Product Warranty

9 Months Ended

Sep. 30, 2017

Product Warranties Disclosures [Abstract]

PRODUCT WARRANTY

The warranty reserve activity for the three and nine months ended September 30, 2017 and 2016 consisted of the following (in millions):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Balance at beginning of period	$	296.9		$	240.6		$	255.6		$	230.3
Acquisitions	2.1			3.1			2.1			3.7
Accruals for warranties issued during the period	47.7			43.3			152.6			138.7
Settlements made (in cash or in kind) during the period	(49.3		)	(40.1		)	(127.4		)	(128.3		)
Foreign currency translation	6.2			2.0			20.7			4.5
Balance at September 30	$	303.6		$	248.9		$	303.6		$	248.9

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 $267.4 million and $223.1 million of warranty reserves are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of September 30, 2017 and December 31, 2016, respectively. Approximately $36.2 million and $32.5 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of September 30, 2017 and December 31, 2016, respectively.