CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Current assets:
Cash and cash equivalents	$ 185.7	$ 215.0
Trade accounts receivable, less allowances of $34.6 and $34.4 at March 30, 2024 and December 30, 2023, respectively	1,478.0	1,414.9
Inventories	972.5	920.7
Other current assets	250.6	245.4
Total current assets	2,886.8	2,796.0
Property, plant and equipment, net	1,598.2	1,625.8
Goodwill	1,993.7	2,013.6
Other intangibles resulting from business acquisitions, net	823.8	849.1
Deferred tax assets	115.5	115.7
Other assets	837.2	809.6
Total assets	8,255.2	8,209.8
Current liabilities:
Short-term borrowings and current portion of long-term debt and finance leases	1,170.5	622.2
Accounts payable	1,301.5	1,277.1
Accrued payroll and employee benefits	203.4	213.4
Other current liabilities	632.8	586.8
Total current liabilities	3,308.2	2,699.5
Long-term debt and finance leases	2,069.9	2,622.1
Long-term retirement benefits and other liabilities	418.5	500.3
Deferred tax liabilities and income taxes payable	254.6	260.0
Commitments and contingencies (see Note 10)
Shareholders’ equity:
Common stock, $1 par value per share, authorized – 400,000,000 shares at March 30, 2024 and December 30, 2023; issued – 124,126,624 shares at March 30, 2024 and December 30, 2023; outstanding – 80,597,091 shares and 80,495,585 shares at March 30, 2024 and December 30, 2023, respectively	124.1	124.1
Capital in excess of par value	834.0	854.5
Retained earnings	4,809.1	4,691.8
Treasury stock at cost, 43,529,533 shares and 43,631,039 shares at March 30, 2024 and December 30, 2023, respectively	(3,141.2)	(3,134.4)
Accumulated other comprehensive loss	(422.0)	(408.1)
Total shareholders’ equity	2,204.0	2,127.9
Total liabilities and shareholders' equity	$ 8,255.2	$ 8,209.8

This element represents both deferred and payable income taxes. deferred income taxes are defined as the amount of deferred tax liability attributable to taxable temporary differences, net of deferred tax asset attributable to deductible temporary differences and carryforwards net of valuation allowances expected to be realized or consumed after one year (or the normal operating cycle, if longer). Noncurrent refundable income taxes are defined as the carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all domestic and foreign income tax obligations due beyond one year or the operating cycle, whichever is longer. Alternate captions include income taxes payable.

No definition available.