x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 06-1398235 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
4 Tesseneer Drive Highland Heights, KY | 41076-9753 |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | x | Accelerated filer | ¨ | |
Non-accelerated filer | ¨ | Smaller reporting company | ¨ | |
Emerging growth company | ¨ |
Class | Outstanding at April 28, 2017 |
Common Stock, $0.01 par value | 49,631,149 |
PAGE | ||
PART I | Financial Information | |
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II | Other Information | |
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 6. | ||
Three Fiscal Months Ended | |||||||
March 31, 2017 | April 1, 2016 | ||||||
Net sales | $ | 918.2 | $ | 1,002.7 | |||
Cost of sales | 799.6 | 891.8 | |||||
Gross profit | 118.6 | 110.9 | |||||
Selling, general and administrative expenses | 94.8 | 88.5 | |||||
Goodwill impairment charges | — | 1.6 | |||||
Intangible asset impairment charges | — | 0.3 | |||||
Operating income | 23.8 | 20.5 | |||||
Other income (expense) | 15.0 | (1.2 | ) | ||||
Interest income (expense): | |||||||
Interest expense | (20.7 | ) | (21.9 | ) | |||
Interest income | 0.6 | 0.5 | |||||
(20.1 | ) | (21.4 | ) | ||||
Income (loss) before income taxes | 18.7 | (2.1 | ) | ||||
Income tax (provision) benefit | (6.3 | ) | (2.4 | ) | |||
Equity in net earnings of affiliated companies | — | 0.1 | |||||
Net income (loss) including noncontrolling interest | 12.4 | (4.4 | ) | ||||
Less: net income (loss) attributable to noncontrolling interest | — | 0.3 | |||||
Net income (loss) attributable to Company common shareholders | $ | 12.4 | $ | (4.7 | ) | ||
Earnings (loss) per share - Net income (loss) attributable to Company common shareholders per common share | |||||||
Earnings (loss) per common share-basic | $ | 0.25 | $ | (0.10 | ) | ||
Earnings (loss) per common share-assuming dilution | $ | 0.24 | $ | (0.10 | ) | ||
Dividends per common share | $ | 0.18 | $ | 0.18 | |||
Comprehensive income (loss): | |||||||
Net income (loss) | $ | 12.4 | $ | (4.4 | ) | ||
Currency translation gain (loss) | 8.6 | 31.5 | |||||
Defined benefit plan adjustments, net of tax of $0.4 million in the three months ended March 31, 2017 and $0.9 million in the three months ended April 1, 2016 | 0.8 | 1.3 | |||||
Comprehensive income (loss), net of tax | 21.8 | 28.4 | |||||
Comprehensive income (loss) attributable to noncontrolling interest, net of tax | (0.1 | ) | 0.5 | ||||
Comprehensive income (loss) attributable to Company common shareholders, net of tax | $ | 21.9 | $ | 27.9 |
March 31, 2017 | December 31, 2016 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 83.4 | $ | 101.1 | |||
Receivables, net of allowances of $22.6 million at March 31, 2017 and $20.2 million at December 31, 2016 | 673.9 | 664.5 | |||||
Inventories | 818.1 | 768.2 | |||||
Prepaid expenses and other | 82.4 | 65.4 | |||||
Total current assets | 1,657.8 | 1,599.2 | |||||
Property, plant and equipment, net | 529.0 | 529.3 | |||||
Deferred income taxes | 20.0 | 20.4 | |||||
Goodwill | 12.1 | 12.0 | |||||
Intangible assets, net | 27.1 | 28.3 | |||||
Unconsolidated affiliated companies | 0.2 | 9.0 | |||||
Other non-current assets | 47.6 | 43.4 | |||||
Total assets | $ | 2,293.8 | $ | 2,241.6 | |||
Liabilities and Total Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 424.9 | $ | 414.0 | |||
Accrued liabilities | 340.8 | 419.6 | |||||
Current portion of long-term debt | 59.6 | 67.5 | |||||
Total current liabilities | 825.3 | 901.1 | |||||
Long-term debt | 992.9 | 871.1 | |||||
Deferred income taxes | 124.0 | 126.7 | |||||
Other liabilities | 170.6 | 173.8 | |||||
Total liabilities | 2,112.8 | 2,072.7 | |||||
Commitments and contingencies (see Note 17) | |||||||
Total Equity: | |||||||
Common stock, $0.01 par value, issued and outstanding shares: | |||||||
March 31, 2017 – 49,615,292 (net of 9,194,674 treasury shares) | |||||||
December 31, 2016 – 49,390,850 (net of 9,419,116 treasury shares) | 0.6 | 0.6 | |||||
Additional paid-in capital | 705.9 | 711.0 | |||||
Treasury stock | (166.0 | ) | (169.9 | ) | |||
Retained earnings (deficit) | (98.3 | ) | (102.2 | ) | |||
Accumulated other comprehensive income (loss) | (276.9 | ) | (286.4 | ) | |||
Total Company shareholders’ equity | 165.3 | 153.1 | |||||
Noncontrolling interest | 15.7 | 15.8 | |||||
Total equity | 181.0 | 168.9 | |||||
Total liabilities and equity | $ | 2,293.8 | $ | 2,241.6 |
Three Fiscal Months Ended | |||||||
March 31, 2017 | April 1, 2016 | ||||||
Cash flows of operating activities: | |||||||
Net income (loss) including noncontrolling interest | $ | 12.4 | $ | (4.4 | ) | ||
Adjustments to reconcile net income (loss) to net cash flows of operating activities: | |||||||
Depreciation and amortization | 19.5 | 21.2 | |||||
Foreign currency exchange (gain) loss | (2.0 | ) | 0.5 | ||||
Deferred income taxes | (2.3 | ) | 3.1 | ||||
Non-cash asset impairment charges | — | 8.6 | |||||
Non-cash interest charges | 1.0 | 0.9 | |||||
(Gain) loss on disposal of subsidiaries | 3.5 | (2.0 | ) | ||||
(Gain) loss on disposal of property | 2.9 | 0.5 | |||||
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | |||||||
(Increase) decrease in receivables | (1.9 | ) | (91.0 | ) | |||
(Increase) decrease in inventories | (42.8 | ) | 3.4 | ||||
(Increase) decrease in other assets | (2.8 | ) | (2.0 | ) | |||
Increase (decrease) in accounts payable | 19.1 | 41.6 | |||||
Increase (decrease) in accrued and other liabilities | (95.4 | ) | (21.0 | ) | |||
Net cash flows of operating activities | (88.8 | ) | (40.6 | ) | |||
Cash flows of investing activities: | |||||||
Capital expenditures | (35.2 | ) | (14.3 | ) | |||
Proceeds from properties sold | 0.3 | 0.2 | |||||
Disposal of subsidiaries, net of cash disposed of | 5.3 | (0.1 | ) | ||||
Net cash flows of investing activities | (29.6 | ) | (14.2 | ) | |||
Cash flows of financing activities: | |||||||
Dividends paid to shareholders | (9.4 | ) | (8.9 | ) | |||
Proceeds from debt | 731.7 | 389.9 | |||||
Repayments of debt | (622.4 | ) | (321.9 | ) | |||
Net cash flows of financing activities | 99.9 | 59.1 | |||||
Effect of exchange rate changes on cash and cash equivalents | 0.8 | 3.6 | |||||
Increase (decrease) in cash and cash equivalents | (17.7 | ) | 7.9 | ||||
Cash and cash equivalents – beginning of period | 101.1 | 112.4 | |||||
Cash and cash equivalents – end of period | $ | 83.4 | $ | 120.3 | |||
Supplemental Information | |||||||
Cash paid during the period for: | |||||||
Income tax payments, net of refunds | $ | 2.6 | $ | 11.4 | |||
Interest paid | $ | 22.9 | $ | 24.3 | |||
Non-cash investing and financing activities: | |||||||
Capital expenditures included in accounts payable | $ | 11.1 | $ | 11.2 |
General Cable Total Equity | |||||||||||||||||||||||||||
Total Equity | Common Stock | Additional Paid in Capital | Treasury Stock | Retained Earnings (Deficit) | Accumulated Other Comprehensive Income/(Loss) | Noncontrolling Interest | |||||||||||||||||||||
Balance, December 31, 2016 | $ | 168.9 | $ | 0.6 | $ | 711.0 | $ | (169.9 | ) | $ | (102.2 | ) | $ | (286.4 | ) | $ | 15.8 | ||||||||||
Comprehensive income (loss) | 21.8 | 12.4 | 9.5 | (0.1 | ) | ||||||||||||||||||||||
Common stock dividend | (9.4 | ) | (9.4 | ) | |||||||||||||||||||||||
Stock options and RSU expense | 1.6 | 1.6 | |||||||||||||||||||||||||
Other – issuance pursuant to restricted stock, stock options and other | (1.9 | ) | (6.7 | ) | 3.9 | 0.9 | |||||||||||||||||||||
Balance, March 31, 2017 | $ | 181.0 | $ | 0.6 | $ | 705.9 | $ | (166.0 | ) | $ | (98.3 | ) | $ | (276.9 | ) | $ | 15.7 |
General Cable Total Equity | |||||||||||||||||||||||||||
Total Equity | Common Stock | Additional Paid in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Noncontrolling Interest | |||||||||||||||||||||
Balance, December 31, 2015 | $ | 242.9 | $ | 0.6 | $ | 720.5 | $ | (180.1 | ) | $ | 27.2 | $ | (340.2 | ) | $ | 14.9 | |||||||||||
Comprehensive income (loss) | 28.4 | (4.7 | ) | 32.6 | 0.5 | ||||||||||||||||||||||
Common stock dividend | (8.9 | ) | (8.9 | ) | |||||||||||||||||||||||
Excess tax benefit (deficiency) from stock based compensation | (3.0 | ) | (3.0 | ) | |||||||||||||||||||||||
Stock options and RSU expense | 3.5 | 3.5 | |||||||||||||||||||||||||
Other – issuance pursuant to restricted stock, stock options and other | (1.3 | ) | (8.8 | ) | 7.5 | ||||||||||||||||||||||
Balance, April 1, 2016 | $ | 261.6 | $ | 0.6 | $ | 712.2 | $ | (172.6 | ) | $ | 13.6 | $ | (307.6 | ) | $ | 15.4 |
2. | Accounting Standards |
Entity | Sale / Closure | Sale / Closure Date | Gross Proceeds | Pre-tax Gain / (Loss) (1) | ||||||||
Pakistan Cables Limited ("Pakistan") - 24.6% interest | Sale | First Quarter 2017 | $ | 5.3 | $ | (3.5 | ) | |||||
General Cable Energy India Private Ltd. ("India") | Sale | First Quarter 2016 | 10.8 | 1.6 | ||||||||
Phelps Dodge International Thailand ("Thailand") - 75.47% interest | Sale | Third Quarter 2015 | 88.0 | 16.1 | ||||||||
Dominion Wire and Cables ("Fiji") - 51% interest | Sale | First Quarter 2015 | 9.3 | (2.6 | ) | |||||||
Keystone Electric Wire and Cable ("Keystone") - 20% interest | Sale | First Quarter 2015 | 11.0 | 3.6 | ||||||||
Phelps Dodge International Philippines, Inc. ("PDP") - 60% interest and Phelps Dodge Philippines Energy Products Corp (“PDEP”), (together, "the Philippines") | Sale | Fourth Quarter 2014 | 67.1 | 17.6 |
(1) | The pre-tax gain / (loss) for each sale was recorded in the Selling, general and administrative ("SG&A") expenses caption of the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss); the pre-tax gain / (loss) includes the reclassification of foreign currency translation adjustments upon sale of the entity. |
Entity | Sale / Closure | Sale / Closure Date | Gross Proceeds | Pre-tax Gain / (Loss)(1) | ||||||||
General Cable Phoenix South Africa Pty. Ltd. ("South Africa - Durban") (2) | Closure | Fourth Quarter 2016 | $ | — | $ | 1.6 | ||||||
National Cables (Pty) Ltd. ("South Africa - National Cables") (2) | Closure | Fourth Quarter 2016 | — | (29.4 | ) | |||||||
Metal Fabricators of Zambia PLC ("Zambia") - 75.39% interest | Sale | Third Quarter 2016 | 9.8 | (14.4 | ) | |||||||
General Cable S.A.E. ("Egypt") (3) | Sale | Second Quarter 2016 | 5.8 | (8.4 | ) |
(1) | The pre-tax gain / (loss) for each sale was recorded in the SG&A expenses caption of the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss); the pre-tax gain / (loss) includes the reclassification of foreign currency translation adjustments upon sale of the entity. |
(2) | The gain (loss) represents foreign currency translation adjustments reclassified from accumulated other comprehensive income upon liquidation. |
(3) | Prior to the sale, the Company recorded a long-lived asset impairment charge in cost of sales of $6.0 million in the first quarter of 2016. |
North America | Europe | Latin America | Total | |||||||||
Total expected restructuring costs | $ | 75.0 | $ | 24.0 | $ | 6.0 | $ | 105.0 | ||||
Costs incurred 2016 - Cost of sales | $ | 0.4 | $ | 1.9 | $ | 0.1 | $ | 2.4 | ||||
Costs incurred 2016 - SG&A | 3.6 | 0.8 | — | 4.4 | ||||||||
Total costs incurred, April 1, 2016 | $ | 4.0 | $ | 2.7 | $ | 0.1 | $ | 6.8 | ||||
Costs incurred 2017 - Cost of sales | $ | 1.8 | $ | 0.4 | $ | 0.3 | $ | 2.5 | ||||
Costs incurred 2017 - SG&A | 10.1 | 1.2 | — | 11.3 | ||||||||
Total costs incurred, March 31, 2017 | $ | 11.9 | $ | 1.6 | $ | 0.3 | $ | 13.8 | ||||
Total aggregate costs to date | $ | 60.7 | $ | 22.0 | $ | 5.5 | $ | 88.2 | ||||
Estimated remaining costs | $ | 14.3 | $ | 2.0 | $ | 0.5 | $ | 16.8 |
Employee Separation Costs | Asset-Related Costs | Other Costs | Total | |||||||||
Total expected restructuring charges | $ | 17.0 | $ | 25.0 | $ | 63.0 | $ | 105.0 | ||||
Balance, December 31, 2016 | $ | 5.9 | $ | — | $ | 13.3 | $ | 19.2 | ||||
Net provisions | 2.5 | — | 11.3 | 13.8 | ||||||||
Net benefits charged against the assets | — | — | (0.2 | ) | (0.2 | ) | ||||||
Payments | (3.8 | ) | — | (17.7 | ) | (21.5 | ) | |||||
Foreign currency translation | — | — | 0.1 | 0.1 | ||||||||
Balance, March 31, 2017 | $ | 4.6 | $ | — | $ | 6.8 | $ | 11.4 | ||||
Total aggregate costs to date | $ | 15.2 | $ | 21.3 | $ | 51.7 | $ | 88.2 |
(in millions) | March 31, 2017 | December 31, 2016 | |||||
Raw materials | $ | 165.2 | $ | 170.7 | |||
Work in process | 131.4 | 130.3 | |||||
Finished goods | 521.5 | 467.2 | |||||
Total | $ | 818.1 | $ | 768.2 |
March 31, 2017 | December 31, 2016 | ||||||
Land | $ | 42.5 | $ | 44.7 | |||
Buildings and leasehold improvements | 217.5 | 206.5 | |||||
Machinery, equipment and office furnishings | 696.4 | 714.4 | |||||
Construction in progress | 51.8 | 53.5 | |||||
Total gross book value | 1,008.2 | 1,019.1 | |||||
Less accumulated depreciation | (479.2 | ) | (489.8 | ) | |||
Total net book value | $ | 529.0 | $ | 529.3 |
Goodwill | Indefinite-Lived Assets – Trade Names | ||||||||||||||||||||||
North America | Latin America | Total | North America | Europe | Total | ||||||||||||||||||
Balance, December 31, 2016 | $ | 8.1 | $ | 3.9 | $ | 12.0 | $ | 0.4 | $ | 0.4 | $ | 0.8 | |||||||||||
Currency translation and other adjustments | 0.1 | — | 0.1 | — | (0.1 | ) | (0.1 | ) | |||||||||||||||
Goodwill and indefinite-lived asset impairment | — | — | — | — | — | — | |||||||||||||||||
Balance, March 31, 2017 | $ | 8.2 | $ | 3.9 | $ | 12.1 | $ | 0.4 | $ | 0.3 | $ | 0.7 |
March 31, 2017 | December 31, 2016 | ||||||
Amortized intangible assets: | |||||||
Amortized intangible assets | $ | 108.9 | $ | 108.9 | |||
Accumulated amortization | (86.6 | ) | (85.0 | ) | |||
Foreign currency translation adjustment | (4.6 | ) | (5.2 | ) | |||
Amortized intangible assets, net | $ | 17.7 | $ | 18.7 |
9. | Long-Term Debt |
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
North America | ||||||||
5.75% Senior Notes due 2022 ("5.75% Senior Notes") | $ | 600.0 | $ | 600.0 | ||||
Subordinated Convertible Notes due 2029 ("Subordinated Convertible Notes") | 429.5 | 429.5 | ||||||
Debt discount | (255.0 | ) | (255.6 | ) | ||||
Debt issuance costs | (10.3 | ) | (10.6 | ) | ||||
Asset-Based Revolving Credit Facility ("Revolving Credit Facility") | 193.7 | 75.9 | ||||||
Other | 9.0 | 9.0 | ||||||
Europe | ||||||||
Revolving Credit Facility | 21.3 | — | ||||||
Other | 6.1 | 7.4 | ||||||
Latin America credit facilities | 58.2 | 82.4 | ||||||
Africa/Asia Pacific credit facilities | — | 0.6 | ||||||
Total debt | 1,052.5 | 938.6 | ||||||
Less current maturities | 59.6 | 67.5 | ||||||
Long-term debt | $ | 992.9 | $ | 871.1 |
5.75% Senior Notes | ||||||||
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Face Value | $ | 600.0 | $ | 600.0 | ||||
Debt issuance costs | (6.7 | ) | (7.0 | ) | ||||
Book value | 593.3 | 593.0 | ||||||
Fair Value (Level 1) | 588.7 | 579.0 | ||||||
Interest Rate | 5.75 | % | 5.75 | % | ||||
Interest Payment | Semi-Annual: Apr 1 & Oct 1 | |||||||
Maturity Date | October 2022 | |||||||
