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Guarantees
 3 Months Ended
Mar. 28, 2020
Guarantees [Abstract]  
Guarantees Guarantees
Product Warranties
Activity related to product warranty was as follows (in thousands):
 
Three Months Ended
 
March 28, 2020
 
March 30, 2019
Beginning balance
$
43,348

 
$
41,021

Charges to operations
6,312

 
5,420

Utilization
(8,335
)
 
(5,803
)
Change in estimate(1)
(1,863
)
 
(887
)
Balance at the end of the period
$
39,462

 
$
39,751

(1) 
The Company records product warranty liabilities based on the latest quality and cost information available as of the date the revenue is recorded. The changes in estimate shown here are due to changes in overall actual failure rates, the mix of new versus used units related to replacement of failed units, and changes in the estimated cost of repair including product recalls. As the Company's products mature over time, failure rates and repair costs associated with such products generally decline leading to favorable changes in warranty reserves.
Letters of Credit and Bank Guarantees
The Company had $35.7 million of standby letters of credit and bank guarantees outstanding as of March 28, 2020 that consisted of $22.8 million related to customer performance guarantees, $0.3 million related to value added tax and customs licenses, $5.9 million related to property leases, $6.1 million related to restructuring plans, $0.5 million related to credit cards and $0.1 million related to suppliers. The Company had $27.9 million of standby letters of credit and bank guarantees outstanding as of December 28, 2019 that consisted of $14.2 million related to customer performance guarantees, $0.4 million related to a value added tax license, $5.9 million related to property leases, $6.8 million related to Coriant's pre-Acquisition restructuring plans, $0.5 million related to credit cards and $0.1 million for other liabilities.
As of March 28, 2020 and December 28, 2019, the Company had a Credit Facility, which included a $50 million letter of credit sub-facility, pursuant to which letters of credit in the amount of $13.8 million and $4.1 million had been issued and outstanding for both periods, respectively. Approximately $185.4 million and $180.9 million of
assets of certain Company subsidiaries have been pledged to secure this Credit Facility and other obligations as of March 28, 2020 and December 28, 2019, respectively.