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Accrued Liabilities

6 Months Ended

Jun. 30, 2018

Payables and Accruals [Abstract]

Accrued Liabilities

3. Accrued Liabilities

Accrued liabilities consist of (in millions):

		June 30, 2018				December 31, 2017
Compensation		$	227			$	345
Vendor costs			137				150
Warranty			120				135
Taxes (non-income)			97				152
Insurance			55				74
Commissions			41				58
Fair value of derivatives			13				8
Interest			7				7
Other			253				309
Total		$	950			$	1,238

Warranties

The Company provides warranties on certain of its products and services. The Company accrues warranty liability based upon specific claims and a review of historical claim experience in accordance with Accounting Standards Codification (“ASC”) Topic 450 “Contingencies”. Adjustments are made to accruals as claim data and historical experience change. In addition, the Company incurs discretionary costs to service its products in connection with product performance issues and accrues for them when they are encountered.

The changes in the warranty provision are as follows (in millions):

Balance at December 31, 2017		$	135
Net provisions for warranties issued during the year			16
Amounts incurred			(31	)
Balance at June 30, 2018		$	120

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- Definition

The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(a),20,24)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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X

- References

No definition available.

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