Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

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, 2014	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	363.4	$	363.4
U.S. corporate securities				81.5		81.5
U.S. government and agency securities	$	7.7		.3		8.0
Non-U.S. corporate securities				532.0		532.0
Non-U.S. government securities				194.1		194.1
Other debt securities				93.0		93.0
Total marketable debt securities	$	7.7	$	1,264.3	$	1,272.0
Derivatives
Cross currency swaps			$	81.7	$	81.7
Interest-rate swaps				1.0		1.0
Foreign-exchange contracts				6.5		6.5
Total derivative assets			$	89.2	$	89.2
Liabilities:
Derivatives
Cross currency swaps			$	31.1	$	31.1
Interest-rate swaps				14.6		14.6
Foreign-exchange contracts				2.8		2.8
Total derivative liabilities			$	48.5	$	48.5

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:

At December 31,	2014				2013
	CARRYING AMOUNT		FAIR VALUE		CARRYING AMOUNT		FAIR VALUE
Assets:
Financial Services fixed rate loans	$	3,627.5	$	3,683.3	$	3,592.7	$	3,627.3
Liabilities:
Truck, Parts and Other fixed rate debt						150.0		151.1
Financial Services fixed rate debt		3,713.4		3,737.7		4,039.1		4,087.0