KENNAMETAL INC.  / AR 2002 35 Consolidated Balance Sheets As of June 30  (in thousands, except per share data) 2002 2001 Assets Current assets: Cash and equivalents (Note 2) $ 10,385 $ 12,940 Marketable equity securities available-for-sale (Note 2) 10,728 12,419 Accounts receivable, less allowance for doubtful accounts  of $12,671 and $7,999 (Notes 2 and 4) 179,101 206,175 Inventories (Notes 2 and 5) 345,076 373,221 Deferred income taxes (Notes 2 and 9) 71,375 57,452 Other current assets 20,719 18,989 Total current assets 637,384 681,196 Property, plant and equipment (Note 2): Land and buildings 227,539 227,382 Machinery and equipment 847,196 776,494 Less accumulated depreciation (639,619) (531,002) Net property, plant and equipment 435,116 472,874 Other assets: Investments in affiliated companies 11,681 3,875 Intangible assets, less accumulated amortization  of $75,390 and $88,514 (Note 2) 367,992 624,760 Other 71,438 42,737 Total other assets 451,111 671,372 Total assets $1,523,611 $1,825,442 Liabilities Current liabilities: Current maturities of long-term debt and capital leases (Note 7) $ 16,554 $ 2,031 Notes payable to banks (Note 8) 6,926 22,499 Accounts payable 101,586 118,073 Accrued income taxes 4,066 16,425 Accrued vacation pay 28,190 29,134 Accrued payroll 22,696 22,189 Other current liabilities (Note 6) 82,082 84,134  Total current liabilities 262,100 294,485  Long-term debt and capital leases, less current maturities (Notes 7 and 8) 387,887 582,585  Deferred income taxes (Note 9) 52,570 53,844  Other liabilities 96,421 87,898  Total liabilities 798,978 1,018,812  Commitments and contingencies (Note 16) – –  Minority interest in consolidated subsidiaries 10,671 9,861  Shareowners’ Equity Preferred stock, no par value; 5,000 shares authorized; none issued – –  Capital stock, $1.25 par value; 70,000 shares authorized;  37,383 and 33,615 shares issued 46,729 42,018 Additional paid-in capital 491,263 353,804 Retained earnings 307,631 540,965 Treasury stock, at cost; 2,573 and 2,774 shares held (72,026) (65,963) Unearned compensation (4,856) (2,165) Accumulated other comprehensive loss (Note 11) (54,779) (71,890) Total shareowners’ equity 713,962 796,769 Total liabilities and shareowners’ equity $1,523,611 $1,825,442 The accompanying notes are an integral part of these statements.