0000701985-22-000040 | 10-Q | XBRL Viewer

Costs of Goods Sold, Buying and Occupancy

$ 1,604

$ 1,681

$ 4,672

$ 4,854

(926)

(842)

(2,666)

(2,445)

Gross Profit

678

839

2,006

2,409

General, Administrative and Store Operating Expenses

(476)

(430)

(1,282)

(1,279)

Operating Income

202

409

724

1,130

Interest Expense

(86)

(91)

(262)

(301)

Other Income (Loss)

(91)

(196)

Income from Continuing Operations Before Income Taxes

119

227

469

633

Provision for Income Taxes

103

150

Net Income from Continuing Operations

177

366

483

Income (Loss) from Discontinued Operations, Net of Tax

(89)

256

Continuing Operations (in USD per share)

$ 91

$ 88

$ 366

$ 739

^[1]

Net Income (Loss) per Basic Share

$ 0.40

$ 0.67

$ 1.57

$ 1.77

Discontinued Operations (in USD per share)

(0.34)

0.94

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

0.40

0.33

1.57

2.71

Net Income (Loss) per Diluted Share

Continuing Operations (in USD per share)

0.40

0.66

1.56

1.74

Discontinued Operations (in USD per share)

(0.33)

0.92

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

$ 0.40

$ 0.33

$ 1.56

$ 2.67

[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

9 Months Ended

Oct. 29, 2022

Oct. 30, 2021

Oct. 29, 2022

Oct. 30, 2021

Statement of Comprehensive Income [Abstract]

Other Comprehensive Income (Loss), Net of Tax:

$ 91

$ 88

$ 366

$ 739

^[1]

Foreign Currency Translation

(4)

Unrealized Gain (Loss) on Cash Flow Hedges

(1)

Reclassification of Cash Flow Hedges to Earnings

Total Other Comprehensive Income (Loss), Net of Tax

(1)

$ 90

$ 89

$ 365

$ 744

[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	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Current Assets:
Cash and Cash Equivalents	$ 295	$ 1,979	$ 1,441
Accounts Receivable, Net	242	240	242
Inventories	1,269	709	1,149
Other	142	81	153
Total Current Assets	1,948	3,009	2,985
Property and Equipment, Net	1,121	1,009	1,017
Operating Lease Assets	1,074	1,021	1,023
Goodwill	628	628	628
Trade Names	165	165	165
Deferred Income Taxes	41	45	62
Other Assets	156	149	151
Total Assets	5,133	6,026	6,031
Current Liabilities:
Accounts Payable	632	435	655
Accrued Expenses and Other	645	651	636
Current Operating Lease Liabilities	175	170	143
Income Taxes	0	34	1
Total Current Liabilities	1,452	1,290	1,435
Deferred Income Taxes	158	157	146
Long-term Debt	4,860	4,854	4,852
Long-term Operating Lease Liabilities	1,039	989	993
Other Long-term Liabilities	232	253	280
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; 243, 269 and 275 shares issued; 228, 254 and 260 shares outstanding, respectively	122	134	137
Paid-in Capital	801	893	904
Accumulated Other Comprehensive Income	79	80	80
Retained Earnings (Accumulated Deficit)	(2,789)	(1,803)	(1,975)
Less: Treasury Stock, at Average Cost; 15, 15 and 15 shares, respectively	(822)	(822)	(822)
Total Shareholders’ Equity (Deficit)	(2,609)	(1,518)	(1,676)
Noncontrolling Interest	1	1	1
Total Equity (Deficit)	(2,608)	(1,517)	(1,675)
Total Liabilities and Equity (Deficit)	$ 5,133	$ 6,026	$ 6,031

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 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)	10,000,000	10,000,000	10,000,000
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)	1,000,000,000	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	243,000,000	269,000,000	275,000,000
Common Stock, shares outstanding (in shares)	228,000,000	254,000,000	260,000,000
Treasury stock (in shares)	15,000,000	15,000,000	15,000,000

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

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

739

^[1]

739

Victoria's Secret Spin-Off

744

739

(183)

(8)

(175)

Repurchases of Common Stock (in shares)

$ (81)

(81)

(22,506)

(22,000)

$ (1,559)

(1,559)

$ (8)

(50)

(1,037)

1,095

4,000

Ending Balance at Oct. 30, 2021

$ 2

(1,675)

$ 137

904

(1,975)

(822)

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

265,000

265,000

Beginning Balance at Jul. 31, 2021

(1,188)

$ 140

911

(1,505)

(822)

Victoria's Secret Spin-Off

(183)

(8)

(175)

Repurchases of Common Stock (in shares)

(39)

(5,000)

$ (365)

$ (3)

(18)

(344)

365

Ending Balance at Oct. 30, 2021

$ 0

$ (1,675)

$ 137

904

(1,975)

(822)

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

260,000

260,000

Ending Balance at Jan. 29, 2022

$ (1,517)

$ 134

893

(1,803)

(822)

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

254,000

254,000

$ 366

366

(1)

365

(1)

366

Repurchases of Common Stock (in shares)

(140)

(20,295)

(7,000)

(20,000)

$ (312)

$ (1,000)

$ 0

$ (312)

$ (1,000)

$ (13)

(87)

(1,212)

1,312

1,000

Ending Balance at Oct. 29, 2022

(4)

$ 1

(5)

(2,608)

$ 122

801

(2,789)

(822)

Beginning Balance (in shares) at Jul. 30, 2022

228,000

228,000

Beginning Balance at Jul. 30, 2022

(2,662)

$ 122

791

(2,834)

(822)

(1)

(1)

(46)

Ending Balance at Oct. 29, 2022

$ 0

$ (2,608)

$ 122

$ 801

$ 79

$ (2,789)

$ (822)

$ 1

228,000

[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.

