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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2022
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, 2022

 

LEVEL 1

 

 

LEVEL 2

 

 

TOTAL

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Marketable debt securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. tax-exempt securities

 

 

 

 

 

$

440.1

 

 

$

440.1

 

U.S. taxable municipal/ provincial bonds

 

 

 

 

 

 

175.3

 

 

 

175.3

 

U.S. corporate securities

 

 

 

 

 

 

205.1

 

 

 

205.1

 

U.S. government and agency securities

 

$

88.4

 

 

 

 

 

 

 

88.4

 

Non-U.S. corporate securities

 

 

 

 

 

 

431.1

 

 

 

431.1

 

Non-U.S. government securities

 

 

 

 

 

 

70.7

 

 

 

70.7

 

Other debt securities

 

 

 

 

 

 

97.9

 

 

 

97.9

 

Total marketable debt securities

 

$

88.4

 

 

$

1,420.2

 

 

$

1,508.6

 

Marketable equity securities

 

$

6.6

 

 

 

 

 

 

$

6.6

 

Total marketable securities

 

$

95.0

 

 

$

1,420.2

 

 

$

1,515.2

 

Derivatives

 

 

 

 

 

 

 

 

 

 

 

 

Cross currency swaps

 

 

 

 

 

$

20.2

 

 

$

20.2

 

Interest-rate swaps

 

 

 

 

 

 

3.8

 

 

 

3.8

 

Foreign-exchange contracts

 

 

 

 

 

 

10.4

 

 

 

10.4

 

Commodity contracts

 

 

 

 

 

 

31.4

 

 

 

31.4

 

Total derivative assets

 

 

 

 

 

$

65.8

 

 

$

65.8

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

 

 

 

 

 

 

 

 

 

 

 

Cross currency swaps

 

 

 

 

 

$

53.9

 

 

$

53.9

 

Interest-rate swaps

 

 

 

 

 

 

26.5

 

 

 

26.5

 

Foreign-exchange contracts

 

 

 

 

 

 

65.9

 

 

 

65.9

 

Total derivative liabilities

 

 

 

 

 

$

146.3

 

 

$

146.3

 

 

 

At December 31, 2021

 

LEVEL 1

 

 

LEVEL 2

 

 

TOTAL

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Marketable debt securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. tax-exempt securities

 

 

 

 

 

$

432.5

 

 

$

432.5

 

U.S. taxable municipal/ provincial bonds

 

 

 

 

 

 

191.6

 

 

 

191.6

 

U.S. corporate securities

 

 

 

 

 

 

207.4

 

 

 

207.4

 

U.S. government and agency securities

 

$

96.4

 

 

 

 

 

 

 

96.4

 

Non-U.S. corporate securities

 

 

 

 

 

 

442.8

 

 

 

442.8

 

Non-U.S. government securities

 

 

 

 

 

 

75.0

 

 

 

75.0

 

Other debt securities

 

 

 

 

 

 

100.0

 

 

 

100.0

 

Total marketable debt securities

 

$

96.4

 

 

$

1,449.3

 

 

$

1,545.7

 

Marketable equity securities

 

$

13.7

 

 

 

 

 

 

$

13.7

 

Total marketable securities

 

$

110.1

 

 

$

1,449.3

 

 

$

1,559.4

 

Derivatives

 

 

 

 

 

 

 

 

 

 

 

 

Cross currency swaps

 

 

 

 

 

$

18.2

 

 

$

18.2

 

Interest-rate swaps

 

 

 

 

 

 

12.6

 

 

 

12.6

 

Foreign-exchange contracts

 

 

 

 

 

 

28.9

 

 

 

28.9

 

Total derivative assets

 

 

 

 

 

$

59.7

 

 

$

59.7

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

 

 

 

 

 

 

 

 

 

 

 

Cross currency swaps

 

 

 

 

 

$

33.1

 

 

$

33.1

 

Interest-rate swaps

 

 

 

 

 

 

21.3

 

 

 

21.3

 

Foreign-exchange contracts

 

 

 

 

 

 

17.2

 

 

 

17.2

 

Commodity contracts

 

 

 

 

 

 

16.9

 

 

 

16.9

 

Total derivative liabilities

 

 

 

 

 

$

88.5

 

 

$

88.5

 

 

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, 2022

 

 

December 31, 2021

 

 

 

CARRYING

 

 

FAIR

 

 

CARRYING

 

 

FAIR

 

 

 

AMOUNT

 

 

VALUE

 

 

AMOUNT

 

 

VALUE

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Services fixed rate loans

 

$

6,383.0

 

 

$

6,237.4

 

 

$

6,011.7

 

 

$

6,018.2

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Services fixed rate debt

 

 

6,542.8

 

 

 

6,528.5

 

 

 

6,905.7

 

 

 

6,935.1