Product Warranty

3 Months Ended

Mar. 31, 2017

Product Warranties Disclosures [Abstract]

PRODUCT WARRANTY

The warranty reserve activity for the three months ended March 31, 2017 and 2016 consisted of the following (in millions):



	Three Months Ended March 31,
	2017			2016
Balance at beginning of period	$	255.6		$	230.3
Acquisitions	—			0.6
Accruals for warranties issued during the period	51.5			44.0
Settlements made (in cash or in kind) during the period	(39.9		)	(40.6		)
Foreign currency translation	2.9			7.4
Balance at March 31	$	270.1		$	241.7

The Company’s agricultural equipment products generally are warranted against defects in material and workmanship for a period of one to four years. The Company accrues for future warranty costs at the time of sale based on historical warranty experience. Approximately $237.2 million and $223.1 million of warranty reserves are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2017 and December 31, 2016, respectively. Approximately $32.9 million and $32.5 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2017 and December 31, 2016, respectively.