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COMMITMENTS AND GUARANTEES (Tables) | 12 Months Ended
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Dec. 28, 2024
Commitments and Guarantees [Abstract] |
Schedule 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) | December 28, 2024 |  | December 30, 2023
Right-of-use assets | $ | 473.4 |  |  | $ | 502.9 |
Lease liabilities | $ | 491.8 |  |  | $ | 506.6 |
Weighted-average incremental borrowing rate | 4.7 | % |  | 4.6 | %
Weighted-average remaining term | 6 years |  | 7 years
Schedule of Total Lease Cost | The following is a summary of the Company's total lease cost for the years ended December 28, 2024, December 30, 2023, and December 31, 2022:
(Millions of Dollars) | 2024 |  | 2023 |  | 2022
Operating lease cost | $ | 139.6 |  |  | $ | 144.0 |  |  | $ | 147.1 |
Short-term lease cost | 33.0 |  |  | 31.2 |  |  | 27.6 |
Variable lease cost | 8.3 |  |  | 11.2 |  |  | 5.9 |
Sublease income | (2.5) |  |  | (3.2) |  |  | (2.5) |
Total lease cost | $ | 178.4 |  |  | $ | 183.2 |  |  | $ | 178.1 |
Schedule of Future Lease Obligations on Undiscounted Basis | The following is a summary of the Company's future lease obligations on an undiscounted basis at December 28, 2024:
(Millions of Dollars) | Total |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter
Lease obligations | $ | 564.5 |  |  | $ | 129.7 |  |  | $ | 110.0 |  |  | $ | 86.1 |  |  | $ | 68.0 |  |  | $ | 53.6 |  |  | $ | 117.1 |
Schedule of Future Marketing Commitments | The following is a summary of the Company’s future marketing commitments at December 28, 2024:
(Millions of Dollars) | Total |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter
Marketing commitments | $ | 62.2 |  |  | $ | 34.8 |  |  | $ | 21.8 |  |  | $ | 5.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of Unconditional Purchase Obligations Related to Supplier Agreement | The following is a summary of the Company's unconditional purchase obligations related to these agreements at December 28, 2024:
(Millions of Dollars) | Total |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter
Supplier agreements | $ | 160.5 |  |  | $ | 100.8 |  |  | $ | 29.1 |  |  | $ | 30.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of Outstanding Obligations Under SCF Programs | The following is a rollforward of the Company's outstanding obligations under its SCF programs for the year ended December 28, 2024:
(Millions of Dollars) | 2024
Balance, beginning of year | $ | 528.1 |
Additions | 2,111.5 |
Reductions for payments | (2,153.3) |
Foreign currency translation and other | (2.7) |
Balance, end of year | $ | 483.6 |
Schedule of Financial Guarantees | The Company's financial guarantees at December 28, 2024 are as follows:
(Millions of Dollars) | Term |  | Maximum Potential Payment |  | Carrying Amount of Liability
Guarantees on the residual values of leased properties | Three years to nine years |  | $ | 78.2 |  |  | $ | — |
Standby letters of credit | Up to twenty years |  | 179.3 |  |  | — |
Commercial customer financing arrangements | Up to ten years |  | 104.3 |  |  | 16.4 |
Total |  |  | $ | 361.8 |  |  | $ | 16.4 |
Schedule of Changes in Carrying Amount of Product Warranties | The changes in the carrying amount of product warranties for the years ended December 28, 2024, December 30, 2023, and December 31, 2022 are as follows:
(Millions of Dollars) | 2024 |  | 2023 |  | 2022
Balance beginning of period | $ | 136.7 |  |  | $ | 126.6 |  |  | $ | 134.5 |
Warranties and guarantees issued | 180.3 |  |  | 171.3 |  |  | 155.3 |
Warranty payments and currency | (176.9) |  |  | (161.2) |  |  | (163.2) |
Balance end of period | $ | 140.1 |  |  | $ | 136.7 |  |  | $ | 126.6 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + 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://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 + Details
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