10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________

FORM 10-Q

_______________________________

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2016

or

o 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)
P.O. Box 188, One Technology Drive, Rogers, Connecticut	06263-0188
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (860) 774-9605

_______________________________

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post 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, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ý	Accelerated filer  o
Non-accelerated filer o	(Do not check if a smaller reporting company)	Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý

The number of shares outstanding of the registrant's common stock as of April 20, 2016 was 18,003,299.

ROGERS CORPORATION

FORM 10-Q

March 31, 2016

TABLE OF CONTENTS
Part I – Financial Information
Item 1.	Condensed Consolidated Financial Statements (Unaudited):
	Condensed Consolidated Statements of Operations	3
	Condensed Consolidated Statements of Comprehensive Income (Loss)	4
	Condensed Consolidated Statements of Financial Position	5
	Condensed Consolidated Statements of Cash Flows	6
	Condensed Consolidated Statement of Shareholders' Equity	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	34
Part II – Other Information
Item 1.	Legal Proceedings	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 6.	Exhibits	35
Signatures		36

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. See "Forward-Looking Statements" in Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations 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)

	Quarter Ended
	March 31, 2016			March 31, 2015
Net sales	$	160,566		$	165,051
Cost of sales	100,058			102,626
Gross margin	60,508			62,425
Selling, general and administrative expenses	29,860			36,147
Research and development expenses	6,549			6,108
Operating income	24,099			20,170
Equity income in unconsolidated joint ventures	613			919
Other income (expense), net	(546		)	(129		)
Interest expense, net	(1,121		)	(1,006		)
Income before income tax expense	23,045			19,954
Income tax expense	8,117			6,311
Net income	$	14,928		$	13,643
Basic earnings per share	$	0.83		$	0.74
Diluted earnings per share	$	0.82		$	0.72
Shares used in computing:
Basic earnings per share	17,966			18,476
Diluted earnings per share	18,214			18,950

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

3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(Dollars in thousands)

	Quarter Ended
	March 31, 2016		March 31, 2015
Net income	$	14,928	$	13,643
Foreign currency translation adjustment	10,926		(27,980		)
Derivative instruments designated as cash flow hedges:
Unrealized gain (loss) on derivative instruments held at period end, net of tax (Note 6)	4		218
Unrealized gain (loss) reclassified into earnings (Note 6)	2		—
Pension and postretirement benefit plans reclassified into earnings, net of tax (Note 6):
Amortization of loss	35		268
Other comprehensive income (loss)	10,967		(27,494		)
Comprehensive income (loss)	$	25,895	$	(13,851	)

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)

	March 31, 2016			December 31, 2015
Assets
Current assets
Cash and cash equivalents	$	229,203		$	204,586
Accounts receivable, less allowance for doubtful accounts of  $789 and  $695	107,866			101,428
Inventories	90,500			91,824
Prepaid income taxes	4,711			5,058
Deferred income taxes	—			9,565
Asbestos-related insurance receivables	8,245			8,245
Other current assets	9,793			7,959
Total current assets	450,318			428,665
Property, plant and equipment, net of accumulated depreciation of $246,748 and $237,150	177,337			178,661
Investments in unconsolidated joint ventures	16,593			15,348
Deferred income taxes	17,164			8,594
Goodwill	178,876			175,453
Other intangible assets	73,587			75,019
Asbestos-related insurance receivables	45,114			45,114
Other long-term assets	3,396			3,501
Total assets	$	962,385		$	930,355
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable	$	23,170		$	22,251
Accrued employee benefits and compensation	24,376			23,263
Accrued income taxes payable	8,419			3,599
Current portion of long term debt	3,309			2,966
Asbestos-related liabilities	8,245			8,245
Other accrued liabilities	16,716			18,324
Total current liabilities	84,235			78,648
Long term debt	172,643			173,557
Long term lease obligation	5,729			5,549
Pension and post-retirement benefit obligations	14,808			14,808
Asbestos-related liabilities	48,390			48,390
Non-current income tax	13,247			11,863
Deferred income taxes	9,495			9,455
Other long-term liabilities	3,550			3,503
Commitments and Contingencies (Note 14)
Shareholders’ Equity
Capital Stock - $1 par value; 50,000 authorized shares; 17,996 and 17,957 shares outstanding	17,996			17,957
Additional paid-in capital	111,789			112,017
Retained earnings	557,994			543,066
Accumulated other comprehensive loss	(77,491		)	(88,458		)
Total shareholders' equity	610,288			584,582
Total liabilities and shareholders' equity	$	962,385		$	930,355

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)

	Quarter Ended
	March 31, 2016			March 31, 2015
Operating Activities:
Net income	$	14,928		$	13,643
Adjustments to reconcile net income to cash from operating activities:
Depreciation and amortization	8,973			7,973
Stock-based compensation expense	1,992			1,598
Deferred income taxes	1,013			1,330
Equity in undistributed income of unconsolidated joint ventures	(613		)	(919		)
Dividends received from unconsolidated joint ventures	—			780
Pension and postretirement benefits	(702		)	(294		)
Changes in operating assets and liabilities, excluding effects of acquisitions:
Accounts receivable	(6,657		)	(5,632		)
Inventories	(1,021		)	(6,734		)
Pension contribution	(63		)	—
Other current assets	(1,621		)	(3,431		)
Accounts payable and other accrued expenses	8,307			4,352
Other, net	1,651			243
Net cash provided by operating activities	26,187			12,909
Investing Activities:
Business acquisition, net of cash acquired	—			(155,778		)
Capital expenditures	(4,813		)	(8,486		)
Net cash used in investing activities	(4,813		)	(164,264		)
Financing Activities:
Proceeds from long term borrowings	—			125,000
Repayment of debt principal and long term lease obligation	(757		)	(5,065		)
Repurchases of capital stock	(1,997		)	—
Proceeds from sale of capital stock, net	564			5,290
Issuance of restricted stock shares	(1,175		)	(2,258		)
Proceeds from issuance of shares to employee stock purchase plan	427			345
Net cash (used in) provided by financing activities	(2,938		)	123,312
Effect of exchange rate fluctuations on cash	6,181			(9,474		)
Net increase (decrease) in cash and cash equivalents	24,617			(37,517		)
Cash and cash equivalents at beginning of period	204,586			237,375
Cash and cash equivalents at end of period	$	229,203		$	199,858

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

6

ROGERS CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY

(Unaudited)

(Dollars in thousands)

	Capital Stock/Capital Shares			Additional Paid-In Capital			Retained Earnings		Accumulated Other Comprehensive Loss			Total Shareholders’ Equity
Balance at December 31, 2015	$	17,957		$	112,017		$	543,066	$	(88,458	)	$	584,582
Net income	—			—			14,928		—			14,928
Other comprehensive income (loss)	—			—			—		10,967			10,967
Stock options exercised	14			550			—		—			564
Stock issued to directors	2			(2		)	—		—			—
Shares issued for employees stock purchase plan	9			418			—		—			427
Shares issued for restricted stock, net of cancellations for tax withholding	51			(1,226		)	—		—			(1,175		)
Shares repurchased	(37		)	(1,960		)	—		—			(1,997		)
Stock-based compensation expense	—			1,992			—		—			1,992
Balance at March 31, 2016	$	17,996		$	111,789		$	557,994	$	(77,491	)	$	610,288

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.

Certain statement of financial position reclassifications have been made to prior period balances in order to conform to the current period's presentation.

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 December 31, 2015.

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. Assets and liabilities measured on a recurring basis, categorized by the level of inputs used in the valuation, included:

(Dollars in thousands)	Carrying amount as of March 31, 2016			Level 1		Level 2			Level 3
Foreign currency contracts	$	(114	)	$	—	$	(114	)	$	—
Copper derivative contracts	$	255		$	—	$	255		$	—
Interest rate swap	$	(7	)	$	—	$	(7	)	$	—

(Dollars in thousands)	Carrying amount as of December 31, 2015			Level 1		Level 2			Level 3
Foreign currency contracts	$	(78	)	$	—	$	(78	)	$	—
Copper derivative contracts	$	193		$	—	$	193		$	—
Interest rate swap	$	(18	)	$	—	$	(18	)	$	—

8

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 the 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 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.

• Commodity - The fair value of copper derivatives is computed using a combination of intrinsic and time value valuation models. 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 the constant 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. Overall, fair value is a function of five primary variables: price of the underlying instrument, time to expiration, strike price, interest rate, and volatility.  

• 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 our derivative instruments that are designated and qualify for hedge accounting treatment (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. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of the future cash flows of the hedged item (i.e., the ineffective portion) if any, is recognized in the condensed consolidated statements of operations during the current period. For the quarters ended March 31, 2016 and 2015, there was no hedge ineffectiveness.

Foreign Currency

During the quarter ended March 31, 2016, we entered into Chinese Yuan, Euro, Great Britain Pound, Japanese Yen, and Korean Won forward contracts. We entered into these foreign currency forward contracts to mitigate certain global balance sheet exposures. These contracts do not qualify for hedge accounting treatment. Mark-to-market adjustments are recorded in the other income (expense), net line item in our condensed consolidated statements of operations for those contracts that do not qualify for hedge accounting treatment.

As of March 31, 2016 the notional values of these foreign currency forward contracts were:

Notional Values of Foreign Currency Derivatives
CNY/USD	$	6,768,139
USD/EUR	€	5,250,318
CNY/EUR	€	2,812,683
USD/KRW	₩	7,401,436,000
JPY/EUR	€	1,367,462
EUR/GBP	£	150,000
JPY/USD	$	651,208

9

Commodity

We currently have twenty-four outstanding contracts to hedge exposure related to the purchase of copper in our Power Electronics Solutions and Advanced Connectivity Solutions operations. These contracts are held with financial institutions and minimize the risk associated with a potential rise in copper prices. These contracts provide some coverage over the forecasted 2016 and 2017 monthly copper exposure and do not qualify for hedge accounting treatment; therefore, any mark-to-market adjustments required on these contracts are recorded in the other income (expense), net line item in our condensed consolidated statements of operations.  The copper contracts outstanding as of March 31, 2016 were:

Notional Value of Copper Derivatives
April 2016 - June 2016	130	metric tons per month
July 2016 - September 2016	127	metric tons per month
October 2016 - December 2016	117	metric tons per month
January 2017 - March 2017	53	metric tons per month
April 2017 - June 2017	26	metric tons per month

Interest Rates

In July 2012, we entered into an interest rate swap to hedge the variable interest rate on our term loan debt. As of March 31, 2016, the remaining notional amount of the interest rate swap covers $8.1 million of our term loan debt. This transaction has been designated as a cash flow hedge and qualifies for hedge accounting treatment.

Effects on Statements of Operations and of Comprehensive Income:

(Dollars in thousands)		The Effect of Current Derivative Instruments on the Financial Statements for the quarter ended March 31, 2016
Foreign Exchange Contracts	Location	Gain (loss)
Contracts not designated as hedging instruments	Other income (expense), net	$	(114	)
Copper Derivatives
Contracts not designated as hedging instruments	Other income (expense), net	$	33
Interest Rate Swap
Contracts designated as hedging instruments	Other comprehensive income (loss)	$	11

(Dollars in thousands)		The Effect of Current Derivative Instruments on the Financial Statements for the quarter ended March 31, 2015
Foreign Exchange Contracts	Location	Gain (loss)
Contracts designated as hedging instruments	Other comprehensive income (loss)	$	197
Contracts not designated as hedging instruments	Other income (expense), net	$	(250	)
Copper Derivatives
Contracts not designated as hedging instruments	Other income (expense), net	$	(290	)
Interest Rate Swap
Contracts designated as hedging instruments	Other comprehensive income (loss)	$	(128	)

10

Note 4 – Inventories

Inventories are valued at the lower of cost or market. Effective October 1, 2015, the Company changed its method for inventory costing from the last in, first out (LIFO) cost method to the first in, first out (FIFO) cost method for all operations that were using the LIFO cost method. This change in accounting method was deemed preferable because this change causes inventory to be valued on a consistent basis throughout the entire Company and on a more comparable basis with industry peer companies.

This change in accounting method was completed in accordance with Accounting Standards Codification (ASC) 250 Accounting changes and error corrections, and all periods presented have been retrospectively adjusted to reflect the period-specific effects of applying the new accounting principle.

The following table summarizes the effect of this accounting change on the Company’s consolidated statements of operations for the quarter ended March 31, 2015:

	Quarter Ended March 31, 2015
(Dollars in thousands, except per share amounts)	As Originally Reported Under LIFO		As Adjusted under FIFO		Effect of Change
Cost of sales	$	102,696	$	102,626	$	(70	)
Net income	$	13,627	$	13,643	$	16
Basic earnings per share	$	0.74	$	0.74	$	—
Diluted earnings per share	$	0.72	$	0.72	$	—

There was no impact on cash provided by operating activities as a result of the above changes.

Inventories were as follows at the end of the periods noted below:

(Dollars in thousands)	March 31, 2016		December 31, 2015
Raw materials	$	34,453	$	35,499
Work-in-process	23,762		22,804
Finished goods	32,285		33,521
Total Inventories	$	90,500	$	91,824

Note 5 – Acquisition

On January 22, 2015, we completed the acquisition of Arlon LLC and its subsidiaries (collectively, Arlon), pursuant to the terms of the Stock Purchase Agreement, dated December 18, 2014, by and among the Company, Handy & Harman Group, Ltd. and its subsidiary Bairnco Corporation, as amended (the Purchase Agreement).

Pursuant to the terms of the Purchase Agreement, we acquired Arlon and assumed certain liabilities related to the acquisition for an aggregate purchase price of approximately $157.0 million.

We used borrowings of $125.0 million under our bank credit facility in addition to cash on hand to fund the acquisition.

The results of Arlon have been included in our consolidated financial statements only for the periods subsequent to the completion of our acquisition on January 22, 2015.

11

Note 6 – Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss by component during the quarters ended March 31, 2016 and 2015 were as follows:

(Dollars in thousands)	Foreign currency translation adjustments			Funded status of pension plans and other postretirement benefits (1)			Unrealized gain (loss) on derivative instruments (2)			Total
Beginning Balance December 31, 2014	$	(14,193	)	$	(50,808	)	$	(93	)	$	(65,094	)
Other comprehensive income (loss) before reclassifications	(27,980		)	—			$	124		(27,856		)
Amounts reclassified from accumulated other comprehensive loss (3)	—			268			$	94		362
Net current-period other comprehensive income (loss)	(27,980		)	268			$	218		(27,494		)
Ending Balance March 31, 2015	$	(42,173	)	$	(50,540	)	$	125		$	(92,588	)
Beginning Balance December 31, 2015	$	(41,365	)	$	(47,082	)	$	(11	)	$	(88,458	)
Other comprehensive income (loss) before reclassifications	10,926			—			4			10,930
Amounts reclassified from accumulated other comprehensive loss (4)	—			35			2			37
Net current-period other comprehensive income (loss)	10,926			35			6			10,967
Ending Balance March 31, 2016	$	(30,439	)	$	(47,047	)	$	(5	)	$	(77,491	)

(1) Net of taxes of $11,807 and $11,952 as of March 31, 2015 and December 31, 2014, respectively. Net of taxes of $9,860 and $9,879 as of March 31, 2016, December 31, 2015, respectively.

(2) Net of taxes of $3 and $5 as of March 31, 2016 and December 31, 2015, respectively. Net of taxes of $50 and $50 as of March 31, 2015 and December 31, 2014, respectively.

(3) Net of taxes of $144 and $51 for the pension plans and postretirement benefits and unrealized gain (loss) on derivatives, respectively.

(4) Net of taxes of $19 and $1 for the pension plans and postretirement benefits and unrealized gain (loss) on derivatives, respectively.

Note 7 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share, for the periods indicated:

(In thousands, except per share amounts)	Quarter Ended
	March 31, 2016		March 31, 2015
Numerator:
Net income	$	14,928	$	13,643
Denominator:
Weighted-average shares outstanding - basic	17,966		18,476
Effect of dilutive shares	248		474
Weighted-average shares outstanding - diluted	18,214		18,950
Basic earnings per share	$	0.83	$	0.74
Diluted earnings per share	$	0.82	$	0.72

12

Certain potential options to purchase shares were excluded from the calculation of diluted weighted-average shares outstanding because the exercise price was greater than the average market price of our capital stock during the year. For the quarter ended March 31, 2016, 51,275 shares were excluded. For the quarter ended March 31, 2015, no shares were excluded.

Note 8 – Stock-Based Compensation

Equity Compensation Awards

Stock Options

Stock options have been granted under various equity compensation plans. The maximum contractual term for all options is normally ten years. We have not granted any stock options since the first quarter of 2012.

In most cases, we recognize expense using the straight-line method for stock option grants. The amount of stock-based compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. Forfeitures are required to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The term “forfeitures” is distinct from “cancellations” or “expirations” and represents only the unvested portion of the surrendered option. We currently expect, based on historical analysis, an annual forfeiture rate of approximately 3%.

During the quarter ended March 31, 2016, which was the final quarter in which we recognized stock option expense related to previously issued stock option grants, we recognized a de minimis amount of stock option compensation expense. During the quarter ended March 31, 2015, we recognized approximately $0.1 million of stock option compensation expense.

A summary of the activity under our stock option plans as of March 31, 2016 and changes during the quarter then ended, is presented below:

	Options Outstanding		Weighted- Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life in Years	Aggregate Intrinsic Value
Options outstanding at December 31, 2015	212,038		$	40.47	3.2	$	2,557,193
Options exercised	(13,672	)	$	41.25
Options forfeited	—		$	—
Options outstanding at March 31, 2016	198,366		$	40.31	3.3	$	3,934,582
Options exercisable at March 31, 2016	198,366		$	40.31	3.3	$	3,934,582
Options vested at March 31, 2016	198,366		$	40.31	3.3	$	3,934,582

During the quarter ended March 31, 2016, the total intrinsic value of options exercised (i.e., the difference between the market price at time of exercise and the price paid by the individual to exercise the options) and the total cash received from the exercise of these options was $0.6 million.

Performance-Based Restricted Stock

As of March 31, 2016, we have awards from 2014, 2015 and 2016 outstanding. These awards cliff vest at the end of the three year measurement period. For the 2015 and 2016 grants, employees whose employment terminates during the measurement period due to death, disability, or, in certain cases, retirement may receive a pro-rata payout based on the number of days they were employed during the vesting period. Participants are eligible to be awarded shares ranging from 0% to 200% of the original award amount, based on certain defined measurement criteria. Compensation expense is recognized using the straight-line method over the vesting period.  

The outstanding awards from 2016 have one measurement criterion on which the final payout of each award is based - the three year total shareholder return (TSR) on the performance of our capital stock as compared to that of a specified group of peer companies. TSR is considered a market condition. As such, the fair value of all awards was determined on the date of grant using a Monte Carlo simulation valuation model with related compensation expense fixed on the grant date and expensed on a straight-line basis over the life of the awards that ultimately vest with no changes for the final projected payout of the award until payment is made.

The amount of performance-based restricted stock compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. Forfeitures are required to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. We currently expect, based on historical analysis,

13

an annual forfeiture rate of approximately 12%. This assumption is reviewed periodically and the rate is be adjusted as necessary. Ultimately, the actual expense recognized over the vesting period will only be for those awards that vest.

Below were the assumptions used in the Monte Carlo calculation:

	March 31, 2016	March 31, 2015
Expected volatility	29.6%	28.2%
Expected term (in years)	3.0	3.0
Risk-free interest rate	0.93%	0.96%

Expected volatility – In determining expected volatility, we have considered a number of factors, including historical volatility.

Expected term – We use the vesting period of the award to determine the expected term assumption for the Monte Carlo simulation valuation model.

Risk-free interest rate – We use an implied "spot rate" yield on U.S. Treasury Constant Maturity rates as of the grant date for our assumption of the risk-free interest rate.

Expected dividend yield – We do not currently pay dividends on our capital stock; therefore, a dividend yield of 0% was used in the Monte Carlo simulation valuation model.

	Performance-Based Restricted Stock Awards
Non-vested awards outstanding at December 31, 2015	107,229
Awards granted	81,220
Stock issued	(25,397	)
Awards forfeited	(5,431	)
Non-vested awards outstanding at March 31, 2016	157,621

During the quarters ended March 31, 2016 and 2015, we recognized compensation expense for performance-based restricted stock awards of approximately $0.7 million and $0.3 million, respectively. 

Time-Based Restricted Stock

As of March 31, 2016, we have grants from 2013, 2014, 2015 and 2016 outstanding. The grants typically vest on the first, second and third anniversaries of the original grant date. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period. The fair value of the award is determined based on the market value of the underlying stock price at the grant date.

The amount of time-based restricted stock compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. Forfeitures are required to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. We currently expect, based on historical analysis, an annual forfeiture rate of approximately 12%. This assumption is reviewed periodically and the rate is adjusted as necessary. Ultimately, the actual expense recognized over the vesting period will only be for those awards that vest.

	Time-Based Restricted Stock Awards
Non-vested awards outstanding at December 31, 2015	208,318
Awards granted	116,610
Stock issued	(46,429	)
Awards forfeited	(11,309	)
Non-vested awards outstanding at March 31, 2016	267,190

During the quarters ended March 31, 2016 and 2015, we recognized compensation expense for time-based restricted stock awards of approximately $1.2 million and $1.1 million, respectively.

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Deferred Stock Units

We grant deferred stock units to non-management directors. These awards are fully vested on the date of grant and the related shares are generally issued on the 13 month anniversary of the grant date unless the individual elects to defer the receipt of those shares. Each deferred stock unit results in the issuance of one share of Rogers’ stock. The grant of deferred stock units is typically done annually during the second quarter of each year. The fair value of the award is determined based on the market value of the underlying stock price at the grant date.

	Deferred Stock Units
Awards outstanding at December 31, 2015	23,950
Awards granted	—
Stock issued	(1,650	)
Awards outstanding at March 31, 2016	22,300

There was no expense associated with the deferred stock units in the first quarter of 2016 or 2015.

Employee Stock Purchase Plan

We have an employee stock purchase plan (ESPP) that allows eligible employees to purchase, through payroll deductions, shares of our capital stock at a discount to fair market value. The ESPP has twosix month offering periods each year, the first beginning in January and ending in June and the second beginning in July and ending in December. The ESPP contains a look-back feature that allows the employee to acquire stock at a 15% discount from the underlying market price at the beginning or end of the applicable period, whichever is lower. We recognize compensation expense on this plan ratably over the offering period based on the fair value of the anticipated number of shares that will be issued at the end of each offering period. Compensation expense is adjusted at the end of each offering period for the actual number of shares issued. Fair value is determined based on two factors: (i) the 15% discount amount on the underlying stock’s market value on the first day of the applicable offering period and (ii) the fair value of the look-back feature determined by using the Black-Scholes model. We recognized approximately $0.1 million of compensation expense associated with the plan in each of the quarters ended March 31, 2016 and 2015.

