Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2023

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, 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	452,008		2,337,072		2,789,080
Divestitures	(1,064)		(2,232)		(3,296)


Foreign currency translation	45,830		56,898		102,728
Balance June 30, 2023	$	7,682,755	$	2,945,839	$	10,628,594

Acquisitions represent goodwill resulting from the preliminary purchase price allocation for the Acquisition during the measurement period. Refer to Note 3 for further discussion.

Divestitures represent goodwill associated with the sale of businesses during 2023 and 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.

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. Our annual impairment tests performed in 2023, 2022 and 2021 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:


	2023				2022
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Patents and technology	$	2,128,847	$	352,040	$	990,775	$	259,587
Trade names	1,047,678		390,737		727,820		339,244
Customer relationships and other	8,109,063		2,092,197		3,735,042		1,718,989
Total	$	11,285,588	$	2,834,974	$	5,453,637	$	2,317,820

Total intangible asset amortization expense in 2023, 2022 and 2021 was $501 million, $314 million and $325 million, respectively. The estimated intangible asset amortization expense for the five years ending June 30, 2024 through 2028 is $550 million, $528 million, $523 million, $518 million and $508 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 2023, 2022 or 2021.