Summarized Financial Information of Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2015

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, 2015, 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	Elastomeric Material Solutions	October 31
Rogers INOAC Suzhou Corporation (RIS)	China	Elastomeric Material Solutions	December 31

Equity income related to the joint ventures of $2.9 million, $4.1 million and $4.3 million for the years ended December 31, 2015, 2014 and 2013, respectively, is included in the consolidated statements of operations.

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

(Dollars in thousands)	December 31, 2015		December 31, 2014
Current assets	$	28,239	$	31,155
Noncurrent assets	$	7,207	$	9,427
Current liabilities	$	4,608	$	6,473
Shareholders' equity	$	30,838	$	34,109

	For the years ended
(Dollars in thousands)	December 31, 2015		December 31, 2014		December 31, 2013
Net sales	$	43,438	$	48,259	$	52,982
Gross profit	$	11,993	$	14,277	$	15,214
Net income	$	5,753	$	8,246	$	8,652

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 $1.8 million and $1.8 million, as of December 31, 2015 and 2014, respectively, which were included in accounts receivable on our consolidated statements of financial position.