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GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 28, 2024
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 & OutdoorIndustrialTotal
Balance December 31, 2022$5,939.7 $2,563.0 $8,502.7 
Reclassification to assets held for sale— (540.5)(540.5)
Foreign currency translation and other36.6 (2.9)33.7 
Balance December 30, 2023$5,976.3 $2,019.6 $7,995.9 
Foreign currency translation and other(67.1)(23.3)(90.4)
Balance December 28, 2024$5,909.2 $1,996.3 $7,905.5 

Goodwill totaling $540.5 million relating to the Infrastructure business was reclassified to assets held for sale as of December 30, 2023. The Infrastructure goodwill amount was included in the determination of the impairment charge recorded in the fourth quarter of 2023 and the first quarter of 2024 to adjust the carrying amount of Infrastructure’s long-lived assets to its estimated fair value less selling costs prior to the sale of the business in the second quarter of 2024. Refer to Note S, Divestitures, for further discussion.
As required by the Company's policy, the Company performed its annual goodwill impairment testing in the third quarter of 2024. The Company assessed the fair values of its two 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 2024, the Company determined that the fair values of each of its reporting units exceeded their respective carrying amounts.

INTANGIBLE ASSETS — Definite-lived intangible assets at December 28, 2024 and December 30, 2023 were as follows:
 
 20242023
(Millions of Dollars)Gross
Carrying
Amount		Accumulated
Amortization		Gross
Carrying
Amount		Accumulated
Amortization
Amortized Intangible Assets — Definite-lived
Patents and copyrights$25.3 $(25.2)$26.2 $(26.1)
Trade names222.0 (134.0)223.6 (120.7)
Customer relationships2,550.7 (1,257.3)2,578.4 (1,132.7)
Other intangible assets129.8 (127.9)130.2 (125.7)
Total$2,927.8 $(1,544.4)$2,958.4 $(1,405.2)

Net intangibles totaling $214.3 million were reclassified to assets held for sale as of December 30, 2023 related to the divestiture of the Infrastructure business.
Indefinite-lived trade names totaled $2.348 billion at December 28, 2024 and $2.396 billion at December 30, 2023. The year-over-year change is primarily due to a $41.0 million pre-tax, non-cash impairment charge, as discussed below, as well as currency fluctuations.
As required by the Company’s policy, the Company tested its indefinite-lived trade names for impairment during the third quarter of 2024 utilizing a discounted cash flow model. The key assumptions used included discount rates, royalty rates, and perpetual growth rates applied to the projected sales. With the exception of the Lenox trade name discussed below, the Company determined that the fair values of its indefinite-lived trade names exceeded their respective carrying amounts.
During 2024, the Company continued its brand prioritization and investment strategy for its major brands, while leveraging certain of its specialty brands in a more focused manner. As a result of these ongoing brand prioritization efforts, the Company recognized a $41.0 million pre-tax, non-cash impairment charge related to the Lenox trade name in the third quarter of 2024. Subsequent to this impairment charge, the carrying value of the Lenox trade name totaled $115.0 million. During the third quarter of 2023, the Company recognized a $124.0 million pre-tax, non-cash impairment charge related to the Irwin and Troy-Bilt trade names. Subsequent to this impairment charge, the carrying value of the Irwin and Troy-Bilt trade names totaled $113.0 million. The Company intends to continue utilizing these trade names indefinitely, which represented approximately 6% of 2024 net sales for the Tools & Outdoor segment.
Intangible assets amortization expense by segment was as follows:
(Millions of Dollars)202420232022
Tools & Outdoor$101.6 $103.1 $108.1 
Industrial61.6 89.6 94.4 
Consolidated$163.2 $192.7 $202.5 
Future amortization expense in each of the next five years amounts to $148.4 million for 2025, $140.8 million for 2026, $133.6 million for 2027, $130.2 million for 2028, $129.0 million for 2029 and $701.4 million thereafter.