Goodwill and intangible assets

9 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill for the nine months ended March 31, 2023 are as follows:


	Diversified Industrial Segment		Aerospace Systems Segment		Total
Balance at June 30, 2022	$	7,185,981	$	554,101	$	7,740,082
Acquisition	30,329		2,985,956		3,016,285
Divestitures	(1,064)		(2,232)		(3,296)


Foreign currency translation	30,297		47,180		77,477
Balance at March 31, 2023	$	7,245,543	$	3,585,005	$	10,830,548

Acquisition represents goodwill resulting from the preliminary purchase price allocation for the Acquisition during the measurement period. Divestitures represent goodwill associated with the sale of businesses. Refer to Note 4 for further discussion.

Goodwill is tested for impairment at the reporting unit level annually and between annual tests whenever events or circumstances indicate that the carrying value of a reporting unit may exceed its fair value. At December 31, 2022, the Company performed its fiscal 2023 annual goodwill impairment test, which indicated no impairment existed.

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:


	March 31, 2023				June 30, 2022
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Patents and technology	$	2,107,573	$	326,954	$	990,775	$	259,587
Trademarks	1,068,997		376,099		727,820		339,244
Customer lists and other	7,815,973		2,001,973		3,735,042		1,718,989
Total	$	10,992,543	$	2,705,026	$	5,453,637	$	2,317,820

Total intangible amortization expense for the nine months ended March 31, 2023 and 2022 was $374 million and $237 million, respectively. The estimated amortization expense for the five years ending June 30, 2023 through 2027 is $520 million, $564 million, $556 million, $551 million and $545 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 during the nine months ended March 31, 2023 and 2022.