GENERAL CABLE CORP /DE/

CIK:0000886035|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2018	Mar. 31, 2017
Income Statement [Abstract]
Net sales	$ 1,020.5	$ 918.2
Cost of sales	914.8	799.2
Gross profit	105.7	119.0
Selling, general and administrative expenses	71.4	94.8
Operating income	34.3	24.2
Other income (expense)	(15.6)	14.6
Interest income (expense):
Interest expense	(19.2)	(20.7)
Interest income	0.9	0.6
Interest income (expense), total	(18.3)	(20.1)
Income (loss) before income taxes	0.4	18.7
Income tax (provision) benefit	(4.6)	(6.3)
Net income (loss) including noncontrolling interest	(4.2)	12.4
Less: net income (loss) attributable to noncontrolling interest	0.1	0.0
Net income (loss) attributable to Company common shareholders	$ (4.3)	$ 12.4
Earnings (loss) per share - Net income (loss) attributable to Company common shareholders per common share
Earnings (loss) per common share-basic (per share)	$ (0.08)	$ 0.25
Earnings (loss) per common share - assuming dilution (per share)	(0.08)	0.24
Dividends per common share (per share)	$ 0.18	$ 0.18
Comprehensive income (loss):
Net income (loss)	$ (4.2)	$ 12.4
Currency translation gain (loss)	2.9	8.6
Defined benefit plan adjustments, net of tax of $0.2 million in the three fiscal months ended March 30, 2018 and $0.4 million in the three fiscal months ended March 31, 2017	0.8	0.8
Comprehensive income (loss), net of tax	(0.5)	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	$ (0.6)	$ 21.9

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2018	Mar. 31, 2017
Cash flows of operating activities:
Net income (loss) including noncontrolling interest	$ (4.2)	$ 12.4
Adjustments to reconcile net income (loss) to net cash flows of operating activities:
Depreciation and amortization	17.1	19.5
Foreign currency exchange (gain) loss	2.1	(2.0)
Deferred income taxes	3.4	(2.3)
Non-cash interest charges	1.0	1.0
(Gain) loss on disposal of subsidiaries	0.0	3.5
(Gain) loss on disposal of property	0.0	2.9
Changes in operating assets and liabilities, net of effect of divestitures:
(Increase) decrease in receivables	(24.6)	(1.9)
(Increase) decrease in inventories	(36.5)	(42.8)
(Increase) decrease in other assets	(6.9)	(2.5)
Increase (decrease) in accounts payable	8.2	19.1
Increase (decrease) in accrued and other liabilities	(45.1)	(95.4)
Net cash flows of operating activities	(85.5)	(88.5)
Cash flows of investing activities:
Capital expenditures	(13.0)	(35.2)
Proceeds from properties sold	0.0	0.3
Disposal of subsidiaries, net of cash disposed of	0.0	5.3
Net cash flows of investing activities	(13.0)	(29.6)
Cash flows of financing activities:
Dividends paid to shareholders	(9.2)	(9.4)
Proceeds from debt	538.8	731.7
Repayments of debt	(459.5)	(622.4)
Net cash flows of financing activities	70.1	99.9
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1.9)	0.8
Increase (decrease) in cash, cash equivalents and restricted cash	(30.3)	(17.4)
Cash, cash equivalents and restricted cash – beginning of period	96.2	103.6
Cash, cash equivalents and restricted cash – end of period	65.9	86.2
Cash paid during the period for:
Income tax payments, net of refunds	6.7	2.6
Interest paid	21.9	22.9
Non-cash investing and financing activities:
Capital expenditures included in accounts payable	$ 3.0	$ 11.1

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 53.5	$ 84.7
Receivables, net of allowances of $19.3 million at March 30, 2018 and $19.2 million at December 31, 2017	811.9	714.2
Inventories	728.7	736.1
Prepaid expenses and other	61.5	60.0
Total current assets	1,655.6	1,595.0
Property, plant and equipment, net	526.1	530.3
Deferred income taxes	7.2	7.9
Goodwill	11.0	11.0
Intangible assets, net	22.1	23.3
Unconsolidated affiliated companies	0.2	0.2
Other non-current assets	58.1	67.6
Total assets	2,280.3	2,235.3
Current liabilities:
Accounts payable	444.9	437.5
Accrued liabilities	254.5	308.8
Current portion of long-term debt	33.9	46.9
Total current liabilities	733.3	793.2
Long-term debt	1,135.5	1,038.8
Deferred income taxes	114.4	108.6
Other liabilities	163.8	162.9
Total liabilities	2,147.0	2,103.5
Commitments and contingencies (see Note 19)
Total Equity:
Common stock, $0.01 par value, issued and outstanding shares: March 30, 2018 – 50,728,522 (net of 7,910,174 treasury shares), December 31, 2017 – 50,583,870 (net of 8,054,826 treasury shares)	0.6	0.6
Additional paid-in capital	704.7	706.6
Treasury stock	(149.9)	(151.9)
Retained earnings (deficit)	(197.7)	(195.3)
Accumulated other comprehensive income (loss)	(227.1)	(230.8)
Total Company shareholders’ equity	130.6	129.2
Noncontrolling interest	2.7	2.6
Total equity	133.3	131.8
Total liabilities and equity	$ 2,280.3	$ 2,235.3