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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions As of June 30, 2022, we held the following material net positions:
Net Notional Amount
Bought (Sold)
(In millions)USD Equivalent
Euro1,592.8 1,655.4 
Norwegian krone2,400.0 241.4 
Australian dollar234.0 161.0 
Singapore dollar89.6 64.3 
British pound49.4 59.8 
Indonesian rupiah415,522.0 27.9 
Canadian dollar25.2 19.6 
Indian rupee1,010.8 12.8 
Mexican peso(52.1)(2.6)
Kuwaiti dinar(4.2)(13.7)
Brazilian real(284.2)(54.3)
Malaysian ringgit(512.3)(116.2)
U.S. dollar(801.5)(801.5)
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 June 30, 2022, our portfolio of these instruments included the following material net positions:
Net Notional Amount
Bought (Sold)
(In millions)USD Equivalent
Brazilian real80.9 15.5 
Norwegian krone30.3 3.0 
Euro(3.0)(3.1)
U.S. dollar(13.9)(13.9)
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:
June 30, 2022December 31, 2021
(In millions)AssetsLiabilitiesAssetsLiabilities
Derivatives designated as hedging instruments
Foreign exchange contracts
Current - Derivative financial instruments$203.5 $292.2 $106.4 $139.5 
Long-term - Derivative financial instruments24.7 53.0 10.5 15.5 
Total derivatives designated as hedging instruments228.2 345.2 116.9 155.0 
Derivatives not designated as hedging instruments
Foreign exchange contracts
Current - Derivative financial instruments9.9 49.8 3.9 21.5 
Total derivatives not designated as hedging instruments9.9 49.8 3.9 21.5 
Total derivatives$238.1 $395.0 $120.8 $176.5 
Schedule of Location of Gains (Losses) Related to Derivative Instruments Designated as Cash Flow Hedges
The following table presents the gains (losses) recognized in other comprehensive income related to derivative instruments designated as cash flow hedges:
Gain (Loss) Recognized in OCI
Three Months Ended Six Months Ended
June 30,June 30,
(In millions)2022202120222021
Foreign exchange contracts$(43.9)$(0.2)$(63.7)$(20.4)
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 six months ended June 30, 2022 and 2021:

(In millions)Three Months Ended June 30, 2022Three Months Ended June 30, 2021
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$4.1 $(6.6)$(0.2)$(4.9)$(15.6)$3.2 $0.1 $2.9 
Amounts excluded from effectiveness testing2.3 (2.5)0.4 (3.8)(0.8)(1.5)(0.9)(1.4)
Total cash flow hedge gain (loss) recognized in income6.4 (9.1)0.2 (8.7)(16.4)1.7 (0.8)1.5 
Total hedge gain (loss) recognized in income$6.4 $(9.1)$0.2 $(8.7)$(16.4)$1.7 $(0.8)$1.5 
Gain (loss) recognized in income on derivatives not designated as hedging instruments— (1.0)— (15.5)1.2 0.1 — 44.8 
Total$6.4 $(10.1)$0.2 $(24.2)$(15.2)$1.8 $(0.8)$46.3 

(In millions)Six Months Ended June 30, 2022Six Months Ended June 30, 2021
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 (loss)$(0.5)$(7.0)$(0.3)$(8.9)$(26.0)$11.5 $0.2 $6.9 
Amounts excluded from effectiveness testing3.0 (3.8)0.5 (19.6)0.2 (2.7)— (2.0)
Total cash flow hedge gain (loss) recognized in income2.5 (10.8)0.2 (28.5)(25.8)8.8 0.2 4.9 
Gain (loss) recognized in income on derivatives not designated as hedging instruments(0.1)(1.4)— 14.0 1.4 0.6 — 33.4 
Total$2.4 $(12.2)$0.2 $(14.5)$(24.4)$9.4 $0.2 $38.3 
Schedule of Derivative Assets, Gross and Net The following tables present both gross information and net information of recognized derivative instruments:
June 30, 2022December 31, 2021
(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$238.1 $(133.9)$104.2 $120.8 $(78.6)$42.2 
Derivative liabilities$395.0 $(133.9)$261.1 $176.5 $(78.6)$97.9 
Schedule of Derivative Liabilities, Gross and Net The following tables present both gross information and net information of recognized derivative instruments:
June 30, 2022December 31, 2021
(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$238.1 $(133.9)$104.2 $120.8 $(78.6)$42.2 
Derivative liabilities$395.0 $(133.9)$261.1 $176.5 $(78.6)$97.9