International Business Machines (IBM) is a leading provider of computer products and services. The company is known for its hardware products but has focused on providing information technology services in recent years. IBM provides standard warranties and extended warranties with the sale of its products. The company's note on significant accounting policies is as follows: The company offers warranties for its hardware products that generally range up to three years, with the majority being either one or three years. Estimated costs for warranty terms standard to the deliverable are recognized when revenue is recorded for the related deliverable. The company estimates its warranty costs standard to the deliverable based on historical warranty claim experience and estimates of future spending, and applies this estimate to the revenue stream for products under warranty. subsequently recognized on a straight-line basis over the delivery period. Revenue from separately priced extended warranty contracts is initially recorded as deferred income and subsequently recognized on a straight-line basis over the delivery period. Selected information related to warranties provided by IBM follows (in millions of U.S. dollars): 2015 2014 2013 Net revenues $83,541 $94,593 $100,167 Standard warranty liability, end of year 361 377 620 Settlements made during the year 478 567 Extended warranty deferred revenue, end of year 718 716 759 Additions to extended warranty deferred revenue during the year 466 478 485 376 Required: 1. Compute the amount of warranty expense for 2014 and 2015. (Enter your answers in millions of dollars.) 2015 2014 Warranty expense | $ 360