Macy's 2011 Annual Report Download - page 56

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-16
6. Goodwill and Other Intangible Assets
The following summarizes the Company’s goodwill and other intangible assets:
January 28,
2012 January 29,
2011
(millions)
Non-amortizing intangible assets
Goodwill................................................................................................................... $ 9,125 $ 9,125
Accumulated impairment losses............................................................................... (5,382)(5,382)
3,743 3,743
Tradenames .............................................................................................................. 414 414
$ 4,157 $ 4,157
Amortizing intangible assets
Favorable leases ....................................................................................................... $ 234 $ 250
Customer relationships............................................................................................. 188 188
422 438
Accumulated amortization
Favorable leases ....................................................................................................... (117)(113)
Customer relationships............................................................................................. (121)(102)
(238)(215)
$ 184 $ 223
Intangible amortization expense amounted to $39 million for 2011, $41 million for 2010 and $41 million for 2009.
Future estimated intangible amortization expense is shown below:
(millions)
Fiscal year:
2012.................................................................................................................................... $ 37
2013.................................................................................................................................... 34
2014.................................................................................................................................... 31
2015.................................................................................................................................... 21
2016.................................................................................................................................... 8
Favorable lease intangible assets are being amortized over their respective lease terms (weighted average life of
approximately twelve years) and customer relationship intangible assets are being amortized over their estimated useful lives of
ten years.