Product Warranty

9 Months Ended

Sep. 30, 2016

Product Warranties Disclosures [Abstract]

PRODUCT WARRANTY

The warranty reserve activity for the three and nine months ended September 30, 2016 and 2015 consisted of the following (in millions):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Balance at beginning of period	$	240.6		$	261.3		$	230.3		$	284.6
Acquisitions	3.1			—			3.7			—
Accruals for warranties issued during the period	43.3			33.2			138.7			110.5
Settlements made (in cash or in kind) during the period	(40.1		)	(45.7		)	(128.3		)	(132.8		)
Foreign currency translation	2.0			(3.7		)	4.5			(17.2		)
Balance at September 30	$	248.9		$	245.1		$	248.9		$	245.1

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 $215.1 million and $195.2 million of warranty reserves are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015, respectively. Approximately $33.8 million and $35.1 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015, respectively.