ACCOUNTS PAYABLE, ACCRUED LIABILITIES AND GUARANTEES

Accounts payable and accrued liabilities at May 28, 2011 and November 27, 2010 were as follows:



	May 28, 2011		November 27, 2010
Accounts payable	$	66,815	$	64,630
Accrued salaries, wages and commissions	13,322		31,497
Compensated absences	8,627		8,172
Accrued insurance liabilities	11,970		11,473
Customer deposits	10,058		7,732
Other accrued liabilities	33,261		36,702
	$	144,053	$	160,206

Warranties are recorded as a liability on the balance sheet and as charges to current expense for estimated normal warranty costs and, if applicable, for specific performance issues known to exist on products already sold. The expenses estimated to be incurred are provided at the time of sale and adjusted as needed, based primarily upon experience.

Changes in the Company’s warranty accrual, which is included in Other accrued liabilities, are as follows:



	Six Months Ended
	May 28, 2011			May 29, 2010
Balance at beginning of period	$	3,499		$	3,989
Accruals for warranties issued during the period	258			242
Adjustments related to pre-existing warranties	(12		)	41
Settlements made during the period	(441		)	(502		)
Other adjustments, including currency translation	(35		)	(384		)
Balance at end of period	$	3,269		$	3,386

The Company has letters of credit totaling $25,802 and $23,189 as of May 28, 2011 and November 27, 2010, respectively, issued to various government agencies, primarily related to industrial revenue bonds, and to insurance companies and other commercial entities in support of its obligations. The Company believes that no payments will be required resulting from these obligations.

In the ordinary course of business, the Company also provides routine indemnifications and other guarantees whose terms range in duration and are often not explicitly defined. The Company does not believe these will have a material impact on the results of operations or financial condition of the Company.