Product Warranty Costs
|9 Months Ended|
May 31, 2019
|Product Warranty Costs||
Note 7. Product Warranty Costs
The Company generally offers its customers an assurance warranty on products sold, although warranty periods vary by product type and application. The reserve for future warranty claims, which is recorded within the "Other current liabilities" line on the Condensed Consolidated Balance Sheets, is based on historical claim rates and current warranty cost experience. The following is a rollforward of the product warranty reserves for the nine months ended May 31, 2019 and 2018, respectively (in thousands):
The entire disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef