0000701985-20-000050 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Oct. 31, 2020	Nov. 27, 2020
Cover [Abstract]
Entity Registrant Name	L BRANDS, INC.
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2020
Entity File Number	1-8344
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Title of 12(b) Security	Common Stock, $0.50 Par Value
Trading Symbol	LB
Security Exchange Name	NYSE
Entity Central Index Key	0000701985
Current Fiscal Year End Date	--01-30
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		278,108,563
Entity Tax Identification Number	31-1029810
Entity Address, Address Line One	Three Limited Parkway
Entity Address, City or Town	Columbus,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43230
City Area Code	(614)
Local Phone Number	415-7000

Consolidated Statements Of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Consolidated Statements Of Income - USD ($) $ in Millions	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Income Statement [Abstract]
Net Sales	$ 3,055	$ 2,677	$ 7,029	$ 8,207
Costs of Goods Sold, Buying and Occupancy	(1,696)	(1,936)	(4,669)	(5,550)
Gross Profit	1,359	741	2,360	2,657
General, Administrative and Store Operating Expenses	(778)	(892)	(2,053)	(2,480)
Operating Income (Loss)	581	(151)	307	177
Interest Expense	(121)	(92)	(322)	(286)
Other Loss	(50)	(34)	(48)	(66)
Income (Loss) Before Income Taxes	410	(277)	(63)	(175)
Provision (Benefit) for Income Taxes	79	(25)	(47)	(1)
Net Income (Loss)	$ 331	$ (252)	$ (16)	$ (174)
Net Income Per Basic Share (in usd per share)	$ 1.19	$ (0.91)	$ (0.06)	$ (0.63)
Net Income Per Diluted Share (in usd per share)	1.17	(0.91)	(0.06)	(0.63)
Dividends Per Share(in usd per share)	$ 0	$ 0.30	$ 0.30	$ 0.90

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Net Income (Loss)	$ 331	$ (252)	$ (16)	$ (174)
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	(1)	6	(4)	(5)
Unrealized Gain (Loss) on Cash Flow Hedges	0	(2)	2	2
Reclassification of Cash Flow Hedges to Earnings	0	0	(2)	(3)
Total Other Comprehensive Income (Loss), Net of Tax	(1)	4	(4)	(6)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 330	$ (248)	$ (20)	$ (180)

- Definition

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

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+ Details

- Definition

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

+ References

+ Details

Consolidated Balance Sheets - USD ($) $ in Millions	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Current Assets:
Cash and Cash Equivalents	$ 2,622	$ 1,499	$ 340
Accounts Receivable, Net	297	306	295
Inventories	1,865	1,287	2,032
Other	143	153	259
Total Current Assets	4,927	3,245	2,926
Property and Equipment, Net	2,231	2,486	2,571
Operating Lease Assets	2,558	3,053	3,130
Goodwill	628	628	1,318
Trade Names	411	411	411
Deferred Income Taxes	69	84	63
Other Assets	337	218	211
Total Assets	11,161	10,125	10,630
Current Liabilities:
Accounts Payable	1,101	647	1,024
Accrued Expenses and Other	1,479	1,052	980
Current Debt	11	61	75
Current Operating Lease Liabilities	625	478	460
Income Taxes	114	134	4
Total Current Liabilities	3,330	2,372	2,543
Deferred Income Taxes	191	219	246
Long-term Debt	6,451	5,487	5,477
Long-term Operating Lease Liabilities	2,566	3,052	3,108
Other Long-term Liabilities	187	490	494
Shareholders’ Equity (Deficit):
Preferred Stock - $1.00 par value; 10 shares authorized; none issued	0	0	0
Common Stock - $0.50 par value; 1,000 shares authorized; 286, 285 and 284 shares issued; 278, 277 and 276 shares outstanding, respectively	143	142	142
Paid-in Capital	879	847	828
Accumulated Other Comprehensive Income	48	52	53
Retained Earnings (Deficit)	(2,280)	(2,182)	(1,907)
Less: Treasury Stock, at Average Cost; 8, 8 and 8 shares, respectively	(358)	(358)	(358)
Total L Brands, Inc. Shareholders’ Equity (Deficit)	(1,568)	(1,499)	(1,242)
Noncontrolling Interest	4	4	4
Total Equity (Accumulated Deficit)	(1,564)	(1,495)	(1,238)
Total Liabilities and Equity (Deficit)	$ 11,161	$ 10,125	$ 10,630

