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Accrued Expenses
 12 Months Ended
Dec. 31, 2016
Accrued Expenses.  
Accrued Expenses

Note 15—Accrued Expenses

 

The components of accrued expenses at December 31 were as follows:

 

 

 

 

 

 

 

 

(in millions)

 

2016

 

2015

Compensation and benefits

    

$
97.9

 

$
75.2

Customer incentives

 

 
58.1

 

 
54.7

Standard product warranties

 

 
29.5

 

 
28.9

Income and other accrued taxes

 

 
14.2

 

 
18.5

Other accrued expenses

 

 
47.0

 

 
42.1

 

 

$
246.7

 

$
219.4

 

Product Warranties

 

The Company offers various warranty programs on its products included in the price of its products, primarily for certain installed roofing systems, high-performance cables and assemblies, fluid technologies, braking products, and foodservice equipment. The Company’s liability for such warranty programs is included in accrued expenses. The change in the Company’s product warranty liabilities for the period ended December 31 is as follows:

 

 

 

 

 

 

 

 

(in millions)

 

2016

 

2015

Balance at January 1

    

$
28.9

    

$
15.2

Current year provision

 

 
23.7

 

 
30.2

Acquired warranty obligation

 

 

 -

 

 
1.1

Current year claims

 

 
(22.9)

 

 
(17.6)

Current year foreign exchange

 

 
(0.2)

 

 

 -

Balance at December 31

 

$
29.5

 

$
28.9