0000701985-21-000030 | 10-Q | XBRL Viewer

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Cover - shares	6 Months Ended
Cover - shares	Jul. 31, 2021	Aug. 27, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2021
Document Transition Report	false
Entity File Number	1-8344
Entity Registrant Name	BATH & BODY WORKS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	31-1029810
Entity Address, Address Line One	Three Limited Parkway
Entity Address, City or Town	Columbus,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43230
City Area Code	(614)
Local Phone Number	415-7000
Entity Registrant Former Name	L BRANDS, INC.
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.50 Par Value
Trading Symbol	BBWI
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		264,372,947
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000701985
Current Fiscal Year End Date	--01-29

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Income Statement [Abstract]
Net Sales	$ 3,318	$ 2,319	$ 6,341	$ 3,974
Costs of Goods Sold, Buying and Occupancy	(1,820)	(1,608)	(3,429)	(2,974)
Gross Profit	1,498	711	2,912	1,000
General, Administrative and Store Operating Expenses	(899)	(667)	(1,741)	(1,274)
Operating Income (Loss)	599	44	1,171	(274)
Interest Expense	(99)	(104)	(212)	(201)
Other Income (Loss)	(1)	0	(106)	3
Income (Loss) Before Income Taxes	499	(60)	853	(472)
Provision (Benefit) for Income Taxes	125	(11)	202	(126)
Net Income (Loss)	$ 374	$ (49)	$ 651	$ (346)
Net Income (Loss) Per Basic Share (in USD per share)	$ 1.36	$ (0.18)	$ 2.35	$ (1.25)
Net Income (Loss) Per Dilutive Share (in USD per share)	1.34	(0.18)	2.31	(1.25)
Dividends Per Share (in USD per share)	$ 0.15	$ 0	$ 0.15	$ 0.30

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 374	$ (49)	$ 651	$ (346)
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	(2)	2	4	(4)
Unrealized Gain (Loss) on Cash Flow Hedges	2	(3)	(1)	2
Reclassification of Cash Flow Hedges to Earnings	1	(1)	1	(1)
Total Other Comprehensive Income (Loss), Net of Tax	1	(2)	4	(3)
Total Comprehensive Income (Loss)	$ 375	$ (51)	$ 655	$ (349)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Current Assets:
Cash and Cash Equivalents	$ 1,988	$ 3,903	$ 2,611
Cash in Escrow related to Victoria's Secret & Co. Spin-Off	600	0	0
Accounts Receivable, Net	230	269	268
Inventories	1,473	1,273	1,476
Other	223	134	150
Total Current Assets	4,514	5,579	4,505
Property and Equipment, Net	2,001	2,095	2,292
Operating Lease Assets	2,564	2,558	2,635
Goodwill	628	628	628
Trade Names	411	411	411
Deferred Income Taxes	70	69	74
Other Assets	204	231	335
Total Assets	10,392	11,571	10,880
Current Liabilities:
Accounts Payable	838	683	957
Accrued Expenses and Other	1,305	1,457	1,340
Current Debt	0	0	460
Current Operating Lease Liabilities	480	594	624
Income Taxes	2	92	52
Total Current Liabilities	2,625	2,826	3,433
Deferred Income Taxes	250	234	191
Long-term Debt	5,938	6,366	6,269
Long-term Operating Lease Liabilities	2,476	2,495	2,698
Other Long-term Liabilities	291	311	193
Shareholders’ Equity (Deficit):
Preferred Stock - $1.00 par value; 10 shares authorized; none issued	0	0	0
Common Stock - $0.50 par value; 1,000 shares authorized; 280, 286 and 286 shares issued; 265, 278 and 278 shares outstanding, respectively	140	143	143
Paid-in Capital	911	891	869
Accumulated Other Comprehensive Income	87	83	49
Retained Earnings (Accumulated Deficit)	(1,505)	(1,421)	(2,611)
Less: Treasury Stock, at Average Cost; 15, 8 and 8 shares, respectively	(822)	(358)	(358)
Total Shareholders’ Equity (Deficit)	(1,189)	(662)	(1,908)
Noncontrolling Interest	1	1	4
Total Equity (Deficit)	(1,188)	(661)	(1,904)
Total Liabilities and Equity (Deficit)	$ 10,392	$ 11,571	$ 10,880

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 1.00	$ 1.00	$ 1.00
Preferred stock, shares authorized (in shares)	10,000	10,000	10,000
Preferred stock, shares issued (in shares)	0	0	0
Common stock, par value (in USD per share)	$ 0.50	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	1,000,000	1,000,000	1,000,000
Common stock, shares issued (in shares)	280,000	286,000	286,000
Common Stock, shares outstanding (in shares)	265,000	278,000	278,000
Treasury stock (in shares)	15,000	8,000	8,000

CONSOLIDATED STATEMENTS OF TOTAL EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Paid-In Capital	Accumulated Other Comprehensive Income	Retained Earnings (Accumulated Deficit)	Treasury Stock, at Average Cost	Noncontrolling Interest
Ending Balance (in shares)		277,000
Beginning Balance (in shares) at Feb. 01, 2020		277,000
Beginning Balance at Feb. 01, 2020	$ (1,495)	$ 142	$ 847	$ 52	$ (2,182)	$ (358)	$ 4
Net Income (Loss)	(346)				(346)
Other Comprehensive Income	(3)			(3)
Total Comprehensive Income	(349)			(3)	(346)
Cash Dividends	(83)				(83)
Share-based Compensation and Other (in shares)		1,000
Share-based Compensation and Other	23	$ 1	22
Ending Balance at Aug. 01, 2020	(1,904)	$ 143	869	49	(2,611)	(358)	4
Ending Balance (in shares)		278,000
Beginning Balance (in shares) at May. 02, 2020		278,000
Beginning Balance at May. 02, 2020	(1,858)	$ 143	865	51	(2,562)	(358)	3
Net Income (Loss)	(49)				(49)
Other Comprehensive Income	(2)			(2)	0
Total Comprehensive Income	(51)			(2)	(49)
Share-based Compensation and Other	5		4				1
Ending Balance at Aug. 01, 2020	$ (1,904)	$ 143	869	49	(2,611)	(358)	4
Ending Balance (in shares)	278,000	278,000
Ending Balance (in shares)	278,000	278,000
Beginning Balance (in shares) at Jan. 30, 2021	278,000	278,000
Beginning Balance at Jan. 30, 2021	$ (661)	$ 143	891	83	(1,421)	(358)	1
Net Income (Loss)	651				651
Other Comprehensive Income	4			4	0
Total Comprehensive Income	655			4	651
Cash Dividends	(42)				(42)
Repurchases of Common Stock (in shares)		(17,000)
Repurchases of Common Stock	(1,194)					(1,194)
Treasury Share Retirement		$ (5)	(32)		(693)	730
Share-based Compensation and Other (in shares)		4,000
Share-based Compensation and Other	54	$ 2	52
Ending Balance at Jul. 31, 2021	(1,188)	$ 140	911	87	(1,505)	(822)	1
Ending Balance (in shares)		277,000
Beginning Balance (in shares) at May. 01, 2021		277,000
Beginning Balance at May. 01, 2021	(533)	$ 144	903	86	(1,144)	(523)	1
Net Income (Loss)	374				374
Other Comprehensive Income	1			1
Total Comprehensive Income	375			1	374
Cash Dividends	(42)				(42)
Repurchases of Common Stock (in shares)		(14,000)
Repurchases of Common Stock	(1,029)					(1,029)
Treasury Share Retirement		$ (5)	(32)		(693)	730
Share-based Compensation and Other (in shares)		2,000
Share-based Compensation and Other	41	$ 1	40
Ending Balance at Jul. 31, 2021	$ (1,188)	$ 140	$ 911	$ 87	$ (1,505)	$ (822)	$ 1
Ending Balance (in shares)	265,000	265,000

CONSOLIDATED STATEMENTS OF TOTAL EQUITY (DEFICIT) (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jul. 31, 2021	May 01, 2021	Aug. 01, 2020	May 02, 2020	Jul. 31, 2021	Aug. 01, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends (in USD per share)	$ 0.15	$ 0	$ 0	$ 0.30	$ 0.15	$ 0.30

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Operating Activities:
Net Income (Loss)	$ 651	$ (346)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depreciation of Long-lived Assets	258	266
Loss on Extinguishment of Debt	105	0
Victoria's Secret Asset Impairment Charges	0	214
Share-based Compensation Expense	30	28
Deferred Income Taxes	16	(19)
Gain from Hong Kong Store Closure and Lease Termination	0	(39)
Changes in Assets and Liabilities:
Accounts Receivable	39	37
Inventories	(200)	(191)
Accounts Payable, Accrued Expenses and Other	(42)	304
Income Taxes Payable	(144)	(92)
Other Assets and Liabilities	(140)	124
Net Cash Provided by Operating Activities	573	286
Investing Activities:
Capital Expenditures	(178)	(124)
Other Investing Activities	10	8
Net Cash Used for Investing Activities	(168)	(116)
Financing Activities:
Proceeds from Issuance of Long-Term Debt, Net of Issuance Costs	0	1,231
Proceeds from Victoria's Secret & Co. Notes	600	0
Payments of Long-term Debt	(1,130)	0
Repurchases of Common Stock	(1,194)	0
Dividends Paid	(42)	(83)
Tax Payments related to Share-based Awards	(56)	(6)
Proceeds from Stock Option Exercises	76	0
Other Financing Activities	(6)	(19)
Net Cash Provided by (Used for) Financing Activities	(1,752)	1,071
Effects of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash	2	(1)
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash	(1,345)	1,240
Cash and Cash Equivalents and Restricted Cash, Beginning of Period	3,933	1,499
Cash and Cash Equivalents and Restricted Cash, End of Period	2,588	2,739
Credit Agreement
Financing Activities:
Borrowing from Credit Agreement	0	950
Repayments of Foreign Facilities	0	(950)
Foreign Facilities
Financing Activities:
Borrowing from Credit Agreement	0	33
Repayments of Foreign Facilities	$ 0	$ (85)