Guarantee | Jointly and severally guaranteed by the Company's wholly owned U.S. subsidiaries |
5.75% Senior Notes | ||
Beginning Date | Percentage | |
Call Option (1) | October 1, 2017 | 102.875% |
October 1, 2018 | 101.917% | |
October 1, 2019 | 100.958% | |
October 1, 2020 and thereafter | 100.000% |
(1) | The Company may, at its option, redeem the 5.75% Senior Notes on or after the stated beginning dates at percentages noted above (plus accrued and unpaid interest). Additionally, on or prior to October 1, 2015, the Company had the right to redeem in the aggregate up to 35% of the aggregate principal amount of 5.75% Senior Notes issued with the cash proceeds from one or more equity offerings, at a redemption price in cash equal to 105.75% of the principal plus accrued and unpaid interest so long as (i) at least 65% of the aggregate principal amount of the 5.75% Senior Notes issued remained outstanding immediately |
Subordinated Convertible Notes | ||||||||
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Face value | $ | 429.5 | $ | 429.5 | ||||
Debt discount | (255.0 | ) | (255.6 | ) | ||||
Debt issuance costs | (3.6 | ) | (3.6 | ) | ||||
Book value | 170.9 | 170.3 | ||||||
Fair value (Level 1) | 335.1 | 343.8 | ||||||
Maturity date | Nov 2029 | |||||||
Stated annual interest rate | 4.50% until Nov 2019 2.25% until Nov 2029 | |||||||
Interest payments | Semi-annually: May 15 & Nov 15 |
Revolving Credit Facility | ||||||||
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Outstanding borrowings | $ | 215.0 | $ | 75.9 | ||||
Total credit under facility | 700.0 | 700.0 | ||||||
Undrawn availability(1) | 316.7 | 399.0 | ||||||
Interest rate | 2.9 | % | 2.5 | % | ||||
Outstanding letters of credit | $ | 20.7 | $ | 21.7 | ||||
Original issuance | July 2011 | |||||||
Maturity date | Sept 2018 |
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Outstanding borrowings | $ | 58.2 | $ | 82.4 | ||||
Undrawn availability | 29.5 | 38.2 | ||||||
Interest rate – weighted average | 8.9 | % | 11.0 | % | ||||
Maturity date | Various |
10. | Financial Instruments |
March 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||||||
Asset (1) | Liability (2) | Asset (1) | Liability (2) | ||||||||||||||||||||
Derivatives not designated as cash flow hedges: | |||||||||||||||||||||||
Commodity futures | $ | 136.8 | $ | 19.6 | $ | 0.2 | $ | 142.5 | $ | 9.2 | $ | 1.8 | |||||||||||
Foreign currency exchange | 64.6 | — | 1.3 | 30.7 | 0.1 | 1.1 | |||||||||||||||||
$ | 19.6 | $ | 1.5 | $ | 9.3 | $ | 2.9 |
(1) | Balance recorded in “Prepaid expenses and other” and “Other non-current assets” |
(2) | Balance recorded in “Accrued liabilities” and “Other liabilities” |
11. | Income Taxes |
12. | Employee Benefit Plans |
Three Fiscal Months Ended | |||||||||||||||
March 31, 2017 | April 1, 2016 | ||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | ||||||||||||
Service cost | $ | 0.2 | $ | 0.9 | $ | 0.3 | $ | 1.0 | |||||||
Interest cost | 1.1 | 0.7 | 1.8 | 0.8 | |||||||||||
Expected return on plan assets | (2.0 | ) | (0.7 | ) | (2.4 | ) | (0.6 | ) | |||||||
Amortization of prior service cost | — | 0.2 | — | 0.2 | |||||||||||
Amortization of net loss | 0.6 | 0.4 | 1.7 | 0.3 | |||||||||||
Net pension expense | $ | (0.1 | ) | $ | 1.5 | $ | 1.4 | $ | 1.7 |
13. | Accumulated Other Comprehensive Income (Loss) |
March 31, 2017 | December 31, 2016 | ||||||||||||||
Company Common Shareholders | Noncontrolling Interest | Company Common Shareholders | Noncontrolling Interest | ||||||||||||
Foreign currency translation adjustment | $ | (219.5 | ) | $ | (13.1 | ) | $ | (228.2 | ) | $ | (13.0 | ) | |||
Pension adjustments, net of tax | (57.4 | ) | (1.3 | ) | (58.2 | ) | (1.3 | ) | |||||||
Accumulated other comprehensive income (loss) | $ | (276.9 | ) | $ | (14.4 | ) | $ | (286.4 | ) | $ | (14.3 | ) |
Foreign currency translation | Change of fair value of pension benefit obligation | Total | |||||||||
Balance, December 31, 2016 | $ | (228.2 | ) | $ | (58.2 | ) | $ | (286.4 | ) | ||
Other comprehensive income (loss) before reclassifications | 8.7 | — | 8.7 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 0.8 | 0.8 | ||||||||
Net current - period other comprehensive income (loss) | 8.7 | 0.8 | 9.5 | ||||||||
Balance, March 31, 2017 | $ | (219.5 | ) | $ | (57.4 | ) | $ | (276.9 | ) |
Foreign currency translation | Change of fair value of pension benefit obligation | Total | |||||||||
Balance, December 31, 2015 | $ | (275.6 | ) | $ | (64.6 | ) | $ | (340.2 | ) | ||
Other comprehensive income (loss) before reclassifications | 20.8 | — | 20.8 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 10.5 | 1.3 | 11.8 | ||||||||
Net current - period other comprehensive income (loss) | 31.3 | 1.3 | 32.6 | ||||||||
Balance, April 1, 2016 | $ | (244.3 | ) | $ | (63.3 | ) | $ | (307.6 | ) |
Three Fiscal Months Ended | Three Fiscal Months Ended | |||||||
March 31, 2017 | April 1, 2016 | |||||||
Amount reclassified from accumulated other comprehensive income (loss) | Amount reclassified from accumulated other comprehensive income (loss) | Affected line item in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | ||||||
Foreign currency translation | ||||||||
Sale of subsidiaries | $ | — | $ | 10.5 | SG&A | |||
Amortization of defined pension items, net of tax: | ||||||||
Prior service cost | $ | 0.1 | $ | 0.1 | Cost of Sales | |||
Net loss | 0.7 | 1.2 | Cost of Sales | |||||
Total - Pension Items | $ | 0.8 | $ | 1.3 | ||||
Total | $ | 0.8 | $ | 11.8 |
15. | Earnings (Loss) Per Common Share |
Three Fiscal Months Ended | |||||||
March 31, 2017 | April 1, 2016 | ||||||
Amounts attributable to the Company – basic and diluted: | |||||||
Net income (loss) attributable to Company common shareholders | $ | 12.4 | $ | (4.7 | ) | ||
Net income (loss) for EPS computations (1) | 12.4 | (4.7 | ) | ||||
Weighted average shares outstanding for basic EPS computation (2) | 49.8 | 49.1 | |||||
Earnings (loss) per common share attributable to Company common shareholders – basic (3) | $ | 0.25 | $ | (0.10 | ) | ||
Weighted average shares outstanding including nonvested shares | 49.8 | 49.1 | |||||
Dilutive effect of stock options and restricted stock units | 1.8 | — | |||||
Weighted average shares outstanding for diluted EPS computation (2) | 51.6 | 49.1 | |||||
Earnings (loss) per common share attributable to Company common shareholders – assuming dilution | $ | 0.24 | $ | (0.10 | ) |
(1) | Numerator |
(2) | Denominator |
(3) | Under the two-class method, earnings (loss) per share – basic reflects undistributed earnings per share for both common stock and unvested share-based payment awards (restricted stock). |
Share Price | Shares Underlying Subordinated Convertible Notes | Total Treasury Method Incremental Shares (1) | |||
$36.75 | — | — | |||
$38.75 | 603,152 | 603,152 | |||
$40.75 | 1,147,099 | 1,147,099 | |||
$42.75 | 1,640,151 | 1,640,151 | |||
$44.75 | 2,089,131 | 2,089,131 |
(1) | Represents the number of incremental shares that must be included in the calculation of fully diluted shares under GAAP. |
16. | Segment Information |
Three Fiscal Months Ended | |||||||
(in millions) | March 31, 2017 | April 1, 2016 | |||||
Net Sales: | |||||||
North America | $ | 543.0 | $ | 538.2 | |||
Europe | 181.0 | 221.9 | |||||
Latin America | 157.9 | 155.0 | |||||
Africa/Asia Pacific | 36.3 | 87.6 | |||||
Total | $ | 918.2 | $ | 1,002.7 | |||
Segment Operating Income (Loss): | |||||||
North America | $ | 25.8 | $ | 17.7 | |||
Europe | (3.6 | ) | 7.7 | ||||
Latin America | 4.6 | (3.7 | ) | ||||
Africa/Asia Pacific | (3.0 | ) | (1.2 | ) | |||
Total | $ | 23.8 | $ | 20.5 |
(in millions) | March 31, 2017 | December 31, 2016 | |||||
Total Assets: | |||||||
North America | $ | 1,015.8 | $ | 950.2 | |||
Europe | 639.7 | 624.1 | |||||
Latin America | 472.0 | 466.4 | |||||
Africa/Asia Pacific | 166.3 | 200.9 | |||||
Total | $ | 2,293.8 | $ | 2,241.6 |
17. | Commitments and Contingencies |
18. | Unconsolidated Affiliated Companies |
Fair Value Measurement | |||||||||||||||||||||||||||||||
March 31, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative assets | $ | — | $ | 19.6 | $ | — | $ | 19.6 | $ | — | $ | 9.3 | $ | — | $ | 9.3 | |||||||||||||||
Equity securities (1) | 9.3 | — | — | 9.3 | 9.8 | — | — | 9.8 | |||||||||||||||||||||||
Total assets | $ | 9.3 | $ | 19.6 | $ | — | $ | 28.9 | $ | 9.8 | $ | 9.3 | $ | — | $ | 19.1 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative liabilities | $ | — | $ | 1.5 | $ | — | $ | 1.5 | $ | — | $ | 2.9 | $ | — | $ | 2.9 | |||||||||||||||
Total liabilities | $ | — | $ | 1.5 | $ | — | $ | 1.5 | $ | — | $ | 2.9 | $ | — | $ | 2.9 |
20. | Supplemental Guarantor Condensed Financial Information |
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales: | |||||||||||||||||||
Customers | $ | — | $ | 466.9 | $ | 451.3 | $ | — | $ | 918.2 | |||||||||
Intercompany | 18.2 | 48.6 | 50.7 | (117.5 | ) | — | |||||||||||||
18.2 | 515.5 | 502.0 | (117.5 | ) | 918.2 | ||||||||||||||
Cost of sales | — | 444.0 | 454.9 | (99.3 | ) | 799.6 | |||||||||||||
Gross profit | 18.2 | 71.5 | 47.1 | (18.2 | ) | 118.6 | |||||||||||||
Selling, general and administrative expenses | 8.0 | 63.8 | 41.2 | (18.2 | ) | 94.8 | |||||||||||||
Operating income (loss) | 10.2 | 7.7 | 5.9 | — | 23.8 | ||||||||||||||
Other income (expense) | — | 2.8 | 12.2 | — | 15.0 | ||||||||||||||
Interest income (expense): | |||||||||||||||||||
Interest expense | (14.3 | ) | (15.0 | ) | (5.9 | ) | 14.5 | (20.7 | ) | ||||||||||
Interest income | 13.2 | 1.3 | 0.6 | (14.5 | ) | 0.6 | |||||||||||||
(1.1 | ) | (13.7 | ) | (5.3 | ) | — | (20.1 | ) | |||||||||||
Income (loss) before income taxes | 9.1 | (3.2 | ) | 12.8 | — | 18.7 | |||||||||||||
Income tax (provision) benefit | (4.4 | ) | 3.8 | (5.7 | ) | — | (6.3 | ) | |||||||||||
Equity in net earnings of affiliated companies and subsidiaries | 7.7 | 7.1 | — | (14.8 | ) | — | |||||||||||||
Net income (loss) including noncontrolling interest | 12.4 | 7.7 | 7.1 | (14.8 | ) | 12.4 | |||||||||||||
Less: net income (loss) attributable to noncontrolling interest | — | — | — | — | — | ||||||||||||||
Net income (loss) attributable to Company common shareholders | $ | 12.4 | $ | 7.7 | $ | 7.1 | $ | (14.8 | ) | $ | 12.4 | ||||||||
Comprehensive income (loss): | |||||||||||||||||||
Net income (loss) | $ | 12.4 | $ | 7.7 | $ | 7.1 | $ | (14.8 | ) | $ | 12.4 | ||||||||
Currency translation gain (loss) | 8.7 | 8.7 | 8.0 | (16.8 | ) | 8.6 | |||||||||||||
Defined benefit plan adjustments, net of tax | 0.8 | 0.8 | 0.4 | (1.2 | ) | 0.8 | |||||||||||||
Comprehensive income (loss), net of tax | 21.9 | 17.2 | 15.5 | (32.8 | ) | 21.8 | |||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest, net of tax | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||
Comprehensive income (loss) attributable to Company common shareholders, net of tax | $ | 21.9 | $ | 17.2 | $ | 15.6 | $ | (32.8 | ) | $ | 21.9 |
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales: | |||||||||||||||||||
Customers | $ | — | $ | 447.2 | $ | 555.5 | $ | — | $ | 1,002.7 | |||||||||
Intercompany | 17.1 | 67.0 | 42.8 | (126.9 | ) | — | |||||||||||||
17.1 | 514.2 | 598.3 | (126.9 | ) | 1,002.7 | ||||||||||||||
Cost of sales | — | 453.9 | 547.7 | (109.8 | ) | 891.8 | |||||||||||||
Gross profit | 17.1 | 60.3 | 50.6 | (17.1 | ) | 110.9 | |||||||||||||
Selling, general and administrative expenses | 18.7 | 44.9 | 42.0 | (17.1 | ) | 88.5 | |||||||||||||
Goodwill impairment charges | — | — | 1.6 | — | 1.6 | ||||||||||||||
Intangible asset impairment charges | — | 0.3 | — | — | 0.3 | ||||||||||||||
Operating income (loss) | (1.6 | ) | 15.1 | 7.0 | — | 20.5 | |||||||||||||
Other income (expense) | — | 0.2 | (1.4 | ) | — | (1.2 | ) | ||||||||||||
Interest income (expense): | |||||||||||||||||||
Interest expense | (14.3 | ) | (16.2 | ) | (6.3 | ) | 14.9 | (21.9 | ) | ||||||||||
Interest income | 13.8 | 1.2 | 0.4 | (14.9 | ) | 0.5 | |||||||||||||
(0.5 | ) | (15.0 | ) | (5.9 | ) | — | (21.4 | ) | |||||||||||
Income (loss) before income taxes | (2.1 | ) | 0.3 | (0.3 | ) | — | (2.1 | ) | |||||||||||
Income tax (provision) benefit | 0.1 | (0.4 | ) | (2.1 | ) | — | (2.4 | ) | |||||||||||
Equity in net earnings of affiliated companies and subsidiaries | (2.7 | ) | (2.6 | ) | — | 5.4 | 0.1 | ||||||||||||
Net income (loss) including noncontrolling interest | (4.7 | ) | (2.7 | ) | (2.4 | ) | 5.4 | (4.4 | ) | ||||||||||
Less: net income (loss) attributable to noncontrolling interest | — | — | 0.3 | — | 0.3 | ||||||||||||||
Net income (loss) attributable to Company common shareholders | $ | (4.7 | ) | $ | (2.7 | ) | $ | (2.7 | ) | $ | 5.4 | $ | (4.7 | ) | |||||
Comprehensive income (loss): | |||||||||||||||||||
Net income (loss) | $ | (4.7 | ) | $ | (2.7 | ) | $ | (2.4 | ) | $ | 5.4 | $ | (4.4 | ) | |||||
Currency translation gain (loss) | 31.3 | 31.3 | 26.8 | (57.9 | ) | 31.5 | |||||||||||||
Defined benefit plan adjustments, net of tax | 1.3 | 1.3 | 0.3 | (1.6 | ) | 1.3 | |||||||||||||
Comprehensive income (loss), net of tax | 27.9 | 29.9 | 24.7 | (54.1 | ) | 28.4 | |||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest, net of tax | — | — | 0.5 | — | 0.5 | ||||||||||||||
Comprehensive income (loss) attributable to Company common shareholders, net of tax | $ | 27.9 | $ | 29.9 | $ | 24.2 | $ | (54.1 | ) | $ | 27.9 |
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 2.7 | $ | 80.7 | $ | — | $ | 83.4 | |||||||||
Receivables, net of allowances | — | 219.0 | 454.9 | — | 673.9 | ||||||||||||||
Inventories | — | 406.7 | 411.4 | — | 818.1 | ||||||||||||||
Prepaid expenses and other | — | 30.1 | 52.3 | — | 82.4 | ||||||||||||||
Total current assets | — | 658.5 | 999.3 | — | 1,657.8 | ||||||||||||||
Property, plant and equipment, net | 0.3 | 210.4 | 318.3 | — | 529.0 | ||||||||||||||
Deferred income taxes | — | 46.8 | 20.0 | (46.8 | ) | 20.0 | |||||||||||||
Intercompany accounts | 1,055.9 | 112.4 | 78.4 | (1,246.7 | ) | — | |||||||||||||
Investment in subsidiaries | 90.4 | 633.7 | — | (724.1 | ) | — | |||||||||||||
Goodwill | — | 5.6 | 6.5 | — | 12.1 | ||||||||||||||
Intangible assets, net | — | 6.0 | 21.1 | — | 27.1 | ||||||||||||||
Unconsolidated affiliated companies | — | — | 0.2 | — | 0.2 | ||||||||||||||
Other non-current assets | — | 14.7 | 32.9 | — | 47.6 | ||||||||||||||
Total assets | $ | 1,146.6 | $ | 1,688.1 | $ | 1,476.7 | $ | (2,017.6 | ) | $ | 2,293.8 | ||||||||
Liabilities and Total Equity | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | — | $ | 136.2 | $ | 288.7 | $ | — | $ | 424.9 | |||||||||
Accrued liabilities | 55.8 | 71.6 | 213.4 | — | 340.8 | ||||||||||||||
Current portion of long-term debt | — | — | 59.6 | — | 59.6 | ||||||||||||||
Total current liabilities | 55.8 | 207.8 | 561.7 | — | 825.3 | ||||||||||||||
Long-term debt | 773.2 | 193.7 | 26.0 | — | 992.9 | ||||||||||||||
Deferred income taxes | 152.2 | — | 18.6 | (46.8 | ) | 124.0 | |||||||||||||
Intercompany accounts | — | 1,133.6 | 113.1 | (1,246.7 | ) | — | |||||||||||||
