PROPERTY AND EQUIPMENT

12 Months Ended

Feb. 22, 2025

Property, Plant and Equipment [Abstract]

Property and equipment, net consisted of the following (in millions):


	February 22, 2025		February 24, 2024
Land	$	2,094.6	$	2,118.9
Buildings	5,787.7		5,537.7
Property under construction	815.9		692.4
Leasehold improvements	2,861.1		2,699.0
Fixtures and equipment	8,948.0		8,792.1
Property and equipment under finance leases	617.9		679.3
Total property and equipment	21,125.2		20,519.4

Accumulated depreciation and amortization	(11,314.2)		(10,949.1)
Total property and equipment, net	$	9,811.0	$	9,570.3

Depreciation expense was $1,353.7 million, $1,334.1 million and $1,433.1 million for fiscal 2024, fiscal 2023 and fiscal 2022, respectively. Amortization expense related to finance lease assets was $45.8 million, $51.7 million and $55.5 million in fiscal 2024, fiscal 2023 and fiscal 2022, respectively. Fixed asset impairment losses of $83.6 million, $0.9 million and $5.1 million were recorded as a component of Loss (gain) on property dispositions and impairment losses, net in fiscal 2024, fiscal 2023 and fiscal 2022, respectively.

During the fourth quarter of fiscal 2024, the Company performed an overall review of its retail store portfolio in consideration of its post-Merger business strategy. As a result, the Company identified certain stores with carrying values that exceeded their undiscounted cash flows, and recorded retail store impairment losses of $34.4 million in the fourth quarter of fiscal 2024, for a total of $53.9 million during fiscal 2024. The Company also recorded impairment losses of $29.7 million primarily related to equipment from the closing of our micro-fulfillment centers in fiscal 2024.