Summarized Financial Information of Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Summarized Financial Information of Unconsolidated Joint Ventures

SUMMARIZED FINANCIAL INFORMATION OF UNCONSOLIDATED JOINT VENTURES

As of December 31, 2014, we had two joint ventures, each 50% owned, which are accounted for under the equity method of accounting.

Joint Venture	Location	Reportable Segment	Fiscal Year-End
Rogers INOAC Corporation (RIC)	Japan	High Performance Foams	October 31
Rogers INOAC Suzhou Corporation (RIS)	China	High Performance Foams	December 31

Equity income related to the joint ventures of $4.1 million, $4.3 million and $4.7 million for the years ended December 31, 2014, 2013 and 2012, respectively, is included in the consolidated statements of income (loss).

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

(Dollars in thousands)	December 31, 2014		December 31, 2013
Current assets	$	31,155	$	32,033
Noncurrent assets	9,427		10,303
Current liabilities	6,473		5,943
Shareholders' equity	34,109		36,393

(Dollars in thousands)	For the years then ended:
	December 31, 2014		December 31, 2013		December 31, 2012
Net sales	$	48,259	$	52,982	$	63,297
Gross profit (loss)	14,277		15,214		17,280
Net income (loss)	8,246		8,652		9,486

The effect of transactions between us and our unconsolidated joint ventures was accounted for on a consolidated basis. Receivables from and payables to joint ventures arise during the normal course of business from transactions between us and the joint ventures, typically from the joint venture purchasing raw materials from us to produce end products, which are sold to third parties, or from us purchasing finished goods from our joint ventures, which are then sold to third parties.