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 2020-09-30 Filed 2020-10-30
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 2020-10-29
8-K 2020-10-16
8-K 2020-07-30
8-K 2020-07-30
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-20200930x10ex311.htm
EX-31.2 rog-20200930x10ex312.htm
EX-32 rog-20200930x10ex32.htm
EX-99.1 rogerscorporationemplo.htm

Rogers Earnings 2020-09-30

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 September 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 October 26, 2020 was 18,675,798.



ROGERS CORPORATION
FORM 10-Q

September 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 EndedNine Months Ended
 September 30, 2020September 30, 2019September 30, 2020September 30, 2019
Net sales$201,944 $221,842 $591,911 $704,492 
Cost of sales126,426 142,975 380,794 454,403 
Gross margin75,518 78,867 211,117 250,089 
Selling, general and administrative expenses50,230 40,448 132,254 127,349 
Research and development expenses7,085 7,830 22,185 23,282 
Restructuring and impairment charges9,413 580 9,413 2,485 
Other operating (income) expense, net(4)124 (96)1,075 
Operating income8,794 29,885 47,361 95,898 
Equity income in unconsolidated joint ventures937 1,498 3,177 4,077 
Pension settlement charges  (55) 
Other income (expense), net1,446 (918)1,294 (915)
Interest expense, net(3,553)(1,747)(6,539)(5,723)
Income before income tax expense7,624 28,718 45,238 93,337 
Income tax expense618 5,331 10,453 17,258 
Net income$7,006 $23,387 $34,785 $76,079 
Basic earnings per share$0.37 $1.26 $1.86 $4.10 
Diluted earnings per share$0.37 $1.25 $1.86 $4.07 
Shares used in computing:  
Basic earnings per share18,688 18,581 18,678 18,569 
Diluted earnings per share18,713 18,724 18,695 18,715 
The accompanying notes are an integral part of the condensed consolidated financial statements.
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ROGERS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(Dollars in thousands)

Three Months EndedNine Months Ended
September 30, 2020September 30, 2019September 30, 2020September 30, 2019
Net income$7,006 $23,387 $34,785 $76,079 
Foreign currency translation adjustment11,269 (10,187)10,004 (12,262)
Pension and other postretirement benefits:
Pension settlement benefits, net of tax (Note 4)  (48) 
Actuarial net gain incurred, net of tax (Note 4)3  629  
Amortization of loss, net of tax (Note 4)66 172 199 485 
Derivative instrument designated as cash flow hedge:
Change in unrealized loss before reclassifications, net of tax (Note 4)(638)(158)(1,504)(1,362)
Unrealized loss (gain) reclassified into earnings, net of tax (Note 4)2,810 (32)2,476 (188)
Other comprehensive income (loss)13,510 (10,205)11,756 (13,327)
Comprehensive income$20,516 $13,182 $46,541 $62,752 
The accompanying notes are an integral part of the condensed consolidated financial statements.
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ROGERS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited)
(Dollars and shares in thousands, except par value)
September 30, 2020December 31, 2019
Assets  
Current assets  
Cash and cash equivalents$186,123 $166,849 
Accounts receivable, less allowance for doubtful accounts of $1,366 and $1,691
138,611 122,285 
Contract assets22,061 22,455 
Inventories109,733 132,859 
Prepaid income taxes3,406 4,524 
Asbestos-related insurance receivables, current portion4,292 4,292 
Other current assets10,217 10,838 
Total current assets474,443 464,102 
Property, plant and equipment, net of accumulated depreciation of $370,164 and $341,119
266,104 260,246 
Investments in unconsolidated joint ventures12,755 16,461 
Deferred income taxes26,907 17,117 
Goodwill265,781 262,930 
Other intangible assets, net of amortization132,818 158,947 
Pension assets4,337 12,790 
Asbestos-related insurance receivables, non-current portion74,024 74,024 
Other long-term assets14,871 6,564 
Total assets$1,272,040 $1,273,181 
Liabilities and Shareholders’ Equity  
Current liabilities  
Accounts payable$35,886 $33,019 
Accrued employee benefits and compensation35,991 29,678 
Accrued income taxes payable6,235 10,649 
Asbestos-related liabilities, current portion5,007 5,007 
Other accrued liabilities23,237 21,872 
Total current liabilities106,356 100,225 
Borrowings under revolving credit facility60,000 123,000 
Pension and other postretirement benefits liabilities1,654 1,567 
Asbestos-related liabilities, non-current portion80,540 80,873 
Non-current income tax15,509 10,423 
Deferred income taxes9,497 9,220 
Other long-term liabilities11,460 13,973 
Commitments and contingencies (Note 10 and Note 12)
Shareholders’ equity  
Capital stock - $1 par value; 50,000 authorized shares; 18,676 and 18,577 shares issued and outstanding
18,676 18,577 
Additional paid-in capital145,010 138,526 
Retained earnings858,487 823,702 
Accumulated other comprehensive loss(35,149)(46,905)
Total shareholders' equity987,024 933,900 
Total liabilities and shareholders' equity$1,272,040 $1,273,181 
The accompanying notes are an integral part of the condensed consolidated financial statements.
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ROGERS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
Nine Months Ended
September 30, 2020September 30, 2019
Operating Activities:  
Net income$34,785 $76,079 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization48,562 37,176 
Equity compensation expense10,317 9,294 
Deferred income taxes(9,987)(5,565)
Equity in undistributed income of unconsolidated joint ventures(3,177)(4,077)
Dividends received from unconsolidated joint ventures7,075 5,375 
Pension settlement benefits(63) 
Pension and other postretirement benefits(149)(503)
Asbestos-related charges 67 
Loss on sale or disposal of property, plant and equipment49 278 
Impairment charges386 1,537 
Provision (benefit) for doubtful accounts(63)16 
Changes in assets and liabilities:
Accounts receivable(14,702)3,668 
Contract assets394 (1,342)
Inventories25,008 (7,788)
Pension and postretirement benefit contributions(248)(16)
Other current assets1,876 641 
Accounts payable and other accrued expenses5,236 (2,552)
Other, net8,374 3,384 
Net cash provided by operating activities113,673 115,672 
Investing Activities:
Capital expenditures(28,944)(38,827)
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(28,944)(36,193)
Financing Activities:
Proceeds from borrowings under revolving credit facility150,000  
Repayment of debt principal and finance lease obligations(213,299)(98,294)
Payments of taxes related to net share settlement of equity awards(5,107)(7,309)
Proceeds from the exercise of stock options, net 344 
Proceeds from issuance of shares to employee stock purchase plan1,373 1,249 
Net cash provided by (used in) financing activities(67,033)(104,010)
Effect of exchange rate fluctuations on cash1,578 (2,460)
Net increase (decrease) in cash and cash equivalents19,274 (26,991)
Cash and cash equivalents at beginning of period166,849 167,738 
Cash and cash equivalents at end of period$186,123 $140,747 
Supplemental Disclosures:
Accrued capital additions$1,493 $1,999 
Cash paid during the year for:
Interest, net of amounts capitalized$4,301 $6,449 
Income taxes$21,645 $16,018 
The accompanying notes are an integral part of the condensed consolidated financial statements.
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ROGERS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited)
(Dollars and shares in thousands)



