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Product Warranty | 3 Months Ended
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Mar. 31, 2015
Product Warranty [Abstract] |
Product Warranty | PRODUCT WARRANTY The warranty reserve activity for the three months ended March 31, 2015 and 2014 consisted of the following (in millions):
| Three Months Ended March 31,
| 2015 |  | 2014
Balance at beginning of period | $ | 284.6 |  |  | $ | 294.9 |
Accruals for warranties issued during the period | 34.0 |  |  | 55.6 |
Settlements made (in cash or in kind) during the period | (44.9 | ) |  | (46.1 | )
Foreign currency translation | (20.8 | ) |  | 0.6 |
Balance at March 31 | $ | 252.9 |  |  | $ | 305.0 |
The Company’s agricultural equipment products are generally warranted against defects in material and workmanship for a period of one to four years. The Company accrues for future warranty costs at the time of sale based on historical warranty experience. Approximately $217.0 million and $245.7 million of warranty reserves are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2015 and December 31, 2014, respectively. Approximately $35.9 million and $38.9 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2015 and December 31, 2014, respectively.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=51674963&loc=d3e12565-110249 + Details
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