Long-Lived Assets

12 Months Ended

Feb. 01, 2025

Property, Plant and Equipment [Abstract]

The following table provides details of Property and Equipment, Net as of February 1, 2025 and February 3, 2024:


	February 1, 2025		February 3, 2024
	(in millions)
Land and Improvements	$	28	$	28
Buildings and Improvements	219		218
Furniture, Fixtures, Software and Equipment	2,225		2,308
Leasehold Improvements	1,004		1,036
Construction in Progress	27		26
Total	3,503		3,616
Accumulated Depreciation and Amortization	(2,729)		(2,773)
Property and Equipment, Net	$	774	$	843

Depreciation expense was $226 million in 2024, $259 million in 2023 and $274 million in 2022.

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 Statement of Income. In the fourth quarter of 2024, the Company completed the sale of the remaining held for sale assets with an aggregate carrying value of $8 million. The net cash proceeds from the sale of these assets were $9 million and resulted in a gain of $1 million in Cost of Goods Sold, Buying and Occupancy in the 2024 Consolidated Statement of Income.