The Gap 2013 Annual Report Download - page 75

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51
During the fourth quarter of fiscal 2013, the valuation of assets acquired and liabilities assumed as of the
acquisition date was completed. The following table summarizes the final purchase price allocation, as well as the
measurement period adjustments made during fiscal 2013, to the amounts initially recognized as of the date of
acquisition. The measurement period adjustments did not have a material impact on our Consolidated Financial
Statements for any period reported, and therefore, we have not retrospectively adjusted our Consolidated
Balance Sheet as of February 2, 2013.
($ in millions)
Purchase Price
Allocation as of
Acquisition Date (1) Measurement
Period Adjustments Final Purchase
Price Allocation
Goodwill $ 85 $ (4) $ 81
Trade name 38 — 38
Intangible assets subject to amortization 3— 3
Net assets acquired 34 7
Total purchase price $ 129 $ — $ 129
__________
(1) As previously reported in our Form 10-K for the year ended February 2, 2013.
See Note 4 of Notes to Consolidated Financial Statements for disclosures about goodwill and intangible assets.
Note 4. Goodwill and Other Intangible Assets
Goodwill and other intangible assets consist of the following and are included in other long-term assets in the
Consolidated Balance Sheets:
($ in millions) February 1,
2014 February 2,
2013
Goodwill $ 180 $ 184
Trade names $ 92 $ 92
Other indefinite-lived intangible assets $ 6 $ 6
Intangible assets subject to amortization $ 18 $ 18
Less: Accumulated amortization (17) (15)
Intangible assets subject to amortization, net $ 1 $ 3
Goodwill
As discussed in Note 3 of Notes to Consolidated Financial Statements, the carrying amount of goodwill related to
the acquisition of Intermix decreased by $4 million from $85 million to $81 million due to an adjustment of the
initial fair values. During fiscal 2013, 2012, and 2011, there were no changes in the $99 million carrying amount of
goodwill related to Athleta.
During the fourth quarter of fiscal 2013, we completed our annual impairment test of goodwill and we did not
recognize any impairment charges.
Other Intangible Assets
Trade names consist of $54 million and $38 million related to Athleta and Intermix, respectively, as of February 1,
2014. During the fourth quarter of fiscal 2013, we completed our annual impairment test of trade names and we
did not recognize any impairment charges.
The intangible assets subject to amortization consist of customer relationships and non-compete agreements
related to Athleta and Intermix of $15 million and $3 million, respectively. Athleta's intangible assets subject to
amortization were fully amortized in fiscal 2012. Intermix's non-compete agreements were fully amortized in fiscal
2013 and its customer relationships are being amortized over a period of four years.