CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current Assets
Cash and equivalents	$ 1,079,221	$ 869,531
Accounts receivable, net of allowances of $25.4 million and $21.4 million in 2017 and 2016, respectively	1,128,610	1,115,217
Inventories	600,704	613,798
Prepaid expenses and other current assets	303,053	341,518
Total current assets	3,111,588	2,940,064
Noncurrent Assets
Property, plant, and equipment, net	785,285	773,965
Goodwill	1,396,669	1,387,628
Other noncurrent assets	944,961	1,392,137
Total Assets	6,238,503	6,493,794
Current Liabilities
Short-term borrowings	0	192,168
Current portion of long-term debt	250,000	0
Accounts payable	572,166	664,857
Accrued liabilities	792,139	628,826
Income taxes payable	9,498	19,722
Total current liabilities	1,623,803	1,505,573
Noncurrent Liabilities
Long-term debt	2,873,119	2,134,271
Other noncurrent liabilities	484,126	446,168
Total noncurrent liabilities	3,357,245	2,580,439
Commitments and Contingencies
Stockholders’ Equity
Common stock $1.00 par value, 1.0 billion shares authorized; 441.4 million shares issued	441,369	441,369
Additional paid-in capital	1,808,391	1,790,832
Treasury stock at cost: 97.6 million shares and 99.0 million shares in 2017 and 2016, respectively	(2,389,877)	(2,426,749)
Retained earnings	2,179,358	3,545,359
Accumulated other comprehensive loss	(781,786)	(943,029)
Total stockholders’ equity	1,257,455	2,407,782
Total Liabilities and Stockholders’ Equity	$ 6,238,503	$ 6,493,794

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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Balance Type:	credit
Period Type:	instant

- 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.