Other Current Liabilities

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

Note 5 – Other Current Liabilities

Other current liabilities were comprised of the following:

	September 30, 2024		December 31, 2023
Customer-related liabilities	$	24,971	$	19,915
Accrued utilities		1,885		1,880
Accrued sales commissions		1,800		1,850
Other		4,193		4,089
Other current liabilities	$	32,849	$	27,734

Customer-related liabilities primarily include liabilities for product warranty claims and deposits received on future orders. 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 estimated product warranties at the time the underlying sale is recorded. The provision is based on historical experience as a percentage of sales adjusted for probable and known claims.

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Balance at beginning of the period	$	5,175		$	5,639		$	5,539		$	5,193
Satisfaction of warranty claims		(330	)		(304	)		(1,016	)		(1,280	)
Provision for warranty claims, net		440			62			884			1,439
Other, primarily impact from changes in foreign currency exchange rates		215			(110	)		93			(65	)
Balance at end of the period	$	5,500		$	5,287		$	5,500		$	5,287

Customer deposits represent amounts collected from, or invoiced to, a customer in advance of revenue recognition when necessary to secure the right to a specific product. 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. The majority of performance obligations related to customer deposits are expected to be satisfied in less than one year. Performance obligations related to customer deposits expected to be satisfied beyond one year have been classified as a noncurrent liability.

Changes in customer deposits consisted of the following:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Balance at beginning of the period	$	18,807		$	11,506		$	13,078		$	10,453
Satisfaction of performance obligations		(6,156	)		(7,602	)		(13,541	)		(17,182	)
Receipt of additional deposits		9,759			5,266			22,892			15,886
Other, primarily impact from changes in foreign currency exchange rates		89			(22	)		70			(9	)
Balance at end of the period		22,499			9,148			22,499			9,148
Deposits - Other noncurrent liabilities		(4,213	)		-			(4,213	)		-
Deposits - Other current liabilities	$	18,286		$	9,148		$	18,286		$	9,148