Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2013	Level 1		Level 2		Total
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	206.4	$	206.4
U.S. corporate securities				79.7		79.7
U.S. government and agency securities	$	.4		.2		.6
Non-U.S. corporate securities				565.6		565.6
Non-U.S. government securities				244.5		244.5
Other debt securities				104.3		104.3
Total marketable debt securities	$	.4	$	1,200.7	$	1,201.1
Derivatives
Cross currency swaps			$	26.8	$	26.8
Interest-rate swaps				3.5		3.5
Foreign-exchange contracts				.6		.6
Total derivative assets			$	30.9	$	30.9
Liabilities:
Derivatives
Cross currency swaps			$	42.9	$	42.9
Interest-rate swaps				28.1		28.1
Foreign-exchange contracts				4.5		4.5
Total derivative liabilities			$	75.5	$	75.5

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. corporate securities				448.7		448.7
Non-U.S. government securities				355.0		355.0
Other debt securities				109.5		109.5
Total marketable debt securities	$	.6	$	1,192.1	$	1,192.7
Derivatives
Cross currency swaps			$	3.0	$	3.0
Interest-rate swaps				1.6		1.6
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 September 30, 2013 and December 31, 2012 was as follows:

	September 30, 2013				December 31, 2012
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Financial Services fixed-rate loans	$	3,482.6	$	3,537.4	$	3,361.7	$	3,434.8
Liabilities:
Truck, Parts and Other fixed-rate debt		150.0		153.5		150.0		160.6
Financial Services fixed-rate debt		4,029.0		4,076.6		3,277.2		3,350.5