Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31, 2019	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	304.9	$	304.9
U.S. corporate securities				163.4		163.4
U.S. government and agency securities	$	111.0				111.0
Non-U.S. corporate securities				302.8		302.8
Non-U.S. government securities				74.4		74.4
Other debt securities				125.1		125.1
Total marketable debt securities	$	111.0	$	970.6	$	1,081.6
Derivatives
Cross currency swaps			$	57.6	$	57.6
Interest-rate swaps				5.2		5.2
Foreign-exchange contracts				5.2		5.2
Total derivative assets			$	68.0	$	68.0
Liabilities:
Derivatives
Cross currency swaps			$	7.5	$	7.5
Interest-rate swaps				9.8		9.8
Foreign-exchange contracts				9.2		9.2
Total derivative liabilities			$	26.5	$	26.5

At December 31, 2018	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	325.1	$	325.1
U.S. corporate securities				147.4		147.4
U.S. government and agency securities	$	97.1		1.6		98.7
Non-U.S. corporate securities				271.3		271.3
Non-U.S. government securities				55.9		55.9
Other debt securities				122.0		122.0
Total marketable debt securities	$	97.1	$	923.3	$	1,020.4
Derivatives
Cross currency swaps			$	75.4	$	75.4
Interest-rate swaps				9.1		9.1
Foreign-exchange contracts				10.2		10.2
Total derivative assets			$	94.7	$	94.7
Liabilities:
Derivatives
Cross currency swaps			$	11.2	$	11.2
Interest-rate swaps				7.3		7.3
Foreign-exchange contracts				6.1		6.1
Total derivative liabilities			$	24.6	$	24.6

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:

	March 31, 2019				December 31, 2018
	CARRYING		FAIR		CARRYING		FAIR
	AMOUNT		VALUE		AMOUNT		VALUE
Assets:
Financial Services fixed rate loans	$	4,378.5	$	4,412.8	$	4,265.4	$	4,269.5
Liabilities:
Financial Services fixed rate debt		5,787.6		5,792.8		5,419.2		5,396.4