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Impairment, Restructuring and Other Costs
 12 Months Ended
Feb. 03, 2024
Restructuring Costs and Asset Impairment Charges [Abstract]  
Impairment, Restructuring and Other Costs Impairment, Restructuring and Other Costs
Impairment, restructuring and other costs consist of the following:
202320222021
(millions)
Asset Impairments$957 $15 $6 
Restructuring55 5 3 
Other15 21 21 
$1,027 $41 $30 
On February 27, 2024, the Company announced its new strategy - A Bold New Chapter, which is designed to return the Company to enterprise growth, unlock shareholder value, and better serve its customers. The $1.0 billion of impairment, restructuring and other costs recognized in fiscal 2023 primarily relates to actions that align with A Bold New Chapter. The $957 million non-cash asset impairment charge recognized in fiscal 2023 primarily related to approximately 150 locations planned for closure over the next three years, which is inclusive of both leased and owned locations, and the remaining amount is associated with corporate and other assets. The $55 million of restructuring charges recognized in fiscal 2023 consisted primarily of cash expenditures related to employee termination and severance charges, $9 million of which was funded in fiscal 2023 and the remainder is expected to be funded in the first half fiscal 2024.
The charges recognized in 2022 and 2021 primarily related to the write-off of capitalized software assets.
On February 4, 2020, the Company announced its Polaris strategy, which was developed in 2019 and refined in 2020. Certain restructuring and other cash charges incurred as part of this strategy were funded in 2021 and early 2022.
A summary of the restructuring and other cash activity from the Polaris strategy in 2022 and 2021, which are included within accounts payable and accrued liabilities, is as follows:
Severance and
other benefits		Professional
fees and other related charges		Total
(millions)
Balance at January 30, 2021$14 $2 $16 
Additions charged to expense5 — 5 
Cash payments(18)(2)(20)
Balance at January 29, 20221 — 1 
Additions charged to expense— — — 
Cash payments(1)— (1)
Balance at January 28, 2023— — —