Product Warranty

3 Months Ended

Mar. 31, 2018

Product Warranties Disclosures [Abstract]

PRODUCT WARRANTY

The warranty reserve activity for the three months ended March 31, 2018 and 2017 consisted of the following (in millions):



	Three Months Ended March 31,
	2018			2017
Balance at beginning of period	$	316.0		$	255.6
Accruals for warranties issued during the period	58.5			51.5
Settlements made (in cash or in kind) during the period	(55.9		)	(39.9		)
Foreign currency translation	7.2			2.9
Balance at March 31	$	325.8		$	270.1

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 $280.4 million and $273.6 million of warranty reserves are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017, respectively. Approximately $45.4 million and $42.4 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017, respectively.