0000701985-23-000035 | 10-Q | XBRL Viewer

Net Income Per Share and Shareholders’ Equity (Deficit) (Tables)

9 Months Ended

Oct. 28, 2023

Net Income Per Share and Shareholders’ Equity (Deficit) [Abstract]

Shares Utilized for the Calculation of Basic and Diluted Earnings Per Share

The following table provides the weighted-average shares utilized for the calculation of Net Income per Basic and Diluted Share for the third quarters of and year-to-date 2023 and 2022:


	Third Quarter		Year-to-Date
	2023	2022	2023	2022
	(in millions)

Common Shares	242	243	243	248
Treasury Shares	(15)	(15)	(15)	(15)
Basic Shares	227	228	228	233
Effect of Dilutive Awards	1	1	1	2
Diluted Shares	228	229	229	235
Anti-dilutive Awards (a)	—	1	1	1

_______________

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

Schedule of Repurchase of Common Stock

Under the February 2022 Program, the Company repurchased the following shares of its common stock during year-to-date 2023:


Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
February 2022	$	1,500	2,765	$	100	$	36.16

Schedule of Dividends Paid

The Company paid the following dividends during year-to-date 2023 and 2022:


	Ordinary Dividends		Total Paid
	(per share)		(in millions)
2023
First Quarter	$	0.20	$	46
Second Quarter	0.20		46
Third Quarter	0.20		45
Total	$	0.60	$	137
2022
First Quarter	$	0.20	$	48
Second Quarter	0.20		46
Third Quarter	0.20		46
Total	$	0.60	$	140

Income Taxes	9 Months Ended
Income Taxes	Oct. 28, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes is based on the current estimate of the annual effective tax rate and is adjusted as necessary for quarterly events. For the third quarter of 2023, the Company’s effective tax rate was 25.3% compared to 23.3% in the third quarter of 2022. The 2023 third quarter rate was consistent with the Company’s combined estimated federal and state statutory rates. The 2022 third quarter rate was lower than the Company’s combined estimated federal and state statutory rates primarily due to the resolution of certain tax matters during the quarter. For year-to-date 2023, the Company’s effective tax rate was 24.9% compared to 21.9% for year-to-date 2022. The 2023 year-to-date rate was consistent with the Company’s combined estimated federal and state statutory rates. The 2022 year-to-date rate was lower than the Company’s combined estimated federal and state statutory rates primarily due to the resolution of certain tax matters during the period. Income taxes paid were $45 million and $18 million for the third quarters of 2023 and 2022, respectively. Income taxes paid were $213 million and $170 million for year-to-date 2023 and 2022, respectively.

- Definition

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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+ Details

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	25.30%	23.30%	24.90%	21.90%
Income taxes paid	$ 45	$ 18	$ 213	$ 170

Long-Lived Assets

9 Months Ended

Oct. 28, 2023

Property, Plant and Equipment [Abstract]

Long-Lived Assets

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


	October 28, 2023		January 28, 2023		October 29, 2022
	(in millions)
Property and Equipment, at Cost	$	3,121	$	2,915	$	2,809
Accumulated Depreciation and Amortization	(1,877)		(1,722)		(1,688)
Property and Equipment, Net	$	1,244	$	1,193	$	1,121

Depreciation expense was $70 million and $56 million for the third quarters of 2023 and 2022, respectively. Depreciation expense was $199 million and $162 million for year-to-date 2023 and 2022, respectively.

CONSOLIDATED STATEMENTS OF TOTAL EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023	Oct. 29, 2022	Jul. 30, 2022	Apr. 30, 2022	Oct. 28, 2023	Oct. 29, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends (in USD per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.60	$ 0.60
Total Comprehensive Income	$ 117			$ 90			$ 296	$ 365
Net Income	$ 119			$ 91			$ 299	$ 366

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

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+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Oct. 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 in the ordinary course of business. Actions filed against the Company may from time to time include commercial, tort, intellectual property, tax, customer, employment, wage and hour, data privacy, securities, anti-corruption 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. 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 $267 million as of October 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.

Net Income Per Share and Shareholders’ Equity (Deficit) - Schedule of Repurchase of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Feb. 02, 2022
Paid-In Capital
Equity, Class of Treasury Stock [Line Items]
Treasury Share Retirement	$ 8
Par Value
Equity, Class of Treasury Stock [Line Items]
Treasury Share Retirement	2
Retained Earnings (Accumulated Deficit)
Equity, Class of Treasury Stock [Line Items]
Treasury Share Retirement	$ 90
February 2022
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)	2,765
Stock Repurchase Program, Authorized Amount	$ 1,500		$ 1,500
Treasury Stock, Value, Acquired, Cost Method	$ 100
Average Stock Price (in USD per share)	$ 36.16
Treasury share retirement (in shares)	2,765
February 2022 Repurchase Program, Accelerated Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Treasury Stock, Value, Acquired, Cost Method		$ 1,000
February 2022 Repurchase Program, Accelerated Share Repurchase Program \| Paid-In Capital
Equity, Class of Treasury Stock [Line Items]
Treasury Stock, Value, Acquired, Cost Method		0
February 2022 Repurchase Program, Accelerated Share Repurchase Program \| Retained Earnings (Accumulated Deficit)
Equity, Class of Treasury Stock [Line Items]
Treasury Stock, Value, Acquired, Cost Method		$ 0

Net Income Per Share and Shareholders’ Equity (Deficit)

9 Months Ended

Oct. 28, 2023

Net Income Per Share and Shareholders’ Equity (Deficit) [Abstract]

Earnings Per Share and Shareholders’ Equity (Deficit)

Net Income Per Share and Shareholders’ Equity (Deficit)

