16. Guarantees

The Company periodically enters into transactions with customers that provide for buyback commitments. The Company evaluates each agreement at the inception of the order 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 840. 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 deferred revenue included in other current and non-current liabilities as of June 30, 2018 and December 31, 2017 was $32.2 million and $29.7 million, respectively. The total amount of buyback commitments given by the Company and outstanding as of June 30, 2018 and December 31, 2017 was $26.6 million and $28.2 million, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the units. The buyback commitments expire at various times through 2026.

As of June 30, 2018 and December 31, 2017, the Company had reserved $35.9 million and $35.2 million, respectively, for warranty claims included in product warranties, as well as other non-current liabilities in the Condensed Consolidated Balance Sheets. 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 warranty generally provides that products will be free from defects for periods ranging from 12 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 products. The Company provides for an estimate of costs that may be incurred under its warranty 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. Below is a table summarizing the warranty activity for the six months ended June 30, 2018 and the year ended December 31, 2017:

($ in millions)	Six Months Ended June 30, 2018			Year Ended December 31, 2017
Balance at beginning of period	$	35.2		$	28.6
Accruals for warranties issued during the period		12.4			34.6
Settlements made (in cash or in kind) during the period		(11.3	)		(29.9	)
Currency translation		(0.4	)		1.9
Balance at end of period	$	35.9		$	35.2