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Note 7 - Warranty Reserves

6 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Product Warranty Disclosure [Text Block]

7)     Warranty Reserves

The expected cost associated with warranty obligations on our products is recorded as a component of cost of sales when the revenue is recognized. The Company’s estimate of warranty cost is based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Since warranty estimates are forecasts based on the best available information, claims costs may differ from amounts provided. Adjustments to initial obligations for warranties are made as changes in the obligations become reasonably estimable.

The changes in warranty reserves from continuing operations, which are recorded as a component of accrued liabilities were as follows (in thousands):

		December 31, 2021				June 30, 2021
Balance at beginning of year		$	2,086			$	1,781
Acquisitions and other charges			(62	)			68
Warranty expense			326				2,007
Warranty claims			(582	)			(1,770	)
Balance at end of period		$	1,768			$	2,086

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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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