Net Income Per Share

Net Income per Basic Share is computed based on the weighted-average number of common shares outstanding. Net Income per Diluted Share includes the weighted-average effect of dilutive restricted share 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 Net Income per Basic and Diluted Share for the third quarters of and year-to-date 2023 and 2022:


	Third Quarter		Year-to-Date
	2023	2022	2023	2022
	(in millions)

Common Shares	242	243	243	248
Treasury Shares	(15)	(15)	(15)	(15)
Basic Shares	227	228	228	233
Effect of Dilutive Awards	1	1	1	2
Diluted Shares	228	229	229	235
Anti-dilutive Awards (a)	—	1	1	1

_______________

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

Common Stock Repurchases

2022 Share Repurchase Program

In February 2022, the Company’s Board of Directors authorized a $1.5 billion share repurchase program (the “February 2022 Program”). Under the February 2022 Program, the Company repurchased the following shares of its common stock during year-to-date 2023:


Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
February 2022	$	1,500	2,765	$	100	$	36.16

The February 2022 Program had $88 million of remaining authority as of October 28, 2023. There were share repurchases of $1 million reflected in Accounts Payable on the October 28, 2023 Consolidated Balance Sheet. Subsequent to October 28, 2023 through December 1, 2023, the Company repurchased an additional 569 thousand shares of its common stock for $17 million under the February 2022 Program.

Common Stock Retirement

Shares of common stock repurchased under the February 2022 Program are retired and cancelled upon repurchase. As a result, the Company retired the 2,765 thousand shares repurchased under the February 2022 Program during year-to-date 2023, which resulted in reductions of $2 million in the par value of Common Stock, $8 million in Paid-in Capital and $90 million in Retained Earnings (Accumulated Deficit).

Dividends

The Company paid the following dividends during year-to-date 2023 and 2022:


	Ordinary Dividends		Total Paid
	(per share)		(in millions)
2023
First Quarter	$	0.20	$	46
Second Quarter	0.20		46
Third Quarter	0.20		45
Total	$	0.60	$	137
2022
First Quarter	$	0.20	$	48
Second Quarter	0.20		46
Third Quarter	0.20		46
Total	$	0.60	$	140

In November 2023, the Company declared the fourth quarter 2023 ordinary dividend of $0.20 per share payable on December 1, 2023 to stockholders of record at the close of business on November 17, 2023.

CONSOLIDATED STATEMENTS OF TOTAL EQUITY (DEFICIT) - USD ($) shares in Millions, $ in Millions	Total	Other Share Repurchase Program	Accelerated Share Repurchase Program	Common Stock	Common Stock Other Share Repurchase Program	Common Stock Accelerated Share Repurchase Program	Paid-In Capital	Paid-In Capital Accelerated Share Repurchase Program	Accumulated Other Comprehensive Income	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit) Accelerated Share Repurchase Program	Treasury Stock, at Average Cost	Treasury Stock, at Average Cost Other Share Repurchase Program	Treasury Stock, at Average Cost Accelerated Share Repurchase Program	Noncontrolling Interest
Ending Balance (in shares)				254
Beginning Balance (in shares) at Jan. 29, 2022				254
Beginning Balance at Jan. 29, 2022	$ (1,517)			$ 134			$ 893		$ 80	$ (1,803)		$ (822)			$ 1
Net Income	366									366
Other Comprehensive Loss	(1)								(1)
Total Comprehensive Income	365								(1)	366
Cash Dividends	(140)									(140)
Repurchases of Common Stock (in shares)					(7)	(20)
Repurchases of Common Stock		$ (312)	$ (1,000)					$ 0			$ 0		$ (312)	$ (1,000)
Treasury Share Retirement	0			$ (13)			(87)			(1,212)		1,312
Share-based Compensation and Other (in shares)				1
Share-based Compensation and Other	(4)			$ 1			(5)
Ending Balance at Oct. 29, 2022	(2,608)			$ 122			801		79	(2,789)		(822)			1
Ending Balance (in shares)				228
Beginning Balance (in shares) at Jul. 30, 2022				228
Beginning Balance at Jul. 30, 2022	(2,662)			$ 122			791		80	(2,834)		(822)			1
Net Income	91									91
Other Comprehensive Loss	(1)								(1)
Total Comprehensive Income	90								(1)	91
Cash Dividends	(46)			$ 0			0		0	(46)		0			0
Share-based Compensation and Other (in shares)				0
Share-based Compensation and Other	10			$ 0			10
Ending Balance at Oct. 29, 2022	$ (2,608)			$ 122			801		79	(2,789)		(822)			1
Ending Balance (in shares)	228			228
Ending Balance (in shares)	229			229
Beginning Balance (in shares) at Jan. 28, 2023	229			229
Beginning Balance at Jan. 28, 2023	$ (2,205)			$ 122			817		78	(2,401)		(822)			1
Net Income	299									299
Other Comprehensive Loss	(3)								(3)	0
Total Comprehensive Income	296								(3)	299
Cash Dividends	(137)									(137)
Repurchases of Common Stock (in shares)					(3)
Repurchases of Common Stock		(100)											(100)
Treasury Share Retirement	0			$ (2)			(8)			(90)		100
Share-based Compensation and Other (in shares)				1
Share-based Compensation and Other	22			$ 0			22
Ending Balance at Oct. 28, 2023	(2,124)			$ 120			831		75	(2,329)		(822)			1
Ending Balance (in shares)				228
Beginning Balance (in shares) at Jul. 29, 2023				228
Beginning Balance at Jul. 29, 2023	(2,154)			$ 121			827		77	(2,358)		(822)			1
Net Income	119									119
Other Comprehensive Loss	(2)								(2)
Total Comprehensive Income	117								(2)	119
Cash Dividends	(45)									(45)
Repurchases of Common Stock (in shares)					(1)
Repurchases of Common Stock		$ (50)											$ (50)
Treasury Share Retirement	0			$ (1)			(4)		0	(45)		50
Share-based Compensation and Other (in shares)				0
Share-based Compensation and Other	8			$ 0			8
Ending Balance at Oct. 28, 2023	$ (2,124)			$ 120			$ 831		$ 75	$ (2,329)		$ (822)			$ 1
Ending Balance (in shares)	227			227

