Long-Lived Assets

9 Months Ended

Nov. 02, 2024

Property, Plant and Equipment [Abstract]

The following table provides details of Property and Equipment, Net as of November 2, 2024, February 3, 2024 and October 28, 2023:


	November 2, 2024		February 3, 2024		October 28, 2023
	(in millions)
Property and Equipment, at Cost	$	3,564	$	3,616	$	3,654
Accumulated Depreciation and Amortization	(2,758)		(2,773)		(2,783)
Property and Equipment, Net	$	806	$	843	$	871

Depreciation expense was $55 million and $65 million for the third quarter of 2024 and 2023, respectively, and $167 million and $197 million for year-to-date 2024 and 2023, respectively. Amortization expense for intangible assets was $6 million for both the third quarter of 2024 and 2023 and $19 million for both year-to-date 2024 and 2023.

In the first quarter of 2024, the Company classified certain non-store corporate-related assets that were expected to be sold within the next twelve months as held for sale within Other Current Assets on the Consolidated Balance Sheet. In the second quarter of 2024, the Company completed the sale of certain of these held for sale assets with an aggregate carrying value of $10 million. The net cash proceeds from the sale of these assets were $16 million and resulted in a gain of $6 million in Cost of Goods Sold, Buying and Occupancy in the Year-to-Date 2024 Consolidated Statement of Loss during the second quarter of 2024. As of November 2, 2024, the carrying value of the remaining assets held for sale was $8 million.