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COMMITMENTS AND GUARANTEES (Tables) | 9 Months Ended
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Oct. 02, 2021
Commitments and Guarantees [Abstract] |
Lease cost | The following is a summary of the Company's total lease cost for the three and nine months ended October 2, 2021 and September 26, 2020:
|  | Third Quarter |  | Year-to-Date
(Millions of Dollars) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Operating lease cost |  | $ | 39.8 |  |  | $ | 38.8 |  |  | $ | 117.3 |  |  | $ | 113.7 |
Short-term lease cost |  | 6.4 |  |  | 6.2 |  |  | 17.9 |  |  | 19.0 |
Variable lease cost |  | 1.1 |  |  | 1.6 |  |  | 4.4 |  |  | 5.4 |
Sublease income |  | (0.5) |  |  | (0.3) |  |  | (1.5) |  |  | (0.7) |
Total lease cost |  | $ | 46.8 |  |  | $ | 46.3 |  |  | $ | 138.1 |  |  | $ | 137.4 |
Operating lease maturity schedule | The following is a summary of the Company's future lease obligations on an undiscounted basis at October 2, 2021:
(Millions of Dollars) | Total |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | Thereafter
Lease obligations | $ | 524.9 |  |  | $ | 36.6 |  |  | $ | 120.2 |  |  | $ | 91.5 |  |  | $ | 74.5 |  |  | $ | 53.4 |  |  | $ | 148.7 |
Financial Guarantees | The Company’s financial guarantees at October 2, 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 |  | 167.6 |  |  | — |
Commercial customer financing arrangements | Up to six years |  | 67.4 |  |  | 8.4 |
Total |  |  | $ | 324.6 |  |  | $ | 8.4 |
Changes in carrying amount of product and service warranties | The changes in the carrying amount of product warranties for the nine months ended October 2, 2021 and September 26, 2020 are as follows:
(Millions of Dollars) | 2021 |  | 2020
Balance beginning of period | $ | 113.8 |  |  | $ | 100.1 |
Warranties and guarantees issued | 110.3 |  |  | 94.1 |
Warranty payments and currency | (119.7) |  |  | (84.5) |
Balance end of period | $ | 104.4 |  |  | $ | 109.7 |

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- Definition 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=121609121&loc=SL77918686-209980 + Details
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- Definition 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 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121555522&loc=d3e12069-110248 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121555522&loc=d3e12265-110248 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=68068213&loc=d3e12565-110249 + Details
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