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Warranties

6 Months Ended

Apr. 30, 2022

Guarantees [Abstract]

Warranties

Warranties

We offer warranties to our customers depending on the specific product and terms of the customer purchase agreement.  A typical warranty program requires that we repair or replace defective products within a specified time period (generally one year) from the date of delivery or first use. We record an estimate for future warranty-related costs based on actual historical return rates.  Based on analysis of return rates and other factors, the adequacy of our warranty provisions are adjusted as necessary. The liability for warranty costs is included in Accrued liabilities in the Consolidated Balance Sheets.  

Following is a reconciliation of the product warranty liability for the six months ended April 30, 2022 and 2021:

						April 30, 2022						April 30, 2021
Beginning balance at October 31						$	11,113					$	10,550
Accruals for warranties						7,557						7,708
Warranty payments						(6,773)						(8,200)
Currency effect						(446)						197
Ending balance						$	11,451					$	10,255

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- References

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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 http://asc.fasb.org/topic&trid=2155896

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