Product Support Liabilities

12 Months Ended

Dec. 31, 2019

Product Warranties Disclosures [Abstract]

Product Support Liabilities

I. PRODUCT SUPPORT LIABILITIES

Changes in product support liabilities are summarized as follows:

WARRANTY RESERVES	2019			2018			2017
Balance at January 1	$	380.2		$	298.8		$	282.1
Cost accruals		386.3			331.9			242.1
Payments		(343.7	)		(271.8	)		(236.8	)
Change in estimates for pre-existing warranties		19.8			25.6			(2.0	)
Currency translation and other		(2.6	)		(4.3	)		13.4
Balance at December 31	$	440.0		$	380.2		$	298.8

DEFERRED REVENUES ON EXTENDED WARRANTIES AND R&M CONTRACTS	2019			2018			2017
Balance at January 1	$	699.9		$	653.9		$	573.5
Deferred revenues		499.1			448.2			371.8
Revenues recognized		(396.4	)		(385.0	)		(328.2	)
Currency translation		(1.2	)		(17.2	)		36.8
Balance at December 31	$	801.4		$	699.9		$	653.9

The Company expects to recognize approximately $252.0 of the remaining deferred revenues on extended warranties and R&M contracts in 2020, $237.6 in 2021, $160.1 in 2022, $107.0 in 2023, $34.2 in 2024 and $10.5 thereafter.

Product support liabilities are included in the accompanying Consolidated Balance Sheets as follows:

	WARRANTY RESERVES				DEFERRED REVENUES
At December 31,		2019		2018		2019		2018
Truck, Parts and Other:
Accounts payable, accrued expenses and other	$	270.6	$	233.0	$	237.5	$	213.7
Other liabilities		169.4		147.2		547.6		468.8
Financial Services:
Deferred taxes and other liabilities						16.3		17.4
	$	440.0	$	380.2	$	801.4	$	699.9