Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2019

Accrued liabilities as of March 31, 2019 and December 31, 2018 consisted of the following.

	March 31, 2019		December 31, 2018
Salaries, wages and related fringe benefits	$	62.7	$	62.9
Restructuring		8.7		10.1
Taxes		28.6		24.3
Contract liabilities		64.3		69.6
Product warranty		21.8		23.9
Accrued interest		0.7		0.3
Operating lease liabilities⁽¹⁾		18.3		-
Other		60.8		57.4
Total accrued liabilities	$	265.9	$	248.5

⁽¹⁾

The Company adopted ASU 2016-02, Leases, on January 1, 2019 using the optional transition method. See Note 1 “Condensed Consolidated Financial Statements” for further discussion of the adoption of ASU 2016-02 and Note 14 “Leases” for discussion of the Company’s operating and financing leases.

Accrued Product Warranty Liability

A reconciliation of the changes in the accrued product warranty liability for the three month periods ended March 31, 2019 and 2018 are as follows.

	For the Three Month Period Ended March 31, 2019			For the Three Month Period Ended March 31, 2018
Balance at beginning of period	$	23.9		$	22.3
Product warranty accruals		6.8			6.1
Settlements		(8.8	)		(5.4	)
Charged to other accounts⁽¹⁾		(0.1	)		1.3
Balance at end of period	$	21.8		$	24.3

⁽¹⁾

Includes primarily the effects of foreign currency translation adjustments for the Company’s subsidiaries with functional currencies other than the USD and changes in the accrual related to acquisitions.