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Guarantees (Tables)
 6 Months Ended
Jun. 29, 2019
Notes To Financial Statements [Abstract]  
Financial Guarantees The Company’s financial guarantees at June 29, 2019 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
 
$
98.1

 
$
—

Standby letters of credit
Up to three years
 
154.5

 
—

Commercial customer financing arrangements
Up to six years
 
64.8

 
6.5

Total
 
 
$
317.4

 
$
6.5
Changes in Carrying Amount of Product and Service Warranties
The changes in the carrying amount of product warranties for the six months ended June 29, 2019 and June 30, 2018 are as follows: 
(Millions of Dollars)
2019
 
2018
Balance beginning of period
$
102.1

 
$
108.5

Warranties and guarantees issued
62.4

 
53.9

Warranty payments and currency
(61.3
)
 
(58.3
)
Balance end of period
$
103.2

 
$
104.1