Company Quick10K Filing
Rogers
Price140.01 EPS4
Shares19 P/E34
MCap2,622 P/FCF23
Net Debt-10 EBIT93
TEV2,611 TEV/EBIT28
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-21
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-04-27
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-01
10-Q 2017-03-31 Filed 2017-05-01
10-K 2016-12-31 Filed 2017-02-21
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-23
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-18
10-Q 2014-09-30 Filed 2014-10-29
10-Q 2014-06-30 Filed 2014-07-30
10-Q 2014-03-31 Filed 2014-04-30
10-K 2013-12-31 Filed 2014-02-24
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-05-01
10-Q 2012-09-30 Filed 2012-11-05
10-Q 2012-06-30 Filed 2012-08-01
10-Q 2012-03-31 Filed 2012-05-02
10-Q 2011-09-30 Filed 2011-11-01
10-Q 2011-06-30 Filed 2011-08-02
10-Q 2011-03-31 Filed 2011-05-03
10-K 2010-12-31 Filed 2011-02-18
10-Q 2010-09-30 Filed 2010-11-02
10-Q 2010-06-30 Filed 2010-08-03
10-Q 2010-03-31 Filed 2010-05-04
10-K 2009-12-31 Filed 2010-02-19
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-07-30 Earnings, Regulation FD, Exhibits
8-K 2020-05-12
8-K 2020-04-30
8-K 2020-02-20
8-K 2020-02-12
8-K 2019-10-30
8-K 2019-09-03
8-K 2019-07-31
8-K 2019-06-10
8-K 2019-05-21
8-K 2019-05-15
8-K 2019-04-30
8-K 2019-02-20
8-K 2019-02-07
8-K 2018-11-01
8-K 2018-09-17
8-K 2018-08-29
8-K 2018-07-31
8-K 2018-07-09
8-K 2018-05-18
8-K 2018-05-03
8-K 2018-04-26
8-K 2018-03-16
8-K 2018-02-27

ROG 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Fair Value Measurements
Note 3 - Hedging Transactions and Derivative Financial Instruments
Note 4 - Accumulated Other Comprehensive Loss
Note 5 - Inventories
Note 6 - Goodwill and Other Intangible Assets
Note 7 - Earnings per Share
Note 8 - Capital Stock and Equity Compensation
Note 9 - Debt
Note 10 - Leases
Note 11 - Pension Benefits and Other Postretirement Benefits
Note 12 - Commitments and Contingencies
Note 13 - Income Taxes
Note 14 - Operating Segment Information
Note 15 - Supplemental Financial Information
Note 16 - Recent Accounting Standards
Item 2. Management's Discussion and Analysis of Results of Operations and Financial Position
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 rog-20200630x10ex311.htm
EX-31.2 rog-20200630x10ex312.htm
EX-32 rog-20200630x10ex32.htm

Rogers Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.41.10.80.60.30.02012201420172020
Assets, Equity
0.30.20.20.10.10.02012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________
FORM 10-Q
_______________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________
Commission file number 1-4347
_______________________________
ROGERS CORPORATION
(Exact Name of Registrant as Specified in its Charter)
_______________________________
Massachusetts06-0513860
(State or Other Jurisdiction of(I. R. S. Employer Identification No.)
Incorporation or Organization) 
2225 W. Chandler Blvd., Chandler, Arizona 85224-6155
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (480) 917-6000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock,
par value $1.00 per share
ROG
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No
The number of shares outstanding of the registrant’s capital stock as of July 27, 2020 was 18,674,827.



ROGERS CORPORATION
FORM 10-Q

June 30, 2020
TABLE OF CONTENTS
Part I – Financial Information
 
 
 
 
Part II – Other Information
Forward-Looking Statements
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Refer to “Forward-Looking Statements” in Item 2, Management’s Discussion and Analysis of Results of Operations and Financial Position for additional information.
2


Part I – Financial Information
Item 1. Financial Statements
ROGERS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars and shares in thousands, except per share amounts)
 Three Months EndedSix Months Ended
 June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Net sales$191,157  $242,852  $389,967  $482,650  
Cost of sales121,188  157,024  254,368  311,428  
Gross margin69,969  85,828  135,599  171,222  
Selling, general and administrative expenses41,694  43,649  82,024  86,901  
Research and development expenses7,295  7,843  15,100  15,452  
Restructuring and impairment charges  1,083    1,905  
Other operating (income) expense, net(112) 40  (92) 951  
Operating income21,092  33,213  38,567  66,013  
Equity income in unconsolidated joint ventures1,022  1,742  2,240  2,579  
Pension settlement charges(55)   (55)   
Other (expense) income, net634  (1,401) (152) 3  
Interest expense, net(1,779) (2,038) (2,986) (3,976) 
Income before income tax expense20,914  31,516  37,614  64,619  
Income tax expense6,394  7,223  9,835  11,927  
Net income$14,520  $24,293  $27,779  $52,692  
Basic earnings per share$0.78  $1.31  $1.49  $2.84  
Diluted earnings per share$0.78  $1.30  $1.49  $2.82  
Shares used in computing:  
Basic earnings per share18,676  18,568  18,673  18,562  
Diluted earnings per share18,681  18,730  18,686  18,711  
The accompanying notes are an integral part of the condensed consolidated financial statements.
3

