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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions As of September 30, 2023, we held the following material net positions:
Net Notional Amount
Bought (Sold)
(In millions)USD Equivalent
 Euro 1,472.6 1,560.2 
 Norwegian krone 4,250.1 400.0 
 Australian dollar 349.0 226.2 
 Brazilian real 1,061.8 212.1 
 Indonesian rupiah 2,006,373.6 129.6 
 Singapore dollar 84.1 61.6 
 Canadian dollar 66.3 49.3 
 Czech koruna 372.1 16.2 
 Malaysian ringgit 64.7 13.8 
 Indian rupee 1,111.5 13.4 
 Swedish krona114.1 10.5 
 British pound (48.0)(58.8)
 U.S. dollar (2,711.1)(2,711.1)

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 September 30, 2023, our portfolio of these instruments included the following material net positions:
Net Notional Amount
Bought (Sold)
(In millions)USD Equivalent
Brazilian real28.4 5.7 
Norwegian krone3.3 0.3 
Euro(16.9)(17.9)
U.S. dollar12.9 12.9 
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:
September 30, 2023December 31, 2022
(In millions)AssetsLiabilitiesAssetsLiabilities
Derivatives designated as hedging instruments
Foreign exchange contracts
Current - Derivative financial instruments$123.1 $164.5 $254.8 $332.5 
Long-term - Derivative financial instruments12.6 25.6 7.2 3.6 
Total derivatives designated as hedging instruments135.7 190.1 262.0 336.1 
Derivatives not designated as hedging instruments
Foreign exchange contracts
Current - Derivative financial instruments16.8 23.7 27.9 14.1 
Long-term - Derivative financial instruments0.1 — — — 
Total derivatives not designated as hedging instruments16.9 23.7 27.9 14.1 
Total derivatives$152.6 $213.8 $289.9 $350.2 
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 Nine Months Ended September 30,
(In millions)2023202220232022
Foreign exchange contracts$1.4 $(43.9)$(16.3)$(107.6)
Schedule of Gain (Loss) Recognized in Income Related to Hedges and Derivatives
The following table represents the effect of cash flow hedge accounting in the condensed consolidated statements of income for the three and nine months ended September 30, 2023 and 2022:

(In millions)Three Months Ended September 30, 2023Three Months Ended September 30, 2022
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)$(0.6)$21.7 $(0.1)$(1.6)$(1.4)$(5.6)$— $(2.2)
Amounts excluded from effectiveness testing6.5 (6.8)(0.4)(8.5)5.2 (4.8)(0.1)(11.7)
Total cash flow hedge gain (loss) recognized in income5.9 14.9 (0.5)(10.1)3.8 (10.4)(0.1)(13.9)
Total hedge gain (loss) recognized in income$5.9 $14.9 $(0.5)$(10.1)$3.8 $(10.4)$(0.1)$(13.9)
Loss recognized in income on derivatives not designated as hedging instruments— (0.5)— (29.6)0.1 0.6 — (22.0)
Total$5.9 $14.4 $(0.5)$(39.7)$3.9 $(9.8)$(0.1)$(35.9)

(In millions)Nine Months Ended September 30, 2023Nine Months Ended September 30, 2022
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)$(9.0)$22.4 $(0.2)$(6.0)$(1.9)$(12.6)$(0.3)$(11.1)
Amounts excluded from effectiveness testing15.1 (27.4)(1.0)69.8 8.2 (8.6)0.4 (31.3)
Total cash flow hedge gain (loss) recognized in income6.1 (5.0)(1.2)63.8 6.3 (21.2)0.1 (42.4)
Total hedge gain (loss) recognized in income6.1 (5.0)(1.2)63.8 6.3 (21.2)0.1 (42.4)
Gain (loss) recognized in income on derivatives not designated as hedging instruments(0.1)(0.8)— (33.1)— (0.8)— (8.0)
Total$6.0 $(5.8)$(1.2)$30.7 $6.3 $(22.0)$0.1 $(50.4)
Schedule of Derivative Assets, Gross and Net The following tables present both gross information and net information of recognized derivative instruments:
September 30, 2023December 31, 2022
(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$152.6 $(98.5)$54.1 $289.9 $(142.5)$147.4 
Derivative liabilities$213.8 $(98.5)$115.3 $350.2 $(142.5)$207.7 
Schedule of Derivative Liabilities, Gross and Net The following tables present both gross information and net information of recognized derivative instruments:
September 30, 2023December 31, 2022
(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$152.6 $(98.5)$54.1 $289.9 $(142.5)$147.4 
Derivative liabilities$213.8 $(98.5)$115.3 $350.2 $(142.5)$207.7