Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2020

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, 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	1,966,865			503,725			2,470,590
Foreign currency translation and other	(54,457		)	(3		)	(54,460		)
Balance June 30, 2020	$	7,267,573		$	602,362		$	7,869,935

Acquisitions represent the goodwill allocation during the measurement period subsequent to the applicable acquisition dates. Refer to Note 3 for further discussion.

We test goodwill for impairment at the reporting unit level on an annual basis and between annual tests whenever events or circumstances indicate that the carrying value of a reporting unit may exceed its fair value. Our annual impairment tests performed in 2020, 2019 and 2018 resulted in no impairment loss being recognized. We did not identify any events or circumstances during 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 additional impairment tests in future periods.

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:



	2020				2019
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Patents and technology	$	991,596	$	162,528	$	265,644	$	130,233
Trademarks	748,326		285,197		542,573		252,388
Customer lists and other	3,791,505		1,284,789		2,435,461		1,077,780
Total	$	5,531,427	$	1,732,514	$	3,243,678	$	1,460,401

Total intangible asset amortization expense in 2020, 2019 and 2018 was $284,632, $205,164 and $221,494, respectively. Estimated intangible asset amortization expense for the five years ending June 30, 2021 through 2025 is $321,200, $303,504, $293,603, $284,418 and $270,409, 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 2020, 2019 or 2018.