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Product Warranty
 6 Months Ended
Jun. 30, 2016
Product Warranties Disclosures [Abstract]  
Product Warranty
PRODUCT WARRANTY

The warranty reserve activity for the three and six months ended June 30, 2016 and 2015 consisted of the following (in millions):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
Balance at beginning of period
$
241.7

 
$
252.9

 
$
230.3

 
$
284.6

Acquisitions
—

 
—

 
0.6

 
—

Accruals for warranties issued during the period
51.4

 
43.3

 
95.4

 
77.3

Settlements made (in cash or in kind) during the period
(47.6
)
 
(42.2
)
 
(88.2
)
 
(87.1
)
Foreign currency translation
(4.9
)
 
7.3

 
2.5

 
(13.5
)
Balance at June 30
$
240.6

 
$
261.3

 
$
240.6

 
$
261.3



The Company’s agricultural equipment products generally are warranted against defects in material and workmanship for a period of one to four years. The Company accrues for future warranty costs at the time of sale based on historical warranty experience. Approximately $205.3 million and $195.2 million of warranty reserves are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015, respectively. Approximately $35.3 million and $35.1 million of warranty reserves are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015, respectively.