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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 September 30, 2024
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
Capital 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, a 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 filer☒Accelerated filer
☐
Non-accelerated filer
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Smaller reporting company
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Emerging growth company
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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 October 21, 2024 was 18,660,557.


ROGERS CORPORATION
FORM 10-Q

September 30, 2024
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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Refer to “Forward-Looking Statements” in Item 2, Management’s Discussion and Analysis of Results of Operations and Financial Position for additional information.
2

ROGERS CORPORATION
Defined Terms(1)

TermDefinition
4th Amended Credit Agreement4th Amended and Restated Credit Agreement, dated as of October 16, 2020, among Rogers Corporation, the lenders from time to time party hereto, JPMorgan Chase Bank, N.A., as Administrative Agent and HSBC Bank USA, National Association, Citibank, N.A., Citizens Bank, N.A., PNC Bank, National Association, Wells Fargo Bank, as Co-Syndication Agents
5th Amended Credit Agreement5th Amended and Restated Credit Agreement, dated as of March 24, 2023, among Rogers Corporation, the lenders from time to time party hereto, JPMorgan Chase Bank, N.A., as Administrative Agent and HSBC Bank USA, National Association, Wells Fargo Bank, National Association, Citibank, N.A. and Citizens Bank, N.A., as Co-Syndication Agents
ADASAdvanced driver assistance systems
AESAdvanced Electronics Solutions
APACAsia - Pacific
ASCAccounting Standards Codification
ASUAccounting Standards Update
EMEAEurope, the Middle East and Africa
EMSElastomeric Material Solutions
ESPPEmployee Stock Purchase Plan
EURIBOREuro Interbank Offered Rate
EVElectric vehicles
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
GAAPAccounting principles generally accepted in the United States
HEVHybrid electric vehicles
LIBORLondon Interbank Offered Rate
NYFRBFederal Reserve Bank of New York
OECDOrganization for Economic Co-operation and Development
R&DResearch and development
RICRogers Inoac Corporation
RISRogers Inoac Suzhou Corporation
SECU.S. Securities and Exchange Commission
SG&ASelling, general and administrative
SOFRSecured Overnight Financing Rate
SONIASterling Overnight Index Average
TIBORTokyo Interbank Offered Rate
Union PlanRogers Corporation Employees’ Pension Plan
U.S.United States of America
(1)Certain terms used within this Form 10-Q are defined in the table above.
3

Part I – Financial Information
Item 1.    Financial Statements
ROGERS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars and shares in millions, except per share amounts)
 Three Months EndedNine Months Ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Net sales$210.3 $229.1 $637.9 $703.8 
Cost of sales136.2 148.7 422.5 464.1 
Gross margin74.1 80.4 215.4 239.7 
Selling, general and administrative expenses45.1 44.2 143.5 150.5 
Research and development expenses8.1 7.8 26.5 25.5 
Restructuring and impairment charges6.3 2.0 7.8 16.4 
Other operating (income) expense, net— (0.8)— (7.5)
Operating income14.6 27.2 37.6 54.8 
Equity income in unconsolidated joint ventures0.4 0.6 1.2 1.5 
Other income (expense), net(1.5)0.7 (0.8)— 
Interest expense, net— (2.3)(1.0)(8.6)
Income before income taxes13.5 26.2 37.0 47.7 
Income tax expense2.8 7.2 10.4 14.3 
Net income$10.7 $19.0 $26.6 $33.4 
Basic earnings per share$0.58 $1.02 $1.43 $1.79 
Diluted earnings per share$0.58 $1.02 $1.43 $1.79 
Shares used in computing:  
Basic earnings per share18.6 18.6 18.6 18.6 
Diluted earnings per share18.6 18.7 18.6 18.7 
The accompanying notes are an integral part of the condensed consolidated financial statements.
4
ROGERS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(Dollars in millions)

Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Net income$10.7 $19.0 $26.6 $33.4 
Foreign currency translation adjustment25.8 (17.9)10.9 (3.9)
Pension and other postretirement benefits:
Amortization of loss, net of tax (Note 2)0.1 0.1 0.3 0.3 
Other comprehensive income (loss)25.9 (17.8)11.2 (3.6)
Comprehensive income$36.6 $1.2 $37.8 $29.8 
The accompanying notes are an integral part of the condensed consolidated financial statements.
5
ROGERS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited)
(Dollars and shares in millions, except par value)