Long-Lived Assets (Tables)

9 Months Ended

Oct. 28, 2023

Property, Plant and Equipment [Abstract]

Summary of Property And Equipment, Net

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


	October 28, 2023		January 28, 2023		October 29, 2022
	(in millions)
Property and Equipment, at Cost	$	3,121	$	2,915	$	2,809
Accumulated Depreciation and Amortization	(1,877)		(1,722)		(1,688)
Property and Equipment, Net	$	1,244	$	1,193	$	1,121

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Oct. 28, 2023	Oct. 28, 2023	Oct. 29, 2022
Operating Activities:
Net Income	$ 119	$ 299	$ 366
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation of Long-lived Assets	70	199	162
Gain on Extinguishment of Debt	(12)	(28)	0
Share-based Compensation Expense		29	26
Changes in Assets and Liabilities:
Accounts Receivable		29	(3)
Inventories		(499)	(563)
Accounts Payable, Accrued Expenses and Other		117	185
Income Taxes Payable		(114)	(57)
Other Assets and Liabilities		(4)	(49)
Net Cash Provided by Operating Activities		28	67
Investing Activities:
Capital Expenditures		(250)	(252)
Other Investing Activities		11	0
Net Cash Used for Investing Activities		(239)	(252)
Financing Activities:
Payments of Long-term Debt	(161)	(343)	0
Repurchases of Common Stock		(99)	(1,312)
Dividends Paid	(45)	(137)	(140)
Tax Payments Related to Share-based Awards		(10)	(32)
Other Financing Activities		(20)	(15)
Net Cash Used for Financing Activities		(609)	(1,499)
Effects of Exchange Rate Changes on Cash and Cash Equivalents		0	0
Net Decrease in Cash and Cash Equivalents		(820)	(1,684)
Cash and Cash Equivalents, Beginning of Year		1,232	1,979
Cash and Cash Equivalents, End of Period	$ 412	$ 412	$ 295

Long-Lived Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Impaired Long-Lived Assets Held and Used [Line Items]
Depreciation	$ 70	$ 56	$ 199	$ 162

Long-term Debt and Borrowing Facilities Schedule of Repurchases of Notes (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Oct. 28, 2023	Oct. 28, 2023
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, redeemed amount	$ 174	$ 373
Fixed Rate 9.375% Notes due July 2025 [Member]
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, redeemed amount	0	6
Fixed Rate 6.625% Notes Due October 2030 [Member]
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, redeemed amount	35	42
Fixed Rate 6.95% Debentures Due March 2033 [Member]
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, redeemed amount	31	39
Fixed Rate 6.875% Notes Due November 2035 [Member]
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, redeemed amount	78	139
Fixed Rate 6.75% Notes Due July 2036 [Member]
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, redeemed amount	3	86
Fixed Rate 7.60% Notes Due July 2037 [Member]
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, redeemed amount	13	47
Fixed Rate 5.25% Notes Due February 2028
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, redeemed amount	$ 14	$ 14

Fair Value Measurements

9 Months Ended

Oct. 28, 2023

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

Fair Value Measurements

Cash and Cash Equivalents include cash on hand, deposits with financial institutions and highly liquid investments with original maturities of less than 90 days. The Company’s Cash and Cash Equivalents are considered Level 1 fair value measurements as they are valued using unadjusted quoted prices in active markets for identical assets.

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


	October 28, 2023		January 28, 2023		October 29, 2022
	(in millions)
Principal Value	$	4,542	$	4,915	$	4,915
Fair Value, Estimated (a)	4,122		4,707		4,367

_______________

(a)The estimated fair value of the Company’s Long-term Debt is based on reported transaction prices, which are considered Level 2 inputs in accordance with Accounting Standards Codification 820, Fair Value Measurement. The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

Management believes that the carrying values of the Company’s Accounts Receivable, Accounts Payable and Accrued Expenses approximate their fair values because of their short maturities.

- Definition

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

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022	Jan. 28, 2023
Disaggregation of Revenue [Line Items]
Accounts receivable, after allowance for credit loss	$ 84	$ 103	$ 84	$ 103	$ 79
Deferred revenue	163	147	163	147	$ 195
Revenue recognized			123
Net Sales	1,562	1,604	4,517	4,672
Outside of the U.S.
Disaggregation of Revenue [Line Items]
Net Sales	$ 161	$ 160	$ 468	$ 462
Minimum
Disaggregation of Revenue [Line Items]
Account receivable, payment term			45 days
Maximum
Disaggregation of Revenue [Line Items]
Account receivable, payment term			75 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 1.00	$ 1.00	$ 1.00
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0	0
Common stock, par value (in USD per share)	$ 0.50	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	242,000,000	244,000,000	243,000,000
Common Stock, shares outstanding (in shares)	227,000,000	229,000,000	228,000,000
Treasury stock (in shares)	15,000,000	15,000,000	15,000,000

