Goodwill and Other Intangible Assets
The following summarizes the Company’s goodwill and other intangible assets:
|
| | | | | | | |
| February 1,
2014 | | February 2,
2013 |
| (millions) |
Non-amortizing intangible assets | | | |
Goodwill | $ | 9,125 |
| | $ | 9,125 |
|
Accumulated impairment losses | (5,382 | ) | | (5,382 | ) |
| 3,743 |
| | 3,743 |
|
Tradenames | 414 |
| | 414 |
|
| $ | 4,157 |
| | $ | 4,157 |
|
Amortizing intangible assets | | | |
Favorable leases | $ | 188 |
| | $ | 230 |
|
Customer relationships | 188 |
| | 188 |
|
| 376 |
| | 418 |
|
Accumulated amortization | | | |
Favorable leases | (104 | ) | | (131 | ) |
Customer relationships | (159 | ) | | (140 | ) |
| (263 | ) | | (271 | ) |
| $ | 113 |
| | $ | 147 |
|
Intangible amortization expense amounted to $34 million for 2013, $37 million for 2012 and $39 million for 2011.
Future estimated intangible amortization expense is shown below:
|
| | | |
| (millions) |
Fiscal year | |
2014 | $ | 31 |
|
2015 | 21 |
|
2016 | 8 |
|
2017 | 7 |
|
2018 | 7 |
|
Favorable lease intangible assets are being amortized over their respective lease terms (weighted average life of approximately twelve years) and customer relationship intangible assets are being amortized over their estimated useful lives of ten years.
