0000701985-23-000008 | 10-K | XBRL Viewer

Interest paid, including capitalized interest, operating and investing activities

$ 339

$ 354

$ 415

Repayments of long-term debt

^[1]

1,716

1,307

Loss on extinguishment of debt

^[1]

$ 0

$ 195

$ 53

With Subsidiary Guarantee

Extinguishment of debt, gain (loss), net of tax

$ 68

$ 80

Loss on extinguishment of debt

$ 105

With Subsidiary Guarantee | Fixed Rate 5.625 Percent Notes Due February 2022

$ 285

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

5.625%

$ 750

With Subsidiary Guarantee | Fixed Rate 5.625% Notes Due October 2023

6.875%

$ 50

$ 270

$ 50

Repayments of long-term debt

5.625%

$ 54

With Subsidiary Guarantee | $320 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes")

180

With Subsidiary Guarantee | 2023 Notes and 2025 Notes

9.375%

Repayments of long-term debt

$ 532

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

Shareholders' Equity (Deficit) - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions

1 Months Ended

3 Months Ended

12 Months Ended

Mar. 03, 2023

Feb. 04, 2022

May 31, 2022

Jul. 31, 2021

Jan. 28, 2023

Oct. 29, 2022

Jul. 30, 2022

Apr. 30, 2022

Jan. 29, 2022

Oct. 30, 2021

Jul. 31, 2021

May 01, 2021

Jan. 30, 2021

Oct. 31, 2020

Aug. 01, 2020

May 02, 2020

Jan. 28, 2023

Jan. 29, 2022

Jan. 30, 2021

Feb. 02, 2022

Mar. 31, 2021

28,230,000

$ 1,500

312

$ 1,964

Dividends payable, amount per share (in USD per share)

$ 0

$ 0.80

$ 0.60

Dividends paid (in dollars per share)

$ 0.20

$ 0.15

$ 0

$ 0.30

$ 0.80

$ 0.45

$ 0.30

Subsequent Event

Dividends paid (in dollars per share)

$ 0.20

Par Value

$ 13

$ 11

Paid-In Capital

Retained Earnings (Accumulated Deficit)

March 2018 Repurchase Program

$ 1,212

$ 1,420

Stock repurchase program, remaining authorized repurchase amount

$ 79

March 2021 Repurchase Program

^[1]

6,996,000

Stock repurchase program, remaining authorized repurchase amount

^[1]

$ 500

$ 36

July 2021 Repurchase Program

^[1]

$ 464

10,000,000

$ 1,500

^[1],[2]

$ 1,500

^[1],[2]

Stock retired (in shares)

$ 730

21,000,000

February 2022 Repurchase Program

26,696,000

Stock repurchase program, remaining authorized repurchase amount

$ 1,500

$ 188

188

Stock retired (in shares)

$ 1,312

27,000,000

February 2022 Repurchase Program, Accelerated Share Repurchase Program

14,000,000

7,000,000

20,295,000

$ 1,000

Shares repurchased, percentage of shares expected to be acquired

$ 1,000

80.00%

[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.

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Jan. 28, 2023	Mar. 10, 2023	Jul. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jan. 28, 2023
Document Transition Report	false
Entity File Number	1-8344
Entity Registrant Name	BATH & BODY WORKS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	31-1029810
Entity Address, Address Line One	Three Limited Parkway,
Entity Address, City or Town	Columbus,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43230
City Area Code	614
Local Phone Number	415-7000
Title of 12(b) Security	Common Stock, $0.50 Par Value
Trading Symbol	BBWI
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 8.1
Entity Common Stock, Shares Outstanding		228,766,151
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Proxy Statement for the Registrant’s 2023 Annual Meeting of Stockholders are incorporated by reference into Part III.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0000701985
Current Fiscal Year End Date	--01-28

Earnings Per Share

12 Months Ended

Jan. 28, 2023

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

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 2022, 2021 and 2020:


	2022	2021	2020
	(in millions)
Common Shares	247	282	286
Treasury Shares	(15)	(13)	(8)
Basic Shares	232	269	278
Effect of Dilutive Awards	1	4	3
Diluted Shares	233	273	281
Anti-dilutive Awards (a)	1	1	5

________________

(a)These awards were excluded from the calculation of Diluted Earnings per Share because their inclusion would have been anti-dilutive.

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

3 Months Ended

12 Months Ended

Jan. 28, 2023

Oct. 29, 2022

Jul. 30, 2022

Apr. 30, 2022

Jan. 29, 2022

^[1]

Oct. 30, 2021

^[2]

Jul. 31, 2021

May 01, 2021

^[3]

Jan. 28, 2023

Jan. 29, 2022

Jan. 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

$ 6

$ 0

$ 2

$ (89)

$ 159

$ 186

$ 6

$ 258

$ (21)

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

5,413

(1,841)

(3,842)

General, Administrative and Store Operating Expenses

^[4]

(975)

(1,595)

Interest Expense

(2)

(6)

Other Loss

(3)

Income (Loss) from Discontinued Operations Before Income Taxes

373

(30)

Provision (Benefit) for Income Taxes

^[5]

(6)

115

(9)

Income (Loss) from Discontinued Operations, Net of Tax

$ 6

258

$ (21)

Separation Related Expenses

$ 104

[1]	Operating Income includes the effect of a pre-tax loss related to the write-off of inventory that was destroyed by a tornado at a vendor’s factory of $9 million ($7 million after-tax).
[2]	Net Income from Continuing Operations includes the effect of an $89 million pre-tax loss ($68 million after-tax) associated with the early extinguishment of outstanding notes.
[3]	Net Income from Continuing Operations includes the effect of a $105 million pre-tax loss ($80 million after-tax) associated with the early extinguishment of outstanding notes.
[4]	Fiscal 2021 includes Separation-related fees of $104 million. Prior to the Separation, these fees were reported in the Other category under the Company's previous segment reporting.
[5]	(b)Fiscal 2022 includes an adjustment to the previously recorded tax expense related to the Separation.

Long-Lived Assets

12 Months Ended

Jan. 28, 2023

Property, Plant and Equipment [Abstract]

Long-Lived Assets

The following table provides details of Property and Equipment, Net as of January 28, 2023 and January 29, 2022:


	January 28, 2023		January 29, 2022
	(in millions)
Land and Improvements	$	90	$	89
Buildings and Improvements	306		301
Furniture, Fixtures, Software and Equipment	1,637		1,408
Leasehold Improvements	809		722
Construction in Progress	73		63
Total	2,915		2,583
Accumulated Depreciation and Amortization	(1,722)		(1,574)
Property and Equipment, Net	$	1,193	$	1,009

Depreciation expense from continuing operations was $221 million in 2022, $205 million in 2021 and $195 million in 2020.

The Company’s internationally-based long-lived assets, including operating lease assets, were $146 million as of January 28, 2023 and $116 million as of January 29, 2022.

Income Taxes (Tables)

12 Months Ended

Jan. 28, 2023

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The following table provides the components of the Company’s provision for income taxes for 2022, 2021 and 2020:


	2022		2021		2020
	(in millions)
Current:
U.S. Federal	$	180	$	249	$	178
U.S. State	48		53		52
Non-U.S.	8		4		10
Total	236		306		240
Deferred:
U.S. Federal	10		24		6
U.S. State	—		10		5
Non-U.S.	5		8		6
Total	15		42		17
Provision for Income Taxes	$	251	$	348	$	257

Reconciliation of the Statutory Federal Income Tax Rate and the Effective Tax Rate

The following table provides the reconciliation between the statutory federal income tax rate and the effective tax rate for 2022, 2021 and 2020:


	2022		2021		2020
Federal Income Tax Rate	21.0	%	21.0	%	21.0	%
State Income Taxes, Net of Federal Income Tax Effect	4.1	%	4.2	%	4.9	%
Impact of Non-U.S. Operations	0.1	%	0.1	%	0.5	%
Share-based Compensation	(0.7	%)	(0.7	%)	0.7	%
Uncertain Tax Positions	(0.7	%)	(0.5	%)	(4.9	%)
Other Items, Net	0.2	%	0.4	%	0.7	%
Effective Tax Rate	24.0	%	24.5	%	22.9	%

Effect of Temporary Differences that Cause Deferred Income Taxes

The following table provides the effect of temporary differences that cause deferred income taxes as of January 28, 2023 and January 29, 2022:


	January 28, 2023						January 29, 2022
	Assets		Liabilities		Total		Assets		Liabilities		Total
	(in millions)
Loss Carryforwards	$	396	$	—	$	396	$	405	$	—	$	405
Leases	275		(261)		14		275		(262)		13
Share-based Compensation	9		—		9		8		—		8
Property and Equipment	—		(139)		(139)		—		(105)		(105)
Trade Names	—		(38)		(38)		—		(38)		(38)
Other Assets	—		(62)		(62)		—		(62)		(62)
Other, Net	67		(14)		53		46		(16)		30
Valuation Allowance	(364)		—		(364)		(363)		—		(363)
Total Deferred Income Taxes	$	383	$	(514)	$	(131)	$	371	$	(483)	$	(112)

The following table summarizes the activity related to the Company’s unrecognized tax benefits for U.S. federal, state and non-U.S. tax jurisdictions for 2022, 2021 and 2020, without interest and penalties:


