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Property and Equipment, Net

12 Months Ended

Feb. 02, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and Equipment, Net

The following table provides details of property and equipment, net as of February 2, 2019 and February 3, 2018:

	February 2, 2019				February 3, 2018
	(in millions)
Land and Improvements	$	116			$	116
Buildings and Improvements	492				484
Furniture, Fixtures, Software and Equipment	3,725				3,757
Leasehold Improvements	2,277				2,251
Construction in Progress	123				79
Total	6,733				6,687
Accumulated Depreciation and Amortization	(3,915		)		(3,794		)
Property and Equipment, Net	$	2,818			$	2,893

Depreciation expense was $590 million in 2018, $571 million in 2017 and $518 million in 2016.

During 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. As a result, the Company recognized impairment charges of $81 million and $20 million in the third and fourth quarter of 2018, respectively. These charges are included in Costs of Goods Sold, Buying & Occupancy in the 2018 Consolidated Statement of Income. Impairment charges of $70 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.

In 2016, the Company completed a sale and leaseback transaction under a noncancelable operating lease of a certain asset. The carrying value of the asset sold under this arrangement was $51 million. Proceeds of $51 million are included in Proceeds from Sale of Assets within the Investing Activities section of the 2016 Consolidated Statement of Cash Flows. For additional information, see Note 18, "Commitments and Contingencies."

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- References

No definition available.

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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

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