Long-Lived Assets

6 Months Ended

Aug. 03, 2024

Property, Plant and Equipment [Abstract]

The following table provides details of Property and Equipment, Net as of August 3, 2024, February 3, 2024 and July 29, 2023:


	August 3, 2024		February 3, 2024		July 29, 2023
	(in millions)
Property and Equipment, at Cost	$	3,576	$	3,616	$	3,591
Accumulated Depreciation and Amortization	(2,766)		(2,773)		(2,736)
Property and Equipment, Net	$	810	$	843	$	855

Depreciation expense was $53 million and $65 million for the second quarter of 2024 and 2023, respectively, and $112 million and $132 million for year-to-date 2024 and 2023, respectively. Amortization expense for intangible assets was $6 million for the second quarter of 2024 and 2023, respectively, and $13 million for year-to-date 2024 and 2023, respectively.

In the first quarter of 2024, the Company classified certain non-store corporate-related assets that were expected to be sold within the next twelve months as held for sale within Other Current Assets on the Consolidated Balance Sheet. In the second quarter of 2024, the Company completed the sale of certain of these held for sale assets with an aggregate carrying value of $10 million. The net cash proceeds from the sale of these assets were $16 million and resulted in a gain of $6 million in Cost of Goods Sold, Buying and Occupancy in the 2024 Consolidated Statements of Income during the second quarter of 2024. As of August 3, 2024, the carrying value of the remaining assets held for sale was $8 million.