Company Quick10K Filing
Rogers
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 19 $2,945
10-Q 2019-10-31 Quarter: 2019-09-30
10-Q 2019-08-01 Quarter: 2019-06-30
10-Q 2019-05-01 Quarter: 2019-03-31
10-K 2019-02-21 Annual: 2018-12-31
10-Q 2018-11-02 Quarter: 2018-09-30
10-Q 2018-08-01 Quarter: 2018-06-30
10-Q 2018-04-27 Quarter: 2018-03-31
10-K 2018-02-28 Annual: 2017-12-31
10-Q 2017-11-03 Quarter: 2017-09-30
10-Q 2017-08-01 Quarter: 2017-06-30
10-Q 2017-05-01 Quarter: 2017-03-31
10-K 2017-02-21 Annual: 2016-12-31
10-Q 2016-11-03 Quarter: 2016-09-30
10-Q 2016-08-09 Quarter: 2016-06-30
10-Q 2016-05-03 Quarter: 2016-03-31
10-K 2016-02-23 Annual: 2015-12-31
10-Q 2015-10-30 Quarter: 2015-09-30
10-Q 2015-07-30 Quarter: 2015-06-30
10-Q 2015-04-30 Quarter: 2015-03-31
10-K 2015-02-18 Annual: 2014-12-31
10-Q 2014-10-29 Quarter: 2014-09-30
10-Q 2014-07-30 Quarter: 2014-06-30
10-Q 2014-04-30 Quarter: 2014-03-31
10-K 2014-02-24 Annual: 2013-12-31
10-Q 2013-10-30 Quarter: 2013-09-30
10-Q 2013-07-31 Quarter: 2013-06-30
10-Q 2013-05-01 Quarter: 2013-03-31
10-Q 2012-11-05 Quarter: 2012-09-30
10-Q 2012-08-01 Quarter: 2012-06-30
10-Q 2012-05-02 Quarter: 2012-03-31
10-Q 2011-11-01 Quarter: 2011-09-30
10-Q 2011-08-02 Quarter: 2011-06-30
10-Q 2011-05-03 Quarter: 2011-03-31
10-K 2011-02-18 Annual: 2010-12-31
10-Q 2010-11-02 Quarter: 2010-09-30
10-Q 2010-08-03 Quarter: 2010-06-30
10-Q 2010-05-04 Quarter: 2010-03-31
10-K 2010-02-19 Annual: 2009-12-31
8-K 2019-10-30 Earnings, Regulation FD, Exhibits
8-K 2019-09-03 Officers
8-K 2019-07-31 Earnings, Regulation FD, Exhibits
8-K 2019-06-10 Officers
8-K 2019-05-21 Regulation FD
8-K 2019-05-15 Officers, Shareholder Vote
8-K 2019-04-30 Earnings, Regulation FD, Exhibits
8-K 2019-02-20 Earnings, Regulation FD, Exhibits
8-K 2019-02-07 Officers, Exhibits
8-K 2018-11-01 Earnings, Regulation FD, Exhibits
8-K 2018-09-17 Officers, Exhibits
8-K 2018-08-29 Regulation FD, Exhibits
8-K 2018-07-31 Earnings, Regulation FD, Exhibits
8-K 2018-07-09 Regulation FD, Exhibits
8-K 2018-05-18 Officers
8-K 2018-05-03 Shareholder Vote
8-K 2018-04-26 Earnings, Regulation FD, Exhibits
8-K 2018-03-16 Officers, Regulation FD, Exhibits
8-K 2018-02-27 Earnings, Regulation FD, Exhibits
ROG 2019-09-30
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 - Acquisitions
Note 6 - Inventories
Note 7 - Goodwill and Other Intangible Assets
Note 8 - Earnings per Share
Note 9 - Capital Stock and Equity Compensation
Note 10 - Debt
Note 11 - Leases
Note 12 - Pension Benefits and Other Postretirement Benefit Plans
Note 13 - Commitments and Contingencies
Note 14 - Income Taxes
Note 15 - Segment Information
Note 16 - Revenue From Contracts with Customers
Note 17 - Restructuring and Impairment Charges
Note 18 - Supplemental Financial Information
Note 19 - Recent Accounting Standards
Note 20 - Share Repurchases
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 6. Exhibits
EX-10.1 zhangarag100719.htm
EX-31.1 rog-20190930x10qex311.htm
EX-31.2 rog-20190930x10qex312.htm
EX-32 rog-20190930x10qex32.htm

