Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2022	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	463.0	$	463.0
U.S. taxable municipal/ provincial bonds				158.8		158.8
U.S. corporate securities				220.4		220.4
U.S. government and agency securities	$	119.1				119.1
Non-U.S. corporate securities				425.6		425.6
Non-U.S. government securities				75.4		75.4
Other debt securities				94.7		94.7
Total marketable debt securities	$	119.1	$	1,437.9	$	1,557.0
Marketable equity securities	$	2.2			$	2.2
Total marketable securities	$	121.3	$	1,437.9	$	1,559.2
Derivatives
Cross currency swaps			$	62.3	$	62.3
Interest-rate swaps				7.9		7.9
Foreign-exchange contracts				52.9		52.9
Total derivative assets			$	123.1	$	123.1
Liabilities:
Derivatives
Cross currency swaps			$	24.9	$	24.9
Interest-rate swaps				21.4		21.4
Foreign-exchange contracts				11.7		11.7
Commodity contracts				16.0		16.0
Total derivative liabilities			$	74.0	$	74.0

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:

	June 30, 2022				December 31, 2021
	CARRYING		FAIR		CARRYING		FAIR
	AMOUNT		VALUE		AMOUNT		VALUE
Assets:
Financial Services fixed rate loans	$	6,377.1	$	6,205.1	$	6,011.7	$	6,018.2
Liabilities:
Financial Services fixed rate debt		7,263.1		7,036.9		6,905.7		6,935.1