PROPERTY AND EQUIPMENT

12 Months Ended

Feb. 01, 2025

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

NOTE 5—PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

	FEBRUARY 1,		FEBRUARY 3,
	2025		2024
	(in thousands)
Finance lease right-of-use assets(1)	$	1,327,476	$	1,104,365
Leasehold improvements(2)		441,140		434,220
Building and building improvements(3)		369,921		334,996
Computer software		186,048		173,378
Furniture, fixtures and equipment		111,384		97,990
Land		105,071		106,347
Machinery, equipment and aircraft		90,905		82,962
Built-to-suit property		37,057		37,057
Total property and equipment		2,669,002		2,371,315
Less—accumulated depreciation and amortization(4)		(785,826)		(685,457)
Total property and equipment—net	$	1,883,176	$	1,685,858

(1) Refer to “Lease Accounting” within Note 3—Significant Accounting Policies and Note 10—Leases.

(2) Includes construction in progress of $13 million and $39 million as of February 1, 2025 and February 3, 2024, respectively.

(3) Includes $109 million and $126 million of owned buildings under construction related to future Design Galleries as of February 1, 2025 and February 3, 2024, respectively.

(4) Includes accumulated amortization related to finance lease right-of-use assets of $320 million and $268 million as of February 1, 2025 and February 3, 2024, respectively. Refer to Note 10—Leases.

We recorded depreciation of property and equipment, excluding amortization for finance lease right-of-use assets, of $76 million, $64 million and $56 million in fiscal 2024, fiscal 2023 and fiscal 2022, respectively.