Annual report pursuant to Section 13 and 15(d)

Goodwill and Other Intangible Assets

v3.7.0.1
Goodwill and Other Intangible Assets
12 Months Ended
Jan. 28, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
The following summarizes the Company’s goodwill and other intangible assets:
 
 
January 28,
2017
 
January 30,
2016
 
(millions)
Non-amortizing intangible assets
 
 
 
Goodwill
$
9,279

 
$
9,279

Accumulated impairment losses
(5,382
)
 
(5,382
)
 
3,897

 
3,897

Tradenames
403

 
414

 
$
4,300

 
$
4,311

Amortizing intangible assets
 
 
 
Favorable leases and other contractual assets
$
141

 
$
149

Tradenames
43

 
43

 
184

 
192

Accumulated amortization
 
 
 
Favorable leases and other contractual assets
(85
)
 
(90
)
Tradenames
(4
)
 
(2
)
 
(89
)
 
(92
)
 
$
95

 
$
100


In March 2015, the Company completed its acquisition of Bluemercury, Inc., a luxury beauty products and spa retailer. Goodwill during 2015 increased as a result of this acquisition. Also as a result of the acquisition of Bluemercury, the Company established intangible assets relating to definite lived tradenames and favorable leases.
Definite lived tradenames are being amortized over their respective useful lives of 20 years. Favorable lease intangible assets are being amortized over their respective lease terms (weighted average remaining life of approximately six years). Customer relationship intangible assets relating to the acquisition of The May Department Stores Company were being amortized in 2015 and 2014 and were fully amortized as of January 30, 2016.
Intangible amortization expense amounted to $10 million for 2016, $23 million for 2015 and $31 million for 2014.
Future estimated intangible amortization expense is shown below:
 
 
(millions)
Fiscal year
 
2017
$
10

2018
10

2019
9

2020
8

2021
6