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Note 9 - Warranty | 3 Months Ended
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Mar. 31, 2022
Notes to Financial Statements |
Product Warranty Disclosure [Text Block] |
9. | Warranty
We record a liability for warranty claims at the time of sale. The amount of the liability is based on the trend in the historical ratio of claims to sales, the historical length of time between the sale and resulting warranty claim, new product introductions and other factors. Warranty terms on machines generally range from one to four years. However, the majority of our claims are paid out within the first six to nine months following a sale. The majority of the liability for estimated warranty claims represents amounts to be paid out in the near term for qualified warranty issues, with immaterial amounts reserved to be paid for older equipment warranty issues. The changes in warranty reserves were as follows:
|  | Three Months Ended |
|  | March 31, |
|  | 2022 |  |  | 2021 |
Beginning balance |  | $ | 10.4 |  |  | $ | 11.1 |
Additions charged to expense |  |  | 1.7 |  |  |  | 2.6 |
Foreign currency fluctuations |  |  | — |  |  |  | (0.1 | )
Claims paid |  |  | (1.9 | ) |  |  | (2.9 | )
Ending balance |  | $ | 10.2 |  |  | $ | 10.7 |

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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 https://asc.fasb.org/topic&trid=2155896 + Details
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