XML 90 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
Total Equity
 6 Months Ended
Jun. 28, 2013
Stockholders' Equity Note [Abstract]  
Total Equity
Total Equity
General Cable is authorized to issue 200 million shares of common stock and 25 million shares of preferred stock. Condensed consolidated statements of changes in total equity are presented below for the six months ended June 28, 2013 and June 29, 2012 (in millions):
 
 
 
General Cable Total Equity
 
 
 
Total Equity
 
Preferred
Stock
Amount
 
Common
Stock
Amount
 
Add’l
Paid in
Capital
 
Treasury
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income/(Loss)
 
Non-Controlling
Interest
Balance, December 31, 2012
$
1,448.2

 
$
3.8

 
$
0.6

 
$
676.7

 
$
(137.0
)
 
$
892.2

 
$
(104.6
)
 
$
116.5

Comprehensive income (loss)
(74.6
)
 
—

 
—

 
—

 
—

 
(37.4
)
 
(32.7
)
 
(4.5
)
Stock dividends
(9.1
)
 

 

 

 

 
(9.1
)
 

 

Excess tax benefit from stock compensation
(1.0
)
 

 

 
(1.0
)
 

 
—

 

 

Dividends paid to non-controlling interest
(3.2
)
 

 

 

 

 

 

 
(3.2
)
Repurchase of treasury shares
(19.0
)
 
—

 
—

 
—

 
(19.0
)
 
—

 
—

 
—

Other – issuance pursuant to restricted stock, stock options and other
6.0

 

 

 
5.8

 
0.2

 

 

 


Balance, June 28, 2013
$
1,347.3

 
$
3.8

 
$
0.6

 
$
681.5

 
$
(155.8
)
 
$
845.7

 
$
(137.3
)
 
$
108.8

 
 
 
General Cable Total Equity
 
 
 
Total Equity
 
Preferred
Stock
Amount
 
Common
Stock
Amount
 
Add’l
Paid in
Capital
 
Treasury
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income/(Loss)
 
Non-Controlling
Interest
Balance, December 31, 2011
$
1,437.9

 
$
3.8

 
$
0.6

 
$
666.7

 
$
(136.5
)
 
$
888.2

 
$
(97.4
)
 
$
112.5

Comprehensive income (loss)
29.8

 
 
 
 
 
 
 
 
 
42.8

 
(16.6
)
 
3.6

Preferred stock dividend
(0.2
)
 
 
 
 
 
 
 
 
 
(0.2
)
 
 
 
 
Excess tax benefit from stock based compensation
0.1

 
 
 
 
 
0.1

 
 
 
 
 
 
 
 
Dividends paid to non-controlling interest
(1.9
)
 
 
 
 
 


 
 
 
 
 
 
 
(1.9
)
Other – issuance pursuant to restricted stock, stock options and other
6.9

 
 
 
 
 
5.6

 
1.3

 
 
 
 
 
—

Balance, June 29, 2012
$
1,472.6

 
$
3.8

 
$
0.6

 
$
672.4

 
$
(135.2
)
 
$
930.8

 
$
(114.0
)
 
$
114.2


The components of accumulated other comprehensive income (loss) as of June 28, 2013 and December 31, 2012, respectively, consisted of the following (in millions):
 
June 28, 2013
 
December 31, 2012
 
Company
Common
Shareholders
 
Non-Controlling
Interest
 
Company
Common
Shareholders
 
Non-Controlling
Interest
Foreign currency translation adjustment
$
(64.1
)
 
$
(23.9
)
 
$
(27.9
)
 
$
(16.8
)
Change in fair value of pension benefit obligation, net of tax
(81.1
)
 
(3.0
)
 
(84.4
)
 
(3.1
)
Change in fair value of derivatives, net of tax
0.3

 
(0.4
)
 
0.1

 
(0.4
)
Company deferred stock held in rabbi trust, net of tax
7.3

 
—

 
7.3

 
—

Other
0.3

 
—

 
0.3

 
—

Accumulated other comprehensive income (loss)
$
(137.3
)
 
$
(27.3
)
 
$
(104.6
)
 
$
(20.3
)

