COMMITMENTS AND GUARANTEES (Tables)

12 Months Ended

Dec. 29, 2018

Commitments and Contingencies Disclosure [Abstract]

Summary of Company's Future Commitments

The following is a summary of the Company’s future commitments:

(Millions of Dollars)	Total		2019		2020		2021		2022		2023		Thereafter
Operating lease obligations	$	532.4	$	134.8	$	107.4	$	80.3	$	57.9	$	40.2	$	111.8
Marketing commitments	51.8		32.3		9.1		6.8		3.2		0.4		—
Total	$	584.2	$	167.1	$	116.5	$	87.1	$	61.1	$	40.6	$	111.8

Summary of Guarantees

The Company's financial guarantees at December 29, 2018 are as follows:

(Millions of Dollars)	Term	Maximum Potential Payment		Carrying Amount of Liability
Guarantees on the residual values of leased properties	One to four years	$	99.6	$	—
Standby letters of credit	Up to three years	68.0		—
Commercial customer financing arrangements	Up to six years	67.6		7.6
Total		$	235.2	$	7.6

Summary of Warranty Liability Activity

Following is a summary of the warranty liability activity for the years ended December 29, 2018, December 30, 2017, and December 31, 2016:

(Millions of Dollars)	2018			2017			2016
Balance beginning of period1	$	108.5		$	103.4		$	105.4
Warranties and guarantees issued	110.4			105.3			97.2
Warranty payments and currency	(116.8		)	(100.2		)	(99.2		)
Balance end of period1	$	102.1		$	108.5		$	103.4