Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2026		LEVEL 1				LEVEL 2				TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities						$	225.3			$	225.3
U.S. taxable municipal / non-U.S. provincial bonds							443.8				443.8
U.S. corporate securities							1,010.5				1,010.5
U.S. government securities		$	470.6								470.6
Non-U.S. corporate securities							633.2				633.2
Non-U.S. government securities							248.6				248.6
Other debt securities							210.5				210.5
Total marketable debt securities		$	470.6			$	2,771.9			$	3,242.5
Marketable equity securities		$	5.5							$	5.5
Total marketable securities		$	476.1			$	2,771.9			$	3,248.0
Derivatives
Cross currency swaps						$	18.2			$	18.2
Interest-rate swaps							14.7				14.7
Foreign-exchange contracts							27.5				27.5
Commodity contracts							1.1				1.1
Total derivative assets						$	61.5			$	61.5
Liabilities:
Derivatives
Cross currency swaps						$	108.0			$	108.0
Interest-rate swaps							34.1				34.1
Foreign-exchange contracts							24.3				24.3
Commodity contracts							.1				.1
Total derivative liabilities						$	166.5			$	166.5


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:


		September 30, 2026								December 31, 2025
		CARRYING				FAIR				CARRYING				FAIR
		AMOUNT				VALUE				AMOUNT				VALUE
Assets:
Financial Services fixed rate loans		$	10,029.9			$	9,840.5			$	9,928.0			$	10,118.4
Liabilities:
Financial Services fixed rate debt			10,545.8				10,440.5				10,453.1				10,570.6