Rogers Earnings 2019-09-30

ROG 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
VVV 3,610 2,000 2,252 2,355 796 226 284 4,814 34% 17.0 11%
OLN 3,566 9,235 6,464 6,654 1,010 270 1,212 6,855 15% 5.7 3%
BCPC 3,264 1,098 366 637 202 78 150 3,223 32% 21.4 7%
SXT 3,037 1,825 928 1,359 0 147 247 3,664 0% 14.8 8%
ROG 2,945 1,307 410 932 329 97 177 2,968 35% 16.8 7%
PAH 2,714 4,440 2,209 1,883 803 -395 -377 4,040 43% -10.7 -9%
CBT 2,692 3,119 2,027 3,360 727 248 488 3,622 22% 7.4 8%
KWR 2,664 725 267 851 307 57 88 2,569 36% 29.2 8%
POL 2,374 2,931 2,360 3,521 752 142 270 3,689 21% 13.6 5%
WDFC 2,238 313 160 317 231 69 88 2,264 73% 25.7 22%

Document
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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, 2019
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)
_______________________________
Massachusetts
06-0513860
(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 ý No o
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 ý No o
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 filer
ý
Accelerated 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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No ý
The number of shares outstanding of the registrant’s capital stock as of October 25, 2019 was 18,572,454.






ROGERS CORPORATION
FORM 10-Q

September 30, 2019

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 Ended
 
Nine Months Ended
 
September 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Net sales
$
221,842

 
$
226,863

 
$
704,492

 
$
656,149

Cost of sales
142,975

 
147,733

 
454,403

 
423,741

Gross margin
78,867

 
79,130

 
250,089

 
232,408

 
 
 
 
 
 
 
 
Selling, general and administrative expenses
40,448

 
39,943

 
127,349

 
123,080

Research and development expenses
7,830

 
7,630

 
23,282

 
24,514

Restructuring and impairment charges
580

 
1,052

 
2,485

 
2,015

Other operating (income) expense, net
124

 
863

 
1,075

 
(3,111
)
Operating income
29,885

 
29,642

 
95,898

 
85,910

 
 
 
 
 
 
 
 
Equity income in unconsolidated joint ventures
1,498

 
1,642

 
4,077

 
4,453

Other income (expense), net
(918
)
 
(680
)
 
(915
)
 
(647
)
Interest expense, net
(1,747
)
 
(2,000
)
 
(5,723
)
 
(4,503
)
Income before income tax expense
28,718


28,604

 
93,337

 
85,213

Income tax expense
5,331

 
8,870

 
17,258

 
22,014

Net income
$
23,387

 
$
19,734

 
$
76,079

 
$
63,199

 
 
 
 
 
 
 
 
Basic earnings per share
$
1.26

 
$
1.07

 
$
4.10

 
$
3.44

Diluted earnings per share
$
1.25

 
$
1.06

 
$
4.07

 
$
3.39

 
 
 
 
 
 
 
 
Shares used in computing:
 

 
 

 
 
 
 
Basic earnings per share
18,581

 
18,403

 
18,569

 
18,360

Diluted earnings per share
18,724

 
18,678

 
18,715

 
18,649


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 Ended
 
Nine Months Ended
 
September 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Net income
$
23,387

 
$
19,734

 
$
76,079

 
$
63,199

 
 
 
 
 
 
