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Guarantees (Tables)

3 Months Ended

Mar. 30, 2013

The Company’s financial guarantees at March 30, 2013 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	$	26.4	$	—
Standby letters of credit	Up to three years	69.6		—
Commercial customer financing arrangements	Up to six years	17.2		13.2
Total		$	113.2	$	13.2

Changes in Carrying Amount of Product and Service Warranties

The changes in the carrying amount of product and service warranties for the three months ended March 30, 2013 and March 31, 2012 are as follows (in millions):



	2013			2012
Balance beginning of period	$	124.0		$	124.9
Warranties and guarantees issued	18.0			20.4
Warranty payments and currency	(24.3		)	(20.7		)
Balance end of period	$	117.7		$	124.6

- 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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