Joint Ventures

As of September 30, 2015, 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 $0.9 million and $2.2 million for the quarter and nine months ended September 30, 2015, respectively. We recognized equity income related to the joint ventures of $1.0 million and $3.0 million for the quarter and nine months ended September 30, 2014, respectively. These amounts are included in the condensed consolidated statements of income.

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



(Dollars in thousands)	Quarter Ended				Nine Months Ended
	September 30, 2015		September 30, 2014		September 30, 2015		September 30, 2014
Net sales	$	12,227	$	11,992	$	32,708	$	35,842
Gross profit	$	3,201	$	3,361	$	8,087	$	10,663
Net income	$	1,754	$	1,905	$	4,374	$	5,984

Receivables from and payables to joint ventures arise during the normal course of business from transactions between us and the joint ventures, typically from the joint venture purchasing raw materials from us to produce end products, which are sold to third parties, or from us purchasing finished goods from our joint ventures, which are then sold to third parties.