View Filing Data

$ 4,707

$ 2,677

$ 2,902

$ 2,629

$ 4,852

$ 2,775

$ 2,984

$ 2,626

$ 12,914

$ 13,237

$ 12,632

8,464

8,338

7,673

General, Administrative and Store Operating Expenses

1,794

741

983

934

1,968

928

1,059

944

4,450

4,899

4,959

3,472

3,563

3,231

(720)

(99)

Operating Income

(151)

175

153

800

228

155

258

1,237

^[1]

1,728

^[1]

378

385

406

(61)

(10)

Provision for Income Taxes

(7)

(277)

710

(41)

129

(181)

857

1,312

185

213

329

Net Income (Loss)

$ (192)

$ (252)

$ 38

$ 40

$ 540

$ (43)

$ 99

$ 48

$ (366)

$ 644

$ 983

Net Income (Loss) Per Basic Share

$ (0.70)

$ (0.91)

$ 0.14

$ 0.15

$ 1.96

$ (0.16)

$ 0.36

$ 0.17

$ (1.33)

$ 2.33

$ 3.46

Net Income (Loss) Per Diluted Share

$ (0.70)

$ (0.91)

$ 0.14

$ 1.94

$ (0.16)

$ 0.36

$ 0.17

$ (1.33)

$ 2.31

$ 3.42

[1]

(a)

Victoria's Secret includes goodwill and long-lived store asset impairment charges of $690 million and $51 million, respectively. Victoria's Secret and Bath & Body Works International includes long-lived store asset and goodwill impairment charges of $212 million and $30 million, respectively. For additional information see Note 7, “Property and Equipment, Net" and Note 9, "Goodwill and Trade Names."


(b)	Assets are allocated to the operating segments based on decision making authority relevant to the applicable assets.


(c)	The 2019 amounts reflect the Company's adoption of ASC 842, Leases, in the first quarter of 2019.

(d)

Victoria's Secret and Victoria's Secret and Bath & Body Works International includes long-lived store asset impairment charges of $70 million and $31 million, respectively, and Other includes a loss on the sale of La Senza of $99 million and Henri Bendel closures costs of $23 million. For additional information see Note 5, “Restructuring Activities" and Note 7, “Property and Equipment, Net."

Consoldiated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Feb. 01, 2020	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Net Income (Loss)	$ (192)	$ (252)	$ 38	$ 40	$ 540	$ (43)	$ 99	$ 48	$ (366)	$ 644	$ 983
Other Comprehensive Income (Loss), Net of Tax
Foreign Currency Translation									(5)	(20)	23
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax									0	45	0
Unrealized Gain (Loss) on Cash Flow Hedges									2	10	(20)
Reclassification of Cash Flow Hedges to Earnings									(4)	2	7
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax									0	0	2
Total Other Comprehensive Income (Loss), Net of Tax									(7)	37	12
Total Comprehensive Income (Loss)									$ (373)	$ 681	$ 995

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

Description of Business and Summary of Significant Accounting Policies

Consolidated Balance Sheets - USD ($) $ in Millions	Feb. 01, 2020	Feb. 02, 2019
Current Assets:
Cash and Cash Equivalents	$ 1,499	$ 1,413
Accounts Receivable, Net	306	367
Inventories	1,287	1,248
Other	153	232
Total Current Assets	3,245	3,260
Property and Equipment, Net	2,486	2,818
Operating Lease, Right-of-Use Asset	3,053
Goodwill	628	1,348
Trade Names	411	411
Deferred Tax Assets, Net, Noncurrent	84	62
Other Assets	218	191
Total Assets	10,125	8,090
Current Liabilities:
Accounts Payable	647	711
Accrued Expenses and Other	1,052	1,082
Debt, Current	61	72
Operating Lease, Liability, Current	478
Income Taxes	134	121
Total Current Liabilities	2,372	1,986
Deferred Income Taxes	219	226
Long-term Debt	5,487	5,739
Operating Lease, Liability, Noncurrent	3,052
Other Long-term Liabilities	490	1,004
Shareholders' Equity (Deficit):
Preferred Stock—$1.00 par value; 10 shares authorized; none issued	0	0
Common Stock—$0.50 par value; 1,000 shares authorized; 285 and 283 shares issued; 277 and 275 shares outstanding, respectively	142	141
Paid-in Capital	847	771
Accumulated Other Comprehensive Income	52	59
Retained Earnings (Deficit)	(2,182)	(1,482)
Less: Treasury Stock, at Average Cost; 8 and 8 shares, respectively	(358)	(358)
Total L Brands, Inc. Shareholders’ Equity (Deficit)	(1,499)	(869)
Noncontrolling Interest	4	4
Total Equity (Deficit)	(1,495)	(865)
Total Liabilities and Equity (Deficit)	$ 10,125	$ 8,090

Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) - $ / shares	Feb. 01, 2020	Feb. 02, 2019
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Common Stock, Par or Stated Value Per Share	$ 0.5	$ 0.5
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	285,000,000	283,000,000
Common Stock, Shares, Outstanding	277,000,000	275,000,000
Treasury Stock, Shares	8,000,000	8,000,000

Consolidated Statements of Total Equity (Deficit) - USD ($) shares in Thousands, $ in Millions	Total	Common Stock [Member]	Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit) [Member]	Treasury Stock, at Average Cost [Member]	Noncontrolling Interest [Member]
Ending Balance (in shares)		286,000
Beginning Balance at Jan. 28, 2017	$ (727)	$ 157	$ 650	$ 12	$ 205	$ (1,753)	$ 2
Beginning Balance (in shares) at Jan. 28, 2017		286,000
Net Income (Loss)	983	$ 0	0	0	983	0	0
Other Comprehensive Income (Loss)	$ 12	0	0	12	0	0	0
Common Stock, Dividends, Per Share, Declared	$ 2.40
Total Comprehensive Income (Loss)	$ 995	0	0	12	983	0	0
Dividends, Common Stock, Cash	$ (686)	$ 0	0	0	(686)	0	0
Treasury Stock, Shares, Acquired	9,409	9,000
Repurchase of Common Stock	$ (445)	$ 0	0	0	0	(445)	0
Stock Repurchased and Retired During Period, Value	0	(18)	(82)		(1,936)	2,036
Treasury Stock, Retired, Cost Method, Amount		$ (18)	(82)		(1,936)	2,036
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		3,000
Exercise of Stock Options and Other	112	$ 2	110	0	0	0	0
Ending Balance at Feb. 03, 2018	(751)	$ 141	678	24	(1,434)	(162)	2
Ending Balance (in shares)		286,000
Cumulative Effect of New Accounting Principle in Period of Adoption		$ 0	0			0	0
Cumulative Effect of New Accounting Principle in Period of Adoption \| Adjustments for New Accounting Pronouncement [Member]	(28)			(2)	(26)
Cumulative Effect of New Accounting Principle in Period of Adoption \| Accounting Standards Update 2016-01 [Member]	(2)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance		$ 141	678			(162)	2
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance \| Adjustments for New Accounting Pronouncement [Member]	(779)			22	(1,460)
Ending Balance (in shares)		280,000
Beginning Balance (in shares) at Feb. 03, 2018		280,000
Net Income (Loss)	644	$ 0	0	0	644	0	0
Other Comprehensive Income (Loss)	$ 37	0	0	37	0	0	0
Common Stock, Dividends, Per Share, Declared	$ 2.40
Total Comprehensive Income (Loss)	$ 681	0	0	37	644	0	0
Dividends, Common Stock, Cash	$ (666)	$ 0	0	0	(666)	0	0
Treasury Stock, Shares, Acquired	5,379	5,000
Repurchase of Common Stock	$ (196)	$ 0	0	0	0	(196)	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		0
Exercise of Stock Options and Other	95	$ 0	93	0	0	0	2
Ending Balance at Feb. 02, 2019	(865)	$ 141	771	59	(1,482)	(358)	4
Ending Balance (in shares)		280,000
Cumulative Effect of New Accounting Principle in Period of Adoption \| Adjustments for New Accounting Pronouncement [Member]	(2)				(2)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance		$ 141	771	59		(358)	4
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance \| Adjustments for New Accounting Pronouncement [Member]	$ (867)				(1,484)
Ending Balance (in shares)	275,000	275,000
Beginning Balance (in shares) at Feb. 02, 2019	275,000	275,000
Net Income (Loss)	$ (366)	$ 0	0	0	(366)	0	0
Other Comprehensive Income (Loss)	$ (7)	0	0	(7)	0	0	0
Common Stock, Dividends, Per Share, Declared	$ 1.20
Total Comprehensive Income (Loss)	$ (373)	0	0	(7)	(366)	0	0
Dividends, Common Stock, Cash	(332)	$ 0	0	0	(332)	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		2,000
Exercise of Stock Options and Other	77	$ 1	76	0	0	0	0
Ending Balance at Feb. 01, 2020	$ (1,495)	$ 142	$ 847	$ 52	$ (2,182)	$ (358)	$ 4
Ending Balance (in shares)	275,000	275,000
Ending Balance (in shares)	277,000	277,000

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Net Income (Loss) Attributable to Parent	$ (366)	$ 644	$ 983
Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities:
Depreciation of Long-lived Assets	588	590	571
Amortization of Landlord Allowances	0	(43)	(47)
Share-based Compensation Expense	87	97	102
Deferred Income Taxes	(29)	(52)	(108)
Impairment of Goodwill	720	0	0
Impairment of Long-Lived Assets Held-for-use	263	101	0
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	0	99	0
Gain (Loss) on Extinguishment of Debt	(40)	0	(45)
La Senza Charges	37	0	0
Unrealized Gain (Loss) on Securities	0	6	0
Changes in Assets and Liabilities, Net of Assets and Liabilities related to Divestitures:
Accounts Receivable	31	(63)	(13)
Inventories	(40)	(40)	(137)
Accounts Payable, Accrued Expenses and Other	(93)	29	50
Income Taxes Payable	18	(113)	(40)
Other Assets and Liabilities	(15)	130	20
Net Cash Provided by (Used for) Operating Activities	1,236	1,377	1,406
Investing Activities
Capital Expenditures	(458)	(629)	(707)
Proceeds from Sale and Maturity of Marketable Securities	10
Other Investing Activities	(22)	20	9
Net Cash Used for Investing Activities	(480)	(609)	(698)
Financing Activities
Proceeds from Debt, Net of Issuance Costs	486	0	495
Repayments of Long-term Debt	(799)	(52)	(540)
Proceeds from Lines of Credit	12	92	0
Repayments of Lines of Credit	(12)	(92)	0
Payments of Dividends	(332)	(666)	(686)
Repurchases of Common Stock	0	(198)	(446)
Payment, Tax Withholding, Share-based Payment Arrangement	(13)	(13)	(32)
Proceeds From Exercise of Stock Options	1	1	38
Proceeds from (Payments for) Other Financing Activities	(14)	(7)	(8)
Net Cash Provided by (Used for) Financing Activities	(666)	(872)	(1,127)
Effects of Exchange Rate Changes on Cash	(4)	2	0
Net Increase (Decrease) in Cash and Cash Equivalents	86	(102)	(419)
Cash and Cash Equivalents, Beginning of Year	1,413	1,515	1,934
Cash and Cash Equivalents, End of Year	1,499	1,413	1,515
Foreign Facilities [Member]
Financing Activities
Proceeds from Lines of Credit	167	172	96
Repayments of Lines of Credit	(162)	(109)	(44)
Easton Investment [Member]
Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities:
Gain (Loss) on Equity Method Investment Dividends Or Distributions	(5)	(8)	(20)
Investing Activities
Proceeds from Equity Method Investment, Distribution, Return of Capital	$ 7	$ 16	$ 29

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Feb. 01, 2020

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 U.S., Canada, U.K., Ireland and Greater China, 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

On February 20, 2020, the Company and SP VS Buyer LP ("Sycamore''), an affiliate of Sycamore Partners Management, L.P., entered into a Transaction Agreement pursuant to which, among other things, the Company will transfer certain assets and liabilities relating to its business conducted under the Victoria's Secret and PINK brands to a newly formed subsidiary of the Company ("Victoria's Secret Holdco'') and sell 55% of the equity interests of Victoria's Secret Holdco to Sycamore. The Company will retain 45% of the equity interests of Victoria's Secret Holdco. For additional information, see Note 23, "Subsequent Events."

Fiscal Year

The Company's fiscal year ends on the Saturday nearest to January 31. As used herein, “2019” and "2018" refer to the 52-week periods ended February 1, 2020 and February 2, 2019, respectively. “2017” refers to the 53-week period ended February 3, 2018.

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."

Cash and Cash Equivalents

Cash and Cash Equivalents include cash on hand, demand deposits with financial institutions and highly liquid investments with original maturities of less than 90 days. The Company’s outstanding checks, which totaled $15 million as of February 1, 2020 and $13 million as of February 2, 2019, are included in Accounts Payable on the Consolidated Balance Sheets.

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.

Inventories

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

The Company records valuation adjustments to its inventories if the cost of inventory on hand exceeds the amount it expects to realize from the ultimate sale or disposal of the inventory. These estimates are based on management’s judgment regarding future demand, market conditions and analysis of historical experience.

The Company also records inventory loss adjustments for estimated physical inventory losses that have occurred since the date of the last physical inventory. These estimates are based on management’s analysis of historical results and operating trends.

Advertising Costs

Advertising and marketing costs are expensed at the time the promotion first appears in media, in the store or when the advertising is mailed. Advertising and marketing costs totaled $428 million for 2019, $476 million for 2018 and $383 million for 2017.

Property and Equipment

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



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

When a decision has been made to dispose of property and equipment prior to the end of the previously estimated useful life, depreciation estimates are revised to reflect the use of the asset over the shortened estimated useful life. The Company’s cost of assets sold or retired and the related accumulated depreciation are removed from the accounts with any resulting gain or loss included in net income (loss). Maintenance and repairs are charged to expense as incurred. Major renewals and betterments that extend useful lives are capitalized.

Long-lived store assets, which include leasehold improvements, store related assets and operating lease assets (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. For operating lease assets, the Company determines the fair value of the assets by comparing the contractual rent payments to estimated market rental rates. An individual asset within an asset group is not impaired below its estimated fair value. The fair value of long-lived store assets are determined using Level 3 inputs within the fair value hierarchy.

Leases and Leasehold Improvements

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 the 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 ten 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.

The Company also has leasehold improvements which are amortized over the shorter of their estimated useful lives or the period from the date the assets are placed in service to the end of the initial lease term. Leasehold improvements made after the inception of the initial lease term are depreciated over the shorter of their estimated useful lives or the remaining lease term, including renewal periods, if reasonably assured.

Goodwill and Intangible Assets

The Company has certain intangible assets resulting from business combinations and acquisitions that are recorded at cost.

Goodwill is reviewed for impairment at the reporting unit level each year in the fourth quarter, and may be reviewed more frequently if certain events occur or circumstances change. The Company has the option to either first perform a qualitative assessment to determine whether it is more likely than not that each reporting unit's fair value is less than its carrying value (including goodwill), or to proceed directly to the quantitative assessment which requires a comparison of the reporting unit's fair value to its carrying value (including goodwill). If the Company determines that the fair value of a reporting unit is less than its carrying value, the Company recognizes an impairment charge equal to the difference, not to exceed the total amount of goodwill allocated to the reporting unit. The Company's reporting units are determined in accordance with the provisions of ASC 350, Intangibles - Goodwill and Other.

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 Company has the option to either first perform a qualitative assessment to determine whether it is more likely than not that the indefinite-lived intangible asset is impaired, or to proceed directly to the quantitative assessment which requires a comparison of the fair value of the intangible asset to its carrying value. To determine if the fair value of the asset is less than its carrying amount, the Company will estimate the fair value, usually determined by the relief from royalty method under the income approach, and compare that value with its carrying amount. If the carrying value of the intangible asset exceeds its fair value, the Company recognizes an impairment charge equal to the difference.

Foreign Currency Translation

The functional currency of the Company’s foreign operations is generally the applicable local currency. Assets and liabilities are translated into U.S. dollars using the current exchange rates in effect as of the balance sheet date, while revenues and expenses are translated at the average exchange rates for the period. The Company’s resulting translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in shareholders’ equity. Accumulated foreign currency translation adjustments are reclassified to net income (loss) when realized upon sale or upon complete, or substantially complete, liquidation of the investment in the foreign entity.

Derivative Financial Instruments

The Company uses derivative financial instruments to manage exposure to foreign currency exchange rates. The Company does not use derivative instruments for trading purposes. All derivative instruments are recorded on the Consolidated Balance Sheets at fair value.

For derivative financial instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income (loss) in shareholders’ equity and reclassified into earnings in the same period during which the hedged item affects earnings. Gains and losses that are reclassified into earnings are recognized in the same line item on the Consolidated Statement of Income (Loss) as the underlying hedged item.

For derivative financial instruments that are not designated as hedging instruments, the gain or loss on the derivative instrument is recognized in current earnings in Other Income (Loss) on the Consolidated Statements of Income (Loss).

Fair Value

The authoritative guidance included in ASC 820, Fair Value Measurement, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. This authoritative guidance further establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:


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


•	Level 2—Observable inputs other than quoted market prices included in Level 1, such as quoted prices of similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.


•	Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The Company estimates the fair value of financial instruments, property and equipment and goodwill and intangible assets in accordance with the provisions of ASC 820.

Income Taxes

The Company accounts for income taxes under the asset and liability method. Under this method, taxes currently payable or refundable are accrued, and deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are also recognized for realizable operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted income tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recognized in the Company’s Consolidated Statement of Income (Loss) in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized.

In determining the Company’s provision for income taxes, the Company considers permanent differences between book and tax income and statutory income tax rates. The Company’s effective income tax rate is affected by items including changes in tax law, the tax jurisdiction of new stores or business ventures and the level of earnings.

The Company follows a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and for which actual outcomes may differ from forecasted outcomes. The Company's policy is to include interest and penalties related to uncertain tax positions in income tax expense.

The Company’s income tax returns, like those of most companies, are periodically audited by domestic and foreign tax authorities. These audits include questions regarding the Company’s tax filing positions, including the timing and amount of deductions and the allocation of income among various tax jurisdictions. At any one time, multiple tax years are subject to audit by the various tax authorities. A number of years may elapse before a particular matter for which the Company has established an accrual is audited and fully resolved or clarified. The Company adjusts its tax contingencies accrual and income tax provision in the period in which matters are effectively settled with tax authorities at amounts different from its established accrual, when the statute of limitations expires for the relevant taxing authority to examine the tax position or when more information becomes available. The Company includes its tax contingencies accrual, including accrued penalties and interest, in Other Long-term Liabilities on the Consolidated Balance Sheets unless the liability is expected to be paid within one year. Changes to the tax contingencies accrual, including accrued penalties and interest, are included in Provision for Income Taxes on the Consolidated Statements of Income (Loss).

Self-Insurance

The Company is self-insured for medical, workers’ compensation, property, general liability and automobile liability up to certain stop-loss limits. Such costs are accrued based on known claims and an estimate of incurred but not reported (“IBNR”) claims. IBNR claims are estimated using historical claim information and actuarial estimates.

Noncontrolling Interest

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

Share-based Compensation

The Company recognizes all share-based payments to employees and directors as compensation cost over the service period based on their estimated fair value on the date of grant. The Company estimates award forfeitures at the time awards are granted and adjusts, if necessary, in subsequent periods based on historical experience and expected future forfeitures.

Compensation cost is recognized over the service period for the fair value of awards that actually vest. Compensation expense for awards without a performance condition is recognized, net of estimated forfeitures, using a single award approach (each award is valued as one grant, irrespective of the number of vesting tranches). Compensation expense for awards with a performance condition is recognized, net of estimated forfeitures, using a multiple award approach (each vesting tranche is valued as one grant).

Revenue Recognition

In the first quarter of 2018, the Company adopted ASC 606, Revenue from Contracts with Customers, using the modified retrospective approach. Results for 2019 and 2018 are presented under ASC 606, while results for 2017 have not been adjusted and continue to be presented under the accounting standards in effect for that period.

The Company recognizes revenue based on the amount it expects to receive when control of the goods or services is transferred to the customer. The Company recognizes sales upon customer receipt of merchandise, which for direct channel revenues reflect an estimate of shipments that have not yet been received by the customer based on shipping terms and historical delivery times. The Company’s shipping and handling revenues are included in Net Sales with the related costs included in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income (Loss). The Company also provides a reserve for projected merchandise returns based on historical experience. Net Sales exclude sales and other similar taxes collected from customers.

