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COMMITMENTS AND GUARANTEES (Tables)
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Assets And Liabilities, Lessee The following is a summary of the Company's right-of-use-assets and lease liabilities:
(Millions of Dollars)December 31, 2022January 1, 2022
Right-of-use assets$431.5 $426.0 
Lease liabilities$440.5 $439.1 
Weighted-average incremental borrowing rate
3.6 %3.5 %
Weighted-average remaining term
6 years6 years
Summary of Lease Cost The following is a summary of the Company's total lease cost for the years ended December 31, 2022, January 1, 2022, and January 2, 2021:
(Millions of Dollars)202220212020
Operating lease cost
$147.1 $126.3 $116.7 
Short-term lease cost27.6 25.5 21.0 
Variable lease cost
5.9 5.9 7.0 
Sublease income
(2.5)(1.3)(0.3)
Total lease cost
$178.1 $156.4 $144.4 
Operating Lease Maturity Schedule
The following is a summary of the Company's future lease obligations on an undiscounted basis at December 31, 2022:
(Millions of Dollars)Total20232024202520262027Thereafter
Lease obligations$490.4 $116.2 $94.4 $70.8 $61.0 $46.4 $101.6 
Summary of Company's Future Commitments
The following is a summary of the Company’s future marketing commitments at December 31, 2022:

(Millions of Dollars)Total20232024202520262027Thereafter
Marketing commitments$81.6 $45.1 $22.1 $7.2 $7.2 $— $— 
Summary Of Unrecorded Unconditional Purchase Obligations Disclosure The following is a summary of the Company's unconditional purchase obligations related to these agreements at December 31, 2022:
(Millions of Dollars)Total20232024202520262027Thereafter
Supplier agreements$339.0 $142.2 $130.8 $56.0 $10.0 $— $— 
Summary of Guarantees The Company's financial guarantees at December 31, 2022 are as follows:
(Millions of Dollars)TermMaximum
Potential
Payment		Carrying
Amount of
Liability
Guarantees on the residual values of leased properties
One to nine years
$156.6 $— 
Standby letters of credit
Up to three years
174.0 — 
Commercial customer financing arrangements
Up to six years
79.7 12.7 
Total$410.3 $12.7 
Summary of Warranty Liability Activity
The changes in the carrying amount of product warranties for the years ended December 31, 2022, January 1, 2022, and January 2, 2021 are as follows:

(Millions of Dollars)202220212020
Balance beginning of period$134.5 $107.9 $94.4 
Warranties and guarantees issued155.3 150.1 126.9 
Warranties assumed in acquisitions— 33.4 — 
Warranty payments and currency(163.2)(156.9)(113.4)
Balance end of period$126.6 $134.5 $107.9