September 30, 2024December 31, 2023
Assets  
Current assets  
Cash and cash equivalents$146.4 $131.7 
Accounts receivable, less allowance for credit losses of $1.5 and $1.1
156.3 161.9 
Contract assets28.1 45.2 
Inventories, net154.4 153.5 
Asbestos-related insurance receivables, current portion4.3 4.3 
Other current assets31.7 30.3 
Total current assets521.2 526.9 
Property, plant and equipment, net of accumulated depreciation of $403.7 and $385.7
381.4 366.3 
Operating lease right-of-use assets25.4 18.9 
Goodwill365.7 359.8 
Other intangible assets, net of amortization117.7 123.9 
Asbestos-related insurance receivables, non-current portion52.2 52.2 
Investments in unconsolidated joint ventures9.7 11.1 
Deferred income taxes58.0 49.7 
Other long-term assets8.7 8.4 
Total assets$1,540.0 $1,517.2 
Liabilities and Shareholders’ Equity  
Current liabilities  
Accounts payable$47.2 $50.3 
Accrued employee benefits and compensation39.7 31.1 
Accrued income taxes payable6.6 2.0 
Operating lease obligations, current portion4.1 3.5 
Asbestos-related liabilities, current portion5.5 5.5 
Other accrued liabilities19.4 24.0 
Total current liabilities122.5 116.4 
Borrowings under revolving credit facility— 30.0 
Operating lease obligations, non-current portion21.7 15.4 
Asbestos-related liabilities, non-current portion55.1 56.0 
Non-current income tax6.1 7.2 
Deferred income taxes23.8 22.9 
Other long-term liabilities10.1 10.3 
Commitments and contingencies (Note 6 and Note 10)
Shareholders’ equity  
Capital stock - $1 par value; 50.0 authorized shares; 18.6 and 18.6 shares issued and outstanding
18.6 18.6 
Additional paid-in capital155.7 151.8 
Retained earnings1,181.6 1,155.0 
Accumulated other comprehensive loss(55.2)(66.4)
Total shareholders' equity1,300.7 1,259.0 
Total liabilities and shareholders' equity$1,540.0 $1,517.2 
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 millions)



Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Capital Stock
Balance, beginning of period$18.6 $18.6 $18.6 $18.6 
Shares issued for vested restricted stock units, net of shares withheld for taxes— — 0.1 — 
Shares issued for employee stock purchase plan— — — — 
Shares issued to directors— — — — 
Shares repurchased— — (0.1)— 
Balance, end of period18.6 18.6 18.6 18.6 
Additional Paid-In Capital
Balance, beginning of period152.4 145.2 151.8 140.7 
Shares issued for vested restricted stock units, net of shares withheld for taxes(0.1)(0.1)(1.4)(2.6)
Shares issued for employee stock purchase plan— — 0.9 — 
Shares issued to directors— — — — 
Equity compensation expense3.4 3.9 12.2 10.9 
Shares repurchased— — (7.8)— 
Balance, end of period155.7 149.0 155.7 149.0 
Retained Earnings
Balance, beginning of period1,170.9 1,112.8 1,155.0 1,098.4 
Net income10.7 19.0 26.6 33.4 
Balance, end of period1,181.6 1,131.8 1,181.6 1,131.8 
Accumulated Other Comprehensive Loss
Balance, beginning of period(81.1)(71.0)(66.4)(85.2)
Other comprehensive income (loss)25.9 (17.8)11.2 (3.6)
Balance, end of period(55.2)(88.8)(55.2)(88.8)
Total Shareholders’ Equity$1,300.7 $1,210.6 $1,300.7 $1,210.6 
The accompanying notes are an integral part of the condensed consolidated financial statements.
7
ROGERS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in millions)
Nine Months Ended
September 30, 2024September 30, 2023
Operating Activities:  
Net income$26.6 $33.4 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization36.3 39.8 
Equity compensation expense12.2 10.9 
Deferred income taxes(7.4)(8.3)
Equity in undistributed income of unconsolidated joint ventures(1.2)(1.5)
Dividends received from unconsolidated joint ventures2.5 4.3 
Gain on sale of business— (0.7)
(Gain) loss on sale or disposal of property, plant and equipment— (0.7)
Other non-cash charges, net0.5 0.1 
Changes in assets and liabilities:
Accounts receivable1.5 (17.5)
Proceeds from insurance related to operations4.1 5.7 
Contract assets17.0 (8.6)
Inventories, net(0.3)22.4 
Other current assets(1.3)2.1 
Accounts payable and other accrued expenses6.0 (20.2)
Other, net(3.1)(1.7)
Net cash provided by operating activities93.4 59.5 
Investing Activities:
Capital expenditures(40.7)(34.5)
Disposition of business— 1.7 
Proceeds from the sale of property, plant and equipment, net— 0.7 
Proceeds from insurance claims— 1.8 
Net cash used in investing activities(40.7)(30.3)
Financing Activities:
Repayment of debt principal and finance lease obligations(30.3)(135.3)
Line of credit issuance costs— (1.7)
Payments of taxes related to net share settlement of equity awards(1.3)(2.6)
Proceeds from issuance of shares to employee stock purchase plan0.9 — 
Share repurchases(7.9)— 
Net cash used in financing activities(38.6)(139.6)
Effect of exchange rate fluctuations on cash0.6 1.0 
Net increase (decrease) in cash and cash equivalents14.7 (109.4)
Cash and cash equivalents at beginning of period131.7 235.9 
Cash and cash equivalents at end of period$146.4 $126.5 
Supplemental Disclosures:
Accrued capital additions$5.3 $2.5 
Cash paid during the year for:
Interest, net of amounts capitalized$1.4 $8.9 
Income taxes, net of refunds$10.9 $6.3 
The accompanying notes are an integral part of the condensed consolidated financial statements.
8

