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Product Warranties
12 Months Ended
Dec. 31, 2023
Product Warranties Disclosures [Abstract]  
Product Warranties

Note 10 – Product Warranties

 

Warranty terms are based on the negotiated railcar sale, rebody or conversion contract, as applicable. 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, 2023 and 2022, are as follows:

 

 

 

 

December 31,

 

 

 

 

 

2023

 

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

Balance at the beginning of the year

 

 

$

1,940

 

 

 

$

2,533

 

 

Current year provision

 

 

 

863

 

 

 

 

3,462

 

 

Reductions for payments, costs of repairs and other

 

 

 

(955

)

 

 

 

(3,365

)

 

Adjustments to prior warranties

 

 

 

(246

)

 

 

 

(690

)

 

Balance at the end of the year

 

 

$

1,602

 

 

 

$

1,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments to prior warranties include 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.