0000701985-22-000017 | 10-Q | XBRL Viewer

Costs of Goods Sold, Buying and Occupancy

$ 1,450

$ 1,470

(781)

(728)

Gross Profit

669

742

General, Administrative and Store Operating Expenses

(389)

(405)

Operating Income

280

337

Interest Expense

(89)

(114)

Other Income (Loss)

(104)

Income from Continuing Operations Before Income Taxes

192

119

Provision for Income Taxes

Net Income from Continuing Operations

155

Income from Discontinued Operations, Net of Tax

186

Continuing Operations (in USD per share)

$ 155

$ 277

^[1]

Net Income per Basic Share

$ 0.65

$ 0.32

Discontinued Operations (in USD per share)

0.67

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

0.65

0.99

Net Income per Diluted Share

Continuing Operations (in USD per share)

0.64

0.32

Discontinued Operations (in USD per share)

0.66

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

$ 0.64

$ 0.97

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 Consolidated Statement of Cash Flows includes the results of continuing and discontinued operations.

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

3 Months Ended

Apr. 30, 2022

May 01, 2021

Statement of Comprehensive Income [Abstract]

Other Comprehensive Income (Loss), Net of Tax:

$ 155

$ 277

^[1]

Foreign Currency Translation

Unrealized Gain (Loss) on Cash Flow Hedges

(3)

Reclassification of Cash Flow Hedges to Earnings

Current-period Other Comprehensive Income

Total Comprehensive Income

$ 155

$ 280

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 Consolidated Statement of Cash Flows includes 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.

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

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Current Assets:
Cash and Cash Equivalents	$ 651	$ 1,979	$ 2,475
Accounts Receivable, Net	167	240	110
Inventories	820	709	636
Other	114	81	94
Current Assets of Discontinued Operations	0	0	1,297
Total Current Assets	1,752	3,009	4,612
Property and Equipment, Net	1,059	1,009	994
Operating Lease Assets	1,058	1,021	993
Goodwill	628	628	628
Trade Names	165	165	165
Deferred Income Taxes	44	45	61
Other Assets	154	149	146
Other Assets of Discontinued Operations	0	0	2,947
Total Assets	4,860	6,026	10,546
Current Liabilities:
Accounts Payable	470	435	369
Accrued Expenses and Other	534	651	678
Current Operating Lease Liabilities	163	170	149
Income Taxes	73	34	140
Current Liabilities of Discontinued Operations	0	0	1,344
Total Current Liabilities	1,240	1,290	2,680
Deferred Income Taxes	157	157	144
Long-term Debt	4,856	4,854	5,344
Long-term Operating Lease Liabilities	1,019	989	963
Other Long-term Liabilities	246	253	285
Other Long-term Liabilities of Discontinued Operations	0	0	1,663
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; 251, 269 and 288 shares issued; 236, 254 and 277 shares outstanding, respectively	126	134	144
Paid-in Capital	618	893	903
Accumulated Other Comprehensive Income	80	80	86
Retained Earnings (Accumulated Deficit)	(2,661)	(1,803)	(1,144)
Less: Treasury Stock, at Average Cost; 15, 15 and 11 shares, respectively	(822)	(822)	(523)
Total Shareholders’ Equity (Deficit)	(2,659)	(1,518)	(534)
Noncontrolling Interest	1	1	1
Total Equity (Deficit)	(2,658)	(1,517)	(533)
Total Liabilities and Equity (Deficit)	$ 4,860	$ 6,026	$ 10,546

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
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)	251,000	269,000	288,000
Common Stock, shares outstanding (in shares)	236,000	254,000	277,000
Treasury stock (in shares)	15,000	15,000	11,000

CONSOLIDATED STATEMENTS OF TOTAL EQUITY (DEFICIT) - USD ($)
shares in Thousands, $ in Millions

Total

Other Share Repurchase Program

Accelerated Share Repurchase Program

Common Stock

Other Share Repurchase Program

Common Stock

Accelerated Share Repurchase Program

Paid-In Capital

Accelerated Share Repurchase Program

Accumulated Other Comprehensive Income

Retained Earnings (Accumulated Deficit)

Treasury Stock, at Average Cost

Other Share Repurchase Program

Treasury Stock, at Average Cost

Accelerated Share Repurchase Program

^[2]

Noncontrolling Interest

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

278,000

278,000

Beginning Balance at Jan. 30, 2021

$ (661)

$ 143

$ 891

$ 83

$ (1,421)

$ (358)

$ 1

Other Comprehensive Income

277

^[1]

277

Total Comprehensive Income

280

277

Repurchases of Common Stock (in shares)

(3,000)

Repurchases of Common Stock

(165)

Share-based Compensation and Other (in shares)

2,000

Share-based Compensation and Other

$ 1

Ending Balance at May. 01, 2021

$ (533)

$ 144

903

(1,144)

(523)

277,000

Beginning Balance (in shares) at Jan. 29, 2022

254,000

254,000

Beginning Balance at Jan. 29, 2022

$ (1,517)

$ 134

893

(1,803)

(822)

Other Comprehensive Income

155

Total Comprehensive Income

155

Cash Dividends

(48)

Repurchases of Common Stock (in shares)

(13,624)

^[2]

(5,000)

(14,000)

Repurchases of Common Stock

$ (235)

$ (1,000)

$ (200)

$ (235)

$ (800)

Share-based Compensation and Other (in shares)

$ (9)

(61)

(965)

1,035

1,000

Share-based Compensation and Other

(13)

$ 1

(14)

Ending Balance at Apr. 30, 2022

$ (2,658)

$ 126

$ 618

$ 80

$ (2,661)

$ (822)

$ 1

236,000

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 Consolidated Statement of Cash Flows includes the results of continuing and discontinued operations.
[2]	Repurchased amounts exclude the shares received at final settlement subsequent to April 30, 2022, as well as the $200 million paid during the first quarter related to those shares.