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 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, 2023.
Note 2 – Accumulated Other Comprehensive Loss
The changes in accumulated other comprehensive loss by component were as follows:
(Dollars and accompanying footnotes in millions)Foreign Currency Translation Adjustments
Pension and Other Postretirement Benefits(1)
Total
Balance as of December 31, 2023$(56.8)$(9.6)$(66.4)
Other comprehensive income (loss) before reclassifications10.9 — 10.9 
Amounts reclassified from accumulated other comprehensive loss— 0.3 0.3 
Net current-period other comprehensive income (loss)10.9 0.3 11.2 
Balance as of September 30, 2024$(45.9)$(9.3)$(55.2)
Balance as of December 31, 2022$(75.6)$(9.6)$(85.2)
Other comprehensive income (loss) before reclassifications(3.9)— (3.9)
Amounts reclassified from accumulated other comprehensive loss— 0.3 0.3 
Net current-period other comprehensive income (loss)(3.9)0.3 (3.6)
Balance as of September 30, 2023$(79.5)$(9.3)$(88.8)
(1) Net of taxes of $1.7 million and $1.8 million as of September 30, 2024 and December 31, 2023, respectively. Net of taxes of $1.8 million and $1.9 million as of September 30, 2023 and December 31, 2022, respectively.
Note 3 – Derivatives and Hedging
The valuation of our derivative contracts used to manage their respective 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, which are collectively a function of five primary variables: price of the underlying instrument, time to expiration, strike price, interest rate and volatility. 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 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.
As of September 30, 2024, we did not have any derivative contracts that qualified for hedge accounting treatment.
9

Foreign Currency
During the three months ended September 30, 2024, we entered into U.S. dollar, euro, Korean won, Hungarian forint, and Japanese yen 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 in the period in which the adjustment occurred.
As of September 30, 2024, the notional values of the remaining foreign currency forward contracts were as follows:
Notional Values of Foreign Currency Derivatives
USD/CNH$33,000,189 
EUR/USD€6,249,973 
KRW/USD₩3,979,800,000 
JPY/EUR¥250,000,000 
HUF/EURFt600,000,000 
Commodity
As of September 30, 2024, we had 12 outstanding contracts to hedge exposure related to the purchase of copper in our AES operating segment. These contracts are held with financial institutions and are intended to offset rising copper prices and do not qualify for hedge accounting treatment. As a result, any fair value adjustments required on these contracts are recorded in “Other income (expense), net” in our condensed consolidated statements of operations in the period in which the adjustment occurred.
As of September 30, 2024, the volume of our copper contracts outstanding was as follows:
Volume of Copper Derivatives
October 2024 - December 2024
69 metric tons per month
January 2025 - March 2025
69 metric tons per month
April 2025 - June 2025
69 metric tons per month
July 2025 - September 2025
69 metric tons per month
Effects on Financial Statements
The impacts from our derivative instruments on the statements of operations and statements of comprehensive income were as follows:
Three Months EndedNine Months Ended
(Dollars in millions)Financial Statement Line ItemSeptember 30, 2024September 30, 2023September 30, 2024September 30, 2023
Foreign Currency Contracts
Contracts not designated as hedging instrumentsOther income (expense), net$(0.8)$0.3 $(1.2)$1.1 
Copper Derivative Contracts 
Contracts not designated as hedging instrumentsOther income (expense), net$(0.1)$(0.2)$0.3 $(0.6)
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.
The fair values of derivative instruments measured at fair value on a recurring basis, categorized by contract type and level of inputs used in the valuation, were as follows:
10

Derivative Instruments at Fair Value as of September 30, 2024
(Dollars in millions)Level 1Level 2Level 3
Total(1)
Foreign currency contracts$— $0.2 $— $0.2 
Copper derivative contracts$— $0.9 $— $0.9 
Derivative Instruments at Fair Value as of December 31, 2023
(Dollars in millions)Level 1Level 2Level 3
Total(1)
Foreign currency contracts$— $(0.2)$— $(0.2)
Copper derivative contracts$— $0.4 $— $0.4 
(1) All balances were recorded in the “Other current assets” or “Other accrued liabilities” line items in the condensed consolidated statements of financial position.
Note 4 – Inventories
The “Inventories, net” line item in the condensed consolidated statements of financial position consisted of the following:
(Dollars in millions)September 30, 2024December 31, 2023
Raw materials$72.0 $71.5 
Work-in-process44.3 45.6 
Finished goods38.1 36.4 
Total inventories$154.4 $153.5 
Note 5 - Balance Sheet Items
Restricted Cash
Our restricted cash balance, which was subject to contractual restrictions and not readily available, was recorded in the “Cash and cash equivalents” line item in the condensed consolidated statements of financial position, and served as collateral for letters of credit related to our environmental and workers’ compensation liabilities. This arrangement was terminated in the third quarter of 2024. Our restricted cash balance as of September 30, 2024 and December 31, 2023 was as follows:
(Dollars in millions)September 30, 2024December 31, 2023
Restricted Cash$— $2.2 
Accounts Receivable
The “Accounts receivable, less allowance for credit losses” line item in the condensed consolidated statements of financial position consisted of the following:
(Dollars in millions)September 30, 2024December 31, 2023
Accounts Receivable - Trade$141.3 $143.2 
Accounts Receivable - Other15.0 18.7 
Total$156.3 $161.9 
Accounts Payable
The “Accounts payable” line item in the condensed consolidated statements of financial position consisted of the following:
(Dollars in millions)September 30, 2024December 31, 2023
Accounts Payable - Trade$43.6 $46.3 
Accounts Payable - Other3.6 4.0 
Total$47.2 $50.3 
11

