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,						2018							2017

Technology-based	$	7,220	$	(5,018	)	$	2,202	$	7,765	$	(4,318	)	$	3,447
Customer-related		4,031		(1,205	)		2,826		4,045		(692	)		3,353
Marketing-related		4,006		(1,071	)		2,935		4,016		(829	)		3,187
Contract-based		679		(589	)		90		841		(722	)		119


Total	$	15,936	$	(7,883	)	$	8,053	$	16,667	$	(6,561	)	$	10,106

No material impairments of intangible assets were identified during fiscal year 2018 or 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.

These intangible assets impairment charges were included in impairment and restructuring expenses in 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,	2018				2017

Technology-based	$	178		4 years	$	2,265		2 years
Marketing-related		14		5 years		2,148		19 years
Contract-based		14		4 years		63		6 years
Customer-related		13		5 years		3,607		7 years


Total	$	219		5 years	$	8,083		9 years

Intangible assets amortization expense was $2.2 billion, $1.7 billion, and $978 million for fiscal years 2018, 2017, and 2016, respectively. Amortization of capitalized software was $54 million, $55 million, and $69 million for fiscal years 2018, 2017, and 2016, respectively.

The following table outlines the estimated future amortization expense related to intangible assets held as of June 30, 2018:

(In millions)


Year Ending June 30,

2019	$	1,785
2020		1,260
2021		1,043
2022		949
2023		806
Thereafter		2,210


Total	$	8,053