0000701985-21-000038 | 10-Q | XBRL Viewer

Costs of Goods Sold, Buying and Occupancy

$ 1,681

$ 1,702

$ 4,854

$ 3,716

(842)

(839)

(2,445)

(2,027)

Gross Profit

839

863

2,409

1,689

General, Administrative and Store Operating Expenses

(430)

(427)

(1,279)

(954)

Operating Income

409

436

1,130

735

Interest Expense

(91)

(119)

(301)

(317)

Other Loss

(91)

(52)

(196)

(47)

Income from Continuing Operations Before Income Taxes

227

265

633

371

Provision for Income Taxes

150

Net Income from Continuing Operations

177

196

483

308

Income (Loss) from Discontinued Operations, Net of Tax

(89)

135

256

(324)

Continuing Operations (in USD per share)

$ 88

$ 331

$ 739

^[1]

$ (16)

^[1]

Net Income (Loss) per Basic Share

$ 0.67

$ 0.70

$ 1.77

$ 1.11

Discontinued Operations (in USD per share)

(0.34)

0.48

0.94

(1.17)

Total Net Income (Loss) Per Basic Share (in USD per share)

0.33

1.19

2.71

(0.06)

Net Income (Loss) per Diluted Share

Continuing Operations (in USD per share)

0.66

0.69

1.74

1.10

Discontinued Operations (in USD per share)

(0.33)

0.48

0.92

(1.15)

Total Net Income (Loss) Per Diluted Share (in USD per share)

0.33

1.17

2.67

(0.06)

Dividends Per Share (in USD per share)

$ 0.15

$ 0

$ 0.30

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Oct. 30, 2021

Oct. 31, 2020

Oct. 30, 2021

Oct. 31, 2020

Statement of Comprehensive Income [Abstract]

Other Comprehensive Income (Loss), Net of Tax:

$ 88

$ 331

$ 739

^[1]

$ (16)

^[1]

Foreign Currency Translation

(1)

(4)

Unrealized Gain (Loss) on Cash Flow Hedges

(1)

Reclassification of Cash Flow Hedges to Earnings

(2)

Total Other Comprehensive Income (Loss), Net of Tax

(1)

(4)

Total Comprehensive Income (Loss)

$ 89

$ 330

$ 744

$ (20)

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=123570139&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21463-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=124507222&loc=d3e1436-108581

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442411-227067

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Oct. 30, 2021	Jan. 30, 2021	Oct. 31, 2020
Current Assets:
Cash and Cash Equivalents	$ 1,441	$ 3,568	$ 2,433
Accounts Receivable, Net	242	148	161
Inventories	1,149	572	883
Other	153	52	72
Current Assets of Discontinued Operations	0	1,239	1,378
Total Current Assets	2,985	5,579	4,927
Property and Equipment, Net	1,017	1,017	1,064
Operating Lease Assets	1,023	968	875
Goodwill	628	628	628
Trade Names	165	165	165
Deferred Income Taxes	62	58	59
Other Assets	151	175	279
Other Assets of Discontinued Operations	0	2,981	3,164
Total Assets	6,031	11,571	11,161
Current Liabilities:
Accounts Payable	655	345	553
Accrued Expenses and Other	636	727	871
Current Operating Lease Liabilities	143	173	182
Income Taxes	1	83	112
Current Liabilities of Discontinued Operations	0	1,498	1,612
Total Current Liabilities	1,435	2,826	3,330
Deferred Income Taxes	146	141	117
Long-term Debt	4,852	6,366	6,364
Long-term Operating Lease Liabilities	993	942	857
Other Long-term Liabilities	280	290	164
Other Long-term Liabilities of Discontinued Operations	0	1,667	1,893
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; 275, 286 and 286 shares issued; 260, 278 and 278 shares outstanding, respectively	137	143	143
Paid-in Capital	904	891	879
Accumulated Other Comprehensive Income	80	83	48
Retained Earnings (Accumulated Deficit)	(1,975)	(1,421)	(2,280)
Less: Treasury Stock, at Average Cost; 15, 8 and 8 shares, respectively	(822)	(358)	(358)
Total Shareholders’ Equity (Deficit)	(1,676)	(662)	(1,568)
Noncontrolling Interest	1	1	4
Total Equity (Deficit)	(1,675)	(661)	(1,564)
Total Liabilities and Equity (Deficit)	$ 6,031	$ 11,571	$ 11,161

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Oct. 30, 2021	Jan. 30, 2021	Oct. 31, 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)	275,000	286,000	286,000
Common Stock, shares outstanding (in shares)	260,000	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

Beginning Balance (in shares) at Feb. 01, 2020

277,000

277,000

Beginning Balance at Feb. 01, 2020

$ (1,495)

$ 142

$ 847

$ 52

$ (2,182)

$ (358)

$ 4

(16)

^[1]

(16)

(4)

Share-based Compensation and Other (in shares)

(20)

(4)

(16)

Cash Dividends

(83)

1,000

Ending Balance at Oct. 31, 2020

$ 1

(1,564)

$ 143

879

(2,280)

(358)

Beginning Balance (in shares) at Aug. 01, 2020

278,000

278,000

Beginning Balance at Aug. 01, 2020

(1,904)

$ 143

869

(2,611)

(358)

331

(1)

330

(1)

331

Ending Balance at Oct. 31, 2020

$ (1,564)

$ 143

879

(2,280)

(358)

278,000

Beginning Balance (in shares) at Jan. 30, 2021

278,000

278,000

Beginning Balance at Jan. 30, 2021

$ (661)

$ 143

891

(1,421)

(358)

739

^[1]

739

Victoria's Secret Spin-Off

744

739

(183)

(8)

(175)

Cash Dividends

(81)

Repurchases of Common Stock (in shares)

(22,000)

Repurchases of Common Stock

(1,559)

Treasury Share Retirement

$ (8)

(50)

(1,037)

1,095

Share-based Compensation and Other (in shares)

4,000

Ending Balance at Oct. 30, 2021

$ 2

(1,675)

$ 137

904

(1,975)

(822)

Beginning Balance (in shares) at Jul. 31, 2021

265,000

265,000

Beginning Balance at Jul. 31, 2021

(1,188)

$ 140

911

(1,505)

(822)

Victoria's Secret Spin-Off

(183)

(8)

(175)

Cash Dividends

(39)

Repurchases of Common Stock (in shares)

(5,000)

Repurchases of Common Stock

(365)

Treasury Share Retirement

$ (3)

(18)

(344)

365

Share-based Compensation and Other (in shares)

Ending Balance at Oct. 30, 2021

$ 0

$ (1,675)

$ 137

$ 904

$ 80

$ (1,975)

$ (822)

$ 1

260,000

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

CONSOLIDATED STATEMENTS OF TOTAL EQUITY (DEFICIT) (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Oct. 30, 2021	Jul. 31, 2021	May 01, 2021	Oct. 31, 2020	Aug. 01, 2020	May 02, 2020	Oct. 30, 2021	Oct. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends (in USD per share)	$ 0.15	$ 0.15	$ 0	$ 0	$ 0	$ 0.30	$ 0.30	$ 0.30

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

9 Months Ended

Oct. 30, 2021

Oct. 31, 2020

Operating Activities:

Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:

^[1]

$ 739

$ (16)

Depreciation of Long-lived Assets

^[1]

310

393

Loss on Extinguishment of Debt

^[1]

195

Victoria's Secret Asset Impairment Charges

^[1]

214

Share-based Compensation Expense

^[1]

Deferred Income Taxes

^[1]

(14)

Gain from Victoria's Secret Hong Kong Store Closure and Lease Termination

^[1]

(39)

^[1]

(30)

Changes in Assets and Liabilities:

Accounts Receivable

^[1]

(61)

Inventories

^[1]

(617)

(590)

Accounts Payable, Accrued Expenses and Other

^[1]

132

591

Income Taxes Payable

^[1]

(149)

(29)

Other Assets and Liabilities

^[1]

(159)

125

Net Cash Provided by Operating Activities

^[1]

447

706

Investing Activities:

Capital Expenditures

^[1]

(241)

(200)

Other Investing Activities

^[1]

Net Cash Used for Investing Activities

^[1]

(228)

(183)

Financing Activities:

Proceeds from Issuance of Long-Term Debt, Net of Issuance Costs

^[1]

2,219

Payments of Long-term Debt

^[1]

(1,716)

(1,307)

Proceeds from Spin-Off of Victoria's Secret & Co.