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Income Statement [Abstract]
Net Sales	$ 1,562	$ 1,604	$ 4,517	$ 4,672
Costs of Goods Sold, Buying and Occupancy	(880)	(926)	(2,618)	(2,666)
Gross Profit	682	678	1,899	2,006
General, Administrative and Store Operating Expenses	(461)	(476)	(1,310)	(1,282)
Operating Income	221	202	589	724
Interest Expense	(84)	(86)	(259)	(262)
Other Income	22	3	68	7
Income Before Income Taxes	159	119	398	469
Provision for Income Taxes	40	28	99	103
Net Income	$ 119	$ 91	$ 299	$ 366
Net Income per Basic Share (in dollars per share)	$ 0.52	$ 0.40	$ 1.31	$ 1.57
Net Income per Dilutive Share (in dollars per share)	$ 0.52	$ 0.40	$ 1.31	$ 1.56

Inventories (Details) - USD ($) $ in Millions	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022
Inventory, Net [Abstract]
Finished Goods Merchandise	$ 1,035	$ 538	$ 1,066
Raw Materials and Merchandise Components	170	171	203
Total Inventories	$ 1,205	$ 709	$ 1,269

Description of Business and Basis of Presentation	9 Months Ended
Description of Business and Basis of Presentation	Oct. 28, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business Bath & Body Works, Inc. (the “Company”) is a global omnichannel retailer focused on personal care and home fragrance. The Company sells merchandise through its retail stores in the United States of America (“U.S.”) and Canada, and through its websites and other channels, under the Bath & Body Works, White Barn and other brand names. The Company’s international business is conducted through franchise, license and wholesale partners. The Company operates as and reports a single segment. Fiscal Year The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “third quarter of 2023” and “third quarter of 2022” refer to the thirteen-week periods ended October 28, 2023 and October 29, 2022, respectively. “Year-to-date 2023” and “year-to-date 2022” refer to the thirty-nine-week periods ended October 28, 2023 and October 29, 2022, respectively. The Company utilizes the retail calendar for reporting. As a result, the Company’s fiscal 2023 will include 53 weeks, with the fourth quarter representing the 14-week period ending February 3, 2024. Basis of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method. Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended October 28, 2023 and October 29, 2022 are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained in the Company’s 2022 Annual Report on Form 10-K. In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments that are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods. Seasonality of Business The Company’s operations are seasonal in nature and consist of two principal selling seasons: Spring (the first and second quarters) and Fall (the third and fourth quarters). Historically, the Company's sales are higher during the fourth quarter of the fiscal year due to seasonal and holiday-related sales patterns. Due to the seasonal variations in the retail industry, the results of operations for the interim periods are not necessarily indicative of the results expected for the full fiscal year. Derivative Financial Instruments The Company’s Canadian dollar denominated earnings are subject to exchange rate risk as substantially all the Company’s merchandise sold in Canada is sourced through U.S. dollar transactions. The Company uses foreign currency forward contracts designated as cash flow hedges to mitigate this foreign currency exposure. Amounts are reclassified from Accumulated Other Comprehensive Income upon sale of the hedged merchandise to the customer. These gains and losses are recognized in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income. All designated cash flow hedges are recorded on the Consolidated Balance Sheets at fair value. The fair value of designated cash flow hedges is not significant for any period presented. The Company does not use derivative financial instruments for trading purposes. Concentration of Credit Risk The Company maintains cash and cash equivalents and derivative contracts with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts and limits the amount of credit exposure with any one entity. The Company’s investment portfolio is primarily composed of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits. The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company determines the required allowance for expected credit losses using information such as customer credit history and financial condition. Amounts are recorded to the allowance when it is determined that expected credit losses may occur. Easton Investments The Company has land and other investments in Easton, a planned community in Columbus, Ohio, that integrates office, hotel, retail, residential and recreational space. These investments, totaling $127 million as of October 28, 2023, $124 million as of January 28, 2023 and $125 million as of October 29, 2022, are recorded in Other Assets on the Consolidated Balance Sheets. Included in the Company’s Easton investments are equity interests in Easton Town Center, LLC (“ETC”) and Easton Gateway, LLC (“EG”), entities that own and develop commercial entertainment and shopping centers. The Company’s investments in ETC and EG are accounted for using the equity method of accounting. The Company has majority financial interests in ETC and EG, but another unaffiliated member manages them, and certain significant decisions regarding ETC and EG require the consent of unaffiliated members in addition to the Company. Under the equity method of accounting, the Company recognizes its share of the investee’s net income or loss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carrying values are only reduced below zero if the Company has an obligation to provide funding to the investee. The Company’s share of net income or loss of all unconsolidated entities is included in Other Income in the Consolidated Statements of Income. The Company’s equity method investments are required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available. Recently Issued Accounting Pronouncements The Company did not adopt any new accounting standards year-to-date 2023 that had a material impact on its consolidated results of operations, financial position or cash flows. In addition, as of December 1, 2023, there were no new accounting standards that the Company has not yet adopted that are expected to have a material impact on its consolidated results of operations, financial position or cash flows.