Note 9 – Pension Benefits and Other Postretirement Benefit Plans

Components of Net Periodic Benefit Cost

The components of net periodic benefit cost (income) for the periods indicated were:

(Dollars in thousands)	Pension Benefits						Retirement Health and Life Insurance Benefits
	Quarter Ended						Quarter Ended
Change in benefit obligation:	March 31, 2016			March 31, 2015			March 31, 2016			March 31, 2015
Service cost	$	—		$	—		$	37		$	150
Interest cost	1,893			1,839			19			75
Expected return on plan assets	(2,706		)	(2,771		)	—			—
Amortization of prior service cost	—			—			(373		)	—
Amortization of net loss (gain)	447			413			(19		)	—
Net periodic benefit (income) cost	$	(366	)	$	(519	)	$	(336	)	$	225

Employer Contributions

In the first quarters of 2016 and 2015, we did not make any voluntary contributions to our qualified defined benefit pension plans.

As of December 31, 2015 we had not met the minimum funding requirement for all of our defined benefit pension plans and were therefore required to make a contribution to one of the plans of $0.1 million during the quarter ended March 31, 2016. We did not make any contributions during the quarter ended March 31, 2015. We estimate that we will be required to make contributions of $0.3 million in 2016.

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As there is no funding requirement for the non-qualified defined benefit pension plans nor the Retiree Health and Life Insurance benefit plans, benefit payments made during the year are funded directly by the Company.

Note 10 – Segment Information

Our reporting structure is comprised of the following operating segments: Advanced Connectivity Solutions (ACS), Elastomeric Material Solutions (EMS), Power Electronics Solutions (PES) and the Other segment. We believe this structure aligns our external reporting presentation with how we currently manage and view our business internally.

We completed the acquisition of Arlon on January 22, 2015. As part of the integration process, Arlon operations related to circuit materials and silicones were included in our ACS and EMS segments, respectively. The Other segment included the Arlon business that manufactured specialty polyimide, epoxy-based laminates and bonding materials, which we subsequently sold in December, 2015.

The following table sets forth the information about our segments for the periods indicated, inter-segment sales have been eliminated from the net sales data:

	Quarter Ended
(Dollars in thousands)	March 31, 2016			March 31, 2015
Net sales
Advanced Connectivity Solutions	$	73,376		$	71,287
Elastomeric Material Solutions	46,317			44,556
Power Electronics Solutions	35,251			38,529
Other	5,622			10,679
Net sales	$	160,566		$	165,051
Operating income
Advanced Connectivity Solutions	$	15,900		$	12,868
Elastomeric Material Solutions	5,305			3,033
Power Electronics Solutions	1,296			2,391
Other	1,598			1,878
Operating income	24,099			20,170
Equity income in unconsolidated joint ventures	613			919
Other income (expense), net	(546		)	(129		)
Interest expense, net	(1,121		)	(1,006		)
Income before income tax expense	$	23,045		$	19,954

Note 11 – Joint Ventures

As of March 31, 2016, we had two joint ventures, each 50% owned, which were accounted for under the equity method of accounting.

Joint Venture	Location	Reportable Segment	Fiscal Year-End
Rogers INOAC Corporation (RIC)	Japan	Elastomeric Material Solutions	October 31
Rogers INOAC Suzhou Corporation (RIS)	China	Elastomeric Material Solutions	December 31

We recognized equity income related to the joint ventures of $0.6 million and $0.9 million for the quarters ended March 31, 2016 and 2015, respectively. These amounts are included in the condensed consolidated statements of operations.

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The summarized financial information for the joint ventures for the periods indicated was as follows:

	Quarter Ended
(Dollars in thousands)	March 31, 2016		March 31, 2015
Net sales	$	9,237	$	10,978
Gross profit	$	3,099	$	3,445
Net income	$	1,226	$	1,839

Receivables from and payables to joint ventures arise during the normal course of business from transactions between us and the joint ventures. We had receivables of $1.7 million and $1.8 million as of March 31, 2016 and December 31, 2015, respectively. We had payables of $1.2 million and $1.1 million as of March 31, 2016 and December 31, 2015, respectively.

Note 12 – Debt

On June 18, 2015, we entered into a secured five year credit agreement (the Amended Credit Agreement). The Amended Credit Agreement amends and restates the credit agreement signed between the Company and the same banks on July 13, 2011 and increased our borrowing capacity from $265.0 million to $350.0 million, with an additional $50.0 million accordion.

The Amended Credit Agreement provides (1) a $55.0 million term loan; (2) up to $295.0 million of revolving loans, with sublimits for multicurrency borrowings, letters of credit and swing-line notes; and (3) a $50.0 million expansion feature. Borrowings may be used to finance working capital needs, for letters of credit and for general corporate purposes in the ordinary course of business, including the financing of permitted acquisitions (as defined in the Amended Credit Agreement).  

Borrowings under the Amended Credit Agreement bear interest based on one of two options. Alternate base rate loans bear interest that includes a base reference rate plus a spread of 37.5 to 75.0 basis points, depending on our leverage ratio. The base reference rate is the greater of the prime rate; federal funds effective rate plus 50 basis points; or adjusted 1-month LIBOR plus 100 basis points. Euro-currency loans bear interest based on adjusted LIBOR plus a spread of 137.5 to 175.0 basis points, depending on our leverage ratio. We incurred interest expense on our outstanding debt of $0.9 million and $0.8 million for the quarters ended March 31, 2016 and March 31, 2015, respectively.

In addition to interest payable on the principal amount of indebtedness outstanding from time to time under the Amended Credit Agreement, the Company is required to pay a quarterly fee of 0.20% to 0.30% (based upon our leverage ratio) of the unused amount of the lenders’ commitments under the Amended Credit Agreement. We incurred an unused commitment fee of $0.1 million and a deminimis amount for the quarter ended March 31, 2016 and March 31, 2015, respectively.

The Amended Credit Agreement contains customary representations, warranties, covenants, mandatory prepayments and events of default under which the Company's payment obligations may be accelerated. The financial covenants include requirements to maintain (1) a leverage ratio of no more than 3.25 to 1.00, subject to a one-time election to increase the maximum leverage ratio to 3.50 to 1.00 for one fiscal year in connection with a permitted acquisition, and (2) an interest coverage ratio (ICR) of no less than 3.00 to 1.00. The ICR is the ratio determined as of the end of each of the Company's fiscal quarters ending on and after September 30, 2015, of (i) Consolidated Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (as defined in the Amended Credit Agreement) minus the unfinanced portion of Consolidated Capital Expenditures to (ii) Consolidated Interest Expense paid in cash, in each case for the period of four consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated for the Borrower and its subsidiaries on a consolidated basis. As of March 31, 2016, we were in compliance with all of the financial covenants in the Amended Credit Agreement, as we achieved actual ratios of approximately 1.42 to 1.00 on the leverage ratio and 24.41 to 1.00 on the ICR.

The Amended Credit Agreement requires the mandatory quarterly repayment of principal on amounts borrowed under the term loan. Payments commenced on September 30, 2015, and are scheduled to be completed on June 30, 2020.

As of March 31, 2016, the remaining aggregate mandatory principal payments were as follows:

2016	$2.8	million
2017	$4.1	million
2018	$4.8	million
2019	$5.5	million
2020	$160.8	million

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All obligations under the Amended Credit Agreement are guaranteed by each of the Corporation’s existing and future material domestic subsidiaries, as defined in the Amended Credit Agreement (the “Guarantors”). The obligations are also secured by a Second Amended and Restated Pledge and Security Agreement, dated as of June 18, 2015, entered into by the Company and the Guarantors that grants to the administrative agent, for the benefit of the lenders, a security interest, subject to certain exceptions, in substantially all of the non-real estate assets of the Company and the Guarantors.

In addition, as of March 31, 2016 and December 31, 2015 we had a $1.2 million standby letter of credit (LOC) to guarantee Rogers workers compensation plans that were backed by the Amended Credit Agreement. No amounts were drawn on the LOC as of March 31, 2016 or December 31, 2015.

The Amended Credit Agreement is secured by many of the assets of Rogers, including but not limited to, receivables, equipment, intellectual property, inventory, and stock in certain subsidiaries.

If an event of default occurs, the lenders may, among other things, terminate their commitments and declare all outstanding borrowings to be immediately due and payable together with accrued interest and fees.  

At March 31, 2016, we have $2.0 million of remaining deferred debt issuance costs. These costs will be amortized over the life of the Amended Credit Agreement, which will terminate in June 2020. We incurred amortization expense of $0.1 million in each of the first quarters of 2016 and 2015 related to these deferred costs.

We borrowed $125.0 million under the line of credit in the first quarter of 2015 to fund the acquisition of Arlon. During the first quarter of 2016 and 2015, we made principal payments of $0.7 million and $5.0 million, respectively, on the outstanding debt. We are obligated to pay $3.8 million on this debt obligation in the next 12 months under the term loan.

In July 2012, we entered into an interest rate swap to hedge the variable interest rate on our term loan debt. As of March 31, 2016, the remaining notional amount of the interest rate swap covers $8.1 million of our term loan debt. At March 31, 2016, our outstanding debt balance is comprised of a term loan of $52.9 million and $125.0 million borrowed on the revolving line of credit. At March 31, 2016, the rate charged on this debt is the 1 month LIBOR at 0.5000% plus a spread of 1.500%.

Capital Lease

During the first quarter of 2011, we recorded a capital lease obligation related to the acquisition of Curamik Electronics GmbH ("Curamik") for its primary manufacturing facility in Eschenbach, Germany. Under the terms of the leasing agreement, we have an option to purchase the property upon the expiration of the lease in 2021 at a price which is the greater of (i) the then-current market value or (ii) the residual book value of the land including the buildings and installations thereon. The total obligation recorded for the lease as of March 31, 2016 is $6.0 million. Depreciation expense related to the capital lease was $0.1 million in each of the quarters ended March 31, 2016 and 2015. Accumulated depreciation at March 31, 2016 and December 31, 2015 was$2.0 million and $1.9 million, respectively. These expenses are included as depreciation expense in cost of sales on our condensed consolidated statements of operations.

We also incurred interest expense on the capital lease of $0.1 million for each of the quarters ended March 31, 2016 and March 31, 2015. Interest expense related to the debt recorded on the capital lease is included in interest expense on the condensed consolidated statements of operations.

Restriction on Payment of Dividends

Our Amended Credit Agreement generally permits us to pay cash dividends to our shareholders, provided that (i) no default or event of default has occurred and is continuing or would result from the dividend payment and (ii) our leverage ratio does not exceed 2.00 to 1.00. If our leverage ratio exceeds 2.00 to 1.00, we may nonetheless make up to $10.0 million in restricted payments, including dividends, during the fiscal year, provided that no default or event of default has occurred and is continuing or would result from the payments.

Note 13 – Goodwill and Intangible Assets

Goodwill

The changes in the carrying amount of goodwill for the period ending March 31, 2016, by segment, were as follows:

(Dollars in thousands)	Advanced Connectivity Solutions		Elastomeric Material Solutions		Power Electronics Solutions		Other		Total
December 31, 2015	$	51,931	$	56,269	$	65,029	$	2,224	$	175,453
Foreign currency translation adjustment	—		420		3,003		—		3,423
March 31, 2016	$	51,931	$	56,689	$	68,032	$	2,224	$	178,876

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Intangible Assets

	March 31, 2016						December 31, 2015
(Dollars in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks and patents	$	2,562	$	819	$	1,743	$	2,543	$	718	$	1,825
Technology	48,930		21,687		27,243		47,724		19,681		28,043
Covenant-not-to-compete	970		970		—		943		943		—
Customer relationships	50,687		10,587		40,100		49,948		9,100		40,848
Total definite lived intangible assets	103,149		34,063		69,086		101,158		30,442		70,716
Indefinite lived intangible assets	4,501		—		4,501		4,303		—		4,303
Total intangible assets	$	107,650	$	34,063	$	73,587	$	105,461	$	30,442	$	75,019

Gross and net carrying amounts and accumulated amortization may differ from prior periods due to foreign exchange rate fluctuations.

Amortization expense for the quarters ended March 31, 2016 and 2015 was approximately $2.6 million and $2.4 million, respectively. The estimated annual future amortization expense is $7.8 million, $10.0 million, $9.5 million, $9.0 million and $5.5 million for the remainder of 2016, 2017, 2018, 2019 and 2020, respectively.

The definite-lived intangible assets are amortized using a fair value methodology that is based on the projected economic use of the related underlying asset. The weighted average amortization period as of March 31, 2016, by intangible asset class, is presented in the table below:

Intangible Asset Class	Weighted Average Amortization Period (Years)
Trademarks and patents	3.6
Technology	4.4
Customer relationships	5.8
Total definite lived intangible assets	5.1

The indefinite-lived trademark intangible assets were acquired from the acquisition of Curamik. These assets are assessed for impairment annually or if changes in circumstances indicate that the carrying values may not be recoverable.

Note 14 – Commitments and Contingencies

We are currently engaged in the following environmental and legal proceedings:

Voluntary Corrective Action Program

The Rogers Corporate Headquarters located in Rogers, Connecticut is part of the Connecticut Voluntary Corrective Action Program (VCAP). As part of this program, we partnered with the Connecticut Department of Energy and Environmental Protection (CT DEEP) to determine the corrective actions to be taken at the site related to contamination issues. We evaluated this matter and completed internal due diligence work related to the site in the fourth quarter of 2015 and recorded an accrual of $3.2 million was recorded as of December 31, 2015 for remediation costs expected to be incurred. As of March 31, 2016, the remaining accrual for future remediation efforts that will be required was $3.1 million.

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Superfund Sites

We are currently involved as a potentially responsible party (PRP) in one active case involving a waste disposal site, the Chatham Superfund Site. The costs incurred since inception for this claim have been immaterial and have been primarily covered by insurance policies, for both legal and remediation costs. In this matter, we have been assessed a cost sharing percentage of approximately 2% in relation to the range for estimated total cleanup costs of $18.8 million to $29.6 million. We believe we have sufficient insurance coverage to fully cover this liability and have recorded a liability and related insurance receivable of approximately $0.4 million as of March 31, 2016, which approximates our share of the low end of the estimated range. We believe we are a de minimis participant and, as such, have been allocated an insignificant percentage of the total PRP cost sharing responsibility. Based on facts presently known to us, we believe that the potential for the final results of this case having a material adverse effect on our results of operations, financial position or cash flows is remote. This case has been ongoing for many years and we believe that it will continue on for the indefinite future. No time frame for completion can be estimated at the present time.

PCB Contamination

We have been working with CT DEEP and the United States Environmental Protection Agency (EPA), Region I, in connection with certain polychlorinated biphenyl (PCB) contamination at our facility in Woodstock, Connecticut. The issue was originally discovered in the soil at the facility in the late 1990s, which has been remediated. Further contamination was later found in the groundwater beneath the property, which was addressed with the installation of a pump and treat system in 2011. The future costs related to the maintenance of the groundwater pump and treat system now in place at the site are expected to be minimal. We believe that the remaining remediation activity will continue for several more years and no time frame for completion can be estimated at the present time.

PCB contamination at this facility was also found in the buildings and courtyards original to the site, in addition to surrounding areas, including an on-site pond. We have completed remediation activities for the buildings and courtyards. We currently have a reserve of $0.2 million for the pond remediation recorded in our condensed consolidated statements of financial position. We believe this reserve will be adequate to cover the remaining remediation work related to the pond contamination based on the information known at this time. However, if additional contamination is found, the cost of the remaining remediation may increase.

Asbestos Litigation

We, like many other industrial companies, have been named as a defendant in a number of lawsuits filed in courts across the country by persons alleging personal injury from exposure to products containing asbestos. We have never mined, milled, manufactured or marketed asbestos; rather, we made and provided to industrial users a limited number of products that contained encapsulated asbestos, but we stopped manufacturing these products in the late 1980s. Most of the claims filed against us involve numerous defendants, sometimes as many as several hundred.

The following table presents information about our recent asbestos claims activity:

	For the Quarter Ended March 31, 2016
Claims outstanding at beginning of quarter	488
New claims filed	94
Pending claims concluded*	(47	)
Claims outstanding at end of quarter	535

* For the quarter ended March 31, 2016, 44 claims were dismissed and 3 claims were settled. Settlements totaled approximately $0.5 million for the quarter ended March 31, 2016.

We recognize a liability for asbestos-related contingencies that are probable of occurrence and reasonably estimable. In connection

with the recognition of liabilities for asbestos related matters, we record asbestos-related insurance receivables that are deemed probable. Our estimates of asbestos-related contingent liabilities and related insurance receivables are based on an independent actuarial analysis and an independent insurance usage analysis prepared annually by third parties. The actuarial analysis contains numerous assumptions, including general assumptions regarding the asbestos-related product liability litigation environment and company-specific assumptions regarding claims rates (including diseases alleged), dismissal rates, average settlement costs and average defense costs. The insurance usage analysis considers, among other things, applicable deductibles, retentions and policy limits, the solvency and historical payment experience of various insurance carriers, the likelihood of recovery as estimated by external legal counsel and existing insurance settlements.

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We review our asbestos-related forecasts annually in the fourth quarter of each year unless facts and circumstances materially change during the year, at which time we would analyze these forecasts. Currently, these analyses project liabilities and related insurance receivables over a 10-year period. It is probable we will incur additional costs for asbestos-related claims following this 10-year period, but we do not believe that any related contingencies are reasonably estimable beyond such period based on, among other things, the significant proportion of future claims included in the analysis and the lag time between the date a claim is filed and its resolution. Accordingly, no liability (or related asset) has yet been recorded for claims that may be asserted subsequent to 2025.

As of March 31, 2016, the asbestos-related claims and insurance receivables for the 10-year projection period were $56.6 million and $53.4 million, respectively. There were no changes to these projections from December 31, 2015.

To date, the defense and settlement costs of our asbestos-related product liability litigation have been substantially covered by insurance. We have identified continuous coverage for primary, excess and umbrella insurance from the 1950s through the mid-1980s, except for a period in the early 1960s, with respect to which we have entered into an agreement for primary, but not excess or umbrella, coverage. In addition, we have entered into a cost sharing agreement with most of our primary, excess and umbrella insurance carriers to facilitate the ongoing administration and payment of claims by the carriers. The cost sharing agreement may be terminated by any party, but will continue until a party elects to terminate it. As of the filing date for this report, the agreement has not been terminated. As previously disclosed, however, we expect to exhaust individual primary, excess and umbrella coverages over time, and there is no assurance that such exhaustion will not accelerate due to additional claims, damages and settlements or that coverage will be available as expected. Accordingly, while we believe it is reasonably possible that we may incur losses and defense costs in excess of our accruals in the future, we do not have sufficient data to provide a reasonable estimate or range of such losses and defense costs, at this time.

The amounts recorded for the asbestos-related liability and the related insurance receivables described above were based on facts known at the time and a number of assumptions. However, projecting future events, such as the number of new claims to be filed each year, the average cost of disposing of such claims, the length of time it takes to dispose of such claims, coverage issues among insurers and the continuing solvency of various insurance companies, as well as the numerous uncertainties surrounding asbestos litigation in the United States could cause the actual liability and insurance recoveries for us to be higher or lower than those projected or recorded.

There can be no assurance that our accrued asbestos liabilities will approximate our actual asbestos-related settlement and defense costs, or that our accrued insurance recoveries will be realized. We believe that it is reasonably possible that we will incur additional charges for our asbestos liabilities and defense costs in the future, which could exceed existing accruals, but such excess amount cannot be reasonably estimated at this time. We will continue to vigorously defend ourselves and believe we have substantial unutilized insurance coverage to mitigate future costs related to this matter.

General Litigation

In addition to the above issues, the nature and scope of our business brings us in regular contact with the general public and a variety of businesses and government agencies. Such activities inherently subject us to the possibility of litigation, including environmental and product liability matters that are defended and handled in the ordinary course of business. We have established accruals for matters for which management considers a loss to be probable and reasonably estimable. It is the opinion of management that facts known at the present time do not indicate that such litigation, after taking into account insurance coverage and the aforementioned accruals, will have a material adverse impact on our results of operations, financial position or cash flows.

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Note 15 – Share Repurchase

On August 6, 2015, we initiated a share repurchase program (the "Program") of up to $100.0 million of the Company's capital stock. The Program has no expiration date, and may be suspended or discontinued at any time without notice. As of March 31, 2016, $58.0 million remained to repurchase under the Program.

We repurchased the following shares of common stock during the quarter ended March 31, 2016:

(Dollars in thousands)	Quarter Ended March 31, 2016
Shares of capital stock repurchased	37,967
Value of capital stock repurchased	$	1,997

All repurchases were made using cash from operations and cash on hand. Refer to Part II, Item 2 for further detail of the Program.

Note 16 – Income Taxes

Our effective income tax rate was 35.2% and 31.6% in the first quarter of 2016 and 2015, respectively. The increase from the first quarter of 2015 is primarily due to a change in the mix of earnings attributable to higher-taxing jurisdictions. The first quarter of 2015 also included a benefit from the release of valuation allowance on certain state tax attributes.

Our accounting policy is to account for interest expense and penalties related to uncertain tax positions as income tax expense.  As of March 31, 2016, we have approximately $1.5 million of accrued interest related to uncertain tax positions included in the $13.2 million of unrecognized tax benefits, $13.1 million of which, if recognized, would impact the effective tax rate. It is possible that up to $9.1 million of our currently unrecognized tax benefits could be recognized within 12 months as a result of projected resolutions of worldwide tax disputes or expiration of the statute of limitations.

We are subject to taxation in the U.S. and various state and foreign jurisdictions. Our tax years from 2012 through 2015 are subject to examination by these various tax authorities. With few exceptions, we are no longer subject to U.S. federal, state, local and foreign examinations by tax authorities for years before 2012.

As of December 31, 2015, deferred tax assets and liabilities are presented as current and non-current. As of March 31, 2016, the Company has classified all deferred taxes as non-current based on an early adoption of Accounting Standards Update 2015-17. See Note 17 below for further information. For both periods, deferred tax assets and liabilities within the same tax jurisdiction are offset for presentation in the Consolidated Statement of Financial Position.

