COMMITMENTS AND CONTINGENCIES Contingent Consideration In connection with several business acquisitions, if certain performance targets for the acquired products are achieved, the Company would pay additional cash consideration. The Company has recorded a liability for the fair value of this contingent consideration at September 30, 2019, based on the present value of the expected future cash flows using a market participants weighted average cost of capital of 11.7 percent. As required, the liability for this contingent consideration is measured at fair value quarterly, considering actual sales of the acquired products, updated sales projections, and the updated market participant weighted average cost of capital. Depending upon the weighted average costs of capital and future sales of the products which are subject to contingent consideration, the Company could record adjustments in future periods. The following table provides a reconciliation of the Companys contingent consideration liability for the nine months ended September 30, 2019: (In thousands) Balance at beginning of period $ 7,302 Payments (4) Accretion (a) 564 Fair value adjustments (a) (214) Net foreign currency translation adjustment (148) Balance at end of the period (b) 7,500 Less current portion in accrued expenses and other current liabilities (5,686) Total long-term portion in other long-term liabilities $ 1,814 (a) Recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Income. (b) Amount represents the fair value of estimated remaining payments. The total estimated remaining undiscounted payments as of September 30, 2019 were $9.1 million. The liability for contingent consideration expires at various dates through September 2029. Certain of the contingent consideration arrangements are subject to a maximum payment amount, while the remaining arrangements have no maximum contingent consideration. Furrion Distribution and Supply Agreement In July 2015, the Company entered into a six -year exclusive distribution and supply agreement with Furrion Limited (Furrion), a Hong Kong based firm that designs, engineers, and supplies premium electronics. This agreement provided the Company with the rights to distribute Furrions complete line of products to OEMs and aftermarket customers in the RV, specialty vehicle, utility trailer, horse trailer, marine, transit bus, manufactured housing, and school bus industries throughout the United States and Canada. In August 2019, the Company and Furrion agreed to terminate the agreement effective December 31, 2019, and transition all sale and distribution of Furrion products currently handled by the Company to Furrion. Effective January 1, 2020, Furrion will distribute its products directly to the customer and assume all responsibilities previously carried out by the Company relating to Furrion products. Upon termination of the agreement, Furrion has agreed to purchase from the Company any non-obsolete stock and certain obsolete and slow-moving stock of Furrion products at the cost paid by the Company. This transition includes an option for Furrion to lease from the Company a designated warehouse and related equipment after January 1, 2020. Product Recalls From time to time, the Company cooperates with and assists its customers on their product recalls and inquiries, and occasionally receives inquiries directly from the National Highway Traffic Safety Administration regarding reported incidents involving the Companys products. As a result, the Company has incurred expenses associated with product recalls from time to time, and may incur expenditures for future investigations or product recalls. Environmental The Companys operations are subject to certain Federal, state, and local regulatory requirements relating to the use, storage, discharge, and disposal of hazardous materials used during the manufacturing processes. Although the Company believes its operations have been consistent with prevailing industry standards, and are in substantial compliance with applicable environmental laws and regulations, one or more of the Companys current or former operating sites, or adjacent sites owned by third-parties, have been affected, and may in the future be affected, by releases of hazardous materials. As a result, the Company may incur expenditures for future investigation and remediation of these sites, including in conjunction with voluntary remediation programs or third-party claims. Litigation In the normal course of business, the Company is subject to proceedings, lawsuits, regulatory agency inquiries, and other claims. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. While these matters could materially affect operating results when resolved in future periods, management believes that, after final disposition, including anticipated insurance recoveries in certain cases, any monetary liability or financial impact to the Company beyond that provided in the Condensed Consolidated Balance Sheet as of September 30, 2019, would not be material to the Companys financial position or results of operations.