Fair Value Disclosure

6 Months Ended

Jul. 01, 2016

The fair market values of the Company’s financial instruments are determined based on the fair value hierarchy as discussed in ASC 820 - Fair Value Measurements.

The Company carries derivative assets and liabilities (Level 2) and marketable equity securities (Level 1) held in the rabbi trust as part of the Company’s Deferred Compensation Plan at fair value. The fair values of derivative assets and liabilities traded in the over-the-counter market are determined using quantitative models that require the use of multiple market inputs including interest rates, prices and indices to generate pricing and volatility factors, which are used to value the position. The predominance of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Marketable equity securities are recorded at fair value, which are based on quoted market prices.

Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in millions).



	Fair Value Measurement
	July 1, 2016								December 31, 2015
	Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3		Fair Value
Assets:
Derivative assets	$	—	$	2.9	$	—	$	2.9	$	—	$	0.7	$	—	$	0.7
Equity securities ⁽¹⁾	10.7		—		—		10.7		18.0		—		—		18.0
Total assets	$	10.7	$	2.9	$	—	$	13.6	$	18.0	$	0.7	$	—	$	18.7
Liabilities:
Derivative liabilities	$	—	$	2.8	$	—	$	2.8	$	—	$	12.2	$	—	$	12.2
Total liabilities	$	—	$	2.8	$	—	$	2.8	$	—	$	12.2	$	—	$	12.2

(1) Balance represents the market value of the assets, exclusive of the market value of restricted stock and restricted stock units held ("Deferred Stock") and the General Cable Stock Fund by participants’ elections, held in the Rabbi Trust in connection with the Company's deferred compensation plan at July 1, 2016 and December 31, 2015 classified as “other non-current assets” in the Condensed Consolidated Balance Sheets. The market value of mutual fund investments and the General Cable Stock Fund in the Rabbi Trust was $16.2 million and $25.6 million as of July 1, 2016 and December 31, 2015, respectively. Amounts payable to the plan participants at July 1, 2016 and December 31, 2015, excluding the Deferred Stock, were $11.7 million and $19.0 million, respectively, and are classified as “Other liabilities” in the Condensed Consolidated Balance Sheets.

At July 1, 2016, there were no material financial assets or financial liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Similarly, there were no other nonfinancial assets or nonfinancial liabilities measured at fair value on a non-recurring basis.