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Preferred Stock, Par Value	$ 1	$ 1	$ 1
Preferred Stock, Shares Authorized	10	10	10
Preferred Stock, Shares Issued	0	0	0
Common Stock, Par Value	$ 0.50	$ 0.50	$ 0.50
Common Stock, Shares Authorized	1,000	1,000	1,000
Common Stock, Shares, Issued	286	285	284
Common Stock, Shares, Outstanding	278	277	276
Treasury Stock, Shares	8	8	8

Consolidated Statements of Total Equity (Deficit) Statement - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Paid-In Capital	Accumulated Other Comprehensive Income	Retained Earnings (Accumulated Deficit)	Treasury Stock, at Average Cost	Noncontrolling Interest	Previously Reported [Member]	Previously Reported [Member] Common Stock	Previously Reported [Member] Paid-In Capital	Previously Reported [Member] Accumulated Other Comprehensive Income	Previously Reported [Member] Retained Earnings (Accumulated Deficit)	Previously Reported [Member] Treasury Stock, at Average Cost	Previously Reported [Member] Noncontrolling Interest	Revision of Prior Period, Accounting Standards Update, Adjustment [Member]	Revision of Prior Period, Accounting Standards Update, Adjustment [Member] Common Stock	Revision of Prior Period, Accounting Standards Update, Adjustment [Member] Paid-In Capital	Revision of Prior Period, Accounting Standards Update, Adjustment [Member] Accumulated Other Comprehensive Income	Revision of Prior Period, Accounting Standards Update, Adjustment [Member] Retained Earnings (Accumulated Deficit)	Revision of Prior Period, Accounting Standards Update, Adjustment [Member] Treasury Stock, at Average Cost	Revision of Prior Period, Accounting Standards Update, Adjustment [Member] Noncontrolling Interest
Beginning balance (shares) at Feb. 02, 2019		275							275
Beginning balance at Feb. 02, 2019	$ (867)	$ 141	$ 771	$ 59	$ (1,484)	$ (358)	$ 4	$ (865)	$ 141	$ 771	$ 59	$ (1,482)	$ (358)	$ 4	$ (2)	$ 0	$ 0	$ 0	$ (2)	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(174)	0	0	0	(174)	0	0
Other Comprehensive Loss	(6)	0	0	(6)	0	0	0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	(180)	0	0	(6)	(174)	0	0
Dividends, Common Stock, Cash	(249)	$ 0	0	0	(249)	0	0
Share-based Compensation and Other (shares)		1
Share-based Compensation and Other	$ 58	$ 1	57	0	0	0	0
Ending balance (shares) at Nov. 02, 2019	276	276
Ending balance at Nov. 02, 2019	$ (1,238)	$ 142	828	53	(1,907)	(358)	4
Beginning balance (shares) at Aug. 03, 2019		276
Beginning balance at Aug. 03, 2019	(929)	$ 142	806	49	(1,572)	(358)	4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(252)	0	0	0	(252)	0	0
Other Comprehensive Loss	4	0	0	4	0	0	0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	(248)	0	0	4	(252)	0	0
Dividends, Common Stock, Cash	(83)	$ 0	0	0	(83)	0	0
Share-based Compensation and Other (shares)		0
Share-based Compensation and Other	$ 22	$ 0	22	0	0	0	0
Ending balance (shares) at Nov. 02, 2019	276	276
Ending balance at Nov. 02, 2019	$ (1,238)	$ 142	828	53	(1,907)	(358)	4
Beginning balance (shares) at Feb. 01, 2020	277	277
Beginning balance at Feb. 01, 2020	$ (1,495)	$ 142	847	52	(2,182)	(358)	4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(16)	0	0	0	(16)	0	0
Other Comprehensive Loss	(4)	0	0	(4)	0	0	0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	(20)	0	0	(4)	(16)	0	0
Dividends, Common Stock, Cash	(83)	$ 0	0	0	(83)	0	0
Share-based Compensation and Other (shares)		1
Share-based Compensation and Other	$ 33	$ 1	32	0	0	0	0
Ending balance (shares) at Oct. 31, 2020	278	278
Ending balance at Oct. 31, 2020	$ (1,564)	$ 143	879	48	(2,280)	(358)	4
Beginning balance (shares) at Aug. 01, 2020		278
Beginning balance at Aug. 01, 2020	(1,904)	$ 143	869	49	(2,611)	(358)	4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	331	0	0	0	331	0	0
Other Comprehensive Loss	(1)	0	0	(1)	0	0	0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	330	$ 0	0	(1)	331	0	0
Share-based Compensation and Other (shares)		0
Share-based Compensation and Other	$ 10	$ 0	10	0	0	0	0
Ending balance (shares) at Oct. 31, 2020	278	278
Ending balance at Oct. 31, 2020	$ (1,564)	$ 143	$ 879	$ 48	$ (2,280)	$ (358)	$ 4

