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COMMITMENTS AND GUARANTEES (Tables)

3 Months Ended

Mar. 30, 2024

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)			March 30, 2024						December 30, 2023
Right-of-use assets			$489.4						$502.9
Lease liabilities			$494.9						$506.6
Weighted-average incremental borrowing rate			4.7%						4.6%
Weighted-average remaining term			6 years						7 years

Financial Guarantees

The Company’s financial guarantees at March 30, 2024 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						$	157.4					$	—
Standby letters of credit			Up to twenty years						182.6						—
Commercial customer financing arrangements			Up to six years						90.7						15.0
Total									$	430.7					$	15.0

Changes in Carrying Amount of Product and Service Warranties

The changes in the carrying amount of product warranties for the three months ended March 30, 2024 and April 1, 2023 are as follows: 

(Millions of Dollars)			2024						2023
Balance beginning of period			$	136.7					$	126.6
Warranties and guarantees issued			46.6						39.3
Warranty payments and currency			(39.9)						(41.1)
Balance end of period			$	143.4					$	124.8

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- Definition

Assets And Liabilities, Lessee

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Commitments and Guarantees [Abstract]

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482425/460-10-50-4

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482425/460-10-50-8

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