Guarantees (Tables)

3 Months Ended

Mar. 31, 2018

Notes To Financial Statements [Abstract]

Financial Guarantees

The Company’s financial guarantees at March 31, 2018 are as follows:

(Millions of Dollars)	Term	Maximum Potential Payment		Carrying Amount of Liability
Guarantees on the residual values of leased assets	One to four years	$	101.6	$	—
Standby letters of credit	Up to three years	73.0		—
Commercial customer financing arrangements	Up to six years	71.6		25.9
Total		$	246.2	$	25.9

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 31, 2018 and April 1, 2017 are as follows:

(Millions of Dollars)	2018			2017
Balance beginning of period	$	176.0		$	103.4
Warranties and guarantees issued	24.2			22.7
Acquisition adjustments	15.8			—
Warranty payments and currency	(25.6		)	(24.6		)
Balance end of period	$	190.4		$	101.5