Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	256.2	$	256.2
U.S. taxable municipal / non-U.S. provincial bonds				275.0		275.0
U.S. corporate securities				406.1		406.1
U.S. government securities	$	144.2				144.2
Non-U.S. corporate securities				528.0		528.0
Non-U.S. government securities				154.5		154.5
Other debt securities				64.6		64.6
Total marketable debt securities	$	144.2	$	1,684.4	$	1,828.6
Marketable equity securities	$	2.8			$	2.8
Total marketable securities	$	147.0	$	1,684.4	$	1,831.4
Derivatives
Cross currency swaps			$	18.1	$	18.1
Interest-rate swaps				10.0		10.0
Foreign-exchange contracts				18.8		18.8
Commodity contracts				1.2		1.2
Total derivative assets			$	48.1	$	48.1
Liabilities:
Derivatives
Cross currency swaps			$	82.3	$	82.3
Interest-rate swaps				9.7		9.7
Foreign-exchange contracts				7.8		7.8
Commodity contracts				2.0		2.0
Total derivative liabilities			$	101.8	$	101.8

At December 31, 2023	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	310.7	$	310.7
U.S. taxable municipal / non-U.S. provincial bonds				240.1		240.1
U.S. corporate securities				353.3		353.3
U.S. government securities	$	158.1				158.1
Non-U.S. corporate securities				524.2		524.2
Non-U.S. government securities				141.2		141.2
Other debt securities				90.6		90.6
Total marketable debt securities	$	158.1	$	1,660.1	$	1,818.2
Marketable equity securities	$	4.4			$	4.4
Total marketable securities	$	162.5	$	1,660.1	$	1,822.6
Derivatives
Cross currency swaps			$	13.2	$	13.2
Interest-rate swaps				4.1		4.1
Foreign-exchange contracts				2.5		2.5
Commodity contracts				1.2		1.2
Total derivative assets			$	21.0	$	21.0
Liabilities:
Derivatives
Cross currency swaps			$	116.6	$	116.6
Interest-rate swaps				14.5		14.5
Foreign-exchange contracts				28.2		28.2
Commodity contracts				.8		.8
Total derivative liabilities			$	160.1	$	160.1

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, 2024				December 31, 2023
	CARRYING		FAIR		CARRYING		FAIR
	AMOUNT		VALUE		AMOUNT		VALUE
Assets:
Financial Services fixed rate loans	$	8,334.0	$	8,267.7	$	8,126.8	$	8,214.4
Liabilities:
Financial Services fixed rate debt		9,204.1		9,096.9		8,720.3		8,693.7