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This excerpt taken from the GPS 10-Q filed Jun 9, 2009. Note 3. Goodwill and Intangible Assets Goodwill and intangible assets consist of the following:
All of the assets above have been allocated to the Direct reportable segment. During the thirteen weeks ended May 2, 2009, there were no changes in the carrying amount of goodwill or trade name. Intangible assets subject to amortization, consisting primarily of customer relationships, are being amortized over a weighted-average amortization period of four years. Amortization expense associated with intangible assets subject to amortization is classified in operating expenses in our Condensed Consolidated Statements of Earnings. For the thirteen weeks ended May 2, 2009, amortization expense for intangible assets subject to amortization was $2 million. For the remainder of fiscal 2009, we expect amortization expense to be $4 million.
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Table of ContentsAs of May 2, 2009, future amortization expense associated with intangible assets subject to amortization for each of the five succeeding fiscal years is as follows:
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