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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
______________________________________________________ 
FORM 11-K
______________________________________________________ 
(Mark One)
[X]ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2022

OR

[ ]TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to   _______               
Commission file number 1-8344




A.    Full title of the plan and the address of the plan, if different from that of the issuer named below:

Bath & Body Works, Inc. 401(k)
Savings and Retirement Plan


B.    Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Bath & Body Works, Inc.
Three Limited Parkway
Columbus, Ohio 43230





Bath & Body Works, Inc. 401(k) Savings and Retirement Plan
Financial Statements and Supplemental Schedules
December 31, 2022 and 2021

Table of Contents

Financial Statements:
Notes to Financial Statements
Supplementary Schedules*:
Exhibits:

*    All other supplemental schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable or the information required therein has been included in the financial statements or notes hereto.


Report of Independent Registered Public Accounting Firm
To the Plan Participants and the Plan Administrator
of Bath & Body Works, Inc. 401(k) Savings and Retirement Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of Bath & Body Works, Inc. 401(k) Savings and Retirement Plan (the Plan) as of December 31, 2022 and 2021, and the related statement of changes in net assets available for benefits for the year ended December 31, 2022, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2022 and 2021, and the changes in its net assets available for benefits for the year ended December 31, 2022, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Schedules Required by ERISA
The accompanying supplemental schedules of assets (held at end of year) as of December 31, 2022, and nonexempt transactions and delinquent participant contributions for the year then ended, (referred to as the “supplemental schedules”), have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedules is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Ernst & Young LLP
We have served as the Plan’s auditor since 2003.
Grandview Heights, Ohio
June 23, 2023
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Bath & Body Works, Inc. 401(k) Savings and Retirement Plan
Statements of Net Assets Available for Benefits

As of December 31,
20222021
Assets
Investments at Fair Market Value$1,005,124,811 $1,230,969,223 
Receivable for Contributions from Employer19,579,352 21,491,466 
Cash243,608 — 
Due from Brokers67,084 78,653 
Other Receivables21,260 39,979 
Total Assets1,025,036,115 1,252,579,321 
Liabilities
Due to Brokers1,347,633 1,291,010 
Administrative Expenses Payable88,978 256,536 
Transfer to the Victoria’s Secret & Co. 401(k) Savings and Retirement Plan— 119,000 
Total Liabilities1,436,611 1,666,546 
Net Assets Available for Benefits$1,023,599,504 $1,250,912,775 

See the accompanying Notes to the Financial Statements.

2

Bath & Body Works, Inc. 401(k) Savings and Retirement Plan
Statement of Changes in Net Assets Available for Benefits

Year Ended December 31,
2022
Investment Income (Loss):
Net Depreciation in Fair Value of Investments$(225,208,707)
Dividends and Interest from Investments21,472,532 
Total Investment Loss(203,736,175)
Contributions:
Employer34,974,087 
Participant Deferrals30,686,426 
Participant Rollovers6,250,114 
Rescission Offer (see Note 1)271,071 
Total Contributions72,181,698 
Deductions from Net Assets Attributable to:
Distributions to Participants94,470,095 
Administrative Expenses1,288,699 
Total Deductions95,758,794 
Net Decrease in Net Assets Available for Benefits(227,313,271)
Net Assets Available for Benefits:
Beginning of Year1,250,912,775 
End of Year$1,023,599,504 

