Unconsolidated Affiliated Companies

12 Months Ended

Dec. 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 our Latin America and Europe segments. As of December 31, 2017 and 2016, the Company has recorded on its Consolidated Balance Sheets an investment in unconsolidated affiliated companies of $0.2 million and $9.0 million, respectively. The Company’s share of the income of these companies is reported in the Consolidated Statements of Operations and Comprehensive Income (Loss) under “Equity in net earnings of affiliated companies.” The Company did not have equity in net earnings of affiliated companies in 2017. In 2016 and 2015, equity in net earnings of affiliated companies was $0.9 million, and $0.5 million, respectively. As of December 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 4 - Divestitures for more information.