Other liabilities | 0.1 | 62.6 | 107.9 | — | 170.6 | ||||||||||||||
Total liabilities | 981.3 | 1,597.7 | 827.3 | (1,293.5 | ) | 2,112.8 | |||||||||||||
Total Company shareholders’ equity | 165.3 | 90.4 | 633.7 | (724.1 | ) | 165.3 | |||||||||||||
Noncontrolling interest | — | — | 15.7 | — | 15.7 | ||||||||||||||
Total liabilities and equity | $ | 1,146.6 | $ | 1,688.1 | $ | 1,476.7 | $ | (2,017.6 | ) | $ | 2,293.8 |
Parent | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1.0 | $ | 100.1 | $ | — | $ | 101.1 | |||||||||
Receivables, net of allowances | — | 202.9 | 461.6 | — | 664.5 | ||||||||||||||
Inventories | — | 363.4 | 404.8 | — | 768.2 | ||||||||||||||
Prepaid expenses and other | — | 26.2 | 39.2 | — | 65.4 | ||||||||||||||
Total current assets | — | 593.5 | 1,005.7 | — | 1,599.2 | ||||||||||||||
Property, plant and equipment, net | 0.3 | 202.8 | 326.2 | — | 529.3 | ||||||||||||||
Deferred income taxes | — | 42.9 | 20.4 | (42.9 | ) | 20.4 | |||||||||||||
Intercompany accounts | 1,092.4 | 104.7 | 69.4 | (1,266.5 | ) | — | |||||||||||||
Investment in subsidiaries | 73.2 | 612.7 | — | (685.9 | ) | — | |||||||||||||
Goodwill | — | 5.6 | 6.4 | — | 12.0 | ||||||||||||||
Intangible assets, net | — | 6.0 | 22.3 | — | 28.3 | ||||||||||||||
Unconsolidated affiliated companies | — | 8.8 | 0.2 | — | 9.0 | ||||||||||||||
Other non-current assets | — | 15.5 | 27.9 | — | 43.4 | ||||||||||||||
Total assets | $ | 1,165.9 | $ | 1,592.5 | $ | 1,478.5 | $ | (1,995.3 | ) | $ | 2,241.6 | ||||||||
Liabilities and Total Equity | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | — | $ | 112.4 | $ | 301.6 | $ | — | $ | 414.0 | |||||||||
Accrued liabilities | 93.4 | 105.0 | 221.2 | — | 419.6 | ||||||||||||||
Current portion of long-term debt | — | — | 67.5 | — | 67.5 | ||||||||||||||
Total current liabilities | 93.4 | 217.4 | 590.3 | — | 901.1 | ||||||||||||||
Long-term debt | 772.3 | 75.9 | 22.9 | — | 871.1 | ||||||||||||||
Deferred income taxes | 147.1 | — | 22.5 | (42.9 | ) | 126.7 | |||||||||||||
Intercompany accounts | — | 1,161.1 | 105.4 | (1,266.5 | ) | — | |||||||||||||
Other liabilities | — | 64.9 | 108.9 | — | 173.8 | ||||||||||||||
Total liabilities | 1,012.8 | 1,519.3 | 850.0 | (1,309.4 | ) | 2,072.7 | |||||||||||||
Total Company shareholders’ equity | 153.1 | 73.2 | 612.7 | (685.9 | ) | 153.1 | |||||||||||||
Noncontrolling interest | — | — | 15.8 | — | 15.8 | ||||||||||||||
Total liabilities and equity | $ | 1,165.9 | $ | 1,592.5 | $ | 1,478.5 | $ | (1,995.3 | ) | $ | 2,241.6 |
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net cash flows of operating activities | $ | (26.1 | ) | $ | (61.6 | ) | $ | (1.1 | ) | $ | — | $ | (88.8 | ) | |||||
Cash flows of investing activities: | |||||||||||||||||||
Capital expenditures | — | (20.8 | ) | (14.4 | ) | — | (35.2 | ) | |||||||||||
Proceeds from properties sold | — | 0.1 | 0.2 | — | 0.3 | ||||||||||||||
Disposal of subsidiaries, net of cash disposed of | — | 5.3 | — | — | 5.3 | ||||||||||||||
Other | — | 0.2 | (0.2 | ) | — | — | |||||||||||||
Net cash flows of investing activities | — | (15.2 | ) | (14.4 | ) | — | (29.6 | ) | |||||||||||
Cash flows of financing activities: | |||||||||||||||||||
Dividends paid to shareholders | (9.4 | ) | — | — | — | (9.4 | ) | ||||||||||||
Intercompany accounts | 35.5 | (39.9 | ) | 4.4 | — | — | |||||||||||||
Proceeds from debt | — | 645.3 | 86.4 | — | 731.7 | ||||||||||||||
Repayments of debt | — | (527.5 | ) | (94.9 | ) | — | (622.4 | ) | |||||||||||
Net cash flows of financing activities | 26.1 | 77.9 | (4.1 | ) | — | 99.9 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 0.6 | 0.2 | — | 0.8 | ||||||||||||||
Increase (decrease) in cash and cash equivalents | — | 1.7 | (19.4 | ) | — | (17.7 | ) | ||||||||||||
Cash and cash equivalents – beginning of period | — | 1.0 | 100.1 | — | 101.1 | ||||||||||||||
Cash and cash equivalents – end of period | $ | — | $ | 2.7 | $ | 80.7 | $ | — | $ | 83.4 |
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net cash flows of operating activities | $ | (5.0 | ) | $ | 2.6 | $ | (38.2 | ) | $ | — | $ | (40.6 | ) | ||||||
Cash flows of investing activities: | |||||||||||||||||||
Capital expenditures | — | (6.6 | ) | (7.7 | ) | — | (14.3 | ) | |||||||||||
Proceeds from properties sold | — | 0.1 | 0.1 | — | 0.2 | ||||||||||||||
Disposal of subsidiaries, net of cash disposed of | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||
Other | — | (1.3 | ) | 1.3 | — | — | |||||||||||||
Net cash flows of investing activities | — | (7.8 | ) | (6.4 | ) | — | (14.2 | ) | |||||||||||
Cash flows of financing activities: | |||||||||||||||||||
Dividends paid to shareholders | (8.9 | ) | — | — | — | (8.9 | ) | ||||||||||||
Intercompany accounts | 13.9 | (16.3 | ) | 2.4 | — | — | |||||||||||||
Proceeds from debt | — | 259.4 | 130.5 | — | 389.9 | ||||||||||||||
Repayments of debt | — | (241.0 | ) | (80.9 | ) | — | (321.9 | ) | |||||||||||
Net cash flows of financing activities | 5.0 | 2.1 | 52.0 | — | 59.1 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 4.8 | (1.2 | ) | — | 3.6 | |||||||||||||
Increase (decrease) in cash and cash equivalents | — | 1.7 | 6.2 | — | 7.9 | ||||||||||||||
Cash and cash equivalents - beginning of period | — | 0.8 | 111.6 | — | 112.4 | ||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | 2.5 | $ | 117.8 | $ | — | $ | 120.3 |
(in millions) | March 31, 2017 | December 31, 2016 | |||||
Beginning Balance | $ | 1,092.4 | $ | 1,114.5 | |||
Non-cash transactions | |||||||
Deferred tax | — | (27.6 | ) | ||||
Equity based awards | (0.8 | ) | 5.2 | ||||
Foreign currency and other | (0.2 | ) | 28.4 | ||||
Cash transactions | (35.5 | ) | (28.1 | ) | |||
Ending Balance | $ | 1,055.9 | $ | 1,092.4 |
(in millions) | March 31, 2017 | December 31, 2016 | |||||
5.75% Senior Notes due 2022 | $ | 600.0 | $ | 600.0 | |||
Subordinated Convertible Notes due 2029 | 429.5 | 429.5 | |||||
Debt discount | (255.0 | ) | (255.6 | ) | |||
Debt issuance costs | (10.3 | ) | (10.6 | ) | |||
Other | 9.0 | 9.0 | |||||
Total Parent Company debt | 773.2 | 772.3 | |||||
Less current maturities | — | — | |||||
Parent Company Long-term debt | $ | 773.2 | $ | 772.3 |
(in millions) | Q1 2018 | Q1 2019 | Q1 2020 | Q1 2021 | Q1 2022 | ||||||||||||||
Debt maturities twelve month period ending | $ | — | $ | — | $ | — | $ | — | $ | — |
• | Executing the implementation of the Company's strategy to deliver increased operating income margins and returns from the Company's core strategic operations in North America, Europe and Latin America by leveraging economies of scale and capitalizing on the Company's leading positions across key markets where the Company has built long-standing customer relationships, efficient supply chains and a wide range of product offerings; |
• | Simplifying the geographic portfolio and reducing operational complexity by continuing the Company's strategy to exit operations in Africa and Asia Pacific; |
• | Aligning organization structure to capitalize on the Company's leading market positions to benefit from key end markets, such as electric utility, industrial and communications; |
• | Strengthening and expanding customer relationships by providing high quality product lines and customer service; |
• | Continuing to increase cash flow through operational excellence by leveraging the Company's operating systems, logistical expertise, Lean Six Sigma manufacturing tools and techniques to improve the Company's cost position to increase margins and delivering improved returns through restructuring initiatives; |
• | Managing the Company's product portfolio by pursuing market share in faster growing and value added product lines; |
• | Enhancing organization capabilities by leveraging the Company's diversity and intellectual property through the sharing of best practices across the organization; and |
• | Cultivating a high performance culture with focus on operational execution, compliance, sustainability, safety, and innovation. |
Entity | Sale / Closure | Sale / Closure Date | Gross Proceeds | Pre-tax Gain / (Loss) | ||||||||
Pakistan | Sale | First Quarter 2017 | $ | 5.3 | $ | (3.5 | ) | |||||
South Africa - Durban(1) | Closure | Fourth Quarter 2016 | — | 1.6 | ||||||||
South Africa - National Cables(1) | Closure | Fourth Quarter 2016 | — | (29.4 | ) | |||||||
Zambia | Sale | Third Quarter 2016 | 9.8 | (14.4 | ) | |||||||
Egypt (2) | Sale | Second Quarter 2016 | 5.8 | (8.4 | ) | |||||||
India | Sale | First Quarter 2016 | 10.8 | 1.6 | ||||||||
Thailand | Sale | Third Quarter 2015 | 88.0 | 16.1 | ||||||||
Fiji | Sale | First Quarter 2015 | 9.3 | (2.6 | ) | |||||||
Keystone | Sale | First Quarter 2015 | 11.0 | 3.6 | ||||||||
The Philippines | Sale | Fourth Quarter 2014 | 67.1 | 17.6 |
(1) | The gain (loss) represents foreign currency translation adjustments reclassified from accumulated other comprehensive income upon liquidation. |
(2) | Prior to the sale, the Company recorded a long-lived asset impairment charge of $6.0 million in the first quarter of 2016. |
North America | Europe | Latin America | Total | |||||||||
Total expected restructuring costs | $ | 75.0 | $ | 24.0 | $ | 6.0 | $ | 105.0 | ||||
Total costs incurred in the year ended December 31, 2015 | $ | 0.1 | $ | 6.7 | $ | 1.8 | $ | 8.6 | ||||
Total costs incurred in the year ended December 31, 2016 | 48.7 | 13.7 | 3.4 | 65.8 | ||||||||
Total costs incurred in the quarter ended March 31, 2017 | 11.9 | 1.6 | 0.3 | 13.8 | ||||||||
Total aggregate costs to date | $ | 60.7 | $ | 22.0 | $ | 5.5 | $ | 88.2 | ||||
Estimated remaining costs | $ | 14.3 | $ | 2.0 | $ | 0.5 | $ | 16.8 |
• | Global demand and pricing are uneven as a result of macroeconomic factors, and therefore, continue to hamper growth in key end markets; |
• | Currency volatility and continued political uncertainty in certain markets; |
• | Volatility in the price of copper and aluminum; |
• | Competitive price pressures in certain markets; |
• | New commodity deposits are more difficult to find, harder and more expensive to extract, and lower in quantities; |
• | End market demand in Latin America continues to be hampered by inconsistent construction spending and electrical infrastructure investment; |
• | Recovery is slow in Europe and demand continues to be uneven for a broad spectrum of products in Europe; |
• | The U.S. market has remained relatively stable compared to the uneven and challenging operating environments of the emerging economies; |
• | New communications networks are an enabling technology, which require communication infrastructure investment; |
• | Climate change concerns are resulting in increased regulatory energy mandates, emphasizing renewable sources of energy; |
• | Project timing continues to be volatile resulting in a lag in demand in all segments; and |
• | Countries are seeking greater energy independence for political and economic reasons. |
Three Fiscal Months Ended | |||||||||||||
March 31, 2017 | April 1, 2016 | ||||||||||||
Amount | % | Amount | % | ||||||||||
Net sales | $ | 918.2 | 100.0 | % | $ | 1,002.7 | 100.0 | % | |||||
Cost of sales | 799.6 | 87.1 | % | 891.8 | 88.9 | % | |||||||
Gross profit | 118.6 | 12.9 | % | 110.9 | 11.1 | % | |||||||
Selling, general and administrative expenses | 94.8 | 10.3 | % | 88.5 | 8.8 | % | |||||||
Goodwill impairment charges | — | — | % | 1.6 | 0.2 | % | |||||||
Intangible asset impairment charges | — | — | % | 0.3 | — | % | |||||||
Operating income (loss) | 23.8 | 2.6 | % | 20.5 | 2.0 | % | |||||||
Other income (expense) | 15.0 | 1.6 | % | (1.2 | ) | (0.1 | )% | ||||||
Interest expense, net | (20.1 | ) | (2.2 | )% | (21.4 | ) | (2.1 | )% | |||||
Income (loss) before income taxes | 18.7 | 2.0 | % | (2.1 | ) | (0.2 | )% | ||||||
Income tax (provision) benefit | (6.3 | ) | (0.7 | )% | (2.4 | ) | (0.2 | )% | |||||
Equity in net earnings of affiliated companies | — | — | % | 0.1 | — | % | |||||||
Net income (loss) including noncontrolling interest | 12.4 | 1.4 | % | (4.4 | ) | (0.4 | )% | ||||||
Less: net income (loss) attributable to noncontrolling interest | — | — | % | 0.3 | — | % | |||||||
Net income (loss) attributable to Company common shareholders | $ | 12.4 | 1.4 | % | $ | (4.7 | ) | (0.5 | )% |
Net Sales Three Fiscal Months Ended | |||||||||||||
March 31, 2017 | April 1, 2016 | ||||||||||||
Amount | % | Amount | % | ||||||||||
North America | $ | 543.0 | 59 | % | $ | 538.2 | 54 | % | |||||
Europe | 181.0 | 20 | % | 221.9 | 22 | % | |||||||
Latin America | 157.9 | 17 | % | 155.0 | 15 | % | |||||||
Africa/Asia Pacific | 36.3 | 4 | % | 87.6 | 9 | % | |||||||
Total net sales | $ | 918.2 | 100 | % | $ | 1,002.7 | 100 | % |
Metal-Adjusted Net Sales Three Fiscal Months Ended | |||||||||||||
March 31, 2017 | April 1, 2016 | ||||||||||||
Amount | % | Amount | % | ||||||||||
North America | $ | 543.0 | 59 | % | $ | 584.2 | 53 | % | |||||
Europe | 181.0 | 20 | % | 235.5 | 22 | % | |||||||
Latin America | 157.9 | 17 | % | 175.9 | 16 | % | |||||||
Africa/Asia Pacific | 36.3 | 4 | % | 98.2 | 9 | % | |||||||
Total metal-adjusted net sales | $ | 918.2 | 100 | % | $ | 1,093.8 | 100 | % | |||||
Metal adjustment | — | (91.1 | ) | ||||||||||
Total net sales | $ | 918.2 | $ | 1,002.7 |
Metal Pounds Sold Three Fiscal Months Ended | |||||||||||
March 31, 2017 | April 1, 2016 | ||||||||||
Pounds | % | Pounds | % | ||||||||
North America | 141.7 | 58 | % | 142.0 | 54 | % | |||||
Europe | 36.8 | 15 | % | 38.2 | 15 | % | |||||
Latin America | 56.3 | 23 | % | 55.1 | 21 | % | |||||
Africa/Asia Pacific | 9.0 | 4 | % | 25.5 | 10 | % | |||||
Total metal pounds sold | 243.8 | 100 | % | 260.8 | 100 | % |
• | The sale or exit of operations as part of the restructuring and divestiture programs of $60.4 million |
• | Unfavorable product mix of $108.6 million |
• | Lower volume of $10.1 million |
• | These trends were partially offset by higher copper and aluminum prices of $91.1 million |
• | Higher copper and aluminum prices of $46.0 million |
• | Partially offset by net sales of $26.5 million attributable to the automotive ignition wire business that was sold in 2016 and unfavorable product mix of $17.5 million |
• | Unfavorable product mix and foreign currency exchange rate changes of $44.1 million and $7.9 million, respectively |
• | These trends were partially offset by higher copper and aluminum prices of $13.6 million |
• | Higher copper and aluminum prices of $20.9 million |
• | Favorable foreign currency exchange rate changes of $8.0 million |
• | These trends were partially offset by unfavorable product mix of $28.2 million |
• | Net sales of $33.9 million attributable to businesses that were sold or liquidated as part of the divestiture program in 2016 |
• | Unfavorable product mix of $18.8 million |
• | Lower volume of $9.3 million |
• | These trends were partially offset by higher copper and aluminum prices of $10.6 million |
• | In the three months ended March 31, 2017, the Company recorded restructuring expenses of $11.3 million and a loss on the sale of Pakistan of $3.5 million |