- Definition

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

+ References + Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Paragraph 8
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+ Details

Consolidated Statements of Total Equity (Deficit) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends (in usd per share)	$ 0	$ 0.30	$ 0.30	$ 0.90

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Operating Activities:
Net Income (Loss)	$ (16)	$ (174)
Adjustments to Reconcile Net Loss to Net Cash Provided by (Used for) Operating Activities:
Depreciation of Long-lived Assets	393	443
Victoria's Secret Asset Impairments	214	248
Loss on Extinguishment of Debt	53	40
Share-based Compensation Expense	39	67
Deferred Income Taxes	(14)	19
Gain from Hong Kong Store Closure and Lease Termination	(39)	0
NetGainOnFormationOfVSUKJointVenture	30	0
La Senza Charges	0	37
Gains on Distributions from Easton Investments	0	(4)
Changes in Assets and Liabilities:
Accounts Receivable	9	41
Inventories	(590)	(785)
Accounts Payable, Accrued Expenses and Other	591	210
Income Taxes Payable	(29)	(198)
Other Assets and Liabilities	125	(34)
Net Cash Provided by (Used for) Operating Activities	706	(90)
Investing Activities:
Capital Expenditures	(200)	(392)
Other Investing Activities	17	(16)
Net Cash Used for Investing Activities	(183)	(408)
Financing Activities:
Proceeds from Issuance of Long-Term Debt, Net of Issuance Costs	2,219	486
Payments of Long-term Debt	(1,307)	(799)
Dividends Paid	(83)	(249)
Tax Payments related to Share-based Awards	(8)	(12)
Other Financing Activities	(35)	(11)
Net Cash Provided by (Used for) Financing Activities	729	(570)
Effects of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash	(1)	(5)
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash	1,251	(1,073)
Cash and Cash Equivalents and Restricted Cash, Beginning of Period	1,499	1,413
Cash and Cash Equivalents and Restricted Cash, End of Period	2,750	340
Revolving Credit Expiring August 2024 [Member]
Financing Activities:
Borrowing from Credit Agreement	950	0
Repayments of Foreign Facilities	(950)	0
Foreign Facilities [Member]
Financing Activities:
Borrowing from Credit Agreement	34	36
Repayments of Foreign Facilities	$ (91)	$ (21)