See the accompanying Notes to the Financial Statements.
3

Bath & Body Works, Inc. 401(k) Savings and Retirement Plan
Notes to Financial Statements
December 31, 2022 and 2021
1. Description of the Plan
General
The Bath & Body Works, Inc. 401(k) Savings and Retirement Plan (as amended, the “Plan”) is a defined contribution plan covering eligible employees of Bath & Body Works, Inc. (the “Company”) and certain of its affiliates (collectively, the “Employer”). The following description of the Plan provides only general information. Participants should refer to the Plan document (as amended and restated effective as of April 5, 2021) for a more complete description of the Plan’s provisions. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
As of December 31, 2022 and 2021, the Plan's investments were held by Matrix Trust Company, the trustee for the Plan.
Plan Amendments
The Plan was amended, effective as of January 1, 2022, to include bonuses (other than sign-on bonuses or retention bonuses) paid after a participant’s termination from employment in eligible compensation for purposes of calculating Annual Contributions (as defined below) under the Plan.
The Plan was amended, effective as of May 11, 2023, to provide that the Employer Stock Fund and the VS Stock Fund (as each is defined below) are permitted, but not mandatory, investment alternatives under the Plan.
Eligibility
Employees become eligible to participate in the Plan upon becoming at least 21 years of age and either (1) a full-time employee, or (2) a part-time employee having completed a year of employment with 1,000 or more hours of service. All employees eligible to participate in the Plan must complete a year of employment with 1,000 or more hours of service to become eligible for Employer contributions.
Contributions
Employer contributions
Subject to the eligibility requirements under the Plan, the Employer provides a matching contribution of 100% of each eligible participant’s voluntary contributions up to 4% of annual eligible compensation.
Subject to the eligibility requirements under the Plan, the Employer also provides a non-elective contribution (the “Annual Contribution”) equal to a percentage of annual eligible compensation to all eligible participants regardless of the participants’ elections who were one of the following:
•Employed on the last day of the Plan year, and had completed 1,000 hours of service during the Plan year;
•Involuntarily terminated without cause during the Plan year; or
•Voluntarily terminated during the Plan year, and as of the last day of the Plan year were age 55 or above and had a minimum of seven years of vested service.
Annual Contributions are determined based on each participant’s annual eligible compensation and accumulated years of vested service as follows:
Years of Vested ServiceEarnings Up to Social Security
Wage Base		Earnings Above
Social Security
Wage Base
Less than 5 years3%6%
5 or more years4%8%
Annual eligible compensation used to determine Employer contributions is based on each participant’s qualified plan compensation less any compensation received prior to initially becoming eligible for Employer contributions,
4