CONSOLIDATED STATEMENTS OF TOTAL EQUITY (DEFICIT) (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Oct. 29, 2022	Jul. 30, 2022	Apr. 30, 2022	Oct. 30, 2021	Jul. 31, 2021	May 01, 2021	Oct. 29, 2022	Oct. 30, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends (in USD per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.15	$ 0.15	$ 0	$ 0.60	$ 0.30

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

9 Months Ended

Oct. 29, 2022

Oct. 30, 2021

^[1]

Operating Activities:

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

$ 366

$ 739

Loss on Extinguishment of Debt

162

310

195

Share-based Compensation Expense

Deferred Income Taxes

Changes in Assets and Liabilities:

Accounts Receivable

(3)

(61)

Inventories

(563)

(617)

Accounts Payable, Accrued Expenses and Other

185

132

Income Taxes Payable

(57)

(149)

Other Assets and Liabilities

(50)

(159)

Net Cash Provided by Operating Activities

447

Investing Activities:

Capital Expenditures

(252)

(241)

Other Investing Activities

Net Cash Used for Investing Activities

(252)

(228)

Financing Activities:

Payments of Long-term Debt

(1,716)

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

976

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

(9)

(362)

Proceeds from Stock Option Exercises

(1,312)

(1,544)

Dividends Paid

(140)

(81)

(32)

(58)

Other Financing Activities

(8)

(9)

Net Cash Used for Financing Activities

(1,499)

(2,713)

Effects of Exchange Rate Changes on Cash and Cash Equivalents

Net Decrease in Cash and Cash Equivalents

(1,684)

(2,492)

Cash and Cash Equivalents, Beginning of Period

1,979

3,933

Cash and Cash Equivalents, End of Period

$ 295

$ 1,441

[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	9 Months Ended
Description of Business and Basis of Presentation	Oct. 29, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business Bath & Body Works, Inc. (the "Company") is a specialty retailer of home fragrance, body care and soap and sanitizer products. The Company sells merchandise through its specialty retail stores in the United States of America ("U.S.") and Canada, and through its websites and other channels, under the Bath & Body Works, White Barn and other brand names. The Company's international business is primarily conducted 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 (Loss) from Discontinued Operations, Net of Tax in the Consolidated Statements of Income for all periods presented. 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." On August 2, 2021, in connection with the Separation, the Company changed its name from L Brands, Inc. to Bath & Body Works, Inc. Additionally, starting August 3, 2021, the Company's common stock began trading on the New York Stock Exchange (the "NYSE") under the stock symbol "BBWI." 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, “third quarter of 2022” and “third quarter of 2021” refer to the thirteen-week periods ended October 29, 2022 and October 30, 2021, respectively, and “year-to-date 2022” and “year-to-date 2021” refer to the thirty-nine-week periods ended October 29, 2022 and October 30, 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. Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended October 29, 2022 and October 30, 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 periods are not necessarily indicative of the results expected for the full fiscal year. Derivative Financial Instruments The Company's Canadian dollar denominated earnings are subject to exchange rate risk as substantially all the Company's 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 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. Easton Investments The Company has land and other investments in Easton, a planned community in Columbus, Ohio, that integrates office, hotel, retail, residential and recreational space. These investments, totaling $125 million as of October 29, 2022, $126 million as of January 29, 2022 and $125 million as of October 30, 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. 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. 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 in 2022 that had a material impact on its consolidated results of operations, financial position or cash flows. In addition, as of November 30, 2022, there were no new accounting standards that the Company has not yet adopted that are expected to have a material impact on its consolidated results of operations, financial position or cash flows.

Discontinued Operations

9 Months Ended

Oct. 29, 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 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.

In July 2021, Victoria’s Secret & Co., prior to the Separation and while a subsidiary of the Company, issued $600 million of 4.625% notes due in July 2029 (the "Victoria's Secret & Co. Notes"). As of July 31, 2021, the initial proceeds were held in escrow for release to Victoria's Secret & Co. upon satisfaction of certain conditions, including completion of the Separation. On August 2, 2021, the Victoria's Secret & Co. Notes became the obligations of Victoria's Secret & Co. concurrent with the Separation. Upon Separation, the net proceeds from the Victoria's Secret & Co. Notes were used to partially fund cash payments of $976 million to the Company in connection with the Separation.

In the third quarter of 2021, 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 the $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. Additionally, the Company reclassified out of Accumulated Other Comprehensive Income $8 million of accumulated foreign currency translation adjustments related to the Victoria's Secret business.