	2022		2021		2020
	(in millions)
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year	$	147	$	152	$	88
Increases to Unrecognized Tax Benefits for Prior Years	14		5		7
Decreases to Unrecognized Tax Benefits for Prior Years	(12)		(12)		(50)
Increases to Unrecognized Tax Benefits as a Result of Current Year Activity	6		21		113
Decreases to Unrecognized Tax Benefits Relating to Settlements with Taxing Authorities	(2)		(3)		—
Decreases to Unrecognized Tax Benefits as a Result of a Lapse of the Applicable Statute of Limitations	(4)		(16)		(6)
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$	149	$	147	$	152

Shareholders' Equity (Deficit) - Dividends Paid (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

12 Months Ended

Jan. 28, 2023

Oct. 29, 2022

Jul. 30, 2022

Apr. 30, 2022

Jan. 29, 2022

Oct. 30, 2021

Jul. 31, 2021

May 01, 2021

Jan. 30, 2021

Oct. 31, 2020

Aug. 01, 2020

May 02, 2020

Jan. 28, 2023

Jan. 29, 2022

Jan. 30, 2021

Shareholders’ Equity [Abstract]

Ordinary dividends (in dollars per share)

$ 0.20

$ 0.15

$ 0

$ 0.30

$ 0.80

$ 0.45

$ 0.30

Payments of dividends

$ 46

$ 48

$ 39

$ 42

$ 0

$ 83

$ 186

^[1]

$ 120

^[1]

$ 83

^[1]

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

Consolidated Statements of Total Equity (Deficit) (Parenthetical) - $ / shares	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends per share (in USD per share)	$ 0.80	$ 0.45	$ 0.30

Long-term Debt and Borrowing Facilities

12 Months Ended

Jan. 28, 2023

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

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 January 28, 2023 and January 29, 2022:


	January 28, 2023		January 29, 2022
	(in millions)
Senior Debt with Subsidiary Guarantee
$320 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes")	$	317	$	316
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 ("2027 Notes")	283		281
$500 million, 5.25% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)	498		497
$500 million, 7.50% Fixed Interest Rate Notes due June 2029 ("2029 Notes")	491		489
$1 billion, 6.625% Fixed Interest Rate Notes due October 2030 ("2030 Notes")	991		990
$1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	993		992
$700 million, 6.75% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	694		694
Total Senior Debt with Subsidiary Guarantee	$	4,267	$	4,259
Senior Debt
$350 million, 6.95% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	349	$	349
$247 million, 7.60% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	246		246
Total Senior Debt	$	595	$	595
Total Long-term Debt	$	4,862	$	4,854

The following table provides principal payments due on outstanding Long-term Debt in the next five fiscal years and the remaining years thereafter:


Fiscal Year	(in millions)
2023	$	—
2024	—
2025	320
2026	297
2027	—
Thereafter	4,298

Cash paid for interest was $339 million in 2022, $354 million in 2021 and $415 million in 2020.

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-off of unamortized issuance costs. This loss is included in Other Income (Loss) in the 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-off of unamortized issuance costs. This loss is included in Other Income (Loss) in the 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 January 28, 2023, the Company's borrowing base was $525 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 January 28, 2023 that reduced its availability under the ABL Facility. As of January 28, 2023, the Company's availability under the ABL Facility was $509 million.

As of January 28, 2023, 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 January 28, 2023, the Company was not required to maintain this ratio.

Consolidated Statements of Income - USD ($)
$ in Millions

12 Months Ended

Jan. 28, 2023

Jan. 29, 2022

Jan. 30, 2021

Income Statement [Abstract]

Costs of Goods Sold, Buying and Occupancy

$ 7,560

$ 7,882

$ 6,434

(4,305)

(4,027)

(3,338)

Gross Profit

3,255

3,855

3,096

General, Administrative and Store Operating Expenses

(1,879)

(1,846)

(1,492)

Operating Income

1,376

2,009

1,604

Interest Expense

(348)

(388)

(432)

Other Income (Loss)

(198)

(50)

Income from Continuing Operations Before Income Taxes

1,045

1,423

1,122

Provision for Income Taxes

251

348

257

Net Income from Continuing Operations

794

1,075

865

Income (Loss) from Discontinued Operations, Net of Tax

258

(21)

^[1]

$ 800

$ 1,333

$ 844

Net Income (Loss) per Basic Share

$ 3.43

$ 4.00

$ 3.11

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

0.03

0.96

(0.07)

3.45

4.96

3.04

Net Income (Loss) per Diluted Share

3.40

3.94

3.07

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

0.03

0.95

(0.07)

$ 3.43

$ 4.88

$ 3.00

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

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

3 Months Ended

12 Months Ended

Jan. 28, 2023

Oct. 29, 2022

Jul. 30, 2022

Apr. 30, 2022

Jan. 29, 2022

^[1]

Oct. 30, 2021

^[2]

Jul. 31, 2021

May 01, 2021

^[3]

Jan. 28, 2023

Jan. 29, 2022

Jan. 30, 2021

$ 2,889

$ 1,604

$ 1,618

$ 1,450

$ 3,027

$ 1,681

$ 1,704

$ 1,470

$ 7,560

$ 7,882

$ 6,434

Stores - U.S. and Canada

5,476

5,709

4,207

Direct - U.S. and Canada

Bath & Body Works International

1,745

1,890

2,003

^[4]

$ 339

$ 283

$ 224

[1]	Operating Income includes the effect of a pre-tax loss related to the write-off of inventory that was destroyed by a tornado at a vendor’s factory of $9 million ($7 million after-tax).
[2]	Net Income from Continuing Operations includes the effect of an $89 million pre-tax loss ($68 million after-tax) associated with the early extinguishment of outstanding notes.
[3]	Net Income from Continuing Operations includes the effect of a $105 million pre-tax loss ($80 million after-tax) associated with the early extinguishment of outstanding notes.
[4]	Results include royalties associated with franchised stores and wholesale sales.

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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Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other (Tables)

12 Months Ended

Jan. 28, 2023

Schedule of Accrued Liabilities

The following table provides additional information about the composition of Accrued Expenses and Other as of January 28, 2023 and January 29, 2022:


	January 28, 2023		January 29, 2022
	(in millions)
Deferred Revenue, Principally from Gift Card Sales	$	195	$	148
Compensation, Payroll Taxes and Benefits	127		142
Interest	74		75
Taxes, Other than Income	35		39
Rent	41		47
Accrued Claims on Self-insured Activities	36		38
Other	165		162
Total Accrued Expenses and Other	$	673	$	651

Description of Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jan. 28, 2023

Accounting Policies [Abstract]

Description of Business

Fiscal Year

Fiscal YearThe Company's fiscal year ends on the Saturday nearest to January 31. As used herein, “2022," "2021," and “2020” refer to the 52-week periods ended January 28, 2023, January 29, 2022 and January 30, 2021, respectively.

Basis of Consolidation

Cash and Cash Equivalents

Concentration of Credit Risk

Inventories

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

Advertising Costs

Advertising CostsAdvertising and marketing costs are expensed at the time the promotion first appears in media, in the store or when the advertising is mailed.

Property and Equipment

The Company’s Property and Equipment are recorded at cost and depreciation is computed on a straight-line basis using the following depreciable life ranges:


Category of Property and Equipment						Depreciable Life Range
Software, including software developed for internal use						3 - 5 years
Store related assets						3 - 10 years
Leasehold improvements						Shorter of lease term or 10 years
Non-store related building and site improvements						10 - 15 years
Other property and equipment						20 years
Buildings						30 years

Leases and Leasehold Improvements

inception of the initial lease term are depreciated over the shorter of their estimated useful lives or the remaining lease term, including renewal periods, if reasonably assured.

Intangible Assets - Goodwill and Trade Names

Intangible Assets - Goodwill and Trade Name

The Company has recorded Goodwill and Trade Name intangible assets resulting from business combinations that are recorded at cost.

Foreign Currency Translation

Derivative Financial Instruments

Equity Investments

Easton Investments

Fair Value

•Level 1 - Quoted market prices in active markets for identical assets or liabilities.

The Company estimates the fair value of financial instruments, Property and Equipment, Net, Goodwill and its Trade Name in accordance with the provisions of ASC 820.

Income Taxes

Self-Insurance

Noncontrolling Interest

Noncontrolling interest represents the portion of equity interests of consolidated affiliates not owned by the Company.

