Investments Investments

9 Months Ended

Mar. 31, 2019

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 nine months ended March 31, 2019 and April 1, 2018 (in thousands):

	Three Months Ended				Nine Months Ended
	March 31, 2019		April 1, 2018		March 31, 2019		April 1, 2018
Results of Operations:
Sales	$	71,593	$	78,271	$	227,639	$	234,664
Cost of Goods Sold	55,048		59,992		178,125		179,794
Gross Profit	$	16,545	$	18,279	$	49,514	$	54,870
Net Income	$	3,884	$	4,444	$	11,799	$	14,202

The following table sets forth the unaudited balance sheets of unconsolidated affiliated companies as of March 31, 2019 and July 1, 2018 (in thousands):

	March 31, 2019		July 1, 2018
Financial Position:
Assets:
Current Assets	$	142,352	$	150,382
Noncurrent Assets	40,210		45,186
	182,562		195,568
Liabilities:
Current Liabilities	$	55,083	$	54,007
Noncurrent Liabilities	15,969		20,027
	71,052		74,034
Equity	$	111,510	$	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 $48.2 million and $65.1 million for the nine months ended March 31, 2019 and April 1, 2018, respectively. Purchases of finished products from equity method investees were approximately $94.1 million and $86.8 million for the nine months ended March 31, 2019 and April 1, 2018, respectively.