ROGERS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(Dollars in thousands)

Three Months EndedSix Months Ended
June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Net income$14,520  $24,293  $27,779  $52,692  
Foreign currency translation adjustment5,629  2,182  (1,265) (2,075) 
Pension and other postretirement benefits:
Pension settlement benefits, net of tax (Note 4)(48)   (48)   
Actuarial net gain incurred, net of tax (Note 4)626    626    
Amortization of loss, net of tax (Note 4)67  157  133  313  
Derivative instrument designated as cash flow hedge:
Change in unrealized gain (loss) before reclassifications, net of tax (Note 4)383  (810) (866) (1,204) 
Unrealized gain reclassified into earnings, net of tax (Note 4)(267) (62) (334) (156) 
Other comprehensive income (loss)6,390  1,467  (1,754) (3,122) 
Comprehensive income$20,910  $25,760  $26,025  $49,570  
The accompanying notes are an integral part of the condensed consolidated financial statements.
4

ROGERS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited)
(Dollars and shares in thousands, except par value)
June 30, 2020December 31, 2019
Assets  
Current assets  
Cash and cash equivalents$298,742  $166,849  
Accounts receivable, less allowance for doubtful accounts of $1,667 and $1,691
128,697  122,285  
Contract assets19,280  22,455  
Inventories124,747  132,859  
Prepaid income taxes3,801  4,524  
Asbestos-related insurance receivables, current portion4,292  4,292  
Other current assets11,131  10,838  
Total current assets590,690  464,102  
Property, plant and equipment, net of accumulated depreciation of $361,541 and $341,119
263,051  260,246  
Investments in unconsolidated joint ventures16,907  16,461  
Deferred income taxes25,474  17,117  
Goodwill262,469  262,930  
Other intangible assets, net of amortization147,722  158,947  
Pension assets4,173  12,790  
Asbestos-related insurance receivables, non-current portion74,024  74,024  
Other long-term assets16,031  6,564  
Total assets$1,400,541  $1,273,181  
Liabilities and Shareholders’ Equity  
Current liabilities  
Accounts payable$35,616  $33,019  
Accrued employee benefits and compensation25,230  29,678  
Accrued income taxes payable11,358  10,649  
Asbestos-related liabilities, current portion5,007  5,007  
Other accrued liabilities19,654  21,872  
Total current liabilities96,865  100,225  
Borrowings under revolving credit facility223,000  123,000  
Pension and other postretirement benefits liabilities1,625  1,567  
Asbestos-related liabilities, non-current portion80,696  80,873  
Non-current income tax14,554  10,423  
Deferred income taxes8,493  9,220  
Other long-term liabilities12,726  13,973  
Commitments and contingencies (Note 10 and Note 12)
Shareholders’ equity  
Capital stock - $1 par value; 50,000 authorized shares; 18,668 and 18,577 shares issued and outstanding
18,668  18,577  
Additional paid-in capital141,092  138,526  
Retained earnings851,481  823,702  
Accumulated other comprehensive loss(48,659) (46,905) 
Total shareholders' equity962,582  933,900  
Total liabilities and shareholders' equity$1,400,541  $1,273,181  
The accompanying notes are an integral part of the condensed consolidated financial statements.
5

ROGERS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
Six Months Ended
June 30, 2020June 30, 2019
Operating Activities:  
Net income$27,779  $52,692  
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization25,858  25,099  
Equity compensation expense7,022  6,143  
Deferred income taxes(8,976) (2,536) 
Equity in undistributed income of unconsolidated joint ventures(2,240) (2,579) 
Dividends received from unconsolidated joint ventures1,785  1,741  
Pension settlement benefits(63)   
Pension and other postretirement benefits(100) (346) 
Asbestos-related charges  67  
Loss on sale or disposal of property, plant and equipment53  276  
Impairment charges  956  
Provision (benefit) for doubtful accounts54  (128) 
Changes in assets and liabilities:
Accounts receivable(6,623) (12,747) 
Contract assets3,174  (2,845) 
Inventories7,910  (2,845) 
Pension and postretirement benefit contributions(244) (11) 
Other current assets414  (1,211) 
Accounts payable and other accrued expenses(6,129) 3,653  
Other, net5,285  2,122  
Net cash provided by operating activities54,959  67,501  
Investing Activities:
Capital expenditures(18,150) (24,026) 
Proceeds from the sale of property, plant and equipment, net  9  
Return of capital from unconsolidated joint ventures  2,625  
Net cash used in investing activities(18,150) (21,392) 
Financing Activities:
Proceeds from borrowings under revolving credit facility150,000    
Repayment of debt principal and finance lease obligations(50,193) (33,196) 
Payments of taxes related to net share settlement of equity awards(5,029) (7,424) 
Proceeds from the exercise of stock options, net  327  
Proceeds from issuance of shares to employee stock purchase plan664  594  
Net cash provided by (used in) financing activities95,442  (39,699) 
Effect of exchange rate fluctuations on cash(358) (1,080) 
Net increase (decrease) in cash and cash equivalents131,893  5,330  
Cash and cash equivalents at beginning of period166,849  167,738  
Cash and cash equivalents at end of period$298,742  $173,068  
Supplemental Disclosures:
Accrued capital additions$4,144  $2,119  
Cash paid during the year for:
Interest, net of amounts capitalized$3,311  $4,440  
Income taxes$15,644  $9,164  
The accompanying notes are an integral part of the condensed consolidated financial statements.
6

