XML 39 R22.htm IDEA: XBRL DOCUMENT v3.6.0.2
Equity and Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2016
Stockholders' Equity Note [Abstract]  
Equity and Accumulated Other Comprehensive Income
Equity and Accumulated Other Comprehensive Income
General Cable is authorized to issue 200 million shares of common stock and 25 million shares of preferred stock.
The components of accumulated other comprehensive income (loss) as of December 31, 2016 and 2015, respectively, consisted of the following (in millions):
 
Fiscal Years Ended
 
December 31, 2016
 
December 31, 2015
 
Company
Common
Shareholders
 
Noncontrolling
Interest
 
Company
Common
Shareholders
 
Noncontrolling
Interest
Foreign currency translation adjustment
$
(228.2
)
 
$
(13.0
)
 
$
(275.6
)
 
$
(13.5
)
Pension adjustments, net of tax
(58.2
)
 
(1.3
)
 
(64.6
)
 
(1.5
)
Accumulated other comprehensive income (loss)
$
(286.4
)
 
$
(14.3
)
 
$
(340.2
)
 
$
(15.0
)
The following is the detail of the change in the Company's accumulated other comprehensive income (loss) from December 31, 2014 to December 31, 2016 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
 
Total
Balance, December 31, 2014
$
(185.1
)
 
$
(78.3
)
 
$
(263.4
)
Other comprehensive income (loss) before reclassifications
(122.8
)
 
25.5

 
(97.3
)
Amounts reclassified from accumulated other comprehensive income (loss)
32.3

 
(11.8
)
 
20.5

Net current - period other comprehensive income (loss)
(90.5
)
 
13.7

 
(76.8
)
Balance, December 31, 2015
$
(275.6
)
 
$
(64.6
)
 
$
(340.2
)
Other comprehensive income (loss) before reclassifications
(12.2
)
 
9.3

 
(2.9
)
Amounts reclassified from accumulated other comprehensive income (loss)
59.6

 
(2.9
)
 
56.7

Net current - period other comprehensive income (loss)
47.4

 
6.4

 
53.8

Balance, December 31, 2016
$
(228.2
)
 
$
(58.2
)
 
$
(286.4
)

The following is the detail of the reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2016 and 2015 (in millions, net of tax):
 
Year Ended
 
Year Ended,
 
 
 
December 31, 2016
 
December 31, 2015
 
 
 
Amount reclassified from accumulated other comprehensive income (loss)
 
Amount reclassified from accumulated other comprehensive income (loss)
 
Affected line item in the Consolidated Statement of Operations and Comprehensive Income (Loss)
Foreign currency translation
 
 
 
 
 
Exit of subsidiaries
$
27.8

 
$
—

 
SG&A
Sale of subsidiaries
31.8

 
32.3

 
SG&A
Total - foreign currency items
$
59.6

 
$
32.3

 
 
Defined pension items
 
 
 
 
 
Amortization of prior service cost
$
(0.6
)
 
$
(0.6
)
 
Cost of sales
Amortization of net loss
(7.0
)
 
(13.7
)
 
Cost of sales
Settlement loss
4.7

 
—

 
Cost of sales
Transfers
—

 
2.5

 
SG&A
Total - Pension Items
(2.9
)
 
(11.8
)
 
 
Total
$
56.7

 
$
20.5

 
 

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. The share repurchase program has not been extended further. Stock purchases under this program were able to 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 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 year ended December 31, 2014.