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Joint Ventures | 12 Months Ended
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Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract] |
Joint Ventures | Note 10 – Joint Ventures As of December 31, 2018, we had two joint ventures, each 50% owned, which are 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 $5.5 million, $4.9 million and $4.1 million for the years ended December 31, 2018, 2017 and 2016, respectively. These amounts are presented in “Equity income in unconsolidated joint ventures” on our consolidated statements of operations. The summarized financial information for the joint ventures for the periods indicated was as follows:
| As of December 31,
(Dollars in thousands) | 2018 |  | 2017
Current assets | $ | 38,730 |  |  | $ | 40,934 |
Non-current assets | $ | 4,839 |  |  | $ | 4,947 |
Current liabilities | $ | 6,376 |  |  | $ | 9,519 |
Shareholders' equity | $ | 37,193 |  |  | $ | 36,362 |
| For the Years Ended December 31,
(Dollars in thousands) | 2018 |  | 2017 |  | 2016
Net sales | $ | 55,465 |  |  | $ | 54,597 |  |  | $ | 47,321 |
Gross profit | $ | 21,229 |  |  | $ | 21,462 |  |  | $ | 16,829 |
Net income | $ | 11,002 |  |  | $ | 9,796 |  |  | $ | 8,292 |
Receivables from and payables to joint ventures arise during the normal course of business from transactions between us and the joint ventures. As of December 31, 2018 and 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. These receivables are included in “Accounts receivable, less allowance for doubtful accounts” on our consolidated statements of financial position. As of December 31, 2018 and 2017, we owed payables of $2.3 million and $2.1 million, respectively, to RIC and RIS. These payables are included in “Accounts payable” o n 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://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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