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Investment in Unconsolidated Affiliates | 6 Months Ended
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Jul. 01, 2017
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Affiliates | Investment in Unconsolidated Affiliates The Company owns a 50 percent interest in Tecumseh Products Holdings LLC (Joint Venture), an unconsolidated affiliate that acquired Tecumseh Products Company (Tecumseh) during the third quarter of 2015. The Company also owns a 50 percent interest in a second unconsolidated affiliate that provided financing to Tecumseh in conjunction with the acquisition. These investments are recorded using the equity method of accounting, as the Company can exercise significant influence but does not own a majority equity interest or otherwise control the respective entities. Under the equity method of accounting, these investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company records its proportionate share of the investees’ net income or loss one quarter in arrears as income (loss) from unconsolidated affiliates, net of tax, in the Condensed Consolidated Statements of Income and its proportionate share of the investees’ other comprehensive income (loss), net of income taxes, in the Condensed Consolidated Statements of Comprehensive Income. In general, the equity investment in unconsolidated affiliates is equal to the current equity investment plus the entities’ undistributed earnings. The following tables present summarized financial information derived from the Company’s equity method investees’ combined consolidated financial statements, which are prepared in accordance with U.S. GAAP.
|  | July 1, 2017 |  | December 31, 2016
Current assets |  | $ | 247,006 |  |  | $ | 244,323 |
Noncurrent assets |  | 132,800 |  |  | 130,400 |
Current liabilities |  | 168,610 |  |  | 148,806 |
Noncurrent liabilities |  | 61,364 |  |  | 71,681 |
|  | For the Quarter Ended |  | For the Six Months Ended
(In thousands) |  | July 1, 2017 |  |  | July 2, 2016 |  |  | July 1, 2017 |  | July 2, 2016
Net sales |  | $ | 132,600 |  |  | $ | 138,900 |  |  | $ | 258,900 |  |  | $ | 290,500 |
Gross profit |  | 19,600 |  |  | 19,500 |  |  | 35,200 |  |  | 37,500 |
Net (loss) income |  | (217 | ) |  | (1,990 | ) |  | (2,704 | ) |  | 3,854 |
The Company’s income from unconsolidated affiliates, net of tax, for the six months ended July 2, 2016 included a gain of $17.1 million that resulted from the allocation of the purchase price, which was partially offset by restructuring and impairment charges of $5.3 million and net losses of $8.0 million. On December 30, 2015, the Company entered into a joint venture agreement with Cayan Ventures and Bahrain Mumtalakat Holding Company to build a copper tube mill in Bahrain. The business will operate and brand its products under the Mueller Industries family of brands. The Company has invested approximately $2.2 million of cash to date and will be the technical and marketing lead in return for 40 percent ownership in the joint venture.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66011266&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32787-111569 + Details
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