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COMMITMENTS AND GUARANTEES (Tables)
12 Months Ended
Jan. 02, 2021
Commitments and Contingencies Disclosure [Abstract]  
Summary of Lease Cost The following is a summary of the Company's total lease cost for the year ended January 2, 2021 and December 28, 2019:
(Millions of Dollars)20202019
Operating lease cost
$155.4 $151.6 
Short-term lease cost26.3 26.6 
Variable lease cost
7.0 8.5 
Sublease income
(0.8)(2.8)
Total lease cost
$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 2, 2021:
(Millions of Dollars)Total20212022202320242025Thereafter
Lease obligations$599.3 $141.4 $109.6 $82.3 $68.3 $50.1 $147.6 
Summary of Company's Future Commitments
The following is a summary of the Company’s future marketing commitments at January 2, 2021:
(Millions of Dollars)Total20212022202320242025Thereafter
Marketing commitments$39.4 $27.2 $11.8 $0.4 $— $— $— 
Summary of Guarantees The Company's financial guarantees at January 2, 2021 are as follows:
(Millions of Dollars)TermMaximum
Potential
Payment
Carrying
Amount of
Liability
Guarantees on the residual values of leased propertiesOne to five years$89.6 $ 
Standby letters of creditUp to three years162.3  
Commercial customer financing arrangementsUp to six years64.7 7.9 
Total$316.6 $7.9 
Summary of Warranty Liability Activity the years ended January 2, 2021, December 28, 2019, and December 29, 2018:
(Millions of Dollars)202020192018
Balance beginning of period$100.1 $102.1 $108.5 
Warranties and guarantees issued128.5 128.1 110.4 
Warranty payments and currency(114.8)(130.1)(116.8)
Balance end of period$113.8 $100.1 $102.1