CONSOLIDATED BALANCE SHEETS (In thousands) June 30,  2012  2011--  Assets  Current assets  Cash and cash equivalents  $  78,442  $  91,092  Accounts receivable, less allowances of $8,332 and $7,016  307,043  290,751  Inventories  228,506  204,066  Other current assets  51,771  33,005  Total current assets  665,762  618,914  Property  —  at cost  Land  10,245  10,428  Buildings  74,477  73,399  Equipment, including computers and software  147,004  129,117  Total Property  —  at cost  231,726  212,944  Less accumulated depreciation  148,623  143,930  Property  —  net  83,103  69,014  Intangibles, net  84,840  89,551  Goodwill  83,080  76,981  Deferred tax assets  26,424  43,447  Other assets  18,974  17,024  Total Assets  $  962,183  $  914,931  Liabilities  Current liabilities  Accounts payable  $  120,890  $  108,509  Compensation and related benefits  63,149  65,413  Other current liabilities  46,130  40,766  Total current liabilities  230,169  214,688  Postemployment benefits  39,750  47,730  Other liabilities  20,133  18,950  Total Liabilities  290,052  281,368  Shareholders ’  Equity  Preferred stock  —  no par value; 2,500 shares authorized; none issued or outstanding  Common stock  —  no par value; 80,000 shares authorized; 54,213 shares issued  10,000  10,000  Additional paid-in capital  150,070  148,307  Income retained for use in the business  743,360  668,421  Treasury shares  —  at cost (12,246 and 11,611 shares)  (226,730) (198,224)  Accumulated other comprehensive income (loss)  (4,569) 5,059  Total Shareholders ’  Equity  672,131  633,563  Total Liabilities and Shareholders ’  Equity  $  962,183  $  914,931  See notes to consolidated financial statements.  16 Applied Industrial Technologies, Inc. and Subsidiaries