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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2022
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 & Outdoor |  | Industrial |  |  | Total
Balance January 2, 2021 | $ | 5,246.6 |  |  | $ | 2,646.5 |  |  |  | $ | 7,893.1 |
Acquisitions | 777.3 |  |  | (0.5) |  |  |  | 776.8 |
Foreign currency translation and other | (50.2) |  |  | (29.0) |  |  |  | (79.2) |
Balance January 1, 2022 | $ | 5,973.7 |  |  | $ | 2,617.0 |  |  |  | $ | 8,590.7 |
Acquisitions | 90.5 |  |  | — |  |  |  | 90.5 |
Foreign currency translation and other | (124.5) |  |  | (54.0) |  |  |  | (178.5) |
Balance December 31, 2022 | $ | 5,939.7 |  |  | $ | 2,563.0 |  |  |  | $ | 8,502.7 |
Goodwill totaling $2,088.0 million and $2,143.9 million from the previously reported Security segment was reclassified to assets held for sale as of January 1, 2022 and January 2, 2021, respectively. 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, and was included in the determination of the impairment loss relating to the Oil & Gas business in the second quarter of 2022. 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 2022. The Company assessed the fair values of its three 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 2022, the Company determined that the fair values of each of its reporting units exceeded their respective carrying amounts. INTANGIBLE ASSETS — Intangible assets at December 31, 2022 and January 1, 2022 were as follows:
| 2022 |  | 2021
(Millions of Dollars) | Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Amortized Intangible Assets — Definite lived |  |  |  |  |  |  |
Patents and copyrights | $ | 25.8 |  |  | $ | (25.6) |  |  | $ | 27.0 |  |  | $ | (26.6) |
Trade names | 247.7 |  |  | (118.0) |  |  | 275.9 |  |  | (118.8) |
Customer relationships | 2,881.2 |  |  | (1,059.9) |  |  | 3,027.5 |  |  | (1,027.5) |
Other intangible assets | 129.6 |  |  | (122.0) |  |  | 147.6 |  |  | (134.8) |
Total | $ | 3,284.3 |  |  | $ | (1,325.5) |  |  | $ | 3,478.0 |  |  | $ | (1,307.7) |
Net intangibles totaling $182.2 million were recognized as assets held for sale as of January 1, 2022. Indefinite-lived trade names totaled $2.516 billion at December 31, 2022 and $2.525 billion at January 1, 2022. 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. Based on the results of the annual impairment testing performed in the third quarter of 2022, 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) | 2022 |  | 2021 |  | 2020
Tools & Outdoor | $ | 108.1 |  |  | $ | 64.1 |  |  | $ | 61.5 |
Industrial | 94.4 |  |  | 99.9 |  |  | 96.6 |
Discontinued Operations | — |  |  | 39.1 |  |  | 43.5 |
Consolidated | $ | 202.5 |  |  | $ | 203.1 |  |  | $ | 201.6 |
Future amortization expense in each of the next five years amounts to $191.3 million for 2023, $186.1 million for 2024, $172.8 million for 2025, $162.2 million for 2026, $154.1 million for 2027 and $1,092.3 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 https://asc.fasb.org/topic&trid=2144416 + Details
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