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Guarantees, Indemnities and Warranties | 12 Months Ended
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Dec. 31, 2021
Guarantees [Abstract] |
Guarantees, Indemnities and Warranties | GUARANTEES, INDEMNITIES AND WARRANTIES Indemnities Since our founding in 1920, we have acquired and disposed of numerous businesses. The related acquisition and disposition agreements allocate certain assets and liabilities among the parties and contain various representation and warranty clauses and may provide indemnities for a misrepresentation or breach of the representations and warranties by either party or for assumed or excluded liabilities. These provisions address a variety of subjects. The term and monetary amounts of each such provision are defined in the specific agreements and may be affected by various conditions and external factors. Many of the provisions have expired either by operation of law or as a result of the terms of the agreement. We do not have a liability recorded for these expired provisions and are not aware of any claims or other information that would give rise to material payments under such provisions. Guarantees We have $129.4 of guarantees, letters of credit and similar arrangements outstanding at December 31, 2021, primarily pertaining to commercial or performance guarantees and insurance matters. We have not recorded any material loss contingencies under these guarantees, letters of credit and similar arrangements as of December 31, 2021 as the likelihood of nonperformance by ITT is considered remote. From time to time, we may provide certain third-party guarantees that may be affected by various conditions and external factors, some of which could require that payments be made under such guarantees. We do not consider the maximum exposure or current recorded liabilities under our third-party guarantees to be material either individually or in the aggregate. We do not believe such payments would have a material adverse impact on our financial statements. Warranties ITT warrants numerous products, the terms of which vary widely. In general, ITT warrants its products against defect and specific non-performance. In certain markets, such as automotive, aerospace and rail, liability for product defects could extend beyond the selling price of the product and could be significant if the defect interrupts production or results in a recall. The table included below provides changes in the warranty accrual for December 31, 2021 and 2020.
| 2021 |  | 2020
Warranty accrual – January 1 | $ | 25.4 |  |  | $ | 20.5 |
Warranty expense | 4.6 |  |  | 12.3 |
Payments | (8.8) |  |  | (8.2) |
Foreign currency and other | (1.1) |  |  | 0.8 |
Warranty accrual – December 31 | $ | 20.1 |  |  | $ | 25.4 |

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