2017 Q2 Form 10-Q Financial Statement

#000008474817000021 Filed on August 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $201.4M $157.5M
YoY Change 27.9% -3.44%
Cost Of Revenue $120.9M $97.29M
YoY Change 24.25% -5.02%
Gross Profit $80.55M $60.20M
YoY Change 33.8% -0.76%
Gross Profit Margin 39.99% 38.22%
Selling, General & Admin $40.01M $34.37M
YoY Change 16.42% 4.07%
% of Gross Profit 49.68% 57.09%
Research & Development $7.141M $7.074M
YoY Change 0.95% 0.3%
% of Gross Profit 8.87% 11.75%
Depreciation & Amortization $11.00M $9.300M
YoY Change 18.28% 9.41%
% of Gross Profit 13.66% 15.45%
Operating Expenses $47.15M $41.44M
YoY Change 13.78% 3.4%
Operating Profit $32.31M $18.76M
YoY Change 72.29% -8.87%
Interest Expense -$1.947M -$1.115M
YoY Change 74.62% -14.49%
% of Operating Profit -6.03% -5.94%
Other Income/Expense, Net $260.0K $191.0K
YoY Change 36.13% -136.94%
Pretax Income $31.59M $18.54M
YoY Change 70.4% -3.2%
Income Tax $10.70M $13.16M
% Of Pretax Income 33.86% 71.0%
Net Earnings $20.90M $5.377M
YoY Change 288.62% -60.33%
Net Earnings / Revenue 10.37% 3.41%
Basic Earnings Per Share $1.15 $0.30
Diluted Earnings Per Share $1.13 $0.29
COMMON SHARES
Basic Shares Outstanding 18.14M shares 18.01M shares
Diluted Shares Outstanding 18.55M shares 18.25M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $177.3M $247.4M
YoY Change -28.33% 17.92%
Cash & Equivalents $177.3M $247.4M
Short-Term Investments
Other Short-Term Assets $10.36M $10.72M
YoY Change -3.39% -1.33%
Inventory $102.5M $88.26M
Prepaid Expenses
Receivables $137.0M $109.3M
Other Receivables $7.100M $8.300M
Total Short-Term Assets $441.4M $468.1M
YoY Change -5.69% 6.11%
LONG-TERM ASSETS
Property, Plant & Equipment $173.4M $174.8M
YoY Change -0.83% -3.7%
Goodwill $232.2M $177.1M
YoY Change 31.16% -0.87%
Intangibles $167.2M $70.31M
YoY Change 137.83%
Long-Term Investments $17.95M $16.65M
YoY Change 7.78% -3.34%
Other Assets $5.963M $3.328M
YoY Change 79.18% -46.87%
Total Long-Term Assets $657.7M $502.1M
YoY Change 30.99% -4.65%
TOTAL ASSETS
Total Short-Term Assets $441.4M $468.1M
Total Long-Term Assets $657.7M $502.1M
Total Assets $1.099B $970.2M
YoY Change 13.29% 0.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.56M $26.75M
YoY Change 32.93% 7.33%
Accrued Expenses $51.80M $44.50M
YoY Change 16.4% -1.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $400.0K $3.653M
YoY Change -89.05% 32.84%
Total Short-Term Liabilities $107.2M $88.54M
YoY Change 21.09% 0.93%
LONG-TERM LIABILITIES
Long-Term Debt $191.2M $171.7M
YoY Change 11.33% -3.11%
Other Long-Term Liabilities $3.525M $3.201M
YoY Change 10.12% -4.08%
Total Long-Term Liabilities $194.7M $174.9M
YoY Change 11.31% -3.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $107.2M $88.54M
Total Long-Term Liabilities $194.7M $174.9M
Total Liabilities $301.9M $263.5M
YoY Change 14.6% -1.8%
SHAREHOLDERS EQUITY
Retained Earnings $652.0M $563.4M
YoY Change 15.73% 8.63%
Common Stock $141.7M $133.0M
YoY Change 6.57% -19.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $718.3M $613.2M
YoY Change
Total Liabilities & Shareholders Equity $1.099B $970.2M
YoY Change 13.29% 0.26%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $20.90M $5.377M
YoY Change 288.62% -60.33%
Depreciation, Depletion And Amortization $11.00M $9.300M
YoY Change 18.28% 9.41%
Cash From Operating Activities $41.30M $25.10M
YoY Change 64.54% 164.21%
INVESTING ACTIVITIES
Capital Expenditures -$4.400M -$5.200M
YoY Change -15.38% -10.34%
Acquisitions
YoY Change
Other Investing Activities $500.0K $0.00
YoY Change
Cash From Investing Activities -$3.900M -$5.200M
YoY Change -25.0% -10.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -49.10M -1.300M
YoY Change 3676.92% -218.18%
NET CHANGE
Cash From Operating Activities 41.30M 25.10M
Cash From Investing Activities -3.900M -5.200M
Cash From Financing Activities -49.10M -1.300M
Net Change In Cash -11.70M 18.60M
YoY Change -162.9% 287.5%
FREE CASH FLOW
Cash From Operating Activities $41.30M $25.10M
Capital Expenditures -$4.400M -$5.200M
Free Cash Flow $45.70M $30.30M
YoY Change 50.83% 98.04%

