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Summarized Financial Information of Unconsolidated Joint Ventures | 12 Months Ended
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Dec. 31, 2015
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, 2015, 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 | Elastomeric Material Solutions | October 31
Rogers INOAC Suzhou Corporation (RIS) | China | Elastomeric Material Solutions | December 31
Equity income related to the joint ventures of $2.9 million, $4.1 million and $4.3 million for the years ended December 31, 2015, 2014 and 2013, respectively, is included in the consolidated statements of operations. The summarized financial information for the joint ventures for the periods indicated was as follows:
(Dollars in thousands) | December 31, 2015 |  | December 31, 2014
Current assets | $ | 28,239 |  |  | $ | 31,155 |
Noncurrent assets | $ | 7,207 |  |  | $ | 9,427 |
Current liabilities | $ | 4,608 |  |  | $ | 6,473 |
Shareholders' equity | $ | 30,838 |  |  | $ | 34,109 |
| For the years ended
(Dollars in thousands) | December 31, 2015 |  | December 31, 2014 |  | December 31, 2013
Net sales | $ | 43,438 |  |  | $ | 48,259 |  |  | $ | 52,982 |
Gross profit | $ | 11,993 |  |  | $ | 14,277 |  |  | $ | 15,214 |
Net income | $ | 5,753 |  |  | $ | 8,246 |  |  | $ | 8,652 |
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 $1.8 million and $1.8 million, as of December 31, 2015 and 2014, respectively, which were included in accounts receivable on our consolidated statements of financial position.

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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 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: 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=49116238&loc=d3e32847-111569 Reference 3: 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 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=49116238&loc=d3e32787-111569 + Details
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