12. Other Noncurrent Assets

At May 31, 2017 and 2016, other noncurrent assets consisted of the following:

	May 31,
	2017		2016
Assets under deferred compensation plan	$	32.1	$	28.8
Costs in excess of billings		19.1		14.9
Cash surrender value of life insurance		17.8		17.7
Investments in joint ventures		15.0		17.6
License fees		14.4		15.5
Other		7.5		7.5

	$	105.9	$	102.0

License Fees

In June 2011, we entered into a ten-year agreement with Unison Industries to be the exclusive worldwide aftermarket distributor for Unison's electrical components, sensors, switches and other systems for aircraft and industrial uses. In connection with the agreement, we agreed to pay Unison Industries $20.0 million for the exclusive distribution rights with $7.0 million paid in June 2011 and $1.3 million payable by January 31 of each calendar year beginning in January 2012 through 2021.

As of May 31, 2017 and 2016, the unamortized balance of the license is $7.2 million and $8.8 million, respectively, and is being amortized over a ten-year period. The current portion of the deferred payments of $1.3 million is recorded in Accrued liabilities and the long-term portion of $3.2 million is included in Other liabilities and deferred income on the Consolidated Balance Sheet.