Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	398.3	$	398.3
U.S. corporate securities				227.9		227.9
U.S. government and agency securities	$	93.7				93.7
Non-U.S. corporate securities				404.6		404.6
Non-U.S. government securities				74.4		74.4
Other debt securities				222.2		222.2
Total marketable debt securities	$	93.7	$	1,327.4	$	1,421.1
Derivatives
Cross currency swaps			$	10.0	$	10.0
Interest-rate swaps				5.5		5.5
Foreign-exchange contracts				19.9		19.9
Total derivative assets			$	35.4	$	35.4
Liabilities:
Derivatives
Cross currency swaps			$	55.5	$	55.5
Interest-rate swaps				29.2		29.2
Foreign-exchange contracts				11.6		11.6
Total derivative liabilities			$	96.3	$	96.3

At December 31, 2020	LEVEL 1		LEVEL 2		TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities			$	392.4	$	392.4
U.S. corporate securities				232.9		232.9
U.S. government and agency securities	$	86.5		7.9		94.4
Non-U.S. corporate securities				411.5		411.5
Non-U.S. government securities				77.5		77.5
Other debt securities				220.3		220.3
Total marketable debt securities	$	86.5	$	1,342.5	$	1,429.0
Derivatives
Cross currency swaps			$	14.8	$	14.8
Interest-rate swaps				1.6		1.6
Foreign-exchange contracts				4.1		4.1
Total derivative assets			$	20.5	$	20.5
Liabilities:
Derivatives
Cross currency swaps			$	77.6	$	77.6
Interest-rate swaps				38.5		38.5
Foreign-exchange contracts				43.8		43.8
Total derivative liabilities			$	159.9	$	159.9

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, 2021				December 31, 2020
	CARRYING		FAIR		CARRYING		FAIR
	AMOUNT		VALUE		AMOUNT		VALUE
Assets:
Financial Services fixed rate loans	$	5,434.4	$	5,508.1	$	5,319.2	$	5,429.5
Liabilities:
Financial Services fixed rate debt		6,665.1		6,784.0		6,482.0		6,648.6