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Product Warranty | 6 Months Ended
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Jun. 30, 2016
Product Warranties Disclosures [Abstract] |
Product Warranty | PRODUCT WARRANTY The warranty reserve activity for the three and six months ended June 30, 2016 and 2015 consisted of the following (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Balance at beginning of period | $ | 241.7 |  |  | $ | 252.9 |  |  | $ | 230.3 |  |  | $ | 284.6 |
Acquisitions | — |  |  | — |  |  | 0.6 |  |  | — |
Accruals for warranties issued during the period | 51.4 |  |  | 43.3 |  |  | 95.4 |  |  | 77.3 |
Settlements made (in cash or in kind) during the period | (47.6 | ) |  | (42.2 | ) |  | (88.2 | ) |  | (87.1 | )
Foreign currency translation | (4.9 | ) |  | 7.3 |  |  | 2.5 |  |  | (13.5 | )
Balance at June 30 | $ | 240.6 |  |  | $ | 261.3 |  |  | $ | 240.6 |  |  | $ | 261.3 |
The Company’s agricultural equipment products generally are 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 $205.3 million and $195.2 million of warranty reserves are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015, respectively. Approximately $35.3 million and $35.1 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015, 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=68068213&loc=d3e12565-110249 + Details
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