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GOODWILL AND INTANGIBLE ASSETS
 9 Months Ended
Oct. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill And Intangible Assets GOODWILL AND INTANGIBLE ASSETS
Goodwill
The following table presents the changes in the carrying amount of our goodwill:
in millions
Primary Segment
Other
Consolidated
Goodwill, balance at January 28, 2024
$8,455 $— $8,455 
Acquisitions (1)
— 10,987 10,987 
Other (2)
(14)— (14)
Goodwill, balance at October 27, 2024
$8,441 $10,987 $19,428 
—————
(1)    Fiscal 2024 activity represents the preliminary determination of goodwill related to the SRS acquisition, as well as other immaterial acquisitions completed by SRS during the third quarter of fiscal 2024. See Note 10 for details regarding the SRS acquisition.
(2)     Primarily reflects the net impact of foreign currency translation as well as immaterial measurement period adjustments related to fiscal 2023 acquisitions.
During the third quarter of fiscal 2024, we completed our annual assessment of the recoverability of goodwill for our U.S., Canada, and Mexico reporting units that reside within our Primary segment. As the results of our most recent quantitative analysis in fiscal 2023 indicated that the fair value of each reporting unit substantially exceeded its respective carrying value, we performed a qualitative assessment to determine if there were any indicators of impairment. Based on this assessment, we concluded that while there have been events and circumstances that have both positively and negatively impacted our reporting units, no single factor or combination of factors is an indicator that it is more likely than not that the fair value of any of these reporting units was less than its carrying amount.
Additionally, following the completion of the SRS acquisition, we now have three new reporting units which align with our SRS operating segments: roofing and complementary building products, landscape, and pool. As a result of the recency of the acquisition to our annual assessment date, these reporting units were also analyzed for impairment during the third quarter of fiscal 2024 using a qualitative approach. Based on this analysis, we concluded that there were no events or circumstances that would indicate that it is more likely than not that the fair value of any of these reporting units was less than its carrying amount.
Intangible Assets
The following table presents information regarding our intangible assets:
October 27, 2024 (1)
January 28, 2024
in millionsGross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Definite-Lived Intangible Assets:
Customer relationships$8,830 $(913)$7,917 $3,425 $(670)$2,755 
Trade names608 (62)546 227 (25)202 
Other11 (11)— 12 (12)— 
Indefinite-Lived Intangible Assets:
Trade names649 649 649 649 
Total Intangible Assets
$10,098 $(986)$9,112 $4,313 $(707)$3,606 
—————
(1)    Fiscal 2024 includes the preliminary allocation of fair value to intangible assets related to the SRS acquisition. See Note 10 for details regarding the SRS acquisition.
Our intangible asset amortization expense was $138 million and $48 million during the third quarter of fiscal 2024 and fiscal 2023, respectively, and $280 million and $136 million during the first nine months of fiscal 2024 and fiscal 2023, respectively.
During the third quarter of fiscal 2024, we completed our annual assessment of the recoverability of our indefinite-lived intangible assets based on quantitative factors and concluded no impairment losses should be recognized.
The following table presents the estimated future amortization expense related to definite-lived intangible assets as of October 27, 2024:
in millions
Amortization Expense
Fiscal 2024 - remaining
$145 
Fiscal 2025
552 
Fiscal 2026
552 
Fiscal 2027
544 
Fiscal 2028
527 
Thereafter6,143 
Total
$8,463