The Company offers certain loyalty programs that allow customers to earn points based on purchasing activity. As customers accumulate points and reach point thresholds, they can use the points to purchase merchandise in stores or online. The Company allocates revenue to points earned on qualifying purchases and defers recognition until the points are redeemed. The amount of revenue deferred is based on the relative stand-alone selling price method, which includes an estimate for points not expected to be redeemed based on historical experience.

The Company sells gift cards with no expiration dates to customers. The Company does not charge administrative fees on unused gift cards. The Company recognizes revenue from gift cards when they are redeemed by the customer. In addition, the Company recognizes revenue on unredeemed gift cards where the likelihood of the gift card being redeemed is remote and there is no legal obligation to remit the unredeemed gift cards to relevant jurisdictions (gift card breakage). Gift card breakage revenue is recognized in proportion, and over the same period, as actual gift card redemptions. The Company determines the gift card breakage rate based on historical redemption patterns. Gift card breakage is included in Net Sales in the Consolidated Statements of Income (Loss).

Revenue earned in connection with Victoria’s Secret's private label credit card arrangement is recognized over the term of the license arrangement and is included in Net Sales in the 2019 and 2018 Consolidated Statements of Income (Loss).

The Company also recognizes revenues associated with franchise, license, wholesale and sourcing arrangements. Revenue recognized under franchise and license arrangements generally consists of royalties earned and recognized upon sale of merchandise by franchise and license partners to retail customers. Revenue is generally recognized under wholesale and sourcing arrangements at the time the title passes to the partner.

Costs of Goods Sold, Buying and Occupancy

The Company’s costs of goods sold include merchandise costs, net of discounts and allowances, freight and inventory shrinkage. The Company’s buying and occupancy expenses primarily include payroll, benefit costs and operating expenses for its buying departments and distribution network, rent, common area maintenance, real estate taxes, utilities, maintenance, fulfillment expenses and depreciation for the Company’s stores, warehouse facilities and equipment.

General, Administrative and Store Operating Expenses

The Company’s general, administrative and store operating expenses primarily include payroll and benefit costs for its store-selling and administrative departments (including corporate functions), marketing, advertising and other operating expenses not specifically categorized elsewhere in the Consolidated Statements of Income (Loss).

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available.

New Accounting Pronouncements (Notes)	12 Months Ended
New Accounting Pronouncements (Notes)	Feb. 01, 2020
New Accounting Pronouncements Text Block [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	New Accounting Pronouncements Leases In February 2016, the FASB issued ASC 842, Leases, which requires companies classified as lessees to account for most leases on their balance sheet but recognize expense on their income statement 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 8, “Leases” for additional disclosures required by the new standard. Hedging Activities In August 2017, the FASB issued 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 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 required a hypothetical purchase price allocation to determine the implied fair value of goodwill. Under the new standard, the goodwill impairment charge is 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 its interim and annual goodwill impairment assessments in accordance with ASU 2017-04. For additional information, see Note 9, "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 does not expect this standard to have a material impact on its consolidated results of operations, financial position or cash flows.

Revenue Recognition (Notes)

12 Months Ended

Feb. 01, 2020

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue Recognition

Accounts receivable, net from revenue-generating activities were $152 million as of February 1, 2020 and $150 million as of February 2, 2019. 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, which are all impacted by seasonal and holiday-related sales patterns. The balance of deferred revenue was $342 million as of February 1, 2020 and $331 million as of February 2, 2019. The Company recognized $218 million as revenue in 2019 from amounts recorded as deferred revenue at the beginning of the period. As of February 1, 2020, the Company recorded deferred revenues of $330 million within Accrued Expenses and Other, and $12 million within Other Long-term Liabilities on the Consolidated Balance Sheet.

The following table provides a disaggregation of Net Sales for 2019, 2018 and 2017:



	2019		2018		2017 (a)
	(in millions)
Victoria’s Secret Stores (b)	$	5,112	$	5,628	$	5,879
Victoria’s Secret Direct	1,693		1,747		1,508
Total Victoria’s Secret	6,805		7,375		7,387
Bath & Body Works Stores (b)	4,212		3,907		3,589
Bath & Body Works Direct	958		724		559
Total Bath & Body Works	5,170		4,631		4,148
Victoria's Secret and Bath & Body Works International (c)	600		605		502
Other (d)	339		626		595
Total Net Sales	$	12,914	$	13,237	$	12,632

_______________


(a)	2017 represents a 53-week fiscal year.


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


(c)	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.

(d)

Includes wholesale revenues from the Company's sourcing function. Results for 2018 and 2017 also include store and direct sales for Henri Bendel and La Senza.

Earnings Per Share

12 Months Ended

Feb. 01, 2020

Earnings Per Share [Abstract]

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 2019, 2018 and 2017:



	2019		2018		2017 (a)
	(in millions)
Weighted-average Common Shares:
Issued Shares	284		283		308
Treasury Shares	(8	)	(7	)	(24	)
Basic Shares	276		276		284
Effect of Dilutive Options and Restricted Stock	—		3		3
Diluted Shares	276		279		287
Anti-dilutive Options and Awards (b)	9		5		4

________________


(a)	In November 2017, the Company retired 36 million shares of its Treasury Stock.

(b)

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

Restructuring Activities (Notes)	12 Months Ended
Restructuring Activities (Notes)	Feb. 01, 2020
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure [Text Block]	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 loss is included in Loss on Divestiture of La Senza in the 2018 Consolidated Statement of Income (Loss). 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 Investing Activities in 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. In 2019, the Company's subsidiaries recognized pre-tax non-cash charges of $37 million to increase the reserves for potential exposure related to the La Senza business. These charges are included in Other Income (Loss) in the 2019 Consolidated Statement of Income (Loss). For additional information, see Note 17, "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. Restructuring charges of $14 million and $9 million are included in Costs of Goods Sold, Buying and Occupancy and General, Administrative and Store Operating Expenses, respectively, in the 2018 Consolidated Statement of Income (Loss).

Inventories

12 Months Ended

Feb. 01, 2020

Inventories

The following table provides details of inventories as of February 1, 2020 and February 2, 2019:



	February 1, 2020		February 2, 2019
	(in millions)
Finished Goods Merchandise	$	1,152	$	1,107
Raw Materials and Merchandise Components	135		141
Total Inventories	$	1,287	$	1,248

Property and Equipment, Net

12 Months Ended

Feb. 01, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

The following table provides details of property and equipment, net as of February 1, 2020 and February 2, 2019:



	February 1, 2020			February 2, 2019
	(in millions)
Land and Improvements	$	116		$	116
Buildings and Improvements	496			492
Furniture, Fixtures, Software and Equipment	3,861			3,725
Leasehold Improvements	2,018			2,277
Construction in Progress	122			123
Total	6,613			6,733
Accumulated Depreciation and Amortization	(4,127		)	(3,915		)
Property and Equipment, Net	$	2,486		$	2,818

Depreciation expense was $588 million in 2019, $590 million in 2018 and $571 million in 2017.

Long-Lived Store Assets

In 2019 and 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 and estimated market rental rates. Long-lived store asset impairment charges are included in Costs of Goods Sold, Buying & Occupancy in the Consolidated Statements of Income (Loss).

The following table provides long-lived store asset impairment charges included in the Consolidated Statements of Income (Loss) for 2019 and 2018:



	Store Asset Impairment				Operating Lease Asset Impairment				Total Impairment
	2019		2018		2019		2018		2019		2018
	(in millions)
Victoria's Secret (a)	$	47	$	70	$	4	$	—	$	51	$	70
Victoria's Secret and Bath & Body Works International (b)	151		31		61		—		212		31
Total	$	198	$	101	$	65	$	—	$	263	$	101

________________


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

(b)

Includes stores in Greater China, the U.K. and Ireland.

Leases

12 Months Ended

Feb. 01, 2020

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 periods consolidated financial statements have not been adjusted and continue to be presented under the accounting standards in effect at that time.

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 17, “Commitments and Contingencies.”

The following table provides the components of lease cost for operating leases for 2019:



	(in millions)
Operating Lease Costs (a)	$	769
Variable Lease Costs	100
Short-term Lease Costs	30
Total Lease Cost	$	899

_______________


(a)	As discussed in Note 7, "Property and Equipment, Net," the Company recognized operating lease asset impairment charges of $65 million during 2019, which is included as additional operating lease costs.

The following table provides future maturities of operating lease liabilities as of February 1, 2020:



Fiscal Year	(in millions)
2020	$	674
2021	693
2022	619
2023	558
2024	481
Thereafter	1,475
Total Lease Payments	$	4,500
Less: Interest	(970		)
Present Value of Operating Lease Liabilities	$	3,530

As of February 1, 2020, the Company has additional operating lease commitments that have not yet commenced of approximately $264 million.

The following table provides the weighted-average remaining lease term and discount rate for operating leases with lease liabilities as of February 1, 2020:



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

During 2019, the Company paid $708 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.

During 2019, the Company obtained $313 million of additional lease assets as a result of new operating lease obligations.

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 $21 million and $26 million of finance lease assets, net of accumulated amortization, in Property and Equipment, Net on the February 1, 2020 and February 2, 2019 Consolidated Balance Sheets, respectively. Additionally, the Company recorded finance lease liabilities of $8 million in Accrued Expenses and Other and $13 million in Other Long-term Liabilities on the February 1, 2020 Consolidated Balance Sheet, and $8 million in Accrued Expenses and Other and $19 million in Other Long-term Liabilities on the February 2, 2019 Consolidated Balance Sheet.

Asset Retirement Obligations

The Company has asset retirement obligations related to certain company-owned international stores that contractually obligate the Company to remove leasehold improvements at the end of a lease. The Company's liabilities for asset retirement obligations totaled $22 million as of February 1, 2020 and $18 million as of February 2, 2019. These liabilities are included in Other Long-term Liabilities on the Consolidated Balance Sheets.

Disclosures for 2018 and 2017

The following table provides rent expense, as presented under the prior accounting standard, for 2018 and 2017:



	2018			2017
	(in millions)
Store Rent:
Fixed Minimum	$	663		$	642
Contingent	72			67
Total Store Rent	735			709
Office, Equipment and Other	98			94
Gross Rent Expense	833			803
Sublease Rental Income	(2		)	(2		)
Total Rent Expense	$	831		$	801

Goodwill and Trade Names

12 Months Ended

Feb. 01, 2020

Goodwill, Trade Names and Other Intangible Assets, Net [Abstract]

Goodwill and Trade Names

Goodwill

The following table provides detail regarding the composition of goodwill as of February 1, 2020 and February 2, 2019:



	February 1, 2020		February 2, 2019
	(in millions)
Bath & Body Works	$	628	$	628
Victoria's Secret	—		690
Victoria's Secret and Bath & Body Works International	—		30
Goodwill	$	628	$	1,348

As of the end of the third quarter of 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, which was based on a weighted average of the income and market approaches, exceeded its carrying value. However, the fair value of the Greater China reporting unit, which was based on the income approach, 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. This charge is included in Impairment of Goodwill in the 2019 Consolidated Statement of Income (Loss).

As of the end of the fourth quarter of 2019, the Company performed its annual goodwill impairment assessment over the Bath & Body Works and Victoria's Secret reporting units. The fair value of the Bath & Body Works reporting unit was estimated using a weighted average of the income and market approaches. As a result of continued fourth quarter declines in business performance and increased risk, volatility and uncertainty related to the Victoria's Secret reporting unit, the Company estimated its fair value using a market approach.

The annual assessment concluded that the fair value of the Victoria's Secret reporting unit did not exceed its carrying value. Accordingly, the Company recognized a goodwill impairment charge of $690 million in the fourth quarter of 2019 related to the Victoria's Secret reporting unit. This charge is included in Impairment of Goodwill in the 2019 Consolidated Statement of Income (Loss). The annual assessment also concluded that the fair value of the Bath & Body Works reporting unit exceeded its carrying value.

The market approach is based on earnings multiples of selected guideline public companies, while the income approach is based on estimated discounted future cash flows. The approaches, which are determined using Level 3 inputs within the fair value hierarchy, incorporated a number of significant assumptions and judgments including, but not limited to, estimated future cash flows, multiples of earnings of similar public companies, discount rates, income tax rates, terminal growth rates 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. The following table provides additional detail regarding the composition of trade names as of February 1, 2020 and February 2, 2019:



	February 1, 2020		February 2, 2019
	(in millions)
Victoria's Secret	$	246	$	246
Bath & Body Works	165		165
Trade Names	$	411	$	411

As of the end of the third quarter of 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.

As of the end of the fourth quarter of 2019, the Company performed its annual impairment assessment of the Victoria's Secret and Bath & Body Works trade names. To estimate the fair value of the trade names, the Company used the relief from royalty method under the income approach. The annual assessment concluded that the fair values of the trade names were in excess of their respective carrying values.

Equity Investments and Other	12 Months Ended
Equity Investments and Other	Feb. 01, 2020
Equity Method Investment, Summarized Financial Information [Abstract]
Equity Investments and Other	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 $118 million as of February 1, 2020 and $89 million as of February 2, 2019, 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 $7 million, $16 million and $29 million during 2019, 2018 and 2017, respectively, from certain of its Easton investments which are included as return of capital within Investing Activities of the Consolidated Statements of Cash Flows. As a result of these distributions, the Company recognized pre-tax gains totaling $5 million, $8 million and $20 million during 2019, 2018 and 2017, respectively, which are included in Other Income (Loss) in the Consolidated Statements of Income (Loss).

Accrued Expenses and Other

12 Months Ended

Feb. 01, 2020

Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other

The following table provides additional information about the composition of Accrued Expenses and Other as of February 1, 2020 and February 2, 2019:



	February 1, 2020		February 2, 2019
	(in millions)
Deferred Revenue, Principally from Gift Card Sales	$	330	$	316
Compensation, Payroll Taxes and Benefits	216		215
Interest	94		92
Taxes, Other than Income	74		78
Accrued Claims on Self-insured Activities	40		45
Rent	35		39
Returns Reserve	23		27
Other	240		270
Total Accrued Expenses and Other	$	1,052	$	1,082

Income Taxes

12 Months Ended

Feb. 01, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Current income tax expense represents the amounts expected to be reported on the Company’s income tax returns, and deferred tax expense or benefit represents the change in net deferred tax assets and liabilities. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. Valuation allowances are recorded as appropriate to reduce deferred tax assets to the amount considered likely to be realized.

On December 22, 2017, the Tax Cuts and Jobs Act (the "TCJA") was enacted into law. The legislation significantly changes U.S. tax law by, among other things, lowering corporate income tax rates and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. The TCJA reduced the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018.

The following table provides the components of the Company’s provision for income taxes for 2019, 2018 and 2017:



	2019			2018			2017
	(in millions)
Current:
U.S. Federal	$	156		$	212		$	366
U.S. State	35			37			49
Non-U.S.	23			16			22
Total	214			265			437
Deferred:
U.S. Federal	(7		)	(4		)	(114		)
U.S. State	1			2			6
Non-U.S.	(23		)	(50		)	—
Total	(29		)	(52		)	(108		)
Provision for Income Taxes	$	185		$	213		$	329

The non-U.S. component of pre-tax income, arising principally from overseas operations, was a loss of $226 million, loss of $14 million and income of $99 million for 2019, 2018 and 2017, respectively.

The following table provides the reconciliation between the statutory federal income tax rate and the effective tax rate for 2019, 2018 and 2017:



	2019		2018		2017
Federal Income Tax Rate	21.0	%	21.0	%	33.7	%
State Income Taxes, Net of Federal Income Tax Effect	(23.0	%)	6.0	%	3.6	%
Impact of Non-U.S. Operations	(5.7	%)	2.3	%	(1.4	%)
Goodwill Impairment	(80.8	%)	—	%	—	%
Change in Valuation Allowance	(18.5	%)	(1.1	%)	(0.1	%)
Divestiture of La Senza	—	%	(2.7	%)	—	%
U.S. Net Deferred Tax Liability Remeasurement	—	%	—	%	(12.1	%)
Deemed Mandatory Repatriation	—	%	—	%	5.1	%
Share-Based Compensation	(7.7	%)	1.0	%	(1.0	%)
Uncertain Tax Positions	12.3	%	(0.5	%)	(1.2	%)
Other Items, Net	0.5	%	(1.1	%)	(1.5	%)
Effective Tax Rate	(101.9	%)	24.9	%	25.1	%

Deferred Taxes

The following table provides the effect of temporary differences that cause deferred income taxes as of February 1, 2020 and February 2, 2019. Deferred tax assets and liabilities represent the future effects on income taxes resulting from temporary differences and carryforwards at the end of the respective year.



	February 1, 2020									February 2, 2019
	Assets			Liabilities			Total			Assets			Liabilities			Total
	(in millions)
Operating Loss Carryforwards	$	247		$	—		$	247		$	217		$	—		$	217
Non-qualified Retirement Plan	62			—			62			64			—			64
Leases	746			(712		)	34			50			—			50
Share-based Compensation	40			—			40			47			—			47
Deferred Revenue	20			—			20			28			—			28
Property and Equipment	—			(230		)	(230		)	—			(278		)	(278		)
Trade Names and Other Intangibles	—			(94		)	(94		)	—			(93		)	(93		)
Other Assets	—			(60		)	(60		)	—			(60		)	(60		)
Other, Net	70			(20		)	50			60			(27		)	33
Valuation Allowance	(204		)	—			(204		)	(172		)	—			(172		)
Total Deferred Income Taxes	$	981		$	(1,116	)	$	(135	)	$	294		$	(458	)	$	(164	)

As of February 1, 2020, the Company had available for state income tax purposes net operating loss carryforwards which expire, if unused, in the years 2020 through 2039. For those states where the Company has determined that it is more likely than not that the state net operating loss carryforwards will not be realized, a valuation allowance has been provided.

As of February 1, 2020, the Company had available for non-U.S. tax purposes net operating loss carryforwards which have an indefinite life and net operating loss carryforwards which expire, if unused, in the years 2028 through 2039. For certain jurisdictions where the Company has determined that it is more likely than not that the net operating loss carryforwards will not be realized, a valuation allowance has been provided on those net operating loss carryforwards as well as other net deferred tax assets.

Income tax payments were $228 million for 2019, $324 million for 2018 and $494 million for 2017.

Uncertain Tax Positions

The following table summarizes the activity related to the Company’s unrecognized tax benefits for U.S. federal, state & non-U.S. tax jurisdictions for 2019, 2018 and 2017, without interest and penalties:



	2019			2018			2017
	(in millions)
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year	$	114		$	67		$	90
Increases to Unrecognized Tax Benefits for Prior Years	15			35			3
Decreases to Unrecognized Tax Benefits for Prior Years	(22		)	(25		)	(22		)
Increases to Unrecognized Tax Benefits as a Result of Current Year Activity	3			44			7
Decreases to Unrecognized Tax Benefits Relating to Settlements with Taxing Authorities	(16		)	—			(2		)
Decreases to Unrecognized Tax Benefits as a Result of a Lapse of the Applicable Statute of Limitations	(6		)	(7		)	(9		)
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$	88		$	114		$	67

Of the total gross unrecognized tax benefits, approximately $81 million, $104 million and $46 million, at February 1, 2020, February 2, 2019, and February 3, 2018, respectively, represent the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods. These amounts are net of the offsetting tax effects from other tax jurisdictions.

Of the total unrecognized tax benefits, it is reasonably possible that $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.

The Company recognizes interest and penalties related to unrecognized tax benefits as components of income tax expense. The Company recognized an income tax benefit from interest and penalties of less than $1 million, $5 million and $2 million in 2019, 2018 and 2017, respectively. The Company has accrued $12 million for the payment of interest and penalties as of both February 1, 2020 and February 2, 2019. Accrued interest and penalties are included within Other Long-term Liabilities on the Consolidated Balance Sheets.

The Company files U.S. federal income tax returns as well as income tax returns in various states and in non-U.S. jurisdictions. The Company is a participant in the Compliance Assurance Process ("CAP"), which is a program made available by the Internal Revenue Service ("IRS") to certain qualifying large taxpayers, under which participants work collaboratively with the IRS to identify and resolve potential tax issues through open, cooperative and transparent interaction prior to the annual filing of their federal income tax return. The IRS is currently examining the Company's 2018 consolidated U.S. federal income tax return.

The Company is also subject to various U.S. state and local income tax examinations for the years 2015 to 2018. Finally, the Company is subject to multiple non-U.S. tax jurisdiction examinations for the years 2007 to 2018. In some situations, the Company determines that it does not have a filing requirement in a particular tax jurisdiction. Where no return has been filed, no statute of limitations applies. Accordingly, if a tax jurisdiction reaches a conclusion that a filing requirement does exist, additional years may be reviewed by the tax authority. The Company believes it has appropriately accounted for uncertainties related to this issue.