Note 6 - Leases
Finance Leases
Amortization expense related to our finance lease right-of-use assets, which is primarily included in the “Cost of sales” line item of the condensed consolidated statements of operations, was immaterial for each of the three- and nine-month periods ended September 30, 2024 and 2023. Interest expense related to our finance lease obligations, which is included in the “Interest expense, net” line item of the condensed consolidated statements of operations, was immaterial for each of the three- and nine-month periods ended September 30, 2024 and 2023.
Operating Leases
We have operating leases primarily related to manufacturing and R&D facilities as well as vehicles. Our expenses and payments for operating leases were as follows:
Three Months EndedNine Months Ended
(Dollars in millions)September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Operating leases expense$1.3 $1.1 $3.9 $2.9 
Short-term leases expense$0.2 $0.2 $0.5 $0.6 
Payments on operating lease obligations$1.1 $0.9 $3.5 $2.6 
Lease Balances in Statements of Financial Position
The assets and liabilities balances related to finance and operating leases reflected in the condensed consolidated statements of financial position were as follows:
(Dollars in millions)Financial Statement Line ItemSeptember 30, 2024December 31, 2023
Finance lease right-of-use assetsProperty, plant and equipment, net$1.4 $1.5 
Operating lease right-of-use assetsOperating lease right-of-use assets$25.4 $18.9 
Finance lease obligations, current portionOther accrued liabilities$0.4 $0.4 
Finance lease obligations, non-current portionOther long-term liabilities$1.0 $1.1 
Total finance lease obligations$1.4 $1.5 
Operating lease obligations, current portionOperating lease obligations, current portion$4.1 $3.5 
Operating lease obligations, non-current portionOperating lease obligations, non-current portion$21.7 $15.4 
Total operating lease obligations$25.8 $18.9 
Net Future Minimum Lease Payments
The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of September 30, 2024:
FinanceOperating
(Dollars in millions)Leases SignedLess: Leases Not Yet CommencedLeases in EffectLeases SignedLess: Leases Not Yet CommencedLeases in Effect
2024$0.1 $— $0.1 $1.5 $— $1.5 
20251.6 (1.1)0.5 5.5 — 5.5 
20261.7 (1.2)0.5 4.8 — 4.8 
20271.5 (1.3)0.2 3.9 — 3.9 
20281.4 (1.3)0.1 3.2 — 3.2 
Thereafter5.2 (5.1)0.1 13.0 — 13.0 
Total lease payments11.5 (10.0)1.5 31.9 — 31.9 
Less: Interest(1.8)1.7 (0.1)(6.1)— (6.1)
Present Value of Net Future Minimum Lease Payments$9.7 $(8.3)$1.4 $25.8 $— $25.8 
12

The following table includes information regarding the lease term and discount rates utilized in the calculation of the present value of net future minimum lease payments:
September 30, 2024December 31, 2023
Weighted Average Remaining Lease Term
Finance leases3.6 years4.0 years
Operating leases7.3 years7.0 years
Weighted Average Discount Rate
Finance leases4.29%4.14%
Operating leases5.56%5.35%
Note 7 – Goodwill and Other Intangible Assets
Goodwill
The changes in the net carrying amount of goodwill by operating segment were as follows:
(Dollars in millions)Advanced Electronics SolutionsElastomeric Material SolutionsOtherTotal
December 31, 2023$117.7 $239.9 $2.2 $359.8 
Foreign currency translation adjustment0.6 5.3 — $5.9 
September 30, 2024$118.3 $245.2 $2.2 $365.7 
Other Intangible Assets
The carrying amount of other intangible assets were as follows:
September 30, 2024December 31, 2023
(Dollars in millions)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer relationships$180.5 $96.0 $84.5 $177.9 $90.0 $87.9 
Technology78.1 61.7 16.4 77.4 58.1 19.3 
Trademarks and trade names20.1 7.8 12.3 19.4 7.4 12.0 
Covenants not to compete1.3 1.2 0.1 1.3 0.9 0.4 
Total definite-lived other intangible assets280.0 166.7 113.3 276.0 156.4 119.6 
Indefinite-lived other intangible asset4.4 — 4.4 4.3 — 4.3 
Total other intangible assets$284.4 $166.7 $117.7 $280.3 $156.4 $123.9 
In the table above, gross carrying amounts and accumulated amortization may differ from prior periods due to foreign exchange rate fluctuations.
Amortization expense was $3.1 million and $3.3 million for the three months ended September 30, 2024 and 2023, respectively and $9.3 million and $10.0 million for the nine months ended September 30, 2024 and 2023, respectively. The estimated future amortization expense is $3.2 million, $11.1 million, $10.7 million, $10.3 million, and $8.0 million in 2024, 2025, 2026, 2027 and 2028, respectively. These amounts could vary based on changes in foreign currency exchange rates.
The weighted average amortization period as of September 30, 2024, by definite-lived other intangible asset class, is presented in the table below:
Weighted Average Remaining Amortization Period
Customer relationships7.1 years
Technology3.1 years
Trademarks and trade names9.5 years
Covenants not to compete0.1 years
Total definite-lived other intangible assets6.8 years
13

