XML 38 R22.htm IDEA: XBRL DOCUMENT
v3.25.1

Asset Impairments, net | 12 Months Ended
--- | ---
Feb. 01, 2025
Asset Impairment Charges [Abstract] |
Asset Impairments, net | Asset impairments, net The following table summarizes the Company’s net asset impairment activity for Fiscal 2025, Fiscal 2024 and Fiscal 2023:
(in millions) | Fiscal 2025 |  | Fiscal 2024 |  | Fiscal 2023
Goodwill impairment (1) | $ | 272.5 |  |  | $ | — |  |  | $ | — |
Indefinite-lived intangible asset impairment (1) | 94.0 |  |  | — |  |  | — |
Property, plant and equipment impairment | 3.5 |  |  | 3.8 |  |  | 4.3 |
Operating lease ROU asset impairment, net | 2.0 |  |  | 2.7 |  |  | 18.4 |
Definite-lived intangible asset impairment | — |  |  | 2.6 |  |  | — |
Total asset impairments, net | $ | 372.0 |  |  | $ | 9.1 |  |  | $ | 22.7 |
(1) See Note 16 for additional information Long-lived assets of the Company consist primarily of property and equipment, definite-lived intangible assets and operating lease right-of-use ("ROU") assets. Long-lived assets are reviewed for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Potentially impaired assets or asset groups are identified by reviewing the undiscounted cash flows of individual stores. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the store asset group, based on the Company’s internal business plans. If the undiscounted cash flow for the store asset group is less than its carrying amount, the long-lived assets are measured for potential impairment by estimating the fair value of the asset group, and recording an impairment loss for the amount that the carrying value exceeds the estimated fair value. The Company primarily utilizes the replacement cost method to estimate the fair value of its property and equipment, and the income capitalization method to estimate the fair value of its ROU assets, which incorporates historical store level sales, internal business plans, real estate market capitalization and rental rates, and discount rates. Store asset impairments During Fiscal 2025, Fiscal 2024 and Fiscal 2023, the Company completed its quarterly triggering event assessments and determined that triggering events had occurred for certain long-lived asset groups at individual stores based on real estate assessments (including store closure decisions) and store performance for the remaining lease period for certain stores that required an impairment assessment. This impacted property and equipment and ROU assets at the store level. The Company identified certain stores in the initial recoverability test which had carrying values in excess of the estimated undiscounted cash flows. For these stores failing the initial recoverability test, a fair value assessment for these long-lived assets was performed. As a result of the assessment of the estimated fair values, the Company recorded impairment charges for property and equipment of $3.5 million in Fiscal 2025 (Fiscal 2024: $3.8 million; Fiscal 2023: $3.7 million). In addition, the Company recorded net ROU asset impairment charges of $2.0 million in Fiscal 2025 (Fiscal 2024: $2.7 million; Fiscal 2023: $3.1 million). Support center asset impairment During the fourth quarter of Fiscal 2023, due to the change in working environments at certain of the Company’s administrative offices resulting from COVID-19, the Company substantially vacated two leased facilities in its Akron, Ohio support center. The significant change in use of these facilities resulted in a triggering event to evaluate these asset groups for impairment, and they were deemed to have failed the initial recoverability test on an undiscounted basis. A fair value assessment for these long-lived assets was thus performed, and as a result of the assessment of the estimated fair values, the Company recorded impairment charges in the consolidated statement of operations within its North America reportable segment for property and equipment of $0.6 million and impairment charges for ROU assets of $15.3 million in Fiscal 2023. Certain factors impacting the Company’s business could continue to further negatively affect the operating performance and cash flows of the previously impaired stores or additional stores, including the impacts of inflation, continued changes in consumer behavior and shifts in discretionary spending, the inability to achieve or maintain cost savings or other strategic initiatives, changes in real estate strategy or other macroeconomic factors which influence consumer behavior. In addition, key assumptions used to estimate fair value, such as sales trends, capitalization and market rental rates, and discount rates could impact the fair value estimates of the store-level assets in future periods.

X
- References No definition available. + Details
Name: | us-gaap_AssetImpairmentChargesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported. + References No definition available. + Details
Name: | us-gaap_AssetImpairmentChargesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration