Company: IPGP
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001111928-25-000023
Chunk: 38

Company: IPG PHOTONICS CORP
Filing Date: 2025-02-20
Form: 10-K
Item: Item 16
Chunk 38
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10,747 Poland8,703 9,596 China4,396 4,328 Belarus3,779 31,833 Other9,320 25,283 Total$604,800 $613,732 

10. OTHER LIABILITIES

Accrued expenses and other liabilities consist of the following:December 31, 20242023Accrued compensation$56,568 $67,053 Contract liabilities56,454 69,219 Current portion of accrued warranty21,398 27,283 Short-term lease liabilities4,835 4,597 Other12,793 13,198 Total$152,048 $181,350 Other long-term liabilities and deferred income taxes consist of the following:December 31,20242023Deferred income taxes$14,206 $1,508 Unrecognized tax benefits13,855 17,176 Long-term lease liabilities13,124 13,664 Accrued warranty12,954 19,926 Transition tax related to 2017 U.S. tax reform act— 11,009 Other5,635 5,369 Total$59,774 $68,652 

F-21

Table of ContentsIPG PHOTONICS CORPORATIONNOTES TO CONSOLIDATED FINANCIAL STATEMENTS(In thousands, except share and per share data)

11. PRODUCT WARRANTIES

Activity related to the warranty accrual was as follows:202420232022Balance at January 1$47,209 $52,862 $49,864 Provision for warranty accrual5,810 13,596 22,565 Warranty claims(15,611)(19,801)(17,829)Warranty related to business divested(1,603)— — Foreign currency translation(1,453)552 (1,738)Balance at December 31$34,352 $47,209 $52,862 Accrued warranty reported in the accompanying Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023 consists of $21,398 and $27,283 in accrued expenses and other liabilities and $12,954 and $19,926 in other long-term liabilities and deferred income taxes, respectively.

12. FINANCING ARRANGEMENTS

Revolving Line of Credit Facilities:The Company maintains an unsecured revolving line of