Share-based Compensation

Revenue Recognition

Costs of Goods Sold, Buying and Occupancy

General, Administrative and Store Operating Expenses

Use of Estimates in the Preparation of Financial Statements

Recently Issued Accounting Pronouncements

Long-term Debt and Borrowing Facilities - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jan. 29, 2022
Debt Instrument [Line Items]
Long-term debt	$ 4,862	$ 4,854
With Subsidiary Guarantee \| $320 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes")
Debt Instrument [Line Items]
Long-term debt	317	316
Debt instrument, face amount	$ 320
Interest rate	9.375%
With Subsidiary Guarantee \| $297 million, 6.694% Fixed Interest Rate Notes due January 2027 ("2027 Notes")
Debt Instrument [Line Items]
Long-term debt	$ 283	281
Debt instrument, face amount	$ 297
Interest rate	6.694%
With Subsidiary Guarantee \| $500 million, 5.25% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)
Debt Instrument [Line Items]
Long-term debt	$ 498	497
Debt instrument, face amount	$ 500
Interest rate	5.25%
With Subsidiary Guarantee \| $500 million, 7.50% Fixed Interest Rate Notes due June 2029 ("2029 Notes")
Debt Instrument [Line Items]
Long-term debt	$ 491	489
Debt instrument, face amount	$ 500
Interest rate	7.50%
With Subsidiary Guarantee \| $1 billion, 6.625% Fixed Interest Rate Notes due October 2030 ("2030 Notes")
Debt Instrument [Line Items]
Long-term debt	$ 991	990
Debt instrument, face amount	$ 1,000
Interest rate	6.625%
With Subsidiary Guarantee \| $1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)
Debt Instrument [Line Items]
Long-term debt	$ 993	992
Debt instrument, face amount	$ 1,000
Interest rate	6.875%
With Subsidiary Guarantee \| $700 million, 6.75% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)
Debt Instrument [Line Items]
Long-term debt	$ 694	694
Debt instrument, face amount	$ 700
Interest rate	6.75%
With Subsidiary Guarantee \| Senior Debt Obligations
Debt Instrument [Line Items]
Long-term debt	$ 4,267	4,259
Without Subsidiary Guarantee
Debt Instrument [Line Items]
Long-term debt	595	595
Without Subsidiary Guarantee \| $350 million, 6.95% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)
Debt Instrument [Line Items]
Long-term debt	349	349
Debt instrument, face amount	$ 350
Interest rate	6.95%
Without Subsidiary Guarantee \| $247 million, 7.60% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)
Debt Instrument [Line Items]
Long-term debt	$ 246	$ 246
Debt instrument, face amount	$ 247
Interest rate	7.60%

Accrued Expenses and Other (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jan. 29, 2022
Accrued Liabilities, Current [Abstract]
Deferred Revenue, Principally from Gift Card Sales	$ 195	$ 148
Compensation, Payroll Taxes and Benefits	127	142
Interest	74	75
Taxes, Other than Income	35	39
Rent	41	47
Accrued Claims on Self-insured Activities	36	38
Other	165	162
Total Accrued Expenses and Other	$ 673	$ 651

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jan. 29, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 628	$ 628
Trade Name	$ 165	$ 165

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Jan. 28, 2023	Jan. 29, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized (in shares)	10	10
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	244	269
Common stock, shares outstanding (in shares)	229	254
Treasury stock (in shares)	15	15

Leases - Narrative (Details) $ in Millions	Jan. 28, 2023 USD ($)
Leases [Abstract]
Additional operating lease commitments not yet commenced	$ 55

Discontinued Operations - Schedule of Consideration and Costs Recognized for Transition Service Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022
Discontinued Operations and Disposal Groups [Abstract]
Transition service consideration	$ 74	$ 42
Transition service cost	$ 72	$ 55

Income Taxes

12 Months Ended

Jan. 28, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income TaxesCurrent income tax expense represents the amounts expected to be reported on the Company’s income tax returns, and deferred tax expense or benefit represents the change in net deferred tax assets and liabilities. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the

enacted tax rates that will be in effect when these differences reverse. Valuation allowances are recorded as appropriate to reduce deferred tax assets to the amount considered likely to be realized.

The following table provides the components of the Company’s provision for income taxes for 2022, 2021 and 2020:


	2022		2021		2020
	(in millions)
Current:
U.S. Federal	$	180	$	249	$	178
U.S. State	48		53		52
Non-U.S.	8		4		10
Total	236		306		240
Deferred:
U.S. Federal	10		24		6
U.S. State	—		10		5
Non-U.S.	5		8		6
Total	15		42		17
Provision for Income Taxes	$	251	$	348	$	257

The non-U.S. component of pre-tax income, arising principally from overseas operations, was income of $94 million, $110 million and $67 million for 2022, 2021 and 2020, respectively.

The following table provides the reconciliation between the statutory federal income tax rate and the effective tax rate for 2022, 2021 and 2020:


	2022		2021		2020
Federal Income Tax Rate	21.0	%	21.0	%	21.0	%
State Income Taxes, Net of Federal Income Tax Effect	4.1	%	4.2	%	4.9	%
Impact of Non-U.S. Operations	0.1	%	0.1	%	0.5	%
Share-based Compensation	(0.7	%)	(0.7	%)	0.7	%
Uncertain Tax Positions	(0.7	%)	(0.5	%)	(4.9	%)
Other Items, Net	0.2	%	0.4	%	0.7	%
Effective Tax Rate	24.0	%	24.5	%	22.9	%

Deferred Taxes

Deferred tax assets and liabilities represent the future effects on income taxes resulting from temporary differences and carryforwards at the end of the respective year.

The following table provides the effect of temporary differences that cause deferred income taxes as of January 28, 2023 and January 29, 2022:


	January 28, 2023						January 29, 2022
	Assets		Liabilities		Total		Assets		Liabilities		Total
	(in millions)
Loss Carryforwards	$	396	$	—	$	396	$	405	$	—	$	405
Leases	275		(261)		14		275		(262)		13
Share-based Compensation	9		—		9		8		—		8
Property and Equipment	—		(139)		(139)		—		(105)		(105)
Trade Names	—		(38)		(38)		—		(38)		(38)
Other Assets	—		(62)		(62)		—		(62)		(62)
Other, Net	67		(14)		53		46		(16)		30
Valuation Allowance	(364)		—		(364)		(363)		—		(363)
Total Deferred Income Taxes	$	383	$	(514)	$	(131)	$	371	$	(483)	$	(112)

As of January 28, 2023, the Company had loss carryforwards of $396 million, of which $248 million had an indefinite carryforward. The remainder of the U.S. and non-U.S. carryforwards, if unused, will expire at various dates from 2023 through 2040 and 2030 through 2041, respectively. For certain jurisdictions where the Company has determined that it is more likely than not that the loss carryforwards will not be realized, a valuation allowance has been provided on those loss carryforwards as well as other net deferred tax assets.

Income tax payments were $188 million for 2022, $487 million for 2021 and $200 million for 2020.

Uncertain Tax Positions


	2022		2021		2020
	(in millions)
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year	$	147	$	152	$	88
Increases to Unrecognized Tax Benefits for Prior Years	14		5		7
Decreases to Unrecognized Tax Benefits for Prior Years	(12)		(12)		(50)
Increases to Unrecognized Tax Benefits as a Result of Current Year Activity	6		21		113
Decreases to Unrecognized Tax Benefits Relating to Settlements with Taxing Authorities	(2)		(3)		—
Decreases to Unrecognized Tax Benefits as a Result of a Lapse of the Applicable Statute of Limitations	(4)		(16)		(6)
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$	149	$	147	$	152

Of the total gross unrecognized tax benefits, approximately $135 million, $132 million and $142 million, at January 28, 2023, January 29, 2022, and January 30, 2021, respectively, represent the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods. These amounts are net of the offsetting tax effects from other tax jurisdictions.

Of the total unrecognized tax benefits, it is reasonably possible that $107 million could change in the next 12 months due to audit settlements, expiration of statute of limitations or other resolution of uncertainties. Due to the uncertain and complex application of tax regulations, it is possible that the ultimate resolution of audits may result in amounts which could be different from this estimate. In such case, the Company will record additional tax expense or tax benefit in the period in which such matters are effectively settled.

The Company recognizes interest and penalties related to unrecognized tax benefits as components of income tax expense. The Company recognized an income tax expense from interest and penalties of approximately $2 million for 2022, and income tax benefits of $2 million and $3 million in 2021 and 2020, respectively. The Company had accrued $10 million and $8 million for the payment of interest and penalties as of January 28, 2023 and January 29, 2022, respectively. Accrued interest and penalties are included within Other Long-term Liabilities on the Consolidated Balance Sheets.

The Company files U.S. federal income tax returns as well as income tax returns in various states and in non-U.S. jurisdictions. The Company is a participant in the Compliance Assurance Process ("CAP"), which is a program made available by the Internal Revenue Service ("IRS") to certain qualifying large taxpayers, under which participants work collaboratively with the IRS to identify and resolve potential tax issues through open, cooperative and transparent interaction prior to the annual filing of their federal income tax returns. The IRS is currently examining the Company's 2020, 2021 and 2022 consolidated U.S. federal income tax returns.

The Company is also subject to various state and local income tax examinations for the years 2017 to 2021. Finally, the Company is subject to multiple non-U.S. tax jurisdiction examinations for the years 2010 to 2021. In some situations, the Company determines that it does not have a filing requirement in a particular tax jurisdiction. Where no return has been filed, no statute of limitations applies. Accordingly, if a tax jurisdiction reaches a conclusion that a filing requirement does exist, additional years may be reviewed by the tax authority. The Company believes it has appropriately accounted for uncertainties related to this issue.

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.

