Goodwill and Intangible Assets

3 Months Ended

May 01, 2021

Goodwill and Intangible Assets [Abstract]

Goodwill and Intangible Assets

4. Goodwill and Intangible Assets

Goodwill

Balances related to goodwill remained unchanged as of May 1, 2021, January 30, 2021, and May 2, 2020, as follows ($ in millions):

	Gross Carrying Amount		Cumulative Impairment
Domestic	$	1,053	$	(67)
International		608		(608)
Total	$	1,661	$	(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.

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):

	May 1, 2021				January 30, 2021				May 2, 2020				Weighted-Average
	Gross Carrying ‎Amount		Accumulated ‎Amortization		Gross Carrying ‎Amount		Accumulated ‎Amortization		Gross Carrying ‎Amount		Accumulated ‎Amortization		Useful Life Remaining as of May 1, 2021 (in years)
Customer relationships	$	339	$	138	$	339	$	124	$	339	$	83		6.5
Tradenames		81		27		81		24		81		13		4.7
Developed technology		56		30		56		27		56		18		2.3
Total	$	476	$	195	$	476	$	175	$	476	$	114		5.8

Amortization expense was as follows ($ in millions):

	Statement of	Three Months Ended
	Earnings Location	May 1, 2021		May 2, 2020
Amortization expense	SG&A	$	20	$	19

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

	Amortization Expense
Remainder of fiscal 2022	$	60
Fiscal 2023		79
Fiscal 2024		54
Fiscal 2025		16
Fiscal 2026		16
Fiscal 2027		13
Thereafter		43