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Warranty Reserves

3 Months Ended

Apr. 01, 2023

Product Warranties Disclosures [Abstract]

Warranty Reserves

7. Warranty Reserves

The Company’s standard warranty obligation to its end-users provides for a period of one to two years from the date of shipment, while certain aviation, marine, and auto OEM products have a warranty period of two years or more from the date of installation. The Company’s estimates of costs to service its warranty obligations are based on historical experience and management’s expectations and judgments of future conditions, and are recorded as a liability on the balance sheet. The following reconciliation provides an illustration of changes in the aggregate warranty reserve.

		13-Weeks Ended
		April 1, 2023				March 26, 2022
Balance - beginning of period		$	50,952			$	45,467
Accrual for products sold (1)			22,381				10,871
Expenditures			(20,658	)			(15,640	)
Balance - end of period		$	52,675			$	40,698

(1) Changes in cost estimates related to pre-existing warranties were not material and aggregated with accruals for new warranty contracts in the ‘accrual for products sold’ line.

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- References

No definition available.

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- Definition

The entire disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-URI https://asc.fasb.org/topic&trid=2155896

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