Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	564.0	$	564.0
U.S. corporate securities				58.8		58.8
U.S. government and agency securities	$	15.1		.5		15.6
Non-U.S. corporate securities				378.5		378.5
Non-U.S. government securities				93.1		93.1
Other debt securities				134.6		134.6
Total marketable debt securities	$	15.1	$	1,229.5	$	1,244.6
Derivatives
Cross currency swaps			$	50.7	$	50.7
Interest-rate swaps				4.9		4.9
Foreign-exchange contracts				4.0		4.0
Total derivative assets			$	59.6	$	59.6
Liabilities:
Derivatives
Cross currency swaps			$	65.4	$	65.4
Interest-rate swaps				7.3		7.3
Foreign-exchange contracts				10.2		10.2
Total derivative liabilities			$	82.9	$	82.9
At December 31, 2016	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	595.0	$	595.0
U.S. corporate securities				47.8		47.8
U.S. government and agency securities	$	15.4		.6		16.0
Non-U.S. corporate securities				308.0		308.0
Non-U.S. government securities				98.2		98.2
Other debt securities				75.9		75.9
Total marketable debt securities	$	15.4	$	1,125.5	$	1,140.9
Derivatives
Cross currency swaps			$	102.7	$	102.7
Interest-rate swaps				7.0		7.0
Foreign-exchange contracts				8.7		8.7
Total derivative assets			$	118.4	$	118.4
Liabilities:
Derivatives
Cross currency swaps			$	37.1	$	37.1
Interest-rate swaps				9.3		9.3
Foreign-exchange contracts				2.9		2.9
Total derivative liabilities			$	49.3	$	49.3

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, 2017				December 31, 2016
	CARRYING AMOUNT		FAIR VALUE		CARRYING AMOUNT		FAIR VALUE
Assets:
Financial Services fixed rate loans	$	3,534.7	$	3,536.0	$	3,607.4	$	3,638.4
Liabilities:
Financial Services fixed rate debt		5,032.2		5,038.3		4,915.2		4,929.3