Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

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 June 30, 2014	Level 1		Level 2		Total
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	330.3	$	330.3
U.S. corporate securities				60.2		60.2
U.S. government and agency securities	$	5.3		.3		5.6
Non-U.S. corporate securities				650.7		650.7
Non-U.S. government securities				201.5		201.5
Other debt securities				86.7		86.7
Total marketable debt securities	$	5.3	$	1,329.7	$	1,335.0
Derivatives
Cross currency swaps			$	27.3	$	27.3
Interest-rate swaps				3.2		3.2
Foreign-exchange contracts				.5		.5
Total derivative assets			$	31.0	$	31.0
Liabilities:
Derivatives
Cross currency swaps			$	38.9	$	38.9
Interest-rate swaps				23.6		23.6
Foreign-exchange contracts				4.1		4.1
Total derivative liabilities			$	66.6	$	66.6

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

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:

	June 30, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Financial Services fixed rate loans	$	3,675.0	$	3,733.3	$	3,592.7	$	3,627.3
Liabilities:
Truck, Parts and Other fixed rate debt						150.0		151.1
Financial Services fixed rate debt		3,574.2		3,602.9		4,039.1		4,087.0