8.	Guarantees and Other Obligations

Product Warranty

Our products are generally sold with warranty periods that range from 12 to 36 months following sale or acceptance. Parts and labor are covered under the terms of the warranty agreement. The warranty provision is based on historical and projected experience by product and configuration.

Changes in accrued warranty were as follows

(

in thousands

)

	Three Months Ended
	March 26,			March 28,
	2016			2015
Balance at beginning of period	$	4,886		$	5,848
Warranty expense accruals		1,820			1,267
Warranty payments		(1,488	)		(1,764	)
Balance at end of period	$	5,218		$	5,351

Accrued warranty amounts expected to be incurred after one year are included in noncurrent other accrued liabilities in the condensed consolidated balance sheet. These amounts total $1.0 million at March 26, 2016 and $1.1 million at December 26, 2015.

Standby Letters of Credit

During the ordinary course of business, we provide standby letters of credit instruments to certain parties as required. As of March 26, 2016, the maximum potential amount of future payments that Cohu could be required to make under these standby letters of credit was $26,000. We have not recorded any liability in connection with these guarantee arrangements beyond that required to appropriately account for the underlying transaction being guaranteed. We do not believe, based on historical experience and information currently available, that it is probable that any amounts will be required to be paid under these arrangements.

Lines of Credit

One of our wholly owned subsidiaries has two available lines of credit which provide it with borrowings of up to a total of 2.5 million Swiss Francs. At March 26, 2016 and December 26, 2015 no amounts were outstanding under the lines of credit.