Leases And Commitments

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

LEASES AND COMMITMENTS

The Company’s operating leases extend for varying periods of time up to twenty years and, in some cases, contain renewal options that would extend existing terms beyond twenty years. Future minimum rental payments for all operating leases having initial or remaining non-cancelable lease terms in excess of one year are $183 million in 2014, $137 million in 2015, $110 million in 2016, $85 million in 2017, $60 million in 2018 and $82 million thereafter. Total rent expense for all operating leases was $245 million, $247 million and $210 million for the years ended December 31, 2013, 2012 and 2011, respectively.

The Company generally accrues estimated warranty costs at the time of sale. In general, manufactured products are warranted against defects in material and workmanship when properly used for their intended purpose, installed correctly, and appropriately maintained. Warranty periods depend on the nature of the product and range from ninety days up to the life of the product. The amount of the accrued warranty liability is determined based on historical information such as past experience, product failure rates or number of units repaired, estimated cost of material and labor, and in certain instances estimated property damage. The accrued warranty liability is reviewed on a quarterly basis and may be adjusted as additional information regarding expected warranty costs becomes known.

The following is a rollforward of the Company’s accrued warranty liability for the years ended December 31, 2013 and 2012 ($ in millions):



Balance, January 1, 2012	$	136.9
Accruals for warranties issued during the period	134.0
Settlements made	(134.9		)
Additions due to acquisitions	4.1
Effect of foreign currency translation	0.6
Balance, December 31, 2012	140.7
Accruals for warranties issued during the period	137.1
Settlements made	(140.1		)
Additions due to acquisitions	4.0
Effect of foreign currency translation	(0.5		)
Balance, December 31, 2013	$	141.2

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

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