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Product Warranties | 3 Months Ended
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Mar. 31, 2021
Guarantees And Product Warranties [Abstract] |
Product Warranties |
1 3. | Product Warranties
We generally record warranty expense related to contractual warranty terms at the time of sale. We may also provide customer concessions for claims made outside of the contractual warranty terms and those expenses are recorded in the period in which the concession is made. We offer our customers various warranty terms based on the type of product that is sold. Warranty expense is determined based on historic claim experience and the nature of the product category. The following table summarizes activity related to our product warranty liability for the three months ended March 31, 2021 and 2020, respectively.
(In millions) |  | Three Months Ended March 31, |
|  | 2021 |  |  | 2020 |
Reserve balance at January 1, |  | $ | 24.5 |  |  | $ | 24.7 |
Provision for warranties issued |  |  | 8.1 |  |  |  | 6.5 |
Settlements made (in cash or in kind) |  |  | (8.1 | ) |  |  | (7.0 | )
Acquisition |  |  | 0.6 |  |  |  | — |
Foreign translation adjustments |  |  | — |  |  |  | (0.1 | )
Reserve balance at March 31, |  | $ | 25.1 |  |  | $ | 24.1 |

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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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