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Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 258.4 $ 333.7
Trade receivables, net of allowance for doubtful accounts of $8.5 in 2017 and $8.4 in 2016 450.5 460.5
Income tax receivables 10.3 11.5
Other receivables 73.7 72.7
Inventories, net of inventory reserves of $14.9 in 2017 and $13.4 in 2016 507.0 456.7
Current assets held for sale 2,891.8 825.7
Prepaid expenses and other current assets 95.8 54.5
Total current assets 4,287.5 2,215.3
Property and equipment, net 910.1 889.6
Goodwill 1,884.7 1,882.9
Intangible assets, net 39.3 40.1
Deferred taxes 122.4 169.9
Non-current assets held for sale   2,026.0
Other non-current assets 177.2 175.4
Total assets 7,421.2 7,399.2
Current liabilities:    
Short-term borrowings [1],[2],[3] 96.9 83.0
Current portion of long-term debt [4] 296.5 297.0
Accounts payable 581.1 539.2
Current liabilities held for sale 1,215.4 683.3
Accrued restructuring costs 35.1 44.8
Other current liabilities 436.6 471.7
Total current liabilities 2,661.6 2,119.0
Long-term debt, less current portion [5] 3,762.7 3,762.6
Deferred taxes 4.3 4.9
Non-current liabilities held for sale   501.0
Other non-current liabilities 397.8 402.0
Total liabilities 6,826.4 6,789.5
Commitments and contingencies - Note 15
Stockholders’ equity:    
Preferred stock, $0.10 par value per share, 50,000,000 shares authorized; no shares issued in 2016 and 2015
Common stock, $0.10 par value per share, 400,000,000 shares authorized; shares issued: 229,942,206 in 2017 and 227,638,738 in 2016; shares outstanding: 195,824,449 in 2017 and 193,482,383 in 2016 23.0 22.8
Additional paid-in capital 1,983.5 1,974.1
Retained earnings 965.4 1,040.0
Common stock in treasury, 34,117,757 shares in 2017 and 34,156,355 shares in 2016 (1,478.1) (1,478.1)
Accumulated other comprehensive loss, net of taxes (899.0) [6] (949.1)
Total stockholders’ equity 594.8 609.7
Total liabilities and stockholders’ equity $ 7,421.2 $ 7,399.2
[1] As of March 31, 2017 and December 31, 2016, there were $26.3 million and $25.4 million of cash held on deposit, respectively, as a compensating balance for certain short-term borrowings, which is recorded in other current assets on the Condensed Consolidated Balance Sheet
[2] Includes total borrowings under the accounts receivable securitization programs, the revolving credit facility and borrowings under lines of credit available to several subsidiaries.
[3] Short-term borrowings of $96.9 million at March 31, 2017 are comprised primarily of $61.9 million short-term borrowing from various lines of credit, $30.0 million of borrowings outstanding under our U.S. accounts receivable securitization program and $5.0 million outstanding under our revolving credit facility. Short-term borrowings at December 31, 2016 were comprised primarily of $83.0 million short-term borrowings from various lines of credit.
[4] Term Loan A facility due July 2019 has required prepayments which are due through the first quarter of 2018 and the outstanding balance of the Term Loan A facility due in July 2017 are included in the current portion of long-term debt.
[5] Amounts are net of unamortized discounts and issuance costs of $34.8 million as March 31, 2017 and $36.3 million as of December 31, 2016.
[6] The ending balance in AOCI includes gains and losses on intra-entity foreign currency transactions. The intra-entity currency translation adjustment was $11.3 million as of March 31, 2017 and $(19.4) million as of March 31, 2016.