• | In the three months ended April 1, 2016, the Company recorded restructuring expenses of $5.1 million |
Operating Income (Loss) | |||||||||||||
Three Fiscal Months Ended | |||||||||||||
March 31, 2017 | April 1, 2016 | ||||||||||||
Amount | % | Amount | % | ||||||||||
North America | $ | 25.8 | 109 | % | $ | 17.7 | 86 | % | |||||
Europe | (3.6 | ) | (15 | )% | 7.7 | 38 | % | ||||||
Latin America | 4.6 | 19 | % | (3.7 | ) | (18 | )% | ||||||
Africa/Asia Pacific | (3.0 | ) | (13 | )% | (1.2 | ) | (6 | )% | |||||
Total operating income (loss) | $ | 23.8 | 100 | % | $ | 20.5 | 100 | % |
Period | Total number of shares purchased (1), (2) | Average price paid per share | |||
January 1, 2017 through January 27, 2017 | 8 | $ | 19.32 | ||
January 28, 2017 through February 24, 2017 | 91,414 | $ | 19.80 | ||
February 25, 2017 through March 31, 2017 | 15,740 | $ | 17.50 | ||
Total | 107,162 | $ | 19.47 |
General Cable Corporation | ||||
Signed: | May 4, 2017 | By: | /s/ MATTI M. MASANOVICH | |
Matti M. Masanovich | ||||
Senior Vice President and Chief Financial Officer | ||||
(Principal Financial Officer) | ||||
Signed: | May 4, 2017 | By: | /s/ LEONARD R. TEXTER | |
Leonard R. Texter | ||||
Senior Vice President and Global Controller | ||||
(Principal Accounting Officer) |
Exhibit No. | Description | ||
3.1 | Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K as filed with the Commission on May 14, 2010) | ||
3.2 | Amended and Restated By-Laws (incorporated by reference to Exhibit 3.2 of the Company's Quarterly Report on Form 10-Q for the quarter ended October 2, 2015) | ||
10.1+ | Form of Stock Option Grant Agreement for Executive Officers under the General Cable Corporation Stock Incentive Plan | ||
10.2+ | Form of Restricted Stock Unit Grant Agreement for Executive Officers under the General Cable Corporation Stock Incentive Plan | ||
10.3+ | Form of Restricted Stock Unit Grant Agreement for Non-Employee Directors under the General Cable Corporation Stock Incentive Plan | ||
10.4+ | Form of Performance Stock Unit Grant Agreement for Executive Officers under the General Cable Corporation Stock Incentive Plan | ||
10.5+ | Separation Agreement, dated as of January 24, 2017, between the Company and Robert Kenny | ||
12.1 | Computation of Ratio of Earnings to Fixed Charges | ||
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a – 14(a) or 15d – 14 | ||
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a – 14(a) or 15d – 14 | ||
32.1 | Certification pursuant to 18 U.S.C. § 1350, as adopted under Section 906 of the Sarbanes-Oxley Act of 2002 | ||
101.INS | XBRL Instance Document | ||
101.SCH | XBRL Taxonomy Extension Schema Document | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
• | Year 1 Performance Period: the one (1) year performance period commencing on January 1, 2017 |
• | Year 2 Performance Period: the one (1) year performance period commencing on January 1, 2018 |
• | Year 3 Performance Period: the one (1) year performance period commencing on January 1, 2019 |
• | one-third (1/3) of the Stock Units shall vest on the last day of the Year 1 Performance Period if EBITDA divided by USD 100 million is greater than one (1) for the Year 1 Performance Period; |
• | one-third (1/3) of the Stock Units shall vest on the last day of the Year 2 Performance Period if EBITDA divided by USD 100 million is greater than one (1) for the Year 2 Performance Period; and |
• | one-third (1/3) of the Stock Units shall vest on the last day of the Year 3 Performance Period if EBITDA divided by USD 100 million is greater than one (1) for the Year 3 Performance Period. |
< Minimum | Minimum | Target | Maximum | |
Relative Total Shareholder Return | Less than 30th Percentile | 30th Percentile | 50th Percentile | 75th Percentile or Above |
Vested Percent of RTSR Units | 0% | 50% | 100% | 200% |
< Minimum | Minimum | Target | Maximum | |
Return on Invested Capital | Less than 8.0% | 8.0% | 9.5% | 11.7% or Above |
Vested Percent of ROIC Units | 0% | 50% | 100% | 200% |
• | This transition assistance is contingent upon your continued cooperation, including but not limited to: |
• | Keeping completely confidential the terms and conditions of this transition assistance and related agreements |
• | Adhering to your ongoing obligations to protect General Cable’s trade secrets and confidential information, including ensuring that all documents belong to and are only accessed by the Company. |
• | Being fully cooperative and providing a smooth transition |
• | Avoiding any comments or actions with employees, customers, or competitors, which may disrupt operations, morale, or the reputation of the company in any way, at any time |
• | Executing and returning a waiver and release of claims |
• | Agreement to continue to honor all requirements and expectations in your secondment/assignment letter(s) which continue beyond employment with General Cable (including non-solicitation agreement, Foreign Earned Income Tax Credits, etc.). |
• | Agreeing to a non-compete agreement for the duration of the severance period |
Element of Transition Assistance | Approximate Value |
Severance period’ refers to the 18-month duration that you selected. | |
AIP Incentive Bonus - severance period Target AIP bonus for the number of months equivalent to your severance period. This will be paid in a lump sum payment at the end of your severance period. | Target AIP: $480,000 |
AIP Incentive Bonus - 2017 prorated period Prorated AIP bonus based upon your duration of 2017 employment from 1/2/17-2/13/17, payable based on company and individual results during 2017 AIP payment timing in 2018. | Target incentive for time period is $30,770. Actual payment will depend on individual and company results, per plan. |
AIP Incentive Bonus - 2016 performance year 2016 AIP bonus paid in March 2017, based upon plan design of company and individual performance and results. | $243,930 |
Severance Pay Severance payments on a monthly basis, through the severance period. Severance payments will begin within 45 days of your termination date. | $600,000 |
Medical Benefits during severance period You will be able to remain on the Company medical plan, to enable a smoother transition for you. The mechanism for participation will be via COBRA and the normal premium rates will be deducted from your bank account on a monthly basis. This will continue until the earlier of the conclusion of the severance period or health plan eligibility with another employer. | $ TBD - Significant potential value due with self-funded company plan. Actual depends on usage. |
Equity - RSU’s RSU’s that will vest in February 2017 will be paid to you in accordance with the terms of the applicable plan(s). It will be distributed upon your return to the US. Any unvested RSU’s will be forfeited on the termination date in accordance with the plan. *Based on $19/share price | $425,000 |
Equity - PSU’s Any unvested PSU’s will be forfeited on the termination date in accordance with the plan. | N/A |
LTI-C LTI-Cash that will vest in February 2017 will be paid to you in accordance with the terms of the applicable plan(s). It will be distributed upon your return to the US. Any unvested LTI-C will be forfeited on the termination date in accordance with the plan | $83,000 |
401(k) Plan Eligibility for the 401(k) Plan will continue until February 13, 2017. You will be eligible to complete a rollover of your 401(k) at that time. | $ Varies |
Relocation and assignment cost forgiveness The Company will forgive any obligation you have to repay certain payments associated with your relocation to and expatriate assignment in Spain | $ Significant cost investment |
Relocation The Company will provide for the sea shipment of one container for your household goods to the US; Company policy and practice will apply regarding eligible items to be shipped and related process. Effective January 23, 2017, eligibility to receive or utilize flights from the company will end, except for a one-way economy-class ticket (unless round-trip ticket is a lower cost) each for you and your spouse to return to Cincinnati. Any eligible expat expenses should be submitted by 3/1/2017 | $ TBD |
Outplacement Services The Company will provide outplacement services for up to 6 months with a pre-approved executive outplacement firm, to assist you in transitioning to other employment. | Up to $25,000 |
Tax Preparation The Company will prepare tax returns for the time period which relates to the work performed in Spain for the Company. Tax preparation will be conducted by Ernst and Young on behalf of the Company. | $ TBD - Significant value/cost |
Tax Equalization The Company will provide for tax equalization for Spanish taxes related to the income and period of time in which you worked in Spain for General Cable. Tax equalization will be conducted by Ernst and Young on behalf of the Company. | $ TBD - Significant value/cost |
The following equity, outlined by the share code and quantity below: 2005RSU - 1,667 ROIC2014 - 3,205 RTSR2014 - 3,205 PERFRSU14C - 2,137 PERFRSU15B - 6,237 PERFRSU16A - 12,334 PERFCASHB | Approximately ~$638,000 |
Estimated Total Value | $ TBD, with total to be determined once the significant cost of tax equalization is known and actual AIP bonus is determined. |
Bob Kenny | Date | ||
a. | I have read carefully the terms of this Release Agreement and understand the meaning and effect of this Release Agreement. |
b. | General Cable advises me to consult an attorney before signing this Release Agreement. |
c. | The waiver and release of claims under the ADEA contained in this Release Agreement does not cover rights or claims that may arise after the date on which I sign this Release Agreement. |
d. | I have been granted twenty-one (21) days from my separation date to decide whether or not to sign it. |
e. | I hereby acknowledge and agree that I am knowingly and voluntarily waiving and releasing my rights and claims only in exchange for consideration (something of value) in addition to anything of value to which I am already entitled. |
Dated: | |||
Not to be signed before Separation Date | Robert D. Kenny |
Three months ended March 31, 2017 | Year ended December 31, | ||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
EARNINGS AS DEFINED | |||||||||||||||||||||||
Earnings (loss) from operations before income taxes and before adjustments for minority interests in consolidated subsidiaries and after eliminating undistributed earnings of equity method investees | $ | 18.7 | $ | (98.1 | ) | $ | (151.1 | ) | $ | (636.1 | ) | $ | 27.0 | $ | 86.9 | ||||||||
Preferred stock dividend (pre-tax equivalent) | — | — | — | — | (0.3 | ) | (0.3 | ) | |||||||||||||||
Fixed charges | 22.2 | 95.9 | 108.1 | 127.6 | 137.0 | 114.6 | |||||||||||||||||
TOTAL EARNINGS, AS DEFINED | $ | 40.9 | $ | (2.2 | ) | $ | (43.0 | ) | $ | (508.5 | ) | $ | 163.7 | $ | 201.2 | ||||||||
FIXED CHARGES, AS DEFINED | |||||||||||||||||||||||
Interest expense | $ | 20.0 | $ | 84.2 | $ | 92.9 | $ | 112.5 | $ | 121.0 | $ | 103.5 | |||||||||||
Amortization of capitalized expenses related to debt | 0.7 | 5.3 | 4.1 | 3.8 | 3.9 | 3.3 | |||||||||||||||||
Preferred stock dividend (pre-tax equivalent) | — | — | — | — | 0.3 | 0.3 | |||||||||||||||||
Interest component of rent expense | 1.5 | 6.4 | 11.1 | 11.3 | 11.8 | 7.5 | |||||||||||||||||
TOTAL FIXED CHARGES, AS DEFINED | $ | 22.2 | $ | 95.9 | $ | 108.1 | $ | 127.6 | $ | 137.0 | $ | 114.6 | |||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.8 | — | (0.4 | ) | (4.0 | ) | 1.2 | 1.8 |
1) | I have reviewed this Form 10-Q of General Cable Corporation; | |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |
4) | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have: | |
a) | Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and; | |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and; | |
5) | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and | |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | May 4, 2017 |
/s/ MICHAEL T. MCDONNELL | |
Michael T. McDonnell | |
President and Chief Executive Officer |
1) | I have reviewed this Form 10-Q of General Cable Corporation; | |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |
4) | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have: | |
a) | Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and; | |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and; | |
5) | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and | |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | May 4, 2017 |
/s/ MATTI M. MASANOVICH | |
Matti M. Masanovich | |
Senior Vice President and Chief Financial Officer |
1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | May 4, 2017 | /s/ MICHAEL T. MCDONNELL | |
Michael T. McDonnell | |||
President and Chief Executive Officer | |||
Date: | May 4, 2017 | /s/ MATTI M. MASANOVICH | |
Matti M. Masanovich | |||
Senior Vice President and Chief Financial Officer |
Document And Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Apr. 28, 2017 |
|
Document And Entity Information [Abstract] | ||
Entity Registrant Name | GENERAL CABLE CORP /DE/ | |
Entity Central Index Key | 0000886035 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 49,631,149 | |
Entity Filer Category | Large Accelerated Filer |
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Apr. 01, 2016 |
|
Income Statement [Abstract] | ||
Defined benefit plan adjustments, tax | $ 0.4 | $ 0.9 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowances for receivables | $ 22.6 | $ 20.2 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (in shares) | 49,615,292 | 49,390,850 |
Common stock, shares outstanding (in shares) | 49,615,292 | 49,390,850 |
Treasury stock (in shares) | 9,194,674 | 9,419,116 |
Condensed Consolidated Statements of Changes in Total Equity - USD ($) $ in Millions |
Total |
Common Stock [Member] |
Additional Paid in Capital [Member] |
Treasury Stock [Member] |
Retained Earnings (Deficit) [Member] |
Accumulated Other Comprehensive Income/(Loss) [Member] |
Noncontrolling Interest [Member] |
---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2015 | $ 242.9 | $ 0.6 | $ 720.5 | $ (180.1) | $ 27.2 | $ (340.2) | $ 14.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income (loss) | 28.4 | (4.7) | 32.6 | 0.5 | |||
Common stock dividend | (8.9) | (8.9) | |||||
Excess tax benefit (deficiency) from stock based compensation | (3.0) | (3.0) | |||||
Stock options and RSU expense | 3.5 | 3.5 | |||||
Other – issuance pursuant to restricted stock, stock options and other | (1.3) | (8.8) | 7.5 | ||||
Ending Balance at Apr. 01, 2016 | 261.6 | 0.6 | 712.2 | (172.6) | 13.6 | (307.6) | 15.4 |
Beginning Balance at Dec. 31, 2016 | 168.9 | 0.6 | 711.0 | (169.9) | (102.2) | (286.4) | 15.8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income (loss) | 21.8 | 12.4 | 9.5 | (0.1) | |||
Common stock dividend | (9.4) | (9.4) | |||||
Stock options and RSU expense | 1.6 | 1.6 | |||||
