Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2021

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, 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	3,738		—		3,738


Foreign currency translation and other	185,998		16		186,014
Balance June 30, 2021	$	7,457,309	$	602,378	$	8,059,687

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 2021, 2020 and 2019 resulted in no impairment loss being recognized. We did not identify any events or circumstances during 2021 that required performance of an interim impairment test.

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:


	2021				2020
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Patents and technology	$	999,952	$	216,314	$	991,596	$	162,528
Trademarks	762,130		331,905		748,326		285,197
Customer lists and other	3,869,772		1,563,838		3,791,505		1,284,789
Total	$	5,631,854	$	2,112,057	$	5,531,427	$	1,732,514

Total intangible asset amortization expense in 2021, 2020 and 2019 was $325,447, $284,632 and $205,164, respectively. Estimated intangible asset amortization expense for the five years ending June 30, 2022 through 2026 is $319,900, $304,906, $297,945, $287,617 and $282,431, 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 2021, 2020 or 2019.