ROGERS CORPROG
ROGERS CORP Goodwill & Intangibles Disclosure
Goodwill and Intangible Assets
Goodwill
The changes in the carrying amount of goodwill for the period ended December 31, 2025, by operating segment, were as follows:
| (Dollars in millions) | Advanced Electronics Solutions | Elastomeric Material Solutions | Other | Total | |||||||||||||||||||
| December 31, 2024 | $ | 113.6 | $ | 241.8 | $ | 2.2 | $ | 357.6 | |||||||||||||||
| (67.3) | — | — | (67.3) | ||||||||||||||||||||
| Foreign currency translation adjustment | 5.4 | 7.7 | — | 13.1 | |||||||||||||||||||
| December 31, 2025 | $ | 51.7 | $ | 249.5 | $ | 2.2 | $ | 303.4 | |||||||||||||||
Intangible Assets
The carrying amount of intangible assets were as follows:
| 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||||
| (Dollars in millions) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||||||||
| Customer relationships | $ | 180.9 | $ | — | $ | 105.6 | $ | 75.3 | $ | 175.9 | $ | 96.1 | $ | 79.8 | |||||||||||||||||||||||||||
| Technology | 79.4 | — | 67.2 | 12.2 | 75.6 | 60.6 | 15.0 | ||||||||||||||||||||||||||||||||||
| Trademarks and trade names | 20.1 | — | 8.3 | 11.8 | 19.1 | 7.7 | 11.4 | ||||||||||||||||||||||||||||||||||
| Total definite-lived intangible assets | 280.4 | — | 181.1 | 99.3 | 270.6 | 164.4 | 106.2 | ||||||||||||||||||||||||||||||||||
| Indefinite-lived intangible asset | 4.5 | 4.5 | — | — | 4.1 | — | 4.1 | ||||||||||||||||||||||||||||||||||
| Total intangible assets | $ | 284.9 | $ | 4.5 | $ | 181.1 | $ | 99.3 | $ | 274.7 | $ | 164.4 | $ | 110.3 | |||||||||||||||||||||||||||
In the table above, gross carrying amounts and accumulated amortization may differ from prior periods due to foreign exchange rate fluctuations.
The amortization expense related to intangible assets in 2025, 2024 and 2023, was as follows:
| (Dollars in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Amortization expense | $ | 11.0 | $ | 12.4 | $ | 13.4 | |||||||||||
For additional information related to the impairment charges, refer to “Note 14 – Supplemental Financial Information.” The estimated annual future amortization expense is $10.7 million, $10.3 million, $8.0 million, $7.6 million and $7.2 million in 2026, 2027, 2028, 2029 and 2030, respectively. These amounts could vary based on changes in foreign currency exchange rates.
The weighted average amortization period as of December 31, 2025, by definite-lived intangible asset class, were as follows:
| Definite-Lived Intangible Asset Class | Weighted Average Remaining Amortization Period | ||||
| Customer relationships | 6.7 years | ||||
| Technology | 2.7 years | ||||
| Trademarks and trade names | 8.7 years | ||||
| Total definite-lived intangible assets | 6.4 years | ||||
Goodwill & Intangible Assets Impairments
Goodwill and indefinite-lived intangible assets are evaluated for impairment annually, and between annual impairment assessments if events or changes in circumstances indicate the carrying value may be impaired. In the second quarter of 2025, we concluded that a quantitative impairment assessment was required as the fair value of our curamik® reporting unit, which is under our AES operating segment, was, more likely than not, less than its carrying value based on multiple triggering events, including changing market competition and supply dynamics that resulted in reduced demand forecasts for short and mid-term net sales and gross margin.
Based on our interim impairment assessment, we concluded our curamik® reporting unit’s carrying value exceeded its estimated fair value. As a result, we recorded non-cash impairment charges to our curamik® reporting unit’s goodwill and indefinite-lived intangible asset of $67.3 million and $4.5 million, respectively, which represented full impairments of each. The decline in the estimated fair value of our curamik® reporting unit during the second quarter of 2025, and the resulting impairment charges, was primarily driven by revised short-term and mid-term forecasts for net sales and gross margin expectations of our curamik® reporting unit. The impairment charges were recorded in the “Restructuring and impairment charges” line item in the consolidated statements of operations.
The application of the quantitative assessment requires significant judgment, including the assignment of assets and liabilities to reporting units and determination of the fair value of each reporting unit for which a quantitative assessment is performed. The quantitative goodwill and indefinite-lived intangible asset impairment assessment performed over the curamik® reporting unit consisted of a fair value calculation which combined an income approach and a market approach, weighted at 50% each, which was then compared with the reporting unit’s carrying value. The income approach uses the discounted cash flow method, which is based on the present value of future cash flows through a multi-year discounted cash flow analysis. The market approach uses the guideline public company method, which is based on market data using comparable publicly traded company multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”) for a group of benchmark companies. From a market participant perspective, considerable weight would be placed on the income approach value because it relies directly on our reporting unit’s forecasted operating results and market-derived rates of return. Similarly, considerable weight would be placed on the market approach because it reflects current market pricing and earnings. Therefore, equal weight was given to the income approach and market approach, since both methods are reasonable methods to use for valuing our reporting units and neither method is more reliable than the other for these circumstances. Determination of fair value is subjective and requires the use of significant estimates and assumptions, including financial projections for net sales, cost of sales, gross margin and operating margin, discount rates, terminal growth rates, future market conditions, and market multiples, among others. We assessed the assumptions used in the quantitative impairment assessment to be reasonable and consistent with assumptions that would have been used by other market participants.
No triggering events were identified for our other reporting units in the second quarter of 2025, and therefore, interim impairment assessments were considered unnecessary.
For the annual goodwill impairment assessment, performed in the fourth quarter, we elected to forgo the qualitative assessment and perform a quantitative assessment for each reporting unit with a remaining goodwill balance. We estimated the fair value of each of our reporting units using an income approach based on the present value of future cash flows through a multi-year discounted cash flow analysis. We assessed the assumptions used in our annual quantitative impairment assessments to be reasonable and consistent with assumptions that would have been used by other market participants. The assessment resulted in the fair value of each reporting unit exceeding their carrying values and as a result there were no further impairment charges resulting from our annual goodwill impairment assessment for the year ended December 31, 2025. Our RF Solutions, EMS, and ECD reporting units had allocated goodwill of $51.7 million, $249.5 million, and $2.2 million, respectively, as of December 31, 2025. Our curamik® reporting unit had no remaining goodwill as of December 31, 2025.
Long-lived assets, including definite-lived intangible assets, property, plant and equipment and lease right-of-use assets, are evaluated for recoverability whenever events or circumstances indicate the carrying value may not be recoverable. The recoverability test is performed at the asset group level, which we have assessed to be our reporting units. As a result of triggering events identified in our curamik® reporting unit during the second quarter of 2025, discussed above, we tested long-lived assets for recoverability by comparing the estimated future undiscounted cash flows of the asset group to its carrying value. Determination of estimated future undiscounted cash flows is subjective and requires the use of significant estimates and assumptions, including financial projections for net sales, cost of sales, gross margin and operating margin and future market conditions, among others. We assessed the assumptions used in the recoverability test to be reasonable and consistent with assumptions that would have been used by other market participants.
Based on our long-lived assets recoverability test, our curamik® reporting unit, had estimated future undiscounted cash flows that exceeded its carrying value. As a result, no impairment charges to our curamik® reporting unit’s long-lived assets were recognized in the second quarter of 2025.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 23, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.