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Valuation and Qualifying Accounts | 12 Months Ended
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Dec. 31, 2017
Receivables [Abstract] |
VALUATION AND QUALIFYING ACCOUNTS | VALUATION AND QUALIFYING ACCOUNTS Valuation and qualifying accounts included the following:
(in thousands) | Balance Beginning of Year |  | Net Charged to Costs and Expenses |  | Translations, Reclassifications and Acquisitions |  | Net Write-Offs or Discounts Taken |  | Balance End of Year
2017 |  |  |  |  |  |  |  |  |  |  |  |
Reserve for sales discounts | $ | 13,488 |  |  | $ | 82,724 |  |  |  | $ | 166 |  |  |  | $ | (80,726 | ) |  | $ | 15,652 |
Reserve for inventory obsolescence | 7,262 |  |  | 3,007 |  |  |  | 886 |  |  |  | (4,223 | ) |  | 6,932 |
Reserve for warranty | 5,262 |  |  | 7,224 |  |  |  | 567 |  |  |  | (7,718 | ) |  | 5,335 |
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reserve for sales discounts | $ | 15,094 |  |  | $ | 77,126 |  |  |  | $ | (109 | ) |  |  | $ | (78,623 | ) |  | $ | 13,488 |
Reserve for inventory obsolescence | 9,675 |  |  | 2,041 |  |  |  | 295 |  |  |  | (4,749 | ) |  | 7,262 |
Reserve for warranty | 5,566 |  |  | 7,867 |  |  |  | (49 | ) |  |  | (8,122 | ) |  | 5,262 |
2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reserve for sales discounts | $ | 15,999 |  |  | $ | 78,304 |  |  |  | $ | (145 | ) |  |  | $ | (79,064 | ) |  | $ | 15,094 |
Reserve for inventory obsolescence | 7,601 |  |  | 5,209 |  |  |  | (454 | ) |  |  | (2,681 | ) |  | 9,675 |
Reserve for warranty | 5,913 |  |  | 7,732 |  |  |  | (325 | ) |  |  | (7,754 | ) |  | 5,566 |
Sales Discounts On December 31, 2017, the Company had $15,652,000 in reserves for sales discounts compared to $13,488,000 on December 31, 2016 on product shipped to our customers under various promotional programs. The Company reviews the reserve quarterly based on analysis made on each program outstanding at the time. The Company bases its reserves on historical data relating to discounts taken by the customer under each program. Historically, between 85% and 95% of the Company’s customers who qualify for each program actually take the discount that is available. Inventories – Obsolete and Slow Moving The Company had a reserve of $6,932,000 on December 31, 2017 and $7,262,000 on December 31, 2016 to cover obsolete and slow moving inventory. The decrease in the reserve was primarily attributable to reductions of obsolete inventory in the Company's Industrial Division. The obsolete and slow moving inventory policy states that the reserve is to be calculated as follows: 1) no inventory usage over a three-year period is deemed obsolete and reserved at 100 percent; and 2) slow moving inventory with little usage requires a 100 percent reserve on items that have a quantity greater than a three-year supply. There are exceptions to the obsolete and slow moving classifications if approved by an officer of the Company, based on specific identification of an item or items that are deemed to be either included or excluded from this classification. In cases where there is no historical data, management makes a judgment based on a specific review of the inventory in question to determine what reserves, if any, are appropriate. New products or parts are generally excluded from the reserve policy until a three-year history has been established. Warranty The Company’s warranty policy is generally to provide its customers warranty for up to one year on all wholegood units and 90 days on parts, though some components can have warranty for longer terms. Warranty reserve, as a percentage of sales, is generally calculated by looking at the current twelve months’ expenses and prorating that amount based on twelve months’ sales with a ninety-day to six-month lag period. The Company’s historical experience is that an end-user takes approximately 90 days to six months from the receipt of the unit to file a warranty claim. A warranty reserve is established for each different marketing group. Reserve balances are evaluated on a quarterly basis and adjustments made when required. The current liability warranty reserve balance was $5,335,000 on December 31, 2017 and $5,262,000 on December 31, 2016 and is included in Note 9.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84173941&loc=d3e5066-111524 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(6)) -URI http://asc.fasb.org/extlink&oid=6488278&loc=d3e603758-122996 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=84173941&loc=d3e5162-111524 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(5)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(7)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=84173941&loc=d3e5074-111524 + Details
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