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WARRANTY RESERVE | 9 Months Ended
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Sep. 29, 2012
WARRANTY RESERVE |
WARRANTY RESERVE |
4. WARRANTY RESERVE The Company’s warranty liabilities are primarily related to watch products. The Company’s FOSSIL® watch products sold in the U.S. are covered by a limited warranty against defects in materials or workmanship for a period of 11 years from the date of purchase. RELIC® watch products sold in the U.S. are covered by a comparable 12 year warranty, while certain other watches sold by the Company are covered by a comparable two year limited warranty. SKAGEN branded watches are covered by a lifetime warranty against defects due to faulty material or workmanship, subject to normal conditions of use. The changes in the Company’s warranty liability for the periods indicated were as follows (in thousands):
|  | For the 39 Weeks Ended |
|  | September 29, 2012 |  | October 1, 2011 |
Beginning balance |  | $ | 10,996 |  | $ | 8,534 |
Settlements in cash or kind |  | (4,591 | ) | (3,011 | )
Warranties issued and adjustments (1) |  | 6,561 |  | 5,061 |
Liabilities assumed in acquisition |  | 595 |  | 0 |
Ending balance |  | $ | 13,561 |  | $ | 10,584 |
(1) Changes in cost estimates related to pre-existing warranties are aggregated with accruals for newly issued warranties and foreign currency changes.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 45 -Paragraph 14 -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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