CONSOLIDATED STATEMENTS OF TOTAL EQUITY (DEFICIT) (Parenthetical)	3 Months Ended
	Apr. 30, 2022 $ / shares
Statement of Stockholders' Equity [Abstract]
Cash dividends (in USD per share)	$ 0.20

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

3 Months Ended

Apr. 30, 2022

May 01, 2021

^[1]

Operating Activities:

Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:

$ 155

$ 277

Depreciation of Long-lived Assets

129

Loss on Extinguishment of Debt

105

Share-based Compensation Expense

Deferred Income Taxes

Changes in Assets and Liabilities:

Accounts Receivable

Inventories

(111)

(123)

Accounts Payable, Accrued Expenses and Other

(97)

(163)

Income Taxes Payable

Other Assets and Liabilities

(53)

(107)

Net Cash Provided by Operating Activities

249

Investing Activities:

Capital Expenditures

(88)

(65)

Other Investing Activities

Net Cash Used for Investing Activities

(88)

(56)

Financing Activities:

Payments of Long-term Debt

(1,130)

Repurchases of Common Stock

(1,227)

(155)

Dividends Paid

(48)

(26)

(33)

Proceeds from Stock Option Exercises

Other Financing Activities

(7)

(3)

Net Cash Used for Financing Activities

(1,306)

(1,291)

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

Net Decrease in Cash and Cash Equivalents and Restricted Cash

(1,328)

(1,096)

Cash and Cash Equivalents and Restricted Cash, Beginning of Period

1,979

3,933

Cash and Cash Equivalents and Restricted Cash, End of Period

$ 651

$ 2,837

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 Consolidated Statement of Cash Flows includes the results of continuing and discontinued operations.

Description of Business and Basis of Presentation

3 Months Ended

Apr. 30, 2022

Description Of Business And Basis Of Presentation [Abstract]

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, body care and soaps and sanitizer products. Through the Bath & Body Works, White Barn and other brand names, the Company sells merchandise through Company-operated specialty retail stores in the United States of America ("U.S.") and Canada, and through its websites and other channels. The Company's international operations are primarily through franchise, license and wholesale partners. The Company operates as and reports a single segment that includes all of its continuing operations.

On August 2, 2021, the Company completed the tax-free spin-off of its Victoria's Secret business, which included the Victoria's Secret and PINK brands, into an independent publicly traded company (the "Separation"). Accordingly, the operating results of, and costs to separate, the Victoria's Secret business are reported in Income from Discontinued Operations, Net of Tax in the Consolidated Statements of Income 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. All amounts and disclosures included in the Notes to Consolidated Financial Statements reflect only the Company's continuing operations unless otherwise noted. For additional information, see Note 2, "Discontinued Operations."

COVID-19

The coronavirus ("COVID-19") pandemic has created significant public health concerns as well as economic disruption, uncertainty and volatility. The Company remains focused on providing a safe store environment for its customers and associates while delivering an engaging shopping experience, and in establishing the necessary protocols to ensure the safe operations of its distribution and fulfillment centers and corporate offices. As expected, the Company has experienced channel and product category shifts as customer mindset and needs have shifted coming out of the pandemic.

The Company continues to monitor the COVID-19 pandemic and the effects on its operations and financial performance. There remains the potential for future COVID-19-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, “first quarter of 2022” and “first quarter of 2021” refer to the thirteen-week periods ended April 30, 2022 and May 1, 2021, 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 Income (Loss) in the Consolidated Statements of Income. The Company’s equity method investments are required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value.

Interim Financial Statements

The Consolidated Financial Statements as of and for the periods ended April 30, 2022 and May 1, 2021 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 2021 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 as of May 1, 2021 and were recorded in Other Current Assets on the May 1, 2021 Consolidated Balance Sheet. 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.

The following table summarizes the location of the Company's Cash and Cash Equivalents and restricted cash in the Consolidated Balance Sheets as of April 30, 2022, January 29, 2022 and May 1, 2021:


	April 30, 2022		January 29, 2022		May 1, 2021
	(in millions)
Cash and Cash Equivalents	$	651	$	1,979	$	2,475
Current Assets of Discontinued Operations	—		—		332
Other Current Assets	—		—		30
Total Cash and Cash Equivalents and Restricted Cash	$	651	$	1,979	$	2,837

Derivative Financial Instruments

The Company's Canadian dollar denominated earnings are subject to exchange rate risk as substantially all the merchandise sold in Canada 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. All designated cash flow hedges are recorded on the Consolidated Balance Sheets at fair value. The fair value of designated cash flow hedges is not significant for any period presented. The Company does not use derivative financial instruments for trading purposes.

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 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 first quarter of 2022 that had a material impact on the Company's consolidated results of operations, financial position or cash flows. In addition, as of June 2, 2022, there were no new accounting standards that the Company has 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

3 Months Ended

Apr. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Victoria's Secret & Co. Spin-Off

On July 9, 2021, the Company announced that its Board of Directors (the "Board") approved the previously announced Separation of the Victoria’s Secret business 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 tax-free 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.

The Company recognized a net reduction to Retained Earnings (Accumulated Deficit) 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 $976 million of cash payments received from Victoria's Secret & Co. in connection with the Separation. Assets transferred to Victoria's Secret & Co. included Cash and Cash Equivalents of $282 million held by Victoria's Secret subsidiaries on the Distribution Date.

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 provides to Victoria's Secret & Co. various services or functions, including human resources, payroll and certain logistics functions. Additionally, Victoria's Secret & Co. provides 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 Consolidated Statement 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 Consolidated Statement of Income based on the nature of the service. During the first quarter of 2022, the Company recognized consideration of $19 million and recognized costs of $20 million pursuant to the Transition Service Agreements.

Under the terms of the Domestic Transportation Services Agreement, the Company provides transportation services for Victoria's Secret & Co. merchandise in the U.S. 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. Consideration for logistics services provided to Victoria's Secret & Co. are recorded within Costs of Goods Sold, Buying and Occupancy in the Consolidated Statement of Income and as an offset to expenses incurred to provide the services. During the first quarter of 2022, 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 12, "Commitments and Contingencies."

Financial Information of Discontinued Operations

Income from Discontinued Operations, Net of Tax in the Consolidated Statements of Income 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 Company did not report any results from discontinued operations in the first quarter of 2022.

The following table summarizes the significant line items included in Income from Discontinued Operations, Net of Tax in the first quarter of 2021 Consolidated Statement of Income:


	(in millions)
Net Sales	$	1,554
Costs of Goods Sold, Buying and Occupancy	(882)
General, Administrative and Store Operating Expenses (a)	(438)


Income from Discontinued Operations Before Income Taxes	234
Provision for Income Taxes	48
Income from Discontinued Operations, Net of Tax	$	186

_______________

(a)Includes Separation-related expenses of $10 million. Prior to the Separation, 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 April 30, 2022 or January 29, 2022.

