Accounts Payable, Accrued Liabilities and Guarantees (Note)

3 Months Ended

Mar. 02, 2013

Accounts Payable, Accrued Liabilities and Guarantees

ACCOUNTS PAYABLE, ACCRUED LIABILITIES AND GUARANTEES

Accounts payable and accrued liabilities at March 2, 2013 and December 1, 2012 were as follows:



	March 2, 2013		December 1, 2012
Accounts payable	$	62,786	$	69,206
Accrued salaries, wages and commissions	7,840		16,884
Pension and postretirement healthcare benefits liabilities	7,876		21,442
Compensated absences	8,225		9,010
Accrued insurance liabilities	8,274		7,733
Customer deposits	15,829		14,207
Other accrued liabilities	27,213		33,780
Accounts payable and accrued liabilities	$	138,043	$	172,262

The Company has letters of credit totaling $29,021 and $23,307 as of March 2, 2013 and December 1, 2012, 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.

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:



	Three Months Ended
	March 2, 2013			March 3, 2012
Warranty accrual at beginning of period	$	1,533		$	2,580
Accruals for warranties issued during the period	182			109
Adjustments related to pre-existing warranties	27			(47		)
Settlements made during the period	(178		)	(120		)
Other adjustments, including currency translation	(6		)	(6		)
Warranty accrual at end of period	$	1,558		$	2,516