Note 17 – Recent Accounting Pronouncements

In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which changed the presentation of debt issuance costs in the balance sheet. The new guidance requires that debt issuance costs no longer be classified as an asset, but rather as an offset to the outstanding debt. The amortization of these costs continues to be recorded as an interest expense. We adopted this standard in the first quarter of 2016. The new standard is required to be applied retrospectively. The application of this guidance resulted in reclassifications of debt issuance costs of $0.5 million from current assets to the current portion of long-term debt as of March 31, 2016 and December 31, 2015. The application of this guidance resulted in reclassifications of debt issuance costs from long term assets to long-term debt of $1.5 million and $1.6 million as of March 31, 2016 and December 31, 2015, respectively.

In November 2015, the FASB issued ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes. This ASU requires all deferred tax assets and liabilities to be classified as noncurrent. ASU 2015-17 is effective for fiscal years and interim periods within those years beginning after December 15, 2016 with early adoption permitted. We have elected to prospectively adopt ASU 2015-17 as of March 31, 2016. The adoption of this guidance did not have any impact on the Company's condensed consolidated statements of operations or cashflows. The adoption of this guidance resulted in a reclassification of $9.6 million from current deferred tax assets to long term deferred tax assets in our condensed consolidated statement of financial position as of March 31, 2016. See Note 16. "Income Taxes" for further information.

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In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. On July 9, 2015, the FASB agreed to delay the effective date by one year. In accordance with the agreed upon delay, the new standard is effective for us beginning in the first quarter of 2018. Early adoption is permitted, but not before the original effective date of the standard. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. We have not yet selected a transition method nor have we determined the impact of the new standard on our consolidated condensed financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases. ASU 2016-2 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e.lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease effectively finances a purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method (finance lease) or on a straight line basis over the term of the lease (operating lease). A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASU 2016-2 supersedes the existing guidance on accounting for leases in “Leases (Topic 840).” The provisions of ASU 2016-2 are effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted and the provisions are to be applied using a modified retrospective approach. We are in the process of evaluating the impact of adoption on our consolidated financial statements.

In March, 2016, the FASB issued ASU No 2016-09, Improvements to Employee Share-Based Payment Accounting. This ASU contains amendments intended to simplify various aspects of share-based payment accounting and presentation in the financial statements, including the income tax consequences, classification of awards as either equity or liabilities, treatment of forfeitures and statutory tax withholding requirements, and classification in the statement of cash flows. The new standard is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption of this standard is permitted. The amendments requiring recognition in the income statement of excess tax benefits and tax deficiencies resulting from settlements arising after the date of adoption of the new standard should be applied prospectively. Changes relating to classification of excess tax benefits and tax deficiencies in the statement of cash flows may be applied either prospectively or retrospectively. All other amendments are to be applied retrospectively. We have not elected early adoption of this standard. We are currently evaluating the impact this new standard will have on our financial statements.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

As used herein, the “Company,” “Rogers,” “we,” “us,” “our” and similar terms include Rogers Corporation and its subsidiaries, unless the context indicates otherwise.

Our reporting structure is comprised of the following operating segments: Advanced Connectivity Solutions (ACS), Elastomeric Material Solutions (EMS), Power Electronics Solutions (PES) and the Other segment. We believe this structure aligns our external reporting presentation with how we currently manage and view our business internally. In the second quarter of 2015, the Company concluded that it needed to update two of its operating segment names to better align the business product portfolio offerings to the market. Therefore, Advanced Connectivity Solutions replaced the name of Printed Circuit Materials, and Elastomeric Material Solutions replaced the name of High Performance Foams. There were no changes to the composition of these two operating segments. The Power Electronics Solutions and Other segment names remain unchanged.

Forward Looking Statements

This Quarterly Report on Form 10-Q includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are generally accompanied by words such as “anticipate,” “assume,” “believe,” “could,” “estimate,” “expect,” “foresee,” “goal,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “seek,” “target” or similar expressions that convey uncertainty as to future events or outcomes. Forward-looking statements are based on assumptions and beliefs that we believe to be reasonable; however, assumed facts almost always vary from actual results, and the differences between assumed facts and actual results could be material depending upon the circumstances. Where we express an expectation or belief as to future results, that expectation or belief is expressed in good faith and based on assumptions believed to have a reasonable basis. We cannot assure you, however, that the stated expectation or belief will occur or be achieved or accomplished. Among the factors that could cause our results to differ materially from those indicated by forward-looking statements are risks and uncertainties inherent in our business including, without limitation:

• volatility within the Internet Connectivity, Clean Energy, and Safety and Protection megatrends on which our business is focused, as well as specific market and industry trends within these megatrends;

• business, economic and political conditions in the United States and abroad, particularly in China, South Korea, Germany, Hungary and Belgium, where we maintain significant manufacturing, sales or administrative operations;

• fluctuations in foreign currency exchange rates;

• our ability to develop innovative products and have them incorporated into end-user products and systems;

• the extent to which end-user products and systems incorporating our products achieve commercial success;

• the ability of our sole or limited source suppliers to deliver certain key raw materials to us in a timely manner;

• intense global competition affecting both our existing products and products currently under development;

• failure to realize, or delays in the realization of, anticipated benefits of acquisitions and divestitures due to, among other things, the existence of unknown liabilities or difficulty integrating acquired businesses;

• our ability to attract and retain management and skilled technical personnel;

• our ability to protect our proprietary technology from infringement by third parties and/or allegations that our technology infringes third party rights;

• changes in effective tax rates or tax laws and regulations in the jurisdictions in which we operate;

• financial and restrictive covenants in our credit agreement, which could limit our operational and financial flexibility;

• the outcome of ongoing and future litigation, including our asbestos-related product liability litigation;

• changes in environmental laws and regulations applicable to our business;

• disruptions in, or breaches of, our information technology systems;

• asset impairment and restructuring charges; and

• changes in accounting standards promulgated by the Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC)

Our forward-looking statements are expressly qualified by these cautionary statements, which you should consider carefully, along with the risks discussed under the heading “Item 1A Risk Factors” and “Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this report, that could cause actual results to differ materially from historical results or anticipated results. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.

The following discussion and analysis of our financial condition and results of operations should be read together with the Selected Financial Data and our Consolidated Financial Statements and the related notes that appear elsewhere in this Form 10-Q.

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In the following discussion and analysis, we sometimes provide financial information that was not prepared in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that this non-GAAP information provides meaningful supplemental information regarding the Company's performance by excluding certain expenses that are generally non-recurring or otherwise may not be indicative of the core business operating results. In general, the Company believes that the additional non-GAAP financial information provided herein is useful to management and investors in assessing the Company's historical performance and for planning, forecasting and analyzing future periods. However, non-GAAP information has limitations as an analytical tool and should not be considered in isolation from, or solely as an alternative to, financial information prepared in accordance with GAAP. Any time we provide non-GAAP information in the following narrative we identify it as such and in close proximity provide the most directly comparable GAAP financial measure, as well as the information necessary to reconcile the two measures.

Executive Summary

Company Background and Strategy

Rogers Corporation designs, develops, manufactures and sells high-quality and high-reliability engineered materials and components for mission critical applications. We operate principally three strategic business segments: Advanced Connectivity Solutions (ACS), Elastomeric Material Solutions (EMS) and Power Electronics Solutions (PES). We have a history of innovation and have established two Rogers Innovation Centers for our leading research and development activities, in Massachusetts and China.

Our growth strategy is based upon the following principles: (1) market-driven organization, (2) innovation leadership, (3) synergistic mergers and acquisitions, and (4) operational excellence. As a market-driven organization, we are focused on three megatrends of expanding business opportunities: Internet Connectivity, Clean Energy and Safety & Protection.

In January 2015, we completed the acquisition of Arlon LLC and its subsidiaries, other than Arlon India (Pvt) Limited (the acquired subsidiaries, collectively, Arlon), for an aggregate purchase price of approximately $157 million. Arlon manufactures high performance materials for the printed circuit board industry and silicone rubber-based materials. The acquisition of Arlon and its subsequent integration into our business segments have enabled us to increase scale and complement our existing product offerings, thus enhancing our ability to support our customers.

2016 First Quarter Executive Summary

In the first quarter of 2016 as compared to the first quarter of 2015, our revenue declined 2.7% to $160.6 million, gross margin decreased 10 bps to 37.7%, and operating income increased 19.5% to $24.1 million. The following key factors should be considered when reviewing our results of operations, financial condition and liquidity for the periods discussed:

• Our revenue decline in the first quarter of 2016 was principally attributable to lower volume and negative currency impact. The decline resulted from 2.2% lower volume and a 2.4% negative currency impact. Net sales were favorably affected by 1.9% due to the impact of a full quarter of sales revenue from the Arlon acquisition, which occurred in January 2015, net of the divestiture of the non-core product line which occurred in December 2015.

• We had strong operating performance, achieving 15.0% operating margin for the first quarter of 2016. We achieved operating income of $24.1 million in the first quarter of 2016, a 19.5% increase over the $20.2 million in the first quarter of 2015, which included approximately $4.4 million of acquisition costs and $1.6 million of inventory step up amortization. Gross margin was 37.7% in the first quarter of 2016 as compared to 37.8% in the first quarter of 2015.

• We are an innovation company, and in the first quarter of 2016 we spent approximately 4.1% of our revenues on research and development. Research and development (R&D) expenses were $6.5 million in the first quarter of 2016, an increase of 7.2%, from $6.1 million in 2015. The increased spending was due to increased investments, as evidenced by the Rogers Innovation Centers in Massachusetts and in Asia, which are targeted at developing new platforms and technologies. Since 2013, we have made concerted efforts to realign our R&D organization to better fit the future direction of our Company, including dedicating resources to focus on current product extensions and enhancements to meet our short term technology needs.

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Results of Operations

The following table sets forth, for the periods indicated, selected operations data expressed as a percentage of net sales.

	Quarter Ended
	March 31, 2016		March 31, 2015
Net sales	100.0	%	100.0	%
Gross margin	37.7	%	37.8	%
Selling, general and administrative expenses	18.6	%	21.9	%
Research and development expenses	4.1	%	3.7	%
Operating income	15.0	%	12.2	%
Equity income in unconsolidated joint ventures	0.4	%	0.6	%
Other income (expense), net	(0.3	)%	(0.1	)%
Interest expense, net	(0.7	)%	(0.6	)%
Income before income tax expense	14.4	%	12.1	%
Income tax expense	5.1	%	3.8	%
Net income	9.3	%	8.3	%

Net Sales

	Quarter Ended
(Dollars in thousands)	March 31, 2016			March 31, 2015			Percent Change
Net Sales	$	160,566		$	165,051		(2.7)%
Gross Margin	37.7		%	37.8		%

Net sales decreased by 2.7% in the first quarter of 2016 from the first quarter of 2015, due principally to lower volume of 2.2%, and a negative currency impact of 2.4%. Net sales were favorably affected by 1.9% due to the impact of a full quarter of sales revenue from the Arlon acquisition, which occurred in January 2015, net of the divestiture of the non-core product line which occurred in December 2015. The ACS operating segment net sales increased 2.9%, the EMS operating segment net sales increased 4.0% and the PES operating segment net sales declined 8.5%.

See “Segment Sales and Operations” below for further discussion on segment performance.

Gross Margin

Gross margin as a percentage of net sales declined 10 basis points to 37.7% in the first quarter of 2016 compared to 37.8% in the first quarter of 2015. Gross margin in the first quarter of 2016 was negatively impacted by lower revenue and unfavorable overhead absorption, offset by the favorable impact in the year-over-year comparison of $1.7 million of purchasing accounting expenses in the first quarter of 2015, including a $1.6 million non-recurring fair value adjustment for inventory.

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Selling, General and Administrative Expenses

	Quarter Ended
(Dollars in thousands)	March 31, 2016			March 31, 2015			Percent Change
Selling, general and administrative expenses	$	29,860		$	36,147		(17.4)%
Percentage of sales	18.6		%	21.9		%

Selling, general and administrative expenses decreased 17.4% in the first quarter of 2016 from the first quarter of 2015, due principally to $4.4 million of acquisition related integration costs that occurred in the first quarter of 2015, combined with lower benefit costs of $0.8 million in the first quarter of 2016 and overall lower discretionary spending.

Research and Development Expenses

	Quarter Ended
(Dollars in thousands)	March 31, 2016			March 31, 2015			Percent Change
Research and development expenses	$	6,549		$	6,108		7.2%
Percentage of sales	4.1		%	3.7		%

Research and development (R&D) expenses increased 7.2% in the first quarter of 2016 from the first quarter of 2015, due principally to continued investments that are targeted at developing new platforms and technologies focused on long-term growth initiatives at our innovation centers in the U.S. and Asia.

Equity Income in Unconsolidated Joint Ventures

	Quarter Ended
(Dollars in thousands)	March 31, 2016		March 31, 2015		Percent Change
Equity income in unconsolidated joint ventures	$	613	$	919	(33.3)%

Equity income in unconsolidated joint ventures declined 33.3% in the first quarter of 2016 from the first quarter of 2015. The decreases were due to lower demand, primarily in the portable electronics market, and unfavorable foreign currency exchange rate shifts.

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Interest Expense, Net

	Quarter Ended
(Dollars in thousands)	March 31, 2016			March 31, 2015			Percent Change
Interest expense, net	$	(1,121	)	$	(1,006	)	11.4%

Interest expense, net, increased by 11.4% in the first quarter of 2016 from the first quarter of 2015 due to the increased long term debt associated with the Arlon acquisition, which was incurred in January 2015.

Other Income (Expense), Net

	Quarter Ended
(Dollars in thousands)	March 31, 2016			March 31, 2015			Percent Change
Other income (expense), net	$	(546	)	$	(129	)	323.3%

Quarter over quarter, the increase in expense was principally attributable to unfavorable foreign currency transaction costs of $0.3 million and additional loss related to the sale of the Arlon polyimide and thermoset laminate business of $0.2 million.

Income Taxes

	Quarter Ended
(Dollars in thousands)	March 31, 2016			March 31, 2015			Percent Change
Income tax expense	$	8,117		$	6,311		28.6%
Effective tax rate	35.2		%	31.6		%

Our effective income tax rate increased in the first quarter of 2016 from the first quarter of 2015, principally due to a change in the mix of earnings attributable to higher-taxing jurisdictions. The first quarter of 2015 also included a benefit from the release of valuation allowance on certain state tax attributes.

Segment Sales and Operations

Advanced Connectivity Solutions

	Quarter Ended
(Dollars in millions)	March 31, 2016		March 31, 2015
Net sales	$	73.4	$	71.3
Operating income	$	15.9	$	12.9

The Advanced Connectivity Solutions (ACS) operating segment is comprised of products used for making circuitry that receives, processes and transmits high frequency communications signals, in a wide variety of markets and applications, including wireless communications, high reliability, and automotive, among others.

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Q1 2016 versus Q1 2015

Net sales in this segment increased by 2.9% in the first quarter of 2016 compared to the first quarter of 2015. Sales declined due to currency fluctuations by 1.2%; however, benefited from the impact of a full quarter of sales from the acquisition of Arlon by 7.2% as compared to the same period in the prior year. The increase in net sales over the first quarter of 2015, including the acquisition, was favorably impacted by growth in automotive radar applications for Advanced Drive Assistance Systems (25.6%) and Other applications (32.1%). This growth was offset by lower demand in the wireless telecom applications (-10.7%).

Operating income increased by 23.6% in the first quarter of 2016 from the first quarter of 2015. As a percentage of net sales, operating income in the first quarter of 2016 was 21.7%, a 360 basis point increase as compared to the 18.1% reported in the first quarter of 2015. Although ACS had higher net sales and was favorably impacted by cost controls, this was offset by unfavorable absorption from lower production volumes compared to the first quarter of 2015. Additionally, the first quarter of 2015 included $2.2 million and $1.0 million of integration costs and inventory step up amortization, respectively, related to the Arlon acquisition.

Elastomeric Material Solutions

	Quarter Ended
(Dollars in millions)	March 31, 2016		March 31, 2015
Net sales	$	46.3	$	44.6
Operating income	$	5.3	$	3.0

The Elastomeric Material Solutions (EMS) operating segment is comprised of our polyurethane and silicone products, which are sold into a wide variety of markets for various applications such as general industrial, portable electronics, consumer and transportation markets for gasketing, sealing, impact protection and cushioning applications.

Q1 2016 versus Q1 2015

Net sales in this segment increased by 4.0% in the first quarter of 2016 compared to the first quarter of 2015. Sales decreased due to currency fluctuations by 2.2%; however, benefited from the impact of a full quarter of sales from the acquisition of Arlon by 5.2% as compared to the same period in the prior year. The increase in net sales, including the acquisition, was driven by a strong demand in general industrial (10.7%) and automotive (10.6%) applications. Offsetting these increases, this business experienced a decline in net sales in consumer applications (-6.6%).

Operating income increased by 74.9% in the first quarter of 2016 from the first quarter of 2015. As a percentage of net sales, first quarter of 2016 operating income was 11.5%, a 470 basis point increase as compared to the 6.8% reported in the first quarter of 2015. Operating income increased due to higher net sales, partially offset by unfavorable absorption. Additionally, the first quarter of 2015 included $1.5 million and $0.5 million of integration costs and inventory step up amortization related to the Arlon acquisition.

Power Electronics Solutions

	Quarter Ended
(Dollars in millions)	March 31, 2016		March 31, 2015
Net sales	$	35.3	$	38.5
Operating income	$	1.3	$	2.4

The Power Electronics Solutions (PES) operating segment is comprised of two product lines - curamik® direct-bonded copper (DBC) substrates that are used primarily in the design of intelligent power management devices, such as IGBT (insulated gate bipolar transistor) modules that enable a wide range of products including highly efficient industrial motor drives, wind and solar energy converters and electrical systems in automobiles, and ROLINX® busbars that are used primarily in power distribution systems products in mass transit and clean technology applications.

Q1 2016 versus Q1 2015

Net sales in this segment decreased by 8.5% in the first quarter of 2016 from the first quarter of 2015, due principally to negative currency impact of 4.8%. Net sales was favorably impacted by increased demand in certain renewable energy (9.4%) and vehicle electrification applications (14.3%) however this was more than offset by lower demand in mass transit (-43.4%) and hybrid electric vehicle applications (-8.4%) due to customer inventory corrections.

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Operating income for the quarter decreased by 45.8% in the first quarter of 2016 from the first quarter of 2015. As a percentage of net sales, first quarter of 2016 operating income was 3.7%, a 250 basis point decline as compared to the 6.2% reported in the first quarter of 2015. This decrease was due to lower net sales along with unfavorable absorption.

Other

	Quarter Ended
(Dollars in millions)	March 31, 2016		March 31, 2015
Net sales	$	5.6	$	10.7
Operating income	$	1.6	$	1.9

Our Other segment consists of our elastomer rollers and floats business, as well as our inverter distribution business. Additionally, this segment included the acquired Arlon polyimide and thermoset laminate business from January 2015 until it was sold in December 2015.

Q1 2016 versus Q1 2015

Net sales decreased by 47.4% in the first quarter of 2016 from the first quarter of 2015, due principally to the impact of the sale of the Arlon polyimide and thermoset laminate business in December 2015 and a negative currency impact of 2.8%.

Operating income declined 15.8% in the first quarter of 2016 compared to the first quarter of 2015. As a percentage of net sales, operating income increased to 28.4% in the first quarter of 2016 from 17.6% in the first quarter of 2015, due principally to the sale of the lower margin Arlon polyimide and thermoset laminate business. Additionally, the first quarter of 2015 included $0.6 million of integration costs related to the Arlon acquisition.

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Liquidity, Capital Resources and Financial Position

We believe that our ability to generate cash from operations to reinvest in our business is one of our fundamental strengths. We believe that our existing sources of liquidity and cash flows that are expected to be generated from our operations, together with our available credit facilities, will be sufficient to fund our operations, capital expenditures, research and development efforts, and debt service commitments for our future needs. We continue to have access to the remaining portion of the line of credit available under our Amended Credit Agreement, should any issue or strategic opportunities arise. We continually review and evaluate the adequacy of our cash flows, borrowing facilities and banking relationships to ensure that we have the appropriate access to cash to fund both our near-term operating needs and our long-term strategic initiatives.

(Dollars in thousands)	March 31, 2016		December 31, 2015
Key Balance Sheet Accounts:
Cash and cash equivalents	$	229,203	$	204,586
Accounts receivable, net	$	107,866	$	101,428
Inventory	$	90,500	$	91,824
Outstanding borrowing on credit facilities (short term and long term)	$	177,938	$	178,626

	Quarter Ended
	March 31, 2016			March 31, 2015
Key Cash Flow Measures:
Cash provided by operating activities	$	26,187		$	12,909
Cash used in investing activities	$	(4,813	)	$	(164,264	)
Cash (used in) provided by financing activities	$	(2,938	)	$	123,312

At the end of the first quarter of 2016, cash and cash equivalents were $229.2 million as compared to $204.6 million at the end of 2015, an increase of $24.6 million, or 12.0%. This increase was due primarily to strong cash generated from operations and the receipt of $0.6 million related to stock option exercises. The cash generated from operations was partially offset by $4.8 million in capital expenditures, $2.0 million in share repurchases and $0.7 million in required debt payments.

The following table illustrates the location of our cash and cash equivalents by our three major geographic areas as of the periods indicated:

(Dollars in thousands)	March 31, 2016		December 31, 2015
U.S.	$	49,343	$	37,263
Europe	73,069		66,295
Asia	106,791		101,028
Total cash and cash equivalents	$	229,203	$	204,586

Cash held in certain foreign locations could be subject to additional taxes if we repatriated such amounts back to the U.S. from foreign countries that have a lower tax rate than in the U.S.  Our current policy is that the historical earnings and cash in these locations will be permanently reinvested in those foreign locations.

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Significant changes in our balance sheet accounts from December 31, 2015 to March 31, 2016 were as follows:

◦ Accrued income taxes payable increased by 133.9% to $8.4 million in the first quarter of 2016 from $3.6 million at December 31, 2015. This overall increase was attributable to higher income recorded in the first quarter of 2016 compared with the fourth quarter of 2015, as well as increased withholding taxes on accrued royalties.

◦ Accounts receivable increased by 6.3% to $107.9 million from $101.4 million. The increase from year end was due to higher net sales in the first quarter of 2016, in comparison with the fourth quarter of 2015.

