Other Current Liabilities

3 Months Ended

Mar. 31, 2022

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

Note 5 – Other Current Liabilities

Other current liabilities were comprised of the following:

	March 31, 2022		December 31, 2021
Customer-related liabilities	$	12,082	$	12,548
Accrued interest payable		1,807		1,772
Accrued sales commissions		2,022		1,864
Other		6,024		5,026
Other current liabilities	$	21,935	$	21,210

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 product warranties at the time the underlying sale is recorded. The provision is based on historical experience as a percentage 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 March 31,
	2022			2021
Balance at beginning of the period	$	7,331		$	8,105
Satisfaction of warranty claims		(703	)		(650	)
Provision for warranty claims		508			786
Other, primarily impact from changes in foreign currency exchange rates		(139	)		(84	)
Balance at end of the period	$	6,997		$	8,157

Customer deposits represent amounts collected from, or invoiced to, a customer in advance of revenue recognition. 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 March 31,
	2022			2021
Balance at beginning of the period	$	4,328		$	6,507
Satisfaction of performance obligations		(3,433	)		(4,035	)
Receipt of additional deposits		3,122			4,072
Other, primarily impact from changes in foreign currency exchange rates		(28	)		(33	)
Balance at end of the period	$	3,989		$	6,511