Description of Business and Basis of Presentation	6 Months Ended
Description of Business and Basis of Presentation	Jul. 31, 2021
Description Of Business And Basis Of Presentation [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business As of July 31, 2021, L Brands, Inc. ("L Brands" or the "Company") was a specialty retailer of home fragrance products, body care, soaps and sanitizers, women’s intimate and other apparel, and personal and beauty care products. Through the Bath & Body Works, Victoria's Secret and PINK retail brands, the Company sold merchandise through company-operated specialty retail stores in the U.S., Canada and Greater China, and through its websites and other channels. The Company's international operations are primarily through franchise, license, wholesale and joint venture partners. On August 2, 2021, in connection with the separation of the Victoria's Secret business discussed below, the Company changed its name from L Brands, Inc. to Bath & Body Works, Inc. Additionally, starting August 3, 2021, the Company's common stock began trading under the stock symbol "BBWI." Victoria's Secret & Co. Spin-Off On July 9, 2021, the Company announced that its Board of Directors approved the previously announced separation of the Victoria’s Secret business, including PINK (the "Separation"), into an independent, publicly traded company ("Victoria's Secret & Co."). On August 2, 2021 (the “Distribution Date”), after the New York Stock Exchange ("NYSE") market closing, the Separation was completed and the Company transferred certain assets and liabilities associated with its Victoria's Secret business to Victoria's Secret & Co. The Separation was achieved through the Company's distribution (the "Distribution") of 100% of the shares of Victoria's Secret & Co. common stock to holders of L Brands' common stock as of the close of business on the record date of July 22, 2021. The Company's stockholders of record received one share of Victoria’s Secret & Co. common stock for every three shares of the Company's common stock. On August 3, 2021, Victoria’s Secret & Co. became an independent, publicly-traded company trading on the NYSE under the stock symbol "VSCO." The Company retained no ownership interest in Victoria’s Secret & Co. following the Separation. Beginning in the third quarter of fiscal 2021, the historical financial results of the Victoria's Secret business for periods prior to the Distribution Date will be reflected in the Company’s consolidated financial statements as discontinued operations. On August 2, 2021, Victoria's Secret & Co. made cash payments of approximately $976 million to the Company in connection with the Separation. Impacts of COVID-19 The coronavirus pandemic ("COVID-19") has created significant public health concerns as well as economic disruption, uncertainty and volatility. The Company's operations and financial performance have been materially impacted by the COVID-19 pandemic. In the first quarter of 2020, all the Company's stores in North America were closed on March 17, 2020, but the Company was able to re-open the majority of its stores as of the end of the second quarter of 2020. Additionally, operations for Victoria’s Secret Direct were temporarily suspended for approximately one week in late March 2020, while Bath & Body Works Direct remained open for the duration of 2020. During 2020, the Company took prudent actions to manage expenses and to maintain its cash position and financial flexibility. The Company also has adopted new operating models focused on providing a safe store environment for its customers and associates, while also delivering an engaging shopping experience. The Company remains focused on the safe operations of its distribution, fulfillment and call centers while maximizing its direct businesses. There remains the potential for COVID-related risks of closure or operating restrictions, which could materially impact the Company's operations and financial performance in future periods. Fiscal Year The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “second quarter of 2021” and “second quarter of 2020” refer to the thirteen-week periods ended July 31, 2021 and August 1, 2020, respectively. “Year-to-Date 2021” and “year-to-date 2020” refer to the twenty-six-week periods ending July 31, 2021 and August 1, 2020, respectively. Basis of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method. Under the equity method of accounting, the Company recognizes its share of the investee's net income or loss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carrying values are only reduced below zero if the Company has an obligation to provide funding to the investee. The Company’s share of net income or loss of unconsolidated entities from which the Company purchases merchandise or merchandise components is included in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income (Loss). The Company’s share of net income or loss from its investment in the Victoria's Secret U.K. joint venture with Next PLC is included in General, Administrative and Store Operating Expenses in the Consolidated Statements of Income (Loss). The Company’s share of net income or loss of all other unconsolidated entities is included in Other Income (Loss) in the Consolidated Statements of Income (Loss). The Company’s equity method investments are required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value. Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended July 31, 2021 and August 1, 2020 are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained in the Company’s 2020 Annual Report on Form 10-K. In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments, which are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods. Seasonality of Business Due to the seasonal variations in the retail industry, the results of operations for the interim period is not necessarily indicative of the results expected for the full fiscal year. Restricted Cash In July 2021, Victoria’s Secret & Co., prior to the Separation and while a subsidiary of the Company, issued $600 million of 4.625% notes due in July 2029 (the "Victoria's Secret & Co. Notes"). As of July 31, 2021, the initial proceeds were held in escrow for release to Victoria's Secret & Co. upon satisfaction of certain conditions, including completion of the Separation. If the conditions for the release from escrow of the proceeds were not satisfied, the Victoria's Secret & Co. Notes would have been subject to mandatory redemption. The $600 million initial proceeds are included in Cash in Escrow related to Victoria's Secret & Co. Spin-Off on the July 31, 2021 Consolidated Balance Sheet. For additional information, see Note 9, “Long-term Debt and Borrowing Facilities.” During 2020, the Company placed cash on deposit with certain financial institutions as collateral for their lending commitments. These deposits totaled $30 million and $128 million as of January 30, 2021 and August 1, 2020, respectively, and were recorded in Other Assets on the Consolidated Balance Sheets. During the second quarter of 2021, the Company terminated these lending commitments which released the restrictions on this cash. Accordingly, the balance was reclassified to Cash and Cash Equivalents during the second quarter of 2021. As of July 31, 2021, the Company's total Cash and Cash Equivalents and restricted cash totaled $2.588 billion. Derivative Financial Instruments The Company uses derivative financial instruments to manage exposure to foreign currency exchange rates. The Company does not use derivative instruments for trading purposes. All derivative instruments are recorded on the Consolidated Balance Sheets at fair value. The earnings of the Company's wholly owned foreign operations are subject to exchange rate risk as substantially all the merchandise is sourced through U.S. dollar transactions. The Company uses foreign currency forward contracts designated as cash flow hedges to mitigate this foreign currency exposure for its Canadian operations. Amounts are reclassified from accumulated other comprehensive income (loss) upon sale of the hedged merchandise to the customer. These gains and losses are recognized in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income (Loss). The fair value of designated cash flow hedges is not significant for any period presented. Concentration of Credit Risk The Company maintains cash and cash equivalents, restricted cash and derivative contracts with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts and limits the amount of credit exposure with any one entity. The Company’s investment portfolio is primarily comprised of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits. The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company determines the required allowance for expected credit losses using information such as customer credit history and financial condition. Amounts are recorded to the allowance when it is determined that expected credit losses may occur. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available. Recently Issued Accounting Pronouncements The Company did not adopt any new accounting standards during the second quarter of 2021 that had a material impact on the Company's consolidated results of operations, financial position or cash flows. In addition, there are no new accounting standards not yet adopted that are expected to have a material impact on the Company's consolidated results of operations, financial position or cash flows.

Revenue Recognition

6 Months Ended

Jul. 31, 2021

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

Accounts receivable, net from revenue-generating activities were $129 million as of July 31, 2021, $125 million as of January 30, 2021 and $186 million as of August 1, 2020. Accounts receivable primarily relate to amounts due from the Company's franchise, license and wholesale partners. Under these arrangements, payment terms are typically 60 to 90 days.

The Company records deferred revenue when cash payments are received in advance of transfer of control of goods or services. Deferred revenue primarily relates to gift cards, loyalty and private label credit card programs and direct channel shipments, which are all impacted by seasonal and holiday-related sales patterns. Deferred revenue was $325 million as of July 31, 2021, $371 million as of January 30, 2021 and $316 million as of August 1, 2020. The Company recognized $167 million as revenue year-to-date 2021 from amounts recorded as deferred revenue at the beginning of the year. As of July 31, 2021, the Company recorded deferred revenue of $316 million within Accrued Expenses and Other, and $9 million within Other Long-term Liabilities on the Consolidated Balance Sheet.

The following table provides a disaggregation of Net Sales for the second quarter and year-to-date 2021 and 2020:


	Second Quarter				Year-to-Date
	2021		2020		2021		2020
	(in millions)
Bath & Body Works Stores - U.S. and Canada	$	1,230	$	678	$	2,280	$	1,102
Bath & Body Works Direct	407		519		756		807
Bath & Body Works International (a)	67		56		137		105
Total Bath & Body Works	1,704		1,253		3,173		2,014
Victoria’s Secret Stores - U.S. and Canada	1,037		364		1,970		877
Victoria’s Secret Direct	469		614		990		922
Victoria’s Secret International (b)	108		88		208		161
Total Victoria’s Secret	1,614		1,066		3,168		1,960

Total Net Sales	$	3,318	$	2,319	$	6,341	$	3,974

_______________

(a)Results include royalties associated with franchised store and wholesale sales.

(b)Results include company-operated stores in the U.K. (pre-joint venture) and Greater China, and royalties associated with franchised stores and wholesale sales.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Restructuring Activities	6 Months Ended
Restructuring Activities	Jul. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring Activities	Restructuring Activities During the second quarter of 2020, the Company completed a comprehensive review of its home office organizations in order to achieve meaningful reductions in overhead expenses and decentralize significant shared functions and services to support the separation of the Bath & Body Works and Victoria's Secret businesses. This resulted in a reduction of the home office headcount by approximately 15%, or about 850 associates. Pre-tax severance and related costs associated with these reductions, totaling $81 million, are included in General, Administrative and Store Operating Expenses in the 2020 Consolidated Statements of Loss. Costs of $51 million and $12 million are recorded within the Victoria's Secret and Bath & Body Works segments, respectively, while the remaining $18 million is recorded within Other. During year-to-date 2021, the Company made payments of $22 million related to severance and related costs associated with these reductions. As of July 31, 2021, a liability of $14 million related to these reductions is included in Accrued Expenses and Other on the Consolidated Balance Sheet. Victoria's Secret U.K.Due to challenging business results for Victoria's Secret in the U.K., the Company entered into Administration in June 2020 to restructure store lease agreements and reduce operating losses in the Victoria's Secret U.K. business. In October 2020, the Company entered into a joint venture with Next PLC for the Victoria’s Secret business in the United Kingdom and Ireland. Under this agreement, the Company owns 49% of the joint venture, and Next owns 51% and is responsible for operations. The Company accounts for its investment in the joint venture under the equity method of accounting.

Earnings (Loss) Per Share and Shareholders’ Equity (Deficit)

6 Months Ended

Jul. 31, 2021

Earnings Per Share And Shareholders' Equity [Abstract]

Earnings (Loss) Per Share and Shareholders’ Equity (Deficit)

Earnings (Loss) Per Share

Earnings (loss) per basic share is computed based on the weighted-average number of common shares. Earnings (loss) per diluted share include the weighted-average effect of dilutive restricted stock and options on the weighted-average shares outstanding.

The following table provides the weighted-average shares utilized for the calculation of basic and diluted earnings (loss) per share for the second quarter and year-to-date 2021 and 2020:


	Second Quarter		Year-to-Date
	2021	2020	2021	2020
	(in millions)

Common Shares	288	286	288	285
Treasury Shares	(13)	(8)	(11)	(8)
Basic Shares	275	278	277	277
Effect of Dilutive Restricted Stock and Options	5	—	5	—
Diluted Shares	280	278	282	277
Anti-dilutive Options and Awards (a)	1	11	1	12

_______________

(a)These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For 2020, the dilutive impact of all outstanding options and awards were excluded from dilutive shares as a result of the Company's net loss for the period.

