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COMMITMENTS AND GUARANTEES (Tables)
 9 Months Ended
Sep. 30, 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)September 30, 2023December 31, 2022
Right-of-use assets$513.7$431.5
Lease liabilities$522.1$440.5
Weighted-average incremental borrowing rate
4.5%3.6%
Weighted-average remaining term
7 years6 years
Financial Guarantees The Company’s financial guarantees at September 30, 2023 are as follows:
(Millions of Dollars)TermMaximum
Potential
Payment		Carrying
Amount of
Liability
Guarantees on the residual values of leased assets
One to nine years
$157.4 $— 
Standby letters of credit
Up to three years
175.3 — 
Commercial customer financing arrangements
Up to six years
86.1 12.8 
Total$418.8 $12.8 
Changes in Carrying Amount of Product and Service Warranties The changes in the carrying amount of product warranties for the nine months ended September 30, 2023 and October 1, 2022 are as follows: 
(Millions of Dollars)20232022
Balance beginning of period$126.6 $134.5 
Warranties and guarantees issued132.2 117.0 
Warranty payments and currency(120.9)(129.4)
Balance end of period$137.9 $122.1