The following table summarizes the carrying value of the significant classes of assets and liabilities classified as discontinued operations as of May 1, 2021:


	(in millions)
Cash and Cash Equivalents	$	332
Accounts Receivable, Net	111
Inventories	761
Other	93
Current Assets of Discontinued Operations	1,297

Property and Equipment, Net	1,036
Operating Lease Assets	1,602
Trade Names	246
Deferred Income Taxes	11
Other Assets	52
Other Assets of Discontinued Operations	$	2,947

Accounts Payable	$	366
Accrued Expenses and Other	613

Current Operating Lease Liabilities	356
Income Taxes	9
Current Liabilities of Discontinued Operations	1,344

Deferred Income Taxes	100

Long-term Operating Lease Liabilities	1,541
Other Long-term Liabilities	22
Other Long-term Liabilities of Discontinued Operations	$	1,663

The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 Consolidated Statement of Cash Flows includes the results of continuing and discontinued operations. The Company did not report any cash flows from discontinued operations in the first quarter of 2022.

The following table summarizes Depreciation, Share-based Compensation Expense and Capital Expenditures of discontinued operations for the first quarter of 2021:


	(in millions)
Depreciation of Long-Lived Assets	$	80
Share-based Compensation Expense	7
Capital Expenditures	(19)

Revenue Recognition

3 Months Ended

Apr. 30, 2022

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

Accounts receivable, net from revenue-generating activities were $77 million as of April 30, 2022, $64 million as of January 29, 2022 and $62 million as of May 1, 2021. 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 $133 million as of April 30, 2022, $148 million as of January 29, 2022 and $108 million as of May 1, 2021. The Company recognized $56 million as revenue during the first quarter of 2022 from amounts recorded as deferred revenue at the beginning of the year.

The following table provides a disaggregation of Net Sales for the first quarters of 2022 and 2021:


	First Quarter
	2022		2021
	(in millions)
Stores - U.S. and Canada	$	1,059	$	1,051
Direct - U.S. and Canada	318		349
International (a)	73		70
Total Net Sales	$	1,450	$	1,470

_______________

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

The Company’s net sales outside of the U.S. include sales from Company-operated stores and its e-commerce site in Canada, royalties associated with franchised stores and wholesale sales. 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 $137 million and $117 million for the first quarters of 2022 and 2021, 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

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-Name Accounting Standards Codification
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Earnings Per Share And Shareholders' Equity [Abstract]

Earnings Per Share and Shareholders’ Equity (Deficit)

3 Months Ended

Apr. 30, 2022

Earnings Per Share and Shareholders’ Equity (Deficit)

Earnings Per Share

Earnings per basic share is computed based on the weighted-average number of common shares outstanding. Earnings per diluted share include the weighted-average effect of dilutive restricted stock units, performance share units and stock options (collectively, "Dilutive Awards") on the weighted-average common shares outstanding.

The following table provides the weighted-average shares utilized for the calculation of basic and diluted earnings per share for the first quarters of 2022 and 2021:


	First Quarter
	2022	2021
	(in millions)

Common Shares	255	288
Treasury Shares	(15)	(9)
Basic Shares	240	279
Effect of Dilutive Awards	3	5
Diluted Shares	243	284
Anti-dilutive Awards (a)	—	1

_______________

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

Common Stock Share Repurchases

March 2021 Repurchase Program

In March 2021, the Company's Board authorized a $500 million share repurchase plan (the "March 2021 Program"), which replaced the $79 million remaining under a March 2018 repurchase program.

The Company repurchased the following shares of its common stock during the first quarter of 2021 under the March 2021 Program:


Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
March 2021 (a)	$	500	2,608	$	165	$	63.31

_______________

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

There were share repurchases of $10 million reflected in Accounts Payable on the May 1, 2021 Consolidated Balance Sheet.

February 2022 Repurchase Program

In February 2022, the Company's Board authorized a new $1.5 billion share repurchase program (the "February 2022 Program"). As part of the February 2022 Program, the Company entered into an accelerated share repurchase program ("ASR") under which the Company repurchased $1 billion of its own outstanding common stock. Pursuant to the Board's authorization, the Company made other open market share repurchases under the February 2022 Program during the first quarter of 2022.

On February 4, 2022, the Company delivered $1 billion to the ASR bank, and the bank delivered 13.6 million shares of common stock to the Company (the "Initial Shares"). Pursuant to the terms of the ASR, the Initial Shares represented 80% of the number of shares determined by dividing the $1 billion Company payment by the closing price of its common stock on February 2, 2022. At final settlement in May 2022, the Company received an additional 6.7 million shares of its common stock from the ASR bank, which were retired upon receipt. The final number of shares of common stock delivered under the ASR was based generally upon a discount to the average daily Rule 10b-18 volume-weighted average price at which the shares of common stock traded during the regular trading sessions on the NYSE during the term of the repurchase period.

As of April 30, 2022, the $1 billion payment to the ASR bank was recognized as a reduction to Shareholder's Equity (Deficit), consisting of an $800 million increase in Treasury Stock, which reflected the value of the Initial Shares, and a $200 million decrease in Paid-in Capital, which reflected the value of the common stock pending the final settlement of the ASR. The delivery of the Initial Shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted net income per share for the first quarter of 2022. The $200 million recorded in Paid-in Capital as of April 30, 2022 will be reclassified in the second quarter of 2022 in connection with the final settlement of the ASR.

The Company repurchased the following shares of its common stock during the first quarter of 2022 under the February 2022 Program:


Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
February 2022	$	1,500	4,721	$	235	$	49.81
February 2022 - Accelerated Share Repurchase Program (a)			13,624	800		58.72
Total			18,345	$	1,035

_______________

(a)Repurchased amounts exclude the shares received at final settlement subsequent to April 30, 2022, as well as the $200 million paid during the first quarter related to those shares.

The February 2022 Program had $265 million of remaining authority as of April 30, 2022. There were share repurchases of $8 million reflected in Accounts Payable on the April 30, 2022 Consolidated Balance Sheet.

Subsequent to April 30, 2022, the Company repurchased an additional 1.3 million shares of its common stock for $62 million under the February 2022 Program.

Common Stock Retirement

In accordance with the Company's Board of Directors' resolution, shares of common stock repurchased under the February 2022 Program were to be retired and cancelled upon repurchase, including the Initial Shares. As a result, the Company retired 18 million shares repurchased under the February 2022 Program during the first quarter of 2022, which resulted in reductions of $9 million in the par value of Common Stock, $61 million in Paid-in Capital and $965 million in Retained Earnings (Accumulated Deficit).

