Total Equity

The Company 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 three months ended March 28, 2014 and March 29, 2013 (in millions):



				General Cable Total Equity
	Total Equity			Common Stock Amount		Add’l Paid in Capital		Treasury Stock			Retained Earnings			Accumulated Other Comprehensive Income/(Loss)			Non-Controlling Interest
Balance, December 31, 2013	$	1,379.8		$	0.6	$	699.6	$	(155.3	)	$	847.4		$	(112.1	)	$	99.6
Comprehensive income (loss)	(349.3		)	—		—		—			(315.4		)	(8.9		)	(25.0		)
Stock dividends	(9.0		)								(9.0		)
Repurchase of common shares	(30.7		)	—		—		(30.7		)	—			—			—
Other – issuance pursuant to restricted stock, stock options and other	2.5					2.2		0.3
Balance, March 28, 2014	$	993.3		$	0.6	$	701.8	$	(185.7	)	$	523.0		$	(121.0	)	$	74.6



				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)	(45.3		)											(45.7		)	(2.1		)	2.5
Preferred stock dividend	(0.1		)											(0.1		)
Excess tax benefit from stock based compensation	(1.0		)					(1.0		)
Dividends paid to non-controlling interest	(0.3		)																	(0.3		)
Other – issuance pursuant to restricted stock, stock options and other	1.9							1.3			0.6									—
Balance, March 29, 2013	$	1,403.4		$	3.8	$	0.6	$	677.0		$	(136.4	)	$	846.4		$	(106.7	)	$	118.7

The components of accumulated other comprehensive income (loss) as of March 28, 2014 and December 31, 2013, respectively, consisted of the following (in millions):



	March 28, 2014						December 31, 2013
	Company Common Shareholders			Non-Controlling Interest			Company Common Shareholders			Non-Controlling Interest
Foreign currency translation adjustment	$	(76.9	)	$	(25.5	)	$	(67.1	)	$	(24.5	)
Change in fair value of pension benefit obligation, net of tax	(51.7		)	(2.9		)	(52.6		)	(2.9		)
Company deferred stock held in rabbi trust, net of tax	7.3			—			7.3			—
Other	0.3			—			0.3			—
Accumulated other comprehensive income (loss)	$	(121.0	)	$	(28.4	)	$	(112.1	)	$	(27.4	)

The following is the detail of the change in the Company's accumulated other comprehensive income (loss) from December 31, 2013 to March 28, 2014 including the effect of significant reclassifications out of accumulated other comprehensive income (in millions, net of tax):



	Foreign currency translation			Change of fair value of pension benefit obligation			Deferred stock held in rabbi trust		Other		Total
Balance, December 31, 2013	$	(67.1	)	$	(52.6	)	$	7.3	$	0.3	$	(112.1	)
Other comprehensive income before reclassifications	(9.8		)	—			—		—		(9.8		)
Amounts reclassified from accumulated other comprehensive income	—			0.9			—		—		0.9
Net current - period other comprehensive income	(9.8		)	0.9			—		—		(8.9		)
Balance, March 28, 2014	$	(76.9	)	$	(51.7	)	$	7.3	$	0.3	$	(121.0	)

The following is the detail of the change in the Company's accumulated other comprehensive income (loss) from December 31, 2012 to March 29, 2013 including the effect of significant reclassifications out of accumulated other comprehensive income (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	(4.2		)	—			(0.8		)	—		—		(5.0		)
Amounts reclassified from accumulated other comprehensive income	—			2.7			0.2			—		—		2.9
Net current - period other comprehensive income	(4.2		)	2.7			(0.6		)	—		—		(2.1		)
Balance, March 29, 2013	$	(32.1	)	$	(81.7	)	$	(0.5	)	$	7.3	$	0.3	$	(106.7	)

The following is the detail of the reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 28, 2014 (in millions, net of tax):



	Three Fiscal Months Ended		Three Fiscal Months Ended
	March 28, 2014		March 29, 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	$	—	$	0.2	Cost of Sales
Total - Change in fair value of derivatives	—		0.2
Amortization of defined pension items
Prior service cost	0.2		2.3		SG&A
Net loss	0.7		0.4		SG&A
Total - Amortization of defined benefit pension items	0.9		2.7
Total	$	0.9	$	2.9

Stock Repurchase Programs

On December 10, 2013 the Company's Board of Directors authorized the extension of the Company’s existing $125 million share repurchase program through the end of 2014. 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 this stock repurchase program the Company purchased $30.7 million, or 1,000,000 common shares at an average price of $30.73 per share, during the three months ended March 28, 2014. The Company's future repurchase of shares is subject to the terms of the Company's Revolving Credit Facility and the indentures governing the Subordinated Convertible Notes, Senior Floating Notes and 5.75% Senior Notes.

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 March 28, 2014 the Company paid a quarterly cash dividend of $0.18 per share, or approximately $9.0 million in total. 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. In determining dividends, the Board of Directors takes into consideration items such as general business conditions, financial performance, projected cash flows and anticipated financing needs. Future payments of dividends is also subject to the Company's Revolving Credit Facility, the indentures governing the Subordinated Convertible Notes, Senior Floating Rate Notes and 5.75% Senior Notes, and the requirements of Delaware General Corporation law.

Deferred Compensation Plan

The Company maintains a deferred compensation plan (“Deferred Compensation Plan”) under the terms and conditions disclosed in the Company’s 2013 Annual Report on Form 10-K. 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 $39.9 million and $42.0 million as of March 28, 2014 and December 31, 2013, 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 March 28, 2014 and December 31, 2013 was $22.7 million and $22.2 million, respectively, and is classified as “other non-current assets” in the condensed consolidated balance sheets. Amounts payable to the plan participants at March 28, 2014 and December 31, 2013, excluding the market value of the shares of the Company’s nonvested and subsequently vested restricted stock and restricted stock units held, were $24.4 million and $24.2 million, respectively, and are classified as “other liabilities” in the condensed consolidated balance sheets.