In connection with the Separation, the Company entered into several agreements with Victoria's Secret & Co. that govern the relationship of the parties following the Separation, 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, as amended, 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 and customer marketing 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. is recorded within the Consolidated Statements of Income based on the nature of the service and as an offset to expenses incurred to provide the services. Costs for transition services provided by Victoria's Secret & Co. are recorded within the Consolidated Statements of Income based on the nature of the service.

The following table summarizes the consideration received and costs recognized pursuant to the Transition Service Agreements recorded in the Consolidated Statements of Income:


	Third Quarter				Year-to-Date
	2022		2021		2022		2021
	(in millions)
Consideration Received	$	17	$	20	$	55	$	20
Costs Recognized	16		24		56		24

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. is recorded within Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income and as an offset to expenses incurred to provide the services.

The following table summarizes the consideration received pursuant to the Domestic Transportation Services Agreement recorded in the Consolidated Statements of Income:


	Third Quarter				Year-to-Date
	2022		2021		2022		2021
	(in millions)
Consideration Received	$	23	$	18	$	62	$	18

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 10, "Commitments and Contingencies."

Financial Information of Discontinued Operations

The Company did not report any assets or liabilities classified as discontinued operations for any period presented.

Income (Loss) 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 year-to-date 2022.

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


	Third Quarter		Year-to-Date
	(in millions)
Net Sales	$	25	$	3,194
Costs of Goods Sold, Buying and Occupancy	(14)		(1,841)
General, Administrative and Store Operating Expenses (a)	(83)		(975)
Interest Expense	—		(2)
Other Loss	—		(1)
Income (Loss) from Discontinued Operations Before Income Taxes	(72)		375
Provision for Income Taxes	17		119
Income (Loss) from Discontinued Operations, Net of Tax	$	(89)	$	256

_______________

(a)The third quarter of 2021 includes Separation-related costs of $76 million. Year-to-date 2021 includes Separation-related costs of $104 million. Prior to the Separation, these costs were reported in the Other category under the Company's previous segment reporting.

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 year-to-date 2022.

The following table summarizes Depreciation of Long-Lived Assets, Share-based Compensation Expense and Capital Expenditures of discontinued operations for year-to-date 2021:


	(in millions)
Depreciation of Long-lived Assets	$	158
Share-based Compensation Expense	15
Capital Expenditures	(66)

Revenue Recognition

9 Months Ended

Oct. 29, 2022

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

Accounts receivable, net from revenue-generating activities were $103 million as of October 29, 2022, $64 million as of January 29, 2022 and $86 million as of October 30, 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 $147 million as of October 29, 2022, $148 million as of January 29, 2022 and $123 million as of October 30, 2021. The Company recognized $86 million as revenue year-to-date 2022 from amounts recorded as deferred revenue at the beginning of the Company's 2022 fiscal year.

The following table provides a disaggregation of Net Sales for the third quarters of and year-to-date 2022 and 2021:


	Third Quarter				Year-to-Date
	2022		2021		2022		2021
	(in millions)
Stores - U.S. and Canada	$	1,178	$	1,238	$	3,398	$	3,518
Direct - U.S. and Canada	345		369		1,030		1,126
International (a)	81		74		244		210
Total Net Sales	$	1,604	$	1,681	$	4,672	$	4,854

_______________

(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 $160 million and $159 million for the third quarters of 2022 and 2021, respectively, and $462 million and $397 million for year-to-date 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
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Earnings Per Share And Shareholders' Equity [Abstract]

Earnings Per Share and Shareholders’ Equity (Deficit)

9 Months Ended

Oct. 29, 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 includes 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 third quarters of and year-to-date 2022 and 2021:


	Third Quarter		Year-to-Date
	2022	2021	2022	2021
	(in millions)

Common Shares	243	278	248	285
Treasury Shares	(15)	(15)	(15)	(13)
Basic Shares	228	263	233	272
Effect of Dilutive Awards	1	4	2	5
Diluted Shares	229	267	235	277
Anti-dilutive Awards (a)	1	1	1	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

2021 Repurchase Programs

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

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

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


Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
March 2021 (a)	$	500	6,996	$	464	$	66.30
July 2021 (a)	1,500		10,000	730		73.01
July 2021 (b)			5,510	365		66.21
Total			22,506	$	1,559

_______________

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

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

There were $15 million of share repurchases reflected in Accounts Payable on the October 30, 2021 Consolidated Balance Sheet. Under the July 2021 Program, the Company repurchased an additional 6 million shares of its common stock for an aggregate purchase price of $405 million during the fourth quarter of 2021.

2022 Repurchase Program

In February 2022, the 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. The delivery of shares under the ASR resulted in an immediate reduction of the shares used to calculate the weighted-average common shares outstanding for net income per basic and diluted share. Pursuant to the Board's authorization, the Company made other share repurchases in the open market under the February 2022 Program during 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.

In May 2022, the Company received an additional 6.7 million shares of its common stock from the ASR bank for the final settlement of the ASR. 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.

The Company repurchased the following shares of its common stock during year-to-date 2022:


Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
February 2022	$	1,500	6,401	$	312	$	48.77
February 2022 - Accelerated Share Repurchase Program			20,295	1,000		49.27
Total			26,696	$	1,312

The February 2022 Program had $188 million of remaining authority as of October 29, 2022.

