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Product Warranty | 6 Months Ended
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Jun. 30, 2020
Product Warranties Disclosures [Abstract] |
Product Warranty | PRODUCT WARRANTY The warranty reserve activity for the three and six months ended June 30, 2020 and 2019 consisted of the following (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Balance at beginning of period | $ | 384.6 |  |  | $ | 361.3 |  |  | $ | 392.8 |  |  | $ | 360.9 |
Accruals for warranties issued during the period | 57.6 |  |  | 48.0 |  |  | 113.9 |  |  | 99.1 |
Settlements made (in cash or in kind) during the period | (38.2 | ) |  | (40.2 | ) |  | (87.6 | ) |  | (87.6 | )
Foreign currency translation | 5.0 |  |  | 2.8 |  |  | (10.1 | ) |  | (0.5 | )
Balance at June 30 | $ | 409.0 |  |  | $ | 371.9 |  |  | $ | 409.0 |  |  | $ | 371.9 |
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 $334.3 million and $331.9 million of warranty reserves are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019, respectively. Approximately $74.7 million and $60.9 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019, respectively. The Company recognizes recoveries of the costs associated with warranties it provides when the collection is probable. When specifics of the recovery have been agreed upon with the Company’s suppliers through confirmation of liability for the recovery, the Company records the recovery within “Accounts and notes receivable, net.” Estimates of the amount of warranty claim recoveries to be received from the Company’s suppliers based upon contractual supplier arrangements are recorded within “Other current assets.”

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -URI http://asc.fasb.org/topic&trid=2155896 + Details
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