Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 28,505	$ 24,447
Accounts receivable, net	510,004	434,234
Inventories	751,944	677,990
Other current assets	24,041	20,664
Total current assets	1,314,494	1,157,335
Property and equipment, net	63,297	53,480
Goodwill	379,985	387,311
Intangible assets, net	165,753	186,476
Other assets	5,930	6,465
Total assets	1,929,459	1,791,067
Current liabilities:
Current portion of other long-term obligations	182	169
Short-term borrowings	2,353
Accounts payable	200,641	173,360
Accrued expenses and other current liabilities	127,861	113,493
Total current liabilities	331,037	287,022
Long-term obligations:
Borrowings under revolving credit agreement	304,941	303,199
Other long-term obligations, net of current portion	561	686
Total long-term obligations	305,502	303,885
Deferred income taxes and other liabilities	$ 71,355	$ 68,121
Commitments and contingencies
Watsco, Inc. shareholders' equity:
Common stock, $0.50 par value	$ 18,283	$ 18,222
Preferred stock, $0.50 par value
Paid-in capital	$ 597,519	$ 580,564
Accumulated other comprehensive loss, net of tax	(42,033)	(23,747)
Retained earnings	493,478	420,879
Treasury stock, at cost	(114,425)	(114,425)
Total Watsco, Inc. shareholders' equity	955,362	883,960
Non-controlling interest	266,203	248,079
Total shareholders' equity	1,221,565	1,132,039
Total liabilities and shareholders' equity	1,929,459	1,791,067
Class B Common Stock
Watsco, Inc. shareholders' equity:
Common stock, $0.50 par value	$ 2,540	$ 2,467

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.