2024 Q4 Form 10-Q Financial Statement

#000008474824000061 Filed on October 25, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $210.3M
YoY Change -8.23%
Cost Of Revenue $136.2M
YoY Change -8.46%
Gross Profit $74.10M
YoY Change -7.79%
Gross Profit Margin 35.24%
Selling, General & Admin $45.10M
YoY Change 1.72%
% of Gross Profit 60.86%
Research & Development $8.100M
YoY Change 3.49%
% of Gross Profit 10.93%
Depreciation & Amortization $12.70M
YoY Change 10.95%
% of Gross Profit 17.14%
Operating Expenses $53.20M
YoY Change 1.99%
Operating Profit $14.60M
YoY Change -46.17%
Interest Expense $0.00
YoY Change -100.0%
% of Operating Profit 0.0%
Other Income/Expense, Net -$1.500M
YoY Change -297.11%
Pretax Income $13.50M
YoY Change -48.47%
Income Tax $2.800M
% Of Pretax Income 20.74%
Net Earnings $10.70M
YoY Change -43.79%
Net Earnings / Revenue 5.09%
Basic Earnings Per Share $0.58
Diluted Earnings Per Share $0.58
COMMON SHARES
Basic Shares Outstanding 18.66M shares 18.60M shares
Diluted Shares Outstanding 18.60M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $146.4M
YoY Change 15.77%
Cash & Equivalents $146.4M
Short-Term Investments
Other Short-Term Assets $31.70M
YoY Change -0.39%
Inventory $154.4M
Prepaid Expenses
Receivables $156.3M
Other Receivables $4.300M
Total Short-Term Assets $521.2M
YoY Change -6.06%
LONG-TERM ASSETS
Property, Plant & Equipment $406.8M
YoY Change 14.86%
Goodwill $365.7M
YoY Change 3.83%
Intangibles $117.7M
YoY Change -5.46%
Long-Term Investments $9.700M
YoY Change -6.24%
Other Assets $8.700M
YoY Change -48.66%
Total Long-Term Assets $1.019B
YoY Change 5.46%
TOTAL ASSETS
Total Short-Term Assets $521.2M
Total Long-Term Assets $1.019B
Total Assets $1.540B
YoY Change 1.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $47.20M
YoY Change 0.74%
Accrued Expenses $63.20M
YoY Change 10.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $122.5M
YoY Change 5.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change -100.0%
Other Long-Term Liabilities $10.10M
YoY Change -44.91%
Total Long-Term Liabilities $10.10M
YoY Change -89.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $122.5M
Total Long-Term Liabilities $10.10M
Total Liabilities $132.6M
YoY Change -38.17%
SHAREHOLDERS EQUITY
Retained Earnings $1.182B
YoY Change 4.4%
Common Stock $174.3M
YoY Change 3.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.301B
YoY Change
Total Liabilities & Shareholders Equity $1.540B
YoY Change 1.26%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $10.70M
YoY Change -43.79%
Depreciation, Depletion And Amortization $12.70M
YoY Change 10.95%
Cash From Operating Activities $42.40M
YoY Change 1.0%
INVESTING ACTIVITIES
Capital Expenditures $17.20M
YoY Change 158.34%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$17.20M
YoY Change 198.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -200.0K
YoY Change -99.6%
NET CHANGE
Cash From Operating Activities 42.40M
Cash From Investing Activities -17.20M
Cash From Financing Activities -200.0K
Net Change In Cash 25.00M
YoY Change -279.86%
FREE CASH FLOW
Cash From Operating Activities $42.40M
Capital Expenditures $17.20M
Free Cash Flow $25.20M
YoY Change -28.66%

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CY2023Q4 rog Accumulated Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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72000000.0 usd
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71500000 usd
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44300000 usd
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45600000 usd
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38100000 usd
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36400000 usd
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154400000 usd
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153500000 usd
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2200000 usd
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143200000 usd
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15000000.0 usd
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18700000 usd
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156300000 usd
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161900000 usd
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43600000 usd
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46300000 usd
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3600000 usd
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4000000.0 usd
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47200000 usd
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50300000 usd
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1300000 usd
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1100000 usd
us-gaap Operating Lease Expense
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3900000 usd
us-gaap Operating Lease Expense
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2900000 usd
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200000 usd
CY2023Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
200000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
500000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
600000 usd
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1100000 usd
CY2023Q3 us-gaap Operating Lease Payments
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900000 usd
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3500000 usd
us-gaap Operating Lease Payments
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2600000 usd
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1400000 usd
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1500000 usd
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25400000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
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18900000 usd
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400000 usd
CY2023Q4 us-gaap Finance Lease Liability Current
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400000 usd
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1000000.0 usd
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1100000 usd
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1400000 usd
CY2023Q4 us-gaap Finance Lease Liability
