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OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETSDecember 31,(in thousands, except share data) 2011 2010ASSETSCurrent Assets:Cash and cash equivalents $ 106,142 $ 245,219Accounts receivable, net of allowances <strong>for</strong> doubtfulaccounts of $594 and $5,655 549,812 424,014Inventory 255,095 236,517Other current assets 73,073 77,752Total Current Assets 984,122 983,502Property and Equipment, at cost 1,772,017 1,631,109Less accumulated depreciation 878,709 844,736Other Assets:Net Property and Equipment 893,308 786,373Goodwill 333,471 143,234Investments in unconsolidated affiliates 49,607 51,820Other non-current assets 140,036 65,577Total Other Assets 523,114 260,631Total Assets $ 2,400,544 $ 2,030,506LIABILITIES AND SHAREHOLDERS' EQUITYCurrent Liabilities:Accounts payable $ 111,381 $ 85,572Accrued liabilities 335,161 314,410Income taxes payable 54,833 39,874Total Current Liabilities 501,375 439,856Long-term Debt 120,000 —Other Long-term Liabilities 221,207 200,435Commitments and ContingenciesShareholders’ Equity:Common Stock, par value $0.25 per share; 180,000,000shares authorized; 110,834,088 shares issued 27,709 27,709Additional paid-in capital 202,619 193,277Treasury stock; 2,799,118 and 2,603,324 shares, at cost (71,700 ) (61,385 )Retained earnings 1,426,525 1,239,574Accumulated other comprehensive income (27,191 ) (8,960 )Total Shareholders' Equity 1,557,962 1,390,215Total Liabilities and Shareholders' Equity $ 2,400,544 $ 2,030,506The accompanying Notes are an integral part of these Consolidated FinancialStatements.26 <strong>Oceaneering</strong> International, Inc.