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Product Warranty Reserve

6 Months Ended

Jun. 30, 2020

Guarantees [Abstract]

Product Warranty Reserve

NOTE O – PRODUCT WARRANTY RESERVE

The Company records an accrual for estimated warranty costs to Costs of products sold in the Statements of Consolidated Income. These amounts are recorded in Accrued expenses and other liabilities in the Consolidated Balance Sheets. The Company records and accounts for its warranty reserve based on specific claim incidents. Should the Company become aware of a specific potential warranty claim for which liability is probable and reasonably estimable, a specific charge is recorded and accounted for accordingly. Adjustments are made quarterly to the accruals as claim information changes.

The following is a rollforward of the product warranty reserve:

		Six Months Ended June 30
		2020				2019
Beginning of period balance		$	1,309			$	928
Additions charged to income			48				506
Warranty usage			(28	)			(5	)
Currency translation			(87	)			1
End of period balance		$	1,242			$	1,430

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- References

No definition available.

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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 http://asc.fasb.org/topic&trid=2155896

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