COMMITMENTS AND GUARANTEES (Tables)

3 Months Ended

Mar. 29, 2025

Commitments and Guarantees [Abstract]

Schedule 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)	March 29, 2025	December 28, 2024
Right-of-use assets	$459.1	$473.4
Lease liabilities	$474.7	$491.8
Weighted-average incremental borrowing rate	4.7%	4.7%
Weighted-average remaining term	6 years	6 years

Schedule of Financial Guarantees

The Company’s financial guarantees at March 29, 2025 are as follows:

(Millions of Dollars)	Term	Maximum Potential Payment		Carrying Amount of Liability
Guarantees on the residual values of leased assets	Three years to nine years	$	78.2	$	—
Standby letters of credit	Up to twenty years	178.4		—
Commercial customer financing arrangements	Up to ten years	97.0		17.0
Total		$	353.6	$	17.0

Schedule of Changes in Carrying Amount of Product Warranties

The changes in the carrying amount of product warranties for the three months ended March 29, 2025 and March 30, 2024 are as follows: 

(Millions of Dollars)	2025		2024
Balance beginning of period	$	140.1	$	136.7
Warranties and guarantees issued	39.5		46.6
Warranty payments and currency	(34.5)		(39.9)
Balance end of period	$	145.1	$	143.4