Goodwill and Intangible Assets

6 Months Ended

Jul. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

Goodwill

The carrying amount of the Company’s goodwill included in its Balance Sheets is as follows:

	July 28, 2024		January 28, 2024
Gross Goodwill	$	1,843	$	1,561
Accumulated Impairment	—		—
Net Goodwill	$	1,843	$	1,561

The changes in the carrying amount of goodwill are as follows:

	Six Months Ended
	July 28, 2024
Beginning Balance	$	1,561
Goodwill acquired during the year	281
Goodwill adjusted during the year	1
Ending balance	$	1,843

Goodwill acquired during the six months ended July 28, 2024 was related to the Fiscal 2024 Acquisitions, as further described in Note 4.

Goodwill represents the excess of purchase price over the fair value of net assets acquired. The Company does not amortize goodwill, but does assess the recoverability of goodwill on an annual basis during the fourth quarter. If an event occurs or circumstances change that would “more likely than not” reduce the fair value of a reporting unit below its carrying value, an interim impairment test would be performed between annual tests.

Intangible Assets

The Company’s intangible assets included in its Balance Sheets consist of the following:

	July 28, 2024						January 28, 2024
	Gross Intangible		Accumulated Amortization		Net Intangible		Gross Intangible		Accumulated Amortization		Net Intangible
Customer relationships	$	1,726	$	790	$	936	$	1,496	$	718	$	778
Other intangible assets	23		5		18		10		4		6
Total	$	1,749	$	795	$	954	$	1,506	$	722	$	784

Amortization expense related to intangible assets was as follows:

	Three Months Ended				Six Months Ended
	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Amortization expense	$	38	$	31	$	73	$	60

The estimated aggregate amortization expense on intangible assets owned by the Company for the remainder of fiscal 2024 and the next four full fiscal years is expected to be as follows:

Fiscal 2024	$	75
Fiscal 2025	141
Fiscal 2026	131
Fiscal 2027	123
Fiscal 2028	114