Goodwill and intangible assets

9 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill for the nine months ended March 31, 2020 are as follows:



	Diversified Industrial Segment			Aerospace Systems Segment			Total
Balance at June 30, 2019	$	5,355,165		$	98,640		$	5,453,805
Acquisitions	1,955,561			503,782			2,459,343
Foreign currency translation and other	(83,361		)	(8		)	(83,369		)
Balance at March 31, 2020	$	7,227,365		$	602,414		$	7,829,779

The acquisitions line represents the goodwill allocation during the measurement period subsequent to the applicable acquisition date. Refer to Note 4 for further discussion.

Goodwill is tested for impairment at the reporting unit level annually and between annual tests whenever events or circumstances indicate that the carrying value of a reporting unit may exceed its fair value. At December 31, 2019, the Company performed its fiscal 2020 annual goodwill impairment test, which indicated no impairment existed. We did not identify any events or circumstances during the third quarter of fiscal 2020 that required performance of an interim impairment test. However, the effects of COVID-19 on the global economy, including further market disruption, lack of economic recovery or lower than anticipated customer demand, may require the performance of an interim impairment test in future periods.

Intangible assets are amortized on the straight-line method over their legal or estimated useful lives. The following summarizes the gross carrying value and accumulated amortization for each major category of intangible assets:



	March 31, 2020				June 30, 2019
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Patents and technology	$	990,716	$	149,247	$	265,644	$	130,233
Trademarks	747,536		274,704		542,573		252,388
Customer lists and other	3,785,333		1,217,807		2,435,461		1,077,780
Total	$	5,523,585	$	1,641,758	$	3,243,678	$	1,460,401

Total intangible amortization expense for the nine months ended March 31, 2020 was $203,895. The estimated amortization expense for the five years ending June 30, 2020 through 2024 is $276,591, $313,434, $307,402, $296,337 and $290,718, 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 during the nine months ended March 31, 2020.