Note 7—Intangible Assets and Goodwill

At September 30, 2015 and 2014, the Company’s indefinite-lived intangible assets consisted of customer relationships of $6.8 billion, Visa trade name of $2.6 billion and a Visa Europe franchise right of $1.5 billion, all of which were acquired as part of the Company’s October 2007 reorganization. Customer relationships represent the value of relationships with clients outside of the United States, excluding the European Union. Trade names represent the value of the Visa brand outside of the United States, excluding the European Union. Visa Europe’s franchise right represents the value of the right to franchise the use of the Visa brand, use of Visa technology and access to the overall Visa network in the European Union.

Indefinite-lived and finite-lived intangible assets consisted of the following:



	September 30, 2015							September 30, 2014
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
	(in millions)
Finite-lived intangible assets:
Customer relationships	$	351	$	(196	)	$	155	$	339	$	(162	)	$	177
Trade names	192		(67		)	125		192		(54		)	138
Reseller relationships	95		(59		)	36		95		(48		)	47
Other	53		(17		)	36		52		(12		)	40
Total finite-lived intangible assets	$	691	$	(339	)	$	352	$	678	$	(276	)	$	402
Indefinite-lived intangible assets						11,009							11,009
Total intangible assets, net						$	11,361						$	11,411

Amortization expense related to finite-lived intangible assets was $63 million, $66 million and $69 million for fiscal 2015, 2014 and 2013, respectively. At September 30, 2015, estimated future amortization expense on finite-lived intangible assets is as follows:



Fiscal:	2016		2017		2018		2019		2020 and thereafter		Total
	(in millions)
Estimated future amortization expense	$	51	$	49	$	43	$	43	$	166	$	352

There was no impairment related to the Company’s indefinite-lived or finite-lived intangible assets during fiscal 2015, 2014 or 2013.

In August 2014, the Company entered into a license agreement with one of its strategic partners, in which it previously held a minority interest. The transaction was accounted for as a business combination. Total consideration under the license agreement was approximately $15 million, of which $12 million was recorded as goodwill. Subsequently, in April 2015, the Company acquired 100% of the outstanding shares of the strategic partner. The total purchase consideration was approximately $116 million, excluding the Company's previously held minority interest, paid primarily with cash on hand. Total purchase consideration was allocated to the tangible and identifiable intangible assets acquired, and to liabilities assumed based on their respective fair value on the acquisition date. Related finite-lived intangible assets recorded, comprised primarily of customer relationships, totaled $13 million with a weighted-average useful life of 6.7 years. Goodwill of $72 million was recorded to reflect the excess purchase consideration over net assets acquired.

In April 2014, the Company acquired a business in which it previously held a minority interest. Total purchase consideration was approximately $170 million, paid primarily with cash on hand. Total purchase consideration was allocated to the tangible and identifiable intangible assets and liabilities assumed based on their respective fair values on the acquisition date. Related indefinite-lived intangible assets recorded totaled $126 million. Goodwill of $60 million was recorded to reflect the excess purchase consideration over net assets assumed.

The consolidated financial statements include the operating results of the acquired businesses from the dates of acquisition. Pro forma information related to the acquisitions have not been presented as the impacts are not material to the Company's financial results.