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GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Jan. 02, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
GOODWILL — The changes in the carrying amount of goodwill by segment are as follows:
 
(Millions of Dollars)Tools & StorageIndustrialSecurityTotal
Balance December 29, 2018$5,154.3 $1,679.7 $2,122.7 $8,956.7 
Acquisitions(1.3)320.5 8.2 327.4 
Foreign currency translation and other8.8 (4.7)(50.7)(46.6)
Balance December 28, 2019$5,161.8 $1,995.5 $2,080.2 $9,237.5 
Acquisitions0.1 635.7 14.9 650.7 
Foreign currency translation and other85.8 15.3 48.8 149.9 
Balance January 2, 2021$5,247.7 $2,646.5 $2,143.9 $10,038.1 
The goodwill amount for the CAM acquisition is subject to change based upon the finalization of the acquisition accounting during the measurement period. Refer to Note E, Acquisitions and Investments (as Restated), for further discussion.
In accordance with ASC 350, Intangibles - Goodwill and Other, a portion of the goodwill associated with the Security segment was allocated to the aforementioned commercial electronic security divestiture based on the relative fair value of the business disposed of and the portion of the reporting unit that was retained. Accordingly, goodwill for the Security segment was reduced
by $31.3 million and included in the gain on sale of this divestiture in 2020. Refer to Note T, Divestitures, for further discussion.
As required by the Company's policy, goodwill and indefinite-lived trade names were tested for impairment in the third quarter of 2020. The Company assessed the fair values of its reporting units utilizing a discounted cash flow valuation model. The key assumptions used were discount rates and perpetual growth rates applied to cash flow projections. Also inherent in the discounted cash flow valuations were near-term revenue growth rates over the next six years. These assumptions contemplated business, market and overall economic conditions. Based on the results of the annual impairment testing performed in the third quarter of 2020, the Company determined that the fair values of each of its reporting units exceeded their respective carrying amounts.

INTANGIBLE ASSETS — Intangible assets at January 2, 2021 and December 28, 2019 were as follows:
 
 20202019
(Millions of Dollars)Gross
Carrying
Amount		Accumulated
Amortization		Gross
Carrying
Amount		Accumulated
Amortization
Amortized Intangible Assets — Definite lived
Patents and copyrights$45.5 $(44.0)$42.4 $(41.5)
Trade names220.8 (141.1)194.5 (127.2)
Customer relationships3,369.1 (1,634.0)2,739.0 (1,421.7)
Other intangible assets232.4 (190.9)233.1 (182.9)
Total$3,867.8 $(2,010.0)$3,209.0 $(1,773.3)
Indefinite-lived trade names totaled $2.198 billion at January 2, 2021 and $2.186 billion at December 28, 2019. The year-over-year change is primarily due to currency fluctuations.
The fair values of the Company's indefinite-lived trade names were assessed using quantitative analyses, which utilized discounted cash flow valuation models taking into consideration appropriate discount rates, royalty rates and perpetual growth rates applied to projected sales. With the exception of an immaterial trade name, the Company determined that the fair values of its indefinite-lived trade names exceeded their respective carrying amounts.
Intangible assets amortization expense by segment was as follows:
(Millions of Dollars)202020192018
Tools & Storage$61.5 $73.1 $75.5 
Industrial96.6 69.6 50.7 
Security43.5 44.7 49.1 
Consolidated$201.6 $187.4 $175.3 
Future amortization expense in each of the next five years amounts to $201.8 million for 2021, $192.7 million for 2022, $183.9 million for 2023, $175.4 million for 2024, $156.9 million for 2025 and $947.1 million thereafter.