Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill are as follows:



	Diversified Industrial Segment			Aerospace Systems Segment			Total
Balance June 30, 2017	$	5,488,236		$	98,642		$	5,586,878
Acquisitions	37,489			—			37,489
Divestitures	(138,541		)	—			(138,541		)
Foreign currency translation and other	18,587			7			18,594
Balance June 30, 2018	$	5,405,771		$	98,649		$	5,504,420
Acquisitions	2,940			—			2,940
Foreign currency translation and other	(53,546		)	(9		)	(53,555		)
Balance June 30, 2019	$	5,355,165		$	98,640		$	5,453,805

Acquisitions represent the original goodwill allocation, purchase price adjustments and final adjustments to the purchase price allocation for the acquisitions during the measurement period subsequent to the applicable acquisition dates. The impact of the purchase price adjustments and final adjustments to the purchase price allocation on the Company's results of operations and financial position were immaterial. Divestitures primarily represent goodwill associated with the sale of a business in 2018 (see Note 3 for further discussion).

The Company's annual impairment tests performed in 2019, 2018 and 2017 resulted in no impairment loss being recognized.

Intangible assets are amortized on a straight-line method over their legal or estimated useful lives. The gross carrying value and accumulated amortization for each major category of intangible asset at June 30 are as follows:



	2019				2018
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Patents	$	265,644	$	130,233	$	265,423	$	117,440
Trademarks	542,573		252,388		546,905		227,580
Customer lists and other	2,435,461		1,077,780		2,482,079		933,867
Total	$	3,243,678	$	1,460,401	$	3,294,407	$	1,278,887

Total intangible asset amortization expense in 2019, 2018 and 2017 was $205,164, $221,494 and $145,128, respectively. Estimated intangible asset amortization expense for the five years ending June 30, 2020 through 2024 is $177,239, $172,522, $166,398, $155,437 and $149,798, respectively.

Intangible assets are evaluated for impairment whenever events or circumstances indicate that the undiscounted net cash flows to be generated by their use over their expected useful lives and eventual disposition may be less than their net carrying value. No material intangible asset impairments occurred in 2019, 2018 or 2017.