976

Transfers and Payments to Victoria's Secret & Co. related to Spin-Off

(362)

Repurchases of Common Stock

^[1]

(1,544)

Dividends Paid

^[1]

(81)

(83)

^[1]

(58)

(8)

Proceeds from Stock Option Exercises

^[1]

Other Financing Activities

^[1]

(9)

(36)

Net Cash Provided by (Used for) Financing Activities

^[1]

(2,713)

729

Effects of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash

^[1]

(1)

Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash

^[1]

(2,492)

1,251

Cash and Cash Equivalents and Restricted Cash, Beginning of Period

^[1]

3,933

1,499

Cash and Cash Equivalents and Restricted Cash, End of Period

^[1]

1,441

2,750

Credit Agreement

Financing Activities:

Borrowing from Credit Agreement

^[1]

950

Net Repayments of Victoria's Secret Foreign Facilities

^[1]

(950)

Foreign Facilities

Financing Activities:

Net Repayments of Victoria's Secret Foreign Facilities

^[1]

$ 0

$ (57)

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

Description of Business and Basis of Presentation	9 Months Ended
Description of Business and Basis of Presentation	Oct. 30, 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 Bath & Body Works, Inc. ("Bath & Body Works" or the "Company") is a specialty retailer of home fragrance products, body care, and soaps and sanitizers. Through the Bath & Body Works retail brand, the Company sells merchandise through company-operated specialty retail stores in the U.S. and Canada, and through its websites and other channels. The Company's international operations are primarily through franchise, license and wholesale partners. On August 2, 2021, the Company completed the spin-off of its Victoria's Secret business, which included the Victoria's Secret and PINK brands, into an independent publicly traded company. As a result, the operating results for the Victoria's Secret business through the date of the spin-off are reported in Income (Loss) from Discontinued Operations, Net of Tax in the Consolidated Statements of Income (Loss) for all periods presented. In addition, the related assets and liabilities are reported as Assets and Liabilities of Discontinued Operations on the Consolidated Balance Sheets. Unless otherwise noted, all amounts and disclosures included in the Notes to Consolidated Financial Statements reflect only the Company's continuing operations. For additional information, see Note 2, "Discontinued Operations." On August 2, 2021, in connection with the spin-off of the Victoria's Secret business discussed above, 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 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-operated stores 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. The Direct business 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 adopted new operating models focused on safety. The Company continues to remain focused on providing a safe store environment for its customers and associates, while also delivering an engaging shopping experience. The Company also remains focused on the safe operations of its distribution and fulfillment centers while maximizing its direct business. There remains the potential for COVID-related closures 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, “third quarter of 2021” and “third quarter of 2020” refer to the thirteen-week periods ended October 30, 2021 and October 31, 2020, respectively. “Year-to-date 2021” and “year-to-date 2020” refer to the thirty-nine-week periods ended October 30, 2021 and October 31, 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 all unconsolidated entities is included in Other 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. Segment Reporting The Company operates as a single segment that includes all of its continuing operations, which is designed to enable customers to purchase its products through stores or digital channels. The Company previously had two reportable segments: Bath & Body Works and Victoria's Secret. The Victoria's Secret reportable segment was spun-off on August 2, 2021 and is now reported as discontinued operations for all periods through that date. Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended October 30, 2021 and October 31, 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 that 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 are not necessarily indicative of the results expected for the full fiscal year. Restricted Cash During 2020, the Company placed cash on deposit with certain financial institutions as collateral for their lending commitments to certain former Victoria's Secret subsidiaries. These deposits totaled $30 million and $128 million as of January 30, 2021 and October 31, 2020, respectively, and were recorded in Other Assets on the Consolidated Balance Sheets. During the second quarter of 2021, these lending commitments were terminated which released the restrictions on this cash. Accordingly, the balance was reclassified to Cash and Cash Equivalents during the second quarter of 2021. 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 Canadian 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. 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 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 third 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.

Discontinued Operations

9 Months Ended

Oct. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

On July 9, 2021, the Company announced that its Board of Directors approved the previously announced separation of the Victoria’s Secret business (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. 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, Inc. 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.

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 "VSCO 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. Additionally, on August 2, 2021, in connection with the Separation, Victoria's Secret & Co. entered into a term loan facility with a credit limit of $400 million and a senior secured asset-based revolving credit facility with a credit limit of $750 million. In connection with the Separation, Victoria's Secret & Co. received net cash proceeds of $384 million from its $400 million borrowing under its credit facilities. The proceeds from the credit facilities and the $592 million net proceeds from the VSCO Notes were used to fund cash payments of $976 million to the Company in connection with the Separation. The Company does not guarantee the VSCO Notes, the Victoria's Secret & Co. term loan facility or the Victoria's Secret & Co. senior secured asset-based revolving credit facility following the Separation.

Cash and Cash Equivalents of $282 million held by Victoria's Secret subsidiaries were transferred to Victoria's Secret & Co. on the Distribution Date. Additionally, the Company made payments of $80 million to Victoria's Secret & Co. during the third quarter for costs incurred prior to the Distribution Date pursuant to the terms of the Separation agreements.

During the third quarter of 2021, the Company recognized a net reduction to retained earnings of $175 million as a result of the Separation, primarily related to the transfer of certain assets and liabilities associated with its Victoria's Secret business to Victoria's Secret & Co. net of the $976 million of cash payments received from Victoria's Secret & Co. Additionally, the Company reclassified out of accumulated other comprehensive income $8 million of accumulated foreign currency translation adjustments related to the Victoria's Secret business.

In connection with the Separation, the Company entered into several agreements with Victoria's Secret & Co. that govern the relationship of the parties following the spin-off, including the Separation and Distribution Agreement, the Transition Services Agreements, the Tax Matters Agreement, the Employee Matters Agreement and the Domestic Transportation Services Agreement.

Under the terms of the Transition Services Agreements, the Company will provide to Victoria's Secret & Co. various services or functions, including human resources, payroll and certain logistics functions. Additionally, Victoria's Secret & Co. will provide to the Company various services or functions, including information technology, certain logistics functions, customer marketing and customer call center services. Generally, these services will be performed for a period of up to two years following the Distribution, except for information technology services, which will be provided for a period of up to three years following the Distribution and may be extended for a maximum of two additional one-year periods subject to increased administrative charges. Consideration and costs for the transition services are determined using several billing methodologies as described in the agreements, including customary billing, pass-through billing, percent of sales billing or fixed fee billing. Consideration for transition services provided to Victoria's Secret & Co. are recorded within the 2021 Consolidated Statements of Income based on the nature of the service and as an offset to expenses incurred to provide the services. Costs for transition services provided by Victoria's Secret & Co. are recorded within the 2021 Consolidated Statements of Income based on the nature of the service. During the third quarter of 2021, the Company recognized consideration of $20 million and recognized costs of $24 million pursuant to the Transition Service Agreements.

Under the terms of the Domestic Transportation Services Agreement, the Company will continue to provide transportation services for Victoria's Secret & Co. merchandise in the United States and Canada for an initial term of three years following the Distribution, which term will thereafter continuously renew unless and until Victoria’s Secret & Co. or the Company elects to terminate the arrangement upon 18 or 36 months’ prior written notice, respectively. Consideration for the transportation services is determined using customary billing and fixed billing methodologies, which are described in the agreement, and are subject to an administrative charge. During the third quarter of 2021, the Company recognized consideration of $18 million pursuant to the Domestic Transportation Services Agreement.

