Warranties

Reserves are recorded on our Consolidated Balance Sheets to reflect contractual liabilities relating to warranty commitments to our customers. Unanticipated quality issues could result in material changes to our estimates.

Changes in the carrying amount and accrued product warranty costs are summarized as follows:



	Three Months Ended March 31,
(in millions)	2015			2014
Balance at January 1,	$	10.7		$	13.2
Settlements made (in cash or in kind)	(1.4		)	(2.3		)
Current year accrual	1.7			2.1
Effect of foreign currency translation	(0.6		)	0.2
Balance at March 31,	$	10.4		$	13.2

Warranty expense was $1.7 million and $2.3 million for the three months ended March 31, 2015 and 2014, respectively. At March 31, 2015, $9.3 million was included in current liabilities and $1.1 million was included in non-current liabilities. At December 31, 2014, $9.6 million was included in current liabilities and $1.1 million was included in non-current liabilities.