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

Long-term Debt and Borrowing Facilities (Tables)

12 Months Ended

Jan. 28, 2023

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 January 28, 2023 and January 29, 2022:


	January 28, 2023		January 29, 2022
	(in millions)
Senior Debt with Subsidiary Guarantee
$320 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes")	$	317	$	316
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 ("2027 Notes")	283		281
$500 million, 5.25% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)	498		497
$500 million, 7.50% Fixed Interest Rate Notes due June 2029 ("2029 Notes")	491		489
$1 billion, 6.625% Fixed Interest Rate Notes due October 2030 ("2030 Notes")	991		990
$1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	993		992
$700 million, 6.75% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	694		694
Total Senior Debt with Subsidiary Guarantee	$	4,267	$	4,259
Senior Debt
$350 million, 6.95% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	349	$	349
$247 million, 7.60% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	246		246
Total Senior Debt	$	595	$	595
Total Long-term Debt	$	4,862	$	4,854

Schedule of Principal Payments Due on Long-term Debt

The following table provides principal payments due on outstanding Long-term Debt in the next five fiscal years and the remaining years thereafter:


Fiscal Year	(in millions)
2023	$	—
2024	—
2025	320
2026	297
2027	—
Thereafter	4,298

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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Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Leases [Abstract]
Operating Lease Costs	$ 238	$ 216	$ 223
Variable Lease Costs	107	108	59
Short-term Lease Costs	37	34	29
Total Lease Cost	$ 382	$ 358	$ 311

Quarterly Financial Data (Unaudited) - Narrative (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Jan. 29, 2022

Oct. 30, 2021

May 01, 2021

Jan. 28, 2023

Jan. 29, 2022

Jan. 30, 2021

Gain (loss) on extinguishment of debt

^[1]

$ 0

$ (195)

$ (53)

Inventory write-down

$ 9

Inventory write-down, net of tax

$ 7

With Subsidiary Guarantee

Gain (loss) on extinguishment of debt

$ (89)

$ (105)

Extinguishment of debt, gain (loss), net of tax

$ (68)

$ (80)

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

Consolidated Statements of Total Equity (Deficit) - USD ($)
shares in Thousands, $ in Millions

Total

February 2022 Repurchase Program, Accelerated Share Repurchase Program

Common Stock

February 2022 Repurchase Program, Accelerated Share Repurchase Program

Paid-In Capital

Accumulated Other Comprehensive Income

Retained Earnings (Accumulated Deficit)

Treasury Stock, at Average Cost

February 2022 Repurchase Program, Accelerated Share Repurchase Program

Noncontrolling Interest

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

277,000

277,000

Beginning Balance at Feb. 01, 2020

$ (1,495)

$ 142

$ 847

$ 52

$ (2,182)

$ (358)

$ 4

Other Comprehensive Income (Loss)

844

^[1]

844

Share-based Compensation and Other (in shares)

875

844

Cash Dividends

(83)

1,000

Share-based Compensation and Other

$ 1

(3)

Ending Balance at Jan. 30, 2021

(661)

$ 143

891

(1,421)

(358)

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

278,000

278,000

Other Comprehensive Income (Loss)

1,333

^[1]

1,333

Victoria's Secret Spin-Off

1,338

1,333

(183)

(8)

(175)

Cash Dividends

$ (120)

(120)

(28,230)

(28,000)

Treasury Share Retirement

$ (1,964)

$ 0

(1,964)

$ (11)

(69)

(1,420)

1,500

Share-based Compensation and Other (in shares)

4,000

Share-based Compensation and Other

$ 2

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

Other Comprehensive Income (Loss)

$ 800

^[1]

800

(2)

798

(2)

800

Cash Dividends

(186)

(20,295)

(7,000)

(20,000)

Treasury Share Retirement

(312)

$ (1,000)

(312)

$ (1,000)

$ (13)

(87)

(1,212)

1,312

Share-based Compensation and Other (in shares)

2,000

Share-based Compensation and Other

$ 1

Ending Balance at Jan. 28, 2023

$ (2,205)

$ 122

$ 817

$ 78

$ (2,401)

$ (822)

$ 1

Statement of Comprehensive Income [Abstract]

229,000

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

Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions

12 Months Ended

Jan. 28, 2023

Jan. 29, 2022

Jan. 30, 2021

Other Comprehensive Income (Loss), Net of Tax:

^[1]

$ 800

$ 1,333

$ 844

Foreign Currency Translation

(2)

(3)

Reclassification of Currency Translation to Earnings

Unrealized Gain (Loss) on Cash Flow Hedges

(2)

Reclassification of Cash Flow Hedges to Earnings

(2)

Total Other Comprehensive Income (Loss), Net of Tax

(2)

$ 798

$ 1,338

$ 875

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the Consolidated Statements of Cash Flows include the results from 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 Statements of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Jan. 28, 2023

Jan. 29, 2022

Jan. 30, 2021

Statement of Cash Flows [Abstract]

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

^[1]

$ 800

$ 1,333

$ 844

Depreciation of Long-lived Assets

^[1]

221

363

521

Loss on Extinguishment of Debt

^[1]

195

Share-based Compensation Expense

^[1]

Deferred Income Taxes

^[1]

Victoria's Secret Asset Impairment Charges

^[1]

254

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

^[1]

(39)

^[1]

(54)

Changes in Assets and Liabilities:

Accounts Receivable

^[1]

(64)

Inventories

^[1]

(177)

Accounts Payable, Accrued Expenses and Other

^[1]

(86)

166

Income Taxes Payable

^[1]

(72)

(43)

Other Assets and Liabilities

^[1]

(26)

(91)

213

Net Cash Provided by Operating Activities

^[1]

1,144

1,492

2,039

Investing Activities

Capital Expenditures

^[1]

(328)

(270)

(228)

Other Investing Activities

^[1]

Net Cash Used for Investing Activities

^[1]

(328)

(259)

(219)

Financing Activities

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

^[1]

2,218

Payments of Long-term Debt

^[1]

(1,716)

(1,307)

Borrowing from revolving credit agreement

^[1]

950

Repayment of revolving credit agreement

^[1]

(950)

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

^[1]

976

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

^[1]

(25)

(376)

Net Repayments of Victoria's Secret Foreign Facilities

^[1]

(155)

Repurchases of Common Stock

^[1]

(1,312)

(1,964)

Dividends Paid

^[1]

(186)

(120)

(83)

Proceeds from Stock Option Exercises

^[1]

(32)

(59)

(12)

Payments of Finance Lease Obligations

^[1]

(9)

(12)

(53)

Other Financing Activities

^[1]

(4)

(6)

Net Cash Provided by (Used for) Financing Activities

^[1]

(1,562)

(3,188)

610

Effects of Exchange Rate Changes on Cash and Cash Equivalents

^[1]

(1)

Net Increase (Decrease) in Cash and Cash Equivalents

^[1]

(747)

(1,954)

2,434

Cash and Cash Equivalents, Beginning of Year

^[1]

1,979

3,933

1,499

Cash and Cash Equivalents, End of Year

^[1]

$ 1,232

$ 1,979

$ 3,933

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

Audit Information	12 Months Ended
Audit Information	Jan. 28, 2023
Auditor Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Grandview Heights, Ohio
Auditor Firm ID	42

Retirement Benefits	12 Months Ended
Retirement Benefits	Jan. 28, 2023
Retirement Benefits [Abstract]
Retirement Benefits	Retirement BenefitsThe Company sponsors a tax-qualified defined contribution retirement plan for substantially all of its associates within the U.S. Participation is available to associates who meet certain age and service requirements. The qualified plan permits participating associates to elect contributions up to the maximum limits allowable under the Internal Revenue Code. The Company matches associate contributions according to a predetermined formula and contributes additional amounts based on a percentage of the associates’ eligible annual compensation and years of service. Associate contributions and Company matching contributions vest immediately. Additional Company contributions and the related investment earnings are subject to vesting based on years of service. Total expense recognized related to the qualified plan was $35 million for 2022, $38 million for 2021 and $37 million for 2020.

The entire disclosure for retirement benefits.

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Stockholders' Equity Note [Abstract]

Income Taxes - Activity Related to its Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year	$ 147	$ 152	$ 88
Increases to Unrecognized Tax Benefits for Prior Years	14	5	7
Decreases to Unrecognized Tax Benefits for Prior Years	(12)	(12)	(50)
Increases to Unrecognized Tax Benefits as a Result of Current Year Activity	6	21	113
Decreases to Unrecognized Tax Benefits Relating to Settlements with Taxing Authorities	(2)	(3)	0
Decreases to Unrecognized Tax Benefits as a Result of a Lapse of the Applicable Statute of Limitations	(4)	(16)	(6)
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$ 149	$ 147	$ 152

Shareholders' Equity (Deficit)

12 Months Ended

Jan. 28, 2023

Shareholders' Equity (Deficit)

Shareholders’ Equity (Deficit)

Common Stock Share Repurchases

The Company did not repurchase any shares of its common stock during 2020.

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, in July 2021 the Company entered into a stock repurchase agreement with its former Chief Executive Officer and certain of his affiliated entities pursuant to which the Company repurchased 10 million shares of its common stock for an aggregate purchase price of $730 million.

The Company repurchased the following shares of its common stock during 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)			11,234	770		68.53
Total			28,230	$	1,964

_______________

(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.

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 14 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 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 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 January 28, 2023.

