Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 35,910	$ 35,229
Accounts receivable, net	548,000	451,079
Inventories	739,718	673,967
Other current assets	25,381	20,990
Total current assets	1,349,009	1,181,265
Property and equipment, net	59,729	62,715
Goodwill	380,786	378,310
Intangible assets, net	162,472	160,481
Other assets	5,601	5,671
Total assets	1,957,597	1,788,442
Current liabilities:
Current portion of other long-term obligations	196	184
Accounts payable	229,743	145,162
Accrued expenses and other current liabilities	128,188	124,955
Total current liabilities	358,127	270,301
Long-term obligations:
Borrowings under revolving credit agreement	219,400	245,300
Other long-term obligations, net of current portion	392	514
Total long-term obligations	219,792	245,814
Deferred income taxes and other liabilities	73,344	68,606
Commitments and contingencies
Watsco, Inc. shareholders' equity:
Common stock, $0.50 par value	18,340	18,308
Preferred stock, $0.50 par value	0	0
Paid-in capital	614,811	602,522
Accumulated other comprehensive loss, net of tax	(40,532)	(46,904)
Retained earnings	558,235	495,276
Treasury stock, at cost	(114,425)	(114,425)
Total Watsco, Inc. shareholders' equity	1,039,019	957,310
Non-controlling interest	267,315	246,411
Total shareholders' equity	1,306,334	1,203,721
Total liabilities and shareholders' equity	1,957,597	1,788,442
Class B Common Stock
Watsco, Inc. shareholders' equity:
Common stock, $0.50 par value	$ 2,590	$ 2,533

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.