XML 25 R15.htm IDEA: XBRL DOCUMENT
v3.21.2

Product Warranty | 9 Months Ended
--- | ---
Sep. 30, 2021
Guarantees and Product Warranties [Abstract] |
Product Warranty | PRODUCT WARRANTY The warranty reserve activity for the three and nine months ended September 30, 2021 and 2020, including deferred revenue associated with the Company's extended warranties that have been sold, was as follows (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Balance at beginning of period | $ | 579.3 |  |  | $ | 409.0 |  |  | $ | 521.8 |  |  | $ | 392.8 |
Acquisition | — |  |  | 0.2 |  |  | — |  |  | 0.2 |
Accruals for warranties issued during the period | 72.7 |  |  | 73.2 |  |  | 242.8 |  |  | 187.1 |
Settlements made (in cash or in kind) during the period | (69.3) |  |  | (56.5) |  |  | (172.0) |  |  | (144.1) |
Foreign currency translation | (14.0) |  |  | 12.5 |  |  | (23.9) |  |  | 2.4 |
Balance at September 30 | $ | 568.7 |  |  | $ | 438.4 |  |  | $ | 568.7 |  |  | $ | 438.4 |
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 $473.5 million, $431.6 million and $356.4 million of warranty reserves are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of September 30, 2021, December 31, 2020 and September 30, 2020, respectively. Approximately $95.2 million, $90.2 million and $82.0 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of September 30, 2021, December 31, 2020, and September 30, 2020, 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.”

X
- References No definition available. + Details
Name: | us-gaap_GuaranteesAndProductWarrantiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ProductWarrantyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration