Macy's 2012 Annual Report Download - page 63

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-16
Rental expense consists of:
2012 2011 2010
(millions)
Real estate (excluding executory costs)
Capitalized leases –
Contingent rentals............................................................................. $ — $ — $ —
Operating leases –
Minimum rentals............................................................................... 248 242 234
Contingent rentals............................................................................. 21 19 16
269 261 250
Less income from subleases –
Operating leases................................................................................ (11)(18)(15)
$ 258 $ 243 $ 235
Personal property – Operating leases.............................................................. $ 11 $ 10 $ 10
Included as a reduction to the expense above is deferred rent amortization of $7 million, $8 million and $7 million for
2012, 2011 and 2010, respectively, related to contributions received from landlords.
5. Goodwill and Other Intangible Assets
The following summarizes the Company’s goodwill and other intangible assets:
February 2,
2013 January 28,
2012
(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 ....................................................................................................... $ 230 $ 234
Customer relationships............................................................................................. 188 188
418 422
Accumulated amortization
Favorable leases ....................................................................................................... (131)(117)
Customer relationships............................................................................................. (140)(121)
(271)(238)
$ 147 $ 184
Intangible amortization expense amounted to $37 million for 2012, $39 million for 2011 and $41 million for 2010.