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Notes to Consolidated Financial Statements

Notes Seven: ACCRUED LIABILITIES

Accrued liabilities were as follows at November 30:

(In thousands) 2003 2002
Compensation and benefits $19,909 $18,907
Self insurance reserves 14,988 14,222
Reserves for pending claims and litigation 4,547 1,051
Product warranties and guarantees 3,770 4,257
Taxes (other than income taxes) 3,196 2,450
Interest 1,937 826
Commissions and royalties 1,490 1,250
Advances from customers 1,254 464
Other 2,000 2,567
 
  $53,091 $45,994

The Company's product warranty accrual reflects management's estimate of probable liability associated with product warranties. Management establishes product warranty accruals based on historical experience and other currently available information. Changes in the product warranty accrual for the year ended November 30, 2003 were as follows (in thousands):

 

Balance, beginning of period
$4,257
Payments made
(3,158)
Change in liability for warranties issued during the period
2,671
 
Balance, end of period
$3,770
 

 

Note Eight

 
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