Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

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 March 31, 2013	Level 1		Level 2		Total
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	221.4	$	221.4
U.S. corporate securities				65.7		65.7
U.S. government and agency securities	$	.3		.2		.5
Non-U.S. government securities				338.4		338.4
Non-U.S. corporate securities				438.6		438.6
Other debt securities				113.1		113.1
Total marketable debt securities	$	.3	$	1,177.4	$	1,177.7
Derivatives
Interest-rate swaps			$	1.7	$	1.7
Cross currency swaps				11.0		11.0
Foreign-exchange contracts				.7		.7
Total derivative assets			$	13.4	$	13.4
Liabilities:
Derivatives
Cross currency swaps			$	58.2	$	58.2
Interest-rate swaps				33.4		33.4
Foreign-exchange contracts				1.4		1.4
Total derivative liabilities			$	93.0	$	93.0

At December 31, 2012	Level 1		Level 2		Total
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	218.6	$	218.6
U.S. corporate securities				60.1		60.1
U.S. government and agency securities	$	.6		.2		.8
Non-U.S. government securities				355.0		355.0
Non-U.S. corporate securities				448.7		448.7
Other debt securities				109.5		109.5
Total marketable debt securities	$	.6	$	1,192.1	$	1,192.7
Derivatives
Interest-rate swaps			$	1.6	$	1.6
Cross currency swaps				3.0		3.0
Foreign-exchange contracts				.5		.5
Total derivative assets			$	5.1	$	5.1
Liabilities:
Derivatives
Cross currency swaps			$	74.1	$	74.1
Interest-rate swaps				38.2		38.2
Foreign-exchange contracts				.7		.7
Total derivative liabilities			$	113.0	$	113.0

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 March 31, 2013 and December 31, 2012 was as follows:

	March 31, 2013				December 31, 2012
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Financial Services fixed-rate loans	$	3,378.9	$	3,434.8	$	3,361.7	$	3,434.8
Liabilities:
Truck, Parts and Other fixed-rate debt	$	150.0	$	158.2	$	150.0	$	160.6
Financial Services fixed-rate debt	$	3,484.2	$	3,549.9	$	3,277.2	$	3,350.5