In conjunction with the Separation, the Company has contingent obligations relating to certain lease payments under the current terms of noncancelable leases. For additional information, see Note 13, "Commitments and Contingencies."

Financial Information of Discontinued Operations

Income (Loss) from Discontinued Operations, Net of Tax in the Consolidated Statements of Income (Loss) reflects the after-tax results of the Victoria's Secret business and Separation-related fees, and does not include any allocation of general corporate overhead expense or interest expense of the Company.

The following table summarizes the significant line items included in Income (Loss) from Discontinued Operations, Net of Tax in the Consolidated Statements of Income (Loss) for the third quarter and year-to-date 2021 and 2020:


	Third Quarter				Year-to-Date
	2021		2020		2021		2020
	(in millions)
Net Sales	$	25	$	1,353	$	3,194	$	3,313
Costs of Goods Sold, Buying and Occupancy	(14)		(856)		(1,841)		(2,643)
General, Administrative and Store Operating Expenses (a)	(83)		(352)		(975)		(1,098)
Interest Expense	—		(1)		(2)		(5)
Other Income (Loss)	—		1		(1)		(1)
Income (Loss) from Discontinued Operations Before Income Taxes	(72)		145		375		(434)
Provision (Benefit) for Income Taxes	17		10		119		(110)
Income (Loss) from Discontinued Operations, Net of Tax	$	(89)	$	135	$	256	$	(324)

_______________

(a)Includes Separation-related expenses of $76 million and $104 million for the third quarter and year-to-date 2021, respectively. Prior to the third quarter of 2021, these costs were reported in the Other category under the Company's previous segment reporting.

The information presented as discontinued operations on the Consolidated Balance Sheets includes certain assets and liabilities that were transferred to Victoria’s Secret & Co. pursuant to the Separation agreements, and excludes certain liabilities that were retained by the Company in connection with the Separation.

There were no assets or liabilities classified as discontinued operations as of October 30, 2021. The following table summarizes the carrying value of the significant classes of assets and liabilities classified as discontinued operations as of January 30, 2021 and October 31, 2020:


	January 30, 2021		October 31, 2020
	(in millions)
Cash and Cash Equivalents	$	335	$	189
Accounts Receivable, Net	121		135
Inventories	701		981
Other	82		73
Current Assets of Discontinued Operations	1,239		1,378

Property and Equipment, Net	1,078		1,167
Operating Lease Assets	1,590		1,683
Trade Names	246		246
Deferred Income Taxes	11		11
Other Assets	56		57
Other Assets of Discontinued Operations	$	2,981	$	3,164

Accounts Payable	$	338	$	548
Accrued Expenses and Other	730		608
Current Debt	—		11
Current Operating Lease Liabilities	421		443
Income Taxes	9		2
Current Liabilities of Discontinued Operations	1,498		1,612

Deferred Income Taxes	93		73
Long-term Debt	—		87
Long-term Operating Lease Liabilities	1,553		1,709
Other Long-term Liabilities	21		24
Other Long-term Liabilities of Discontinued Operations	$	1,667	$	1,893

The cash flows related to discontinued operations have not been segregated, and are included in the Consolidated Statements of Cash Flows for all periods presented. The following table summarizes depreciation and other significant operating noncash items, capital expenditures and financing activities of discontinued operations for each period presented:


	Year-to-Date
	2021		2020
	(in millions)
Depreciation of Long-Lived Assets	$	158	$	250
Share-based Compensation Expense	15		20
Victoria's Secret Asset Impairment Charges	—		214
Gain from Victoria's Secret Hong Kong Store Closure and Lease Termination	—		(39)
Gain Related to Formation of Victoria's Secret U.K. Joint Venture	—		(30)
Capital Expenditures	(66)		(111)

Net Repayments of Victoria's Secret Foreign Facilities	—		(57)

Revenue Recognition

9 Months Ended

Oct. 30, 2021

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

Accounts receivable, net from revenue-generating activities were $86 million as of October 30, 2021, $51 million as of January 30, 2021 and $82 million as of October 31, 2020. Accounts receivable primarily relate to amounts due from the Company's franchise, license and wholesale partners. Under these arrangements, payment terms are typically 45 to 75 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 points and direct channel shipments, which are all impacted by seasonal and holiday-related sales patterns. Deferred revenue, which is recorded within Accrued Expenses and Other on the

Consolidated Balance Sheets, was $123 million as of October 30, 2021, $115 million as of January 30, 2021 and $98 million as of October 31, 2020. The Company recognized $66 million as revenue year-to-date 2021 from amounts recorded as deferred revenue at the beginning of the year.

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


	Third Quarter				Year-to-Date
	2021		2020		2021		2020
	(in millions)
Stores - U.S. and Canada	$	1,238	$	1,202	$	3,518	$	2,304
Direct - U.S. and Canada	369		446		1,126		1,254
International (a)	74		54		210		158
Total Net Sales	$	1,681	$	1,702	$	4,854	$	3,716

_______________

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

The Company’s net sales outside of the U.S. include sales from company-operated stores in Canada, royalty revenue from franchise and license arrangements and wholesale revenues. Certain of these sales are subject to the impact of fluctuations in foreign currency. The Company’s net sales outside of the U.S. totaled $159 million and $134 million for the third quarter of 2021 and 2020, respectively, and $397 million and $308 million for year-to-date 2021 and 2020, respectively.

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.

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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&loc=SL49130554-203045

Earnings Per Share And Shareholders' Equity [Abstract]

Restructuring Activities	9 Months Ended
Restructuring Activities	Oct. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring Activities	Restructuring ActivitiesDuring 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. Pre-tax severance and related costs associated with these reductions, totaling $30 million, are included in General, Administrative and Store Operating Expenses in the year-to-date 2020 Consolidated Statement of Loss.

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

9 Months Ended

Oct. 30, 2021

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 third quarter and year-to-date 2021 and 2020:


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

Common Shares	278	287	285	286
Treasury Shares	(15)	(8)	(13)	(8)
Basic Shares	263	279	272	278
Effect of Dilutive Restricted Stock and Options	4	4	5	3
Diluted Shares	267	283	277	281
Anti-dilutive Options and Awards (a)	1	4	1	5

_______________

(a)These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

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 (the "July 2021 Program"), which replaced the $36 million remaining under the March 2021 repurchase program. Under the authorization of this program, in July 2021 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.

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 (a)	$	500	6,996	$	464	$	66.30
July 2021 (a)	$	1,500	10,000	$	730	$	73.01
July 2021 (b)			5,510	$	365	$	66.21

_______________

(a)Reflects repurchases of L Brands, Inc. common stock prior to the August 2, 2021 spin-off of Victoria's Secret & Co.

(b)Reflects repurchases of Bath & Body Works, Inc. common stock subsequent to the August 2, 2021 spin-off of Victoria's Secret & Co.

The July 2021 Program had $405 million remaining as of October 30, 2021. There were $15 million of share repurchases reflected in Accounts Payable on the October 30, 2021 Consolidated Balance Sheet.

Subsequent to October 30, 2021, the Company repurchased an additional 2.2 million shares of its common stock for $166 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 retired and cancelled upon repurchase. As a result, the Company retired the 16 million shares repurchased under the July 2021 Program during year-to-date 2021, which resulted in reductions of $8 million in the par value of Common Stock, $50 million in Paid-in Capital and $1.037 billion 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
First Quarter	$	—		$	—
Second Quarter	0.15			42
Third Quarter	0.15			39
Total	$	0.30		$	81
2020
First Quarter	$	0.30		$	83
Second Quarter	—			—
Third Quarter	—			—
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 November 2021, the Company's Board of Directors declared the fourth quarter of 2021 ordinary dividend of $0.15 per share.