Long-term Debt and Borrowing Facilities

12 Months Ended

Feb. 01, 2020

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

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 February 1, 2020 and February 2, 2019:



	February 1, 2020			February 2, 2019
	(in millions)
Senior Debt with Subsidiary Guarantee
$1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	$	991		$	990
$860 million, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”)	858			952
$700 million, 6.75% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	693			693
$500 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”)	498			498
$500 million, 5.25% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)	496			496
$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”)	450			776
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 ("2027 Notes")	276			273
$338 million, 7.00% Fixed Interest Rate Notes due May 2020 (“2020 Notes”)	—			337
Secured Foreign Facilities	103			91
Total Senior Debt with Subsidiary Guarantee	$	4,852		$	5,106
Senior Debt
$350 million, 6.95% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	348		$	348
$300 million, 7.60% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	298			297
Unsecured Foreign Facilities	50			60
Total Senior Debt	$	696		$	705
Total	$	5,548		$	5,811
Current Debt	(61		)	(72		)
Total Long-term Debt, Net of Current Portion	$	5,487		$	5,739

The following table provides principal payments due on outstanding debt in the next five fiscal years and the remaining years thereafter:



Fiscal Year (in millions)
2020	$	61
2021	459
2022	869
2023	569
2024	5
Thereafter	$	3,648

Cash paid for interest was $363 million in 2019, $380 million in 2018 and $391 million in 2017.

Issuance of Notes

In June 2019, the Company issued $500 million of 7.50% notes due in June 2029. 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 February 1, 2020 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 redemption fees and the write-off of unamortized issuance costs. This loss is included in Other Income (Loss) in the 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 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 the Secured Revolving Facility. The Secured Revolving Facility has aggregate availability of $1 billion and 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 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 Company incurred fees related to the Amendment of $5 million, which were capitalized and are recorded in Other Assets on the February 1, 2020 Consolidated Balance Sheet and are being amortized over the remaining term of the Secured Revolving Facility.

The Secured Revolving Facility fees related to committed and unutilized amounts are 0.30% per annum, and the fees related to outstanding letters of credit are 1.75% per annum. In addition, the interest rate on outstanding U.S. dollar borrowings is LIBOR plus 1.75% per annum. The interest rate on outstanding foreign denominated borrowings is the applicable benchmark rate plus 1.75% 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 provides 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 February 1, 2020, 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.

During 2019, the Company borrowed and repaid $12 million under the Secured Revolving Facility. As of February 1, 2020, 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 $19 million of outstanding letters of credit as of February 1, 2020 that reduced its availability under the Secured Revolving Facility.

On March 16, 2020, the Company elected to borrow $950 million from the Secured Revolving Facility, leaving our availability under the Secured Revolving Facility at $22 million. For additional information, see Note 23, "Subsequent Events."

Secured Foreign Facilities

The Company and the Guarantors guarantee and pledge collateral to secure revolving and term loan bank facilities used by certain of the Company's Greater China subsidiaries to support their operations. The Secured Foreign Facilities have availability totaling $150 million. The interest rates on outstanding borrowings are based upon the applicable benchmark rate for each borrowing. During 2019, the Company borrowed $117 million and made payments of $103 million under the Secured Foreign Facilities. The maximum daily amount outstanding at any point in time in 2019 was $103 million. Borrowings on the Secured Foreign Facilities mature between March 2020 and August 2024. As of February 1, 2020, borrowings of $11 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 used by certain of the Company's Greater China subsidiaries to support their operations. The Unsecured Foreign Facilities have availability totaling $75 million. The interest rates on outstanding borrowings are based upon the applicable benchmark rate for each borrowing. During 2019, the Company

borrowed $50 million and made payments of $59 million under the Unsecured Foreign Facilities. The maximum daily amount outstanding at any point in time in 2019 was $74 million. Borrowings on the Unsecured Foreign Facilities mature between March 2020 and April 2020. As of February 1, 2020, borrowings of $50 million are included within Current Debt on the Consolidated Balance Sheet.

Derivative Instruments

12 Months Ended

Feb. 01, 2020

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 February 1, 2020.

The following table provides the U.S. dollar notional amount of outstanding foreign currency derivative financial instruments as of February 1, 2020 and February 2, 2019:



	February 1, 2020		February 2, 2019
	(in millions)
Notional Amount	$	139	$	147

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 February 1, 2020 and February 2, 2019:



	February 1, 2020		February 2, 2019
	(in millions)
Other Current Assets	$	1	$	2
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 2019 and 2018:



	2019			2018
	(in millions)
Gain (Loss) Recognized in Accumulated Other Comprehensive Income	$	2		$	11
(Gain) Loss Reclassified from Accumulated Other Comprehensive Income into Costs of Goods Sold, Buying and Occupancy Expense	(5		)	2

The Company estimates that less than $1 million of net gains included in accumulated other comprehensive income as of February 1, 2020 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

12 Months Ended

Feb. 01, 2020

Fair Value Measurements [Abstract]

Fair Value Disclosures

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 February 1, 2020 and February 2, 2019:



	Level 1		Level 2		Level 3		Total
	(in millions)
As of February 1, 2020
Assets:
Cash and Cash Equivalents	$	1,499	$	—	$	—	$	1,499
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

The Company's Level 1 fair value measurements use unadjusted quoted prices in active markets for identical assets. The Company's marketable equity securities were 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 2019, the Company received cash proceeds of $10 million related to sales of its marketable equity securities, which are included within Investing Activities in 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 February 1, 2020 and February 2, 2019:



	February 1, 2020		February 2, 2019
	(in millions)
Principal Value	$	5,458	$	5,722
Fair Value, Estimated (a)	5,555		5,340

________________


(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.

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.

Comprehensive Income (Loss)

Comprehensive Income (Loss)

12 Months Ended

Feb. 01, 2020

Comprehensive Income Loss

Comprehensive Income

Comprehensive Income includes gains and losses on derivative instruments and foreign currency translation adjustments. The cumulative gains and losses on these items are included in Accumulated Other Comprehensive Income on the Consolidated Balance Sheets and Consolidated Statements of Shareholders' Equity (Deficit).

The following table provides the rollforward of accumulated other comprehensive income for 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	—			(5		)	(5		)
Tax Effect	—			1			1
Current-period Other Comprehensive Income (Loss)	(5		)	(2		)	(7		)
Balance as of February 1, 2020	$	52		$	—		$	52

The following table provides the rollforward of accumulated other comprehensive income for 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	(20		)	11			—			(9		)
Amounts Reclassified from Accumulated Other Comprehensive Income	45			2			—			47
Tax Effect	—			(1		)	—			(1		)
Current-period Other Comprehensive Income	25			12			—			37
Balance as of February 2, 2019	$	57		$	2		$	—		$	59

As a result of the divestiture of La Senza in 2018, the Company reclassified $45 million of accumulated foreign-currency translation adjustments out of accumulated other comprehensive income and into earnings. For additional information, see Note 5, "Restructuring Activities."

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Feb. 01, 2020
Commitments And Contingencies [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 lead plaintiff filed a consolidated amended complaint on December 20, 2019 that asserted substantially the same allegations and sought substantially the same relief as the initial complaint. The Company filed a motion to dismiss the consolidated amended complaint on February 18, 2020. The lead plaintiff must file any opposition to our motion to dismiss no later than May 4, 2020. The Company's reply brief in further support of our motion to dismiss is due on June 3, 2020. The Company views this lawsuit as meritless and intends to defend against this lawsuit vigorously. On February 19, 2020, a plaintiff shareholder filed a complaint in the U.S. District Court for the Southern District of Ohio alleging derivative claims on behalf of the Company against certain of its current and former directors and officers. The Company was named as nominal defendant. The lawsuit asserts claims for breach of fiduciary duty, corporate waste and unjust enrichment in connection with alleged misstatements about our quarterly dividend prior to the announced reduction of the dividend in November 2018. The Company intends to seek dismissal of the lawsuit. 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 $40 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 2019, an additional reserve of $35 million was recorded related to these obligations and certain other items. As of February 1, 2020, reserves of $8 million are included within Accrued Expenses and Other on the Consolidated Balance Sheet and the remaining reserves are included within Other Long-term Liabilities. Other 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 $17 million and $11 million related to these guarantee obligations as of February 1, 2020 and February 2, 2019, respectively. This liability is included in Current Operating Lease Liabilities on the February 1, 2020 Consolidated Balance Sheet, and in Other Long-term Liabilities on the February 2, 2019 Consolidated Balance Sheet.

Retirement Benefits

12 Months Ended

Feb. 01, 2020

Retirement Benefits [Abstract]

Retirement Benefits

The Company sponsors a tax-qualified defined contribution retirement plan and a non-qualified supplemental retirement plan for substantially all of 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 $79 million for 2019, $76 million for 2018 and $68 million for 2017.

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.

The definitive agreement between the Company and Sycamore for the sale to Sycamore of the 55% interest in Victoria's Secret requires that the Company terminate its non-qualified supplemental retirement plan as of the closing with respect to participants affected by the sale and for all other participants within six months. On March 11, 2020, the Compensation Committee of the Board of Directors authorized management of the Company to take steps to terminate the plan as to all participants. The timing and specifics of such termination have not yet been determined. Any remaining benefits and obligations under the non-qualified plan are expected to be paid out in full approximately one year following the applicable termination. For additional information regarding the Victoria's Secret transaction, see Note 23, "Subsequent Events."

The following table provides the Company’s annual activity for this plan and year-end liability, included in Other Long-term Liabilities on the Consolidated Balance Sheets, as of February 1, 2020 and February 2, 2019:



	February 1, 2020			February 2, 2019
	(in millions)
Balance at Beginning of Year	$	278		$	269
Contributions:
Associate	8			10
Company	12			11
Interest	14			13
Distributions	(32		)	(25		)
Balance at End of Year	$	280		$	278

Total expense recognized related to the non-qualified plan was $26 million for 2019, $24 million for 2018 and $20 million for 2017.

Shareholders' Equity (Deficit)

12 Months Ended

Feb. 01, 2020

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity (Deficit)

Common Stock Share Repurchases

The Company did not repurchase any shares during 2019.

Under the authority of the Company’s Board of Directors, the Company repurchased shares of its common stock under the following repurchase programs for fiscal 2018 and 2017:



			Shares Repurchased		Amount Repurchased				Average Stock Price of Shares Repurchased within Program
Repurchase Program	Amount Authorized		2018	2017	2018		2017		Average Stock Price of Shares Repurchased within Program
	(in millions)		(in thousands)		(in millions)
March 2018	$	250	4,852	NA	$	171	NA		$	35.29
September 2017	250		527	3,858	25		$	202	$	51.72
February 2017	250		NA	5,500	NA		240		$	43.57
February 2016	500		NA	51	NA		3		$	76.47
Total			5,379	9,409	$	196	$	445

In March 2018, the Company's Board of Directors approved a new $250 million share 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 February 1, 2020.

Treasury Stock Retirement

In November 2017, the Company retired 36 million shares of its treasury stock. The retirement resulted in a reduction of $2.036 billion in Treasury Stock, $18 million in the par value of Common Stock, $82 million in Paid-in Capital and $1.936 billion in Retained Earnings.

Dividends

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during fiscal 2019, 2018 and 2017:



	Ordinary Dividends		Total Paid
	(per share)		(in millions)
2019
Fourth Quarter	$	0.30	$	83
Third Quarter	0.30		83
Second Quarter	0.30		83
First Quarter	0.30		83
2019 Total	$	1.20	$	332
2018
Fourth Quarter	$	0.60	$	166
Third Quarter	0.60		165
Second Quarter	0.60		167
First Quarter	0.60		168
2018 Total	$	2.40	$	666
2017
Fourth Quarter	$	0.60	$	170
Third Quarter	0.60		172
Second Quarter	0.60		172
First Quarter	0.60		172
2017 Total	$	2.40	$	686

Subsequent to February 1, 2020, the Company's Board of Directors declared the first quarter of 2020 ordinary dividend of $0.30 per share.

Share-based Compensation

12 Months Ended

Feb. 01, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

Share-based Compensation

Plan Summary

In 2015, the Company's shareholders approved the 2015 Stock Option and Performance Incentive Plan ("2015 Plan"). The 2015 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, performance-based restricted stock, performance units and unrestricted shares. The Company grants stock options at a price equal to the fair market value of the stock on the date of grant. Stock options have a maximum term of 10 years. Stock options generally vest ratably over three to five years. Restricted stock generally vests (the restrictions lapse) at the end of a three-year period or on a graded basis over a five-year period.

Under the Company’s plans, 160 million options, restricted and unrestricted shares have been authorized to be granted to employees and directors. There were 5 million options and shares available for grant as of February 1, 2020.

Stock Options

The following table provides the Company’s stock option activity for the fiscal year ended February 1, 2020:



	Number of Shares		Weighted Average Option Price Per Share		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
	(in thousands)				(in years)	(in thousands)
Outstanding as of February 2, 2019	5,292		$	53.14
Granted	519		27.67
Exercised	(136	)	7.44
Cancelled	(395	)	52.22
Outstanding as of February 1, 2020	5,280		$	51.87	6.03	$	318
Vested and Expected to Vest as of February 1, 2020 (a)	5,190		52.29		5.99	318
Options Exercisable as of February 1, 2020	3,372		57.07		4.93	318

________________


(a)	The number of options expected to vest includes an estimate of expected forfeitures.

Intrinsic value for stock options is the difference between the current market value of the Company’s stock and the option strike price. The total intrinsic value of options exercised was $3 million for 2019, $2 million for 2018 and $44 million for 2017.

The total fair value at grant date of option awards vested was $9 million for 2019 and 2018, and $10 million for 2017.

The Company’s total unrecognized compensation cost, net of estimated forfeitures, related to nonvested options was $8 million as of February 1, 2020. This cost is expected to be recognized over a weighted-average period of 1.8 years.

The weighted-average estimated fair value of stock options granted was $6.05 per share for 2019, $6.76 per share for 2018 and $5.96 per share for 2017.

Cash received from stock options exercised was $1 million for 2019 and 2018, and $38 million for 2017. Tax benefits realized from tax deductions associated with stock options exercised was less than $1 million for 2019 and 2018, and $16 million for 2017.

The Company uses the Black-Scholes option-pricing model for valuation of options granted to employees and directors. The Company’s determination of the fair value of options is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the Company’s expected stock price volatility over the term of the awards and projected employee stock option exercise behaviors.

The following table contains the weighted-average assumptions used during 2019, 2018 and 2017:



	2019		2018		2017
Expected Volatility	40	%	36	%	28	%
Risk-free Interest Rate	2.2	%	2.5	%	1.5	%
Dividend Yield	4.4	%	5.8	%	5.1	%
Expected Life (in years)	3.2		2.9		3.0

The majority of the Company’s stock-based compensation awards are granted on an annual basis in the first quarter of each year. The expected volatility assumption is based on the Company’s analysis of historical volatility. The risk-free interest rate assumption is based upon the average daily closing rates during the period for U.S. treasury notes that have a life which approximates the expected life of the option. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts in relation to the stock price at the grant date. The expected life of employee stock options represents the weighted-average period the stock options are expected to remain outstanding.

Restricted Stock

The following table provides the Company’s restricted stock activity for the fiscal year ended February 1, 2020:



	Number of Shares		Weighted Average Grant Date Fair Value
	(in thousands)
Unvested as of February 2, 2019	6,689		$	45.29
Granted	4,161		23.34
Vested	(1,570	)	66.44
Cancelled	(618	)	30.75
Unvested as of February 1, 2020	8,662		$	32.00

The Company’s total intrinsic value of restricted stock vested was $39 million for 2019, $44 million for 2018 and $86 million for 2017.

The Company’s total fair value at grant date of awards vested was $104 million for 2019, $86 million for 2018 and $87 million for 2017. The fair value of restricted stock awards is based on the market value of an unrestricted share on the grant date adjusted for anticipated dividend yields.

As of February 1, 2020, there was $103 million of total unrecognized compensation cost, net of estimated forfeitures, related to unvested restricted stock. That cost is expected to be recognized over a weighted-average period of 1.9 years.

The weighted-average estimated fair value of restricted stock granted was $23.34 per share for 2019, $30.43 per share for 2018 and $39.21 per share for 2017.

Tax benefits realized from tax deductions associated with restricted stock vested were $10 million for 2019 and 2018, and $32 million for 2017.

Income Statement Impact

The following table provides share-based compensation expense included in the Consolidated Statements of Income (Loss) for 2019, 2018 and 2017:



	2019		2018		2017
	(in millions)
Costs of Goods Sold, Buying and Occupancy	$	29	$	29	$	32
General, Administrative and Store Operating Expenses	58		68		70
Total Share-based Compensation Expense	$	87	$	97	$	102

The tax benefit associated with recognized share-based compensation expense was $18 million for 2019, $20 million for 2018 and $23 million for 2017.

Segment Information

12 Months Ended

Feb. 01, 2020

Segment Information [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 and 2017 also include La Senza and Henri Bendel.

The following table provides the Company’s segment information as of and for the fiscal years ended February 1, 2020, February 2, 2019 and February 3, 2018:



	Victoria’s Secret			Bath & Body Works		Victoria’s Secret and Bath & Body Works International			Other			Total
	(in millions)
2019
Net Sales	$	6,805		$	5,170	$	600		$	339		$	12,914
Depreciation and Amortization	284			155		40			109			588
Operating Income (Loss) (a)	(616		)	1,191		(236		)	(81		)	258
Total Assets (b) (c)	3,883			2,837		939			2,466			10,125
Capital Expenditures	76			206		24			152			458
2018
Net Sales	$	7,375		$	4,631	$	605		$	626		$	13,237
Depreciation and Amortization	280			121		43			103			547
Operating Income (Loss) (d)	462			1,077		(37		)	(265		)	1,237
Total Assets (b)	3,129			1,898		842			2,221			8,090
Capital Expenditures	150			242		97			140			629
2017
Net Sales	$	7,387		$	4,148	$	502		$	595		$	12,632
Depreciation and Amortization	279			101		30			114			524
Operating Income (Loss)	932			953		5			(162		)	1,728
Total Assets (b)	3,369			1,753		800			2,227			8,149
Capital Expenditures	270			232		111			94			707

________________

(a)


(b)	Assets are allocated to the operating segments based on decision making authority relevant to the applicable assets.


(c)	The 2019 amounts reflect the Company's adoption of ASC 842, Leases, in the first quarter of 2019.


(d)	Victoria's Secret and Victoria's Secret and Bath & Body Works International includes long-lived store asset impairment charges of $70 million and $31 million, respectively, and Other includes a loss on the sale of La Senza of $99 million and Henri Bendel closures costs of $23 million. For additional information see Note 5, “Restructuring Activities" and Note 7, “Property and Equipment, Net."

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 $1.496 billion in 2019, $1.683 billion in 2018 and $1.553 billion in 2017. The Company’s internationally based long-lived assets were $713 million as of February 1, 2020 and $454 million as of February 2, 2019.

Quarterly Financial Data (Unaudited)

12 Months Ended

Feb. 01, 2020

Quarterly Financial Data [Abstract]

Quarterly Financial Data (Unaudited)

The following table provides summarized quarterly financial data for 2019:



	Fiscal Quarter Ended
	May 4, 2019		August 3, 2019 (a)		November 2, 2019 (b)(c)(d)			February 1, 2020 (e)(f)
	(in millions except per share data)
Net Sales	$	2,629	$	2,902	$	2,677		$	4,707
Gross Profit	934		983		741			1,794
Operating Income (Loss)	153		175		(151		)	82
Income (Loss) Before Income Taxes	60		42		(277		)	(7		)
Net Income (Loss)	40		38		(252		)	(192		)
Net Income (Loss) Per Basic Share (g)	$	0.15	$	0.14	$	(0.91	)	$	(0.70	)
Net Income (Loss) Per Diluted Share (g)	$	0.14	$	0.14	$	(0.91	)	$	(0.70	)

________________


(a)	Net income includes the effect of a $40 million pre-tax loss ($30 million after-tax) associated with the early redemption of $764 million of outstanding notes maturing between 2020 and 2022.


(b)	Gross profit includes the effect of a $218 million pre-tax impairment charge ($200 million after-tax) related to certain Victoria's Secret long-lived store assets.


(c)	Operating loss includes the effect of a $30 million (no tax impact) goodwill impairment charge related to the Greater China reporting unit.


(d)	Net loss includes the effect of a $37 million pre-tax charge ($28 million after-tax) to increase reserves related to ongoing contingent obligations for the La Senza business.


(e)	Gross profit includes the effect of a $35 million pre-tax impairment charge ($30 million after-tax) related to certain Victoria's Secret long-lived store assets.


