BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION

Our reporting structure is comprised of the following operating segments: Printed Circuit Materials (PCM), High Performance Foams (HPF) and Power Electronics Solutions (PES). Our non-core businesses are reported in the "Other" reportable segment.


•	Printed Circuit Materials

The Printed Circuit Materials operating segment includes printed circuit board laminate products for high frequency, high performance applications. These products have characteristics that offer performance and other functional advantages in many market applications and serve to differentiate our products from other commonly available materials. These products are sold principally to independent and captive printed circuit board fabricators that convert our laminates to custom printed circuits.

The polymer-based dielectric layers of our circuit board laminates are proprietary materials that provide highly specialized electrical and mechanical properties. Trade names for our printed circuit board materials include RO3000®, RO4000®, RT/duroid®, ULTRALAM®, RO2800®, LoPro®, COOLSPAN® and TMM® laminates. All of these laminates are used for making circuitry that receive, transmit, and process high frequency communications signals, yet each laminate has varying properties that address specific needs and applications within the communications market. High frequency circuits are used in the equipment and devices that comprise wireless communications systems, including cellular communications, digital cellular communications, paging, direct broadcast television, global positioning, mobile radio communications, and radar for both aviation and automotive applications.


•	High Performance Foams

The High Performance Foams operating segment includes polyurethane and silicone foam as well as solid products manufactured in roll stock, sheet, and molded formats. These materials have characteristics that offer functional advantages in many market applications which serve to differentiate Rogers' products from other commonly available materials.

High Performance Foams products are sold globally to converters, fabricators, distributors and original equipment manufacturers (OEMs) for use in general industrial applications, portable electronics including mobile internet devices, consumer goods, mass transportation, construction, printing applications and other markets. Trade names for our High Performance Foams include: PORON® Microcellular Urethanes used for making high performance gaskets and seals in vehicles, portable communications devices, computers and peripherals; PORON® cushion insole materials for footwear and related products; PORON® healthcare and medical materials for body cushioning and orthotic appliances; R/bak® compressible printing plate backing and mounting products for cushioning flexographic plates for printing on packaging materials; PORON® and XRD® for high impact cushioning protection; Rogers BISCO® silicone foams, solids, sponge and extrusion products for flame retardant gaskets, seals and cushioning applications in communications infrastructure equipment, aircraft, trains, cars and trucks, and for shielding extreme temperature or flame; and eSORBA® urethane foams used in portable communications, entertainment devices and other industrial applications.

We have two 50% owned joint ventures that extend and complement our worldwide business in High Performance Foams. Rogers INOAC Corporation (RIC), a joint venture with Japan-based INOAC Corporation, manufactures high performance polyurethane foam materials in Mie and Taketoyo, Japan to predominantly serve the Japanese and Taiwanese markets. Rogers INOAC Suzhou Corporation (RIS) was established in 2004 with INOAC Corporation and provides polyurethane foam materials primarily to the Asian marketplace.


•	Power Electronics Solutions

The Power Electronics Solutions operating segment is comprised of direct bond copper (DBC) ceramic substrate products and busbar power distribution products. We believe that our advanced, customized components enable the performance and reliability of today’s growing array of power electronic devices and serve to increase the efficiency of applications by managing heat and ensuring the reliability of these critical devices used in converting raw energy into controlled and regulated power that can be used and managed.

Trade names for our Power Electronics Solutions products include curamik® ceramic substrates and RO-LINX® products. Curamik® ceramic substrates are used in the design of intelligent power management devices, such as insulated gate bipolar transistor (IGBT) modules, which enable a wide range of products including highly efficient industrial motor drives, wind and solar converters and electric and hybrid electric vehicle drive systems. RO-LINX® products are used in high power electrical inverter and converter systems for use in mass transit (e.g. high speed trains); clean technology applications (e.g. wind turbines, solar farms and electric vehicles) and variable frequency drives for high to mid power applications.


