CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 209.9	$ 167.2
Trade accounts receivable, less allowances of $31.7 and $34.4 at September 30, 2023 and December 31, 2022, respectively	1,426.2	1,374.4
Inventories	936.1	1,009.9
Other current assets	242.1	230.5
Total current assets	2,814.3	2,782.0
Property, plant and equipment, net	1,555.2	1,540.2
Goodwill	1,976.3	1,862.4
Other intangibles resulting from business acquisitions, net	860.3	840.3
Deferred tax assets	115.2	115.1
Other assets	811.8	810.5
Total assets	8,133.1	7,950.5
Current liabilities:
Short-term borrowings and current portion of long-term debt and finance leases	716.0	598.6
Accounts payable	1,265.3	1,339.3
Accrued payroll and employee benefits	202.0	228.5
Other current liabilities	561.0	633.4
Total current liabilities	2,744.3	2,799.8
Long-term debt and finance leases	2,597.6	2,503.5
Long-term retirement benefits and other liabilities	474.7	367.1
Deferred tax liabilities and income taxes payable	252.9	247.9
Commitments and contingencies (see Note 11)
Shareholders’ equity:
Common stock, $1 par value per share, authorized – 400,000,000 shares at September 30, 2023 and December 31, 2022; issued – 124,126,624 shares at September 30, 2023 and December 31, 2022; outstanding – 80,555,148 shares and 80,810,016 shares at September 30, 2023 and December 31, 2022, respectively	124.1	124.1
Capital in excess of par value	852.5	879.3
Retained earnings	4,608.2	4,414.6
Treasury stock at cost, 43,571,476 shares and 43,316,608 shares at September 30, 2023 and December 31, 2022, respectively	(3,118.6)	(3,021.8)
Accumulated other comprehensive loss	(402.6)	(364.0)
Total shareholders’ equity	2,063.6	2,032.2
Total liabilities and shareholders' equity	$ 8,133.1	$ 7,950.5

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.