Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2016	Level 1		Level 2		Total
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	493.0	$	493.0
U.S. corporate securities				101.3		101.3
U.S. government and agency securities	$	15.6		.9		16.5
Non-U.S. corporate securities				557.4		557.4
Non-U.S. government securities				155.9		155.9
Other debt securities				102.2		102.2
Total marketable debt securities	$	15.6	$	1,410.7	$	1,426.3
Derivatives
Cross currency swaps			$	91.9	$	91.9
Interest-rate swaps				8.8		8.8
Foreign-exchange contracts				14.7		14.7
Total derivative assets			$	115.4	$	115.4
Liabilities:
Derivatives
Cross currency swaps			$	36.9	$	36.9
Interest-rate swaps				16.3		16.3
Foreign-exchange contracts				1.8		1.8
Total derivative liabilities			$	55.0	$	55.0

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:

	June 30, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Financial Services fixed rate loans	$	3,637.5	$	3,737.8	$	3,660.6	$	3,729.0
Liabilities:
Financial Services fixed rate debt		4,968.4		5,033.0		4,167.9		4,192.2