Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2019	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	320.2	$	320.2
U.S. corporate securities				165.7		165.7
U.S. government and agency securities	$	128.4		.9		129.3
Non-U.S. corporate securities				349.8		349.8
Non-U.S. government securities				72.4		72.4
Other debt securities				124.7		124.7
Total marketable debt securities	$	128.4	$	1,033.7	$	1,162.1
Derivatives
Cross currency swaps			$	43.8	$	43.8
Interest-rate swaps				2.0		2.0
Foreign-exchange contracts				10.5		10.5
Total derivative assets			$	56.3	$	56.3
Liabilities:
Derivatives
Cross currency swaps			$	13.5	$	13.5
Interest-rate swaps				17.5		17.5
Foreign-exchange contracts				13.3		13.3
Total derivative liabilities			$	44.3	$	44.3
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:

At December 31,	2019				2018
	CARRYING		FAIR		CARRYING		FAIR
	AMOUNT		VALUE		AMOUNT		VALUE
Assets:
Financial Services fixed rate loans	$	4,914.4	$	4,992.2	$	4,265.4	$	4,269.5
Liabilities:
Financial Services fixed rate debt		5,925.9		5,990.7		5,419.2		5,396.4