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Product Warranty
 6 Months Ended
Jun. 30, 2024
Guarantees and Product Warranties [Abstract]  
Product Warranty PRODUCT WARRANTY
    The warranty reserve activity for the three and six months ended June 30, 2024 and 2023, including deferred revenue associated with the Company's extended warranties that have been sold, was as follows (in millions):

Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Balance at beginning of period$793.1 $677.0 $800.8 $640.0 
Acquisitions
4.1 — 4.1 — 
Accruals for warranties issued
93.8 107.8 185.9 197.5 
Settlements made and deferred revenue recognized
(93.6)(63.4)(175.6)(127.9)
Reclassified to held for sale(1)
(11.6)— (11.6)— 
Foreign currency translation(11.2)5.8 (29.0)17.6 
Balance at June 30$774.6 $727.2 $774.6 $727.2 
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(1) Reclassification resulting from the Company's classification of the G&P business as held for sale. Refer to Note 3 for additional information.

    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. The Company's extended warranty period for the majority of products ranges from three to five years. Revenue is recognized for the extended warranty contracts on a straight-line basis, which the Company believes approximates the cost expected to be incurred in satisfying the obligations, over the extended warranty period. Approximately $635.6 million, $679.9 million and $613.6 million of warranty reserves are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2024, December 31, 2023 and June 30, 2023, respectively. Approximately $139.0 million, $120.9 million and $113.6 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2024, December 31, 2023, and June 30, 2023, respectively.

    The Company recognizes potential 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 the confirmation of liability for the recovery, the Company records the recovery within “Accounts and notes receivable, net” in the Company's Condensed Consolidated Balance Sheets. 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” in the Company's Condensed Consolidated Balance Sheets.