Product Support Liabilities

12 Months Ended

Dec. 31, 2023

Product Warranties Disclosures [Abstract]

Product Support Liabilities

I.PRODUCT SUPPORT LIABILITIES

Changes in product support liabilities are summarized as follows:

WARRANTY RESERVES	2023			2022			2021
Balance at January 1	$	437.7		$	344.3		$	389.7
Cost accruals		739.2			386.1			298.2
Payments		(632.4	)		(398.7	)		(396.3	)
Change in estimates for pre-existing warranties		211.9			111.5			58.3
Currency translation and other		10.6			(5.5	)		(5.6	)
Balance at December 31	$	767.0		$	437.7		$	344.3

DEFERRED REVENUES ON EXTENDED WARRANTIES AND R&M CONTRACTS	2023			2022			2021
Balance at January 1	$	904.9		$	775.2		$	795.8
Deferred revenues		812.4			629.1			487.1
Revenues recognized		(507.8	)		(476.1	)		(487.8	)
Currency translation		19.6			(23.3	)		(19.9	)
Balance at December 31	$	1,229.1		$	904.9		$	775.2

The Company expects to recognize approximately $359.5 of the remaining deferred revenues on extended warranties and R&M contracts in 2024, $336.6 in 2025, $269.4 in 2026, $159.3 in 2027, $81.1 in 2028 and $23.2 thereafter.

Product support liabilities are included in the accompanying Consolidated Balance Sheets as follows:

	WARRANTY RESERVES				DEFERRED REVENUES
At December 31,		2023		2022		2023		2022
Truck, Parts and Other:
Accounts payable, accrued expenses and other	$	513.6	$	279.2	$	354.2	$	263.7
Other liabilities		253.4		158.5		861.4		628.8
Financial Services:
Accounts payable, accrued expenses and other						5.3		4.9
Deferred taxes and other liabilities						8.2		7.5
	$	767.0	$	437.7	$	1,229.1	$	904.9