◦ Goodwill increased by 2.0% to $178.9 million in the first quarter of 2016 from $175.5 million in the fourth quarter of 2015. The change was due to the effect of foreign exchange rate increases.

Share Repurchases

During the three months ended March 31, 2016, we repurchased 37,967 shares of our capital stock for $2.0 million under a $100.0 million share repurchase program approved by our Board of Directors on August 6, 2015. The share repurchase program became effective on August 11, 2015, has no expiration date, and may be suspended or discontinued at any time without notice. As of March 31, 2016, $58.0 million remained to repurchase under our share repurchase program. All purchases were made using cash from operations and cash on hand.

Credit Facilities

On June 18, 2015, we entered into a secured five year credit agreement (the Amended Credit Agreement). The Amended Credit Agreement amends and restates the credit agreement signed between the Company and the same banks on July 13, 2011 and increased our borrowing capacity from $265.0 million to $350.0 million, with an additional $50.0 million accordion.

The Amended Credit Agreement provides (1) a $55.0 million term loan; (2) up to $295.0 million of revolving loans, with sublimits for multicurrency borrowings, letters of credit and swing-line notes; and (3) a $50.0 million expansion feature. Borrowings may be used to finance working capital needs, for letters of credit and for general corporate purposes in the ordinary course of business, including the financing of permitted acquisitions (as defined in the Amended Credit Agreement).  

Borrowings under the Amended Credit Agreement bear interest based on one of two options. Alternate base rate loans bear interest that includes a base reference rate plus a spread of 37.5 to 75.0 basis points, depending on our leverage ratio. The base reference rate is the greater of the prime rate; federal funds effective rate plus 50 basis points; or adjusted 1-month LIBOR plus 100 basis points. Euro-currency loans bear interest based on adjusted LIBOR plus a spread of 137.5 to 175.0 basis points, depending on our leverage ratio. We incurred interest expense on our outstanding debt of $0.9 million and $0.8 million for the quarters ended March 31, 2016 and March 31, 2015, respectively.

In addition to interest payable on the principal amount of indebtedness outstanding from time to time under the Amended Credit Agreement, the Company is required to pay a quarterly fee of 0.20% to 0.30% (based upon our leverage ratio) of the unused amount of the lenders’ commitments under the Amended Credit Agreement. We incurred an unused commitment fee of $0.1 million and a deminimis amount for the quarter ended March 31, 2016 and March 31, 2015, respectively.

The Amended Credit Agreement contains customary representations, warranties, covenants, mandatory prepayments and events of default under which the Company's payment obligations may be accelerated. The financial covenants include requirements to maintain (1) a leverage ratio of no more than 3.25 to 1.00, subject to a one-time election to increase the maximum leverage ratio to 3.50 to 1.00 for one fiscal year in connection with a permitted acquisition, and (2) an interest coverage ratio (ICR) of no less than 3.00 to 1.00. The ICR is the ratio determined as of the end of each of the Company's fiscal quarters ending on and after September 30, 2015, of (i) Consolidated Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (as defined in the Amended Credit Agreement) minus the unfinanced portion of Consolidated Capital Expenditures to (ii) Consolidated Interest Expense paid in cash, in each case for the period of four consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated for the Borrower and its subsidiaries on a consolidated basis. As of March 31, 2016, we were in compliance with all of the financial covenants in the Amended Credit Agreement, as we achieved actual ratios of approximately 1.42 to 1.00 on the leverage ratio and 24.41 to 1.00 on the ICR.

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The Amended Credit Agreement requires the mandatory quarterly repayment of principal on amounts borrowed under the term loan. Payments commenced on September 30, 2015, and are scheduled to be completed on June 30, 2020.

As of March 31, 2016, the remaining aggregate mandatory principal payments were as follows:

2016	$2.8	million
2017	$4.1	million
2018	$4.8	million
2019	$5.5	million
2020	$160.8	million

All obligations under the Amended Credit Agreement are guaranteed by each of the Corporation’s existing and future material domestic subsidiaries, as defined in the Amended Credit Agreement (the “Guarantors”). The obligations are also secured by a Second Amended and Restated Pledge and Security Agreement, dated as of June 18, 2015, entered into by the Company and the Guarantors that grants to the administrative agent, for the benefit of the lenders, a security interest, subject to certain exceptions, in substantially all of the non-real estate assets of the Company and the Guarantors.

In addition, as of March 31, 2016 and December 31, 2015 we had a $1.2 million standby letter of credit (LOC) to guarantee Rogers workers compensation plans that were backed by the Amended Credit Agreement. No amounts were drawn on the LOC as of March 31, 2016 or December 31, 2015.

The Amended Credit Agreement is secured by many of the assets of Rogers, including but not limited to, receivables, equipment, intellectual property, inventory, and stock in certain subsidiaries.

If an event of default occurs, the lenders may, among other things, terminate their commitments and declare all outstanding borrowings to be immediately due and payable together with accrued interest and fees.  

At March 31, 2016, we have $2.0 million of remaining deferred debt issuance costs. These costs will be amortized over the life of the Amended Credit Agreement, which will terminate in June 2020. We incurred amortization expense of $0.1 million in each of the first quarters of 2016 and 2015 related to these deferred costs.

We borrowed $125.0 million under the line of credit in the first quarter of 2015 to fund the acquisition of Arlon. During the first quarter of 2016 and 2015, we made principal payments of $0.7 million and $5.0 million, respectively, on the outstanding debt. We are obligated to pay $3.8 million on this debt obligation in the next 12 months under the term loan.

In July 2012, we entered into an interest rate swap to hedge the variable interest rate on our term loan debt. As of March 31, 2016, the remaining notional amount of the interest rate swap covers $8.1 million of our term loan debt. At March 31, 2016, our outstanding debt balance is comprised of a term loan of $52.9 million and $125.0 million borrowed on the revolving line of credit. At March 31, 2016, the rate charged on this debt is the 1 month LIBOR at 0.5000% plus a spread of 1.500%.

Capital Lease

During the first quarter of 2011, we recorded a capital lease obligation related to the acquisition of Curamik Electronics GmbH ("Curamik") for its primary manufacturing facility in Eschenbach, Germany. Under the terms of the leasing agreement, we have an option to purchase the property upon the expiration of the lease in 2021 at a price which is the greater of (i) the then-current market value or (ii) the residual book value of the land including the buildings and installations thereon. The total obligation recorded for the lease as of March 31, 2016 is $6.0 million. Depreciation expense related to the capital lease was $0.1 million in each of the quarters ended March 31, 2016 and 2015. Accumulated depreciation at March 31, 2016 and December 31, 2015 was$2.0 million and $1.9 million, respectively. These expenses are included as depreciation expense in cost of sales on our condensed consolidated statements of operations.

We also incurred interest expense on the capital lease of $0.1 million for each of the quarters ended March 31, 2016 and March 31, 2015. Interest expense related to the debt recorded on the capital lease is included in interest expense on the condensed consolidated statements of operations.

Restriction on Payment of Dividends

Our Amended Credit Agreement generally permits us to pay cash dividends to our shareholders, provided that (i) no default or event of default has occurred and is continuing or would result from the dividend payment and (ii) our leverage ratio does not exceed 2.00 to 1.00. If our leverage ratio exceeds 2.00 to 1.00, we may nonetheless make up to $10.0 million in restricted payments, including dividends, during the fiscal year, provided that no default or event of default has occurred and is continuing or would result from the payments.

33

Contingencies

During the first quarter of 2016, we did not become aware of any material new developments related to environmental matters or other contingencies. We did not incur any material costs or capital expenditures related to environmental matters.  Refer to Note 14 - “Commitments and Contingencies,” to the condensed consolidated financial statements in Part I, Item 1 of this Form 10-Q for further discussion on ongoing environmental and contingency matters.

Off-Balance Sheet Arrangements

We did not have any off-balance sheet arrangements that have or are, in the opinion of management, likely to have a current or future material effect on our financial condition or results of operations.

Critical Accounting Policies

There have been no material changes in our critical accounting policies during the first quarter of 2016.

Recent Accounting Pronouncements

See Note 17, Recent Accounting Pronouncements of Notes to the condensed consolidated financial statements in Part I, Item 1 of this Form 10-Q for discussion of recent accounting pronouncements including the respective expected dates of adoption.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no significant changes in our exposure to market risk during the first quarter of 2016. For discussion of our exposure to market risk, refer to Item 7A, Quantitative and Qualitative Disclosures About Market Risk, contained in our 2015 Annual Report on Form 10-K.

Item 4. Controls and Procedures

The Company, with the participation of our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the design and operation of our disclosure controls and procedures, as defined under Rule 13a-15(e) and 15d- 15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act), as of March 31, 2016. The Company's disclosure controls and procedures are designed to (i) ensure that information required to be disclosed by it in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) to ensure that information required to be disclosed in the reports the Company files or submits under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Based on their evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that the Company's disclosure controls and procedures were effective as of March 31, 2016.

There were no changes in the Company’s internal control over financial reporting during its most recently completed fiscal quarter that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting, as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act.

34

Part II - Other Information

Item 1. Legal Proceedings

See a discussion of environmental, asbestos and other litigation matters in Note 14 - “Commitments and Contingencies,” to the condensed consolidated financial statements in Part I, Item 1 of this Form 10-Q.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Items 2 (a) and (b) are not applicable

(c) Stock Repurchases

(Dollars in thousands, except per share amounts)
Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet be Purchased under the Plans or Programs
February 1, 2016 to February 29, 2016	25,667	$	51.77	25,667	$	58,679
March 1, 2016 to March 31, 2016	12,300	$	54.37	12,300	$	58,010

During the quarter ended March 31, 2016, we repurchased 37,967 shares of our capital stock for $2.0 million under a $100.0 million share repurchase program approved by our Board of Directors on August 6, 2015. The share repurchase program became effective August 11, 2015, has no expiration date, and may be suspended or discontinued at any time without notice. The program has no expiration date. As of March 31, 2016, $58.0 million remained to repurchase under the share repurchase program. All repurchases were made using cash from operations and cash on hand. Our stock repurchases may occur from time to time through open market purchases, privately negotiated transactions or plans designed to comply with Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended.

Item 6.    Exhibits

List of Exhibits:
3.1	Amended and Restated Bylaws of Rogers Corporation, effective February 11, 2016, filed as Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on February 26, 2016.
10.1	Form of Performance-Based Restricted Stock Award Agreement under the Rogers Corporation 2009 Long-Term Equity Compensation Plan, filed herewith.*
31.1	Certification of President and Chief Executive Officer (Principal Executive Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
31.2	Certification of Vice President, Finance and Chief Financial Officer (Principal Financial Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
32	Certification of President and Chief Executive Officer (Principal Executive Officer) and Vice President, Finance and Chief Financial Officer (Principal Financial Officer) pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished herewith.
101	The following materials from Rogers Corporation's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2016 formatted in XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Statements of Operations for the three months ended March 31, 2016 and March 31, 2015, (ii) Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2016 and March 31, 2015, (iii) Condensed Consolidated Statements of Financial Position at March 31, 2016 and December 31, 2015, (iv) Condensed Consolidated Statement of Shareholders' Equity at March 31, 2016 and December 31, 2015, (v) Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2016 and March 31, 2015 and (vi) Notes to Condensed Consolidated Financial Statements.

*Management contract or compensatory plan or arrangement.

35

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ROGERS CORPORATION

(Registrant)

/s/ Janice E. Stipp	/s/ John J. Krawczynski
Janice E. Stipp	John J. Krawczynski
Vice President, Finance, Chief Financial Officer and Corporate Treasurer	Chief Accounting Officer and Corporate Controller Principal Accounting Officer
Principal Financial Officer
Dated: May 3, 2016

36

EX-10

Exhibit 10.1

ROGERS CORPORATION

2009 LONG-TERM EQUITY COMPENSATION PLAN

PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT

Subject to the terms and conditions set forth below, Rogers Corporation (the “Company”) hereby grants to _____________________ (the “Grantee”) Restricted Stock Units under Section 8 of the Rogers Corporation 2009 Long-Term Equity Compensation Plan (the “Plan”). Capitalized terms in this Performance-Based Restricted Stock Unit Award Agreement (the “Agreement”) shall have the meanings specified in the Plan, unless a different meaning is specified herein (including in the attached Schedule A).

This Agreement entitles the Grantee to payment in the form of Shares following the attainment of the Performance Objective and employment requirements set forth below. The target number of Shares subject to this Agreement is ______ Shares (the “Target Shares”), subject to adjustment under Section 2.3 of the Plan. This Award is granted as of ______________ (the “Grant Date”).

By clicking the applicable acceptance box on the Charles Schwab & Co., Inc. (“Charles Schwab”) website, the Grantee agrees to all of the terms and conditions described in this Agreement and in the Plan. The Grantee acknowledges that the Grantee has carefully reviewed this Agreement and all materials incorporated herein by reference, including the Plan.

1.Acceptance of Award. The Grantee shall have no rights with respect to this Agreement unless he or she shall have accepted this Agreement in the manner described in the immediately preceding paragraph prior to the close of business on the ninetieth (90^th) day after the Grant Date.

2.Issuance of Shares. Subject to the terms and conditions of the Plan and this Agreement, the number of Shares to be issued to the Grantee shall be determined based on the Company’s Performance Achievement Percentage (as calculated pursuant to Schedule A hereto) during the Company’s 2016, 2017 and 2018 fiscal years (the “Performance Period”) using the following table:

	Performance Achievement Percentage	Percentage of Target Shares
Threshold or below	0%	0% of Target Shares
Target	100%	100% of Target Shares
Maximum	200% or more	200% of Target Shares

For avoidance of doubt, no Shares shall be awarded for a Performance Achievement Percentage of 0% or less, and no more than two times the number of Target Shares shall be deliverable if the Performance Achievement Percentage exceeds 200%.

Straight-line interpolation shall be used to determine the “Percentage of Target Shares” in the table above if the Performance Achievement Percentage is between “Threshold” and “Target” and between “Target” and “Maximum.” For example, a 50% Performance Achievement Percentage will result in delivery of 50% of the Target Shares. Any partial Share shall be rounded up to the nearest whole Share.

3.Restrictions and Conditions. If the Grantee’s employment with the Company and its Affiliates is terminated for any reason other than death, Disability (as such term is defined below), or Retirement (as such term is defined below) prior to the end of the Performance Period, the Grantee shall forfeit any and all rights under this Agreement, and no Shares shall be issued hereunder regardless of actual performance during the Performance Period. If the Grantee’s employment with the Company and its Affiliates is terminated due to the Grantee’s death, Disability or Retirement prior to the end of the Performance Period, the number of Shares issuable to the Grantee following the Performance Period pursuant to Paragraph 2 shall be pro-rated based on the number of days of Grantee employment during the Performance Period prior to death, Disability or Retirement, rounded up to the nearest whole share. For example, if the Grantee was employed by the Company, one of its Affiliates, or both, for 600 days during the Performance Period prior to death, Disability or Retirement, the Grantee would receive 54.74% [600 days /(366 days + 365 days x 2)] of the number of

Shares determined under Paragraph 2 based on the performance achieved at the end of the Performance Period, rounded up to the nearest whole share.

For purposes of this Agreement, the date that the Grantee has a “Disability” shall be the date on which the Grantee is (i) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or to last for a continuous period of not less than 12 months, or (ii) by reason of any medically determinable physical or mental impairment which can be expected to result in death or to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under a Company or an Affiliate employee accident and health plan, each of (i) and (ii) as reasonably determined by the Committee. In addition, the Committee may determine that the Grantee has a Disability if the Grantee is considered “totally disabled” by the Social Security Administration.

For purposes of this Agreement, “Retirement” means Termination of Service after the Grantee has attained sixty years of age and has completed at least five years of vesting service. For avoidance of doubt, it is not necessary to complete five years of vesting service prior to attaining age sixty in order to qualify for Retirement. For purposes of this Agreement, “years of vesting service” shall be determined in the same manner as provided for under the Section 401(k) plan maintained by the Company as in effect on the Grant Date.

4.Scheduled Payment Date. Subject to accelerated payment in the case of a Change in Control as described in Paragraph 5 below, the Company shall deliver or cause to be delivered to or on the behalf of the Grantee the number of Shares, if any, as determined under Paragraphs 2 and 3 above, on or before the Scheduled Payment Date in compliance with applicable law. The Company shall determine in its sole discretion the manner of delivering Shares under this Paragraph 4. For purposes of this Agreement, the “Scheduled Payment Date” shall mean March 15th of the calendar year immediately following the expiration of the Performance Period.

5.Change in Control. A pro-rata portion of the Restricted Stock Units under this Agreement shall be considered to be vested upon a Change in Control that occurs before the end of the Performance Period to the extent determined by the Committee pursuant to Section 11.9(b) of the Plan, provided that the Grantee is then employed by the Company or one of its Affiliates. In the event that a pro-rata portion of Restricted Stock Units vest pursuant to this Paragraph 5, payment shall be made consistent with the terms of the Plan as soon as practicable (but in no event more than five business days) following a Change in Control. If the Grantee is a party to an officer special severance agreement, treatment of the Restricted Stock Units under this Agreement upon and following a Change in Control shall be governed by such officer special severance agreement.

6.Compensation Recovery. This Award shall be subject to recovery under the Company’s compensation recovery policy, as may be amended or otherwise modified from time to time, or any similar policy that the Company may adopt from time to time. For avoidance of doubt, compensation recovery rights to Shares issued under this Agreement shall extend to any proceeds realized by the Grantee upon the sale or other transfer of such Shares.

7.Tax Withholding. The Grantee hereby agrees to make appropriate arrangements with the Company for such income and employment tax withholding as may be required of the Company under applicable United States federal, state, local law or foreign law on account of the Grantee’s rights under this Agreement. The Grantee may satisfy any withholding obligation, in whole or in part, by electing (i) to make a payment to the Company in cash, by check, electronic funds transfer or by other instrument acceptable to the Company, (ii) to deliver to the Company a number of already-owned Shares having a value not greater than the amount required to be withheld (such number may be rounded up to the next whole share) as may be permitted pursuant to written policies or rules adopted by the Committee and in effect at the time of exercise, or (iii) by any combination of (i) and (ii). In addition, the Committee may also permit, in its sole discretion and in accordance with such policies and rules as it deems appropriate, the Grantee to have the Company withhold a number of Shares which would otherwise be issued pursuant to this Agreement having a value not greater than the amount required to be withheld (such number may be rounded up to the next whole share). The value of Shares to be withheld or delivered (as may be permitted by the Committee) shall be based on the Fair Market Value of a Share as of the date the amount of tax withholding is determined. For avoidance of doubt, the Committee may change its policies and rules for tax withholding in its sole discretion from time to time for any reason.

8.The Plan. This Agreement is subject in all respects to the terms, conditions, limitations and definitions contained in the Plan. In the event of any discrepancy or inconsistency between this Agreement and the Plan, the terms and conditions of the Plan shall control.

9.No Obligation to Continue Employment. Nothing in this Agreement or the Plan shall be construed as constituting a commitment, guarantee, agreement or understanding of any kind or nature that the Company or any Affiliate shall continue to retain the services of the Grantee, nor shall this Agreement or the Plan affect in any way the right of the Company or any Affiliate to terminate the services of the Grantee as an employee or otherwise at any time and for any reason. By executing this Agreement, Grantee acknowledges and agrees that Grantee’s service relationship with the Company or any Affiliate is “at will.” No change of Grantee’s duties to the Company or any Affiliate shall result in, or be deemed to be, a modification of any of the terms of this Agreement or the Plan.

10.Notices.

(a) Notices hereunder shall be mailed or delivered to the Company at its principal place of business and, except as otherwise provided in Paragraph 10(b), shall be mailed or delivered to the Grantee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing.

(b) In lieu of receiving documents in paper format, the Grantee agrees, to the fullest extent permitted by law, to accept electronic delivery of any documents that the Company may be required to deliver (including, but not limited to, the Plan, prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other agreements, forms, notices and other communications) in connection with this and any other prior or future incentive award or program made or offered by the Company or its predecessors or successors. Electronic delivery of a document to the Grantee may be made via a Company e-mail system, by reference to a location on a Company intranet site to which the Grantee has access, or by a website maintained by a third party engaged to provide administrative services related to the Plan.

11.Purchase Only for Investment. To ensure the Company’s compliance with the Securities Act of 1933, as amended (the “Act”), the Grantee agrees for himself or herself, the Grantee’s legal representatives and estate, and any other persons who may obtain rights under this Agreement upon his or her death, that the Shares hereunder will be obtained for investment purposes only and not with a view to their distribution, as that term is used in the Act, unless in the opinion of Company counsel such distribution is in compliance with or exempt from the registration and prospectus requirements of the Act.

12.Governing Law. This Agreement shall be governed by the laws of the Commonwealth of Massachusetts, United States of America without regard to any choice of law rules thereunder.

13.Electronic Signature. The parties may execute and deliver this Agreement and any documents now or hereafter executed and delivered in connection with this Agreement using procedures now or hereafter established by the Company for electronic signature and document delivery. The Grantee’s electronic signature shall be the same as, and shall have the same force and effect as, the Grantee’s manual signature. For the avoidance of doubt, the Grantee’s clicking on the applicable acceptance box on the Charles Schwab website shall be deemed to constitute the Grantee’s electronic execution and delivery of this Agreement. Any procedures for electronic signature and delivery may be effected by a third party engaged by the Company to provide administrative services related to the Plan.

14.Beneficiary Designation. The Grantee may designate Beneficiary(ies) to whom shall be transferred any rights under this Agreement which survive the Grantee’s death. The beneficiary designation form can be found at the Charles Schwab Equity Award Center website (https://www.schwab.com/public/eac/home) or obtained by contacting the Company’s Director, Compensation and Benefits. In the absence of an effective beneficiary designation in accordance with the terms of the Plan and this Agreement, the Grantee acknowledges that any rights under this Agreement that survive the Grantee’s death shall be rights of his or her estate notwithstanding any other agreements or documents (including the Grantee’s will) to the contrary.

15.Section 409A. Payments under this Agreement are intended to be exempt from Section 409A of the Code, and the regulations and guidance promulgated thereunder (“Section 409A”). To the maximum extent permitted, this agreement shall be limited, construed and interpreted in accordance with such intent. No payment shall be made under this Agreement later than the deadline to be considered a short-term deferral under Treasury Regulation section 1.409A-1(b)(4). The Company shall have no liability to you or otherwise if any amounts paid or payable hereunder are subject to Section 409A or the additional tax thereunder.