Shareholders’ Equity (Deficit)

Common Stock Share Repurchases

In March 2021, the Company's Board of Directors authorized a new $500 million share repurchase plan, which replaced the $79 million remaining under the March 2018 repurchase program. Pursuant to the Board's authorization, the Company entered into a Rule 10b5-1 purchase plan to effectuate share repurchases for the first $250 million. In May 2021, the Company initiated a second $250 million Rule 10b5-1 purchase plan to effectuate the remaining share repurchases under the March 2021 repurchase plan.

In July 2021, the Company's Board of Directors authorized a new $1.5 billion share repurchase program, which replaced the $36 million remaining under the March 2021 repurchase program. Under the authorization of this program, the Company entered into a stock repurchase agreement with its former Chief Executive Officer and certain of his affiliated entities pursuant to which the Company repurchased 10 million shares of its common stock for an aggregate purchase price of $730 million in July 2021.

The Company repurchased the following shares of its common stock during year-to-date 2021:


Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
March 2021	$	500	6,996	$	464	$	66.30
July 2021	$	1,500	10,000	$	730	$	73.01

The July 2021 Program had $770 million remaining as of July 31, 2021.

Subsequent to July 31, 2021, the Company repurchased an additional 1.0 million shares of its common stock for $65 million under the July 2021 Program.

Common Stock Retirement

In accordance with the Company's Board of Directors' resolution, shares of common stock repurchased under the July 2021 Program will be automatically retired and cancelled upon repurchase. As a result, the Company retired the 10 million shares repurchased under the July 2021 Program in the second quarter of 2021, which resulted in a reduction of $5 million in the par value of Common Stock, $32 million in Paid-in Capital and $693 million in Retained Earnings.

Dividends

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during year-to-date 2021 and 2020:


	Ordinary Dividends			Total Paid
	(per share)		(in millions)
2021

Second Quarter	$	0.15		$	42
First Quarter	—			—
Total	$	0.15		$	42
2020

Second Quarter	$	—		$	—
First Quarter	0.30			83
Total	$	0.30		$	83

The Board of Directors suspended the quarterly cash dividend beginning in the second quarter of 2020 as a proactive measure to strengthen the Company's financial flexibility and manage through the COVID-19 pandemic. In March 2021, the Company's Board of Directors reinstated the annual dividend at $0.60 per share, beginning with the quarterly dividend paid in June 2021. In August 2021, the Company's Board of Directors declared the third quarter of 2021 ordinary dividend of $0.15 per share.

Inventories

6 Months Ended

Jul. 31, 2021

Inventory, Net [Abstract]

Inventories

The following table provides details of inventories as of July 31, 2021, January 30, 2021 and August 1, 2020:


	July 31, 2021		January 30, 2021		August 1, 2020
	(in millions)
Finished Goods Merchandise	$	1,245	$	1,073	$	1,259
Raw Materials and Merchandise Components	228		200		217
Total Inventories	$	1,473	$	1,273	$	1,476

Inventories are principally valued at the lower of cost or net realizable value, on an average cost basis.

Long-Lived Assets

6 Months Ended

Jul. 31, 2021

Property, Plant and Equipment [Abstract]

Long-Lived Assets

The following table provides details of property and equipment, net as of July 31, 2021, January 30, 2021 and August 1, 2020:


	July 31, 2021		January 30, 2021		August 1, 2020
	(in millions)
Property and Equipment, at Cost	$	6,274	$	6,204	$	6,276
Accumulated Depreciation and Amortization	(4,273)		(4,109)		(3,984)
Property and Equipment, Net	$	2,001	$	2,095	$	2,292

Depreciation expense was $129 million and $127 million for the second quarter of 2021 and 2020, respectively. Depreciation expense was $258 million and $266 million for year-to-date 2021 and 2020, respectively.

Long-lived store assets, which include leasehold improvements, store related assets and operating lease assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Store assets are grouped at the lowest level for which they are largely independent of other assets or asset groups. If the estimated undiscounted future cash flows related to the asset group are less than the carrying value, the Company recognizes a loss equal to the difference between the carrying value and the estimated fair value, determined by the estimated

discounted future cash flows of the asset group. For operating lease assets, the Company determines the fair value of the assets by comparing the contractual rent payments to estimated market rental rates. An individual asset within an asset group is not impaired below its estimated fair value. The fair value of long-lived store assets are determined using Level 3 inputs within the fair value hierarchy.

As a result of the Victoria's Secret fleet rationalization executed during 2020 and the negative operating results of certain Victoria's Secret stores, the Company determined that the estimated undiscounted future cash flows were less than the carrying values for certain Victoria's Secret asset groups and, as a result, determined the estimated fair values of the store asset groups using estimated discounted future cash flows and estimated market rental rates. Long-lived store asset impairment charges are included within the Victoria's Secret segment, in Costs of Goods Sold, Buying and Occupancy in the 2020 Consolidated Statements of Loss.

The following table provides pre-tax long-lived store asset impairment charges included in the 2020 Consolidated Statements of Loss:


	2020
	Second Quarter		Year-to-Date
	(in millions)
Store Asset Impairment	$	14	$	111
Operating Lease Asset Impairment	103		103
Total Impairment	$	117	$	214

Victoria's Secret Hong Kong

During the second quarter of 2020, the Company closed its unprofitable Victoria's Secret flagship store in Hong Kong. As a result of the store closure, the Company recognized a non-cash pre-tax gain of $39 million, primarily due to terminating the store lease and the related write-off of the operating lease liability in excess of the operating lease asset, which was partially impaired in fiscal 2019. This gain is included in Costs of Goods Sold, Buying and Occupancy in the 2020 Consolidated Statements of Loss. The Company also recorded $3 million of severance and related costs, included in General, Administrative and Store Operating Expenses in the 2020 Consolidated Statements of Loss.

Equity Investments	6 Months Ended
Equity Investments	Jul. 31, 2021
Equity Method Investment, Summarized Financial Information [Abstract]
Equity Investments	Equity Investments Easton The Company has land and other investments in Easton, a planned community in Columbus, Ohio, that integrates office, hotel, retail, residential and recreational space. These investments, totaling $119 million as of July 31, 2021, $119 million as of January 30, 2021 and $124 million as of August 1, 2020, are recorded in Other Assets on the Consolidated Balance Sheets. Included in the Company’s Easton investments are equity interests in Easton Town Center, LLC (“ETC”) and Easton Gateway, LLC (“EG”), entities that own and develop commercial entertainment and shopping centers. The Company’s investments in ETC and EG are accounted for using the equity method of accounting. The Company has a majority financial interest in ETC and EG, but another unaffiliated member manages them, and certain significant decisions regarding ETC and EG require the consent of unaffiliated members in addition to the Company.

Income Taxes	6 Months Ended
Income Taxes	Jul. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the second quarter of 2021, the Company calculated the provision for income taxes on the current estimate of the annual effective tax rate and adjusted as necessary for quarterly events. Due to the impacts of the COVID-19 pandemic, the income tax expense for the second quarter of 2020 was computed on a year-to-date effective tax rate. For the second quarter of 2021, the Company’s effective tax rate was 25.1% compared to 17.7% in the second quarter of 2020. The second quarter of 2021 rate was lower than the Company's combined estimated federal and state statutory rate primarily due to the recognition of excess tax benefits recorded through the Consolidated Statements of Income on share-based awards that vested in the quarter. In the second quarter of 2020, the Company recognized a benefit for income taxes of $11 million on a loss before income taxes of $60 million. The second quarter of 2020 rate was lower than the Company's combined federal and state statutory rate primarily due to losses related to certain foreign subsidiaries, which generated no tax benefit, offset by changes in tax legislation included in the CARES Act, which resulted in a $21 million tax benefit. For year-to-date 2021, the Company's effective tax rate was 23.6% compared to 26.7% year-to-date 2020. The year-to-date 2021 rate was lower than the Company's combined estimated federal and state statutory rate primarily due to the recognition of excess tax benefits recorded through the Consolidated Statements of Income on share-based awards that vested year-to-date. The year-to-date 2020 rate was generally consistent with the Company's combined estimated federal and state statutory rate due to the resolution of certain tax matters, which resulted in a $50 million tax benefit and changes in tax legislation included in the CARES Act, which resulted in a $21 million tax benefit, offset by losses related to certain foreign subsidiaries, which generate no tax benefit. Income taxes paid were $320 million and $13 million for the second quarter of 2021 and 2020, respectively. Income taxes paid were $330 million and $22 million for year-to-date 2021 and 2020, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Long-term Debt and Borrowing Facilities

6 Months Ended

Jul. 31, 2021

Long-term Debt, by Current and Noncurrent [Abstract]

Long-term Debt and Borrowing Facilities

The following table provides the Company’s outstanding debt balance, net of unamortized debt issuance costs and discounts, as of July 31, 2021, January 30, 2021 and August 1, 2020:


	July 31, 2021		January 30, 2021		August 1, 2020
	(in millions)
Senior Secured Debt with Subsidiary Guarantee
$750 million, 6.875% Fixed Interest Rate Secured Notes due July 2025 ("2025 Secured Notes")	$	—	$	740	$	739

Foreign Facilities	—		—		101
Total Senior Secured Debt with Subsidiary Guarantee	$	—	$	740	$	840
Senior Debt with Subsidiary Guarantee
$1 billion, 6.625% Fixed Interest Rate Notes due April 2021 (“2021 Notes”)	$	—	$	—	$	450
$1 billion, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”)	—		284		858
$320 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”)	319		319		498
$500 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes")	494		493		492
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”)	279		278		277
$500 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)	497		497		496
$500 million, 7.500% Fixed Interest Rate Notes due June 2029 ("2029 Notes")	489		488		488
$1 billion, 6.625% Fixed Interest Rate Notes due October 2030 ("2030 Notes")	989		988		—
$1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	991		991		991
$700 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	694		694		693
Total Senior Debt with Subsidiary Guarantee	$	4,752	$	5,032	$	5,243
Senior Debt
$350 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	348	$	348	$	348
$247 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	246		246		298

Total Senior Debt	$	594	$	594	$	646
Victoria's Secret & Co. Notes
Victoria's Secret & Co. $600 million, 4.625% Fixed Interest Rate Notes due July 2029 ("Victoria's Secret & Co. Notes")	592		—		—
Total	$	5,938	$	6,366	$	6,729
Current Debt	—		—		(460)
Total Long-term Debt, Net of Current Portion	$	5,938	$	6,366	$	6,269

Repurchases of Notes

In April 2021, the Company completed a make-whole call to repurchase the remaining $285 million of outstanding 2022 Notes and the $750 million of outstanding 2025 Secured Notes. The Company recognized a pre-tax loss related to this extinguishment of debt of $105 million (after-tax loss of $80 million), which includes the write-offs of unamortized issuance costs. This loss is included in Other Income (Loss) in the year-to-date 2021 Consolidated Statement of Income.

