Investment in Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2016

Investment in Unconsolidated Affiliates [Abstract]

Note 9 – Investment in Unconsolidated Affiliates

During the third quarter of 2015, the Company entered into a joint venture agreement with affiliates of Atlas Holdings LLC to form the Joint Venture, which simultaneously entered into a definitive merger agreement with MA Industrial Sub, Inc. and Tecumseh to commence a cash tender offer to acquire all of the outstanding shares of Tecumseh. On September 21, 2015, the tender offer and back-end merger was completed and Mueller contributed $65.9 million for a 50 percent ownership interest in the Joint Venture. 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. The income statement data is reflective of the period since the acquisition of the investees.

(In thousands)	2016		2015

Balance sheet data:
Current assets	$	244,323	$	251,389
Noncurrent assets		130,400		112,156
Current liabilities		148,806		178,784
Noncurrent liabilities		71,681		63,643

Income statement data:
Net sales	$	579,400	$	—
Gross profit		79,600		—
Net income		3,720		—

Included in the equity method investees' net income for the twelve months ended September 30, 2016 is a gain of $17.1 million that resulted from the allocation of the purchase price, which was finalized during the quarter ended December 31, 2015. That gain was offset by restructuring and impairment charges of $5.3 million and net losses of $8.1 million.