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Notes to Consolidated Financial Statements

Note 8: ACCRUED LIABILITIES

Accrued liabilities were as follows at November 30:

(In thousands) 2006 2005
Self insurance reserves $30,088 $23,620
Compensation and benefits 21,331 21,454
Commissions and royalties 6,562 2,955
Product warranties and guarantees 3,146 4,026
Taxes (other than income taxes) 1,382 3,992
Reserves for pending claims and litigation 1,231 1,702
Advances from customers 475 508
Interest 153 238
Other 4,602 4,576
 
  $ 68,970 $ 63,071

The Company's product warranty accrual reflects management's estimate of probable liability associated with product warranties. The Company generally provides a standard product warranty not exceeding one year from date of purchase. Management establishes product warranty accruals based on historical experience and other currently-available information. Changes in the product warranty accrual for the years ended November 30 were as follows:

 

(In thousands)
2006
2005
Balance, beginning of period
$4,026
$4,297
Payments made
(1,680)
(3,738)
Warranty adjustment related to discontinued operations
(1,675)
-
Warranties issued during the period
2,475
3,467
 
Balance, end of period
$3,146
$4,026
 

 

Note Nine

 
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