CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 125,975	$ 49,801
Accounts receivable, net	127,863	115,607
Inventories	189,400	208,883
Income taxes receivable	637	487
Other current assets	16,550	16,709
Total current assets	460,425	391,487
Property, plant and equipment, net	54,475	55,808
Intangible assets, net	88,731	88,782
Goodwill	25,593	26,500
Deferred taxes, net	114,707	6,962
Investment in golf-related ventures (Note 7)	48,997	53,315
Other assets	8,354	8,370
Total assets	801,282	631,224
Current liabilities:
Accounts payable and accrued expenses	132,521	122,620
Accrued employee compensation and benefits	32,568	33,518
Asset-based credit facility	11,966	14,969
Accrued warranty expense	5,395	5,706
Income taxes payable	4,404	1,823
Total current liabilities	186,854	178,636
Long-term liabilities:
Income tax liability	3,608	3,476
Deferred taxes, net	1,596	35,093
Long-term other	624	1,074
Commitments & contingencies (Note 10)
Shareholders’ equity:
Preferred stock, $.01 par value, 3,000,000 shares authorized, 0 shares issued and outstanding at both December 31, 2016 and 2015	0	0
Common stock, $.01 par value, 240,000,000 shares authorized, 94,214,295 shares and 93,769,199 shares issued at December 31, 2016 and 2015, respectively	942	938
Additional paid-in capital	330,206	322,793
Retained earnings	287,129	101,047
Accumulated other comprehensive loss	(18,466)	(11,813)
Less: Common stock held in treasury, at cost, 97,837 shares and 2,075 shares at December 31, 2016 and 2015, respectively	(905)	(20)
Total Callaway Golf Company shareholders’ equity	598,906	412,945
Non-controlling interest in consolidated entity (Note 7)	9,694	0
Total shareholders’ equity	608,600	412,945
Total liabilities and shareholders’ equity	$ 801,282	$ 631,224

Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.

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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.