Guarantees (Tables)

3 Months Ended

Jun. 28, 2014

Financial Guarantees

The Company’s financial guarantees at June 28, 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	$	28.4	$	—
Standby letters of credit	Up to three years	88.6		—
Commercial customer financing arrangements	Up to six years	32.0		12.9
Total		$	149.0	$	12.9

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 28, 2014 and June 29, 2013 are as follows:

(Millions of Dollars)	2014			2013
Balance beginning of period	$	121.8		$	124.0
Warranties and guarantees issued	44.0			43.5
Warranty payments and currency	(48.9		)	(47.5		)
Balance end of period	$	116.9		$	120.0