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Property And Equipment, Net | 9 Months Ended
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Nov. 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 November 2, 2019, February 2, 2019 and November 3, 2018:
| November 2, 2019 |  | February 2, 2019 |  | November 3, 2018
| (in millions)
Property and Equipment, at Cost | $ | 6,449 |  |  | $ | 6,733 |  |  | $ | 6,827 |
Accumulated Depreciation and Amortization | (3,878 | ) |  | (3,915 | ) |  | (3,893 | )
Property and Equipment, Net | $ | 2,571 |  |  | $ | 2,818 |  |  | $ | 2,934 |
Depreciation expense was $148 million for both the third quarter of 2019 and 2018. Depreciation expense was $443 million and $444 million for year-to-date 2019 and 2018, respectively. Long-Lived Store Assets Long-lived store assets, which includes leasehold improvements, store-related assets and operating leases (subsequent to the adoption of ASC 842, Leases), are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Store assets are grouped at the lowest level for which they are largely independent of other assets or asset groups. If the estimated undiscounted future cash flows related to the asset group are less than the carrying value, the Company recognizes a loss equal to the difference between the carrying value and the estimated fair value, determined by the estimated discounted future cash flows of the asset group. An individual asset within an asset group is not impaired below its estimated fair value. For operating lease assets, the Company determines the fair value of the assets by comparing the contractual rent payments to estimated market rental rates. These fair value measurements qualify as level 3 measurements in the fair value hierarchy. In the third quarter of 2019, 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 store asset groups. The Company determined that the estimated undiscounted future cash flows were less than the carrying values and, as a result, determined the estimated fair values of the store asset groups using estimated discounted future cash flows. Accordingly, the Company recognized a loss equal to the difference between the carrying value of an asset group and its estimated fair value but did not impair any individual store asset below its estimated fair value. For leasehold improvements and store-related assets, the Company recognized impairment charges of $188 million. Impairment charges of $151 million related to stores in Greater China, the U.K. and Ireland, and impairment charges of $37 million related to stores in the U.S. and Canada. For operating lease assets, the Company recognized impairment charges of $30 million. Impairment charges of $26 million related to stores in the U.K., and impairment charges of $4 million related to stores in the U.S. In total, the Company recognized impairment charges of $218 million for long-lived store assets, which are included in Costs of Goods Sold, Buying & Occupancy in the 2019 Consolidated Statements of Income (Loss). Impairment charges of $177 million, related to store assets in Greater China, the U.K. and Ireland, were recorded within the Victoria's Secret and Bath & Body Works International segment. Impairment charges of $41 million, related to store assets in the U.S. and Canada, were recorded within the Victoria's Secret segment. 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 store asset groups. The Company determined that the estimated undiscounted future cash flows were less than the carrying values and, as a result, determined the estimated fair values of the store asset groups using estimated discounted future cash flows. Accordingly, the Company recognized a loss equal to the difference between the carrying value of an asset group and its estimated fair value but did not impair any individual store asset below its estimated fair value. 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 store assets in the U.S. and Canada, were recorded within the Victoria's Secret segment. Impairment charges of $31 million, related to store assets in the U.K., were recorded within the Victoria's Secret and Bath & Body Works International segment.

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- References No definition available. + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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