Property and Equipment - Net

12 Months Ended

Jan. 30, 2021

Property, Plant and Equipment [Abstract]

Property and equipment - net consist of:


(In thousands)	January 30, 2021		February 1, 2020
Land and land improvements	$	48,862	$	63,691
Buildings and leasehold improvements	779,104		1,034,458
Fixtures and equipment	870,074		884,051
Computer software costs	213,042		196,449
Construction-in-progress	27,455		22,038
Property and equipment - cost	1,938,537		2,200,687
Less accumulated depreciation and amortization	1,221,321		1,351,540
Property and equipment - net	$	717,216	$	849,147

Property and equipment - cost includes $25.8 million and $27.5 million at January 30, 2021 and February 1, 2020, respectively, to recognize assets from finance leases. Accumulated depreciation and amortization includes $22.2 million and $20.1 million at January 30, 2021 and February 1, 2020, respectively, related to finance leases.

During 2020, 2019, and 2018, respectively, we invested $135.2 million, $265.2 million, and $232.4 million of cash in capital expenditures and we recorded $138.3 million, $135.0 million, and $125.0 million of depreciation expense.

In 2020, we disposed of $123.8 million of property and equipment - cost in connection with the sale of four distribution centers in sale and leaseback transactions (see note 10 to the accompanying consolidated financial statements for additional information on the sale and leaseback transactions).

We incurred $0.9 million, $0.4 million, and $0.1 million in asset impairment charges, excluding impairment of right-of-use assets (see note 5 to the accompanying consolidated financial statements), in 2020, 2019, and 2018, respectively. In 2020, we impaired the value of property and equipment assets at four stores as a result of our annual store impairment review. In 2019, we impaired the value of property and equipment assets at two stores as a result of our annual store impairment review. During 2018, we wrote down the value of an asset held for sale.

Asset impairment charges are included in selling and administrative expenses in our accompanying consolidated statements of operations and comprehensive income. We perform annual impairment reviews of our long-lived assets at the store level. When we perform the annual impairment reviews, we first determine which stores had impairment indicators present. We generally use actual historical cash flows to determine if stores had negative cash flows within the past two years. For each store with negative cash flows, we estimate future cash flows based on operating performance estimates specific to each store’s operations that are based on assumptions currently being used to develop our company level operating plans. If the net book value of a store’s long-lived assets is not recoverable by the expected future cash flows of the store, we estimate the fair value of the store’s assets and recognize an impairment charge for the excess net book value of the store’s long-lived assets over their fair value.