PROPERTY AND EQUIPMENT

12 Months Ended

Jan. 29, 2022

PROPERTY AND EQUIPMENT.

PROPERTY AND EQUIPMENT

9.   PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

($thousands)	January 29, 2022		January 30, 2021
Land and buildings	$	48,355	$	53,561
Leasehold improvements		197,218		208,939
Technology equipment		49,550		49,105
Machinery and equipment		98,308		98,862
Furniture and fixtures		127,125		126,405
Construction in progress		3,066		6,773
Property and equipment		523,622		543,645
Allowances for depreciation		(373,384)		(371,208)
Property and equipment, net	$	150,238	$	172,437

Useful lives of property and equipment are as follows:

	Years
Buildings	5 - 30
Leasehold improvements	5 - 20
Technology equipment	2 - 10
Machinery and equipment	4 - 20
Furniture and fixtures	3 - 10

The Company recorded charges for impairment of $4.1 million, $56.3 million and $5.9 million in 2021, 2020 and 2019, respectively, primarily for operating lease right-of-use assets, leasehold improvements and furniture and fixtures in the Company’s retail stores. All of the charges in 2021 and 2019 are presented in selling and administrative expenses. Of the $56.3 million of impairment charges in 2020, $55.3 million is reflected in restructuring and other special charges, and $1.0 million is reflected in selling and administrative expenses. Fair value was based on estimated future cash flows to be generated by retail stores, discounted at a market rate of interest. Refer to Note 4, Note 12 and Note 13 to the consolidated financial statements for further discussion of these impairment charges.

Interest costs for major asset additions are capitalized during the construction or development period and amortized over the lives of the related assets. The Company capitalized interest of $0.6 million in 2019 related to the new company-operated Brand Portfolio warehouse facilities in California, with no corresponding interest capitalized in 2021 or 2020.

Property and Equipment, Held for Sale

In April 2021, the Company announced that it would begin marketing for sale its nine-acre corporate headquarters campus (the “Campus”) located in Clayton, Missouri and the Company is currently in negotiations to sell the campus.  The Company expects a portion of the campus to qualify as a completed sale within twelve months.  Accordingly, as of January 29, 2022, that portion of the Campus, which is included in the Eliminations and Other category, is classified within property and equipment, held for sale on the consolidated balance sheet.  The remaining portion of the Campus that is not anticipated to qualify as a completed sale within twelve months is classified as property and equipment, net on the consolidated balance sheet as of January 29, 2022.  The Company evaluated the Campus asset group for impairment indicators and determined that no indicators were present.