 
 
Foreign currency translation adjustment
(10,187
)
 
(1,608
)
 
(12,262
)
 
(9,901
)
Derivative instrument designated as cash flow hedge:
 
 
 
 
 
 
 
Change in unrealized gain (loss) before reclassifications, net of tax (Note 4)
(158
)
 
263

 
(1,362
)
 
1,416

Unrealized (gain) reclassified into earnings, net of tax (Note 4)
(32
)
 
(52
)
 
(188
)
 
(108
)
Pension and other postretirement benefits:
 
 
 
 
 
 
 
Amortization of loss, net of tax (Note 4)
172

 
44

 
485

 
131

Other comprehensive income (loss)
(10,205
)
 
(1,353
)
 
(13,327
)
 
(8,462
)
Comprehensive income
$
13,182

 
$
18,381

 
$
62,752

 
$
54,737



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)

 
September 30, 2019
 
December 31, 2018
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
140,747

 
$
167,738

Accounts receivable, less allowance for doubtful accounts of $1,353 and $1,354
138,532

 
144,623

Contract assets
24,070

 
22,728

Inventories
137,908

 
132,637

Prepaid income taxes
3,761

 
3,093

Asbestos-related insurance receivables, current portion
4,138

 
4,138

Other current assets
9,336

 
10,829

Total current assets
458,492

 
485,786

Property, plant and equipment, net of accumulated depreciation of $333,882 and $317,414
252,393

 
242,759

Investments in unconsolidated joint ventures
15,033

 
18,667

Deferred income taxes
12,166

 
8,236

Goodwill
260,552

 
264,885

Other intangible assets, net of amortization
162,939

 
177,008

Pension assets
20,236

 
19,273

Asbestos-related insurance receivables, non-current portion
60,247

 
59,685

Other long-term assets
7,660

 
3,045

Total assets
$
1,249,718

 
$
1,279,344

Liabilities and Shareholders’ Equity
 

 
 

Current liabilities
 

 
 

Accounts payable
$
38,608

 
$
40,321

Accrued employee benefits and compensation
31,722

 
30,491

Accrued income taxes payable
9,642

 
7,032

Asbestos-related liabilities, current portion
5,547

 
5,547

Other accrued liabilities
19,670

 
23,789

Total current liabilities
105,189

 
107,180

Borrowings under revolving credit facility
130,482

 
228,482

Pension and other postretirement benefits liabilities
1,739

 
1,739

Asbestos-related liabilities, non-current portion
65,104

 
64,799

Non-current income tax
9,296

 
8,418

Deferred income taxes
8,556

 
10,806

Other long-term liabilities
14,718

 
9,596

Commitments and contingencies (Note 13)


 


Shareholders’ equity
 

 
 

Capital stock - $1 par value; 50,000 authorized shares; 18,572 and 18,395 shares issued and outstanding
18,572

 
18,395

Additional paid-in capital
135,761

 
132,360

Retained earnings
852,462

 
776,403

Accumulated other comprehensive loss
(92,161
)
 
(78,834
)
Total shareholders' equity
914,634

 
848,324

Total liabilities and shareholders' equity
$
1,249,718

 
$
1,279,344


The accompanying notes are an integral part of the condensed consolidated financial statements.
5

ROGERS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars and shares in thousands)

 
Nine Months Ended
 
September 30, 2019
 
September 30, 2018
Operating Activities:
 
 
 
Net income
$
76,079

 
$
63,199

Adjustments to reconcile net income to cash provided by operating activities:
 
 
 
Depreciation and amortization
37,176

 
35,320

Equity compensation expense
9,294

 
8,536

Deferred income taxes
(5,565
)
 
(17
)
Equity in undistributed income of unconsolidated joint ventures
(4,077
)
 
(4,453
)
Dividends received from unconsolidated joint ventures
5,375

 
4,431

Pension and other postretirement benefits
(503
)
 
