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Property at Cost

6 Months Ended

Jul. 29, 2017

Property at Cost

Note B. Property at Cost

The following table presents the components of property at cost:

In thousands		July 29, 2017				January 28, 2017				July 30, 2016
Land and buildings		$	1,271,189			$	1,247,585			$	1,077,567
Leasehold costs and improvements			3,088,783				2,884,054				2,810,844
Furniture, fixtures and equipment			5,234,345				4,871,764				4,650,414
Total property at cost		$	9,594,317			$	9,003,403			$	8,538,825
Less accumulated depreciation and amortization			4,849,627				4,470,509				4,275,445
Net property at cost		$	4,744,690			$	4,532,894			$	4,263,380

Depreciation expense was $347.1 million for the six months ended July 29, 2017 and $321.7 for the six months ended July 30, 2016. Depreciation expense was $658.8 million for the twelve months ended January 28, 2017.

During fiscal 2017 the Company identified fully depreciated assets that were no longer in use and should have been written off during fiscal 2017 or prior periods. The July 30, 2016 property at cost and accumulated depreciation were reduced by $858 million. There was no impact to net property at cost. This error was not material to our consolidated financial statements; however, we have corrected the July 30, 2016 amounts to reflect the write-off that should have been recorded at that time.

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- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

+ Details

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