(f)	Operating income includes the effect of a $690 million pre-tax goodwill impairment charge ($687 million after-tax) related to the Victoria's Secret reporting unit.


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

The following table provides summarized quarterly financial data for 2018:



	Fiscal Quarter Ended
	May 5, 2018		August 4, 2018		November 3, 2018 (a)(b)			February 2, 2019 (c)
	(in millions except per share data)
Net Sales	$	2,626	$	2,984	$	2,775		$	4,852
Gross Profit	944		1,059		928			1,968
Operating Income	155		228		54			800
Income (Loss) Before Income Taxes	59		129		(41		)	710
Net Income (Loss)	48		99		(43		)	540
Net Income (Loss) Per Basic Share (d)	$	0.17	$	0.36	$	(0.16	)	$	1.96
Net Income (Loss) Per Diluted Share (d)	$	0.17	$	0.36	$	(0.16	)	$	1.94

________________


(a)	Gross profit includes the effect of an $81 million pre-tax impairment charge ($73 million after-tax) related to certain Victoria's Secret long-lived store assets.


(b)	Operating income includes the effect of $20 million ($15 million after-tax) of Henri Bendel closure costs.


(c)	Operating income includes the effect of a pre-tax loss of $99 million ($55 million after-tax) related to the divestiture of La Senza.

(d)

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

Subsequent Events

12 Months Ended

Feb. 01, 2020

Subsequent Events [Abstract]

Subsequent Events

Victoria's Secret Transaction

On February 20, 2020, the Company and Sycamore entered into a definitive agreement that is intended to deliver long-term value to L Brands, Inc. shareholders by positioning Bath & Body Works as a standalone public company and transitioning Victoria's Secret, including business conducted under the Victoria's Secret and PINK brands and certain support functions, into a privately-held entity.

After taking into account certain liabilities, Sycamore will purchase a 55% interest in Victoria’s Secret for approximately $525 million. The Company will retain a 45% interest in Victoria’s Secret to enable its shareholders to participate in the upside potential of the business. The Company intends to use the proceeds from the transaction, along with excess balance sheet cash, to reduce debt. The transaction is expected to close in the second quarter of 2020, subject to customary closing conditions. The Company will report the results of Victoria's Secret as discontinued operations beginning in the first quarter of 2020. The Company expects to recognize a loss in the first quarter of 2020 as a result of classifying Victoria's Secret as held for sale.

Legal Proceedings

On February 19, 2020, a plaintiff shareholder filed a complaint in the U.S. District Court for the Southern District of Ohio alleging derivative claims on behalf of the Company against certain of its current and former directors and officers. For additional information, see Note 17, "Commitments and Contingencies."

Company Response to Coronavirus

Subsequent to February 1, 2020, the Company announced actions in response to the continued spread of the coronavirus.

On March 16, 2020, in an abundance of caution and as a proactive measure, the Company elected to borrow $950 million from its Secured Revolving Facility, leaving its availability under the Secured Revolving Facility at $22 million.

On March 17, 2020, the Company announced the temporary closure of all Bath & Body Works, Victoria’s Secret and PINK stores in the United States and Canada through March 29, 2020. Associates will continue to receive pay and benefits through April 4, 2020, which is one week longer than originally announced.

Based on the continued spread of the coronavirus and stay-at-home orders by government officials across the country, the Company is extending the closure of its stores beyond the initial March 29th date. As the situation continues to evolve rapidly, the Company is not currently able to predict the timing of store reopenings. However, it is monitoring the situation closely and will provide updates as appropriate. The Company continues to serve customers through its direct channels.

In an effort to further strengthen its financial flexibility and efficiently manage through the pandemic, the Company is proactively taking the following additional actions:


•	Suspending its quarterly cash dividend beginning in the second quarter of fiscal 2020. The Company remains committed to paying dividends over the long-term and will re-evaluate when appropriate.


•	Executing a substantial reduction in expenses and capital expenditures. This includes an ongoing reduction in forward inventory receipts.


•	Temporarily reducing base compensation by 20% for senior vice presidents and above. The cash compensation of Chairman and CEO Leslie H. Wexner and other members of the Board of Directors has been suspended. Additionally, the Company is deferring annual merit increases.

•

Furloughing most store associates and those who are not currently working to support the online businesses or who cannot work from home, effective April 5, 2020 until further notice. All furloughed associates will continue to receive existing healthcare benefits. As circumstances change, the Company will make every effort to bring these associates back to work as soon as possible. Furloughed associates will also be able to apply for unemployment benefits, if eligible.

As of March 27, 2020, the Company currently has more than $2 billion in cash, which includes the $950 million borrowed under the Secured Revolving Facility on March 16, 2020. The Company's Secured Revolving Facility has certain financial covenants, including a debt to consolidated EBITDA covenant, which may be breached as early as the end of the fiscal quarter ending May 2, 2020. If the Company were to violate a covenant, its lenders would have the right to accelerate the Company's Secured Revolving Facility indebtedness, demand cash collateral in respect of the letters of credit issued thereunder and terminate the funding commitments available thereunder. While the Company believes that it would be able to obtain temporary waivers for any such breach of a covenant to prevent an acceleration of its outstanding indebtedness or obtain a replacement credit facility, the Company cannot conclude with certainty that it would have the ability to obtain necessary waivers or negotiate less restrictive debt covenants with its lenders. The Company is in active conversations with the lenders

under its credit facility to obtain a replacement credit facility that does not contain a debt to consolidated EBITDA financial covenant or a temporary waiver in respect of such financial covenant in its existing Secured Revolving Facility. The Company believes that its current cash balance, along with the actions taken as outlined above, provides it with sufficient current liquidity.

Supplemental Guarantor Financial Information

12 Months Ended

Feb. 01, 2020

Supplemental Guarantor Financial Information [Abstract]

Schedule Of Supplemental Guarantor Financial Information [Text Block]

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 February 1, 2020 and February 2, 2019, and the Condensed Consolidating Statements of Income (Loss), Comprehensive Income (Loss) and Cash Flows for the years ended February 1, 2020, February 2, 2019 and February 3, 2018.

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)



	February 1, 2020
	L Brands, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	1,231		$	268	$	—		$	1,499
Accounts Receivable, Net	—			183			123		—			306
Inventories	—			1,138			149		—			1,287
Other	—			85			68		—			153
Total Current Assets	—			2,637			608		—			3,245
Property and Equipment, Net	—			1,747			739		—			2,486
Operating Lease Assets	—			2,545			508		—			3,053
Goodwill	—			628			—		—			628
Trade Names	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	3,862			20,231			2,937		(27,030		)	—
Deferred Income Taxes	—			8			76		—			84
Other Assets	130			9			690		(611		)	218
Total Assets	$	3,992		$	28,216		$	5,558	$	(27,641	)	$	10,125
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	331		$	316	$	—		$	647
Accrued Expenses and Other	93			593			366		—			1,052
Current Debt	—			—			61		—			61
Current Operating Lease Liabilities	—			392			86		—			478
Income Taxes	(11		)	89			56		—			134
Total Current Liabilities	82			1,405			885		—			2,372
Deferred Income Taxes	—			(37		)	256		—			219
Long-term Debt	5,395			597			92		(597		)	5,487
Long-term Operating Lease Liabilities	—			2,522			530		—			3,052
Other Long-term Liabilities	62			383			59		(14		)	490
Total Equity (Deficit)	(1,547		)	23,346			3,736		(27,030		)	(1,495		)
Total Liabilities and Equity (Deficit)	$	3,992		$	28,216		$	5,558	$	(27,641	)	$	10,125

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 STATEMENT OF INCOME (LOSS)

(in millions)



	2019
	L Brands, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	12,317		$	3,382		$	(2,785	)	$	12,914
Costs of Goods Sold, Buying and Occupancy	—			(8,074		)	(2,810		)	2,420			(8,464		)
Gross Profit	—			4,243			572			(365		)	4,450
General, Administrative and Store Operating Expenses	(11		)	(3,380		)	(331		)	250			(3,472		)
Impairment of Goodwill	—			(690		)	(30		)	—			(720		)
Operating Income (Loss)	(11		)	173			211			(115		)	258
Interest Expense	(370		)	(116		)	(7		)	115			(378		)
Other Income (Loss)	(40		)	—			(21		)	—			(61		)
Income (Loss) Before Income Taxes	(421		)	57			183			—			(181		)
Provision (Benefit) for Income Taxes	2			55			128			—			185
Equity in Earnings (Loss), Net of Tax	57			39			390			(486		)	—
Net Income (Loss)	$	(366	)	$	41		$	445		$	(486	)	$	(366	)

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(in millions)



	2019
	L Brands, Inc.			Guarantor Subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	(366	)	$	41	$	445		$	(486	)	$	(366	)
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	—			—		(4		)	—			(4		)
Total Other Comprehensive Income (Loss), Net of Tax	—			—		(7		)	—			(7		)
Total Comprehensive Income (Loss)	$	(366	)	$	41	$	438		$	(486	)	$	(373	)

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

(in millions)



	2018
	L Brands, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	12,467		$	3,780		$	(3,010	)	$	13,237
Costs of Goods Sold, Buying and Occupancy	—			(8,015		)	(2,996		)	2,673			(8,338		)
Gross Profit	—			4,452			784			(337		)	4,899
General, Administrative and Store Operating Expenses	(9		)	(3,304		)	(482		)	232			(3,563		)
Loss on Divestiture of La Senza	—			(24		)	(75		)	—			(99		)
Operating Income (Loss)	(9		)	1,124			227			(105		)	1,237
Interest Expense	(379		)	(108		)	(6		)	108			(385		)
Other Income (Loss)	—			13			(8		)	—			5
Income (Loss) Before Income Taxes	(388		)	1,029			213			3			857
Provision (Benefit) for Income Taxes	12			100			101			—			213
Equity in Earnings, Net of Tax	1,044			169			353			(1,566		)	—
Net Income (Loss)	$	644		$	1,098		$	465		$	(1,563	)	$	644

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(in millions)



	2018
	L Brands, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	644	$	1,098	$	465		$	(1,563	)	$	644
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		(20		)	—			(20		)
Reclassification of Foreign Currency Translation to Earnings	—		—		45			—			45
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		10			—			10
Reclassification of Cash Flow Hedges to Earnings	—		—		2			—			2
Total Other Comprehensive Income (Loss), Net of Tax	—		—		37			—			37
Total Comprehensive Income (Loss)	$	644	$	1,098	$	502		$	(1,563	)	$	681

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

(in millions)



	2017
	L Brands, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	11,931		$	3,728		$	(3,027	)	$	12,632
Costs of Goods Sold, Buying and Occupancy	—			(7,463		)	(2,868		)	2,658			(7,673		)
Gross Profit	—			4,468			860			(369		)	4,959
General, Administrative and Store Operating Expenses	(10		)	(3,063		)	(426		)	268			(3,231		)
Operating Income (Loss)	(10		)	1,405			434			(101		)	1,728
Interest Expense	(403		)	(99		)	(13		)	109			(406		)
Other Income (Loss)	(46		)	11			25			—			(10		)
Income (Loss) Before Income Taxes	(459		)	1,317			446			8			1,312
Provision (Benefit) for Income Taxes	65			316			(52		)	—			329
Equity in Earnings, Net of Tax	1,507			522			412			(2,441		)	—
Net Income (Loss)	$	983		$	1,523		$	910		$	(2,433	)	$	983

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(in millions)



	2017
	L Brands, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	983	$	1,523	$	910		$	(2,433	)	$	983
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		23			—			23
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		(20		)	—			(20		)
Reclassification of Cash Flow Hedges to Earnings	—		—		7			—			7
Unrealized Gain on Marketable Securities	—		—		2			—			2
Total Other Comprehensive Income (Loss), Net of Tax	—		—		12			—			12
Total Comprehensive Income (Loss)	$	983	$	1,523	$	922		$	(2,433	)	$	995

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)



	2019
	L Brands, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(427	)	$	837		$	826		$	—		$	1,236
Investing Activities:
Capital Expenditures	—			(276		)	(182		)	—			(458		)
Net Investments in Consolidated Affiliates	—			(13		)	—			13			—
Other Investing Activities	—			12			(34		)	—			(22		)
Net Cash Provided by (Used for) Investing Activities	—			(277		)	(216		)	13			(480		)
Financing Activities:
Proceeds from Issuance of Long-term Debt, Net of Issuance Costs	486			—			—			—			486
Payments of Long-term Debt	(799		)	—			—			—			(799		)
Borrowings from Secured Revolving Facility	12			—			—			—			12
Repayments of Secured Revolving Facility	(12		)	—			—			—			(12		)
Borrowings from Foreign Facilities	—			—			167			—			167
Repayments of Foreign Facilities	—			—			(162		)	—			(162		)
Dividends Paid	(332		)	—			—			—			(332		)
Tax Payments related to Share-based Awards	(13		)	—			—			—			(13		)
Net Financing Activities and Advances to/from Consolidated Affiliates	1,090			(318		)	(759		)	(13		)	—
Proceeds from Exercise of Stock Options	1			—			—			—			1
Financing Costs and Other	(6		)	(8		)	—			—			(14		)
Net Cash Provided by (Used for) Financing Activities	427			(326		)	(754		)	(13		)	(666		)
Effects of Exchange Rate Changes on Cash	—			—			(4		)	—			(4		)
Net Increase (Decrease) in Cash and Cash Equivalents	—			234			(148		)	—			86
Cash and Cash Equivalents, Beginning of Year	—			997			416			—			1,413
Cash and Cash Equivalents, End of Year	$	—		$	1,231		$	268		$	—		$	1,499

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)



	2018
	L Brands, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(424	)	$	1,541		$	260		$	—		$	1,377
Investing Activities:
Capital Expenditures	—			(398		)	(231		)	—			(629		)
Net Investments in Consolidated Affiliates	—			—			(21		)	21			—
Other Investing Activities	—			4			16			—			20
Net Cash Provided by (Used for) Investing Activities	—			(394		)	(236		)	21			(609		)
Financing Activities:
Payments of Long-term Debt	(52		)	—			—			—			(52		)
Borrowings from Secured Revolving Facility	92			—			—			—			92
Repayments of Secured Revolving Facility	(92		)	—			—			—			(92		)
Borrowings from Foreign Facilities	—			—			172			—			172
Repayments of Foreign Facilities	—			—			(109		)	—			(109		)
Dividends Paid	(666		)	—			—			—			(666		)
Repurchases of Common Stock	(198		)	—			—			—			(198		)
Tax Payments related to Share-based Awards	(13		)	—			—			—			(13		)
Net Financing Activities and Advances to/from Consolidated Affiliates	1,355			(1,310		)	(24		)	(21		)	—
Proceeds from Exercise of Stock Options	1			—			—			—			1
Financing Costs and Other	(3		)	(4		)	—			—			(7		)
Net Cash Provided by (Used for) Financing Activities	424			(1,314		)	39			(21		)	(872		)
Effects of Exchange Rate Changes on Cash	—			—			2			—			2
Net Increase (Decrease) in Cash and Cash Equivalents	—			(167		)	65			—			(102		)
Cash and Cash Equivalents, Beginning of Year	—			1,164			351			—			1,515
Cash and Cash Equivalents, End of Year	$	—		$	997		$	416		$	—		$	1,413

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)



	2017
	L Brands, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations		Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(401	)	$	1,353		$	454		$	—	$	1,406
Investing Activities:
Capital Expenditures	—			(495		)	(212		)	—		(707		)
Other Investing Activities	—			(1		)	10			—		9
Net Cash Provided by (Used for) Investing Activities	—			(496		)	(202		)	—		(698		)
Financing Activities:
Proceeds from Issuance of Long-term Debt, Net of Issuance Costs	495			—			—			—		495
Payments of Long-term Debt	(540		)	—			—			—		(540		)
Borrowings from Foreign Facilities	—			—			96			—		96
Repayments of Foreign Facilities	—			—			(44		)	—		(44		)
Dividends Paid	(686		)	—			—			—		(686		)
Repurchases of Common Stock	(446		)	—			—			—		(446		)
Tax Payments related to Share-based Awards	(32		)	—			—			—		(32		)
Net Financing Activities and Advances to/from Consolidated Affiliates	1,577			(1,252		)	(325		)	—		—
Proceeds from Exercise of Stock Options	38			—			—			—		38
Financing Costs and Other	(5		)	(3		)	—			—		(8		)
Net Cash Provided by (Used for) Financing Activities	401			(1,255		)	(273		)	—		(1,127		)
Effects of Exchange Rate Changes on Cash	—			—			—			—		—
Net Increase (Decrease) in Cash and Cash Equivalents	—			(398		)	(21		)	—		(419		)
Cash and Cash Equivalents, Beginning of Year	—			1,562			372			—		1,934
Cash and Cash Equivalents, End of Year	$	—		$	1,164		$	351		$	—	$	1,515

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

12 Months Ended

Feb. 01, 2020

Description of Business


•	Victoria’s Secret


•	PINK

•

Bath & Body Works

Fiscal Year

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."

Policy on consolidation of sales to equity investments

Cash and Cash Equivalents

Concentration of Credit Risk

Inventories

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

Advertising Costs

Property and Equipment

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



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

Goodwill and Intangible Assets

The Company has certain intangible assets resulting from business combinations and acquisitions that are recorded at cost.

Leases and Leasehold Improvements

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

Derivative Financial Instruments

Fair Value


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


•	Level 2—Observable inputs other than quoted market prices included in Level 1, such as quoted prices of similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.


•	Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The Company estimates the fair value of financial instruments, property and equipment and goodwill and intangible assets in accordance with the provisions of ASC 820.

Income Taxes

Self Insurance

Self-Insurance

Noncontrolling Interest [Policy Text Block]

Noncontrolling Interest

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

Share-based Compensation

Revenue Recognition

General, Administrative and Store Operating Expenses

Use of Estimates in the Preparation of Financial Statements Policy

Use of Estimates in the Preparation of Financial Statements

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

12 Months Ended

Feb. 01, 2020

Depreciable Life Range of Property Plant and Equipment

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



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

Revenue Recognition (Tables)

12 Months Ended

Feb. 01, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

The following table provides a disaggregation of Net Sales for 2019, 2018 and 2017:



	2019		2018		2017 (a)
	(in millions)
Victoria’s Secret Stores (b)	$	5,112	$	5,628	$	5,879
Victoria’s Secret Direct	1,693		1,747		1,508
Total Victoria’s Secret	6,805		7,375		7,387
Bath & Body Works Stores (b)	4,212		3,907		3,589
Bath & Body Works Direct	958		724		559
Total Bath & Body Works	5,170		4,631		4,148
Victoria's Secret and Bath & Body Works International (c)	600		605		502
Other (d)	339		626		595
Total Net Sales	$	12,914	$	13,237	$	12,632

_______________


(a)	2017 represents a 53-week fiscal year.


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


(c)	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.

(d)

Includes wholesale revenues from the Company's sourcing function

Earnings Per Share (Tables)

12 Months Ended

Feb. 01, 2020

Earnings Per Share [Abstract]

Earnings Per Share Computation

The following table provides shares utilized for the calculation of basic and diluted earnings per share for 2019, 2018 and 2017:



	2019		2018		2017 (a)
	(in millions)
Weighted-average Common Shares:
Issued Shares	284		283		308
Treasury Shares	(8	)	(7	)	(24	)
Basic Shares	276		276		284
Effect of Dilutive Options and Restricted Stock	—		3		3
Diluted Shares	276		279		287
Anti-dilutive Options and Awards (b)	9		5		4

________________


(a)	In November 2017, the Company retired 36 million shares of its Treasury Stock.

(b)

These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

Inventories (Tables)

12 Months Ended

Feb. 01, 2020

Summary of inventories

The following table provides details of inventories as of February 1, 2020 and February 2, 2019:



	February 1, 2020		February 2, 2019
	(in millions)
Finished Goods Merchandise	$	1,152	$	1,107
Raw Materials and Merchandise Components	135		141
Total Inventories	$	1,287	$	1,248

Property and Equipment, Net (Tables)

12 Months Ended

Feb. 01, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

The following table provides details of property and equipment, net as of February 1, 2020 and February 2, 2019:



	February 1, 2020			February 2, 2019
	(in millions)
Land and Improvements	$	116		$	116
Buildings and Improvements	496			492
Furniture, Fixtures, Software and Equipment	3,861			3,725
Leasehold Improvements	2,018			2,277
Construction in Progress	122			123
Total	6,613			6,733
Accumulated Depreciation and Amortization	(4,127		)	(3,915		)
Property and Equipment, Net	$	2,486		$	2,818

Details of Impairment of Long-Lived Assets

The following table provides long-lived store asset impairment charges included in the Consolidated Statements of Income (Loss) for 2019 and 2018:



	Store Asset Impairment				Operating Lease Asset Impairment				Total Impairment
	2019		2018		2019		2018		2019		2018
	(in millions)
Victoria's Secret (a)	$	47	$	70	$	4	$	—	$	51	$	70
Victoria's Secret and Bath & Body Works International (b)	151		31		61		—		212		31
Total	$	198	$	101	$	65	$	—	$	263	$	101

________________


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

(b)

Includes stores in Greater China, the U.K. and Ireland.

