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Long-Term Liabilities
 12 Months Ended
May 31, 2014
Debt Disclosure [Abstract]  
Long-Term Liabilities
NOTE 9   Long-Term Liabilities

Long-term liabilities, consisting of other deferred liabilities and life insurance loans, include the following:

 

     May 31,  
     2014      2013  
     (Dollars in thousands)  

Other deferred liabilities:

      

Deferred compensation expense

    $ 5,386       $ 5,869   

Accrued warranty and related expenses

      2,000         2,200   
  

 

 

     

 

 

  

Total other deferred liabilities

      7,386         8,069   

Life insurance loans

      6,334         —   
  

 

 

     

 

 

  
   $ 13,720       $ 8,069   
  

 

 

     

 

 

  

Additional information regarding deferred compensation expense is in Note 15. Life insurance loans have no fixed prepayment schedule, and have interest rates ranging from 4.2 percent to 7.4 percent. The weighted average interest rate is 5.9 percent. At May 31, 2014, prepaid interest associated with the life insurance loans totaled approximately $165,000; which is recognized in Other current assets.