Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2017	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	535.5	$	535.5
U.S. corporate securities				89.7		89.7
U.S. government and agency securities	$	48.7				48.7
Non-U.S. corporate securities				459.3		459.3
Non-U.S. government securities				91.7		91.7
Other debt securities				142.2		142.2
Total marketable debt securities	$	48.7	$	1,318.4	$	1,367.1
Derivatives
Cross currency swaps			$	44.2	$	44.2
Interest-rate swaps				9.1		9.1
Foreign-exchange contracts				4.5		4.5
Total derivative assets			$	57.8	$	57.8
Liabilities:
Derivatives
Cross currency swaps			$	93.0	$	93.0
Interest-rate swaps				5.3		5.3
Foreign-exchange contracts				4.7		4.7
Total derivative liabilities			$	103.0	$	103.0

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:

At December 31,	2017				2016
	CARRYING		FAIR		CARRYING		FAIR
	AMOUNT		VALUE		AMOUNT		VALUE
Assets:
Financial Services fixed rate loans	$	3,793.8	$	3,804.8	$	3,607.4	$	3,638.4
Liabilities:
Financial Services fixed rate debt		5,397.6		5,387.0		4,915.2		4,929.3