(1,193
)
Asbestos-related charges
67

 

Loss (gain) on sale or disposal of property, plant and equipment
278

 
(161
)
Impairment charges
1,537

 
477

Provision (benefit) for doubtful accounts
16

 
(264
)
Changes in assets and liabilities:
 
 
 
Accounts receivable
3,668

 
(14,012
)
Contract assets
(1,342
)
 
(20,260
)
Inventories
(7,788
)
 
(11,840
)
Pension and postretirement benefit contributions
(16
)
 
(25,347
)
Other current assets
641

 
146

Accounts payable and other accrued expenses
(2,552
)
 
(4,354
)
Other, net
3,384

 
3,216

Net cash provided by operating activities
115,672

 
33,424

 
 
 
 
Investing Activities:
 
 
 
Acquisition of business, net of cash received

 
(78,571
)
Isola asset acquisition

 
(43,434
)
Capital expenditures
(38,827
)
 
(36,557
)
Proceeds from the sale of property, plant and equipment, net
9

 
1,027

Return of capital from unconsolidated joint ventures
2,625

 

Net cash used in investing activities
(36,193
)
 
(157,535
)
 
 
 
 
Financing Activities:
 
 
 
Proceeds from borrowings under revolving credit facility

 
102,500

Repayment of debt principal and finance lease obligations
(98,294
)
 
(1,046
)
Payments of taxes related to net share settlement of equity awards
(7,309
)
 
(6,492
)
Proceeds from the exercise of stock options, net
344

 
734

Proceeds from issuance of shares to employee stock purchase plan
1,249

 
1,082

Share repurchases

 
(2,999
)
Net cash (used in) provided by financing activities
(104,010
)
 
93,779

 
 
 
 
Effect of exchange rate fluctuations on cash
(2,460
)
 
(1,271
)
 
 
 
 
Net decrease in cash and cash equivalents
(26,991
)
 
(31,603
)
Cash and cash equivalents at beginning of period
167,738

 
181,159

Cash and cash equivalents at end of period
$
140,747

 
$
149,556

 
 
 
 
Supplemental Disclosures:
 
 
 
Accrued capital additions
$
1,999

 
$
2,099

Cash paid during the year for:
 
 
 
Interest, net of amounts capitalized
$
6,449

 
$
4,662

Income taxes
$
16,018

 
$
23,357


The accompanying notes are an integral part of the condensed consolidated financial statements.
6

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




 
Three Months Ended
 
Nine Months Ended
 
September 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Capital Stock
 
 
 
 
 
 
 
Balance, beginning of period
$
18,559

 
$
18,380

 
$
18,395

 
$
18,255

Shares issued for vested restricted stock units, net of cancellations for tax withholding
2

 
2

 
139

 
115

Stock options exercised
1

 
1

 
11

 
19

Shares issued for employee stock purchase plan
8

 
6

 
15

 
12

Shares issued to directors
2

 
1

 
12

 
12

Shares repurchased

 

 

 
(23
)
Balance, end of period
18,572

 
18,390

 
18,572

 
18,390

Additional Paid-In Capital
 
 
 
 
 
 
 
Balance, beginning of period
131,836

 
126,452

 
132,360

 
128,933

Shares issued for vested restricted stock units, net of cancellations for tax withholding
113

 
(67
)
 
(7,448
)
 
(6,607
)
Stock options exercised
16

 
35

 
333

 
715

Shares issued for employee stock purchase plan
647

 
518

 
1,234

 
1,070

Shares issued to directors
(2
)
 
(1
)
 
(12
)
 
(12
)
Equity compensation expense
3,151

 
2,722

 
9,294

 
8,536

Shares repurchased

 

 

 
(2,976
)
Balance, end of period
135,761

 
129,659

 
135,761

 
129,659

Retained Earnings
 
 
 
 
 
 
 
