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Accrued Expenses and Other Current Liabilities
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Accrued Expenses and Other Current Liabilities

NOTE 11: ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

As of the years ended December 31, 2024 and 2023, accrued expenses and other current liabilities consisted of the following:

 

 

 

As of December 31,

 

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Accrued interest

 

$

125

 

 

$

19,328

 

Lease return provision

 

 

15,037

 

 

 

16,656

 

Warranty reserves

 

 

14,620

 

 

 

13,704

 

Current portion of long-term agreements

 

 

1,513

 

 

 

11,003

 

Fair value of cash flow hedge

 

 

8,967

 

 

 

3,491

 

Other accrued expenses

 

 

59,310

 

 

 

51,817

 

Total accrued expenses and other current liabilities

 

$

99,572

 

 

$

115,999

 

 

Warranty reserves

Reserves are recorded to reflect the Company’s contractual liabilities relating to warranty commitments to customers. Warranty coverage of various lengths and terms is provided to customers depending on standard offerings and negotiated contractual agreements.

Changes in the warranty reserve are summarized and recorded in the Consolidated Balance Sheets within “Accrued expenses and other current liabilities” as follows:

 

 

 

As of December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Balance, beginning of the year

 

$

13,704

 

 

$

14,233

 

 

$

11,312

 

Accruals for warranties

 

 

3,396

 

 

 

3,454

 

 

 

3,989

 

Warranty claims settled

 

 

(2,480

)

 

 

(3,983

)

 

 

(1,068

)

Balance, end of the year

 

$

14,620

 

 

$

13,704

 

 

$

14,233