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1500000 usd
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4100000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
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3500000 usd
CY2024Q3 us-gaap Operating Lease Liability Noncurrent
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21700000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
15400000 usd
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
25800000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
18900000 usd
CY2024Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
100000 usd
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1500000 usd
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1500000 usd
CY2024Q3 rog Finance Lease Liability Commenced To Be Paid Year One
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1600000 usd
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500000 usd
CY2024Q3 rog Lessee Operating Lease Commenced Liability Payments Due Year One
LesseeOperatingLeaseCommencedLiabilityPaymentsDueYearOne
5500000 usd
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LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5500000 usd
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FinanceLeaseLiabilityCommencedToBePaidYearTwo
1700000 usd
CY2024Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
500000 usd
CY2024Q3 rog Lessee Operating Lease Commenced Liability Payments Due Year Two
LesseeOperatingLeaseCommencedLiabilityPaymentsDueYearTwo
4800000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4800000 usd
CY2024Q3 rog Finance Lease Liability Commenced To Be Paid Year Three
FinanceLeaseLiabilityCommencedToBePaidYearThree
1500000 usd
CY2024Q3 us-gaap Finance Lease Liability Payments Due Year Three
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200000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3900000 usd
CY2024Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
100000 usd
CY2024Q3 rog Lessee Operating Lease Commenced Liability Payments Due Year Four
LesseeOperatingLeaseCommencedLiabilityPaymentsDueYearFour
3200000 usd
CY2024Q3 rog Finance Lease Liability Commenced To Be Paid After Year Four
FinanceLeaseLiabilityCommencedToBePaidAfterYearFour
5200000 usd
CY2024Q3 rog Finance Lease Liability To Be Paid After Year Four
FinanceLeaseLiabilityToBePaidAfterYearFour
100000 usd
CY2024Q3 rog Lessee Operating Lease Commenced Liability Payments Due After Year Four
LesseeOperatingLeaseCommencedLiabilityPaymentsDueAfterYearFour
13000000.0 usd
CY2024Q3 rog Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
13000000.0 usd
CY2024Q3 rog Finance Lease Liability Commenced Payment Due
FinanceLeaseLiabilityCommencedPaymentDue
11500000 usd
CY2024Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
1500000 usd
CY2024Q3 rog Lessee Operating Lease Commenced Liability Payments Due
LesseeOperatingLeaseCommencedLiabilityPaymentsDue
31900000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
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31900000 usd
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1800000 usd
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FinanceLeaseLiabilityUndiscountedExcessAmount
100000 usd
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6100000 usd
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LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
6100000 usd
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9700000 usd
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1400000 usd
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25800000 usd
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25800000 usd
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P3Y7M6D
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P4Y
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P7Y
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0.0429
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0.0414
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0.0556
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0535
CY2023Q4 us-gaap Goodwill
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359800000 usd
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
5900000 usd
CY2024Q3 us-gaap Goodwill
Goodwill
365700000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
280000000.0 usd
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FiniteLivedIntangibleAssetsAccumulatedAmortization
166700000 usd
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276000000.0 usd
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FiniteLivedIntangibleAssetsAccumulatedAmortization
156400000 usd
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119600000 usd
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IndefiniteLivedIntangibleAssetsExcludingGoodwill
4400000 usd
CY2024Q3 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
4400000 usd
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IndefiniteLivedIntangibleAssetsExcludingGoodwill
4300000 usd
CY2023Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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4300000 usd
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284400000 usd
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FiniteLivedIntangibleAssetsAccumulatedAmortization
166700000 usd
CY2024Q3 us-gaap Intangible Assets Net Excluding Goodwill
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117700000 usd
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280300000 usd
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156400000 usd
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123900000 usd
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3100000 usd
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3300000 usd
us-gaap Amortization Of Intangible Assets
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9300000 usd
us-gaap Amortization Of Intangible Assets
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10000000.0 usd
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FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
3200000 usd
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11100000 usd