Balance, beginning of period
829,075

 
732,217

 
776,403

 
684,540

Net income
23,387

 
19,734

 
76,079

 
63,199

Cumulative-effect adjustment for lease accounting

 

 
(20
)
 

Cumulative-effect adjustment of revenue recognition

 

 

 
4,212

Balance, end of period
852,462

 
751,951

 
852,462

 
751,951

Accumulated Other Comprehensive Loss
 
 
 
 
 
 
 
Balance, beginning of period
(81,956
)
 
(72,264
)
 
(78,834
)
 
(65,155
)
Other comprehensive income (loss)
(10,205
)
 
(1,353
)
 
(13,327
)
 
(8,462
)
Balance, end of period
(92,161
)
 
(73,617
)
 
(92,161
)
 
(73,617
)
Total Shareholders’ Equity
$
914,634

 
$
826,383

 
$
914,634

 
$
826,383



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 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.
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, 2018.
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.
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, include:
 
Derivative Instruments at Fair Value as of September 30, 2019
(Dollars in thousands)
Level 1
 
Level 2
 
Level 3
 
Total
Foreign currency contracts
$

 
$
189

 
$

 
$
189

Copper derivative contracts
$

 
$
518

 
$

 
$
518

Interest rate swap
$

 
$
(1,524
)
 
$

 
$
(1,524
)
 
Derivative Instruments at Fair Value as of December 31, 2018
(Dollars in thousands)
Level 1
 
Level 2
 
Level 3
 
Total
Foreign currency contracts
$

 
$
522

 
$

 
$
522

Copper derivative contracts
$

 
$
583

 
$

 
$
583

Interest rate swap
$

 
$
461

 
$

 
$
461


For further discussion on our derivative contracts, refer to “Note 3 – Hedging Transactions and Derivative Financial Instruments.”
Note 3 – 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 2017, we 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.

8



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.
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. As of September 30, 2019 and 2018, only our interest rate swap qualified for hedge accounting treatment as a cash flow hedge, and the hedge was highly effective.
Foreign Currency
During the three months ended September 30, 2019, we entered into Chinese Renminbi, Euro, Korean Won, and Japanese Yuan 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, 2019, the notional values of the remaining foreign currency forward contracts were:
Notional Values of Foreign Currency Derivatives
USD/CNY
$
6,506,000

KRW/USD
5,979,000,000


Commodity
As of September 30, 2019, we had 27 outstanding contracts to hedge exposure related to the purchase of copper in our Power Electronics Solutions (PES) and Advanced Connectivity Solutions (ACS) operating segments. 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, 2019, the volume of our copper contracts outstanding was as follows:
Volume of Copper Derivatives
October 2019 - December 2019
195 metric tons per month
January 2020 - March 2020
202 metric tons per month
April 2020 - June 2020
202 metric tons per month
July 2020 - September 2020
201 metric tons per month
October 2020 - December 2020
201 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. For additional information regarding our revolving credit facility, refer to “Note 10 – Debt.”

9



Effects on Financial Statements
(Dollars in thousands)
 
 
 
The Effect of Current Derivative Instruments on the Financial Statements for the Period Ended September 30, 2019
 
Fair Values of Derivative Instruments as of September 30, 2019
 
 
 
 
Gain (Loss)
 
Other Assets/
(Other Liabilities)(1)
 
 
Location
 
Three Months Ended
 
Nine Months Ended
 
 
Foreign Currency Contracts
 
 
 
 
 
 
 
 
Contracts not designated as hedging instruments
 
Other income (expense), net
 
$
181

 
$
(406
)
 
$
189

Copper Derivative Contracts
 
 
 
 
 
 
 
 
Contracts not designated as hedging instruments
 
Other income (expense), net
 
$
(543
)
 
$
(1,008
)
 
$
518

Interest Rate Swap
 
 
 
 
 
 
 
 
Contract designated as hedging instrument
 
Other comprehensive income (loss)
 
$
(240
)
 
$
(1,985
)
 
