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Document and Entity Information Document - shares	9 Months Ended
Document and Entity Information Document - shares	Nov. 02, 2019	Nov. 29, 2019
Cover page.
Title of 12(b) Security	Common Stock, $0.50 Par Value
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 02, 2019
Entity File Number	1-8344
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Trading Symbol	LB
Entity Registrant Name	L BRANDS, INC.
Entity Central Index Key	0000701985
Current Fiscal Year End Date	--02-01
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		276,474,678
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
Security Exchange Name	NYSE

Consolidated Statements Of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Consolidated Statements Of Income - USD ($) $ in Millions	Nov. 02, 2019	Nov. 03, 2018	Nov. 02, 2019	Nov. 03, 2018
Income Statement [Abstract]
Net Sales	$ 2,677	$ 2,775	$ 8,207	$ 8,385
Costs of Goods Sold, Buying and Occupancy	(1,936)	(1,847)	(5,550)	(5,454)
Gross Profit	741	928	2,657	2,931
General, Administrative and Store Operating Expenses	(892)	(874)	(2,480)	(2,494)
Operating Income	(151)	54	177	437
Interest Expense	(92)	(96)	(286)	(292)
Other Income (Loss)	(34)	1	(66)	1
Income Before Income Taxes	(277)	(41)	(175)	146
Provision for Income Taxes	(25)	2	(1)	42
Net Income	$ (252)	$ (43)	$ (174)	$ 104
Net Income Per Basic Share (in usd per share)	$ (0.91)	$ (0.16)	$ (0.63)	$ 0.37
Net Income Per Diluted Share (in usd per share)	(0.91)	(0.16)	(0.63)	0.37
Dividends Per Share(in usd per share)	$ 0.30	$ 0.60	$ 0.90	$ 1.80

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2019	Nov. 03, 2018	Nov. 02, 2019	Nov. 03, 2018
Net Income	$ (252)	$ (43)	$ (174)	$ 104
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	6	(2)	(5)	(24)
Unrealized Gain on Cash Flow Hedges	(2)	1	2	10
Reclassification of Cash Flow Hedges to Earnings	0	0	(3)	3
Total Other Comprehensive Income (Loss), Net of Tax	4	(1)	(6)	(11)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (248)	$ (44)	$ (180)	$ 93

- Definition

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

+ References + Details

Consolidated Balance Sheets - USD ($) $ in Millions	Nov. 02, 2019	Feb. 02, 2019	Nov. 03, 2018
Current Assets:
Cash and Cash Equivalents	$ 340	$ 1,413	$ 348
Accounts Receivable, Net	295	367	321
Inventories	2,032	1,248	1,963
Other	259	232	301
Total Current Assets	2,926	3,260	2,933
Property and Equipment, Net	2,571	2,818	2,934
Operating Lease Assets	3,130	0	0
Goodwill	1,318	1,348	1,348
Trade Names	411	411	411
Deferred Income Taxes	63	62	20
Other Assets	211	191	183
Total Assets	10,630	8,090	7,829
Current Liabilities:
Accounts Payable	1,024	711	1,060
Accrued Expenses and Other	980	1,082	1,018
Current Debt	75	72	56
Current Operating Lease Liabilities	460	0	0
Income Taxes	4	121	8
Total Current Liabilities	2,543	1,986	2,142
Deferred Income Taxes	246	226	234
Long-term Debt	5,477	5,739	5,814
Long-term Operating Lease Liabilities	3,108	0	0
Other Long-term Liabilities	494	1,004	951
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; 284, 283 and 283 shares issued; 276, 275 and 275 shares outstanding, respectively	142	141	142
Paid-in Capital	828	771	747
Accumulated Other Comprehensive Income	53	59	11
Retained Earnings (Deficit)	(1,907)	(1,482)	(1,856)
Less: Treasury Stock, at Average Cost; 8, 8 and 8 shares, respectively	(358)	(358)	(358)
Total L Brands, Inc. Shareholders’ Equity (Deficit)	(1,242)	(869)	(1,314)
Noncontrolling Interest	4	4	2
Total Equity (Accumulated Deficit)	(1,238)	(865)	(1,312)
Total Liabilities and Equity (Deficit)	$ 10,630	$ 8,090	$ 7,829

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Nov. 02, 2019	Feb. 02, 2019	Nov. 03, 2018
Preferred Stock, Par Value	$ 1	$ 1	$ 1
Preferred Stock, Shares Authorized	10	10	10
Preferred Stock, Shares Issued	0	0	0
Common Stock, Par Value	$ 0.50	$ 0.50	$ 0.50
Common Stock, Shares Authorized	1,000	1,000	1,000
Common Stock, Shares, Issued	284	283	283
Common Stock, Shares, Outstanding	276	275	275
Treasury Stock, Shares	8	8	8

Consolidated Statements of Total Equity (Deficit) Statement - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Paid-In Capital	Accumulated Other Comprehensive Income	Retained Earnings (Accumulated Deficit)	Treasury Stock, at Average Cost	Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative Effect of Accounting Change \| Cumulative Effect of Accounting Change	$ (28)	$ 0	$ 0	$ (2)	$ (26)	$ 0	$ 0
Adjusted balance	(779)	$ 141	678	22	(1,460)	(162)	2
Beginning balance (shares) at Feb. 03, 2018		280,000
Beginning balance at Feb. 03, 2018	(751)	$ 141	678	24	(1,434)	(162)	2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	104	0	0	0	104	0	0
Other Comprehensive Income (Loss)	(11)	0	0	(11)	0	0	0
Total Comprehensive Income	93	0	0	(11)	104	0	0
Cash Dividends	$ (500)	$ 0	0	0	(500)	0	0
Repurchase of Common Stock (shares)	(5,379)	(5,000)
Repurchase of Common Stock	$ (196)	$ 0	0	0	0	(196)	0
Share-based Compensation and Other (shares)		0
Share-based Compensation and Other	$ 70	$ 1	69	0	0	0	0
Ending balance (shares) at Nov. 03, 2018	275,000	275,000
Ending balance at Nov. 03, 2018	$ (1,312)	$ 142	747	11	(1,856)	(358)	2
Beginning balance (shares) at Aug. 04, 2018		275,000
Beginning balance at Aug. 04, 2018	(1,122)	$ 142	718	12	(1,648)	(348)	2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	(43)	0	0	0	(43)	0	0
Other Comprehensive Income (Loss)	(1)	0	0	(1)	0	0	0
Total Comprehensive Income	(44)	0	0	(1)	(43)	0	0
Cash Dividends	(165)	$ 0	0	0	(165)	0	0
Repurchase of Common Stock (shares)		0
Repurchase of Common Stock	(10)	$ 0	0	0	0	(10)	0
Share-based Compensation and Other (shares)		0
Share-based Compensation and Other	$ 29	$ 0	29	0	0	0	0
Ending balance (shares) at Nov. 03, 2018	275,000	275,000
Ending balance at Nov. 03, 2018	$ (1,312)	$ 142	747	11	(1,856)	(358)	2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative Effect of Accounting Change \| Cumulative Effect of Accounting Change	(2)	0	0	0	(2)	0	0
Adjusted balance	$ (867)	$ 141	771	59	(1,484)	(358)	4
Beginning balance (shares) at Feb. 02, 2019	275,000	275,000
Beginning balance at Feb. 02, 2019	$ (865)	$ 141	771	59	(1,482)	(358)	4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	(174)	0	0	0	(174)	0	0
Other Comprehensive Income (Loss)	(6)	0	0	(6)	0	0	0
Total Comprehensive Income	(180)	0	0	(6)	(174)	0	0
Cash Dividends	(249)	$ 0	0	0	(249)	0	0
Share-based Compensation and Other (shares)		1,000
Share-based Compensation and Other	$ 58	$ 1	57	0	0	0	0
Ending balance (shares) at Nov. 02, 2019	276,000	276,000
Ending balance at Nov. 02, 2019	$ (1,238)	$ 142	828	53	(1,907)	(358)	4
Beginning balance (shares) at Aug. 03, 2019		276,000
Beginning balance at Aug. 03, 2019	(929)	$ 142	806	49	(1,572)	(358)	4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	(252)	0	0	0	(252)	0	0
Other Comprehensive Income (Loss)	4	0	0	4	0	0	0
Total Comprehensive Income	(248)	0	0	4	(252)	0	0
Cash Dividends	(83)	$ 0	0	0	(83)	0	0
Share-based Compensation and Other (shares)		0
Share-based Compensation and Other	$ 22	$ 0	22	0	0	0	0
Ending balance (shares) at Nov. 02, 2019	276,000	276,000
Ending balance at Nov. 02, 2019	$ (1,238)	$ 142	$ 828	$ 53	$ (1,907)	$ (358)	$ 4

Consolidated Statements of Total Equity (Deficit) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Nov. 02, 2019	Nov. 03, 2018	Nov. 02, 2019	Nov. 03, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends (in usd per share)	$ 0.30	$ 0.60	$ 0.90	$ 1.80

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Nov. 02, 2019	Nov. 03, 2018
Operating Activities:
Net Income	$ (174)	$ 104
Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities:
Depreciation of Long-lived Assets	443	444
Amortization of Landlord Allowances	0	(32)
Asset Impairment Charges	248	81
Share-based Compensation Expense	67	75
Loss on Extinguishment of Debt	40	0
Loss Contingency, Loss in Period	37	0
Deferred Income Taxes	19	(3)
Gains on Distributions from Easton Investments	(4)	(7)
Unrealized Losses on Marketable Equity Securities	0	8
Changes in Assets and Liabilities:
Accounts Receivable	41	(8)
Inventories	(785)	(731)
Accounts Payable, Accrued Expenses and Other	210	300
Income Taxes Payable	(198)	(260)
Other Assets and Liabilities	(34)	42
Net Cash Provided by Operating Activities	(90)	13
Investing Activities:
Capital Expenditures	(392)	(561)
Other Investing Activities	(16)	23
Net Cash Used for Investing Activities	(408)	(538)
Financing Activities:
Proceeds from Issuance of Long-Term Debt, Net of Issuance Costs	486	0
Payments of Long-term Debt	(799)	(52)
Borrowings from Foreign Facilities		85
Repayments of Foreign Facilities	(21)	(71)
Dividends Paid	(249)	(500)
Repurchases of Common Stock	0	(198)
Tax Payments related to Share-based Awards	(12)	(13)
Financing Costs and Other	(11)	(4)
Net Cash Used for Financing Activities	(570)	(643)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	(5)	1
Net Decrease in Cash and Cash Equivalents	(1,073)	(1,167)
Cash and Cash Equivalents, Beginning of Period	1,413	1,515
Cash and Cash Equivalents, End of Period	340	348
Revolving Credit Expiring August 2024 [Member]
Financing Activities:
Borrowings from Foreign Facilities	0	85
Foreign Facilities [Member]
Financing Activities:
Borrowings from Foreign Facilities	36	110
Repayments of Foreign Facilities	$ (21)	$ (71)

Description Of Business And Basis Of Presentation

9 Months Ended

Nov. 02, 2019

Description Of Business And Basis Of Presentation [Abstract]

Description Of Business And Basis Of Presentation

Description of Business and Basis of Presentation

Description of Business

L Brands, Inc. (the "Company”) operates in the highly competitive specialty retail business. The Company is a specialty retailer of women’s intimate and other apparel, personal care, beauty and home fragrance products. The Company sells its merchandise through company-owned specialty retail stores in the United States (“U.S.”), Canada, the United Kingdom (“U.K.”), Ireland and Greater China (China and Hong Kong), and through its websites and other channels. The Company's other international operations are primarily through franchise, license and wholesale partners. The Company currently operates the following retail brands:


•	Victoria’s Secret


•	PINK


•	Bath & Body Works

Fiscal Year

The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “third quarter of 2019” and “third quarter of 2018” refer to the thirteen-week periods ended November 2, 2019 and November 3, 2018, respectively. “Year-to-date 2019” and “year-to-date 2018” refer to the thirty-nine-week periods ending November 2, 2019 and November 3, 2018, respectively.

Basis of Consolidation

The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method. Under the equity method of accounting, the Company recognizes its share of the investee's net income or loss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carrying values are only reduced below zero if the Company has an obligation to provide funding to the investee. The Company’s share of net income or loss of unconsolidated entities from which the Company purchases merchandise or merchandise components is included in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income (Loss). The Company’s share of net income or loss of all other unconsolidated entities is included in Other Income (Loss) in the Consolidated Statements of Income (Loss). 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.

On January 6, 2019, the Company completed the sale of the La Senza business. For additional information, see Note 5, "Restructuring Activities."

Interim Financial Statements

The Consolidated Financial Statements as of and for the periods ended November 2, 2019 and November 3, 2018 are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained in the Company’s 2018 Annual Report on Form 10-K.

In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments, which are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods.

Seasonality of Business

Due to seasonal variations in the retail industry, the results of operations for any interim period are not necessarily indicative of the results expected for the full fiscal year.

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. Typically, the Company’s investment portfolio is primarily comprised of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits.

The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company records an allowance for uncollectable accounts when it becomes probable that the counterparty will be unable to pay.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) 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.

New Accounting Pronouncements	9 Months Ended
New Accounting Pronouncements	Nov. 02, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) 842, Leases, which requires companies classified as lessees to account for most leases on their balance sheets but recognize expenses on their income statements in a manner similar to legacy accounting. The standard also requires enhanced quantitative and qualitative disclosures, including significant judgments made by management, to provide greater insight into the extent of expense recognized and expected to be recognized from existing leases. In July 2018, the FASB approved an amendment to the standard that provides companies a modified retrospective transition option that did not require earlier periods to be restated upon adoption. The Company adopted the standard in the first quarter of 2019 under the modified retrospective approach. As allowed by the new standard, the Company elected the package of transition practical expedients but elected to not apply the hindsight practical expedient to its leases at transition. Upon adoption at the beginning of 2019, the Company recorded operating lease liabilities of $3.7 billion and operating lease assets for its leases of $3.3 billion. The operating lease assets are net of $470 million of liabilities for deferred rent and unamortized landlord construction allowances that were previously recorded as Other Long-term Liabilities on the Consolidated Balance Sheet. The Company also recorded a decrease to opening retained earnings, net of tax, of $2 million. The adoption of the standard did not materially impact the Consolidated Statements of Income (Loss) or Cash Flows. See Note 9, “Leases” for additional disclosure required by the new standard. Hedging Activities In August 2017, the FASB issued Accounting Standards Update ("ASU") 2017-12, Targeted Improvements to Accounting for Hedging Activities, which is intended to better align risk management activities and financial reporting for hedging relationships. The standard eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. It also eases certain documentation and assessment requirements. The Company adopted the standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on the Company's consolidated results of operations, financial position or cash flows. Goodwill In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies the subsequent measurement of goodwill. The standard eliminates the second step from the goodwill impairment test, which requires a hypothetical purchase price allocation to determine the implied fair value of goodwill. Under the new standard, the goodwill impairment charge will be the excess of the reporting unit's carrying value over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The Company adopted this standard in the third quarter of 2019 and performed the interim goodwill impairment assessment in accordance with ASU 2017-04. For additional information, see Note 8, "Goodwill and Trade Names." Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which requires the use of a forward-looking expected loss impairment model for accounts receivable and certain other financial instruments. This guidance will be effective beginning in fiscal 2020, with early adoption permitted. The Company is currently evaluating the impact of this standard.

Leases

9 Months Ended

Nov. 02, 2019

Leases [Abstract]

Leases

In the first quarter of 2019, the Company adopted ASC 842, Leases, using the modified retrospective approach. Results for 2019 are presented under ASC 842, while prior period consolidated financial statements have not been adjusted and continue to be presented under the accounting standard in effect at that time.

The Company leases retail space, office space, warehouse facilities, storage space, equipment and certain other items under operating leases. A substantial portion of the Company’s leases are operating leases for its stores, which generally have an initial term of 10 years. Annual store rent consists of a fixed minimum amount and/or variable rent based on a percentage of sales exceeding a stipulated amount. Store lease terms generally also require additional payments covering certain operating costs such as common area maintenance, utilities, insurance and taxes. Certain leases contain predetermined fixed escalations of minimum rentals or require periodic adjustments of minimum rentals depending on an index or rate. Additionally, certain leases contain incentives, such as construction allowances from landlords and/or rent abatements subsequent to taking possession of the leased property.

At lease commencement, the Company recognizes an asset for the right to use the leased asset and a liability based on the present value of the unpaid fixed lease payments. Operating lease costs are recognized on a straight-line basis as lease expense over the lease term. Variable lease payments associated with the Company's leases are recognized upon occurrence of the event or circumstance on which the payments are assessed. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet, and lease expense is recognized on a straight-line basis over the lease term.

The Company uses its incremental borrowing rate, adjusted for collateral, to determine the present value of its unpaid lease payments.

The Company’s store leases often include options to extend the initial term or to terminate the lease prior to the end of the initial term. The exercise of these options is typically at the sole discretion of the Company. These options are included in determining the initial lease term at lease commencement if the Company is reasonably certain to exercise the option. Additionally, the Company may operate stores for a period of time on a month-to-month basis after the expiration of the lease term.

For leases entered into or reassessed after the adoption of the new standard, the Company has elected the practical expedient allowed by the standard to account for all fixed consideration in a lease as a single lease component. Therefore, the lease payments used to measure the lease liability for these leases include fixed minimum rentals along with fixed operating costs such as common area maintenance and utilities.

The Company has provided residual value guarantees in connection with noncancelable operating leases of certain assets. For additional information, see Note 16, “Commitments and Contingencies.”

The following table provides the components of lease cost for operating leases for the third quarter and year-to-date 2019:



	Third Quarter		Year-to-Date
	(in millions)
Operating Lease Costs (a)	$	206	$	557
Variable Lease Costs	27		67
Short-term Lease Costs	9		19
Total Lease Cost	$	242	$	643

_______________


(a)	As discussed in Note 7, “Property and Equipment, Net," the Company recognized operating lease asset impairment charges of $30 million during the third quarter of 2019. These charges are included as additional operating lease costs for the third quarter and year-to-date 2019.

The following table provides future maturities of operating lease liabilities as of the third quarter of 2019:



Fiscal Year	(in millions)
2019	$	115
2020	720
2021	676
2022	605
2023	546
Thereafter	1,907
Total Lease Payments	$	4,569
Less: Interest	(1,001		)
Present Value of Operating Lease Liabilities	$	3,568

As of November 2, 2019, the Company has additional operating lease commitments that have not yet commenced of approximately $49 million.

