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Guarantees (Tables)
 3 Months Ended
Apr. 04, 2015
Financial Guarantees
The Company’s financial guarantees at April 4, 2015 are as follows:
(Millions of Dollars)
Term
 
Maximum
Potential
Payment
 
Carrying
Amount of
Liability
Guarantees on the residual values of leased properties
One to five years
 
$
34.9

 
$
—

Standby letters of credit
Up to three years
 
91.1

 
—

Commercial customer financing arrangements
Up to six years
 
40.8

 
12.5

Total
 
 
$
166.8

 
$
12.5
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 April 4, 2015 and March 29, 2014 are as follows: 

(Millions of Dollars)
2015
 
2014
Balance beginning of period
$
109.6

 
$
121.1

Warranties and guarantees issued
23.4

 
20.0

Warranty payments and currency
(26.1
)
 
(23.9
)
Balance end of period
$
106.9

 
$
117.2