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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional amounts of outstanding derivative positions At June 30, 2020, we held the following material net positions:
Net Notional Amount
Bought (Sold)
(In millions)USD Equivalent
Euro1,915.9  2,144.9  
Brazilian real7,480.0  1,365.9  
British pound644.3  790.8  
Norwegian krone1,796.3  184.3  
Malaysian ringgit485.6  113.3  
Singapore dollar106.7  76.3  
Indian rupee2,072.5  27.4  
Japanese yen2,157.7  20.0  
Colombian peso51,238.2  13.6  
Hong Kong dollar(94.5) (12.2) 
Mexican peso(460.7) (19.9) 
Australian dollar(29.7) (20.3) 
Canadian dollar(89.8) (65.6) 
U.S. dollar(2,337.4) (2,337.4) 
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 June 30, 2020, our portfolio of these instruments included the following material net positions:
Net Notional Amount
Bought (Sold)
(In millions)USD Equivalent
Brazilian real76.5  14.0  
Euro(6.4) (7.2) 
Norwegian krone(103.0) (10.6) 
U.S. dollar1.7  1.7  
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, 2020December 31, 2019
(In millions)AssetsLiabilitiesAssetsLiabilities
Derivatives designated as hedging instruments
Foreign exchange contracts
Current - Derivative financial instruments$184.9  $298.3  $94.3  $125.0  
Long-term - Derivative financial instruments77.1  67.0  34.8  48.0  
Total derivatives designated as hedging instruments262.0  365.3  129.1  173.0  
Derivatives not designated as hedging instruments
Foreign exchange contracts
Current - Derivative financial instruments17.0  10.2  7.6  16.3  
Long-term - Derivative financial instruments—  0.1  0.4  0.4  
Total derivatives not designated as hedging instruments17.0  10.3  8.0  16.7  
Long-term - Derivative financial instruments - Synthetic Bonds - Call Option Premium0.1  —  4.3  —  
Long-term - Derivative financial instruments - Synthetic Bonds - Embedded Derivatives—  0.1  —  4.3  
Total derivatives$279.1  $375.7  $141.4  $194.0  
Schedule of location of gains (losses) related to derivative instruments designated as cash flow hedges
The following table presents the gains (losses) recognized in other comprehensive income related to derivative instruments designated as cash flow hedges:
Gain (Loss) Recognized in OCI
Three Months EndedSix Months Ended
June 30,June 30,
(In millions)2020201920202019
Foreign exchange contracts$41.7  $(13.6) $(70.3) $3.0  
Schedule of gain (loss) recognized in income related to hedges and derivatives
The following represents the effect of cash flow hedge accounting on the consolidated statements of income for the three and six months ended June 30, 2020 and 2019:

(In millions)Three Months Ended June 30, 2020Three Months Ended June 30, 2019
Total amount of income (expense) presented in the consolidated statements of income associated with hedges and derivativesRevenueCost of salesSelling,
general
and
administrative
expense		Other income (expense), netRevenueCost of salesSelling,
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$(11.3) $10.2  $(0.4) $(2.2) $(13.2) $2.3  $—  $1.0  
Amounts excluded from effectiveness testing0.2  (0.5) (0.1) 19.8  (0.8) 1.9  —  (12.5) 
Total cash flow hedge gain (loss) recognized in income(11.1) 9.7  (0.5) 17.6  (14.0) 4.2  —  (11.5) 
Total hedge gain (loss) recognized in income$(11.1) $9.7  $(0.5) $17.6  $(14.0) $4.2  $—  $(11.5) 
Gain (loss) recognized in income on derivatives not designated as hedging instruments(0.5) 0.2  —  (13.4) (0.1) (0.1) —  8.3  
Total$(11.6) $9.9  $(0.5) $4.2  $(14.1) $4.1  $—  $(3.2) 

(In millions)Six Months Ended June 30, 2020Six Months Ended June 30, 2019
Total amount of income (expense) presented in the consolidated statements of income associated with hedges and derivativesRevenueCost of salesSelling,
general
and
administrative
expense		Other income (expense), netRevenueCost of salesSelling,
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$(22.4) $20.0  $(0.4) $(1.2) $(12.5) $4.9  $0.1  $(1.4) 
Amounts excluded from effectiveness testing1.4  (2.7) (0.1) 8.2  (1.1) (2.2) —  (22.1) 
Total cash flow hedge gain (loss) recognized in income(21.0) 17.3  (0.5) 7.0  (13.6) 2.7  0.1  (23.5) 
Total hedge gain (loss) recognized in income$(21.0) $17.3  $(0.5) $7.0  $(13.6) $2.7  $0.1  $(23.5) 
Gain (loss) recognized in income on derivatives not designated as hedging instruments(0.6) 0.8  —  (22.1) (1.1) (0.1) —  5.0  
Total$(21.6) $18.1  $(0.5) $(15.1) $(14.7) $2.6  $0.1  $(18.5) 
Schedule of derivative assets, gross and net The following tables present both gross information and net information of recognized derivative instruments:
June 30, 2020December 31, 2019
(In millions)Gross Amount RecognizedGross Amounts Not Offset, Permitted Under Master Netting AgreementsNet AmountGross Amount RecognizedGross Amounts Not Offset, Permitted Under Master Netting AgreementsNet Amount
Derivative assets$279.1  $(187.9) $91.2  $141.4  $(112.5) $28.9  
Derivative liabilities$375.7  $(187.9) $187.8  $194.0  $(112.5) $81.5  
Schedule of derivative liabilities, gross and net The following tables present both gross information and net information of recognized derivative instruments:
June 30, 2020December 31, 2019
(In millions)Gross Amount RecognizedGross Amounts Not Offset, Permitted Under Master Netting AgreementsNet AmountGross Amount RecognizedGross Amounts Not Offset, Permitted Under Master Netting AgreementsNet Amount
Derivative assets$279.1  $(187.9) $91.2  $141.4  $(112.5) $28.9  
Derivative liabilities$375.7  $(187.9) $187.8  $194.0  $(112.5) $81.5