Leases (Tables)

12 Months Ended

Feb. 01, 2020

Leases [Abstract]

Schedule of Lease Cost

The following table provides the components of lease cost for operating leases for 2019:



	(in millions)
Operating Lease Costs (a)	$	769
Variable Lease Costs	100
Short-term Lease Costs	30
Total Lease Cost	$	899

_______________

(a)

As discussed in Note 7, "Property and Equipment, Net," the Company recognized operating lease asset impairment charges of $65 million during 2019, which is included as additional operating lease costs.

Schedule of Future Maturities of Operating Lease Liabilities

The following table provides future maturities of operating lease liabilities as of February 1, 2020:



Fiscal Year	(in millions)
2020	$	674
2021	693
2022	619
2023	558
2024	481
Thereafter	1,475
Total Lease Payments	$	4,500
Less: Interest	(970		)
Present Value of Operating Lease Liabilities	$	3,530

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 February 1, 2020:



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

Leases Rent Expenses

The following table provides rent expense, as presented under the prior accounting standard, for 2018 and 2017:



	2018			2017
	(in millions)
Store Rent:
Fixed Minimum	$	663		$	642
Contingent	72			67
Total Store Rent	735			709
Office, Equipment and Other	98			94
Gross Rent Expense	833			803
Sublease Rental Income	(2		)	(2		)
Total Rent Expense	$	831		$	801

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Goodwill and Trade Names (Tables)

12 Months Ended

Feb. 01, 2020

Goodwill, Trade Names and Other Intangible Assets, Net [Abstract]

Schedule of Goodwill

The following table provides detail regarding the composition of goodwill as of February 1, 2020 and February 2, 2019:



	February 1, 2020		February 2, 2019
	(in millions)
Bath & Body Works	$	628	$	628
Victoria's Secret	—		690
Victoria's Secret and Bath & Body Works International	—		30
Goodwill	$	628	$	1,348

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

The following table provides additional detail regarding the composition of trade names as of February 1, 2020 and February 2, 2019:



	February 1, 2020		February 2, 2019
	(in millions)
Victoria's Secret	$	246	$	246
Bath & Body Works	165		165
Trade Names	$	411	$	411

Accrued Expenses and Other (Tables)

12 Months Ended

Feb. 01, 2020

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities [Table Text Block]

The following table provides additional information about the composition of Accrued Expenses and Other as of February 1, 2020 and February 2, 2019:



	February 1, 2020		February 2, 2019
	(in millions)
Deferred Revenue, Principally from Gift Card Sales	$	330	$	316
Compensation, Payroll Taxes and Benefits	216		215
Interest	94		92
Taxes, Other than Income	74		78
Accrued Claims on Self-insured Activities	40		45
Rent	35		39
Returns Reserve	23		27
Other	240		270
Total Accrued Expenses and Other	$	1,052	$	1,082

Income Taxes (Tables)

12 Months Ended

Feb. 01, 2020

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The following table provides the components of the Company’s provision for income taxes for 2019, 2018 and 2017:



	2019			2018			2017
	(in millions)
Current:
U.S. Federal	$	156		$	212		$	366
U.S. State	35			37			49
Non-U.S.	23			16			22
Total	214			265			437
Deferred:
U.S. Federal	(7		)	(4		)	(114		)
U.S. State	1			2			6
Non-U.S.	(23		)	(50		)	—
Total	(29		)	(52		)	(108		)
Provision for Income Taxes	$	185		$	213		$	329

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

The following table provides the reconciliation between the statutory federal income tax rate and the effective tax rate for 2019, 2018 and 2017:



	2019		2018		2017
Federal Income Tax Rate	21.0	%	21.0	%	33.7	%
State Income Taxes, Net of Federal Income Tax Effect	(23.0	%)	6.0	%	3.6	%
Impact of Non-U.S. Operations	(5.7	%)	2.3	%	(1.4	%)
Goodwill Impairment	(80.8	%)	—	%	—	%
Change in Valuation Allowance	(18.5	%)	(1.1	%)	(0.1	%)
Divestiture of La Senza	—	%	(2.7	%)	—	%
U.S. Net Deferred Tax Liability Remeasurement	—	%	—	%	(12.1	%)
Deemed Mandatory Repatriation	—	%	—	%	5.1	%
Share-Based Compensation	(7.7	%)	1.0	%	(1.0	%)
Uncertain Tax Positions	12.3	%	(0.5	%)	(1.2	%)
Other Items, Net	0.5	%	(1.1	%)	(1.5	%)
Effective Tax Rate	(101.9	%)	24.9	%	25.1	%

Effect of Temporary Differences that Cause Deferred Income Taxes



	February 1, 2020									February 2, 2019
	Assets			Liabilities			Total			Assets			Liabilities			Total
	(in millions)
Operating Loss Carryforwards	$	247		$	—		$	247		$	217		$	—		$	217
Non-qualified Retirement Plan	62			—			62			64			—			64
Leases	746			(712		)	34			50			—			50
Share-based Compensation	40			—			40			47			—			47
Deferred Revenue	20			—			20			28			—			28
Property and Equipment	—			(230		)	(230		)	—			(278		)	(278		)
Trade Names and Other Intangibles	—			(94		)	(94		)	—			(93		)	(93		)
Other Assets	—			(60		)	(60		)	—			(60		)	(60		)
Other, Net	70			(20		)	50			60			(27		)	33
Valuation Allowance	(204		)	—			(204		)	(172		)	—			(172		)
Total Deferred Income Taxes	$	981		$	(1,116	)	$	(135	)	$	294		$	(458	)	$	(164	)



	2019			2018			2017
	(in millions)
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year	$	114		$	67		$	90
Increases to Unrecognized Tax Benefits for Prior Years	15			35			3
Decreases to Unrecognized Tax Benefits for Prior Years	(22		)	(25		)	(22		)
Increases to Unrecognized Tax Benefits as a Result of Current Year Activity	3			44			7
Decreases to Unrecognized Tax Benefits Relating to Settlements with Taxing Authorities	(16		)	—			(2		)
Decreases to Unrecognized Tax Benefits as a Result of a Lapse of the Applicable Statute of Limitations	(6		)	(7		)	(9		)
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$	88		$	114		$	67

Long-term Debt and Borrowing Facilities (Tables)

12 Months Ended

Feb. 01, 2020

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 February 1, 2020 and February 2, 2019:



	February 1, 2020			February 2, 2019
	(in millions)
Senior Debt with Subsidiary Guarantee
$1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	$	991		$	990
$860 million, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”)	858			952
$700 million, 6.75% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	693			693
$500 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”)	498			498
$500 million, 5.25% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)	496			496
$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”)	450			776
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 ("2027 Notes")	276			273
$338 million, 7.00% Fixed Interest Rate Notes due May 2020 (“2020 Notes”)	—			337
Secured Foreign Facilities	103			91
Total Senior Debt with Subsidiary Guarantee	$	4,852		$	5,106
Senior Debt
$350 million, 6.95% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	348		$	348
$300 million, 7.60% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	298			297
Unsecured Foreign Facilities	50			60
Total Senior Debt	$	696		$	705
Total	$	5,548		$	5,811
Current Debt	(61		)	(72		)
Total Long-term Debt, Net of Current Portion	$	5,487		$	5,739

Schedule of Principal Payments due on Long-term Debt

The following table provides principal payments due on outstanding debt in the next five fiscal years and the remaining years thereafter:



Fiscal Year (in millions)
2020	$	61
2021	459
2022	869
2023	569
2024	5
Thereafter	$	3,648

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

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 Instruments (Tables) - Foreign Exchange Contract [Member]

12 Months Ended

Feb. 01, 2020

The following table provides the U.S. dollar notional amount of outstanding foreign currency derivative financial instruments as of February 1, 2020 and February 2, 2019:



	February 1, 2020		February 2, 2019
	(in millions)
Notional Amount	$	139	$	147

Cash Flow Hedging [Member]

Schedule of Derivative Instruments in Statement of Financial Position



	February 1, 2020		February 2, 2019
	(in millions)
Other Current Assets	$	1	$	2
Accrued Expenses and Other	1		—

Schedule of Derivative Instruments in Statement of Financial Performance



	2019			2018
	(in millions)
Gain (Loss) Recognized in Accumulated Other Comprehensive Income	$	2		$	11
(Gain) Loss Reclassified from Accumulated Other Comprehensive Income into Costs of Goods Sold, Buying and Occupancy Expense	(5		)	2

Fair Value Measurements (Tables)

12 Months Ended

Feb. 01, 2020

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 February 1, 2020 and February 2, 2019:



	February 1, 2020		February 2, 2019
	(in millions)
Principal Value	$	5,458	$	5,722
Fair Value, Estimated (a)	5,555		5,340

________________

(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

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 February 1, 2020 and February 2, 2019:



	Level 1		Level 2		Level 3		Total
	(in millions)
As of February 1, 2020
Assets:
Cash and Cash Equivalents	$	1,499	$	—	$	—	$	1,499
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

Comprehensive Income (Loss) (Tables)

12 Months Ended

Feb. 01, 2020

Comprehensive Income Loss

Components of Accumulated Other Comprehensive Income (Loss)

The following table provides the rollforward of accumulated other comprehensive income for 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	(20		)	11			—			(9		)
Amounts Reclassified from Accumulated Other Comprehensive Income	45			2			—			47
Tax Effect	—			(1		)	—			(1		)
Current-period Other Comprehensive Income	25			12			—			37
Balance as of February 2, 2019	$	57		$	2		$	—		$	59

The following table provides the rollforward of accumulated other comprehensive income for 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	—			(5		)	(5		)
Tax Effect	—			1			1
Current-period Other Comprehensive Income (Loss)	(5		)	(2		)	(7		)
Balance as of February 1, 2020	$	52		$	—		$	52

Retirement Benefits (Tables)

12 Months Ended

Feb. 01, 2020

Retirement Benefits [Abstract]

Annual activity for the non-qualified plan and year-end liability



	February 1, 2020			February 2, 2019
	(in millions)
Balance at Beginning of Year	$	278		$	269
Contributions:
Associate	8			10
Company	12			11
Interest	14			13
Distributions	(32		)	(25		)
Balance at End of Year	$	280		$	278

Shareholders' Equity (Deficit) (Tables)

12 Months Ended

Feb. 01, 2020

Stockholders' Equity Note [Abstract]

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 for fiscal 2018 and 2017:



			Shares Repurchased		Amount Repurchased				Average Stock Price of Shares Repurchased within Program
Repurchase Program	Amount Authorized		2018	2017	2018		2017		Average Stock Price of Shares Repurchased within Program
	(in millions)		(in thousands)		(in millions)
March 2018	$	250	4,852	NA	$	171	NA		$	35.29
September 2017	250		527	3,858	25		$	202	$	51.72
February 2017	250		NA	5,500	NA		240		$	43.57
February 2016	500		NA	51	NA		3		$	76.47
Total			5,379	9,409	$	196	$	445

Schedule Of Dividends Paid

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during fiscal 2019, 2018 and 2017:



	Ordinary Dividends		Total Paid
	(per share)		(in millions)
2019
Fourth Quarter	$	0.30	$	83
Third Quarter	0.30		83
Second Quarter	0.30		83
First Quarter	0.30		83
2019 Total	$	1.20	$	332
2018
Fourth Quarter	$	0.60	$	166
Third Quarter	0.60		165
Second Quarter	0.60		167
First Quarter	0.60		168
2018 Total	$	2.40	$	666
2017
Fourth Quarter	$	0.60	$	170
Third Quarter	0.60		172
Second Quarter	0.60		172
First Quarter	0.60		172
2017 Total	$	2.40	$	686

Share-based Compensation (Tables)

12 Months Ended

Feb. 01, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

Stock Option Activity

The following table provides the Company’s stock option activity for the fiscal year ended February 1, 2020:



	Number of Shares		Weighted Average Option Price Per Share		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
	(in thousands)				(in years)	(in thousands)
Outstanding as of February 2, 2019	5,292		$	53.14
Granted	519		27.67
Exercised	(136	)	7.44
Cancelled	(395	)	52.22
Outstanding as of February 1, 2020	5,280		$	51.87	6.03	$	318
Vested and Expected to Vest as of February 1, 2020 (a)	5,190		52.29		5.99	318
Options Exercisable as of February 1, 2020	3,372		57.07		4.93	318

________________

(a)

The number of options expected to vest includes an estimate of expected forfeitures.

Weighted-Average Assumptions

The following table contains the weighted-average assumptions used during 2019, 2018 and 2017:



	2019		2018		2017
Expected Volatility	40	%	36	%	28	%
Risk-free Interest Rate	2.2	%	2.5	%	1.5	%
Dividend Yield	4.4	%	5.8	%	5.1	%
Expected Life (in years)	3.2		2.9		3.0

Restricted Stock Activity

The following table provides the Company’s restricted stock activity for the fiscal year ended February 1, 2020:



	Number of Shares		Weighted Average Grant Date Fair Value
	(in thousands)
Unvested as of February 2, 2019	6,689		$	45.29
Granted	4,161		23.34
Vested	(1,570	)	66.44
Cancelled	(618	)	30.75
Unvested as of February 1, 2020	8,662		$	32.00

Share-Based Compensation Expense

The following table provides share-based compensation expense included in the Consolidated Statements of Income (Loss) for 2019, 2018 and 2017:



	2019		2018		2017
	(in millions)
Costs of Goods Sold, Buying and Occupancy	$	29	$	29	$	32
General, Administrative and Store Operating Expenses	58		68		70
Total Share-based Compensation Expense	$	87	$	97	$	102

Segment Information (Tables)

12 Months Ended

Feb. 01, 2020

Segment Information [Abstract]

Schedule of Segment Reporting Information

The following table provides the Company’s segment information as of and for the fiscal years ended February 1, 2020, February 2, 2019 and February 3, 2018:



	Victoria’s Secret			Bath & Body Works		Victoria’s Secret and Bath & Body Works International			Other			Total
	(in millions)
2019
Net Sales	$	6,805		$	5,170	$	600		$	339		$	12,914
Depreciation and Amortization	284			155		40			109			588
Operating Income (Loss) (a)	(616		)	1,191		(236		)	(81		)	258
Total Assets (b) (c)	3,883			2,837		939			2,466			10,125
Capital Expenditures	76			206		24			152			458
2018
Net Sales	$	7,375		$	4,631	$	605		$	626		$	13,237
Depreciation and Amortization	280			121		43			103			547
Operating Income (Loss) (d)	462			1,077		(37		)	(265		)	1,237
Total Assets (b)	3,129			1,898		842			2,221			8,090
Capital Expenditures	150			242		97			140			629
2017
Net Sales	$	7,387		$	4,148	$	502		$	595		$	12,632
Depreciation and Amortization	279			101		30			114			524
Operating Income (Loss)	932			953		5			(162		)	1,728
Total Assets (b)	3,369			1,753		800			2,227			8,149
Capital Expenditures	270			232		111			94			707

________________

(a)


(b)	Assets are allocated to the operating segments based on decision making authority relevant to the applicable assets.


(c)	The 2019 amounts reflect the Company's adoption of ASC 842, Leases, in the first quarter of 2019.

(d)

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Feb. 01, 2020

Quarterly Financial Data [Abstract]

Summarized Quarterly Financial Data

The following table provides summarized quarterly financial data for 2019:



	Fiscal Quarter Ended
	May 4, 2019		August 3, 2019 (a)		November 2, 2019 (b)(c)(d)			February 1, 2020 (e)(f)
	(in millions except per share data)
Net Sales	$	2,629	$	2,902	$	2,677		$	4,707
Gross Profit	934		983		741			1,794
Operating Income (Loss)	153		175		(151		)	82
Income (Loss) Before Income Taxes	60		42		(277		)	(7		)
Net Income (Loss)	40		38		(252		)	(192		)
Net Income (Loss) Per Basic Share (g)	$	0.15	$	0.14	$	(0.91	)	$	(0.70	)
Net Income (Loss) Per Diluted Share (g)	$	0.14	$	0.14	$	(0.91	)	$	(0.70	)

________________


(a)	Net income includes the effect of a $40 million pre-tax loss ($30 million after-tax) associated with the early redemption of $764 million of outstanding notes maturing between 2020 and 2022.


(b)	Gross profit includes the effect of a $218 million pre-tax impairment charge ($200 million after-tax) related to certain Victoria's Secret long-lived store assets.


(c)	Operating loss includes the effect of a $30 million (no tax impact) goodwill impairment charge related to the Greater China reporting unit.


(d)	Net loss includes the effect of a $37 million pre-tax charge ($28 million after-tax) to increase reserves related to ongoing contingent obligations for the La Senza business.


(e)	Gross profit includes the effect of a $35 million pre-tax impairment charge ($30 million after-tax) related to certain Victoria's Secret long-lived store assets.


(f)	Operating income includes the effect of a $690 million pre-tax goodwill impairment charge ($687 million after-tax) related to the Victoria's Secret reporting unit.

(g)

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

The following table provides summarized quarterly financial data for 2018:



	Fiscal Quarter Ended
	May 5, 2018		August 4, 2018		November 3, 2018 (a)(b)			February 2, 2019 (c)
	(in millions except per share data)
Net Sales	$	2,626	$	2,984	$	2,775		$	4,852
Gross Profit	944		1,059		928			1,968
Operating Income	155		228		54			800
Income (Loss) Before Income Taxes	59		129		(41		)	710
Net Income (Loss)	48		99		(43		)	540
Net Income (Loss) Per Basic Share (d)	$	0.17	$	0.36	$	(0.16	)	$	1.96
Net Income (Loss) Per Diluted Share (d)	$	0.17	$	0.36	$	(0.16	)	$	1.94

________________


(a)	Gross profit includes the effect of an $81 million pre-tax impairment charge ($73 million after-tax) related to certain Victoria's Secret long-lived store assets.


(b)	Operating income includes the effect of $20 million ($15 million after-tax) of Henri Bendel closure costs.


(c)	Operating income includes the effect of a pre-tax loss of $99 million ($55 million after-tax) related to the divestiture of La Senza.