Three Months EndedNine Months Ended
September 30, 2020September 30, 2019September 30, 2020September 30, 2019
Capital Stock
Balance, beginning of period$18,668 $18,559 $18,577 $18,395 
Shares issued for vested restricted stock units, net of shares withheld for taxes1 2 86 139 
Stock options exercised 1  11 
Shares issued for employee stock purchase plan7 8 13 15 
Shares issued to directors 2  12 
Balance, end of period18,676 18,572 18,676 18,572 
Additional Paid-In Capital
Balance, beginning of period141,092 131,836 138,526 132,360 
Shares issued for vested restricted stock units, net of shares withheld for taxes(79)113 (5,193)(7,448)
Stock options exercised 16  333 
Shares issued for employee stock purchase plan702 647 1,360 1,234 
Shares issued to directors (2) (12)
Equity compensation expense3,295 3,151 10,317 9,294 
Balance, end of period145,010 135,761 145,010 135,761 
Retained Earnings
Balance, beginning of period851,481 829,075 823,702 776,403 
Net income7,006 23,387 34,785 76,079 
Cumulative-effect adjustment for lease accounting — — (20)
Balance, end of period858,487 852,462 858,487 852,462 
Accumulated Other Comprehensive Loss
Balance, beginning of period(48,659)(81,956)(46,905)(78,834)
Other comprehensive income (loss)13,510 (10,205)11,756 (13,327)
Balance, end of period(35,149)(92,161)(35,149)(92,161)
Total Shareholders’ Equity$987,024 $914,634 $987,024 $914,634 
The accompanying notes are an integral part of the condensed consolidated financial statements.
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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. Refer to the discussion below for our restructuring activities significant accounting policy.
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 September 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.
Restructuring Activities
We record charges associated with restructuring activities, such as employee termination benefits, which represent a one-time benefit, when management approves and commits to a plan of termination, or over the future service period, if any. Other costs associated with restructuring activities may include contract termination costs, including costs related to leased facilities to be abandoned or subleased, and facility and employee relocation costs.
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 September 30, 2020
(Dollars in thousands)Level 1Level 2Level 3Total
Pension surplus investment(1)
$6,911 $2,416 $ $9,327 
(1) This balance was invested in funds comprised of short-term cash and fixed income securities, and was recorded in the “Other long-term assets” line item in the condensed consolidated statements of financial position. As of September 30, 2020, the fair value of this investment approximated its carrying value.