Inventories

9 Months Ended

Oct. 30, 2021

Inventory, Net [Abstract]

Inventories

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


	October 30, 2021		January 30, 2021		October 31, 2020
	(in millions)
Finished Goods Merchandise	$	941	$	410	$	693
Raw Materials and Merchandise Components	208		162		190
Total Inventories	$	1,149	$	572	$	883

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

Long-Lived Assets

9 Months Ended

Oct. 30, 2021

Property, Plant and Equipment [Abstract]

Long-Lived Assets

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


	October 30, 2021		January 30, 2021		October 31, 2020
	(in millions)
Property and Equipment, at Cost	$	2,569	$	2,412	$	2,416
Accumulated Depreciation and Amortization	(1,552)		(1,395)		(1,352)
Property and Equipment, Net	$	1,017	$	1,017	$	1,064

Depreciation expense from continuing operations was $52 million and $48 million for the third quarter of 2021 and 2020, respectively. Depreciation expense from continuing operations was $152 million and $143 million for year-to-date 2021 and 2020, respectively.

Equity Investments	9 Months Ended
Equity Investments	Oct. 30, 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 $125 million as of October 30, 2021, $119 million as of January 30, 2021 and $125 million as of October 31, 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	9 Months Ended
Income Taxes	Oct. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes is based on the current estimate of the annual effective tax rate and is adjusted as necessary for quarterly events. Due to the impacts of the COVID-19 pandemic, the income tax expense for the third quarter of 2020 was computed on a year-to-date effective tax rate. For the third quarter of 2021, the Company’s effective tax rate was 22.0% compared to 26.0% in the third quarter of 2020. The third quarter of 2021 rate was lower than the Company's combined estimated federal and state statutory rate primarily due to the resolution of certain tax matters. The third quarter of 2020 rate was generally consistent with the Company's combined federal and state statutory rate. For year-to-date 2021, the Company's effective tax rate was 23.7% compared to 16.9% 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 (Loss) on share-based awards that vested year-to-date. The year-to-date 2020 rate was lower than the Company's combined estimated federal and state statutory rate primarily due to the resolution of certain tax matters, which resulted in a $50 million tax benefit. Income taxes paid were $73 million and $9 million for the third quarter of 2021 and 2020, respectively. Income taxes paid were $403 million and $31 million for year-to-date 2021 and 2020, respectively. On August 2, 2021, the Company and Victoria's Secret & Co. entered into a Tax Matters Agreement (“TMA”). Under the TMA, the Company will generally be responsible for all U.S. federal, state, local and non-U.S. income taxes of Victoria's Secret & Co. for any taxable period or portion of such period ending on or before the Distribution Date.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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

Long-term Debt and Borrowing Facilities

9 Months Ended

Oct. 30, 2021

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 October 30, 2021, January 30, 2021 and October 31, 2020:


	October 30, 2021		January 30, 2021		October 31, 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	$	740


Senior Debt with Subsidiary Guarantee

$1 billion, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”)	$	—	$	284	$	284
$500 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”)	—		319		319
$320 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes")	316		493		493
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”)	280		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		988
$1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	992		991		991
$700 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	694		694		694
Total Senior Debt with Subsidiary Guarantee	$	4,257	$	5,032	$	5,030
Senior Debt
$350 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	349	$	348	$	348
$247 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	246		246		246
Total Senior Debt	$	595	$	594	$	594
Total Long-term Debt	$	4,852	$	6,366	$	6,364

Repurchases of Notes

In September 2021, the Company completed the tender offers to purchase $270 million of its outstanding 2023 Notes and $180 million of its outstanding 2025 Notes for an aggregate purchase price of $532 million. Additionally, in October 2021, the Company redeemed the remaining $50 million of its outstanding 2023 Notes for $54 million. The Company recognized a pre-tax loss related to this extinguishment of debt of $89 million (after-tax loss of $68 million), which includes the write-offs of unamortized issuance costs. This loss is included in Other Loss in the 2021 Consolidated Statements of Income.

In April 2021, the Company redeemed the remaining $285 million of its outstanding 2022 Notes and the $750 million of its 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 Loss in the year-to-date 2021 Consolidated Statement of Income.

In October 2020, the Company completed tender offers to purchase $576 million of its outstanding 2022 Notes, $180 million of its outstanding 2023 Notes and $53 million of its outstanding 2037 Notes for $844 million. The Company used the proceeds from the 2030 Notes to fund the purchase price of the tender offers. Additionally, utilizing cash on hand, the Company redeemed the remaining $450 million of its outstanding 6.625% Fixed Interest Rate Notes due April 2021 (the "2021 Notes") for $463 million. The Company recognized a pre-tax loss related to this extinguishment of debt of $53 million (after-tax loss of $40 million), which includes the write-offs of unamortized issuance costs. This loss is included in Other Loss in the 2020 Consolidated Statements of Income (Loss).

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”), which allows borrowings and letters of credit in U.S. dollars or Canadian dollars. 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.

In August 2021, the Company entered into an amendment and restatement (“Amendment”) of the Credit Agreement. 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.

Availability under the ABL Facility is 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 exceeds the lesser of (i) the borrowing base and (ii) the aggregate commitment, the Company is required to prepay the outstanding amounts under the ABL Facility to the extent of such excess. As of October 30, 2021, the Company's borrowing base was $1.033 billion.

The ABL Facility supports the Company’s letter of credit program. The Company had $16 million of outstanding letters of credit as of October 30, 2021 that reduced its availability under the ABL Facility.

As of October 30, 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 1.25% per annum. In addition, the interest rate on outstanding U.S. dollar borrowings was the London Interbank Offered Rate plus 1.25% per annum. The interest rate on outstanding Canadian dollar-denominated borrowings was the Canadian Dollar Offered Rate plus 1.25% per annum.

The ABL Facility requires 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) $70 million or (2) 10% of the maximum borrowing amount. As of October 30, 2021, the Company was not required to maintain this ratio.

As of October 30, 2021, there were no borrowings outstanding under the ABL Facility.

Fair Value Measurements

9 Months Ended

Oct. 30, 2021

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

Fair Value Measurements

Cash and Cash Equivalents 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 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 October 30, 2021, January 30, 2021 and October 31, 2020:


	October 30, 2021		January 30, 2021		October 31, 2020
	(in millions)
Principal Value	$	4,915	$	6,449	$	6,449
Fair Value, Estimated (a)	5,720		7,243		6,678

_______________

(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.

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

Statement of Comprehensive Income [Abstract]

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

9 Months Ended

Oct. 30, 2021

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		(2)		2
Amounts Reclassified from Accumulated Other Comprehensive Income	—		3		3
Tax Effect	—		—		—
Current-period Other Comprehensive Income	4		1		5
Victoria's Secret Spin-Off	(8)		—		(8)
Balance as of October 30, 2021	$	81	$	(1)	$	80

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	—		(2)		(2)
Tax Effect	—		—		—
Current-period Other Comprehensive Loss	(4)		—		(4)
Balance as of October 31, 2020	$	48	$	—	$	48

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Oct. 30, 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. The settlement is subject to approval of the United States District Court of the Southern District of Ohio. Lease Guarantees In connection with the spin-off of Victoria's Secret & Co., the Company has remaining contingent obligations of approximately $280 million related to lease payments under the current terms of noncancelable leases, primarily related to office space, expiring at various dates through 2037. In addition, in connection with the sale of La Senza in the fourth quarter of 2018, the Company has remaining contingent obligations of approximately $27 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 these businesses. The Company's reserves related to these obligations were not significant as of October 30, 2021.

Share-based Compensation

9 Months Ended

Oct. 30, 2021

Share-based Payment Arrangement [Abstract]

Share-based Compensation

In connection with the spin-off of Victoria's Secret & Co. on August 2, 2021, the Company adjusted its outstanding share-based awards in accordance with the terms of the Employee Matters Agreement. Adjustments to the underlying shares and terms of outstanding restricted stock and stock options were made to preserve the intrinsic value of the awards immediately before the Separation. The adjustment of the underlying shares and exercise prices, as applicable, was determined using a ratio based on the relative values of the Company's pre-Distribution stock price and the Company's post-Distribution stock price. The outstanding awards continue to vest over their original vesting periods. The Company did not recognize any incremental compensation cost related to the adjustment of outstanding awards.

