Quarterly report pursuant to Section 13 or 15(d)

Real Estate and Other, Net

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Real Estate and Other, Net
3 Months Ended
May 05, 2018
Real Estate and Other, Net [Abstract]  
Real Estate and Other, Net
Real Estate and Other, Net
Real estate and other consists of ongoing operating income from our real estate subsidiaries. Real estate and other also includes net gains from the sale of facilities and equipment that are no longer used in operations, asset impairments, accruals for certain litigation and other non-operating charges and credits. In addition, we entered into a joint venture in 2014 in which we contributed approximately 220 acres of excess property adjacent to our home office facility in Plano, Texas (Home Office Land Joint Venture). The joint venture was formed to develop the contributed property and our proportional share of the joint venture's activities is recorded in Real estate and other, net.

The composition of Real estate and other, net was as follows:
 
Three Months Ended
($ in millions)
May 5,
2018
 
April 29,
2017
Investment income from Home Office Land Joint Venture
$

 
$
(1
)
Net gain from sale of operating assets
(17
)
 
(117
)
Other
(1
)
 

Total expense/(income)
$
(18
)
 
$
(118
)


Investment Income from Joint Ventures
During the three months ended April 29, 2017, the Company had income of $1 million related to its proportional share of the net income in the Home Office Land Joint Venture and received an aggregate cash distribution of $8 million.

Net Gain from Sale of Operating Assets
During the three months ended May 5, 2018, we completed the sale-leaseback of our Milwaukee, Wisconsin distribution facility for a net sale price of $30 million and recognized a net gain of $12 million. During the three months ended April 29, 2017, we completed the sale of our Buena Park, California distribution facility for a net sale price of $131 million and recorded a net gain of $111 million.