Investments Investments

6 Months Ended

Dec. 30, 2018

Investments, Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure [Text Block]

Investments

Investments represent the Company’s investments in unconsolidated affiliated companies.

Financial information of the unconsolidated affiliated companies is accounted for by the equity method, generally on a lag of one month or less. The following table sets forth the unaudited results of operations of unconsolidated affiliated companies for the three and six months ended December 30, 2018 and December 31, 2017 (in thousands):

	Three Months Ended				Six Months Ended
	December 30, 2018		December 31, 2017		December 30, 2018		December 31, 2017
Results of Operations:
Sales	$	75,331	$	75,579	$	155,170	$	156,426
Cost of Goods Sold	58,567		57,699		119,680		119,681
Gross Profit	$	16,764	$	17,880	$	35,490	$	36,745
Net Income	$	4,003	$	4,881	$	9,040	$	9,897

The following table sets forth the unaudited balance sheets of unconsolidated affiliated companies as of December 30, 2018 and July 1, 2018 (in thousands):

	December 30, 2018		July 1, 2018
Financial Position:
Assets:
Current Assets	$	123,683	$	150,382
Noncurrent Assets	41,703		45,186
	165,386		195,568
Liabilities:
Current Liabilities	$	37,368	$	54,007
Noncurrent Liabilities	17,341		20,027
	54,709		74,034
Equity	$	110,677	$	121,534

The Company concluded that its equity method investments are integral to its business. The equity method investments provide manufacturing and distribution functions, which are important parts of its operations. Net sales to equity method investees were approximately $21.2 million and $37.0 million for the six months ended December 30, 2018 and December 31, 2017, respectively. Purchases of finished products from equity method investees were approximately $58.4 million and $57.3 million for the six months ended December 30, 2018 and December 31, 2017, respectively.