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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | 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. At March 31, 2017, our portfolio of these instruments included the following material net positions:
| Net Notional Amount Bought (Sold)
(In millions) |  |  | USD Equivalent
Brazilian real | (54.4 | ) |  | (17.1 | )
Euro | (23.7 | ) |  | (25.4 | )
Norwegian krone | (240.2 | ) |  | (27.9 | )
U.S. dollar | 68.7 |  |  | 68.7 |
Foreign exchange rate forward contracts—The purpose of these instruments is to hedge the risk of changes in future cash flows of anticipated purchase or sale commitments denominated in foreign currencies and recorded assets and liabilities in our consolidated balance sheets. At March 31, 2017, we held the following material net positions:
| Net Notional Amount Bought (Sold)
(In millions) |  |  | USD Equivalent
Australian dollar | 236.6 |  |  | 180.3 |
Brazilian real | 571.9 |  |  | 179.8 |
British pound | 219.4 |  |  | 273.7 |
Canadian dollar | (172.7 | ) |  | (129.8 | )
Euro | 895.0 |  |  | 966.2 |
Malaysian ringgit | 233.2 |  |  | 52.7 |
Nigerian naira | (5,341.3 | ) |  | (17.2 | )
Norwegian krone | 919.9 |  |  | 107.7 |
Singapore dollar | 129.0 |  |  | 92.3 |
U.S. dollar | (1,741.0 | ) |  | (1,741.0 | )
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the location and fair value amounts of derivative instruments reported in the consolidated balance sheets.
| March 31, 2017 |  | December 31, 2016
(In millions) | Assets |  | Liabilities |  | Assets |  | Liabilities
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |
Current – Derivative financial instruments | $ | 67.4 |  |  | $ | 154.6 |  |  | $ | 47.2 |  |  | $ | 183.0 |
Long-term – Derivative financial instruments | 17.3 |  |  | 38.6 |  |  | 10.7 |  |  | 47.6 |
Total derivatives designated as hedging instruments | 84.7 |  |  | 193.2 |  |  | 57.9 |  |  | 230.6 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |  |  |
Current – Derivative financial instruments | 17.2 |  |  | 25.9 |  |  | — |  |  | — |
Long-term – Derivative financial instruments | 3.0 |  |  | 11.7 |  |  | — |  |  | — |
Total derivatives not designated as hedging instruments | 20.2 |  |  | 37.6 |  |  | — |  |  | — |
Long-term – Derivative financial instruments – Synthetic Bonds – Call Option Premium | 108.4 |  |  | — |  |  | 180.1 |  |  | — |
Long-term – Derivative financial instruments – Synthetic Bonds – Embedded Derivatives | — |  |  | 108.4 |  |  | — |  |  | 180.1 |
Total derivatives | $ | 213.3 |  |  | $ | 339.2 |  |  | $ | 238.0 |  |  | $ | 410.7 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the location of gains (losses) on the consolidated statements of income related to derivative instruments designated as fair value hedges.
Location of Fair Value Hedge Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income
| Three Months Ended March 31,
(In millions) | 2017 |  | 2016
Other income (expense), net | $ | 20.8 |  |  | $ | (16.2 | )
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following tables present the location of gains (losses) on the consolidated statements of other comprehensive income and/or the consolidated statements of income related to derivative instruments designated as cash flow hedges.
| Gain (Loss) Recognized in OCI (Effective Portion)
| Three Months Ended March 31,
(In millions) | 2017 |  | 2016
Foreign exchange contracts | $ | 34.5 |  |  | $ | (45.5 | )
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
Location of Cash Flow Hedge Gain (Loss) Reclassified from Accumulated OCI into Income | Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
| Three Months Ended March 31,
(In millions) | 2017 |  | 2016
Foreign exchange contracts: |  |  |
Revenue | $ | (14.6 | ) |  | $ | — |
Cost of sales | (0.1 | ) |  | — |
Research and development expense | (0.1 | ) |  | — |
Other (expense), net | (28.4 | ) |  | (63.5 | )
Total | $ | (43.2 | ) |  | $ | (63.5 | )
Location of Cash Flow Hedge Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)
| Three Months Ended March 31,
(In millions) | 2017 |  | 2016
Foreign exchange contracts: |  |  |
Revenue | $ | 1.8 |  |  | $ | — |
Cost of sales | (1.2 | ) |  | — |
Other income (expense), net | (3.1 | ) |  | 9.8 |
Total | $ | (2.5 | ) |  | $ | 9.8 |
Schedule of Other Derivatives Not Designated as Hedging Instruments | The following table presents the location of gains (losses) on the consolidated statements of income related to derivative instruments not designated as hedging instruments.
Location of Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income on Derivatives (Instruments Not Designated as Hedging Instruments)
| Three Months Ended March 31,
(In millions) | 2017 |  | 2016
Foreign exchange contracts: |  |  |
Revenue | $ | 0.3 |  |  | $ | — |
Cost of sales | (0.5 | ) |  | — |
Other income, net | 28.0 |  |  | 1.6 |
Total | $ | 27.8 |  |  | $ | 1.6 |
Offsetting Assets | The following tables present both gross information and net information of recognized derivative instruments:
| March 31, 2017 |  | December 31, 2016
(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 | $ | 213.3 |  |  | $ | (81.5 | ) |  | $ | 131.8 |  |  | $ | 238.0 |  |  | $ | (57.9 | ) |  | $ | 180.1 |
Offsetting Liabilities |
| March 31, 2017 |  | December 31, 2016
(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 liabilities | $ | 339.2 |  |  | $ | (81.5 | ) |  | $ | 257.7 |  |  | $ | 410.7 |  |  | $ | (57.9 | ) |  | $ | 352.8 |

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