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Derivative Instruments and Hedging Activities
 3 Months Ended
Mar. 31, 2013
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities
The Company is exposed to certain risks related to its ongoing business operations, including market risks related to fluctuation in currency exchange. The Company uses foreign exchange contracts to manage the risk of certain cross-currency business relationships to minimize the impact of currency exchange fluctuations on the Company’s earnings and cash flows. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. As of March 31, 2013, the foreign exchange contracts designated as hedging instruments did not have a material impact on the Company’s statement of operations, balance sheet or cash flows. Foreign exchange contracts not designated as hedging instruments which primarily pertain to foreign exchange fluctuation risk of intercompany positions, had a notional value of $171 million and $178 million as of March 31, 2013 and December 31, 2012, respectively. The settlement of derivative contracts for the three months ended March 31, 2013 and 2012 resulted in a net cash inflow of $7.7 million and a net cash outflow of $5.8 million, respectively, and is reported with “Total used for operating activities” on the Condensed Consolidated Statements of Cash Flows. As of March 31, 2013 and December 31, 2012, the Company's receivable position for the foreign exchange contracts was $0.6 million and $2.6 million, respectively. As of March 31, 2013 and December 31, 2012, the Company's payable position for the foreign exchange contracts was $0.9 million and $0.2 million, respectively.