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Commitments and Contingencies | 12 Months Ended
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Sep. 30, 2017
Commitments and Contingencies |
Commitments and Contingencies | 14. Commitments and Contingencies Operating Leases Rent expense under operating leases totaled $94,000, $83,000 and $73,000 for the years ended September 30, 2017, 2016 and 2015, respectively. Future minimum lease payments under non-cancelable operating leases are $53,000 for the year ended September 30, 2018. Purchase Obligations A “purchase obligation” is defined as an agreement to purchase goods or services that is enforceable and legally binding on the Company and that specifies all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum or variable price provisions, and the approximate timing of the transaction. These amounts are comprised primarily of open purchase order commitments entered in the ordinary course of business with vendors and subcontractors pertaining to fulfillment of the Company’s current order backlog. The purchase obligations on open purchase orders were $0.9 million, $0.9 million and $0.5 million as of September 30, 2017, 2016 and 2015, respectively. Product Liability The Company has product liability insurance of $50,000,000. The Company has not experienced any material product liability claims. Legal Proceedings In the ordinary course of business, IS&S is at times subject to various legal proceedings and claims. The Company believes it is not reasonably possible that such matters that are currently pending will, individually or in the aggregate, have a material effect on the results of operations or financial position. On February 23, 2017, IS&S announced a settlement of its previously disclosed lawsuit with Delta Air Lines, Inc. (“Delta”). The lawsuit related to Delta’s October 2014 termination of a contract for IS&S to develop, manufacture and install new cockpit displays and upgraded flight management systems with RNP, RTA, and GPS capabilities on Delta’s fleet of McDonnell Douglas 88 and 90 aircraft. Under the terms of settlement, Delta paid IS&S $7.75 million and the parties dismissed their respective claims and counterclaims against each other and exchanged releases, bringing the lawsuit to an end.

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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