(d)

Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information (Tables)

12 Months Ended

Feb. 01, 2020

Supplemental Guarantor Financial Statements [Abstract]

Condensed Balance Sheet [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)



	February 1, 2020
	L Brands, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	1,231		$	268	$	—		$	1,499
Accounts Receivable, Net	—			183			123		—			306
Inventories	—			1,138			149		—			1,287
Other	—			85			68		—			153
Total Current Assets	—			2,637			608		—			3,245
Property and Equipment, Net	—			1,747			739		—			2,486
Operating Lease Assets	—			2,545			508		—			3,053
Goodwill	—			628			—		—			628
Trade Names	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	3,862			20,231			2,937		(27,030		)	—
Deferred Income Taxes	—			8			76		—			84
Other Assets	130			9			690		(611		)	218
Total Assets	$	3,992		$	28,216		$	5,558	$	(27,641	)	$	10,125
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	331		$	316	$	—		$	647
Accrued Expenses and Other	93			593			366		—			1,052
Current Debt	—			—			61		—			61
Current Operating Lease Liabilities	—			392			86		—			478
Income Taxes	(11		)	89			56		—			134
Total Current Liabilities	82			1,405			885		—			2,372
Deferred Income Taxes	—			(37		)	256		—			219
Long-term Debt	5,395			597			92		(597		)	5,487
Long-term Operating Lease Liabilities	—			2,522			530		—			3,052
Other Long-term Liabilities	62			383			59		(14		)	490
Total Equity (Deficit)	(1,547		)	23,346			3,736		(27,030		)	(1,495		)
Total Liabilities and Equity (Deficit)	$	3,992		$	28,216		$	5,558	$	(27,641	)	$	10,125

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

Condensed Income Statement [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS)

(in millions)



	2019
	L Brands, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	12,317		$	3,382		$	(2,785	)	$	12,914
Costs of Goods Sold, Buying and Occupancy	—			(8,074		)	(2,810		)	2,420			(8,464		)
Gross Profit	—			4,243			572			(365		)	4,450
General, Administrative and Store Operating Expenses	(11		)	(3,380		)	(331		)	250			(3,472		)
Impairment of Goodwill	—			(690		)	(30		)	—			(720		)
Operating Income (Loss)	(11		)	173			211			(115		)	258
Interest Expense	(370		)	(116		)	(7		)	115			(378		)
Other Income (Loss)	(40		)	—			(21		)	—			(61		)
Income (Loss) Before Income Taxes	(421		)	57			183			—			(181		)
Provision (Benefit) for Income Taxes	2			55			128			—			185
Equity in Earnings (Loss), Net of Tax	57			39			390			(486		)	—
Net Income (Loss)	$	(366	)	$	41		$	445		$	(486	)	$	(366	)

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

(in millions)



	2017
	L Brands, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	11,931		$	3,728		$	(3,027	)	$	12,632
Costs of Goods Sold, Buying and Occupancy	—			(7,463		)	(2,868		)	2,658			(7,673		)
Gross Profit	—			4,468			860			(369		)	4,959
General, Administrative and Store Operating Expenses	(10		)	(3,063		)	(426		)	268			(3,231		)
Operating Income (Loss)	(10		)	1,405			434			(101		)	1,728
Interest Expense	(403		)	(99		)	(13		)	109			(406		)
Other Income (Loss)	(46		)	11			25			—			(10		)
Income (Loss) Before Income Taxes	(459		)	1,317			446			8			1,312
Provision (Benefit) for Income Taxes	65			316			(52		)	—			329
Equity in Earnings, Net of Tax	1,507			522			412			(2,441		)	—
Net Income (Loss)	$	983		$	1,523		$	910		$	(2,433	)	$	983

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

(in millions)



	2018
	L Brands, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	12,467		$	3,780		$	(3,010	)	$	13,237
Costs of Goods Sold, Buying and Occupancy	—			(8,015		)	(2,996		)	2,673			(8,338		)
Gross Profit	—			4,452			784			(337		)	4,899
General, Administrative and Store Operating Expenses	(9		)	(3,304		)	(482		)	232			(3,563		)
Loss on Divestiture of La Senza	—			(24		)	(75		)	—			(99		)
Operating Income (Loss)	(9		)	1,124			227			(105		)	1,237
Interest Expense	(379		)	(108		)	(6		)	108			(385		)
Other Income (Loss)	—			13			(8		)	—			5
Income (Loss) Before Income Taxes	(388		)	1,029			213			3			857
Provision (Benefit) for Income Taxes	12			100			101			—			213
Equity in Earnings, Net of Tax	1,044			169			353			(1,566		)	—
Net Income (Loss)	$	644		$	1,098		$	465		$	(1,563	)	$	644

Condensed Comprehensive Income Statement [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(in millions)



	2018
	L Brands, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	644	$	1,098	$	465		$	(1,563	)	$	644
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		(20		)	—			(20		)
Reclassification of Foreign Currency Translation to Earnings	—		—		45			—			45
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		10			—			10
Reclassification of Cash Flow Hedges to Earnings	—		—		2			—			2
Total Other Comprehensive Income (Loss), Net of Tax	—		—		37			—			37
Total Comprehensive Income (Loss)	$	644	$	1,098	$	502		$	(1,563	)	$	681

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(in millions)



	2019
	L Brands, Inc.			Guarantor Subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	(366	)	$	41	$	445		$	(486	)	$	(366	)
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	—			—		(4		)	—			(4		)
Total Other Comprehensive Income (Loss), Net of Tax	—			—		(7		)	—			(7		)
Total Comprehensive Income (Loss)	$	(366	)	$	41	$	438		$	(486	)	$	(373	)

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(in millions)



	2017
	L Brands, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	983	$	1,523	$	910		$	(2,433	)	$	983
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		23			—			23
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		(20		)	—			(20		)
Reclassification of Cash Flow Hedges to Earnings	—		—		7			—			7
Unrealized Gain on Marketable Securities	—		—		2			—			2
Total Other Comprehensive Income (Loss), Net of Tax	—		—		12			—			12
Total Comprehensive Income (Loss)	$	983	$	1,523	$	922		$	(2,433	)	$	995

Condensed Cash Flow Statement [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)



	2017
	L Brands, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations		Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(401	)	$	1,353		$	454		$	—	$	1,406
Investing Activities:
Capital Expenditures	—			(495		)	(212		)	—		(707		)
Other Investing Activities	—			(1		)	10			—		9
Net Cash Provided by (Used for) Investing Activities	—			(496		)	(202		)	—		(698		)
Financing Activities:
Proceeds from Issuance of Long-term Debt, Net of Issuance Costs	495			—			—			—		495
Payments of Long-term Debt	(540		)	—			—			—		(540		)
Borrowings from Foreign Facilities	—			—			96			—		96
Repayments of Foreign Facilities	—			—			(44		)	—		(44		)
Dividends Paid	(686		)	—			—			—		(686		)
Repurchases of Common Stock	(446		)	—			—			—		(446		)
Tax Payments related to Share-based Awards	(32		)	—			—			—		(32		)
Net Financing Activities and Advances to/from Consolidated Affiliates	1,577			(1,252		)	(325		)	—		—
Proceeds from Exercise of Stock Options	38			—			—			—		38
Financing Costs and Other	(5		)	(3		)	—			—		(8		)
Net Cash Provided by (Used for) Financing Activities	401			(1,255		)	(273		)	—		(1,127		)
Effects of Exchange Rate Changes on Cash	—			—			—			—		—
Net Increase (Decrease) in Cash and Cash Equivalents	—			(398		)	(21		)	—		(419		)
Cash and Cash Equivalents, Beginning of Year	—			1,562			372			—		1,934
Cash and Cash Equivalents, End of Year	$	—		$	1,164		$	351		$	—	$	1,515

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)



	2019
	L Brands, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(427	)	$	837		$	826		$	—		$	1,236
Investing Activities:
Capital Expenditures	—			(276		)	(182		)	—			(458		)
Net Investments in Consolidated Affiliates	—			(13		)	—			13			—
Other Investing Activities	—			12			(34		)	—			(22		)
Net Cash Provided by (Used for) Investing Activities	—			(277		)	(216		)	13			(480		)
Financing Activities:
Proceeds from Issuance of Long-term Debt, Net of Issuance Costs	486			—			—			—			486
Payments of Long-term Debt	(799		)	—			—			—			(799		)
Borrowings from Secured Revolving Facility	12			—			—			—			12
Repayments of Secured Revolving Facility	(12		)	—			—			—			(12		)
Borrowings from Foreign Facilities	—			—			167			—			167
Repayments of Foreign Facilities	—			—			(162		)	—			(162		)
Dividends Paid	(332		)	—			—			—			(332		)
Tax Payments related to Share-based Awards	(13		)	—			—			—			(13		)
Net Financing Activities and Advances to/from Consolidated Affiliates	1,090			(318		)	(759		)	(13		)	—
Proceeds from Exercise of Stock Options	1			—			—			—			1
Financing Costs and Other	(6		)	(8		)	—			—			(14		)
Net Cash Provided by (Used for) Financing Activities	427			(326		)	(754		)	(13		)	(666		)
Effects of Exchange Rate Changes on Cash	—			—			(4		)	—			(4		)
Net Increase (Decrease) in Cash and Cash Equivalents	—			234			(148		)	—			86
Cash and Cash Equivalents, Beginning of Year	—			997			416			—			1,413
Cash and Cash Equivalents, End of Year	$	—		$	1,231		$	268		$	—		$	1,499

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)



	2018
	L Brands, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(424	)	$	1,541		$	260		$	—		$	1,377
Investing Activities:
Capital Expenditures	—			(398		)	(231		)	—			(629		)
Net Investments in Consolidated Affiliates	—			—			(21		)	21			—
Other Investing Activities	—			4			16			—			20
Net Cash Provided by (Used for) Investing Activities	—			(394		)	(236		)	21			(609		)
Financing Activities:
Payments of Long-term Debt	(52		)	—			—			—			(52		)
Borrowings from Secured Revolving Facility	92			—			—			—			92
Repayments of Secured Revolving Facility	(92		)	—			—			—			(92		)
Borrowings from Foreign Facilities	—			—			172			—			172
Repayments of Foreign Facilities	—			—			(109		)	—			(109		)
Dividends Paid	(666		)	—			—			—			(666		)
Repurchases of Common Stock	(198		)	—			—			—			(198		)
Tax Payments related to Share-based Awards	(13		)	—			—			—			(13		)
Net Financing Activities and Advances to/from Consolidated Affiliates	1,355			(1,310		)	(24		)	(21		)	—
Proceeds from Exercise of Stock Options	1			—			—			—			1
Financing Costs and Other	(3		)	(4		)	—			—			(7		)
Net Cash Provided by (Used for) Financing Activities	424			(1,314		)	39			(21		)	(872		)
Effects of Exchange Rate Changes on Cash	—			—			2			—			2
Net Increase (Decrease) in Cash and Cash Equivalents	—			(167		)	65			—			(102		)
Cash and Cash Equivalents, Beginning of Year	—			1,164			351			—			1,515
Cash and Cash Equivalents, End of Year	$	—		$	997		$	416		$	—		$	1,413

Description of Business and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions	12 Months Ended
	Feb. 01, 2020 USD ($)	Feb. 02, 2019 USD ($)	Feb. 03, 2018 USD ($)	Feb. 20, 2020
Maturity of short term investments, maximum, in days	90
Outstanding Check Carrying Amount	$ 15	$ 13
Advertising expense	$ 428	$ 476	$ 383
Subsequent Event [Member]
Ownership Percentage Sold				55.00%
Victoria's Secret [Member] \| Subsequent Event [Member]
Noncontrolling Interest, Ownership Percentage by Parent				45.00%

Description of Business and Summary of Significant Accounting Policies (Depreciable Life Range of Property Plant and Equipment) (Details)	12 Months Ended
	Feb. 01, 2020
Software, including software developed for internal use
Depreciable Life Range	3 - 5 years
Store related assets
Depreciable Life Range	3 - 10 years
Leasehold improvements
Depreciable Life Range	Shorter of lease term or 10 years
Non-store related building and site improvements
Depreciable Life Range	10 - 15 years
Other property and equipment
Depreciable Life Range	20 years
Buildings
Depreciable Life Range	30 years

New Accounting Pronouncements Leases (Details) - USD ($) $ in Millions	Feb. 01, 2020	Feb. 03, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Present Value of Operating Lease Liabilities	$ 3,530
Operating Lease, Right-of-Use Asset	$ 3,053
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Present Value of Operating Lease Liabilities		$ 3,700
Operating Lease, Right-of-Use Asset		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

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
Revenue Recognition (Details) - USD ($) $ in Millions	Feb. 01, 2020	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Net Sales	$ 4,707	$ 2,677	$ 2,902	$ 2,629	$ 4,852	$ 2,775	$ 2,984	$ 2,626	$ 12,914	$ 13,237	$ 12,632
Contract with Customer, Liability	342				331				342	331
Contract with Customer, Liability, Revenue Recognized									218
Accounts Receivable [Member]
Contract with Customer, Asset, after Allowance for Credit Loss	152				150				152	150
Accrued Liabilities [Member]
Contract with Customer, Liability	330				$ 316				330	316
Other Long-term Liabilities [Member]
Contract with Customer, Liability	$ 12								12
Victoria's Secret [Member]
Net Sales										7,375	7,387
Other Operating Segments [Member]
Net Sales										626	595
Victoria's Secret and Bath & Body Works International [Member]
Net Sales									600	605	502
Bath & Body Works [Member]
Net Sales										4,631	4,148
Bath & Body Works Direct [Member]
Net Sales									958	724	559
Victoria's Secret Stores [Member]
Net Sales									5,112	5,628	5,879
Victoria's Secret Direct [Member]
Net Sales									1,693	1,747	1,508
Bath & Body Works Stores [Member]
Net Sales									$ 4,212	$ 3,907	$ 3,589

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

12 Months Ended

Feb. 01, 2020

Feb. 02, 2019

Feb. 03, 2018

Treasury Stock, Shares, Retired

Weighted-average Common Shares:

Issued Shares

284

283

308

Treasury Shares

(8)

(7)

(24)

Basic Shares

276

284

Effect of Dilutive Options and Restricted Stock

Diluted Shares

276

279

287

Anti-dilutive Options and Awards

^[1]

[1]	These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
Restructuring Activities (Details) - USD ($) $ in Millions	Nov. 02, 2019	Feb. 02, 2019	Nov. 03, 2018	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Loss on Divestiture of La Senza				$ 0	$ (99)	$ 0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax				0	45	0
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
La Senza Charges	$ 37			$ 37	0	$ 0
Restructuring Charges		$ 3	$ 20
Cost of Goods Sold, Buying and Occupancy [Member]
Restructuring Charges					14
General, Administrative and Store Operating Expenses [Member]
Restructuring Charges					$ 9

Inventories (Details) - USD ($) $ in Millions	Feb. 01, 2020	Feb. 02, 2019
Inventory, Net [Abstract]
Finished Goods Merchandise	$ 1,152	$ 1,107
Raw Materials and Merchandise Components	135	141
Total Inventories	$ 1,287	$ 1,248

Property and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Property, Plant and Equipment [Abstract]
Depreciation of Long-lived Assets	$ 588	$ 590	$ 571

Property and Equipment, Net (Details of Property and Equipment, Net) (Details) - USD ($) $ in Millions	Feb. 01, 2020	Feb. 02, 2019
Property, Plant and Equipment [Abstract]
Land and Land Improvements	$ 116	$ 116
Buildings and Improvements	496	492
Furniture, Fixtures, Software and Equipment	3,861	3,725
Leasehold Improvements	2,018	2,277
Construction in Progress	122	123
Total	6,613	6,733
Accumulated Depreciation and Amortization	(4,127)	(3,915)
Property and Equipment, Net	$ 2,486	$ 2,818

Property and Equipment, Net Property and Equipment, Net (Long-Lived Assets Impairment) (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Feb. 01, 2020	Nov. 02, 2019	Nov. 03, 2018	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Impaired Long-Lived Assets Held and Used [Line Items]
Total Impairment		$ 218	$ 81	$ 263	$ 101	$ 0
Victoria's Secret Segment [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Total Impairment				51	70
Victoria's Secret and Bath & Body Works International [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Total Impairment	$ 35			212	31
Store related assets
Impaired Long-Lived Assets Held and Used [Line Items]
Total Impairment				198	101
Store related assets \| Victoria's Secret Segment [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Total Impairment				47	70
Store related assets \| Victoria's Secret and Bath & Body Works International [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Total Impairment				151	31
Operating Lease Asset [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Total Impairment				65	0
Operating Lease Asset [Member] \| Victoria's Secret Segment [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Total Impairment				4	0
Operating Lease Asset [Member] \| Victoria's Secret and Bath & Body Works International [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Total Impairment				$ 61	$ 0

Leases (Lease Cost) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Leases (Lease Cost) (Details) - USD ($) $ in Millions	Nov. 02, 2019	Nov. 03, 2018	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Lessee, Lease, Description [Line Items]
Operating Lease Costs			$ 769
Variable Lease Costs			100
Short-term Lease Costs			30
Total Lease Cost			899
Impairment of Long-Lived Assets Held-for-use	$ 218	$ 81	263	$ 101	$ 0
Operating Lease Asset [Member]
Lessee, Lease, Description [Line Items]
Impairment of Long-Lived Assets Held-for-use			$ 65	$ 0

Leases (Lease Maturities) (Details) $ in Millions	Feb. 01, 2020 USD ($)
Leases [Abstract]
2020	$ 674
2021	693
2022	619
2023	558
2024	481
Thereafter	1,475
Total Lease Payments	4,500
Less: Interest	(970)
Present Value of Operating Lease Liabilities	$ 3,530

Leases (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Millions	Feb. 01, 2020	Feb. 02, 2019
Leases [Abstract]
Additional Operating Lease Commitments Not Yet Commenced	$ 264
Operating Lease, Payments	708
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	313
Finance Lease, Right-of-Use Asset	21	$ 26
Finance Lease, Liability, Current	8	8
Finance Lease, Liability, Noncurrent	13	19
Asset Retirement Obligation	$ 22	$ 18

Leases (Lease Term and Discount Rate) (Details)	Feb. 01, 2020
Leases [Abstract]
Weighted Average Remaining Lease Term (years)	7 years 4 months 24 days
Weighted Average Discount Rate	6.20%

Leases (Leases Rent Expenses) (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018
Leases [Abstract]
Fixed minimum, store rent	$ 663	$ 642
Contingent, store rent	72	67
Total Store Rent	735	709
Office, equipment and other	98	94
Gross rent expense	833	803
Sublease rental income	(2)	(2)
Total rent expense	$ 831	$ 801

The increases or decreases in lease payments that result from changes occurring after the inception of the lease in the factors (other than the passage of time) on which lease payments are based, except that any escalation of minimum lease payments relating to increases in construction or acquisition cost of the leased property or for increases in some measure of cost or value during the construction or preconstruction period, are excluded from contingent rentals. Contingent rentals also may include amounts for which the triggering events have not yet occurred or the specified targets for which have not yet been achieved (such as sales based percentage rent), but which events are considered probable of occurring or which specified targets are considered probable of being achieved.

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]

Goodwill and Trade Names (Schedule of Goodwill) (Details) - USD ($) $ in Millions	Feb. 01, 2020	Feb. 02, 2019
Goodwill	$ 628	$ 1,348
Bath & Body Works Segment [Member]
Goodwill	628	628
Victoria's Secret Segment [Member]
Goodwill	0	690
Victoria's Secret and Bath & Body Works International [Member]
Goodwill	$ 0	$ 30

Goodwill and Trade Names (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Feb. 01, 2020	Nov. 02, 2019	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Goodwill, Impairment Loss			$ 720	$ 0	$ 0
Victoria's Secret and Bath & Body Works International [Member]
Goodwill, Impairment Loss		$ 30
Victoria's Secret Segment [Member]
Goodwill, Impairment Loss	$ 690

Goodwill and Trade Names Goodwill and Trade Names (Intangible Assets - Indefinite Lives) (Details) - USD ($) $ in Millions	Feb. 01, 2020	Feb. 02, 2019
Indefinite-lived Intangible Assets [Line Items]
Trade Names	$ 411	$ 411
Bath & Body Works Segment [Member]
Indefinite-lived Intangible Assets [Line Items]
Trade Names	246	246
Victoria's Secret Segment [Member]
Indefinite-lived Intangible Assets [Line Items]
Trade Names	$ 165	$ 165

Equity Investments and Other (Details) - Easton Investment [Member] - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Return of Capital	$ 7	$ 16	$ 29
Equity method investment carrying value	118	89
Gain (Loss) on Equity Method Investment Dividends Or Distributions	$ 5	$ 8	$ 20

Accrued Expenses and Other (Details) - USD ($) $ in Millions	Feb. 01, 2020	Feb. 02, 2019
Contract with Customer, Liability	$ 342	$ 331
Compensation, Payroll Taxes and Benefits	216	215
Interest	94	92
Taxes, Other than Income	74	78
Accrued Rent, Current	35	39
Accrued Claims on Self-insured Activities	40	45
Returns Reserve	23	27
Other	240	270
Total Accrued Expenses and Other	1,052	1,082
Accrued Liabilities [Member]
Contract with Customer, Liability	$ 330	$ 316

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate			35.00%
U.S. Federal Statutory Tax Rate after Tax Cuts and Jobs Act	21.00%
Pre-tax income (loss),Non-US, arising principally from overseas operations	$ (226)	$ (14)	$ 99
Income tax payments	228	324	494
Unrecognized tax benefits resulting in reduction of effective income tax rate	81	104	46
Unrecognized tax benefits reasonably possible change in the next twelve months	66
Interest and penalties related to unrecognized tax benefits of income tax expense	1	5	$ 2
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 12	$ 12

Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Current
U.S. Federal	$ 156	$ 212	$ 366
U.S. State	35	37	49
Non-U.S.	23	16	22
Total	214	265	437
Deferred
U.S. Federal	(7)	(4)	(114)
U.S. State	1	2	6
Non-U.S.	(23)	(50)	0
Total	(29)	(52)	(108)
Provision for Income Taxes	$ 185	$ 213	$ 329