16.Amendment. The Committee shall have the exclusive authority to amend this Agreement, provided that no amendment of this Agreement shall, without the written consent of the Grantee, adversely affect, as shall be determined by the Committee, the rights of the Grantee hereunder. Any amendment to this Agreement shall not be valid unless made in writing and signed by the person or persons to be bound thereby.

17.Personal Information. The Grantee hereby acknowledges and agrees that personal data necessary to administer the Plan may be transferred from any direct or indirect subsidiary of the Company to the Company, and/or a securities brokerage

firm and/or any other entity responsible for administering the accounts of participants of the Plan. Some of these entities may be located in countries whose privacy and data protection laws may not be equivalent to those in the Grantee’s country of residence. Such data may include the Grantee’s name, position, address, date of birth and any other data necessary to prove eligibility to receive Shares or to calculate tax withholdings. Grantee may request access to and, where shown to be incorrect, correct the personal data.

Accepted and agreed by:

ROGERS CORPORATION

By: __/s/ Janice E. Stipp___

Name: Janice E. Stipp

Title: VP Finance & CFO

By clicking the applicable acceptance box on the Charles Schwab website, the Grantee acknowledges receipt of this Agreement and agrees to its terms and conditions.SCHEDULE A

Calculation of Performance Achievement Percentage

“Performance Achievement Percentage” shall be determined using the following table:

	Performance Achievement Percentage	TSR Percentile
Threshold	0%	25%
	20%	30%
	40%	35%
	60%	40%
	80%	45%
Target	100%	50%
	120%	55%
	140%	60%
	160%	65%
	180%	70%
Maximum	200%	75%

Straight-line interpolation shall be used to determine the Performance Achievement Percentage when performance is between two stated levels in this table. For example, if the Company’s TSR Percentile is 47.5%, the Performance Achievement Percentage would be 90%, calculated as follows: 80% + (((47.5% - 45%) / (50% - 45%)) x 20%).

The following terms shall have the meanings set forth below:

“Beginning Average Stock Price”: the mathematical average of the daily closing stock prices for the 30 trading days immediately preceding January 1,2016

“Ending Average Stock Price”: the mathematical average of the daily closing stock prices for the last 30 trading days of 2018

“Index Companies”: the comparator companies selected by the Committee as of the Grant Date for the purpose of determining the Company’s TSR Percentile

For avoidance of doubt, any such company for which the inputs to TSR cease to be publicly reported during the Performance Period shall not be considered an Index Company for purposes of calculating TSR Percentile.

“Total Shareholder Return” or “TSR”: with respect to an entity, the rate of return (expressed as a percentage) achieved with respect to the common stock of the Company and the common stock of each of the Index Companies for the Performance Period. TSR for an entity shall be calculated as the sum of two components:

• The cumulative percentage change in the entity’s common stock price for the Performance Period measured as follows:

(Ending Average Stock Price/Beginning Average Stock Price) -1 x 100

and

• The accumulation and assumed reinvestment as of the ex-dividend date in the common stock of the entity of all cash dividends paid with respect to a share of the entity’s common stock during the Performance Period, divided by the entity’s Beginning Average Stock Price, and expressed as a percentage.

For avoidance of doubt, the TSR of the Company and each of the Index Companies shall be adjusted to take into account stock splits, reverse stock splits and other similar extraordinary events in respect of an entity’s shares of common stock that occur during the Performance Period pursuant to Section 2.3 of the Plan.

“TSR Percentile”: with respect to the Company, the relative position of the Company’s TSR to the TSRs publicly reported for each of the Index Companies for the entire Performance Period, calculated by (1) rank ordering the TSRs of the Company and the Index Companies from lowest to highest and (2) using the formula below:

(Company’s rank order / number of Index Companies) * 100

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Bruce D. Hoechner, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Rogers Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  May 3, 2016

/s/ Bruce D, Hoechner

Bruce D. Hoechner

President and Chief Executive Officer

Principal Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Janice E. Stipp, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Rogers Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  May 3, 2016

/s/ Janice E. Stipp

Janice E. Stipp

Vice President, Finance, Chief Financial Officer and Corporate Treasurer

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Rogers Corporation, a Massachusetts corporation (the “Corporation”), does hereby certify that:

The Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2016 (the “Form 10-Q”) of the Corporation fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

/s/ Bruce D. Hoechner

Bruce D. Hoechner

President and Chief Executive Officer

Principal Executive Officer

May 3, 2016

/s/ Janice E. Stipp

Janice E. Stipp

Vice President, Finance, Chief Financial Officer and

Corporate Treasurer

May 3, 2016

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 20, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	ROGERS CORP
Trading Symbol	ROG
Entity Central Index Key	0000084748
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		18,003,299

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Net sales	$ 160,566	$ 165,051
Cost of sales	100,058	102,626
Gross margin	60,508	62,425
Selling, general and administrative expenses	29,860	36,147
Research and development expenses	6,549	6,108
Operating income	24,099	20,170
Equity income in unconsolidated joint ventures	613	919
Other income (expense), net	(546)	(129)
Interest expense, net	(1,121)	(1,006)
Income before income tax expense	23,045	19,954
Income tax expense	8,117	6,311
Net income	$ 14,928	$ 13,643
Basic earnings per share (in dollars per share)	$ 0.83	$ 0.74
Diluted earnings per share (in dollars per share)	$ 0.82	$ 0.72
Shares used in computing:
Basic earnings per share (shares)	17,966	18,476
Diluted earnings per share (shares)	18,214	18,950

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 14,928	$ 13,643
Foreign currency translation adjustment	10,926	(27,980)
Derivative instruments designated as cash flow hedges:
Unrealized gain (loss) on derivative instruments held at period end, net of tax (Note 6)	4	218
Unrealized gain (loss) reclassified into earnings (Note 6)	2	0
Pension and postretirement benefit plans reclassified into earnings, net of tax (Note 6):
Amortization of loss	35	268
Other comprehensive income (loss)	10,967	(27,494)
Comprehensive income (loss)	$ 25,895	$ (13,851)

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CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 229,203	$ 204,586
Accounts receivable, less allowance for doubtful accounts of $789 and $695	107,866	101,428
Inventories	90,500	91,824
Prepaid income taxes	4,711	5,058
Deferred income taxes		9,565
Asbestos-related insurance receivables	8,245	8,245
Other current assets	9,793	7,959
Total current assets	450,318	428,665
Property, plant and equipment, net of accumulated depreciation of $246,748 and $237,150	177,337	178,661
Investments in unconsolidated joint ventures	16,593	15,348
Deferred income taxes	17,164	8,594
Goodwill	178,876	175,453
Other intangible assets	73,587	75,019
Asbestos-related insurance receivables	45,114	45,114
Other long-term assets	3,396	3,501
Total assets	962,385	930,355
Current liabilities
Accounts payable	23,170	22,251
Accrued employee benefits and compensation	24,376	23,263
Accrued income taxes payable	8,419	3,599
Current portion of long term debt	3,309	2,966
Asbestos-related liabilities	8,245	8,245
Other accrued liabilities	16,716	18,324
Total current liabilities	84,235	78,648
Long term debt	172,643	173,557
Long term lease obligation	5,729	5,549
Pension and post-retirement benefit obligations	14,808	14,808
Asbestos-related liabilities	48,390	48,390
Non-current income tax	13,247	11,863
Deferred income taxes	9,495	9,455
Other long-term liabilities	$ 3,550	$ 3,503
Commitments and Contingencies (Note 14)
Shareholders’ Equity
Capital Stock - $1 par value; 50,000 authorized shares; 17,996 and 17,957 shares outstanding	$ 17,996	$ 17,957
Additional paid-in capital	111,789	112,017
Retained earnings	557,994	543,066
Accumulated other comprehensive loss	(77,491)	(88,458)
Total shareholders' equity	610,288	584,582
Total liabilities and shareholders' equity	$ 962,385	$ 930,355

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CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 789	$ 695
Property, plant and equipment, accumulated depreciation	$ 177,337	$ 178,661
Capital Stock, par value (in dollars per share)	$ 1	$ 1
Capital Stock, authorized shares (shares)	50,000,000	50,000,000
Capital Stock, shares outstanding (shares)	17,996,000	17,957,000

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Activities:
Net income	$ 14,928	$ 13,643
Adjustments to reconcile net income to cash from operating activities:
Depreciation and amortization	8,973	7,973
Stock-based compensation expense	1,992	1,598
Deferred income taxes	1,013	1,330
Equity in undistributed income of unconsolidated joint ventures	(613)	(919)
Dividends received from unconsolidated joint ventures	0	780
Pension and postretirement benefits	(702)	(294)
Changes in operating assets and liabilities, excluding effects of acquisitions:
Accounts receivable	(6,657)	(5,632)
Inventories	(1,021)	(6,734)
Pension contribution	(63)
Other current assets	(1,621)	(3,431)
Accounts payable and other accrued expenses	8,307	4,352
Other, net	1,651	243
Net cash provided by operating activities	26,187	12,909
Investing Activities:
Business acquisition, net of cash acquired	0	(155,778)
Capital expenditures	(4,813)	(8,486)
Net cash used in investing activities	(4,813)	(164,264)
Financing Activities:
Proceeds from long term borrowings		125,000
Repayment of debt principal and long term lease obligation	(757)	(5,065)
Repurchases of capital stock	(1,997)	0
Proceeds from sale of capital stock, net	564	5,290
Issuance of restricted stock shares	(1,175)	(2,258)
Proceeds from issuance of shares to employee stock purchase plan	427	345
Net cash (used in) provided by financing activities	(2,938)	123,312
Effect of exchange rate fluctuations on cash	6,181	(9,474)
Net increase (decrease) in cash and cash equivalents	24,617	(37,517)
Cash and cash equivalents at beginning of period	204,586	237,375
Cash and cash equivalents at end of period	$ 229,203	$ 199,858

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CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Capital Stock/Capital Shares	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Balance, Beginning of Period at Dec. 31, 2015	$ 584,582	$ 17,957	$ 112,017	$ 543,066	$ (88,458)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	14,928			14,928
Other comprehensive income (loss)	10,967				10,967
Stock options exercised	564	14	550
Stock issued to directors	0	2	(2)
Shares issued for employees stock purchase plan	427	9	418
Shares issued for restricted stock, net of cancellations for tax withholding	(1,175)	51	(1,226)
Shares repurchased	(1,997)	(37)	(1,960)
Stock-based compensation expense	1,992		1,992
Balance, End of Period at Mar. 31, 2016	$ 610,288	$ 17,996	$ 111,789	$ 557,994	$ (77,491)

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Basis of Presentation

3 Months Ended

Mar. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

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.

Certain statement of financial position reclassifications have been made to prior period balances in order to conform to the current period's presentation.

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 December 31, 2015.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

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. Assets and liabilities measured on a recurring basis, categorized by the level of inputs used in the valuation, included:

(Dollars in thousands)	Carrying amount as of March 31, 2016			Level 1		Level 2			Level 3
Foreign currency contracts	$	(114	)	$	—	$	(114	)	$	—
Copper derivative contracts	$	255		$	—	$	255		$	—
Interest rate swap	$	(7	)	$	—	$	(7	)	$	—

(Dollars in thousands)	Carrying amount as of December 31, 2015			Level 1		Level 2			Level 3
Foreign currency contracts	$	(78	)	$	—	$	(78	)	$	—
Copper derivative contracts	$	193		$	—	$	193		$	—
Interest rate swap	$	(18	)	$	—	$	(18	)	$	—

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Hedging Transactions and Derivative Financial Instruments

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Hedging Transactions and Derivative Financial Instruments

Hedging Transactions and Derivative Financial Instruments

We are exposed to certain risks related to our ongoing business operations. The primary risks being managed through the 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 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.

• Commodity - The fair value of copper derivatives is computed using a combination of intrinsic and time value valuation models. 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 the constant 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. Overall, fair value is a function of five primary variables: price of the underlying instrument, time to expiration, strike price, interest rate, and volatility.  

• 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 our derivative instruments that are designated and qualify for hedge accounting treatment (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. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of the future cash flows of the hedged item (i.e., the ineffective portion) if any, is recognized in the condensed consolidated statements of operations during the current period. For the quarters ended March 31, 2016 and 2015, there was no hedge ineffectiveness.

Foreign Currency

During the quarter ended March 31, 2016, we entered into Chinese Yuan, Euro, Great Britain Pound, Japanese Yen, and Korean Won forward contracts. We entered into these foreign currency forward contracts to mitigate certain global balance sheet exposures. These contracts do not qualify for hedge accounting treatment. Mark-to-market adjustments are recorded in the other income (expense), net line item in our condensed consolidated statements of operations for those contracts that do not qualify for hedge accounting treatment.

As of March 31, 2016 the notional values of these foreign currency forward contracts were:

Notional Values of Foreign Currency Derivatives
CNY/USD	$	6,768,139
USD/EUR	€	5,250,318
CNY/EUR	€	2,812,683
USD/KRW	₩	7,401,436,000
JPY/EUR	€	1,367,462
EUR/GBP	£	150,000
JPY/USD	$	651,208

Commodity

We currently have twenty-four outstanding contracts to hedge exposure related to the purchase of copper in our Power Electronics Solutions and Advanced Connectivity Solutions operations. These contracts are held with financial institutions and minimize the risk associated with a potential rise in copper prices. These contracts provide some coverage over the forecasted 2016 and 2017 monthly copper exposure and do not qualify for hedge accounting treatment; therefore, any mark-to-market adjustments required on these contracts are recorded in the other income (expense), net line item in our condensed consolidated statements of operations.  The copper contracts outstanding as of March 31, 2016 were:

Notional Value of Copper Derivatives
April 2016 - June 2016	130	metric tons per month
July 2016 - September 2016	127	metric tons per month
October 2016 - December 2016	117	metric tons per month
January 2017 - March 2017	53	metric tons per month
April 2017 - June 2017	26	metric tons per month

Interest Rates

In July 2012, we entered into an interest rate swap to hedge the variable interest rate on our term loan debt. As of March 31, 2016, the remaining notional amount of the interest rate swap covers $8.1 million of our term loan debt. This transaction has been designated as a cash flow hedge and qualifies for hedge accounting treatment.

Effects on Statements of Operations and of Comprehensive Income:

(Dollars in thousands)		The Effect of Current Derivative Instruments on the Financial Statements for the quarter ended March 31, 2016
Foreign Exchange Contracts	Location	Gain (loss)
Contracts not designated as hedging instruments	Other income (expense), net	$	(114	)
Copper Derivatives
Contracts not designated as hedging instruments	Other income (expense), net	$	33
Interest Rate Swap
Contracts designated as hedging instruments	Other comprehensive income (loss)	$	11

(Dollars in thousands)		The Effect of Current Derivative Instruments on the Financial Statements for the quarter ended March 31, 2015
Foreign Exchange Contracts	Location	Gain (loss)
Contracts designated as hedging instruments	Other comprehensive income (loss)	$	197
Contracts not designated as hedging instruments	Other income (expense), net	$	(250	)
Copper Derivatives
Contracts not designated as hedging instruments	Other income (expense), net	$	(290	)
Interest Rate Swap
Contracts designated as hedging instruments	Other comprehensive income (loss)	$	(128	)

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Inventories

3 Months Ended

Mar. 31, 2016

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories are valued at the lower of cost or market. Effective October 1, 2015, the Company changed its method for inventory costing from the last in, first out (LIFO) cost method to the first in, first out (FIFO) cost method for all operations that were using the LIFO cost method. This change in accounting method was deemed preferable because this change causes inventory to be valued on a consistent basis throughout the entire Company and on a more comparable basis with industry peer companies.

This change in accounting method was completed in accordance with Accounting Standards Codification (ASC) 250 Accounting changes and error corrections, and all periods presented have been retrospectively adjusted to reflect the period-specific effects of applying the new accounting principle.

The following table summarizes the effect of this accounting change on the Company’s consolidated statements of operations for the quarter ended March 31, 2015:

	Quarter Ended March 31, 2015
(Dollars in thousands, except per share amounts)	As Originally Reported Under LIFO		As Adjusted under FIFO		Effect of Change
Cost of sales	$	102,696	$	102,626	$	(70	)
Net income	$	13,627	$	13,643	$	16
Basic earnings per share	$	0.74	$	0.74	$	—
Diluted earnings per share	$	0.72	$	0.72	$	—

There was no impact on cash provided by operating activities as a result of the above changes.

Inventories were as follows at the end of the periods noted below:

(Dollars in thousands)	March 31, 2016		December 31, 2015
Raw materials	$	34,453	$	35,499
Work-in-process	23,762		22,804
Finished goods	32,285		33,521
Total Inventories	$	90,500	$	91,824

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Acquisition

3 Months Ended

Mar. 31, 2016

Business Combinations [Abstract]

Acquisition

Acquisition

On January 22, 2015, we completed the acquisition of Arlon LLC and its subsidiaries (collectively, Arlon), pursuant to the terms of the Stock Purchase Agreement, dated December 18, 2014, by and among the Company, Handy & Harman Group, Ltd. and its subsidiary Bairnco Corporation, as amended (the Purchase Agreement).

Pursuant to the terms of the Purchase Agreement, we acquired Arlon and assumed certain liabilities related to the acquisition for an aggregate purchase price of approximately $157.0 million.

We used borrowings of $125.0 million under our bank credit facility in addition to cash on hand to fund the acquisition.

The results of Arlon have been included in our consolidated financial statements only for the periods subsequent to the completion of our acquisition on January 22, 2015.

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Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2016

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss by component during the quarters ended March 31, 2016 and 2015 were as follows:

(Dollars in thousands)	Foreign currency translation adjustments			Funded status of pension plans and other postretirement benefits (1)			Unrealized gain (loss) on derivative instruments (2)			Total
Beginning Balance December 31, 2014	$	(14,193	)	$	(50,808	)	$	(93	)	$	(65,094	)
Other comprehensive income (loss) before reclassifications	(27,980		)	—			$	124		(27,856		)
Amounts reclassified from accumulated other comprehensive loss (3)	—			268			$	94		362
Net current-period other comprehensive income (loss)	(27,980		)	268			$	218		(27,494		)
Ending Balance March 31, 2015	$	(42,173	)	$	(50,540	)	$	125		$	(92,588	)
Beginning Balance December 31, 2015	$	(41,365	)	$	(47,082	)	$	(11	)	$	(88,458	)
Other comprehensive income (loss) before reclassifications	10,926			—			4			10,930
Amounts reclassified from accumulated other comprehensive loss (4)	—			35			2			37
Net current-period other comprehensive income (loss)	10,926			35			6			10,967
Ending Balance March 31, 2016	$	(30,439	)	$	(47,047	)	$	(5	)	$	(77,491	)

(1) Net of taxes of $11,807 and $11,952 as of March 31, 2015 and December 31, 2014, respectively. Net of taxes of $9,860 and $9,879 as of March 31, 2016, December 31, 2015, respectively.

(2) Net of taxes of $3 and $5 as of March 31, 2016 and December 31, 2015, respectively. Net of taxes of $50 and $50 as of March 31, 2015 and December 31, 2014, respectively.

(3) Net of taxes of $144 and $51 for the pension plans and postretirement benefits and unrealized gain (loss) on derivatives, respectively.

(4) Net of taxes of $19 and $1 for the pension plans and postretirement benefits and unrealized gain (loss) on derivatives, respectively.

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Earnings Per Share

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share, for the periods indicated:

(In thousands, except per share amounts)	Quarter Ended
	March 31, 2016		March 31, 2015
Numerator:
Net income	$	14,928	$	13,643
Denominator:
Weighted-average shares outstanding - basic	17,966		18,476
Effect of dilutive shares	248		474
Weighted-average shares outstanding - diluted	18,214		18,950
Basic earnings per share	$	0.83	$	0.74
Diluted earnings per share	$	0.82	$	0.72

Certain potential options to purchase shares were excluded from the calculation of diluted weighted-average shares outstanding because the exercise price was greater than the average market price of our capital stock during the year. For the quarter ended March 31, 2016, 51,275 shares were excluded. For the quarter ended March 31, 2015, no shares were excluded.

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Stock-Based Compensation

3 Months Ended

Mar. 31, 2016

Share-based Compensation [Abstract]

Stock-Based Compensation

Stock-Based Compensation

Equity Compensation Awards

Stock Options

Stock options have been granted under various equity compensation plans. The maximum contractual term for all options is normally ten years. We have not granted any stock options since the first quarter of 2012.

In most cases, we recognize expense using the straight-line method for stock option grants. The amount of stock-based compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. Forfeitures are required to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The term “forfeitures” is distinct from “cancellations” or “expirations” and represents only the unvested portion of the surrendered option. We currently expect, based on historical analysis, an annual forfeiture rate of approximately 3%.

During the quarter ended March 31, 2016, which was the final quarter in which we recognized stock option expense related to previously issued stock option grants, we recognized a de minimis amount of stock option compensation expense. During the quarter ended March 31, 2015, we recognized approximately $0.1 million of stock option compensation expense.

A summary of the activity under our stock option plans as of March 31, 2016 and changes during the quarter then ended, is presented below:

	Options Outstanding		Weighted- Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life in Years	Aggregate Intrinsic Value
Options outstanding at December 31, 2015	212,038		$	40.47	3.2	$	2,557,193
Options exercised	(13,672	)	$	41.25
Options forfeited	—		$	—
Options outstanding at March 31, 2016	198,366		$	40.31	3.3	$	3,934,582
Options exercisable at March 31, 2016	198,366		$	40.31	3.3	$	3,934,582
Options vested at March 31, 2016	198,366		$	40.31	3.3	$	3,934,582

During the quarter ended March 31, 2016, the total intrinsic value of options exercised (i.e., the difference between the market price at time of exercise and the price paid by the individual to exercise the options) and the total cash received from the exercise of these options was $0.6 million.

Performance-Based Restricted Stock

As of March 31, 2016, we have awards from 2014, 2015 and 2016 outstanding. These awards cliff vest at the end of the three year measurement period. For the 2015 and 2016 grants, employees whose employment terminates during the measurement period due to death, disability, or, in certain cases, retirement may receive a pro-rata payout based on the number of days they were employed during the vesting period. Participants are eligible to be awarded shares ranging from 0% to 200% of the original award amount, based on certain defined measurement criteria. Compensation expense is recognized using the straight-line method over the vesting period.  