Inventories

9 Months Ended

Oct. 28, 2023

Inventory, Net [Abstract]

Inventories

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


	October 28, 2023		January 28, 2023		October 29, 2022
	(in millions)
Finished Goods Merchandise	$	1,035	$	538	$	1,066
Raw Materials and Merchandise Components	170		171		203
Total Inventories	$	1,205	$	709	$	1,269

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

Net Income Per Share and Shareholders’ Equity (Deficit) - Shares Utilized for the Calculation of Basic and Diluted Earnings per Share (Details) - shares
shares in Millions

3 Months Ended

9 Months Ended

Oct. 28, 2023

Oct. 29, 2022

Oct. 28, 2023

Oct. 29, 2022

Net Income Per Share and Shareholders’ Equity (Deficit) [Abstract]

Common Shares (in shares)

242

243

248

Treasury Shares (in shares)

(15)

Basic Shares (in shares)

227

228

233

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

Diluted Shares (in shares)

228

229

235

Anti-dilutive Stock Options and Awards (in shares)

^[1]

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

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

Oct. 28, 2023

Jan. 28, 2023

Oct. 29, 2022

Principal Value

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Debt, fair value disclosure

$ 4,542

$ 4,915

Estimate of Fair Value Measurement

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Debt, fair value disclosure

^[1]

$ 4,122

$ 4,707

$ 4,367

[1]

The estimated fair value of the Company’s Long-term Debt is based on reported transaction prices, which are considered Level 2 inputs in accordance with Accounting Standards Codification 820, Fair Value Measurement. The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Pay vs Performance Disclosure
Net Income	$ 119	$ 91	$ 299	$ 366

- Definition

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

+ References

+ Details

Net Income Per Share and Shareholders’ Equity (Deficit) - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		9 Months Ended
	Dec. 01, 2023	Nov. 30, 2023	Oct. 28, 2023	Feb. 02, 2022
Accounts Payable
Equity, Class of Treasury Stock [Line Items]
Payable under repurchase agreements			$ 1
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Dividends Per Share (in USD per share)		$ 0.20
February 2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Amount Authorized			$ 1,500	$ 1,500
Shares Repurchased (in shares)			2,765,000
Treasury stock, acquired			$ 100
Remaining authorized repurchase amount			$ 88
February 2022 Repurchase Program \| Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)	569,000
Treasury stock, acquired	$ 17

Description of Business and Basis of Presentation (Details) - USD ($) $ in Millions	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Easton Investments, Including Carrying Value of Related Equity Method Investments	$ 127	$ 124	$ 125

Net Income Per Share and Shareholders’ Equity (Deficit) - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023	Oct. 29, 2022	Jul. 30, 2022	Apr. 30, 2022	Oct. 28, 2023	Oct. 29, 2022
Net Income Per Share and Shareholders’ Equity (Deficit) [Abstract]
Ordinary dividends (in USD per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.60	$ 0.60
Total Paid	$ 45	$ 46	$ 46	$ 46	$ 46	$ 48	$ 137	$ 140

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 119	$ 91	$ 299	$ 366
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	(4)	(4)	(4)	(4)
Unrealized Gain on Cash Flow Hedges	3	3	2	3
Reclassification of Cash Flow Hedges to Earnings	(1)	0	(1)	0
Total Other Comprehensive Loss, Net of Tax	(2)	(1)	(3)	(1)
Total Comprehensive Income	$ 117	$ 90	$ 296	$ 365

- Definition

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

+ References

+ Details

- Definition

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

+ References

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+ Details

Long-term Debt and Borrowing Facilities (Tables)

9 Months Ended

Oct. 28, 2023

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

Schedule of Long-term Debt Instruments

The following table provides the Company’s outstanding Long-term Debt balance, net of unamortized debt issuance costs and discounts, as of October 28, 2023, January 28, 2023 and October 29, 2022:


	October 28, 2023		January 28, 2023		October 29, 2022
	(in millions)
Senior Debt with Subsidiary Guarantee

$314 million, 9.375% Fixed Interest Rate Notes due July 2025 (“2025 Notes”)	$	312	$	317	$	317
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”)	286		283		283
$486 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)	483		498		497
$500 million, 7.500% Fixed Interest Rate Notes due June 2029 (“2029 Notes”)	492		491		490
$958 million, 6.625% Fixed Interest Rate Notes due October 2030 (“2030 Notes”)	950		991		991
$861 million, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	855		993		993
$614 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	609		694		694
Total Senior Debt with Subsidiary Guarantee	$	3,987	$	4,267	$	4,265
Senior Debt
$311 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	310	$	349	$	349
$201 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	200		246		246
Total Senior Debt	510		595		595
Total Long-term Debt	$	4,497	$	4,862	$	4,860

Schedule of Long-Term Debt Repurchases

The following table provides details of the outstanding principal amount of senior notes repurchased and extinguished during the third quarter of and year-to-date 2023:


	Third Quarter		Year-to-Date
	(in millions)
2025 Notes	$	—	$	6
2028 Notes	14		14
2030 Notes	35		42
2033 Notes	31		39
2035 Notes	78		139
2036 Notes	3		86
2037 Notes	13		47
Total	$	174	$	373

- Definition

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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+ Details

Long-Lived Assets - Summary of Property And Equipment, Net (Details) - USD ($) $ in Millions	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, at Cost	$ 3,121	$ 2,915	$ 2,809
Accumulated Depreciation and Amortization	(1,877)	(1,722)	(1,688)
Property and Equipment, Net	$ 1,244	$ 1,193	$ 1,121

Revenue Recognition (Tables)

9 Months Ended

Oct. 28, 2023

Revenue Recognition and Deferred Revenue [Abstract]

Disaggregation of Revenue

The following table provides a disaggregation of Net Sales for the third quarters of and year-to-date 2023 and 2022:


	Third Quarter				Year-to-Date
	2023		2022		2023		2022
	(in millions)
Stores - U.S. and Canada	$	1,168	$	1,178	$	3,345	$	3,398
Direct - U.S. and Canada	317		345		926		1,030
International (a)	77		81		246		244
Total Net Sales	$	1,562	$	1,604	$	4,517	$	4,672

_______________

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

Commitments and Contingencies (Details) $ in Millions	Oct. 28, 2023 USD ($)
Lease Agreements
Lease guarantees remaining after disposition of certain businesses	$ 267

Fair Value Measurements (Tables)

