COMMITMENTS AND GUARANTEES (Tables)

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Summary of Company's Future Commitments

The following is a summary of the Company’s future commitments which span more than one future fiscal year:

(Millions of Dollars)	Total		2017		2018		2019		2020		2021		Thereafter
Operating lease obligations	$	404.5	$	94.5	$	78.2	$	62.4	$	46.9	$	35.0	$	87.5
Marketing commitments	69.7		33.3		20.7		15.7		—		—		—
Total	$	474.2	$	127.8	$	98.9	$	78.1	$	46.9	$	35.0	$	87.5

Summary of Guarantees

The Company's financial guarantees at December 31, 2016 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	$	58.4	$	—
Standby letters of credit	Up to three years	71.1		—
Commercial customer financing arrangements	Up to six years	70.5		22.1
Total		$	200.0	$	22.1

Summary of Warranty Liability Activity

Following is a summary of the warranty liability activity for the years ended December 31, 2016, January 2, 2016, and January 3, 2015:

(Millions of Dollars)	2016			2015			2014
Balance beginning of period	$	105.4		$	109.6		$	121.1
Warranties and guarantees issued	97.2			91.8			98.0
Warranty payments and currency	(99.2		)	(96.0		)	(109.5		)
Balance end of period	$	103.4		$	105.4		$	109.6