Property and Equipment

12 Months Ended

Feb. 01, 2020

Property Plant And Equipment [Abstract]

4. Property and Equipment

Property and equipment consist of:

		(in thousands)
	Useful Lives	February 1, 2020			February 2, 2019
Land	N/A	$	149,426		$	156,040
Buildings	20 to 40 Years		491,389			485,265
Store fixtures and equipment	3 to 15 Years		1,030,646			927,081
Software	3 to 10 Years		273,674			256,610
Leasehold improvements	Shorter of lease term or useful life		761,561			694,145
Construction in progress	N/A		58,759			24,767
Total property and equipment at cost			2,765,455			2,543,908
Less: accumulated depreciation			(1,362,282	)		(1,290,203	)
Total property and equipment, net of accumulated depreciation and amortization		$	1,403,173		$	1,253,705

As of February 1, 2020 and February 2, 2019, assets, net of accumulated amortization of $4.4 million and $23.2 million, respectively, held under finance leases amounted to approximately $44.8 million and $30.3 million, respectively, and are included in the line item “Buildings” in the foregoing table. Amortization expense related to finance leases is included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of Income. The total amount of depreciation expense during Fiscal 2019, Fiscal 2018 and Fiscal 2017 was $195.8 million, $175.8 million and $163.3 million, respectively.

During Fiscal 2019, Fiscal 2018 and Fiscal 2017, the Company recorded impairment charges related to property and equipment of $3.4 million, $3.9 million and $1.1 million, respectively. Refer to Note 6, “Impairment Charges,” for further discussion.

Internally developed software is amortized on a straight line basis over three to ten years and is recorded in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of Income. Depreciation and amortization of internally developed software amounted to $17.9 million, $19.4 million and $18.2 million during Fiscal 2019, Fiscal 2018 and Fiscal 2017, respectively.