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Other Current Liabilities
6 Months Ended
Jun. 30, 2019
Other Liabilities Disclosure [Abstract]  
Other Current Liabilities

6.

Other Current Liabilities

Other current liabilities were comprised of the following:

 

 

 

June 30,

2019

 

 

December 31,

2018

 

Customer-related liabilities

 

$

15,754

 

 

$

16,439

 

Accrued interest payable

 

 

2,512

 

 

 

2,333

 

Accrued sales commissions

 

 

1,814

 

 

 

1,637

 

Other

 

 

9,560

 

 

 

8,578

 

Other current liabilities

 

$

29,640

 

 

$

28,987

 

 

Included in customer-related liabilities are costs expected to be incurred with respect to product warranties and customer deposits. The Corporation provides a limited warranty on its products, known as assurance type warranties, and may issue credit notes or replace products free of charge for valid claims. A warranty is considered an assurance type warranty if it provides the customer with assurance that the product will function as intended. Historically, warranty claims have been insignificant. The Corporation records a provision for product warranties at the time the underlying sale is recorded. The provision is based on historical experience as a percent of sales adjusted for potential claims when a liability is probable and for known claims.

 

Changes in the liability for product warranty claims consisted of the following:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Balance at beginning of the period

 

$

9,364

 

 

$

10,518

 

 

$

9,447

 

 

$

11,379

 

Satisfaction of warranty claims

 

 

(1,012

)

 

 

(1,380

)

 

 

(2,481

)

 

 

(3,172

)

Provision for warranty claims

 

 

922

 

 

 

856

 

 

 

2,372

 

 

 

1,749

 

Other, primarily impact from changes in foreign currency

   exchange rates

 

 

(51

)

 

 

(368

)

 

 

(115

)

 

 

(330

)

Balance at end of the period

 

$

9,223

 

 

$

9,626

 

 

$

9,223

 

 

$

9,626

 

 

 

Customer deposits represent amounts collected from, or invoiced to, a customer in advance of revenue recognition, and are recorded as an other current liability on the balance sheet. The liability for customer deposits is reversed when the Corporation satisfies its performance obligations and control of the inventory transfers to the customer, typically when title transfers. Performance obligations related to customer deposits are expected to be satisfied in less than one year.

 

Changes in customer deposits consisted of the following:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Balance at beginning of the period

 

$

3,031

 

 

$

4,702

 

 

$

4,304

 

 

$

4,574

 

Satisfaction of performance obligations

 

 

(1,071

)

 

 

(2,637

)

 

 

(5,005

)

 

 

(5,149

)

Receipt of additional deposits

 

 

1,971

 

 

 

2,876

 

 

 

4,709

 

 

 

5,513

 

Other, primarily changes in foreign currency

   exchange rates

 

 

83

 

 

 

(52

)

 

 

6

 

 

 

(49

)

Balance at end of the period

 

$

4,014

 

 

$

4,889

 

 

$

4,014

 

 

$

4,889