XML 72 R59.htm IDEA: XBRL DOCUMENT v3.22.0.1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional amounts of outstanding derivative positions As of December 31, 2021, we held the following material net positions: 
 Net Notional Amount
Bought (Sold)
(In millions) USD Equivalent
Euro775.4 878.2 
British pound(197.2)(265.9)
Malaysian ringgit(627.4)(150.5)
Norwegian krone967.9 109.8 
Brazilian real1,299.8 232.9 
Singapore dollar125.4 92.9 
Mexican peso(116.7)(5.7)
Australian dollar182.4 132.2 
Indian rupee881.4 11.8 
Kuwaiti Dinar(3.3)(10.9)
Russian Ruble925.0 12.5 
Canadian dollar19.2 15.1 
Indonesian rupiah(45,656.9)(3.2)
U.S. dollar(1,119.9)(1,119.9)
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, 2021, our portfolio of these instruments included the following material net positions: 
 Net Notional Amount
Bought (Sold)
(In millions) USD Equivalent
Brazilian real52.5 9.4 
Euro(7.3)(8.3)
Norwegian krone6.1 0.7 
U.S. dollar(1.2)(1.2)
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, 2021December 31, 2020
(In millions)AssetsLiabilitiesAssetsLiabilities
Derivatives designated as hedging instruments
Foreign exchange contracts
Current - Derivative financial instruments$106.4 $139.5 $189.5 $141.9 
Long-term - Derivative financial instruments10.5 15.5 28.9 18.8 
Total derivatives designated as hedging instruments116.9 155.0 218.4 160.7 
Derivatives not designated as hedging instruments
Foreign exchange contracts
Current - Derivative financial instruments3.9 21.5 79.2 15.6 
Long-term - Derivative financial instruments— — 0.3 — 
Total derivatives not designated as hedging instruments3.9 21.5 79.5 15.6 
Total derivatives$120.8 $176.5 $297.9 $176.3 
Schedule of cash flow hedge
The following tables present the location of gains (losses) in the consolidated statements of income related to derivative instruments designated as cash flow hedges. 
 Gain (Loss) Recognized in OCI 
 Year Ended December 31,
(In millions)202120202019
Foreign exchange contracts$(26.3)$3.8 $12.2 

The following represents the effect of cash flow hedge accounting on the consolidated statements of income for the year ended December 31, 2021, 2020 and 2019:
Year Ended December 31,
(In millions)202120202019
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 salesOther income (expense), net
Amounts reclassified from accumulated OCI to income (loss)$(29.7)$10.7 $0.2 $32.9 $(83.7)$68.5 $(0.4)$(0.2)$(26.6)$12.0 $(1.3)
Amounts excluded from effectiveness testing(1.8)(3.3)— 3.8 7.7 (9.8)(0.2)0.3 0.6 (7.6)(7.2)
Total cash flow hedge gain (loss) recognized in income(31.5)7.4 0.2 36.7 (76.0)58.7 (0.6)0.1 (26.0)4.4 (8.5)
Gain (loss) recognized in income on derivatives not designated as hedging instruments1.3 0.3 — (13.3)(0.8)3.4 — 35.9 (1.6)0.2 (21.4)
Total$(30.2)$7.7 $0.2 $23.4 $(76.8)$62.1 $(0.6)$36.0 $(27.6)$4.6 $(29.9)
Schedule of derivative assets, gross and net The following tables present both gross information and net information of recognized derivative instruments:
December 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$120.8 $(78.6)$42.2 $297.9 $(128.7)$169.2 
Derivative liabilities$176.5 $(78.6)$97.9 $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:
December 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$120.8 $(78.6)$42.2 $297.9 $(128.7)$169.2 
Derivative liabilities$176.5 $(78.6)$97.9 $176.3 $(128.7)$47.6