DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

As of March 31, 2024, we held the following material net positions:

	Net Notional Amount Bought (Sold)
(In millions)		USD Equivalent
Euro	1,150.0	1,243.0
Norwegian krone	5,120.0	473.0
Brazilian real	2,194.0	439.0
Australian dollar	285.0	186.0
Singapore dollar	118.0	87.0
Malaysian ringgit	229.0	48.0
Czech koruna	383.0	16.0
Swedish krona	103.0	10.0
Canadian dollar	12.0	9.0
Indian rupee	607.0	7.0
Polish zloty	22.0	6.0
Indonesian rupiah	(723,464.0)	(46.0)
British pound	(264.0)	(334.0)
U.S. dollar	(2,367.0)	(2,367.0)

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 March 31, 2024, our portfolio of these instruments included the following material net positions:

	Net Notional Amount Bought (Sold)
(In millions)		USD Equivalent
Brazilian real	33.4	6.7
Norwegian krone	9.6	0.9
Euro	(10.7)	(11.5)
U.S. dollar	4.4	4.4

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:

	March 31, 2024				December 31, 2023
(In millions)	Assets		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments
Foreign exchange contracts
Current - Derivative financial instruments	$	119.5	$	139.9	$	183.5	$	167.9
Long-term - Derivative financial instruments	18.5		42.2		30.4		24.8
Total derivatives designated as hedging instruments	138.0		182.1		213.9		192.7
Derivatives not designated as hedging instruments
Foreign exchange contracts
Current - Derivative financial instruments	(0.2)		15.4		(0.1)		12.0
Long-term - Derivative financial instruments	—		2.2		—		—
Total derivatives not designated as hedging instruments	(0.2)		17.6		(0.1)		12.0
Total derivatives	$	137.8	$	199.7	$	213.8	$	204.7

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 March 31,
(In millions)	2024		2023
Foreign exchange contracts	$	(39.8)	$	(2.4)

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 months ended March 31, 2024 and 2023:

(In millions)	Three Months Ended March 31, 2024						Three Months Ended March 31, 2023
Total amount of income (expense) presented in the condensed consolidated statements of income associated with hedges and derivatives	Revenue		Cost of sales		Other income (expense), net		Revenue		Cost of sales		Other income (expense), net
Cash Flow hedge gain (loss) recognized in income
Foreign Exchange Contracts
Amounts reclassified from accumulated OCI to income (loss)	$	0.9	$	0.6	$	2.8	$	(1.7)	$	3.5	$	(4.1)
Amounts excluded from effectiveness testing	7.0		4.9		(4.9)		1.7		(8.4)		40.1
Total cash flow hedge gain (loss) recognized in income	7.9		5.5		(2.1)		—		(4.9)		36.0
Gain (loss) recognized in income on derivatives not designated as hedging instruments	0.2		—		(21.4)		(0.1)		0.3		8.8
Total(a)	$	8.1	$	5.5	$	(23.5)	$	(0.1)	$	(4.6)	$	44.8

(a) The total effect of cash flow hedge accounting on selling, general and administrative expense is not material for the three months ended March 31, 2024 and 2023.

Schedule of Derivative Assets, Gross and Net

The following tables present both gross and net information of recognized derivative instruments:

	March 31, 2024						December 31, 2023
(In millions)	Gross Amount Recognized		Gross Amounts Not Offset, Permitted Under Master Netting Agreements		Net Amount		Gross Amount Recognized		Gross Amounts Not Offset, Permitted Under Master Netting Agreements		Net Amount
Derivative assets	$	137.8	$	(91.9)	$	45.9	$	213.8	$	(103.4)	$	110.4
Derivative liabilities	$	199.7	$	(91.9)	$	107.8	$	204.7	$	(103.4)	$	101.3

Schedule of Derivative Liabilities, Gross and Net

The following tables present both gross and net information of recognized derivative instruments:

	March 31, 2024						December 31, 2023
(In millions)	Gross Amount Recognized		Gross Amounts Not Offset, Permitted Under Master Netting Agreements		Net Amount		Gross Amount Recognized		Gross Amounts Not Offset, Permitted Under Master Netting Agreements		Net Amount
Derivative assets	$	137.8	$	(91.9)	$	45.9	$	213.8	$	(103.4)	$	110.4
Derivative liabilities	$	199.7	$	(91.9)	$	107.8	$	204.7	$	(103.4)	$	101.3