Consolidated Balance Sheets Woodward Governor Company and Subsidiaries See accompanying Notes to Consolidated Financial Statements. 30 At September 30, (In thousands except per share amounts) 2002 2001  Assets Current assets: Cash and cash equivalents $ 29,828 $ 10,542 Accounts receivable, less allowance for losses of $2,717 for 2002 and $4,720 for 2001 76,406 102,008 Inventories 127,112 131,160 Deferred income taxes 15,340 17,758 Total current assets 248,686 261,468 Property, plant, and equipment, at cost: Land 8,046 7,966 Buildings and improvements 136,771 131,761 Machinery and equipment 242,487 242,266 Construction in progress 3,312 4,762 390,616 386,755 Less accumulated depreciation 266,994 256,179 Property, plant, and equipment—net 123,622 130,576 Goodwill 115,265 95,704 Other intangibles—net 66,762 69,131 Other assets 10,175 11,571 Deferred income taxes 17,885 16,178  Total assets $582,395 $584,628  Liabilities and shareholders’ equity Current liabilities: Short-term borrowings $ 16,185 $ 5,561 Current portion of long-term debt 2,000 22,500 Accounts payable and accrued expenses 74,995 91,180 Income taxes payable 3,194 18,483 Total current liabilities 96,374 137,724 Long-term debt, less current portion 78,192 77,000 Other liabilities 52,928 51,042 Commitments and contingencies — — Shareholders’ equity represented by: Preferred stock, par value $.003 per share, authorized 10,000 shares, no shares issued — — Common stock, par value $.00875 per share, authorized 50,000 shares, issued 12,160 shares 106 106 Additional paid-in capital 13,542 13,440 Unearned ESOP compensation (1,418) (3,297) Accumulated other comprehensive earnings 2,823 1,046 Retained earnings 359,556 327,276 374,609 338,571 Less treasury stock, at cost 19,708 19,709 Total shareholders’ equity 354,901 318,862  Total liabilities and shareholders’ equity $582,395 $584,628