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Note 8 - Commitments and Contingencies
 9 Months Ended
Jan. 29, 2022
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

Note 8. Commitments and Contingencies

 

Litigation: We are a party to legal proceedings and claims which arise during the ordinary course of business. For unresolved legal proceedings or claims, we do not believe there is a reasonable probability that any material loss will be incurred. Accordingly, no material accrual or disclosure of a potential range of loss has been made related to these matters. We do not expect the ultimate liability of these unresolved legal proceedings or claims to have a material effect on our financial position, liquidity or capital resources.

 

Warranties: Changes in our warranty obligation for the nine months ended January 29, 2022 consisted of the following:

 

  

January 29,

 
  

2022

 

Beginning accrued warranty obligations

 $25,960 

Warranties issued during the period

  7,529 

Settlements made during the period

  (5,782)

Changes in accrued warranty obligations for pre-existing warranties during the period, including expirations

  (536)

Ending accrued warranty obligations

 $27,171 

 

Performance guarantees: We have entered into standby letters of credit, bank guarantees and surety bonds with financial institutions relating to the guarantee of our future performance on contracts, primarily construction-type contracts. As of January 29, 2022, we had outstanding letters of credit, bank guarantees and surety bonds in the amount of $4,463, $715 and $39,150, respectively. Performance guarantees are issued to certain customers to guarantee the operation and installation of the equipment and our ability to complete a contract. These performance guarantees have various terms but are generally one year. We enter into written agreements with our customers, and those agreements often contain indemnification provisions that require us to make the customer whole if certain acts or omissions by us cause the customer financial loss. We make efforts to negotiate reasonable caps and limitations on the recovery of such damages. As of January 29, 2022, we were not aware of any indemnification claim from a customer.