Subsequent to July 31, 2021, the Company announced that it had commenced tender offers to purchase for cash its outstanding 2023 Notes, 2025 Notes and 2027 Notes up to a maximum aggregate principal amount of $500 million. The maximum aggregate amount to be purchased by the Company for the 2025 Notes and 2027 Notes is limited to $180 million. On September 2, 2021, the Company announced that it had accepted for early settlement tender offers to purchase $270 million of outstanding 2023 Notes and $180 million of outstanding 2025 Notes for an aggregate purchase price of $532 million. The

Company intends to make payment for these accepted notes on September 3, 2021, and expects to recognize a pre-tax loss of approximately $84 million in the third quarter of 2021 related to these purchases. The tender offers will expire on September 16, 2021, unless extended or earlier terminated by the Company.

Victoria's Secret & Co. Notes

In July 2021, Victoria’s Secret & Co., prior to the Separation and while a subsidiary of the Company, issued $600 million of 4.625% notes due in July 2029 in a transaction exempt from registration under the Securities Act of 1933, as amended. As of July 31, 2021, the initial proceeds were held in escrow for release to Victoria's Secret & Co. upon satisfaction of certain conditions, including completion of the Separation. If the conditions for the release from escrow of the proceeds were not satisfied, the Victoria's Secret & Co. Notes would have been subject to mandatory redemption. The $600 million initial proceeds are included in Cash in Escrow related to Victoria's Secret & Co. Spin-Off on the July 31, 2021 Consolidated Balance Sheet. The Victoria's Secret & Co. Notes were not guaranteed at issuance by any guarantors or by Bath & Body Works, Inc. or any of its subsidiaries following the Separation.

On August 2, 2021, the Victoria's Secret & Co. Notes became the obligations of Victoria's Secret & Co. concurrent with the Separation. Victoria's Secret & Co. received cash proceeds of $592 million, which were net of issuance costs of $8 million, which it used to partially fund the approximately $976 million cash payments to the Company in connection with the Separation.

Asset-Backed Revolving Credit Facility

The Company and certain of the Company's 100% owned subsidiaries guarantee and pledge collateral to secure a revolving credit facility ("Credit Agreement"). In April 2020, the Company entered into an amendment and restatement of the Credit Agreement to convert the Company’s credit facility into an asset-backed revolving credit facility (“ABL Facility”). During the first quarter of 2020, in an abundance of caution and as a proactive measure in response to the COVID-19 pandemic, the Company elected to borrow $950 million from its revolving facility. This borrowing was repaid during the first quarter of 2020 upon completion of the April amendment.

As of July 31, 2021, the ABL Facility, which allowed borrowings and letters of credit in U.S. dollars or Canadian dollars, had aggregate commitments at $1 billion and an expiration date in August 2024.

As of July 31, 2021, the availability under the ABL Facility was the lesser of (i) the borrowing base, determined primarily based on the Company's eligible U.S. and Canadian credit card receivables, accounts receivable, inventory and eligible real property, or (ii) the aggregate commitment. If at any time, the outstanding amount under the ABL Facility exceeded the lesser of (i) the borrowing base and (ii) the aggregate commitment, the Company would have been required to prepay the outstanding amounts under the ABL Facility to the extent of such excess. In addition, at any time that the Company's consolidated cash balance exceeded $350 million, it would have been required to prepay outstanding amounts under the ABL Facility to the extent of such excess. As of July 31, 2021, the Company's borrowing base was $1.045 billion, but it was unable to draw upon the ABL Facility as its consolidated cash balance exceeded $350 million.

The ABL Facility supports the Company’s letter of credit program. The Company had $58 million of outstanding letters of credit as of July 31, 2021 that reduced its availability under the ABL Facility.

As of July 31, 2021, the ABL Facility fees related to committed and unutilized amounts were 0.30% per annum, and the fees related to outstanding letters of credit were 1.75% per annum. In addition, the interest rate on outstanding U.S. dollar borrowings was the London Interbank Offered Rate plus 1.75% per annum. The interest rate on outstanding Canadian dollar-denominated borrowings was the Canadian Dollar Offered Rate plus 1.75% per annum.

The ABL Facility required the Company to maintain a fixed charge coverage ratio of not less than 1.00 to 1.00 during an event of default or any period commencing on any day when specified excess availability is less than the greater of (1) $100 million or (2) 15% of the maximum borrowing amount. As of July 31, 2021, the Company was not required to maintain this ratio.

As of July 31, 2021, there were no borrowings outstanding under the ABL Facility.

Subsequent to July 31, 2021, the Company entered into an amendment and restatement (“Amendment”) of the ABL Facility. The Amendment reduced the aggregate commitments under the ABL Facility to $750 million, reduced the interest rates on outstanding borrowings by 50 basis points, removed the requirement to prepay outstanding amounts under the ABL Facility should the Company's consolidated cash balance exceed $350 million, extended the expiration date from August 2024 to August 2026 and released Victoria's Secret & Co. subsidiaries as guarantors, among other things.

Foreign Facilities

Certain of the Company's Victoria's Secret subsidiaries in China previously utilized revolving and term loan bank facilities to support their operations ("Foreign Facilities"). During the second quarter of 2021, with no borrowings outstanding, the Company terminated the Foreign Facilities.

Fair Value Measurements

6 Months Ended

Jul. 31, 2021

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value Measurements

Cash and Cash Equivalents and restricted cash include cash on hand, deposits with financial institutions and highly liquid investments with original maturities of less than 90 days. The Company's Cash and Cash Equivalents and restricted cash are considered Level 1 fair value measurements as they are valued using unadjusted quoted prices in active markets for identical assets.

The following table provides a summary of the principal value and estimated fair value of outstanding publicly traded debt as of July 31, 2021, January 30, 2021 and August 1, 2020:


	July 31, 2021		January 30, 2021		August 1, 2020
	(in millions)
Principal Value	$	5,414	$	6,449	$	6,708
Fair Value, Estimated (a)	6,581		7,243		6,692

_______________

(a)The estimated fair value of the Company’s publicly traded debt is based on reported transaction prices, which are considered Level 2 inputs in accordance with ASC 820, Fair Value Measurement. The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

As of July 31, 2021, the fair value of the Victoria's Secret & Co. Notes approximated its principal value. The estimated fair value is based on reported transaction prices, which are considered Level 2 inputs in accordance with ASC 820. This estimate is not necessarily indicative of the amount that the Company could realize in a current market exchange.

Management believes that the carrying values of accounts receivable, accounts payable and accrued expenses approximate fair value because of their short maturity.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Comprehensive Income

6 Months Ended

Jul. 31, 2021

Statement of Comprehensive Income [Abstract]

Comprehensive Income

The following table provides the rollforward of accumulated other comprehensive income for year-to-date 2021:


	Foreign Currency Translation		Cash Flow Hedges		Accumulated Other Comprehensive Income
	(in millions)
Balance as of January 30, 2021	$	85	$	(2)	$	83
Other Comprehensive Income (Loss) Before Reclassifications	4		(1)		3
Amounts Reclassified from Accumulated Other Comprehensive Income	—		2		2
Tax Effect	—		(1)		(1)
Current-period Other Comprehensive Income	4		—		4
Balance as of July 31, 2021	$	89	$	(2)	$	87

The following table provides the rollforward of accumulated other comprehensive income for year-to-date 2020:


	Foreign Currency Translation		Cash Flow Hedges		Accumulated Other Comprehensive Income
	(in millions)
Balance as of February 1, 2020	$	52	$	—	$	52
Other Comprehensive Income (Loss) Before Reclassifications	(4)		2		(2)
Amounts Reclassified from Accumulated Other Comprehensive Income	—		(1)		(1)
Tax Effect	—		—		—
Current-period Other Comprehensive Income (Loss)	(4)		1		(3)
Balance as of August 1, 2020	$	48	$	1	$	49

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jul. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various claims and contingencies related to lawsuits, taxes, insurance, regulatory and other matters arising out of the normal course of business. Actions filed against the Company from time to time include commercial, tort, intellectual property, customer, employment, data privacy, securities and other claims, including purported class action lawsuits. Management believes that the ultimate liability arising from such claims and contingencies, if any, is not likely to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. On May 19, 2020 and January 12, 2021, certain shareholders of the Company filed derivative lawsuits in the Court of Common Pleas for Franklin County, Ohio (subsequently removed to the United States District Court for the Southern District of Ohio) and the Delaware Court of Chancery, respectively, naming as defendants certain current and former directors and officers of the Company and alleging, among other things, breaches of fiduciary duty through asserted violations of law and failures to monitor workplace conduct (the “Lawsuits”). In addition, the Company also received litigation and books-and-records demands from certain other shareholders related to the same matters (together with the Lawsuits, the “Actions”). In July 2021, the Company announced the global settlement resolving the Actions. The settlement resolves all derivative claims that have been or could have been asserted in the Actions or that involve in any way the allegations referred to in the Actions and releases all such claims against the Company and past and present Company employees, officers and directors, among others. As part of the settlement, the Company has agreed to implement certain management and governance measures, including the maintenance of a Diversity, Equity, and Inclusion Council. Following the August 2, 2021 spin-off of Victoria’s Secret & Co., the settlement terms will apply to both the Company and Victoria’s Secret & Co. Each company has committed to invest $45 million over at least five years to fund the management and governance measures. La Senza In connection with the sale of La Senza in the fourth quarter of 2018, certain of the Company's subsidiaries have remaining contingent obligations of approximately $30 million related to lease payments under the current terms of noncancelable leases expiring at various dates through 2028. These obligations include minimum rent and additional payments covering taxes, common area costs and certain other expenses and relate to leases that commenced prior to the disposition of the business.

Retirement Benefits	6 Months Ended
Retirement Benefits	Jul. 31, 2021
Retirement Benefits [Abstract]
Retirement Benefits	Retirement BenefitsThe Company sponsors a tax-qualified defined contribution retirement plan for substantially all its associates within the U.S. Participation is available to associates who meet certain age and service requirements. The qualified plan permits participating associates to elect contributions up to the maximum limits allowable under the Internal Revenue Code. The Company matches associate contributions according to a predetermined formula and contributes additional amounts based on a percentage of the associates’ eligible annual compensation and years of service. Associate contributions and Company matching contributions vest immediately. Additional Company contributions and the related investment earnings are subject to vesting based on years of service. Total expense recognized related to the qualified plan was $19 million and $18 million for the second quarter of 2021 and 2020, respectively. Total expense recognized related to the qualified plan was $40 million and $39 million for year-to-date 2021 and 2020, respectively.The Company previously sponsored a non-qualified supplemental retirement plan. The non-qualified plan was an unfunded plan, which provided benefits beyond the Internal Revenue Code limits for qualified defined contribution plans. On June 27, 2020, the Human Capital and Compensation Committee of the Board of Directors authorized the termination of the non-qualified plan. In July 2021, the Company made payments of $143 million for the final settlement of all its obligations and benefits payable under the non-qualified plan. Total expense recognized related to the non-qualified plan was not significant for

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Segment Information

6 Months Ended

Jul. 31, 2021

Segment Reporting [Abstract]

Segment Information

In the third quarter of 2020, the Company changed its segment reporting as a result of leadership changes and restructuring actions taken to facilitate the ongoing efforts to separate Bath & Body Works and Victoria’s Secret into separate businesses. As of July 31, 2021, the Company had two reportable segments: Bath & Body Works and Victoria's Secret. While this reporting change did not impact the Company's consolidated results, historical segment data has been recast to be consistent for all periods presented.

