Warranty
 6 Months Ended
Jan. 31, 2015
Warranty [Abstract]  
Warranty

Note J – Warranty

 

The Company estimates warranty expense using quantitative measures based on historical warranty claim experience and evaluation of specific Customer warranty issues.  Following is a reconciliation of warranty reserves for the six months ended January 31, 2015 and 2014 (thousands of dollars):

 

 

 

 

 

 

 

January 31,

 

2015

 

2014

Beginning balance

$          9,029

 

$        10,526

Accruals for warranties issued during the reporting period
1,617 

 
1,710 

Accruals related to pre-existing warranties (including changes in estimates)
(204)

 
(342)

Less settlements made during the period
(2,020)

 
(2,404)

Ending balance

$          8,422

 

$          9,490

 

There were no significant specific warranty matters accrued for in the periods ended January 31, 2015 or 2014.  The Company’s warranty matters are not expected to have a material impact on our results of operations, liquidity, or financial position.