Property And Equipment, Net

9 Months Ended

Nov. 03, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

The following table provides details of property and equipment, net as of November 3, 2018, February 3, 2018 and October 28, 2017:



	November 3, 2018			February 3, 2018			October 28, 2017
	(in millions)
Property and Equipment, at Cost	$	6,827		$	6,687		$	6,608
Accumulated Depreciation and Amortization	(3,893		)	(3,794		)	(3,688		)
Property and Equipment, Net	$	2,934		$	2,893		$	2,920

Depreciation expense was $148 million and $144 million for the third quarter of 2018 and 2017, respectively. Depreciation expense was $444 million and $426 million for year-to-date 2018 and 2017, respectively.

In the third quarter of 2018, the Company concluded that the negative operating results for certain of its Victoria's Secret stores were an indicator of potential impairment of the related long-lived store assets. The Company determined that the estimated undiscounted future cash flows were less than the carrying values and, as a result, recognized a loss equal to the difference between the carrying values and the estimated fair values, determined by the estimated discounted future cash flows. The Company recognized impairment charges of $81 million, which are included in Costs of Goods Sold, Buying & Occupancy in the 2018 Consolidated Statements of Income (Loss). Impairment charges of $50 million, related to stores in the U.S. and Canada, were recorded within the Victoria's Secret segment. Impairment charges of $31 million, related to stores in the U.K., were recorded within the Victoria's Secret and Bath & Body Works International segment.