Income Taxes (Reconciliation of the Statutory Federal Income Tax Rate and the Effective Tax Rate) (Details)	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Federal Income Tax Rate	21.00%	21.00%	33.70%
State Income Taxes, Net of Federal Income Tax Effect	(23.00%)	6.00%	3.60%
Impact of Non-U.S. Operations	(5.70%)	2.30%	(1.40%)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent	(80.80%)	0.00%	0.00%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	(18.50%)	(1.10%)	(0.10%)
Effective Income Tax Rate Reconciliation, TCJA Deferred Liability Remeasurement, Percent	0.00%	0.00%	(12.10%)
Effective Income Tax Rate Reconciliation, TCJA Deemed Mandatory Repatriation, Percent	0.00%	0.00%	5.10%
Effective Income Tax Rate Reconciliation, Excess Tax benefit Due to Share-based Compensation Cost, Percent	(7.70%)	1.00%	(1.00%)
Effective Income Tax Rate Reconciliation, Tax Settlement, Percent	12.30%	(0.50%)	(1.20%)
Other Items, Net	0.50%	(1.10%)	(1.50%)
Effective Tax Rate	(101.90%)	24.90%	25.10%
LaSenza [Member]
Effective Income Tax Rate Reconciliation, Deduction, Percent	0.00%	(2.70%)	0.00%

Income Taxes (Effect of Temporary Differences that Cause Deferred Income Taxes) (Details) - USD ($) $ in Millions	Feb. 01, 2020	Feb. 02, 2019
Deferred Tax Liabilities, Gross, Noncurrent	$ (1,116)	$ (458)
Liabilities	(135)	(164)
Deferred Tax Assets, Net of Valuation Allowance	981	294
Operating Loss Carryforward [Member]
Assets	247	217
Deferred Tax Liabilities, Gross, Noncurrent	0	0
Deferred Tax Assets, Net	247	217
Other Postretirement Benefits Plan [Member]
Assets	62	64
Deferred Tax Liabilities, Gross, Noncurrent	0	0
Deferred Tax Assets, Net	62	64
Leases [Member]
Assets	746	50
Deferred Tax Liabilities, Gross, Noncurrent	(712)	0
Deferred Tax Assets, Net	34	50
Share-based Compensation [Member]
Assets	40	47
Deferred Tax Liabilities, Gross, Noncurrent	0	0
Deferred Tax Assets, Net	40	47
Deferred Revenue [Domain]
Assets	20	28
Deferred Tax Liabilities, Gross, Noncurrent	0	0
Deferred Tax Assets, Net	20	28
Property and Equipment [Member]
Assets	0	0
Deferred Tax Liabilities, Gross, Noncurrent	(230)	(278)
Liabilities	(230)	(278)
Trade Names [Member]
Assets	0	0
Deferred Tax Liabilities, Gross, Noncurrent	(94)	(93)
Liabilities	(94)	(93)
Other Assets [Member]
Assets	0	0
Deferred Tax Liabilities, Gross, Noncurrent	(60)	(60)
Liabilities	(60)	(60)
Other, Net [Member]
Assets	70	60
Deferred Tax Liabilities, Gross, Noncurrent	(20)	(27)
Deferred Tax Assets, Net	50	33
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]
Deferred Tax Liabilities, Gross, Noncurrent	0	0
Deferred Tax Assets, Valuation Allowance	$ (204)	$ (172)

Income Taxes (Activity Related to its Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year	$ 114	$ 67	$ 90
Increases in Tax Benefits for Prior Years	15	35	3
Decreases in Tax Benefits for Prior Years	(22)	(25)	(22)
Increases in Unrecognized Tax Benefits as a Result of Current Year Activity	3	44	7
Decreases to Unrecognized Tax Benefits Relating to Settlements with Taxing Authorities	(16)	0	(2)
Decreases to Unrecognized Tax Benefits as a Result of a Lapse of the Applicable Statute of Limitations	(6)	(7)	(9)
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$ 88	$ 114	$ 67

Long-term Debt and Borrowing Facilities (Schedule of Long-term Debt Instruments) (Details) - USD ($) $ in Millions	Feb. 01, 2020	Feb. 02, 2019
Debt, Long-term and Short-term, Combined Amount	$ 5,548	$ 5,811
Debt, Current	61	72
Total long-term debt, net of current portion	5,487	5,739
With Subsidiary Guarantee [Member]
Debt, Long-term and Short-term, Combined Amount	4,852	5,106
With Subsidiary Guarantee [Member] \| Fixed Rate 6.875% Notes Due November 2035 [Member]
Notes Payable, Noncurrent	991	990
With Subsidiary Guarantee [Member] \| Fixed Rate 5.625% Notes Due February 2022 [Member]
Notes Payable, Noncurrent	858	952
With Subsidiary Guarantee [Member] \| Fixed Rate 6.75% Notes Due July 2036 [Member]
Notes Payable, Noncurrent	693	693
With Subsidiary Guarantee [Member] \| Fixed Rate 5.625% Notes Due October 2023 [Member]
Notes Payable, Noncurrent	498	498
With Subsidiary Guarantee [Member] \| Fixed Rate 5.25% Notes Due February 2028 [Member]
Notes Payable, Noncurrent	496	496
With Subsidiary Guarantee [Member] \| Fixed Rate 7.5% Notes Due June 2029 [Member]
Notes Payable, Noncurrent	487	0
With Subsidiary Guarantee [Member] \| Fixed Rate 6.625% Notes Due April 2021 [Member]
Notes Payable, Noncurrent	450	776
With Subsidiary Guarantee [Member] \| Fixed Rate 6.694% Notes Due January 2027 [Member]
Notes Payable, Noncurrent	276	273
With Subsidiary Guarantee [Member] \| Fixed Rate 7.00% Notes Due May 2020 [Member]
Notes Payable, Noncurrent	0	337
With Subsidiary Guarantee [Member] \| Foreign Facilities with Parent Guarantee [Member]
Long-term Line of Credit	103	91
Without Subsidiary Guarantee [Member]
Debt, Long-term and Short-term, Combined Amount	696	705
Without Subsidiary Guarantee [Member] \| Foreign Facilities with Parent Guarantee [Member]
Long-term Line of Credit	50	60
Without Subsidiary Guarantee [Member] \| Fixed Rate 6.95% Debentures Due March 2033 [Member]
Notes Payable, Noncurrent	348	348
Without Subsidiary Guarantee [Member] \| Fixed Rate 7.60% Notes Due July 2037 [Member]
Notes Payable, Noncurrent	$ 298	$ 297

Long-term Debt and Borrowing Facilities (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		12 Months Ended
	Jul. 31, 2019	Jun. 30, 2019	Aug. 03, 2019	Aug. 04, 2018	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Interest Paid, Including Capitalized Interest, Operating and Investing Activities					$ 363	$ 380	$ 391
Repayments of Long-term Debt	$ 130	$ 669			799	52	540
Gain (Loss) on Extinguishment of Debt			$ 40		(40)	$ 0	$ (45)
Extinguishment of Debt, Gain (Loss), Net of Tax			$ 30
Debt Exchange, Cash Consideration Paid				$ 52
Debt Exchange, Exchange Premium				24
With Subsidiary Guarantee [Member] \| Fixed Rate 7.5% Notes Due June 2029 [Member]
Debt Instrument, Face Amount		$ 500
Debt Instrument, Interest Rate, Stated Percentage		7.50%
Proceeds from Issuance of Debt					486
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net					$ 14
With Subsidiary Guarantee [Member] \| Fixed Rate 7.00% Notes Due May 2020 [Member]
Extinguishment of Debt, Amount	$ 126	$ 212
Debt Conversion, Original Debt, Amount				62
With Subsidiary Guarantee [Member] \| Fixed Rate 6.625% Notes Due April 2021 [Member]
Extinguishment of Debt, Amount		330
Debt Conversion, Original Debt, Amount				220
With Subsidiary Guarantee [Member] \| Fixed Rate 5.625% Notes Due February 2022 [Member]
Extinguishment of Debt, Amount		$ 96
Debt Conversion, Original Debt, Amount				44
With Subsidiary Guarantee [Member] \| Fixed Rate 6.694% Notes Due January 2027 [Member]
Debt Conversion, Converted Instrument, Amount				$ 297
Debt Conversion, Converted Instrument, Rate				6.694%

Long-term Debt and Borrowing Facilities (Schedule of Principal Payments on Long-term Debt) (Details) $ in Millions	Feb. 01, 2020 USD ($)
Long-term Debt, by Current and Noncurrent [Abstract]
2020	$ 61
2021	459
2022	869
2023	569
2024	5
Thereafter	$ 3,648

Long-term Debt and Borrowing Facilities Long-term debt (Revolving Facility and Letters of Credit (Narrative) (Details) $ in Millions		3 Months Ended	12 Months Ended
	Mar. 16, 2020 USD ($)	Feb. 01, 2020 USD ($)	Feb. 01, 2020 USD ($)	Feb. 02, 2019 USD ($)	Feb. 03, 2018 USD ($)
Line of Credit Facility [Line Items]
Repayments of Lines of Credit			$ 12	$ 92	$ 0
Borrowings from Revolving Facilities			12	92	$ 0
Revolving Credit Facility [Member] \| Revolving Credit Expiring August 2024 [Member]
Line of Credit Facility [Line Items]
Repayments of Lines of Credit			12
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,000	1,000
Debt Issuance Costs, Line of Credit Arrangements, Gross		$ 5	$ 5
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.30%
Line of Credit Facility, Commitment Fee Percentage		1.75%
Debt Instrument, Basis Spread on Variable Rate		1.75%
Line of Credit Financial Covenant, Fixed Charge Coverage Ratio			1.75
Line of Credit Financial Covenant, Ratio of Consolidated Debt to Consolidated EBITDA			4.00
Debt to EBITDA ratio required for unlimited investments and restricted payments		3.50	3.50
Line of Credit Financial Covenant Ratio of Consolidated Debt to Consolidated EBITDA Maximum Current Rate		3.50	3.50
Borrowings from Revolving Facilities			$ 12
Letter of Credit [Member]
Line of Credit Facility [Line Items]
Letters of Credit Outstanding, Amount		$ 19	19
With Subsidiary Guarantee [Member] \| Foreign Facilities with Parent Guarantee [Member]
Line of Credit Facility [Line Items]
Repayments of Lines of Credit			103
Line of Credit Facility, Maximum Borrowing Capacity		150	150
Borrowings from Revolving Facilities			117
Line of Credit Facility, Maximum Amount Outstanding During Period			103
Line of Credit, Current		11	11
Long-term Line of Credit		103	103	91
Without Subsidiary Guarantee [Member] \| Foreign Facilities with Parent Guarantee [Member]
Line of Credit Facility [Line Items]
Repayments of Lines of Credit			59
Line of Credit Facility, Maximum Borrowing Capacity		75	75
Borrowings from Revolving Facilities			50
Line of Credit Facility, Maximum Amount Outstanding During Period			74
Long-term Line of Credit		$ 50	$ 50	$ 60
Subsequent Event [Member] \| Revolving Credit Facility [Member] \| Revolving Credit Expiring August 2024 [Member]
Line of Credit Facility [Line Items]
Borrowings from Revolving Facilities	$ 950
Line of Credit Facility, Remaining Borrowing Capacity	$ 22

Derivative Financial Instruments Derivative Instruments (Foreign Exchange Contracts - Cash Flow Hedging Disclosure) (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax	$ 2	$ 11
Cost of Goods Sold, Buying and Occupancy [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	$ (5)	$ 2
Cash Flow Hedging [Member] \| Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Maximum Remaining Maturity of Foreign Currency Derivatives	18 months
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months	$ 1

Derivative Financial Instruments Fair Value Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) - USD ($) $ in Millions	Feb. 01, 2020	Feb. 02, 2019
Derivatives, Fair Value [Line Items]
Foreign Currency Cash Flow Hedge Liability at Fair Value	$ 1
Foreign Currency Cash Flow Hedge Asset at Fair Value	1	$ 2
Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Foreign Currency Cash Flow Hedge Asset at Fair Value	1	2
Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Foreign Currency Cash Flow Hedge Liability at Fair Value	$ 1	$ 0

Derivative Financial Instruments Derivative Instruments (Interest Rate Contracts - Fair Value Hedging Disclosure) (Details) - USD ($) $ in Millions	Feb. 01, 2020	Feb. 02, 2019
Derivative [Line Items]
Derivative, Notional Amount	$ 139	$ 147

Derivative Financial Instruments Foreign Currency Derivatives Notional Amount Outstanding (Details) - USD ($) $ in Millions	Feb. 01, 2020	Feb. 02, 2019
Derivative [Line Items]
Derivative, Notional Amount	$ 139	$ 147

Fair Value Measurements (Carrying Value and Fair Value of Long Term Debt) (Detail) - USD ($) $ in Millions	Feb. 01, 2020	Feb. 02, 2019
Fair Value Measurements [Abstract]
Long-term Debt Principal Value	$ 5,458	$ 5,722
Fair Value	$ 5,555	$ 5,340

Fair Value Measurements (Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Millions	Feb. 01, 2020	Feb. 02, 2019
Assets:
Cash and Cash Equivalents	$ 1,499	$ 1,413
Investments, Fair Value Disclosure		11
Foreign Currency Cash Flow Hedge Asset at Fair Value	1	2
Foreign Currency Cash Flow Hedge Liability at Fair Value	1
Fair Value, Inputs, Level 1
Assets:
Cash and Cash Equivalents	1,499	1,413
Investments, Fair Value Disclosure		11
Foreign Currency Cash Flow Hedge Asset at Fair Value	0	0
Foreign Currency Cash Flow Hedge Liability at Fair Value	0
Fair Value, Inputs, Level 2
Assets:
Cash and Cash Equivalents	0	0
Investments, Fair Value Disclosure		0
Foreign Currency Cash Flow Hedge Asset at Fair Value	1	2
Foreign Currency Cash Flow Hedge Liability at Fair Value	1
Fair Value, Inputs, Level 3
Assets:
Cash and Cash Equivalents	0	0
Investments, Fair Value Disclosure		0
Foreign Currency Cash Flow Hedge Asset at Fair Value	0	$ 0
Foreign Currency Cash Flow Hedge Liability at Fair Value	$ 0

Fair Value Measurements Fair Value Measurements (Securities Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from Sale and Maturity of Marketable Securities	$ 10
Unrealized Gain (Loss) on Securities	$ 0	$ 6	$ 0

Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	$ (3)	$ (9)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(5)	47
Other Comprehensive Income (Loss), Tax	1	(1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accumulated Other Comprehensive Income Beginning Balance	59	24
Total Other Comprehensive Income (Loss), Net of Tax	(7)	37	$ 12
Accumulated Other Comprehensive Income Ending Balance	52	59	24
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax	0	(45)	0
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(5)	(20)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0	45
Other Comprehensive Income (Loss), Tax	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accumulated Other Comprehensive Income Beginning Balance	57	32
Total Other Comprehensive Income (Loss), Net of Tax	(5)	25
Accumulated Other Comprehensive Income Ending Balance	52	57	32
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	2	11
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(5)	2
Other Comprehensive Income (Loss), Tax	1	(1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accumulated Other Comprehensive Income Beginning Balance	2	(10)
Total Other Comprehensive Income (Loss), Net of Tax	(2)	12
Accumulated Other Comprehensive Income Ending Balance	0	2	(10)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accumulated Other Comprehensive Income Beginning Balance	$ 0	2
Total Other Comprehensive Income (Loss), Net of Tax		0
Accumulated Other Comprehensive Income Ending Balance		0	2
Accounting Standards Update 2016-01 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption			(2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accumulated Other Comprehensive Income Beginning Balance		22
Accumulated Other Comprehensive Income Ending Balance			22
Accounting Standards Update 2016-01 [Member] \| Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption			0
Accounting Standards Update 2016-01 [Member] \| Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption			0
Accounting Standards Update 2016-01 [Member] \| AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption			(2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accumulated Other Comprehensive Income Beginning Balance		$ 0
Accumulated Other Comprehensive Income Ending Balance			$ 0

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Nov. 02, 2019	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
La Senza Charges	$ 37	$ 37	$ 0	$ 0
Residual Value Guarantee of Leased Assets		94
Lease guarantees, estimated fair value		17	11
LaSenza [Member]
Loss Contingency, Maximum Exposure, Undiscounted		40
Loss Contingency Accrual			$ 5
LaSenza [Member] \| Leasing Arrangement [Member]
La Senza Charges		35
Accrued Liabilities [Member] \| LaSenza [Member]
Loss Contingency Accrual		$ 8

Retirement Benefits (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Benefits (Details) - USD ($) $ in Millions	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018	Feb. 20, 2020
Defined Contribution Plan Disclosure [Line Items]
Defined Contribution Plan, Cost	$ 79	$ 76	$ 68
Nonqualified Retirement Plan Benefit Obligation, Balance Beginning of Year	278	269
Non-Qualified Plan, Contributions by Plan Participants	8	10
Non-Qualified Plan, Contributions by Employer	12	11
Non-Qualified Plan, Interest Cost	14	13
Non-Qualified Plan, Benefits Paid	(32)	(25)
Nonqualified Retirement Plan Benefit Obligation, Balance End of Year	280	278	269
Non-Qualified Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Expense related to the Non-Qualified Plan	$ 26	$ 24	$ 20
Subsequent Event [Member]
Defined Contribution Plan Disclosure [Line Items]
Ownership Percentage Sold				55.00%

Shareholders' Equity (Deficit) (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Feb. 03, 2018	Oct. 28, 2017	Apr. 30, 2016
Treasury Stock, Shares, Retired	36
September 2017 Repurchase Program [Member]
Stock Repurchase Program, Authorized Amount		$ 250
February 2016 Repurchase Program [Member]
Stock Repurchase Program, Authorized Amount			$ 500
Retained Earnings (Accumulated Deficit) [Member]
Treasury Stock, Retired, Cost Method, Amount	$ 1,936
Paid-in Capital [Member]
Treasury Stock, Retired, Cost Method, Amount	82
Common Stock [Member]
Treasury Stock, Retired, Cost Method, Amount	18
Treasury Stock, at Average Cost [Member]
Treasury Stock, Retired, Cost Method, Amount	$ (2,036)

Shareholders' Equity (Deficit) (Schedule of Company's repurchase program) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018	Feb. 01, 2020	May 05, 2018	Oct. 28, 2017	Apr. 29, 2017	Apr. 30, 2016
Treasury Stock, Shares, Acquired	5,379	9,409
Repurchase of Common Stock	$ 196	$ 445
September 2017 Repurchase Program [Member]
Stock Repurchase Program, Authorized Amount					$ 250
Treasury Stock, Shares, Acquired	527	3,858
Repurchase of Common Stock	$ 25	$ 202
Average Stock Price of Shares Repurchased within Program	$ 51.72
Stock Repurchase Program, Remaining Authorized Repurchase Amount				$ 23
February 2017 Repurchase Program [Member] [Member]
Stock Repurchase Program, Authorized Amount						$ 250
Treasury Stock, Shares, Acquired		5,500
Repurchase of Common Stock		$ 240
Average Stock Price of Shares Repurchased within Program		$ 43.57
February 2016 Repurchase Program [Member]
Stock Repurchase Program, Authorized Amount							$ 500
Treasury Stock, Shares, Acquired		51
Repurchase of Common Stock		$ 3
Average Stock Price of Shares Repurchased within Program		$ 76.47
March 2018 Repurchase Program [Member]
Stock Repurchase Program, Authorized Amount				$ 250
Treasury Stock, Shares, Acquired	4,852
Repurchase of Common Stock	$ 171
Average Stock Price of Shares Repurchased within Program	$ 35.29
Stock Repurchase Program, Remaining Authorized Repurchase Amount			$ 79

Shareholders' Equity (Deficit) (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Millions	2 Months Ended	3 Months Ended												12 Months Ended
	Mar. 20, 2020	Feb. 01, 2020	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Feb. 03, 2018	Oct. 28, 2017	Jul. 29, 2017	Apr. 29, 2017	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Common Stock, Dividends, Per Share, Cash Paid		$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.60	$ 0.60	$ 0.60	$ 0.60	$ 0.60	$ 0.60	$ 0.60	$ 0.60	$ 1.20	$ 2.40	$ 2.40
Payments of Dividends		$ 83	$ 83	$ 83	$ 83	$ 166	$ 165	$ 167	$ 168	$ 170	$ 172	$ 172	$ 172	$ 332	$ 666	$ 686
Common Stock, Dividends, Per Share, Declared														$ 1.20	$ 2.40	$ 2.40
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.30

Share-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Options, restricted and unrestricted shares authorized	160
Options and shares available for grant	5
Cash received from stock options exercised	$ 1	$ 1	$ 38
Tax Benefit associated with share based compensation	$ 18	20	23
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Total intrinsic value of options exercised	$ 3	2	44
Total fair value at grant date of option awards vested	9	$ 9	$ 10
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 8
Weighted average fair value of stock options granted	$ 6.05	$ 6.76	$ 5.96
Cash received from stock options exercised	$ 1		$ 38
Total unrecognized compensation cost, weighted-average period of recognition, years	1 year 9 months 18 days
Tax benefits realized from tax deductions	$ 1	$ 1	16
Restricted Stock [Member]
Total intrinsic value of restricted stock vested	39	44	86
Total fair value at grant date of awards vested	104	86	87
Total unrecognized compensation cost, net of estimated forfeitures	$ 103
Total unrecognized compensation cost, weighted-average period of recognition, years	1 year 10 months 24 days
Tax benefits realized from tax deductions	$ 10	$ 10	$ 32
Minimum [Member] \| Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Minimum [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Maximum [Member] \| Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Maximum [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years

Share-based Compensation (Stock Option Activity) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

12 Months Ended

Feb. 01, 2020

Feb. 02, 2019

Feb. 03, 2018

Outstanding as of Beginning of Period, Number of Shares

5,292

Granted, Number of Shares

519

Exercised, Number of Shares

(136)

Cancelled, Number of Shares

(395)

Outstanding as of End of Period, Number of Shares

5,280

5,292

Vested and Expected to Vest as of End of Period, Number of Shares

^[1]

5,190

Options Exercisable as of End of Period, Number of Shares

3,372

Outstanding as of Beginning of Period, Weighted Average Option Price Per Share

$ 53.14

Granted, Weighted Average Option Price Per Share

27.67

Exercised, Weighted Average Option Price Per Share

7.44

Cancelled, Weighted Average Option Price Per Share

52.22

Outstanding as of End of Period, Weighted Average Option Price Per Share

51.87

$ 53.14

Vested and Expected to Vest as of End of Period, Weighted Average Option Price Per Share

^[1]

52.29

Options Exercisable as of End of Period, Weighted Average Options Price Per Share

$ 57.07

Outstanding as of End of Period, Weighted Average Remaining Contractual Life

6 years 10 days

Vested and Expected to Vest as of End of Period, Weighted Average Remaining Contractual Life

^[1]

5 years 11 months 26 days

Options Exercisable as of End of Period, Weighted Average Remaining Contractual Life

4 years 11 months 4 days

Outstanding as of End of Support, Aggregate Intrinsic Value

$ 318

Vested and Expected to Vest as of End of Period, Aggregate Intrinsic Value

^[1]

318

Options Exercisable as of End of Period, Aggregate Intrinsic Value

318

Share-based Payment Arrangement, Option [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Deferred Tax Expense from Stock Options Exercised

$ 1,000

$ 16,000

[1]	The number of options expected to vest includes an estimate of expected forfeitures.

