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INVESTMENTS
 6 Months Ended
Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS INVESTMENTS
The Company owns approximately 30% of the outstanding capital stock of Grupo Vasconia S.A.B. (“Vasconia”), an integrated manufacturer of aluminum products and one of Mexico’s largest housewares companies. Shares of Vasconia’s capital stock are traded on the Bolsa Mexicana de Valores, the Mexican Stock Exchange. The Quotation Key is VASCONI. The Company accounts for its investment in Vasconia using the equity method of accounting and records its proportionate share of Vasconia’s net income in the Company’s condensed consolidated statements of operations. Accordingly, the Company has recorded its proportionate share of Vasconia’s net income (reduced for amortization expense related to the customer relationships acquired) for the three and six months ended June 30, 2020 and 2019 in the accompanying unaudited condensed consolidated statements of operations.
The value of the Company's investment balance has been translated from Mexican Pesos ("MXN") to U.S. Dollars ("USD") using the spot rates of MXN 23.07 and MXN 18.91 at June 30, 2020 and December 31, 2019, respectively.
The Company's proportionate share of Vasconia's net loss has been translated from MXN to USD using the following exchange rates:
Three Months Ended
June 30,

Six Months Ended
June 30,

2020201920202019
Average exchange rate (USD to MXN)
23.31
19.11
19.91 - 23.31
19.11 - 19.24
The effect of the translation of the Company’s investment, as well as the translation of Vasconia's balance sheet, resulted in a decrease to the investment of $4.0 million and $1.5 million during the six months ended June 30, 2020 and 2019, respectively. These translation effects are recorded in accumulated other comprehensive loss.

Summarized income statement information for the three and six months ended June 30, 2020 and 2019 for Vasconia in USD and MXN is as follows (in thousands):
Three Months Ended
June 30,
20202019
USDMXNUSDMXN
Net sales$28,572  $666,012  $37,040  $707,837  
Gross profit
6,062  141,304  9,291  177,552  
Income from operations
1,414  32,948  2,805  53,601  
Net loss
(1,994) (46,459) (178) (3,407) 

Six Months Ended
June 30,
20202019
USDMXNUSDMXN
Net Sales$60,367  $1,299,048  $78,534  $1,506,175  
Gross profit
11,469  248,961  17,229  330,273  
Income from operations
864  22,000  4,698  90,027  
Net loss
(572) (18,156) (511) (9,813) 

The Company recorded equity in losses of Vasconia, net of taxes, of $0.6 million and $0.3 million for the three and six months ended June 30, 2020, respectively. The Company recorded equity in losses of Vasconia, net of taxes, of $0.1 million and $0.2 million for the three and six months ended June 30, 2019, respectively.
Included within the Company's unaudited condensed consolidated balance sheets were the following amounts due to and due from Vasconia (in thousands):
Vasconia due to and due from balancesBalance Sheet
Location		June 30, 2020December 31, 2019
Amounts due from VasconiaPrepaid expenses and other current assets$91  $63  
Amounts due to VasconiaAccrued expenses and Accounts payable(23) (77) 

As of June 30, 2020 and December 31, 2019, the fair value (based upon the quoted stock price) of the Company’s investment in Vasconia was $28.3 million and $34.7 million, respectively. The carrying value of the Company’s investment in Vasconia was $17.0 million and $21.3 million as of June 30, 2020 and December 31, 2019, respectively.

Lifetime Brands Do Brasil Participacoes Ltda., a 100% owned subsidiary of Lifetime Brands, Inc., was dissolved on May 5, 2020. The subsidiary held a note receivable relating to the 2016 sale of its 40% equity interest in GS International S/A (“GSI”), a wholesale distributor of branded housewares products in Brazil, which was accounted for as an equity method investment. The final installment due on the note receivable was received prior to dissolution of the subsidiary. Foreign currency translation losses of $0.2 million, which were previously recorded as a component of stockholder’s equity within accumulated other comprehensive loss, were recognized in earnings upon dissolution of this subsidiary for the period ended June 30, 2020. The Company included this loss within equity in losses, net of taxes.