Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

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, 2018	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	342.8	$	342.8
U.S. corporate securities				132.4		132.4
U.S. government and agency securities	$	90.7		1.5		92.2
Non-U.S. corporate securities				264.3		264.3
Non-U.S. government securities				56.7		56.7
Other debt securities				111.9		111.9
Total marketable debt securities	$	90.7	$	909.6	$	1,000.3
Derivatives
Cross currency swaps			$	48.3	$	48.3
Interest-rate swaps				10.6		10.6
Foreign-exchange contracts				2.9		2.9
Total derivative assets			$	61.8	$	61.8
Liabilities:
Derivatives
Cross currency swaps			$	22.0	$	22.0
Interest-rate swaps				6.6		6.6
Foreign-exchange contracts				5.9		5.9
Total derivative liabilities			$	34.5	$	34.5

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

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, 2018				December 31, 2017
	CARRYING		FAIR		CARRYING		FAIR
	AMOUNT		VALUE		AMOUNT		VALUE
Assets:
Financial Services fixed rate loans	$	4,207.5	$	4,195.4	$	3,793.8	$	3,804.8
Liabilities:
Financial Services fixed rate debt		5,455.3		5,398.6		5,397.6		5,387.0