Dividends

The Company's Board suspended the Company's quarterly cash dividend beginning in the second quarter of 2020. In March 2021, the Company's Board reinstated the annual dividend at $0.60 per share, beginning with the quarterly dividend paid in June 2021. In February 2022, the Company's Board increased the annual dividend to $0.80 per share, beginning with the quarterly dividend paid in March 2022.

Under the authority and declaration of the Board, the Company paid the following dividend during the first quarter of 2022:


	Ordinary Dividends			Total Paid
	(per share)		(in millions)
2022
First Quarter	$	0.20		$	48

In May 2022, the Company's Board declared the second quarter 2022 ordinary dividend of $0.20 per share payable on June 17, 2022 to shareholders of record at the close of business on June 3, 2022.

Inventories

3 Months Ended

Apr. 30, 2022

Inventory, Net [Abstract]

Inventories

The following table provides details of Inventories as of April 30, 2022, January 29, 2022 and May 1, 2021:


	April 30, 2022		January 29, 2022		May 1, 2021
	(in millions)
Finished Goods Merchandise	$	627	$	521	$	503
Raw Materials and Merchandise Components	193		188		133
Total Inventories	$	820	$	709	$	636

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

Long-Lived Assets

3 Months Ended

Apr. 30, 2022

Property, Plant and Equipment [Abstract]

Long-Lived Assets

The following table provides details of Property and Equipment, Net as of April 30, 2022, January 29, 2022 and May 1, 2021:


	April 30, 2022		January 29, 2022		May 1, 2021
	(in millions)
Property and Equipment, at Cost	$	2,669	$	2,583	$	2,415
Accumulated Depreciation and Amortization	(1,610)		(1,574)		(1,421)
Property and Equipment, Net	$	1,059	$	1,009	$	994

Depreciation expense from continuing operations was $53 million and $49 million for the first quarters of 2022 and 2021, respectively.

Equity Investments	3 Months Ended
Equity Investments	Apr. 30, 2022
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 $126 million as of April 30, 2022, $126 million as of January 29, 2022 and $120 million as of May 1, 2021, 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 majority financial interests 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	3 Months Ended
Income Taxes	Apr. 30, 2022
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. For the first quarter of 2022, the Company’s effective tax rate was 19.4% compared to 23.7% in the first quarter of 2021. The 2022 and 2021 first quarter rates were lower than the Company's combined estimated federal and state statutory rates primarily due to the recognition of excess tax benefits recorded through the Consolidated Statements of Income on share-based awards that vested. Income taxes paid were $8 million and $10 million for the first quarters of 2022 and 2021, respectively.

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
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Long-term Debt, by Current and Noncurrent [Abstract]

Long-term Debt and Borrowing Facilities

3 Months Ended

Apr. 30, 2022

Long-term Debt and Borrowing Facilities

The following table provides the Company’s outstanding long-term debt balance, net of unamortized debt issuance costs and discounts, as of April 30, 2022, January 29, 2022 and May 1, 2021:


	April 30, 2022		January 29, 2022		May 1, 2021
	(in millions)




Senior Debt with Subsidiary Guarantee


$500 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”)	$	—	$	—	$	319
$320 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes")	317		316		493
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”)	281		281		279
$500 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)	497		497		497
$500 million, 7.500% Fixed Interest Rate Notes due June 2029 ("2029 Notes")	490		489		488
$1 billion, 6.625% Fixed Interest Rate Notes due October 2030 ("2030 Notes")	990		990		989
$1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	992		992		991
$700 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	694		694		694
Total Senior Debt with Subsidiary Guarantee	$	4,261	$	4,259	$	4,750
Senior Debt
$350 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	349	$	349	$	348
$247 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	246		246		246
Total Senior Debt	595		595		594
Total Long-term Debt	$	4,856	$	4,854	$	5,344

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, in the third quarter of 2021.

In April 2021, the Company redeemed the remaining $285 million of its outstanding 5.625% senior notes due February 2022 and $750 million of its outstanding 6.875% senior secured notes due July 2025. The Company recognized a pre-tax loss related to this extinguishment of debt of $105 million (after-tax loss of $80 million), which includes the write-offs of unamortized issuance costs. This loss is included in Other Income (Loss) in the first quarter of 2021 Consolidated Statement of Income.

Asset-backed Revolving Credit Facility

The Company and certain of the Company's 100% owned subsidiaries guarantee and pledge collateral to secure an asset-backed revolving credit facility (“ABL Facility”). The ABL Facility, which allows borrowings and letters of credit in U.S. dollars or Canadian dollars, has aggregate commitments of $750 million and an expiration date in August 2026.

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 repay the outstanding amounts under the ABL Facility to the extent of such excess. As of April 30, 2022, the Company's borrowing base was $620 million, and it had no borrowings outstanding under the ABL Facility.

The ABL Facility supports the Company’s letter of credit program. The Company had $16 million of outstanding letters of credit as of April 30, 2022 that reduced its availability under the ABL Facility. As of April 30, 2022, the Company's availability under the ABL Facility was $604 million.

As of April 30, 2022, the ABL Facility fees related to committed and unutilized amounts were 0.25% 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 April 30, 2022, the Company was not required to maintain this ratio.

Fair Value Measurements

3 Months Ended

Apr. 30, 2022

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 April 30, 2022, January 29, 2022 and May 1, 2021:


	April 30, 2022		January 29, 2022		May 1, 2021
	(in millions)
Principal Value	$	4,915	$	4,915	$	5,414
Fair Value, Estimated (a)	4,866		5,493		6,389

_______________

(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.

Accumulated Other Comprehensive Income

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

Accumulated Other Comprehensive Income

3 Months Ended

Apr. 30, 2022

Comprehensive Income Loss

The following tables provide the rollforward of Accumulated Other Comprehensive Income for the first quarters of 2022 and 2021:


	Foreign Currency Translation		Cash Flow Hedges		Accumulated Other Comprehensive Income
	(in millions)
Balance as of January 29, 2022	$	79	$	1	$	80
Other Comprehensive Income Before Reclassifications	—		—		—
Amounts Reclassified from Accumulated Other Comprehensive Income	—		—		—
Tax Effect	—		—		—
Current-period Other Comprehensive Income	—		—		—

Balance as of April 30, 2022	$	79	$	1	$	80


	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	5		(4)		1
Amounts Reclassified from Accumulated Other Comprehensive Income	—		1		1
Tax Effect	—		1		1
Current-period Other Comprehensive Income (Loss)	5		(2)		3
Balance as of May 1, 2021	$	90	$	(4)	$	86

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Apr. 30, 2022
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 of the Company's stockholders 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 stockholders 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 its past and present 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 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. In May 2022, the U.S. District Court of the Southern District of Ohio granted final approval of the settlement. Lease Guarantees In connection with the spin-off of Victoria's Secret & Co. and the sale of the La Senza business, the Company had remaining contingent obligations of $277 million as of April 30, 2022 related to lease payments under the current terms of noncancelable leases, primarily related to office space, expiring at various dates through 2037. 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 April 30, 2022.

