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COMMITMENTS AND GUARANTEES (Tables)
 9 Months Ended
Oct. 02, 2021
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 October 2, 2021 and September 26, 2020:
Third QuarterYear-to-Date
(Millions of Dollars)2021202020212020
Operating lease cost$39.8 $38.8 $117.3 $113.7 
Short-term lease cost6.4 6.2 17.9 19.0 
Variable lease cost1.1 1.6 4.4 5.4 
Sublease income(0.5)(0.3)(1.5)(0.7)
Total lease cost$46.8 $46.3 $138.1 $137.4 
Operating lease maturity schedule
The following is a summary of the Company's future lease obligations on an undiscounted basis at October 2, 2021:
(Millions of Dollars)Total20212022202320242025Thereafter
Lease obligations$524.9 $36.6 $120.2 $91.5 $74.5 $53.4 $148.7 
Financial Guarantees The Company’s financial guarantees at October 2, 2021 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
$89.6 $— 
Standby letters of credit
Up to three years
167.6 — 
Commercial customer financing arrangements
Up to six years
67.4 8.4 
Total$324.6 $8.4 
Changes in carrying amount of product and service warranties
The changes in the carrying amount of product warranties for the nine months ended October 2, 2021 and September 26, 2020 are as follows: 
(Millions of Dollars)20212020
Balance beginning of period$113.8 $100.1 
Warranties and guarantees issued110.3 94.1 
Warranty payments and currency(119.7)(84.5)
Balance end of period$104.4 $109.7