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Product Warranty | 9 Months Ended
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Dec. 31, 2021
Guarantees And Product Warranties [Abstract] |
Product Warranty | Note 7 — Product Warranty The Company provides limited warranties on its products for periods of up to five years. The Company records a liability for its warranty obligations when products are shipped or they are included in long-term construction contracts based upon an estimate of expected warranty costs. Amounts expected to be incurred within 12 months are classified as accrued liabilities and amounts expected to be incurred beyond 12 months are classified as other liabilities in the condensed consolidated financial statements. For mature products, the warranty cost estimates are based on historical experience with the particular product. For newer products that do not have a history of warranty costs, the Company bases its estimates on its experience with the technology involved and the types of failures that may occur. It is possible that the Company’s underlying assumptions will not reflect the actual experience and, in that case, future adjustments will be made to the recorded warranty obligation. The following table reflects the change in the Company’s warranty accrual during the nine months ended December 31, 2021 and 2020:
|  | Nine Months Ended |
|  | December 31, 2021 |  |  | December 31, 2020 |
|  | (In thousands) |
Balance, beginning of period |  | $ | 11,886 |  |  | $ | 11,643 |
Change in liability for warranties issued in period |  |  | 4,064 |  |  |  | 4,120 |
Settlements made (in cash or in kind) during the period |  |  | (5,242 | ) |  |  | (3,882 | )
Balance, end of period |  | $ | 10,708 |  |  | $ | 11,881 |

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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 + Details
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