CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Current assets:
Cash and cash equivalents	$ 208.8	$ 215.0
Trade accounts receivable, less allowances of $36.7 and $34.4 at June 29, 2024 and December 30, 2023, respectively	1,528.6	1,414.9
Inventories	979.9	920.7
Other current assets	250.5	245.4
Total current assets	2,967.8	2,796.0
Property, plant and equipment, net	1,590.0	1,625.8
Goodwill	1,989.8	2,013.6
Other intangibles resulting from business acquisitions, net	800.9	849.1
Deferred tax assets	113.0	115.7
Other assets	836.7	809.6
Total assets	8,298.2	8,209.8
Current liabilities:
Short-term borrowings and current portion of long-term debt and finance leases	1,172.3	622.2
Accounts payable	1,313.4	1,277.1
Accrued payroll and employee benefits	235.4	213.4
Other current liabilities	579.1	586.8
Total current liabilities	3,300.2	2,699.5
Long-term debt and finance leases	2,046.5	2,622.1
Long-term retirement benefits and other liabilities	415.9	500.3
Deferred tax liabilities and income taxes payable	248.5	260.0
Commitments and contingencies (see Note 10)
Shareholders’ equity:
Common stock, $1 par value per share, authorized – 400,000,000 shares at June 29, 2024 and December 30, 2023; issued – 124,126,624 shares at June 29, 2024 and December 30, 2023; outstanding – 80,570,966 shares and 80,495,585 shares at June 29, 2024 and December 30, 2023, respectively	124.1	124.1
Capital in excess of par value	833.1	854.5
Retained earnings	4,922.2	4,691.8
Treasury stock at cost, 43,555,658 shares and 43,631,039 shares at June 29, 2024 and December 30, 2023, respectively	(3,154.6)	(3,134.4)
Accumulated other comprehensive loss	(437.7)	(408.1)
Total shareholders’ equity	2,287.1	2,127.9
Total liabilities and shareholders' equity	$ 8,298.2	$ 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.