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Pension Benefits and Other Postretirement Benefits | 6 Months Ended
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Jun. 30, 2020
Retirement Benefits [Abstract] |
Pension Benefit and Other Postretirement Benefits | Pension Benefits and Other Postretirement Benefits Pension and Other Postretirement Benefit Plans As of December 31, 2019, we had two qualified noncontributory defined benefit pension plans. In June 2020, we completed the remaining settlement efforts for the Rogers Corporation Defined Benefit Pension Plan (following its merger with the Hourly Employees Pension Plan of Arlon LLC, Microwave Material and Silicone Technologies Divisions, Bear, Delaware (collectively, the Merged Plan)), which had been terminated and substantially settled in late 2019. As of June 30, 2020, only the Rogers Corporation Employees’ Pension Plan (the Union Plan), which was frozen and ceased accruing benefits, remained. There are no plans to terminate the Union Plan. 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. Pension Plan Termination & Settlement During the second quarter of 2019, following receipt of a determination letter from the Internal Revenue Service (IRS), we amended the Merged Plan to (a) terminate the Merged Plan (subject to discretionary approval by our Chief Executive Officer) and (b) add a lump sum distribution option in connection with the termination of the Merged Plan, if approved. We subsequently provided participants of the Merged Plan an option to elect either a lump sum distribution or an annuity. On October 17, 2019, our Chief Executive Officer approved the termination of the Merged Plan. A group annuity contract was purchased with an insurance company for all participants who did not elect a lump sum distribution, for $123.3 million, with an initial cash settlement date of October 24, 2019, and a true-up cash settlement date of June 1, 2020. The insurance company became responsible for administering and paying pension benefit payments effective January 1, 2020. Lump sum distributions of $38.9 million were paid out prior to December 31, 2019. The Merged Plan paid an additional $1.3 million of monthly pension benefit payments subsequent to the annuity purchase date during the transition period ending December 31, 2019. In addition, we recorded a total non-cash pre-tax settlement charge in connection with the termination of the Merged Plan of $53.2 million during the fourth quarter of 2019, as well as an immaterial non-cash pre-tax settlement benefit during the second quarter of 2020. This net settlement amount recognized included the immediate recognition into expense of the related unrecognized losses within “Accumulated other comprehensive loss” on the consolidated statements of financial position as of the plan termination date. The pension settlement charge during the fourth quarter of 2019 was recognized in the “Pension settlement charges” line item in the consolidated statements of operations, and the pension settlement benefit during the second quarter of 2020 was recognized in the “Pension settlement charges” line item in the condensed consolidated statements of operations. As of June 30, 2020, the remaining pension surplus investment balance was approximately $9.7 million. We plan on using a portion of the funds to pay plan expenses, and moving the remainder funds from the pension trust to a defined contribution plan trust, where they will be used to fund certain employer contributions and pay plan expenses. On July 27, 2020, we transferred $7.4 million of the pension surplus investment balance to a suspense account held within a trust for the Rogers Employee Savings and Investment Plan, a 401(k) plan for domestic employees. 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 |  |  |  | Six Months Ended |  |  |  | Three Months Ended |  |  |  | Six Months Ended |  |
| June 30, |  |  |  | June 30, |  |  |  | June 30, |  |  |  | June 30, |  |
(Dollars in thousands) | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 17 |  |  | $ | 18 |  |  | $ | 34 |  |  | $ | 36 |
Interest cost | 231 |  |  | 1,785 |  |  | 462 |  |  | 3,569 |  |  | 10 |  |  | 15 |  |  | 20 |  |  | 30 |
Expected return of plan assets | (393) |  |  | (2,192) |  |  | (786) |  |  | (4,384) |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior service credit | — |  |  | — |  |  | — |  |  | — |  |  | (28) |  |  | (253) |  |  | (56) |  |  | (506) |
Amortization of net loss | 114 |  |  | 456 |  |  | 228 |  |  | 910 |  |  | — |  |  | — |  |  | — |  |  | — |
Settlement benefit | (63) |  |  | — |  |  | (63) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit (credit) cost | $ | (111) |  |  | $ | 49 |  |  | $ | (159) |  |  | $ | 95 |  |  | $ | (1) |  |  | $ | (220) |  |  | $ | (2) |  |  | $ | (440) |
Employer Contributions There were no required or voluntary contributions made to our Merged Plan for the three and six-month periods ended June 30, 2020 and 2019. Additionally, there were no required or voluntary contributions made to our Union Plan for the three and six-month periods ended June 30, 2020 and 2019, and we are not required to make additional contributions to this plan for the remainder of 2020. 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 six-month periods ended June 30, 2020 and 2019, using cash from operations.

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