Long-Lived Assets

12 Months Ended

Jan. 29, 2022

Property, Plant and Equipment [Abstract]

Long-Lived Assets

Long-Lived Assets

The following table provides details of property and equipment, net as of January 29, 2022 and January 30, 2021:

	January 29, 2022		January 30, 2021
	(in millions)
Land and Improvements	$	27	$	26
Buildings and Improvements	211		190
Furniture, Fixtures, Software and Equipment	2,409		2,462
Leasehold Improvements	1,070		1,091
Construction in Progress	78		23
Total	3,795		3,792
Accumulated Depreciation and Amortization	(2,838)		(2,714)
Property and Equipment, Net	$	957	$	1,078

Depreciation expense was $303 million in 2021, $326 million in 2020 and $411 million in 2019.

Long-Lived Store Assets

As a result of the Company's fleet rationalization executed during 2020 and the negative operating results of certain stores in 2020 and 2019, the Company determined that the estimated undiscounted future cash flows were less than the carrying values for certain asset groups and, as a result, determined the estimated fair values of the store asset groups using estimated discounted future cash flows and estimated market rental rates.

In 2020, the Company also recorded a $25 million non-cash pre-tax impairment charge to fully write-off all remaining long-lived store assets in the U.K. This charge is included in General, Administrative and Store Operating Expenses in the 2020 Consolidated and Combined Statement of Loss.

The following table provides pre-tax long-lived store asset impairment charges included in the Consolidated and Combined Statement of Income (Loss) for 2021, 2020 and 2019:

	2021		2020		2019
	(in millions)
Store Asset Impairment	$	—	$	136	$	198
Operating Lease Asset Impairment	—		118		65
Total Impairment	$	—	$	254	$	263