Property and Equipment, Net

12 Months Ended

Jan. 31, 2015

Property, Plant and Equipment [Abstract]

The following table provides details of property and equipment, net as of January 31, 2015 and February 1, 2014:



	January 31, 2015			February 1, 2014
	(in millions)
Land	$	87		$	58
Buildings and Improvements	413			408
Furniture, Fixtures, Software and Equipment	3,169			2,984
Leasehold Improvements	1,647			1,534
Construction in Progress	164			117
Total	5,480			5,101
Accumulated Depreciation and Amortization	(3,203		)	(3,056		)
Property and Equipment, Net	$	2,277		$	2,045

Depreciation expense was $438 million in 2014, $406 million in 2013 and $386 million in 2012.

In the fourth quarter of 2012, the Company concluded that the continued negative operating results of the Henri Bendel business was an indicator of potential impairment for the Henri Bendel long-lived store assets. The Company calculated the impairment by comparing the estimated discounted cash flows at each store to its respective carrying value and recognized an impairment charge of $27 million. This impairment charge is included in Cost of Goods Sold, Buying and Occupancy on the 2012 Consolidated Statement of Income. Based on the evaluation performed in the fourth quarters of 2013 and 2014, the Company concluded no additional impairment charge was necessary. The carrying value of the Henri Bendel long-lived store assets was $4 million and $5 million as of January 31, 2015 and February 1, 2014, respectively.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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