The outstanding awards from 2016 have one measurement criterion on which the final payout of each award is based - the three year total shareholder return (TSR) on the performance of our capital stock as compared to that of a specified group of peer companies. TSR is considered a market condition. As such, the fair value of all awards was determined on the date of grant using a Monte Carlo simulation valuation model with related compensation expense fixed on the grant date and expensed on a straight-line basis over the life of the awards that ultimately vest with no changes for the final projected payout of the award until payment is made.

The amount of performance-based restricted stock compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. Forfeitures are required to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. We currently expect, based on historical analysis, an annual forfeiture rate of approximately 12%. This assumption is reviewed periodically and the rate is be adjusted as necessary. Ultimately, the actual expense recognized over the vesting period will only be for those awards that vest.

Below were the assumptions used in the Monte Carlo calculation:

	March 31, 2016	March 31, 2015
Expected volatility	29.6%	28.2%
Expected term (in years)	3.0	3.0
Risk-free interest rate	0.93%	0.96%

Expected volatility – In determining expected volatility, we have considered a number of factors, including historical volatility.

Expected term – We use the vesting period of the award to determine the expected term assumption for the Monte Carlo simulation valuation model.

Risk-free interest rate – We use an implied "spot rate" yield on U.S. Treasury Constant Maturity rates as of the grant date for our assumption of the risk-free interest rate.

Expected dividend yield – We do not currently pay dividends on our capital stock; therefore, a dividend yield of 0% was used in the Monte Carlo simulation valuation model.

	Performance-Based Restricted Stock Awards
Non-vested awards outstanding at December 31, 2015	107,229
Awards granted	81,220
Stock issued	(25,397	)
Awards forfeited	(5,431	)
Non-vested awards outstanding at March 31, 2016	157,621

During the quarters ended March 31, 2016 and 2015, we recognized compensation expense for performance-based restricted stock awards of approximately $0.7 million and $0.3 million, respectively. 

Time-Based Restricted Stock

As of March 31, 2016, we have grants from 2013, 2014, 2015 and 2016 outstanding. The grants typically vest on the first, second and third anniversaries of the original grant date. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period. The fair value of the award is determined based on the market value of the underlying stock price at the grant date.

The amount of time-based restricted stock compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. Forfeitures are required to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. We currently expect, based on historical analysis, an annual forfeiture rate of approximately 12%. This assumption is reviewed periodically and the rate is adjusted as necessary. Ultimately, the actual expense recognized over the vesting period will only be for those awards that vest.

	Time-Based Restricted Stock Awards
Non-vested awards outstanding at December 31, 2015	208,318
Awards granted	116,610
Stock issued	(46,429	)
Awards forfeited	(11,309	)
Non-vested awards outstanding at March 31, 2016	267,190

During the quarters ended March 31, 2016 and 2015, we recognized compensation expense for time-based restricted stock awards of approximately $1.2 million and $1.1 million, respectively.

Deferred Stock Units

We grant deferred stock units to non-management directors. These awards are fully vested on the date of grant and the related shares are generally issued on the 13 month anniversary of the grant date unless the individual elects to defer the receipt of those shares. Each deferred stock unit results in the issuance of one share of Rogers’ stock. The grant of deferred stock units is typically done annually during the second quarter of each year. The fair value of the award is determined based on the market value of the underlying stock price at the grant date.

	Deferred Stock Units
Awards outstanding at December 31, 2015	23,950
Awards granted	—
Stock issued	(1,650	)
Awards outstanding at March 31, 2016	22,300

There was no expense associated with the deferred stock units in the first quarter of 2016 or 2015.

Employee Stock Purchase Plan

We have an employee stock purchase plan (ESPP) that allows eligible employees to purchase, through payroll deductions, shares of our capital stock at a discount to fair market value. The ESPP has twosix month offering periods each year, the first beginning in January and ending in June and the second beginning in July and ending in December. The ESPP contains a look-back feature that allows the employee to acquire stock at a 15% discount from the underlying market price at the beginning or end of the applicable period, whichever is lower. We recognize compensation expense on this plan ratably over the offering period based on the fair value of the anticipated number of shares that will be issued at the end of each offering period. Compensation expense is adjusted at the end of each offering period for the actual number of shares issued. Fair value is determined based on two factors: (i) the 15% discount amount on the underlying stock’s market value on the first day of the applicable offering period and (ii) the fair value of the look-back feature determined by using the Black-Scholes model. We recognized approximately $0.1 million of compensation expense associated with the plan in each of the quarters ended March 31, 2016 and 2015.

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Pension Benefits and Other Postretirement Benefit Plans

3 Months Ended

Mar. 31, 2016

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Pension Benefit and Other Postretirement Benefit Plans

Pension Benefits and Other Postretirement Benefit Plans

Components of Net Periodic Benefit Cost

The components of net periodic benefit cost (income) for the periods indicated were:

(Dollars in thousands)	Pension Benefits						Retirement Health and Life Insurance Benefits
	Quarter Ended						Quarter Ended
Change in benefit obligation:	March 31, 2016			March 31, 2015			March 31, 2016			March 31, 2015
Service cost	$	—		$	—		$	37		$	150
Interest cost	1,893			1,839			19			75
Expected return on plan assets	(2,706		)	(2,771		)	—			—
Amortization of prior service cost	—			—			(373		)	—
Amortization of net loss (gain)	447			413			(19		)	—
Net periodic benefit (income) cost	$	(366	)	$	(519	)	$	(336	)	$	225

Employer Contributions

In the first quarters of 2016 and 2015, we did not make any voluntary contributions to our qualified defined benefit pension plans.

As of December 31, 2015 we had not met the minimum funding requirement for all of our defined benefit pension plans and were therefore required to make a contribution to one of the plans of $0.1 million during the quarter ended March 31, 2016. We did not make any contributions during the quarter ended March 31, 2015. We estimate that we will be required to make contributions of $0.3 million in 2016.

As there is no funding requirement for the non-qualified defined benefit pension plans nor the Retiree Health and Life Insurance benefit plans, benefit payments made during the year are funded directly by the Company.

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Segment Information

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Segment Information

Segment Information

Our reporting structure is comprised of the following operating segments: Advanced Connectivity Solutions (ACS), Elastomeric Material Solutions (EMS), Power Electronics Solutions (PES) and the Other segment. We believe this structure aligns our external reporting presentation with how we currently manage and view our business internally.

We completed the acquisition of Arlon on January 22, 2015. As part of the integration process, Arlon operations related to circuit materials and silicones were included in our ACS and EMS segments, respectively. The Other segment included the Arlon business that manufactured specialty polyimide, epoxy-based laminates and bonding materials, which we subsequently sold in December, 2015.

The following table sets forth the information about our segments for the periods indicated, inter-segment sales have been eliminated from the net sales data:

	Quarter Ended
(Dollars in thousands)	March 31, 2016			March 31, 2015
Net sales
Advanced Connectivity Solutions	$	73,376		$	71,287
Elastomeric Material Solutions	46,317			44,556
Power Electronics Solutions	35,251			38,529
Other	5,622			10,679
Net sales	$	160,566		$	165,051
Operating income
Advanced Connectivity Solutions	$	15,900		$	12,868
Elastomeric Material Solutions	5,305			3,033
Power Electronics Solutions	1,296			2,391
Other	1,598			1,878
Operating income	24,099			20,170
Equity income in unconsolidated joint ventures	613			919
Other income (expense), net	(546		)	(129		)
Interest expense, net	(1,121		)	(1,006		)
Income before income tax expense	$	23,045		$	19,954

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Joint Ventures

3 Months Ended

Mar. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Joint Ventures

Joint Ventures

As of March 31, 2016, we had two joint ventures, each 50% owned, which were accounted for under the equity method of accounting.

Joint Venture	Location	Reportable Segment	Fiscal Year-End
Rogers INOAC Corporation (RIC)	Japan	Elastomeric Material Solutions	October 31
Rogers INOAC Suzhou Corporation (RIS)	China	Elastomeric Material Solutions	December 31

We recognized equity income related to the joint ventures of $0.6 million and $0.9 million for the quarters ended March 31, 2016 and 2015, respectively. These amounts are included in the condensed consolidated statements of operations.

The summarized financial information for the joint ventures for the periods indicated was as follows:

	Quarter Ended
(Dollars in thousands)	March 31, 2016		March 31, 2015
Net sales	$	9,237	$	10,978
Gross profit	$	3,099	$	3,445
Net income	$	1,226	$	1,839

Receivables from and payables to joint ventures arise during the normal course of business from transactions between us and the joint ventures. We had receivables of $1.7 million and $1.8 million as of March 31, 2016 and December 31, 2015, respectively. We had payables of $1.2 million and $1.1 million as of March 31, 2016 and December 31, 2015, respectively.

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Debt

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Debt

Debt

On June 18, 2015, we entered into a secured five year credit agreement (the Amended Credit Agreement). The Amended Credit Agreement amends and restates the credit agreement signed between the Company and the same banks on July 13, 2011 and increased our borrowing capacity from $265.0 million to $350.0 million, with an additional $50.0 million accordion.

The Amended Credit Agreement provides (1) a $55.0 million term loan; (2) up to $295.0 million of revolving loans, with sublimits for multicurrency borrowings, letters of credit and swing-line notes; and (3) a $50.0 million expansion feature. Borrowings may be used to finance working capital needs, for letters of credit and for general corporate purposes in the ordinary course of business, including the financing of permitted acquisitions (as defined in the Amended Credit Agreement).  

Borrowings under the Amended Credit Agreement bear interest based on one of two options. Alternate base rate loans bear interest that includes a base reference rate plus a spread of 37.5 to 75.0 basis points, depending on our leverage ratio. The base reference rate is the greater of the prime rate; federal funds effective rate plus 50 basis points; or adjusted 1-month LIBOR plus 100 basis points. Euro-currency loans bear interest based on adjusted LIBOR plus a spread of 137.5 to 175.0 basis points, depending on our leverage ratio. We incurred interest expense on our outstanding debt of $0.9 million and $0.8 million for the quarters ended March 31, 2016 and March 31, 2015, respectively.

In addition to interest payable on the principal amount of indebtedness outstanding from time to time under the Amended Credit Agreement, the Company is required to pay a quarterly fee of 0.20% to 0.30% (based upon our leverage ratio) of the unused amount of the lenders’ commitments under the Amended Credit Agreement. We incurred an unused commitment fee of $0.1 million and a deminimis amount for the quarter ended March 31, 2016 and March 31, 2015, respectively.

The Amended Credit Agreement contains customary representations, warranties, covenants, mandatory prepayments and events of default under which the Company's payment obligations may be accelerated. The financial covenants include requirements to maintain (1) a leverage ratio of no more than 3.25 to 1.00, subject to a one-time election to increase the maximum leverage ratio to 3.50 to 1.00 for one fiscal year in connection with a permitted acquisition, and (2) an interest coverage ratio (ICR) of no less than 3.00 to 1.00. The ICR is the ratio determined as of the end of each of the Company's fiscal quarters ending on and after September 30, 2015, of (i) Consolidated Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (as defined in the Amended Credit Agreement) minus the unfinanced portion of Consolidated Capital Expenditures to (ii) Consolidated Interest Expense paid in cash, in each case for the period of four consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated for the Borrower and its subsidiaries on a consolidated basis. As of March 31, 2016, we were in compliance with all of the financial covenants in the Amended Credit Agreement, as we achieved actual ratios of approximately 1.42 to 1.00 on the leverage ratio and 24.41 to 1.00 on the ICR.

The Amended Credit Agreement requires the mandatory quarterly repayment of principal on amounts borrowed under the term loan. Payments commenced on September 30, 2015, and are scheduled to be completed on June 30, 2020.

As of March 31, 2016, the remaining aggregate mandatory principal payments were as follows:

2016	$2.8	million
2017	$4.1	million
2018	$4.8	million
2019	$5.5	million
2020	$160.8	million

All obligations under the Amended Credit Agreement are guaranteed by each of the Corporation’s existing and future material domestic subsidiaries, as defined in the Amended Credit Agreement (the “Guarantors”). The obligations are also secured by a Second Amended and Restated Pledge and Security Agreement, dated as of June 18, 2015, entered into by the Company and the Guarantors that grants to the administrative agent, for the benefit of the lenders, a security interest, subject to certain exceptions, in substantially all of the non-real estate assets of the Company and the Guarantors.

In addition, as of March 31, 2016 and December 31, 2015 we had a $1.2 million standby letter of credit (LOC) to guarantee Rogers workers compensation plans that were backed by the Amended Credit Agreement. No amounts were drawn on the LOC as of March 31, 2016 or December 31, 2015.

The Amended Credit Agreement is secured by many of the assets of Rogers, including but not limited to, receivables, equipment, intellectual property, inventory, and stock in certain subsidiaries.

If an event of default occurs, the lenders may, among other things, terminate their commitments and declare all outstanding borrowings to be immediately due and payable together with accrued interest and fees.  

At March 31, 2016, we have $2.0 million of remaining deferred debt issuance costs. These costs will be amortized over the life of the Amended Credit Agreement, which will terminate in June 2020. We incurred amortization expense of $0.1 million in each of the first quarters of 2016 and 2015 related to these deferred costs.

We borrowed $125.0 million under the line of credit in the first quarter of 2015 to fund the acquisition of Arlon. During the first quarter of 2016 and 2015, we made principal payments of $0.7 million and $5.0 million, respectively, on the outstanding debt. We are obligated to pay $3.8 million on this debt obligation in the next 12 months under the term loan.

In July 2012, we entered into an interest rate swap to hedge the variable interest rate on our term loan debt. As of March 31, 2016, the remaining notional amount of the interest rate swap covers $8.1 million of our term loan debt. At March 31, 2016, our outstanding debt balance is comprised of a term loan of $52.9 million and $125.0 million borrowed on the revolving line of credit. At March 31, 2016, the rate charged on this debt is the 1 month LIBOR at 0.5000% plus a spread of 1.500%.

Capital Lease

During the first quarter of 2011, we recorded a capital lease obligation related to the acquisition of Curamik Electronics GmbH ("Curamik") for its primary manufacturing facility in Eschenbach, Germany. Under the terms of the leasing agreement, we have an option to purchase the property upon the expiration of the lease in 2021 at a price which is the greater of (i) the then-current market value or (ii) the residual book value of the land including the buildings and installations thereon. The total obligation recorded for the lease as of March 31, 2016 is $6.0 million. Depreciation expense related to the capital lease was $0.1 million in each of the quarters ended March 31, 2016 and 2015. Accumulated depreciation at March 31, 2016 and December 31, 2015 was$2.0 million and $1.9 million, respectively. These expenses are included as depreciation expense in cost of sales on our condensed consolidated statements of operations.

We also incurred interest expense on the capital lease of $0.1 million for each of the quarters ended March 31, 2016 and March 31, 2015. Interest expense related to the debt recorded on the capital lease is included in interest expense on the condensed consolidated statements of operations.

Restriction on Payment of Dividends

Our Amended Credit Agreement generally permits us to pay cash dividends to our shareholders, provided that (i) no default or event of default has occurred and is continuing or would result from the dividend payment and (ii) our leverage ratio does not exceed 2.00 to 1.00. If our leverage ratio exceeds 2.00 to 1.00, we may nonetheless make up to $10.0 million in restricted payments, including dividends, during the fiscal year, provided that no default or event of default has occurred and is continuing or would result from the payments.

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Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

The changes in the carrying amount of goodwill for the period ending March 31, 2016, by segment, were as follows:

(Dollars in thousands)	Advanced Connectivity Solutions		Elastomeric Material Solutions		Power Electronics Solutions		Other		Total
December 31, 2015	$	51,931	$	56,269	$	65,029	$	2,224	$	175,453
Foreign currency translation adjustment	—		420		3,003		—		3,423
March 31, 2016	$	51,931	$	56,689	$	68,032	$	2,224	$	178,876

Intangible Assets

	March 31, 2016						December 31, 2015
(Dollars in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks and patents	$	2,562	$	819	$	1,743	$	2,543	$	718	$	1,825
Technology	48,930		21,687		27,243		47,724		19,681		28,043
Covenant-not-to-compete	970		970		—		943		943		—
Customer relationships	50,687		10,587		40,100		49,948		9,100		40,848
Total definite lived intangible assets	103,149		34,063		69,086		101,158		30,442		70,716
Indefinite lived intangible assets	4,501		—		4,501		4,303		—		4,303
Total intangible assets	$	107,650	$	34,063	$	73,587	$	105,461	$	30,442	$	75,019

Gross and net carrying amounts and accumulated amortization may differ from prior periods due to foreign exchange rate fluctuations.

Amortization expense for the quarters ended March 31, 2016 and 2015 was approximately $2.6 million and $2.4 million, respectively. The estimated annual future amortization expense is $7.8 million, $10.0 million, $9.5 million, $9.0 million and $5.5 million for the remainder of 2016, 2017, 2018, 2019 and 2020, respectively.

The definite-lived intangible assets are amortized using a fair value methodology that is based on the projected economic use of the related underlying asset. The weighted average amortization period as of March 31, 2016, by intangible asset class, is presented in the table below:

Intangible Asset Class	Weighted Average Amortization Period (Years)
Trademarks and patents	3.6
Technology	4.4
Customer relationships	5.8
Total definite lived intangible assets	5.1

The indefinite-lived trademark intangible assets were acquired from the acquisition of Curamik. These assets are assessed for impairment annually or if changes in circumstances indicate that the carrying values may not be recoverable.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

We are currently engaged in the following environmental and legal proceedings:

Voluntary Corrective Action Program

The Rogers Corporate Headquarters located in Rogers, Connecticut is part of the Connecticut Voluntary Corrective Action Program (VCAP). As part of this program, we partnered with the Connecticut Department of Energy and Environmental Protection (CT DEEP) to determine the corrective actions to be taken at the site related to contamination issues. We evaluated this matter and completed internal due diligence work related to the site in the fourth quarter of 2015 and recorded an accrual of $3.2 million was recorded as of December 31, 2015 for remediation costs expected to be incurred. As of March 31, 2016, the remaining accrual for future remediation efforts that will be required was $3.1 million.

Superfund Sites

We are currently involved as a potentially responsible party (PRP) in one active case involving a waste disposal site, the Chatham Superfund Site. The costs incurred since inception for this claim have been immaterial and have been primarily covered by insurance policies, for both legal and remediation costs. In this matter, we have been assessed a cost sharing percentage of approximately 2% in relation to the range for estimated total cleanup costs of $18.8 million to $29.6 million. We believe we have sufficient insurance coverage to fully cover this liability and have recorded a liability and related insurance receivable of approximately $0.4 million as of March 31, 2016, which approximates our share of the low end of the estimated range. We believe we are a de minimis participant and, as such, have been allocated an insignificant percentage of the total PRP cost sharing responsibility. Based on facts presently known to us, we believe that the potential for the final results of this case having a material adverse effect on our results of operations, financial position or cash flows is remote. This case has been ongoing for many years and we believe that it will continue on for the indefinite future. No time frame for completion can be estimated at the present time.

PCB Contamination

We have been working with CT DEEP and the United States Environmental Protection Agency (EPA), Region I, in connection with certain polychlorinated biphenyl (PCB) contamination at our facility in Woodstock, Connecticut. The issue was originally discovered in the soil at the facility in the late 1990s, which has been remediated. Further contamination was later found in the groundwater beneath the property, which was addressed with the installation of a pump and treat system in 2011. The future costs related to the maintenance of the groundwater pump and treat system now in place at the site are expected to be minimal. We believe that the remaining remediation activity will continue for several more years and no time frame for completion can be estimated at the present time.

PCB contamination at this facility was also found in the buildings and courtyards original to the site, in addition to surrounding areas, including an on-site pond. We have completed remediation activities for the buildings and courtyards. We currently have a reserve of $0.2 million for the pond remediation recorded in our condensed consolidated statements of financial position. We believe this reserve will be adequate to cover the remaining remediation work related to the pond contamination based on the information known at this time. However, if additional contamination is found, the cost of the remaining remediation may increase.

Asbestos Litigation

We, like many other industrial companies, have been named as a defendant in a number of lawsuits filed in courts across the country by persons alleging personal injury from exposure to products containing asbestos. We have never mined, milled, manufactured or marketed asbestos; rather, we made and provided to industrial users a limited number of products that contained encapsulated asbestos, but we stopped manufacturing these products in the late 1980s. Most of the claims filed against us involve numerous defendants, sometimes as many as several hundred.

The following table presents information about our recent asbestos claims activity:

	For the Quarter Ended March 31, 2016
Claims outstanding at beginning of quarter	488
New claims filed	94
Pending claims concluded*	(47	)
Claims outstanding at end of quarter	535

* For the quarter ended March 31, 2016, 44 claims were dismissed and 3 claims were settled. Settlements totaled approximately $0.5 million for the quarter ended March 31, 2016.

We recognize a liability for asbestos-related contingencies that are probable of occurrence and reasonably estimable. In connection

with the recognition of liabilities for asbestos related matters, we record asbestos-related insurance receivables that are deemed probable. Our estimates of asbestos-related contingent liabilities and related insurance receivables are based on an independent actuarial analysis and an independent insurance usage analysis prepared annually by third parties. The actuarial analysis contains numerous assumptions, including general assumptions regarding the asbestos-related product liability litigation environment and company-specific assumptions regarding claims rates (including diseases alleged), dismissal rates, average settlement costs and average defense costs. The insurance usage analysis considers, among other things, applicable deductibles, retentions and policy limits, the solvency and historical payment experience of various insurance carriers, the likelihood of recovery as estimated by external legal counsel and existing insurance settlements.

We review our asbestos-related forecasts annually in the fourth quarter of each year unless facts and circumstances materially change during the year, at which time we would analyze these forecasts. Currently, these analyses project liabilities and related insurance receivables over a 10-year period. It is probable we will incur additional costs for asbestos-related claims following this 10-year period, but we do not believe that any related contingencies are reasonably estimable beyond such period based on, among other things, the significant proportion of future claims included in the analysis and the lag time between the date a claim is filed and its resolution. Accordingly, no liability (or related asset) has yet been recorded for claims that may be asserted subsequent to 2025.

As of March 31, 2016, the asbestos-related claims and insurance receivables for the 10-year projection period were $56.6 million and $53.4 million, respectively. There were no changes to these projections from December 31, 2015.