The Bath & Body Works segment sells body care, home fragrance products, soaps and sanitizers under the Bath & Body Works, White Barn and other brand names. Bath & Body Works merchandise is sold online and at retail stores located in the U.S. and Canada, and international stores operated by partners under franchise, license and wholesale arrangements. Additionally, this segment includes the Bath & Body Works merchandise sourcing and production function serving the Company and its international partners.

The Victoria’s Secret segment sells women’s intimate and other apparel, personal care and beauty products under the Victoria’s Secret and PINK brand names. Victoria’s Secret and PINK merchandise is sold online and through retail stores located in the

U.S., Canada and Greater China, and international stores operated by partners under franchise, license, wholesale and joint venture arrangements. Additionally, this segment includes the Victoria's Secret and PINK merchandise sourcing and production function serving the Company and its international partners. As discussed in Note 1, the Company completed the spin-off of its Victoria's Secret business into an independent, publicly traded company on August 2, 2021.

Other includes corporate infrastructure and governance functions and other non-recurring items that are deemed to be corporate in nature.

The following table provides the Company’s segment information for the second quarter and year-to-date of 2021 and 2020:


	Bath & Body Works		Victoria’s Secret		Other		Total
	(in millions)
2021
Second Quarter:
Net Sales	$	1,704	$	1,614	$	—	$	3,318
Operating Income (Loss)	431		233		(65)		599
Year-to-Date:
Net Sales	$	3,173	$	3,168	$	—	$	6,341
Operating Income (Loss)	811		477		(117)		1,171
2020
Second Quarter:
Net Sales	$	1,253	$	1,066	$	—	$	2,319
Operating Income (Loss) (a)	337		(219)		(74)		44
Year-to-Date:
Net Sales	$	2,014	$	1,960	$	—	$	3,974
Operating Income (Loss) (a)	413		(573)		(114)		(274)

_______________

(a)Victoria's Secret includes store and lease asset impairment charges of $117 million and $214 million for the second quarter and year-to-date 2020, respectively. Additionally, Victoria's Secret includes a $36 million net gain related to the closure and lease termination of the Hong Kong flagship store. For additional information, see Note 6, “Long-Lived Assets." Bath & Body Works, Victoria's Secret and Other includes severance and related charges of $12 million, $51 million and $18 million, respectively, in the second quarter of 2020. For additional information, see Note 3, “Restructuring Activities."

The Company’s international net sales include sales from company-operated stores, royalty revenue from franchise and license arrangements, wholesale revenues and direct sales shipped internationally. Certain of these sales are subject to the impact of fluctuations in foreign currency. The Company’s international net sales totaled $289 million and $238 million for the second quarter of 2021 and 2020, respectively. The Company's international net sales totaled $568 million and $418 million for year-to-date 2021 and 2020, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Subsequent Events	6 Months Ended
Subsequent Events	Jul. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Victoria's Secret & Co. Spin-Off On August 2, 2021, after the NYSE market closing, the Separation of Victoria's Secret & Co. into an independent publicly-traded company was completed and the Company transferred certain assets and liabilities associated with its Victoria's Secret business to Victoria's Secret & Co. The Separation was achieved through the Company's distribution of 100% of the shares of Victoria's Secret & Co. common stock to holders of L Brands' common stock as of the close of business on the record date of July 22, 2021. The Company's stockholders of record received one share of Victoria’s Secret & Co. common stock for every three shares of the Company's common stock. On August 3, 2021, Victoria’s Secret & Co. began trading on the NYSE under the stock symbol "VSCO." The Company retained no ownership interest in Victoria’s Secret & Co. following the Separation. Beginning in the third quarter of fiscal 2021, the historical financial results of the Victoria's Secret business for periods prior to the Distribution Date will be reflected in the Company’s consolidated financial statements as discontinued operations. On August 2, 2021, Victoria's Secret & Co. made cash payments of approximately $976 million to the Company in connection with the Separation. Additionally, the Victoria's Secret & Co. Notes became the obligations of Victoria's Secret & Co. concurrent with the Separation. Corporate Name Change On August 2, 2021, in connection with the Separation of the Victoria's Secret business discussed above, the Company changed its name from L Brands, Inc. to Bath & Body Works, Inc. Starting August 3, 2021, the Company's common stock began trading under the stock symbol "BBWI." Leadership Changes As previously announced, the Company appointed Wendy C. Arlin as Executive Vice President and Chief Financial Officer effective August 2, 2021. Stuart B. Burgdoerfer retired and ceased serving as Executive Vice President and Chief Financial Officer effective August 2, 2021. ABL Facility Subsequent to July 31, 2021, the Company entered into an amendment and restatement of the ABL Facility. For additional information, see Note 9, “Long-term Debt and Borrowing Facilities.” Repurchase of Notes Subsequent to July 31, 2021, the Company announced that it had commenced tender offers to purchase for cash its outstanding 2023 Notes, 2025 Notes and 2027 Notes up to a maximum aggregate principal amount of $500 million. The maximum aggregate amount to be purchased by the Company for the 2025 Notes and 2027 Notes is limited to $180 million. On September 2, 2021, the Company announced that it had accepted for early settlement tender offers to purchase $270 million of outstanding 2023 Notes and $180 million of outstanding 2025 Notes for an aggregate purchase price of $532 million. The Company intends to make payment for these accepted notes on September 3, 2021, and expects to recognize a pre-tax loss of approximately $84 million in the third quarter of 2021 related to these purchases. The tender offers will expire on September 16, 2021, unless extended or earlier terminated by the Company. Common Stock Share Repurchases Subsequent to July 31, 2021, the Company repurchased an additional 1.0 million shares of its common stock for $65 million under the July 2021 Program.

Description of Business and Basis of Presentation (Policy)	6 Months Ended
	Jul. 31, 2021
Description Of Business And Basis Of Presentation [Abstract]
Description of Business	Description of Business As of July 31, 2021, L Brands, Inc. ("L Brands" or the "Company") was a specialty retailer of home fragrance products, body care, soaps and sanitizers, women’s intimate and other apparel, and personal and beauty care products. Through the Bath & Body Works, Victoria's Secret and PINK retail brands, the Company sold merchandise through company-operated specialty retail stores in the U.S., Canada and Greater China, and through its websites and other channels. The Company's international operations are primarily through franchise, license, wholesale and joint venture partners. On August 2, 2021, in connection with the separation of the Victoria's Secret business discussed below, the Company changed its name from L Brands, Inc. to Bath & Body Works, Inc. Additionally, starting August 3, 2021, the Company's common stock began trading under the stock symbol "BBWI."
Impacts of COVID-19	Impacts of COVID-19 The coronavirus pandemic ("COVID-19") has created significant public health concerns as well as economic disruption, uncertainty and volatility. The Company's operations and financial performance have been materially impacted by the COVID-19 pandemic. In the first quarter of 2020, all the Company's stores in North America were closed on March 17, 2020, but the Company was able to re-open the majority of its stores as of the end of the second quarter of 2020. Additionally, operations for Victoria’s Secret Direct were temporarily suspended for approximately one week in late March 2020, while Bath & Body Works Direct remained open for the duration of 2020. During 2020, the Company took prudent actions to manage expenses and to maintain its cash position and financial flexibility. The Company also has adopted new operating models focused on providing a safe store environment for its customers and associates, while also delivering an engaging shopping experience. The Company remains focused on the safe operations of its distribution, fulfillment and call centers while maximizing its direct businesses. There remains the potential for COVID-related risks of closure or operating restrictions, which could materially impact the Company's operations and financial performance in future periods.
Fiscal Year	Fiscal Year The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “second quarter of 2021” and “second quarter of 2020” refer to the thirteen-week periods ended July 31, 2021 and August 1, 2020, respectively. “Year-to-Date 2021” and “year-to-date 2020” refer to the twenty-six-week periods ending July 31, 2021 and August 1, 2020, respectively.
Basis of Consolidation	Basis of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method. Under the equity method of accounting, the Company recognizes its share of the investee's net income or loss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carrying values are only reduced below zero if the Company has an obligation to provide funding to the investee. The Company’s share of net income or loss of unconsolidated entities from which the Company purchases merchandise or merchandise components is included in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income (Loss). The Company’s share of net income or loss from its investment in the Victoria's Secret U.K. joint venture with Next PLC is included in General, Administrative and Store Operating Expenses in the Consolidated Statements of Income (Loss). The Company’s share of net income or loss of all other unconsolidated entities is included in Other Income (Loss) in the Consolidated Statements of Income (Loss). The Company’s equity method investments are required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value.
Interim Financial Statements	Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended July 31, 2021 and August 1, 2020 are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained in the Company’s 2020 Annual Report on Form 10-K. In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments, which are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods.
Seasonality of Business	Due to the seasonal variations in the retail industry, the results of operations for the interim period is not necessarily indicative of the results expected for the full fiscal year.
Restrictions Cash	Restricted Cash In July 2021, Victoria’s Secret & Co., prior to the Separation and while a subsidiary of the Company, issued $600 million of 4.625% notes due in July 2029 (the "Victoria's Secret & Co. Notes"). As of July 31, 2021, the initial proceeds were held in escrow for release to Victoria's Secret & Co. upon satisfaction of certain conditions, including completion of the Separation. If the conditions for the release from escrow of the proceeds were not satisfied, the Victoria's Secret & Co. Notes would have been subject to mandatory redemption. The $600 million initial proceeds are included in Cash in Escrow related to Victoria's Secret & Co. Spin-Off on the July 31, 2021 Consolidated Balance Sheet. For additional information, see Note 9, “Long-term Debt and Borrowing Facilities.” During 2020, the Company placed cash on deposit with certain financial institutions as collateral for their lending commitments. These deposits totaled $30 million and $128 million as of January 30, 2021 and August 1, 2020, respectively, and were recorded in Other Assets on the Consolidated Balance Sheets. During the second quarter of 2021, the Company terminated these lending commitments which released the restrictions on this cash. Accordingly, the balance was reclassified to Cash and Cash Equivalents during the second quarter of 2021. As of July 31, 2021, the Company's total Cash and Cash Equivalents and restricted cash totaled $2.588 billion.
Derivative Financial Instruments	Derivative Financial Instruments The Company uses derivative financial instruments to manage exposure to foreign currency exchange rates. The Company does not use derivative instruments for trading purposes. All derivative instruments are recorded on the Consolidated Balance Sheets at fair value. The earnings of the Company's wholly owned foreign operations are subject to exchange rate risk as substantially all the merchandise is sourced through U.S. dollar transactions. The Company uses foreign currency forward contracts designated as cash flow hedges to mitigate this foreign currency exposure for its Canadian operations. Amounts are reclassified from accumulated other comprehensive income (loss) upon sale of the hedged merchandise to the customer. These gains and losses are recognized in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income (Loss). The fair value of designated cash flow hedges is not significant for any period presented.
Concentration of Credit Risk	Concentration of Credit Risk The Company maintains cash and cash equivalents, restricted cash and derivative contracts with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts and limits the amount of credit exposure with any one entity. The Company’s investment portfolio is primarily comprised of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits. The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company determines the required allowance for expected credit losses using information such as customer credit history and financial condition. Amounts are recorded to the allowance when it is determined that expected credit losses may occur.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company did not adopt any new accounting standards during the second quarter of 2021 that had a material impact on the Company's consolidated results of operations, financial position or cash flows. In addition, there are no new accounting standards not yet adopted that are expected to have a material impact on the Company's consolidated results of operations, financial position or cash flows.
Inventory	Inventories are principally valued at the lower of cost or net realizable value, on an average cost basis.

