CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) 2001 STRATTEC Annual Report 14 The accompanying notes are an integral part of these consolidated balance sheets. July 1, 2001 July 2, 2000 ASSETS CURRENT ASSETS Cash and cash equivalents $15,298 $13,9150 Receivables, less allowance for doubtful  accounts of $250 at July 1, 2001, and July 2, 2000 27,189 28,731) Inventories 8,605 14,342) Customer tooling in progress 2,588 4,248) Future income tax benefits 1,880 2,092) Other current assets 4,107 3,273) ) ) Total current assets 59,667 66,601) DEFERRED INCOME TAXES 130 - PROPERTY, PLANT, AND EQUIPMENT, NET 41,851 42,381) ) ) $101,648 $108,982) ) ) LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $14,178 $19,694) Accrued liabilities: Payroll and benefits 7,501 10,394) Environmental 2,749 2,770) Income taxes 354 47) Other 1,711 1,196) ) ) Total current liabilities 26,493 34,101) DEFERRED INCOME TAXES - 299) BORROWINGS UNDER REVOLVING CREDIT FACILITY - - ACCRUED PENSION OBLIGATIONS 10,617 9,839 ACCRUED POST-RETIREMENT OBLIGATIONS 4,528 4,293 SHAREHOLDERS’ EQUITY Common stock, authorized 12,000,000 shares  $.01 par value, issued 6,195,889 shares  at July 1, 2001, and 6,120,788 shares at July 2, 2000 62 61) Capital in excess of par value 49,545 47,924) Retained earnings 80,990 67,964) Accumulated other comprehensive loss (1,749) (2,239) Less: Treasury stock, at cost (2,149,800 shares at  July 1, 2001, and 1,668,179 shares at July 2, 2000) (68,838) (53,260)) ) ) Total shareholders’ equity 60,010 60,450) ) ) $101,648 $108,982)