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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 September 30, 2020
(Dollars in thousands)Level 1Level 2Level 3
Total(1)
Foreign currency contracts$ $(106)$ $(106)
Copper derivative contracts$ $2,640 $ $2,640 
Interest rate swap contract$ $ $ $ 
Derivative Instruments at Fair Value as of December 31, 2019
(Dollars in thousands)Level 1Level 2Level 3
Total(1)
Foreign currency contracts$ $(6)$ $(6)
Copper derivative contracts$ $1,147 $ $1,147 
Interest rate swap contract$ $(1,254)$ $(1,254)
(1) All balances were recorded in the “Other current assets” or “Other accrued liabilities” line items in the condensed consolidated statements of financial position, except the 2019 interest rate swap balance, which was recorded in the “Other long-term liabilities” line item.
For additional information on 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, commodity pricing risk (primarily related to copper) and interest rate risk. We do not use derivative instruments for trading or speculative purposes. The valuation of derivative contracts used to manage each of these risks is described below:
Foreign Currency – The fair value of any foreign currency option derivative is based upon valuation models applied to current market information such as strike price, spot rate, maturity date and volatility, and by reference to market values resulting from an over-the-counter market or obtaining market data for similar instruments with similar characteristics.
Commodity The fair value of copper derivatives is computed using a combination of intrinsic and time value valuation models, 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 counterparties 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 condensed consolidated statements of financial position. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies for 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) in the condensed consolidated statements of 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
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periods during which the hedged transaction affects earnings. As of September 30, 2019, 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, 2020, we entered into U.S. dollar, euro, and Korean won 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 (expense) income, net” in our condensed consolidated statements of operations in the period in which the adjustment occurred.
As of September 30, 2020, the notional values of the remaining foreign currency forward contracts were as follows:
Notional Values of Foreign Currency Derivatives
USD/CNH$30,138,505 
EUR/USD9,430,781 
KRW/USD11,684,000,000 
Commodity
As of September 30, 2020, we had 21 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 (expense) income, net” in our condensed consolidated statements of operations in the period in which the adjustment occurred.
As of September 30, 2020, the volume of our copper contracts outstanding was as follows:
Volume of Copper Derivatives
October 2020 - December 2020
201 metric tons per month
January 2021 - March 2021
256 metric tons per month
April 2021 - June 2021
256 metric tons per month
July 2021 - September 2021
222 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 was designated as a cash flow hedge and qualified for hedge accounting treatment. We terminated the interest rate swap on September 30, 2020. As a result, we settled the interest rate swap for $2.4 million on October 2, 2020, representing the fair value of the interest rate swap on the date of termination. Both Rogers and the counterparties released each other from all obligation under the interest rate swap agreement, including the obligation to exchange, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to the agreed upon notional principal amount of $75.0 million. As a result of the termination of the interest rate swap, there is an offsetting decrease in the forecasted interest expense, net over the remaining term of the now-terminated interest rate swap, which was set to expire in February 2022. For additional information regarding our revolving credit facility, refer to “Note 9 – Debt.”
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Effects on Financial Statements
The impacts from our derivative instruments on the statement of operations and statements of comprehensive income (loss) were as follows:
Three Months EndedNine Months Ended
(Dollars in thousands)Financial Statement Line ItemSeptember 30, 2020September 30, 2019September 30, 2020September 30, 2019
Foreign Currency Contracts
Contracts not designated as hedging instrumentsOther (expense) income, net$(823)$181 $(1,378)$(406)
Copper Derivative Contracts 
Contracts not designated as hedging instrumentsOther (expense) income, net$1,238 $(543)$1,067 $(1,008)
Interest Rate Swap
Contract designated as hedging instrumentOther comprehensive income (loss)$2,771 $(240)$1,254 $(1,985)

Note 4 – Accumulated Other Comprehensive Loss
The changes in accumulated other comprehensive loss by component 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, 2019$(35,478)$(10,455)$(972)$(46,905)
Other comprehensive income (loss) before reclassifications10,004 629 (1,504)9,129 
Amounts reclassified from accumulated other comprehensive loss 151 2,476 2,627 
Net current-period other comprehensive income (loss)10,004 780 972 11,756 
Balance as of September 30, 2020$(25,474)$(9,675)$ $(35,149)
Balance as of December 31, 2018$(30,488)$(48,700)$354 $(78,834)
Other comprehensive loss before reclassifications(12,262) (1,362)(