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COMMITMENTS AND GUARANTEES (Tables)
 9 Months Ended
Sep. 26, 2020
Commitments and Guarantees [Abstract]  
Lease cost
The following is a summary of the Company's total lease cost for the three and nine months ended September 26, 2020 and September 28, 2019:
Third QuarterYear-to-Date
(Millions of Dollars)2020201920202019
Operating lease cost$38.8 $37.7 $113.7 $114.0 
Short-term lease cost6.2 6.8 19.0 20.2 
Variable lease cost1.6 2.1 5.4 6.4 
Sublease income(0.3)(0.6)(0.7)(2.1)
Total lease cost$46.3 $46.0 $137.4 $138.5 
Operating lease maturity schedule
The following is a summary of the Company's future lease obligations on an undiscounted basis at September 26, 2020:
(Millions of Dollars)Total20202021202220232024Thereafter
Lease obligations$595.5 $37.5 $131.9 $100.4 $73.3 $62.1 $190.3 
Financial Guarantees The Company’s financial guarantees at September 26, 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
$100.6 $— 
Standby letters of credit
Up to three years
162.3 — 
Commercial customer financing arrangements
Up to six years
64.7 7.4 
Total$327.6 $7.4 
Changes in carrying amount of product and service warranties
The changes in the carrying amount of product warranties for the nine months ended September 26, 2020 and September 28, 2019 are as follows: 
(Millions of Dollars)20202019
Balance beginning of period$100.1 $102.1 
Warranties and guarantees issued94.1 92.7 
Warranty payments and currency(84.5)(97.7)
Balance end of period$109.7 $97.1