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Summarized Financial Information of Unconsolidated Joint Ventures
 12 Months Ended
Dec. 31, 2017
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, 2017, we had two joint ventures, each 50% owned, which are accounted for under the equity method of accounting.
Joint Venture
Location
Operating 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 $4.9 million, $4.1 million and $2.9 million for the years ended December 31, 2017, 2016 and 2015, 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)
2017
 
2016
Current assets
$
40,934

 
$
33,951

Noncurrent assets
$
4,947

 
$
5,545

Current liabilities
$
9,519

 
$
7,485

Shareholders’ equity
$
36,362

 
$
32,011

 
For the Years Ended December 31,
(Dollars in thousands)
2017
 
2016
 
2015
Net sales
$
54,597

 
$
47,321

 
$
43,438

Gross profit
$
21,462

 
$
16,829

 
$
11,993

Net income
$
9,796

 
$
8,292

 
$
5,753


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 $3.7 million and $2.4 million as of December 31, 2017 and 2016, respectively, which were included in accounts receivable on our consolidated statements of financial position. We had payables of $2.1 million and $1.6 million as of December 31, 2017 and 2016, respectively, which were included in accounts payable on our consolidated statements of financial position.