9 Months Ended

Oct. 28, 2023

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

Carrying Value and Fair Value of Long-Term Debt, Disclosure

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


	October 28, 2023		January 28, 2023		October 29, 2022
	(in millions)
Principal Value	$	4,542	$	4,915	$	4,915
Fair Value, Estimated (a)	4,122		4,707		4,367

_______________

Long-term Debt and Borrowing Facilities

9 Months Ended

Oct. 28, 2023

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

Long-term Debt and Borrowing Facilities

Long-term Debt and Borrowing Facility

The following table provides the Company’s outstanding Long-term Debt balance, net of unamortized debt issuance costs and discounts, as of October 28, 2023, January 28, 2023 and October 29, 2022:


	October 28, 2023		January 28, 2023		October 29, 2022
	(in millions)
Senior Debt with Subsidiary Guarantee

$314 million, 9.375% Fixed Interest Rate Notes due July 2025 (“2025 Notes”)	$	312	$	317	$	317
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”)	286		283		283
$486 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)	483		498		497
$500 million, 7.500% Fixed Interest Rate Notes due June 2029 (“2029 Notes”)	492		491		490
$958 million, 6.625% Fixed Interest Rate Notes due October 2030 (“2030 Notes”)	950		991		991
$861 million, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	855		993		993
$614 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	609		694		694
Total Senior Debt with Subsidiary Guarantee	$	3,987	$	4,267	$	4,265
Senior Debt
$311 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	310	$	349	$	349
$201 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	200		246		246
Total Senior Debt	510		595		595
Total Long-term Debt	$	4,497	$	4,862	$	4,860

Repurchases of Notes

During the third quarter of and year-to-date 2023, the Company repurchased in the open market and extinguished $174 million and $373 million principal amounts of its outstanding senior notes, respectively. The aggregate repurchase prices for these notes were $161 million and $343 million for the third quarter of and year-to-date 2023, respectively, resulting in pre-tax gains of $12 million and $28 million, net of the write-off of unamortized issuance costs, during the third quarter of and year-to-date 2023, respectively. These gains are included in Other Income in the 2023 Consolidated Statements of Income.

The following table provides details of the outstanding principal amount of senior notes repurchased and extinguished during the third quarter of and year-to-date 2023:


	Third Quarter		Year-to-Date
	(in millions)
2025 Notes	$	—	$	6
2028 Notes	14		14
2030 Notes	35		42
2033 Notes	31		39
2035 Notes	78		139
2036 Notes	3		86
2037 Notes	13		47
Total	$	174	$	373

Subsequent to October 28, 2023 through December 1, 2023, the Company repurchased in the open market and extinguished $93 million principal amount of its outstanding senior notes for an aggregate repurchase price of $86 million.

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.

In the second quarter of 2023, the Company amended its ABL Facility to replace the London Interbank Offer Rate (“LIBOR”) based rate with a Secured Overnight Financing Rate (“SOFR”) based rate as the interest rate benchmark on U.S. dollar borrowings. This amendment made no other material changes to the terms of the ABL Facility.

Availability under the ABL Facility is the lesser of (i) the borrowing base, determined primarily based on the Company’s eligible U.S. and Canadian credit card receivables, accounts receivable, inventory and eligible real property, or (ii) the aggregate commitment. If at any time the outstanding amount under the ABL Facility exceeds the lesser of (i) the borrowing base and (ii) the aggregate commitment, the Company is required to repay the outstanding amounts under the ABL Facility to the extent of such excess. As of October 28, 2023, the Company’s borrowing base was $1.169 billion, and it had no borrowings outstanding under the ABL Facility.

The ABL Facility supports the Company’s letter of credit program. The Company had $10 million of outstanding letters of credit as of October 28, 2023 that reduced its availability under the ABL Facility. As of October 28, 2023, the Company’s availability under the ABL Facility was $740 million.

As of October 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 Term SOFR plus 1.25% and a credit spread adjustment of 0.10% per annum. The interest rate on outstanding Canadian dollar-denominated borrowings was the Canadian Dollar Offered Rate plus 1.25% per annum.

The ABL Facility requires the Company to maintain a fixed charge coverage ratio of not less than 1.00 to 1.00 during an event of default or any period commencing on any day when specified excess availability is less than the greater of (i) $70 million or (ii) 10% of the maximum borrowing amount. As of October 28, 2023, the Company was not required to maintain this ratio.

