In its 2016 annual report to shareholders, Ank-Morpork Times Inc. included the following disclosure: Revenue Recognition Advertising revenue is recognized when advertisements are published, are broadcast, or when placed on the Company's websites, net of provisions for estimated rebates, credit and rate adjustments and discounts. Circulation revenue includes single copy and home-delivery subscription revenue. Single copy revenue is recognized based on date of publication, net of provisions for related returns. Proceeds from home- delivery subscriptions and related costs, principally agency commissions, are deferred at the time of sale and are recognized in earnings on a pro rata basis over the terms of the subscriptions. Other revenue is recognized when the related service or product has been delivered. Also, the following information on its current liabilities was included in its comparative balance sheets: 2015 2016 CURRENT LIABILITIES 163,300,000 296,251,000 Commercial paper outstanding 175,950,000 179,552,000 Accounts payable Accrued payroll and other related liabilities 86,299,000 131,983,000 165,867,000 195,748,000 Accrued expenses 230,220,000 9,902,000 Accrued income taxes 66,706,000 86,385,000 Unexpired subscriptions Current portion of long-term debt and 2,584,000 2,649,000 capital lease obligations 890,926,000 902,470,000 Total current liabilities