Goodwill and Other Intangible Assets

12 Months Ended

Jan. 28, 2023

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:

	January 28, 2023		January 29, 2022
	(millions)
Non-amortizing intangible assets
Goodwill	$	9,290	$	9,290
Accumulated impairment losses	(8,462)		(8,462)
	828		828
Tradenames	403		403
	$	1,231	$	1,231
Amortizing intangible assets
Favorable leases and other contractual assets	$	5	$	5
Tradenames	43		43
	48		48
Accumulated amortization
Favorable leases and other contractual assets	(1)		(1)
Tradenames	(18)		(15)
	(19)		(16)
	$	29	$	32
Capitalized software
Gross balance	$	1,095	$	1,010
Accumulated amortization	(429)		(499)
	$	666	$	511

For the Company's annual impairment assessment as of the end of fiscal May 2022 and 2021, 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 goodwill and intangible assets with indefinite lives were not impaired.

At the end of 2022, the Company was in the early stages of reimagining its private brand portfolio and as such the intended future use of certain private brands may evolve. The Company will continue to monitor the evolution of its private brands and the related impact to its intangible assets.

Finite lived tradenames are being amortized over their respective useful lives of 20 years. Favorable lease intangible assets are being amortized over their respective lease terms.

Other contractual assets and tradenames amortization expense amounted to $2 million for each of 2022, 2021, and 2020. Capitalized software amortization expense amounted to $235 million for 2022, $238 million for 2021 and $268 million for 2020.

Future estimated amortization expense for assets, excluding in-process capitalized software of $72 million not yet placed in service as of January 28, 2023, is shown below:

	Amortizing intangible assets		Capitalized Software
	(millions)
Fiscal year
2023	$	2	$	223
2024	2		177
2025	2		137
2026	2		57
2027	2		—