and is limited to the maximum amount permitted under Section 401(a)(17) of the Internal Revenue Code (the “Code”). The annual compensation limit was $305,000 and $290,000 as of December 31, 2022 and 2021, respectively.
Participant voluntary contributions
Participants may elect to make voluntary tax-deferred contributions up to 75% of annual eligible compensation up to the maximum contribution permitted under Section 402(g) of the Code adjusted annually ($20,500 for the year ended December 31, 2022). This voluntary tax-deferred contribution may be limited by Section 401(k) of the Code.
Plan participants who will be age 50 or greater at the end of the Plan year and whose contributions to the Plan reach the maximum amount allowed by the Plan are eligible to make voluntary “catch-up” contributions to the Plan. Catch-up contributions are limited to the maximum contribution permitted under Section 414(v) of the Code adjusted annually ($6,500 for the year ended December 31, 2022). Catch-up contributions are not eligible for Employer matching contributions.
Rescission Offer
The Company determined that certain shares of Company common stock that were acquired by Plan participants in the Employer Stock Fund (as defined below) under the Plan may not have been properly registered under the Securities Act of 1933, as amended, because the Company inadvertently exceeded the number of shares of Company common stock registered for offer and sale to participants under the Plan. The Company offered to rescind the purchase of shares of Company common stock by Plan participants between February 10, 2021 and February 10, 2022 (the “Rescission Offer”). On September 21, 2022, with respect to eligible Plan participants who accepted the Rescission Offer, the Plan transferred a total of 3,864 shares of Company common stock to the Company, and the Company contributed a total of $271,071 to the Plan (which amount was allocated to such participants’ accounts).
Investment Options
Both the Employer and participant contributions are directed solely through each participant’s election into investment alternatives offered by the Plan. At any time, participants may also elect to reallocate existing account balances between investment alternatives or to change their investment elections for future contributions. The Company's Retirement Plan Committee (the "Retirement Plan Committee") periodically reviews and may make changes to the investment alternatives available under the Plan.
The Plan’s investment alternatives as of December 31, 2022 included mutual funds, collective trust funds, a pooled account of Company common stock (the "Employer Stock Fund"), and self-directed brokerage accounts. On August 2, 2021, the Company completed the spinoff of its Victoria’s Secret business into an independent publicly traded company (“Victoria’s Secret & Co.” and such transaction, the “Separation”). As a result of the Separation, the Plan has an investment fund primarily consisting of Victoria's Secret & Co. common stock (the "VS Stock Fund"). The VS Stock Fund is frozen to new investments, and participants are permitted to diversify shares in the VS Stock Fund at any time.
If a participant makes no investment fund election, all contributions made into such participant’s account are invested into the Plan’s qualified default investment alternative (“QDIA”). The Plan’s QDIA is the age-appropriate T. Rowe Price Retirement target date fund, selected based on the participant’s date of birth.
Participant Accounts
Each participant’s account is credited with the participant’s and the Employer’s contributions as well as allocated investment earnings and losses. The benefit to which a participant is entitled is equal to the vested balance in the participant’s account.
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Vesting
Participants are fully and immediately vested in all voluntary, rollover, and Employer matching contributions. Participants become vested in the Annual Contribution during their first six years of vested service as follows:
Years of Vested ServicePercentage
Less than 2 years—%
2 years20%
3 years40%
4 years60%
5 years80%
6 or more years100%
Employees hired on or after January 1, 2010, are credited with a year of vested service for each Plan year in which they have at least 1,000 hours of service. Employees hired prior to January 1, 2010, are credited with a year of vested service for each Plan year in which they have at least 500 hours of service.
Payment of Benefits
The full value of a participant’s account becomes payable upon retirement, disability, or death. Upon termination of employment for any other reason, each participant’s account, to the extent vested, becomes payable. Terminated participants whose vested account balances are greater than $1,000 are permitted to keep their accounts invested in the Plan.
Terminated participants aged 72 or older are required to take minimum annual distributions in accordance with Section 401(a)(9) of the Code. Minimum annual distributions are also required for participants who are 5% owners (as defined in Section 416 of the Code).
Qualifying, actively employed participants may elect to withdraw all or a portion of their vested account balances through specified in-service distribution alternatives.
Participants whose benefit payments include amounts invested in the pooled account of Company common stock or Victoria's Secret & Co. common stock may elect to receive such amounts in cash or in whole shares of such securities and cash for any fractional shares.
Participants may elect to receive their benefit payments from the Plan or have such benefits paid directly to an eligible retirement plan.
The Plan adopted certain provisions of the Coronavirus Aid, Relief and Economic Securities Act (the “Act”) which allowed, in accordance with Section 2202(a) of the Act, participants to take up to a $100,000 distribution from qualified plans between January 1, 2020 and December 31, 2020. Participants have the option to repay such distributions over a three-year period. The Plan will execute a formal Plan amendment within the timeframe required by law.
Amounts Withdrawn from the Plan
Amounts withdrawn from the Plan but not yet paid were $86,690 and zero as of December 31, 2022 and 2021, respectively.
Forfeitures
Forfeitures are available to reinstate previously forfeited account balances, to reduce the Employer’s contributions to the Plan and to pay the costs and expenses of administering the Plan. Forfeitures were $2,556,408 for the year ended December 31, 2022. There were no unused forfeitures as of December 31, 2022 or 2021.
Administrative Expenses
Plan participants pay administrative expenses of the Plan through fees deducted directly from participant accounts on a per-participant basis. Revenue sharing arrangements between the Plan’s investment funds and the Plan’s trustee are not used to pay the Plan’s administrative expenses, but rather are credited into the accounts of the participants
6