Subsequent Events	3 Months Ended
Subsequent Events	Apr. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Leadership Change As previously announced, on May 12, 2022, Andrew M. Meslow stepped down as Chief Executive Officer ("CEO") of the Company and as a member of the Company’s Board, and Sarah E. Nash, Executive Chair of the Company, was appointed to also serve as Interim CEO of the Company. Accelerated Share Repurchase Program The final settlement under the ASR occurred in May 2022. At final settlement, the Company received an additional 6.7 million shares of its common stock from the ASR bank. These shares were retired upon receipt.

Description of Business and Basis of Presentation (Policy)	3 Months Ended
	Apr. 30, 2022
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, body care and soaps and sanitizer products. Through the Bath & Body Works, White Barn and other brand names, the Company sells merchandise through Company-operated specialty retail stores in the United States of America ("U.S.") and Canada, and through its websites and other channels. The Company's international operations are primarily through franchise, license and wholesale partners. The Company operates as and reports a single segment that includes all of its continuing operations. On August 2, 2021, the Company completed the tax-free spin-off of its Victoria's Secret business, which included the Victoria's Secret and PINK brands, into an independent publicly traded company (the "Separation"). Accordingly, the operating results of, and costs to separate, the Victoria's Secret business are reported in Income from Discontinued Operations, Net of Tax in the Consolidated Statements of Income 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. All amounts and disclosures included in the Notes to Consolidated Financial Statements reflect only the Company's continuing operations unless otherwise noted. For additional information, see Note 2, "Discontinued Operations."
COVID-19	COVID-19 The coronavirus ("COVID-19") pandemic has created significant public health concerns as well as economic disruption, uncertainty and volatility. The Company remains focused on providing a safe store environment for its customers and associates while delivering an engaging shopping experience, and in establishing the necessary protocols to ensure the safe operations of its distribution and fulfillment centers and corporate offices. As expected, the Company has experienced channel and product category shifts as customer mindset and needs have shifted coming out of the pandemic. The Company continues to monitor the COVID-19 pandemic and the effects on its operations and financial performance. There remains the potential for future COVID-19-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, “first quarter of 2022” and “first quarter of 2021” refer to the thirteen-week periods ended April 30, 2022 and May 1, 2021, 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 Income (Loss) in the Consolidated Statements of Income. The Company’s equity method investments are required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value.
Interim Financial Statements	Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended April 30, 2022 and May 1, 2021 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 2021 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.
Restricted 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 as of May 1, 2021 and were recorded in Other Current Assets on the May 1, 2021 Consolidated Balance Sheet. 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's Canadian dollar denominated earnings are subject to exchange rate risk as substantially all the merchandise sold in Canada 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. All designated cash flow hedges are recorded on the Consolidated Balance Sheets at fair value. The fair value of designated cash flow hedges is not significant for any period presented. The Company does not use derivative financial instruments for trading purposes.
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 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 first quarter of 2022 that had a material impact on the Company's consolidated results of operations, financial position or cash flows. In addition, as of June 2, 2022, there were no new accounting standards that the Company has 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.

Description of Business and Basis of Presentation (Tables)

3 Months Ended

Apr. 30, 2022

Description Of Business And Basis Of Presentation [Abstract]

Schedule of Cash, and Cash Equivalents

The following table summarizes the location of the Company's Cash and Cash Equivalents and restricted cash in the Consolidated Balance Sheets as of April 30, 2022, January 29, 2022 and May 1, 2021:


	April 30, 2022		January 29, 2022		May 1, 2021
	(in millions)
Cash and Cash Equivalents	$	651	$	1,979	$	2,475
Current Assets of Discontinued Operations	—		—		332
Other Current Assets	—		—		30
Total Cash and Cash Equivalents and Restricted Cash	$	651	$	1,979	$	2,837

Restrictions Cash

The following table summarizes the location of the Company's Cash and Cash Equivalents and restricted cash in the Consolidated Balance Sheets as of April 30, 2022, January 29, 2022 and May 1, 2021:


	April 30, 2022		January 29, 2022		May 1, 2021
	(in millions)
Cash and Cash Equivalents	$	651	$	1,979	$	2,475
Current Assets of Discontinued Operations	—		—		332
Other Current Assets	—		—		30
Total Cash and Cash Equivalents and Restricted Cash	$	651	$	1,979	$	2,837

Discontinued Operations (Tables)

3 Months Ended

Apr. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Summary of Discontinued Operations in Financial Statements

The following table summarizes the significant line items included in Income from Discontinued Operations, Net of Tax in the first quarter of 2021 Consolidated Statement of Income:


	(in millions)
Net Sales	$	1,554
Costs of Goods Sold, Buying and Occupancy	(882)
General, Administrative and Store Operating Expenses (a)	(438)


Income from Discontinued Operations Before Income Taxes	234
Provision for Income Taxes	48
Income from Discontinued Operations, Net of Tax	$	186

_______________

(a)Includes Separation-related expenses of $10 million. Prior to the Separation, these costs were reported in the Other category under the Company's previous segment reporting.

The following table summarizes the carrying value of the significant classes of assets and liabilities classified as discontinued operations as of May 1, 2021:


	(in millions)
Cash and Cash Equivalents	$	332
Accounts Receivable, Net	111
Inventories	761
Other	93
Current Assets of Discontinued Operations	1,297

Property and Equipment, Net	1,036
Operating Lease Assets	1,602
Trade Names	246
Deferred Income Taxes	11
Other Assets	52
Other Assets of Discontinued Operations	$	2,947

Accounts Payable	$	366
Accrued Expenses and Other	613

Current Operating Lease Liabilities	356
Income Taxes	9
Current Liabilities of Discontinued Operations	1,344

Deferred Income Taxes	100

Long-term Operating Lease Liabilities	1,541
Other Long-term Liabilities	22
Other Long-term Liabilities of Discontinued Operations	$	1,663

The following table summarizes Depreciation, Share-based Compensation Expense and Capital Expenditures of discontinued operations for the first quarter of 2021:


	(in millions)
Depreciation of Long-Lived Assets	$	80
Share-based Compensation Expense	7
Capital Expenditures	(19)

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.

