107 General Cable has entered into various leases related principally to certain administrative, manufacturing and distribution facilities and transportation equipment. Future minimum rental payments required under non-cancelable lease agreements at December 31, 2012 were as follows: 2013 — $ 41.0 million , 2014 — $ 33.5 million , 2015 — $ 31.8 million , 2016 — $ 27.4 million , 2017 — $ 18.6 million and thereafter $ 16.8 million . Rental expense recorded in income from continuing operations was $ 29.8 million , $ 20.7 million and $ 19.0 million for the years ended December 31, 2012 , 201 1 and 2010 , respectively . As of December 31, 2012 , the Company had $ 70.5 million in letters of credit, $ 285.9 million in various performance bonds and $ 193.5 million in other guarantees. Other guarantees include bank guarantees and advance payment bonds. These letters of credit, performance bonds and guarantees are periodically renewed and are generally related to risk associated with self-insurance claims, defined benefit plan obligations, contract performance, quality and other various bank and financing guarantees. Advance payment bonds are often required by customers when we obtain advance payments to secure the production of cable for long term contracts. The advance payment bonds provide the customer protection on their deposit in the event that the Company does not perform under the contract. 19. Unconsolidated Affiliated Companies Unconsolidated af filiated 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 basis. The unconsolidated af filiated companies primarily manufacture or market wire and cable products in our ROW segment. As of December 31, 2012 and 201 1 , the Company has recorded on its consolidated balance sheets an investment in unconsolidated af filiated companies of $ 19.2 million  and $ 18.6 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 af filiated companies.” In 2012 , 201 1 and 2010 , equity in net earnings of af filiated companies was $ 1.7 million , $ 2.9 million , and $ 1.4 million , respectively . As of December 31, 2012 , the Company’ s ownership percentage was as follows: PDTL T rading Company Ltd. 49% , Colada Continua Chilean, S.A. 41% , Minuet Realty Corp. 40% , Nostag GmBH & Co. KG 33% , Pakistan Cables Limited 24.6% , Keystone Electric W ire & Cable Co., Ltd. 20% and Thai Copper Rod Company Ltd. 18% . 20.  Fair V alue Disclosur e Ef fective January 1, 2008, the Company adopted Fair V alue Measur ements and Disclosur es, which provides a framework for measuring fair value. ASC 820 - Fair V alue Measur ement defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 - Fair V alue Measur ement also eliminated the deferral of gains and losses at inception of certain derivative contracts whose fair value was not evidenced by market observable data. ASC 820 - Fair V alue Measur ement requires that the impact of this change in accounting for derivative contracts be recorded as an adjustment to beginning retained earnings in the period of adoption. The Company determined the fair market values of its financial instruments based on the fair value hierarchy established in ASC 820 - Fair V alue Measur ement which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values which are provided in Note 2 - Summary of Significant Accounting Policies. The Company carries marketable equity securities held in a rabbi trust as part of the Company’ s deferred compensation plan (as discussed in Note 13 - T otal Equity) and derivative assets and liabilities at fair value. Marketable equity securities are recorded at fair value, which are based on quoted market prices. 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. Estimation risk is greater for derivative asset and liability positions that are either option-based or have longer maturity dates where observable market inputs are less readily available or are unobservable, in which case interest rate, price or index scenarios are extrapolated in order to determine the fair value. The fair values of derivative assets and liabilities include adjustments for market liquidity , counterparty credit quality , Company’ s own credit standing and other specific factors, where appropriate. T o ensure the prudent application of estimates and management judgment in determining the fair value of derivative assets and liabilities, various processes and controls have been adopted, which include: model validation that requires a review and approval for pricing, financial statement fair value determination and risk quantification; periodic review and substantiation of profit and loss reporting for all derivative instruments. Financial assets and liabilities measured at fair value on a recurring basis are summarized below: T able of Contents