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COMMITMENTS AND GUARANTEES (Tables)
 12 Months Ended
Jan. 01, 2022
Commitments and Contingencies Disclosure [Abstract]  
Assets And Liabilities, Leasee The following is a summary of the Company's right-of-use-assets and lease liabilities:
(Millions of Dollars)20212020
Right-of-use assets$433.3$437.7
Lease liabilities$446.5$449.3
Weighted-average incremental borrowing rate
3.5%3.6%
Weighted-average remaining term
6 years7 years
Summary of Lease Cost The following is a summary of the Company's total lease cost for the years ended January 1, 2022, January 2, 2021, and December 28, 2019:
(Millions of Dollars)202120202019
Operating lease cost
$155.9 $155.4 $151.6 
Short-term lease cost25.8 26.3 26.6 
Variable lease cost
5.9 7.0 8.5 
Sublease income
(1.7)(0.8)(2.8)
Total lease cost
$185.9 $187.9 $183.9 
Operating Lease Maturity Schedule
The following is a summary of the Company's future lease obligations on an undiscounted basis at January 1, 2022:
(Millions of Dollars)Total20222023202420252026Thereafter
Lease obligations$577.2 $146.4 $109.8 $87.9 $64.6 $55.4 $113.1 
Summary of Company's Future Commitments
The following is a summary of the Company’s future marketing commitments at January 1, 2022:

(Millions of Dollars)Total20222023202420252026Thereafter
Marketing commitments$77.0 $54.2 $15.6 $7.2 $— $— $— 
Summary of Guarantees The Company's financial guarantees at January 1, 2022 are as follows:
(Millions of Dollars)TermMaximum
Potential
Payment		Carrying
Amount of
Liability
Guarantees on the residual values of leased properties
one to five years
$89.6 $— 
Standby letters of credit
Up to three years
165.7 — 
Commercial customer financing arrangements
Up to six years
69.2 8.5 
Total$324.5 $8.5 
Summary of Warranty Liability Activity
The changes in the carrying amount of product warranties for the years ended January 1, 2022, January 2, 2021, and December 28, 2019:
(Millions of Dollars)202120202019
Balance beginning of period$108.8 $95.2 $97.1 
Warranties and guarantees issued150.8 127.7 127.2 
Warranties assumed in acquisitions33.4 — — 
Warranty payments and currency(157.8)(114.1)(129.1)
Balance end of period$135.2 $108.8 $95.2