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 21 million shares repurchased under the July 2021 Program during 2021, which resulted in reductions of $11 million in the par value of Common Stock, $69 million in Paid-in Capital and $1.420 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 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 2022, 2021 and 2020:


	Ordinary Dividends			Total Paid
	(per share)		(in millions)
2022
First Quarter	$	0.20		$	48
Second Quarter	0.20			46
Third Quarter	0.20			46
Fourth Quarter	0.20			46
2022 Total	$	0.80		$	186
2021
First Quarter	$	—		$	—
Second Quarter	0.15			42
Third Quarter	0.15			39
Fourth Quarter	0.15			39
2021 Total	$	0.45		$	120
2020
First Quarter	$	0.30		$	83
Second Quarter	—			—
Third Quarter	—			—
Fourth Quarter	—			—
2020 Total	$	0.30		$	83

On March 3, 2023, the Company paid its first quarter 2023 dividend of $0.20 per share to stockholders of record at the close of business on February 17, 2023.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Income Taxes - Effect of Temporary Differences that Cause Deferred Income Taxes (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jan. 29, 2022
Deferred Tax Asset and Liability [Line Items]
Deferred tax liabilities, gross, noncurrent	$ (514)	$ (483)
Liabilities	(131)	(112)
Deferred tax assets, net of valuation allowance	383	371
Loss Carryforwards
Deferred Tax Asset and Liability [Line Items]
Assets	396	405
Deferred tax liabilities, gross, noncurrent	0	0
Deferred tax assets, net	396	405
Leases
Deferred Tax Asset and Liability [Line Items]
Assets	275	275
Deferred tax liabilities, gross, noncurrent	(261)	(262)
Deferred tax assets, net	14	13
Share-based Compensation
Deferred Tax Asset and Liability [Line Items]
Assets	9	8
Deferred tax liabilities, gross, noncurrent	0	0
Deferred tax assets, net	9	8
Property and Equipment
Deferred Tax Asset and Liability [Line Items]
Assets	0	0
Deferred tax liabilities, gross, noncurrent	(139)	(105)
Liabilities	(139)	(105)
Trade Names
Deferred Tax Asset and Liability [Line Items]
Assets	0	0
Deferred tax liabilities, gross, noncurrent	(38)	(38)
Liabilities	(38)	(38)
Other Assets
Deferred Tax Asset and Liability [Line Items]
Assets	0	0
Deferred tax liabilities, gross, noncurrent	(62)	(62)
Liabilities	(62)	(62)
Other, Net
Deferred Tax Asset and Liability [Line Items]
Assets	67	46
Deferred tax liabilities, gross, noncurrent	(14)	(16)
Deferred tax assets, net	53	30
Valuation Allowance
Deferred Tax Asset and Liability [Line Items]
Deferred tax liabilities, gross, noncurrent	0	0
Deferred tax assets, valuation allowance	$ (364)	$ (363)

Intangible Assets	12 Months Ended
Intangible Assets	Jan. 28, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Goodwill The Company's Goodwill was $628 million as of January 28, 2023 and January 29, 2022. The Company performed its qualitative goodwill impairment assessments as of January 28, 2023 and January 29, 2022 and determined that it was not more likely than not that fair value was less than carrying value (including goodwill) as of both dates. Trade Name The Company's Trade Name was $165 million as of January 28, 2023 and January 29, 2022. The Company performed its impairment assessments of the Trade Name as of January 28, 2023 and January 29, 2022, utilizing the relief from royalty method under the income approach, and determined that its fair value was greater than its carrying value as of both dates.

Discontinued Operations - Narrative (Details)
$ in Millions

12 Months Ended

Aug. 02, 2021

USD ($)

period

Jan. 28, 2023

USD ($)

Jan. 29, 2022

USD ($)

Jan. 30, 2021

USD ($)

Oct. 30, 2021

USD ($)

Aug. 03, 2021

Jul. 31, 2021

USD ($)

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

$ 976

Spinoff transaction, reduction in retained earnings

$ 175

Payments related to spinoff

^[1]

$ 25

$ 376

$ 0

Spinoff transaction, reduction net accumulated other comprehensive income

$ 8

Transition services agreements, number of extension periods | period

Transition services agreements, extension period term

1 year

Domestic transportation services, initial term

3 years

Minimum

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

Domestic transportation services, termination written notice term

18 months

Maximum

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

Transition services agreements, general service term

2 years

Transition services agreements, information technology service term

3 years

Domestic transportation services, termination written notice term

36 months

Victoria's Secret & Co. 4.625% Note Due July 2029 | Loans Payable

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

Debt instrument, face amount

$ 600

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

4.625%

Victoria's Secret Co.

Ownership interest

0.00%

Victoria's Secret Co.

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

Common stock distributed, percentage

100.00%

Spinoff transaction, number of shares received per common stock exchanged

0.33

Cash and cash equivalents transferred to Victoria's Secret & Co. from subsidiaries

$ 282

Payments related to spinoff

$ 94

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

Inventories (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jan. 29, 2022
Inventory, Net [Abstract]
Finished Goods Merchandise	$ 538	$ 521
Raw Materials and Merchandise Components	171	188
Total Inventories	$ 709	$ 709

Share-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, restricted and unrestricted shares authorized (in shares)	206
Options and shares available for grant (in shares)	14
Tax benefit (expense) associated with share based compensation	$ (7)	$ (10)	$ (8)
Share-based compensation, option, cost not yet recognized	$ 1
Options, outstanding (in shares)	1
Options, outstanding, intrinsic value	$ 5
Restricted Stock and Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit (expense) associated with share based compensation	$ (14)	$ (36)	$ (8)
Share-based compensation, weighted average grant date fair value (in dollars per share)	$ 44.73	$ 52.91	$ 17.05
Total intrinsic value of restricted stock vested	$ 88	$ 137	$ 33
Total fair value at grant date of awards vested	36	$ 75	$ 89
Total unrecognized compensation cost related to unvested restricted stock, net of estimated forfeitures	$ 50
Total unrecognized compensation cost, weighted-average period of recognition, years	1 year 6 months
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Minimum \| Stock Options and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Maximum \| Stock Options and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	5 years
Maximum \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award expiration period	10 years

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

12 Months Ended

Jan. 28, 2023

Jan. 29, 2022

Jan. 30, 2021

Long-Lived Assets Held and Used [Line Items]

Depreciation of long-lived assets

^[1]

$ 221

$ 363

$ 521

Continuing Operations

Long-Lived Assets Held and Used [Line Items]

Depreciation of long-lived assets

221

205

$ 195

International

Long-Lived Assets Held and Used [Line Items]

Long-lived assets

$ 146

$ 116

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

Fair Value Measurements

12 Months Ended

Jan. 28, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table provides a summary of the principal value and estimated fair value of outstanding Long-term Debt as of January 28, 2023 and January 29, 2022:


	January 28, 2023		January 29, 2022
	(in millions)
Principal Value	$	4,915	$	4,915
Fair Value, Estimated (a)	4,707		5,493

________________

(a)The estimated fair values are based on reported transaction prices which are considered Level 2 inputs in accordance with ASC 820. 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.

Carrying Value and Fair Value of Long Term Debt, Disclosure

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

Long-term Debt and Borrowing Facilities - Schedule of Principal Payments on Long-term Debt (Details) $ in Millions	Jan. 28, 2023 USD ($)
Long-Term Debt, by Current and Noncurrent [Abstract]
2023	$ 0
2024	0
2025	320
2026	297
2027	0
Thereafter	$ 4,298

Fair Value Measurements (Tables)

12 Months Ended

Jan. 28, 2023

Fair Value Disclosures [Abstract]

The following table provides a summary of the principal value and estimated fair value of outstanding Long-term Debt as of January 28, 2023 and January 29, 2022:


	January 28, 2023		January 29, 2022
	(in millions)
Principal Value	$	4,915	$	4,915
Fair Value, Estimated (a)	4,707		5,493

________________

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

12 Months Ended

Jan. 28, 2023

Jan. 29, 2022

Jan. 30, 2021

Weighted-average Common Shares:

Common Shares (in shares)

247

282

286

Treasury Shares (in shares)

(15)

(13)

(8)

Basic Shares (in shares)

232

269

278

Effect of Dilutive Options and Restricted Stock (in shares)

Diluted Shares (in shares)

233

273

281

Anti-dilutive Options and Awards (in shares)

^[1]

[1]	These awards were excluded from the calculation of Diluted Earnings per Share because their inclusion would have been anti-dilutive.

Leases

12 Months Ended

Jan. 28, 2023

Leases [Abstract]

Leases

The following table provides the components of lease cost for operating leases for 2022, 2021 and 2020:


	2022		2021		2020
	(in millions)
Operating Lease Costs	$	238	$	216	$	223
Variable Lease Costs	107		108		59
Short-term Lease Costs	37		34		29
Total Lease Cost	$	382	$	358	$	311

The following table provides future maturities of operating lease liabilities as of January 28, 2023:


Fiscal Year	(in millions)
2023	$	235
2024	236
2025	222
2026	200
2027	156
Thereafter	369
Total Lease Payments	$	1,418
Less: Interest	(227)
Present Value of Operating Lease Liabilities	$	1,191

The Company accounts for all fixed consideration in a lease as a single lease component. Therefore, the payments used to measure the lease liability include fixed minimum rentals along with fixed operating costs such as common area maintenance and utilities.

As of January 28, 2023, the Company has additional operating lease commitments that have not yet commenced of $55 million.

The following table provides the weighted average remaining lease term and discount rate for operating lease liabilities as of January 28, 2023 and January 29, 2022:


	January 28, 2023		January 29, 2022
Weighted Average Remaining Lease Term (years)	6.6		6.9
Weighted Average Discount Rate	5.4	%	5.4	%

The following table provides supplemental cash flow information related to the Company's operating leases for 2022, 2021 and 2020:


	2022		2021		2020
	(in millions)
Cash paid for Operating Lease Liabilities (a)	$	249	$	245	$	172
Lease Assets obtained as a result of new Lease Liabilities	207		209		204

________________

(a)These payments are included within the Operating Activities section of the Consolidated Statements of Cash Flows.

Finance Leases

The Company leases certain fulfillment equipment under finance leases that expire at various dates through 2029. The Company records finance lease assets, net of accumulated amortization, in Property and Equipment, Net on the Consolidated Balance Sheets. Additionally, the Company records finance lease liabilities in Accrued Expenses and Other and Other Long-term Liabilities on the Consolidated Balance Sheets. Finance lease costs are comprised of the straight-line amortization of the lease asset and the accretion of interest expense under the effective interest method. The Company's finance lease assets and liabilities were not significant for any period presented.

