Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	296.8	$	296.8
U.S. taxable municipal / non-U.S. provincial bonds				402.2		402.2
U.S. corporate securities				908.6		908.6
U.S. government securities	$	242.4				242.4
Non-U.S. corporate securities				609.2		609.2
Non-U.S. government securities				179.4		179.4
Other debt securities				181.2		181.2
Total marketable debt securities	$	242.4	$	2,577.4	$	2,819.8
Marketable equity securities	$	6.7			$	6.7
Total marketable securities	$	249.1	$	2,577.4	$	2,826.5
Derivatives
Cross currency swaps			$	75.6	$	75.6
Interest-rate swaps				9.2		9.2
Foreign-exchange contracts				9.9		9.9
Commodity contracts				.2		.2
Total derivative assets			$	94.9	$	94.9
Liabilities:
Derivatives
Cross currency swaps			$	46.3	$	46.3
Interest-rate swaps				6.6		6.6
Foreign-exchange contracts				38.7		38.7
Commodity contracts				1.4		1.4
Total derivative liabilities			$	93.0	$	93.0

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

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, 2025				December 31, 2024
	CARRYING		FAIR		CARRYING		FAIR
	AMOUNT		VALUE		AMOUNT		VALUE
Assets:
Financial Services fixed rate loans	$	9,178.1	$	9,226.4	$	8,900.6	$	8,889.3
Liabilities:
Financial Services fixed rate debt		9,882.3		9,934.3		9,922.2		9,917.6