Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

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 September 30, 2014	Level 1		Level 2		Total
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	360.2	$	360.2
U.S. corporate securities				61.4		61.4
U.S. government and agency securities	$	5.2		.2		5.4
Non-U.S. corporate securities				593.3		593.3
Non-U.S. government securities				187.5		187.5
Other debt securities				112.8		112.8
Total marketable debt securities	$	5.2	$	1,315.4	$	1,320.6
Derivatives
Cross currency swaps			$	49.8	$	49.8
Interest-rate swaps				4.7		4.7
Foreign-exchange contracts				9.7		9.7
Total derivative assets			$	64.2	$	64.2
Liabilities:
Derivatives
Cross currency swaps			$	30.7	$	30.7
Interest-rate swaps				17.7		17.7
Foreign-exchange contracts				1.2		1.2
Total derivative liabilities			$	49.6	$	49.6

At December 31, 2013	Level 1		Level 2		Total
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	216.1	$	216.1
U.S. corporate securities				78.2		78.2
U.S. government and agency securities	$	5.2		.3		5.5
Non-U.S. corporate securities				609.3		609.3
Non-U.S. government securities				217.5		217.5
Other debt securities				140.9		140.9
Total marketable debt securities	$	5.2	$	1,262.3	$	1,267.5
Derivatives
Cross currency swaps			$	40.9	$	40.9
Interest-rate swaps				5.4		5.4
Foreign-exchange contracts				1.7		1.7
Total derivative assets			$	48.0	$	48.0
Liabilities:
Derivatives
Cross currency swaps			$	42.1	$	42.1
Interest-rate swaps				25.6		25.6
Foreign-exchange contracts				.9		.9
Total derivative liabilities			$	68.6	$	68.6

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:

	September 30, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Financial Services fixed rate loans	$	3,600.3	$	3,646.1	$	3,592.7	$	3,627.3
Liabilities:
Truck, Parts and Other fixed rate debt						150.0		151.1
Financial Services fixed rate debt		3,433.9		3,453.9		4,039.1		4,087.0