Common Stock Retirement

Shares of common stock repurchased under the July 2021 Program were retired and cancelled upon repurchase. As a result, the Company retired the 16 million shares repurchased under the July 2021 Program during year-to-date 2021, which resulted in reductions of $8 million in the par value of Common Stock, $50 million in Paid-in Capital and $1.037 billion in Retained Earnings (Accumulated Deficit).

Shares of common stock repurchased under the February 2022 Program were retired and cancelled upon repurchase, including shares repurchased under the ASR. As a result, the Company retired the 27 million shares repurchased under the February 2022 Program during year-to-date 2022, which resulted in reductions of $13 million in the par value of Common Stock, $87 million in Paid-in Capital and $1.212 billion in Retained Earnings (Accumulated Deficit).

Dividends

In connection with the onset of the COVID-19 pandemic, the Board suspended the Company's quarterly cash dividend beginning in the second quarter of 2020. In March 2021, the Board reinstated the annual dividend at $0.60 per share, beginning with the quarterly dividend paid in June 2021. In February 2022, the Board increased the annual dividend to $0.80 per share, beginning with the quarterly dividend paid in March 2022.

The Company paid the following dividends during year-to-date 2022 and 2021:


	Ordinary Dividends			Total Paid
	(per share)		(in millions)
2022
First Quarter	$	0.20		$	48
Second Quarter	0.20			46
Third Quarter	0.20			46
Total	$	0.60		$	140
2021
First Quarter	$	—		$	—
Second Quarter	0.15			42
Third Quarter	0.15			39
Total	$	0.30		$	81

In November 2022, the Board declared the fourth quarter 2022 ordinary dividend of $0.20 per share payable on December 2, 2022 to shareholders of record at the close of business on November 18, 2022.

Inventories

9 Months Ended

Oct. 29, 2022

Inventory, Net [Abstract]

Inventories

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


	October 29, 2022		January 29, 2022		October 30, 2021
	(in millions)
Finished Goods Merchandise	$	1,066	$	521	$	941
Raw Materials and Merchandise Components	203		188		208
Total Inventories	$	1,269	$	709	$	1,149

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

Long-Lived Assets

9 Months Ended

Oct. 29, 2022

Property, Plant and Equipment [Abstract]

Long-Lived Assets

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


	October 29, 2022		January 29, 2022		October 30, 2021
	(in millions)
Property and Equipment, at Cost	$	2,809	$	2,583	$	2,569
Accumulated Depreciation and Amortization	(1,688)		(1,574)		(1,552)
Property and Equipment, Net	$	1,121	$	1,009	$	1,017

Depreciation expense from continuing operations was $56 million and $52 million for the third quarters of 2022 and 2021, respectively. Depreciation expense from continuing operations was $162 million and $152 million for year-to-date 2022 and 2021, respectively.

Income Taxes	9 Months Ended
Income Taxes	Oct. 29, 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 third quarter of 2022, the Company’s effective tax rate was 23.3% compared to 22.0% in the third quarter of 2021. The third quarter of 2022 and 2021 rates were lower than the Company's combined estimated federal and state statutory rates primarily due to the resolution of certain tax matters during the periods. For year-to-date 2022, the Company’s effective tax rate was 21.9% compared to 23.7% year-to-date 2021. The year-to-date 2022 rate was lower than the Company's combined estimated federal and state statutory rate primarily due to the resolution of certain tax matters during the period. The year-to-date 2021 rate was lower than the Company's combined federal and state statutory rate primarily due to recognition of excess tax benefits recorded through the Consolidated Statements of Income on share-based awards that vested during the period. Income taxes paid were $18 million and $73 million for the third quarters of 2022 and 2021, respectively. Income taxes paid were $170 million and $403 million for year-to-date 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Long-Term Debt, by Current and Noncurrent [Abstract]

Long-term Debt and Borrowing Facilities

9 Months Ended

Oct. 29, 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 October 29, 2022, January 29, 2022 and October 30, 2021:


	October 29, 2022		January 29, 2022		October 30, 2021
	(in millions)




Senior Debt with Subsidiary Guarantee



$320 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes")	$	317	$	316	$	316
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”)	283		281		280
$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		489
$1 billion, 6.625% Fixed Interest Rate Notes due October 2030 ("2030 Notes")	991		990		989
$1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	993		992		992
$700 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	694		694		694
Total Senior Debt with Subsidiary Guarantee	$	4,265	$	4,259	$	4,257
Senior Debt
$350 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	349	$	349	$	349
$247 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	246		246		246
Total Senior Debt	595		595		595
Total Long-term Debt	$	4,860	$	4,854	$	4,852

Repurchases of Notes

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 included the write-offs of unamortized issuance costs. This loss is included in Other Income (Loss) in the year-to-date 2021 Consolidated Statement of Income.

In September 2021, the Company completed the tender offers to purchase $270 million of its outstanding 5.625% senior notes due October 2023 (the "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 an aggregate purchase price of $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 included the write-offs of unamortized issuance costs. This loss is included in Other Income (Loss) in the 2021 Consolidated Statements 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 October 29, 2022, the Company's borrowing base was $1.214 billion, 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 October 29, 2022 that reduced its availability under the ABL Facility. As of October 29, 2022, the Company's availability under the ABL Facility was $734 million.

