Quarterly report pursuant to Section 13 or 15(d)

Real Estate and Other, Net

v3.19.2
Real Estate and Other, Net
6 Months Ended
Aug. 03, 2019
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.

The composition of Real estate and other, net was as follows:
 
Three Months Ended
 
Six Months Ended
($ in millions)
August 3,
2019
 
August 4,
2018
 
August 3,
2019
 
August 4,
2018
Net (gain)/loss from sale of non-operating assets
$
(1
)
 
$

 
$
(1
)
 
$

Investment income from Home Office Land Joint Venture

 
(1
)
 

 
(1
)
Net (gain)/loss from sale of operating assets
7

 
(40
)
 
3

 
(57
)
Impairments

 
52

 

 
52

Other
(3
)
 
1

 
(4
)
 

Total expense/(income)
$
3

 
$
12

 
$
(2
)
 
$
(6
)


Net (Gain)/Loss from Sale of Operating Assets
During the first quarter of 2018, we completed the sale of our Milwaukee, Wisconsin distribution facility for a net sale price of $30 million and recognized a net gain of $12 million. During the second quarter of 2018, we completed the sale of our Manchester, Connecticut distribution facility for a net sale price of $68 million and recognized a net gain of $38 million.

Impairments
During the second quarter of 2018, we recorded an impairment charge of $52 million related to the expected sale of three airplanes. Two of the airplanes were sold during the second quarter of 2018 at their fair value of $12 million. Subsequent to the second quarter of 2018, the third airplane was sold at its fair value of $8 million.