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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Note 8 – Commitments and Contingencies The Company may be subject to various legal actions and claims in the ordinary course of its business, including those arising out of breach of contracts, product warranties, product liability, intellectual property rights, environmental matters, regulatory matters and employment-related matters. The Company establishes accruals for matters which it believes that losses are probable and can be reasonably estimated. Although it is not possible to predict with certainty the outcome of these matters, the Company is of the opinion that the ultimate resolution of these matters will not have a material adverse effect on its consolidated condensed results of operations or financial position. Product liability and warranty reserves are recorded separately from legal reserves, as described below. Product Liability and Warranty Matters The Company accrues warranty obligations for products sold based on management estimates of future failure rates and current claim cost experience, with support from the sales, engineering, quality and legal functions. Using historical information available to the Company, including claims already filed by customers, the warranty accrual is adjusted quarterly to reflect management’s best estimate of future claims. The Company maintains liability insurance coverage at levels based on commercial norms and historical claims experience. The Company may experience material claims in the future and may incur significant costs to defend such claims. The following is a reconciliation of the changes in accrued warranty costs:
|  | Three Months Ended March 31, |
|  | 2021 |  |  | 2020 |
Balance at the beginning of the period |  | $ | 2,391 |  |  | $ | 4,596 |
Warranty claims paid |  |  | (352 | ) |  |  | (1,278 | )
Warranty expense for products shipped during the current period |  |  | 519 |  |  |  | 500 |
Adjustments to warranty estimates from prior periods |  |  | 271 |  |  |  | (450 | )
Adjustments due to currency translation |  |  | (31 | ) |  |  | (45 | )
Balance at the end of the period |  | $ | 2,798 |  |  | $ | 3,323 |

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