Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Tables)

v3.22.4
Commitments and Contingencies (Tables)
12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Changes in Aggregate Product Warranty Liabilities

The following table identifies the changes in the Company’s aggregate product warranty liabilities for the years ended December 31, 2022, 2021 and 2020, respectively:

 

 

 

December 31,

 

(amounts in thousands)

 

2022

 

 

2021

 

 

2020

 

Product warranty liability at beginning of period

 

$

13,726

 

 

$

14,394

 

 

$

12,571

 

Accruals for warranties issued

 

 

10,416

 

 

 

9,168

 

 

 

9,462

 

Adjustments related to preexisting warranties (including changes in estimates)

 

 

8,234

 

 

 

(597

)

 

 

(754

)

Settlements made (in cash or in kind)

 

 

(12,463

)

 

 

(9,239

)

 

 

(6,885

)

Product warranty liability at end of period

 

$

19,913

 

 

$

13,726

 

 

$

14,394

 

 

During the year ended December 31, 2022, the Company recorded $8,234 of changes in estimates related to preexisting warranties due to data and information that became available during the current year. The changes in estimates were primarily due to the increased cost to repair for all products stemming from the current year inflationary environment and increased product failure rates.