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COMMITMENTS AND GUARANTEES (Tables)

3 Months Ended

Apr. 03, 2021

Commitments and Guarantees [Abstract]

Lease cost

The following is a summary of the Company's total lease cost for the three months ended April 3, 2021 and March 28, 2020:

												Year-to-Date
(Millions of Dollars)																		2021						2020
Operating lease cost																		$	37.8					$	37.6
Short-term lease cost																		5.6						6.8
Variable lease cost																		1.6						2.0
Sublease income																		(0.5)						(0.2)
Total lease cost																		$	44.5					$	46.2

Operating lease maturity schedule

The following is a summary of the Company's future lease obligations on an undiscounted basis at April 3, 2021:

(Millions of Dollars)			Total						2021						2022						2023						2024						2025						Thereafter
Lease obligations			$	567.7					$	105.4					$	111.0					$	83.3					$	69.5					$	51.3					$	147.2

Financial Guarantees

The Company’s financial guarantees at April 3, 2021 are as follows:

(Millions of Dollars)			Term						Maximum Potential Payment						Carrying Amount of Liability
Guarantees on the residual values of leased assets			One to four years						$	89.6					$	—
Standby letters of credit			Up to three years						162.3						—
Commercial customer financing arrangements			Up to six years						63.6						6.1
Total									$	315.5					$	6.1

Changes in carrying amount of product and service warranties

The changes in the carrying amount of product warranties for the three months ended April 3, 2021 and March 28, 2020 are as follows: 

(Millions of Dollars)			2021						2020
Balance beginning of period			$	113.8					$	100.1
Warranties and guarantees issued			36.7						29.8
Warranty payments and currency			(42.0)						(34.7)
Balance end of period			$	108.5					$	95.2

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- Definition

Commitments and Guarantees [Abstract]

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Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980

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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
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Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=118943654&loc=d3e12069-110248

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Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability.

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-SubTopic 10
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