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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedges, Assets [Abstract]  
Schedule of notional amounts of outstanding derivative positions At December 31, 2019, we held the following material net positions: 
 
Net Notional Amount
Bought (Sold)
(In millions)
 
 
USD Equivalent
Euro
1,109.3

 
1,245.8

British pound
114.8

 
151.5

Norwegian krone
2,682.6

 
305.4

Brazilian real
798.6

 
198.1

Singapore dollar
208.1

 
154.7

Malaysian ringgit
413.6

 
101.2

Japanese yen
4,376.7

 
40.3

Australian dollar
51.3

 
36.0

Indonesian rupiah
240,584.6

 
17.3

Swedish krona
105.7

 
11.4

Mexican peso
(300.0
)
 
(15.9
)
Honk Kong dollar
(138.0
)
 
(17.7
)
Canadian dollar
(89.9
)
 
(69.1
)
U.S. dollar
(1,078.8
)
 
(1,078.8
)

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 December 31, 2019, our portfolio of these instruments included the following material net positions: 
 
Net Notional Amount
Bought (Sold)
(In millions)
 
 
USD Equivalent
Brazilian real
57.6

 
14.3

Euro
(6.8
)
 
(7.6
)
Norwegian krone
(124.7
)
 
(14.2
)
U.S. dollar
7.9

 
7.9
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:
 
December 31, 2019
 
December 31, 2018
(In millions)
Assets
 
Liabilities
 
Assets
 
Liabilities
Derivatives designated as hedging instruments
 
 
 
 
 
 
 
Foreign exchange contracts
 
 
 
 
 
 
 
Current - Derivative financial instruments
$
94.3

 
$
125.0

 
$
83.8

 
$
127.7

Long-term - Derivative financial instruments
34.8

 
48.0

 
9.0

 
35.6

Total derivatives designated as hedging instruments
129.1

 
173.0

 
92.8

 
163.3

Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
Foreign exchange contracts
 
 
 
 
 
 
 
Current - Derivative financial instruments
7.6

 
16.3

 
11.9

 
10.7

Long-term - Derivative financial instruments
0.4

 
0.4

 
0.1

 
0.1

Total derivatives not designated as hedging instruments
8.0

 
16.7

 
12.0

 
10.8

Long-term - Derivative financial instruments - Synthetic Bonds - Call Option Premium
4.3

 
—

 
9.2

 
—

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

 
4.3

 
—

 
9.2

Total derivatives
$
141.4

 
$
194.0

 
$
114.0

 
$
183.3
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 income related to derivative instruments designated as cash flow hedges. 
 
Gain (Loss) Recognized in OCI 
 
Year Ended December 31,
(In millions)
2019
 
2018
 
2017
Foreign exchange contracts
$
10.3

 
$
(75.4
)
 
$
72.1
Schedule of cash flow hedge
The following represents the effect of cash flow hedge accounting on the consolidated statements of income for the year ended December 31, 2019, 2018 and 2017:
 
Year Ended December 31,
(In millions)
2019
 
2018
 
2017
Total amount of income (expense) presented in the consolidated statements of income associated with hedges and derivatives
Revenue
 
Cost of sales
 
Selling,
general
and
administrative
expense
 
Other income (expense), net
 
Revenue
 
Cost of sales
 
Selling,
general
and
administrative
expense
 
Other income (expense), net
 
Revenue
 
Cost of sales
 
Selling,
general
and
administrative
expense
 
Other income (expense), net
Cash Flow hedge gain (loss) recognized in income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign Exchange Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amounts reclassified from accumulated OCI to income (loss)
$
(26.6
)
 
$
12.0

 
$
—

 
$
(9.1
)
 
$
(2.4
)
 
$
3.4

 
$
(0.1
)
 
$
1.0

 
$
(39.3
)
 
$
5.3

 
$
0.8

 
$
(102.2
)
Amounts excluded from effectiveness testing
0.6

 
(7.6
)
 
—

 
(34.9
)
 
(2.2
)
 
(4.8
)
 
—

 
(12.3
)
 
9.5

 
(9.0
)
 
0.1

 
23.0

Total cash flow hedge gain (loss) recognized in income
(26.0
)
 
4.4

 
—

 
(44.0
)
 
(4.6
)
 
(1.4
)
 
(0.1
)
 
(11.3
)
 
(29.8
)
 
(3.7
)
 
0.9

 
(79.2
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) recognized in income on derivatives not designated as hedging instruments
(1.6
)
 
0.2

 
—

 
(10.2
)
 
(1.7
)
 
0.2

 
—

 
(11.4
)
 
0.9

 
(0.3
)
 
—

 
43.0

Total
$
(27.6
)
 
$
4.6

 
$
—

 
$
(54.2
)
 
$
(6.3
)
 
$
(1.2
)
 
$
(0.1
)
 
$
(22.7
)
 
$
(28.9
)
 
$
(4.0
)
 
$
0.9

 
$
(36.2
)
Schedule of derivative assets, gross and net The following tables present both gross information and net information of recognized derivative instruments:
 
December 31, 2019
 
December 31, 2018
(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
$
141.4

 
$
(112.5
)
 
$
28.9

 
$
114.0

 
$
(105.9
)
 
$
8.1

Derivative liabilities
$
194.0

 
$
(112.5
)
 
$
81.5

 
$
183.3

 
$
(105.9
)
 
$
77.4
Schedule of derivative liabilities, gross and net The following tables present both gross information and net information of recognized derivative instruments:
 
December 31, 2019
 
December 31, 2018
(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
$
141.4

 
$
(112.5
)
 
$
28.9

 
$
114.0

 
$
(105.9
)
 
$
8.1

Derivative liabilities
$
194.0

 
$
(112.5
)
 
$
81.5

 
$
183.3

 
$
(105.9
)
 
$
77.4