The following table provides the weighted-average remaining lease term and discount rate for operating leases with lease liabilities as of the third quarter of 2019:



Weighted Average Remaining Lease Term (years)	7.4
Weighted Average Discount Rate	6.2	%

Year-to-date 2019, the Company paid $528 million for operating lease liabilities recorded on the balance sheet. These payments are included within the Operating Activities section of the 2019 Consolidated Statement of Cash Flows.

Year-to-date 2019, the Company obtained $248 million of additional lease assets as a result of new operating lease obligations.

Disclosures for 2018

The following table provides rent expense, as presented under the prior accounting standard, for the third quarter and year-to-date 2018:



	Third Quarter		Year-to-Date
	(in millions)
Store Rent:
Fixed Minimum	$	167	$	500
Contingent	15		45
Total Store Rent	182		545
Office, Equipment and Other	25		69
Total Rent Expense	$	207	$	614

The following table provides future minimum rent commitments under noncancelable operating leases in the next five fiscal years and the remaining years thereafter, as determined under the prior accounting standard, as of February 2, 2019:



Fiscal Year (a)	(in millions)
2019	$	698
2020	676
2021	630
2022	562
2023	504
Thereafter	$	1,738

_______________


(a)	Excludes additional payments covering taxes, common area costs and certain other expenses generally required by store lease terms.

Finance Leases

The Company leases certain fulfillment equipment under finance leases that expire at various dates through 2023. The Company records finance lease assets, net of accumulated amortization, in Property and Equipment, Net on the Consolidated Balance Sheet. Additionally, the Company records finance lease liabilities in Accrued Expenses and Other and Other Long-term Liabilities on the Consolidated Balance Sheet. Finance lease costs are comprised of the straight-line amortization of the lease asset and the accretion of interest expense under the effective interest method.

The Company recorded $23 million and $28 million of finance lease assets, net of accumulated amortization, in Property and Equipment, Net on the November 2, 2019 and November 3, 2018 Consolidated Balance Sheets, respectively. Additionally, the Company recorded finance lease liabilities of $8 million and $8 million in Accrued Expenses and Other and $15 million and $21 million in Other Long-term Liabilities, on the November 2, 2019 and November 3, 2018 Consolidated Balance Sheets, respectively.

Asset Retirement Obligations

The Company has asset retirement obligations related to certain company-owned stores that contractually obligate the Company to remove leasehold improvements at the end of a lease. The Company’s liability for asset retirement obligations totaled $22 million as of November 2, 2019 and $17 million as of November 3, 2018. These liabilities are included in Other Long-term Liabilities on the Consolidated Balance Sheets.

Revenue Recognition

9 Months Ended

Nov. 02, 2019

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

Accounts receivable, net from revenue-generating activities were $147 million as of November 2, 2019, $150 million as of February 2, 2019 and $160 million as of November 3, 2018. Accounts receivable primarily relate to amounts due from the Company's franchise, license and wholesale partners. Under these arrangements, payment terms are typically 60 to 90 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 and private label credit card programs and direct channel shipments not yet delivered, which are all impacted by seasonal and holiday-related sales patterns. Deferred revenue was $280 million as of November 2, 2019, $331 million as of February 2, 2019 and $271 million as of November 3, 2018. The Company recognized $190 million as revenue year-to-date in 2019 from amounts recorded as deferred revenue at the beginning of the period. As of November 2, 2019, the Company recorded deferred revenue of $267 million within Accrued Expenses and Other, and $13 million within Other Long-term Liabilities on the Consolidated Balance Sheet.

The following table provides a disaggregation of Net Sales for the third quarter and year-to-date 2019 and 2018:



	Third Quarter				Year-to-Date
	2019		2018		2019		2018
	(in millions)
Victoria’s Secret Stores (a)	$	1,081	$	1,178	$	3,462	$	3,778
Victoria’s Secret Direct	331		351		1,067		1,065
Total Victoria’s Secret	1,412		1,529		4,529		4,843
Bath & Body Works Stores (a)	872		808		2,469		2,281
Bath & Body Works Direct	192		148		527		399
Total Bath & Body Works	1,064		956		2,996		2,680
Victoria's Secret and Bath & Body Works International (b)	134		134		423		415
Other (c)	67		156		259		447
Total Net Sales	$	2,677	$	2,775	$	8,207	$	8,385

_______________


(a)	Includes company-owned stores in the U.S. and Canada.


(b)	Includes company-owned stores in the U.K., Ireland and Greater China, direct sales in Greater China and wholesale sales, royalties and other fees associated with non-company owned stores.

(c)

Includes wholesale revenues from the Company's sourcing function. Results for 2018 also include store and direct sales for La Senza and Henri Bendel.

Earnings Per Share And Shareholders' Equity

9 Months Ended

Nov. 02, 2019

Earnings Per Share And Shareholders' Equity [Abstract]

Earnings Per Share and Shareholders' Equity

Earnings Per Share and Shareholders’ Equity (Deficit)

Earnings Per Share

Earnings per basic share is computed based on the weighted-average number of outstanding common shares. Earnings per diluted share include the weighted-average effect of dilutive options and restricted stock on the weighted-average shares outstanding.

The following table provides shares utilized for the calculation of basic and diluted earnings per share for the third quarter and year-to-date 2019 and 2018:



	Third Quarter				Year-to-Date
	2019		2018		2019		2018
	(in millions)
Weighted-average Common Shares:
Issued Shares	284		283		284		283
Treasury Shares	(8	)	(8	)	(8	)	(6	)
Basic Shares	276		275		276		277
Effect of Dilutive Options and Restricted Stock (a)	—		—		—		2
Diluted Shares	276		275		276		279
Anti-dilutive Options and Awards (a)	2		2		2		5

_______________


(a)	These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For 2019 and the third quarter 2018, the dilutive impact of outstanding options and awards were excluded from dilutive shares as a result of the Company's net loss for the respective periods.

Shareholders’ Equity (Deficit)

Common Stock Share Repurchases

The Company did not repurchase any shares during year-to-date 2019.

Under the authority of the Company’s Board of Directors, the Company repurchased shares of its common stock under the following repurchase programs during year-to-date 2018:



	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price of Shares Repurchased within Program
Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price of Shares Repurchased within Program
	(in millions)		(in thousands)	(in millions)
March 2018	$	250	4,852	$	171	$	35.29
September 2017	250		527	25		$	46.98
Total			5,379	$	196

In March 2018, the Company's Board of Directors approved a $250 million repurchase program, which included the $23 million remaining under the September 2017 repurchase program.

The March 2018 repurchase program had $79 million remaining as of November 2, 2019.

Dividends

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during year-to-date 2019 and 2018:



	Ordinary Dividends		Total Paid
	(per share)		(in millions)
2019
Third Quarter	$	0.30	$	83
Second Quarter	0.30		83
First Quarter	0.30		83
Total	$	0.90	$	249
2018
Third Quarter	$	0.60	$	165
Second Quarter	0.60		167
First Quarter	0.60		168
Total	$	1.80	$	500

Restructuring Activities	9 Months Ended
Restructuring Activities	Nov. 02, 2019
Restructuring and Related Activities [Abstract]
Restructuring Activities	Restructuring Activities La Senza On January 6, 2019, in an effort to increase shareholder value and in order to focus on its larger core businesses, the Company divested its ownership interest in La Senza to an affiliate of Regent LP, a global private equity firm. Regent LP assumed La Senza’s operating assets and liabilities in exchange for potential future consideration upon the sale or other monetization of La Senza, as defined in the agreement. In the fourth quarter of 2018, the Company recognized a pre-tax loss on the divestiture of $99 million, primarily related to $45 million of accumulated foreign currency translation adjustments reclassified into earnings that were previously recognized as a component of equity, as well as losses related to the transfer of the net working capital and long-lived store assets to the buyer. The after-tax loss on the divestiture was $55 million, which includes $44 million of tax benefits primarily associated with the recognition of previously unrecognized deferred tax assets. In 2019, the Company received cash proceeds of $12 million related to a net working capital settlement from the divestiture. These proceeds are included within the Investing Activities section of the 2019 Consolidated Statement of Cash Flows. In conjunction with the transaction, certain of the Company's subsidiaries have remaining contingent obligations related to La Senza lease payments under the terms of existing noncancelable leases, and the Company has certain other contingent obligations related to La Senza for a period of time. In the third quarter of 2019, the Company and its subsidiaries recognized pre-tax non-cash charges of $37 million related to the increase in the reserves for these potential exposures related to the La Senza business. These charges are included in Other Income (Loss) in the 2019 Consolidated Statements of Income (Loss). For additional information, see Note 16, "Commitments and Contingencies." Additionally, the Company continues to provide technology and other operational support to La Senza for a period of time expected to continue into fiscal 2020. Henri Bendel The Company announced the closure of Henri Bendel in the third quarter of 2018. As a result, the Company recognized a pre-tax charge, primarily cash, consisting of lease termination costs, severance and other costs of $20 million in the third quarter of 2018. In the fourth quarter of 2018, the Company recognized an additional pre-tax charge of $3 million, primarily related to contract termination and employee retention costs. In the fourth quarter of 2018, the Company closed all Henri Bendel stores and ceased selling merchandise online.

Inventories

9 Months Ended

Nov. 02, 2019

Inventory, Net [Abstract]

Inventories

The following table provides details of inventories as of November 2, 2019, February 2, 2019 and November 3, 2018:



	November 2, 2019		February 2, 2019		November 3, 2018
	(in millions)
Finished Goods Merchandise	$	1,854	$	1,107	$	1,774
Raw Materials and Merchandise Components	178		141		189
Total Inventories	$	2,032	$	1,248	$	1,963

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

Property And Equipment, Net

9 Months Ended

Nov. 02, 2019

Property, Plant and Equipment [Abstract]

Property And Equipment, Net

Property and Equipment, Net

The following table provides details of property and equipment, net as of November 2, 2019, February 2, 2019 and November 3, 2018:



	November 2, 2019			February 2, 2019			November 3, 2018
	(in millions)
Property and Equipment, at Cost	$	6,449		$	6,733		$	6,827
Accumulated Depreciation and Amortization	(3,878		)	(3,915		)	(3,893		)
Property and Equipment, Net	$	2,571		$	2,818		$	2,934

Depreciation expense was $148 million for both the third quarter of 2019 and 2018. Depreciation expense was $443 million and $444 million for year-to-date 2019 and 2018, respectively.

Long-Lived Store Assets

Long-lived store assets, which includes leasehold improvements, store-related assets and operating leases (subsequent to the adoption of ASC 842, Leases), are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Store assets are grouped at the lowest level for which they are largely independent of other assets or asset groups. If the estimated undiscounted future cash flows related to the asset group are less than the carrying value, the Company recognizes a loss equal to the difference between the carrying value and the estimated fair value, determined by the estimated discounted future cash flows of the asset group. An individual asset within an asset group is not impaired below its estimated fair value. For operating lease assets, the Company determines the fair value of the assets by comparing the contractual rent payments to estimated market rental rates. These fair value measurements qualify as level 3 measurements in the fair value hierarchy.

In the third quarter of 2019, the Company concluded that the negative operating results for certain of its Victoria's Secret stores were an indicator of potential impairment of the related store asset groups. The Company determined that the estimated undiscounted future cash flows were less than the carrying values and, as a result, determined the estimated fair values of the store asset groups using estimated discounted future cash flows. Accordingly, the Company recognized a loss equal to the difference between the carrying value of an asset group and its estimated fair value but did not impair any individual store asset below its estimated fair value. For leasehold improvements and store-related assets, the Company recognized impairment charges of $188 million. Impairment charges of $151 million related to stores in Greater China, the U.K. and Ireland, and impairment charges of $37 million related to stores in the U.S. and Canada. For operating lease assets, the Company recognized impairment charges of $30 million. Impairment charges of $26 million related to stores in the U.K., and impairment charges of $4 million related to stores in the U.S.

In total, the Company recognized impairment charges of $218 million for long-lived store assets, which are included in Costs of Goods Sold, Buying & Occupancy in the 2019 Consolidated Statements of Income (Loss). Impairment charges of $177 million, related to store assets in Greater China, the U.K. and Ireland, were recorded within the Victoria's Secret and Bath & Body Works International segment. Impairment charges of $41 million, related to store assets in the U.S. and Canada, were recorded within the Victoria's Secret segment.

In the third quarter of 2018, the Company concluded that the negative operating results for certain of its Victoria's Secret stores were an indicator of potential impairment of the related store asset groups. The Company determined that the estimated undiscounted future cash flows were less than the carrying values and, as a result, determined the estimated fair values of the store asset groups using estimated discounted future cash flows. Accordingly, the Company recognized a loss equal to the

difference between the carrying value of an asset group and its estimated fair value but did not impair any individual store asset below its estimated fair value.

The Company recognized impairment charges of $81 million, which are included in Costs of Goods Sold, Buying & Occupancy in the 2018 Consolidated Statements of Income (Loss). Impairment charges of $50 million, related to store assets in the U.S. and Canada, were recorded within the Victoria's Secret segment. Impairment charges of $31 million, related to store assets in the U.K., were recorded within the Victoria's Secret and Bath & Body Works International segment.

Equity Investments	9 Months Ended
Equity Investments	Nov. 02, 2019
Equity Method Investment, Summarized Financial Information [Abstract]
Equity Investments	Equity 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 $112 million as of November 2, 2019 and $89 million as of February 2, 2019 and November 3, 2018, 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 a majority financial interest 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. The Company received cash distributions of $5 million and $15 million from certain of its Easton investments year-to-date 2019 and 2018, respectively, which are included within Investing Activities of the Consolidated Statements of Cash Flows.

Income Taxes	9 Months Ended
Income Taxes	Nov. 02, 2019
Current Income Tax Expense (Benefit), Continuing Operations [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 2019, the Company’s effective tax rate was 9.1% compared to (3.9%) in the third quarter of 2018. The third quarter rates were lower than the Company's combined estimated federal and state statutory rate primarily due to the Victoria's Secret impairment charges, which generate no tax benefit for certain foreign subsidiaries. For year-to-date 2019, the Company’s effective tax rate was 0.4% compared to 29.0% year-to-date 2018. The 2019 year-to-date rate was lower than the Company's combined estimated federal and state statutory rate primarily due to the Victoria's Secret impairment charges, which generate no tax benefit for certain foreign subsidiaries. The 2018 year-to-date rate was higher than the Company's estimated federal and state statutory rate primarily due to losses related to certain foreign subsidiaries. Income taxes paid were $27 million and $40 million for the third quarter of 2019 and 2018, respectively. Income taxes paid were $208 million and $306 million for year-to-date 2019 and 2018, respectively. Uncertain Tax Positions The Company had unrecognized tax benefits of $114 million as of February 2, 2019, of which $104 million, if recognized, would reduce the effective income tax rate. Through November 2, 2019, the Company had a net decrease to gross unrecognized tax benefits of $24 million, primarily due to the resolution of certain tax matters. The changes to the unrecognized tax benefits resulted in an $18 million benefit to the Company’s Provision for Income Taxes year-to-date. Of the total unrecognized tax benefits as of November 2, 2019, it is reasonably possible that $66 million could change in the next 12 months due to audit settlements, expiration of statute of limitations or other resolution of uncertainties. Due to the uncertain and complex application of tax regulations, it is possible that the ultimate resolution of audits may result in amounts which could be different from this estimate. In such case, the Company will record additional tax expense or tax benefit in the period in which such matters are effectively settled.

Long-term Debt and Borrowing Facilities

9 Months Ended

Nov. 02, 2019

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

Long-term Debt

Long-term Debt and Borrowing Facilities

The following table provides the Company’s outstanding debt balance, net of unamortized debt issuance costs and discounts, as of November 2, 2019, February 2, 2019 and November 3, 2018:



	November 2, 2019			February 2, 2019			November 3, 2018
	(in millions)
Senior Debt with Subsidiary Guarantee
$1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	$	991		$	990		$	990
$860 million, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”)	857			952			951
$700 million, 6.75% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	693			693			693
$500 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”)	498			498			498
$500 million, 5.25% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)	496			496			495
$500 million, 7.50% Fixed Interest Rate Notes due June 2029 ("2029 Notes")	487			—			—
$450 million, 6.625% Fixed Interest Rate Notes due April 2021 (“2021 Notes”)	449			776			776
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”)	275			273			273
$338 million, 7.00% Fixed Interest Rate Notes due May 2020 (“2020 Notes”)	—			337			337
Secured Revolving Facility	—			—			85
Secured Foreign Facilities	95			91			94
Total Senior Debt with Subsidiary Guarantee	$	4,841		$	5,106		$	5,192
Senior Debt
$350 million, 6.95% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	348		$	348		$	348
$300 million, 7.60% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	298			297			297
Unsecured Foreign Facilities	65			60			33
Total Senior Debt	$	711		$	705		$	678
Total	$	5,552		$	5,811		$	5,870
Current Debt	(75		)	(72		)	(56		)
Total Long-term Debt, Net of Current Portion	$	5,477		$	5,739		$	5,814

Issuance of Notes

In June 2019, the Company issued $500 million of 7.50% notes due in June 2029 ("2029 Notes"). The obligation to pay principal and interest on these notes is jointly and severally guaranteed on a full and unconditional basis by certain of the Company's 100% owned subsidiaries (the “Guarantors”). The proceeds from the issuance were $486 million, which were net of discounts and issuance costs of $14 million. The discounts and issuance costs are being amortized through the maturity date and are included within Long-term Debt on the November 2, 2019 Consolidated Balance Sheet.

Repurchases of Notes

In June 2019, the Company completed the early settlement of tender offers to repurchase $212 million of outstanding 2020 Notes, $330 million of outstanding 2021 Notes and $96 million of outstanding 2022 Notes for $669 million. The Company used the proceeds from the 2029 Notes, together with cash on hand, to fund the purchase price for the tender offers. Additionally, in July 2019, the Company redeemed the remaining $126 million of outstanding 2020 Notes for $130 million.

In the second quarter of 2019, the Company recognized a pre-tax loss on extinguishment of debt of $40 million (after-tax loss of $30 million), which includes write-offs of unamortized issuance costs and redemption fees. This loss is included in Other Income (Loss) in the year-to-date 2019 Consolidated Statement of Income (Loss).

Exchange of Notes

In June 2018, the Company completed private offers to exchange $62 million, $220 million and $44 million of outstanding 2020 Notes, 2021 Notes and 2022 Notes, respectively, for $297 million of newly issued 6.694% notes due in January 2027 ("2027 Notes") and $52 million in cash consideration, which included a $24 million exchange premium. The exchange was treated as a modification under ASC 470, Debt, and no gain or loss was recognized. The exchange premium is being amortized through the maturity date of January 2027 and is included within Long-term Debt on the Consolidated Balance Sheets. The

obligation to pay principal and interest on the 2027 Notes is jointly and severally guaranteed on a full and unconditional basis by the Guarantors.

