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Guarantees (Tables)
 6 Months Ended
Jun. 30, 2018
Notes To Financial Statements [Abstract]  
Financial Guarantees
The Company’s financial guarantees at June 30, 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
 
$
100.4

 
$
—

Standby letters of credit
Up to three years
 
74.3

 
—

Commercial customer financing arrangements
Up to six years
 
71.0

 
7.3

Total
 
 
$
245.7

 
$
7.3
Changes in Carrying Amount of Product and Service Warranties
The changes in the carrying amount of product warranties for the six months ended June 30, 2018 and July 1, 2017 are as follows: 

(Millions of Dollars)
2018
 
2017
Balance beginning of period1
$
108.5

 
$
103.4

Warranties and guarantees issued
53.9

 
50.4

Warranty payments and currency
(58.3
)
 
(47.1
)
Balance end of period
$
104.1

 
$
106.7

1 2018 beginning of period balance has been recast as a result of the adoption of new accounting standards. Refer to Note B, New Accounting Standards, for further discussion.