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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional amounts of outstanding derivative positions At September 30, 2020, we held the following material net positions:
Net Notional Amount
Bought (Sold)
(In millions)USD Equivalent
Euro1,717.0 2,010.2 
British pound880.1 1,128.9 
Australian dollar173.5 123.5 
Singapore dollar105.6 77.1 
Malaysian ringgit252.8 60.8 
Norwegian krone564.5 59.5 
Indian rupee2,994.9 40.6 
Japanese yen2,157.7 20.4 
Kuwait dinar5.1 16.6 
Saudi riyal(41.2)(11.0)
Hong Kong dollar(90.6)(11.7)
Mexican peso(831.4)(37.2)
Brazilian real(1,145.7)(203.1)
U.S. dollar(2,378.1)(2,378.1)
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, 2020, our portfolio of these instruments included the following material net positions:
Net Notional Amount
Bought (Sold)
(In millions)USD Equivalent
Brazilian real60.5 10.7 
Euro(1.7)(2.0)
Norwegian krone(100.0)(10.5)
U.S. dollar0.6 0.6 
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:
September 30, 2020December 31, 2019
(In millions)AssetsLiabilitiesAssetsLiabilities
Derivatives designated as hedging instruments
Foreign exchange contracts
Current - Derivative financial instruments$289.8 $245.8 $94.3 $125.0 
Long-term - Derivative financial instruments22.9 35.6 34.8 48.0 
Total derivatives designated as hedging instruments312.7 281.4 129.1 173.0 
Derivatives not designated as hedging instruments
Foreign exchange contracts
Current - Derivative financial instruments20.9 34.4 7.6 16.3 
Long-term - Derivative financial instruments— 0.1 0.4 0.4 
Total derivatives not designated as hedging instruments20.9 34.5 8.0 16.7 
Long-term - Derivative financial instruments - Synthetic Bonds - Call Option Premium— — 4.3 — 
Long-term - Derivative financial instruments - Synthetic Bonds - Embedded Derivatives— — — 4.3 
Total derivatives$333.6 $315.9 $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 EndedNine Months Ended
September 30,September 30,
(In millions)2020201920202019
Foreign exchange contracts$54.1 $(47.0)$(17.5)$(44.0)
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 nine months ended September 30, 2020 and 2019:

(In millions)Three Months Ended September 30, 2020Three Months Ended September 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$(23.8)$18.3 $— $(2.0)$(3.1)$1.6 $— $23.3 
Amounts excluded from effectiveness testing3.5 (3.2)0.1 13.1 2.6 (2.9)— (8.6)
Total cash flow hedge gain (loss) recognized in income(20.3)15.1 0.1 11.1 (0.5)(1.3)— 14.7 
Total hedge gain (loss) recognized in income$(20.3)$15.1 $0.1 $11.1 $(0.5)$(1.3)$— $14.7 
Gain (loss) recognized in income on derivatives not designated as hedging instruments(0.1)1.4 — 4.6 (0.1)0.1 — (19.4)
Total$(20.4)$16.5 $0.1 $15.7 $(0.6)$(1.2)$— $(4.7)

(In millions)Nine Months Ended September 30, 2020Nine Months Ended September 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$(57.3)$48.0 $(0.4)$(3.2)$(15.6)$6.5 $0.1 $21.9 
Amounts excluded from effectiveness testing6.0 (8.0)— 21.6 1.5 (5.1)— (30.7)
Total cash flow hedge gain (loss) recognized in income(51.3)40.0 (0.4)18.4 (14.1)1.4 0.1 (8.8)
Total hedge gain (loss) recognized in income$(51.3)$40.0 $(0.4)$18.4 $(14.1)$1.4 $0.1 $(8.8)
Gain (loss) recognized in income on derivatives not designated as hedging instruments(0.8)2.7 — (24.4)(1.2)— — (14.4)
Total$(52.1)$42.7 $(0.4)$(6.0)$(15.3)$1.4 $0.1 $(23.2)
Schedule of derivative assets, gross and net The following tables present both gross information and net information of recognized derivative instruments:
September 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$333.6 $(184.4)$149.2 $141.4 $(112.5)$28.9 
Derivative liabilities$315.9 $(184.4)$131.5 $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:
September 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$333.6 $(184.4)$149.2 $141.4 $(112.5)$28.9 
Derivative liabilities$315.9 $(184.4)$131.5 $194.0 $(112.5)$81.5