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Joint Ventures | 9 Months Ended
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Sep. 30, 2014
Equity Method Investments and Joint Ventures [Abstract] |
Joint Ventures | Joint Ventures As of September 30, 2014, we had two joint ventures, each 50% owned, which are accounted for under the equity method of accounting.
Joint Venture | Location | Reportable Segment | Fiscal Year-End
Rogers INOAC Corporation (RIC) | Japan | High Performance Foams | October 31
Rogers INOAC Suzhou Corporation (RIS) | China | High Performance Foams | December 31
We recognized equity income related to the joint ventures of $1.0 million and $3.0 million for the three and nine month periods ended September 30, 2014, respectively, and equity income of $1.8 million and $3.0 million for the three and nine month periods ended September 30, 2013, respectively. These amounts are included in the condensed consolidated statements of income (loss). The summarized financial information for the joint ventures for the periods indicated is as follows:
(Dollars in thousands) | Three Months Ended |  | Nine Months Ended
| September 30, 2014 |  | September 30, 2013 |  | September 30, 2014 |  | September 30, 2013
Net sales | $ | 11,992 |  |  | $ | 16,431 |  |  | $ | 35,842 |  |  | $ | 38,924 |
Gross profit | 3,361 |  |  | 4,989 |  |  | 10,663 |  |  | 10,189 |
Net income | 1,905 |  |  | 3,508 |  |  | 5,984 |  |  | 6,090 |
The effect of transactions between us and our unconsolidated joint ventures was accounted for on a consolidated basis. 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.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32847-111569 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32787-111569 + Details
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