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Product Warranties
 6 Months Ended
Jul. 01, 2023
Guarantees and Product Warranties [Abstract]  
Product Warranties

13. 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 twenty-six weeks ended July 1, 2023 and six months ended June 30, 2022, respectively.

 

(In millions)

 

Twenty-Six Weeks Ended July 1, 2023

 

 

Six Months Ended June 30, 2022

 

Reserve balance at January 1,

 

$

20.1

 

 

$

19.5

 

Provision for warranties issued

 

 

4.3

 

 

 

3.9

 

Settlements made (in cash or in kind)

 

 

(5.1

)

 

 

(4.2

)

Acquisition

 

 

-

 

 

 

0.4

 

Foreign translation adjustments

 

 

-

 

 

 

(0.2

)

Reserve balance at end of period

 

$

19.3

 

 

$

19.4