Goodwill and intangible assets

6 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill for the six months ended December 31, 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	227,317		26		227,343
Balance at December 31, 2020	$	7,498,628	$	602,388	$	8,101,016

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 six months of fiscal 2021 was immaterial to our results of operations and financial position. At December 31, 2020, purchase price allocations for both Lord and Exotic are complete.

We did not identify any events or circumstances during the first six 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:


	December 31, 2020				June 30, 2020
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Patents and technology	$	1,000,903	$	191,931	$	991,596	$	162,528
Trademarks	764,741		315,029		748,326		285,197
Customer lists and other	3,885,876		1,449,366		3,791,505		1,284,789
Total	$	5,651,520	$	1,956,326	$	5,531,427	$	1,732,514

Total intangible amortization expense for the six months ended December 31, 2020 was $162,940. The estimated amortization expense for the five years ending June 30, 2021 through 2025 is $322,168, $307,106, $297,073, $287,768 and $273,650, 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 six months ended December 31, 2020.