Macy's 2014 Annual Report Download - page 64

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-17
5. Goodwill and Other Intangible Assets
The following summarizes the Company’s goodwill and other intangible assets:
January 31,
2015 February 1,
2014
(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........................................................................................................ $ 177 $ 188
Customer relationships ............................................................................................. 188 188
365 376
Accumulated amortization
Favorable leases........................................................................................................ (106)(104)
Customer relationships ............................................................................................. (177)(159)
(283)(263)
$ 82 $ 113
Intangible amortization expense amounted to $31 million for 2014, $34 million for 2013 and $37 million for 2012.
Future estimated intangible amortization expense is shown below:
(millions)
Fiscal year
2015.................................................................................................................................... $ 21
2016.................................................................................................................................... 8
2017.................................................................................................................................... 7
2018.................................................................................................................................... 7
2019.................................................................................................................................... 7
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.