Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Subject to Recurring Fair Value Measurements

The Company’s assets and liabilities subject to recurring fair value measurements are either Level 1 or Level 2 as follows:

At September 30, 2023	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	284.9	$	284.9
U.S. taxable municipal / non-U.S. provincial bonds				240.3		240.3
U.S. corporate securities				344.2		344.2
U.S. government and agency securities	$	147.2				147.2
Non-U.S. corporate securities				496.1		496.1
Non-U.S. government securities				132.2		132.2
Other debt securities				95.8		95.8
Total marketable debt securities	$	147.2	$	1,593.5	$	1,740.7
Marketable equity securities	$	2.4			$	2.4
Total marketable securities	$	149.6	$	1,593.5	$	1,743.1
Derivatives
Cross currency swaps			$	29.2	$	29.2
Interest-rate swaps				14.1		14.1
Foreign-exchange contracts				41.8		41.8
Commodity contracts				.1		.1
Total derivative assets			$	85.2	$	85.2
Liabilities:
Derivatives
Cross currency swaps			$	71.3	$	71.3
Interest-rate swaps				10.2		10.2
Foreign-exchange contracts				15.6		15.6
Commodity contracts				2.0		2.0
Total derivative liabilities			$	99.1	$	99.1

At December 31, 2022	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	445.1	$	445.1
U.S. taxable municipal / non-U.S. provincial bonds				180.8		180.8
U.S. corporate securities				251.0		251.0
U.S. government and agency securities	$	115.0				115.0
Non-U.S. corporate securities				450.0		450.0
Non-U.S. government securities				76.4		76.4
Other debt securities				94.7		94.7
Total marketable debt securities	$	115.0	$	1,498.0	$	1,613.0
Marketable equity securities	$	1.2			$	1.2
Total marketable securities	$	116.2	$	1,498.0	$	1,614.2
Derivatives
Cross currency swaps			$	49.1	$	49.1
Interest-rate swaps				8.9		8.9
Foreign-exchange contracts				59.9		59.9
Commodity contracts				1.5		1.5
Total derivative assets			$	119.4	$	119.4
Liabilities:
Derivatives
Cross currency swaps			$	52.0	$	52.0
Interest-rate swaps				30.6		30.6
Foreign-exchange contracts				14.8		14.8
Commodity contracts				.8		.8
Total derivative liabilities			$	98.2	$	98.2

Carrying Amount and Fair Value of Financial Services Fixed-Rate Loans and Fixed-Rate Debt

The Company’s estimate of fair value for fixed rate loans and debt that are not carried at fair value was as follows:

	September 30, 2023				December 31, 2022
	CARRYING		FAIR		CARRYING		FAIR
	AMOUNT		VALUE		AMOUNT		VALUE
Assets:
Financial Services fixed rate loans	$	7,764.7	$	7,580.8	$	6,859.1	$	6,582.0
Liabilities:
Financial Services fixed rate debt		8,067.5		7,833.6		8,070.5		7,715.9