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Warranties | 9 Months Ended
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Sep. 30, 2022
Product Warranties Disclosures [Abstract] |
Warranties | 12. Warranties The Company’s products generally carry explicit warranties that extend from six months to five years, based on terms that are generally accepted in the marketplace. Selected components (such as engines, transmissions, tires, etc.) included in the Company’s end products may include manufacturers’ warranties. These manufacturers’ warranties are generally passed on to the end customer of the Company’s products, and the customer would generally deal directly with the component manufacturer. Provisions for estimated warranty and other related costs are recorded at the time of sale and are periodically adjusted to reflect actual experience. Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. At times, warranty issues arise that are beyond the scope of the Company’s historical experience. It is reasonably possible that additional warranty and other related claims could arise from disputes or other matters in excess of amounts accrued; however, the Company does not expect that any such amounts, while not determinable, would have a material effect on the Company’s consolidated financial condition, results of operations or cash flows. Changes in the Company’s assurance-type warranty liability were as follows (in millions):
|  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |
Balance at beginning of period |  | $ | 65.7 |  |  | $ | 64.6 |
Warranty provisions |  |  | 38.9 |  |  |  | 36.3 |
Settlements made |  |  | (43.9 | ) |  |  | (50.8 | )
Changes in liability for pre-existing warranties, net |  |  | 1.9 |  |  |  | 18.8 |
Foreign currency translation |  |  | (0.5 | ) |  |  | (0.2 | )
Acquisition |  |  | 0.2 |  |  |  | 0.3 |
Balance at end of period |  | $ | 62.3 |  |  | $ | 69.0 |

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- Definition The entire disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -URI https://asc.fasb.org/topic&trid=2155896 + Details
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