Property and Equipment

12 Months Ended

Jan. 31, 2015

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

Property and equipment is summarized as follows (in thousands):

	Jan 31, 2015		Feb 1, 2014
Land and land improvements	$	2,866	$	2,866
Building and building improvements	3,471		4,063
Leasehold improvements	386,374		409,582
Furniture, fixtures and equipment	356,960		383,127
Construction in progress	11,417		9,706
Properties under capital lease	19,190		22,931
	780,278		832,275
Less accumulated depreciation and amortization	520,754		507,669
	$	259,524	$	324,606

Construction in progress represents the costs associated with the construction in progress of leasehold improvements to be used in the Company’s operations, primarily for new and remodeled stores in retail operations. No interest costs were capitalized related to construction in progress during fiscal 2015, fiscal 2014 and fiscal 2013.

The accumulated depreciation and amortization related to the property under the capital lease was approximately $5.8 million and $6.1 million as of January 31, 2015 and February 1, 2014, respectively, and was included in depreciation expense when recognized. See Notes 8 and 14 for information regarding the associated capital lease obligations.

Impairment

The Company recorded impairment charges of $24.8 million, $8.8 million and $10.1 million for fiscal 2015, fiscal 2014 and fiscal 2013, respectively, related primarily to the impairment of certain under-performing retail stores and expected store closures in North America and Europe. These impairment charges, which exclude impairment charges incurred during fiscal 2014 related to restructuring activities, were included in SG&A expenses in the Company’s consolidated statements of income for each of the respective periods. Refer to Note 9 for more information regarding impairment charges related to restructuring activities.

Impairments to long-lived assets, excluding impairment charges related to restructuring activities during fiscal 2014, are summarized as follows (in thousands):

	Jan 31, 2015		Feb 1, 2014
Aggregate carrying value of all long-lived assets impaired	$	26,106	$	8,928
Less impairment charges	24,766		8,821
Aggregate remaining fair value of all long-lived assets impaired	$	1,340	$	107

The Company’s impairment evaluations included testing of 179 stores and concessions during fiscal 2015 and 90 stores during fiscal 2014, which were deemed to have impairment indicators. The Company concluded that 139 stores and concessions, and 31 stores, respectively, were determined to be impaired, as the carrying amounts of the assets exceeded their estimated fair values (determined based on discounted cash flows) at each of the respective dates. Refer to Note 1 for a description of other assumptions that management considers in estimating the future discounted cash flows. If actual results are not consistent with the assumptions and judgments used in estimating future cash flows and asset fair values, there may be additional exposure to future impairment losses that could be material to the Company’s results of operations.