COMMITMENTS AND CONTINGENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Guarantees made by our consolidated subsidiaries consisted of the following:


(In millions)	March 31, 2024		December 31, 2023
Financial guarantees(a)	$	184.2	$	231.9
Performance guarantees(b)	1,826.7		1,821.7
Maximum potential undiscounted payments	$	2,010.9	$	2,053.6

(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 non-financial obligating agreement. Events that trigger payment are performance-related, such as failure to ship a product or provide a service.