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Joint Ventures | 3 Months Ended
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Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract] |
Joint Ventures | Joint Ventures As of March 31, 2016, 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 $0.6 million and $0.9 million for the quarters ended March 31, 2016 and 2015, respectively. 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:
| Quarter Ended
(Dollars in thousands) | March 31, 2016 |  | March 31, 2015
Net sales | $ | 9,237 |  |  | $ | 10,978 |
Gross profit | $ | 3,099 |  |  | $ | 3,445 |
Net income | $ | 1,226 |  |  | $ | 1,839 |
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 $1.7 million and $1.8 million as of March 31, 2016 and December 31, 2015, respectively. We had payables of $1.2 million and $1.1 million as of March 31, 2016 and December 31, 2015, respectively.

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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=66011266&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=64825282&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=64825282&loc=d3e32787-111569 + Details
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