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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 28, 2019
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 & Storage |  | Industrial |  | Security |  | Total
Balance December 30, 2017 | $ | 5,189.7 |  |  | $ | 1,454.4 |  |  | $ | 2,132.0 |  |  | $ | 8,776.1 |
Acquisitions | 59.8 |  |  | 225.5 |  |  | 55.0 |  |  | 340.3 |
Foreign currency translation and other | (95.2 | ) |  | (0.2 | ) |  | (64.3 | ) |  | (159.7 | )
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 other | 8.8 |  |  | (4.7 | ) |  | (50.7 | ) |  | (46.6 | )
Balance December 28, 2019 | $ | 5,161.8 |  |  | $ | 1,995.5 |  |  | $ | 2,080.2 |  |  | $ | 9,237.5 |
In accordance with ASC 350, Intangibles - Goodwill and Other, a portion of the goodwill associated with the Security segment was allocated to the aforementioned Sargent & Greenleaf 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 $33.8 million and included in the gain on sale of Sargent & Greenleaf in 2019. 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 2019. The Company assessed the fair values of two of its reporting units utilizing a discounted cash flow valuation model and determined that the fair values exceeded the respective carrying amounts. 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 five years. These assumptions contemplated business, market and overall economic conditions. For the remaining three reporting units, the Company determined qualitatively that it was not more likely than not that goodwill was impaired, and thus, the quantitative goodwill impairment test was not required. In making this determination, the Company considered the significant excess of fair value over carrying amount as calculated in the most recent quantitative analysis, each reporting unit's 2019 performance compared to prior year and their respective industries, analyst multiples and other positive qualitative information. Based on the results of the annual impairment testing performed in the third quarter of 2019, the Company determined that the fair values of each of its reporting units exceeded their respective carrying amounts. 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. Based on the results of this testing, the Company determined that the fair values of each of its indefinite-lived trade names exceeded their respective carrying amounts. INTANGIBLE ASSETS — Intangible assets at December 28, 2019 and December 29, 2018 were as follows:
| 2019 |  | 2018
(Millions of Dollars) | Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Amortized Intangible Assets — Definite lives |  |  |  |  |  |  |
Patents and copyrights | $ | 42.4 |  |  | $ | (41.5 | ) |  | $ | 42.5 |  |  | $ | (40.6 | )
Trade names | 194.5 |  |  | (127.2 | ) |  | 170.8 |  |  | (114.9 | )
Customer relationships | 2,739.0 |  |  | (1,421.7 | ) |  | 2,435.0 |  |  | (1,269.8 | )
Other intangible assets | 233.1 |  |  | (182.9 | ) |  | 236.1 |  |  | (173.6 | )
Total | $ | 3,209.0 |  |  | $ | (1,773.3 | ) |  | $ | 2,884.4 |  |  | $ | (1,598.9 | )
Indefinite-lived trade names totaled $2.186 billion at December 28, 2019 and $2.199 billion at December 29, 2018. The year-over-year change is due to currency fluctuations. Intangible assets amortization expense by segment was as follows:
(Millions of Dollars) | 2019 |  | 2018 |  | 2017
Tools & Storage | $ | 73.1 |  |  | $ | 75.5 |  |  | $ | 68.0 |
Industrial | 69.6 |  |  | 50.7 |  |  | 45.4 |
Security | 44.7 |  |  | 49.1 |  |  | 50.4 |
Consolidated | $ | 187.4 |  |  | $ | 175.3 |  |  | $ | 163.8 |
Future amortization expense in each of the next five years amounts to $175.1 million for 2020, $166.5 million for 2021, $157.3 million for 2022, $148.3 million for 2023, $139.5 million for 2024 and $649.0 million thereafter.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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