Long-Lived Assets

12 Months Ended

Jan. 28, 2023

Property, Plant and Equipment [Abstract]

Long-Lived Assets

Long-Lived Assets

The following table provides details of Property and Equipment, Net as of January 28, 2023 and January 29, 2022:

	January 28, 2023		January 29, 2022
	(in millions)
Land and Improvements	$	28	$	27
Buildings and Improvements	219		211
Furniture, Fixtures, Software and Equipment	2,394		2,409
Leasehold Improvements	1,018		1,070
Construction in Progress	57		78
Total	3,716		3,795
Accumulated Depreciation and Amortization	(2,870)		(2,838)
Property and Equipment, Net	$	846	$	957

Depreciation expense was $274 million in 2022, $303 million in 2021 and $326 million in 2020.

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, 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.

There were no long-lived store asset impairment charges in 2022 or 2021. The following table provides pre-tax long-lived store asset impairment charges included in the 2020 Consolidated and Combined Statement of Loss:

	2020
Store Asset Impairment	$	136
Operating Lease Asset Impairment	118
Total Impairment	$	254