Annual report pursuant to Section 13 and 15(d)

Goodwill and Other Intangible Assets

v3.3.1.900
Goodwill and Other Intangible Assets
12 Months Ended
Jan. 30, 2016
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 30,
2016
 
January 31,
2015
 
(millions)
Non-amortizing intangible assets
 
 
 
Goodwill
$
9,279

 
$
9,125

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

 
3,743

Tradenames
414

 
414

 
$
4,311

 
$
4,157

Amortizing intangible assets
 
 
 
Favorable leases
$
149

 
$
177

Tradenames
43

 

Customer relationships

 
188

 
192

 
365

Accumulated amortization
 
 
 
Favorable leases
(90
)
 
(106
)
Tradenames
(2
)
 

Customer relationships

 
(177
)
 
(92
)
 
(283
)
 
$
100

 
$
82


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 are fully amortized as of January 30, 2016.
Intangible amortization expense amounted to $23 million for 2015, $31 million for 2014 and $34 million for 2013.
Future estimated intangible amortization expense is shown below:
 
 
(millions)
Fiscal year
 
2016
$
10

2017
10

2018
10

2019
9

2020
7