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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional amounts of outstanding derivative positions
At June 30, 2018, our portfolio of these instruments included the following material net positions:
 
Net Notional Amount
Bought (Sold)
(In millions)
 
 
USD Equivalent
Norwegian krone
(158.9
)
 
(19.4
)
U.S. dollar
18.7

 
18.7

At June 30, 2018, we held the following material net positions:
 
Net Notional Amount
Bought (Sold)
(In millions)
 
 
USD Equivalent
Australian dollar
200.0

 
148.6

Brazilian real
417.7

 
108.3

British pound
181.5

 
125.4

Canadian dollar
(237.6
)
 
(179.7
)
Euro
538.6

 
629.6

Mexican peso
(203.0
)
 
(10.1
)
Norwegian krone
(2,541.4
)
 
(310.3
)
Singapore dollar
68.5

 
50.2

Japanese yen
3,107.1

 
28.4

U.S. dollar
(308.1
)
 
(308.1
)
Schedule of fair value of derivative instruments
The following table presents the location and fair value amounts of derivative instruments reported in the consolidated balance sheets:
 
June 30, 2018
 
December 31, 2017
(In millions)
Assets
 
Liabilities
 
Assets
 
Liabilities
Derivatives designated as hedging instruments
 
 
 
 

 

Foreign exchange contracts
 
 
 
 

 

Current - Derivative financial instruments
$
72.2

 
$
86.1

 
$
65.6

 
$
51.0

Long-term - Derivative financial instruments
7.8

 
12.0

 
28.0

 
1.7

Total derivatives designated as hedging instruments
80.0

 
98.1

 
93.6

 
52.7

Derivatives not designated as hedging instruments
 
 
 
 

 

Foreign exchange contracts
 
 
 
 

 

Current - Derivative financial instruments
11.7

 
11.8

 
12.7

 
18.0

Long-term - Derivative financial instruments
0.5

 
—

 
4.7

 
4.2

Total derivatives not designated as hedging instruments
12.2

 
11.8

 
17.4

 
22.2

Long-term - Derivative financial instruments - Synthetic Bonds - Call Option Premium
76.3

 
—

 
62.2

 
—

Long-term - Derivative financial instruments - Synthetic Bonds - Embedded Derivatives
—

 
76.3

 
—

 
62.2

Total derivatives
$
168.5

 
$
186.2

 
$
173.2

 
$
137.1
Schedule of location of fair value hedge gain (loss) recognized in income
The following table presents the location of gains (losses) on the consolidated statements of income related to derivative instruments designated as fair value hedges:
 
Gain (Loss) Recognized 
in Income
Location of Fair Value Hedge Gain (Loss) Recognized in Income
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
(In millions)
2018
 
2017
 
2018
 
2017
Other income (expense), net
$
(13.6
)
 
$
28.8

 
$
(10.7
)
 
$
49.7
Schedule of location of gains (losses) related to derivative instruments designated as cash flow hedges
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
 
Six Months Ended
 
June 30,
 
June 30,
(In millions)
2018
 
2017
 
2018
 
2017
Foreign exchange contracts
$
(54.7
)
 
$
25.9

 
$
(40.5
)
 
$
60.3
Schedule of cash flow hedge
 
Gain (Loss) Reclassified from 
Accumulated OCI into Income (Effective Portion)
Location of Cash Flow Hedge Gain (Loss) Reclassified from Accumulated OCI into Income
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
(In millions)
2018
 
2017
 
2018
 
2017
Foreign exchange contracts
 
 
 
 
 
 
 
Revenue
$
1.1

 
$
(10.7
)
 
$
3.6

 
$
(25.4
)
Cost of sales
3.5

 
1.6

 
5.1

 
1.5

Selling, general and administrative expense
(0.1
)
 
0.2

 
—

 
0.2

Research and development expense
—

 
—

 
—

 
(0.1
)
Other income (expense), net
(0.1
)
 
(21.8
)
 
(4.7
)
 
(50.2
)
Total
$
4.4

 
$
(30.7
)
 
$
4.0

 
$
(74.0
)

 
Gain (Loss) Recognized in Income (Ineffective Portion
and Amount Excluded from Effectiveness Testing)
Location of Cash Flow Hedge Gain (Loss) Recognized in Income
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
(In millions)
2018
 
2017
 
2018
 
2017
Foreign exchange contracts
 
 
 
 
 
 
 
Revenue
$
0.3

 
$
2.4

 
$
0.8

 
$
4.2

Cost of sales
(0.9
)
 
(3.4
)
 
(2.0
)
 
(4.5
)
Other income (expense), net
0.7

 
16.8

 
3.2

 
13.8

Total
$
0.1

 
$
15.8

 
$
2.0

 
$
13.5
Schedule of location of gain (loss) recognized in income
The following table presents the location of gains (losses) on the consolidated statements of income related to derivative instruments not designated as hedging instruments:
 
Gain (Loss) Recognized in Income on Derivatives
(Instruments Not Designated as Hedging Instruments)
Location of Gain (Loss) Recognized in Income
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
(In millions)
2018
 
2017
 
2018
 
2017
Foreign exchange contracts
 
 
 
 
 
 
 
Revenue
$
(1.2
)
 
$
(0.3
)
 
$
(0.9
)
 
$
—

Cost of sales
0.1

 
—

 
0.2

 
(0.5
)
Other income (expense), net
11.8

 
(0.6
)
 
(1.6
)
 
32.1

Total
$
10.7

 
$
(0.9
)
 
$
(2.3
)
 
$
31.6
Schedule of derivative assets, gross and net
The following tables present both gross information and net information of recognized derivative instruments:
 
June 30, 2018
 
December 31, 2017
(In millions)
Gross Amount Recognized
 
Gross Amounts Not Offset, But Permitted Under Master Netting Agreements
 
Net Amount
 
Gross Amount Recognized
 
Gross Amounts Not Offset, But Permitted Under Master Netting Agreements
 
Net Amount
Derivative assets
$
168.5

 
$
(146.5
)
 
$
22.0

 
$
173.2

 
$
(114.4
)
 
$
58.8

Derivative liabilities
$
186.2

 
$
(146.5
)
 
$
39.7

 
$
137.1

 
$
(114.4
)
 
$
22.7
Schedule of derivative liabilities, gross and net
The following tables present both gross information and net information of recognized derivative instruments:
 
June 30, 2018
 
December 31, 2017
(In millions)
Gross Amount Recognized
 
Gross Amounts Not Offset, But Permitted Under Master Netting Agreements
 
Net Amount
 
Gross Amount Recognized
 
Gross Amounts Not Offset, But Permitted Under Master Netting Agreements
 
Net Amount
Derivative assets
$
168.5

 
$
(146.5
)
 
$
22.0

 
$
173.2

 
$
(114.4
)
 
$
58.8

Derivative liabilities
$
186.2

 
$
(146.5
)
 
$
39.7

 
$
137.1

 
$
(114.4
)
 
$
22.7