Product Warranty

9 Months Ended

Dec. 31, 2022

Guarantees and Product Warranties [Abstract]

Product Warranty

Note 9 — Product Warranty

The Company provides limited warranties on its products for periods of up to five years. The Company records a liability for its warranty obligations when products are shipped or they are included in long-term construction contracts based upon an estimate of expected warranty costs. Amounts expected to be incurred within 12 months are classified as accrued liabilities and amounts expected to be incurred beyond 12 months are classified as other liabilities in the condensed consolidated financial statements. For mature products, the warranty cost estimates are based on historical experience with the particular product. For newer products that do not have a history of warranty costs, the Company bases its estimates on its experience with the technology involved and the types of failures that may occur. It is possible that the Company’s underlying assumptions will not reflect the actual experience and, in that case, future adjustments will be made to the recorded warranty obligation. The following table reflects the change in the Company’s warranty accrual during the nine months ended December 31, 2022 and 2021:

	Nine Months Ended
	December 31, 2022			December 31, 2021
	(In thousands)
Balance, beginning of period	$	5,352		$	6,122
Change in liability for warranties    issued in period		1,933			3,435
Settlements made (in cash or in kind)    during the period		(1,870	)		(4,072	)
Balance, end of period	$	5,415		$	5,485