part iI / item 8 CONSOLIDATED BALANCE SHEETS Balance at December 31, (in thousands, except shares and per share data) 2012 2011 Assets Current assets: Cash and cash equivalents $ 423,947 $ 245,089 Current insurance receivable — asbestos 33,722 16,345 Accounts receivable, net 333,330 349,250 Inventories 352,725 360,689 Current deferred tax assets 21,618 46,664 Other current assets 15,179 14,195 Total current assets 1,180,521 1,032,232 Property, plant and equipment, net 268,283 284,146 Insurance receivable — asbestos 171,752 208,952 Long-term deferred tax assets 245,843 265,849 Other assets 83,774 85,301 Intangible assets, net 125,913 146,227 Goodwill 813,792 820,824 Total assets $2,889,878 $2,843,531 Liabilities and equity Current liabilities: Short-term borrowings $ 1,123 $ 1,112 Accounts payable 182,731 194,158 Current asbestos liability 91,670 100,943 Accrued liabilities 220,678 226,717 U.S. and foreign taxes on income 15,686 10,165 Total current liabilities 511,888 533,095 Long-term debt 399,092 398,914 Accrued pension and postretirement benefits 233,603 178,382 Long-term deferred tax liability 36,853 41,668 Long-term asbestos liability 704,195 792,701 Other liabilities 76,871 76,715 Commitments and Contingencies (Note 11) Equity Preferred shares, par value $.01; 5,000,000 shares authorized — — Common shares, par value $1.00; 200,000,000 shares authorized; 72,426,139 shares issued; 57,106,172 shares outstanding (57,614,254 in 2011) 72,426 72,426 Capital surplus 204,472 189,294 Retained earnings 1,250,972 1,095,953 Accumulated other comprehensive loss (128,077) (93,512) Treasury stock; 15,319,967 treasury shares (14,811,885 in 2011) (481,410) (450,608) Total shareholders’ equity 918,383 813,553 Noncontrolling interest 8,993 8,503 Total equity 927,376 822,056 Total liabilities and equity $2,889,878 $2,843,531 35 See Notes to Consolidated Financial Statements