Property and Equipment

12 Months Ended

Jan. 29, 2022

Property and Equipment

Property and Equipment

NOTE 5—PROPERTY AND EQUIPMENT

Property and equipment consists of the following (in thousands):

	JANUARY 29,		JANUARY 30,
	2022		2021
Finance lease right-of-use assets (1)	$	958,148	$	844,832
Leasehold improvements (2)		389,179		340,546
Computer software		122,552		143,571
Furniture, fixtures and equipment		86,058		92,736
Machinery, equipment and aircraft		73,968		67,080
Building and building improvements (3)		54,061		43,193
Built-to-suit property		37,057		24,881
Land		20,614		9,059
Total property and equipment		1,741,637		1,565,898
Less—accumulated depreciation and amortization (4)		(513,717)		(488,700)
Total property and equipment—net	$	1,227,920	$	1,077,198

(1) Refer to “Lease Accounting” within Note 3—Significant Accounting Policies and Note 11—Leases.

(2) Leasehold improvements include construction in progress of $11 million and $32 million as of January 29, 2022 and January 30, 2021, respectively.

(3) Building and building improvements as of January 29, 2022 and January 30, 2021 includes $51 million and $40 million of owned buildings under construction related to future Design Galleries.

(4) Includes accumulated amortization related to finance lease right-of-use assets of $174 million and $133 million as of January 29, 2022 and January 30, 2021, respectively. Refer to Note 11—Leases.

We recorded depreciation and amortization of property and equipment, excluding amortization for finance lease right-of-use assets, of $52 million, $59 million and $64 million in fiscal 2021, fiscal 2020 and fiscal 2019, respectively.