Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	306.9	$	306.9
U.S. corporate securities				158.6		158.6
U.S. government and agency securities	$	122.5		.9		123.4
Non-U.S. corporate securities				298.2		298.2
Non-U.S. government securities				71.2		71.2
Other debt securities				138.7		138.7
Total marketable debt securities	$	122.5	$	974.5	$	1,097.0
Derivatives
Cross currency swaps			$	110.3	$	110.3
Interest-rate swaps				2.8		2.8
Foreign-exchange contracts				100.8		100.8
Total derivative assets			$	213.9	$	213.9
Liabilities:
Derivatives
Cross currency swaps			$	10.0	$	10.0
Interest-rate swaps				43.3		43.3
Foreign-exchange contracts				14.4		14.4
Total derivative liabilities			$	67.7	$	67.7

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

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, 2020				December 31, 2019
	CARRYING		FAIR		CARRYING		FAIR
	AMOUNT		VALUE		AMOUNT		VALUE
Assets:
Financial Services fixed rate loans	$	4,793.9	$	4,957.9	$	4,914.4	$	4,992.2
Liabilities:
Financial Services fixed rate debt		6,104.5		6,253.7		5,925.9		5,990.7