NOTE 11 — INTANGIBLE ASSETS

The components of intangible assets, all of which are finite-lived, were as follows:

(In millions)	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount


June 30,							2017							2016

Technology-based ^(a)	$	7,765		$	(4,318	)	$	3,447	$	5,970	$	(3,648	)	$	2,322
Marketing-related		4,016			(829	)		3,187		1,869		(616	)		1,253
Contract-based		841			(722	)		119		796		(718	)		78
Customer-related		4,045			(692	)		3,353		465		(385	)		80


Total	$	16,667	^(b)	$	(6,561	)	$	10,106	$	9,100	$	(5,367	)	$	3,733

(a)	Technology-based intangible assets included $59 million and $115 million of net carrying amount of software to be sold, leased, or otherwise marketed as of June 30, 2017 and 2016, respectively.

(b)	Includes intangible assets related to LinkedIn and other additions. See Note 9 – Business Combinations for further information.

No material impairments of intangible assets were identified during fiscal year 2017.

During fiscal year 2016, we recorded impairment charges of $480 million related to intangible assets in the Devices reporting unit within our More Personal Computing segment. In the fourth quarter of fiscal year 2016, we tested these intangible assets for recoverability due to changes in facts and circumstances associated with the shift in strategic direction and reduced profitability expectations for our phone business. Based on the results of our testing, we determined that the carrying value of the intangible assets was not recoverable, and an impairment charge was recorded to the extent that estimated fair value exceeded carrying value. We primarily used the income approach to determine the fair value of the intangible assets and determine the amount of impairment.

During fiscal year 2015, we recorded impairment charges of $2.2 billion related to intangible assets in our previous Phone Hardware reporting unit. Phone Hardware intangible assets are included in the Devices reporting unit under our current segment structure. In the fourth quarter of fiscal year 2015, we tested these intangible assets for recoverability due to changes in facts and circumstances associated with the shift in strategic direction and reduced profitability expectations for Phone Hardware. Based on the results of our testing, we determined that the carrying value of the intangible assets was not recoverable, and an impairment charge was recorded to the extent that estimated fair value exceeded carrying value. We primarily used a relief from royalty income approach to determine the fair value of the intangible assets and determine the amount of impairment.

These intangible assets impairment charges were included in impairment, integration, and restructuring expenses on our consolidated income statement, and reflected in Corporate and Other in our table of operating income (loss) by segment in Note 21 – Segment Information and Geographic Data.

We estimate that we have no significant residual value related to our intangible assets.

The components of intangible assets acquired during the periods presented were as follows:

(In millions)	Amount		Weighted Average Life		Amount		Weighted Average Life


Year Ended June 30,	2017				2016

Customer-related	$	3,607		7 years	$	30		3 years
Technology-based		2,265		2 years		361		4 years
Marketing-related		2,148		19 years		2		1 year
Contract-based		63		6 years		0		n/a


Total	$	8,083		9 years	$	393		4 years

Intangible assets amortization expense was $1.7 billion, $978 million, and $1.3 billion for fiscal years 2017, 2016, and 2015, respectively. Amortization of capitalized software was $55 million, $69 million, and $79 million for fiscal years 2017, 2016, and 2015, respectively.

The following table outlines the estimated future amortization expense related to intangible assets held as of June 30, 2017:

(In millions)


Year Ending June 30,

2018	$	2,190
2019		1,698
2020		1,180
2021		1,006
2022		932
Thereafter		3,100


Total	$	10,106