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Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2025		LEVEL 1				LEVEL 2				TOTAL
Assets:
Marketable debt securities
U.S. tax-exempt securities						$	335.9			$	335.9
U.S. taxable municipal / non-U.S. provincial bonds							393.3				393.3
U.S. corporate securities							917.7				917.7
U.S. government securities		$	301.2								301.2
Non-U.S. corporate securities							601.6				601.6
Non-U.S. government securities							204.1				204.1
Other debt securities							187.3				187.3
Total marketable debt securities		$	301.2			$	2,639.9			$	2,941.1
Marketable equity securities		$	5.4							$	5.4
Total marketable securities		$	306.6			$	2,639.9			$	2,946.5
Derivatives
Cross currency swaps						$	29.6			$	29.6
Interest-rate swaps							15.3				15.3
Foreign-exchange contracts							13.8				13.8
Total derivative assets						$	58.7			$	58.7
Liabilities:
Derivatives
Cross currency swaps						$	109.7			$	109.7
Interest-rate swaps							8.8				8.8
Foreign-exchange contracts							95.8				95.8
Commodity contracts							.5				.5
Total derivative liabilities						$	214.8			$	214.8

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:

		September 30, 2025								December 31, 2024
		CARRYING				FAIR				CARRYING				FAIR
		AMOUNT				VALUE				AMOUNT				VALUE
Assets:
Financial Services fixed rate loans		$	9,771.3			$	9,934.1			$	8,900.6			$	8,889.3
Liabilities:
Financial Services fixed rate debt			10,603.5				10,735.6				9,922.2				9,917.6

X

- 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://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-13

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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- References

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X

- 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/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

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