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Total Equity
 12 Months Ended
Dec. 31, 2011
Stockholders' Equity Note [Abstract]  
Total Equity
Total Equity
The components of accumulated other comprehensive income (loss) as of December 31, 2011 and December 31, 2010, respectively, consisted of the following (in millions):

 
December 31, 2011
 
December 31, 2010
 
Company
common
shareholders
 
Noncontrolling
interest
 
Company
common
shareholders
 
Noncontrolling
interest
Foreign currency translation adjustment
$
(12.0
)
 
$
(18.3
)
 
$
53.5

 
$
(14.8
)
Pension adjustments, net of tax
(63.0
)
 
(3.2
)
 
(47.4
)
 
(0.8
)
Change in fair value of derivatives, net of tax
(27.7
)
 
(0.6
)
 
9.8

 
(0.5
)
Company deferred stock held in rabbi trust, net of tax
7.3

 
—

 
7.3

 
—

Other
0.3

 
—

 
0.3

 
—

Accumulated other comprehensive income (loss)
$
(95.1
)
 
$
(22.1
)
 
$
23.5

 
$
(16.1
)





Comprehensive income consists of the following (in millions):

 
Fiscal Years Ended
 
December 31, 2011
 
December 31, 2010
 
Company
common
shareholders
 
Noncontrolling
interest
 
Company
common
shareholders
 
Noncontrolling
interest
Net income (1)
$
84.1

 
$
1.1

 
$
69.5

 
$
7.4

Currency translation gain (loss)
(65.5
)
 
(3.5
)
 
12.5

 
(19.2
)
Defined benefit plan adjustments, net of tax
(15.6
)
 
(2.4
)
 
(2.3
)
 
—

Change in fair value of derivatives, net of tax
(37.5
)
 
(0.1
)
 
22.2

 
(0.7
)
Comprehensive income
$
(34.5
)
 
$
(4.9
)
 
$
101.9

 
$
(12.5
)
(1)
Net income before preferred stock dividend payments
General Cable is authorized to issue 200 million shares of common stock and 25 million shares of preferred stock.
The Company issued 2,070,000 shares of General Cable 5.75% Series A Redeemable Convertible Preferred Stock (“Series A preferred stock”) on November 24, 2003 and subsequent to the November 9, 2005 inducement offer, 76,002 shares and 76,202 are outstanding under the original terms of the Series A preferred stock issuance as of December 31, 2011 and 2010. The Company paid fees and expenses of $4.2 million related to this transaction, which included an underwriting discount of $3.4 million. The Series A preferred stock was offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act.
The preferred stock has a liquidation preference of $50.00 per share. Dividends accrue on the convertible preferred stock at the rate of 5.75% per annum and are payable quarterly in arrears. Dividends are payable in cash, shares of General Cable common stock or a combination thereof. Holders of the convertible preferred stock are entitled to convert any or all of their shares of convertible preferred stock into shares of General Cable common stock, at an initial conversion price of $10.004 per share. The conversion price is subject to adjustments under certain circumstances. General Cable is obligated to redeem all outstanding shares of convertible preferred stock on November 24, 2013 at par. The Company may, at its option, elect to pay the redemption price in cash or in shares of General Cable common stock with an equivalent fair value, or any combination thereof. The Company has the option to redeem some or all of the outstanding shares of convertible preferred stock in cash beginning on the fifth anniversary of the issue date. The redemption premium will initially equal one-half the dividend rate on the convertible preferred stock and decline ratably to par on the date of mandatory redemption. In the event of a change in control, the Company has the right to either redeem the preferred stock for cash or to convert the preferred stock to common stock.
The Company maintains a deferred compensation plan (“Deferred Compensation Plan”). This plan is available to directors and certain officers and managers of the Company. The plan allows participants to defer all or a portion of their directors’ fees and/or salary and annual bonuses, as applicable, and it permits participants to elect to contribute and defer all or any portion of their nonvested stock, restricted stock and stock awards. All deferrals to the participants’ accounts vest immediately; Company contributions vest according to the vesting schedules in the qualified plan and nonvested stock and restricted stock vests according to the schedule designated by the award. The Company makes matching and retirement contributions (currently equal to 6%) of compensation paid over the maximum allowed for qualified pension benefits, whether or not the employee elects to defer any compensation. The Deferred Compensation Plan does not have dollar limits on tax-deferred contributions. The assets of the Deferred Compensation Plan are held in a Rabbi Trust (“Trust”) and, therefore, are available to satisfy the claims of the Company’s creditors in the event of bankruptcy or insolvency of the Company. Participants have the right to request that their account balance be determined by reference to specified investment alternatives (with the exception of the portion of the account which consists of deferred nonvested and subsequently vested stock and restricted stock). With certain exceptions, these investment alternatives are the same alternatives offered to participants in the General Cable Retirement and Savings Plan for Salaried Associates. In addition, participants have the right to request that the Plan Administrator re-allocate the deferral among available investment alternatives; provided, however that the Plan Administrator is not required to honor such requests. Distributions from the plan are generally made upon the participants’ termination as a director and/or employee, as applicable, of the Company. Participants receive payments from the plan in cash, either as a lump sum payment or through equal annual installments from between one and ten years, except for the nonvested and subsequently vested stock and restricted stock, which the participants receive in shares of General Cable stock.
The Company accounts for its Deferred Compensation Plan in accordance with ASC 710 - Compensation — General, as it relates to arrangements where amounts earned are held in rabbi trusts. Assets of the Trust, other than the nonvested and subsequently vested stock and restricted stock of the Company, are invested in funds covering a variety of securities and investment strategies, approximately 89% are invested in mutual funds and the remaining 11% are invested in a General Cable stock fund. Mutual funds available to participants are publicly quoted and reported at market value. The Company accounts for these investments as trading securities in accordance with ASC 320 - Investments — Debt and Equity Securities. The Trust also holds nonvested and subsequently vested stock and restricted stock shares of the Company. The Company’s nonvested and subsequently vested and restricted stock that are held by the Trust are accounted for in additional paid-in capital as discussed in ASC 718 - Compensation — Stock Compensation.
The market value of mutual fund investments, nonvested and subsequently vested stock and restricted stock in the Trust was $31.9 million and $39.3 million as of December 31, 2011 and 2010, respectively. The market value of the assets held by the Trust, exclusive of the market value of the shares of the Company’s nonvested and subsequently vested restricted stock, restricted stock units held in the deferred compensation plan and Company stock investments by participants’ elections, at December 31, 2011 and December 31, 2010 was $15.2 million and $16.0 million, respectively, and is classified as “other non-current assets” in the consolidated balance sheets. Amounts payable to the plan participants at December 31, 2011 and 2010, excluding the market value of the shares of the Company’s nonvested and subsequently vested restricted stock and restricted stock units held, was $16.9 million and $18.3 million, respectively, and is classified as “other liabilities” in the consolidated balance sheets.
In accordance with ASC 710 - Compensation — General, all market value fluctuations of the Trust assets, exclusive of the shares of nonvested and subsequently vested stock and restricted stock of the Company, are effectively offset by changes in the market value of the deferred compensation liability held by the Trust, which are included as compensation expense in the consolidated statements of operations. Prior to 2010, management had classified the mutual fund assets as available for sale; as such, changes in the value of these investments were recorded in accumulated other comprehensive income.