Leases

The following table provides the components of lease cost for operating leases for 2022, 2021 and 2020:


	2022		2021		2020
	(in millions)
Operating Lease Costs	$	238	$	216	$	223
Variable Lease Costs	107		108		59
Short-term Lease Costs	37		34		29
Total Lease Cost	$	382	$	358	$	311

The following table provides future maturities of operating lease liabilities as of January 28, 2023:


Fiscal Year	(in millions)
2023	$	235
2024	236
2025	222
2026	200
2027	156
Thereafter	369
Total Lease Payments	$	1,418
Less: Interest	(227)
Present Value of Operating Lease Liabilities	$	1,191

As of January 28, 2023, the Company has additional operating lease commitments that have not yet commenced of $55 million.

The following table provides the weighted average remaining lease term and discount rate for operating lease liabilities as of January 28, 2023 and January 29, 2022:


	January 28, 2023		January 29, 2022
Weighted Average Remaining Lease Term (years)	6.6		6.9
Weighted Average Discount Rate	5.4	%	5.4	%

The following table provides supplemental cash flow information related to the Company's operating leases for 2022, 2021 and 2020:


	2022		2021		2020
	(in millions)
Cash paid for Operating Lease Liabilities (a)	$	249	$	245	$	172
Lease Assets obtained as a result of new Lease Liabilities	207		209		204

________________

(a)These payments are included within the Operating Activities section of the Consolidated Statements of Cash Flows.

Finance Leases

Inventories

12 Months Ended

Jan. 28, 2023

Inventory, Net [Abstract]

Inventories

The following table provides details of Inventories as of January 28, 2023 and January 29, 2022:


	January 28, 2023		January 29, 2022
	(in millions)
Finished Goods Merchandise	$	538	$	521
Raw Materials and Merchandise Components	171		188
Total Inventories	$	709	$	709

Quarterly Financial Data (Unaudited)

12 Months Ended

Jan. 28, 2023

Quarterly Financial Data [Abstract]

Quarterly Financial Data (Unaudited)

The following table provides summarized quarterly financial data for 2022:


	Fiscal Quarter Ended
	April 30, 2022		July 30, 2022		October 29, 2022		January 28, 2023
	(in millions except per share data)
Net Sales	$	1,450	$	1,618	$	1,604	$	2,889
Gross Profit	669		660		678		1,250
Operating Income	280		242		202		653
Income from Continuing Operations Before Income Taxes	192		158		119		576

Net Income from Continuing Operations	155		120		91		428
Income from Discontinued Operations, Net of Tax	—		—		—		6
Net Income	$	155	$	120	$	91	$	434

Net Income per Basic Share (a)
Continuing Operations	$	0.65	$	0.52	$	0.40	$	1.87
Discontinued Operations	—		—		—		0.03
Total Net Income per Basic Share	$	0.65	$	0.52	$	0.40	$	1.90

Net Income per Diluted Share (a)
Continuing Operations	$	0.64	$	0.52	$	0.40	$	1.86
Discontinued Operations	—		—		—		0.03
Total Net Income per Diluted Share	$	0.64	$	0.52	$	0.40	$	1.89

________________

(a)Due to changes in stock prices during the year and timing of issuances of shares, the cumulative total of quarterly net income per share amounts may not equal the net income per share for the year.

The following table provides summarized quarterly financial data for 2021:


	Fiscal Quarter Ended
	May 1, 2021 (a)		July 31, 2021		October 30, 2021 (b)		January 29, 2022 (c)
	(in millions except per share data)
Net Sales	$	1,470	$	1,704	$	1,681	$	3,027
Gross Profit	742		828		839		1,446
Operating Income	337		384		409		879
Income from Continuing Operations Before Income Taxes	119		287		227		790

Net Income from Continuing Operations	91		215		177		592
Net Income (Loss) from Discontinued Operations, Net of Tax	186		159		(89)		2
Net Income	$	277	$	374	$	88	$	594

Net Income (Loss) per Basic Share (d)
Continuing Operations	$	0.32	$	0.78	$	0.67	$	2.31
Discontinued Operations	0.67		0.58		(0.34)		0.01
Total Net Income per Basic Share	$	0.99	$	1.36	$	0.33	$	2.31

Net Income (Loss) per Diluted Share (d)
Continuing Operations	$	0.32	$	0.77	$	0.66	$	2.27
Discontinued Operations	0.66		0.57		(0.33)		0.01
Total Net Income per Diluted Share	$	0.97	$	1.34	$	0.33	$	2.28

________________

(a)Net Income from Continuing Operations includes the effect of a $105 million pre-tax loss ($80 million after-tax) associated with the early extinguishment of outstanding notes.

(b)Net Income from Continuing Operations includes the effect of an $89 million pre-tax loss ($68 million after-tax) associated with the early extinguishment of outstanding notes.

(c)Operating Income includes the effect of a pre-tax loss related to the write-off of inventory that was destroyed by a tornado at a vendor’s factory of $9 million ($7 million after-tax).

(d)Due to changes in stock prices during the year and timing of issuances of shares, the cumulative total of quarterly net income (loss) per share amounts may not equal the net income per share for the year.

Earnings Per Share (Tables)

12 Months Ended

Jan. 28, 2023

Earnings Per Share [Abstract]

Earnings Per Share Computation

The following table provides the weighted-average shares utilized for the calculation of Basic and Diluted Earnings per Share for 2022, 2021 and 2020:


	2022	2021	2020
	(in millions)
Common Shares	247	282	286
Treasury Shares	(15)	(13)	(8)
Basic Shares	232	269	278
Effect of Dilutive Awards	1	4	3
Diluted Shares	233	273	281
Anti-dilutive Awards (a)	1	1	5

________________

(a)These awards were excluded from the calculation of Diluted Earnings per Share because their inclusion would have been anti-dilutive.

Leases (Tables)

12 Months Ended

Jan. 28, 2023

Leases [Abstract]

Schedule of Lease Cost

The following table provides the components of lease cost for operating leases for 2022, 2021 and 2020:


	2022		2021		2020
	(in millions)
Operating Lease Costs	$	238	$	216	$	223
Variable Lease Costs	107		108		59
Short-term Lease Costs	37		34		29
Total Lease Cost	$	382	$	358	$	311

Schedule of Future Maturities of Operating Lease Liabilities

The following table provides future maturities of operating lease liabilities as of January 28, 2023:


Fiscal Year	(in millions)
2023	$	235
2024	236
2025	222
2026	200
2027	156
Thereafter	369
Total Lease Payments	$	1,418
Less: Interest	(227)
Present Value of Operating Lease Liabilities	$	1,191

Weighted Average Remaining Lease Term and Discount Rate For Operating Lease Liabilities

The following table provides the weighted average remaining lease term and discount rate for operating lease liabilities as of January 28, 2023 and January 29, 2022:


	January 28, 2023		January 29, 2022
Weighted Average Remaining Lease Term (years)	6.6		6.9
Weighted Average Discount Rate	5.4	%	5.4	%

Schedule of Supplemental Cash Flow Information Related to Leases

The following table provides supplemental cash flow information related to the Company's operating leases for 2022, 2021 and 2020:


	2022		2021		2020
	(in millions)
Cash paid for Operating Lease Liabilities (a)	$	249	$	245	$	172
Lease Assets obtained as a result of new Lease Liabilities	207		209		204

________________

(a)These payments are included within the Operating Activities section of the Consolidated Statements of Cash Flows.

Revenue Recognition

12 Months Ended

Jan. 28, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Accounts Receivable, Net from revenue-generating activities were $79 million as of January 28, 2023 and $64 million as of January 29, 2022. These 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 awards, 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 $195 million as of January 28, 2023 and $148 million as of January 29, 2022. The Company recognized $100 million as revenue in 2022 from amounts recorded as deferred revenue at the beginning of the Company's fiscal year.

The following table provides a disaggregation of Net Sales for 2022, 2021 and 2020:


	2022		2021		2020
	(in millions)
Stores - U.S. and Canada	$	5,476	$	5,709	$	4,207
Direct - U.S. and Canada	1,745		1,890		2,003
International (a)	339		283		224
Total Net Sales	$	7,560	$	7,882	$	6,434

_______________

(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 $707 million in 2022, $626 million in 2021 and $471 million in 2020.

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 https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Stockholders' Equity Note [Abstract]

Shareholders' Equity (Deficit) (Tables)

12 Months Ended

Jan. 28, 2023

Schedule of Company's repurchase program

The Company repurchased the following shares of its common stock during 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)			11,234	770		68.53
Total			28,230	$	1,964

_______________

(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 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 2022, 2021 and 2020:


	Ordinary Dividends			Total Paid
	(per share)		(in millions)
2022
First Quarter	$	0.20		$	48
Second Quarter	0.20			46
Third Quarter	0.20			46
Fourth Quarter	0.20			46
2022 Total	$	0.80		$	186
2021
First Quarter	$	—		$	—
Second Quarter	0.15			42
Third Quarter	0.15			39
Fourth Quarter	0.15			39
2021 Total	$	0.45		$	120
2020
First Quarter	$	0.30		$	83
Second Quarter	—			—
Third Quarter	—			—
Fourth Quarter	—			—
2020 Total	$	0.30		$	83

On March 3, 2023, the Company paid its first quarter 2023 dividend of $0.20 per share to stockholders of record at the close of business on February 17, 2023.

