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ACCRUED EXPENSES | 6 Months Ended
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Jun. 30, 2014
ACCRUED EXPENSES [Abstract] |
ACCRUED EXPENSES | 9. ACCRUED EXPENSES Accrued expenses consist of the following (dollars in thousands):
|  | June 30, |  |  | December 31, |
|  | 2014 |  |  | 2013 |
Sales commissions |  | $ | 1,903 |  |  | $ | 1,431 |
Subcontracting labor |  |  | 2,218 |  |  |  | 2,406 |
Salaries, bonuses and related benefits |  |  | 24,609 |  |  |  | 13,674 |
Litigation reserve |  |  | 726 |  |  |  | 723 |
Warranty accrual |  |  | 3,667 |  |  |  | - |
Other |  |  | 7,312 |  |  |  | 4,208 |
|  | $ | 40,435 |  |  | $ | 22,442 |
Warranty Accrual - Power Solutions generally offers its customers a standard two-year warranty on power products sold, although warranty periods may vary by product type and application. The Company reviews its warranty liability quarterly based on an analysis of actual expenses and failure rates by specific product lines and estimated future costs and projected failure rate trends by specific product lines. Factors taken into consideration when evaluating the Company's warranty reserve are (i) historical claims for each product, (ii) the maturity of the product within its life cycle, (iii) volume increases, (iv) life of warranty, (v) historical warranty repair costs and (vi) other factors. To the extent that actual experience differs from our estimate, the provision for product warranties will be adjusted in future periods. Actual warranty repair costs are charged against the reserve balance as incurred. A tabular presentation of the activity within the warranty accrual account for the period from the acquisition date of Power Solutions through June 30, 2014 is presented below (in thousands):
|  | June 30, |
|  | 2014 |
Beginning balance as of June 19, 2014 |  | $ | 4,111 |
Charges and costs accrued |  |  | 45 |
Adjustments related to pre-existing warranties (including changes in estimates) |  |  | - |
Less repair costs incurred |  |  | (521 | )
Change due to foreign currency |  |  | 32 |
Ending balance as of June 30, 2014 |  | $ | 3,667 |

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- Definition The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a),20,24) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Subparagraph a -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20, 24 -Article 5 + Details
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