Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

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, 2012	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	302.3	$	302.3
U.S. corporate securities				28.2		28.2
U.S. government and agency securities	$	.5		.7		1.2
Non-U.S. government securities				393.5		393.5
Non-U.S. corporate securities				151.4		151.4
Other debt securities				79.3		79.3
Total marketable debt securities	$	.5	$	955.4	$	955.9
Derivatives
Interest-rate swaps			$	1.1	$	1.1
Cross currency swaps				.9		.9
Foreign-exchange contracts				.9		.9
Total derivative assets			$	2.9	$	2.9
Liabilities:
Derivatives
Cross currency swaps			$	76.1	$	76.1
Interest-rate swaps				38.5		38.5
Foreign-exchange contracts				.5		.5
Total derivative liabilities			$	115.1	$	115.1

At December 31, 2011	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	294.4	$	294.4
U.S. corporate securities				27.5		27.5
U.S. government and agency securities	$	1.9				1.9
Non-U.S. government securities				367.1		367.1
Non-U.S. corporate securities				148.3		148.3
Other debt securities				70.9		70.9
Total marketable debt securities	$	1.9	$	908.2	$	910.1
Derivatives
Interest-rate swaps			$	1.4	$	1.4
Cross currency swaps				.8		.8
Foreign-exchange contracts				.2		.2
Total derivative assets			$	2.4	$	2.4
Liabilities:
Derivatives
Cross currency swaps			$	74.7	$	74.7
Interest-rate swaps				33.3		33.3
Foreign-exchange contracts				2.5		2.5
Total derivative liabilities			$	110.5	$	110.5

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 at September 30, 2012 and December 31, 2011 was as follows:

	September 30, 2012				December 31, 2011
	CARRYING AMOUNT		FAIR VALUE		CARRYING AMOUNT		FAIR VALUE
Assets:
Financial Services fixed-rate loans	$	3,190.6	$	3,243.7	$	2,740.1	$	2,776.1
Liabilities:
Truck and Other fixed-rate debt	$	150.0	$	165.1	$	150.0	$	167.6
Financial Services fixed-rate debt	$	3,271.1	$	3,343.4	$	1,958.6	$	2,021.1