Share-based Compensation (Weighted-Average Assumptions) (Details)	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Share-based Payment Arrangement, Noncash Expense [Abstract]
Expected Volatility	40.00%	36.00%	28.00%
Risk-free Interest Rate	2.20%	2.50%	1.50%
Dividend Yield	4.40%	5.80%	5.10%
Expected Life (in years)	3 years 2 months 12 days	2 years 10 months 24 days	3 years

Share-based Compensation (Restricted Stock Activity) (Details) - $ / shares shares in Thousands	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Unvested as of Beginning of Period, Number of Shares	6,689
Granted, Number of Shares	4,161
Vested, Number of Shares	(1,570)
Cancelled, Number of Shares	(618)
Unvested as of End of Period, Number of Shares	8,662	6,689
Unvested as of Beginning of Period, Weighted Average Grant Date Fair Value	$ 45.29
Vested, Weighted Average Grant Date Fair Value	66.44
Cancelled, Weighted Average Grant Date Fair Value	30.75
Unvested as of End of Period, Weighted Average Grant Date Fair Value	32.00	$ 45.29
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Granted, Weighted Average Grant Date Fair Value	$ 23.34	$ 30.43	$ 39.21

Share-based Compensation (Share-Based Compensation Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Share-based Compensation Expense	$ 87	$ 97	$ 102
Costs of Goods Sold, Buying and Occupancy [Member]
Share-based Compensation Expense	29	29	32
General, Administrative and Store Operating Expenses [Member]
Share-based Compensation Expense	$ 58	$ 68	$ 70

Segment Information (Details)
$ / shares in Units, $ in Millions

3 Months Ended

12 Months Ended

Feb. 01, 2020

USD ($)

$ / shares

Nov. 02, 2019

USD ($)

$ / shares

Aug. 03, 2019

USD ($)

$ / shares

May 04, 2019

USD ($)

$ / shares

Feb. 02, 2019

USD ($)

$ / shares

Nov. 03, 2018

USD ($)

$ / shares

Aug. 04, 2018

USD ($)

$ / shares

May 05, 2018

USD ($)

$ / shares

Feb. 03, 2018

USD ($)

$ / shares

Oct. 28, 2017

$ / shares

Jul. 29, 2017

$ / shares

Apr. 29, 2017

$ / shares

Feb. 01, 2020

USD ($)

Reportable_Segments

$ / shares

Feb. 02, 2019

USD ($)

$ / shares

Feb. 03, 2018

USD ($)

$ / shares

Common Stock, Dividends, Per Share, Cash Paid | $ / shares

$ 0.30

$ 0.60

$ 1.20

$ 2.40

Number Of Reportable Segments (in reportable segments) | Reportable_Segments

$ 4,707

$ 2,677

$ 2,902

$ 2,629

$ 4,852

$ 2,775

$ 2,984

$ 2,626

$ 12,914

$ 13,237

$ 12,632

588

547

524

$ (151)

$ 175

$ 153

800

$ 54

$ 228

$ 155

258

1,237

^[1]

1,728

^[1]

10,125

8,090

$ 8,149

10,125

8,090

8,149

Victoria's Secret Segment [Member]

458

629

707

6,805

7,375

7,387

284

280

279

(616)

462

932

3,883

3,129

3,369

3,883

3,129

3,369

Bath & Body Works Segment [Member]

150

270

5,170

4,631

4,148

155

121

101

1,191

1,077

953

2,837

1,898

1,753

2,837

1,898

1,753

Victoria's Secret and Bath & Body Works International [Member]

206

242

232

600

605

502

(236)

(37)

939

842

800

939

842

800

111

Other Operating Segment

339

626

595

109

103

114

(81)

(265)

^[1]

(162)

^[1]

$ 2,466

$ 2,221

$ 2,227

2,466

2,221

2,227

$ 152

$ 140

$ 94

[1]

(a)


(b)	Assets are allocated to the operating segments based on decision making authority relevant to the applicable assets.


(c)	The 2019 amounts reflect the Company's adoption of ASC 842, Leases, in the first quarter of 2019.

(d)

Segment Information (Additional Information) (Details) $ in Millions	3 Months Ended								12 Months Ended
	Feb. 01, 2020 USD ($)	Nov. 02, 2019 USD ($)	Aug. 03, 2019 USD ($)	May 04, 2019 USD ($)	Feb. 02, 2019 USD ($)	Nov. 03, 2018 USD ($)	Aug. 04, 2018 USD ($)	May 05, 2018 USD ($)	Feb. 01, 2020 USD ($) Reportable_Segments	Feb. 02, 2019 USD ($)	Feb. 03, 2018 USD ($)
Number Of Reportable Segments (in reportable segments) \| Reportable_Segments									3
Goodwill, Impairment Loss									$ 720	$ 0	$ 0
Impairment of Long-Lived Assets Held-for-use		$ 218				$ 81			263	101	0
Loss on Divestiture of La Senza									0	(99)	0
Restructuring Charges					$ 3	20
Net Sales	$ 4,707	2,677	$ 2,902	$ 2,629	4,852	$ 2,775	$ 2,984	$ 2,626	12,914	13,237	12,632
Victoria's Secret Segment [Member]
Goodwill, Impairment Loss	690
Impairment of Long-Lived Assets Held-for-use									51	70
Net Sales									6,805	7,375	7,387
Victoria's Secret and Bath & Body Works International [Member]
Goodwill, Impairment Loss		$ 30
Impairment of Long-Lived Assets Held-for-use	35								212	31
Net Sales									600	605	502
Other Segments [Member]
Loss on Divestiture of La Senza					(99)
Restructuring Charges										23
Net Sales									339	626	595
International [Member]
Net Sales									1,496	1,683	$ 1,553
Internationally based Long-lived Assets	$ 713				$ 454				$ 713	$ 454

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

3 Months Ended

12 Months Ended

Feb. 01, 2020

Nov. 02, 2019

Aug. 03, 2019

May 04, 2019

Feb. 02, 2019

Nov. 03, 2018

Aug. 04, 2018

May 05, 2018

Feb. 01, 2020

Feb. 02, 2019

Feb. 03, 2018

Quarterly Financial Data [Abstract]

$ 4,707

$ 2,677

$ 2,902

$ 2,629

$ 4,852

$ 2,775

$ 2,984

$ 2,626

$ 12,914

$ 13,237

$ 12,632

1,794

741

983

934

1,968

928

1,059

944

4,450

4,899

4,959

Operating Income

(151)

175

153

800

228

155

258

1,237

^[1]

1,728

^[1]

(7)

(277)

710

(41)

129

(181)

857

1,312

Net Income (Loss) Per Basic Share

$ (192)

$ (252)

$ 38

$ 40

$ 540

$ (43)

$ 99

$ 48

$ (366)

$ 644

$ 983

$ (0.70)

$ (0.91)

$ 0.14

$ 0.15

$ 1.96

$ (0.16)

$ 0.36

$ 0.17

$ (1.33)

$ 2.33

$ 3.46

Net Income (Loss) Per Diluted Share

$ (0.70)

$ (0.91)

$ 0.14

$ 1.94

$ (0.16)

$ 0.36

$ 0.17

$ (1.33)

$ 2.31

$ 3.42

[1]

(a)


(b)	Assets are allocated to the operating segments based on decision making authority relevant to the applicable assets.


(c)	The 2019 amounts reflect the Company's adoption of ASC 842, Leases, in the first quarter of 2019.

(d)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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-SubTopic 10
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+ Details

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
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+ Details

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

Quarterly Financial Data (Unaudited) (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended					12 Months Ended
	Feb. 01, 2020	Nov. 02, 2019	Aug. 03, 2019	Feb. 02, 2019	Nov. 03, 2018	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Gain (Loss) on Extinguishment of Debt			$ 40			$ (40)	$ 0	$ (45)
Extinguishment of Debt, Gain (Loss), Net of Tax			30
Debt Instrument, Early Redemption			$ 764
Impairment of Long-Lived Assets Held-for-use		$ 218			$ 81	263	101	0
Impairment of Long-Lived Assets Held-for-use, Net of Tax		200			73
Goodwill, Impairment Loss						720	0	0
La Senza Charges		37				37	0	$ 0
Loss Contingency, Loss in Period, Net Of Tax		28
Restructuring Charges				$ 3	20
Restructuring Charges, Net of Tax					$ 15
Disposal Group, Not Discontinued Operatin, After-Tax Loss on Disposal				$ 55
Victoria's Secret and Bath & Body Works International [Member]
Impairment of Long-Lived Assets Held-for-use	$ 35					212	31
Impairment of Long-Lived Assets Held-for-use, Net of Tax	30
Goodwill, Impairment Loss		$ 30
Victoria's Secret Segment [Member]
Impairment of Long-Lived Assets Held-for-use						$ 51	$ 70
Goodwill, Impairment Loss	690
Goodwill, Impairment Loss, Net of Tax	$ 687

Subsequent Events (Details) - USD ($) $ in Millions			12 Months Ended
Subsequent Events (Details) - USD ($) $ in Millions	Mar. 16, 2020	Feb. 20, 2020	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Subsequent Event [Line Items]
Proceeds from Lines of Credit			$ 12	$ 92	$ 0
Subsequent Event [Member]
Subsequent Event [Line Items]
Ownership Percentage Sold		55.00%
Proceeds from Divestiture of Interest in Consolidated Subsidiaries		$ 525
Subsequent Event [Member] \| Victoria's Secret [Member]
Subsequent Event [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		45.00%
Revolving Credit Facility [Member] \| Revolving Credit Expiring August 2024 [Member]
Subsequent Event [Line Items]
Proceeds from Lines of Credit			$ 12
Revolving Credit Facility [Member] \| Revolving Credit Expiring August 2024 [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from Lines of Credit	$ 950
Line of Credit Facility, Remaining Borrowing Capacity	$ 22

Supplemental Guarantor Financial Information (Narrative) (Details)	12 Months Ended
	Feb. 01, 2020
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 (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017
Current Assets:
Cash and Cash Equivalents	$ 1,499	$ 1,413	$ 1,515	$ 1,934
Accounts Receivable, Net	306	367
Inventories	1,287	1,248
Other	153	232
Total Current Assets	3,245	3,260
Property and Equipment, Net	2,486	2,818
Operating Lease, Right-of-Use Asset	3,053
Goodwill	628	1,348
Trade Names	411	411
Net Investments in and Advances to/from Consolidated Affiliates	0	0
Deferred Tax Assets, Net, Noncurrent	84	62
Other Assets	218	191
Total Assets	10,125	8,090	8,149
Current Liabilities:
Accounts Payable	647	711
Accrued Expenses and Other	1,052	1,082
Debt, Current	61	72
Operating Lease, Liability, Current	478
Income Taxes	134	121
Total Current Liabilities	2,372	1,986
Deferred Income Taxes	219	226
Long-term Debt	5,487	5,739
Operating Lease, Liability, Noncurrent	3,052
Other Long-term Liabilities	490	1,004
Total Equity (Deficit)	(1,495)	(865)	(751)	(727)
Total Liabilities and Equity (Deficit)	10,125	8,090
Eliminations
Current Assets:
Cash and Cash Equivalents	0	0	0	0
Accounts Receivable, Net	0	0
Inventories	0	0
Other	0	0
Total Current Assets	0	0
Property and Equipment, Net	0	0
Operating Lease, Right-of-Use Asset	0
Goodwill	0	0
Trade Names	0	0
Net Investments in and Advances to/from Consolidated Affiliates	(27,030)	(26,539)
Deferred Tax Assets, Net, Noncurrent	0	0
Other Assets	(611)	(621)
Total Assets	(27,641)	(27,160)
Current Liabilities:
Accounts Payable	0	0
Accrued Expenses and Other	0	0
Debt, Current	0	0
Operating Lease, Liability, Current	0
Income Taxes	0	0
Total Current Liabilities	0	0
Deferred Income Taxes	0	0
Long-term Debt	(597)	(607)
Operating Lease, Liability, Noncurrent	0
Other Long-term Liabilities	(14)	(14)
Total Equity (Deficit)	(27,030)	(26,539)
Total Liabilities and Equity (Deficit)	(27,641)	(27,160)
L Brands, Inc. [Member]
Current Assets:
Cash and Cash Equivalents	0	0	0	0
Accounts Receivable, Net	0	0
Inventories	0	0
Other	0	0
Total Current Assets	0	0
Property and Equipment, Net	0	0
Operating Lease, Right-of-Use Asset	0
Goodwill	0	0
Trade Names	0	0
Net Investments in and Advances to/from Consolidated Affiliates	3,862	4,755
Deferred Tax Assets, Net, Noncurrent	0	0
Other Assets	130	127
Total Assets	3,992	4,882
Current Liabilities:
Accounts Payable	0	0
Accrued Expenses and Other	93	92
Debt, Current	0	0
Operating Lease, Liability, Current	0
Income Taxes	(11)	(7)
Total Current Liabilities	82	85
Deferred Income Taxes	0	1
Long-term Debt	5,395	5,661
Operating Lease, Liability, Noncurrent	0
Other Long-term Liabilities	62	59
Total Equity (Deficit)	(1,547)	(924)
Total Liabilities and Equity (Deficit)	3,992	4,882
Guarantor Subsidiaries
Current Assets:
Cash and Cash Equivalents	1,231	997	1,164	1,562
Accounts Receivable, Net	183	241
Inventories	1,138	1,093
Other	85	139
Total Current Assets	2,637	2,470
Property and Equipment, Net	1,747	1,922
Operating Lease, Right-of-Use Asset	2,545
Goodwill	628	1,318
Trade Names	411	411
Net Investments in and Advances to/from Consolidated Affiliates	20,231	19,737
Deferred Tax Assets, Net, Noncurrent	8	9
Other Assets	9	15
Total Assets	28,216	25,882
Current Liabilities:
Accounts Payable	331	363
Accrued Expenses and Other	593	597
Debt, Current	0	0
Operating Lease, Liability, Current	392
Income Taxes	89	100
Total Current Liabilities	1,405	1,060
Deferred Income Taxes	(37)	(44)
Long-term Debt	597	606
Operating Lease, Liability, Noncurrent	2,522
Other Long-term Liabilities	383	852
Total Equity (Deficit)	23,346	23,408
Total Liabilities and Equity (Deficit)	28,216	25,882
Non-Guarantor Subsidiaries
Current Assets:
Cash and Cash Equivalents	268	416	$ 351	$ 372
Accounts Receivable, Net	123	126
Inventories	149	155
Other	68	93
Total Current Assets	608	790
Property and Equipment, Net	739	896
Operating Lease, Right-of-Use Asset	508
Goodwill	0	30
Trade Names	0	0
Net Investments in and Advances to/from Consolidated Affiliates	2,937	2,047
Deferred Tax Assets, Net, Noncurrent	76	53
Other Assets	690	670
Total Assets	5,558	4,486
Current Liabilities:
Accounts Payable	316	348
Accrued Expenses and Other	366	393
Debt, Current	61	72
Operating Lease, Liability, Current	86
Income Taxes	56	28
Total Current Liabilities	885	841
Deferred Income Taxes	256	269
Long-term Debt	92	79
Operating Lease, Liability, Noncurrent	530
Other Long-term Liabilities	59	107
Total Equity (Deficit)	3,736	3,190
Total Liabilities and Equity (Deficit)	$ 5,558	$ 4,486

Supplemental Guarantor Financial Information (Condensed Consolidating Statements of Income) (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Feb. 01, 2020

Nov. 02, 2019

Aug. 03, 2019

May 04, 2019

Feb. 02, 2019

Nov. 03, 2018

Aug. 04, 2018

May 05, 2018

Feb. 01, 2020

Feb. 02, 2019

Feb. 03, 2018

$ 4,707

$ 2,677

$ 2,902

$ 2,629

$ 4,852

$ 2,775

$ 2,984

$ 2,626

$ 12,914

$ 13,237

$ 12,632

(8,464)

(8,338)

(7,673)

General, Administrative and Store Operating Expenses

1,794

741

983

934

1,968

928

1,059

944

4,450

4,899

4,959

(3,472)

(3,563)

(3,231)

(99)

(720)

(151)

175

153

800

228

155

258

1,237

^[1]

1,728

^[1]

(378)

(385)

(406)

(61)

(10)

(7)

(277)

710

(41)

129

(181)

857

1,312

185

213

329

$ (192)

$ (252)

$ 38

$ 40

$ 540

$ (43)

$ 99

$ 48

(366)

644

983

(4)

Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax

(5)

(20)

Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax

(20)

Total Other Comprehensive Income (Loss), Net of Tax

(7)

Comprehensive Income (Loss), Net of Tax, Attributable to Parent

(373)

681

995

Eliminations

(2,785)

(3,010)

(3,027)

2,420

2,673

2,658

General, Administrative and Store Operating Expenses

(365)

(337)

(369)

250

232

268

(115)

(105)

(101)

115

108

109

(486)

(1,566)

(2,441)

(486)

(1,563)

(2,433)

Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax

Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax

Total Other Comprehensive Income (Loss), Net of Tax

Comprehensive Income (Loss), Net of Tax, Attributable to Parent

(486)

(1,563)

(2,433)

L Brands, Inc. [Member]

General, Administrative and Store Operating Expenses

(11)

(9)

(10)

(11)

(9)

(10)

(370)

(379)

(403)

(40)

(46)

(421)

(388)

(459)

1,044

1,507

(366)

644

983

Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax

Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax

Total Other Comprehensive Income (Loss), Net of Tax

Comprehensive Income (Loss), Net of Tax, Attributable to Parent

(366)

644

983

Guarantor Subsidiaries

12,317

12,467

11,931

(8,074)

(8,015)

(7,463)

General, Administrative and Store Operating Expenses

4,243

4,452

4,468

(3,380)

(3,304)

(3,063)

(24)

(690)

173

1,124

1,405

(116)

(108)

(99)

1,029

1,317

100

316

169

522

1,098

1,523

Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax

Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax

Total Other Comprehensive Income (Loss), Net of Tax

Comprehensive Income (Loss), Net of Tax, Attributable to Parent

1,098

1,523

Non-Guarantor Subsidiaries

3,382

3,780

3,728

(2,810)

(2,996)

(2,868)

General, Administrative and Store Operating Expenses

572

784

860

(331)

(482)

(426)

(75)

(30)

211

227

434

(7)

(6)

(13)

(21)

(8)

183

213

446

128

101

(52)

390

353

412

445

465

910

(4)

Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax

(5)

(20)