Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	299.0	$	299.0
U.S. corporate securities				184.4		184.4
U.S. government and agency securities	$	99.2		6.5		105.7
Non-U.S. corporate securities				353.6		353.6
Non-U.S. government securities				79.3		79.3
Other debt securities				172.3		172.3
Total marketable debt securities	$	99.2	$	1,095.1	$	1,194.3
Derivatives
Cross currency swaps			$	38.3	$	38.3
Interest-rate swaps				1.6		1.6
Foreign-exchange contracts				30.6		30.6
Total derivative assets			$	70.5	$	70.5
Liabilities:
Derivatives
Cross currency swaps			$	19.2	$	19.2
Interest-rate swaps				42.9		42.9
Foreign-exchange contracts				12.0		12.0
Total derivative liabilities			$	74.1	$	74.1

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:

	September 30, 2020				December 31, 2019
	CARRYING		FAIR		CARRYING		FAIR
	AMOUNT		VALUE		AMOUNT		VALUE
Assets:
Financial Services fixed rate loans	$	5,007.5	$	5,160.8	$	4,914.4	$	4,992.2
Liabilities:
Financial Services fixed rate debt		6,623.5		6,805.7		5,925.9		5,990.7