Restricted Stock

The following table provides the Company’s restricted stock activity for the year-to-date period ended October 30, 2021:


			Number of Shares
			(in thousands)
Unvested as of January 30, 2021			6,647
Converted to Victoria's Secret & Co. Shares			(2,537)
Spin-Off Related Adjustment			807
Granted			1,501
Vested			(2,150)
Cancelled			(161)
Unvested as of October 30, 2021			4,107

Stock Options

The following table provides the Company’s stock option activity for the year-to-date period ended October 30, 2021:


			Number of Shares
			(in thousands)
Outstanding as of January 30, 2021			4,163
Converted to Victoria's Secret & Co. Shares			(1,042)
Spin-Off Related Adjustment			288
Granted			228
Exercised			(1,861)
Cancelled			(607)
Outstanding as of October 30, 2021			1,169
Options Exercisable as of October 30, 2021			915

Retirement Benefits	9 Months Ended
Retirement Benefits	Oct. 30, 2021
Retirement Benefits [Abstract]
Retirement Benefits	Retirement BenefitsThe 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 any period presented.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Discontinued Operations and Disposal Groups [Abstract]

Subsequent Events	9 Months Ended
Subsequent Events	Oct. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsSubsequent to October 30, 2021, the Company repurchased an additional 2.2 million shares of its common stock for $166 million under the July 2021 Program.

Description of Business and Basis of Presentation (Policy)	9 Months Ended
	Oct. 30, 2021
Description Of Business And Basis Of Presentation [Abstract]
Description of Business	Description of Business Bath & Body Works, Inc. ("Bath & Body Works" or the "Company") is a specialty retailer of home fragrance products, body care, and soaps and sanitizers. Through the Bath & Body Works retail brand, the Company sells merchandise through company-operated specialty retail stores in the U.S. and Canada, and through its websites and other channels. The Company's international operations are primarily through franchise, license and wholesale partners. On August 2, 2021, the Company completed the spin-off of its Victoria's Secret business, which included the Victoria's Secret and PINK brands, into an independent publicly traded company. As a result, the operating results for the Victoria's Secret business through the date of the spin-off are reported in Income (Loss) from Discontinued Operations, Net of Tax in the Consolidated Statements of Income (Loss) for all periods presented. In addition, the related assets and liabilities are reported as Assets and Liabilities of Discontinued Operations on the Consolidated Balance Sheets. Unless otherwise noted, all amounts and disclosures included in the Notes to Consolidated Financial Statements reflect only the Company's continuing operations. For additional information, see Note 2, "Discontinued Operations." On August 2, 2021, in connection with the spin-off of the Victoria's Secret business discussed above, 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-operated stores 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. The Direct business 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 adopted new operating models focused on safety. The Company continues to remain focused on providing a safe store environment for its customers and associates, while also delivering an engaging shopping experience. The Company also remains focused on the safe operations of its distribution and fulfillment centers while maximizing its direct business. There remains the potential for COVID-related closures 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, “third quarter of 2021” and “third quarter of 2020” refer to the thirteen-week periods ended October 30, 2021 and October 31, 2020, respectively. “Year-to-date 2021” and “year-to-date 2020” refer to the thirty-nine-week periods ended October 30, 2021 and October 31, 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 all unconsolidated entities is included in Other 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.
Segment Reporting	Segment ReportingThe Company operates as a single segment that includes all of its continuing operations, which is designed to enable customers to purchase its products through stores or digital channels. The Company previously had two reportable segments: Bath & Body Works and Victoria's Secret. The Victoria's Secret reportable segment was spun-off on August 2, 2021 and is now reported as discontinued operations for all periods through that date.
Interim Financial Statements	Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended October 30, 2021 and October 31, 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 that are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods.
Seasonality of Business	Seasonality of Business Due to the seasonal variations in the retail industry, the results of operations for the interim period are not necessarily indicative of the results expected for the full fiscal year.
Restrictions Cash	Restricted Cash During 2020, the Company placed cash on deposit with certain financial institutions as collateral for their lending commitments to certain former Victoria's Secret subsidiaries. These deposits totaled $30 million and $128 million as of January 30, 2021 and October 31, 2020, respectively, and were recorded in Other Assets on the Consolidated Balance Sheets. During the second quarter of 2021, these lending commitments were terminated which released the restrictions on this cash. Accordingly, the balance was reclassified to Cash and Cash Equivalents during the second quarter of 2021.
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 Canadian 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. 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 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 third 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.

Discontinued Operations (Tables)

9 Months Ended

Oct. 30, 2021

Summary of Discontinued Operations in Financial Statements


	Third Quarter				Year-to-Date
	2021		2020		2021		2020
	(in millions)
Net Sales	$	25	$	1,353	$	3,194	$	3,313
Costs of Goods Sold, Buying and Occupancy	(14)		(856)		(1,841)		(2,643)
General, Administrative and Store Operating Expenses (a)	(83)		(352)		(975)		(1,098)
Interest Expense	—		(1)		(2)		(5)
Other Income (Loss)	—		1		(1)		(1)
Income (Loss) from Discontinued Operations Before Income Taxes	(72)		145		375		(434)
Provision (Benefit) for Income Taxes	17		10		119		(110)
Income (Loss) from Discontinued Operations, Net of Tax	$	(89)	$	135	$	256	$	(324)

_______________

The following table summarizes the carrying value of the significant classes of assets and liabilities classified as discontinued operations as of January 30, 2021 and October 31, 2020:


	January 30, 2021		October 31, 2020
	(in millions)
Cash and Cash Equivalents	$	335	$	189
Accounts Receivable, Net	121		135
Inventories	701		981
Other	82		73
Current Assets of Discontinued Operations	1,239		1,378

Property and Equipment, Net	1,078		1,167
Operating Lease Assets	1,590		1,683
Trade Names	246		246
Deferred Income Taxes	11		11
Other Assets	56		57
Other Assets of Discontinued Operations	$	2,981	$	3,164

Accounts Payable	$	338	$	548
Accrued Expenses and Other	730		608
Current Debt	—		11
Current Operating Lease Liabilities	421		443
Income Taxes	9		2
Current Liabilities of Discontinued Operations	1,498		1,612

Deferred Income Taxes	93		73
Long-term Debt	—		87
Long-term Operating Lease Liabilities	1,553		1,709
Other Long-term Liabilities	21		24
Other Long-term Liabilities of Discontinued Operations	$	1,667	$	1,893

The following table summarizes depreciation and other significant operating noncash items, capital expenditures and financing activities of discontinued operations for each period presented:


	Year-to-Date
	2021		2020
	(in millions)
Depreciation of Long-Lived Assets	$	158	$	250
Share-based Compensation Expense	15		20
Victoria's Secret Asset Impairment Charges	—		214
Gain from Victoria's Secret Hong Kong Store Closure and Lease Termination	—		(39)
Gain Related to Formation of Victoria's Secret U.K. Joint Venture	—		(30)
Capital Expenditures	(66)		(111)

Net Repayments of Victoria's Secret Foreign Facilities	—		(57)

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition (Tables)

9 Months Ended

Oct. 30, 2021

Disaggregation of Revenue

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


	Third Quarter				Year-to-Date
	2021		2020		2021		2020
	(in millions)
Stores - U.S. and Canada	$	1,238	$	1,202	$	3,518	$	2,304
Direct - U.S. and Canada	369		446		1,126		1,254
International (a)	74		54		210		158
Total Net Sales	$	1,681	$	1,702	$	4,854	$	3,716

_______________

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

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

9 Months Ended

Oct. 30, 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 third quarter and year-to-date 2021 and 2020:


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

Common Shares	278	287	285	286
Treasury Shares	(15)	(8)	(13)	(8)
Basic Shares	263	279	272	278
Effect of Dilutive Restricted Stock and Options	4	4	5	3
Diluted Shares	267	283	277	281
Anti-dilutive Options and Awards (a)	1	4	1	5

_______________

(a)These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

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 (a)	$	500	6,996	$	464	$	66.30
July 2021 (a)	$	1,500	10,000	$	730	$	73.01
July 2021 (b)			5,510	$	365	$	66.21

_______________

(a)Reflects repurchases of L Brands, Inc. common stock prior to the August 2, 2021 spin-off of Victoria's Secret & Co.

