Goodwill and Intangible Assets

12 Months Ended

Jan. 30, 2021

Goodwill and Intangible Assets [Abstract]

Goodwill and Intangible Assets

4.   Goodwill and Intangible Assets

Goodwill

Goodwill balances by reportable segment were as follows ($ in millions):

	January 30, 2021				February 1, 2020
	Gross Carrying Amount		Cumulative Impairment		Gross Carrying Amount		Cumulative Impairment
Domestic	$	1,053	$	(67)	$	1,051	$	(67)
International		608		(608)		608		(608)
Total	$	1,661	$	(675)	$	1,659	$	(675)

No goodwill impairment charges were recorded in fiscal 2021 or fiscal 2020.

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 January 30, 2021. The carrying value of the tradename was $18 million as of February 1, 2020, and was recorded within Other assets on our Consolidated Balance Sheets.

Definite-Lived Intangible Assets

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

	January 30, 2021				February 1, 2020				Weighted-Average
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization		Useful Life Remaining as of January 30, 2021 (in years)
Customer relationships	$	339	$	124	$	339	$	70		6.6
Tradename		81		24		63		10		4.9
Developed technology		56		27		56		15		2.6
Total	$	476	$	175	$	458	$	95		5.9

Amortization expense was as follows ($ in millions):

	Statement of Earnings Location	2021		2020		2019
Amortization expense	SG&A	$	80	$	72	$	23

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

Fiscal Year		Amount
Fiscal 2022	$	80
Fiscal 2023		79
Fiscal 2024		54
Fiscal 2025		16
Fiscal 2026		16
Thereafter		56