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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional amounts of outstanding derivative positions As of September 30, 2021, we held the following material net positions:
Net Notional Amount
Bought (Sold)
(In millions)USD Equivalent
Euro874.2 1,012.0 
Brazilian real1,108.6 203.8 
Australian dollar205.6 147.9 
British pound100.9 135.8 
Singapore dollar167.7 123.2 
Indian rupee1,000.7 13.5 
Norwegian krone113.9 13.0 
Russian ruble839.0 11.5 
Canadian dollar11.9 9.3 
Mexican peso(123.6)(6.0)
Kuwaiti dinar(3.4)(11.1)
Indonesian rupiah(256,884.1)(18.0)
Malaysian ringgit(642.9)(153.5)
U.S. dollar(329.7)(329.7)
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 September 30, 2021, our portfolio of these instruments included the following material net positions:
Net Notional Amount
Bought (Sold)
(In millions)USD Equivalent
Brazilian real62.9 11.6 
Norwegian krone(26.7)(3.0)
Euro(10.2)(11.8)
U.S. dollar4.3 4.3 
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:
September 30, 2021December 31, 2020
(In millions)AssetsLiabilitiesAssetsLiabilities
Derivatives designated as hedging instruments
Foreign exchange contracts
Current - Derivative financial instruments$139.7 $128.2 $189.5 $141.9 
Long-term - Derivative financial instruments6.2 7.9 28.9 18.8 
Total derivatives designated as hedging instruments145.9 136.1 218.4 160.7 
Derivatives not designated as hedging instruments
Foreign exchange contracts
Current - Derivative financial instruments20.6 26.4 79.2 15.6 
Long-term - Derivative financial instruments0.2 — 0.3 — 
Total derivatives not designated as hedging instruments20.8 26.4 79.5 15.6 
Total derivatives$166.7 $162.5 $297.9 $176.3 
Schedule of location of gains (losses) related to derivative instruments designated as cash flow hedges
The following table presents the gains (losses) recognized in other comprehensive income related to derivative instruments designated as cash flow hedges:
Gain (Loss) Recognized in OCIGain (Loss) Recognized in OCI
Three Months EndedNine Months Ended
September 30,September 30,
(In millions)2021202020212020
Foreign exchange contracts$(20.8)$56.7 $(41.2)$(14.9)
Schedule of gain (loss) recognized in income related to hedges and derivatives
The following tables represent the effect of cash flow hedge accounting in the condensed consolidated statements of income for the three and nine months ended September 30, 2021 and 2020:
(In millions)Three Months Ended September 30, 2021Three Months Ended September 30, 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
Amounts reclassified from accumulated OCI to income$(1.6)$0.7 $(0.1)$(0.7)$(23.8)$18.3 $— $(0.6)
Amounts excluded from effectiveness testing(1.0)(0.3)— (1.2)3.5 (3.2)0.1 (0.4)
Total cash flow hedge gain (loss) recognized in income(2.6)0.4 (0.1)(1.9)(20.3)15.1 0.1 (1.0)
Total hedge gain (loss) recognized in income$(2.6)$0.4 $(0.1)$(1.9)$(20.3)$15.1 $0.1 $(1.0)
Gain (loss) recognized in income on derivatives not designated as hedging instruments— (0.1)— (25.2)(0.1)1.4 — 10.6 
Total$(2.6)$0.3 $(0.1)$(27.1)$(20.4)$16.5 $0.1 $9.6 

(In millions)Nine Months Ended September 30, 2021Nine Months Ended September 30, 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
Amounts reclassified from accumulated OCI to income$(27.6)$12.2 $0.1 $6.2 $(57.3)$48.0 $(0.4)$(0.6)
Amounts excluded from effectiveness testing(0.8)(3.0)— (3.2)6.0 (8.0)— 2.0 
Total cash flow hedge gain (loss) recognized in income(28.4)9.2 0.1 3.0 (51.3)40.0 (0.4)1.4 
Total hedge gain (loss) recognized in income(28.4)9.2 0.1 3.0 (51.3)40.0 (0.4)1.4 
Gain (loss) recognized in income on derivatives not designated as hedging instruments1.4 0.5 — 8.2 (0.8)2.7 — (12.6)
Total$(27.0)$9.7 $0.1 $11.2 $(52.1)$42.7 $(0.4)$(11.2)
Schedule of derivative assets, gross and net The following tables present both gross information and net information of recognized derivative instruments:
September 30, 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$166.7 $(101.9)$64.8 $297.9 $(128.7)$169.2 
Derivative liabilities$162.5 $(101.9)$60.6 $176.3 $(128.7)$47.6 
Schedule of derivative liabilities, gross and net The following tables present both gross information and net information of recognized derivative instruments:
September 30, 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$166.7 $(101.9)$64.8 $297.9 $(128.7)$169.2 
Derivative liabilities$162.5 $(101.9)$60.6 $176.3 $(128.7)$47.6