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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2023
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, 2023 |  | LEVEL 1 |  |  | LEVEL 2 |  |  | TOTAL |
Assets: |  |  |  |  |  |  |  |  |
Marketable debt securities |  |  |  |  |  |  |  |  |
U.S. tax-exempt securities |  |  |  |  | $ | 327.1 |  |  | $ | 327.1 |
U.S. taxable municipal / non-U.S. provincial bonds |  |  |  |  |  | 220.5 |  |  |  | 220.5 |
U.S. corporate securities |  |  |  |  |  | 299.1 |  |  |  | 299.1 |
U.S. government and agency securities |  | $ | 146.6 |  |  |  |  |  |  | 146.6 |
Non-U.S. corporate securities |  |  |  |  |  | 483.9 |  |  |  | 483.9 |
Non-U.S. government securities |  |  |  |  |  | 110.3 |  |  |  | 110.3 |
Other debt securities |  |  |  |  |  | 100.1 |  |  |  | 100.1 |
Total marketable debt securities |  | $ | 146.6 |  |  | $ | 1,541.0 |  |  | $ | 1,687.6 |
Marketable equity securities |  | $ | 2.9 |  |  |  |  |  | $ | 2.9 |
Total marketable securities |  | $ | 149.5 |  |  | $ | 1,541.0 |  |  | $ | 1,690.5 |
Derivatives |  |  |  |  |  |  |  |  |
Cross currency swaps |  |  |  |  | $ | 25.0 |  |  | $ | 25.0 |
Interest-rate swaps |  |  |  |  |  | 12.3 |  |  |  | 12.3 |
Foreign-exchange contracts |  |  |  |  |  | 9.9 |  |  |  | 9.9 |
Commodity contracts |  |  |  |  |  | .8 |  |  |  | .8 |
Total derivative assets |  |  |  |  | $ | 48.0 |  |  | $ | 48.0 |
Liabilities: |  |  |  |  |  |  |  |  |
Derivatives |  |  |  |  |  |  |  |  |
Cross currency swaps |  |  |  |  | $ | 117.1 |  |  | $ | 117.1 |
Interest-rate swaps |  |  |  |  |  | 14.5 |  |  |  | 14.5 |
Foreign-exchange contracts |  |  |  |  |  | 55.5 |  |  |  | 55.5 |
Commodity contracts |  |  |  |  |  | 2.7 |  |  |  | 2.7 |
Total derivative liabilities |  |  |  |  | $ | 189.8 |  |  | $ | 189.8 |
At December 31, 2022 |  | LEVEL 1 |  |  | LEVEL 2 |  |  | TOTAL |
Assets: |  |  |  |  |  |  |  |  |
Marketable debt securities |  |  |  |  |  |  |  |  |
U.S. tax-exempt securities |  |  |  |  | $ | 445.1 |  |  | $ | 445.1 |
U.S. taxable municipal / non-U.S. provincial bonds |  |  |  |  |  | 180.8 |  |  |  | 180.8 |
U.S. corporate securities |  |  |  |  |  | 251.0 |  |  |  | 251.0 |
U.S. government and agency securities |  | $ | 115.0 |  |  |  |  |  |  | 115.0 |
Non-U.S. corporate securities |  |  |  |  |  | 450.0 |  |  |  | 450.0 |
Non-U.S. government securities |  |  |  |  |  | 76.4 |  |  |  | 76.4 |
Other debt securities |  |  |  |  |  | 94.7 |  |  |  | 94.7 |
Total marketable debt securities |  | $ | 115.0 |  |  | $ | 1,498.0 |  |  | $ | 1,613.0 |
Marketable equity securities |  | $ | 1.2 |  |  |  |  |  | $ | 1.2 |
Total marketable securities |  | $ | 116.2 |  |  | $ | 1,498.0 |  |  | $ | 1,614.2 |
Derivatives |  |  |  |  |  |  |  |  |
Cross currency swaps |  |  |  |  | $ | 49.1 |  |  | $ | 49.1 |
Interest-rate swaps |  |  |  |  |  | 8.9 |  |  |  | 8.9 |
Foreign-exchange contracts |  |  |  |  |  | 59.9 |  |  |  | 59.9 |
Commodity contracts |  |  |  |  |  | 1.5 |  |  |  | 1.5 |
Total derivative assets |  |  |  |  | $ | 119.4 |  |  | $ | 119.4 |
Liabilities: |  |  |  |  |  |  |  |  |
Derivatives |  |  |  |  |  |  |  |  |
Cross currency swaps |  |  |  |  | $ | 52.0 |  |  | $ | 52.0 |
Interest-rate swaps |  |  |  |  |  | 30.6 |  |  |  | 30.6 |
Foreign-exchange contracts |  |  |  |  |  | 14.8 |  |  |  | 14.8 |
Commodity contracts |  |  |  |  |  | .8 |  |  |  | .8 |
Total derivative liabilities |  |  |  |  | $ | 98.2 |  |  | $ | 98.2 |
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, 2023 |  |  | December 31, 2022 |
|  | CARRYING |  |  | FAIR |  |  | CARRYING |  |  | FAIR |
|  | AMOUNT |  |  | VALUE |  |  | AMOUNT |  |  | VALUE |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Financial Services fixed rate loans |  | $ | 7,451.1 |  |  | $ | 7,251.6 |  |  | $ | 6,859.1 |  |  | $ | 6,582.0 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Financial Services fixed rate debt |  |  | 8,270.7 |  |  |  | 7,936.5 |  |  |  | 8,070.5 |  |  |  | 7,715.9 |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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