Guarantees made by our consolidated subsidiaries consisted of the following:


(In millions)	June 30, 2025		December 31, 2024
Financial guarantees(a)	$	152.5	$	134.8
Performance guarantees(b)	2,043.2		1,868.1
Maximum potential undiscounted payments	$	2,195.7	$	2,002.9

(a)Financial guarantees represent contracts that contingently require a guarantor to make payments to a guaranteed party based on changes in an underlying agreement that is related to an asset, a liability, or an equity security of the guaranteed party. These tend to be drawn down only if there is a failure to fulfill our financial obligations.

(b)Performance guarantees represent contracts that contingently require a guarantor to make payments to a guaranteed party based on another entity's failure to perform under a non-financial obligating agreement. Events that trigger payment are performance-related, such as failure to ship a product or provide a service.