Facts In Submission

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FiniteLivedIntangibleAssetsGross
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CY2017Q2 us-gaap Finite Lived Intangible Assets Net
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0 USD
us-gaap Gain Loss On Disposition Of Assets1
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0 USD
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0 USD
us-gaap Gain Loss On Disposition Of Assets1
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942000 USD
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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Goodwill
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17793000 USD
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116000 USD
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us-gaap Gross Profit
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CY2017Q2 us-gaap Gross Profit
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us-gaap Gross Profit
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18540000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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41585000 USD
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31593000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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71511000 USD
CY2016Q2 us-gaap Income Loss From Equity Method Investments
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708000 USD
CY2016Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
700000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1321000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1300000 USD
CY2017Q2 us-gaap Income Loss From Equity Method Investments
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966000 USD
CY2017Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1000000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1976000 USD
us-gaap Income Loss From Equity Method Investments
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2000000 USD
CY2016Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2017Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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23583000 USD
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12585000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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7213000 USD
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8693000 USD
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13220000 USD
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6464000 USD
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2056000 USD
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1991000 USD
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1908000 USD
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CY2017Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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4506000 USD
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us-gaap Interest Expense Lessee Assets Under Capital Lease
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200000 USD
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100000 USD
us-gaap Interest Expense Lessee Assets Under Capital Lease
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100000 USD
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us-gaap Interest Income Expense Nonoperating Net
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184
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616
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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334000 USD
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5197000 USD
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us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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16772000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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0 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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0 USD
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-71000 USD
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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-36000 USD
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5000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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11000 USD
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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us-gaap Proceeds From Stock Plans
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us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
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us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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us-gaap Research And Development Expense
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7141000 USD
us-gaap Research And Development Expense
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us-gaap Restructuring Charges
RestructuringCharges
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us-gaap Restructuring Charges
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1805000 USD
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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0 shares
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4651550 USD
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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0.00
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P3Y
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P3Y1M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P3Y
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P3Y
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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52000000 USD
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CY2017Q2 us-gaap Unrecognized Tax Benefits
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6600000 USD
CY2017Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
700000 USD
CY2017Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
6200000 USD
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
246000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
248000 shares
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
407000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
362000 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18253000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18234000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18547000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18460000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18007000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17986000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18140000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18098000 shares
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As used herein, the terms &#8220;Company,&#8221; &#8220;Rogers,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our&#8221; and similar terms mean Rogers Corporation and its subsidiaries, unless the context indicates otherwise.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain statement of financial position reclassifications have been made to prior period balances in order to conform to the current period&#8217;s presentation.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interim results are not necessarily indicative of results for a full year. For further information regarding our accounting policies, refer to the audited consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents information about our recent asbestos claims activity:</font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3" rowspan="1"></td></tr><tr><td style="width:86%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Asbestos</font></div><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Claims Activity</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Claims outstanding at December 31, 2016</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">605</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">New claims filed</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">195</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Pending claims concluded</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(184</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Claims outstanding at June 30, 2017</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">616</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

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