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Product Warranties
3 Months Ended
Mar. 30, 2024
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 thirteen weeks ended March 30, 2024 and April 1, 2023.

 

(In millions)

 

March 30, 2024

 

 

April 1, 2023

 

Reserve balance at beginning of period

 

$

18.4

 

 

$

20.1

 

Provision for warranties issued

 

 

1.9

 

 

 

2.1

 

Settlements made (in cash or in kind)

 

 

(2.0

)

 

 

(2.6

)

Foreign translation adjustments

 

 

(0.1

)

 

 

 

Reserve balance at end of period

 

$

18.2

 

 

$

19.6