Note 8 – Pension Benefits and Other Postretirement Benefits
Pension and Other Postretirement Benefit Plans
As of September 30, 2024, we had one qualified noncontributory defined benefit pension plan, the Union Plan, which was frozen and ceased accruing benefits in 2013. Additionally, we sponsor other postretirement benefit plans, including multiple fully insured or self-funded medical plans and life insurance plans for certain retirees. The measurement date for all plans is December 31st for each respective plan year.
Components of Net Periodic Benefit Cost (Credit)
The components of net periodic benefit cost (credit) were as follows:
Pension Benefits
Three Months EndedNine Months Ended
September 30,September 30,
(Dollars in millions)2024202320242023
Interest cost$0.2 $0.3 $0.7 $0.8 
Expected return of plan assets(0.4)(0.4)(1.0)(1.1)
Amortization of net loss (gain)0.2 0.1 0.4 0.4 
Net periodic benefit cost (credit)$— $— $0.1 $0.1 
Employer Contributions
There were no required or voluntary contributions made to the Union Plan for each of the three- and nine-month periods ended September 30, 2024 and 2023. Additionally, we are not required to make additional contributions to the Union Plan for the remainder of 2024.
As there is no funding requirement for the other postretirement benefit plans, we funded these benefit payments as incurred, which were immaterial for each of the three- and nine-month periods ended September 30, 2024 and 2023, using cash from operations.
Note 9 – Debt
On March 24, 2023, we entered into a Fifth Amended Credit Agreement with each of the lenders party thereto, JPMorgan Chase Bank, N.A. as administrative agent, and HSBC Bank USA, National Association, Wells Fargo Bank, National Association, Citibank, N.A. and Citizens Bank, N.A. as Co-Syndication Agents. The Fifth Amended Credit Agreement amends and restates the Fourth Amended Credit Agreement, and provides for (1) a revolving credit facility with up to $450.0 million of revolving loans, with sub-limits for multicurrency borrowings, letters of credit and swing-line notes, and (2) a $225.0 million expansion feature. Borrowings may be used to finance working capital needs, for letters of credit and for general corporate purposes in the ordinary course of business, including the financing of permitted acquisitions (as defined in the Fifth Amended Credit Agreement). The Fifth Amended Credit Agreement extends the maturity, the date on which all amounts borrowed or outstanding under the Fifth Amended Credit Agreement are due, from March 31, 2024 to March 24, 2028.
All obligations under the Fifth Amended Credit Agreement are guaranteed by each of our existing and future material domestic subsidiaries, as defined in the Fifth Amended Credit Agreement (the Guarantors). The obligations are also secured by a Fifth Amended and Restated Pledge and Security Agreement, dated as of March 24, 2023, 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 ours and the Guarantors. These assets include, but are not limited to, receivables, equipment, intellectual property, inventory, and stock in certain subsidiaries.
Borrowings under the Fifth Amended Credit Agreement bear interest based on one of two options. Alternate base rate loans will bear interest at a rate that includes a base reference rate plus a spread of 62.5 to 100.0 basis points, depending on our leverage ratio. The base reference rate will be the greater of the (1) prime rate, (2) federal funds effective rate plus 50 basis points, and (3) one-month Term SOFR plus 110 basis points. Loans bearing an interest rate determined by reference to the Adjusted Term SOFR Rate, the Adjusted EURIBOR, or the Adjusted TIBOR (each as defined in the Fifth Amended Credit Agreement) will bear interest based on the screen rate plus a spread of 162.5 to 200.0 basis points, depending on our leverage ratio. Based on our leverage ratio as of September 30, 2024, the spread was 162.5 basis points.
In addition to interest payable on the principal amount of indebtedness outstanding, we incur an annual fee of 25 to 35 basis points (based upon our leverage ratio), paid quarterly, of the unused amount of the lenders’ commitments under the Fifth Amended Credit Agreement.
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The Fifth Amended Credit Agreement contains customary representations and warranties, covenants, mandatory prepayments and events of default under which the Company’s payment obligations may be accelerated. The financial covenants include a requirement to maintain (1) a total net leverage ratio of no more than 3.25 to 1.00, subject to a one-time election to increase the maximum total net leverage ratio to 3.75 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. We are permitted to net up to $50.0 million of unrestricted domestic cash and cash equivalents in the calculation of the total net leverage ratio. The Fifth 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 total net leverage ratio does not exceed 2.75 to 1.00. If our total net leverage ratio exceeds 2.75 to 1.00, we may nonetheless make up to $20.0 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 total net leverage ratio did not exceed 2.75 to 1.00 and our interest coverage ratio was greater than or equal to 3.00 to 1.00 as of September 30, 2024.
There were no borrowings under the Fifth Amended Credit Agreement during the three and nine months ended September 30, 2024 or the three and nine months ended September 30, 2023. We are not required to make any quarterly principal payments under the Fifth Amended Credit Agreement. We made no payments and a $30.0 million discretionary principal payment during the three and nine months ended September 30, 2024, respectively. We made $50.0 million and $135.0 million of discretionary principal payments during the three and nine months ended September 30, 2023, respectively.
We had no outstanding borrowings under our revolving credit facility as of September 30, 2024, and $30.0 million as of December 31, 2023. We had $1.7 million and $2.1 million of outstanding line of credit issuance costs as of September 30, 2024 and December 31, 2023, respectively, which will be amortized over the life of the Fifth Amended Credit Agreement.
Note 10 – Commitments and Contingencies
We are currently engaged in the following material environmental and legal proceedings:
Asbestos
Overview
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. In virtually all of the cases against us, the plaintiffs are seeking unspecified damages above a jurisdictional minimum against multiple defendants who may have manufactured, sold or used asbestos-containing products to which the plaintiffs were allegedly exposed and from which they purportedly suffered injury. Most of these cases are being litigated in Maryland, Illinois, Missouri and New York; however, we are also defending cases in other states. We continue to vigorously defend these cases, primarily on the basis of the plaintiffs’ inability to establish compensable loss as a result of exposure to our products. The indemnity and defense costs of our asbestos-related product liability litigation to date have been substantially covered by insurance.
