Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 December 31, 2020	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	392.4	$	392.4
U.S. corporate securities				232.9		232.9
U.S. government and agency securities	$	86.5		7.9		94.4
Non-U.S. corporate securities				411.5		411.5
Non-U.S. government securities				77.5		77.5
Other debt securities				220.3		220.3
Total marketable debt securities	$	86.5	$	1,342.5	$	1,429.0
Derivatives
Cross currency swaps			$	14.8	$	14.8
Interest-rate swaps				1.6		1.6
Foreign-exchange contracts				4.1		4.1
Total derivative assets			$	20.5	$	20.5
Liabilities:
Derivatives
Cross currency swaps			$	77.6	$	77.6
Interest-rate swaps				38.5		38.5
Foreign-exchange contracts				43.8		43.8
Total derivative liabilities			$	159.9	$	159.9

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:

At December 31,	2020				2019
	CARRYING		FAIR		CARRYING		FAIR
	AMOUNT		VALUE		AMOUNT		VALUE
Assets:
Financial Services fixed rate loans	$	5,319.2	$	5,429.5	$	4,914.4	$	4,992.2
Liabilities:
Financial Services fixed rate debt		6,482.0		6,648.6		5,925.9		5,990.7