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Goodwill and Acquired Intangible Assets | 12 Months Ended
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Jul. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Acquired Intangible Assets |
5. Goodwill and Acquired Intangible Assets
Goodwill
Changes in the carrying value of goodwill by reportable segment during the twelve months ended July 31, 2020 and July 31, 2019 were as shown in the following table. Our reportable segments are described in Note 14, “Segment Information.”
(In millions) | Balance July 31, 2018 |  | Goodwill Acquired/ Adjusted |  | Balance July 31, 2019 |  | Goodwill Acquired/ Adjusted |  | Balance July 31, 2020
Small Business & Self-Employed | $ | 1,496 |  |  | $ | 22 |  |  | $ | 1,518 |  |  | $ | — |  |  | $ | 1,518 |
Consumer | 23 |  |  | 19 |  |  | 42 |  |  | — |  |  | 42 |
Strategic Partner | 92 |  |  | 3 |  |  | 95 |  |  | (1 | ) |  | 94 |
Totals | $ | 1,611 |  |  | $ | 44 |  |  | $ | 1,655 |  |  | $ | (1 | ) |  | $ | 1,654 |
Goodwill is net of accumulated impairment losses of $114 million, which were recorded prior to July 31, 2018 and are included in our Consumer segment. The adjustments in goodwill during the twelve months ended July 31, 2020 consist of foreign currency translation. The increase in goodwill during the twelve months ended July 31, 2019 was primarily due to a business acquisition.
Acquired Intangible Assets
The following table shows the cost, accumulated amortization and weighted average life in years for our acquired intangible assets at the dates indicated. The weighted average lives are calculated for assets that are not fully amortized.
(Dollars in millions) | Customer Lists |  | Purchased Technology |  | Trade Names and Logos |  | Covenants Not to Compete or Sue |  | Total
At July 31, 2020: |  |  |  |  |  |  |  |  |
Cost | $ | 256 |  |  | $ | 421 |  |  | $ | 25 |  |  | $ | 42 |  |  | $ | 744 |
Accumulated amortization | (248 | ) |  | (404 | ) |  | (25 | ) |  | (39 | ) |  | (716 | )
Acquired intangible assets, net | $ | 8 |  |  | $ | 17 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 28 |
Weighted average life in years | 5 |  |  | 3 |  |  | NA |  |  | 3 |  |  | 4 |
At July 31, 2019: |  |  |  |  |  |  |  |  |
Cost | $ | 256 |  |  | $ | 422 |  |  | $ | 25 |  |  | $ | 39 |  |  | $ | 742 |
Accumulated amortization | (245 | ) |  | (383 | ) |  | (24 | ) |  | (36 | ) |  | (688 | )
Acquired intangible assets, net | $ | 11 |  |  | $ | 39 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 54 |
Weighted average life in years | 5 |  |  | 3 |  |  | 3 |  |  | 3 |  |  | 4 |
The following table shows the expected future amortization expense for our acquired intangible assets at July 31, 2020. Amortization of purchased technology is charged to cost of service and other revenue and to amortization of acquired technology in our consolidated statements of operations. Amortization of other acquired intangible assets such as customer lists is charged to amortization of other acquired intangible assets in our consolidated statements of operations. If impairment events occur, they could accelerate the timing of acquired intangible asset charges.
(In millions) | Expected Future Amortization Expense
Twelve months ending July 31, |
2021 | $ | 17 |
2022 | 10 |
2023 | 1 |
2024 | — |
2025 | — |
Thereafter | — |
Total expected future amortization expense | $ | 28 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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