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Product Warranty (Tables)

12 Months Ended

Dec. 31, 2023

Guarantees and Product Warranties [Abstract]

Schedule of Product Warranty Reserves

The warranty reserve activity for the years ended December 31, 2023, 2022 and 2021, including deferred revenue associated with the Company's extended warranties that have been sold, was as follows (in millions):

			2023						2022						2021
Balance at beginning of the year			$	640.0					$	592.5					$	521.8
Accruals for warranties issued			464.9						338.8						344.9
Settlements made and deferred revenue recognized			(328.7)						(261.7)						(241.8)
Foreign currency translation			24.6						(29.6)						(32.4)
Balance at the end of the year			$	800.8					$	640.0					$	592.5

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- References

No definition available.

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- Definition

Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482425/460-10-50-8

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