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Property and Equipment | 12 Months Ended
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Feb. 03, 2024
Property, Plant and Equipment [Abstract] |
Property and Equipment | Property and Equipment Property and equipment is summarized as follows (in thousands):
| Feb 3, 2024 |  | Jan 28, 2023
Land, buildings and improvements | $ | 50,934 |  |  | $ | 51,017 |
Leasehold improvements | 351,031 |  |  | 353,106 |
Furniture, fixtures and equipment | 482,184 |  |  | 459,113 |
Construction in progress | 11,039 |  |  | 14,545 |
Assets under finance leases | 41,940 |  |  | 37,849 |
| 937,128 |  |  | 915,630 |
Less accumulated depreciation and amortization | 690,480 |  |  | 675,275 |
| $ | 246,648 |  |  | $ | 240,355 |
During fiscal 2024 and fiscal 2023, the Company entered into finance and operating leases related primarily to computer hardware and software. The accumulated depreciation and amortization related to assets under finance leases was approximately $26.8 million and $18.8 million as of February 3, 2024 and January 28, 2023, respectively, and was included in depreciation expense when recognized. See Note 8 for more information regarding the related finance lease obligations. Construction in progress represents the costs associated with the construction in progress of leasehold improvements to be used in the Company’s operations, primarily for new and remodeled stores in retail operations. Impairment The Company recorded asset impairment charges related to property and equipment of $6.4 million, $9.5 million and $2.4 million in fiscal 2024, fiscal 2023 and fiscal 2022, respectively. The asset impairment charges for fiscal 2024, fiscal 2023 and fiscal 2022 related primarily to certain retail locations in Europe, North America and Asia resulting from underperformance, expected store closures and other global economic conditions. Impairments to property and equipment are summarized as (in thousands):
| Feb 3, 2024 |  | Jan 28, 2023
Aggregate carrying value of property and equipment impaired | $ | 66,703 |  |  | $ | 44,284 |
Less property and equipment impairment charges | 6,393 |  |  | 9,474 |
Aggregate remaining fair value of property and equipment impaired | $ | 60,310 |  |  | $ | 34,810 |
The Company’s impairment evaluations included testing of 388 retail locations and 519 retail locations during fiscal 2024 and fiscal 2023, respectively, which were deemed to have possible impairment indicators. During fiscal 2024 and fiscal 2023, the Company concluded that 101 retail locations and 80 retail locations, respectively, were determined to be impaired, as the carrying amounts of the fixed assets exceeded their estimated fair values (determined based on discounted cash flows) at each of the respective dates. Refer to Note 1 for a description of other assumptions that management considers in estimating the future discounted cash flows. If actual results are not consistent with the assumptions and judgments used in estimating future cash flows and asset fair values, there may be additional exposure to future impairment losses that could be material to the Company’s results of operations.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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