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COMMITMENTS AND GUARANTEES (Tables)
 6 Months Ended
Jun. 27, 2020
Commitments and Guarantees [Abstract]  
Lease cost
The following is a summary of the Company's total lease cost for the three and six months ended June 27, 2020 and June 29, 2019:
Second QuarterYear-to-Date
(Millions of Dollars)2020201920202019
Operating lease cost
$37.3  $38.7  $74.9  $76.3  
Short-term lease cost6.0  6.6  12.8  13.4  
Variable lease cost
1.8  2.2  3.8  4.3  
Sublease income
(0.2) (0.9) (0.4) (1.5) 
Total lease cost
$44.9  $46.6  $91.1  $92.5  
Operating lease maturity schedule
The following is a summary of the Company's future lease obligations on an undiscounted basis at June 27, 2020:
(Millions of Dollars)Total20202021202220232024Thereafter
Lease obligations$581.9  $73.7  $124.2  $92.2  $66.4  $56.2  $169.2  
Financial Guarantees The Company’s financial guarantees at June 27, 2020 are as follows:
(Millions of Dollars)TermMaximum
Potential
Payment		Carrying
Amount of
Liability
Guarantees on the residual values of leased assets
One to four years
$101.9  $—  
Standby letters of credit
Up to three years
162.3  —  
Commercial customer financing arrangements
Up to six years
64.7  6.9  
Total$328.9  $6.9  
Changes in Carrying Amount of Product and Service Warranties
The changes in the carrying amount of product warranties for the six months ended June 27, 2020 and June 29, 2019 are as follows: 
(Millions of Dollars)20202019
Balance beginning of period$100.1  $102.1  
Warranties and guarantees issued58.5  62.4  
Warranty payments and currency(57.0) (61.3) 
Balance end of period$101.6  $103.2