FLOWSERVE CORP | 2013 | FY | 3

WARRANTY RESERVE
We have recorded reserves for product warranty claims that are included in current liabilities. The following is a summary of the activity in the warranty reserve:
 
2013
 
2012
 
2011
 
(Amounts in thousands)
Balance — January 1
$
35,400

 
$
38,033

 
$
34,374

Accruals for warranty expense, net of adjustments
33,504

 
28,851

 
35,535

Settlements made
(31,076
)
 
(31,484
)
 
(31,876
)
Balance — December 31
$
37,828

 
$
35,400

 
$
38,033

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