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Product Warranties
 12 Months Ended
Dec. 31, 2021
Product Warranties [Abstract]  
Product Warranties

Note 10 – Product Warranties

 

Warranty terms are based on the negotiated railcar sales contracts. The Company generally warrants that new railcars produced by it will be free from defects in material and workmanship under normal use and service identified for a period of up to five years from the time of sale. The changes in the warranty reserve for the years ended December 31, 2021 and 2020, are as follows:

 

 

 

 

December 31,

 

 

 

 

 

2021

 

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

Balance at the beginning of the year

 

 

$

5,216

 

 

 

$

8,388

 

 

Current year provision

 

 

 

200

 

 

 

 

451

 

 

Reductions for payments, costs of repairs and other

 

 

 

(1,358

)

 

 

 

(1,756

)

 

Adjustments to prior warranties

 

 

 

(1,525

)

 

 

 

(1,867

)

 

Balance at the end of the year

 

 

$

2,533

 

 

 

$

5,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments to prior warranties includes changes in the warranty reserve for warranties issued in prior periods due to expiration of the warranty period, revised warranty cost estimates and other factors.