The following is the detail of the change in the Company's accumulated other comprehensive income (loss) from December 31, 2012 to June 28, 2013 including the effect of significant reclassifications out of accumulated other comprehensive income as required by ASC 2013-02 (in millions, net of tax):
 
Foreign currency translation
 
Change of fair value of pension benefit obligation
 
Change in fair value of derivatives
 
Deferred stock held in rabbi trust
 
Other
 
Total
Balance, December 31, 2012
$
(27.9
)
 
$
(84.4
)
 
$
0.1

 
$
7.3

 
$
0.3

 
$
(104.6
)
Other comprehensive income before reclassifications
(36.2
)
 
—

 
(0.8
)
 
—

 
—

 
(37.0
)
Amounts reclassified from accumulated other comprehensive income
—

 
3.3

 
1.0

 
—

 
—

 
4.3

Net current - period other comprehensive income
(36.2
)
 
3.3

 
0.2

 
—

 
—

 
(32.7
)
Balance, June 28, 2013
$
(64.1
)
 
$
(81.1
)
 
$
0.3

 
$
7.3

 
$
0.3

 
$
(137.3
)

The following is the detail of the reclassifications out of accumulated other comprehensive income (loss) for the three and six months ended June 28, 2013 (in millions, net of tax):
 
Three Fiscal Months Ended
 
Six Fiscal Months Ended
 
 
 
June 28, 2013
 
June 28, 2013
 
 
 
Amount reclassified from accumulated other comprehensive income
 
Amount reclassified from accumulated other comprehensive income
 
Affected line item in the Consolidated Statement of Operations and Comprehensive Income (Loss)
Change in fair value of derivatives:
 
 
 
 
 
Commodity contracts
$
0.8

 
$
1.0

 
Cost of Sales
Total - Change in fair value of derivatives
0.8

 
1.0

 
 
Amortization of defined pension items
 
 
 
 
 
  Prior service cost
0.2

 
0.5

 
SG&A
Net loss
1.4

 
2.8

 
SG&A
Total - Amortization of defined benefit pension items
1.6

 
3.3

 
 
Total
$
2.4

 
$
4.3

 
 

Stock Repurchase Programs
On May 20, 2013 the Company's Board of Directors authorized the extension of the Company’s existing $125 million, one-year share repurchase program originally adopted on October 29, 2012, through the end of 2013. Stock purchases under this program may be made through the open market and privately negotiated transactions at times and in such amounts as deemed appropriate by a special committee appointed by the Board. Under the current stock repurchase program the Company purchased $19.0 million, or 579,038 common shares at an average price of $32.76 per share, during the three and six months ended June 28, 2013. The Company made share repurchases in the three and six months ended June 29, 2012 under its prior stock repurchase program that was effective from October 28, 2011 through October 28, 2012.
Dividends on Common Stock
On May 20, 2013 the Company's Board of Directors authorized the payment of a regular quarterly dividend. During the three months ended June 28, 2013 the Company declared and paid a quarterly cash dividend of $0.18 per share, or approximately $8.9 million in total, to all common shareholders of record as of June 10, 2013. Future declarations of dividends and the establishment of future record dates and payment dates are subject to the final determination of our Board of Directors.
Deferred Compensation Plan
The Company maintains a deferred compensation plan (“Deferred Compensation Plan”) under the terms and conditions disclosed in the Company’s 2012 Amended Annual Report on Form 10-K/A. The Company accounts for the Deferred Compensation Plan in accordance with ASC 710 - Compensation–General as it relates to arrangements where amounts earned are held in a rabbi trust. The market value of mutual fund investments, nonvested and subsequently vested stock and restricted stock in the rabbi trust was $40.2 million and $38.1 million as of June 28, 2013 and December 31, 2012, respectively. The market value of the assets held by the rabbi 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 June 28, 2013 and December 31, 2012 was $19.7 million and $17.7 million, respectively, and is classified as “other non-current assets” in the condensed consolidated balance sheets. Amounts payable to the plan participants at June 28, 2013 and December 31, 2012, excluding the market value of the shares of the Company’s nonvested and subsequently vested restricted stock and restricted stock units held, were $21.7 million and $19.8 million, respectively, and are classified as “other liabilities” in the condensed consolidated balance sheets.