Warranties

The Company's standard warranty is up to one year for parts and services and five years for new railcars. Factors affecting the Company's warranty liability include the number of units sold, historical and anticipated warranty claim rates and costs per claim. Fluctuations in the Company's warranty provision and experience of warranty claims are the result of variations in these factors. The Company assesses the adequacy of its warranty liability based on changes in these factors.

The overall change in the Company’s warranty reserve is reflected on the condensed consolidated balance sheets in accrued expenses and other liabilities and is detailed as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
	(in thousands)
Liability, beginning of period	$	8,399		$	2,830		$	8,838		$	2,439
Provision for warranties issued during the period, net of adjustments	296			205			364			234
Adjustments to warranties issued during previous periods	(175		)	388			(545		)	920
Warranty claims	(132		)	(417		)	(269		)	(587		)
Liability, end of period	$	8,388		$	3,006		$	8,388		$	3,006