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Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition (Tables)

3 Months Ended

Apr. 30, 2022

Disaggregation of Revenue

The following table provides a disaggregation of Net Sales for the first quarters of 2022 and 2021:


	First Quarter
	2022		2021
	(in millions)
Stores - U.S. and Canada	$	1,059	$	1,051
Direct - U.S. and Canada	318		349
International (a)	73		70
Total Net Sales	$	1,450	$	1,470

_______________

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

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

3 Months Ended

Apr. 30, 2022

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 per share for the first quarters of 2022 and 2021:


	First Quarter
	2022	2021
	(in millions)

Common Shares	255	288
Treasury Shares	(15)	(9)
Basic Shares	240	279
Effect of Dilutive Awards	3	5
Diluted Shares	243	284
Anti-dilutive Awards (a)	—	1

_______________

(a)The 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 the first quarter of 2021 under the March 2021 Program:


Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
March 2021 (a)	$	500	2,608	$	165	$	63.31

_______________

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

The Company repurchased the following shares of its common stock during the first quarter of 2022 under the February 2022 Program:


Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
February 2022	$	1,500	4,721	$	235	$	49.81
February 2022 - Accelerated Share Repurchase Program (a)			13,624	800		58.72
Total			18,345	$	1,035

_______________

(a)Repurchased amounts exclude the shares received at final settlement subsequent to April 30, 2022, as well as the $200 million paid during the first quarter related to those shares.

Schedule of Dividends Paid

Under the authority and declaration of the Board, the Company paid the following dividend during the first quarter of 2022:


	Ordinary Dividends			Total Paid
	(per share)		(in millions)
2022
First Quarter	$	0.20		$	48

Inventories (Tables)

3 Months Ended

Apr. 30, 2022

Inventory, Net [Abstract]

Summary of Inventories

The following table provides details of Inventories as of April 30, 2022, January 29, 2022 and May 1, 2021:


	April 30, 2022		January 29, 2022		May 1, 2021
	(in millions)
Finished Goods Merchandise	$	627	$	521	$	503
Raw Materials and Merchandise Components	193		188		133
Total Inventories	$	820	$	709	$	636

Long-Lived Assets (Tables)

3 Months Ended

Apr. 30, 2022

Property, Plant and Equipment [Abstract]

Summary of Property And Equipment, Net

The following table provides details of Property and Equipment, Net as of April 30, 2022, January 29, 2022 and May 1, 2021:


	April 30, 2022		January 29, 2022		May 1, 2021
	(in millions)
Property and Equipment, at Cost	$	2,669	$	2,583	$	2,415
Accumulated Depreciation and Amortization	(1,610)		(1,574)		(1,421)
Property and Equipment, Net	$	1,059	$	1,009	$	994

Long-term Debt and Borrowing Facilities (Tables)

3 Months Ended

Apr. 30, 2022

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

Schedule of Long-term Debt Instruments

The following table provides the Company’s outstanding long-term debt balance, net of unamortized debt issuance costs and discounts, as of April 30, 2022, January 29, 2022 and May 1, 2021:


	April 30, 2022		January 29, 2022		May 1, 2021
	(in millions)




Senior Debt with Subsidiary Guarantee


$500 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”)	$	—	$	—	$	319
$320 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes")	317		316		493
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”)	281		281		279
$500 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)	497		497		497
$500 million, 7.500% Fixed Interest Rate Notes due June 2029 ("2029 Notes")	490		489		488
$1 billion, 6.625% Fixed Interest Rate Notes due October 2030 ("2030 Notes")	990		990		989
$1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	992		992		991
$700 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	694		694		694
Total Senior Debt with Subsidiary Guarantee	$	4,261	$	4,259	$	4,750
Senior Debt
$350 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	349	$	349	$	348
$247 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	246		246		246
Total Senior Debt	595		595		594
Total Long-term Debt	$	4,856	$	4,854	$	5,344

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.

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

Fair Value Measurements (Tables)

3 Months Ended

Apr. 30, 2022

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 April 30, 2022, January 29, 2022 and May 1, 2021:


	April 30, 2022		January 29, 2022		May 1, 2021
	(in millions)
Principal Value	$	4,915	$	4,915	$	5,414
Fair Value, Estimated (a)	4,866		5,493		6,389

_______________

Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Apr. 30, 2022

Comprehensive Income Loss

Components of Accumulated Other Comprehensive Income (Loss)

The following tables provide the rollforward of Accumulated Other Comprehensive Income for the first quarters of 2022 and 2021:


	Foreign Currency Translation		Cash Flow Hedges		Accumulated Other Comprehensive Income
	(in millions)
Balance as of January 29, 2022	$	79	$	1	$	80
Other Comprehensive Income Before Reclassifications	—		—		—
Amounts Reclassified from Accumulated Other Comprehensive Income	—		—		—
Tax Effect	—		—		—
Current-period Other Comprehensive Income	—		—		—

Balance as of April 30, 2022	$	79	$	1	$	80


	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	5		(4)		1
Amounts Reclassified from Accumulated Other Comprehensive Income	—		1		1
Tax Effect	—		1		1
Current-period Other Comprehensive Income (Loss)	5		(2)		3
Balance as of May 1, 2021	$	90	$	(4)	$	86

Description of Business and Basis of Presentation - Narrative (Details) $ in Millions	May 01, 2021 USD ($)
Other Current Assets [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 30

Description of Business and Basis of Presentation - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Millions

Apr. 30, 2022

Jan. 29, 2022

May 01, 2021

Jan. 30, 2021

^[1]

Cash and Cash Equivalents

$ 651

$ 1,979

$ 2,837

^[1]

$ 3,933

Current Assets of Discontinued Operations

651

1,979

2,475

Other Current Assets [Member]

332

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

$ 0

$ 30

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 Consolidated Statement of Cash Flows includes the results of continuing and discontinued operations.