As of October 29, 2022, the ABL Facility fees related to committed and unutilized amounts were 0.30% per annum, and the fees related to outstanding letters of credit were 1.25% per annum. In addition, the interest rate on outstanding U.S. dollar borrowings was the London Interbank Offered Rate plus 1.25% per annum. The interest rate on outstanding Canadian dollar-denominated borrowings was the Canadian Dollar Offered Rate plus 1.25% per annum.

The ABL Facility requires the Company to maintain a fixed charge coverage ratio of not less than 1.00 to 1.00 during an event of default or any period commencing on any day when specified excess availability is less than the greater of (i) $70 million or (ii) 10% of the maximum borrowing amount. As of October 29, 2022, the Company was not required to maintain this ratio.

Fair Value Measurements

9 Months Ended

Oct. 29, 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 debt as of October 29, 2022, January 29, 2022 and October 30, 2021:


	October 29, 2022		January 29, 2022		October 30, 2021
	(in millions)
Principal Value	$	4,915	$	4,915	$	4,915
Fair Value, Estimated (a)	4,367		5,493		5,720

_______________

(a)The estimated fair value of the Company’s debt is based on reported transaction prices, which are considered Level 2 inputs in accordance with Accounting Standards Codification ("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.

Discontinued Operations and Disposal Groups [Abstract]

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

+ References + Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Oct. 29, 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 position or cash flows. Settlement of Derivative Shareholder Actions In May 2022, the U.S. District Court of the Southern District of Ohio approved a global settlement regarding certain shareholder actions that were filed in 2020 and 2021. See Note 12, “Commitments and Contingencies” in the Company’s Quarterly Report on Form 10-Q for the quarter ended July 30, 2022 for additional information. Pursuant to the settlement terms, the Company committed to, among other things, invest $45 million over at least five years to fund certain management and governance measures required under the settlement agreement. 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 $287 million as of October 29, 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 for any period presented.

Subsequent Events	9 Months Ended
Subsequent Events	Oct. 29, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventIn November 2022, the Board appointed Gina R. Boswell as Chief Executive Officer of the Company and as a member of the Board, effective December 1, 2022. Sarah E. Nash, who has served as Executive Chair of the Board and Interim Chief Executive Officer since May 2022 and as Executive Chair of the Board from February 2022 to May 2022, will remain Executive Chair through the end of the Company’s fiscal year on January 28, 2023. Following the end of the Company's fiscal year, Ms. Nash will serve as a non-employee member and Chair of the Board.

Description of Business and Basis of Presentation (Policy)	9 Months Ended
	Oct. 29, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Bath & Body Works, Inc. (the "Company") is a specialty retailer of home fragrance, body care and soap and sanitizer products. The Company sells merchandise through its specialty retail stores in the United States of America ("U.S.") and Canada, and through its websites and other channels, under the Bath & Body Works, White Barn and other brand names. The Company's international business is primarily conducted 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 (Loss) from Discontinued Operations, Net of Tax in the Consolidated Statements of Income for all periods presented. 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." On August 2, 2021, in connection with the Separation, the Company changed its name from L Brands, Inc. to Bath & Body Works, Inc. Additionally, starting August 3, 2021, the Company's common stock began trading on the New York Stock Exchange (the "NYSE") under the stock symbol "BBWI."
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, “third quarter of 2022” and “third quarter of 2021” refer to the thirteen-week periods ended October 29, 2022 and October 30, 2021, respectively, and “year-to-date 2022” and “year-to-date 2021” refer to the thirty-nine-week periods ended October 29, 2022 and October 30, 2021, respectively.
Basis of Consolidation	Basis of ConsolidationThe 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.
Interim Financial Statements	Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended October 29, 2022 and October 30, 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 periods are not necessarily indicative of the results expected for the full fiscal year.
Derivative Financial Instruments	Derivative Financial Instruments The Company's Canadian dollar denominated earnings are subject to exchange rate risk as substantially all the Company's 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 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.
Equity Method Investments	Easton Investments The Company has land and other investments in Easton, a planned community in Columbus, Ohio, that integrates office, hotel, retail, residential and recreational space. These investments, totaling $125 million as of October 29, 2022, $126 million as of January 29, 2022 and $125 million as of October 30, 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. 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.
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 in 2022 that had a material impact on its consolidated results of operations, financial position or cash flows. In addition, as of November 30, 2022, there were no new accounting standards that the Company has not yet adopted that are expected to have a material impact on its consolidated results of operations, financial position or cash flows.
Inventory	Inventories are principally valued at the lower of cost or net realizable value, on an average cost basis.