Other – issuance pursuant to restricted stock, stock options and other | (1.9) | (6.7) | 3.9 | 0.9 | |||
Ending Balance at Mar. 31, 2017 | $ 181.0 | $ 0.6 | $ 705.9 | $ (166.0) | $ (98.3) | $ (276.9) | $ 15.7 |
Basis of Presentation and Principles of Consolidation |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited Condensed Consolidated Financial Statements of General Cable Corporation and Subsidiaries (“General Cable” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Results of operations for the three fiscal months ended March 31, 2017 are not necessarily indicative of results that may be expected for the full year. The December 31, 2016 Condensed Consolidated Balance Sheet amounts are derived from the audited financial statements. These financial statements should be read in conjunction with the audited financial statements and notes thereto in General Cable’s 2016 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 24, 2017. The results of Asia Pacific are presented in continuing operations for all periods disclosed in this report. Previously, the results of these businesses were presented as discontinued operations; however, in the third quarter of 2016 management determined that the sale of the remaining Asia Pacific businesses within one year was uncertain, and therefore determined that the held for sale criteria was not met for the group of components. The businesses that have been sold to date, in the aggregate, are not considered a strategic shift, and thus are presented in continuing operations for all periods presented. The Company’s first three fiscal quarters consist of 13-week periods ending on the Friday nearest to the end of the calendar months of March, June and September. The Company's fourth fiscal quarter consists of the first day following the third quarter through December 31. The Condensed Consolidated Financial Statements include the accounts of wholly-owned subsidiaries and majority-owned controlled subsidiaries. The Company records its investment in each unconsolidated affiliated Company (generally 20-50 percent ownership in which it has the ability to exercise significant influence) at its respective equity in net assets. Other investments (generally less than 20% percent ownership) are recorded at cost. All intercompany transactions and balances among the consolidated companies have been eliminated. |
Accounting Standards |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Standards | Accounting Standards The Company’s significant accounting policies are described in Note 2 to the audited financial statements in the 2016 Annual Report on Form 10-K. In the three months ended March 31, 2017, the Company did not change any of its existing accounting policies that are expected to have a significant effect on the Company's Condensed Consolidated Financial Statements. The following accounting pronouncements were adopted and became effective with respect to the Company in 2017: In March 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." The update is intended to simplify several areas of accounting for share-based compensation arrangements such as accounting for income taxes, forfeitures and statutory tax withholding requirements and the classification of related amounts on the statement of cash flows. This update was effective for the Company beginning January 1, 2017 and was applied using a modified retrospective transition method. The impact to beginning retained earnings was $0.9 million due to the recognition of deferred tax assets on excess tax benefits that had not previously reduced taxes payable. The adoption of this ASU did not have a material effect on the Company’s Condensed Consolidated Financial Statements. In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” This update provides guidance on simplifying the measurement of inventory. Prior to the adoption of ASU 2015-11, inventory was measured at lower of cost or market; where market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. ASU 2015-11 updates this guidance to measure inventory at the lower of cost and net realizable value; where net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. This update was effective for the Company beginning January 1, 2017 and was applied prospectively. The adoption of this ASU did not have a material effect on the Company’s Condensed Consolidated Financial Statements. The following accounting pronouncements will become effective in future periods with respect to the Company: In March 2017, the FASB issued ASU 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." This update requires presentation of the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of pension expense are required to be presented separately from the service cost component and outside a subtotal of income from operations. The update requires retrospective application and represents a change in accounting principle. The update is effective for fiscal years beginning after December 15, 2017. ASU 2017-07 is not expected to have a material impact on the Company’s Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." This update eliminates Step 2 from the goodwill impairment test that requires the impairment to be measured as the difference between the implied value of a reporting unit’s goodwill and the goodwill’s carrying amount. Instead, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The update is effective for annual and interim reporting periods beginning after December 15, 2019 and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. ASU 2017-04 is not expected to have a material impact on the Company’s Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." The standard requires lessees to recognize the assets and liabilities that arise from leases on the balance sheet. A lessee should recognize in the balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2018. The amendments should be applied at the beginning of the earliest period presented using a modified retrospective approach with earlier application permitted as of the beginning of an interim or annual reporting period. The standard will impact the Company's Condensed Consolidated Balance Sheets. The Company has not determined the quantitative impact of adoption (refer to Note 17 - Commitments and Contingencies for the Company's future minimum rental payments). The standard is not expected to have a material impact on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” This ASU outlines a single, comprehensive model for accounting for revenue from contracts with customers which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU requires expanded qualitative and quantitative disclosures relating to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including significant judgments and changes in judgments. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606)", which defers the effective date of ASU 2014-09 to annual and interim reporting periods beginning after December 15, 2017. The standard will accelerate the timing of when revenue is recognized for arrangements involving consignment inventory and arrangements when the Company's performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date. The Company will adopt this standard on January 1, 2018 using the modified retrospective (cumulative effect) transition method and is currently evaluating the impact of this standard on the Company's Consolidated Financial Statements. |
Divestitures |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Divestitures | Divestitures October 2014 Divestiture Plan In October 2014, the Company announced the intent to divest all of the Company's operations in Asia Pacific and Africa. The Company expects to incur a total of approximately $10 million in pre-tax charges consisting primarily of legal and transaction fees for the dispositions. Charges incurred in the three months ended March 31, 2017 and April 1, 2016 were $0.2 million. Asia Pacific As part of the October 2014 announcement, the Company has completed the following as of March 31, 2017 (in millions):
As of March 31, 2017, management determined that the sale of the remaining Asia Pacific businesses within one year was uncertain, and therefore determined that the held for sale criteria is not met for the group of components. The businesses that have been sold to date, in the aggregate, are not considered a strategic shift, and thus are presented in continuing operations for all periods presented. Africa The Company's Africa businesses, and disposals of related operations to date, are also not considered a strategic shift that has or will have a major effect on the Company's operations and financial results. The Company has completed the following as of March 31, 2017 (in millions):
As of March 31, 2017, the Company determined that the remaining Africa businesses did not meet the held for sale criteria. Management’s belief is that the probability of sale within one year is uncertain. |
Restructuring |
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Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring | Restructuring November 2015 restructuring program In the fourth quarter of 2015, the Company committed to a new strategic roadmap focused on growth and optimization of the portfolio, developing leading cost and efficiency positions, growth through innovation and cultivation of a high-performance culture. In 2017, the Company approved additional expenditures to further expand, strengthen and accelerate the Company's program targeting operational effectiveness and efficiencies. Total expected costs and costs incurred to date by reportable segment are below (in millions):
Changes in the restructuring reserve and activity for the three months ended March 31, 2017 are below (in millions):
Employee Separation Costs The Company recorded employee separation costs of $2.5 million and $1.3 million for the three months ended March 31, 2017 and April 1, 2016, respectively. The employee separation charges for the three months ended March 31, 2017 and April 1, 2016 were $0.9 million and $0.5 million in North America and $1.6 million and $0.8 million in Europe, respectively. Employee separation costs include severance and retention bonuses. As of March 31, 2017, employee separation costs included severance charges for approximately 390 employees; approximately 280 of these employees were classified as manufacturing employees and approximately 110 of these employees were classified as non-manufacturing employees. The charges relate to involuntary separations based on current salary levels and past service periods and are either considered one-time employee termination benefits in accordance with ASC 420 - Exit or Disposal Cost Obligations ("ASC 420") or charges for contractual termination benefits under ASC 712 - Compensation - Nonretirement Postemployment Benefits ("ASC 712"). Asset-Related Costs The Company did not record asset-related costs for the three months ended March 31, 2017 and recorded asset-related costs of $0.1 million in Latin America for the three months ended April 1, 2016. Asset-related costs consist of asset write-downs and accelerated depreciation. Asset write-downs relate to the establishment of a new fair value basis for assets to be classified as held-for-sale or to be disposed of, as well as asset impairment charges for asset groups to be held-and-used in locations which are being restructured and it has been determined the undiscounted cash flows expected to result from the use and eventual disposition of the assets are less than their carrying value. The Company notes the plan to abandon a long-lived asset before the end of its previously estimated useful life is a change in accounting estimate per ASC 250 - Accounting Changes and Error Corrections. The annual depreciation impact from the asset write-downs and changes in estimated useful lives is not material. Other Costs The Company recorded other restructuring-type charges of $11.3 million and $5.4 million for the three months ended March 31, 2017 and April 1, 2016, respectively. The other restructuring-type charges were $11.0 million and $3.5 million in North America for the three months ended March 31, 2017 and April 1, 2016, respectively, $1.9 million in Europe for the three months ended April 1, 2016 and $0.3 million in Latin America for the three months ended March 31, 2017. Other restructuring-type charges are incurred as a direct result of the restructuring program. These restructuring-type charges primarily include project management costs, such as consulting fees related to the supply chain redesign and the cost to change internal systems and processes to support the underlying organizational changes, as well as working capital write-downs not associated with normal operations, equipment relocation, termination of contracts and other immaterial costs. July 2014 restructuring program In July 2014, the Company announced a comprehensive restructuring program. As of March 31, 2017, this program is substantially complete and future estimated costs are expected to be immaterial. The restructuring program was focused on the closure of certain underperforming assets as well as the consolidation and realignment of other facilities. The Company also implemented initiatives to reduce SG&A expenses globally. Total aggregate costs incurred as part of the program were approximately $220 million and the remaining restructuring reserve at March 31, 2017 is not material. |
Other Income (Expense) |
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Mar. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense) | Other Income (Expense) Other income (expense) includes foreign currency transaction gains or losses, which result from changes in exchange rates between the designated functional currency and the currency in which a transaction is denominated, as well as gains and losses on derivative instruments that are not designated as cash flow hedges. During the three months ended March 31, 2017 and April 1, 2016, the Company recorded other income of $15.0 million and other expense $1.2 million, respectively. For the three months ended March 31, 2017, other income was primarily attributable to $0.7 million related to foreign currency transaction gains and $14.3 million related to gains on derivative instruments that were not designated as cash flow hedges. For the three months ended April 1, 2016, other expense was primarily attributable to $1.0 million related to foreign currency transaction losses and $0.2 million related to losses on derivative instruments that were not designated as cash flow hedges. |
Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Approximately 86% of the Company’s inventories are valued using the average cost method and all remaining inventories are valued using the first-in, first-out (FIFO) method. All inventories are stated at the lower of cost and net realizable value.