The following table summarizes the change in number of asbestos claims outstanding for the nine months ended September 30, 2024:
Asbestos Claims
Claims outstanding as of January 1, 2024506 
New claims filed112 
Pending claims concluded(1)
(102)
Claims outstanding as of September 30, 2024
516 
(1) For the nine months ended September 30, 2024, 78 claims were dismissed and 24 claims were settled. Settlements totaled approximately $11.4 million for the nine months ended September 30, 2024.
Impact on Financial Statements
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.
The liability projection period covers all current and future indemnity and defense costs through 2064, which represents the expected end of our asbestos liability exposure with no further ongoing claims expected beyond that date. This conclusion was based on our history and experience with the claims data, the diminished volatility and consistency of observable claims data,
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the period of time that has elapsed since we stopped manufacturing products that contained encapsulated asbestos and an expected downward trend in claims due to the average age of our claimants, which is approaching the average life expectancy.
To date, the indemnity and defense costs of our asbestos-related product liability litigation have been substantially covered by insurance. Although we have exhausted coverage under some of our insurance policies, we believe that we have applicable primary, excess and/or umbrella coverage for claims arising with respect to most of the years during which we manufactured and marketed asbestos-containing products. 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 covered 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, and no carrier had informed us that it intends to terminate the agreement. We expect to continue 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. We are responsible for uninsured indemnity and defense costs, and we incurred an immaterial amount of expenses for each of the three- and nine-month periods ended September 30, 2024 and 2023, respectively, related to such costs.
The amounts recorded for the asbestos-related liability and the related insurance receivables are based on facts known at the time and a number of assumptions. However, projecting for 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. The full extent of our financial exposure to asbestos-related litigation remains very difficult to estimate and could include both compensatory and punitive damage awards.
Changes recorded in the estimated liability and estimated insurance recovery based on projections of asbestos litigation and corresponding insurance coverage, result in the recognition of expense or income.
Our projected asbestos-related liabilities and insurance receivables were as follows:
(Dollars in millions)September 30, 2024December 31, 2023
Asbestos-related liabilities$60.6 $61.5 
Asbestos-related insurance receivables$56.5 $56.5 
Environmental 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. Remediation activities on the site are ongoing and are recorded as reductions to the accrual as they are incurred. We have incurred $0.7 million of aggregate remediation costs through September 30, 2024, and the accrual for future remediation efforts is $2.0 million.
Other Matters
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 will have a material adverse impact on our results of operations, financial position or cash flows.
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Note 11 – Earnings Per Share
Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and all dilutive potential common shares outstanding.
The following table sets forth the computation of basic and diluted earnings per share:
(Dollars and shares in millions, except per share amounts)Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Numerator:   
Net income$10.7 $19.0 $26.6 $33.4 
Denominator:
Weighted-average shares outstanding - basic18.6 18.6 18.6 18.6 
Effect of dilutive shares— 0.1 — 0.1 
Weighted-average shares outstanding - diluted18.6 18.7 18.6 18.7 
Basic earnings per share$0.58 $1.02 $1.43 $1.79 
Diluted earnings per share$0.58 $1.02 $1.43 $1.79 
Dilutive shares are calculated using the treasury stock method and primarily include unvested restricted stock units. Anti-dilutive shares are excluded from the calculation of diluted shares and diluted earnings per share. For the three months ended September 30, 2024 and 2023, an immaterial number of shares were excluded.
Note 12 – Capital Stock and Equity Compensation
Share Repurchases
In 2015, we initiated a share repurchase program (the Program) of up to $100.0 million of the Company’s capital stock to mitigate the dilutive effects of stock option exercises and vesting of restricted stock units granted by the Company, in addition to enhancing shareholder value. In 2024, the Board of Directors authorized an additional $100.0 million to be used for share repurchases. The Program has no expiration date and may be suspended or discontinued at any time without notice. For the three and nine months ended September 30, 2024, we purchased no shares and 72,393 shares, respectively, for a total value of $0.0 million and $7.8 million, respectively, using cash from operations and cash on hand. As of September 30, 2024, $116.2 million remained available to purchase under the Program. Our stock repurchases may occur from time to time through open market purchases, privately negotiated transactions or plans designed to comply with Rule 10b5-1 promulgated under the Exchange Act.
(Dollars in millions, except shares and per share amounts)
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar Value of Shares that May Yet be Purchased under the Plans or Programs
March 1, 2024 to March 31, 20241,500$109.92 1,500$23.8 
April 1, 2024 to April 31, 202470,893$108.79 70,893$116.2 
Equity Compensation
Performance-Based Restricted Stock Units
As of September 30, 2024, we had outstanding performance-based restricted stock units with a market condition from 2024 and 2023. 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 measurement period. Participants are eligible to be awarded shares ranging from 0% to 200% of the original award amount, based on certain defined performance measures.
The performance-based restricted stock units with a market condition have one measurement criterion: the three-year total shareholder return (“TSR”) on our capital stock as compared to that of a specified group of peer companies. The fair value of this measurement criterion was determined on the grant date using a Monte Carlo simulation valuation model. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period with no changes for final projected payout of the awards. We account for forfeitures as they occur.