To date, the defense and settlement costs of our asbestos-related product liability litigation have been substantially covered by insurance. We have identified continuous coverage for primary, excess and umbrella insurance from the 1950s through the mid-1980s, except for a period in the early 1960s, with respect to which we have entered into an agreement for primary, but not excess or umbrella, coverage. In addition, we have entered into a cost sharing agreement with most of our primary, excess and umbrella insurance carriers to facilitate the ongoing administration and payment of claims by the carriers. The cost sharing agreement may be terminated by any party, but will continue until a party elects to terminate it. As of the filing date for this report, the agreement has not been terminated. As previously disclosed, however, we expect to exhaust individual primary, excess and umbrella coverages over time, and there is no assurance that such exhaustion will not accelerate due to additional claims, damages and settlements or that coverage will be available as expected. Accordingly, while we believe it is reasonably possible that we may incur losses and defense costs in excess of our accruals in the future, we do not have sufficient data to provide a reasonable estimate or range of such losses and defense costs, at this time.

The amounts recorded for the asbestos-related liability and the related insurance receivables described above were based on facts known at the time and a number of assumptions. However, projecting future events, such as the number of new claims to be filed each year, the average cost of disposing of such claims, the length of time it takes to dispose of such claims, coverage issues among insurers and the continuing solvency of various insurance companies, as well as the numerous uncertainties surrounding asbestos litigation in the United States could cause the actual liability and insurance recoveries for us to be higher or lower than those projected or recorded.

There can be no assurance that our accrued asbestos liabilities will approximate our actual asbestos-related settlement and defense costs, or that our accrued insurance recoveries will be realized. We believe that it is reasonably possible that we will incur additional charges for our asbestos liabilities and defense costs in the future, which could exceed existing accruals, but such excess amount cannot be reasonably estimated at this time. We will continue to vigorously defend ourselves and believe we have substantial unutilized insurance coverage to mitigate future costs related to this matter.

General Litigation

In addition to the above issues, the nature and scope of our business brings us in regular contact with the general public and a variety of businesses and government agencies. Such activities inherently subject us to the possibility of litigation, including environmental and product liability matters that are defended and handled in the ordinary course of business. We have established accruals for matters for which management considers a loss to be probable and reasonably estimable. It is the opinion of management that facts known at the present time do not indicate that such litigation, after taking into account insurance coverage and the aforementioned accruals, will have a material adverse impact on our results of operations, financial position or cash flows.

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Share Repurchase

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Share Repurchase

Share Repurchase

On August 6, 2015, we initiated a share repurchase program (the "Program") of up to $100.0 million of the Company's capital stock. The Program has no expiration date, and may be suspended or discontinued at any time without notice. As of March 31, 2016, $58.0 million remained to repurchase under the Program.

We repurchased the following shares of common stock during the quarter ended March 31, 2016:

(Dollars in thousands)	Quarter Ended March 31, 2016
Shares of capital stock repurchased	37,967
Value of capital stock repurchased	$	1,997

All repurchases were made using cash from operations and cash on hand. Refer to Part II, Item 2 for further detail of the Program.

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Income Taxes

3 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Our effective income tax rate was 35.2% and 31.6% in the first quarter of 2016 and 2015, respectively. The increase from the first quarter of 2015 is primarily due to a change in the mix of earnings attributable to higher-taxing jurisdictions. The first quarter of 2015 also included a benefit from the release of valuation allowance on certain state tax attributes.

Our accounting policy is to account for interest expense and penalties related to uncertain tax positions as income tax expense.  As of March 31, 2016, we have approximately $1.5 million of accrued interest related to uncertain tax positions included in the $13.2 million of unrecognized tax benefits, $13.1 million of which, if recognized, would impact the effective tax rate. It is possible that up to $9.1 million of our currently unrecognized tax benefits could be recognized within 12 months as a result of projected resolutions of worldwide tax disputes or expiration of the statute of limitations.

We are subject to taxation in the U.S. and various state and foreign jurisdictions. Our tax years from 2012 through 2015 are subject to examination by these various tax authorities. With few exceptions, we are no longer subject to U.S. federal, state, local and foreign examinations by tax authorities for years before 2012.

As of December 31, 2015, deferred tax assets and liabilities are presented as current and non-current. As of March 31, 2016, the Company has classified all deferred taxes as non-current based on an early adoption of Accounting Standards Update 2015-17. See Note 17 below for further information. For both periods, deferred tax assets and liabilities within the same tax jurisdiction are offset for presentation in the Consolidated Statement of Financial Position.

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Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which changed the presentation of debt issuance costs in the balance sheet. The new guidance requires that debt issuance costs no longer be classified as an asset, but rather as an offset to the outstanding debt. The amortization of these costs continues to be recorded as an interest expense. We adopted this standard in the first quarter of 2016. The new standard is required to be applied retrospectively. The application of this guidance resulted in reclassifications of debt issuance costs of $0.5 million from current assets to the current portion of long-term debt as of March 31, 2016 and December 31, 2015. The application of this guidance resulted in reclassifications of debt issuance costs from long term assets to long-term debt of $1.5 million and $1.6 million as of March 31, 2016 and December 31, 2015, respectively.

In November 2015, the FASB issued ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes. This ASU requires all deferred tax assets and liabilities to be classified as noncurrent. ASU 2015-17 is effective for fiscal years and interim periods within those years beginning after December 15, 2016 with early adoption permitted. We have elected to prospectively adopt ASU 2015-17 as of March 31, 2016. The adoption of this guidance did not have any impact on the Company's condensed consolidated statements of operations or cashflows. The adoption of this guidance resulted in a reclassification of $9.6 million from current deferred tax assets to long term deferred tax assets in our condensed consolidated statement of financial position as of March 31, 2016. See Note 16. "Income Taxes" for further information.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. On July 9, 2015, the FASB agreed to delay the effective date by one year. In accordance with the agreed upon delay, the new standard is effective for us beginning in the first quarter of 2018. Early adoption is permitted, but not before the original effective date of the standard. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. We have not yet selected a transition method nor have we determined the impact of the new standard on our consolidated condensed financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases. ASU 2016-2 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e.lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease effectively finances a purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method (finance lease) or on a straight line basis over the term of the lease (operating lease). A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASU 2016-2 supersedes the existing guidance on accounting for leases in “Leases (Topic 840).” The provisions of ASU 2016-2 are effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted and the provisions are to be applied using a modified retrospective approach. We are in the process of evaluating the impact of adoption on our consolidated financial statements.

In March, 2016, the FASB issued ASU No 2016-09, Improvements to Employee Share-Based Payment Accounting. This ASU contains amendments intended to simplify various aspects of share-based payment accounting and presentation in the financial statements, including the income tax consequences, classification of awards as either equity or liabilities, treatment of forfeitures and statutory tax withholding requirements, and classification in the statement of cash flows. The new standard is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption of this standard is permitted. The amendments requiring recognition in the income statement of excess tax benefits and tax deficiencies resulting from settlements arising after the date of adoption of the new standard should be applied prospectively. Changes relating to classification of excess tax benefits and tax deficiencies in the statement of cash flows may be applied either prospectively or retrospectively. All other amendments are to be applied retrospectively. We have not elected early adoption of this standard. We are currently evaluating the impact this new standard will have on our financial statements.

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Recent Accounting Pronouncements (Policies)

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Recent Accounting Pronouncements

In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which changed the presentation of debt issuance costs in the balance sheet. The new guidance requires that debt issuance costs no longer be classified as an asset, but rather as an offset to the outstanding debt. The amortization of these costs continues to be recorded as an interest expense. We adopted this standard in the first quarter of 2016. The new standard is required to be applied retrospectively. The application of this guidance resulted in reclassifications of debt issuance costs of $0.5 million from current assets to the current portion of long-term debt as of March 31, 2016 and December 31, 2015. The application of this guidance resulted in reclassifications of debt issuance costs from long term assets to long-term debt of $1.5 million and $1.6 million as of March 31, 2016 and December 31, 2015, respectively.

In November 2015, the FASB issued ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes. This ASU requires all deferred tax assets and liabilities to be classified as noncurrent. ASU 2015-17 is effective for fiscal years and interim periods within those years beginning after December 15, 2016 with early adoption permitted. We have elected to prospectively adopt ASU 2015-17 as of March 31, 2016. The adoption of this guidance did not have any impact on the Company's condensed consolidated statements of operations or cashflows. The adoption of this guidance resulted in a reclassification of $9.6 million from current deferred tax assets to long term deferred tax assets in our condensed consolidated statement of financial position as of March 31, 2016. See Note 16. "Income Taxes" for further information.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. On July 9, 2015, the FASB agreed to delay the effective date by one year. In accordance with the agreed upon delay, the new standard is effective for us beginning in the first quarter of 2018. Early adoption is permitted, but not before the original effective date of the standard. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. We have not yet selected a transition method nor have we determined the impact of the new standard on our consolidated condensed financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases. ASU 2016-2 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e.lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease effectively finances a purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method (finance lease) or on a straight line basis over the term of the lease (operating lease). A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASU 2016-2 supersedes the existing guidance on accounting for leases in “Leases (Topic 840).” The provisions of ASU 2016-2 are effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted and the provisions are to be applied using a modified retrospective approach. We are in the process of evaluating the impact of adoption on our consolidated financial statements.

In March, 2016, the FASB issued ASU No 2016-09, Improvements to Employee Share-Based Payment Accounting. This ASU contains amendments intended to simplify various aspects of share-based payment accounting and presentation in the financial statements, including the income tax consequences, classification of awards as either equity or liabilities, treatment of forfeitures and statutory tax withholding requirements, and classification in the statement of cash flows. The new standard is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption of this standard is permitted. The amendments requiring recognition in the income statement of excess tax benefits and tax deficiencies resulting from settlements arising after the date of adoption of the new standard should be applied prospectively. Changes relating to classification of excess tax benefits and tax deficiencies in the statement of cash flows may be applied either prospectively or retrospectively. All other amendments are to be applied retrospectively. We have not elected early adoption of this standard. We are currently evaluating the impact this new standard will have on our financial statements.

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on a Recurring Basis, Categorized by the Level of Inputs Used in the Valuation

From time to time we enter into various instruments that require fair value measurement. Assets and liabilities measured on a recurring basis, categorized by the level of inputs used in the valuation, included:

(Dollars in thousands)	Carrying amount as of March 31, 2016			Level 1		Level 2			Level 3
Foreign currency contracts	$	(114	)	$	—	$	(114	)	$	—
Copper derivative contracts	$	255		$	—	$	255		$	—
Interest rate swap	$	(7	)	$	—	$	(7	)	$	—

(Dollars in thousands)	Carrying amount as of December 31, 2015			Level 1		Level 2			Level 3
Foreign currency contracts	$	(78	)	$	—	$	(78	)	$	—
Copper derivative contracts	$	193		$	—	$	193		$	—
Interest rate swap	$	(18	)	$	—	$	(18	)	$	—

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Hedging Transactions and Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The copper contracts outstanding as of March 31, 2016 were:

Notional Value of Copper Derivatives
April 2016 - June 2016	130	metric tons per month
July 2016 - September 2016	127	metric tons per month
October 2016 - December 2016	117	metric tons per month
January 2017 - March 2017	53	metric tons per month
April 2017 - June 2017	26	metric tons per month

As of March 31, 2016 the notional values of these foreign currency forward contracts were:

Notional Values of Foreign Currency Derivatives
CNY/USD	$	6,768,139
USD/EUR	€	5,250,318
CNY/EUR	€	2,812,683
USD/KRW	₩	7,401,436,000
JPY/EUR	€	1,367,462
EUR/GBP	£	150,000
JPY/USD	$	651,208

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

Effects on Statements of Operations and of Comprehensive Income:

(Dollars in thousands)		The Effect of Current Derivative Instruments on the Financial Statements for the quarter ended March 31, 2016
Foreign Exchange Contracts	Location	Gain (loss)
Contracts not designated as hedging instruments	Other income (expense), net	$	(114	)
Copper Derivatives
Contracts not designated as hedging instruments	Other income (expense), net	$	33
Interest Rate Swap
Contracts designated as hedging instruments	Other comprehensive income (loss)	$	11

(Dollars in thousands)		The Effect of Current Derivative Instruments on the Financial Statements for the quarter ended March 31, 2015
Foreign Exchange Contracts	Location	Gain (loss)
Contracts designated as hedging instruments	Other comprehensive income (loss)	$	197
Contracts not designated as hedging instruments	Other income (expense), net	$	(250	)
Copper Derivatives
Contracts not designated as hedging instruments	Other income (expense), net	$	(290	)
Interest Rate Swap
Contracts designated as hedging instruments	Other comprehensive income (loss)	$	(128	)

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Inventories (Tables)

3 Months Ended

Mar. 31, 2016

Inventory Disclosure [Abstract]

Schedule Changes in Accounting Principles

The following table summarizes the effect of this accounting change on the Company’s consolidated statements of operations for the quarter ended March 31, 2015:

	Quarter Ended March 31, 2015
(Dollars in thousands, except per share amounts)	As Originally Reported Under LIFO		As Adjusted under FIFO		Effect of Change
Cost of sales	$	102,696	$	102,626	$	(70	)
Net income	$	13,627	$	13,643	$	16
Basic earnings per share	$	0.74	$	0.74	$	—
Diluted earnings per share	$	0.72	$	0.72	$	—

Inventories

Inventories were as follows at the end of the periods noted below:

(Dollars in thousands)	March 31, 2016		December 31, 2015
Raw materials	$	34,453	$	35,499
Work-in-process	23,762		22,804
Finished goods	32,285		33,521
Total Inventories	$	90,500	$	91,824

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Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2016

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Balances Related to Each Component of Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive loss by component during the quarters ended March 31, 2016 and 2015 were as follows:

(Dollars in thousands)	Foreign currency translation adjustments			Funded status of pension plans and other postretirement benefits (1)			Unrealized gain (loss) on derivative instruments (2)			Total
Beginning Balance December 31, 2014	$	(14,193	)	$	(50,808	)	$	(93	)	$	(65,094	)
Other comprehensive income (loss) before reclassifications	(27,980		)	—			$	124		(27,856		)
Amounts reclassified from accumulated other comprehensive loss (3)	—			268			$	94		362
Net current-period other comprehensive income (loss)	(27,980		)	268			$	218		(27,494		)
Ending Balance March 31, 2015	$	(42,173	)	$	(50,540	)	$	125		$	(92,588	)
Beginning Balance December 31, 2015	$	(41,365	)	$	(47,082	)	$	(11	)	$	(88,458	)
Other comprehensive income (loss) before reclassifications	10,926			—			4			10,930
Amounts reclassified from accumulated other comprehensive loss (4)	—			35			2			37
Net current-period other comprehensive income (loss)	10,926			35			6			10,967
Ending Balance March 31, 2016	$	(30,439	)	$	(47,047	)	$	(5	)	$	(77,491	)

(1) Net of taxes of $11,807 and $11,952 as of March 31, 2015 and December 31, 2014, respectively. Net of taxes of $9,860 and $9,879 as of March 31, 2016, December 31, 2015, respectively.

(2) Net of taxes of $3 and $5 as of March 31, 2016 and December 31, 2015, respectively. Net of taxes of $50 and $50 as of March 31, 2015 and December 31, 2014, respectively.

(3) Net of taxes of $144 and $51 for the pension plans and postretirement benefits and unrealized gain (loss) on derivatives, respectively.

(4) Net of taxes of $19 and $1 for the pension plans and postretirement benefits and unrealized gain (loss) on derivatives, respectively.

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share, for the periods indicated:

(In thousands, except per share amounts)	Quarter Ended
	March 31, 2016		March 31, 2015
Numerator:
Net income	$	14,928	$	13,643
Denominator:
Weighted-average shares outstanding - basic	17,966		18,476
Effect of dilutive shares	248		474
Weighted-average shares outstanding - diluted	18,214		18,950
Basic earnings per share	$	0.83	$	0.74
Diluted earnings per share	$	0.82	$	0.72

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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2016

Summary of Activity Under Stock Option Plans

A summary of the activity under our stock option plans as of March 31, 2016 and changes during the quarter then ended, is presented below:

	Options Outstanding		Weighted- Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life in Years	Aggregate Intrinsic Value
Options outstanding at December 31, 2015	212,038		$	40.47	3.2	$	2,557,193
Options exercised	(13,672	)	$	41.25
Options forfeited	—		$	—
Options outstanding at March 31, 2016	198,366		$	40.31	3.3	$	3,934,582
Options exercisable at March 31, 2016	198,366		$	40.31	3.3	$	3,934,582
Options vested at March 31, 2016	198,366		$	40.31	3.3	$	3,934,582

Assumptions Used in Calculation of Fair Value

Below were the assumptions used in the Monte Carlo calculation:

	March 31, 2016	March 31, 2015
Expected volatility	29.6%	28.2%
Expected term (in years)	3.0	3.0
Risk-free interest rate	0.93%	0.96%

Performance-Based Restricted Stock

Restricted Stock Activities

	Performance-Based Restricted Stock Awards
Non-vested awards outstanding at December 31, 2015	107,229
Awards granted	81,220
Stock issued	(25,397	)
Awards forfeited	(5,431	)
Non-vested awards outstanding at March 31, 2016	157,621

Time Based Restricted Stock

Restricted Stock Activities

	Time-Based Restricted Stock Awards
Non-vested awards outstanding at December 31, 2015	208,318
Awards granted	116,610
Stock issued	(46,429	)
Awards forfeited	(11,309	)
Non-vested awards outstanding at March 31, 2016	267,190

Deferred Stock Units

Restricted Stock Activities

	Deferred Stock Units
Awards outstanding at December 31, 2015	23,950
Awards granted	—
Stock issued	(1,650	)
Awards outstanding at March 31, 2016	22,300

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Pension Benefits and Other Postretirement Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2016

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Components of net periodic benefit cost

The components of net periodic benefit cost (income) for the periods indicated were:

(Dollars in thousands)	Pension Benefits						Retirement Health and Life Insurance Benefits
	Quarter Ended						Quarter Ended
Change in benefit obligation:	March 31, 2016			March 31, 2015			March 31, 2016			March 31, 2015
Service cost	$	—		$	—		$	37		$	150
Interest cost	1,893			1,839			19			75
Expected return on plan assets	(2,706		)	(2,771		)	—			—
Amortization of prior service cost	—			—			(373		)	—
Amortization of net loss (gain)	447			413			(19		)	—
Net periodic benefit (income) cost	$	(366	)	$	(519	)	$	(336	)	$	225

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Reportable Segment Information

The following table sets forth the information about our segments for the periods indicated, inter-segment sales have been eliminated from the net sales data:

	Quarter Ended
(Dollars in thousands)	March 31, 2016			March 31, 2015
Net sales
Advanced Connectivity Solutions	$	73,376		$	71,287
Elastomeric Material Solutions	46,317			44,556
Power Electronics Solutions	35,251			38,529
Other	5,622			10,679
Net sales	$	160,566		$	165,051
Operating income
Advanced Connectivity Solutions	$	15,900		$	12,868
Elastomeric Material Solutions	5,305			3,033
Power Electronics Solutions	1,296			2,391
Other	1,598			1,878
Operating income	24,099			20,170
Equity income in unconsolidated joint ventures	613			919
Other income (expense), net	(546		)	(129		)
Interest expense, net	(1,121		)	(1,006		)
Income before income tax expense	$	23,045		$	19,954

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Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Joint Ventures Accounted for Under Equity Method of Accounting

As of March 31, 2016, we had two joint ventures, each 50% owned, which were accounted for under the equity method of accounting.