Leases - Lease Term and Discount Rate (Details)	Jan. 28, 2023	Jan. 29, 2022
Leases [Abstract]
Weighted Average Remaining Lease Term (years)	6 years 7 months 6 days	6 years 10 months 24 days
Weighted Average Discount Rate	5.40%	5.40%

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jan. 28, 2023
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. Fair and Accurate Credit Transactions Act Cases The Company was named as a defendant in three putative class actions: Smidga, et al. v. Bath & Body Works, LLC in the Allegheny County, Pennsylvania Court of Common Pleas; Dahlin v. Bath & Body Works, LLC in the Santa Barbara County, California Superior Court; and Blanco v. Bath & Body Works, LLC in the Cook County, Illinois Circuit Court. The complaints each allege that the Company violated the Fair and Accurate Credit Transactions Act by printing more than the last five digits of credit or debit card numbers on customers’ receipts and, among other things, seek statutory damages, attorneys’ fees and costs. Each of these cases are in the preliminary stages of litigation. The Company believes it has strong defenses to the claims and intends to continue to vigorously defend itself against the allegations and does not believe that the resolution of the cases, individually or in the aggregate, will have a material adverse effect on the Company’s results of operations, financial condition or cash flows. Settlement of Derivative Shareholder Actions In 2021, certain of the Company's stockholders filed derivative lawsuits in Ohio and Delaware 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 July 2021, the Company announced the global settlement resolving the Lawsuits. In May 2022, the U.S. District Court of the Southern District of Ohio granted final approval of the settlement. 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 disposal of a certain other business, the Company had remaining contingent obligations of $283 million as of January 28, 2023 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.

Discontinued Operations - Schedule of Consideration Received for Domestic Transportation Services Agreement (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022
Discontinued Operations and Disposal Groups [Abstract]
Domestic transportation services consideration	$ 91	$ 46

Leases - Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions

12 Months Ended

Jan. 28, 2023

Jan. 29, 2022

Jan. 30, 2021

Leases [Abstract]

Cash paid for Operating Lease Liabilities

^[1]

$ 249

$ 245

$ 172

Lease Assets obtained as a result of new Lease Liabilities

$ 207

$ 209

$ 204

[1]	These payments are included within the Operating Activities section of the Consolidated Statements of Cash Flows.

Income Taxes - Reconciliation of the Statutory Federal Income Tax Rate and the Effective Tax Rate (Details)	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Income Tax Disclosure [Abstract]
Federal Income Tax Rate	21.00%	21.00%	21.00%
State Income Taxes, Net of Federal Income Tax Effect	4.10%	4.20%	4.90%
Impact of Non-U.S. Operations	0.10%	0.10%	0.50%
Share-based Compensation	(0.70%)	(0.70%)	0.70%
Uncertain Tax Positions	(0.70%)	(0.50%)	(4.90%)
Other Items, Net	0.20%	0.40%	0.70%
Effective Tax Rate	24.00%	24.50%	22.90%

Inventories (Tables)

12 Months Ended

Jan. 28, 2023

Inventory, Net [Abstract]

Summary of Inventories

The following table provides details of Inventories as of January 28, 2023 and January 29, 2022:


	January 28, 2023		January 29, 2022
	(in millions)
Finished Goods Merchandise	$	538	$	521
Raw Materials and Merchandise Components	171		188
Total Inventories	$	709	$	709

Discontinued Operations

12 Months Ended

Jan. 28, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

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, during 2021, the Company made payments of $94 million to Victoria's Secret & Co. following the Separation for costs incurred prior to the Distribution Date. Further, 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. Additionally, the Company has contingent obligations relating to certain lease payments under the current terms of noncancelable leases. For additional information, see Note 13, "Commitments and Contingencies."

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:


	2022		2021
	(in millions)
Consideration Received	$	74	$	42
Costs Recognized	72		55

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:


	2022		2021
	(in millions)
Consideration Received	$	91	$	46

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 following table summarizes the significant line items included in Income (Loss) from Discontinued Operations, Net of Tax in the Consolidated Statements of Income:


	2022		2021		2020
	(in millions)
Net Sales	$	—	$	3,194	$	5,413
Costs of Goods Sold, Buying and Occupancy	—		(1,841)		(3,842)
General, Administrative and Store Operating Expenses (a)	—		(975)		(1,595)
Interest Expense	—		(2)		(6)
Other Loss	—		(3)		—
Income (Loss) from Discontinued Operations Before Income Taxes	—		373		(30)
Provision (Benefit) for Income Taxes (b)	(6)		115		(9)
Income (Loss) from Discontinued Operations, Net of Tax	$	6	$	258	$	(21)

_______________

(a)Fiscal 2021 includes Separation-related fees of $104 million. Prior to the Separation, these fees were reported in the Other category under the Company's previous segment reporting.

(b)Fiscal 2022 includes an adjustment to the previously recorded tax expense related to the Separation.

The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 and 2020 Consolidated Statements of Cash Flows include the results from continuing and discontinued operations. The Company did not report any cash flows from discontinued operations during 2022.

The following table summarizes significant non-cash operating items, Capital Expenditures and Financing Activities of discontinued operations included in the 2021 and 2020 Consolidated Statements of Cash Flows:


	2021		2020
	(in millions)
Significant Non-cash Operating Items:
Depreciation of Long-lived Assets	$	158	$	326
Share-based Compensation Expense	15		25
Deferred Income Taxes	3		16
Victoria's Secret Asset Impairment Charges	—		254
Gain from Victoria's Secret Hong Kong Store Closure and Lease Termination	—		(39)
Gain Related to Formation of Victoria's Secret U.K. Joint Venture	—		(54)
Capital Expenditures	(66)		(127)
Net Repayments of Victoria's Secret Foreign Facilities	—		(155)

Long-term Debt and Borrowing Facilities - Revolving Facility and Letters of Credit Narrative (Details) $ in Millions	12 Months Ended
	Jan. 28, 2023 USD ($)
Revolving Credit Facility \| Revolving Credit Facility Expiring August 2026
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 750
Line of credit, current borrowing base	525
Line of credit facility, remaining borrowing capacity	$ 509
Line of credit facility, unused capacity, commitment fee percentage	0.30%
Line of credit facility, commitment fee percentage	1.25%
Line of credit financial 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
Revolving Credit Facility \| Revolving Credit Facility Expiring August 2026 \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
Revolving Credit Facility \| Revolving Credit Facility Expiring August 2026 \| Canadian Dollar Offered Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
Letter of Credit
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount	$ 16

Shareholders' Equity (Deficit) - Schedule of Repurchase of Common Stock (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions

1 Months Ended

12 Months Ended

Feb. 04, 2022

May 31, 2022

Jul. 31, 2021

Jan. 28, 2023

Jan. 29, 2022

Feb. 02, 2022

Mar. 31, 2021

$ 1,500

28,230

312

$ 1,964

March 2021

^[1]

$ 500

^[1]

6,996

^[1]

$ 464

^[1]

$ 66.30

July 2021

$ 1,500

^[1],[2]

10,000

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

$ 730

^[1]

10,000

^[1]

$ 730

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

^[1]

$ 73.01

^[2]

11,234

^[2]

$ 770

February 2022 Repurchase Program

^[2]

$ 68.53

$ 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

14,000

7,000

20,295

$ 1,000

Depreciable Life Range of Property Plant and Equipment

$ 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.

Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jan. 28, 2023

Accounting Policies [Abstract]

The Company’s Property and Equipment are recorded at cost and depreciation is computed on a straight-line basis using the following depreciable life ranges:


Category of Property and Equipment						Depreciable Life Range
Software, including software developed for internal use						3 - 5 years
Store related assets						3 - 10 years
Leasehold improvements						Shorter of lease term or 10 years
Non-store related building and site improvements						10 - 15 years
Other property and equipment						20 years
Buildings						30 years

Revenue Recognition (Tables)

12 Months Ended

Jan. 28, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table provides a disaggregation of Net Sales for 2022, 2021 and 2020:


	2022		2021		2020
	(in millions)
Stores - U.S. and Canada	$	5,476	$	5,709	$	4,207
Direct - U.S. and Canada	1,745		1,890		2,003
International (a)	339		283		224
Total Net Sales	$	7,560	$	7,882	$	6,434

_______________

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

Accrued Expenses and Other

12 Months Ended

Jan. 28, 2023

Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other

The following table provides additional information about the composition of Accrued Expenses and Other as of January 28, 2023 and January 29, 2022:


	January 28, 2023		January 29, 2022
	(in millions)
Deferred Revenue, Principally from Gift Card Sales	$	195	$	148
Compensation, Payroll Taxes and Benefits	127		142
Interest	74		75
Taxes, Other than Income	35		39
Rent	41		47
Accrued Claims on Self-insured Activities	36		38
Other	165		162
Total Accrued Expenses and Other	$	673	$	651

Quarterly Financial Data (Unaudited) - Summarized Quarterly Financial Data (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

12 Months Ended

Jan. 28, 2023

Oct. 29, 2022

Jul. 30, 2022

Apr. 30, 2022

Jan. 29, 2022

^[1]

Oct. 30, 2021

^[2]

Jul. 31, 2021

May 01, 2021

^[3]

Jan. 28, 2023

Jan. 29, 2022

Jan. 30, 2021

Quarterly Financial Data [Abstract]

