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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional amounts of outstanding derivative positions As of March 31, 2021, we held the following material net positions:
Net Notional Amount
Bought (Sold)
(In millions)USD Equivalent
Euro464.4 544.8 
British pound287.2 395.5 
Brazilian real1,320.1 231.8 
Norwegian krone1,155.3 135.7 
Singapore dollar103.5 77.0 
Canadian dollar31.2 24.7 
Indian rupee752.9 10.2 
Kuwaiti dinar(3.0)(10.0)
Indonesian rupiah(191,631.6)(13.2)
Australian dollar(157.1)(119.6)
Malaysian ringgit(732.2)(176.6)
U.S. dollar(105.2)(105.2)
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 March 31, 2021, our portfolio of these instruments included the following material net positions:
Net Notional Amount
Bought (Sold)
(In millions)USD Equivalent
Brazilian real64.8 11.4 
Norwegian krone(138.8)(16.3)
Euro(14.4)(16.9)
U.S. dollar20.7 20.7 
Schedule of fair value of derivative instruments
The following table presents the location and fair value amounts of derivative instruments reported in the condensed consolidated balance sheets:
March 31, 2021December 31, 2020
(In millions)AssetsLiabilitiesAssetsLiabilities
Derivatives designated as hedging instruments
Foreign exchange contracts
Current - Derivative financial instruments$199.7 $164.8 $189.5 $141.9 
Long-term - Derivative financial instruments35.3 33.8 28.9 18.8 
Total derivatives designated as hedging instruments235.0 198.6 218.4 160.7 
Derivatives not designated as hedging instruments
Foreign exchange contracts
Current - Derivative financial instruments3.8 7.7 79.2 15.6 
Long-term - Derivative financial instruments— 0.4 0.3 — 
Total derivatives not designated as hedging instruments3.8 8.1 79.5 15.6 
Total derivatives$238.8 $206.7 $297.9 $176.3 
Schedule of location of gains (losses) related to derivative instruments designated as cash flow hedges
The following table presents the gains (losses) recognized in other comprehensive income related to derivative instruments designated as cash flow hedges:
Gain (Loss) Recognized in OCI
Three Months Ended
March 31,
(In millions)20212020
Foreign exchange contracts$(20.2)$(91.7)
Schedule of gain (loss) recognized in income related to hedges and derivatives
The following represents the effect of cash flow hedge accounting in the condensed consolidated statements of income for the three months ended March 31, 2021 and 2020:
(In millions)Three Months Ended March 31, 2021Three Months Ended March 31, 2020
Total amount of income (expense) presented in the consolidated statements of income associated with hedges and derivativesRevenueCost of salesSelling,
general
and
administrative
expense		Other income (expense), netRevenueCost of salesSelling,
general
and
administrative
expense		Other income (expense), net
Cash Flow hedge gain (loss) recognized in income
Foreign Exchange Contracts
Amounts reclassified from accumulated OCI to income$(10.4)$8.3 $0.1 $4.0 $(11.1)$9.8 $— $0.5 
Amounts excluded from effectiveness testing1.0 (1.2)0.9 (0.6)1.2 (2.2)— (12.6)
Total cash flow hedge gain (loss) recognized in income(9.4)7.1 1.0 3.4 (9.9)7.6 — (12.1)
Total hedge gain (loss) recognized in income$(9.4)$7.1 $1.0 $3.4 $(9.9)$7.6 $— $(12.1)
Gain (loss) recognized in income on derivatives not designated as hedging instruments0.2 0.5 — (11.4)— — — — 
Total$(9.2)$7.6 $1.0 $(8.0)$(9.9)$7.6 $— $(12.1)
Schedule of derivative assets, gross and net The following tables present both gross information and net information of recognized derivative instruments:
March 31, 2021December 31, 2020
(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$238.8 $(125.2)$113.6 $297.9 $(128.7)$169.2 
Derivative liabilities$206.7 $(125.2)$81.5 $176.3 $(99.3)$77.0 
Schedule of derivative liabilities, gross and net The following tables present both gross information and net information of recognized derivative instruments:
March 31, 2021December 31, 2020
(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$238.8 $(125.2)$113.6 $297.9 $(128.7)$169.2 
Derivative liabilities$206.7 $(125.2)$81.5 $176.3 $(99.3)$77.0