Secured Revolving Facility

The Company and the Guarantors guarantee and pledge collateral to secure a revolving credit facility ("Secured Revolving Facility"). The Secured Revolving Facility has aggregate availability of $1 billion. The Secured Revolving Facility allows the Company and certain of the Company's non-U.S. subsidiaries to borrow and obtain letters of credit in U.S. dollars, Canadian dollars, Euros, Hong Kong dollars or British pounds.

In August 2019, the Company entered into an amendment and restatement (“Amendment”) of the Secured Revolving Facility. The Amendment maintained the aggregate availability under the Secured Revolving Facility at $1 billion and extended the expiration date from May 2022 to August 2024. The Amendment also raised the threshold of consolidated debt to consolidated EBITDA in which investments and restricted payments may be made without limitation to 3.50 to 1.00.

The Company incurred fees related to the Amendment of $5 million, which were capitalized and recorded in Other Assets on the November 2, 2019 Consolidated Balance Sheet and are being amortized over the remaining term of the Secured Revolving Facility.

As of November 2, 2019, the Secured Revolving Facility fees related to committed and unutilized amounts were 0.25% per annum, and the fees related to outstanding letters of credit were 1.50% per annum. In addition, the interest rate on outstanding U.S. dollar borrowings was the London Interbank Offered Rate (“LIBOR”) plus 1.50% per annum. The interest rate on outstanding foreign-denominated borrowings was the applicable benchmark rate plus 1.50% per annum.

The Secured Revolving Facility contains fixed charge coverage and debt to EBITDA financial covenants. The Company is required to maintain a fixed charge coverage ratio of not less than 1.75 to 1.00 and a consolidated debt to consolidated EBITDA ratio not exceeding 4.00 to 1.00 for the most recent four-quarter period. Additionally, the Secured Revolving Facility provided that investments and restricted payments may be made, without limitation on amount, if (a) at the time of and after giving effect to such investment or restricted payment, the ratio of consolidated debt to consolidated EBITDA for the most recent four-quarter period is less than 3.50 to 1.00 and (b) no default or event of default exists. As of November 2, 2019, the Company was in compliance with both of its financial covenants, and the ratio of consolidated debt to consolidated EBITDA was less than 3.50 to 1.00.

As of November 2, 2019, there were no borrowings outstanding under the Secured Revolving Facility.

The Secured Revolving Facility supports the Company’s letter of credit program. The Company had $10 million of outstanding letters of credit as of November 2, 2019 that reduced its availability under the Secured Revolving Facility.

Secured Foreign Facilities

The Company and the Guarantors guarantee and pledge collateral to secure revolving and term loan bank facilities ("Secured Foreign Facilities") used by certain of the Company's Greater China subsidiaries to support their operations. The Secured Foreign Facilities, which allow borrowings in U.S. dollars and Chinese Yuan, have availability totaling $150 million. The interest rates on outstanding borrowings are based upon the applicable benchmark rate for the currency of each borrowing. During 2019, the Company borrowed $16 million and made payments of $8 million under the Secured Foreign Facilities. The maximum daily amount outstanding at any point in time during 2019 was $96 million. Borrowings on the Secured Foreign Facilities mature between December 2019 and August 2024. As of November 2, 2019, borrowings of $10 million are included within Current Debt on the Consolidated Balance Sheet, and the remaining borrowings are included within Long-term Debt.

Unsecured Foreign Facilities

The Company guarantees unsecured revolving and term loan bank facilities ("Unsecured Foreign Facilities") used by certain of the Company's Greater China subsidiaries to support their operations. The Unsecured Foreign Facilities, which allow borrowings in U.S. dollars and Chinese Yuan, have availability totaling $87 million. The interest rates on outstanding borrowings are based upon the applicable benchmark rate for the currency of each borrowing. During 2019, the Company borrowed $20 million and made payments of $13 million under the Unsecured Foreign Facilities. The maximum daily amount outstanding at any point in time during 2019 was $73 million. Borrowings on the Unsecured Foreign Facilities mature between November 2019 and January 2020. As of November 2, 2019, borrowings of $65 million are included within Current Debt on the Consolidated Balance Sheet.

Derivative Financial Instruments

9 Months Ended

Nov. 02, 2019

Summary of Derivative Instruments [Abstract]

Derivative Instruments

Derivative Financial Instruments

The earnings of the Company's wholly owned foreign businesses are subject to exchange rate risk as substantially all their merchandise 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 for its Canadian and U.K. businesses. These forward contracts currently have a maximum term of 18 months. Amounts are reclassified from accumulated other comprehensive income upon the 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 (Loss).

The Company uses foreign currency forward contracts to mitigate the impact of fluctuations in foreign currency exchange rates relative to recognized payable balances denominated in non-functional currencies. The fair value of these non-designated foreign currency forward contracts is not significant as of November 2, 2019.

The following table provides the U.S. dollar notional amount of outstanding foreign currency derivative financial instruments as of November 2, 2019, February 2, 2019 and November 3, 2018:



	November 2, 2019		February 2, 2019		November 3, 2018
	(in millions)
Notional Amount	$	130	$	147	$	198

The following table provides a summary of the fair value and balance sheet classification of outstanding derivative financial instruments designated as foreign currency cash flow hedges as of November 2, 2019, February 2, 2019 and November 3, 2018:



	November 2, 2019		February 2, 2019		November 3, 2018
	(in millions)
Other Current Assets	$	1	$	2	$	3
Accrued Expenses and Other	1		—		—

The following table provides a summary of the pre-tax financial statement effect of the gains and losses on derivative financial instruments designated as foreign currency cash flow hedges for the third quarter and year-to-date 2019 and 2018:



	Third Quarter					Year-to-Date
	2019			2018		2019			2018
	(in millions)
Gain (Loss) Recognized in Accumulated Other Comprehensive Income	$	(2	)	$	1	$	2		$	11
(Gain) Loss Reclassified from Accumulated Other Comprehensive Income into Costs of Goods Sold, Buying and Occupancy Expense	(1		)	—		(4		)	3

The Company estimates that $1 million of net gains included in accumulated other comprehensive income as of November 2, 2019 related to foreign currency forward contracts designated as cash flow hedges will be reclassified into earnings within the following 12 months. Actual amounts ultimately reclassified depend on the exchange rates in effect when derivative contracts that are currently outstanding mature.

Fair Value Measurements

9 Months Ended

Nov. 02, 2019

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

Fair Value Measurements

The following table provides a summary of assets and liabilities measured in the consolidated financial statements at fair value on a recurring basis as of November 2, 2019, February 2, 2019 and November 3, 2018:



	Level 1		Level 2		Level 3		Total
	(in millions)
As of November 2, 2019
Assets:
Cash and Cash Equivalents	$	340	$	—	$	—	$	340
Marketable Equity Securities	1		—		—		1
Foreign Currency Cash Flow Hedges	—		1		—		1
Liabilities:
Foreign Currency Cash Flow Hedges	—		1		—		1
As of February 2, 2019
Assets:
Cash and Cash Equivalents	$	1,413	$	—	$	—	$	1,413
Marketable Equity Securities	11		—		—		11
Foreign Currency Cash Flow Hedges	—		2		—		2
As of November 3, 2018
Assets:
Cash and Cash Equivalents	$	348	$	—	$	—	$	348
Marketable Equity Securities	9		—		—		9
Foreign Currency Cash Flow Hedges	—		3		—		3

The Company's Level 1 fair value measurements use unadjusted quoted prices in active markets for identical assets. The Company's marketable equity securities are classified as Level 1 fair value measurements as they are traded with sufficient frequency and volume to enable the Company to obtain pricing information on an ongoing basis. During year-to-date 2019, the Company received cash proceeds of $9 million related to sales of its marketable equity securities, which are included within Investing Activities of the 2019 Consolidated Statement of Cash Flows.

The Company’s Level 2 fair value measurements use market approach valuation techniques. The primary inputs to these techniques include foreign currency exchange rates, as applicable to the underlying instruments.

The following table provides a summary of the principal value and estimated fair value of outstanding publicly traded debt as of November 2, 2019, February 2, 2019 and November 3, 2018:



	November 2, 2019		February 2, 2019		November 3, 2018
	(in millions)
Principal Value	$	5,458	$	5,722	$	5,722
Fair Value, Estimated (a)	5,156		5,340		5,301

_______________


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

Management believes that the carrying values of accounts receivable, accounts payable, accrued expenses and current debt approximate fair value because of their short maturity.

- 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

Comprehensive Income

9 Months Ended

Nov. 02, 2019

Statement of Comprehensive Income [Abstract]

Comprehensive Income

The following table provides the rollforward of accumulated other comprehensive income for year-to-date 2019:



	Foreign Currency Translation			Cash Flow Hedges			Accumulated Other Comprehensive Income
	(in millions)
Balance as of February 2, 2019	$	57		$	2		$	59
Other Comprehensive Income (Loss) Before Reclassifications	(5		)	2			(3		)
Amounts Reclassified from Accumulated Other Comprehensive Income	—			(4		)	(4		)
Tax Effect	—			1			1
Current-period Other Comprehensive Income (Loss)	(5		)	(1		)	(6		)
Balance as of November 2, 2019	$	52		$	1		$	53

The following table provides the rollforward of accumulated other comprehensive income for year-to-date 2018:



	Foreign Currency Translation			Cash Flow Hedges			Marketable Equity Securities			Accumulated Other Comprehensive Income
	(in millions)
Balance as of February 3, 2018	$	32		$	(10	)	$	2		$	24
Amount reclassified to Retained Earnings upon adoption of ASC 321, Investments - Equity Securities	—			—			(2		)	(2		)
Balance as of February 4, 2018	32			(10		)	—			22
Other Comprehensive Income (Loss) Before Reclassifications	(24		)	11			—			(13		)
Amounts Reclassified from Accumulated Other Comprehensive Income	—			3			—			3
Tax Effect	—			(1		)	—			(1		)
Current-period Other Comprehensive Income (Loss)	(24		)	13			—			(11		)
Balance as of November 3, 2018	$	8		$	3		$	—		$	11

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Nov. 02, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various claims and contingencies related to lawsuits, taxes, insurance, regulatory and other matters arising out of the normal course of business. Actions filed against the Company from time to time include commercial, tort, intellectual property, customer, employment, data privacy, securities and other claims, including purported class action lawsuits. Management believes that the ultimate liability arising from such claims and contingencies, if any, is not likely to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. In July 2019, a plaintiff shareholder filed a putative class action complaint in the U.S. District Court for the Southern District of Ohio alleging that the Company made false and/or misleading statements relating to the November 2018 announcement that the Company was reducing its quarterly dividend. In September 2019, a different plaintiff shareholder filed a second putative class action complaint in the U.S. District Court for the Southern District of Ohio containing substantially the same allegations and seeking substantially the same relief. In October 2019, the Court issued an order consolidating the two putative class actions, appointing a lead plaintiff, and approving that lead plaintiff’s selection of lead counsel. The deadline for the lead plaintiff to file an amended complaint is December 20, 2019. The Company views this lawsuit as meritless and intends to defend against this lawsuit vigorously. La Senza In connection with the sale of La Senza in the fourth quarter of 2018, certain of the Company's subsidiaries have remaining contingent obligations of $44 million related to lease payments under the current terms of noncancelable leases expiring at various dates through 2028. 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 the business. As part of the sale, a liability of $5 million was recorded for these obligations. During the third quarter of 2019, an additional reserve of $19 million was recorded related to these obligations. This liability is included in Other Long-term Liabilities on the November 2, 2019 Consolidated Balance Sheet. Additionally, the Company has certain other contingent obligations related to La Senza for a period of time. A reserve of $17 million was recorded during the third quarter of 2019 related to these obligations, which is included in Other Long-term Liabilities on the November 2, 2019 Consolidated Balance Sheet. Other In connection with the disposition of a certain other business, the Company has remaining guarantees of $5 million related to lease payments under the current terms of a noncancelable lease expiring in 2021, which may remain in effect if the term is extended. The Company has not recorded a liability with respect to this guarantee obligation as of November 2, 2019, February 2, 2019 or November 3, 2018 as it concluded that payments under this guarantee were not probable. In connection with noncancelable operating leases of certain assets, the Company provided residual value guarantees to the lessor if the leased assets cannot be sold for an amount in excess of a specified minimum value at the conclusion of the lease term. The leases expire at various dates through 2021, and the total amount of the guarantees is $94 million. The Company recorded a liability of $11 million as of November 2, 2019 and February 2, 2019, and $3 million as of November 3, 2018 related to these guarantee obligations. This liability is included in Current Operating Lease Liabilities on the November 2, 2019 Consolidated Balance Sheet, and in Other Long-term Liabilities on the February 2, 2019 and November 3, 2018 Consolidated Balance Sheets.

Retirement Benefits	9 Months Ended
Retirement Benefits	Nov. 02, 2019
Retirement Benefits [Abstract]
Retirement Benefits	Retirement Benefits The Company sponsors a tax-qualified defined contribution retirement plan and a non-qualified supplemental retirement plan for substantially all its associates within the U.S. Participation in the tax-qualified plan is available to associates who meet certain age and service requirements. Participation in the non-qualified plan is available to associates who meet certain age, service, job level and compensation requirements. The qualified plan permits participating associates to elect contributions up to the maximum limits allowable under the Internal Revenue Code. The Company matches associate contributions according to a predetermined formula and contributes additional amounts based on a percentage of the associates’ eligible annual compensation and years of service. Associate contributions and Company matching contributions vest immediately. Additional Company contributions and the related investment earnings are subject to vesting based on years of service. Total expense recognized related to the qualified plan was $19 million for the third quarter of 2019 and $18 million for the third quarter of 2018. Total expense recognized related to the qualified plan was $58 million for year-to-date 2019 and $56 million for year-to-date 2018. The non-qualified plan is an unfunded plan, which provides benefits beyond the Internal Revenue Code limits for qualified defined contribution plans. The plan permits participating associates to elect contributions up to a maximum percentage of eligible compensation. The Company matches associate contributions according to a predetermined formula and contributes additional amounts based on a percentage of the associates’ eligible compensation and years of service. The plan also permits participating associates to defer additional compensation up to a maximum amount, which the Company does not match. Associates’ accounts are credited with interest using a fixed rate determined by the Company and reviewed by the Compensation Committee of the Board of Directors prior to the beginning of each year. Associate contributions and the related interest vest immediately. Company contributions, along with related interest, are subject to vesting based on years of service. Associates may elect in-service distributions for the unmatched additional deferred compensation component only. The remaining vested portion of associates’ accounts in the plan will be distributed upon termination of employment in either a lump sum or in annual installments over a specified period of up to 10 years. Total expense recognized related to the non-qualified plan was $8 million for the third quarter of 2019 and $7 million for the third quarter of 2018. Total expense recognized related to the non-qualified plan was $20 million for year-to-date 2019 and $18 million for year-to-date 2018.

Segment Information

9 Months Ended

Nov. 02, 2019

Segment Reporting [Abstract]

Segment Information

The Company has three reportable segments: Victoria’s Secret, Bath & Body Works and Victoria's Secret and Bath & Body Works International.

The Victoria’s Secret segment sells women’s intimate and other apparel, personal care and beauty products under the Victoria’s Secret and PINK brand names. Victoria’s Secret merchandise is sold online and through retail stores located in the U.S. and Canada.

The Bath & Body Works segment sells body care, home fragrance products, soaps and sanitizers under the Bath & Body Works, White Barn, C.O. Bigelow and other brand names. Bath & Body Works merchandise is sold online and at retail stores located in the U.S. and Canada.

The Victoria's Secret and Bath & Body Works International segment includes the Victoria's Secret and Bath & Body Works company-owned and partner-operated stores located outside of the U.S. and Canada, as well as the online business in Greater China. This segment includes the following:


•	Victoria's Secret International, comprised of company-owned stores in the U.K., Ireland and Greater China, as well as stores operated by partners under franchise and license arrangements;


•	Victoria's Secret Beauty and Accessories, comprised of company-owned stores in Greater China, as well as stores operated by partners under franchise, license and wholesale arrangements, which feature Victoria's Secret branded beauty and accessories products in travel retail and other locations; and


•	Bath & Body Works International stores operated by partners under franchise, license and wholesale arrangements.

Other includes Mast Global, a merchandise sourcing and production function serving the Company and its international partners, and Corporate functions, including non-core real estate, equity investments and other governance functions such as treasury and tax. Results for 2018 also include La Senza and Henri Bendel.

The following table provides the Company’s segment information for the third quarter and year-to-date 2019 and 2018:



	Victoria’s Secret			Bath & Body Works		Victoria’s Secret and Bath & Body Works International			Other			Total
	(in millions)
2019
Third Quarter:
Net Sales	$	1,412		$	1,064	$	134		$	67		$	2,677
Operating Income (Loss) (a)	(122		)	196		(215		)	(10		)	$	(151	)
Year-to-Date:
Net Sales	$	4,529		$	2,996	$	423		$	259		$	8,207
Operating Income (Loss) (a)	(73		)	531		(220		)	(61		)	177
2018
Third Quarter:
Net Sales	$	1,529		$	956	$	134		$	156		$	2,775
Operating Income (Loss) (b)	(36		)	178		(42		)	(46		)	54
Year-to-Date:
Net Sales	$	4,843		$	2,680	$	415		$	447		$	8,385
Operating Income (Loss) (b)	162			470		(56		)	(139		)	437

_______________


(a)	Victoria's Secret and Victoria's Secret and Bath & Body Works International includes store asset impairment charges of $41 million and $177 million, respectively. Additionally, Victoria's Secret and Bath & Body Works International includes a goodwill impairment charge of $30 million. For additional information see Note 7, “Property and Equipment, Net" and Note 8, "Goodwill and Trade Names."


(b)	Victoria's Secret and Victoria's Secret and Bath & Body Works International includes store asset impairment charges of $50 million and $31 million, respectively, and Other includes Henri Bendel closure costs of $20 million. For additional information see Note 7, “Property and Equipment, Net" and Note 5, “Restructuring Activities."

The Company's international net sales include sales from company-owned stores, royalty revenue from franchise and license arrangements, wholesale revenues and direct sales shipped internationally. Certain of these sales are subject to the impact of fluctuations in foreign currency. The Company’s international net sales across all segments totaled $318 million and $387 million for the third quarter of 2019 and 2018, respectively. The Company's international net sales across all segments totaled $1.024 billion and $1.146 billion for year-to-date 2019 and 2018, respectively.

Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information

9 Months Ended

Nov. 02, 2019

Supplemental Guarantor Financial Information [Abstract]

Supplemental Guarantor Financial Information

The Company’s 2021 Notes, 2022 Notes, 2023 Notes, 2027 Notes, 2028 Notes, 2029 Notes, 2035 Notes, 2036 Notes, Secured Revolving Facility and Secured Foreign Facilities are jointly and severally guaranteed on a full and unconditional basis by the Guarantors. The Company is a holding company, and its most significant assets are the stock of its subsidiaries. The Guarantors represent: (a) substantially all of the sales of the Company’s domestic subsidiaries, (b) more than 90% of the assets owned by the Company’s domestic subsidiaries, other than real property, certain other assets and intercompany investments and balances and (c) more than 95% of the accounts receivable and inventory directly owned by the Company’s domestic subsidiaries.

The following supplemental financial information sets forth for the Company and its guarantor and non-guarantor subsidiaries: the Condensed Consolidating Balance Sheets as of November 2, 2019, February 2, 2019 and November 3, 2018 and the Condensed Consolidating Statements of Income (Loss), Comprehensive Income (Loss) and Cash Flows for the periods ended November 2, 2019 and November 3, 2018.

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)

(Unaudited)



	November 2, 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	186		$	154	$	—		$	340
Accounts Receivable, Net	—			191			104		—			295
Inventories	—			1,864			168		—			2,032
Other	9			53			197		—			259
Total Current Assets	9			2,294			623		—			2,926
Property and Equipment, Net	—			1,823			748		—			2,571
Operating Lease Assets	—			2,587			543		—			3,130
Goodwill	—			1,318			—		—			1,318
Trade Names	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,095			20,095			2,835		(27,025		)	—
Deferred Income Taxes	—			9			54		—			63
Other Assets	130			10			700		(629		)	211
Total Assets	$	4,234		$	28,547		$	5,503	$	(27,654	)	$	10,630
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	1		$	576		$	447	$	—		$	1,024
Accrued Expenses and Other	69			587			324		—			980
Current Debt	—			—			75		—			75
Current Operating Lease Liabilities	—			377			83		—			460
Income Taxes	—			—			4		—			4
Total Current Liabilities	70			1,540			933		—			2,543
Deferred Income Taxes	1			(41		)	286		—			246
Long-term Debt	5,392			615			85		(615		)	5,477
Long-term Operating Lease Liabilities	—			2,579			529		—			3,108
Other Long-term Liabilities	62			397			49		(14		)	494
Total Equity (Deficit)	(1,291		)	23,457			3,621		(27,025		)	(1,238		)
Total Liabilities and Equity (Deficit)	$	4,234		$	28,547		$	5,503	$	(27,654	)	$	10,630

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)



	February 2, 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	997		$	416	$	—		$	1,413
Accounts Receivable, Net	—			241			126		—			367
Inventories	—			1,093			155		—			1,248
Other	—			139			93		—			232
Total Current Assets	—			2,470			790		—			3,260
Property and Equipment, Net	—			1,922			896		—			2,818
Goodwill	—			1,318			30		—			1,348
Trade Names	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,755			19,737			2,047		(26,539		)	—
Deferred Income Taxes	—			9			53		—			62
Other Assets	127			15			670		(621		)	191
Total Assets	$	4,882		$	25,882		$	4,486	$	(27,160	)	$	8,090
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	363		$	348	$	—		$	711
Accrued Expenses and Other	92			597			393		—			1,082
Current Debt	—			—			72		—			72
Income Taxes	(7		)	100			28		—			121
Total Current Liabilities	85			1,060			841		—			1,986
Deferred Income Taxes	1			(44		)	269		—			226
Long-term Debt	5,661			606			79		(607		)	5,739
Other Long-term Liabilities	59			852			107		(14		)	1,004
Total Equity (Deficit)	(924		)	23,408			3,190		(26,539		)	(865		)
Total Liabilities and Equity (Deficit)	$	4,882		$	25,882		$	4,486	$	(27,160	)	$	8,090

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)

(Unaudited)



	November 3, 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	167		$	181	$	—		$	348
Accounts Receivable, Net	—			212			109		—			321
Inventories	—			1,700			263		—			1,963
Other	15			165			121		—			301
Total Current Assets	15			2,244			674		—			2,933
Property and Equipment, Net	—			2,019			915		—			2,934
Goodwill	—			1,318			30		—			1,348
Trade Names	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,396			19,442			2,386		(26,224		)	—
Deferred Income Taxes	—			9			11		—			20
Other Assets	127			14			683		(641		)	183
Total Assets	$	4,538		$	25,457		$	4,699	$	(26,865	)	$	7,829
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	585		$	475	$	—		$	1,060
Accrued Expenses and Other	62			583			373		—			1,018
Current Debt	—			—			56		—			56
Income Taxes	—			—			8		—			8
Total Current Liabilities	62			1,168			912		—			2,142
Deferred Income Taxes	(2		)	(43		)	279		—			234
Long-term Debt	5,743			627			71		(627		)	5,814
Other Long-term Liabilities	58			810			97		(14		)	951
Total Equity (Deficit)	(1,323		)	22,895			3,340		(26,224		)	(1,312		)
Total Liabilities and Equity (Deficit)	$	4,538		$	25,457		$	4,699	$	(26,865	)	$	7,829

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS)

(in millions)

(Unaudited)



	Third Quarter 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,583		$	887		$	(793	)	$	2,677
Costs of Goods Sold, Buying and Occupancy	—			(1,761		)	(887		)	712			(1,936		)
Gross Profit	—			822			—			(81		)	741
General, Administrative and Store Operating Expenses	(1		)	(831		)	(118		)	58			(892		)
Operating Income (Loss)	(1		)	(9		)	(118		)	(23		)	(151		)
Interest Expense	(90		)	(23		)	(2		)	23			(92		)
Other Income (Loss)	—			(16		)	(18		)	—			(34		)
Income (Loss) Before Income Taxes	(91		)	(48		)	(138		)	—			(277		)
Provision (Benefit) for Income Taxes	—			(4		)	(21		)	—			(25		)
Equity in Earnings (Loss), Net of Tax	(161		)	(176		)	(55		)	392			—
Net Income (Loss)	$	(252	)	$	(220	)	$	(172	)	$	392		$	(252	)

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(in millions)

(Unaudited)



	Third Quarter 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations		Consolidated L Brands, Inc.
Net Income (Loss)	$	(252	)	$	(220	)	$	(172	)	$	392	$	(252	)
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—			—			6			—		6
Unrealized Gain (Loss) on Cash Flow Hedges	—			—			(2		)	—		(2		)
Total Other Comprehensive Income (Loss), Net of Tax	—			—			4			—		4
Total Comprehensive Income (Loss)	$	(252	)	$	(220	)	$	(168	)	$	392	$	(248	)

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS)

(in millions)

(Unaudited)



	Third Quarter 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,644		$	965		$	(834	)	$	2,775
Costs of Goods Sold, Buying and Occupancy	—			(1,786		)	(838		)	777			(1,847		)
Gross Profit	—			858			127			(57		)	928
General, Administrative and Store Operating Expenses	(2		)	(785		)	(127		)	40			(874		)
Operating Income (Loss)	(2		)	73			—			(17		)	54
Interest Expense	(94		)	(19		)	—			17			(96		)
Other Income (Loss)	—			2			(1		)	—			1
Income (Loss) Before Income Taxes	(96		)	56			(1		)	—			(41		)
Provision (Benefit) for Income Taxes	1			(1		)	2			—			2
Equity in Earnings (Loss), Net of Tax	54			(92		)	(103		)	141			—
Net Income (Loss)	$	(43	)	$	(35	)	$	(106	)	$	141		$	(43	)

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(in millions)

(Unaudited)



	Third Quarter 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations		Consolidated L Brands, Inc.
Net Income (Loss)	$	(43	)	$	(35	)	$	(106	)	$	141	$	(43	)
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—			—			(2		)	—		(2		)
Unrealized Gain (Loss) on Cash Flow Hedges	—			—			1			—		1
Total Other Comprehensive Income (Loss), Net of Tax	—			—			(1		)	—		(1		)
Total Comprehensive Income (Loss)	$	(43	)	$	(35	)	$	(107	)	$	141	$	(44	)

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS)

(in millions)

(Unaudited)



	Year-to-Date 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	7,831		$	2,407		$	(2,031	)	$	8,207
Costs of Goods Sold, Buying and Occupancy	—			(5,275		)	(2,070		)	1,795			(5,550		)
Gross Profit	—			2,556			337			(236		)	2,657
General, Administrative and Store Operating Expenses	(9		)	(2,345		)	(293		)	167			(2,480		)
Operating Income (Loss)	(9		)	211			44			(69		)	177
Interest Expense	(280		)	(70		)	(5		)	69			(286		)
Other Income (Loss)	(40		)	(5		)	(21		)	—			(66		)
Income (Loss) Before Income Taxes	(329		)	136			18			—			(175		)
Provision (Benefit) for Income Taxes	(8		)	2			5			—			(1		)
Equity in Earnings (Loss), Net of Tax	147			82			80			(309		)	—
Net Income (Loss)	$	(174	)	$	216		$	93		$	(309	)	$	(174	)

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(in millions)

(Unaudited)



	Year-to-Date 2019
	L Brands, Inc.			Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	(174	)	$	216	$	93		$	(309	)	$	(174	)
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—			—		(5		)	—			(5		)
Unrealized Gain (Loss) on Cash Flow Hedges	—			—		2			—			2
Reclassification of Cash Flow Hedges to Earnings	—			—		(3		)	—			(3		)
Total Other Comprehensive Income (Loss), Net of Tax	—			—		(6		)	—			(6		)
Total Comprehensive Income (Loss)	$	(174	)	$	216	$	87		$	(309	)	$	(180	)

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS)

(in millions)

(Unaudited)



	Year-to-Date 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	7,907		$	2,555		$	(2,077	)	$	8,385
Costs of Goods Sold, Buying and Occupancy	—			(5,243		)	(2,157		)	1,946			(5,454		)
Gross Profit	—			2,664			398			(131		)	2,931
General, Administrative and Store Operating Expenses	(8		)	(2,228		)	(354		)	96			(2,494		)
Operating Income (Loss)	(8		)	436			44			(35		)	437
Interest Expense	(288		)	(37		)	(5		)	38			(292		)
Other Income (Loss)	—			8			(7		)	—			1
Income (Loss) Before Income Taxes	(296		)	407			32			3			146
Provision (Benefit) for Income Taxes	(1		)	32			11			—			42
Equity in Earnings (Loss), Net of Tax	399			340			294			(1,033		)	—
Net Income (Loss)	$	104		$	715		$	315		$	(1,030	)	$	104

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(in millions)

(Unaudited)



	Year-to-Date 2018
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	104	$	715	$	315		$	(1,030	)	$	104
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		(24		)	—			(24		)
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		10			—			10
Reclassification of Cash Flow Hedges to Earnings	—		—		3			—			3
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(11		)	—			(11		)
Total Comprehensive Income (Loss)	$	104	$	715	$	304		$	(1,030	)	$	93

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)

(Unaudited)



	Year-to-Date 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(345	)	$	(377	)	$	632		$	—		$	(90	)
Investing Activities:
Capital Expenditures	—			(245		)	(147		)	—			(392		)
Net Investments in Consolidated Affiliates	—			—			(137		)	137			—
Other Investing Activities	—			12			(28		)	—			(16		)
Net Cash Provided by (Used for) Investing Activities	—			(233		)	(312		)	137			(408		)
Financing Activities:
Proceeds from Issuance of Long-term Debt, Net of Issuance Costs	486			—			—			—			486
Payments of Long-term Debt	(799		)	—			—			—			(799		)
Borrowings from Foreign Facilities	—			—			36			—			36
Repayments of Foreign Facilities	—			—			(21		)	—			(21		)
Dividends Paid	(249		)	—			—			—			(249		)
Tax Payments related to Share-based Awards	(12		)	—			—			—			(12		)
Financing Costs and Other	(6		)	(5		)	—			—			(11		)
Net Financing Activities and Advances to/from Consolidated Affiliates	925			(196		)	(592		)	(137		)	—
Net Cash Provided by (Used for) Financing Activities	345			(201		)	(577		)	(137		)	(570		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			(5		)	—			(5		)
Net Increase (Decrease) in Cash and Cash Equivalents	—			(811		)	(262		)	—			(1,073		)
Cash and Cash Equivalents, Beginning of Period	—			997			416			—			1,413
Cash and Cash Equivalents, End of Period	$	—		$	186		$	154		$	—		$	340

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)

(Unaudited)



	Year-to-Date 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(361	)	$	295		$	79		$	—		$	13
Investing Activities:
Capital Expenditures	—			(367		)	(194		)	—			(561		)
Net Investments in Consolidated Affiliates	—			—			(181		)	181			—
Other Investing Activities	—			6			17			—			23
Net Cash Provided by (Used for) Investing Activities	—			(361		)	(358		)	181			(538		)
Financing Activities:
Payments of Long-term Debt	(52		)	—			—			—			(52		)
Borrowing from Secured Revolving Facility	85			—			—			—			85
Borrowings from Foreign Facilities	—			—			110			—			110
Repayments of Foreign Facilities	—			—			(71		)	—			(71		)
Dividends Paid	(500		)	—			—			—			(500		)
Repurchases of Common Stock	(198		)	—			—			—			(198		)
Tax Payments related to Share-based Awards	(13		)	—			—			—			(13		)
Financing Costs and Other	(2		)	(2		)	—			—			(4		)
Net Financing Activities and Advances to/from Consolidated Affiliates	1,041			(929		)	69			(181		)	—
Net Cash Provided by (Used for) Financing Activities	361			(931		)	108			(181		)	(643		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			1			—			1
Net Increase (Decrease) in Cash and Cash Equivalents	—			(997		)	(170		)	—			(1,167		)
Cash and Cash Equivalents, Beginning of Period	—			1,164			351			—			1,515
Cash and Cash Equivalents, End of Period	$	—		$	167		$	181		$	—		$	348

Goodwill and Trade Names (Notes)

9 Months Ended

Nov. 02, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill and Trade Names

Goodwill

Goodwill is reviewed for impairment each year in the fourth quarter and may be reviewed more frequently if certain events occur or circumstances change. If the Company determines that the fair value of a reporting unit is less than its carrying value, an impairment charge is recognized equal to the difference, not to exceed the total amount of goodwill allocated to the reporting unit. The Company's reporting units that have goodwill are Victoria's Secret, Bath & Body Works and Greater China, which is included within the Victoria's Secret and Bath & Body Works International reportable segment.

The following table provides detail regarding the composition of goodwill as of November 2, 2019, February 2, 2019 and November 3, 2018:



	November 2, 2019		February 2, 2019		November 3, 2018
	(in millions)
Victoria's Secret	$	690	$	690	$	690
Bath & Body Works	628		628		628
Victoria's Secret's Secret and Bath & Body Works International	—		30		30
Goodwill	$	1,318	$	1,348	$	1,348

As of November 2, 2019, the Company performed a quantitative interim impairment assessment over the Victoria's Secret and Greater China reporting units. An interim assessment was performed in consideration of the negative performance of these reporting units and their impact on the sustained decline in the Company's market capitalization. Further, for the Greater China reporting unit, the Company considered the results of the long-lived store asset impairment assessment.

The interim assessment concluded that the fair value of the Victoria's Secret reporting unit exceeded its carrying value. However, the fair value of the Greater China reporting unit did not exceed its carrying value. Accordingly, the Company recognized a goodwill impairment charge of $30 million in the third quarter of 2019 related to the Greater China reporting unit, due to its estimated future cash flows. This charge is included in General, Administrative and Store Operating Expenses in the 2019 Consolidated Statements of Income (Loss).

The estimated fair value of the Victoria's Secret reporting unit was based on a weighted average of the income and market approaches, while the estimated fair value of the Greater China reporting unit was based on the income approach. The income approach is based on estimated discounted future cash flows, while the market approach is based on earnings multiples of selected guideline public companies. The approaches, which qualify as level 3 in the fair value hierarchy, incorporated a number of significant assumptions and judgments including, but not limited to, estimated future cash flows, discount rates, income tax rates, terminal growth rates, multiples of earnings of similar public companies and an implied control premium relative to the Company's market capitalization.

Intangible Assets - Indefinite Lives

Intangible assets with indefinite lives represent the Victoria’s Secret and Bath & Body Works trade names. Intangible assets with indefinite lives are reviewed for impairment each year in the fourth quarter and may be reviewed more frequently if certain events occur or circumstances change. The following table provides detail regarding the composition of trade names as of November 2, 2019, February 2, 2019 and November 3, 2018:



	November 2, 2019		February 2, 2019		November 3, 2018
	(in millions)
Victoria's Secret	$	246	$	246	$	246
Bath & Body Works	165		165		165
Trade Names	$	411	$	411	$	411

As of November 2, 2019, the Company performed a quantitative interim impairment assessment of the Victoria's Secret trade name. An interim assessment was performed in consideration of the negative performance of Victoria's Secret. To estimate the fair value of the Victoria's Secret trade name, the Company used the relief from royalty method under the income approach. The interim assessment concluded that the fair value of the Victoria's Secret trade name exceeded its carrying value.

Description Of Business And Basis Of Presentation (Policy)

9 Months Ended

Nov. 02, 2019

Description Of Business And Basis Of Presentation [Abstract]

Description Of Business

Description of Business


•	Victoria’s Secret


•	PINK

•

Bath & Body Works

Fiscal Year

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.

On January 6, 2019, the Company completed the sale of the La Senza business. For additional information, see Note 5, "Restructuring Activities."

Interim Financial Statements

Seasonality Of Business

Seasonality of Business

Due to seasonal variations in the retail industry, the results of operations for any interim period are not necessarily indicative of the results expected for the full fiscal year.

Concentration Of Credit Risk

Concentration of Credit Risk

Use of Estimates in the Preparation of Financial Statements

New Accounting Pronouncements

Leases

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) 842, Leases, which requires companies classified as lessees to account for most leases on their balance sheets but recognize expenses on their income statements in a manner similar to legacy accounting. The standard also requires enhanced quantitative and qualitative disclosures, including significant judgments made by management, to provide greater insight into the extent of expense recognized and expected to be recognized from existing leases. In July 2018, the FASB approved an amendment to the standard that provides companies a modified retrospective transition option that did not require earlier periods to be restated upon adoption.