Joint Venture	Location	Reportable Segment	Fiscal Year-End
Rogers INOAC Corporation (RIC)	Japan	Elastomeric Material Solutions	October 31
Rogers INOAC Suzhou Corporation (RIS)	China	Elastomeric Material Solutions	December 31

Summarized Information for Joint Ventures

The summarized financial information for the joint ventures for the periods indicated was as follows:

	Quarter Ended
(Dollars in thousands)	March 31, 2016		March 31, 2015
Net sales	$	9,237	$	10,978
Gross profit	$	3,099	$	3,445
Net income	$	1,226	$	1,839

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Debt (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Schedule of Maturities of Long-term Debt

As of March 31, 2016, the remaining aggregate mandatory principal payments were as follows:

2016	$2.8	million
2017	$4.1	million
2018	$4.8	million
2019	$5.5	million
2020	$160.8	million

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Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill for the period ending March 31, 2016, by segment, were as follows:

(Dollars in thousands)	Advanced Connectivity Solutions		Elastomeric Material Solutions		Power Electronics Solutions		Other		Total
December 31, 2015	$	51,931	$	56,269	$	65,029	$	2,224	$	175,453
Foreign currency translation adjustment	—		420		3,003		—		3,423
March 31, 2016	$	51,931	$	56,689	$	68,032	$	2,224	$	178,876

Intangible Assets

Intangible Assets

	March 31, 2016						December 31, 2015
(Dollars in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks and patents	$	2,562	$	819	$	1,743	$	2,543	$	718	$	1,825
Technology	48,930		21,687		27,243		47,724		19,681		28,043
Covenant-not-to-compete	970		970		—		943		943		—
Customer relationships	50,687		10,587		40,100		49,948		9,100		40,848
Total definite lived intangible assets	103,149		34,063		69,086		101,158		30,442		70,716
Indefinite lived intangible assets	4,501		—		4,501		4,303		—		4,303
Total intangible assets	$	107,650	$	34,063	$	73,587	$	105,461	$	30,442	$	75,019

Weighted Average Amortization Period, by Intangible Asset Class

The weighted average amortization period as of March 31, 2016, by intangible asset class, is presented in the table below:

Intangible Asset Class	Weighted Average Amortization Period (Years)
Trademarks and patents	3.6
Technology	4.4
Customer relationships	5.8
Total definite lived intangible assets	5.1

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The following table presents information about our recent asbestos claims activity:

	For the Quarter Ended March 31, 2016
Claims outstanding at beginning of quarter	488
New claims filed	94
Pending claims concluded*	(47	)
Claims outstanding at end of quarter	535

* For the quarter ended March 31, 2016, 44 claims were dismissed and 3 claims were settled. Settlements totaled approximately $0.5 million for the quarter ended March 31, 2016

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Share Repurchase (Tables)

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Schedule of Share Repurchase Activity

We repurchased the following shares of common stock during the quarter ended March 31, 2016:

(Dollars in thousands)	Quarter Ended March 31, 2016
Shares of capital stock repurchased	37,967
Value of capital stock repurchased	$	1,997

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Fair Value Measurements (Various Instruments That Require Fair Value Measurement) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	$ (114)	$ (78)
Copper derivative contracts	255	193
Interest rate swap	(7)	(18)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	0	0
Copper derivative contracts	0	0
Interest rate swap	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	(114)	(78)
Copper derivative contracts	255	193
Interest rate swap	(7)	(18)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	0	0
Copper derivative contracts	0	0
Interest rate swap	$ 0	$ 0

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Hedging Transactions and Derivative Financial Instruments (Notional Values of Derivative Instruments) (Details) - Contracts designated as hedging instruments	Mar. 31, 2016 EUR (€) T	Mar. 31, 2016 GBP (£) T	Mar. 31, 2016 USD ($) T	Mar. 31, 2016 KRW (₩) T
April 2016 - June 2016
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	130	130	130	130
July 2016 - September 2016
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	127	127	127	127
October 2016 - December 2016
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	117	117	117	117
January 2017 - March 2017
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	53	53	53	53
April 2017 - June 2017
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	26	26	26	26
CNY/USD
Derivative [Line Items]
Notional Values of Foreign Currency Derivatives | $			$ 6,768,139
USD/EUR
Derivative [Line Items]
Notional Values of Foreign Currency Derivatives | €	€ 5,250,318
CNY/EUR
Derivative [Line Items]
Notional Values of Foreign Currency Derivatives | €	2,812,683
USD/KRW
Derivative [Line Items]
Notional Values of Foreign Currency Derivatives | ₩				₩ 7,401,436,000
JPY/EUR
Derivative [Line Items]
Notional Values of Foreign Currency Derivatives | €	€ 1,367,462
EUR/GBP
Derivative [Line Items]
Notional Values of Foreign Currency Derivatives | £		£ 150,000
JPY/USD
Derivative [Line Items]
Notional Values of Foreign Currency Derivatives | $			$ 651,208

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Hedging Transactions and Derivative Financial Instruments (Additional Information) (Details) - Bank Term Loan $ in Millions	Mar. 31, 2016 USD ($) Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative contracts related to minimizing risk associated with potential rise in copper prices (contract) | Contract	24
Term loan debt	$ 52.9
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Term loan debt	$ 8.1

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Hedging Transactions and Derivative Financial Instruments (Effect and Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Contracts not designated as hedging instruments | Other income (expense), net | Foreign Exchange Contracts
Derivative [Line Items]
Effect of current derivative instruments	$ (114)	$ (250)
Contracts not designated as hedging instruments | Other income (expense), net | Copper Derivatives
Derivative [Line Items]
Effect of current derivative instruments	33	(290)
Contracts designated as hedging instruments | Other comprehensive income (loss) | Foreign Exchange Contracts
Derivative [Line Items]
Effect of current derivative instruments		197
Contracts designated as hedging instruments | Other comprehensive income (loss) | Interest Rate Swap
Derivative [Line Items]
Effect of current derivative instruments	$ 11	$ (128)

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Inventories - Schedule of Changes in Accounting Principles (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of sales	$ 100,058	$ 102,626
Net income	$ 14,928	$ 13,643
Basic earnings per share (in dollars per share)	$ 0.83	$ 0.74
Diluted earnings per share (in dollars per share)	$ 0.82	$ 0.72
As Originally Reported Under LIFO
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of sales		$ 102,696
Net income		$ 13,627
Basic earnings per share (in dollars per share)		$ 0.74
Diluted earnings per share (in dollars per share)		$ 0.72
Effect of Change
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of sales		$ (70)
Net income		$ 16
Basic earnings per share (in dollars per share)		$ 0.00
Diluted earnings per share (in dollars per share)		$ 0.00

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Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 34,453	$ 35,499
Work-in-process	23,762	22,804
Finished goods	32,285	33,521
Total Inventories	$ 90,500	$ 91,824

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Acquisition (Additional Information) (Details) - Arlon - USD ($) $ in Millions		3 Months Ended
	Jan. 22, 2015	Mar. 31, 2015
Business Acquisition [Line Items]
Consideration transferred	$ 157.0
Revolving Credit Facility
Business Acquisition [Line Items]
Proceeds from line of credit	$ 125.0	$ 125.0

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Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance		$ (88,458)	$ (65,094)
Other comprehensive income (loss) before reclassifications		10,930	(27,856)
Amounts reclassified from accumulated other comprehensive loss (4)		37	362
Other comprehensive income (loss)		10,967	(27,494)
Ending balance		(77,491)	(92,588)
AOCI, Pension and other postretirement benefit plans, tax		9,860	11,807	$ 9,879	$ 11,952
AOCI, Cumulative changes in net gain (loss) from cash flow hedges, tax		3	50	$ 5	$ 50
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance		(41,365)	(14,193)
Other comprehensive income (loss) before reclassifications		10,926	(27,980)
Amounts reclassified from accumulated other comprehensive loss (4)		0	0
Other comprehensive income (loss)		10,926	(27,980)
Ending balance		(30,439)	(42,173)
Funded status of pension plans and other postretirement benefits
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	[1]	(47,082)	(50,808)
Other comprehensive income (loss) before reclassifications	[1]	0	0
Amounts reclassified from accumulated other comprehensive loss (4)	[1]	35	268
Other comprehensive income (loss)	[1]	35	268
Ending balance	[1]	(47,047)	(50,540)
Reclassification from AOCI, Current Period, Tax		19	144
Unrealized gain (loss) on derivative instruments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	[2]	(11)	(93)
Other comprehensive income (loss) before reclassifications	[2]	4	124
Amounts reclassified from accumulated other comprehensive loss (4)	[2]	2	94
Other comprehensive income (loss)	[2]	6	218
Ending balance	[2]	(5)	125
Reclassification from AOCI, Current Period, Tax		$ 1	$ 51

[1] Net of taxes of $11,807 and $11,952 as of March 31, 2015 and December 31, 2014, respectively. Net of taxes of $9,860 and $9,879 as of March 31, 2016, December 31, 2015, respectively.

[2] Net of taxes of $3 and $5 as of March 31, 2016 and December 31, 2015, respectively. Net of taxes of $50 and $50 as of March 31, 2015 and December 31, 2014, respectively.

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Earnings Per Share (Computation of Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net income	$ 14,928	$ 13,643
Denominator:
Weighted-average shares outstanding - basic (shares)	17,966,000	18,476,000
Effect of dilutive shares (shares)	248,000	474,000
Weighted-average shares outstanding - diluted (shares)	18,214,000	18,950,000
Basic earnings per share (in dollars per share)	$ 0.83	$ 0.74
Diluted earnings per share (in dollars per share)	$ 0.82	$ 0.72
Anti-dilutive shares excluded (shares)	51,275	0

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Stock-Based Compensation (Additional Information) (Details)	3 Months Ended
	Mar. 31, 2016 USD ($) offering_periods	Mar. 31, 2015 USD ($)
Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (income)	$ 0	$ 0
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, contractual term (years)	10 years
Stock-based compensation, approximate forfeitures rate (percent)	3.00%
Compensation expense (income)		100,000
Options exercised, total intrinsic value	$ 600,000
Performance-Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, approximate forfeitures rate (percent)	12.00%
Compensation expense (income)	$ 700,000	300,000
Restricted stock award program, measurement period (years)	3 years
Expected dividend yield (percent)	0.00%
Performance-Based Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award program, awarded shares as a percentage of the original award amount (percent)	0.00%
Performance-Based Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award program, awarded shares as a percentage of the original award amount (percent)	200.00%
Time Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, approximate forfeitures rate (percent)	12.00%
Compensation expense (income)	$ 1,200,000	$ 1,100,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (income)	$ 100,000
Employee stock purchase plan, number of offering (offering period) | offering_periods	2
Employee stock purchase plan, offering period (months)	6 months
Employee stock purchase plan, purchase price discount (percent)	15.00%

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Stock-Based Compensation (Summary of Activity Under Stock Option Plans) (Details) - USD ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Options Outstanding
Options outstanding at December 31, 2015 (shares)		212,038
Options exercised (shares)		(13,672)
Options forfeited (shares)		0
Options outstanding at March 31, 20165 (shares)		198,366	212,038
Options exercisable at March 31, 2016 (shares)		198,366
Options vested at March 31, 2016 (shares)	[1]	198,366
Weighted- Average Exercise Price Per Share
Options outstanding at December 31, 2015 (in USD per share)		$ 40.47
Options exercised (in USD per share)		41.25
Options forfeited (dollars per share)		0.00
Options outstanding at March 31, 2016 (in USD per share)		40.31	$ 40.47
Options exercisable at March 31, 2016 (in USD per share)		40.31
Options vested at March 31, 2016 (in USD per share)	[1]	$ 40.31
Weighted-Average Remaining Contractual Life in Years
Weighted-Average Remaining Contractual Life in Year, Options outstanding		3 years 3 months	3 years 2 months
Options exercisable, Weighted-Average Remaining Contractual Life in Years (years)		3 years 3 months
Options vested, Weighted-Average Remaining Contractual Life in Years (years)	[1]	3 years 3 months
Aggregate Intrinsic Value
Options outstanding, Aggregate Intrinsic Value at December 31, 2015		$ 2,557,193
Options outstanding, Aggregate Intrinsic Value, at Mach 31, 2016		3,934,582	$ 2,557,193
Options exercisable, Aggregate Intrinsic Value		3,934,582
Options vested, Aggregate Intrinsic Value	[1]	$ 3,934,582

[1] {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmQxMDk5MGM2MmI5ZjQ3NTliMWY5NTI1MzQzMjI5NjQxfFRleHRTZWxlY3Rpb246OUQ2QUIwRDZFOTIxN0JFMTA5OURBNEFBOEJFNEUxQ0YM}

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Stock-Based Compensation (Monte Carlo Calculation Assumptions) (Details) - Performance-Based Restricted Stock	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility (percent)	29.60%	28.20%
Expected term (years)	3 years	3 years
Risk-free interest rate (percent)	0.93%	0.96%

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Stock-Based Compensation (Performance Based Restricted Stock Awards) (Details) - Performance-Based Restricted Stock	3 Months Ended
	Mar. 31, 2016 shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested awards outstanding beginning balance (shares)	107,229
Awards granted (shares)	81,220
Stock issued (shares)	(25,397)
Awards forfeited (shares)	(5,431)
Non-vested awards outstanding ending balance (shares)	157,621

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Stock-Based Compensation (Time Based Restricted Stock Awards) (Details) - Time Based Restricted Stock	3 Months Ended
	Mar. 31, 2016 shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested awards outstanding beginning balance (shares)	208,318
Awards granted (shares)	116,610
Stock issued (shares)	(46,429)
Awards forfeited (shares)	(11,309)
Non-vested awards outstanding ending balance (shares)	267,190

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Stock-Based Compensation (Deferred Stock Units) (Details) - Deferred Stock Units	3 Months Ended
	Mar. 31, 2016 shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested awards outstanding beginning balance (shares)	23,950
Awards granted (shares)	0
Stock issued (shares)	(1,650)
Non-vested awards outstanding ending balance (shares)	22,300

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Pension Benefits and Other Postretirement Benefit Plans (Components of Net Periodic Benefit Cost) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2016
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 1,893,000	$ 1,839,000
Expected return on plan assets	(2,706,000)	(2,771,000)
Amortization of net loss (gain)	447,000	413,000
Net periodic benefit (income) cost	(366,000)	(519,000)
Retirement Health and Life Insurance Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	37,000	150,000
Interest cost	19,000	75,000
Amortization of prior service cost	(373,000)	0
Amortization of net loss (gain)	(19,000)
Net periodic benefit (income) cost	(336,000)	225,000
Non-Qualified Defined Benefit Pension Plan | Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, contributions by employer	0	0
Bear Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plan, liabilities	$ 100,000	$ 0
Scenario, Forecast | Bear Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plan, liabilities			$ 300,000

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Segment Information (Income by Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Net sales	$ 160,566	$ 165,051
Operating income	24,099	20,170
Equity income in unconsolidated joint ventures	613	919
Other income (expense), net	(546)	(129)
Interest expense, net	(1,121)	(1,006)
Income before income tax expense	23,045	19,954
Advanced Connectivity Solutions
Segment Reporting Information [Line Items]
Net sales	73,376	71,287
Operating income	15,900	12,868
Elastomeric Material Solutions
Segment Reporting Information [Line Items]
Net sales	46,317	44,556
Operating income	5,305	3,033
Power Electronics Solutions
Segment Reporting Information [Line Items]
Net sales	35,251	38,529
Operating income	1,296	2,391
Other
Segment Reporting Information [Line Items]
Net sales	5,622	10,679
Operating income	$ 1,598	$ 1,878

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Joint Ventures (Additional Information) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($) Entity	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of joint ventures that are 50% owned (entity) | Entity	2
Equity income related to joint ventures	$ 613	$ 919
Due from joint ventures, current	$ 1,700		$ 1,800
Rogers INOAC Corporation
Schedule of Equity Method Investments [Line Items]
Ownership interest in joint venture (percent)	50.00%
Rogers INOAC Suzhou Corporation
Schedule of Equity Method Investments [Line Items]
Ownership interest in joint venture (percent)	50.00%
Corporate Joint Venture
Schedule of Equity Method Investments [Line Items]
Due to related parties, current	$ 1,200		$ 1,100

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Joint Ventures (Accounted for Under Equity Method of Accounting) (Details)	3 Months Ended
	Mar. 31, 2016
Schedule of Equity Method Investments [Line Items]
Fiscal Year-End	--12-31
Rogers INOAC Corporation | Japan | High Performance Foams
Schedule of Equity Method Investments [Line Items]
Fiscal Year-End	--10-31
Rogers INOAC Suzhou Corporation | China | High Performance Foams
Schedule of Equity Method Investments [Line Items]
Fiscal Year-End	--12-31

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Joint Ventures (Summarized Information for Joint Ventures) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Net sales	$ 9,237	$ 10,978
Gross profit	3,099	3,445
Net income	$ 1,226	$ 1,839

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Debt (Additional Information) (Details)			3 Months Ended		12 Months Ended
	Jun. 18, 2015 USD ($)	Jan. 22, 2015 USD ($)	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)	Jun. 17, 2015 USD ($)	Jul. 13, 2011 USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 265,000,000
Interest expense on outstanding debt			$ 900,000	$ 800,000
Unused commitment fee			$ 100,000
Actual leverage ratio			1.42
Actual ICR			24.41
Capitalized debt issuance costs, net						$ 2,000,000
Amortization expense, debt issue costs			$ 100,000	100,000
Repayment of debt principal			$ 757,000	5,065,000
Capital lease, expiration date			2021
Capital lease obligation			$ 6,000,000
Amortization expense related to the capital lease			100,000	100,000
Capital lease accumulated depreciation			2,000,000		$ 1,900,000
Interest expense on capital lease			$ 100,000
Debt Instrument, Leverage Ratio, Maximum			2.00
Maximum
Debt Instrument [Line Items]
Dividends			$ 10,000,000
Credit Agreement
Debt Instrument [Line Items]
Variable rate lower range basis spread	37.50%
Variable rate higher range basis spread	75.00%
Line of credit, base reference rate description					The base reference rate is the greater of the prime rate; federal funds effective rate plus 50 basis points; or adjusted 1-month LIBOR plus 100 basis points.
Bank Term Loan
Debt Instrument [Line Items]
Revolving credit outstanding borrowings			125,000,000
Term loan debt			$ 52,900,000
Interest rate spread over variable rate (percent)			1.50%
Bank Term Loan | LIBOR
Debt Instrument [Line Items]
Interest rate spread over variable rate (percent)			0.50%
Amended Credit Facility
Debt Instrument [Line Items]
Credit agreement, agreement period (in years)	5 years
Maximum borrowing capacity	$ 350,000,000
Expansion option	$ 50,000,000
Leverage ratio	3.25
One-time leverage ratio maximum option	3.50
ICR covenant limit	3.00
Payments commencement date			Sep. 30, 2015
Repayment of debt principal			$ 700,000	5,000,000
Required payment on debt obligation within the next 12 months			3,800,000
Amended Credit Facility | Minimum
Debt Instrument [Line Items]
Unused commitment fee percentage	0.20%
Amended Credit Facility | Maximum
Debt Instrument [Line Items]
Unused commitment fee percentage	0.30%
Amended Credit Facility | Federal Funds Rate
Debt Instrument [Line Items]
Variable rate lower range basis spread	0.50%
Amended Credit Facility | LIBOR
Debt Instrument [Line Items]
Variable rate higher range basis spread	1.00%
Amended Credit Facility | Bank Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 55,000,000
Amended Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 295,000,000
Eurocurrency loans | Credit Agreement
Debt Instrument [Line Items]
Line of credit, LIBOR rate, minimum spread	137.50%
Line of credit, LIBOR rate, maximum spread	175.00%
Revolving Credit Facility | Arlon
Debt Instrument [Line Items]
Proceeds from line of credit		$ 125,000,000		$ 125,000,000
Standby Letters of Credit
Debt Instrument [Line Items]
Irrevocable standby letters of credit			1,200,000.0		$ 1,200,000.0
Revolving credit outstanding borrowings			0		$ 0
Interest Rate Swap | Bank Term Loan
Debt Instrument [Line Items]
Term loan debt			$ 8,100,000

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Debt (Aggregate Payments) (Details) $ in Millions	Mar. 31, 2016 USD ($)
Debt Disclosure [Abstract]
2016	$ 2.8
2017	4.1
2018	4.8
2019	5.5
2020	$ 160.8

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Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill by Segment) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($)
Goodwill [Roll Forward]
December 31, 2015	$ 175,453
Foreign currency translation adjustment	3,423
March 31, 2016	178,876
Advanced Connectivity Solutions
Goodwill [Roll Forward]
December 31, 2015	51,931
Foreign currency translation adjustment	0
March 31, 2016	51,931
Elastomeric Material Solutions
Goodwill [Roll Forward]
December 31, 2015	56,269
Foreign currency translation adjustment	420
March 31, 2016	56,689
Power Electronics Solutions
Goodwill [Roll Forward]
December 31, 2015	65,029
Foreign currency translation adjustment	3,003
March 31, 2016	68,032
Other
Goodwill [Roll Forward]
December 31, 2015	2,224
Foreign currency translation adjustment	0
March 31, 2016	$ 2,224

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Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 103,149	$ 101,158
Accumulated Amortization	34,063	30,442
Total intangible Assets, Gross Carrying Amount	107,650	105,461
Net Carrying Amount	69,086	70,716
Indefinite lived intangible assets	4,501	4,303
Total intangible assets, Net Carrying Amount	73,587	75,019
Trademarks and patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,562	2,543
Accumulated Amortization	819	718
Net Carrying Amount	1,743	1,825
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	48,930	47,724
Accumulated Amortization	21,687	19,681
Net Carrying Amount	27,243	28,043
Covenant-not-to-compete
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	970	943
Accumulated Amortization	970	943
Net Carrying Amount	0	0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	50,687	49,948
Accumulated Amortization	10,587	9,100
Net Carrying Amount	$ 40,100	$ 40,848

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Goodwill and Intangible Assets (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 2.6	$ 2.4
Annual Future Amortization Expense
Anticipated future amortization expense for 2016	7.8
Anticipated future amortization expense for 2017	10.0
Anticipated future amortization expense for 2018	9.5
Anticipated future amortization expense for 2019	9.0
Anticipated future amortization expense for 2020	$ 5.5

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Goodwill and Intangible Assets (Weighted Average Amortization Period by Intangible Asset Class) (Details)	3 Months Ended
	Mar. 31, 2016
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (Years)	5 years 1 month
Trademarks and patents
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (Years)	3 years 7 months
Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (Years)	4 years 5 months
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (Years)	5 years 9 months

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Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016 USD ($) claims LegalMatter	Dec. 31, 2015 USD ($) claims
Loss Contingencies [Line Items]
Number of pending claims (legal matter) | claims	535	488
Claims settlements amount	$ 0.5
Asbestos Forcast Claim Period	10 years
Superfund Sites Proceedings
Loss Contingencies [Line Items]
Number of pending claims (legal matter) | LegalMatter	1
Estimated total cleanup costs, cost sharing percentage (percent)	2.00%
Estimated total cleanup costs, accrual	$ 0.4
PCB Contamination Proceedings
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	0.2
Connecticut Voluntary Corrective Action Program
Loss Contingencies [Line Items]
Estimated total cleanup costs, accrual	3.1	$ 3.2
Minimum | Superfund Sites Proceedings
Loss Contingencies [Line Items]
Loss contingency, maximum possible loss	18.8
Maximum | Superfund Sites Proceedings
Loss Contingencies [Line Items]
Loss contingency, maximum possible loss	$ 29.6

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Commitments and Contingencies - Schedule of Loss Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016 USD ($) claims
Liability for Asbestos and Environmental Claims [Roll Forward]
Claims outstanding at beginning of quarter	488
New claims filed	94
Pending claims concluded	(47)
Claims outstanding at end of quarter	535
Number of claims dismissed	44
Number of claims settled (claim)	3
Claims settlements amount | $	$ 0.5

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Commitments and Contingencies - Schedule of Total Estimated Liability for Asbestos (Details) $ in Millions	Mar. 31, 2016 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Asbestos-related claims	$ 56.6
Asbestos-related insurance receivables	$ 53.4

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Share Repurchase (Details) - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2016	Aug. 06, 2015
Equity [Abstract]
Authorized stock repurchase amount		$ 100,000,000
Remaining authorized stock repurchase amount	$ 58,000,000
Shares of capital stock repurchased (in shares)	37,967
Value of capital stock repurchased (in shares)	$ 1,997,000

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Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Effective tax rate (percent)	35.20%	31.60%
Unrecognized tax benefits, interest and penalties accrued	$ 1.5
Unrecognized tax benefits	13.2
Unrecognized tax benefits that would decrease the effective tax rate if recognized	13.1
Unrecognized tax benefits that could be recognized within 12 months	$ 9.1

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Recent Accounting Pronouncements Recent Accounting Pronouncements (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Accounting Standards Update 2015-03 | Long-term Debt, Current Portion
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Debt Issuance Costs, Net	$ 0.5	$ 0.5
Accounting Standards Update 2015-03 | Long-term Debt
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Debt Issuance Costs, Net	1.5	1.6
Accounting Standards Update 2015-03 | Other Current Assets
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Debt Issuance Costs, Net	(0.5)	(0.5)
Accounting Standards Update 2015-03 | Other Noncurrent Assets
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Debt Issuance Costs, Net	(1.5)	$ (1.6)
New Accounting Pronouncement, Early Adoption, Effect
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred Tax Assets, Net, Current	$ 9.6