimum | Superfund Sites Proceedings | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, maximum possible loss | 18.8 | |||
Maximum | Superfund Sites Proceedings | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, maximum possible loss | $ 29.6 |
Commitments and Contingencies69
Commitments and Contingencies (Schedule of Loss Contingencies) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($)claims | |
Liability for Asbestos and Environmental Claims [Roll Forward] | |
Claims outstanding at December 31, 2016 | 605 |
New claims filed | 284 |
Pending claims concluded | (226) |
Claims outstanding at September 30, 2017 | 663 |
Number of claims dismissed | 211 |
Number of claims settled (claim) | 15 |
Claims settlements amount | $ | $ 2.4 |
Commitments and Contingencies70
Commitments and Contingencies (Schedule of Total Estimated Liability for Asbestos) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Asbestos-related claims | $ 52 |
Asbestos-related insurance receivables | $ 48.4 |
Share Repurchase (Details)
Share Repurchase (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Aug. 06, 2015 | |
Equity [Abstract] | ||
Authorized stock repurchase amount | $ 100,000,000 | |
Remaining authorized stock repurchase amount | $ 52,000,000 | |
Shares of capital stock repurchased (in shares) | 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | ||||||
Effective tax rate (percent) | 37.60% | 32.80% | 34.60% | 44.50% | ||
Valuation allowance, deferred tax asset, increase, amount | $ 1.9 | |||||
Deferred tax liabilities, undistributed foreign earnings | $ 3.4 | |||||
Current foreign tax expense (benefit) | $ 5.5 | |||||
Unrecognized tax benefits | 6.8 | $ 6.8 | ||||
Unrecognized tax benefits that would decrease the effective tax rate if recognized | 6.6 | 6.6 | ||||
Unrecognized tax benefits that could be recognized within 12 months | 1.6 | 1.6 | ||||
Unrecognized tax benefits, penalties accrued | 0.7 | 0.7 | ||||
Stock-based compensation, excess tax benefit, amount | $ 1.5 | $ 3.2 | ||||
Accounting Standards Update 2016-09, Excess Tax Benefit Component | ||||||
Income Tax Contingency [Line Items] | ||||||
Deferred tax asset, adjustment | $ 12.7 |
Restructuring and Impairment 73
Restructuring and Impairment Charges - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017USD ($)Segment | Sep. 30, 2017USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||
Number of operating segments (allocated to) | Segment | 3 | |
Arizona | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 600 | $ 2,400 |
Employee Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 361 | |
Expected cost to be paid | 1,100 | $ 1,100 |
Brightvolt, Inc. | ||
Restructuring Cost and Reserve [Line Items] | ||
Asset impairment charges | $ 300 |
Restructuring and Impairment 74
Restructuring and Impairment Charges - Schedule of Restructuring Costs (Details) - Employee Severance $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | $ 470 |
Provisions | 361 |
Payments | (649) |
Ending balance | $ 182 |
Assets Held for Sale - Narrativ
Assets Held for Sale - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||||||
Gain on sale of long-lived asset | $ 4,387 | $ 0 | $ 5,329 | $ 0 | ||
Assets held for sale | 896 | 896 | $ 871 | |||
Belgium | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Gain on sale of long-lived asset | $ (900) | |||||
Unites States | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Assets held for sale | $ 896 | $ 896 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Details) $ in Millions | Dec. 31, 2016USD ($) |
Accounting Standards Update 2016-09, Excess Tax Benefit Component | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Deferred tax asset, adjustment | $ 12.7 |