Product Warranty Obligations
We record a liability for product warranty obligations at the time of sale to a customer based upon historical warranty experience. Most of our products are covered under a warranty period that runs for 12 months from either the date of sale or installation. We also record a liability for specific warranty matters when they become known and reasonably estimable. Our product warranty obligations are included in other current liabilities in the Consolidated Balance Sheet.
Changes in product warranty obligations are (in millions):
|
| | | | | | | | |
| | September 30, |
| | 2013 | | 2012 |
Balance at beginning of period | | $ | 37.8 |
| | $ | 38.5 |
|
Warranties recorded at time of sale | | 32.0 |
| | 35.0 |
|
Adjustments to pre-existing warranties | | 0.8 |
| | (2.1 | ) |
Settlements of warranty claims | | (33.7 | ) | | (33.6 | ) |
Balance at end of period | | $ | 36.9 |
| | $ | 37.8 |
|
