Joint Ventures

As of March 31, 2017, we had two joint ventures, each 50% owned, which were 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

We recognized equity income related to the joint ventures of $1.0 million and $0.6 million for the three months ended March 31, 2017, and 2016 respectively. These amounts are included in the condensed consolidated statements of operations.

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



	Quarter Ended
(Dollars in thousands)	March 31, 2017		March 31, 2016
Net sales	$	11,185	$	9,237
Gross profit	$	4,311	$	3,099
Net income	$	2,018	$	1,226

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 $2.4 million as of March 31, 2017 and December 31, 2016, respectively. We had payables of $1.1 million and $1.6 million as of March 31, 2017 and December 31, 2016, respectively.