Employee Benefit Plans

6 Months Ended

Jun. 28, 2013

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

Employee Benefit Plans

General Cable provides retirement benefits through contributory and noncontributory qualified and non-qualified defined benefit pension plans covering eligible domestic and international employees as well as through defined contribution plans and other postretirement benefits.

Defined Benefit Pension Plans

Benefits under General Cable’s qualified U.S. defined benefit pension plan generally are based on years of service multiplied by a specific fixed dollar amount, and benefits under the Company’s qualified non-U.S. defined benefit pension plans generally are based on years of service and a variety of other factors that can include a specific fixed dollar amount or a percentage of either current salary or average salary over a specific period of time. The amounts funded for any plan year for the qualified U.S. defined benefit pension plan are neither less than the minimum required under federal law nor more than the maximum amount deductible for federal income tax purposes. The Company’s non-qualified unfunded U.S. defined benefit pension plans include a plan that provides defined benefits to select senior management employees beyond those benefits provided by other programs. The Company’s non-qualified unfunded non-U.S. defined benefit pension plans include plans that provide retirement indemnities to employees within the Company’s Europe and Mediterranean and ROW segments. Pension obligations for the majority of non-qualified unfunded defined benefit pension plans are provided for by provisions provided in the consolidated balance sheets and are based on local practices and regulations of the respective countries. The Company makes cash contributions for the costs of the non-qualified unfunded defined benefit pension plans as the benefits are paid.

The components of net periodic benefit cost for pension benefits were as follows (in millions):

	Three Fiscal Months Ended
	June 28, 2013						June 29, 2012
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Service cost	$	0.4		$	1.7		$	0.4		$	0.8
Interest cost	1.8			1.4			1.9			1.3
Expected return on plan assets	(2.3		)	(0.5		)	(2.3		)	(0.4		)
Amortization of prior service cost	—			0.4			—			0.2
Amortization of net loss	2.1			0.2			2.1			0.3
Amortization of translation obligation	—			—			—			—
Settlement (gain) loss	—			—			—			6.1
Net pension expense	$	2.0		$	3.2		$	2.1		$	8.3

	Six Fiscal Months Ended
	June 28, 2013						June 29, 2012
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Service cost	$	0.9		$	3.4		$	0.8		$	1.6
Interest cost	3.6			2.8			3.8			2.8
Expected return on plan assets	(4.6		)	(1.0		)	(4.6		)	(1.0		)
Amortization of prior service cost	—			0.8			—			0.4
Amortization of net loss	4.2			0.4			4.2			0.6
Amortization of translation obligation	—			—			—			—
Settlement (gain) loss	—			—			—			6.1
Net pension expense	$	4.1		$	6.4		$	4.2		$	10.5

The estimated net loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net pension expense over the next fiscal year is $11.4 million. The prior service cost to be amortized from accumulated other comprehensive income into net pension expense over the next fiscal year is immaterial.

Defined benefit pension plan cash contributions for the three fiscal months ended June 28, 2013 and June 29, 2012 were $2.4 million and $1.7 million, respectively. Defined benefit pension plan cash contributions for the six fiscal months ended June 28, 2013 and June 29, 2012 were $4.8 million and $3.5 million, respectively.

Postretirement Benefits Other Than Pensions

General Cable has postretirement benefit plans that provide medical and life insurance for certain retirees and eligible dependents. The Company funds the plans as claims or insurance premiums are incurred.

Net postretirement benefit expense included the following components (in millions):

	Three Fiscal Months Ended				Six Fiscal Months Ended
	June 28, 2013		June 29, 2012		June 28, 2013		June 29, 2012
Service cost	$	—	$	—	$	—	$	—
Interest cost	—		0.1		0.1		0.2
Net amortization and deferral	—		—		—		—
Net postretirement benefit expense	$	—	$	0.1	$	0.1	$	0.2

The estimated future benefit payments expected to be paid for the Company’s postretirement benefits other than pensions are $0.7 million in 2013, $0.7 million in 2014, $0.6 million in 2015, $0.6 million in 2016, $2.4 million in 2017 and thereafter.

Defined Contribution Plans

Expense under both U.S. and non-U.S. defined contribution plans generally equals up to six percent of each eligible employee’s covered compensation based on the location and status of the employee. The net defined contribution plan expense recognized for the three fiscal months ended June 28, 2013 and June 29, 2012 was $3.1 million and $2.4 million, respectively. The net defined contribution plan expense recognized for the six fiscal months ended June 28, 2013 and June 29, 2012 was $6.4 million and $5.1 million, respectively.