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Warranties (Tables) | 9 Months Ended
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Sep. 30, 2024
Product Warranties Disclosures [Abstract] |
Schedule of Changes in Warranty Liabilities and Unearned Extended Warranty Premiums | Changes in the Company’s service-type warranties were as follows (in millions):
|  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |
Balance at beginning of period |  | $ | 85.4 |  |  | $ | 76.1 |
Deferred revenue for new service warranties |  |  | 31.9 |  |  |  | 27.7 |
Amortization of deferred revenue |  |  | (22.9 | ) |  |  | (19.8 | )
Other adjustments |  |  | 2.2 |  |  |  | — |
Foreign currency translation |  |  | (0.1 | ) |  |  | — |
Balance at end of period |  | $ | 96.5 |  |  | $ | 84.0 |
Changes in the Company’s assurance-type warranty liabilities were as follows (in millions):
|  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |
Balance at beginning of period |  | $ | 64.2 |  |  | $ | 58.8 |
Warranty provisions |  |  | 52.7 |  |  |  | 41.6 |
Settlements made |  |  | (43.5 | ) |  |  | (37.3 | )
Changes in liability for pre-existing warranties, net |  |  | (3.3 | ) |  |  | (1.4 | )
Foreign currency translation |  |  | 0.1 |  |  |  | (0.1 | )
Disposition of businesses |  |  | — |  |  |  | (0.5 | )
Acquisition of businesses |  |  | 0.6 |  |  |  | 4.9 |
Balance at end of period |  | $ | 70.8 |  |  | $ | 66.0 |

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- Definition Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482425/460-10-50-8 + Details
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