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Liability for Warranty Returns
3 Months Ended
Mar. 31, 2024
Product Warranties Disclosures [Abstract]  
Liability for Warranty Returns

17. LIABILITY FOR WARRANTY RETURNS

The Company's products generally include warranties of 90 days to five years for product defects. The Company accrues for warranty returns at the time of product shipment based on its historical return rate and estimate of the cost to repair or replace the defective products. The Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component suppliers. The increasing complexity of the Company's products may cause warranty incidences, when they arise, to be more costly. Estimates regarding future warranty obligations may change due to product failure rates, material usage and other rework costs incurred in correcting a product failure. In addition, from time to time, specific warranty accruals may be recorded if unforeseen problems arise. Should the Company's actual experience relative to these factors be worse than its estimates, the Company will be required to record additional warranty expense. The liability for warranty obligations totaled $6.2 million and $6.4 million as of March 31, 2024 and December 31, 2023, respectively, and is included in accrued expenses and other liabilities in the Condensed Consolidated Balance Sheets. The warranty expense and write-off activity for the three months ended March 31, 2024 and 2023 are summarized as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In thousands)

 

2024

 

 

2023

 

Balance at beginning of period

 

$

6,445

 

 

$

7,196

 

Plus: Amounts charged to cost and expenses

 

 

646

 

 

 

1,077

 

Plus: Foreign currency translation adjustments

 

 

(54

)

 

 

26

 

Less: Deductions

 

 

(816

)

 

 

(1,099

)

Balance at end of period

 

$

6,221

 

 

$

7,200