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10700000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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10300000 usd
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8000000.0 usd
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P6Y9M18D
rog Number Of Qualified Noncontributory Defined Benefit Plans
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1 plan
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2 option
us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the change in number of asbestos claims outstanding for the nine months ended September 30, 2024:</span></div><div style="margin-bottom:1pt;margin-top:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:83.841%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.959%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Asbestos Claims</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Claims outstanding as of January 1, 2024</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">506 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">New claims filed</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">112 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Pending claims concluded</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(102)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Claims outstanding as of September 30, 2024</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">516</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:1pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.85pt;font-weight:400;line-height:120%;position:relative;top:-3.15pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">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.</span></div>
CY2023Q4 us-gaap Loss Contingency Pending Claims Number
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506 claim
us-gaap Loss Contingency Claims Settled And Dismissed Number
LossContingencyClaimsSettledAndDismissedNumber
102 claim
CY2024Q3 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
516 claim
us-gaap Loss Contingency Claims Dismissed Number
LossContingencyClaimsDismissedNumber
78 claim
us-gaap Loss Contingency Claims Settled Number
LossContingencyClaimsSettledNumber
24 claim
us-gaap Litigation Settlement Expense
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11400000 usd
CY2024Q3 us-gaap Accrual For Environmental Loss Contingencies Gross
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60600000 usd
CY2023Q4 us-gaap Accrual For Environmental Loss Contingencies Gross
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61500000 usd
CY2024Q3 us-gaap Recorded Third Party Environmental Recoveries Receivable
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56500000 usd
CY2023Q4 us-gaap Recorded Third Party Environmental Recoveries Receivable
RecordedThirdPartyEnvironmentalRecoveriesReceivable
56500000 usd
CY2024Q3 us-gaap Net Income Loss
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10700000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
19000000.0 usd
us-gaap Net Income Loss
NetIncomeLoss
26600000 usd
us-gaap Net Income Loss
NetIncomeLoss
33400000 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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18600000 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18600000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18600000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18600000 shares
CY2024Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2023Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
100000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
100000 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18600000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18700000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18700000 shares
CY2024Q3 us-gaap Earnings Per Share Basic
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0.58
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.43
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.79
CY2024Q3 us-gaap Earnings Per Share Diluted
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0.58
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.02
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.43
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.79
CY2015Q4 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 usd
CY2024Q3 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 usd
CY2024Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
72393 shares
CY2024Q3 us-gaap Stock Repurchased During Period Value
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0 usd
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
7800000 usd
CY2024Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
116200000 usd
CY2024Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1500 shares
CY2024Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
109.92
CY2024Q1 rog Treasury Stock Shares Acquired Publicly Announced Plans Or Programs
TreasuryStockSharesAcquiredPubliclyAnnouncedPlansOrPrograms
1500 shares
CY2024Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
23800000 usd
CY2024Q2 us-gaap Treasury Stock Shares Acquired
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70893 shares
CY2024Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
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108.79
CY2024Q2 rog Treasury Stock Shares Acquired Publicly Announced Plans Or Programs
TreasuryStockSharesAcquiredPubliclyAnnouncedPlansOrPrograms
70893 shares
CY2024Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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116200000 usd
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
210300000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
229100000 usd
CY2023Q3 us-gaap Operating Income Loss
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27200000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
637900000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
37600000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
703800000 usd
us-gaap Operating Income Loss
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Basis of Presentation<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
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