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Property, Plant and Equipment |
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Property, Plant And Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following (in millions):
Depreciation expense for the three fiscal months ended March 31, 2017 and April 1, 2016 was $17.5 million and $18.7 million, respectively. 2016 Egypt Asset Impairment In the first quarter of 2016, the Egyptian financial outlook, including anticipated cash flows from potential sales transactions, deteriorated due to evolving political and macroeconomic conditions in Egypt. Using a probability weighted-average approach, based on updated internal projections developed by management, the Company determined that the undiscounted expected future cash flows were less than the carrying value of the assets. A valuation of the Egypt machinery and equipment and real property assets was performed using Level 3 inputs including potential sales transactions and negotiations with third party purchasers. Based on the results of the analysis, the Company recorded an impairment charge of $6.0 million in the first quarter of 2016. The impairment charge was recorded in the Cost of sales caption in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Egyptian results are reported within the Africa/Asia Pacific reportable segment. |
Goodwill and Other Intangible Assets |
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Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and intangible assets with indefinite useful lives are not amortized, but are reviewed at least annually for impairment. If the carrying amount of goodwill or an intangible asset with an indefinite life exceeds its fair value, an impairment loss would be recognized in the amount equal to the excess. The amounts of goodwill and indefinite-lived intangible assets were as follows (in millions):
The amounts of other intangible assets, excluding capitalized software, were as follows (in millions):
Amortized intangible assets are stated at cost less accumulated amortization as of March 31, 2017 and December 31, 2016. Amortized intangible assets have been determined to have a useful life in the range of 7 to 12 years. The approximate weighted average useful life of the amortized intangible assets is 10 years. For customer relationships, the Company has accelerated the amortization expense to align with the historical customer attrition rates. All other amortized intangible assets are amortized on a straight-line basis. The amortization of intangible assets for the three months ended March 31, 2017 and April 1, 2016 was $1.6 million and $2.2 million, respectively. The estimated amortization expense during the twelve month periods beginning March 31, 2017 through April 1, 2022, based on exchange rates as of March 31, 2017, is $4.7 million, $2.7 million, $2.7 million, $2.7 million, $2.7 million, respectively, and $2.2 million thereafter. The Company capitalizes costs for internal use software incurred during the application development stage. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Capitalized software will be amortized once the product is ready for its intended use, using the straight-line method over the estimated useful lives of the assets, which is three years. As of March 31, 2017 and December 31, 2016, capitalized software was $8.7 million and $8.8 million, respectively. |
Long-Term Debt |
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Long-term Debt, Unclassified [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt
At March 31, 2017, maturities of long-term debt during the twelve month periods beginning March 31, 2017 through April 1, 2022 and thereafter are $59.6 million, $217.2 million, $0.8 million, $0.7 million and $1.0 million, respectively, and $773.2 million thereafter. The fair value of the Company's long-term debt, as noted below, was estimated using inputs other than quoted prices that are observable, either directly or indirectly. 5.75% Senior Notes The Company's 5.75% Senior Notes are summarized in the table below:
The 5.75% Senior Notes' indenture contains covenants that limit the ability of the Company and certain of its subsidiaries to (i) incur additional indebtedness and guarantee indebtedness; (ii) pay dividends or make other distributions or repurchase or redeem the Company's capital stock; (iii) purchase, redeem or retire debt; (iv) issue certain preferred stock or similar equity securities; (v) make loans and investments; (vi) sell assets; (vii) incur liens; (viii) enter into transactions with affiliates; (ix) enter into agreements restricting the Company's subsidiaries' ability to pay dividends; and (x) consolidate, merge or sell all or substantially all assets. However, these covenants are subject to exceptions and qualifications. The 5.75% Senior Notes may also be repurchased at the option of the holders in connection with a change of control (as defined in the indenture governing the 5.75% Senior Notes) or in connection with certain asset sales. Subordinated Convertible Notes The Company’s Subordinated Convertible Notes due 2029 outstanding as of March 31, 2017 and December 31, 2016 are as follows:
Revolving Credit Facility On July 21, 2011, the Company entered into a $400 million Revolving Credit Facility, which was first amended in 2012 to increase the facility size to $700 million and then subsequently amended and restated on September 6, 2013 and further amended on October 22, 2013, May 20, 2014, September 23, 2014, October 28, 2014 and February 9, 2016, to, among other things, increase the Revolving Credit Facility to $1.0 billion. The Revolving Credit Facility was subsequently amended effective November 15, 2016 to decrease the facility size to $700 million, $441 million of which may be borrowed by the U.S. borrower, $210 million of which may be borrowed by the European borrowers and $49 million of which may be borrowed by the Canadian borrower. The Revolving Credit Facility contains restrictions including limitations on, among other things, distributions and dividends, acquisitions and investments, indebtedness, liens and affiliate transactions. The Revolving Credit Facility provides the Company with financial flexibility such that restrictions in the Revolving Credit Facility generally only apply in the event that undrawn availability under the Revolving Credit Facility falls below certain specific thresholds. The Revolving Credit Facility has a maturity date of September 6, 2018. The commitment amount under the Revolving Credit Facility may be increased by an additional $250 million, subject to certain conditions and approvals as set forth in the Revolving Credit Facility. The Revolving Credit Facility requires maintenance of a minimum fixed charge coverage ratio of 1.00 to 1.00 if availability under the Revolving Credit Facility is less than the greater of $100 million or 10% of the then existing aggregate lender commitment under the Revolving Credit Facility. As of March 31, 2017, the availability under the Revolving Credit Facility is greater than $100 million. The fair value of the Revolving Credit Facility approximates the carrying value based on Level 2 inputs based on the short-term and asset-based nature of the Revolving Credit Facility and the related variable interest rate. Indebtedness under the Revolving Credit Facility is secured by: (a) for US borrowings under the facility, a first priority security interest in substantially all of our domestic assets and, (b) for Canadian and European borrowings under the facility, a first priority security interest in substantially all of our domestic and Canadian assets and certain assets of our Spanish, French and German subsidiaries party to the facility. In addition, the lenders under the Revolving Credit Facility have received a pledge of (i) 100% of the equity interests in substantially all of the Company's domestic subsidiaries, and (ii) 65% of the voting equity interests in and 100% of the non-voting equity interests in certain of our foreign subsidiaries, including our Canadian subsidiaries and our Spanish, French and German subsidiaries party to the Revolving Credit Facility. Borrowings under the Revolving Credit Facility bear interest at interest rate bases elected by the Company plus an applicable margin calculated quarterly based on the Company's average availability and Total Consolidated Leverage Ratio as set forth in the credit agreement. The Revolving Credit Facility also requires the payment of a commitment fee equal to the available but unused commitments multiplied by an applicable margin of either 0.25% or 0.375% based on the average daily unused commitments. The Company’s Revolving Credit Facility is summarized in the table below:
(1) Total undrawn availability for the U.S. borrower, the Canadian borrower and the European borrowers at March 31, 2017 is $200.3 million, $48.5 million and $67.9 million, respectively. Total undrawn availability for the U.S. borrower, the Canadian borrower and the European borrowers at December 31, 2016 was $265.0 million, $36.6 million and $97.4 million, respectively. Latin America Credit Facilities The Company’s Latin America credit facilities are summarized in the table below:
The Company's Latin America credit facilities are primarily short-term loans utilized for working capital purposes. The fair value of the Latin America credit facilities approximates the carrying value due to the short-term nature ($57.9 million is short-term) and variable interest rates of the facilities based on Level 2 inputs. |
Financial Instruments |
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Derivative Instruments and Hedges, Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments The Company is exposed to various market risks, including changes in foreign currency exchange rates and raw material (commodity) prices. To manage risks associated with the volatility of these natural business exposures, the Company enters into commodity and foreign currency derivative agreements, as well as copper and aluminum forward pricing agreements. The Company does not purchase or sell derivative instruments for trading purposes. The Company does not engage in derivative contracts for which a lack of marketplace quotations would necessitate the use of fair value estimation techniques. The Company enters into commodity instruments to hedge the purchase of copper and aluminum in future periods and foreign currency exchange contracts principally to hedge the currency fluctuations in certain transactions denominated in foreign currencies, thereby reducing the Company’s risk that would otherwise result from changes in exchange rates. Principal transactions hedged during the year were firm sales and purchase commitments. The fair value of foreign currency contracts represents the amount required to enter into offsetting contracts with similar remaining maturities based on quoted market prices. The Company accounts for these commodity instruments and foreign currency exchange contracts as economic hedges. Changes in the fair value of economic hedges are recognized in current period earnings. Fair Value of Derivatives Instruments The notional amounts and fair values of derivatives not designated as cash flow hedges at March 31, 2017 and December 31, 2016 are shown below (in millions):
As of March 31, 2017 and December 31, 2016, all financial instruments held by the Company were subject to enforceable master netting arrangements held by various financial institutions. In general, the terms of our agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. The Company's accounting policy is to not offset these positions in the Condensed Consolidated Balance Sheets. As of March 31, 2017 and December 31, 2016, the net positions of the enforceable master netting agreements are not significantly different from the gross positions noted in the table above. Depending on the extent of an unrealized loss position on a derivative contract held by the Company, certain counterparties may require collateral to secure the Company's derivative contract position. As of March 31, 2017 and December 31, 2016, there were no contracts held by the Company that required collateral to secure the Company's derivative liability positions. |
Income Taxes |
3 Months Ended |
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Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s effective tax rate for the three fiscal months ended March 31, 2017 and April 1, 2016 was 33.7% and (114.3)%, respectively. The high effective tax rate for the three fiscal months ended April 1, 2016 was primarily due to the combined effect of incurring operational losses in jurisdictions where valuation allowances were recorded against net deferred tax assets as well as the general impact of having a low level of pre-tax loss, which results in a more volatile effective tax rate. During the first quarter of 2017, the Company accrued approximately $0.3 million of income tax expense for uncertain tax positions likely to be taken in the current year and for interest and penalties on tax positions taken in prior periods, all of which would have a favorable impact on the effective tax rate, if recognized. In addition, $1.9 million of income tax benefits were recognized due to statute of limitation expirations associated with various uncertain tax positions. The Company files income tax returns in numerous tax jurisdictions around the world. Due to uncertainties regarding the timing and outcome of various tax audits, appeals and settlements, it is difficult to reliably estimate the amount of unrecognized tax benefits that could change within the next twelve months. The Company believes it is reasonably possible that approximately $3 million of unrecognized tax benefits could change within the next twelve months due to the resolution of tax audits and statute of limitations expiration. The Internal Revenue Service (“IRS”) proposed cumulative taxable income adjustments of approximately $50 million for the 2012-2013 tax years in February 2016. The proposed adjustments related to the Original Issue Discount (“OID”) yield claimed on the Company’s $429.5 million Subordinated Convertible Notes (“Notes”). The Company believed that the amount of the OID deductions claimed on its federal income tax returns since the 2009 issuance of the Notes was proper and appealed the IRS audit adjustment. In March 2017, the IRS Appeals Office ruled in favor of the Company and the audit was closed with no adjustment to reported income or tax. With limited exceptions, tax years prior to 2012 are no longer open in major foreign, state, or local tax jurisdictions. |
Employee Benefit Plans |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans The Company 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. The components of net pension expense for pension benefits were as follows (in millions):
The estimated net loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income (loss) into net pension expense in 2017 is $4.0 million. The prior service cost to be amortized from accumulated other comprehensive income (loss) into net pension expense over the next fiscal year is not material. Defined benefit pension plan cash contributions for the three fiscal months ended March 31, 2017 and April 1, 2016 were $1.1 million and $1.3 million, respectively. |
Accumulated Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) as of March 31, 2017 and December 31, 2016, respectively, consisted of the following (in millions):
The following is the detail of the change in the Company's accumulated other comprehensive income (loss) from December 31, 2016 to March 31, 2017 including the effect of significant reclassifications out of accumulated other comprehensive income (loss) (in millions, net of tax):
The following is the detail of the change in the Company's accumulated other comprehensive income (loss) from December 31, 2015 to April 1, 2016 including the effect of significant reclassifications out of accumulated other comprehensive income (loss) (in millions, net of tax):
The following is the detail of the reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2017 and April 1, 2016 (in millions, net of tax):
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Shipping and Handling Costs |
3 Months Ended |
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Mar. 31, 2017 | |
Shipping And Handling Costs [Abstract] | |
Shipping and Handling Costs | Shipping and Handling Costs All shipping and handling amounts billed to a customer in a sales transaction are classified as revenue. Shipping and handling costs associated with storage and handling of finished goods and shipments to customers are included in the Cost of sales caption in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) and totaled $25.9 million and $28.8 million, respectively, for the three fiscal months ended March 31, 2017 and April 1, 2016. |
Earnings (Loss) Per Common Share |
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Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share The Company applies the two-class method of computing basic and diluted earnings per share. 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. A reconciliation of the numerator and denominator of earnings (loss) per common share-basic to earnings (loss) per common share-assuming dilution is as follows (in millions, except per share data):
For the three months ended March 31, 2017 and April 1, 2016, there were approximately 1.7 million shares and 3.8 million shares excluded from the earnings per common share — assuming dilution computation because their impact was anti-dilutive, respectively. Under ASC 260 - Earnings per Share and ASC 470 - Debt and because of the Company’s obligation to settle the par value of the Subordinated Convertible Notes in cash, the Company is not required to include any shares underlying the Subordinated Convertible Notes in its weighted average shares outstanding – assuming dilution until the average stock price per share for the quarter exceeds the $36.75 conversion price of the Subordinated Convertible Notes and only to the extent of the additional shares that the Company may be required to issue in the event that the Company’s conversion obligation exceeds the principal amount of the Subordinated Convertible Notes. The average stock price threshold conditions had not been met as of March 31, 2017 or April 1, 2016. At any such time in the future that threshold conditions are met, only the number of shares issuable under the “treasury” method of accounting for the share dilution would be included in the Company’s earnings per share – assuming dilution calculation, which is based upon the amount by which the average stock price exceeds the conversion price. The following table provides examples of how changes in the Company’s stock price would require the inclusion of additional shares in the denominator of the weighted average shares outstanding – assuming dilution calculation for the Subordinated Convertible Notes.
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Segment Information |
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Segment Information | Segment Information The Company conducts its operations through four geographic operating and reportable segments — North America, Europe, Latin America, and Africa/Asia Pacific. The Company’s operating and reportable segments align with the structure of the Company’s internal management organization. All four segments engage in the development, design, manufacturing, marketing and distribution of copper, aluminum, and fiber optic communication, construction, electric utility and electrical infrastructure wire and cable products. In addition to the above products, the North America and Latin America segments manufacture and distribute rod mill wire and cable products. Net revenues as shown below represent sales to external customers for each segment. Intersegment sales have been eliminated. In the three months ended March 31, 2017 and April 1, 2016, intersegment sales were $5.5 million and $14.6 million in North America, $1.1 million and $3.3 million in Europe and $9.9 million and $3.6 million in Latin America, respectively. The chief operating decision maker evaluates segment performance and allocates resources based on segment operating income. Summarized financial information for the Company’s reportable segments for the three fiscal months ended March 31, 2017 and April 1, 2016 is as follows:
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Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Environmental matters We are subject to a variety of federal, state, local and foreign laws and regulations covering the storage, handling, emission and discharge of materials into the environment, including CERCLA, the Clean Water Act, the Clean Air Act (including the 1990 amendments) and the Resource Conservation and Recovery Act. Our subsidiaries in the United States have been identified as potentially responsible parties with respect to several sites designated for cleanup under CERCLA or similar state laws, which impose liability for cleanup of certain waste sites and for related natural resource damages without regard to fault or the legality of waste generation or disposal. Persons liable for such costs and damages generally include the site owner or operator and persons that disposed or arranged for the disposal of hazardous substances found at those sites. Although CERCLA imposes joint and several liability on all potentially responsible parties, in application, the potentially responsible parties typically allocate the investigation and cleanup costs based upon, among other things, the volume of waste contributed by each potentially responsible party. Settlements can often be achieved through negotiations with the appropriate environmental agency or the other potentially responsible parties. Potentially responsible parties that contributed small amounts of waste (typically less than 1% of the waste) are often given the opportunity to settle as “de minimus” parties, resolving their liability for a particular site. We do not own or operate any of the waste sites with respect to which we have been named as a potentially responsible party by the government. Based on our review and other factors, we believe that costs relating to environmental clean-up at these sites will not have a material adverse effect on our results of operations, cash flows or financial position. As previously disclosed, GK Technologies, Inc. (“GK Tech”) was one of several defendants named in a suit filed by the Housing Authority of the City of Los Angeles (“HACLA”) alleging that GK Tech and others were responsible for environmental contamination at the location of a former steel recycling mill in Los Angeles. As previously disclosed, in January 2017, we, the other defendants and HACLA reached an agreement to settle the matter for $12 million (the “Settlement Payment”), with GK Tech responsible for an immaterial portion of the Settlement Payment. In the first quarter of 2017, we paid GK Tech’s portion of the Settlement Payment, and the Court dismissed the suit, with prejudice. At March 31, 2017 and December 31, 2016, we had an accrued liability of approximately $4.8 million and $5.6 million, respectively, for various environmental-related liabilities to the extent costs are known or can be reasonably estimated as a liability. While it is difficult to estimate future environmental-related liabilities accurately, we do not currently anticipate any material adverse effect on our results of operations, financial position or cash flows as a result of compliance with federal, state, local or foreign environmental laws or regulations or cleanup costs of the sites discussed above. Asbestos litigation We have been a defendant in asbestos litigation for the past 29 years. Our subsidiaries have been named as defendants in lawsuits alleging exposure to asbestos in products manufactured by us. As of March 31, 2017, we were a defendant in approximately 325 cases brought in state and federal courts throughout the United States. In the three months ended March 31, 2017, 19 asbestos cases were brought against us. In the calendar year 2016, 84 asbestos cases were brought against us. In the last 29 years, we have had no cases proceed to verdict. In many of the cases, we were dismissed as a defendant before trial for lack of product identification. As of March 31, 2017, 50,962 asbestos cases have been dismissed. In the three months ended March 31, 2017, 4 asbestos cases were dismissed. As of December 31, 2016, 50,958 cases were dismissed. With regards to the approximately 325 remaining pending cases, we are aggressively defending these cases based upon either lack of product identification as to whether we manufactured asbestos-containing product and/or lack of exposure to asbestos dust from the use of our product. As of March 31, 2017, plaintiffs have