Description Of Business And Basis Of Presentation	9 Months Ended
Description Of Business And Basis Of Presentation	Oct. 31, 2020
Description Of Business And Basis Of Presentation [Abstract]
Description Of Business And Basis Of Presentation	Description of Business and Basis of Presentation Description of Business L Brands, Inc. (the "Company”) operates in the highly competitive specialty retail business. The Company is a specialty retailer of home fragrance products, body care, soaps and sanitizers, women’s intimate and other apparel, and personal and beauty care products. The Company sells its merchandise through company-operated specialty retail stores in the U.S., Canada and Greater China, and through its websites and other channels. The Company's international operations are primarily through franchise, license, wholesale and joint venture partners. The Company currently operates the following retail brands: •Bath & Body Works •Victoria’s Secret •PINK On February 20, 2020, the Company and an affiliate of Sycamore Partners Management, L.P. ("Sycamore"), entered into a Transaction Agreement (the "Transaction Agreement") pursuant to which, among other things, the Company would have sold a 55% interest in the Company's Victoria's Secret and PINK businesses (collectively, "Victoria's Secret"). On May 4, 2020, the Company and Sycamore mutually agreed to terminate the Transaction Agreement. The Company remains committed to establishing Bath & Body Works as a pure-play public company and is taking the necessary steps to prepare Victoria's Secret to operate as a separate standalone company. Management is actively engaged in implementing a comprehensive profit improvement plan that will enable more effective and faster decision making and set each business up independently, allowing for a more efficient future separation. During the second quarter of 2020, the Company completed its comprehensive review of the home office organizations in order to achieve meaningful reductions in overhead expenses and decentralize significant shared functions and services to support the creation of standalone companies. This resulted in a reduction of the home office headcount by approximately 15%, or about 850 associates. For additional information, see Note 4, “Restructuring." The Company is actively working to reduce operating losses in the Victoria's Secret U.K. business. The Company entered into "Light Administration" in June 2020 to restructure store lease agreements. During the third quarter of 2020, the Company entered into a joint venture with Next PLC for the Victoria’s Secret business in the United Kingdom and Ireland (“Victoria’s Secret U.K.”). Under this agreement, the Company will own 49% of the joint venture, and Next will own 51% and assume responsibility for operations. Subsequent to closing, the Company will account for its investment in the joint venture of the Victoria's Secret U.K. business under the equity method of accounting. For additional information, see Note 4, “Restructuring." Segment Reporting In the third quarter of 2020, the Company changed its segment reporting as a result of leadership changes, actions taken and the ongoing efforts to separate Bath & Body Works and Victoria’s Secret into separate businesses. The Company now has two reportable segments: Bath & Body Works and Victoria’s Secret. Accordingly, the Company will no longer report a Victoria’s Secret and Bath & Body Works International segment as these businesses are now included with their respective brand. Additionally, the Bath & Body Works and Victoria’s Secret segments now include sourcing and production functions (formerly known as Mast) and certain other corporate functions that directly support each brand. These functions were previously included within Other. While this reporting change did not impact the Company's consolidated results, segment data has been recast to be consistent for all periods presented. For additional information, see Note 15, “Segment Information." Impacts of COVID-19 In March 2020, the coronavirus pandemic ("COVID-19") was declared a global pandemic by the World Health Organization. This pandemic has negatively affected the U.S. and global economies, disrupted global supply chains and financial markets, and led to significant travel and transportation restrictions, including mandatory closures and orders to “shelter-in-place.” The situation and preventative or protective actions that governments around the world have taken to contain the spread of COVID-19 have resulted in a period of disruption, including closure of the Company's stores, limited store operating hours, reduced customer traffic and consumer spending and delays in manufacturing and shipping of products and raw materials. During this period, the Company is focused on protecting the health and safety of its customers, employees, contractors, suppliers, and other business partners. The Company is also working with its suppliers to minimize potential disruptions, while managing the Company's business in response to a changing dynamic. The Company's business operations and financial performance for 2020 have been materially impacted by the COVID-19 pandemic. All the Company's stores in North America were closed on March 17th, but the Company was able to re-open the majority of its stores as of the beginning of the third quarter. Operations for Victoria’s Secret Direct were temporarily suspended for approximately one week in late March, while Bath & Body Works Direct has remained open for the duration of 2020. Additionally, the Company has dedicated resources to maximize capacity in its direct fulfillment centers to meet increased customer demand, while focusing on distribution, fulfillment and call center safety. There remains a high level of uncertainty around the pandemic and the potential for further restrictions. In response to the global COVID-19 crisis, the Company took prudent actions to manage expenses and to maintain its solid cash position and financial flexibility through the pandemic, including: •Furloughed most store associates as of April 5 during the temporary store closures, while continuing