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Investments in Unconsolidated Affiliates | 3 Months Ended
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Apr. 01, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates Tecumseh The Company owns a 50 percent interest in an unconsolidated affiliate that acquired Tecumseh Products Company LLC (Tecumseh) and an entity that provides financing to Tecumseh. This investment is 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 entity. Under the equity method of accounting, this investment is stated at initial cost and is 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 investee’s net income or loss, net of foreign taxes, one quarter in arrears as income (loss) from unconsolidated affiliates, net of foreign tax, in the Condensed Consolidated Statements of Income and its proportionate share of the investee’s other comprehensive income (loss), net of income taxes, in the Condensed Consolidated Statements of Comprehensive Income and the Condensed Consolidated Statements of Changes in Equity. The U.S. tax effect of the Company’s proportionate share of Tecumseh’s income or loss is recorded in income tax expense in the Condensed Consolidated Statements of Income. In general, the equity investment in unconsolidated affiliates is equal to the current equity investment plus the investee’s net accumulated losses. 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) |  | April 1, 2023 |  | December 31, 2022
Current assets |  | $ | 217,674 |  |  | $ | 248,808 |
Noncurrent assets |  | 93,532 |  |  | 77,395 |
Current liabilities |  | 175,645 |  |  | 190,746 |
Noncurrent liabilities |  | 44,455 |  |  | 43,003 |
|  | For the Quarter Ended |  |
(In thousands) |  | April 1, 2023 |  | March 26, 2022 |  |  |  |
Net sales |  | $ | 113,418 |  |  | $ | 125,967 |  |  |  |  |
Gross profit |  | 19,816 |  |  | 18,775 |  |  |  |  |
Net loss |  | (4,717) |  |  | (1,206) |  |  |  |  |
The Company’s loss from unconsolidated affiliates, net of foreign tax, for the quarter ended April 1, 2023 included net losses of $2.4 million for Tecumseh. The Company’s income from unconsolidated affiliates, net of foreign tax, for the quarter ended March 26, 2022 included net losses of $0.6 million for Tecumseh. Retail Distribution The Company owns a 17 percent noncontrolling equity interest in a limited liability company in the retail distribution business. This investment is recorded using the equity method of accounting. The Company records its proportionate share of the investee’s net income or loss one month in arrears as income (loss) from unconsolidated affiliates in the Condensed Consolidated Statements of Income. The Company’s proportionate share of the investee’s other comprehensive income (loss), net of income taxes, is recorded in the Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statement of Changes in Equity. The Company’s loss from unconsolidated affiliates, net of foreign tax, for the quarter ended April 1, 2023 included net income of $1.4 million for the retail distribution business. The Company’s income from unconsolidated affiliates, net of foreign tax, for the quarter ended March 26, 2022 included net income of $0.7 million for the retail distribution business.

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- References No definition available. + Details
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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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