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Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2013
Derivative Instruments and Hedging Activities  
Notional amounts outstanding under foreign currency contracts

The Company had the following notional amounts outstanding under foreign currency contracts at December 31, (in millions):

Buy
  Notional
Amount in
Buy Currency		   Sell   Maturity   Notional
Amount in
U.S. Dollars		   Fair Value
of Assets		   Fair Value
of Liabilities		  

December 31, 2013:

                                  

Euro

     40.4   U.S. Dollars   January 2014 to March 2014     54.5     1.1     —  

Swiss Francs

     37.9   U.S. Dollars   January 2014     41.4     1.2     —  
                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

                 $ 95.9   $ 2.3   $ —  
                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                             

December 31, 2012:

                                  

Euro

     1.2   Australian Dollars   January 2013 to April 2013   $ 1.6   $ —   $ —  

Euro

     49.3   U.S. Dollars   January 2013 to October 2013     64.0     1.2     —  

Swiss Francs

     26.1   U.S. Dollars   January 2013     27.9     0.6     —  

U.S. Dollars

     0.8   Mexican Pesos   January 2013     0.8     —     —  
                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

                 $ 94.3   $ 1.8   $ —  
                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                             
Fair value and balance sheet location of derivative instruments

The fair value of the derivative instruments described above are recorded in the consolidated balance sheets for the years ended December 31, 2013 and 2012 as follows (in millions):

 
   Balance Sheet Location   2013   2012  

Derivative assets:

                  

Foreign exchange contracts

   Other current assets   $ 2.3   $ 1.8  

Embedded derivatives in purchase and delivery contracts

   Other current assets     0.2     0.3  

Fixed price commodity contracts

   Other current assets     0.1     —  

Derivative liabilities:

  

 

    
 		    
 		  

Embedded derivatives in purchase and delivery contracts

   Other current liabilities     0.4     0.3  

Fixed price commodity contracts

   Other current liabilities     —     0.2  
Impact on net income of changes in the fair value of derivative instruments not designated as hedging instruments

The impact on net income of unrealized gains and losses resulting from changes in the fair value of derivative instruments not designated as hedging instruments for the years ending December 31, are as follows (in millions):

 
   2013   2012   2011  

Foreign exchange contracts

   $ 0.5   $ 6.0   $ (4.6 )

Embedded derivatives

     (0.2 )   (0.2 )   1.6  

Fixed price commodity contracts

     0.3     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income (expense), net

   $ 0.6   $ 5.8   $ (3.0 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​