Product Warranty (Tables)

9 Months Ended

Sep. 30, 2014

Product Warranties Disclosures [Abstract]

Schedule of Product Warranty Liability

The following table summarizes the activity in the product warranty accrual accounts:

(millions of dollars)	2014			2013
Beginning balance, January 1	$	72.7		$	64.9
Provisions	27.7			29.1
Acquisition(a)	22.8			—
Payments	(32.4		)	(28.3		)
Translation adjustment	(4.6		)	0.7
Ending balance, September 30	$	86.2		$	66.4

____________________________________

(a) The Company recorded a $12.4 million insurance receivable related to the $22.8 million liability, which is classified in the Condensed Consolidated Balance Sheet in Investments and advances.

The product warranty liability is classified in the Condensed Consolidated Balance Sheets as follows:

	September 30,		December 31,
(millions of dollars)	2014		2013
Accounts payable and accrued expenses	$	27.7	$	38.4
Other non-current liabilities	58.5		34.3
Total product warranty liability	$	86.2	$	72.7