Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

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 September 30, 2019	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	318.4	$	318.4
U.S. corporate securities				162.6		162.6
U.S. government and agency securities	$	126.2		.9		127.1
Non-U.S. corporate securities				305.4		305.4
Non-U.S. government securities				65.3		65.3
Other debt securities				129.0		129.0
Total marketable debt securities	$	126.2	$	981.6	$	1,107.8
Derivatives
Cross currency swaps			$	80.8	$	80.8
Interest-rate swaps				1.9		1.9
Foreign-exchange contracts				21.1		21.1
Total derivative assets			$	103.8	$	103.8
Liabilities:
Derivatives
Cross currency swaps			$	2.8	$	2.8
Interest-rate swaps				24.0		24.0
Foreign-exchange contracts				5.2		5.2
Total derivative liabilities			$	32.0	$	32.0

At December 31, 2018	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	325.1	$	325.1
U.S. corporate securities				147.4		147.4
U.S. government and agency securities	$	97.1		1.6		98.7
Non-U.S. corporate securities				271.3		271.3
Non-U.S. government securities				55.9		55.9
Other debt securities				122.0		122.0
Total marketable debt securities	$	97.1	$	923.3	$	1,020.4
Derivatives
Cross currency swaps			$	75.4	$	75.4
Interest-rate swaps				9.1		9.1
Foreign-exchange contracts				10.2		10.2
Total derivative assets			$	94.7	$	94.7
Liabilities:
Derivatives
Cross currency swaps			$	11.2	$	11.2
Interest-rate swaps				7.3		7.3
Foreign-exchange contracts				6.1		6.1
Total derivative liabilities			$	24.6	$	24.6

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:

	September 30, 2019				December 31, 2018
	CARRYING		FAIR		CARRYING		FAIR
	AMOUNT		VALUE		AMOUNT		VALUE
Assets:
Financial Services fixed rate loans	$	4,729.3	$	4,820.2	$	4,265.4	$	4,269.5
Liabilities:
Financial Services fixed rate debt		5,593.1		5,669.5		5,419.2		5,396.4