Property and Equipment, Net

9 Months Ended

Nov. 02, 2019

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of:

(in thousands)	November 2, 2019			February 2, 2019
Property and equipment, at cost	$	2,773,862		$	2,829,250
Less: Accumulated depreciation and amortization	(2,108,000		)	(2,134,395		)
Property and equipment, net	$	665,862		$	694,855

The Company had $34.7 million of construction project assets in property and equipment, net as of February 2, 2019, related to the construction of buildings in certain lease arrangements where, under the previous lease accounting standard, the Company was deemed to be the owner of the construction project. Upon adoption of the new lease accounting standard, described further in Note 2, “SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES,” the Company derecognized these construction project assets.

Refer to Note 8, “ASSET IMPAIRMENT,” for details related to property and equipment impairment charges incurred during the thirteen and thirty-nine weeks ended November 2, 2019 and November 3, 2018.