Long-Term Liabilities

3 Months Ended

Aug. 31, 2014

Debt Disclosure [Abstract]

Long-Term Liabilities

NOTE 7 Long-Term Liabilities

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

	August 31,		May 31,
	2014		2014
	(Dollars in thousands)
Other deferred liabilities:
Deferred compensation expense	$	5,321	$	5,386
Accrued warranty and related expenses		2,000		2,000
Total other deferred liabilities		7,321		7,386
Life insurance loans		6,334		6,334
	$	13,655	$	13,720

Life insurance loans have no fixed repayment schedule, and have interest rates ranging from 4.2 percent to 7.4 percent. The weighted average interest rate is 5.9 percent. At August 31 and May 31, 2014, prepaid interest associated with the life insurance loans totaled approximately $142,000 and $165,000; which is recognized in Other current assets.