Joint Ventures

As of March 31, 2018, we had two joint ventures, each 50% owned, which were 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

We recognized equity income related to the joint ventures of $1.0 million for the three months ended March 31, 2018 and 2017. 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:



	Three Months Ended
	March 31,
(Dollars in thousands)	2018		2017
Net sales	$	13,367	$	11,185
Gross profit	$	5,230	$	4,311
Net income	$	2,014	$	2,018

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 $4.6 million and $3.7 million due from RIC and RIS as of March 31, 2018 and December 31, 2017, respectively. We owed payables of $2.0 million and $2.1 million to RIC and RIS as of March 31, 2018 and December 31, 2017, respectively.