85 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 December 31, 2012 there were no contracts held by the Company that required collateral to secure the Company’ s derivative liability positions. As of December 31, 201 1 there were contracts held by the Company that required $0.7 million in collateral to secure the Company's derivative liability positions. For the above derivative instruments that are designated and qualify as cash flow hedges, the ef fective portion of the unrealized gain and loss on the derivative is reported as a component of accumulated other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction af fects earnings, which generally occurs over periods of less than one year . Gain and loss on the derivative representing either hedge inef fectiveness or hedge components excluded from the assessment of ef fectiveness are recognized in current earnings.   Year ended December 31, 2012 Ef fective portion recognized in Accumulated OCI Reclassified from Accumulated OCI Inef fective portion and amount excluded from ef fectiveness testing (in millions) Gain / (Loss) Gain / (Loss) Gain / (Loss) 1 Location Derivatives designated as cash flow hedges:         Interest rate swaps $ 0.3 $ — $ — Interest Expense Commodity futures 4.8 (3.3 ) (0.3 ) Cost of Sales Foreign currency exchange (0.2 ) (1.1 ) — Other income /(expense) Total $ 4.9 $ (4.4 ) $ (0.3 )     Year ended December 31, 2011 Ef fective portion recognized in Accumulated OCI Reclassified from Accumulated OCI Inef fective portion and amount excluded from ef fectiveness testing (in millions) Gain / (Loss) Gain / (Loss) Gain / (Loss) (1) Location Derivatives designated as cash flow hedges:         Interest rate swaps $ (0.5 ) $ (0.2 ) $ (0.3 ) Interest Expense Commodity futures (23.8 ) 14.8 (1.1 ) Cost of Sales Foreign currency exchange 2.0 0.1 0.1 Other income /(expense) Total $ (22.3 ) $ 14.7 $ (1.3 )   (1) The inef fective portion and the amount excluded from ef fectiveness testing for all derivatives designated as cash flow hedges is recognized in other income and expense. For derivative instruments that are not designated as cash flow hedges the unrealized gain or loss on the derivatives is reported in current earnings. For the year ended December 31, 2012 , the Company recorded a gain of $ 3.0 million for derivative instruments not designated as cash flow hedges in other income (expense). For the year ended December 31, 201 1 , the Company recorded a loss of $ 6.1 million for derivative instruments not designated as cash flow hedges in other income (expense) on the Consolidated Statements of Operations and Comprehensive Income (Loss). A pre-tax loss of $1.4 million is expected to be reclassified into earnings from other comprehensive income during 2013 . Other Forward Pricing Agreements In the normal course of business, General Cable enters into forward pricing agreements for the purchase of copper and aluminum for delivery in a future month to match certain sales transactions. The Company accounts for these forward pricing arrangements under the “normal purchases and normal sales” scope exemption because these arrangements are for purchases of copper and aluminum that will be delivered in quantities expected to be used by the Company over a reasonable period of time in the normal course of business. For these arrangements, it is probable at the inception and throughout the life of the arrangements that the arrangements will not settle net and will result in physical delivery of the inventory . At December 31, 2012 and 201 1 , General Cable had $ 37.7 million and $ 36.3 million , respectively , of future copper and aluminum purchases that were under forward pricing agreements. At December 31, 2012 and 201 1 , General Cable had an unrealized gain of $ 0.3 million and an unrealized loss of $ 1.0 million , respectively , related to these transactions. The fair market value of the forward pricing agreements was $ 38.0 million and $ 35.3 million at December 31, 2012 and 201 1 , respectively . General Cable expects the unrealized losses under these agreements to of fset firm sales price commitments with customers. Depending on the extent of the unrealized loss position on certain forward pricing agreements, certain counterparties may require collateral to secure the Company’ s forward purchase agreements. There were no funds posted as collateral as of December 31, 2012 or 201 1 . T able of Contents