Discontinued Operations (Tables)

9 Months Ended

Oct. 29, 2022

Summary of Consideration and Costs Recognized Pursuant to Transition Service Agreements

The following table summarizes the consideration received and costs recognized pursuant to the Transition Service Agreements recorded in the Consolidated Statements of Income:


	Third Quarter				Year-to-Date
	2022		2021		2022		2021
	(in millions)
Consideration Received	$	17	$	20	$	55	$	20
Costs Recognized	16		24		56		24

Summary of Consideration Recognized Pursuant to Domestic Transportation Service Agreements

The following table summarizes the consideration received pursuant to the Domestic Transportation Services Agreement recorded in the Consolidated Statements of Income:


	Third Quarter				Year-to-Date
	2022		2021		2022		2021
	(in millions)
Consideration Received	$	23	$	18	$	62	$	18

Summary of Discontinued Operations in Financial Statements


	Third Quarter		Year-to-Date
	(in millions)
Net Sales	$	25	$	3,194
Costs of Goods Sold, Buying and Occupancy	(14)		(1,841)
General, Administrative and Store Operating Expenses (a)	(83)		(975)
Interest Expense	—		(2)
Other Loss	—		(1)
Income (Loss) from Discontinued Operations Before Income Taxes	(72)		375
Provision for Income Taxes	17		119
Income (Loss) from Discontinued Operations, Net of Tax	$	(89)	$	256

_______________

The following table summarizes Depreciation of Long-Lived Assets, Share-based Compensation Expense and Capital Expenditures of discontinued operations for year-to-date 2021:


	(in millions)
Depreciation of Long-lived Assets	$	158
Share-based Compensation Expense	15
Capital Expenditures	(66)

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)

9 Months Ended

Oct. 29, 2022

Disaggregation of Revenue

The following table provides a disaggregation of Net Sales for the third quarters of and year-to-date 2022 and 2021:


	Third Quarter				Year-to-Date
	2022		2021		2022		2021
	(in millions)
Stores - U.S. and Canada	$	1,178	$	1,238	$	3,398	$	3,518
Direct - U.S. and Canada	345		369		1,030		1,126
International (a)	81		74		244		210
Total Net Sales	$	1,604	$	1,681	$	4,672	$	4,854

_______________

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

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

9 Months Ended

Oct. 29, 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 third quarters of and year-to-date 2022 and 2021:


	Third Quarter		Year-to-Date
	2022	2021	2022	2021
	(in millions)

Common Shares	243	278	248	285
Treasury Shares	(15)	(15)	(15)	(13)
Basic Shares	228	263	233	272
Effect of Dilutive Awards	1	4	2	5
Diluted Shares	229	267	235	277
Anti-dilutive Awards (a)	1	1	1	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 year-to-date 2021:


Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
March 2021 (a)	$	500	6,996	$	464	$	66.30
July 2021 (a)	1,500		10,000	730		73.01
July 2021 (b)			5,510	365		66.21
Total			22,506	$	1,559

_______________

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

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

The Company repurchased the following shares of its common stock during year-to-date 2022:


Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
February 2022	$	1,500	6,401	$	312	$	48.77
February 2022 - Accelerated Share Repurchase Program			20,295	1,000		49.27
Total			26,696	$	1,312

Schedule of Dividends Paid

The Company paid the following dividends during year-to-date 2022 and 2021:


	Ordinary Dividends			Total Paid
	(per share)		(in millions)
2022
First Quarter	$	0.20		$	48
Second Quarter	0.20			46
Third Quarter	0.20			46
Total	$	0.60		$	140
2021
First Quarter	$	—		$	—
Second Quarter	0.15			42
Third Quarter	0.15			39
Total	$	0.30		$	81

Inventories (Tables)

9 Months Ended

Oct. 29, 2022

Inventory, Net [Abstract]

Summary of Inventories

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


	October 29, 2022		January 29, 2022		October 30, 2021
	(in millions)
Finished Goods Merchandise	$	1,066	$	521	$	941
Raw Materials and Merchandise Components	203		188		208
Total Inventories	$	1,269	$	709	$	1,149

Long-Lived Assets (Tables)

9 Months Ended

Oct. 29, 2022

Property, Plant and Equipment [Abstract]

Summary of Property And Equipment, Net

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


	October 29, 2022		January 29, 2022		October 30, 2021
	(in millions)
Property and Equipment, at Cost	$	2,809	$	2,583	$	2,569
Accumulated Depreciation and Amortization	(1,688)		(1,574)		(1,552)
Property and Equipment, Net	$	1,121	$	1,009	$	1,017

Long-term Debt and Borrowing Facilities (Tables)

9 Months Ended

Oct. 29, 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 October 29, 2022, January 29, 2022 and October 30, 2021:


	October 29, 2022		January 29, 2022		October 30, 2021
	(in millions)




Senior Debt with Subsidiary Guarantee



$320 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes")	$	317	$	316	$	316
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”)	283		281		280
$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		489
$1 billion, 6.625% Fixed Interest Rate Notes due October 2030 ("2030 Notes")	991		990		989
$1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	993		992		992
$700 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	694		694		694
Total Senior Debt with Subsidiary Guarantee	$	4,265	$	4,259	$	4,257
Senior Debt
$350 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	349	$	349	$	349
$247 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	246		246		246
Total Senior Debt	595		595		595
Total Long-term Debt	$	4,860	$	4,854	$	4,852

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)

9 Months Ended

Oct. 29, 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 debt as of October 29, 2022, January 29, 2022 and October 30, 2021:


	October 29, 2022		January 29, 2022		October 30, 2021
	(in millions)
Principal Value	$	4,915	$	4,915	$	4,915
Fair Value, Estimated (a)	4,367		5,493		5,720

_______________

Description of Business and Basis of Presentation (Details) - USD ($) $ in Millions	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Easton Investment
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 125	$ 126	$ 125

Discontinued Operations - Narrative (Details)	Aug. 02, 2021 USD ($) period	Oct. 30, 2021 USD ($)	Aug. 03, 2021	Jul. 31, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Spin-Off of Victoria's Secret & Co.	$ 976,000,000
Spinoff Transaction, Reduction In Retained Earnings		$ 175,000,000
Spinoff Transaction, Reduction In Accumulated Other Comprehensive Income (Loss), Net Of Tax		$ 8,000,000
Transition services agreements, number of extension periods \| period	2
Transition services agreements, extension period term	1 year
Domestic transportation services, initial term	3 years
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| Victoria's Secret
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt instrument, face amount				$ 600,000,000
Fixed interest rate				4.625%
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%
Cash and cash equivalents transferred to Victoria's Secret & Co. from subsidiaries	$ 282,000,000
Spinoff transaction, number of shares received per common stock exchanged	0.33

Discontinued Operations - Schedule of Consideration and Costs Recognized for Transition Service Agreements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Considerations and Costs Recognized Pursuant to Transition Service Agreements [Abstract]
Consideration Received	$ 17	$ 20	$ 55	$ 20
Costs Recognized	$ 16	$ 24	$ 56	$ 24

Discontinued Operations - Schedule of Consideration Received for Domestic Transportation Services Agreement (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Consideration Recognized Pursuant To Domestic Transportation Services Agreement [Abstract]
Consideration Received	$ 23	$ 18	$ 62	$ 18

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

3 Months Ended

9 Months Ended

Oct. 29, 2022

Oct. 30, 2021

Oct. 29, 2022

Oct. 30, 2021

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

Income (Loss) from Discontinued Operations, Net of Tax

$ 0

$ (89)

$ 0

$ 256

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

3,194

(14)

(1,841)

General, Administrative and Store Operating Expenses

^[1]

(83)

(975)

Interest Expense

(2)

Other Loss

(1)

Income (Loss) from Discontinued Operations Before Income Taxes

(72)

375

Provision for Income Taxes

119

Income (Loss) from Discontinued Operations, Net of Tax

(89)

256

Separation related expense

$ 76

$ 104

[1]	The third quarter of 2021 includes Separation-related costs of $76 million. Year-to-date 2021 includes Separation-related costs of $104 million. Prior to the Separation, these costs were reported in the Other category under the Company's previous segment reporting.

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

9 Months Ended

Oct. 29, 2022

Oct. 30, 2021

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

Share-based Compensation Expense

$ 26

$ 38

^[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]

Share-based Compensation Expense

158

Capital Expenditures

$ (66)

[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		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021	Jan. 29, 2022
Disaggregation of Revenue [Line Items]
Accounts receivable, after allowance for credit loss	$ 103	$ 86	$ 103	$ 86	$ 64
Deferred revenue	147	123	147	123	$ 148
Revenue recognized			86
Net Sales	1,604	1,681	4,672	4,854
Outside of the U.S.
Disaggregation of Revenue [Line Items]
Net Sales	$ 160	$ 159	$ 462	$ 397
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

9 Months Ended

Oct. 29, 2022

Oct. 30, 2021

Oct. 29, 2022

Oct. 30, 2021

$ 1,604

$ 1,681

$ 4,672

$ 4,854

Stores - U.S. and Canada

1,178

1,238

3,398

3,518

Direct - U.S. and Canada

345

369

1,030

1,126

International

^[1]

$ 81

$ 74

$ 244

$ 210

[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

9 Months Ended

Oct. 29, 2022

Oct. 30, 2021

Oct. 29, 2022

Oct. 30, 2021

Common Shares (in shares)

243

278

248

285

Treasury Shares (in shares)

(15)

(13)

Basic Shares (in shares)

228

263

233

272

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

Diluted Shares (in shares)

229

267

235

277

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

9 Months Ended

Nov. 30, 2022

Feb. 04, 2022

May 31, 2022

Jul. 31, 2021

Oct. 29, 2022

Jul. 30, 2022

Apr. 30, 2022

Jan. 29, 2022

Oct. 30, 2021

Jul. 31, 2021

May 01, 2021

Oct. 29, 2022

Oct. 30, 2021

Jan. 28, 2023

Feb. 02, 2022

Mar. 31, 2021

$ 1,500

22,506

Dividends payable (in USD per share)

$ 1,559

$ 0.60

Ordinary dividends (in USD per share)

$ 0.20

$ 0.15

$ 0

$ 0.60

$ 0.30

Accounts Payable

Payable under repurchase agreements

$ 15

Forecast

Dividends payable (in USD per share)

$ 0.80

Subsequent Event

Dividends Per Share (in USD per share)

$ 0.20

Par Value

$ 13

Paid-In Capital

Retained Earnings (Accumulated Deficit)

1,212

1,037

March 2021

Remaining authorized repurchase amount

500

^[1]

$ 500

^[1]