(b)Reflects repurchases of Bath & Body Works, Inc. common stock subsequent to the August 2, 2021 spin-off of Victoria's Secret & Co.

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
First Quarter	$	—		$	—
Second Quarter	0.15			42
Third Quarter	0.15			39
Total	$	0.30		$	81
2020
First Quarter	$	0.30		$	83
Second Quarter	—			—
Third Quarter	—			—
Total	$	0.30		$	83

Inventories (Tables)

9 Months Ended

Oct. 30, 2021

Inventory, Net [Abstract]

Summary of Inventories

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


	October 30, 2021		January 30, 2021		October 31, 2020
	(in millions)
Finished Goods Merchandise	$	941	$	410	$	693
Raw Materials and Merchandise Components	208		162		190
Total Inventories	$	1,149	$	572	$	883

Long-Lived Assets (Tables)

9 Months Ended

Oct. 30, 2021

Property, Plant and Equipment [Abstract]

Summary of Property And Equipment, Net

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


	October 30, 2021		January 30, 2021		October 31, 2020
	(in millions)
Property and Equipment, at Cost	$	2,569	$	2,412	$	2,416
Accumulated Depreciation and Amortization	(1,552)		(1,395)		(1,352)
Property and Equipment, Net	$	1,017	$	1,017	$	1,064

Long-term Debt and Borrowing Facilities (Tables)

9 Months Ended

Oct. 30, 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 October 30, 2021, January 30, 2021 and October 31, 2020:


	October 30, 2021		January 30, 2021		October 31, 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	$	740


Senior Debt with Subsidiary Guarantee

$1 billion, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”)	$	—	$	284	$	284
$500 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”)	—		319		319
$320 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes")	316		493		493
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”)	280		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		988
$1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	992		991		991
$700 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	694		694		694
Total Senior Debt with Subsidiary Guarantee	$	4,257	$	5,032	$	5,030
Senior Debt
$350 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	349	$	348	$	348
$247 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	246		246		246
Total Senior Debt	$	595	$	594	$	594
Total Long-term Debt	$	4,852	$	6,366	$	6,364

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.

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://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: 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=124435984&loc=d3e28541-108399

Reference 4: 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=123467817&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: 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=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: 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=123467817&loc=d3e21521-112644

Reference 9: 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=123467817&loc=d3e21538-112644

Reference 10: 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=123599511&loc=d3e64711-112823

Reference 11: 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 12: 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=123467817&loc=d3e21475-112644

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

Fair Value Measurements (Tables)

9 Months Ended

Oct. 30, 2021

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 October 30, 2021, January 30, 2021 and October 31, 2020:


	October 30, 2021		January 30, 2021		October 31, 2020
	(in millions)
Principal Value	$	4,915	$	6,449	$	6,449
Fair Value, Estimated (a)	5,720		7,243		6,678

_______________

Comprehensive Income (Tables)

9 Months Ended

Oct. 30, 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		(2)		2
Amounts Reclassified from Accumulated Other Comprehensive Income	—		3		3
Tax Effect	—		—		—
Current-period Other Comprehensive Income	4		1		5
Victoria's Secret Spin-Off	(8)		—		(8)
Balance as of October 30, 2021	$	81	$	(1)	$	80

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	—		(2)		(2)
Tax Effect	—		—		—
Current-period Other Comprehensive Loss	(4)		—		(4)
Balance as of October 31, 2020	$	48	$	—	$	48

Share-based Compensation (Tables)

9 Months Ended

Oct. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Restricted Stock Activity

The following table provides the Company’s restricted stock activity for the year-to-date period ended October 30, 2021:


			Number of Shares
			(in thousands)
Unvested as of January 30, 2021			6,647
Converted to Victoria's Secret & Co. Shares			(2,537)
Spin-Off Related Adjustment			807
Granted			1,501
Vested			(2,150)
Cancelled			(161)
Unvested as of October 30, 2021			4,107

Schedule of Stock Option Activity

The following table provides the Company’s stock option activity for the year-to-date period ended October 30, 2021:


			Number of Shares
			(in thousands)
Outstanding as of January 30, 2021			4,163
Converted to Victoria's Secret & Co. Shares			(1,042)
Spin-Off Related Adjustment			288
Granted			228
Exercised			(1,861)
Cancelled			(607)
Outstanding as of October 30, 2021			1,169
Options Exercisable as of October 30, 2021			915

Description of Business and Basis of Presentation (Details) - USD ($) $ in Millions	Jan. 30, 2021	Oct. 31, 2020
Other Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted cash	$ 30	$ 128

Discontinued Operations - Narrative (Details) $ in Millions		3 Months Ended	9 Months Ended
Discontinued Operations - Narrative (Details) $ in Millions	Aug. 02, 2021 USD ($) period	Oct. 30, 2021 USD ($)	Oct. 30, 2021 USD ($)	Oct. 31, 2020 USD ($)	Aug. 03, 2021	Jul. 31, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments related to spinoff			$ 362	$ 0
Proceeds from Spin-Off of Victoria's Secret & Co.	$ 976
Spinoff transaction, reduction in retained earnings		$ 175	175
Spinoff transaction, reduction net accumulated other comprehensive income		8	$ 8
Transition services agreements, number of extension periods \| period	2
Transition services agreements, extension period term	1 year
Transition service consideration		20
Transition service cost		24
Domestic transportation services, initial term	3 years
Domestic transportation services consideration		18
Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Domestic transportation services, termination written notice term	18 months
Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transition services agreements, general service term	2 years
Transition services agreements, information technology service term	3 years
Domestic transportation services, termination written notice term	36 months
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%
Proceeds from issuance of debt	$ 592
VSCO Credit Facilities \| Term Loan Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Credit agreement, borrowing capacity	400
Proceeds from lines of credit	384
Proceeds from line of credit, gross	400
VSCO Credit Facilities \| Revolving Credit Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Credit agreement, borrowing capacity	$ 750
Victoria's Secret Co.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest					0.00%
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
Cash and cash equivalents transferred to Victoria's Secret & Co. from subsidiaries	$ 282
Payments related to spinoff		$ 80

Discontinued Operations - Schedule of Income (Loss) from Discontinued Operations (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Oct. 30, 2021

Oct. 31, 2020

Oct. 30, 2021

Oct. 31, 2020

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Income (Loss) from Discontinued Operations, Net of Tax

$ (89)

$ 135

$ 256

$ (324)

Victoria's Secret | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Costs of Goods Sold, Buying and Occupancy

1,353

3,194

3,313

(14)

(856)

(1,841)

(2,643)

General, Administrative and Store Operating Expenses

^[1]

(83)

(352)

(975)

(1,098)

Interest Expense

(1)

(2)

(5)

Other Income (Loss)

(1)

Income (Loss) from Discontinued Operations Before Income Taxes

(72)

145

375

(434)

Provision (Benefit) for Income Taxes

119

(110)

Income (Loss) from Discontinued Operations, Net of Tax

(89)

$ 135

256

$ (324)

Separation related expense

$ 76

$ 104

[1]	Includes Separation-related expenses of $76 million and $104 million for the third quarter and year-to-date 2021, respectively. Prior to the third quarter of 2021, these costs were reported in the Other category under the Company's previous segment reporting.

