Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2024

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, 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 and other	45,830		56,898		102,728
Balance June 30, 2023	$	7,682,755	$	2,945,839	$	10,628,594
Acquisitions	1,113		9,778		10,891
Divestitures	(25,387)		—		(25,387)


Foreign currency translation and other	(51,052)		(55,613)		(106,665)
Balance June 30, 2024	$	7,607,429	$	2,900,004	$	10,507,433

Acquisitions represent goodwill resulting from the 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 2024 and 2023.

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 2024, 2023 and 2022 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:


	2024				2023
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Patents and technology	$	2,116,999	$	451,908	$	2,128,847	$	352,040
Trade names	1,041,633		441,382		1,047,678		390,737
Customer relationships and other	8,044,208		2,493,369		8,109,063		2,092,197
Total	$	11,202,840	$	3,386,659	$	11,285,588	$	2,834,974

Total intangible asset amortization expense in 2024, 2023 and 2022 was $578 million, $501 million and $314 million, respectively. The estimated intangible asset amortization expense for the five years ending June 30, 2025 through 2029 is $550 million, $550 million, $542 million, $534 million and $506 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 2024, 2023 or 2022.