Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of guarantor obligations

Guarantees of our consolidated subsidiaries consisted of the following:

(In millions)	December 31, 2020
Financial guarantees (a)	$	310.1
Performance guarantees (b)	4,659.6
Maximum potential undiscounted payments	$	4,969.7

(a)Financial guarantees represent contracts that contingently require a guarantor to make payments to a guaranteed party based on changes in an underlying agreement that is related to an asset, a liability or an equity security of the guaranteed party. These tend to be drawn down only if there is a failure to fulfill our financial obligations.

(b)Performance guarantees represent contracts that contingently require a guarantor to make payments to a guaranteed party based on another entity's failure to perform under a nonfinancial obligating agreement. Events that trigger payment are performance-related, such as failure to ship a product or provide a service.