Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 December 31, 2013	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	216.1	$	216.1
U.S. corporate securities				78.2		78.2
U.S. government and agency securities	$	5.2		.3		5.5
Non-U.S. corporate securities				609.3		609.3
Non-U.S. government securities				217.5		217.5
Other debt securities				140.9		140.9
Total marketable debt securities	$	5.2	$	1,262.3	$	1,267.5
Derivatives
Cross currency swaps			$	40.9	$	40.9
Interest-rate swaps				5.4		5.4
Foreign-exchange contracts				1.7		1.7
Total derivative assets			$	48.0	$	48.0
Liabilities:
Derivatives
Cross currency swaps			$	42.1	$	42.1
Interest-rate swaps				25.6		25.6
Foreign-exchange contracts				.9		.9
Total derivative liabilities			$	68.6	$	68.6
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 was as follows:

At December 31,	2013				2012
	CARRYING AMOUNT		FAIR VALUE		CARRYING AMOUNT		FAIR VALUE
Assets:
Financial Services fixed rate loans	$	3,592.7	$	3,627.3	$	3,361.7	$	3,434.8
Liabilities:
Truck, Parts and Other fixed rate debt		150.0		151.1		150.0		160.6
Financial Services fixed rate debt		4,039.1		4,087.0		3,277.2		3,350.5