Description of Business and Basis of Presentation (Policy)	9 Months Ended
	Oct. 28, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Bath & Body Works, Inc. (the “Company”) is a global omnichannel retailer focused on personal care and home fragrance. The Company sells merchandise through its retail stores in the United States of America (“U.S.”) and Canada, and through its websites and other channels, under the Bath & Body Works, White Barn and other brand names. The Company’s international business is conducted through franchise, license and wholesale partners. The Company operates as and reports a single segment.
Fiscal Year	Fiscal Year The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “third quarter of 2023” and “third quarter of 2022” refer to the thirteen-week periods ended October 28, 2023 and October 29, 2022, respectively. “Year-to-date 2023” and “year-to-date 2022” refer to the thirty-nine-week periods ended October 28, 2023 and October 29, 2022, respectively. The Company utilizes the retail calendar for reporting. As a result, the Company’s fiscal 2023 will include 53 weeks, with the fourth quarter representing the 14-week period ending February 3, 2024.
Basis of Consolidation	Basis of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method.
Interim Financial Statements	Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended October 28, 2023 and October 29, 2022 are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained in the Company’s 2022 Annual Report on Form 10-K. In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments that are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods.
Seasonality of Business	Seasonality of Business The Company’s operations are seasonal in nature and consist of two principal selling seasons: Spring (the first and second quarters) and Fall (the third and fourth quarters). Historically, the Company's sales are higher during the fourth quarter of the fiscal year due to seasonal and holiday-related sales patterns. Due to the seasonal variations in the retail industry, the results of operations for the interim periods are not necessarily indicative of the results expected for the full fiscal year.
Derivative Financial Instruments	Derivative Financial Instruments The Company’s Canadian dollar denominated earnings are subject to exchange rate risk as substantially all the Company’s merchandise sold in Canada is sourced through U.S. dollar transactions. The Company uses foreign currency forward contracts designated as cash flow hedges to mitigate this foreign currency exposure. Amounts are reclassified from Accumulated Other Comprehensive Income upon sale of the hedged merchandise to the customer. These gains and losses are recognized in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income. All designated cash flow hedges are recorded on the Consolidated Balance Sheets at fair value. The fair value of designated cash flow hedges is not significant for any period presented. The Company does not use derivative financial instruments for trading purposes.
Concentration of Credit Risk	Concentration of Credit Risk The Company maintains cash and cash equivalents and derivative contracts with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts and limits the amount of credit exposure with any one entity. The Company’s investment portfolio is primarily composed of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits. The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company determines the required allowance for expected credit losses using information such as customer credit history and financial condition. Amounts are recorded to the allowance when it is determined that expected credit losses may occur.
Equity Method Investments	Easton Investments The Company has land and other investments in Easton, a planned community in Columbus, Ohio, that integrates office, hotel, retail, residential and recreational space. These investments, totaling $127 million as of October 28, 2023, $124 million as of January 28, 2023 and $125 million as of October 29, 2022, are recorded in Other Assets on the Consolidated Balance Sheets. Included in the Company’s Easton investments are equity interests in Easton Town Center, LLC (“ETC”) and Easton Gateway, LLC (“EG”), entities that own and develop commercial entertainment and shopping centers. The Company’s investments in ETC and EG are accounted for using the equity method of accounting. The Company has majority financial interests in ETC and EG, but another unaffiliated member manages them, and certain significant decisions regarding ETC and EG require the consent of unaffiliated members in addition to the Company. Under the equity method of accounting, the Company recognizes its share of the investee’s net income or loss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carrying values are only reduced below zero if the Company has an obligation to provide funding to the investee. The Company’s share of net income or loss of all unconsolidated entities is included in Other Income in the Consolidated Statements of Income. The Company’s equity method investments are required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company did not adopt any new accounting standards year-to-date 2023 that had a material impact on its consolidated results of operations, financial position or cash flows. In addition, as of December 1, 2023, there were no new accounting standards that the Company has not yet adopted that are expected to have a material impact on its consolidated results of operations, financial position or cash flows.
Inventory	Inventories are principally valued at the lower of cost or net realizable value, on an average cost basis.

Revenue Recognition

9 Months Ended

Oct. 28, 2023

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

Accounts receivable, net from revenue-generating activities were $84 million as of October 28, 2023, $79 million as of January 28, 2023 and $103 million as of October 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 rewards 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 $163 million as of October 28, 2023, $195 million as of January 28, 2023 and $147 million as of October 29, 2022. The Company recognized $123 million as revenue year-to-date 2023 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 the third quarters of and year-to-date 2023 and 2022:


	Third Quarter				Year-to-Date
	2023		2022		2023		2022
	(in millions)
Stores - U.S. and Canada	$	1,168	$	1,178	$	3,345	$	3,398
Direct - U.S. and Canada	317		345		926		1,030
International (a)	77		81		246		244
Total Net Sales	$	1,562	$	1,604	$	4,517	$	4,672

_______________

(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 $161 million and $160 million for the third quarters of 2023 and 2022, respectively, and $468 million and $462 million for year-to-date 2023 and 2022, respectively.

- Definition

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.

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+ Details

Long-term Debt and Borrowing Facilities - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Millions	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022
Long-term debt	$ 4,497	$ 4,862	$ 4,860
With Subsidiary Guarantee \| Fixed Rate 9.375% Notes due July 2025 [Member]
Debt Instrument, Notional Amount	$ 314
Fixed interest rate	9.375%
Long-term debt	$ 312	317	317
With Subsidiary Guarantee \| Fixed Rate 6.694% Notes Due January 2027
Debt Instrument, Notional Amount	$ 297
Fixed interest rate	6.694%
Long-term debt	$ 286	283	283
With Subsidiary Guarantee \| Fixed Rate 5.25% Notes Due February 2028
Debt Instrument, Notional Amount	$ 486
Fixed interest rate	5.25%
Long-term debt	$ 483	498	497
With Subsidiary Guarantee \| Fixed Rate 7.5% Notes Due June 2029
Debt Instrument, Notional Amount	$ 500
Fixed interest rate	7.50%
Long-term debt	$ 492	491	490
With Subsidiary Guarantee \| Fixed Rate 6.625% Notes Due October 2030 [Member]
Debt Instrument, Notional Amount	$ 958
Fixed interest rate	6.625%
Long-term debt	$ 950	991	991
With Subsidiary Guarantee \| Fixed Rate 6.875% Notes Due November 2035 [Member]
Debt Instrument, Notional Amount	$ 861
Fixed interest rate	6.875%
Long-term debt	$ 855	993	993
With Subsidiary Guarantee \| Fixed Rate 6.75% Notes Due July 2036 [Member]
Debt Instrument, Notional Amount	$ 614
Fixed interest rate	6.75%
Long-term debt	$ 609	694	694
With Subsidiary Guarantee \| Senior Debt Obligations
Long-term debt	3,987	4,267	4,265
Without Subsidiary Guarantee
Long-term debt	510	595	595
Without Subsidiary Guarantee \| Fixed Rate 6.95% Debentures Due March 2033 [Member]
Debt Instrument, Notional Amount	$ 311
Fixed interest rate	6.95%
Long-term debt	$ 310	349	349
Without Subsidiary Guarantee \| Fixed Rate 7.60% Notes Due July 2037 [Member]
Debt Instrument, Notional Amount	$ 201
Fixed interest rate	7.60%
Long-term debt	$ 200	$ 246	$ 246

