Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities

Schedule of notional amounts outstanding under foreign currency contracts

The Company had the following notional amounts outstanding under foreign currency contracts as of September 30, 2014 and December 31, 2013 (in millions):

Buy	Notional Amount in Buy Currency	Sell	Maturity	Notional Amount in U.S. Dollars		Fair Value of Assets		Fair Value of Liabilities
September 30, 2014:
Euro	42.4	U.S. Dollars	October 2014	$	57.6	$	—	$	4.0
Yen	9.6	Euro	October 2014	0.1		—		—
Swiss Francs	44.4	U.S. Dollars	October 2014	49.8		—		3.2
				$	107.5	$	—	$	7.2
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	$	—

Schedule of fair value and balance sheet location of derivative instruments

The fair value of the derivative instruments described above is recorded in the consolidated balance sheets for the periods as follows (in millions):

		September 30,		December 31,
	Balance Sheet Location	2014		2013
Derivative assets:
Foreign exchange contracts	Other current assets	$	—	$	2.3
Embedded derivatives in purchase and delivery contracts	Other current assets	0.3		0.2
Fixed price commodity contracts	Other current assets	—		0.1
Derivative liabilities:
Foreign exchange contracts	Other current liabilities	$	7.2	$	—
Embedded derivatives in purchase and delivery contracts	Other current liabilities		0.3		0.4
Fixed price commodity contracts	Other current liabilities	0.1		—

Schedule of impact on net income of unrealized gains and losses resulting from 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 are as follows (in millions):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Foreign exchange contracts	$	(6.3	)	$	5.7		$	(9.5	)	$	2.9
Embedded derivatives	0.2			(0.4		)	0.2			(0.2		)
Fixed price commodity contracts	(0.2		)	0.5			(0.2		)	0.3
Income (expense), net	$	(6.3	)	$	5.8		$	(9.5	)	$	3.0