ROGERS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited)
(Dollars and shares in thousands)



Three Months EndedSix Months Ended
June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Capital Stock
Balance, beginning of period$18,662  $18,546  $18,577  $18,395  
Shares issued for vested restricted stock units, net of shares withheld for taxes6  4  85  137  
Stock options exercised—  2  —  10  
Shares issued for employee stock purchase plan—  —  6  7  
Shares issued to directors—  7    10  
Balance, end of period18,668  18,559  18,668  18,559  
Additional Paid-In Capital
Balance, beginning of period137,235  128,417  138,526  132,360  
Shares issued for vested restricted stock units, net of shares withheld for taxes(38) (288) (5,114) (7,561) 
Stock options exercised—  40  —  317  
Shares issued for employee stock purchase plan—  7  658  587  
Shares issued to directors—  (7) —  (10) 
Equity compensation expense3,895  3,667  7,022  6,143  
Balance, end of period141,092  131,836  141,092  131,836  
Retained Earnings
Balance, beginning of period836,961  804,782  823,702  776,403  
Net income14,520  24,293  27,779  52,692  
Cumulative-effect adjustment for lease accounting      (20) 
Balance, end of period851,481  829,075  851,481  829,075  
Accumulated Other Comprehensive Loss
Balance, beginning of period(55,049) (83,423) (46,905) (78,834) 
Other comprehensive income (loss)6,390  1,467  (1,754) (3,122) 
Balance, end of period(48,659) (81,956) (48,659) (81,956) 
Total Shareholders’ Equity$962,582  $897,514  $962,582  $897,514  
The accompanying notes are an integral part of the condensed consolidated financial statements.
7


ROGERS CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1 – Basis of Presentation
As used herein, the terms “Company,” “Rogers,” “we,” “us,” “our” and similar terms mean Rogers Corporation and its consolidated subsidiaries, unless the context indicates otherwise.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (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 balances and transactions have been eliminated.
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 year ended December 31, 2019.
We assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to us and the unknown future impacts of COVID-19 as of June 30, 2020 and through the date of this report. The accounting matters assessed included, but were not limited to, our allowance for doubtful accounts, equity compensation, the carrying value of our goodwill, other intangible assets as well as other long-lived assets, financial assets, valuation allowances for tax assets and revenue recognition.
Note 2 – Fair Value Measurements
The accounting guidance for fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value:
Level 1 – Quoted prices in active markets for identical assets or liabilities.
Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
As a result of our pension termination and settlement efforts in late 2019 and the first half of 2020, we have a pension surplus investment balance, which is now accounted for as an available-for-sale investment as of June 2020. For additional information regarding this balance, refer to “Note 11 – Pension Benefits and Other Postretirement Benefits.” Available-for-sale investments measured at fair value on a recurring basis, categorized by the level of inputs used in the valuation, were as follows:
Available-for-Sale Investment at Fair Value as of June 30, 2020
(Dollars in thousands)Level 1Level 2Level 3Total
Pension surplus investment(1)
$  $9,744  $  $9,744  
(1) This balance was invested in a fund comprised of fixed income and short-term cash securities, and was recorded in the “Other long-term assets” line item in the condensed consolidated statements of financial position. As of June 30, 2020, the fair value of this investment approximated its carrying value.
8


From time to time we enter into various instruments that require fair value measurement, including foreign currency contracts, copper derivative contracts and interest rate swaps. Derivative instruments measured at fair value on a recurring basis, categorized by the level of inputs used in the valuation, were as follows:
Derivative Instruments at Fair Value as of June 30, 2020
(Dollars in thousands)Level 1Level 2Level 3
Total(1)
Foreign currency contracts$  $(95) $  $(95) 
Copper derivative contracts$  $1,541  $  $1,541