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Joint Ventures | 9 Months Ended
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Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract] |
Joint Ventures | Joint Ventures As of September 30, 2018, we had two joint ventures, each 50% owned, which were 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 $1.6 million and $4.5 million for the three and nine months ended September 30, 2018, respectively. We recognized equity income related to the joint ventures of $1.4 million and $3.4 million for the three and nine months ended September 30, 2017, 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:
| Three Months Ended |  | Nine Months Ended
(Dollars in thousands) | September 30, 2018 |  | September 30, 2017 |  | September 30, 2018 |  | September 30, 2017
Net sales | $ | 15,216 |  |  | $ | 14,020 |  |  | $ | 43,466 |  |  | $ | 38,653 |
Gross profit | $ | 6,119 |  |  | $ | 5,463 |  |  | $ | 16,897 |  |  | $ | 14,832 |
Net income | $ | 3,284 |  |  | $ | 2,768 |  |  | $ | 8,906 |  |  | $ | 6,718 |
Receivables from and payables to joint ventures arise during the normal course of business from transactions between us and the joint ventures. As of September 30, 2018 and December 31, 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. As of September 30, 2018 and December 31, 2017, we owed payables of $1.8 million and $2.1 million, respectively, to RIC and RIS.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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