The Company adopted the standard in the first quarter of 2019 under the modified retrospective approach. As allowed by the new standard, the Company elected the package of transition practical expedients but elected to not apply the hindsight practical expedient to its leases at transition.

Upon adoption at the beginning of 2019, the Company recorded operating lease liabilities of $3.7 billion and operating lease assets for its leases of $3.3 billion. The operating lease assets are net of $470 million of liabilities for deferred rent and unamortized landlord construction allowances that were previously recorded as Other Long-term Liabilities on the Consolidated Balance Sheet. The Company also recorded a decrease to opening retained earnings, net of tax, of $2 million. The adoption of the standard did not materially impact the Consolidated Statements of Income (Loss) or Cash Flows. See Note 9, “Leases” for additional disclosure required by the new standard.

Hedging Activities

In August 2017, the FASB issued Accounting Standards Update ("ASU") 2017-12, Targeted Improvements to Accounting for Hedging Activities, which is intended to better align risk management activities and financial reporting for hedging relationships. The standard eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. It also eases certain documentation and assessment requirements. The Company adopted the standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on the Company's consolidated results of operations, financial position or cash flows.

Goodwill

In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies the subsequent measurement of goodwill. The standard eliminates the second step from the goodwill impairment test, which requires a hypothetical purchase price allocation to determine the implied fair value of goodwill. Under the new standard, the goodwill impairment charge will be the excess of the reporting unit's carrying value over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The Company adopted this standard in the third quarter of 2019 and performed the interim goodwill impairment assessment in accordance with ASU 2017-04. For additional information, see Note 8, "Goodwill and Trade Names."

Credit Losses

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which requires the use of a forward-looking expected loss impairment model for accounts receivable and certain other financial instruments. This guidance will be effective beginning in fiscal 2020, with early adoption permitted. The Company is currently evaluating the impact of this standard.

Inventory

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

Leases (Tables)

9 Months Ended

Nov. 02, 2019

Leases [Abstract]

Schedule of Lease Cost

The following table provides the components of lease cost for operating leases for the third quarter and year-to-date 2019:



	Third Quarter		Year-to-Date
	(in millions)
Operating Lease Costs (a)	$	206	$	557
Variable Lease Costs	27		67
Short-term Lease Costs	9		19
Total Lease Cost	$	242	$	643

_______________

(a)

As discussed in Note 7, “Property and Equipment, Net," the Company recognized operating lease asset impairment charges of $30 million during the third quarter of 2019. These charges are included as additional operating lease costs for the third quarter and year-to-date 2019.

Schedule of Future Maturities of Operating Lease Liabilities

The following table provides future maturities of operating lease liabilities as of the third quarter of 2019:



Fiscal Year	(in millions)
2019	$	115
2020	720
2021	676
2022	605
2023	546
Thereafter	1,907
Total Lease Payments	$	4,569
Less: Interest	(1,001		)
Present Value of Operating Lease Liabilities	$	3,568

Schedule of Supplemental Information Related to Leases

The following table provides the weighted-average remaining lease term and discount rate for operating leases with lease liabilities as of the third quarter of 2019:



Weighted Average Remaining Lease Term (years)	7.4
Weighted Average Discount Rate	6.2	%

Schedule of Rent Expense

The following table provides rent expense, as presented under the prior accounting standard, for the third quarter and year-to-date 2018:



	Third Quarter		Year-to-Date
	(in millions)
Store Rent:
Fixed Minimum	$	167	$	500
Contingent	15		45
Total Store Rent	182		545
Office, Equipment and Other	25		69
Total Rent Expense	$	207	$	614

Schedule of Future Minimum Rental Payments for Operating Leases



Fiscal Year (a)	(in millions)
2019	$	698
2020	676
2021	630
2022	562
2023	504
Thereafter	$	1,738

_______________

(a)

Excludes additional payments covering taxes, common area costs and certain other expenses generally required by store lease terms.

Revenue Recognition (Tables)

9 Months Ended

Nov. 02, 2019

Revenue Recognition and Deferred Revenue [Abstract]

Disaggregation of Revenue

The following table provides a disaggregation of Net Sales for the third quarter and year-to-date 2019 and 2018:



	Third Quarter				Year-to-Date
	2019		2018		2019		2018
	(in millions)
Victoria’s Secret Stores (a)	$	1,081	$	1,178	$	3,462	$	3,778
Victoria’s Secret Direct	331		351		1,067		1,065
Total Victoria’s Secret	1,412		1,529		4,529		4,843
Bath & Body Works Stores (a)	872		808		2,469		2,281
Bath & Body Works Direct	192		148		527		399
Total Bath & Body Works	1,064		956		2,996		2,680
Victoria's Secret and Bath & Body Works International (b)	134		134		423		415
Other (c)	67		156		259		447
Total Net Sales	$	2,677	$	2,775	$	8,207	$	8,385

_______________


(a)	Includes company-owned stores in the U.S. and Canada.


(b)	Includes company-owned stores in the U.K., Ireland and Greater China, direct sales in Greater China and wholesale sales, royalties and other fees associated with non-company owned stores.

(c)

Includes wholesale revenues from the Company's sourcing function. Results for 2018 also include store and direct sales for La Senza and Henri Bendel.

Earnings Per Share And Shareholders' Equity (Tables)

9 Months Ended

Nov. 02, 2019

Earnings Per Share And Shareholders' Equity [Abstract]

Shares Utilized For The Calculation Of Basic And Diluted Earnings Per Share

The following table provides shares utilized for the calculation of basic and diluted earnings per share for the third quarter and year-to-date 2019 and 2018:



	Third Quarter				Year-to-Date
	2019		2018		2019		2018
	(in millions)
Weighted-average Common Shares:
Issued Shares	284		283		284		283
Treasury Shares	(8	)	(8	)	(8	)	(6	)
Basic Shares	276		275		276		277
Effect of Dilutive Options and Restricted Stock (a)	—		—		—		2
Diluted Shares	276		275		276		279
Anti-dilutive Options and Awards (a)	2		2		2		5

_______________

(a)

These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For 2019 and the third quarter 2018, the dilutive impact of outstanding options and awards were excluded from dilutive shares as a result of the Company's net loss for the respective periods.

Schedule Of Company's Repurchase Program

Under the authority of the Company’s Board of Directors, the Company repurchased shares of its common stock under the following repurchase programs during year-to-date 2018:



	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price of Shares Repurchased within Program
Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price of Shares Repurchased within Program
	(in millions)		(in thousands)	(in millions)
March 2018	$	250	4,852	$	171	$	35.29
September 2017	250		527	25		$	46.98
Total			5,379	$	196

Schedule Of Dividends Paid

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during year-to-date 2019 and 2018:



	Ordinary Dividends		Total Paid
	(per share)		(in millions)
2019
Third Quarter	$	0.30	$	83
Second Quarter	0.30		83
First Quarter	0.30		83
Total	$	0.90	$	249
2018
Third Quarter	$	0.60	$	165
Second Quarter	0.60		167
First Quarter	0.60		168
Total	$	1.80	$	500

Inventories (Tables)

9 Months Ended

Nov. 02, 2019

Inventory, Net [Abstract]

Summary Of Inventories

The following table provides details of inventories as of November 2, 2019, February 2, 2019 and November 3, 2018:



	November 2, 2019		February 2, 2019		November 3, 2018
	(in millions)
Finished Goods Merchandise	$	1,854	$	1,107	$	1,774
Raw Materials and Merchandise Components	178		141		189
Total Inventories	$	2,032	$	1,248	$	1,963

Property And Equipment, Net (Tables)

9 Months Ended

Nov. 02, 2019

Property, Plant and Equipment [Abstract]

Summary Of Property And Equipment, Net

The following table provides details of property and equipment, net as of November 2, 2019, February 2, 2019 and November 3, 2018:



	November 2, 2019			February 2, 2019			November 3, 2018
	(in millions)
Property and Equipment, at Cost	$	6,449		$	6,733		$	6,827
Accumulated Depreciation and Amortization	(3,878		)	(3,915		)	(3,893		)
Property and Equipment, Net	$	2,571		$	2,818		$	2,934

Long-term Debt and Borrowing Facilities (Tables)

9 Months Ended

Nov. 02, 2019

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

Schedule Of Long-term Debt Instruments

The following table provides the Company’s outstanding debt balance, net of unamortized debt issuance costs and discounts, as of November 2, 2019, February 2, 2019 and November 3, 2018:



	November 2, 2019			February 2, 2019			November 3, 2018
	(in millions)
Senior Debt with Subsidiary Guarantee
$1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	$	991		$	990		$	990
$860 million, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”)	857			952			951
$700 million, 6.75% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	693			693			693
$500 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”)	498			498			498
$500 million, 5.25% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)	496			496			495
$500 million, 7.50% Fixed Interest Rate Notes due June 2029 ("2029 Notes")	487			—			—
$450 million, 6.625% Fixed Interest Rate Notes due April 2021 (“2021 Notes”)	449			776			776
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”)	275			273			273
$338 million, 7.00% Fixed Interest Rate Notes due May 2020 (“2020 Notes”)	—			337			337
Secured Revolving Facility	—			—			85
Secured Foreign Facilities	95			91			94
Total Senior Debt with Subsidiary Guarantee	$	4,841		$	5,106		$	5,192
Senior Debt
$350 million, 6.95% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	348		$	348		$	348
$300 million, 7.60% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	298			297			297
Unsecured Foreign Facilities	65			60			33
Total Senior Debt	$	711		$	705		$	678
Total	$	5,552		$	5,811		$	5,870
Current Debt	(75		)	(72		)	(56		)
Total Long-term Debt, Net of Current Portion	$	5,477		$	5,739		$	5,814

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Derivative Financial Instruments (Tables) - Foreign Exchange Contract [Member]

9 Months Ended

Nov. 02, 2019

Derivatives, Fair Value [Line Items]

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table provides the U.S. dollar notional amount of outstanding foreign currency derivative financial instruments as of November 2, 2019, February 2, 2019 and November 3, 2018:



	November 2, 2019		February 2, 2019		November 3, 2018
	(in millions)
Notional Amount	$	130	$	147	$	198

Cash Flow Hedging [Member]

Derivatives, Fair Value [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position



	November 2, 2019		February 2, 2019		November 3, 2018
	(in millions)
Other Current Assets	$	1	$	2	$	3
Accrued Expenses and Other	1		—		—

Schedule of Derivative Instruments in Statement of Financial Performance



	Third Quarter					Year-to-Date
	2019			2018		2019			2018
	(in millions)
Gain (Loss) Recognized in Accumulated Other Comprehensive Income	$	(2	)	$	1	$	2		$	11
(Gain) Loss Reclassified from Accumulated Other Comprehensive Income into Costs of Goods Sold, Buying and Occupancy Expense	(1		)	—		(4		)	3

Fair Value Measurements (Tables)

9 Months Ended

Nov. 02, 2019

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 outstanding publicly traded debt as of November 2, 2019, February 2, 2019 and November 3, 2018:



	November 2, 2019		February 2, 2019		November 3, 2018
	(in millions)
Principal Value	$	5,458	$	5,722	$	5,722
Fair Value, Estimated (a)	5,156		5,340		5,301

_______________

(a)

The estimated fair value of the Company’s publicly traded debt is based on reported transaction prices, which are considered Level 2 inputs in accordance with ASC 820, Fair Value Measurement. The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

Fair Value, Assets And Liabilities Measured On Recurring Basis



	Level 1		Level 2		Level 3		Total
	(in millions)
As of November 2, 2019
Assets:
Cash and Cash Equivalents	$	340	$	—	$	—	$	340
Marketable Equity Securities	1		—		—		1
Foreign Currency Cash Flow Hedges	—		1		—		1
Liabilities:
Foreign Currency Cash Flow Hedges	—		1		—		1
As of February 2, 2019
Assets:
Cash and Cash Equivalents	$	1,413	$	—	$	—	$	1,413
Marketable Equity Securities	11		—		—		11
Foreign Currency Cash Flow Hedges	—		2		—		2
As of November 3, 2018
Assets:
Cash and Cash Equivalents	$	348	$	—	$	—	$	348
Marketable Equity Securities	9		—		—		9
Foreign Currency Cash Flow Hedges	—		3		—		3

Comprehensive Income (Tables)

9 Months Ended

Nov. 02, 2019

Statement of Comprehensive Income [Abstract]

Components Of Accumulated Other Comprehensive Income

The following table provides the rollforward of accumulated other comprehensive income for year-to-date 2018:



	Foreign Currency Translation			Cash Flow Hedges			Marketable Equity Securities			Accumulated Other Comprehensive Income
	(in millions)
Balance as of February 3, 2018	$	32		$	(10	)	$	2		$	24
Amount reclassified to Retained Earnings upon adoption of ASC 321, Investments - Equity Securities	—			—			(2		)	(2		)
Balance as of February 4, 2018	32			(10		)	—			22
Other Comprehensive Income (Loss) Before Reclassifications	(24		)	11			—			(13		)
Amounts Reclassified from Accumulated Other Comprehensive Income	—			3			—			3
Tax Effect	—			(1		)	—			(1		)
Current-period Other Comprehensive Income (Loss)	(24		)	13			—			(11		)
Balance as of November 3, 2018	$	8		$	3		$	—		$	11

The following table provides the rollforward of accumulated other comprehensive income for year-to-date 2019:



	Foreign Currency Translation			Cash Flow Hedges			Accumulated Other Comprehensive Income
	(in millions)
Balance as of February 2, 2019	$	57		$	2		$	59
Other Comprehensive Income (Loss) Before Reclassifications	(5		)	2			(3		)
Amounts Reclassified from Accumulated Other Comprehensive Income	—			(4		)	(4		)
Tax Effect	—			1			1
Current-period Other Comprehensive Income (Loss)	(5		)	(1		)	(6		)
Balance as of November 2, 2019	$	52		$	1		$	53

Segment Information (Tables)

9 Months Ended

Nov. 02, 2019

Segment Reporting [Abstract]

Schedule Of Segment Reporting Information

The following table provides the Company’s segment information for the third quarter and year-to-date 2019 and 2018:



	Victoria’s Secret			Bath & Body Works		Victoria’s Secret and Bath & Body Works International			Other			Total
	(in millions)
2019
Third Quarter:
Net Sales	$	1,412		$	1,064	$	134		$	67		$	2,677
Operating Income (Loss) (a)	(122		)	196		(215		)	(10		)	$	(151	)
Year-to-Date:
Net Sales	$	4,529		$	2,996	$	423		$	259		$	8,207
Operating Income (Loss) (a)	(73		)	531		(220		)	(61		)	177
2018
Third Quarter:
Net Sales	$	1,529		$	956	$	134		$	156		$	2,775
Operating Income (Loss) (b)	(36		)	178		(42		)	(46		)	54
Year-to-Date:
Net Sales	$	4,843		$	2,680	$	415		$	447		$	8,385
Operating Income (Loss) (b)	162			470		(56		)	(139		)	437

_______________


(a)	Victoria's Secret and Victoria's Secret and Bath & Body Works International includes store asset impairment charges of $41 million and $177 million, respectively. Additionally, Victoria's Secret and Bath & Body Works International includes a goodwill impairment charge of $30 million. For additional information see Note 7, “Property and Equipment, Net" and Note 8, "Goodwill and Trade Names."

(b)

Victoria's Secret and Victoria's Secret and Bath & Body Works International includes store asset impairment charges of $50 million and $31 million, respectively, and Other includes Henri Bendel closure costs of $20 million. For additional information see Note 7, “Property and Equipment, Net" and Note 5, “Restructuring Activities."

Supplemental Guarantor Financial Information (Tables)

9 Months Ended

Nov. 02, 2019

Condensed Consolidating Balance Sheet [Abstract]

Condensed Balance Sheet

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)

(Unaudited)



	November 3, 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	167		$	181	$	—		$	348
Accounts Receivable, Net	—			212			109		—			321
Inventories	—			1,700			263		—			1,963
Other	15			165			121		—			301
Total Current Assets	15			2,244			674		—			2,933
Property and Equipment, Net	—			2,019			915		—			2,934
Goodwill	—			1,318			30		—			1,348
Trade Names	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,396			19,442			2,386		(26,224		)	—
Deferred Income Taxes	—			9			11		—			20
Other Assets	127			14			683		(641		)	183
Total Assets	$	4,538		$	25,457		$	4,699	$	(26,865	)	$	7,829
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	585		$	475	$	—		$	1,060
Accrued Expenses and Other	62			583			373		—			1,018
Current Debt	—			—			56		—			56
Income Taxes	—			—			8		—			8
Total Current Liabilities	62			1,168			912		—			2,142
Deferred Income Taxes	(2		)	(43		)	279		—			234
Long-term Debt	5,743			627			71		(627		)	5,814
Other Long-term Liabilities	58			810			97		(14		)	951
Total Equity (Deficit)	(1,323		)	22,895			3,340		(26,224		)	(1,312		)
Total Liabilities and Equity (Deficit)	$	4,538		$	25,457		$	4,699	$	(26,865	)	$	7,829

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)



	February 2, 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	997		$	416	$	—		$	1,413
Accounts Receivable, Net	—			241			126		—			367
Inventories	—			1,093			155		—			1,248
Other	—			139			93		—			232
Total Current Assets	—			2,470			790		—			3,260
Property and Equipment, Net	—			1,922			896		—			2,818
Goodwill	—			1,318			30		—			1,348
Trade Names	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,755			19,737			2,047		(26,539		)	—
Deferred Income Taxes	—			9			53		—			62
Other Assets	127			15			670		(621		)	191
Total Assets	$	4,882		$	25,882		$	4,486	$	(27,160	)	$	8,090
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	363		$	348	$	—		$	711
Accrued Expenses and Other	92			597			393		—			1,082
Current Debt	—			—			72		—			72
Income Taxes	(7		)	100			28		—			121
Total Current Liabilities	85			1,060			841		—			1,986
Deferred Income Taxes	1			(44		)	269		—			226
Long-term Debt	5,661			606			79		(607		)	5,739
Other Long-term Liabilities	59			852			107		(14		)	1,004
Total Equity (Deficit)	(924		)	23,408			3,190		(26,539		)	(865		)
Total Liabilities and Equity (Deficit)	$	4,882		$	25,882		$	4,486	$	(27,160	)	$	8,090

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)

(Unaudited)



