Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

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, 2017	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	522.0	$	522.0
U.S. corporate securities				58.9		58.9
U.S. government and agency securities	$	12.2				12.2
Non-U.S. corporate securities				397.9		397.9
Non-U.S. government securities				97.2		97.2
Other debt securities				127.8		127.8
Total marketable debt securities	$	12.2	$	1,203.8	$	1,216.0
Derivatives
Cross currency swaps			$	43.2	$	43.2
Interest-rate swaps				4.6		4.6
Foreign-exchange contracts				3.9		3.9
Total derivative assets			$	51.7	$	51.7
Liabilities:
Derivatives
Cross currency swaps			$	84.1	$	84.1
Interest-rate swaps				7.2		7.2
Foreign-exchange contracts				5.8		5.8
Total derivative liabilities			$	97.1	$	97.1

At December 31, 2016	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	595.0	$	595.0
U.S. corporate securities				47.8		47.8
U.S. government and agency securities	$	15.4		.6		16.0
Non-U.S. corporate securities				308.0		308.0
Non-U.S. government securities				98.2		98.2
Other debt securities				75.9		75.9
Total marketable debt securities	$	15.4	$	1,125.5	$	1,140.9
Derivatives
Cross currency swaps			$	102.7	$	102.7
Interest-rate swaps				7.0		7.0
Foreign-exchange contracts				8.7		8.7
Total derivative assets			$	118.4	$	118.4
Liabilities:
Derivatives
Cross currency swaps			$	37.1	$	37.1
Interest-rate swaps				9.3		9.3
Foreign-exchange contracts				2.9		2.9
Total derivative liabilities			$	49.3	$	49.3

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, 2017				December 31, 2016
	CARRYING		FAIR		CARRYING		FAIR
	AMOUNT		VALUE		AMOUNT		VALUE
Assets:
Financial Services fixed rate loans	$	3,612.6	$	3,622.4	$	3,607.4	$	3,638.4
Liabilities:
Financial Services fixed rate debt		5,372.5		5,378.6		4,915.2		4,929.3