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Investment in Unconsolidated Affiliates | 12 Months Ended
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Dec. 26, 2020
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates Tecumseh The Company owns a 50 percent interest in an unconsolidated affiliate that acquired Tecumseh. The Company also owns a 50 percent interest in a second unconsolidated affiliate that provides financing to Tecumseh. Tecumseh is a global manufacturer of hermetically sealed compressors for residential and specialty air conditioning, household refrigerators and freezers, and commercial refrigeration applications, including air conditioning and refrigeration compressors, as well as condensing units, heat pumps, and complete refrigeration systems. 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.
(In thousands) |  | 2020 |  | 2019
Current assets |  | $ | 167,451 |  |  | $ | 198,559 |
Noncurrent assets |  | 78,241 |  |  | 87,218 |
Current liabilities |  | 120,202 |  |  | 147,801 |
Noncurrent liabilities |  | 50,020 |  |  | 51,219 |
Net sales |  | $ | 384,919 |  |  | $ | 488,270 |
Gross profit |  | 50,347 |  |  | 58,494 |
Net loss |  | (20,892) |  |  | (44,053) |
The Company’s loss from unconsolidated affiliates, net of foreign tax, for 2020 and 2019 included net losses of $10.4 million and $22.0 million, respectively, for Tecumseh. Mueller Middle East 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 operates and brands its products under the Mueller Industries family of brands. The Company has invested approximately $5.0 million of cash to date and is the technical and marketing lead with a 40 percent ownership in the joint venture. The Company’s loss from unconsolidated affiliates, net of foreign tax, for 2020 and 2019 included net gains of $0.2 million and net losses of $2.6 million, respectively, for Mueller Middle East. Mueller Middle East manufactures and sells copper coils to certain Mueller subsidiaries. For the year ended December 26, 2020, total sales to Mueller subsidiaries were approximately $37.4 million.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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