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COMMITMENTS AND GUARANTEES (Tables)
 6 Months Ended
Jul. 01, 2023
Commitments and Guarantees [Abstract]  
Summary of Right-of-Use Assets and Lease Liabilities The following is a summary of the Company's right-of-use assets and lease liabilities:
(Millions of Dollars)July 1, 2023December 31, 2022
Right-of-use assets$510.3$431.5
Lease liabilities$519.4$440.5
Weighted-average incremental borrowing rate
4.4%3.6%
Weighted-average remaining term
8 years6 years
Financial Guarantees The Company’s financial guarantees at July 1, 2023 are as follows:
(Millions of Dollars)TermMaximum
Potential
Payment		Carrying
Amount of
Liability
Guarantees on the residual values of leased assets
One to nine years
$156.6 $— 
Standby letters of credit
Up to three years
175.3 — 
Commercial customer financing arrangements
Up to six years
82.1 13.0 
Total$414.0 $13.0 
Changes in Carrying Amount of Product and Service Warranties
The changes in the carrying amount of product warranties for the six months ended July 1, 2023 and July 2, 2022 are as follows: 
(Millions of Dollars)20232022
Balance beginning of period$126.6 $134.5 
Warranties and guarantees issued86.1 78.7 
Warranty payments and currency(85.1)(82.0)
Balance end of period$127.6 $131.2