Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

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 June 30, 2025		LEVEL 1				LEVEL 2				TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities						$	381.9			$	381.9
U.S. taxable municipal / non-U.S. provincial bonds							406.3				406.3
U.S. corporate securities							899.5				899.5
U.S. government securities		$	210.3								210.3
Non-U.S. corporate securities							618.3				618.3
Non-U.S. government securities							198.7				198.7
Other debt securities							193.5				193.5
Total marketable debt securities		$	210.3			$	2,698.2			$	2,908.5
Marketable equity securities		$	5.2							$	5.2
Total marketable securities		$	215.5			$	2,698.2			$	2,913.7
Derivatives
Cross currency swaps						$	29.5			$	29.5
Interest-rate swaps							17.1				17.1
Foreign-exchange contracts							9.6				9.6
Commodity contracts							.2				.2
Total derivative assets						$	56.4			$	56.4
Liabilities:
Derivatives
Cross currency swaps						$	122.3			$	122.3
Interest-rate swaps							9.9				9.9
Foreign-exchange contracts							102.1				102.1
Commodity contracts							.4				.4
Total derivative liabilities						$	234.7			$	234.7


At December 31, 2024		LEVEL 1				LEVEL 2				TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities						$	303.7			$	303.7
U.S. taxable municipal / non-U.S. provincial bonds							380.1				380.1
U.S. corporate securities							864.2				864.2
U.S. government securities		$	285.7								285.7
Non-U.S. corporate securities							608.1				608.1
Non-U.S. government securities							164.3				164.3
Other debt securities							166.4				166.4
Total marketable debt securities		$	285.7			$	2,486.8			$	2,772.5
Marketable equity securities		$	6.3							$	6.3
Total marketable securities		$	292.0			$	2,486.8			$	2,778.8
Derivatives
Cross currency swaps						$	121.3			$	121.3
Interest-rate swaps							10.9				10.9
Foreign-exchange contracts							74.8				74.8
Total derivative assets						$	207.0			$	207.0
Liabilities:
Derivatives
Cross currency swaps						$	28.7			$	28.7
Interest-rate swaps							12.4				12.4
Foreign-exchange contracts							5.6				5.6
Total derivative liabilities						$	46.7			$	46.7

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:


		June 30, 2025								December 31, 2024
		CARRYING				FAIR				CARRYING				FAIR
		AMOUNT				VALUE				AMOUNT				VALUE
Assets:
Financial Services fixed rate loans		$	9,632.3			$	9,739.9			$	8,900.6			$	8,889.3
Liabilities:
Financial Services fixed rate debt			10,671.9				10,775.8				9,922.2				9,917.6