Revenue Recognition (Tables)

6 Months Ended

Jul. 31, 2021

Revenue Recognition and Deferred Revenue [Abstract]

Disaggregation of Revenue

The following table provides a disaggregation of Net Sales for the second quarter and year-to-date 2021 and 2020:


	Second Quarter				Year-to-Date
	2021		2020		2021		2020
	(in millions)
Bath & Body Works Stores - U.S. and Canada	$	1,230	$	678	$	2,280	$	1,102
Bath & Body Works Direct	407		519		756		807
Bath & Body Works International (a)	67		56		137		105
Total Bath & Body Works	1,704		1,253		3,173		2,014
Victoria’s Secret Stores - U.S. and Canada	1,037		364		1,970		877
Victoria’s Secret Direct	469		614		990		922
Victoria’s Secret International (b)	108		88		208		161
Total Victoria’s Secret	1,614		1,066		3,168		1,960

Total Net Sales	$	3,318	$	2,319	$	6,341	$	3,974

_______________

(a)Results include royalties associated with franchised store and wholesale sales.

(b)Results include company-operated stores in the U.K. (pre-joint venture) and Greater China, and royalties associated with franchised stores and wholesale sales.

Earnings (Loss) Per Share and Shareholders’ Equity (Deficit) (Tables)

6 Months Ended

Jul. 31, 2021

Earnings Per Share And Shareholders' Equity [Abstract]

Shares Utilized for the Calculation of Basic and Diluted Earnings Per Share

The following table provides the weighted-average shares utilized for the calculation of basic and diluted earnings (loss) per share for the second quarter and year-to-date 2021 and 2020:


	Second Quarter		Year-to-Date
	2021	2020	2021	2020
	(in millions)

Common Shares	288	286	288	285
Treasury Shares	(13)	(8)	(11)	(8)
Basic Shares	275	278	277	277
Effect of Dilutive Restricted Stock and Options	5	—	5	—
Diluted Shares	280	278	282	277
Anti-dilutive Options and Awards (a)	1	11	1	12

_______________

Schedule of Repurchase of Common Stock

The Company repurchased the following shares of its common stock during year-to-date 2021:


Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
March 2021	$	500	6,996	$	464	$	66.30
July 2021	$	1,500	10,000	$	730	$	73.01

Schedule of Dividends Paid

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during year-to-date 2021 and 2020:


	Ordinary Dividends			Total Paid
	(per share)		(in millions)
2021

Second Quarter	$	0.15		$	42
First Quarter	—			—
Total	$	0.15		$	42
2020

Second Quarter	$	—		$	—
First Quarter	0.30			83
Total	$	0.30		$	83

Inventories (Tables)

6 Months Ended

Jul. 31, 2021

Inventory, Net [Abstract]

Summary of Inventories

The following table provides details of inventories as of July 31, 2021, January 30, 2021 and August 1, 2020:


	July 31, 2021		January 30, 2021		August 1, 2020
	(in millions)
Finished Goods Merchandise	$	1,245	$	1,073	$	1,259
Raw Materials and Merchandise Components	228		200		217
Total Inventories	$	1,473	$	1,273	$	1,476

Long-Lived Assets (Tables)

6 Months Ended

Jul. 31, 2021

Property, Plant and Equipment [Abstract]

Summary of Property And Equipment, Net

The following table provides details of property and equipment, net as of July 31, 2021, January 30, 2021 and August 1, 2020:


	July 31, 2021		January 30, 2021		August 1, 2020
	(in millions)
Property and Equipment, at Cost	$	6,274	$	6,204	$	6,276
Accumulated Depreciation and Amortization	(4,273)		(4,109)		(3,984)
Property and Equipment, Net	$	2,001	$	2,095	$	2,292

Impairment of Long-Lived Assets Held and Used by Asset

The following table provides pre-tax long-lived store asset impairment charges included in the 2020 Consolidated Statements of Loss:


	2020
	Second Quarter		Year-to-Date
	(in millions)
Store Asset Impairment	$	14	$	111
Operating Lease Asset Impairment	103		103
Total Impairment	$	117	$	214

Long-term Debt and Borrowing Facilities (Tables)

6 Months Ended

Jul. 31, 2021

Long-term Debt, by Current and Noncurrent [Abstract]

Schedule of Long-term Debt Instruments

The following table provides the Company’s outstanding debt balance, net of unamortized debt issuance costs and discounts, as of July 31, 2021, January 30, 2021 and August 1, 2020:


	July 31, 2021		January 30, 2021		August 1, 2020
	(in millions)
Senior Secured Debt with Subsidiary Guarantee
$750 million, 6.875% Fixed Interest Rate Secured Notes due July 2025 ("2025 Secured Notes")	$	—	$	740	$	739

Foreign Facilities	—		—		101
Total Senior Secured Debt with Subsidiary Guarantee	$	—	$	740	$	840
Senior Debt with Subsidiary Guarantee
$1 billion, 6.625% Fixed Interest Rate Notes due April 2021 (“2021 Notes”)	$	—	$	—	$	450
$1 billion, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”)	—		284		858
$320 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”)	319		319		498
$500 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes")	494		493		492
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”)	279		278		277
$500 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)	497		497		496
$500 million, 7.500% Fixed Interest Rate Notes due June 2029 ("2029 Notes")	489		488		488
$1 billion, 6.625% Fixed Interest Rate Notes due October 2030 ("2030 Notes")	989		988		—
$1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	991		991		991
$700 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	694		694		693
Total Senior Debt with Subsidiary Guarantee	$	4,752	$	5,032	$	5,243
Senior Debt
$350 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	348	$	348	$	348
$247 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	246		246		298

Total Senior Debt	$	594	$	594	$	646
Victoria's Secret & Co. Notes
Victoria's Secret & Co. $600 million, 4.625% Fixed Interest Rate Notes due July 2029 ("Victoria's Secret & Co. Notes")	592		—		—
Total	$	5,938	$	6,366	$	6,729
Current Debt	—		—		(460)
Total Long-term Debt, Net of Current Portion	$	5,938	$	6,366	$	6,269

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jul. 31, 2021

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Carrying Value and Fair Value of Long-Term Debt, Disclosure

The following table provides a summary of the principal value and estimated fair value of outstanding publicly traded debt as of July 31, 2021, January 30, 2021 and August 1, 2020:


	July 31, 2021		January 30, 2021		August 1, 2020
	(in millions)
Principal Value	$	5,414	$	6,449	$	6,708
Fair Value, Estimated (a)	6,581		7,243		6,692

_______________

Comprehensive Income (Tables)

6 Months Ended

Jul. 31, 2021

Statement of Comprehensive Income [Abstract]

Components of Accumulated Other Comprehensive Income

The following table provides the rollforward of accumulated other comprehensive income for year-to-date 2021:


	Foreign Currency Translation		Cash Flow Hedges		Accumulated Other Comprehensive Income
	(in millions)
Balance as of January 30, 2021	$	85	$	(2)	$	83
Other Comprehensive Income (Loss) Before Reclassifications	4		(1)		3
Amounts Reclassified from Accumulated Other Comprehensive Income	—		2		2
Tax Effect	—		(1)		(1)
Current-period Other Comprehensive Income	4		—		4
Balance as of July 31, 2021	$	89	$	(2)	$	87

The following table provides the rollforward of accumulated other comprehensive income for year-to-date 2020:


	Foreign Currency Translation		Cash Flow Hedges		Accumulated Other Comprehensive Income
	(in millions)
Balance as of February 1, 2020	$	52	$	—	$	52
Other Comprehensive Income (Loss) Before Reclassifications	(4)		2		(2)
Amounts Reclassified from Accumulated Other Comprehensive Income	—		(1)		(1)
Tax Effect	—		—		—
Current-period Other Comprehensive Income (Loss)	(4)		1		(3)
Balance as of August 1, 2020	$	48	$	1	$	49

Segment Information (Tables)

6 Months Ended

Jul. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following table provides the Company’s segment information for the second quarter and year-to-date of 2021 and 2020:


	Bath & Body Works		Victoria’s Secret		Other		Total
	(in millions)
2021
Second Quarter:
Net Sales	$	1,704	$	1,614	$	—	$	3,318
Operating Income (Loss)	431		233		(65)		599
Year-to-Date:
Net Sales	$	3,173	$	3,168	$	—	$	6,341
Operating Income (Loss)	811		477		(117)		1,171
2020
Second Quarter:
Net Sales	$	1,253	$	1,066	$	—	$	2,319
Operating Income (Loss) (a)	337		(219)		(74)		44
Year-to-Date:
Net Sales	$	2,014	$	1,960	$	—	$	3,974
Operating Income (Loss) (a)	413		(573)		(114)		(274)

_______________

Description of Business and Basis of Presentation (Details) $ in Millions	Aug. 03, 2021	Aug. 02, 2021 USD ($)	Jul. 31, 2021 USD ($)	Jan. 30, 2021 USD ($)	Aug. 01, 2020 USD ($)	Feb. 01, 2020 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt instrument, face amount			$ 5,414	$ 6,449	$ 6,708
Cash in Escrow related to Victoria's Secret & Co. Spin-Off			600	0	0
Cash, cash equivalents, restricted cash and restricted cash equivalents			2,588	3,933	2,739	$ 1,499
Victoria's Secret & Co. 4.625% Note Due July 2029 \| Loans Payable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt instrument, face amount			$ 600
Fixed interest rate			4.625%
Restricted Cash Related to Spin-off
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash in Escrow related to Victoria's Secret & Co. Spin-Off			$ 600
Other Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted cash				$ 30	$ 128
Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Spinoff transactions, cash received		$ 976
Subsequent Event \| Victoria's Secret Co.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest	0.00%
Subsequent Event \| Victoria's Secret Co.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Common stock distributed, percentage		100.00%
Spinoff transaction, number of shares received per common stock exchanged		0.33