Discontinued Operations - Narrative (Details) $ in Millions			3 Months Ended
Discontinued Operations - Narrative (Details) $ in Millions	Aug. 03, 2021 USD ($)	Aug. 02, 2021 USD ($) period	Apr. 30, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Spinoff transaction, reduction in retained earnings	$ 175
Proceeds from Spin-Off of Victoria's Secret & Co.		$ 976
Transition services agreements, number of extension periods \| period		2
Transition services agreements, extension period term		1 year
Transition service consideration			$ 19
Transition service cost			20
Domestic transportation services, initial term		3 years
Domestic transportation services consideration			$ 18
Cash and cash equivalents transferred to Victoria's Secret & Co. from subsidiaries		$ 282
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.
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

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

3 Months Ended

Apr. 30, 2022

May 01, 2021

Income from Discontinued Operations, Net of Tax

$ 0

$ 186

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

1,554

(882)

General, Administrative and Store Operating Expenses

^[1]

(438)

Income from Discontinued Operations Before Income Taxes

234

Provision for Income Taxes

Income from Discontinued Operations, Net of Tax

186

Separation related expense

$ 10

[1]	Includes Separation-related expenses of $10 million. Prior to the Separation, 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	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current Assets of Discontinued Operations	$ 0	$ 0	$ 1,297
Other Assets of Discontinued Operations	0	0	2,947
Current Liabilities of Discontinued Operations	0	0	1,344
Other Long-term Liabilities of Discontinued Operations	$ 0	$ 0	1,663
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			332
Accounts Receivable, Net			111
Inventories			761
Other			93
Current Assets of Discontinued Operations			1,297
Property and Equipment, Net			1,036
Operating Lease Assets			1,602
Trade Names			246
Deferred Income Taxes			11
Other Assets			52
Other Assets of Discontinued Operations			2,947
Accounts Payable			366
Accrued Expenses and Other			613
Current Operating Lease Liabilities			356
Income Taxes			9
Current Liabilities of Discontinued Operations			1,344
Deferred Income Taxes			100
Long-term Operating Lease Liabilities			1,541
Other Long-term Liabilities			22
Other Long-term Liabilities of Discontinued Operations			$ 1,663

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

3 Months Ended

Apr. 30, 2022

May 01, 2021

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

Share-based Compensation Expense

$ 12

$ 15

^[1]

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

Share-based Compensation Expense

Capital Expenditures

$ (19)

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 Consolidated Statement of Cash Flows includes the results of continuing and discontinued operations.

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021	Jan. 29, 2022
Disaggregation of Revenue [Line Items]
Accounts receivable, after allowance for credit loss	$ 77	$ 62	$ 64
Deferred revenue	133	108	$ 148
Revenue recognized	56
Net Sales	1,450	1,470
Outside of the U.S.
Disaggregation of Revenue [Line Items]
Net Sales	$ 137	$ 117
Minimum
Disaggregation of Revenue [Line Items]
Account receivable, payment term	45 days
Maximum
Disaggregation of Revenue [Line Items]
Account receivable, payment term	75 days

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.

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

3 Months Ended

Apr. 30, 2022

May 01, 2021

$ 1,450

$ 1,470

Stores - U.S. and Canada

1,059

1,051

Direct - U.S. and Canada

318

349

International

^[1]

$ 73

$ 70

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

Earnings Per Share And Shareholders' Equity [Abstract]

Earnings 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

Apr. 30, 2022

May 01, 2021

Common Shares (in shares)

255

288

Treasury Shares (in shares)

(15)

(9)

Basic Shares (in shares)

240

279

Effect of Dilutive Restricted Stock and Stock Options (in shares)

Diluted Shares (in shares)

243

284

Anti-dilutive Stock Options and Awards (in shares)

^[1]

[1]	The awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

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

1 Months Ended

3 Months Ended

Feb. 04, 2022

Jun. 02, 2022

May 31, 2022

Apr. 30, 2022

May 01, 2021

Jan. 28, 2023

Feb. 02, 2022

Mar. 31, 2021

Feb. 28, 2021

$ 1,500

Dividends payable (in USD per share)

$ 165

$ 0.60

Forecast

Dividends payable (in USD per share)

$ 0.80

Subsequent Event

Dividends per share (in USD per share)

$ 0.20

Accounts Payable

Payable under repurchase agreements

Par Value

Paid-In Capital

Retained Earnings (Accumulated Deficit)

Treasury Stock, at Average Cost

965

165

March 2021

500

^[1]

$ 500

^[1]

$ 165

March 2021 | Accounts Payable

^[1]

2,608

Payable under repurchase agreements

$ 10

March 2018 Repurchase Program

Remaining authorized repurchase amount

$ 79

February 2022 Repurchase Program

Remaining authorized repurchase amount

1,500

$ 1,500

$ 265

Treasury share retirement (in shares)

18,345

18,000

February 2022 Repurchase Program | Treasury Stock, at Average Cost

February 2022 Repurchase Program, Accelerated Share Repurchase Program

$ 1,035

$ 1,000

$ 1,000

Shares repurchased, percentage of shares expected to be acquired

13,600

13,624

^[2]

80.00%

February 2022 Repurchase Program, Accelerated Share Repurchase Program | Subsequent Event

February 2022 Repurchase Program, Accelerated Share Repurchase Program | Paid-In Capital

6,700

February 2022 Repurchase Program, Accelerated Share Repurchase Program | Treasury Stock, at Average Cost

$ 200

February 2022 Repurchase Program, Other Open Market Share Repurchase

^[2]

$ 800

February 2022 Repurchase Program, Other Open Market Share Repurchase | Subsequent Event

4,721

$ 62

February 2022 Repurchase Program, Other Open Market Share Repurchase | Treasury Stock, at Average Cost

1,300

$ 235

[1]	Reflects repurchases of L Brands, Inc. common stock prior to the August 2, 2021 spin-off of Victoria's Secret & Co.
[2]	Repurchased amounts exclude the shares received at final settlement subsequent to April 30, 2022, as well as the $200 million paid during the first quarter related to those shares.

Earnings Per Share and Shareholders’ Equity (Deficit) - Schedule of Repurchase of Common Stock (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions

3 Months Ended

Feb. 04, 2022

Apr. 30, 2022

May 01, 2021

Feb. 02, 2022

Mar. 31, 2021

$ 1,500

Treasury Stock, at Average Cost

$ 165

$ 165

March 2021

500

^[1]

$ 500

^[1]

2,608

Average Stock Price (in USD per share)

^[1]

$ 165

^[1]

$ 63.31

February 2022

$ 1,500

February 2022 | Treasury Stock, at Average Cost

18,345

February 2022 Repurchase Program, Other Open Market Share Repurchase

$ 1,035

Average Stock Price (in USD per share)

4,721

$ 49.81

February 2022 Repurchase Program, Other Open Market Share Repurchase | Treasury Stock, at Average Cost

February 2022 Repurchase Program, Accelerated Share Repurchase Program

$ 235

$ 1,000

13,600

13,624

^[2]

Average Stock Price (in USD per share)

$ 1,000

^[2]

$ 58.72

February 2022 Repurchase Program, Accelerated Share Repurchase Program | Treasury Stock, at Average Cost

February 2022 Repurchase Program, Accelerated Share Repurchase Program | Paid-In Capital

^[2]

$ 800

Earnings Per Share And Shareholders' Equity [Abstract]

$ 200

[1]	Reflects repurchases of L Brands, Inc. common stock prior to the August 2, 2021 spin-off of Victoria's Secret & Co.
[2]	Repurchased amounts exclude the shares received at final settlement subsequent to April 30, 2022, as well as the $200 million paid during the first quarter related to those shares.

