Goodwill and Other Intangible Assets

12 Months Ended

Feb. 01, 2025

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:

	February 1, 2025		February 3, 2024
	(millions)
Non-amortizing intangible assets
Goodwill	$	9,290	$	9,290
Accumulated impairment losses	(8,462)		(8,462)
	828		828
Tradenames	376		376
	$	1,204	$	1,204
Amortizing intangible assets
Favorable leases and other contractual assets	$	5	$	5
Tradenames	70		70
	75		75
Accumulated amortization
Favorable leases and other contractual assets	(2)		(1)
Tradenames	(24)		(20)
	(26)		(21)
	$	49	$	54
Capitalized software
Gross balance	$	1,431	$	1,203
Accumulated amortization	(629)		(447)
	$	802	$	757

For the Company's annual impairment assessment as of the end of fiscal May 2024 and 2023, the Company elected to perform a qualitative impairment test on its goodwill and intangible assets with indefinite lives and concluded that it is more likely than not that the fair values exceeded the carrying values and therefore goodwill and intangible assets with indefinite lives were not impaired.

During the third quarter of fiscal 2023, the Company observed a general decline in the market valuation of the Company’s common shares and performed an interim qualitative impairment test on its reporting units. As a result of this test, the Company concluded that it was more likely than not that the fair values of its reporting units exceeded the carrying values and goodwill was not impaired.

Finite lived tradenames are being amortized over their respective useful lives ranging from 10 years to 20 years. Favorable lease intangible assets and other contractual assets are being amortized over their respective lease or contract terms.

Other contractual assets and tradenames amortization expense amounted to $5 million for 2024 and $2 million for each of 2023 and 2022. Capitalized software amortization expense amounted to $310 million for 2024, $269 million for 2023 and $235 million for 2022.

Future estimated amortization expense for assets, excluding in-process capitalized software of $95 million not yet placed in service as of February 1, 2025, is shown below:

	Amortizing intangible assets		Capitalized Software
	(millions)
Fiscal year
2025	$	5	$	309
2026	5		229
2027	5		127
2028	5		41
2029	5		1