Divestitures

Asia Pacific divestitures

Since October 2014, the Company has completed the following as of September 29, 2017 (in millions):



Entity	Sale / Closure	Sale / Closure Date	Gross Proceeds		Pre-tax Gain / (Loss) ⁽¹⁾
General Cable (Tianjin) Alloy Products Company Limited ("China") ⁽²⁾	Sale	Third Quarter 2017	$	8.8	$	(19.9	)
General Cable Australia Pty. Ltd. ("Australia")	Closure	Second Quarter 2017	—		(4.2		)
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 or liquidation 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. The aggregate pre-tax loss on the reclassification of foreign currency translation adjustments upon sale or liquidation of the Asia Pacific divestiture entities is $47.8 million.

(2)

In the fourth quarter of 2016, the Company updated its strategic path forward based on the current business environment and economic challenges for its China business. In anticipation of a prolonged sales process given the challenging environment, the Company's updated internal projections (based on a probability weighted cash flows approach), resulted in a long-lived asset impairment loss in cost of sales of $11.0 million in the fourth quarter of 2016. The Company continued to pursue process improvement initiatives through the first half of 2017; however, in the third quarter of 2017, the Company completed an accelerated sale of China, recognizing a pre-tax loss of $19.9 million.

As of September 29, 2017, the Company determined that the remaining Asia Pacific business did not meet the held for sale criteria. As of September 29, 2017, the Company's Asia Pacific businesses, and disposals of related operations to date (that occurred over a three year period), are not considered a strategic shift that has or will have a major effect on the Company's operations and financial results. Refer to Note 16 - Segment Information for results of the Africa / Asia Pacific segment.

Africa divestitures

The Company's Africa businesses, and disposals of related operations to date, are 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 September 29, 2017 (in millions):



Entity	Sale / Closure	Sale / Closure Date	Gross Proceeds		Pre-tax Gain / (Loss)⁽¹⁾
Entreprise des Industries du Cable de Biskra SPA ("Algeria") - 70% interest	Sale	Second Quarter 2017	$	3.8	$	(38.0	)
General Cable Phoenix South Africa Pty. Ltd. ("South Africa - Durban")	Closure	Fourth Quarter 2016	—		1.6
National Cables (Pty) Ltd. ("South Africa - National Cables")	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")	Sale	Second Quarter 2016	5.8		(8.4		)

(1)

The pre-tax gain / (loss) for each sale or liquidation 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. The aggregate pre-tax loss on the reclassification of foreign currency translation adjustments upon sale or liquidation of the Africa divestiture entities is $79.4 million.

As of September 29, 2017, the Company determined that the remaining Africa business did not meet the held for sale criteria. Refer to Note 16 - Segment Information for results of the Africa / Asia Pacific segment.

The Company has incurred total aggregate costs of $9.1 million related to its Asia Pacific and Africa divestitures, primarily legal and transaction fees, as of September 29, 2017. Charges incurred in the three and nine months ended September 29, 2017 were $3.3 million and $3.5 million, respectively. The Company did not incur charges in the three months ended September 30, 2016. Charges incurred in the nine months ended September 30, 2016 were $1.6 million.