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GUARANTEES AND PRODUCT WARRANTIES | 3 Months Ended
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Jan. 31, 2021
GUARANTEES AND PRODUCT WARRANTIES |
GUARANTEES AND PRODUCT WARRANTIES | 10. GUARANTEES AND PRODUCT WARRANTIES From time to time, our subsidiaries guarantee third party payment obligations in connection with the sale of machines to customers that use financing. We follow FASB guidance for accounting for guarantees (codified in ASC 460). As of January 31, 2021, we had 15 outstanding third party payment guarantees totaling approximately $0.8 million. The terms of these guarantees are consistent with the underlying customer financing terms. Upon shipment of a machine, the customer assumes the risk of ownership. The customer does not obtain title, however, until it has paid for the machine. A retention of title clause allows us to recover the machine if the customer defaults on the financing. We accrue liabilities under these guarantees at fair value, which amounts are insignificant. We provide warranties on our products with respect to defects in material and workmanship. The terms of these warranties are generally one year for machines and shorter periods for service parts. We recognize a reserve with respect to this obligation at the time of product sale, with subsequent warranty claims recorded against the reserve. The amount of the warranty reserve is determined based on historical trend experience and any known warranty issues that could cause future warranty costs to differ from historical experience. A reconciliation of the changes in our warranty reserve is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |
​ | ​ | January 31, | ​
​ | ​ | 2021 | ​ | 2020 | ​
Balance, beginning of year | ​ | $ | 1,200 |  | $ | 1,760 | ​
Provision for warranties during the year | ​ |  | 713 | ​ |  | 492 | ​
Charges to the reserve | ​ |  | (722) | ​ |  | (784) | ​
Impact of foreign currency translation | ​ |  | 55 | ​ |  | 3 | ​
Balance, end of year | ​ | $ | 1,246 |  | $ | 1,471 | ​
​ The year-over-year decrease in our warranty reserve was primarily due to a decrease in the number of machines under warranty.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -URI http://asc.fasb.org/topic&trid=2155896 + Details
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