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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedges, Assets [Abstract]  
Schedule of notional amounts of outstanding derivative positions As of December 31, 2020, we held the following material net positions: 
 Net Notional Amount
Bought (Sold)
(In millions) USD Equivalent
Euro1,794.5 2,201.8 
British pound771.7 1,054.3 
Malaysian ringgit891.0 221.5 
Norwegian krone1,721.6 201.7 
Brazilian real681.4 131.1 
Singapore dollar171.2 129.4 
Mexican peso1,288.0 64.7 
Australian dollar78.2 60.3 
Indian rupee3,172.0 43.4 
Japanese yen1,124.4 10.9 
Columbian peso37,142.2 10.8 
Hong Kong dollar(97.6)(12.6)
Indonesian rupiah(201,679.7)(14.3)
U.S. dollar(2,922.1)(2,922.1)
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. As of December 31, 2020, our portfolio of these instruments included the following material net positions: 
 Net Notional Amount
Bought (Sold)
(In millions) USD Equivalent
Brazilian real77.9 15.0 
Hong Kong dollar48.3 6.2 
Euro(8.7)(10.7)
Norwegian krone(142.8)(16.7)
U.S. dollar5.2 5.2 
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, 2020December 31, 2019
(In millions)AssetsLiabilitiesAssetsLiabilities
Derivatives designated as hedging instruments
Foreign exchange contracts
Current - Derivative financial instruments$215.8 $151.6 $94.3 $125.0 
Long-term - Derivative financial instruments35.6 23.3 34.8 48.0 
Total derivatives designated as hedging instruments251.4 174.9 129.1 173.0 
Derivatives not designated as hedging instruments
Foreign exchange contracts
Current - Derivative financial instruments85.6 15.6 7.6 16.3 
Long-term - Derivative financial instruments0.3 — 0.4 0.4 
Total derivatives not designated as hedging instruments85.9 15.6 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$337.3 $190.5 $141.4 $194.0 
Schedule of location of gains (losses) related to derivative instruments designated as cash flow hedges
The following tables present the location of gains (losses) in 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)202020192018
Foreign exchange contracts$28.0 $10.3 $(75.4)
Schedule of cash flow hedge
The following represents the effect of cash flow hedge accounting on the consolidated statements of income for the year ended December 31, 2020, 2019 and 2018:
Year Ended December 31,
(In millions)202020192018
Total amount of income (expense) presented in the consolidated statements of income associated with hedges and derivativesRevenueCost of salesSelling,
general
and
administrative
expense		Other income (expense), netRevenueCost of salesSelling,
general
and
administrative
expense		Other income (expense), netRevenueCost of salesSelling,
general
and
administrative
expense		Other income (expense), net
Cash Flow hedge gain (loss) recognized in income
Foreign Exchange Contracts
Amounts reclassified from accumulated OCI to income (loss)$(83.7)$68.5 $(0.4)$(4.4)$(26.6)$12.0 $— $(9.1)$(2.4)$3.4 $(0.1)$1.0 
Amounts excluded from effectiveness testing7.7 (9.8)(0.2)34.2 0.6 (7.6)— (34.9)(2.2)(4.8)— (12.3)
Total cash flow hedge gain (loss) recognized in income(76.0)58.7 (0.6)29.8 (26.0)4.4 — (44.0)(4.6)(1.4)(0.1)(11.3)
Gain (loss) recognized in income on derivatives not designated as hedging instruments(0.8)3.4 — 22.7 (1.6)0.2 — (10.2)(1.7)0.2 — (11.4)
Total$(76.8)$62.1 $(0.6)$52.5 $(27.6)$4.6 $— $(54.2)$(6.3)$(1.2)$(0.1)$(22.7)
Schedule of derivative assets, gross and net The following tables present both gross information and net information of recognized derivative instruments:
December 31, 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$337.3 $(134.0)$203.3 $141.4 $(112.5)$28.9 
Derivative liabilities$190.5 $(134.0)$56.5 $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:
December 31, 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$337.3 $(134.0)$203.3 $141.4 $(112.5)$28.9 
Derivative liabilities$190.5 $(134.0)$56.5 $194.0 $(112.5)$81.5