Property and Equipment, Net

3 Months Ended

Apr. 30, 2016

Property, Plant and Equipment [Abstract]

Property and equipment, net consisted of:



(in thousands)	April 30, 2016			January 30, 2016
Property and equipment, at cost	$	2,831,851		$	2,792,437
Less: Accumulated depreciation and amortization	(1,945,505		)	(1,898,259		)
Property and equipment, net	$	886,346		$	894,178

Long-lived assets, primarily comprised of property and equipment, are tested for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Factors used in the evaluation include, but are not limited to, management’s plans for future operations, recent operating results, and undiscounted projected cash flows.

For any of the Company's store-related assets that fail the recoverability test, fair value is determined at the individual store level, primarily using a discounted cash flow model that utilizes Level 3 inputs. The estimation of future cash flows from operating activities requires significant estimates of factors that include future sales, gross margin performance and operating expenses. In instances where the discounted cash flow analysis indicates a negative value at the store level, the market exit price based on historical experience, and other comparable market data where applicable, is used to determine the fair value by asset type.

The Company had $39.1 million and $37.3 million of construction project assets in property and equipment, net at April 30, 2016 and January 30, 2016, respectively, related to the construction of buildings in certain lease arrangements where the Company is deemed to be the owner of the construction project.