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COMMITMENTS AND GUARANTEES (Tables) | 3 Months Ended
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Apr. 01, 2023
Commitments and Guarantees [Abstract] |
Summary of Right-of-Use Assets and Lease Liabilities | The following is a summary of the Company's right-of-use assets and lease liabilities:
(Millions of Dollars) | April 1, 2023 |  | December 31, 2022
Right-of-use assets | $441.3 |  | $431.5
Lease liabilities | $449.3 |  | $440.5
Weighted-average incremental borrowing rate | 3.9% |  | 3.6%
Weighted-average remaining term | 7 years |  | 6 years
Financial Guarantees | The Company’s financial guarantees at April 1, 2023 are as follows:
(Millions of Dollars) | Term |  | Maximum Potential Payment |  | Carrying Amount of Liability
Guarantees on the residual values of leased assets | One to nine years |  | $ | 156.6 |  |  | $ | — |
Standby letters of credit | Up to three years |  | 170.7 |  |  | — |
Commercial customer financing arrangements | Up to six years |  | 80.6 |  |  | 12.6 |
Total |  |  | $ | 407.9 |  |  | $ | 12.6 |
Changes in Carrying Amount of Product and Service Warranties | The changes in the carrying amount of product warranties for the three months ended April 1, 2023 and April 2, 2022 are as follows:
(Millions of Dollars) | 2023 |  | 2022
Balance beginning of period | $ | 126.6 |  |  | $ | 134.5 |
Warranties and guarantees issued | 39.3 |  |  | 39.6 |
Warranty payments and currency | (41.1) |  |  | (38.0) |
Balance end of period | $ | 124.8 |  |  | $ | 136.1 |

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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 https://asc.fasb.org/extlink&oid=124440162&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 https://asc.fasb.org/extlink&oid=124440162&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 https://asc.fasb.org/extlink&oid=126907703&loc=d3e12565-110249 + Details
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