Discontinued Operations - Schedule of Balance Sheet from Discontinued Operations (Details) - USD ($) $ in Millions	Oct. 30, 2021	Jan. 30, 2021	Oct. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current Assets of Discontinued Operations	$ 0	$ 1,239	$ 1,378
Other Assets	151	175	279
Other Assets of Discontinued Operations	0	2,981	3,164
Current Liabilities of Discontinued Operations	0	1,498	1,612
Other Long-term Liabilities	280	290	164
Other Long-term Liabilities of Discontinued Operations	$ 0	1,667	1,893
Victoria's Secret \| Discontinued Operations, Disposed of by Means Other than Sale, Spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and Cash Equivalents		335	189
Accounts Receivable, Net		121	135
Inventories		701	981
Other		82	73
Current Assets of Discontinued Operations		1,239	1,378
Property and Equipment, Net		1,078	1,167
Operating Lease Assets		1,590	1,683
Trade Names		246	246
Deferred Income Taxes		11	11
Other Assets		56	57
Other Assets of Discontinued Operations		2,981	3,164
Accounts Payable		338	548
Accrued Expenses and Other		730	608
Current Debt		0	11
Current Operating Lease Liabilities		421	443
Income Taxes		9	2
Current Liabilities of Discontinued Operations		1,498	1,612
Deferred Income Taxes		93	73
Long-term Debt		0	87
Long-term Operating Lease Liabilities		1,553	1,709
Other Long-term Liabilities of Discontinued Operations		21	24
Other Long-term Liabilities of Discontinued Operations		$ 1,667	$ 1,893

Discontinued Operations - Schedule of Cash Flow Statement (Details) - USD ($)
$ in Millions

9 Months Ended

Oct. 30, 2021

Oct. 31, 2020

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Share-based Compensation Expense

^[1]

$ 38

$ 39

Victoria's Secret Asset Impairment Charges

^[1]

214

Gain from Victoria's Secret Hong Kong Store Closure and Lease Termination

^[1]

(39)

^[1]

(30)

Foreign Facilities

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Net Repayments of Victoria's Secret Foreign Facilities

^[1]

(57)

Victoria's Secret | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Depreciation of Long-Lived Assets

158

250

Share-based Compensation Expense

Victoria's Secret Asset Impairment Charges

214

Gain from Victoria's Secret Hong Kong Store Closure and Lease Termination

(39)

(30)

Capital Expenditures

(66)

(111)

Victoria's Secret | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | Foreign Facilities

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Net Repayments of Victoria's Secret Foreign Facilities

$ 0

$ (57)

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020	Jan. 30, 2021
Disaggregation of Revenue [Line Items]
Accounts receivable, after allowance for credit loss	$ 86	$ 82	$ 86	$ 82	$ 51
Deferred revenue	123	98	123	98	$ 115
Revenue recognized			66
Net Sales	1,681	1,702	$ 4,854	3,716
Minimum
Disaggregation of Revenue [Line Items]
Account receivable, payment term			45 days
Maximum
Disaggregation of Revenue [Line Items]
Account receivable, payment term			75 days
Outside of the U.S.
Disaggregation of Revenue [Line Items]
Net Sales	$ 159	$ 134	$ 397	$ 308

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Oct. 30, 2021

Oct. 31, 2020

Oct. 30, 2021

Oct. 31, 2020

$ 1,681

$ 1,702

$ 4,854

$ 3,716

Stores - U.S. and Canada

1,238

1,202

3,518

2,304

Direct - U.S. and Canada

Bath & Body Works International

369

446

1,126

1,254

^[1]

$ 74

$ 54

$ 210

$ 158

[1]	Results include royalties associated with franchised store and wholesale sales.

Earnings Per Share And Shareholders' Equity [Abstract]

Restructuring Activities (Details) $ in Millions	9 Months Ended
Restructuring Activities (Details) $ in Millions	Oct. 31, 2020 USD ($)
General and Administrative Expense
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 30

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

9 Months Ended

Oct. 30, 2021

Oct. 31, 2020

Oct. 30, 2021

Oct. 31, 2020

Common Shares (in shares)

278

287

285

286

Treasury Shares (in shares)

(15)

(8)

(13)

(8)

Basic Shares (in shares)

263

279

272

278

Effect of Dilutive Restricted Stock and Options (in shares)

Diluted Shares (in shares)

267

283

277

281

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.

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

9 Months Ended

Dec. 03, 2021

Nov. 30, 2021

Jul. 31, 2021

Oct. 30, 2021

Oct. 31, 2020

Oct. 30, 2021

Oct. 31, 2020

Jun. 30, 2021

May 31, 2021

Mar. 31, 2021

Dividends payable (in USD per share)

$ 365

$ 1,559

$ 0.60

Dividends per share (in USD per share)

$ 0.15

$ 0

$ 0.30

Accounts Payable

Payable under repurchase agreements

$ 15

Par Value

Treasury share retirement

Paid-In Capital

Treasury share retirement

Retained Earnings (Accumulated Deficit)

Treasury share retirement

344

1,037

Subsequent Event

Dividends per share (in USD per share)

$ 0.15

March 2021

Remaining authorized repurchase amount

500

^[1]

$ 500

^[1]

$ 500

$ 36

Shares repurchased (in shares)

^[1]

6,996

March 2018 Repurchase Program

^[1]

$ 464

Remaining authorized repurchase amount

Share Repurchase 10b5-1 Plan

$ 250

July 2021

Remaining authorized repurchase amount

$ 1,500

1,500

^[1],[2]

1,500

^[1],[2]

$ 405

Shares repurchased (in shares)

10,000

Treasury share retirement (in shares)

$ 730

16,000

July 2021 | Subsequent Event

Shares repurchased (in shares)

2,200

$ 166

[1]	Reflects repurchases of L Brands, Inc. common stock prior to the August 2, 2021 spin-off of Victoria's Secret & Co.
[2]	Reflects repurchases of Bath & Body Works, Inc. common stock subsequent to the August 2, 2021 spin-off of Victoria's Secret & Co.

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

9 Months Ended

Jul. 31, 2021

Oct. 30, 2021

Mar. 31, 2021

$ 365

$ 1,559

March 2021

500

^[1]

$ 500

^[1]

$ 500

^[1]

6,996

Average Stock Price (in USD per share)

^[1]

$ 464

^[1]

$ 66.30

July 2021

$ 1,500

^[1],[2]

$ 1,500

^[1],[2]

10,000

July 2021 Repurchase Program, Prior to Spin-off of Victoria's Secret & Co.

$ 730

^[1]

10,000

Average Stock Price (in USD per share)

^[1]

$ 730

^[1]

$ 73.01

July 2021 Repurchase Program, after Spin-off of Victoria's Secret & Co.

^[2]

5,510

Average Stock Price (in USD per share)

^[2]

$ 365

^[2]

$ 66.21

[1]	Reflects repurchases of L Brands, Inc. common stock prior to the August 2, 2021 spin-off of Victoria's Secret & Co.
[2]	Reflects repurchases of Bath & Body Works, Inc. common stock subsequent to the August 2, 2021 spin-off of Victoria's Secret & Co.

