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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions As of December 31, 2023, we held the following material net positions: 
 Net Notional Amount
Bought (Sold)
(In millions) USD Equivalent
Euro1,332.7 1,473.0 
Norwegian krone5,430.4 534.2 
Brazilian real1,776.5 367.0 
Australian dollar306.9 208.4 
Singapore dollar148.5 112.5 
Malaysian ringgit187.2 40.8 
Czech koruna430.7 19.2 
Indian rupee1,402.0 16.9 
Swedish krona99.9 10.0 
Polish zloty24.2 6.2 
Indonesian rupiah66,755.3 4.3 
Mexican peso28.5 1.7 
Canadian dollar0.7 0.5 
Kuwaiti dinar(0.5)(1.7)
British pound(165.1)(210.0)
U.S. dollar(2,588.9)(2,588.9)

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, 2023, our portfolio of these instruments included the following material net positions: 
 Net Notional Amount
Bought (Sold)
(In millions) USD Equivalent
Brazilian real14.9 3.1 
Euro(12.0)(13.3)
Norwegian krone7.4 0.7 
U.S. dollar9.7 9.7 
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, 2023December 31, 2022
(In millions)AssetsLiabilitiesAssetsLiabilities
Derivatives designated as hedging instruments
Foreign exchange contracts
Current - Derivative financial instruments$183.5 $167.9 $254.8 $332.5 
Long-term - Derivative financial instruments30.4 24.8 7.2 3.6 
Total derivatives designated as hedging instruments213.9 192.7 262.0 336.1 
Derivatives not designated as hedging instruments
Foreign exchange contracts
Current - Derivative financial instruments(0.1)12.0 27.9 14.1 
Total derivatives not designated as hedging instruments(0.1)12.0 27.9 14.1 
Total derivatives$213.8 $204.7 $289.9 $350.2 
Schedule of Location of Gains (Losses) Related to Derivative Instruments Designated as Cash Flow Hedges
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)202320222021
Foreign exchange contracts$48.2 $(55.7)$(26.3)
Schedule of Gain (Loss) Recognized in Income Related to Hedges and Derivatives
The following represents the effect of cash flow hedge accounting on the consolidated statements of income for the year ended December 31, 2023, 2022 and 2021:
Year Ended December 31,
(In millions)202320222021
Total amount of income (expense) presented in the consolidated statements of income associated with hedges and derivativesRevenueCost of salesOther income (expense), netRevenueCost of salesOther income (expense), netRevenueCost of salesOther income (expense), net
Amounts reclassified from accumulated OCI to income (loss)$(12.6)$25.6 $(5.5)$(7.4)$(14.5)$(13.1)$(29.7)$10.7 $32.9 
Amounts excluded from effectiveness testing23.6 (33.4)66.4 13.7 (15.1)(82.0)(1.8)(3.3)3.8 
Total cash flow hedge gain (loss) recognized in income11.0 (7.8)60.9 6.3 (29.6)(95.1)(31.5)7.4 36.7 
Gain (loss) recognized in income on derivatives not designated as hedging instruments(0.1)(1.0)(24.3)(0.3)(0.7)78.1 1.3 0.3 (13.3)
Total (a)
$10.9 $(8.8)$36.6 $6.0 $(30.3)$(17.0)$(30.2)$7.7 $23.4 
(a)The total effect of cash flow hedge accounting on selling, general and administrative expense is not material for each of the years ended December 31, 2023, 2022 and 2021.
Schedule of Derivative Assets, Gross and Net The following tables present both gross information and net information of recognized derivative instruments:
December 31, 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$213.8 $(103.4)$110.4 $289.9 $(142.5)$147.4 
Derivative liabilities$204.7 $(103.4)$101.3 $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:
December 31, 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$213.8 $(103.4)$110.4 $289.9 $(142.5)$147.4 
Derivative liabilities$204.7 $(103.4)$101.3 $350.2 $(142.5)$207.7