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Note 13 - Guarantees

9 Months Ended

Sep. 28, 2024

Notes to Financial Statements

Guarantees [Text Block]

13.

Guarantees

Product Warranty

Our products are generally sold with warranty periods that range from 12 to 36 months following sale or acceptance. The product warranty promises customers that delivered products are as specified in the contract (an “assurance-type warranty”). Therefore, we account for such product warranties under ASC 460, and not as a separate performance obligation. Parts and labor are covered under the terms of the warranty agreement. The warranty provision is based on historical and projected experience by product and configuration.

Changes in accrued warranty were as follows (in thousands):

		Three Months Ended								Nine Months Ended
		September 28,				September 30,				September 28,				September 30,
		2024				2023				2024				2023
Balance at beginning of period		$	3,784			$	5,534			$	5,017			$	6,214
Warranty expense accruals			722				1,508				2,524				5,229
Warranty payments			(1,031	)			(1,956	)			(4,066	)			(6,424	)
Liability acquired			-				-				-				67
Balance at end of period		$	3,475			$	5,086			$	3,475			$	5,086

Accrued warranty amounts expected to be incurred after one year are included in noncurrent other accrued liabilities in the condensed consolidated balance sheet. These amounts totaled $0.2 million and $0.4 million at September 28, 2024, and December 30, 2023, respectively.

The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

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