Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2022

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, 2020	$	7,267,573	$	602,362	$	7,869,935
Acquisitions	3,738		—		3,738


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

Divestitures	(164)		—		(164)

Goodwill reclassified to held for sale	—		(48,242)		(48,242)
Foreign currency translation	(271,164)		(35)		(271,199)
Balance June 30, 2022	$	7,185,981	$	554,101	$	7,740,082

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

Divestitures represent goodwill associated with the sale of a business during 2022.

Goodwill reclassified to held for sale, which was allocated using the relative fair value method, relates to the aircraft wheel and brake business. 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 2022, 2021 and 2020 resulted in no impairment loss being recognized.

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:


	2022				2021
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Patents and technology	$	990,775	$	259,587	$	999,952	$	216,314
Trademarks	727,820		339,244		762,130		331,905
Customer lists and other	3,735,042		1,718,989		3,869,772		1,563,838
Total	$	5,453,637	$	2,317,820	$	5,631,854	$	2,112,057

Total intangible asset amortization expense in 2022, 2021 and 2020 was $314 million, $325 million and $285 million, respectively. Estimated intangible asset amortization expense for the five years ending June 30, 2023 through 2027 is $300 million, $285 million, $278 million, $273 million and $267 million, 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 2022, 2021 or 2020.