Goodwill and Intangible Assets

6 Months Ended

Aug. 01, 2020

Goodwill and Intangible Assets [Abstract]

Goodwill and Intangible Assets

3. Goodwill and Intangible Assets

Goodwill

Balances related to goodwill were as follows ($ in millions):

	August 1, 2020				February 1, 2020				August 3, 2019
	Gross Carrying ‎Amount		Cumulative ‎Impairment		Gross Carrying ‎Amount		Cumulative ‎Impairment		Gross Carrying ‎Amount		Cumulative ‎Impairment
Domestic	$	1,053	$	(67)	$	1,051	$	(67)	$	1,032	$	(67)
International		608		(608)		608		(608)		608		(608)
Total	$	1,661	$	(675)	$	1,659	$	(675)	$	1,640	$	(675)

No impairment charges were recorded during the fiscal periods presented.

Indefinite-Lived Intangible Assets

In the first quarter of fiscal 2021, we made the decision to phase out our Pacific Sales tradename in our U.S. Best Buy stores over the coming years. Consequently, we reclassified the tradename from an indefinite-lived intangible asset to a definite-lived intangible asset and have no indefinite-lived intangible assets remaining as of August 1, 2020. The carrying value of the tradename was $18 million as of February 1, 2020, and August 3, 2019, respectively, and was recorded within Other assets on our Condensed Consolidated Balance Sheets.

Definite-Lived Intangible Assets

We have definite-lived intangible assets which are recorded within Other assets on our Condensed Consolidated Balance Sheets as follows ($ in millions):

	August 1, 2020				February 1, 2020				August 3, 2019				Weighted-Average
	Gross Carrying ‎Amount		Accumulated ‎Amortization		Gross Carrying ‎Amount		Accumulated ‎Amortization		Gross Carrying ‎Amount		Accumulated ‎Amortization		Useful Life Remaining as of August 1, 2020 (in years)
Customer relationships	$	339	$	97	$	339	$	70	$	341	$	42		6.8
Tradenames		81		17		63		10		63		7		5.3
Developed technology		56		21		56		15		52		9		3.1
Total	$	476	$	135	$	458	$	95	$	456	$	58		6.1

Amortization expense was as follows ($ in millions):

		Three Months Ended				Six Months Ended
	Statement of Earnings Location	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Amortization expense	SG&A	$	20	$	18	$	40	$	35

Amortization expense expected to be recognized in future periods is as follows ($ in millions):

	Amortization Expense
Remainder of fiscal 2021	$	41
Fiscal 2022		80
Fiscal 2023		79
Fiscal 2024		54
Fiscal 2025		16
Fiscal 2026		16
Thereafter		55