	November 2, 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	186		$	154	$	—		$	340
Accounts Receivable, Net	—			191			104		—			295
Inventories	—			1,864			168		—			2,032
Other	9			53			197		—			259
Total Current Assets	9			2,294			623		—			2,926
Property and Equipment, Net	—			1,823			748		—			2,571
Operating Lease Assets	—			2,587			543		—			3,130
Goodwill	—			1,318			—		—			1,318
Trade Names	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,095			20,095			2,835		(27,025		)	—
Deferred Income Taxes	—			9			54		—			63
Other Assets	130			10			700		(629		)	211
Total Assets	$	4,234		$	28,547		$	5,503	$	(27,654	)	$	10,630
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	1		$	576		$	447	$	—		$	1,024
Accrued Expenses and Other	69			587			324		—			980
Current Debt	—			—			75		—			75
Current Operating Lease Liabilities	—			377			83		—			460
Income Taxes	—			—			4		—			4
Total Current Liabilities	70			1,540			933		—			2,543
Deferred Income Taxes	1			(41		)	286		—			246
Long-term Debt	5,392			615			85		(615		)	5,477
Long-term Operating Lease Liabilities	—			2,579			529		—			3,108
Other Long-term Liabilities	62			397			49		(14		)	494
Total Equity (Deficit)	(1,291		)	23,457			3,621		(27,025		)	(1,238		)
Total Liabilities and Equity (Deficit)	$	4,234		$	28,547		$	5,503	$	(27,654	)	$	10,630

Condensed Income Statement

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS)

(in millions)

(Unaudited)



	Year-to-Date 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	7,907		$	2,555		$	(2,077	)	$	8,385
Costs of Goods Sold, Buying and Occupancy	—			(5,243		)	(2,157		)	1,946			(5,454		)
Gross Profit	—			2,664			398			(131		)	2,931
General, Administrative and Store Operating Expenses	(8		)	(2,228		)	(354		)	96			(2,494		)
Operating Income (Loss)	(8		)	436			44			(35		)	437
Interest Expense	(288		)	(37		)	(5		)	38			(292		)
Other Income (Loss)	—			8			(7		)	—			1
Income (Loss) Before Income Taxes	(296		)	407			32			3			146
Provision (Benefit) for Income Taxes	(1		)	32			11			—			42
Equity in Earnings (Loss), Net of Tax	399			340			294			(1,033		)	—
Net Income (Loss)	$	104		$	715		$	315		$	(1,030	)	$	104

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS)

(in millions)

(Unaudited)



	Third Quarter 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,583		$	887		$	(793	)	$	2,677
Costs of Goods Sold, Buying and Occupancy	—			(1,761		)	(887		)	712			(1,936		)
Gross Profit	—			822			—			(81		)	741
General, Administrative and Store Operating Expenses	(1		)	(831		)	(118		)	58			(892		)
Operating Income (Loss)	(1		)	(9		)	(118		)	(23		)	(151		)
Interest Expense	(90		)	(23		)	(2		)	23			(92		)
Other Income (Loss)	—			(16		)	(18		)	—			(34		)
Income (Loss) Before Income Taxes	(91		)	(48		)	(138		)	—			(277		)
Provision (Benefit) for Income Taxes	—			(4		)	(21		)	—			(25		)
Equity in Earnings (Loss), Net of Tax	(161		)	(176		)	(55		)	392			—
Net Income (Loss)	$	(252	)	$	(220	)	$	(172	)	$	392		$	(252	)

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS)

(in millions)

(Unaudited)



	Third Quarter 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,644		$	965		$	(834	)	$	2,775
Costs of Goods Sold, Buying and Occupancy	—			(1,786		)	(838		)	777			(1,847		)
Gross Profit	—			858			127			(57		)	928
General, Administrative and Store Operating Expenses	(2		)	(785		)	(127		)	40			(874		)
Operating Income (Loss)	(2		)	73			—			(17		)	54
Interest Expense	(94		)	(19		)	—			17			(96		)
Other Income (Loss)	—			2			(1		)	—			1
Income (Loss) Before Income Taxes	(96		)	56			(1		)	—			(41		)
Provision (Benefit) for Income Taxes	1			(1		)	2			—			2
Equity in Earnings (Loss), Net of Tax	54			(92		)	(103		)	141			—
Net Income (Loss)	$	(43	)	$	(35	)	$	(106	)	$	141		$	(43	)

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS)

(in millions)

(Unaudited)



	Year-to-Date 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	7,831		$	2,407		$	(2,031	)	$	8,207
Costs of Goods Sold, Buying and Occupancy	—			(5,275		)	(2,070		)	1,795			(5,550		)
Gross Profit	—			2,556			337			(236		)	2,657
General, Administrative and Store Operating Expenses	(9		)	(2,345		)	(293		)	167			(2,480		)
Operating Income (Loss)	(9		)	211			44			(69		)	177
Interest Expense	(280		)	(70		)	(5		)	69			(286		)
Other Income (Loss)	(40		)	(5		)	(21		)	—			(66		)
Income (Loss) Before Income Taxes	(329		)	136			18			—			(175		)
Provision (Benefit) for Income Taxes	(8		)	2			5			—			(1		)
Equity in Earnings (Loss), Net of Tax	147			82			80			(309		)	—
Net Income (Loss)	$	(174	)	$	216		$	93		$	(309	)	$	(174	)

Condensed Statement of Comprehensive Income

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(in millions)

(Unaudited)



	Year-to-Date 2018
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	104	$	715	$	315		$	(1,030	)	$	104
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		(24		)	—			(24		)
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		10			—			10
Reclassification of Cash Flow Hedges to Earnings	—		—		3			—			3
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(11		)	—			(11		)
Total Comprehensive Income (Loss)	$	104	$	715	$	304		$	(1,030	)	$	93

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(in millions)

(Unaudited)



	Third Quarter 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations		Consolidated L Brands, Inc.
Net Income (Loss)	$	(252	)	$	(220	)	$	(172	)	$	392	$	(252	)
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—			—			6			—		6
Unrealized Gain (Loss) on Cash Flow Hedges	—			—			(2		)	—		(2		)
Total Other Comprehensive Income (Loss), Net of Tax	—			—			4			—		4
Total Comprehensive Income (Loss)	$	(252	)	$	(220	)	$	(168	)	$	392	$	(248	)

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(in millions)

(Unaudited)



	Third Quarter 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations		Consolidated L Brands, Inc.
Net Income (Loss)	$	(43	)	$	(35	)	$	(106	)	$	141	$	(43	)
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—			—			(2		)	—		(2		)
Unrealized Gain (Loss) on Cash Flow Hedges	—			—			1			—		1
Total Other Comprehensive Income (Loss), Net of Tax	—			—			(1		)	—		(1		)
Total Comprehensive Income (Loss)	$	(43	)	$	(35	)	$	(107	)	$	141	$	(44	)

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(in millions)

(Unaudited)



	Year-to-Date 2019
	L Brands, Inc.			Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	(174	)	$	216	$	93		$	(309	)	$	(174	)
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—			—		(5		)	—			(5		)
Unrealized Gain (Loss) on Cash Flow Hedges	—			—		2			—			2
Reclassification of Cash Flow Hedges to Earnings	—			—		(3		)	—			(3		)
Total Other Comprehensive Income (Loss), Net of Tax	—			—		(6		)	—			(6		)
Total Comprehensive Income (Loss)	$	(174	)	$	216	$	87		$	(309	)	$	(180	)

Condensed Cash Flow Statement

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)

(Unaudited)



	Year-to-Date 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(361	)	$	295		$	79		$	—		$	13
Investing Activities:
Capital Expenditures	—			(367		)	(194		)	—			(561		)
Net Investments in Consolidated Affiliates	—			—			(181		)	181			—
Other Investing Activities	—			6			17			—			23
Net Cash Provided by (Used for) Investing Activities	—			(361		)	(358		)	181			(538		)
Financing Activities:
Payments of Long-term Debt	(52		)	—			—			—			(52		)
Borrowing from Secured Revolving Facility	85			—			—			—			85
Borrowings from Foreign Facilities	—			—			110			—			110
Repayments of Foreign Facilities	—			—			(71		)	—			(71		)
Dividends Paid	(500		)	—			—			—			(500		)
Repurchases of Common Stock	(198		)	—			—			—			(198		)
Tax Payments related to Share-based Awards	(13		)	—			—			—			(13		)
Financing Costs and Other	(2		)	(2		)	—			—			(4		)
Net Financing Activities and Advances to/from Consolidated Affiliates	1,041			(929		)	69			(181		)	—
Net Cash Provided by (Used for) Financing Activities	361			(931		)	108			(181		)	(643		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			1			—			1
Net Increase (Decrease) in Cash and Cash Equivalents	—			(997		)	(170		)	—			(1,167		)
Cash and Cash Equivalents, Beginning of Period	—			1,164			351			—			1,515
Cash and Cash Equivalents, End of Period	$	—		$	167		$	181		$	—		$	348

BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)

(Unaudited)



	Year-to-Date 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(345	)	$	(377	)	$	632		$	—		$	(90	)
Investing Activities:
Capital Expenditures	—			(245		)	(147		)	—			(392		)
Net Investments in Consolidated Affiliates	—			—			(137		)	137			—
Other Investing Activities	—			12			(28		)	—			(16		)
Net Cash Provided by (Used for) Investing Activities	—			(233		)	(312		)	137			(408		)
Financing Activities:
Proceeds from Issuance of Long-term Debt, Net of Issuance Costs	486			—			—			—			486
Payments of Long-term Debt	(799		)	—			—			—			(799		)
Borrowings from Foreign Facilities	—			—			36			—			36
Repayments of Foreign Facilities	—			—			(21		)	—			(21		)
Dividends Paid	(249		)	—			—			—			(249		)
Tax Payments related to Share-based Awards	(12		)	—			—			—			(12		)
Financing Costs and Other	(6		)	(5		)	—			—			(11		)
Net Financing Activities and Advances to/from Consolidated Affiliates	925			(196		)	(592		)	(137		)	—
Net Cash Provided by (Used for) Financing Activities	345			(201		)	(577		)	(137		)	(570		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			(5		)	—			(5		)
Net Increase (Decrease) in Cash and Cash Equivalents	—			(811		)	(262		)	—			(1,073		)
Cash and Cash Equivalents, Beginning of Period	—			997			416			—			1,413
Cash and Cash Equivalents, End of Period	$	—		$	186		$	154		$	—		$	340

Goodwill and Trade Names (Tables)

9 Months Ended

Nov. 02, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Indefinite-Lived Intangible Assets [Table Text Block]

The following table provides detail regarding the composition of trade names as of November 2, 2019, February 2, 2019 and November 3, 2018:



	November 2, 2019		February 2, 2019		November 3, 2018
	(in millions)
Victoria's Secret	$	246	$	246	$	246
Bath & Body Works	165		165		165
Trade Names	$	411	$	411	$	411

Schedule of Goodwill [Table Text Block]

The following table provides detail regarding the composition of goodwill as of November 2, 2019, February 2, 2019 and November 3, 2018:



	November 2, 2019		February 2, 2019		November 3, 2018
	(in millions)
Victoria's Secret	$	690	$	690	$	690
Bath & Body Works	628		628		628
Victoria's Secret's Secret and Bath & Body Works International	—		30		30
Goodwill	$	1,318	$	1,348	$	1,348

New Accounting Pronouncements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Feb. 02, 2019	Nov. 02, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Liability		$ 3,568
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability		$ 248
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Liability	$ 3,700
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	3,300
Difference Between ROU Asset and Lease Liabilities upon adoption of ASC 842	470
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ 2

Leases (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases (Details) - USD ($) $ in Millions	Nov. 02, 2019	Nov. 03, 2018	Nov. 02, 2019	Nov. 03, 2018	Feb. 02, 2019
Leases [Abstract]
Operating Lease, Impairment Loss	$ 30
Finance Lease, Right-of-Use Asset	23	$ 28	$ 23	$ 28
Additional Operating Lease Commitments Not Yet Commenced	49		49
Finance Lease, Liability, Current	8	8	8	8
Finance Lease, Liability, Noncurrent	15	21	15	21
Asset Retirement Obligation	$ 22	17	22	17
Operating Leases, Future Minimum Payments Due, Next Twelve Months					$ 698
Operating Leases, Rent Expense, Minimum Rentals		167		500
Operating Lease, Payments			$ 528
Operating Lease, Weighted Average Remaining Lease Term	7 years 4 months 24 days		7 years 4 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	6.20%		6.20%
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 115		$ 115
Operating Lease, Cost	206		557
Variable Lease, Cost	27		67
Short-term Lease, Cost	9		19
Lease, Cost	242		643
Lessee, Operating Lease, Liability, Payments, Due Year Two	720		720
Lessee, Operating Lease, Liability, Payments, Due Year Three	676		676
Lessee, Operating Lease, Liability, Payments, Due Year Four	605		605
Lessee, Operating Lease, Liability, Payments, Due Year Five	546		546
Lessee, Operating Lease, Liability, Payments, Due after Year Five	1,907		1,907
Lessee, Operating Lease, Liability, Payments, Due	4,569		4,569
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(1,001)		(1,001)
Operating Lease, Liability	$ 3,568		3,568
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability			$ 248
Operating Leases, Rent Expense, Contingent Rentals		15		45
Operating Leases, Future Minimum Payments, Due in Two Years					676
Operating Leases, Future Minimum Payments, Due in Three Years					630
Operating Leases, Future Minimum Payments, Due in Four Years					562
Operating Leases, Future Minimum Payments, Due in Five Years					504
Operating Leases, Future Minimum Payments, Due Thereafter					$ 1,738
Total Store Rent		182		545
Operating Leases Rent Expense Office, Equipment and Other		25		69
Lease and Rental Expense Gross		$ 207		$ 614

Revenue Recognition Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Nov. 02, 2019	Feb. 02, 2019	Nov. 03, 2018
Contract with Customer, Liability	$ 280	$ 331	$ 271
Contract with Customer, Liability, Revenue Recognized	190
Accounts Receivable [Member]
Contract with Customer, Asset, after Allowance for Credit Loss	147	$ 150	$ 160
Accrued Liabilities [Member]
Contract with Customer, Liability	267
Other Long-term Liabilities [Member]
Contract with Customer, Liability	$ 13

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue Recognition (Details) - USD ($) $ in Millions	Nov. 02, 2019	Nov. 03, 2018	Nov. 02, 2019	Nov. 03, 2018
Disaggregation of Revenue [Line Items]
Net Sales	$ 2,677	$ 2,775	$ 8,207	$ 8,385
Victoria's Secret [Member]
Disaggregation of Revenue [Line Items]
Net Sales	1,412	1,529	4,529	4,843
Bath & Body Works [Member]
Disaggregation of Revenue [Line Items]
Net Sales	1,064	956	2,996	2,680
Victoria's Secret and Bath & Body Works International [Member]
Disaggregation of Revenue [Line Items]
Net Sales	134	134	423	415
Other Operating Segments [Member]
Disaggregation of Revenue [Line Items]
Net Sales	67	156	259	447
Victoria's Secret Stores [Member]
Disaggregation of Revenue [Line Items]
Net Sales	1,081	1,178	3,462	3,778
Victoria's Secret Direct [Member]
Disaggregation of Revenue [Line Items]
Net Sales	331	351	1,067	1,065
Bath & Body Works Stores [Member]
Disaggregation of Revenue [Line Items]
Net Sales	872	808	2,469	2,281
Bath & Body Works Direct [Member]
Disaggregation of Revenue [Line Items]
Net Sales	$ 192	$ 148	$ 527	$ 399

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

3 Months Ended

9 Months Ended

Nov. 02, 2019

Nov. 03, 2018

Nov. 02, 2019

Nov. 03, 2018

Weighted-average Common Shares:

Issued Shares

284

283

284

283

Treasury Shares

(8)

(6)

Basic Shares

276

275

276

277

Effect of Dilutive Options and Restricted Stock

Diluted Shares

276

275

276

279

Anti-dilutive Options and Awards (a)

^[1]

[1]

Earnings Per Share And Shareholders' Equity (Schedule of Company's Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	9 Months Ended
	Nov. 03, 2018	Nov. 03, 2018	Nov. 02, 2019	May 05, 2018	Oct. 28, 2017
Shares Repurchased (in shares)		5,379
Amount Repurchased	$ 10	$ 196
March 2018 Repurchase Program [Member]
Amount Authorized				$ 250
Shares Repurchased (in shares)		4,852
Amount Repurchased		$ 171
Average Stock Price of Shares Repurchased within Program (in dollars per share)		$ 35.29
Remaining authorized repurchase amount			$ 79
September 2017 Repurchase Program [Member]
Amount Authorized					$ 250
Shares Repurchased (in shares)		527
Amount Repurchased		$ 25
Average Stock Price of Shares Repurchased within Program (in dollars per share)		$ 46.98
Remaining authorized repurchase amount				$ 23

Earnings Per Share And Shareholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Nov. 02, 2019	Nov. 03, 2018
Earnings Per Share And Shareholders' Equity [Abstract]
Ordinary Dividends	$ 0.30	$ 0.30	$ 0.30	$ 0.60	$ 0.60	$ 0.60	$ 0.90	$ 1.80
Payments of Dividends	$ 83	$ 83	$ 83	$ 165	$ 167	$ 168	$ 249	$ 500

Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
Restructuring Activities (Details) - USD ($) $ in Millions	Nov. 02, 2019	Feb. 02, 2019	Nov. 03, 2018	Nov. 02, 2019	Nov. 03, 2018
Restructuring and Related Activities [Abstract]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal		$ (99)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax		45
Disposal Group, Not Discontinued Operatin, After-Tax Loss on Disposal		55
Disposal Group, Not Discontinued Operation, Tax Benefit on Disposal		44
Proceeds from Divestiture of Businesses				$ 12
Loss Contingency Accrual, Provision	$ 37			$ 37	$ 0
Restructuring Charges		$ 3	$ 20

Inventories (Details) - USD ($) $ in Millions	Nov. 02, 2019	Feb. 02, 2019	Nov. 03, 2018
Inventory [Line Items]
Inventory, Finished Goods, Net of Reserves	$ 1,854	$ 1,107	$ 1,774
Raw Materials and Merchandise Components	178	141	189
Total Inventories	$ 2,032	$ 1,248	$ 1,963