to provide healthcare benefits for eligible associates; •Suspended associate merit increases; •Temporarily reduced salaries for senior vice presidents and above by 20%; •Temporarily suspended cash compensation for all members of the Board of Directors; •Reduced 2020 forecasted capital expenditures from $550 million to approximately $250 million; •Actively managed inventory to adjust for the impact of channel shifts to meet customer demand; •Suspended the quarterly cash dividend beginning in the second quarter of fiscal 2020; •Suspended many store and select office rent payments during the temporary closures. The Company has made progress on negotiations with nearly all landlords, the result being a combination of rent waivers or abatements relating to closure periods, rent relief relating to the post-reopening “recovery” period given traffic declines, and rent deferrals; •Converted the revolving credit facility to an asset-backed loan facility, issued $2.25 billion in new notes and extinguished $1.259 billion of notes primarily with near-term maturities; and •Extended payment terms to vendors. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which, among other things, provides employer payroll tax credits for wages paid to employees who are unable to work during the coronavirus outbreak and options to defer payroll tax payments. Year-to-date the Company has recognized $55 million of qualified payroll tax credits. For many stores and select office locations, beginning in April, rent was not paid, or was only partially paid, due to the COVID-19 pandemic. Negotiations are ongoing with landlords to determine any potential rent credits or payment deferrals related to COVID-19. As of October 31, 2020, the Company fully accrued to the original contractual rent due to landlords under the leases unless an executed lease amendment was in place. For leases with executed lease amendments, the rent expense and rent accruals have been recognized according to the terms of the executed deal. The Financial Accounting Standards Board (“FASB”) issued guidance in April, which allows COVID-19-related rent concessions to be treated as variable rent. Fiscal Year The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “third quarter of 2020” and “third quarter of 2019” refer to the thirteen-week periods ended October 31, 2020 and November 2, 2019, respectively. “Year-to-Date 2020” and “year-to-date 2019” refer to the thirty-nine-week periods ending October 31, 2020 and November 2, 2019, respectively. Basis of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method. Under the equity method of accounting, the Company recognizes its share of the investee's net income or loss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carrying values are only reduced below zero if the Company has an obligation to provide funding to the investee. The Company’s share of net income or loss of unconsolidated entities from which the Company purchases merchandise or merchandise components is included in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income (Loss). The Company’s share of net income or loss from its investment in the Victoria's Secret U.K. joint venture with Next PLC will be included in General, Administrative and Store Operating Expenses 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. Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended October 31, 2020 and November 2, 2019 are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained in the Company’s 2019 Annual Report on Form 10-K. In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments, which are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods. Due to the impacts of COVID-19 and seasonal variations in the retail industry, the results of operations for the interim period is not necessarily indicative of the results expected for the full fiscal year. Goodwill 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. As of November 2, 2019, the Company performed a quantitative interim impairment assessment and concluded that the fair value of the Greater China reporting unit did not exceed its carrying value. Accordingly, the Company recognized a goodwill impairment charge of $30 million in the third quarter of 2019 related to the Greater China reporting unit, due to its estimated future cash flows. This charge is included in General, Administrative and Store Operating Expenses in the 2019 Consolidated Statements of Loss. Restricted Cash During 2020, the Company placed cash on deposit with certain financial institutions as collateral for lending commitments. The amount of collateral required reduces over time as the Company makes certain paydowns. For additional information, see Note 10, "Long-term Debt and Borrowing Facilities." These deposits, totaling $128 million, are recorded in Other Assets on the October 31, 2020 Consolidated Balance Sheet. The Company's total Cash and Cash Equivalents and Restricted Cash was $2.750 billion as of October 31, 2020. 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. The earnings of the Company's wholly owned foreign operations are subject to exchange rate risk as substantially all the 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 operations. Amounts are reclassified from accumulated other comprehensive income (loss) upon sale of the hedged merchandise to the customer. These gains and losses are recognized in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income (Loss). The fair value of designated cash flow hedges is not significant as of October 31, 2020. Concentration of Credit Risk The Company maintains cash and cash equivalents, restricted cash and derivative contracts with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts and limits the amount of credit exposure with any one entity. The Company’s investment portfolio is primarily comprised of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits. The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company records an allowance for uncollectable accounts when it becomes probable that the counterparty will be unable to pay. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available.

