Pension Benefits and Other Postretirement Benefits

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Pension Benefits and Other Postretirement Benefits

Pension Benefits and Other Postretirement Benefits

Pension and Other Postretirement Benefit Plans

As of September 30, 2023, we had one qualified noncontributory defined benefit pension plan, the Rogers Corporation Employees’ Pension Plan (the Union Plan), which was frozen and ceased accruing benefits in 2013. Additionally, we sponsor other postretirement benefit plans, including multiple fully insured or self-funded medical plans and life insurance plans for certain retirees. The measurement date for all plans is December 31st for each respective plan year.

Components of Net Periodic Benefit (Credit) Cost

The components of net periodic benefit (credit) cost were as follows:

	Pension Benefits								Other Postretirement Benefits
	Three Months Ended				Nine Months Ended				Three Months Ended				Nine Months Ended
	September 30,				September 30,				September 30,				September 30,
(Dollars in thousands)	2023		2022		2023		2022		2023		2022		2023		2022
Service cost	$	—	$	—	$	—	$	—	$	19	$	10	$	57	$	30
Interest cost	263		191		799		573		17		8		51		24
Expected return of plan assets	(354)		(340)		(1,066)		(1,020)		—		—		—		—
Amortization of prior service credit	—		—		—		—		—		—		—		—
Amortization of net loss (gain)	116		111		360		333		(3)		—		(7)		—
Net periodic benefit (credit) cost	$	25	$	(38)	$	93	$	(114)	$	33	$	18	$	101	$	54

Employer Contributions

There were no required or voluntary contributions made to the Union Plan for each of the three and nine months ended September 30, 2023 and 2022. Additionally, we are not required to make additional contributions to the Union Plan for the remainder of 2023.

As there is no funding requirement for the other postretirement benefit plans, we funded these benefit payments as incurred, which were immaterial for each of the three and nine months ended September 30, 2023 and 2022, using cash from operations.