Goodwill and Intangible Assets (Notes)

9 Months Ended

Nov. 03, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets:

Goodwill

Goodwill had a carrying value of $2,851 million and $2,911 million as of November 3, 2023 and February 3, 2023, respectively. Goodwill decreased $60 million compared to February 3, 2023 due to the sale of the Supply Chain Business (see Note 4). There were no impairments of goodwill during the periods presented.

Intangible Assets

Intangible assets, all of which were finite-lived, consisted of the following:

	November 3, 2023						February 3, 2023
	Gross carrying value		Accumulated amortization		Net carrying value		Gross carrying value		Accumulated amortization		Net carrying value
	(in millions)
Customer relationships	$	1,462	$	(546)	$	916	$	1,467	$	(466)	$	1,001
Developed technology	10		(3)		7		10		(2)		8
Trade name	1		(1)		—		1		(1)		—
Total intangible assets	$	1,473	$	(550)	$	923	$	1,478	$	(469)	$	1,009

Amortization expense related to intangible assets was $28 million and $86 million for the three and nine months ended November 3, 2023, respectively, and $29 million and $94 million for the three and nine months ended October 28, 2022, respectively. There were no intangible asset impairment losses during the periods presented.

As of November 3, 2023, the estimated future annual amortization expense related to intangible assets is as follows:

Fiscal Year	(in millions)
Remainder of 2024	$	29
2025	115
2026	115
2027	115
2028	98
Thereafter	451
Total	$	923

Actual amortization expense in future periods could differ from these estimates as a result of future acquisitions, divestitures, impairments, and other factors.