Property And Equipment, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2019	Nov. 03, 2018	Nov. 02, 2019	Nov. 03, 2018	Feb. 02, 2019
Property, Plant and Equipment [Line Items]
Property and Equipment, at Cost	$ 6,449	$ 6,827	$ 6,449	$ 6,827	$ 6,733
Accumulated Depreciation and Amortization	(3,878)	(3,893)	(3,878)	(3,893)	(3,915)
Property and Equipment, Net	2,571	2,934	2,571	2,934	$ 2,818
Depreciation	148	148	$ 443	$ 444
Operating Lease, Impairment Loss	30
Impairment of Long-Lived Assets Held-for-use	218	81
Tangible Asset Impairment Charges	188
Victoria's Secret [Member]
Property, Plant and Equipment [Line Items]
Operating Lease, Impairment Loss	4
Impairment of Long-Lived Assets Held-for-use	41	50
Tangible Asset Impairment Charges	37
Victoria's Secret and Bath & Body Works International [Member]
Property, Plant and Equipment [Line Items]
Operating Lease, Impairment Loss	26
Impairment of Long-Lived Assets Held-for-use	177	$ 31
Tangible Asset Impairment Charges	$ 151

Equity Investments (Details) - Easton Investment [Member] - USD ($) $ in Millions	9 Months Ended
	Nov. 02, 2019	Nov. 03, 2018	Feb. 02, 2019
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 112	$ 89	$ 89
Proceeds from Equity Method Investment, Distribution, Return of Capital	$ 5	$ 15

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Nov. 02, 2019	Nov. 03, 2018	Nov. 02, 2019	Nov. 03, 2018	Feb. 02, 2019
Effective Income Tax Rate, Continuing Operations	9.10%	(3.90%)	0.40%	29.00%
Income Taxes Paid	$ 27	$ 40	$ 208	$ 306
Unrecognized Tax Benefits					$ 114
Unrecognized Tax Benefits that Would Impact Effective Tax Rate					$ 104
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities			24
Tax Adjustments, Settlements, and Unusual Provisions			18
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 66		$ 66

Long-term Debt and Borrowing Facilities (Schedule Of Long-term Debt Instruments) (Details) - USD ($) $ in Millions	Nov. 02, 2019	Feb. 02, 2019	Nov. 03, 2018
Debt, Current	$ (75)	$ (72)	$ (56)
Debt, Long-term and Short-term, Combined Amount	5,552	5,811	5,870
Total Long-term Debt, Net of Current Portion	5,477	5,739	5,814
Revolving Credit Facility [Member] \| Revolving Credit Expiring August 2024 [Member]
Line of Credit	0	0	85
With Subsidiary Guarantee [Member]
Debt, Long-term and Short-term, Combined Amount	4,841	5,106	5,192
With Subsidiary Guarantee [Member] \| Fixed Rate 6.875% Notes Due November 2035 [Member]
Notes Payable, Noncurrent	991	990	990
With Subsidiary Guarantee [Member] \| Fixed Rate 5.625 Percent Notes Due February 2022 [Member]
Notes Payable, Noncurrent	857	952	951
With Subsidiary Guarantee [Member] \| Fixed Rate 6.625 Percent Notes Due April 2021 [Member]
Notes Payable, Noncurrent	449	776	776
With Subsidiary Guarantee [Member] \| Fixed Rate 5.625% Notes Due October 2023 [Member]
Notes Payable, Noncurrent	498	498	498
With Subsidiary Guarantee [Member] \| Fixed Rate 5.25% Notes Due February 2028 [Member]
Notes Payable, Noncurrent	496	496	495
With Subsidiary Guarantee [Member] \| Fixed Rate 7.5% Notes Due June 2029 [Member]
Notes Payable, Noncurrent	487	0	0
With Subsidiary Guarantee [Member] \| Fixed Rate 7.00% Notes Due May 2020 [Member]
Notes Payable, Noncurrent	0	337	337
With Subsidiary Guarantee [Member] \| Fixed Rate 6.694% Notes Due January 2027 [Member]
Notes Payable, Noncurrent	275	273	273
With Subsidiary Guarantee [Member] \| Foreign Facilities with Parent Guarantee [Member]
Line of Credit	95	91	94
With Subsidiary Guarantee [Member] \| Fixed Rate 6.75% Notes Due July 2036 [Member]
Notes Payable, Noncurrent	693	693	693
Without Subsidiary Guarantee [Member]
Debt, Long-term and Short-term, Combined Amount	711	705	678
Without Subsidiary Guarantee [Member] \| Foreign Facilities with Parent Guarantee [Member]
Line of Credit	65	60	33
Without Subsidiary Guarantee [Member] \| Fixed Rate 6.95% Debentures Due March 2033 [Member]
Notes Payable, Noncurrent	348	348	348
Without Subsidiary Guarantee [Member] \| Fixed Rate 7.60% Notes Due July 2037 [Member]
Notes Payable, Noncurrent	$ 298	$ 297	$ 297

Long-term Debt and Borrowing Facilities (Issuance And Repurchase Of Notes) (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended	9 Months Ended
	Aug. 03, 2019	Jul. 06, 2019	Aug. 03, 2019	Nov. 02, 2019	Nov. 03, 2018	Feb. 02, 2019
Debt Instrument, Face Amount				$ 5,458	$ 5,722	$ 5,722
Proceeds from Issuance of Long-Term Debt, Net of Issuance Costs				486	0
Debt Instrument, Repurchase Amount		$ 669		799	52
Gain (Loss) on Extinguishment of Debt			$ 40	$ (40)	$ 0
Extinguishment of Debt, Gain (Loss), Net of Tax			30
Fixed Rate 7.00% Notes Due May 2020 [Member]
Debt Instrument, Repurchase Amount	$ 130
With Subsidiary Guarantee [Member] \| Fixed Rate 5.625 Percent Notes Due February 2022 [Member]
Extinguishment of Debt, Amount		96
With Subsidiary Guarantee [Member] \| Fixed Rate 7.5% Notes Due June 2029 [Member]
Debt Instrument, Face Amount	$ 500		$ 500
Debt instrument, stated rate	7.50%		7.50%
Proceeds from Issuance of Debt			$ 486
Payments of Debt Issuance Costs	$ 14		$ 14
With Subsidiary Guarantee [Member] \| Fixed Rate 6.625 Percent Notes Due April 2021 [Member]
Extinguishment of Debt, Amount		330
With Subsidiary Guarantee [Member] \| Fixed Rate 7.00% Notes Due May 2020 [Member]
Extinguishment of Debt, Amount	$ 126	$ 212

Long-term Debt and Borrowing Facilities (Revolving Facility And Letters Of Credit) (Narrative) (Details) $ in Millions	3 Months Ended	9 Months Ended
	Nov. 02, 2019 USD ($)	Nov. 02, 2019 USD ($)	Nov. 03, 2018 USD ($)	Feb. 02, 2019 USD ($)
Borrowings from Foreign Facilities			$ 85
Repayments of Lines of Credit		$ 21	71
Revolving Credit Expiring August 2024 [Member]
Borrowings from Foreign Facilities		0	85
Foreign Facilities [Member]
Borrowings from Foreign Facilities		36	110
Repayments of Lines of Credit		21	71
Letter of Credit [Member]
Letters of Credit Outstanding, Amount	$ 10	10
Revolving Credit Facility [Member] \| Revolving Credit Expiring August 2024 [Member]
Revolving facility, borrowing capacity	1,000	1,000
Debt Issuance Costs, Line of Credit Arrangements, Gross	$ 5	$ 5
Revolving Facility Commitment fee percentage, unused capacity	0.25%
Revolving Facility Current credit fees percentage rate, letters of credit	1.50%
Revolving Facility Percentage spread over variable base rate	1.50%
Revolving Facility Covenant Fixed charge coverage ratio	1.75
Revolving Facility Covenant Ratio of consolidated debt to consolidated EBITDA	4.00
Revolving Facility Covenant Debt to EBITDA ratio required for unlimited investments and restricted payments	3.50	3.50
Outstanding Borrowings on Lines of Credit	$ 0	$ 0	85	$ 0
Without Subsidiary Guarantee [Member] \| Foreign Facilities with Parent Guarantee [Member]
Revolving facility, borrowing capacity	87	87
Outstanding Borrowings on Lines of Credit	65	65	33	60
Borrowings from Foreign Facilities		20
Line of Credit, Current	65	65
Repayments of Lines of Credit		13
Line of Credit Facility, Maximum Amount Outstanding During Period		73
With Subsidiary Guarantee [Member] \| Foreign Facilities with Parent Guarantee [Member]
Revolving facility, borrowing capacity	150	150
Outstanding Borrowings on Lines of Credit	95	95	$ 94	$ 91
Borrowings from Foreign Facilities		16
Line of Credit, Current	$ 10	10
Repayments of Lines of Credit		8
Line of Credit Facility, Maximum Amount Outstanding During Period		$ 96

Long-term Debt and Borrowing Facilities - Exchange of Notes (Details) $ in Millions	3 Months Ended
	Aug. 04, 2018 USD ($)
Debt Conversion [Line Items]
Debt Exchange, Cash Consideration Paid	$ 52
Debt Exchange, Exchange Premium	24
With Subsidiary Guarantee [Member] \| Fixed Rate 6.625 Percent Notes Due April 2021 [Member]
Debt Conversion [Line Items]
Debt Conversion, Original Debt, Amount	220
With Subsidiary Guarantee [Member] \| Fixed Rate 5.625 Percent Notes Due February 2022 [Member]
Debt Conversion [Line Items]
Debt Conversion, Original Debt, Amount	44
With Subsidiary Guarantee [Member] \| Fixed Rate 6.694% Notes Due January 2027 [Member]
Debt Conversion [Line Items]
Debt Conversion, Converted Instrument, Amount	$ 297
Debt Conversion, Converted Instrument, Rate	6.694%
With Subsidiary Guarantee [Member] \| Fixed Rate 7.00% Notes Due May 2020 [Member]
Debt Conversion [Line Items]
Debt Conversion, Original Debt, Amount	$ 62

Derivative Financial Instruments (Foreign Exchange Contracts - Cash Flow Hedging Disclosure) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2019	Nov. 03, 2018	Nov. 02, 2019	Nov. 03, 2018	Feb. 02, 2019
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax	$ (2)	$ 1	$ 2	$ 11
Derivative, Notional Amount	130	198	130	198	$ 147
Foreign Currency Cash Flow Hedge Asset at Fair Value	1	3	1	3	2
Cost of Goods Sold, Buying and Occupancy [Member]
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	$ (1)	0	(4)	3
Cash Flow Hedging [Member] \| Foreign Exchange Contract [Member]
Derivative, Remaining Maturity	18 months
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months	$ 1		1
Other Current Assets [Member]
Foreign Currency Cash Flow Hedge Asset at Fair Value	$ 1	$ 3	$ 1	$ 3	$ 2

Derivative Financial Instruments Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2019	Nov. 03, 2018	Nov. 02, 2019	Nov. 03, 2018	Feb. 02, 2019
Derivatives, Fair Value [Line Items]
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax	$ (2)	$ 1	$ 2	$ 11
Foreign Currency Cash Flow Hedge Asset at Fair Value	1	3	1	3	$ 2
Foreign Currency Cash Flow Hedge Liability at Fair Value	1		1
Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Foreign Currency Cash Flow Hedge Asset at Fair Value	1	3	1	3	2
Accounts Payable and Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Foreign Currency Cash Flow Hedge Liability at Fair Value	$ 1	$ 0	$ 1	$ 0	$ 0

Fair Value Measurements (Carrying Value And Fair Value Of Long-Term Debt, Disclosure) (Detail) - USD ($)
$ in Millions

Nov. 02, 2019

Feb. 02, 2019

Nov. 03, 2018

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

Principal Value

$ 5,458

$ 5,722

Fair Value (a)

^[1]

$ 5,156

$ 5,340

$ 5,301

[1]

(a)

Fair Value Measurements (Fair Value, Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Millions	9 Months Ended
	Nov. 02, 2019	Feb. 02, 2019	Nov. 03, 2018
Proceeds from Sale and Maturity of Marketable Securities	$ 9
Assets:
Cash and Cash Equivalents	340	$ 1,413	$ 348
Available-for-sale Securities	1	11	9
Foreign Currency Cash Flow Hedge Asset at Fair Value	1	2	3
Liabilities:
Foreign Currency Cash Flow Hedge Liability at Fair Value	1
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash and Cash Equivalents	340	1,413	348
Available-for-sale Securities	1	11	9
Foreign Currency Cash Flow Hedge Asset at Fair Value	0	0	0
Liabilities:
Foreign Currency Cash Flow Hedge Liability at Fair Value	0
Fair Value, Inputs, Level 2 [Member]
Assets:
Cash and Cash Equivalents	0	0	0
Available-for-sale Securities	0	0	0
Foreign Currency Cash Flow Hedge Asset at Fair Value	1	2	3
Liabilities:
Foreign Currency Cash Flow Hedge Liability at Fair Value	1
Fair Value, Inputs, Level 3 [Member]
Assets:
Cash and Cash Equivalents	0	0	0
Available-for-sale Securities	0	0	0
Foreign Currency Cash Flow Hedge Asset at Fair Value	0	$ 0	$ 0
Liabilities:
Foreign Currency Cash Flow Hedge Liability at Fair Value	$ 0

Comprehensive Income (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2019	Nov. 03, 2018	Nov. 02, 2019	Nov. 03, 2018	Feb. 03, 2018
Accumulated Other Comprehensive Income (Loss), Beginning Balance			$ 59	$ 24
Other Comprehensive Income (Loss), before Reclassifications, before Tax			(3)	(13)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax			4	(3)
Other Comprehensive Income (Loss), Tax			(1)	1
Other Comprehensive Income (Loss), Net of Tax	$ 4	$ (1)	(6)	(11)
Accumulated Other Comprehensive Income (Loss), Ending Balance	53	11	53	11
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	0	0	(3)	3
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			57	32
Other Comprehensive Income (Loss), before Reclassifications, before Tax			(5)	(24)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax			0	0
Other Comprehensive Income (Loss), Tax			0	0
Other Comprehensive Income (Loss), Net of Tax			(5)	(24)
Accumulated Other Comprehensive Income (Loss), Ending Balance	52	8	52	8
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			2	(10)
Other Comprehensive Income (Loss), before Reclassifications, before Tax			2	11
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax			4	(3)
Other Comprehensive Income (Loss), Tax			(1)	1
Other Comprehensive Income (Loss), Net of Tax			(1)	13
Accumulated Other Comprehensive Income (Loss), Ending Balance	1	3	1	3
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
Accumulated Other Comprehensive Income (Loss), Beginning Balance				2
Other Comprehensive Income (Loss), before Reclassifications, before Tax				0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax				0
Other Comprehensive Income (Loss), Tax				0
Other Comprehensive Income (Loss), Net of Tax				0
Accumulated Other Comprehensive Income (Loss), Ending Balance		0		0
Cost of Goods Sold, Buying and Occupancy [Member]
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	$ (1)	$ 0	$ (4)	3
Accounting Standards Update 2016-01 [Member]
Accumulated Other Comprehensive Income (Loss), Beginning Balance				22
Cumulative Effect of Accounting Change					$ (2)
Accounting Standards Update 2016-01 [Member] \| Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Beginning Balance				32
Cumulative Effect of Accounting Change					0
Accounting Standards Update 2016-01 [Member] \| Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss), Beginning Balance				(10)
Cumulative Effect of Accounting Change					0
Accounting Standards Update 2016-01 [Member] \| AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
Accumulated Other Comprehensive Income (Loss), Beginning Balance				$ 0
Cumulative Effect of Accounting Change					$ (2)

Commitments And Contingencies (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Nov. 02, 2019	Nov. 02, 2019	Nov. 03, 2018	Feb. 02, 2019
Loss Contingency, Loss in Period	$ 37	$ 37	$ 0
Lease guarantees remaining after disposition of certain businesses	94	94
Lease guarantees, estimated fair value	11	11	$ 3	$ 11
Property Lease Guarantee [Member]
Lease guarantees remaining after disposition of certain businesses	5	5
LaSenza [Member]
Loss Contingency, Maximum Exposure, Undiscounted	44	$ 44
Loss Contingency Accrual				5
LaSenza [Member] \| Property Lease Guarantee [Member]
Lease guarantees, estimated fair value				$ 5
LaSenza [Member] \| Lease Agreements [Member]
Loss Contingency, Loss in Period	19
LaSenza [Member] \| Guarantee Obligations [Member]
Loss Contingency, Loss in Period	$ 17

Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2019	Nov. 03, 2018	Nov. 02, 2019	Nov. 03, 2018
Retirement Benefits Disclosure [Line Items]
Expense related to the qualified plan	$ 19	$ 18	$ 58	$ 56
Other Pension Plans, Postretirement or Supplemental Plans, Defined Benefit [Member]
Retirement Benefits Disclosure [Line Items]
Expense related to non-qualified plan	$ 8	$ 7	$ 20	$ 18

Segment Information (Details) $ in Millions	3 Months Ended			9 Months Ended
Segment Information (Details) $ in Millions	Nov. 02, 2019 USD ($)	Feb. 02, 2019 USD ($)	Nov. 03, 2018 USD ($)	Nov. 02, 2019 USD ($) Reportable_Segments	Nov. 03, 2018 USD ($)
Tangible Asset Impairment Charges	$ 188
Impairment of Long-Lived Assets Held-for-use	218		$ 81
Restructuring Charges		$ 3	20
Number of Reportable Segments \| Reportable_Segments				3
Net Sales	2,677		2,775	$ 8,207	$ 8,385
Operating Income (Loss)	(151)		54	177	437
Victoria's Secret [Member]
Tangible Asset Impairment Charges	37
Impairment of Long-Lived Assets Held-for-use	41		50
Net Sales	1,412		1,529	4,529	4,843
Operating Income (Loss)	(122)		(36)	(73)	162
Bath & Body Works [Member]
Net Sales	1,064		956	2,996	2,680
Operating Income (Loss)	196		178	531	470
Victoria's Secret and Bath & Body Works International [Member]
Tangible Asset Impairment Charges	151
Goodwill, Impairment Loss	30
Impairment of Long-Lived Assets Held-for-use	177		31
Net Sales	134		134	423	415
Operating Income (Loss)	(215)		(42)	(220)	(56)
Other [Member]
Net Sales	67		156	259	447
Operating Income (Loss)	(10)		(46)	(61)	(139)
International [Member]
Net Sales	$ 318		$ 387	$ 1,024	$ 1,146

Supplemental Guarantor Financial Information (Narrative) (Details)	9 Months Ended
	Nov. 02, 2019
Supplemental Guarantor Financial Information [Abstract]
Minimum percentage of assets owned by domestic subsidiaries	90.00%
Minimum percentage of accounts receivable and inventory owned by domestic subsidiaries	95.00%

