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

As required by the Company's policy, goodwill and indefinite-lived trade names were tested for impairment in the third quarter of 2018. The Company assessed the fair values of three 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 two 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 2018 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 2018, 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 29, 2018 and December 30, 2017 were as follows:



	2018					2017
(Millions of Dollars)	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Amortized Intangible Assets — Definite lives
Patents and copyrights	$	42.5	$	(40.6	)	$	44.1	$	(41.0	)
Trade names	170.8		(114.9		)	154.0		(111.0		)
Customer relationships	2,435.0		(1,269.8		)	2,326.1		(1,155.4		)
Other intangible assets	236.1		(173.6		)	260.3		(175.6		)
Total	$	2,884.4	$	(1,598.9	)	$	2,784.5	$	(1,483.0	)

Indefinite-lived trade names totaled $2.199 billion at December 29, 2018 and $2.206 billion at December 30, 2017. The year-over-year change is due to currency fluctuations.

Intangible assets amortization expense by segment was as follows:



(Millions of Dollars)	2018		2017		2016
Tools & Storage	$	75.5	$	68.0	$	36.8
Industrial	50.7		45.4		49.8
Security	49.1		50.4		57.8
Consolidated	$	175.3	$	163.8	$	144.4

Future amortization expense in each of the next five years amounts to $168.6 million for 2019, $150.5 million for 2020, $141.9 million for 2021, $132.7 million for 2022, $123.7 million for 2023 and $568.1 million thereafter.