New Accounting Pronouncements	9 Months Ended
New Accounting Pronouncements	Oct. 31, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Credit Losses In June 2016, the FASB issued Accounting Standards Update ("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. The Company adopted the standard in the first quarter of 2020. The adoption of this standard did not have a material impact on the Company's consolidated results of operations, financial position or cash flows. Guarantor Reporting In March 2020, the SEC issued a final rule, Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities, that simplifies the disclosure requirements related to registered securities under Rule 3-10 of Regulation S-X. The rule replaces the requirement to provide condensed consolidating financial information with a requirement to present summarized financial information of the issuers and guarantors. It also requires qualitative disclosures with respect to information about guarantors, the terms and conditions of guarantees and the factors that may affect payment. These disclosures may be provided outside the footnotes to the Company’s consolidated financial statements. The Company early adopted the reporting requirements of the rule in the first quarter of 2020 and elected to provide these disclosures in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Revenue Recognition

9 Months Ended

Oct. 31, 2020

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

Accounts receivable, net from revenue-generating activities were $176 million as of October 31, 2020, $152 million as of February 1, 2020 and $147 million as of November 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. As a result of the COVID-19 pandemic, the Company has extended the payment terms for certain partners.

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. Deferred revenue was $313 million as of October 31, 2020, $342 million as of February 1, 2020 and $280 million as of November 2, 2019. The Company recognized $163 million as revenue year-to-date 2020 from amounts recorded as deferred revenue at the beginning of the year. As of October 31, 2020, the Company recorded deferred revenue of $302 million within Accrued Expenses and Other, and $11 million within Other Long-term Liabilities on the Consolidated Balance Sheet.

The following table provides a disaggregation of Net Sales for the third quarter and year-to-date 2020 and 2019:


	Third Quarter				Year-to-Date
	2020		2019		2020		2019
	(in millions)
Bath & Body Works Stores - U.S. and Canada	$	1,202	$	872	$	2,304	$	2,468
Bath & Body Works Direct	446		192		1,254		527
Bath & Body Works International (a)	54		35		158		129
Total Bath & Body Works	1,702		1,099		3,716		3,124
Victoria’s Secret Stores - U.S. and Canada	755		1,081		1,633		3,462
Victoria’s Secret Direct	470		331		1,391		1,067
Victoria’s Secret International (b)	128		166		289		504
Total Victoria’s Secret	1,353		1,578		3,313		5,033
Other (c)	—		—		—		50
Total Net Sales	$	3,055	$	2,677	$	7,029	$	8,207

_______________

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

(b)Results include company-operated stores in the U.K. (pre-joint venture) and Greater China, royalties associated with franchised stores and wholesale sales.

(c)Results include wholesale revenues to La Senza subsequent to the Company's divestiture of the business in 2018.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Restructuring	9 Months Ended
Restructuring	Oct. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring The Company remains committed to establishing Bath & Body Works as a pure-play public company and is taking the necessary steps to prepare Victoria's Secret to operate as a separate standalone company. Management of the Company is actively engaged in implementing a comprehensive profit improvement plan that will better position the Company to evaluate the next steps for the separation of the Victoria's Secret business. During the second quarter of 2020, the Company completed its comprehensive review of its home office organizations in order to achieve meaningful reductions in overhead expenses and decentralize significant shared functions and services to support the creation of standalone companies. This resulted in a reduction of the home office headcount by approximately 15%, or about 850 associates. Pre-tax severance and related costs associated with these reductions, totaling $81 million, are included in General, Administrative and Store Operating Expenses in the year-to-date 2020 Consolidated Statement of Loss. Costs of $51 million and $12 million are recorded within the Victoria's Secret and Bath & Body Works segments, respectively, while the remaining $18 million is recorded within Other. During the third quarter, the Company made payments of $33 million and, as of October 31, 2020, a liability, after accrual adjustments, of $56 million related to these costs, is included in Accrued Expenses and Other on the Consolidated Balance Sheet. Victoria's Secret U.K. On October 18, 2020, the Company and Next PLC formed a joint venture for Victoria's Secret U.K. with Next PLC owning 51% and the Company owning 49%. The joint venture acquired the majority of the operating assets, primarily inventory, of Victoria’s Secret U.K. Effective October 19, 2020, the newly formed joint venture began operating all Victoria’s Secret stores in the U.K. and Ireland. As of October 31, 2020, the leases for twelve stores in the U.K. were restructured and transferred to the joint venture. Negotiations with landlords to restructure the remaining store leases in the U.K. are in process as part of the ongoing Administration proceedings. The joint venture will begin operating the U.K. direct business starting Spring 2021. The Company recognized a pre-tax gain of $30 million as a result of the transaction, primarily related to the derecognition of operating lease liabilities in excess of operating lease assets for the twelve store leases that were restructured and transferred to the joint venture. This gain is included in General, Administrative and Store Operating Expenses in the 2020 Consolidated Statements of Income (Loss). La Senza In fiscal 2018, the Company divested its ownership interest in La Senza to an affiliate of Regent LP, a global private equity firm. 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 the third quarter of 2019, the Company 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 Loss in the 2019 Consolidated Statements of Loss. For additional information, see Note 13, "Commitments and Contingencies."