•	Other

The Other reportable segment consists of elastomer components, floats and inverter distribution activities. Elastomer components are sold to OEMs for applications in ground transportation, office equipment, consumer and other markets. Trade names for our elastomer components include: NITROPHYL® floats for level sensing in fuel tanks, motors, and storage tanks and ENDUR® elastomer rollers and belts for document handling in copiers, printers, mail sorting machines and automated teller machines. Inverters are sold primarily to OEMs and fabricators that in turn sell to various other third parties primarily serving the portable communication and automotive markets.

This segment previously included the results of the Composite Materials operating segment, which qualified as a discontinued operation in the fourth quarter of 2012 when we shut down production of non-woven composite materials. All results have been recast to exclude this segment from consolidated results or continuing operations.

The following table sets forth the information about our reportable segments for the periods indicated:



(Dollars in thousands)	High Performance Foams		Printed Circuit Materials		Power Electronics Solutions			Other		Total
2014
Net sales	$	173,671	$	240,864	$	171,832		$	24,544	$	610,911
Operating income (loss)	23,143		43,703		5,355			8,226		80,427
Total assets	219,502		215,077		375,686			24,852		835,117
Capital expenditures	6,197		14,290		7,489			779		28,755
Depreciation & amortization	6,561		9,575		9,332			800		26,268
Investment in unconsolidated joint ventures	17,214		—		—			—		17,214
Equity income (loss) in unconsolidated joint ventures	4,123		—		—			—		4,123
2013
Net sales	$	168,082	$	184,949	$	160,730		$	23,721	$	537,482
Operating income (loss)	22,339		18,788		1,088			7,065		49,280
Total assets	221,848		177,716		382,818			24,152		806,534
Capital expenditures	3,030		7,793		5,287			749		16,859
Depreciation & amortization	6,410		7,004		12,406			531		26,351
Investment in unconsolidated joint ventures	18,463		—		—			—		18,463
Equity income (loss) in unconsolidated joint ventures	4,326		—		—			—		4,326
2012
Net sales	$	179,421	$	161,893	$	134,279		$	23,168	$	498,761
Operating income (loss)	25,730		8,170		(12,022		)	3,786		25,664
Total assets	233,401		156,103		345,013			24,761		759,278
Capital expenditures	4,947		12,849		5,746			232		23,774
Depreciation & amortization	7,947		7,172		11,083			928		27,130
Investment in unconsolidated joint ventures	21,171		—		—			—		21,171
Equity income (loss) in unconsolidated joint ventures	4,743		—		—			—		4,743

Inter-segment sales have been eliminated from the sales data in the preceding table.

The following table sets forth the operating income (loss) reconciliation to the consolidated statements of income (loss) for the periods indicated:



	2014			2013			2012
Operating income (loss)	$	80,427		$	49,280		$	25,664

Equity income in unconsolidated joint ventures	4,123			4,326			4,743
Other income (expense), net	(1,194		)	(1,240		)	(208		)
Net realized investment gain (loss)	—			—			(3,245		)
Interest income (expense), net	(2,946		)	(3,481		)	(4,304		)
Income (loss) before income taxes	$	80,410		$	48,885		$	22,650

Information relating to our operations by geographic area is as follows:



	Net Sales (1)						Long-lived Assets (2)
(Dollars in thousands)	2014		2013		2012		2014		2013		2012

United States	$	128,186	$	118,263	$	115,035	$	70,532	$	64,545	$	64,845
Asia	324,643		275,969		250,682		71,661		68,613		69,830
Europe	148,026		132,126		123,040		144,794		171,615		172,671
Other	10,056		11,124		10,004		—		—		—
Total	$	610,911	$	537,482	$	498,761	$	286,987	$	304,773	$	307,346

⁽¹⁾Net sales are allocated to countries based on the location of the customer.

⁽²⁾Long-lived assets are based on the location of the asset and are comprised of goodwill and other intangibles and property, plant and equipment.