Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

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, 2016	Level 1		Level 2		Total
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	499.9	$	499.9
U.S. corporate securities				52.8		52.8
U.S. government and agency securities	$	15.4		.9		16.3
Non-U.S. corporate securities				328.6		328.6
Non-U.S. government securities				99.8		99.8
Other debt securities				81.5		81.5
Total marketable debt securities	$	15.4	$	1,063.5	$	1,078.9
Derivatives
Cross currency swaps			$	77.6	$	77.6
Interest-rate swaps				5.1		5.1
Foreign-exchange contracts				15.0		15.0
Total derivative assets			$	97.7	$	97.7
Liabilities:
Derivatives
Cross currency swaps			$	51.6	$	51.6
Interest-rate swaps				12.7		12.7
Foreign-exchange contracts				1.4		1.4
Total derivative liabilities			$	65.7	$	65.7

At December 31, 2015	Level 1		Level 2		Total
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	505.4	$	505.4
U.S. corporate securities				76.7		76.7
U.S. government and agency securities	$	15.1		.6		15.7
Non-U.S. corporate securities				587.0		587.0
Non-U.S. government securities				193.7		193.7
Other debt securities				69.6		69.6
Total marketable debt securities	$	15.1	$	1,433.0	$	1,448.1
Derivatives
Cross currency swaps			$	130.5	$	130.5
Interest-rate swaps				1.7		1.7
Foreign-exchange contracts				5.1		5.1
Total derivative assets			$	137.3	$	137.3
Liabilities:
Derivatives
Cross currency swaps			$	37.2	$	37.2
Interest-rate swaps				9.5		9.5
Foreign-exchange contracts				1.5		1.5
Total derivative liabilities			$	48.2	$	48.2

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, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Financial Services fixed rate loans	$	3,633.9	$	3,662.4	$	3,660.6	$	3,729.0
Liabilities:
Financial Services fixed rate debt		4,964.3		5,009.1		4,167.9		4,192.2