invested in the respective investment funds that generated such amounts. Certain expenses of maintaining the Plan are paid directly by the Employer and are excluded from these financial statements.
Revenue sharing and sub-transfer fees received by the Plan from its investment funds are credited directly into the Plan’s trust accounts and are reported in the Plan’s financial statements within dividends and interest from investments.
2. Summary of Significant Accounting Policies
Basis of Accounting
The accompanying financial statements have been prepared on the accrual basis of accounting, as required by Accounting Standards Codification (“ASC”) 962, Plan Accounting - Defined Contribution Pension Plans, including investment valuation and income recognition. The Plan year is January 1 through December 31.
Use of Estimates
The preparation of the financial statements in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) requires Plan management to use estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from these estimates.
Risks
The Plan provides for the various investment options as described in Notes 1 and 3. Any investment is exposed to various risks, such as interest rate, market and credit risks. These risks could have a material effect on participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statement of Changes in Net Assets Available for Benefits.
Investment Valuation and Income Recognition
Investments are reported at fair value. Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. See Note 3 for a discussion of fair value measurements.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date.
Net Depreciation in Fair Value of Investments
Net realized and unrealized depreciation is recorded in the accompanying Statement of Changes in Net Assets Available for Benefits as net depreciation in fair value of investments.
Benefit Payments
Benefits are recorded when paid.
3. Fair Value Measurements
The authoritative guidance included in ASC 820, Fair Value Measurement, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. This authoritative guidance further establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
•Level 1 - Quoted market prices in active markets for identical assets or liabilities.
•Level 2 - Observable inputs other than quoted market prices included in Level 1, such as quoted prices of similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
7

•Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant observable inputs.
A description of the valuation methodologies used for assets measured at fair value is set forth below. There have been no significant changes in the methodologies used at December 31, 2022 or 2021.
Mutual funds: Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission. These funds are required to publish their daily net asset value and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.
Collective Investment Trusts (“CITs”): CITs are valued at their respective Net Asset Values (“NAV”) as reported by such trusts. The NAV is used as a practical expedient to estimate fair value. This practical expedient would not be used if it is determined to be probable that the fund will sell the investment for an amount different from the reported NAV. The NAV has been determined by the trustee sponsoring the CIT by dividing the trust’s net assets at fair value by its units outstanding at the valuation dates. There are no restrictions as to the redemption of these investments, nor does the Plan have any contractual obligations to further invest in any of these CITs. The investment objectives of the CITs are associated with the related targeted retirement dates. The stable value trust CIT’s investment objective is to seek preservation of capital and to provide a competitive level of income over time that is consistent with the preservation.
Common stocks: Common stock is valued at the closing price reported on the active market on which the individual securities are traded.
Self-directed brokerage accounts: Accounts primarily consist of mutual funds and common stocks that are valued on the basis of readily determinable market prices.
The preceding methods described may produce a fair value calculation that may not be indicative of net realizable values or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
The following table sets forth the Plan’s investments, which are considered Level 1 within the fair value hierarchy unless otherwise noted, at fair value as of December 31, 2022 and 2021:
December 31,
20222021
Employer Common Stock (a)$32,779,273 $57,297,311 
Victoria's Secret & Co. Common Stock8,031,966 14,499,495 
Mutual Funds445,517,788 539,345,844 
Self-directed Accounts13,356,912 15,806,057 
Total Assets at Fair Value$499,685,939 $626,948,707 
Collective Investment Trusts (b)505,438,872 604,020,516 
Total Investments at Fair Value$1,005,124,811 $1,230,969,223 
(a)Employer common stock represents investments in Bath & Body Works, Inc. common stock.
(b)In accordance with Subtopic 820-10, these investments were measured at NAV per share (or its equivalent) and have not been classified in the fair value hierarchy.
4. Tax Status
The Plan received a determination letter from the Internal Revenue Service (“IRS”) dated September 27, 2013, stating that the Plan is qualified under Section 401(a) of the Code and, therefore, the related trust is exempt from taxation. Although the Plan has subsequently been amended, the Retirement Plan Committee, the plan administrator of the Plan (the “Plan Administrator”), believes that the Plan is designed and is currently being operated in
8

