Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

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 March 31, 2016	Level 1		Level 2		Total
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	491.6	$	491.6
U.S. corporate securities				80.0		80.0
U.S. government and agency securities	$	15.8		.8		16.6
Non-U.S. corporate securities				602.3		602.3
Non-U.S. government securities				172.7		172.7
Other debt securities				102.9		102.9
Total marketable debt securities	$	15.8	$	1,450.3	$	1,466.1
Derivatives
Cross currency swaps			$	87.4	$	87.4
Interest-rate swaps				2.9		2.9
Foreign-exchange contracts				4.0		4.0
Total derivative assets			$	94.3	$	94.3
Liabilities:
Derivatives
Cross currency swaps			$	39.2	$	39.2
Interest-rate swaps				15.6		15.6
Foreign-exchange contracts				7.9		7.9
Total derivative liabilities			$	62.7	$	62.7

At December 31, 2015	Level 1		Level 2		Total
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	505.4	$	505.4
U.S. corporate securities				76.7		76.7
U.S. government and agency securities	$	15.1		.6		15.7
Non-U.S. corporate securities				587.0		587.0
Non-U.S. government securities				193.7		193.7
Other debt securities				69.6		69.6
Total marketable debt securities	$	15.1	$	1,433.0	$	1,448.1
Derivatives
Cross currency swaps			$	130.5	$	130.5
Interest-rate swaps				1.7		1.7
Foreign-exchange contracts				5.1		5.1
Total derivative assets			$	137.3	$	137.3
Liabilities:
Derivatives
Cross currency swaps			$	37.2	$	37.2
Interest-rate swaps				9.5		9.5
Foreign-exchange contracts				1.5		1.5
Total derivative liabilities			$	48.2	$	48.2

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:

	March 31, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Financial Services fixed rate loans	$	3,633.3	$	3,727.8	$	3,660.6	$	3,729.0
Liabilities:
Financial Services fixed rate debt		4,413.0		4,459.5		4,167.9		4,192.2