asserted monetary damages in 169 cases. In 60 of these cases, plaintiffs allege only damages in excess of some dollar amount (about $544 thousand per plaintiff); in these cases there are no claims for specific dollar amounts requested as to any defendant. In 107 other cases pending in state and federal district courts, plaintiffs seek approximately $430 million in damages from as many as 50 defendants. In two cases, plaintiffs have asserted damages related to General Cable in the amount of $20 million. In addition, in relation to these 169 cases, there are claims of $271 million in punitive damages from all of the defendants. However, many of the plaintiffs in these cases allege non-malignant injuries. As of March 31, 2017 and December 31, 2016, we had accrued, on a gross basis, approximately $4.4 million and as of March 31, 2017 and December 31, 2016, had recovered approximately $0.4 million of insurance recoveries for these lawsuits. The net amount of $4.0 million, as of March 31, 2017 and December 31, 2016 represents our best estimate in order to cover resolution of current asbestos-related claims. The components of the asbestos litigation reserve are current and future asbestos-related claims. The significant assumptions are: (1) the number of cases per state, (2) an estimate of the judgment per case per state, (3) an estimate of the percentage of cases per state that would make it to trial and (4) the estimated total liability percentage, excluding insurance recoveries, per case judgment. Management's estimates are based on the Company's historical experience with asbestos related claims. The Company's current history of asbestos claims does not provide sufficient and reasonable information to estimate a range of loss for potential future, unasserted asbestos claims because the number and the value of the alleged damages of such claims have not been consistent. As such, the Company does not believe a reasonably possible range can be estimated with respect to asbestos claims that may be filed in the future. Settlement payments are made, and the asbestos accrual is relieved, when we receive a fully executed settlement release from the plaintiff's counsel. As of March 31, 2017 and December 31, 2016, aggregate settlement costs were $9.9 million and $9.8 million, respectively. For the three months ended March 31, 2017 and April 1, 2016, settlement costs totaled $0.1 million. As of March 31, 2017 and December 31, 2016, aggregate litigation costs were $27.4 million and $27.1 million, respectively. For the three months ended March 31, 2017 and April 1, 2016, the costs of administering and litigating asbestos claims totaled $0.3 million. In January 1994, we entered into a settlement agreement with certain principal primary insurers concerning liability for the costs of defense, judgments and settlements, if any, in all of the asbestos litigation described above. Subject to the terms and conditions of the settlement agreement, the insurers were responsible for a substantial portion of the costs and expenses incurred in the defense or resolution of this litigation. However, one of the insurers participating in the settlement that was responsible for a significant portion of the contribution under the settlement agreement entered into insurance liquidation proceedings and another became insolvent. As a result, the contribution of the insurers has been reduced and we have had to bear substantially most of the costs relating to these lawsuits. European Commission competition matter As part of the Company’s acquisition of Silec in December 2005, SAFRAN SA (“SAFRAN”), agreed to indemnify the Company for the full amount of losses arising from, related to or attributable to practices, if any, that are similar to previous practices investigated by the French competition authority for alleged competition law violations related to medium-and high voltage cable markets. The Company has asserted a claim under this indemnity against SAFRAN related to the European Commission’s Statement of Objections, discussed below, to preserve the Company’s rights in case of an adverse European Commission decision. On July 5, 2011, the European Commission issued a Statement of Objections in relation to its ongoing competition investigation to a number of wire and cable manufacturers in the submarine and underground power cables business, including our Spanish affiliate, Grupo General Cable Sistemas, and its French subsidiary, Silec. The Statement of Objections alleged that the two affiliates engaged in violations of competition law in the underground power cables businesses for limited periods of time. The allegations related to Grupo General Cable Sistemas claimed that it had participated in a cartel from January 2003 to May 2007, while the allegations related to Silec were for the ten month period following its December 22, 2005 acquisition from SAFRAN by Grupo General Cable Sistemas. Following our formal responses to the Statement of Objections in October 2011 and a hearing in 2012, the European Commission issued a final decision on April 2, 2014. In the decision, the claims of infringement against Grupo General Cable Sistemas were dismissed for lack of evidence of alleged cartel activity. With regard to Silec, the European Commission’s decision imposed a fine of 1.9 million Euros related to the period Silec has been owned by us. This fine was based on participation that allegedly commenced well before Silec was acquired by us. On June 13, 2014, we filed an appeal with the General Court of the European Union challenging the European Commission’s decision as to Silec in Europe based on established precedent. We also continue to pursue our claim for full indemnification for the Silec fine under the terms of the acquisition agreement with SAFRAN executed in 2005. Brazil tax matters One of our Brazilian subsidiaries is involved in administrative proceedings with State treasury offices regarding whether tax incentives granted to us by one Brazilian State are applicable to goods sold in another Brazilian State. We believe we correctly relied on the tax incentives granted and that we have substantial defenses to their disallowance by the Brazilian State claimant. The total amount of taxes allegedly due for the infractions including potential interest and penalties is up to $8 million. In September 2012, an Administrative Court found that we were not liable for any incentive tax payments claimed by the State treasury office, however this determination was overturned on appeal and has since been further appealed. This appeal remains pending at the Brazilian Courts. Despite the pending appeal, in October 2014, the State issued a summons to recover the approximately $8 million of contested incentives described above, and we are complying with the terms of the State’s summons while continuing to contest the Court’s ruling. We currently estimate our range of reasonably possible loss to be between $0 million and $8 million. Our Brazilian subsidiaries have received notifications of various other claims related to disputed tax credits taken on Federal Tax Offset returns, which are in various phases of litigation. We believe we correctly applied the tax credits taken and that we have substantial defenses to these claims. The total amount of reasonably possible loss for the disputed credits, including potential interest and penalties, is up to $20 million. Resolution of SEC and DOJ investigations As previously disclosed, in December 2016, we entered into agreements with the SEC and the DOJ to resolve those agencies’ respective investigations relating to the FCPA and the SEC’s separate accounting investigation related to our financial restatements impacting fiscal years 2012 and prior. Pursuant to those agreements, fines, disgorgement and pre-judgment interest to the SEC and DOJ total $82.3 million. As previously disclosed, in January 2017, we paid approximately $20.5 million to the DOJ and $12.4 million to the SEC. We will pay approximately $18.5 million to the SEC within 180 days of the date of the resolution and will make a final payment of approximately $30.9 million to the SEC within 360 days of the date of the resolution. At March 31, 2017 and December 31, 2016, we had an accrued liability of $49.4 million and $82.3 million, respectively, for the resolution of the SEC and DOJ investigations. Purported class action litigation On March 15, 2017, litigation was initiated against us and certain of our current and former directors, executive officers and employees by a former employee on behalf of a purported class of employees who invested in the common stock of General Cable through our 401(k) plan. The Plaintiff alleges that we should have not retained the General Cable stock fund as an investment option in our 401(k) plan during the period 2003-2016, when they claim the price of the Company stock was artificially inflated. The suit alleges various violations of the Employee Retirement Income Security Act of 1974 (“ERISA”) and was filed in the United States District Court for the Eastern District of Kentucky. At this early stage in the litigation, we cannot determine the likelihood of, nor can we reasonably estimate the range of, any possible loss. FCPA-related litigation matters A civil complaint was filed in the United States District Court for the Southern District of New York on January 5, 2017, by named plaintiffs, on behalf of purported classes of persons who purchased or otherwise acquired our publicly traded securities, against us, Gregory Kenny, our former President and Chief Executive Officer, and Brian Robinson, our former Executive Vice President and Chief Financial Officer (the “Doshi Complaint”). The parties have stipulated to the transfer of the matter to the Eastern District of Kentucky, which has been approved. The Doshi Complaint alleges claims under the antifraud and controlling person liability provisions of the Exchange Act, alleging generally, among other assertions, that the defendants made materially false and misleading statements in various quarterly and annual reports filed with the SEC between February 2012 and February 2016. Plaintiffs claim that the Corporation failed to disclose during that period that it had paid bribes in violation of the FCPA, failed to disclose that a portion of its profits were subject to disgorgement, and failed to disclose that when this conduct was discovered it would subject the Corporation to significant monetary penalties. The Doshi Complaint alleges that as a result of the foregoing, our stock price was artificially inflated and the plaintiffs suffered damages in connection with their purchase of our stock. The Doshi Complaint seeks damages in an unspecified amount; reasonable costs and expenses, including counsel and experts fees; and such equitable injunctive or other relief as the Court deems just and proper. We have not yet responded to the Complaint. At this early stage in the litigation, we cannot determine the likelihood of, nor can we reasonably estimate the range of, any possible loss. Other In addition, we are involved in various routine legal proceedings and administrative actions incidental to our business. In the opinion of our management, these routine proceedings and actions should not, individually or in the aggregate, have a material adverse effect on our consolidated results of operations, cash flows or financial position. However, in the event of unexpected future developments, it is possible that the ultimate resolution of these matters or other similar matters, if unfavorable, may have such adverse effects. In accordance with GAAP, we record a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. To the extent additional information arises or our strategies change, it is possible that our estimate of our probable liability in these matters may change. The 2014 Executive Officer Severance Plan ("2014 Severance Plan"), applicable to the Company’s executive officers holding a position of Executive Vice President or above or the position of Chief Financial Officer, General Counsel, Chief Compliance Officer or Chief Human Resources Officer and were hired or first promoted into such position after August 1, 2014, includes a change in control provision such that the executives may receive payments or benefits in accordance with the 2014 Severance Plan to the extent that both a change of control and a triggering event, each as defined in the 2014 Severance Plan, occur. Unless there are circumstances of ineligibility, as defined, the Company must provide payments and benefits upon both a change in control and a triggering event. The Company has entered into various operating lease agreements related principally to certain administrative, manufacturing and distribution facilities and transportation equipment. At March 31, 2017, future minimum rental payments required under non-cancelable lease agreements during the twelve month periods beginning March 31, 2017 through April 1, 2022 and thereafter are $15.2 million, $12.8 million, $9.6 million, $6.8 million and $4.5 million, respectively, and $9.4 million thereafter. As of March 31, 2017, the Company had $23.8 million in letters of credit, $279.6 million in various performance bonds and $79.2 million in other guarantees outstanding. Other guarantees include bank guarantees and advance payment bonds. These letters of credit, performance bonds and guarantees are periodically renewed and are generally related to risk associated with self-insurance claims, defined benefit plan obligations, contract performance, quality and other various bank and financing guarantees. Advance payment bonds are often required by customers when the Company obtains advance payments to secure the production of cable for long-term contracts. The advance payment bonds provide the customer protection on their deposit in the event that the Company does not perform under the contract. |
Unconsolidated Affiliated Companies |
3 Months Ended |
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Mar. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Unconsolidated Affiliated Companies | Unconsolidated Affiliated Companies Unconsolidated affiliated companies are those in which the Company generally owns less than 50 percent of the outstanding voting shares. The Company does not control these companies and accounts for its investments in them on the equity method basis. The unconsolidated affiliated companies primarily manufacture or market wire and cable products in the Latin America and Africa/Asia Pacific segments. The Company’s share of the income of these companies is reported in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) under “Equity in net earnings of affiliated companies.” Equity in net earnings of affiliated companies was immaterial for the three fiscal months ended March 31, 2017 and April 1, 2016. The net investment in unconsolidated affiliated companies was $0.2 million and $9.0 million as of March 31, 2017 and December 31, 2016, respectively. As of March 31, 2017, the Company’s ownership percentage was as follows: Colada Continua Chilena, S.A. 41% and Nostag GmbH & Co. KG 33%. In the first quarter of 2017, the Company completed the sale of its 24.6% interest in Pakistan Cables Limited for cash consideration of approximately $5.3 million. Refer to Note 3 - Divestitures for more information. |
Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value 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).
(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 March 31, 2017 and December 31, 2016 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 $15.9 million and $17.2 million as of March 31, 2017 and December 31, 2016, respectively. Amounts payable to the plan participants at March 31, 2017 and December 31, 2016, excluding the Deferred Stock, were $10.5 million and $11.0 million, respectively, and are classified as “Other liabilities” in the Condensed Consolidated Balance Sheets. At March 31, 2017, 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. |
Supplemental Guarantor Condensed Financial Information |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Guarantor Condensed Financial Information | Supplemental Guarantor Condensed Financial Information General Cable Corporation (“Parent Company”) and its U.S. 100% wholly-owned subsidiaries (“Guarantor Subsidiaries”) fully and unconditionally guarantee the $600.0 million of 5.75% Senior Notes due in 2022 of the Parent Company on a joint and several basis. The following tables present financial information about the Parent Company, Guarantor Subsidiaries and Non-Guarantor Subsidiaries in millions. Intercompany transactions are eliminated in the "Eliminations" column of the Supplemental Guarantor Condensed Financial Information tables. Condensed Statements of Operations and Comprehensive Income (Loss) Information Three Fiscal Months Ended March 31, 2017
Condensed Statements of Operations and Comprehensive Income (Loss) Information Three Fiscal Months Ended April 1, 2016
Condensed Balance Sheets Information March 31, 2017
Condensed Balance Sheets Information December 31, 2016
Condensed Statements of Cash Flows Information Three Fiscal Months Ended March 31, 2017
Condensed Statements of Cash Flows Information Three Fiscal Months Ended April 1, 2016
Intercompany Activity The Parent Company and its Guarantor Subsidiaries participate in a cash pooling program. As part of this program, cash balances are generally swept on a daily basis between the Guarantor Subsidiaries’ bank accounts and those of the Parent Company. There are a significant number of the Company’s subsidiaries that participate in this cash pooling arrangement and there are thousands of transactions per week that occur between the Parent Company and Guarantor Subsidiaries, all of which are accounted for through the intercompany accounts. Parent Company transactions include interest, dividends, tax payments and intercompany sales transactions related to administrative costs incurred by the Parent Company, which are billed to Guarantor Subsidiaries on a cost-plus basis. These costs are reported in the Parent’s SG&A expenses on the Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) Information for the respective period(s). All intercompany transactions are presumed to be settled in cash when they occur and are included in operating activities on the Condensed Consolidated Statements of Cash Flows. Non-operating cash flow changes are classified as financing activities. A summary of cash and non-cash transactions of the Parent Company’s intercompany account is provided below for the three fiscal months ended March 31, 2017 and the twelve fiscal months ended December 31, 2016:
Dividends There were no cash dividend payments to the Parent Company from the Guarantor Subsidiaries in the three fiscal months ended March 31, 2017 or April 1, 2016. Parent Company Long-Term Debt At March 31, 2017 and December 31, 2016, the Parent Company was party to the following long-term financing arrangements:
Long-term debt related to the Parent Company is discussed in Note 9 - Long-Term Debt. Commitments and Contingencies For contingencies and guarantees related to the Parent Company, refer to Note 9 - Long-Term Debt and Note 17 - Commitments and Contingencies. |
Accounting Standards (Policies) |
3 Months Ended |
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Mar. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | The following accounting pronouncements were adopted and became effective with respect to the Company in 2017: In March 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." The update is intended to simplify several areas of accounting for share-based compensation arrangements such as accounting for income taxes, forfeitures and statutory tax withholding requirements and the classification of related amounts on the statement of cash flows. This update was effective for the Company beginning January 1, 2017 and was applied using a modified retrospective transition method. The impact to beginning retained earnings was $0.9 million due to the recognition of deferred tax assets on excess tax benefits that had not previously reduced taxes payable. The adoption of this ASU did not have a material effect on the Company’s Condensed Consolidated Financial Statements. In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” This update provides guidance on simplifying the measurement of inventory. Prior to the adoption of ASU 2015-11, inventory was measured at lower of cost or market; where market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. ASU 2015-11 updates this guidance to measure inventory at the lower of cost and net realizable value; where net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. This update was effective for the Company beginning January 1, 2017 and was applied prospectively. The adoption of this ASU did not have a material effect on the Company’s Condensed Consolidated Financial Statements. The following accounting pronouncements will become effective in future periods with respect to the Company: In March 2017, the FASB issued ASU 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." This update requires presentation of the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of pension expense are required to be presented separately from the service cost component and outside a subtotal of income from operations. The update requires retrospective application and represents a change in accounting principle. The update is effective for fiscal years beginning after December 15, 2017. ASU 2017-07 is not expected to have a material impact on the Company’s Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." This update eliminates Step 2 from the goodwill impairment test that requires the impairment to be measured as the difference between the implied value of a reporting unit’s goodwill and the goodwill’s carrying amount. Instead, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The update is effective for annual and interim reporting periods beginning after December 15, 2019 and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. ASU 2017-04 is not expected to have a material impact on the Company’s Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." The standard requires lessees to recognize the assets and liabilities that arise from leases on the balance sheet. A lessee should recognize in the balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2018. The amendments should be applied at the beginning of the earliest period presented using a modified retrospective approach with earlier application permitted as of the beginning of an interim or annual reporting period. The standard will impact the Company's Condensed Consolidated Balance Sheets. The Company has not determined the quantitative impact of adoption (refer to Note 17 - Commitments and Contingencies for the Company's future minimum rental payments). The standard is not expected to have a material impact on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” This ASU outlines a single, comprehensive model for accounting for revenue from contracts with customers which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU requires expanded qualitative and quantitative disclosures relating to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including significant judgments and changes in judgments. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606)", which defers the effective date of ASU 2014-09 to annual and interim reporting periods beginning after December 15, 2017. The standard will accelerate the timing of when revenue is recognized for arrangements involving consignment inventory and arrangements when the Company's performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date. The Company will adopt this standard on January 1, 2018 using the modified retrospective (cumulative effect) transition method and is currently evaluating the impact of this standard on the Company's Consolidated Financial Statements. |
Divestitures (Tables) |
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations | The Company has completed the following as of March 31, 2017 (in millions):
As part of the October 2014 announcement, the Company has completed the following as of March 31, 2017 (in millions):
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Restructuring (Tables) |
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Mar. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring and Related Costs | Total expected costs and costs incurred to date by reportable segment are below (in millions):
Changes in the restructuring reserve and activity for the three months ended March 31, 2017 are below (in millions):
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Inventories (Tables) |
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories Stated at the Lower of Cost or Market Value | All inventories are stated at the lower of cost and net realizable value.