Supplemental Guarantor Financial Information (Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	Nov. 02, 2019	Aug. 03, 2019	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	Feb. 03, 2018
Current Assets:
Cash and Cash Equivalents	$ 340		$ 1,413	$ 348
Accounts Receivable, Net	295		367	321
Inventories	2,032		1,248	1,963
Other	259		232	301
Total Current Assets	2,926		3,260	2,933
Deferred Income Taxes	63		62	20
Property and Equipment, Net	2,571		2,818	2,934
Operating Lease Assets	3,130		0	0
Goodwill	1,318		1,348	1,348
Trade Names	411		411	411
Net Investments in and Advances to/from Consolidated Affiliates	0		0	0
Other Assets	211		191	183
Total Assets	10,630		8,090	7,829
Current Liabilities:
Accounts Payable	1,024		711	1,060
Accrued Expenses and Other	980		1,082	1,018
Current Debt	75		72	56
Current Operating Lease Liabilities	460		0	0
Income Taxes	4		121	8
Total Current Liabilities	2,543		1,986	2,142
Deferred Income Taxes	246		226	234
Long-term Debt	5,477		5,739	5,814
Long-term Operating Lease Liabilities	3,108		0	0
Other Long-term Liabilities	494		1,004	951
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(1,238)	$ (929)	(865)	(1,312)	$ (1,122)	$ (751)
Total Liabilities and Equity (Deficit)	10,630		8,090	7,829
L Brands, Inc.
Current Assets:
Cash and Cash Equivalents	0		0	0
Accounts Receivable, Net	0		0	0
Inventories	0		0	0
Other	9		0	15
Total Current Assets	9		0	15
Deferred Income Taxes	0		0	0
Property and Equipment, Net	0		0	0
Operating Lease Assets	0
Goodwill	0		0	0
Trade Names	0		0	0
Net Investments in and Advances to/from Consolidated Affiliates	4,095		4,755	4,396
Other Assets	130		127	127
Total Assets	4,234		4,882	4,538
Current Liabilities:
Accounts Payable	1		0	0
Accrued Expenses and Other	69		92	62
Current Debt	0		0	0
Current Operating Lease Liabilities	0
Income Taxes	0		(7)	0
Total Current Liabilities	70		85	62
Deferred Income Taxes	1		1	(2)
Long-term Debt	5,392		5,661	5,743
Long-term Operating Lease Liabilities	0
Other Long-term Liabilities	62		59	58
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(1,291)		(924)	(1,323)
Total Liabilities and Equity (Deficit)	4,234		4,882	4,538
Guarantor Subsidiaries
Current Assets:
Cash and Cash Equivalents	186		997	167
Accounts Receivable, Net	191		241	212
Inventories	1,864		1,093	1,700
Other	53		139	165
Total Current Assets	2,294		2,470	2,244
Deferred Income Taxes	9		9	9
Property and Equipment, Net	1,823		1,922	2,019
Operating Lease Assets	2,587
Goodwill	1,318		1,318	1,318
Trade Names	411		411	411
Net Investments in and Advances to/from Consolidated Affiliates	20,095		19,737	19,442
Other Assets	10		15	14
Total Assets	28,547		25,882	25,457
Current Liabilities:
Accounts Payable	576		363	585
Accrued Expenses and Other	587		597	583
Current Debt	0		0	0
Current Operating Lease Liabilities	377
Income Taxes	0		100	0
Total Current Liabilities	1,540		1,060	1,168
Deferred Income Taxes	(41)		(44)	(43)
Long-term Debt	615		606	627
Long-term Operating Lease Liabilities	2,579
Other Long-term Liabilities	397		852	810
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	23,457		23,408	22,895
Total Liabilities and Equity (Deficit)	28,547		25,882	25,457
Non- guarantor Subsidiaries
Current Assets:
Cash and Cash Equivalents	154		416	181
Accounts Receivable, Net	104		126	109
Inventories	168		155	263
Other	197		93	121
Total Current Assets	623		790	674
Deferred Income Taxes	54		53	11
Property and Equipment, Net	748		896	915
Operating Lease Assets	543
Goodwill	0		30	30
Trade Names	0		0	0
Net Investments in and Advances to/from Consolidated Affiliates	2,835		2,047	2,386
Other Assets	700		670	683
Total Assets	5,503		4,486	4,699
Current Liabilities:
Accounts Payable	447		348	475
Accrued Expenses and Other	324		393	373
Current Debt	75		72	56
Current Operating Lease Liabilities	83
Income Taxes	4		28	8
Total Current Liabilities	933		841	912
Deferred Income Taxes	286		269	279
Long-term Debt	85		79	71
Long-term Operating Lease Liabilities	529
Other Long-term Liabilities	49		107	97
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	3,621		3,190	3,340
Total Liabilities and Equity (Deficit)	5,503		4,486	4,699
Eliminations
Current Assets:
Cash and Cash Equivalents	0		0	0
Accounts Receivable, Net	0		0	0
Inventories	0		0	0
Other	0		0	0
Total Current Assets	0		0	0
Deferred Income Taxes	0		0	0
Property and Equipment, Net	0		0	0
Operating Lease Assets	0
Goodwill	0		0	0
Trade Names	0		0	0
Net Investments in and Advances to/from Consolidated Affiliates	(27,025)		(26,539)	(26,224)
Other Assets	(629)		(621)	(641)
Total Assets	(27,654)		(27,160)	(26,865)
Current Liabilities:
Accounts Payable	0		0	0
Accrued Expenses and Other	0		0	0
Current Debt	0		0	0
Current Operating Lease Liabilities	0
Income Taxes	0		0	0
Total Current Liabilities	0		0	0
Deferred Income Taxes	0		0	0
Long-term Debt	(615)		(607)	(627)
Long-term Operating Lease Liabilities	0
Other Long-term Liabilities	(14)		(14)	(14)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(27,025)		(26,539)	(26,224)
Total Liabilities and Equity (Deficit)	$ (27,654)		$ (27,160)	$ (26,865)

Supplemental Guarantor Financial Information (Consolidated Statements Of Income) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2019	Nov. 03, 2018	Nov. 02, 2019	Nov. 03, 2018
Net Sales	$ 2,677	$ 2,775	$ 8,207	$ 8,385
Cost of Goods and Services Sold	(1,936)	(1,847)	(5,550)	(5,454)
Gross Profit	741	928	2,657	2,931
Selling, General and Administrative Expense	(892)	(874)	(2,480)	(2,494)
Operating Income (Loss)	(151)	54	177	437
Interest Expense	(92)	(96)	(286)	(292)
Other Nonoperating Income (Expense)	(34)	1	(66)	1
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(277)	(41)	(175)	146
Provision for Income Taxes	(25)	2	(1)	42
Equity in Earnings (Loss), Net of Tax	0	0	0	0
Net Income (Loss) Attributable to Parent	(252)	(43)	(174)	104
Reclassification of Cash Flow Hedges to Earnings	0	0	(3)	3
Foreign Currency Translation	6	(2)	(5)	(24)
Unrealized Gain on Cash Flow Hedges	(2)	1	2	10
Other Comprehensive Income (Loss)	4	(1)	(6)	(11)
Total Comprehensive Income	(248)	(44)	(180)	93
L Brands, Inc.
Net Sales	0	0	0	0
Cost of Goods and Services Sold	0	0	0	0
Gross Profit	0	0	0	0
Selling, General and Administrative Expense	(1)	(2)	(9)	(8)
Operating Income (Loss)	(1)	(2)	(9)	(8)
Interest Expense	(90)	(94)	(280)	(288)
Other Nonoperating Income (Expense)	0	0	(40)	0
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(91)	(96)	(329)	(296)
Provision for Income Taxes	0	1	(8)	(1)
Equity in Earnings (Loss), Net of Tax	(161)	54	147	399
Net Income (Loss) Attributable to Parent	(252)	(43)	(174)	104
Reclassification of Cash Flow Hedges to Earnings			0	0
Foreign Currency Translation	0	0	0	0
Unrealized Gain on Cash Flow Hedges	0	0	0	0
Other Comprehensive Income (Loss)	0	0	0	0
Total Comprehensive Income	(252)	(43)	(174)	104
Guarantor Subsidiaries
Net Sales	2,583	2,644	7,831	7,907
Cost of Goods and Services Sold	(1,761)	(1,786)	(5,275)	(5,243)
Gross Profit	822	858	2,556	2,664
Selling, General and Administrative Expense	(831)	(785)	(2,345)	(2,228)
Operating Income (Loss)	(9)	73	211	436
Interest Expense	(23)	(19)	(70)	(37)
Other Nonoperating Income (Expense)	(16)	2	(5)	8
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(48)	56	136	407
Provision for Income Taxes	(4)	(1)	2	32
Equity in Earnings (Loss), Net of Tax	(176)	(92)	82	340
Net Income (Loss) Attributable to Parent	(220)	(35)	216	715
Reclassification of Cash Flow Hedges to Earnings			0	0
Foreign Currency Translation	0	0	0	0
Unrealized Gain on Cash Flow Hedges	0	0	0	0
Other Comprehensive Income (Loss)	0	0	0	0
Total Comprehensive Income	(220)	(35)	216	715
Non- guarantor Subsidiaries
Net Sales	887	965	2,407	2,555
Cost of Goods and Services Sold	(887)	(838)	(2,070)	(2,157)
Gross Profit	0	127	337	398
Selling, General and Administrative Expense	(118)	(127)	(293)	(354)
Operating Income (Loss)	(118)	0	44	44
Interest Expense	(2)	0	(5)	(5)
Other Nonoperating Income (Expense)	(18)	(1)	(21)	(7)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(138)	(1)	18	32
Provision for Income Taxes	(21)	2	5	11
Equity in Earnings (Loss), Net of Tax	(55)	(103)	80	294
Net Income (Loss) Attributable to Parent	(172)	(106)	93	315
Reclassification of Cash Flow Hedges to Earnings			(3)	3
Foreign Currency Translation	6	(2)	(5)	(24)
Unrealized Gain on Cash Flow Hedges	(2)	1	2	10
Other Comprehensive Income (Loss)	4	(1)	(6)	(11)
Total Comprehensive Income	(168)	(107)	87	304
Eliminations
Net Sales	(793)	(834)	(2,031)	(2,077)
Cost of Goods and Services Sold	712	777	1,795	1,946
Gross Profit	(81)	(57)	(236)	(131)
Selling, General and Administrative Expense	58	40	167	96
Operating Income (Loss)	(23)	(17)	(69)	(35)
Interest Expense	23	17	69	38
Other Nonoperating Income (Expense)	0	0	0	0
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	0	0	0	3
Provision for Income Taxes	0	0	0	0
Equity in Earnings (Loss), Net of Tax	392	141	(309)	(1,033)
Net Income (Loss) Attributable to Parent	392	141	(309)	(1,030)
Reclassification of Cash Flow Hedges to Earnings			0	0
Foreign Currency Translation	0	0	0	0
Unrealized Gain on Cash Flow Hedges	0	0	0	0
Other Comprehensive Income (Loss)	0	0	0	0
Total Comprehensive Income	$ 392	$ 141	$ (309)	$ (1,030)

Supplemental Guarantor Financial Information (Consolidated Statements Of Cash Flows) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended						9 Months Ended
	Jul. 06, 2019	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Nov. 02, 2019	Nov. 03, 2018
Net Cash Provided by Operating Activities								$ (90)	$ 13
Investing Activities:
Capital Expenditures								(392)	(561)
Proceeds from Divestiture of Businesses								12
Investment In Equity Affiliates								0	0
Other Investing Activities								(16)	23
Net Cash Used for Investing Activities								(408)	(538)
Financing Activities:
Proceeds from Issuance of Long-Term Debt, Net of Issuance Costs								486	0
Payments of Long-term Debt	$ (669)							(799)	(52)
Proceeds from Lines of Credit									85
Repayments of Foreign Facilities								(21)	(71)
Dividends Paid		$ (83)	$ (83)	$ (83)	$ (165)	$ (167)	$ (168)	(249)	(500)
Repurchases of Common Stock								0	(198)
Payment, Tax Withholding, Share-based Payment Arrangement								(12)	(13)
Financing Costs and Other								(11)	(4)
Net Financing Activities and Advances to/from Consolidated Affiliates								0	0
Net Cash Used for Financing Activities								(570)	(643)
Effects of Exchange Rate Changes on Cash and Cash Equivalents								(5)	1
Net Decrease in Cash and Cash Equivalents								(1,073)	(1,167)
Cash and Cash Equivalents, Beginning of Period				1,413			1,515	1,413	1,515
Cash and Cash Equivalents, End of Period		340			348			340	348
L Brands, Inc.
Net Cash Provided by Operating Activities								(345)	(361)
Investing Activities:
Capital Expenditures								0	0
Investment In Equity Affiliates								0	0
Other Investing Activities								0	0
Net Cash Used for Investing Activities								0	0
Financing Activities:
Proceeds from Issuance of Long-Term Debt, Net of Issuance Costs								486
Payments of Long-term Debt								(799)	(52)
Proceeds from Lines of Credit									85
Dividends Paid								(249)	(500)
Repurchases of Common Stock									(198)
Payment, Tax Withholding, Share-based Payment Arrangement								(12)	(13)
Financing Costs and Other								(6)	(2)
Net Financing Activities and Advances to/from Consolidated Affiliates								925	1,041
Net Cash Used for Financing Activities								345	361
Effects of Exchange Rate Changes on Cash and Cash Equivalents								0	0
Net Decrease in Cash and Cash Equivalents								0	0
Cash and Cash Equivalents, Beginning of Period				0			0	0	0
Cash and Cash Equivalents, End of Period		0			0			0	0
Guarantor Subsidiaries
Net Cash Provided by Operating Activities								(377)	295
Investing Activities:
Capital Expenditures								(245)	(367)
Investment In Equity Affiliates								0	0
Other Investing Activities								12	6
Net Cash Used for Investing Activities								(233)	(361)
Financing Activities:
Proceeds from Issuance of Long-Term Debt, Net of Issuance Costs								0
Payments of Long-term Debt								0	0
Proceeds from Lines of Credit									0
Dividends Paid								0	0
Repurchases of Common Stock									0
Payment, Tax Withholding, Share-based Payment Arrangement								0	0
Financing Costs and Other								(5)	(2)
Net Financing Activities and Advances to/from Consolidated Affiliates								(196)	(929)
Net Cash Used for Financing Activities								(201)	(931)
Effects of Exchange Rate Changes on Cash and Cash Equivalents								0	0
Net Decrease in Cash and Cash Equivalents								(811)	(997)
Cash and Cash Equivalents, Beginning of Period				997			1,164	997	1,164
Cash and Cash Equivalents, End of Period		186			167			186	167
Non- guarantor Subsidiaries
Net Cash Provided by Operating Activities								632	79
Investing Activities:
Capital Expenditures								(147)	(194)
Investment In Equity Affiliates								(137)	(181)
Other Investing Activities								(28)	17
Net Cash Used for Investing Activities								(312)	(358)
Financing Activities:
Proceeds from Issuance of Long-Term Debt, Net of Issuance Costs								0
Payments of Long-term Debt								0	0
Proceeds from Lines of Credit									0
Dividends Paid								0	0
Repurchases of Common Stock									0
Payment, Tax Withholding, Share-based Payment Arrangement								0	0
Financing Costs and Other								0	0
Net Financing Activities and Advances to/from Consolidated Affiliates								(592)	69
Net Cash Used for Financing Activities								(577)	108
Effects of Exchange Rate Changes on Cash and Cash Equivalents								(5)	1
Net Decrease in Cash and Cash Equivalents								(262)	(170)
Cash and Cash Equivalents, Beginning of Period				416			351	416	351
Cash and Cash Equivalents, End of Period		154			181			154	181
Consolidation, Eliminations [Member]
Net Cash Provided by Operating Activities								0	0
Investing Activities:
Capital Expenditures								0	0
Investment In Equity Affiliates								137	181
Other Investing Activities								0	0
Net Cash Used for Investing Activities								137	181
Financing Activities:
Proceeds from Issuance of Long-Term Debt, Net of Issuance Costs								0
Payments of Long-term Debt								0	0
Proceeds from Lines of Credit									0
Dividends Paid								0	0
Repurchases of Common Stock									0
Payment, Tax Withholding, Share-based Payment Arrangement								0	0
Financing Costs and Other								0	0
Net Financing Activities and Advances to/from Consolidated Affiliates								(137)	(181)
Net Cash Used for Financing Activities								(137)	(181)
Effects of Exchange Rate Changes on Cash and Cash Equivalents								0	0
Net Decrease in Cash and Cash Equivalents								0	0
Cash and Cash Equivalents, Beginning of Period				$ 0			$ 0	0	0
Cash and Cash Equivalents, End of Period		$ 0			$ 0			0	0
Foreign Facilities [Member]
Financing Activities:
Proceeds from Lines of Credit								36	110
Repayments of Foreign Facilities								(21)	(71)
Foreign Facilities [Member] \| L Brands, Inc.
Financing Activities:
Proceeds from Lines of Credit								0	0
Repayments of Foreign Facilities								0	0
Foreign Facilities [Member] \| Guarantor Subsidiaries
Financing Activities:
Proceeds from Lines of Credit								0	0
Repayments of Foreign Facilities								0	0
Foreign Facilities [Member] \| Non- guarantor Subsidiaries
Financing Activities:
Proceeds from Lines of Credit								36	110
Repayments of Foreign Facilities								(21)	(71)
Foreign Facilities [Member] \| Consolidation, Eliminations [Member]
Financing Activities:
Proceeds from Lines of Credit								0	0
Repayments of Foreign Facilities								$ 0	$ 0

Goodwill and Trade Names (Details) - USD ($) $ in Millions	3 Months Ended
Goodwill and Trade Names (Details) - USD ($) $ in Millions	Nov. 02, 2019	Feb. 02, 2019	Nov. 03, 2018
Goodwill [Line Items]
Goodwill	$ 1,318	$ 1,348	$ 1,348
Victoria's Secret [Member]
Goodwill [Line Items]
Goodwill	690	690	690
Bath & Body Works [Member]
Goodwill [Line Items]
Goodwill	628	628	628
Victoria's Secret and Bath & Body Works International [Member]
Goodwill [Line Items]
Goodwill, Impairment Loss	30
Goodwill	$ 0	$ 30	$ 30

Goodwill and Trade Names Trade Names (Details) - USD ($) $ in Millions	Nov. 02, 2019	Feb. 02, 2019	Nov. 03, 2018
Indefinite-lived Intangible Assets [Line Items]
Trade Names	$ 411	$ 411	$ 411
Victoria's Secret [Member]
Indefinite-lived Intangible Assets [Line Items]
Trade Names	246	246	246
Bath & Body Works [Member]
Indefinite-lived Intangible Assets [Line Items]
Trade Names	$ 165	$ 165	$ 165