$ 500

$ 36

6,996

March 2018 Repurchase Program

^[1]

$ 464

Remaining authorized repurchase amount

$ 79

February 2022 Repurchase Program

Remaining authorized repurchase amount

$ 1,500

1,500

$ 1,500

$ 188

26,696

Treasury share retirement (in shares)

$ 1,312

27,000

February 2022 Repurchase Program, Accelerated Share Repurchase Program

$ 1,000

13,600

6,700

20,295

Shares repurchased, percentage of shares expected to be acquired

$ 1,000

80.00%

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

$ 0

July 2021

$ 1,500

^[1],[2]

$ 1,500

^[1],[2]

10,000

6,000

10,000

^[1]

Treasury share retirement (in shares)

$ 730

$ 405

$ 730

^[1]

16,000

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

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

1 Months Ended

3 Months Ended

9 Months Ended

Feb. 04, 2022

May 31, 2022

Jul. 31, 2021

Jan. 29, 2022

Oct. 29, 2022

Oct. 30, 2021

Feb. 02, 2022

Mar. 31, 2021

$ 1,500

22,506

$ 1,559

March 2021

$ 500

^[1]

$ 500

6,996

^[1]

$ 464

^[1]

$ 66.30

July 2021

$ 1,500

^[1],[2]

10,000

6,000

10,000

^[1]

$ 730

$ 405

$ 730

^[1]

July 2021 Repurchase Program, After Spin-off Of Victoria's Secret & Co.

^[1]

$ 73.01

^[2]

5,510

^[2]

$ 365

^[2]

$ 66.21

February 2022

$ 1,500

26,696

February 2022 Repurchase Program, Other Open Market Share Repurchase

$ 1,312

6,401

$ 312

February 2022 Repurchase Program, Accelerated Share Repurchase Program

$ 48.77

$ 1,000

13,600

6,700

20,295

$ 1,000

Earnings Per Share And Shareholders' Equity [Abstract]

$ 49.27

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

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

3 Months Ended

9 Months Ended

Oct. 29, 2022

Jul. 30, 2022

Apr. 30, 2022

Oct. 30, 2021

Jul. 31, 2021

May 01, 2021

Oct. 29, 2022

Oct. 30, 2021

Ordinary dividends (in USD per share)

$ 0.20

$ 0.15

$ 0

$ 0.60

$ 0.30

Total Paid

$ 46

$ 48

$ 39

$ 42

$ 0

$ 140

$ 81

^[1]

[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	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Inventory, Net [Abstract]
Finished Goods Merchandise	$ 1,066	$ 521	$ 941
Raw Materials and Merchandise Components	203	188	208
Total Inventories	$ 1,269	$ 709	$ 1,149

Long-Lived Assets - Summary of Property And Equipment, Net (Details) - USD ($) $ in Millions	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, at Cost	$ 2,809	$ 2,583	$ 2,569
Accumulated Depreciation and Amortization	(1,688)	(1,574)	(1,552)
Property and Equipment, Net	$ 1,121	$ 1,009	$ 1,017

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

3 Months Ended

9 Months Ended

Oct. 29, 2022

Oct. 30, 2021

Oct. 29, 2022

Oct. 30, 2021

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

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

$ 162

$ 310

^[1]

Continuing Operations

Gain (loss) on repurchase of debt instrument

$ 56

$ 52

$ 162

$ 152

[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.

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	23.30%	22.00%	21.90%	23.70%
Income taxes paid	$ 18	$ 73	$ 170	$ 403

Long-term Debt and Borrowing Facilities - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Millions	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Long-term debt	$ 4,860	$ 4,854	$ 4,852
With Subsidiary Guarantee \| 9.375% Fixed Interest Rate Notes due July 2025
Long-term debt	317	316	316
Debt instrument, face amount	$ 320
Fixed interest rate	9.375%
With Subsidiary Guarantee \| Fixed Rate 6.694% Notes Due January 2027
Long-term debt	$ 283	281	280
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	489
Debt instrument, face amount	$ 500
Fixed interest rate	7.50%
With Subsidiary Guarantee \| Fixed Rate 6.625% Notes Due October 2030
Long-term debt	$ 991	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	$ 993	992	992
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	$ 4,265	4,259	4,257
Without Subsidiary Guarantee
Long-term debt	595	595	595
Without Subsidiary Guarantee \| Fixed Rate 6.95% Debentures Due March 2033
Long-term debt	349	349	349
Debt instrument, face amount	$ 350
Fixed interest rate	6.95%
Without Subsidiary Guarantee \| Fixed Rate 7.60% Notes Due July 2037
Long-term debt	$ 246	$ 246	$ 246
Debt instrument, face amount	$ 247
Fixed interest rate	7.60%

Long-term Debt and Borrowing Facilities - Repurchase of Notes (Details) - USD ($)
$ in Millions

1 Months Ended

3 Months Ended

9 Months Ended

Oct. 30, 2021

Sep. 30, 2021

Oct. 30, 2021

May 01, 2021

Oct. 29, 2022

Oct. 30, 2021

^[1]

Apr. 30, 2021

Repayment of debt

$ 0

$ 1,716

$ 0

$ (195)

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

Repayment of debt

$ 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