Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 December 31, 2024	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	303.7	$	303.7
U.S. taxable municipal / non-U.S. provincial bonds				380.1		380.1
U.S. corporate securities				864.2		864.2
U.S. government securities	$	285.7				285.7
Non-U.S. corporate securities				608.1		608.1
Non-U.S. government securities				164.3		164.3
Other debt securities				166.4		166.4
Total marketable debt securities	$	285.7	$	2,486.8	$	2,772.5
Marketable equity securities	$	6.3			$	6.3
Total marketable securities	$	292.0	$	2,486.8	$	2,778.8
Derivatives
Cross currency swaps			$	121.3	$	121.3
Interest-rate swaps				10.9		10.9
Foreign-exchange contracts				74.8		74.8
Total derivative assets			$	207.0	$	207.0
Liabilities:
Derivatives
Cross currency swaps			$	28.7	$	28.7
Interest-rate swaps				12.4		12.4
Foreign-exchange contracts				5.6		5.6
Total derivative liabilities			$	46.7	$	46.7

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:

At December 31,	2024				2023
	CARRYING		FAIR		CARRYING		FAIR
	AMOUNT		VALUE		AMOUNT		VALUE
Assets:
Financial Services fixed rate loans	$	8,900.6	$	8,889.3	$	8,126.8	$	8,214.4
Liabilities:
Financial Services fixed rate debt		9,922.2		9,917.6		8,720.3		8,693.7