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.

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

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



	Fair Value Measurement
	December 31, 2017								December 31, 2016
(in millions)	Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3		Fair Value
Assets:
Derivative assets	$	—	$	27.4	$	—	$	27.4	$	—	$	9.3	$	—	$	9.3
Equity securities ⁽¹⁾	8.4		—		—		8.4		9.8		—		—		9.8
Total Assets	$	8.4	$	27.4	$	—	$	35.8	$	9.8	$	9.3	$	—	$	19.1
Liabilities:
Derivative liabilities	$	—	$	0.8	$	—	$	0.8	$	—	$	2.9	$	—	$	2.9
Total liabilities	$	—	$	0.8	$	—	$	0.8	$	—	$	2.9	$	—	$	2.9

(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 December 31, 2017 and December 31, 2016 classified as “other non-current assets” in the Consolidated Balance Sheets. The market value of mutual fund investments and the General Cable Stock Fund in the Rabbi Trust was $17.9 million and $17.2 million as of December 31, 2017 and December 31, 2016, respectively. Amounts payable to the plan participants at December 31, 2017 and December 31, 2016, excluding the Deferred Stock, were $9.4 million and $11.0 million, respectively, and are classified as “Other liabilities” in the Consolidated Balance Sheets.

At December 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.

The following long-lived asset impairment charges were recorded in the years ended December 31, 2017, December 31, 2016 and December 31, 2015:

In the fourth quarter of 2016, the Company recorded an impairment charge of $11.0 million related to its China machinery and equipment and real property assets. The remaining property, plant and equipment, $18.6 million, was measured at fair value at December 31, 2016.

In 2016, the Company also recognized asset-related charges of $21.4 million related to the Company's restructuring programs (the remaining property, plant and equipment is immaterial) and $6.0 million related to the Company's Egypt operations (Egypt was sold in the second quarter of 2016).

In 2015, the Company recognized asset-related charges of $17.7 million related to the Company's restructuring programs, $30.7 million related to the Company's Algerian operations and $13.6 million related to the Company's India operations.

Refer to Note 5 - Restructuring and Note 8 - Property, Plant and Equipment for additional details regarding the impairment charges.

To determine the fair value for the above long-lived asset groups, the Company utilized standard valuation techniques, including both income and market-based approaches. The fair value of the asset groups were based on significant inputs that were not observable in the market and are considered to be Level 3 inputs as defined by ASC 820. Under the income approach, the Company used a discounted cash flow method to calculate fair value based on the present value of estimated future cash flows. Assumptions used in the discounted cash flow method, such as forecasted operating results, expected growth rates, working capital needs, tax rates, and the weighted average cost of capital ("WACC"), were based on the then current market conditions and were consistent with internal management projections. The WACC rates and the growth rates assumed were in the range of 10% to 12% and 0% to 6%, respectively. Under the market approach, the Company provided an estimate of value using multiples of earnings derived from the market values of similar type businesses and considered other binding and non-binding sales offers.