Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

Foreign exchange rate instruments embedded in purchase and sale contracts—The purpose of these instruments is to match offsetting currency payments and receipts for particular projects, or comply with government restrictions on the currency used to purchase goods in certain countries. At September 30, 2017, our portfolio of these instruments included the following material net positions:

	Net Notional Amount Bought (Sold)
(In millions)			USD Equivalent
Norwegian krone	(339.5	)	(42.7	)
U.S. dollar	49.2		49.2

Foreign exchange rate forward contracts—The purpose of these instruments is to hedge the risk of changes in future cash flows of anticipated purchase or sale commitments denominated in foreign currencies and recorded assets and liabilities in our consolidated balance sheets. At September 30, 2017, we held the following material net positions:

	Net Notional Amount Bought (Sold)
(In millions)			USD Equivalent
Australian dollar	293.9		233.6
Brazilian real	755.6		238.6
British pound	233.9		315.7
Canadian dollar	(188.4	)	(151.2	)
Euro	641.7		761.2
Japanese yen	(1,507.6	)	(13.4	)
Malaysian ringgit	259.5		61.8
Norwegian krone	(1,567.2	)	(196.9	)
Singapore dollar	65.0		48.0
U.S. dollar	(1,259.1	)	(1,259.1	)

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents the location and fair value amounts of derivative instruments reported in the consolidated balance sheets.

	September 30, 2017				December 31, 2016
(In millions)	Assets		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments:
Foreign exchange contracts:
Current – Derivative financial instruments	$	109.7	$	83.9	$	47.2	$	183.0
Long-term – Derivative financial instruments	33.5		4.8		10.7		47.6
Total derivatives designated as hedging instruments	143.2		88.7		57.9		230.6
Derivatives not designated as hedging instruments:
Foreign exchange contracts:
Current – Derivative financial instruments	16.2		22.4		—		—
Long-term – Derivative financial instruments	3.3		7.6		—		—
Total derivatives not designated as hedging instruments	19.5		30.0		—		—
Long-term – Derivative financial instruments – Synthetic Bonds – Call Option Premium	47.3		—		180.1		—
Long-term – Derivative financial instruments – Synthetic Bonds – Embedded Derivatives	—		47.3		—		180.1
Total derivatives	$	210.0	$	166.0	$	238.0	$	410.7

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following table presents the location of gains (losses) on the consolidated statements of income related to derivative instruments designated as fair value hedges.

Location of Fair Value Hedge Gain (Loss) Recognized in Income	Gain (Loss) Recognized in Income
	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2017		2016		2017		2016
Other income (expense), net	$	12.2	$	25.5	$	61.9	$	37.0

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following tables present the location of gains (losses) on the consolidated statements of other comprehensive income and/or the consolidated statements of income related to derivative instruments designated as cash flow hedges.

	Gain (Loss) Recognized in OCI (Effective Portion)
	Three Months Ended September 30,					Nine Months Ended September 30,
(In millions)	2017		2016			2017		2016
Foreign exchange contracts	$	38.3	$	(51.2	)	$	98.7	$	(14.8	)

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

Location of Cash Flow Hedge Gain (Loss) Reclassified from  Accumulated OCI into Income	Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2017			2016			2017			2016
Foreign exchange contracts:
Revenue	$	(6.3	)	$	—		$	(31.6	)	$	—
Cost of sales	0.2			—			1.7			—
Selling, general and administrative expense	0.5			—			0.7			—
Research and development expense	—			—			(0.1		)	—
Other income (expense), net	(20.4		)	(18.1		)	(70.6		)	(107.9		)
Total	$	(26.0	)	$	(18.1	)	$	(99.9	)	$	(107.9	)
Location of Cash Flow Hedge Gain (Loss) Recognized in Income	Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)
	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2017			2016			2017			2016
Foreign exchange contracts:
Revenue	$	3.7		$	—		$	7.9		$	—
Cost of sales	(2.8		)	—			(7.3		)	—
Other income (expense), net	10.6			1.7			24.6			(2.9		)
Total	$	11.5		$	1.7		$	25.2		$	(2.9	)

Schedule of Other Derivatives Not Designated as Hedging Instruments

The following table presents the location of gains (losses) on the consolidated statements of income related to derivative instruments not designated as hedging instruments.

Location of Gain (Loss) Recognized in Income	Gain (Loss) Recognized in Income on Derivatives (Instruments Not Designated as Hedging Instruments)
	Three Months Ended September 30,					Nine Months Ended September 30,
(In millions)	2017			2016		2017			2016
Foreign exchange contracts:
Revenue	$	0.7		$	—	$	0.7		$	—
Cost of sales	0.1			—		(0.4		)	—
Other income (expense), net	(5.6		)	1.1		26.6			(1.4		)
Total	$	(4.8	)	$	1.1	$	26.9		$	(1.4	)

Offsetting Assets

The following tables present both gross information and net information of recognized derivative instruments:

	September 30, 2017							December 31, 2016
(In millions)	Gross Amount Recognized		Gross Amounts Not Offset Permitted Under Master Netting Agreements			Net Amount		Gross Amount Recognized		Gross Amounts Not Offset Permitted Under Master Netting Agreements			Net Amount
Derivative assets	$	210.0	$	(33.3	)	$	176.7	$	238.0	$	(57.9	)	$	180.1

Offsetting Liabilities

	September 30, 2017							December 31, 2016
(In millions)	Gross Amount Recognized		Gross Amounts Not Offset Permitted Under Master Netting Agreements			Net Amount		Gross Amount Recognized		Gross Amounts Not Offset Permitted Under Master Netting Agreements			Net Amount
Derivative liabilities	$	166.0	$	(33.3	)	$	132.7	$	410.7	$	(57.9	)	$	352.8