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Accounts receivable, after allowance for credit loss	$ 129	$ 125	$ 186
Deferred revenue	325	$ 371	$ 316
Revenue recognized	167
Accrued Liabilities
Deferred revenue	316
Other Long-term Liabilities
Deferred revenue	$ 9

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Disaggregation of Revenue [Line Items]
Net Sales	$ 3,318	$ 2,319	$ 6,341	$ 3,974
Bath & Body Works
Disaggregation of Revenue [Line Items]
Net Sales	1,704	1,253	3,173	2,014
Victoria's Secret
Disaggregation of Revenue [Line Items]
Net Sales	1,614	1,066	3,168	1,960
Bath & Body Works Stores - U.S. and Canada
Disaggregation of Revenue [Line Items]
Net Sales	1,230	678	2,280	1,102
Bath & Body Works Direct
Disaggregation of Revenue [Line Items]
Net Sales	407	519	756	807
Bath & Body Works International
Disaggregation of Revenue [Line Items]
Net Sales	67	56	137	105
Victoria’s Secret Stores - U.S. and Canada
Disaggregation of Revenue [Line Items]
Net Sales	1,037	364	1,970	877
Victoria’s Secret Direct
Disaggregation of Revenue [Line Items]
Net Sales	469	614	990	922
Victoria’s Secret International
Disaggregation of Revenue [Line Items]
Net Sales	$ 108	$ 88	$ 208	$ 161

Restructuring Activities (Details) $ in Millions	3 Months Ended	6 Months Ended
Restructuring Activities (Details) $ in Millions	Aug. 01, 2020 USD ($) associate	Jul. 31, 2021 USD ($)	Oct. 31, 2020
Restructuring Cost and Reserve [Line Items]
Reduction of home office headcount	15.00%
Number of home office associates \| associate	850
Severance costs		$ 22
General and Administrative Expense
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 81
Victoria's Secret
Restructuring Cost and Reserve [Line Items]
Restructuring costs	51
Severance costs	3
Bath & Body Works
Restructuring Cost and Reserve [Line Items]
Restructuring costs	12
Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 18
Victoria's Secret U.K.
Restructuring Cost and Reserve [Line Items]
Ownership percentage			49.00%
Victoria's Secret U.K. \| Next PLC
Restructuring Cost and Reserve [Line Items]
Ownership percentage			51.00%
Accrued Expenses and Other
Restructuring Cost and Reserve [Line Items]
Accrued termination payable		$ 14

Earnings (Loss) Per Share and Shareholders’ Equity (Deficit) - Shares Utilized for the Calculation of Basic and Diluted Earnings per Share (Details) - shares
shares in Millions

3 Months Ended

6 Months Ended

Jul. 31, 2021

Aug. 01, 2020

Jul. 31, 2021

Aug. 01, 2020

Earnings Per Share And Shareholders' Equity [Abstract]

Common Shares (in shares)

288

286

288

285

Treasury Shares (in shares)

(13)

(8)

(11)

(8)

Basic Shares (in shares)

275

278

277

Effect of Dilutive Restricted Stock and Options (in shares)

Diluted Shares (in shares)

280

278

282

277

Anti-dilutive Options and Awards (in shares)

^[1]

[1]

These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For 2020, the dilutive impact of all outstanding options and awards were excluded from dilutive shares as a result of the Company's net loss for the period.

Earnings (Loss) Per Share and Shareholders’ Equity (Deficit) - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended			3 Months Ended		6 Months Ended
	Sep. 02, 2021	Aug. 30, 2021	Jul. 31, 2021	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020	Jun. 30, 2021	May 31, 2021	Mar. 31, 2021
Amount Repurchased				$ 1,029		$ 1,194
Dividends payable (in USD per share)								$ 0.60
Dividends per share (in USD per share)				$ 0.15	$ 0	$ 0.15	$ 0.30
Par Value
Treasury share retirement				$ 5
Paid-In Capital
Treasury share retirement				32		$ 32
Retained Earnings (Accumulated Deficit)
Treasury share retirement				693		693
Subsequent Event
Dividends per share (in USD per share)		$ 0.15
March 2021
Amount Authorized			$ 500	500		500				$ 500
Remaining authorized repurchase amount			36	36		$ 36
Shares repurchased (in shares)						6,996
Amount Repurchased						$ 464
March 2018 Repurchase Program
Remaining authorized repurchase amount										79
Share Repurchase 10b5-1 Plan
Amount Authorized									$ 250	$ 250
July 2021
Amount Authorized			1,500	1,500		1,500
Remaining authorized repurchase amount			$ 770	$ 770		$ 770
Shares repurchased (in shares)			10,000			10,000
Amount Repurchased			$ 730			$ 730
Treasury share retirement (in shares)				10,000
July 2021 \| Subsequent Event
Shares repurchased (in shares)	1,000
Amount Repurchased	$ 65

Earnings (Loss) Per Share and Shareholders’ Equity (Deficit) - Schedule of Repurchase of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Jul. 31, 2021	Jul. 31, 2021	Jul. 31, 2021	Mar. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Amount Repurchased		$ 1,029	$ 1,194
March 2021
Equity, Class of Treasury Stock [Line Items]
Amount Authorized	$ 500	500	$ 500	$ 500
Shares Repurchased (in shares)			6,996
Amount Repurchased			$ 464
Average Stock Price (in USD per share)			$ 66.30
July 2021
Equity, Class of Treasury Stock [Line Items]
Amount Authorized	$ 1,500	$ 1,500	$ 1,500
Shares Repurchased (in shares)	10,000		10,000
Amount Repurchased	$ 730		$ 730
Average Stock Price (in USD per share)			$ 73.01

Earnings (Loss) Per Share and Shareholders’ Equity (Deficit) - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jul. 31, 2021	May 01, 2021	Aug. 01, 2020	May 02, 2020	Jul. 31, 2021	Aug. 01, 2020
Earnings Per Share And Shareholders' Equity [Abstract]
Ordinary Dividends	$ 0.15	$ 0	$ 0	$ 0.30	$ 0.15	$ 0.30
Total Paid	$ 42	$ 0	$ 0	$ 83	$ 42	$ 83

Inventories (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Inventory, Net [Abstract]
Finished Goods Merchandise	$ 1,245	$ 1,073	$ 1,259
Raw Materials and Merchandise Components	228	200	217
Total Inventories	$ 1,473	$ 1,273	$ 1,476

Long-Lived Assets - Summary of Property And Equipment, Net (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment, at Cost	$ 6,274	$ 6,204	$ 6,276
Accumulated Depreciation and Amortization	(4,273)	(4,109)	(3,984)
Property and Equipment, Net	$ 2,001	$ 2,095	$ 2,292

Long-Lived Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Depreciation	$ 129	$ 127	$ 258	$ 266
Gain from Hong Kong Store Closure and Lease Termination			0	$ 39
Severance costs			$ 22
Victoria's Secret
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Gain from Hong Kong Store Closure and Lease Termination		39
Severance costs		$ 3

Long-Lived Assets - Impairment of Long-Lived Assets Held and Used by Asset (Details) - Victoria's Secret - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Aug. 01, 2020	Aug. 01, 2020
Impaired Long-Lived Assets Held and Used [Line Items]
Victoria's Secret Asset Impairment Charges	$ 117	$ 214
Store Asset
Impaired Long-Lived Assets Held and Used [Line Items]
Victoria's Secret Asset Impairment Charges	14	111
Operating Lease Asset
Impaired Long-Lived Assets Held and Used [Line Items]
Victoria's Secret Asset Impairment Charges	$ 103	$ 103

Equity Investments (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Easton Investment
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 119	$ 119	$ 124

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	25.10%	17.70%	23.60%	26.70%
Provision (benefit) for income taxes	$ 125	$ (11)	$ 202	$ (126)
Income (loss) before tax	499	(60)	853	(472)
Income tax expense (benefit), CARES Act		21		(21)
Tax adjustments, settlements, and unusual provisions				50
Income taxes paid	$ 320	$ 13	$ 330	$ 22

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Long-term Debt and Borrowing Facilities - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Current Debt	$ 0	$ 0	$ (460)
Debt	5,938	6,366	6,729
Total Long-term Debt, Net of Current Portion	5,938	6,366	6,269
Debt instrument, face amount	5,414	6,449	6,708
Victoria's Secret & Co. 4.625% Note Due July 2029 \| Loans Payable
Noncurrent debt	592	0	0
Debt instrument, face amount	$ 600
Fixed interest rate	4.625%
With Subsidiary Guarantee
Debt	$ 0	740	840
With Subsidiary Guarantee \| 6.875% Fixed Interest Rate Secured Notes due July 2025
Noncurrent debt	0	740	739
Debt instrument, face amount	$ 750
Fixed interest rate	6.875%
With Subsidiary Guarantee \| Foreign Facilities with Parent Guarantee
Foreign Facilities	$ 0	0	101
With Subsidiary Guarantee \| Fixed Rate 6.625% Notes Due April 2021
Noncurrent debt	0	0	450
Debt instrument, face amount	$ 1,000
Fixed interest rate	6.625%
With Subsidiary Guarantee \| Fixed Rate 5.625% Notes Due February 2022
Noncurrent debt	$ 0	284	858
Debt instrument, face amount	$ 1,000
Fixed interest rate	5.625%
With Subsidiary Guarantee \| Fixed Rate 5.625% Notes Due October 2023
Noncurrent debt	$ 319	319	498
Debt instrument, face amount	$ 320
Fixed interest rate	5.625%
With Subsidiary Guarantee \| 9.375% Fixed Interest Rate Notes due July 2025
Noncurrent debt	$ 494	493	492
Debt instrument, face amount	$ 500
Fixed interest rate	9.375%
With Subsidiary Guarantee \| Fixed Rate 6.694% Notes Due January 2027
Noncurrent debt	$ 279	278	277
Debt instrument, face amount	$ 297
Fixed interest rate	6.694%
With Subsidiary Guarantee \| Fixed Rate 5.25% Notes Due February 2028
Noncurrent debt	$ 497	497	496
Debt instrument, face amount	$ 500
Fixed interest rate	5.25%
With Subsidiary Guarantee \| Fixed Rate 7.5% Notes Due June 2029
Noncurrent debt	$ 489	488	488
Debt instrument, face amount	$ 500
Fixed interest rate	7.50%
With Subsidiary Guarantee \| Fixed Rate 6.625% Notes Due October 2030
Noncurrent debt	$ 989	988	0
Debt instrument, face amount	$ 1,000
Fixed interest rate	6.625%
With Subsidiary Guarantee \| Fixed Rate 6.875% Notes Due November 2035
Noncurrent debt	$ 991	991	991
Debt instrument, face amount	$ 1,000
Fixed interest rate	6.875%
With Subsidiary Guarantee \| Fixed Rate 6.75% Notes Due July 2036
Noncurrent debt	$ 694	694	693
Debt instrument, face amount	$ 700
Fixed interest rate	6.75%
With Subsidiary Guarantee \| Senior Debt Obligations
Debt	$ 4,752	5,032	5,243
Without Subsidiary Guarantee
Debt	594	594	646
Without Subsidiary Guarantee \| Fixed Rate 6.95% Debentures Due March 2033
Noncurrent debt	348	348	348
Debt instrument, face amount	$ 350
Fixed interest rate	6.95%
Without Subsidiary Guarantee \| Fixed Rate 7.60% Notes Due July 2037
Noncurrent debt	$ 246	$ 246	$ 298
Debt instrument, face amount	$ 247
Fixed interest rate	7.60%

