Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 66,667	$ 56,010
Accounts receivable, net	568,457	475,974
Inventories	786,056	685,011
Other current assets	17,761	23,161
Total current assets	1,438,941	1,240,156
Property and equipment, net	91,483	90,502
Goodwill	382,969	379,737
Intangible assets, net	163,013	158,564
Other assets	71,813	5,690
Total assets	2,148,219	1,874,649
Current liabilities:
Current portion of other long-term obligations	244	200
Accounts payable	296,349	185,482
Accrued expenses and other current liabilities	163,806	129,206
Total current liabilities	460,399	314,888
Long-term obligations:
Borrowings under revolving credit agreement	284,700	235,294
Other long-term obligations, net of current portion	345	348
Total long-term obligations	285,045	235,642
Deferred income taxes and other liabilities	70,740	72,371
Commitments and contingencies
Watsco, Inc. shareholders' equity:
Common stock, $0.50 par value	18,350	18,341
Preferred stock, $0.50 par value
Paid-in capital	582,789	592,350
Accumulated other comprehensive loss, net of tax	(33,872)	(43,530)
Retained earnings	595,980	550,482
Treasury stock, at cost	(113,795)	(114,425)
Total Watsco, Inc. shareholders' equity	1,052,139	1,005,828
Non-controlling interest	279,896	245,920
Total shareholders' equity	1,332,035	1,251,748
Total liabilities and shareholders' equity	2,148,219	1,874,649
Class B Common Stock
Watsco, Inc. shareholders' equity:
Common stock, $0.50 par value	$ 2,687	$ 2,610

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.