Cover - shares	9 Months Ended
Cover - shares	Oct. 28, 2023	Nov. 24, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 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
Entity Registrant Former Name	Not Applicable
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
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.50 Par Value
Trading Symbol	BBWI
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		225,940,592
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000701985
Current Fiscal Year End Date	--02-03

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

3 Months Ended

9 Months Ended

Oct. 28, 2023

Oct. 29, 2022

Oct. 28, 2023

Oct. 29, 2022

Disaggregation of Revenue [Line Items]

Net Sales

$ 1,562

$ 1,604

$ 4,517

$ 4,672

Stores - U.S. and Canada

Disaggregation of Revenue [Line Items]

Net Sales

1,168

1,178

3,345

3,398

Direct - U.S. and Canada

Disaggregation of Revenue [Line Items]

Net Sales

317

345

926

1,030

International

Disaggregation of Revenue [Line Items]

Net Sales

^[1]

$ 77

$ 81

$ 246

$ 244

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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Long-term Debt and Borrowing Facilities - Repurchase of Notes (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Dec. 01, 2023	Oct. 28, 2023	Oct. 28, 2023	Oct. 29, 2022
Debt Instrument [Line Items]
Debt instrument, redeemed amount		$ 174	$ 373
Repayment of debt		161	343	$ 0
Gain on repurchase of debt instrument		$ 12	$ 28	$ 0
Subsequent Event
Debt Instrument [Line Items]
Debt instrument, redeemed amount	$ 93
Repayment of debt	$ 86

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Oct. 28, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Inventories (Tables)

9 Months Ended

Oct. 28, 2023

Inventory, Net [Abstract]

Summary of Inventories

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


	October 28, 2023		January 28, 2023		October 29, 2022
	(in millions)
Finished Goods Merchandise	$	1,035	$	538	$	1,066
Raw Materials and Merchandise Components	170		171		203
Total Inventories	$	1,205	$	709	$	1,269

Long-term Debt and Borrowing Facilities - Asset-Backed Revolving Credit Facility (Details)	9 Months Ended
	Oct. 28, 2023 USD ($)
Letter of Credit
Letters of credit outstanding, amount	$ 10,000,000
Revolving Credit Facility \| Revolving Credit Facility Expiring August 2026
Credit agreement, borrowing capacity	750,000,000
Line of credit, outstanding amount	0
Line of credit facility, remaining borrowing capacity	$ 740,000,000
Revolving facility commitment fee percentage, unused capacity	0.30%
Revolving facility current credit fees percentage rate, letters of credit	1.25%
Revolving facility covenant fixed charge coverage ratio	1.00
Line of credit financial covenant, maximum borrowing amount	$ 70,000,000
Line of credit financial covenant, percentage of maximum borrowing amount	0.10
Line Of Credit Facility Current Borrowing Base	$ 1,169,000,000
Revolving Credit Facility \| Revolving Credit Facility Expiring August 2026 \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt instrument, basis spread on variable rate	1.25%
Revolving Credit Facility \| Revolving Credit Facility Expiring August 2026 \| Credit Spread Adjustment
Debt instrument, basis spread on variable rate	0.10%
Revolving Credit Facility \| Revolving Credit Facility Expiring August 2026 \| CDOR Spread
Debt instrument, basis spread on variable rate	1.25%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022
Current Assets:
Cash and Cash Equivalents	$ 412	$ 1,232	$ 295
Accounts Receivable, Net	197	226	242
Inventories	1,205	709	1,269
Other	145	99	142
Total Current Assets	1,959	2,266	1,948
Property and Equipment, Net	1,244	1,193	1,121
Operating Lease Assets	1,067	1,050	1,074
Goodwill	628	628	628
Trade Name	165	165	165
Deferred Income Taxes	35	37	41
Other Assets	145	155	156
Total Assets	5,243	5,494	5,133
Current Liabilities:
Accounts Payable	627	455	632
Accrued Expenses and Other	590	673	645
Current Operating Lease Liabilities	192	177	175
Income Taxes	0	74	0
Total Current Liabilities	1,409	1,379	1,452
Deferred Income Taxes	167	168	158
Long-term Debt	4,497	4,862	4,860
Long-term Operating Lease Liabilities	1,020	1,014	1,039
Other Long-term Liabilities	274	276	232
Shareholders’ Equity (Deficit):
Preferred Stock - $1.00 par value; 10 shares authorized; none issued	0	0	0
Common Stock - $0.50 par value; 1,000 shares authorized; 242, 244 and 243 shares issued; 227, 229 and 228 shares outstanding, respectively	120	122	122
Paid-in Capital	831	817	801
Accumulated Other Comprehensive Income	75	78	79
Retained Earnings (Accumulated Deficit)	(2,329)	(2,401)	(2,789)
Less: Treasury Stock, at Average Cost; 15, 15 and 15 shares, respectively	(822)	(822)	(822)
Total Shareholders’ Equity (Deficit)	(2,125)	(2,206)	(2,609)
Noncontrolling Interest	1	1	1
Total Equity (Deficit)	(2,124)	(2,205)	(2,608)
Total Liabilities and Equity (Deficit)	$ 5,243	$ 5,494	$ 5,133