compliance with the applicable requirements of the Code in all material respects and, therefore, believes that the Plan is qualified and the related trust is tax-exempt.
U.S. GAAP requires Plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2022 and 2021, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdiction; however, there are currently no audits for any tax periods in progress.
5. Plan Administration
The Retirement Plan Committee is the Plan’s administrator, having been appointed by the Human Capital and Compensation Committee of the Board of Directors of the Company.
6. Plan Termination
Although the Employer has not expressed any intent to do so, the Employer has the right under the Plan to discontinue its contributions at any time. The Employer has the right at any time, by action of the Company's Board of Directors, to terminate the Plan subject to provisions of ERISA. Upon Plan termination or partial termination, participants would become fully vested in their accounts.
7. Parties-in-Interest Transactions
Certain administrative functions are performed by officers and employees of the Employer. No such officer or employee receives compensation from the Plan. In addition, the Plan holds shares of Company common stock in the Employer Stock Fund. Transactions with respect to shares of Company common stock in the Plan qualify as exempt related and party-in-interest transactions.
8. Prohibited Transactions
As a result of a United States Department of Labor examination, it was determined that the Employer remitted $3,220 in employee deferrals late during a period of years up to and including 2022. This resulted in a prohibited transaction that was corrected in 2023.
During 2022, the Employer improperly paid expenses of $3,125 related to another plan sponsored by the Employer, which was corrected during 2023.
9. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements to Form 5500:
December 31,
20222021
Net Assets Available for Benefits per the Financial Statements$1,023,599,504 $1,250,912,775 
Amounts allocated to withdrawing participants(86,690)— 
Net Assets Available for Benefits per Form 5500$1,023,512,814 $1,250,912,775 

The following is a reconciliation of benefits paid to participants per the financial statements to Form 5500 for the year ended December 31, 2022:
Benefits Paid to Participants per the Financial Statements$94,470,095 
Amounts allocated to withdrawing participants:
At December 31, 2022
86,690 
At December 31, 2021
— 
Benefits Paid to Participants per Form 5500$94,556,785 
Amounts allocated to withdrawing participants are recorded on Form 5500 for benefit claims that have been processed and approved for payment prior to December 31 but are not yet paid as of that date.

9

Bath & Body Works, Inc. 401(k) Savings and Retirement Plan
EIN #31-1048997 Plan #002
Schedule G, Part III of Form 5500 - Nonexempt Transactions
For the Year Ended December 31, 2022

(a) Identity of party involved(b) Relationship to plan, employer, or other party-in-interest
Bath & Body Works, Inc.Plan sponsor
(c) Description of transactions including maturity date, rate of interest, collateral, par or maturity value
During 2022, expenses of $3,125 of the Plan sponsor were improperly paid by the Plan. The Plan sponsor during 2022 reimbursed the Plan for these expenses. During 2023, the Plan sponsor reimbursed the Plan for lost earnings on such amounts.
(d) Purchase price(e) Selling price(f) Lease rental(g) Expenses incurred in connection with transaction
$— $— $— $— 
(h) Cost of asset(i) Current value of asset
(j) Net gain or (loss) on each transaction
$3,125 $3,214 $— 


10


Bath & Body Works, Inc. 401(k) Savings and Retirement Plan
EIN #31-1048997 Plan #002
Schedule H, Line 4a - Schedule of Delinquent Participant Contributions
For the Year Ended December 31, 2022

Participant Contributions
Transferred Late to Plan		Total That Constitute Nonexempt Prohibited Transactions

$3,220		Total Fully Corrected Under Voluntary Fiduciary Correction Program (VFCP) and Prohibited Transaction Exemption 2002-51
Check here if Late Participant Loan Repayments are included: ☐

