Guarantees (Tables)

3 Months Ended

Mar. 29, 2014

Financial Guarantees

The Company’s financial guarantees at March 29, 2014 are as follows:

(Millions of Dollars)	Term	Maximum Potential Payment		Carrying Amount of Liability
Guarantees on the residual values of leased properties	One to four years	$	25.9	$	—
Standby letters of credit	Up to three years	90.1		—
Commercial customer financing arrangements	Up to six years	26.5		11.9
Total		$	142.5	$	11.9

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 29, 2014 and March 30, 2013 are as follows:

(Millions of Dollars)	2014			2013
Balance beginning of period	$	121.8		$	124.0
Warranties and guarantees issued	20.0			18.0
Warranty payments and currency	(23.9		)	(24.3		)
Balance end of period	$	117.9		$	117.7