Summarized Financial Information of Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2016

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, 2016, 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 $4.1 million, $2.9 million and $4.1 million for the years ended December 31, 2016, 2015 and 2014, respectively, is included in the consolidated statements of operations.

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

	As of December 31,
(Dollars in thousands)	2016		2015
Current assets	$	33,951	$	28,239
Noncurrent assets	$	5,545	$	7,207
Current liabilities	$	7,485	$	4,608
Shareholders’ equity	$	32,011	$	30,838

	For the Years Ended December 31,
(Dollars in thousands)	2016		2015		2014
Net sales	$	47,321	$	43,438	$	48,259
Gross profit	$	16,829	$	11,993	$	14,277
Net income	$	8,292	$	5,753	$	8,246

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 $2.4 million, and $1.8 million as of December 31, 2016 and 2015, respectively, which were included in accounts receivable on our consolidated statements of financial position.