Home » Financials » 2008 Annual Report

Notes to Consolidated Financial Statements

Note 8: ACCRUED LIABILITIES

Accrued liabilities were as follows at November 30:

(In thousands) 2008 2007
Self insurance reserves $ 38,159 $ 29,877
Compensation and benefits 21,121 22,843
Commissions and royalties 3,498 1,866
Reserves for pending claims and litigation 3,328 2,331
Product warranties and guarantees 3,338 3,590
Taxes (other than income taxes) 3,090 3,363
Deferred Income 1,461 13,759
Interest 44 172
Other 5,599 6,635
 
  $ 79,538 $ 84,436

Deferred income related to prepayments made by customers. The net decrease from 2007 to 2008 reflected revenue recognized by the Company’s Water Transmission Group as projects were completed during 2008. 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)
2008
2007
Balance, beginning of period
$ 3,590
$ 3,146
Payments
(1,925)
(2,594)
Warranty adjustment
(162)
130
Warranties issued during the period
1,735
2,908
 
Balance, end of period
$ 3,238
$ 3,590
 

 

Note Nine

 
Home | About Ameron | Photo Gallery | Financials | News | Share Holders | Contact Us
       
Telephone:    
626.683.4000
Fax: 626.683.4060 		245 South Los Robles Avenue
Pasadena, California 91101-2820