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Investment in Unconsolidated Affiliates | 12 Months Ended
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Dec. 31, 2022
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 and an entity 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 investee’s consolidated financial statements, which are prepared in accordance with U.S. GAAP.
(In thousands) |  | 2022 |  | 2021
Current assets |  | $ | 248,808 |  |  | $ | 214,550 |
Noncurrent assets |  | 77,395 |  |  | 76,406 |
Current liabilities |  | 190,746 |  |  | 169,155 |
Noncurrent liabilities |  | 43,003 |  |  | 46,059 |
Net sales |  | $ | 520,950 |  |  | $ | 452,917 |
Gross profit |  | 98,441 |  |  | 57,028 |
Net income (loss) |  | 10,338 |  |  | (3,330) |
The Company’s income (loss) from unconsolidated affiliates, net of foreign tax, for 2022 and 2021 included net gains of $5.2 million and net losses of $1.7 million, respectively, for Tecumseh. Retail Distribution On September 2, 2021, the Company acquired a 17 percent noncontrolling equity interest in a limited liability company in the retail distribution business by contributing the outstanding common stock of Die-Mold in exchange for the equity method interest. The Company’s income (loss) from unconsolidated affiliates, net of foreign tax, for 2022 and 2021 included net gains of $4.9 million and $0.8 million, respectively, for the retail distribution business.

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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 https://asc.fasb.org/topic&trid=2196965 + Details
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