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Litigation and Contingencies | 9 Months Ended
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Sep. 29, 2023
Commitments and Contingencies Disclosure [Abstract] |
Litigation and Contingencies | LITIGATION AND CONTINGENCIES Warranty Estimated warranty costs are generally accrued at the time of sale. In general, manufactured products are warrantied against defects in material and workmanship when properly used for their intended purpose, installed correctly, and appropriately maintained. Warranty period terms depend on the nature of the product and range from 90 days up to the life of the product. The amount of the accrued warranty liability is determined based on historical information such as past experience, product failure rates or number of units repaired, estimated cost of material and labor, and in certain instances, estimated property damage. The accrued warranty liability is reviewed on a quarterly basis and may be adjusted as additional information regarding expected warranty costs becomes known. The following is a rollforward of the Company’s accrued warranty liability:
($ in millions) |
Balance, December 31, 2022 | $ | 43.0 |
Accruals for warranties issued during the period | 27.8 |
Settlements made | (25.1) |
Effect of foreign currency translation | (0.2) |
Balance, September 29, 2023 | $ | 45.5 |
Litigation and Other Contingencies The Company is involved in legal proceedings from time to time in the ordinary course of its business. Although the outcome of such matters is uncertain, management believes that these legal proceedings will not have a material adverse effect on the financial condition or results of future operations of the Company. In accordance with accounting guidance, the Company records a liability in the Consolidated Condensed Financial Statements for loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss does not meet the known or probable level but is reasonably possible and a loss or range of loss can be reasonably estimated, the estimated loss or range of loss is disclosed. Gross liabilities associated with known and future expected asbestos claims and projected insurance recoveries were as follows as of:
($ in millions) | Classification |  | September 29, 2023 |  | December 31, 2022
Gross liabilities |  |  |  |  |
Current | Accrued expenses and other current liabilities |  | $ | 26.2 |  |  | $ | 27.1 |
Long-term | Other long-term liabilities |  | 76.7 |  |  | 78.1 |
Total |  |  | 102.9 |  |  | 105.2 |
Projected insurance recoveries |  |  |  |  |
Current | Prepaid expenses and other current assets |  | 17.4 |  |  | 21.2 |
Long-term | Other assets |  | 47.4 |  |  | 47.4 |
Total |  |  | $ | 64.8 |  |  | $ | 68.6 |
Guarantees As of September 29, 2023 and December 31, 2022, the Company had guarantees consisting primarily of outstanding standby letters of credit, bank guarantees, and performance and bid bonds of approximately $81.0 million and $84.0 million, respectively. These guarantees have been provided in connection with certain arrangements with vendors, customers, financing counterparties, and governmental entities to secure the Company’s obligations and/or performance requirements related to specific transactions. The Company believes that if the obligations under these instruments were triggered, they would not have a material effect on the financial statements.

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