Earnings (Loss) Per Share and Shareholders’ Equity (Deficit) - Dividends (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

9 Months Ended

Oct. 30, 2021

Jul. 31, 2021

May 01, 2021

Oct. 31, 2020

Aug. 01, 2020

May 02, 2020

Oct. 30, 2021

Oct. 31, 2020

Earnings Per Share And Shareholders' Equity [Abstract]

Ordinary Dividends

$ 0.15

$ 0

$ 0.30

Total Paid

$ 39

$ 42

$ 0

$ 83

$ 81

^[1]

$ 83

^[1]

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

Inventories (Details) - USD ($) $ in Millions	Oct. 30, 2021	Jan. 30, 2021	Oct. 31, 2020
Inventory, Net [Abstract]
Finished Goods Merchandise	$ 941	$ 410	$ 693
Raw Materials and Merchandise Components	208	162	190
Total Inventories	$ 1,149	$ 572	$ 883

Long-Lived Assets - Summary of Property And Equipment, Net (Details) - USD ($) $ in Millions	Oct. 30, 2021	Jan. 30, 2021	Oct. 31, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment, at Cost	$ 2,569	$ 2,412	$ 2,416
Accumulated Depreciation and Amortization	(1,552)	(1,395)	(1,352)
Property and Equipment, Net	$ 1,017	$ 1,017	$ 1,064

Long-Lived Assets - Narrative (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Oct. 30, 2021

Oct. 31, 2020

Oct. 30, 2021

Oct. 31, 2020

Impaired Long-Lived Assets Held and Used [Line Items]

Depreciation of Long-Lived Assets

^[1]

$ 310

$ 393

Continuing Operations

Impaired Long-Lived Assets Held and Used [Line Items]

Depreciation of Long-Lived Assets

$ 52

$ 48

$ 152

$ 143

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

Equity Investments (Details) - USD ($) $ in Millions	Oct. 30, 2021	Jan. 30, 2021	Oct. 31, 2020
Easton Investment
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 125	$ 119	$ 125

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	22.00%	26.00%	23.70%	16.90%
Tax adjustments, settlements, and unusual provisions				$ 50
Income taxes paid	$ 73	$ 9	$ 403	$ 31

Long-term Debt and Borrowing Facilities - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Millions	Oct. 30, 2021	Jan. 30, 2021	Oct. 31, 2020
Long-term debt	$ 4,852	$ 6,366	$ 6,364
With Subsidiary Guarantee \| 6.875% Fixed Interest Rate Secured Notes due July 2025
Long-term debt	0	740	740
Debt instrument, face amount	$ 750
Fixed interest rate	6.875%
With Subsidiary Guarantee \| Fixed Rate 5.625% Notes Due February 2022
Long-term debt	$ 0	284	284
Debt instrument, face amount	$ 1,000
Fixed interest rate	5.625%
With Subsidiary Guarantee \| Fixed Rate 5.625% Notes Due October 2023
Long-term debt	$ 0	319	319
Debt instrument, face amount	$ 500
Fixed interest rate	5.625%
With Subsidiary Guarantee \| 9.375% Fixed Interest Rate Notes due July 2025
Long-term debt	$ 316	493	493
Debt instrument, face amount	$ 320
Fixed interest rate	9.375%
With Subsidiary Guarantee \| Fixed Rate 6.694% Notes Due January 2027
Long-term debt	$ 280	278	277
Debt instrument, face amount	$ 297
Fixed interest rate	6.694%
With Subsidiary Guarantee \| Fixed Rate 5.25% Notes Due February 2028
Long-term 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
Long-term 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
Long-term debt	$ 989	988	988
Debt instrument, face amount	$ 1,000
Fixed interest rate	6.625%
With Subsidiary Guarantee \| Fixed Rate 6.875% Notes Due November 2035
Long-term debt	$ 992	991	991
Debt instrument, face amount	$ 1,000
Fixed interest rate	6.875%
With Subsidiary Guarantee \| Fixed Rate 6.75% Notes Due July 2036
Long-term debt	$ 694	694	694
Debt instrument, face amount	$ 700
Fixed interest rate	6.75%
With Subsidiary Guarantee \| Senior Debt Obligations
Long-term debt	$ 4,257	5,032	5,030
Without Subsidiary Guarantee
Long-term debt	595	594	594
Without Subsidiary Guarantee \| Fixed Rate 6.95% Debentures Due March 2033
Long-term debt	349	348	348
Debt instrument, face amount	$ 350
Fixed interest rate	6.95%
Without Subsidiary Guarantee \| Fixed Rate 7.60% Notes Due July 2037
Long-term debt	$ 246	$ 246	$ 246
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

9 Months Ended

Oct. 31, 2021

Apr. 30, 2021

Oct. 31, 2020

Oct. 30, 2021

Oct. 31, 2020

Sep. 30, 2021

Repayment of debt

^[1]

$ 1,716

$ 1,307

Gain (loss) on repurchase of debt instrument

$ (53)

$ (195)

^[1]

(53)

^[1]

Gain (loss) on extinguishment of debt, net of tax

2022 Notes, 2023 Notes, and 2037 Notes

Debt instrument, repurchase amount

844

Fixed Rate 7.60% Notes Due July 2037

With Subsidiary Guarantee

Gain (loss) on repurchase of debt instrument

$ (89)

Gain (loss) on extinguishment of debt, net of tax

$ 68

With Subsidiary Guarantee | 2023 Notes and 2025 Notes

Debt instrument, repurchase amount

$ 532

With Subsidiary Guarantee | 2023 Notes

Debt instrument, redeemed amount

180

270

$ 50

Repayment of debt

$ 54

With Subsidiary Guarantee | 2025 Notes

5.625%

$ 180

With Subsidiary Guarantee | 2022 Notes and 2025 Secured Notes

9.375%

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

285

576

$ 576

With Subsidiary Guarantee | 6.875% Fixed Interest Rate Secured Notes due July 2025

5.625%

$ 750

With Subsidiary Guarantee | Fixed Rate 6.625% Notes Due April 2021

6.875%

Debt instrument, redeemed amount

450

Repayment of debt

$ 463

Revolving Credit Expiring August 2024

6.625%

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

Long-term Debt and Borrowing Facilities - Asset-Backed Revolving Credit Facility (Details)

1 Months Ended

3 Months Ended

9 Months Ended

Aug. 31, 2021

USD ($)

Oct. 30, 2021

USD ($)

May 02, 2020

USD ($)

Oct. 30, 2021

USD ($)

Oct. 31, 2020

USD ($)

Repayments of lines of credit

^[1]

$ 0

$ 950,000,000

Revolving Credit Facility Expiring August 2026

Outstanding borrowings on lines of credit

$ 0

Letter of Credit

Letters of credit outstanding, amount

16,000,000

Revolving Credit Facility | Revolving Credit Expiring August 2024

Proceeds from lines of credit

$ 950,000,000

Repayments of lines of credit

$ 950,000,000

Revolving Credit Facility | Revolving Credit Facility Expiring August 2026

Credit agreement, borrowing capacity

$ 750,000,000

Interest rate reduction

0.0050

Line of credit financial covenant, consolidated cash balance

$ 350,000,000

Line of credit facility, current borrowing capacity

$ 1,033,000,000.000

Revolving facility commitment fee percentage, unused capacity

0.30%

Revolving facility current credit fees percentage rate, letters of credit

1.25%

Debt instrument, basis spread on variable rate

1.25%

Revolving facility covenant fixed charge coverage ratio

1.00

Line of credit financial covenant, maximum borrowing amount

$ 70,000,000

Line of credit financial covenant, percent of maximum borrowing amount

10.00%

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

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

Oct. 30, 2021

Jan. 30, 2021

Oct. 31, 2020

Reported Value Measurement

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Debt, fair value disclosure

$ 4,915

$ 6,449

Estimate of Fair Value Measurement

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Debt, fair value disclosure

^[1]

$ 5,720

$ 7,243

$ 6,678

[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		9 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 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			2	(2)
Amounts Reclassified from Accumulated Other Comprehensive Income			3	(2)
Tax Effect			0	0
Total Other Comprehensive Income (Loss), Net of Tax	$ 1	$ (1)	5	(4)
Victoria's Secret Spin-Off			(8)
Accumulated Other Comprehensive Income (Loss), Ending Balance	80	48	80	48
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)
Victoria's Secret Spin-Off			(8)
Accumulated Other Comprehensive Income (Loss), Ending Balance	81	48	81	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			(2)	2
Amounts Reclassified from Accumulated Other Comprehensive Income			3	(2)
Tax Effect			0	0
Total Other Comprehensive Income (Loss), Net of Tax			1	0
Victoria's Secret Spin-Off			0
Accumulated Other Comprehensive Income (Loss), Ending Balance	$ (1)	$ 0	$ (1)	$ 0

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

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

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123586238&loc=d3e39076-109324

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123586238&loc=d3e38679-109324

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32672-109319

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=124509347&loc=d3e640-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263