The Company periodically enters into transactions with customers that provide for buyback commitments. The Company evaluates each agreement at inception to determine if the customer has a significant economic incentive to exercise the buyback option. If it is determined that the customer has a significant economic incentive to exercise that right, the revenue is deferred and the agreement is accounted for as a lease in accordance with Topic 842. If it is determined that the customer does not have a significant economic incentive to exercise that right, then revenue is recognized when control of the product is transferred to the customer. The revenue deferred related to buyback obligations accounted for under Topic 842 included in other current and non-current liabilities as of December 31, 2021 and 2020 was $31.0 million and $35.9 million, respectively. The total amount of buyback commitments given by the Company and outstanding as of December 31, 2021 and 2020 was $36.4 million and $31.7 million, respectively. These amounts are not reduced for amounts the Company would recover from the repossessing and subsequent resale of the units. The buyback commitments expire at various times through 2031. The Company also has various loss guarantees with maximum liabilities of $15.8 million and $31.8 million as of December 31, 2021 and 2020, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes securing the related guarantees.

In the normal course of business, the Company provides its customers a warranty covering workmanship, and in some cases materials, on products manufactured by the Company. Such warranties generally provides that products will be free from defects for periods ranging from 12 months to 60 months. If a product fails to comply with the Company’s warranty, the Company may be obligated, at its expense, to correct any defect by repairing or replacing such defective product. The Company provides for an estimate of costs that may be incurred under its standard warranty period at the time product revenue is recognized. These costs primarily include labor and materials, as necessary, associated with repair or replacement. The primary factors that affect the Company’s warranty liability include the number of units shipped and historical and anticipated warranty claims. As these factors are impacted by actual experience and future expectations, the Company assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary. The revenue deferred related to extended warranty periods included in other current and non-current liabilities as of December 31, 2021 and 2020 was $7.0 million and $6.2 million, respectively. Below is a table summarizing the warranty activity for the years ended December 31, 2021, 2020 and 2019:


	2021			2020			2019
Balance at beginning of period	$	63.2		$	60.6		$	47.8
Accruals for warranties issued during the period		30.4			33.9			47.3
Settlements made (in cash or in kind) during the period		(31.3	)		(33.6	)		(34.2	)
Currency translation		(2.1	)		2.3			(0.3	)
Balance at end of period	$	60.2		$	63.2		$	60.6

Included in the balance at end of period as of December 31, 2021 and 2020 is $11.2 million and $13.0 million, respectively, of long-term warranty which is recorded in other non-current liabilities in the Consolidated Balance Sheets.