Quarterly report pursuant to Section 13 or 15(d)

PRODUCT WARRANTY LIABILITY

v3.24.1.u1
PRODUCT WARRANTY LIABILITY
3 Months Ended
Mar. 31, 2024
Product Warranties Disclosures [Abstract]  
PRODUCT WARRANTY LIABILITY
NOTE 10. PRODUCT WARRANTY LIABILITY
A tabular reconciliation of the product warranty liability, including the deferred revenue related to our extended warranty coverage and accrued product campaigns, was as follows:
Three months ended
March 31,
In millions 2024 2023
Balance at beginning of year $ 2,497  $ 2,477 
Provision for base warranties issued 160  146 
Deferred revenue on extended warranty contracts sold 96  102 
Provision for product campaigns issued 6 
Payments made during period (176) (143)
Amortization of deferred revenue on extended warranty contracts (77) (75)
Changes in estimates for pre-existing product warranties and campaigns 51  10 
Foreign currency translation adjustments and other (18)
Balance at end of period $ 2,539  $ 2,530 
We recognized supplier recoveries of $22 million for the three months ended March 31, 2024, compared with $10 million for the comparable period in 2023.
Warranty related deferred revenues and warranty liabilities on our Condensed Consolidated Balance Sheets were as follows:
In millions March 31,
2024
December 31,
2023
Balance Sheet Location
Deferred revenue related to extended coverage programs    
Current portion $ 274  $ 279  Current portion of deferred revenue
Long-term portion 797  774  Deferred revenue
Total $ 1,071  $ 1,053   
Product warranty    
Current portion $ 652  $ 667  Current portion of accrued product warranty
Long-term portion 816  777  Other liabilities
Total $ 1,468  $ 1,444   
Total warranty accrual $ 2,539  $ 2,497