Joint Ventures

As of September 30, 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 $1.4 million and $3.4 million for the three and nine months ended September 30, 2017, respectively. We recognized equity income related to the joint ventures of $0.9 million and $2.2 million for the three and nine months ended September 30, 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				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands)	2017		2016		2017		2016
Net sales	$	14,020	$	12,773	$	38,653	$	32,934
Gross profit	$	5,463	$	4,119	$	14,832	$	10,877
Net income	$	2,768	$	1,796	$	6,718	$	4,440

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 $2.7 million and $2.4 million due from RIC and RIS as of September 30, 2017 and December 31, 2016, respectively. We owed payables of $2.7 million and $1.6 million to RIC and RIS as of September 30, 2017 and December 31, 2016, respectively.