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The following table sets forth the assumptions used in the Monte Carlo calculation for each material award granted in 2024 and 2023:
February 19, 2024February 13, 2024February 9, 2023
Expected volatility46.3%46.2%53.2%
Expected term (in years)2.92.92.9
Risk-free interest rate4.35%4.35%4.08%
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.
As of September 30, 2024, we had outstanding performance-based restricted stock units with a performance condition from 2024. These awards generally cliff vest at the end of a two-year performance 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 measurement period. Participants are eligible to be awarded shares ranging from 0% to 200% of the original award amount, based on certain defined performance measures.
The performance-based restricted stock units with a performance condition have one measurement criterion: 2025 net revenue. The fair value of these awards was 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 the changes in the forecasted payout percentage as of the end of each reporting period. We account for forfeitures as they occur.
A summary of activity of the outstanding performance-based restricted stock units for the nine months ended September 30, 2024 is presented below:
Performance-Based
Restricted Stock Units
Awards outstanding as of December 31, 202373,528 
Awards granted79,700 
Stock issued— 
Awards cancelled(40,862)
Awards outstanding as of September 30, 2024112,366 
We recognized $1.4 million of compensation expense for performance-based restricted stock units for each of the three month periods ended September 30, 2024 and 2023. We recognized $4.7 million and $2.6 million of compensation expense for performance-based restricted stock units for the nine months ended September 30, 2024 and 2023, respectively.
Time-Based Restricted Stock Units
As of September 30, 2024, we had time-based restricted stock unit awards from 2024, 2023, 2022 and 2021 outstanding. The outstanding awards all ratably vest on the first, second and third anniversaries of the original grant date. 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 subsequent to the last grant anniversary date. Each time-based restricted stock unit represents a right to receive one share of Rogers’ capital stock at the end of the vesting period. The fair value of the award is determined by the market value of the underlying stock price at the grant date. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period. We account for forfeitures as they occur.
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A summary of activity of the outstanding time-based restricted stock units for the nine months ended September 30, 2024 is presented below:
Time-Based
Restricted Stock Units
Awards outstanding as of December 31, 2023100,999 
Awards granted68,060 
Stock issued(37,874)
Awards cancelled(20,123)
Awards outstanding as of September 30, 2024111,062 
We recognized $1.9 million and $2.5 million of compensation expense for time-based restricted stock units for the three months ended September 30, 2024 and 2023, respectively. We recognized $5.9 million and $7.1 million of compensation expense for time-based restricted stock units for the nine months ended September 30, 2024 and 2023, respectively.
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 by the market value of the underlying stock price at the grant date.
A summary of activity of the outstanding deferred stock units for the nine months ended September 30, 2024 is presented below:
Deferred Stock Units
Awards outstanding as of December 31, 20238,100 
Awards granted10,950 
Stock issued(7,150)
Awards outstanding as of September 30, 202411,900 
We recognized no compensation expense for deferred stock units for the three months ended September 30, 2024, and 2023, respectively. We recognized $1.3 million and $1.2 million of compensation expense for the nine months ended September 30, 2024 and 2023, respectively.
Employee Stock Purchase Plan
