Note 10 – Joint Ventures

As of December 31, 2018, 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

We recognized equity income related to the joint ventures of $5.5 million, $4.9 million and $4.1 million for the years ended December 31, 2018, 2017 and 2016, respectively. These amounts are presented in “Equity income in unconsolidated joint ventures” on our 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)	2018		2017
Current assets	$	38,730	$	40,934
Non-current assets	$	4,839	$	4,947
Current liabilities	$	6,376	$	9,519
Shareholders' equity	$	37,193	$	36,362



	For the Years Ended December 31,
(Dollars in thousands)	2018		2017		2016
Net sales	$	55,465	$	54,597	$	47,321
Gross profit	$	21,229	$	21,462	$	16,829
Net income	$	11,002	$	9,796	$	8,292

Receivables from and payables to joint ventures arise during the normal course of business from transactions between us and the joint ventures. As of December 31, 2018 and 2017, we had receivables of $1.5 million and $3.7 million, respectively, due from RIC, RIS, our affiliated partner in the joint ventures, as well as its subsidiaries. These receivables are included in “Accounts receivable, less allowance for doubtful accounts” on our consolidated statements of financial position. As of December 31, 2018 and 2017, we owed payables of $2.3 million and $2.1 million, respectively, to RIC and RIS. These payables are included in “Accounts payable” on our consolidated statements of financial position.