v3.26.1
Goodwill and Intangible Assets
 12 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
The changes in the carrying amount of goodwill are as follows:
Diversified Industrial SegmentAerospace Systems SegmentTotal
Balance June 30, 2024$7,607 $2,900 $10,507 
Divestitures(90)— (90)
Foreign currency translation211 66 277 
Balance June 30, 2025$7,728 $2,966 $10,694 
Acquisition486 — 486 
Divestitures(1)— (1)
Foreign currency translation(51)(19)(70)
Balance June 30, 2026$8,162 $2,947 $11,109 
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 2026, 2025 and 2024 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 are as follows:
20262025
June 30,Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Patents and technology$2,338 $666 $2,134 $556 
Trade names1,085 550 1,037 499 
Customer relationships and other8,404 3,331 8,194 2,936 
Total$11,827 $4,547 $11,365 $3,991 
Total intangible asset amortization expense in 2026, 2025 and 2024 was $584 million, $553 million and $578 million, respectively.
The estimated future amortization expense for intangible assets over the next five years is as follows:
For the years ended June 30,20272028202920302031
Estimated annual amortization$578 $570 $549 $523 $482 
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 2026, 2025 or 2024.
The increase in goodwill and intangible assets in 2026 relates to the acquisition of Curtis. The decrease in goodwill in 2025 relates to the divestitures of CFC and a non-core filtration business. Refer to Note 3 for more information.