Property and Equipment - Net

12 Months Ended

Jan. 29, 2022

Property, Plant and Equipment [Abstract]

Property and equipment - net consist of:


(In thousands)	January 29, 2022		January 30, 2021
Land and land improvements	$	48,849	$	48,862
Buildings and leasehold improvements	828,179		779,104
Fixtures and equipment	940,921		870,074
Computer software costs	187,190		213,042
Construction-in-progress	25,394		27,455
Property and equipment - cost	2,030,533		1,938,537
Less accumulated depreciation and amortization	1,294,707		1,221,321
Property and equipment - net	$	735,826	$	717,216

Property and equipment - cost includes $25.3 million and $25.8 million at January 29, 2022 and January 30, 2021, respectively, to recognize assets from finance leases. Accumulated depreciation and amortization includes $23.6 million and $22.2 million at January 29, 2022 and January 30, 2021, respectively, related to finance leases.

During 2021, 2020, and 2019, respectively, we invested $160.8 million, $135.2 million, and $265.2 million of cash in capital expenditures and we recorded $142.6 million, $138.3 million, and $135.0 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, $0.9 million, and $0.4 million in asset impairment charges, excluding impairment of right-of-use assets (see Note 5 to the accompanying consolidated financial statements), in 2021, 2020, and 2019, respectively. In 2021, we impaired the value of property and equipment assets at eight stores as a result of our store impairment review, of which the majority of the impairment value was attributable to five stores. In 2020, we impaired the value of property and equipment assets at four stores as a result of our store impairment review. In 2019, we impaired the value of property and equipment assets at two stores as a result of our store impairment review.

Asset impairment charges are included in selling and administrative expenses in our accompanying consolidated statements of operations and comprehensive income. We perform impairment reviews of our long-lived assets at the store level. When we perform the 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.