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

3 Months Ended

Apr. 30, 2022

May 01, 2021

^[1]

Ordinary Dividends

$ 0.20

Total Paid

$ 48

$ 0

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 Consolidated Statement of Cash Flows includes the results of continuing and discontinued operations.

Inventories (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Inventory, Net [Abstract]
Finished Goods Merchandise	$ 627	$ 521	$ 503
Raw Materials and Merchandise Components	193	188	133
Total Inventories	$ 820	$ 709	$ 636

Long-Lived Assets - Summary of Property And Equipment, Net (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, at Cost	$ 2,669	$ 2,583	$ 2,415
Accumulated Depreciation and Amortization	(1,610)	(1,574)	(1,421)
Property and Equipment, Net	$ 1,059	$ 1,009	$ 994

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

3 Months Ended

Apr. 30, 2022

May 01, 2021

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

Depreciation of Long-Lived Assets

$ 53

$ 129

^[1]

Continuing Operations

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

Depreciation of Long-Lived Assets

$ 53

$ 49

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 Consolidated Statement of Cash Flows includes the results of continuing and discontinued operations.

Equity Investments (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Easton Investment
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 126	$ 126	$ 120

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Apr. 30, 2022	May 01, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	19.40%	23.70%
Income taxes paid	$ 8	$ 10

Long-term Debt and Borrowing Facilities - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Long-term debt	$ 4,856	$ 4,854	$ 5,344
With Subsidiary Guarantee \| Fixed Rate 5.625% Notes Due October 2023
Long-term debt	0	0	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	$ 317	316	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	$ 281	281	279
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	497
Debt instrument, face amount	$ 500
Fixed interest rate	5.25%
With Subsidiary Guarantee \| Fixed Rate 7.5% Notes Due June 2029
Long-term debt	$ 490	489	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	$ 990	990	989
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	992	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	$ 4,261	4,259	4,750
Without Subsidiary Guarantee
Long-term debt	595	595	594
Without Subsidiary Guarantee \| Fixed Rate 6.95% Debentures Due March 2033
Long-term debt	349	349	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

Oct. 30, 2021

Apr. 30, 2022

Oct. 30, 2021

May 01, 2021

Sep. 30, 2021

Apr. 30, 2021

Repayment of debt

$ 0

$ 1,130

^[1]

Gain (loss) on repurchase of debt instrument

$ 0

(105)

^[1]

With Subsidiary Guarantee

Gain (loss) on repurchase of debt instrument

$ (89)

(105)

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

$ (68)

$ (80)

With Subsidiary Guarantee | 2023 Notes and 2025 Notes

Debt instrument, repurchase amount

$ 532

With Subsidiary Guarantee | 2023 Notes

Debt instrument, redeemed amount

270

$ 50

Repayment of debt

$ 54

With Subsidiary Guarantee | 2025 Notes

5.625%

$ 180

With Subsidiary Guarantee | 2022 Notes

9.375%

$ 285

With Subsidiary Guarantee | 2025 Secured Notes

5.625%

$ 750

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

6.875%

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 Consolidated Statement of Cash Flows includes the results of continuing and discontinued operations.

Long-term Debt and Borrowing Facilities - Asset-Backed Revolving Credit Facility (Details) $ in Millions	3 Months Ended
	Apr. 30, 2022 USD ($)	Aug. 31, 2021 USD ($)
Letter of Credit
Letters of credit outstanding, amount	$ 16
Revolving Credit Facility \| Revolving Credit Facility Expiring August 2026
Credit agreement, borrowing capacity		$ 750
Line of credit facility, current borrowing capacity	620
Line of credit, outstanding amount	0
Line of credit facility, remaining borrowing capacity	$ 604
Revolving facility commitment fee percentage, unused capacity	0.25%
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
Line of credit financial covenant, percentage of maximum borrowing amount	0.10

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

Apr. 30, 2022

Jan. 29, 2022

May 01, 2021

Principal Value

Debt, fair value disclosure

$ 4,915

$ 5,414

Estimate of Fair Value Measurement

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Debt, fair value disclosure

^[1]

$ 4,866

$ 5,493

$ 6,389

[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.

Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	$ 80	$ 83
Other Comprehensive Income Before Reclassifications	0	1
Amounts Reclassified from Accumulated Other Comprehensive Income	0	1
Tax Effect	0	1
Current-period Other Comprehensive Income	0	3
Accumulated Other Comprehensive Income (Loss), Ending Balance	80	86
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	79	85
Other Comprehensive Income Before Reclassifications	0	5
Amounts Reclassified from Accumulated Other Comprehensive Income	0	0
Tax Effect	0	0
Current-period Other Comprehensive Income	0	5
Accumulated Other Comprehensive Income (Loss), Ending Balance	79	90
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	1	(2)
Other Comprehensive Income Before Reclassifications	0	(4)
Amounts Reclassified from Accumulated Other Comprehensive Income	0	1
Tax Effect	0	1
Current-period Other Comprehensive Income	0	(2)
Accumulated Other Comprehensive Income (Loss), Ending Balance	$ 1	$ (4)

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

Commitments and Contingencies (Details) - USD ($) $ in Millions	Aug. 02, 2021	Apr. 30, 2022
Lease Agreements
Lease guarantees remaining after disposition of certain businesses		$ 277
Management And Governance Investment
Long-term investment, commitment	$ 45
Commitment term (at least)	5 years

Subsequent Events (Details) - February 2022 Repurchase Program, Accelerated Share Repurchase Program - shares
shares in Thousands

1 Months Ended

3 Months Ended

Feb. 04, 2022

May 31, 2022

Apr. 30, 2022

^[1]

Subsequent Event [Line Items]

13,600

13,624

Subsequent Event

Subsequent Event [Line Items]