Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions):


	Fair Value Measurements as of March 31, 2022
Asset (Liability)	Total		Level 1		Level 2		Level 3
Non-qualified deferred compensation assets	$	49.4	$	49.4	$	—	$	—
Foreign exchange contracts, net	4.3		—		4.3		—
Interest rate contracts, net	0.9		—		0.9		—
Total assets at fair value	$	54.6	$	49.4	$	5.2	$	—
Non-qualified deferred compensation liabilities	$	(49.4)	$	(49.4)	$	—	$	—


Total liabilities at fair value	$	(49.4)	$	(49.4)	$	—	$	—

	Fair Value Measurements as of December 31, 2021
Asset (Liability)	Total		Level 1		Level 2		Level 3
Non-qualified deferred compensation assets	$	52.4	$	52.4	$	—	$	—
Foreign exchange contracts, net	2.1		—		2.1		—
Total assets at fair value	$	54.5	$	52.4	$	2.1	$	—
Non-qualified deferred compensation liabilities	$	(52.4)	$	(52.4)	$	—	$	—

Interest rate contracts, net	(7.8)		—		(7.8)		—
Total liabilities at fair value	$	(60.2)	$	(52.4)	$	(7.8)	$	—

The major components of inventories are as follows (in millions):


	March 31, 2022		December 31, 2021
Raw materials and purchased components	$	851.2	$	720.2
Service parts, garments and accessories	481.8		417.7
Finished goods	627.9		588.2
Less: reserves	(81.2)		(81.3)
Inventories, net	$	1,879.7	$	1,644.8

The major components of property and equipment are as follows (in millions):


	March 31, 2022		December 31, 2021
Land, buildings and improvements	$	535.2	$	532.2
Equipment and tooling	1,720.9		1,672.2
	2,256.1		2,204.4
Less: accumulated depreciation	(1,277.9)		(1,229.0)
Property and equipment, net	$	978.2	$	975.4

The activity in the warranty reserve during the periods presented was as follows (in millions):


	Three months ended March 31,
		2022		2021
Balance at beginning of period		$	135.1	$	140.8

Additions charged to expense		27.1		34.6
Warranty claims paid, net		(33.9)		(35.5)
Balance at end of period		$	128.3	$	139.9