Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

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, 2026		LEVEL 1				LEVEL 2				TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities						$	271.3			$	271.3
U.S. taxable municipal / non-U.S. provincial bonds							433.6				433.6
U.S. corporate securities							978.2				978.2
U.S. government securities		$	466.7								466.7
Non-U.S. corporate securities							630.8				630.8
Non-U.S. government securities							258.0				258.0
Other debt securities							214.2				214.2
Total marketable debt securities		$	466.7			$	2,786.1			$	3,252.8
Marketable equity securities		$	6.8							$	6.8
Total marketable securities		$	473.5			$	2,786.1			$	3,259.6
Derivatives
Cross currency swaps						$	19.1			$	19.1
Interest-rate swaps							5.0				5.0
Foreign-exchange contracts							18.6				18.6
Commodity contracts							1.8				1.8
Total derivative assets						$	44.5			$	44.5
Liabilities:
Derivatives
Cross currency swaps						$	112.1			$	112.1
Interest-rate swaps							7.8				7.8
Foreign-exchange contracts							41.1				41.1
Commodity contracts							.3				.3
Total derivative liabilities						$	161.3			$	161.3


At December 31, 2025		LEVEL 1				LEVEL 2				TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities						$	344.5			$	344.5
U.S. taxable municipal / non-U.S. provincial bonds							421.6				421.6
U.S. corporate securities							940.3				940.3
U.S. government securities		$	436.2								436.2
Non-U.S. corporate securities							639.7				639.7
Non-U.S. government securities							213.8				213.8
Other debt securities							207.8				207.8
Total marketable debt securities		$	436.2			$	2,767.7			$	3,203.9
Marketable equity securities		$	3.8							$	3.8
Total marketable securities		$	440.0			$	2,767.7			$	3,207.7
Derivatives
Cross currency swaps						$	30.0			$	30.0
Interest-rate swaps							20.0				20.0
Foreign-exchange contracts							12.7				12.7
Commodity contracts							.3				.3
Total derivative assets						$	63.0			$	63.0
Liabilities:
Derivatives
Cross currency swaps						$	67.1			$	67.1
Interest-rate swaps							9.7				9.7
Foreign-exchange contracts							89.5				89.5
Total derivative liabilities						$	166.3			$	166.3

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:


		June 30, 2026								December 31, 2025
		CARRYING				FAIR				CARRYING				FAIR
		AMOUNT				VALUE				AMOUNT				VALUE
Assets:
Financial Services fixed rate loans		$	9,955.6			$	10,003.0			$	9,928.0			$	10,118.4
Liabilities:
Financial Services fixed rate debt			9,943.9				9,968.4				10,453.1				10,570.6