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Notes to Consolidated Financial Statements

Note 8: ACCRUED LIABILITIES

Accrued liabilities were as follows at November 30:

(In thousands) 2007 2006
Self insurance reserves $ 29,877
 $30,088
Compensation and benefits 22,843 21,331
Deferred Income 13,759
 475
Product warranties and guarantees 3,590 3,146
Taxes (other than income taxes) 3,363 1,382
Reserves for pending claims and litigation 2,331 1,231
Commissions and royalties 1,866 6,562
Interest 172 153
Other 6,635 4,602
 
  $ 84,436 $ 68,970

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 year ended November 30 were as follows:

(In thousands)
2007
2006
Balance, beginning of period
$ 3,146
$4,026
Payments
(2,594)
(1,680)
Warranty adjustment related to discontinued operations
130
(1,675)
Warranties issued during the period
2,908
2,475
 
Balance, end of period
$ 3,590
$3,146
 

 

Note Nine

 
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