$
(1,524
)
(Dollars in thousands)
 
 
 
The Effect of Current Derivative Instruments on the Financial Statements for the Period Ended September 30, 2018
 
Fair Values of Derivative Instruments as of September 30, 2018
 
 
 
 
Gain (Loss)
 
Other Assets/(Other Liabilities)(1)
 
 
Location
 
Three Months Ended
 
Nine Months Ended
 
 
Foreign Currency Contracts
 
 
 
 
 
 
 
 
Contracts not designated as hedging instruments
 
Other income (expense), net
 
$
29

 
$
(95
)
 
$
342

Copper Derivative Contracts
 
 
 
 
 
 
 
 
Contracts not designated as hedging instruments
 
Other income (expense), net
 
$
(453
)
 
$
(1,637
)
 
$
631

Interest Rate Swap
 
 
 
 
 
 
 
 
Contract designated as hedging instrument
 
Other comprehensive income (loss)
 
$
270

 
$
1,669

 
$
1,710


(1) All balances were recorded in the “Other current assets” or “Other accrued liabilities” line items in the consolidated statements of financial position, except the 2019 interest rate swap balance, which was recorded in the “Other long-term liabilities” line item in the condensed consolidated statements of financial position.

10



Note 4 – Accumulated Other Comprehensive Loss
The changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2019 and 2018 were as follows:
(Dollars and accompanying footnotes in thousands)
Foreign Currency Translation Adjustments
 
Pension and Other Postretirement Benefits(1)
 
Derivative Instrument Designated as Cash Flow Hedge(2)
 
Total
Balance as of December 31, 2018
$
(30,488
)
 
$
(48,700
)
 
$
354

 
$
(78,834
)
Other comprehensive income (loss) before reclassifications
(12,262
)
 

 
(1,362
)
 
(13,624
)
Amounts reclassified from accumulated other comprehensive loss

 
485

 
(188
)
 
297

Net current-period other comprehensive income (loss)
(12,262
)
 
485

 
(1,550
)
 
(13,327
)
Balance as of September 30, 2019
$
(42,750
)
 
$
(48,215
)
 
$
(1,196
)
 
$
(92,161
)
 
 
 
 
 
 
 
 
Balance as of December 31, 2017
$
(17,983
)
 
$
(47,198
)
 
$
26

 
$
(65,155
)
Other comprehensive income (loss) before reclassifications
(9,901
)
 

 
1,416

 
(8,485
)
Amounts reclassified from accumulated other comprehensive loss

 
131

 
(108
)
 
23

Net current-period other comprehensive income (loss)
(9,901
)
 
131

 
1,308

 
(8,462
)
Balance as of September 30, 2018
$
(27,884
)
 
$
(47,067
)
 
$
1,334

 
$
(73,617
)
(1) Net of tax benefits of $9,851 and $9,984 as of September 30, 2019 and December 31, 2018, respectively. Net of tax benefits of $9,523 and $9,563 as of September 30, 2018 and December 31, 2017, respectively.
(2) Net of tax benefits (expenses) of $329 and ($106) as of September 30, 2019 and December 31, 2018, respectively. Net of tax expenses of ($375) and ($15) as of September 30, 2018 and December 31, 2017, respectively.
Note 5 – Acquisitions
Griswold LLC
On July 6, 2018, we acquired 100% of the membership interests in Griswold LLC (Griswold) for an aggregate purchase price of $78.0 million, net of cash acquired.
Pro Forma Financial Information
The following unaudited pro forma financial information presents the combined results of operations of Rogers and Griswold as if the Griswold acquisition had occurred on January 1, 2017. 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 Griswold acquisition been completed as of January 1, 2017, and should not be taken as indicative of our future consolidated results of operations.
 
Three Months Ended
 
Nine Months Ended
(Dollars in thousands)
September 30, 2018
 
September 30, 2018
Net sales
$
226,863

 
$
670,936

Net income