Income from Continuing Operations Before Income Taxes

$ 2,889

$ 1,604

$ 1,618

$ 1,450

$ 3,027

$ 1,681

$ 1,704

$ 1,470

$ 7,560

$ 7,882

$ 6,434

Gross Profit

1,250

678

660

669

1,446

839

828

742

3,255

3,855

3,096

Operating Income

653

202

242

280

879

409

384

337

1,376

2,009

1,604

576

119

158

192

790

227

287

119

1,045

1,423

1,122

Net Income from Continuing Operations

428

120

155

592

177

215

794

1,075

865

Income (Loss) from Discontinued Operations, Net of Tax

(89)

159

186

258

(21)

$ 434

$ 91

$ 120

$ 155

$ 594

$ 88

$ 374

$ 277

$ 800

^[4]

$ 1,333

^[4]

$ 844

^[4]

Net Income (Loss) per Basic Share

$ 1.87

^[5]

$ 0.40

^[5]

$ 0.52

^[5]

$ 0.65

^[5]

$ 2.31

^[6]

$ 0.67

^[6]

$ 0.78

^[6]

$ 0.32

^[6]

$ 3.43

$ 4.00

$ 3.11

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

0.03

^[5]

0.01

^[6]

(0.34)

^[6]

0.58

^[6]

0.67

^[6]

0.03

0.96

(0.07)

1.90

^[5]

0.40

^[5]

0.52

^[5]

0.65

^[5]

2.31

^[6]

0.33

^[6]

1.36

^[6]

0.99

^[6]

3.45

4.96

3.04

Net Income (Loss) per Diluted Share

1.86

^[5]

0.40

^[5]

0.52

^[5]

0.64

^[5]

2.27

^[6]

0.66

^[6]

0.77

^[6]

0.32

^[6]

3.40

3.94

3.07

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

0.03

^[5]

0.01

^[6]

(0.33)

^[6]

0.57

^[6]

0.66

^[6]

0.03

0.95

(0.07)

$ 1.89

^[5]

$ 0.40

^[5]

$ 0.52

^[5]

$ 0.64

^[5]

$ 2.28

^[6]

$ 0.33

^[6]

$ 1.34

^[6]

$ 0.97

^[6]

$ 3.43

$ 4.88

$ 3.00

[1]	Operating Income includes the effect of a pre-tax loss related to the write-off of inventory that was destroyed by a tornado at a vendor’s factory of $9 million ($7 million after-tax).
[2]	Net Income from Continuing Operations includes the effect of an $89 million pre-tax loss ($68 million after-tax) associated with the early extinguishment of outstanding notes.
[3]	Net Income from Continuing Operations includes the effect of a $105 million pre-tax loss ($80 million after-tax) associated with the early extinguishment of outstanding notes.
[4]	The cash flows related to discontinued operations have not been segregated. Accordingly, the Consolidated Statements of Cash Flows include the results from continuing and discontinued operations.
[5]	Due to changes in stock prices during the year and timing of issuances of shares, the cumulative total of quarterly net income per share amounts may not equal the net income per share for the year.
[6]	Due to changes in stock prices during the year and timing of issuances of shares, the cumulative total of quarterly net income (loss) per share amounts may not equal the net income per share for the year.

Share-based Compensation - Restricted Stock and Performance Share Units (Details) - Restricted Stock and Performance Share Units - $ / shares shares in Thousands	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Unvested as of Beginning of Period (in shares)	4,099
Granted (in shares)	1,702
Vested (in shares)	(1,795)
Cancelled (in shares)	(1,687)
Unvested as of End of Period (in shares)	2,319	4,099
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested as of Beginning of Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 22.92
Granted, Weighted Average Grant Date Fair Value (in dollars per share)	44.73	$ 52.91	$ 17.05
Vested, Weighted Average Grant Date Fair Value (in dollars per share)	21.44
Cancelled, Weighted Average Grant Date Fair Value (in dollars per share)	16.63
Unvested as of End of Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 44.65	$ 22.92

Discontinued Operations (Tables)

12 Months Ended

Jan. 28, 2023

Discontinued Operations and Disposal Groups [Abstract]

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:


	2022		2021
	(in millions)
Consideration Received	$	74	$	42
Costs Recognized	72		55

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:


	2022		2021
	(in millions)
Consideration Received	$	91	$	46

Summary of Discontinued Operations in Financial Statements

The following table summarizes the significant line items included in Income (Loss) from Discontinued Operations, Net of Tax in the Consolidated Statements of Income:


	2022		2021		2020
	(in millions)
Net Sales	$	—	$	3,194	$	5,413
Costs of Goods Sold, Buying and Occupancy	—		(1,841)		(3,842)
General, Administrative and Store Operating Expenses (a)	—		(975)		(1,595)
Interest Expense	—		(2)		(6)
Other Loss	—		(3)		—
Income (Loss) from Discontinued Operations Before Income Taxes	—		373		(30)
Provision (Benefit) for Income Taxes (b)	(6)		115		(9)
Income (Loss) from Discontinued Operations, Net of Tax	$	6	$	258	$	(21)

_______________

(a)Fiscal 2021 includes Separation-related fees of $104 million. Prior to the Separation, these fees were reported in the Other category under the Company's previous segment reporting.

(b)Fiscal 2022 includes an adjustment to the previously recorded tax expense related to the Separation.


	2021		2020
	(in millions)
Significant Non-cash Operating Items:
Depreciation of Long-lived Assets	$	158	$	326
Share-based Compensation Expense	15		25
Deferred Income Taxes	3		16
Victoria's Secret Asset Impairment Charges	—		254
Gain from Victoria's Secret Hong Kong Store Closure and Lease Termination	—		(39)
Gain Related to Formation of Victoria's Secret U.K. Joint Venture	—		(54)
Capital Expenditures	(66)		(127)
Net Repayments of Victoria's Secret Foreign Facilities	—		(155)

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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Reported Value Measurement

Consolidated Balance Sheets - USD ($) $ in Millions	Jan. 28, 2023	Jan. 29, 2022
Current Assets:
Cash and Cash Equivalents	$ 1,232	$ 1,979
Accounts Receivable, Net	226	240
Inventories	709	709
Other	99	81
Total Current Assets	2,266	3,009
Property and Equipment, Net	1,193	1,009
Operating Lease Assets	1,050	1,021
Goodwill	628	628
Trade Name	165	165
Deferred Income Taxes	37	45
Other Assets	155	149
Total Assets	5,494	6,026
Current Liabilities:
Accounts Payable	455	435
Accrued Expenses and Other	673	651
Current Operating Lease Liabilities	177	170
Income Taxes	74	34
Total Current Liabilities	1,379	1,290
Deferred Income Taxes	168	157
Long-term Debt	4,862	4,854
Long-term Operating Lease Liabilities	1,014	989
Other Long-term Liabilities	276	253
Shareholders’ Equity (Deficit):
Preferred Stock—$1.00 par value; 10 shares authorized; none issued	0	0
Common Stock—$0.50 par value; 1,000 shares authorized; 244 and 269 shares issued; 229 and 254 shares outstanding, respectively	122	134
Paid-in Capital	817	893
Accumulated Other Comprehensive Income	78	80
Retained Earnings (Accumulated Deficit)	(2,401)	(1,803)
Less: Treasury Stock, at Average Cost; 15 and 15 shares, respectively	(822)	(822)
Total Shareholders’ Equity (Deficit)	(2,206)	(1,518)
Noncontrolling Interest	1	1
Total Equity (Deficit)	(2,205)	(1,517)
Total Liabilities and Equity (Deficit)	$ 5,494	$ 6,026

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

Jan. 28, 2023

Jan. 29, 2022

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Debt instrument, fair value

$ 4,915

Estimate of Fair Value Measurement

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Debt instrument, fair value

^[1]

$ 4,707

$ 5,493

[1]	The estimated fair values are based on reported transaction prices which are considered Level 2 inputs in accordance with ASC 820. The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Current:
U.S. Federal	$ 180	$ 249	$ 178
U.S. State	48	53	52
Non-U.S.	8	4	10
Total	236	306	240
Deferred:
U.S. Federal	10	24	6
U.S. State	0	10	5
Non-U.S.	5	8	6
Total	15	42	17
Provision for Income Taxes	$ 251	$ 348	$ 257

Revenue Recognition - Narrative (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Jan. 28, 2023

Oct. 29, 2022

Jul. 30, 2022

Apr. 30, 2022

Jan. 29, 2022

Oct. 30, 2021

^[2]

Jul. 31, 2021

May 01, 2021

^[3]

Jan. 28, 2023

Jan. 29, 2022

Jan. 30, 2021

Accounts receivable, net from revenue-generating activities

$ 79

$ 64

$ 79

$ 64

Deferred revenue

195

148

195

148

Revenue recognized

100

Net sales

$ 2,889

$ 1,604

$ 1,618

$ 1,450

$ 3,027

^[1]

$ 1,681

$ 1,704

$ 1,470

$ 7,560

7,882

$ 6,434

Minimum

Account receivable, payment term

45 days

Maximum

Account receivable, payment term

75 days

Outside of the U.S.

Net sales

$ 707

$ 626

$ 471

[1]	Operating Income includes the effect of a pre-tax loss related to the write-off of inventory that was destroyed by a tornado at a vendor’s factory of $9 million ($7 million after-tax).
[2]	Net Income from Continuing Operations includes the effect of an $89 million pre-tax loss ($68 million after-tax) associated with the early extinguishment of outstanding notes.
[3]	Net Income from Continuing Operations includes the effect of a $105 million pre-tax loss ($80 million after-tax) associated with the early extinguishment of outstanding notes.