$1,103 (1)
$937 (2)
$524 (3)
$656 (4)
Contributions Not Corrected



$ -

Contributions Corrected Outside VFCP

$1,103 (1)
$937 (2)
$524 (3)
$656 (4) 		Corrections Pending Correction in VFCP



$ -

$ -


(1)Represents delinquent participant contributions from 2018 payroll periods. The Company transmitted the contributions and lost earnings to the Plan in 2023 and is in process of filing the Form 5330 Return of Excise Tax Related to Employee Benefit Plans.
(2)Represents delinquent participant contributions from 2020 payroll periods. The Company transmitted the contributions and lost earnings to the Plan in 2023 and is in process of filing the Form 5330 Return of Excise Tax Related to Employee Benefit Plans.
(3)Represents delinquent participant contributions from 2021 payroll periods. The Company transmitted the contributions and lost earnings to the Plan in 2023 and is in process of filing the Form 5330 Return of Excise Tax Related to Employee Benefit Plans.
(4)Represents delinquent participant contributions from 2022 payroll periods. The Company transmitted the contributions and lost earnings to the Plan in 2023 and is in process of filing the Form 5330 Return of Excise Tax Related to Employee Benefit Plans.
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Bath & Body Works, Inc. 401(k) Savings and Retirement Plan
EIN #31-1048997 Plan #002
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2022
(a)(b)(c)(e)
Identity of Issuer, Borrower, Lessor, or Similar PartyDescription of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity ValueCurrent Value
Common Stock
*Bath & Body Works, Inc.Common Stock – 777,866 - shares$32,779,273 
Victoria's Secret & Co.Common Stock – 224,482 - shares8,031,966 
Collective Trusts
T. Rowe Price Retirement 2005 TrustCollective Fund – 43,631 - units751,762 
T. Rowe Price Retirement 2010 TrustCollective Fund – 213,549 - units3,892,999 
T. Rowe Price Retirement 2015 TrustCollective Fund – 33,122 - units654,481 
T. Rowe Price Retirement 2020 TrustCollective Fund – 1,039,935 - units22,181,804 
T. Rowe Price Retirement 2025 TrustCollective Fund – 374,496 - units8,594,689 
T. Rowe Price Retirement 2030 TrustCollective Fund – 3,086,365 - units75,338,175 
T. Rowe Price Retirement 2035 TrustCollective Fund – 842,446 - units21,609,262 
T. Rowe Price Retirement 2040 TrustCollective Fund – 4,084,619 - units108,610,020 
T. Rowe Price Retirement 2045 TrustCollective Fund – 1,352,952 - units36,556,765 
T. Rowe Price Retirement 2050 TrustCollective Fund – 2,140,280 - units57,787,551 
T. Rowe Price Retirement 2055 TrustCollective Fund – 1,731,580 - units46,683,398 
T. Rowe Price Retirement 2060 TrustCollective Fund – 1,318,554 - units22,824,163 
T. Rowe Price Retirement 2065 TrustCollective Fund – 94,621 - units1,026,642 
Invesco Stable Value TrustCollective Fund – 98,927,161 - units98,927,161 
Mutual Funds
Vanguard Institutional Index FundMutual Fund – 493,748 - shares158,799,106 
Dodge & Cox Stock FundMutual Fund – 330,433 - shares64,814,665 
Artisan International Investor SharesMutual Fund – 1,178,189 - shares28,170,508 
PRIMECAP Odyssey Growth FundMutual Fund – 1,608,300 - shares54,167,538 
Vanguard Total Bond Market Index FundMutual Fund – 1,901,482 - shares18,026,049 
Metropolitan West Total Return Bond FundMutual Fund – 2,166,713 - shares19,587,086 
Vanguard Mid-Cap Index FundMutual Fund – 913,360 - shares50,938,065 
Vanguard Total International Stock Index FundMutual Fund – 227,333 - shares25,329,416 
Vanguard Small-Cap Index FundMutual Fund – 232,962 - shares20,484,383 
First American US Treasury Money Market FundMutual Fund – 155,262 - shares155,262 
Federated Hermes Government Obligations FundMutual Fund – 4,988,294 - shares4,988,294 
Vanguard Emerging Markets Stock Index FundMutual Fund – 2,329 - shares57,416 
Other
Self-Directed Brokerage Accounts13,356,912 
Total investments at fair value$1,005,124,811 
Note: Column (d), cost information, not required as accounts are participant directed.
* Represents a party-in-interest
12

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

Bath & Body Works, Inc. 401(k) Savings and Retirement Plan
Date: June 23, 2023
By:/s/ DAVID ANDREW MEETING
David Andrew Meeting
Chair, Retirement Plan Committee

13
Document

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-262626) pertaining to the Bath & Body Works, Inc. 401(k) Savings and Retirement Plan of our report dated June 23, 2023, with respect to the financial statements and schedules of the Bath & Body Works, Inc. 401(k) Savings and Retirement Plan included in this Annual Report (Form 11-K) for the year ended December 31, 2022.

 
/s/ Ernst & Young LLP
June 23, 2023