Product Warranties

12 Months Ended

Aug. 26, 2023

Product Warranties Disclosures [Abstract]

We provide certain service and warranty on our products. From time to time, we also voluntarily incur costs for certain warranty-type expenses occurring after the normal warranty period expires to help protect the reputation of our products and maintain the goodwill of our customers. Estimated costs related to product warranty are accrued at the time of sale and are based upon historical warranty and service claims experience. Adjustments are made to accruals as claim data and cost experience becomes available.

In addition to the costs associated with the contractual warranty coverage provided on products, we also occasionally incur costs as a result of additional service actions not covered by warranties, including product recalls and customer satisfaction actions. Although we estimate and reserve for the cost of these service actions when probable and estimable, there can be no assurance that expense levels will remain at current levels or such reserves will continue to be adequate.

Changes in the product warranty liability are as follows:


(in millions)	2023		2022		2021
Balance at beginning of year	$	127.9	$	91.2	$	64.0
Business acquisitions(1)	1.4		4.7		—
Provision	67.1		119.2		90.0
Claims paid	(98.6)		(87.2)		(62.8)
Balance at end of year	$	97.8	$	127.9	$	91.2

(1) Refer to Note 2 in the Notes to Consolidated Financial Statements included in Item 8 of Part II of this Annual Report on Form 10-K for more information on the acquisition of Lithionics on April 28, 2023 and the acquisition of Barletta on August 31, 2021.