Product Support Liabilities

12 Months Ended

Dec. 31, 2020

Product Warranties Disclosures [Abstract]

Product Support Liabilities

I. PRODUCT SUPPORT LIABILITIES

Changes in product support liabilities are summarized as follows:

WARRANTY RESERVES	2020			2019			2018
Balance at January 1	$	440.0		$	380.2		$	298.8
Cost accruals		295.0			386.3			331.9
Payments		(437.2	)		(343.7	)		(271.8	)
Change in estimates for pre-existing warranties		84.1			19.8			25.6
Currency translation and other		7.8			(2.6	)		(4.3	)
Balance at December 31	$	389.7		$	440.0		$	380.2

DEFERRED REVENUES ON EXTENDED WARRANTIES AND R&M CONTRACTS	2020			2019			2018
Balance at January 1	$	801.4		$	699.9		$	653.9
Deferred revenues		409.9			499.1			448.2
Revenues recognized		(438.9	)		(396.4	)		(385.0	)
Currency translation		23.4			(1.2	)		(17.2	)
Balance at December 31	$	795.8		$	801.4		$	699.9

The Company expects to recognize approximately $272.3 of the remaining deferred revenues on extended warranties and R&M contracts in 2021, $251.8 in 2022, $162.3 in 2023, $74.6 in 2024, $25.4 in 2025 and $9.4 thereafter.

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

	WARRANTY RESERVES				DEFERRED REVENUES
At December 31,		2020		2019		2020		2019
Truck, Parts and Other:
Accounts payable, accrued expenses and other	$	245.6	$	270.6	$	269.0	$	237.5
Other liabilities		144.1		169.4		513.1		547.6
Financial Services:
Accounts payable, accrued expenses and other						5.7		6.8
Deferred taxes and other liabilities						8.0		9.5
	$	389.7	$	440.0	$	795.8	$	801.4