Long-term Debt and Borrowing Facilities - Repurchase of Notes (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Apr. 30, 2021	Oct. 30, 2021	Jul. 31, 2021	Aug. 01, 2020	Sep. 03, 2021	Sep. 02, 2021
Gain (loss) on repurchase of debt instrument			$ (105)	$ 0
With Subsidiary Guarantee \| 2022 Notes and 2025 Secured Notes
Gain (loss) on repurchase of debt instrument	$ (105)
Gain (loss) on extinguishment of debt, net of tax	(80)
With Subsidiary Guarantee \| Fixed Rate 5.625% Notes Due February 2022
Debt instrument, repurchased face amount	285
With Subsidiary Guarantee \| 6.875% Fixed Interest Rate Secured Notes due July 2025
Debt instrument, repurchased face amount	$ 750
With Subsidiary Guarantee \| 2023 Notes, 2025 Notes and 2027 Notes \| Subsequent Event \| Maximum
Debt instrument, repurchased face amount						$ 500
With Subsidiary Guarantee \| 2023 Notes and 2025 Notes \| Subsequent Event \| Forecast
Gain (loss) on repurchase of debt instrument		$ (84)
Debt instrument, repurchase amount					$ 532
With Subsidiary Guarantee \| 2023 Notes \| Subsequent Event \| Forecast
Debt instrument, repurchased face amount					270
With Subsidiary Guarantee \| 2025 Notes \| Subsequent Event \| Forecast
Debt instrument, repurchased face amount					$ 180
With Subsidiary Guarantee \| 2025 Notes and 2027 Notes \| Subsequent Event \| Maximum
Debt instrument, repurchased face amount						$ 180

Long-term Debt and Borrowing Facilities - Victoria's Secret & Co. Note (Details) - USD ($) $ in Millions	Aug. 02, 2021	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Debt Instrument [Line Items]
Debt instrument, face amount		$ 5,414	$ 6,449	$ 6,708
Cash in Escrow related to Victoria's Secret & Co. Spin-Off		600	$ 0	$ 0
Restricted Cash Related to Spin-off
Debt Instrument [Line Items]
Cash in Escrow related to Victoria's Secret & Co. Spin-Off		600
Subsequent Event
Debt Instrument [Line Items]
Spinoff transactions, cash received	$ 976
Victoria's Secret & Co. 4.625% Note Due July 2029 \| Loans Payable
Debt Instrument [Line Items]
Debt instrument, face amount		$ 600
Fixed interest rate		4.625%
Victoria's Secret & Co. 4.625% Note Due July 2029 \| Loans Payable \| Subsequent Event
Debt Instrument [Line Items]
Proceeds from issuance of debt	592
Debt issuance costs	$ 8

Long-term Debt and Borrowing Facilities - Asset-Backed Revolving Credit Facility (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 02, 2021 USD ($)	Jul. 31, 2021 USD ($)	May 02, 2020 USD ($)	Jul. 31, 2021 USD ($)	Aug. 01, 2020 USD ($)
Revolving Credit Expiring August 2024
Repayments of lines of credit				$ 0	$ 950,000,000
Outstanding borrowings on lines of credit		$ 0		0
Letter of Credit
Letters of credit outstanding, amount		58,000,000		58,000,000
Revolving Credit Facility \| Revolving Credit Expiring August 2024
Proceeds from lines of credit			$ 950,000,000
Repayments of lines of credit			$ 950,000,000
Credit agreement, borrowing capacity		1,000,000,000		1,000,000,000
Line of credit financial covenant, consolidated cash balance		350,000,000		350,000,000
Line of credit facility, current borrowing capacity		$ 1,045,000,000.000		$ 1,045,000,000.000
Revolving facility commitment fee percentage, unused capacity				0.30%
Revolving facility current credit fees percentage rate, letters of credit				1.75%
Debt instrument, basis spread on variable rate				1.75%
Revolving facility covenant fixed charge coverage ratio		1.00
Line of credit financial covenant, maximum borrowing amount		$ 100,000,000
Line of credit financial covenant, percent of maximum borrowing amount		15.00%		15.00%
Revolving Credit Facility \| Revolving Credit Facility Expiring August 2026 \| Subsequent Event
Credit agreement, borrowing capacity	$ 750,000,000
Interest rate reduction	0.0050

Fair Value Measurements - Carrying Value and Fair Value of Long-Term Debt, Disclosure (Detail) - USD ($)
$ in Millions

Jul. 31, 2021

Jan. 30, 2021

Aug. 01, 2020

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Principal Value

$ 5,414

$ 6,449

$ 6,708

Fair Value, Estimated

^[1]

$ 6,581

$ 7,243

$ 6,692

[1]

The estimated fair value of the Company’s publicly traded debt is based on reported transaction prices, which are considered Level 2 inputs in accordance with ASC 820, Fair Value Measurement. The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

Comprehensive Income - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			$ 83	$ 52
Other Comprehensive Income (Loss) Before Reclassifications			3	(2)
Amounts Reclassified from Accumulated Other Comprehensive Income			2	(1)
Tax Effect			(1)	0
Total Other Comprehensive Income (Loss), Net of Tax	$ 1	$ (2)	4	(3)
Accumulated Other Comprehensive Income (Loss), Ending Balance	87	49	87	49
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			85	52
Other Comprehensive Income (Loss) Before Reclassifications			4	(4)
Amounts Reclassified from Accumulated Other Comprehensive Income			0	0
Tax Effect			0	0
Total Other Comprehensive Income (Loss), Net of Tax			4	(4)
Accumulated Other Comprehensive Income (Loss), Ending Balance	89	48	89	48
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			(2)	0
Other Comprehensive Income (Loss) Before Reclassifications			(1)	2
Amounts Reclassified from Accumulated Other Comprehensive Income			2	(1)
Tax Effect			(1)	0
Total Other Comprehensive Income (Loss), Net of Tax			0	1
Accumulated Other Comprehensive Income (Loss), Ending Balance	$ (2)	$ 1	$ (2)	$ 1

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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+ Details

Commitments and Contingencies (Details) - USD ($) $ in Millions	Aug. 02, 2021	Jul. 31, 2021
Subsequent Event \| Management And Governance Investment
Long-term investment, commitment	$ 45
Commitment term (at least)	5 years
LaSenza \| Lease Agreements
Loss contingency, maximum exposure, undiscounted		$ 30

Retirement Benefits (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
Retirement Benefits (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Qualified Plan
Retirement Benefits Disclosure [Line Items]
Expense related to the qualified plan		$ 19	$ 18	$ 40	$ 39
Nonqualified Plan \| Supplemental Employee Retirement Plan
Retirement Benefits Disclosure [Line Items]
Payment for final settlement under non-qualified plan	$ 143

Segment Information - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
Segment Information - Narrative (Details) $ in Millions	Jul. 31, 2021 USD ($) store	Aug. 01, 2020 USD ($)	Jul. 31, 2021 USD ($)	Aug. 01, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| store	2
Net Sales	$ 3,318	$ 2,319	$ 6,341	$ 3,974
International
Segment Reporting Information [Line Items]
Net Sales	$ 289	$ 238	$ 568	$ 418

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Paragraph 1
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+ Details

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Net Sales	$ 3,318	$ 2,319	$ 6,341	$ 3,974
Operating Income (Loss)	599	44	1,171	(274)
Net gain from Hong Kong store closure and lease termination		36
Bath & Body Works
Net Sales	1,704	1,253	3,173	2,014
Operating Income (Loss)	431	337	811	413
Restructuring costs		12
Victoria's Secret
Net Sales	1,614	1,066	3,168	1,960
Operating Income (Loss)	233	(219)	477	(573)
Victoria's Secret Asset Impairment Charges		117		214
Restructuring costs		51
Other
Net Sales	0	0	0	0
Operating Income (Loss)	$ (65)	(74)	$ (117)	$ (114)
Restructuring costs		$ 18

- Definition

+ References

+ Details

Subsequent Events (Details) shares in Thousands, $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Sep. 02, 2021 USD ($) shares	Jul. 31, 2021 USD ($) shares	Oct. 30, 2021 USD ($)	Jul. 31, 2021 USD ($)	Jul. 31, 2021 USD ($) shares	Aug. 01, 2020 USD ($)	Sep. 03, 2021 USD ($)	Aug. 03, 2021	Aug. 02, 2021 USD ($)
Subsequent Event [Line Items]
Amount repurchased				$ 1,029	$ 1,194
Loss on Extinguishment of Debt					$ 105	$ 0
July 2021
Subsequent Event [Line Items]
Shares repurchased (in shares) \| shares		10,000			10,000
Amount repurchased		$ 730			$ 730
Subsequent Event
Subsequent Event [Line Items]
Spinoff transactions, cash received									$ 976
Subsequent Event \| Victoria's Secret Co.
Subsequent Event [Line Items]
Ownership interest								0.00%
Subsequent Event \| Victoria's Secret Co.
Subsequent Event [Line Items]
Common stock distributed, percentage									100.00%
Spinoff transaction, number of shares received per common stock exchanged									0.33
Subsequent Event \| 2023 Notes and 2025 Notes \| With Subsidiary Guarantee \| Forecast
Subsequent Event [Line Items]
Debt instrument, repurchase amount							$ 532
Loss on Extinguishment of Debt			$ 84
Subsequent Event \| 2023 Notes \| With Subsidiary Guarantee \| Forecast
Subsequent Event [Line Items]
Debt instrument, repurchased face amount							270
Subsequent Event \| 2025 Notes \| With Subsidiary Guarantee \| Forecast
Subsequent Event [Line Items]
Debt instrument, repurchased face amount							$ 180
Subsequent Event \| Maximum \| 2023 Notes, 2025 Notes and 2027 Notes \| With Subsidiary Guarantee
Subsequent Event [Line Items]
Debt instrument, repurchased face amount	$ 500
Subsequent Event \| Maximum \| 2025 Notes and 2027 Notes \| With Subsidiary Guarantee
Subsequent Event [Line Items]
Debt instrument, repurchased face amount	$ 180
Subsequent Event \| July 2021
Subsequent Event [Line Items]
Shares repurchased (in shares) \| shares	1,000
Amount repurchased	$ 65