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GOODWILL
 9 Months Ended
Oct. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL GOODWILL
Changes in the carrying amount of goodwill by segment are as follows:
(Millions of Dollars)Tools & OutdoorIndustrialTotal
Balance January 1, 2022$5,973.7 $2,617.0 $8,590.7 
Acquisitions46.8 — 46.8 
Foreign currency translation & other(212.3)(70.6)(282.9)
Balance October 1, 2022$5,808.2 $2,546.4 $8,354.6 

Goodwill totaling $2,088.0 million from the previously reported Security segment was reclassified to assets held for sale as of January 1, 2022. In July 2022, the Company completed the sale of its Security segment and $2,001.4 million of goodwill was included in the gain on sale in the third quarter of 2022. In addition, $39.0 million of goodwill was allocated to the Oil & Gas business based on the relative fair value of the business disposed, resulting in a reduction of goodwill which was included in the impairment loss relating to the Oil & Gas business in the second quarter of 2022.

Refer to Footnote T, Divestitures, for additional information.