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Property, Plant and Equipment (Tables) |
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, plant and equipment consisted of the following (in millions):
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Goodwill and Other Intangible Assets (Tables) |
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill and Indefinite-Lived Intangible Assets | The amounts of goodwill and indefinite-lived intangible assets were as follows (in millions):
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Schedule of Other Intangible Assets, Customer Relationships | The amounts of other intangible assets, excluding capitalized software, were as follows (in millions):
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Long-Term Debt (Tables) |
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term-Debt |
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5.75% Senior Notes due 2022 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term-Debt | The Company's 5.75% Senior Notes are summarized in the table below:
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Convertible Debt [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term-Debt | The Company’s Subordinated Convertible Notes due 2029 outstanding as of March 31, 2017 and December 31, 2016 are as follows:
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Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Credit Facilities | The Company’s Revolving Credit Facility is summarized in the table below:
(1) Total undrawn availability for the U.S. borrower, the Canadian borrower and the European borrowers at March 31, 2017 is $200.3 million, $48.5 million and $67.9 million, respectively. Total undrawn availability for the U.S. borrower, the Canadian borrower and the European borrowers at December 31, 2016 was $265.0 million, $36.6 million and $97.4 million, respectively. |
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Europe And Mediterranean Credit Facilities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Credit Facilities | The Company’s Latin America credit facilities are summarized in the table below:
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Financial Instruments (Tables) |
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Derivative Instruments and Hedges, Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amounts and Fair Values of Derivatives Designated as Cash Flow Hedges and Derivatives Not Designated as Cash Flow Hedges | The notional amounts and fair values of derivatives not designated as cash flow hedges at March 31, 2017 and December 31, 2016 are shown below (in millions):
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Employee Benefit Plans (Tables) |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Pension Expense | The components of net pension expense for pension benefits were as follows (in millions):
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Accumulated Other Comprehensive Income (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) as of March 31, 2017 and December 31, 2016, respectively, consisted of the following (in millions):
The following is the detail of the change in the Company's accumulated other comprehensive income (loss) from December 31, 2016 to March 31, 2017 including the effect of significant reclassifications out of accumulated other comprehensive income (loss) (in millions, net of tax):
The following is the detail of the change in the Company's accumulated other comprehensive income (loss) from December 31, 2015 to April 1, 2016 including the effect of significant reclassifications out of accumulated other comprehensive income (loss) (in millions, net of tax):
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Reclassification out of Accumulated Other Comprehensive Income | The following is the detail of the reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2017 and April 1, 2016 (in millions, net of tax):
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Earnings (Loss) Per Common Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation Of The Numerator And Denominator Of Earnings (Loss) Per Common Share | A reconciliation of the numerator and denominator of earnings (loss) per common share-basic to earnings (loss) per common share-assuming dilution is as follows (in millions, except per share data):
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Impact Of Company's Stock Price On Assuming Dilution Calculation For The Subordinated Convertible Notes | The following table provides examples of how changes in the Company’s stock price would require the inclusion of additional shares in the denominator of the weighted average shares outstanding – assuming dilution calculation for the Subordinated Convertible Notes.
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Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Financial Information By Reportable Segments | Summarized financial information for the Company’s reportable segments for the three fiscal months ended March 31, 2017 and April 1, 2016 is as follows:
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Fair Value (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in millions).
(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 March 31, 2017 and December 31, 2016 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 $15.9 million and $17.2 million as of March 31, 2017 and December 31, 2016, respectively. Amounts payable to the plan participants at March 31, 2017 and December 31, 2016, excluding the Deferred Stock, were $10.5 million and $11.0 million, respectively, and are classified as “Other liabilities” in the Condensed Consolidated Balance Sheets. |
Supplemental Guarantor Condensed Financial Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Statements Of Operations | Condensed Statements of Operations and Comprehensive Income (Loss) Information Three Fiscal Months Ended March 31, 2017
Condensed Statements of Operations and Comprehensive Income (Loss) Information Three Fiscal Months Ended April 1, 2016
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Condensed Balance Sheets | Condensed Balance Sheets Information March 31, 2017
Condensed Balance Sheets Information December 31, 2016
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Condensed Statements Of Cash Flows | Condensed Statements of Cash Flows Information Three Fiscal Months Ended March 31, 2017
Condensed Statements of Cash Flows Information Three Fiscal Months Ended April 1, 2016
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Intercompany Cash And Non-Cash Transactions | A summary of cash and non-cash transactions of the Parent Company’s intercompany account is provided below for the three fiscal months ended March 31, 2017 and the twelve fiscal months ended December 31, 2016:
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Parent Company Long-Term Financing Arrangements | At March 31, 2017 and December 31, 2016, the Parent Company was party to the following long-term financing arrangements:
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Parent Company Debt Maturities |
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Basis of Presentation and Principles of Consolidation (Details) |
3 Months Ended |
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Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Weeks in fiscal quarters | 91 days |
Maximum percent of ownership to exercise significant influence | 20.00% |
Accounting Standards (Details) $ in Millions |
Dec. 31, 2016
USD ($)
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Accounting Standards Update 2016-09 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | Retained Earnings [Member] | |
New Accounting Pronouncement, Early Adoption [Line Items] | |
Cumulative effect of new accounting principle in period of adoption | $ 0.9 |
Divestitures (Narrative) (Details) - Disposal Group, Not Discontinued Operations [Member] - USD ($) $ in Millions |
3 Months Ended | ||
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Mar. 31, 2017 |
Apr. 01, 2016 |
Oct. 23, 2014 |
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Incurred restructuring charge | $ 0.2 | $ 0.2 | |
Africa/Asia Pacific [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total expected restructuring charges | $ 10.0 |
Other Income (Expense) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Apr. 01, 2016 |
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Derivative Instruments, Gain (Loss) [Line Items] | ||
Other income (expense) | $ 15.0 | $ (1.2) |
Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) on derivatives | 14.3 | |
Not Designated as Hedging Instrument [Member] | Other Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) on derivatives | (0.2) | |
Venezuela [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign currency transaction gain (loss) | $ (1.0) | |
Venezuela [Member] | SIMADI [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign currency transaction gain (loss) | $ 0.7 |
Inventories (Narrative) (Details) |
Mar. 31, 2017 |
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Inventory Disclosure [Abstract] | |
Percentage of weighted average cost inventory | 86.00% |
Inventories (Schedule of Inventories Stated at the Lower of Cost or Market Value) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
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Inventory Disclosure [Abstract] | ||
Raw materials | $ 165.2 | $ 170.7 |
Work in process | 131.4 | 130.3 |
Finished goods | 521.5 | 467.2 |
Total | $ 818.1 | $ 768.2 |
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2017 |
Apr. 01, 2016 |
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Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 17.5 | $ 18.7 |
Africa [Member] | Egypt Operations [Member] | Disposed of by Sale [Member] | Cost of Sales [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Impairment of long-lived assets to be disposed of | $ 6.0 |
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Total gross book value | $ 1,008.2 | $ 1,019.1 |
Less accumulated depreciation | (479.2) | (489.8) |
Total net book value | 529.0 | 529.3 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total gross book value | 42.5 | 44.7 |
Buildings and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total gross book value | 217.5 | 206.5 |
Machinery, Equipment and Office Furnishings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total gross book value | 696.4 | 714.4 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total gross book value | $ 51.8 | $ 53.5 |
Goodwill and Other Intangible Assets (Schedule of Other Intangible Assets, Customer Relationships) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Amortized intangible assets: | ||
Amortized intangible assets | $ 108.9 | $ 108.9 |
Accumulated amortization | (86.6) | (85.0) |
Foreign currency translation adjustment | (4.6) | (5.2) |
Amortized intangible assets, net | $ 17.7 | $ 18.7 |
Long-Term Debt (Maturity Range) (Narrative) (Details) $ in Millions |
Mar. 31, 2017
USD ($)
|
---|---|
Long-term Debt, Unclassified [Abstract] | |
Maturities of long-term debt in 2017 | $ 59.6 |
Maturities of long-term debt in 2018 | 217.2 |
Maturities of long-term debt in 2019 | 0.8 |
Maturities of long-term debt in 2020 | 0.7 |
Maturities of long-term debt in 2021 | 1.0 |
Maturities of long-term debt in 2022 and thereafter | $ 773.2 |
Long-Term Debt (Schedule Of Latin America Credit Facilities) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
|
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 1,052.5 | $ 938.6 |
Maturity within one year | 59.6 | |
Latin America [Member] | Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings | 58.2 | 82.4 |
Undrawn availability | $ 29.5 | $ 38.2 |
Interest rate - weighted average | 8.90% | 11.00% |
Maturity date | Various | Various |
Maturity within one year | $ 57.9 |
Financial Instruments (Narrative) (Details) - USD ($) |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Derivative Instruments and Hedges, Assets [Abstract] | ||
Derivative contracts held that require collateral securities | $ 0 | $ 0 |
Income Taxes (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|
Feb. 29, 2016 |
Mar. 31, 2017 |
Apr. 01, 2016 |
Dec. 31, 2016 |
Dec. 15, 2009 |
|
Income Tax Disclosure [Abstract] | |||||
Effective income tax rate | 33.70% | (114.30%) | |||
Income tax expense for uncertain tax positions | $ 0.3 | ||||
Income tax benefits recognized due to statute of limitation expirations | $ (1.9) | ||||
Unrecognized tax benefits could change within the next twelve months | 3.0 | ||||
Proposed cumulative taxable income adjustment | $ 50.0 | ||||
Subordinated Convertible Notes Due 2029 [Member] | North America [Member] | |||||
Debt Instrument [Line Items] | |||||
Face value | $ 429.5 | $ 429.5 | $ 429.5 |
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Apr. 01, 2016 |
|
Compensation and Retirement Disclosure [Abstract] | ||
Loss that will be amortized from accumulated other comprehensive income in the next year | $ 4.0 | |
Defined benefit pension plan cash contributions | $ 1.1 | $ 1.3 |
Employee Benefit Plans (Components of Net Periodic Benefit Cost for Pension Benefits) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Apr. 01, 2016 |
|
U.S. Plans [Member] | ||
Pension expense: | ||
Service cost | $ 0.2 | $ 0.3 |
Interest cost | 1.1 | 1.8 |
Expected return on plan assets | (2.0) | (2.4) |
Amortization of prior service cost | 0.0 | 0.0 |
Amortization of net loss | 0.6 | 1.7 |
Net pension expense | (0.1) | 1.4 |
Non-U.S. Plans [Member] | ||
Pension expense: | ||
Service cost | 0.9 | 1.0 |
Interest cost | 0.7 | 0.8 |
Expected return on plan assets | (0.7) | (0.6) |
Amortization of prior service cost | 0.2 | 0.2 |
Amortization of net loss | 0.4 | 0.3 |
Net pension expense | $ 1.5 | $ 1.7 |
Accumulated Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Stockholders Equity Disclosure [Line Items] | ||
Accumulated other comprehensive income (loss) | $ (276.9) | $ (286.4) |
Company Common Shareholders [Member] | ||
Stockholders Equity Disclosure [Line Items] | ||
Foreign currency translation adjustment | (219.5) | (228.2) |
Pension adjustments, net of tax | (57.4) | (58.2) |
Accumulated other comprehensive income (loss) | (276.9) | (286.4) |
Noncontrolling Interest [Member] | ||
Stockholders Equity Disclosure [Line Items] | ||
Foreign currency translation adjustment | (13.1) | (13.0) |
Pension adjustments, net of tax | (1.3) | (1.3) |
Accumulated other comprehensive income (loss) | $ (14.4) | $ (14.3) |
Accumulated Other Comprehensive Income (Loss) (Reclassifications out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Apr. 01, 2016 |
|
Amortization of defined pension items, net of tax: | ||
Selling, general and administrative expenses | $ 94.8 | $ 88.5 |
Cost of sales | 799.6 | 891.8 |
Total | (0.8) | (11.8) |
Pension Items [Member] | ||
Amortization of defined pension items, net of tax: | ||
Total | 0.8 | 1.3 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Sale of Subsidiaries [Member] | ||
Amortization of defined pension items, net of tax: | ||
Selling, general and administrative expenses | 0.0 | 10.5 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Prior Service Cost [Member] | ||
Amortization of defined pension items, net of tax: | ||
Cost of sales | 0.1 | 0.1 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net Loss [Member] | ||
Amortization of defined pension items, net of tax: | ||
Cost of sales | $ (0.7) | $ (1.2) |
Shipping and Handling Costs (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Apr. 01, 2016 |
|
Shipping And Handling Costs [Abstract] | ||
Shipping and handling costs associated with storage and handling of finished goods and shipments to customers | $ 25.9 | $ 28.8 |
Earnings (Loss) Per Common Share (Narrative) (Details) - $ / shares shares in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Apr. 01, 2016 |
|
Debt Instrument [Line Items] | ||
Antidilutive securities xcluded from computation of earnings per share (in shares) | 1.7 | 3.8 |
North America [Member] | Subordinated Convertible Notes Due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average conversion price per share (in dollars per share) | $ 36.75 |
Earnings (Loss) Per Common Share (Reconciliation Of The Numerator And Denominator Of Earnings (Loss) Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Apr. 01, 2016 |
|
Amounts attributable to the Company – basic and diluted: | ||
Net income (loss) attributable to Company common shareholders | $ 12.4 | $ (4.7) |
Net income (loss) for EPS computations | $ 12.4 | $ (4.7) |
Weighted average shares outstanding for basic EPS computation (in shares) | 49.8 | 49.1 |
Earnings (loss) per common share attributable to Company common shareholders – basic (per share) | $ 0.25 | $ (0.10) |
Weighted average shares outstanding including nonvested shares (in shares) | 49.8 | 49.1 |
Dilutive effect of stock options and restricted stock units | 1.8 | 0.0 |
Weighted average shares outstanding for diluted EPS computation (in shares) | 51.6 | 49.1 |
Earnings (loss) per common share attributable to Company common shareholders – assuming dilution (per share) | $ 0.24 | $ (0.10) |
Unconsolidated Affiliated Companies (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
|
Schedule of Equity Method Investments [Line Items] | ||
Unconsolidated affiliated companies | $ 0.2 | $ 9.0 |
Pakistan Cables Limited [Member] | Disposed of by Sale [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage in affiliated companies, less than | 24.60% | |
Proceeds from divestiture of businesses | $ 5.3 | |
Colada Continua Chilean, S.A. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage in affiliated companies, less than | 41.00% | |
Nostag GmbH & Co. KG [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage in affiliated companies, less than | 33.00% | |
Maximum [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership threshold, investment as equity method | 50.00% |
Supplemental Guarantor Condensed Financial Information (Narrative) (Details) - North America [Member] - 5.75% Senior Notes due 2022 [Member] - USD ($) |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 25, 2012 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Debt principal amount | $ 600,000,000.0 | ||
Interest rate | 5.75% | 5.75% | 5.75% |
Supplemental Guarantor Condensed Financial Information (Intercompany Cash And Non-Cash Transactions) (Details) - Parent [Member] - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
|
Related Party [Roll Forward] | ||
Beginning Balance | $ 1,092.4 | $ 1,114.5 |
Non-cash transactions | ||
Deferred tax | 0.0 | (27.6) |
Equity based awards | (0.8) | 5.2 |
Foreign currency and other | (0.2) | 28.4 |
Cash transactions | (35.5) | (28.1) |
Ending Balance | $ 1,055.9 | $ 1,092.4 |
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