We have an 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 mid-December and ending in mid-June and the second beginning in mid-June and ending in mid-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 $0.1 million and $0.4 million of expense associated with the ESPP for the three and nine months ended September 30, 2024, respectively.
Note 13 – Operating Segment Information
Our reporting structure is comprised of the following strategic operating segments: AES and EMS. The remaining operations, which represent our non-core businesses, are reported in the Other operating segment.
Our AES operating segment designs, develops, manufactures and sells circuit materials, ceramic substrate materials, busbars and cooling solutions for applications in EV/HEV, automotive (e.g., ADAS), aerospace and defense (e.g., antenna systems, communication systems and phased array radar systems), renewable energy (e.g., wind and solar), wireless infrastructure (e.g., power amplifiers, antennas and small cells), mass transit, industrial (e.g., variable frequency drives), connected devices (e.g., mobile internet devices and thermal solutions) and wired infrastructure (e.g., computing and internet protocol infrastructure) markets.
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Our EMS operating segment designs, develops, manufactures and sells engineered material solutions for a wide variety of applications and markets. These include polyurethane and silicone materials used in cushioning, gasketing and sealing, and vibration management applications for EV/HEV, general industrial, portable electronics, automotive, mass transit, aerospace and defense, footwear and impact mitigation markets; customized silicones used in flex heater and semiconductor thermal applications for EV/HEV, general industrial, portable electronics, automotive, mass transit, aerospace and defense and medical markets; and polytetrafluoroethylene and ultra-high molecular weight polyethylene materials used in wire and cable protection, electrical insulation, conduction and shielding, hose and belt protection, vibration management, cushioning, gasketing and sealing, and venting applications for EV/HEV, general industrial, automotive and aerospace and defense markets.
Our Other operating segment consists of elastomer components for applications in the general industrial market, as well as elastomer floats for level sensing in fuel tanks, motors, and storage tanks applications in the general industrial and automotive markets.
The following table presents a disaggregation of revenue from contracts with customers and other pertinent financial information, for the periods indicated; inter-segment sales have been eliminated from the net sales data:
(Dollars in millions)Advanced Electronics SolutionsElastomeric Material SolutionsOtherTotal
Three Months Ended September 30, 2024
Net sales - recognized over time$37.8 $1.0 $3.8 $42.6 
Net sales - recognized at a point in time74.4 93.2 0.1 167.7 
Total net sales$112.2 $94.2 $3.9 $210.3 
Operating income$0.3 $13.2 $1.1 $14.6 
Three Months Ended September 30, 2023
Net sales - recognized over time$60.7 $1.3 $4.1 $66.1 
Net sales - recognized at a point in time65.6 96.7 0.7 163.0 
Total net sales$126.3 $98.0 $4.8 $229.1 
Operating income$5.7 $19.9 $1.6 $27.2 
Nine Months Ended September 30, 2024
Net sales - recognized over time$130.2 $4.3 $13.1 $147.6 
Net sales - recognized at a point in time219.6 270.3 0.4 490.3 
Total net sales$349.8 $274.6 $13.5 $637.9 
Operating income$7.7 $25.7 $4.2 $37.6 
Nine Months Ended September 30, 2023
Net sales - recognized over time$180.3 $17.4 $12.0 $209.7 
Net sales - recognized at a point in time212.1 278.2 3.8 494.1 
Total net sales$392.4 $295.6 $15.8 $703.8 
Operating income$6.0 $43.3 $5.5 $54.8 
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Net sales by operating segment and by geographic area were as follows:
(Dollars in millions)
Net Sales(1)
Region/CountryAdvanced Electronics SolutionsElastomeric Material SolutionsOtherTotal
Three Months Ended September 30, 2024
United States$19.2 $32.8 $0.9 $52.9 
Other Americas0.3 4.1 — 4.4 
Total Americas19.5 36.9 0.9 57.3 
China32.0 29.9 1.0 62.9 
Other APAC27.8 8.3 0.5 36.6 
Total APAC59.8 38.2 1.5 99.5 
Germany18.2 6.5 0.1 24.8 
Other EMEA14.7 12.6 1.4 28.7 
Total EMEA32.9 19.1 1.5 53.5 
T