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Guarantees (Tables)

6 Months Ended

Jun. 30, 2012

The Company’s financial guarantees at June 30, 2012 are as follows (in millions):



(Millions of Dollars)	Term	Maximum Potential Payment		Carrying Amount of Liability
Guarantees on the residual values of leased properties	One to four years	$	26.9	$	—
Standby letters of credit	Up to three years	69.8		—
Commercial customer financing arrangements	Up to six years	17.3		13.0
Total		$	114.0	$	13.0

Changes in Carrying Amount of Product and Service Warranties

The changes in the carrying amount of product and service warranties for the six months ended June 30, 2012 and July 2, 2011 are as follows (in millions):



	2012			2011
Balance beginning of period	$	129.1		$	119.0
Warranties and guarantees issued	47.3			49.4
Liability assumed from merger and acquisitions	0.2			9.5
Warranty payments and currency	(53.0		)	(41.3		)
Balance end of period	$	123.6		$	136.6

- 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.

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