Goodwill and intangible assets

3 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill for the three months ended September 30, 2020 are as follows:



	Diversified Industrial Segment		Aerospace Systems Segment		Total
Balance at June 30, 2020	$	7,267,573	$	602,362	$	7,869,935
Acquisitions	3,738		—		3,738
Foreign currency translation and other	98,211		13		98,224
Balance at September 30, 2020	$	7,369,522	$	602,375	$	7,971,897

The acquisitions line represents adjustments to the Lord goodwill allocation during the measurement period subsequent to its acquisition date. The impact of these adjustments during the first three months of fiscal 2021 was immaterial to our results of operations and financial position. Lord's purchase price allocation remains preliminary at September 30, 2020. However, Exotic's purchase price allocation is complete.

We did not identify any events or circumstances during the first three months of fiscal 2021 that required performance of an interim goodwill 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 goodwill impairment test in future periods.

Intangible assets are amortized using 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:



	September 30, 2020				June 30, 2020
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Patents and technology	$	997,032	$	176,937	$	991,596	$	162,528
Trademarks	755,486		299,342		748,326		285,197
Customer lists and other	3,830,936		1,363,861		3,791,505		1,284,789
Total	$	5,583,454	$	1,840,140	$	5,531,427	$	1,732,514

Total intangible amortization expense for the three months ended September 30, 2020 was $81,703. The estimated amortization expense for the five years ending June 30, 2021 through 2025 is $321,660, $306,295, $296,282, $286,998 and $272,899, 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 intangible asset impairments occurred during the three months ended September 30, 2020.