Earnings Per Share And Shareholders' Equity

9 Months Ended

Oct. 31, 2020

Earnings Per Share And Shareholders' Equity [Abstract]

Earnings Per Share and Shareholders' Equity

Earnings (Loss) Per Share and Shareholders’ Equity (Deficit)

Earnings (Loss) Per Share

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

The following table provides the weighted-average shares utilized for the calculation of basic and diluted earnings (loss) per share for the third quarter and year-to-date 2020 and 2019:


	Third Quarter		Year-to-Date
	2020	2019	2020	2019
	(in millions)

Common Shares	287	284	286	284
Treasury Shares	(8)	(8)	(8)	(8)
Basic Shares	279	276	278	276
Effect of Dilutive Options and Restricted Stock	4	—	—	—
Diluted Shares	283	276	278	276
Anti-dilutive Options and Awards (a)	4	14	11	14

_______________

(a)These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For 2019 and year-to-date 2020, the dilutive impact of outstanding options and awards were excluded from dilutive shares as a result of the Company's net loss for the periods.

Shareholders’ Equity (Deficit)

Common Stock Share Repurchases

In March 2018, the Company's Board of Directors approved a $250 million repurchase program, which had $79 million remaining as of October 31, 2020. The Company did not repurchase any shares during 2020 or 2019.

Dividends

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during year-to-date 2020 and 2019:


	Ordinary Dividends			Total Paid
	(per share)		(in millions)
2020
Third Quarter	$	—		$	—
Second Quarter	—			—
First Quarter	0.30			83
Total	$	0.30		$	83
2019
Third Quarter	$	0.30		$	83
Second Quarter	0.30			83
First Quarter	0.30			83
Total	$	0.90		$	249

The Board of Directors suspended the quarterly cash dividend beginning in the second quarter of 2020.

Inventories

9 Months Ended

Oct. 31, 2020

Inventory, Net [Abstract]

Inventories

The following table provides details of inventories as of October 31, 2020, February 1, 2020 and November 2, 2019:


	October 31, 2020		February 1, 2020		November 2, 2019
	(in millions)
Finished Goods Merchandise	$	1,632	$	1,152	$	1,854
Raw Materials and Merchandise Components	233		135		178
Total Inventories	$	1,865	$	1,287	$	2,032

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

Long-Lived Assets

9 Months Ended

Oct. 31, 2020

Property, Plant and Equipment [Abstract]

Long-Lived Assets

The following table provides details of property and equipment, net as of October 31, 2020, February 1, 2020 and November 2, 2019:


	October 31, 2020		February 1, 2020		November 2, 2019
	(in millions)
Property and Equipment, at Cost	$	6,312	$	6,613	$	6,449
Accumulated Depreciation and Amortization	(4,081)		(4,127)		(3,878)
Property and Equipment, Net	$	2,231	$	2,486	$	2,571

Depreciation expense was $127 million and $148 million for the third quarter of 2020 and 2019, respectively. Depreciation expense was $393 million and $443 million for year-to-date 2020 and 2019, respectively.

Long-lived store assets, which include leasehold improvements, store related assets and operating lease assets, 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.

The Company remains committed to taking the necessary steps to prepare the Victoria's Secret business to operate as a separate, standalone company. Management is actively working on implementing a comprehensive profit improvement plan that will better position the Company to evaluate the next steps for the separation of the Victoria's Secret business. A component of the profit improvement plan includes a rationalization of the Victoria’s Secret company-operated store footprint. The Company expects that it will close approximately 240 stores in North America in 2020. Given the closures as well as the negative operating results of certain Victoria's Secret stores in 2020 and 2019, the Company determined that the estimated undiscounted future cash flows were less than the carrying values for certain Victoria's Secret asset groups 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 within the Victoria's Secret segment, in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income (Loss).

The following table provides pre-tax long-lived store asset impairment charges included in the Consolidated Statement of Income (Loss) for 2020 and 2019:


Store Asset Impairment								Operating Lease Asset Impairment								Total Impairments
Third Quarter				Year-to-Date				Third Quarter				Year-to-Date				Third Quarter				Year-to-Date
2020		2019		2020		2019		2020		2019		2020		2019		2020		2019		2020		2019
(in millions)
$	—	$	188	$	111	$	188	$	—	$	30	$	103	$	30	$	—	$	218	$	214	$	218

Victoria's Secret Hong Kong

During the second quarter of 2020, the Company closed its unprofitable Victoria's Secret flagship store in Hong Kong. As a result of the store closure, the Company recognized a non-cash pre-tax gain of $39 million, primarily due to terminating the store lease and the related write-off of the operating lease liability in excess of the operating lease asset, which was partially impaired in fiscal 2019. This gain is included in Costs of Goods Sold, Buying and Occupancy in the year-to-date 2020 Consolidated Statement of Loss. The Company also recorded $3 million of severance and related costs, included in General, Administrative and Store Operating Expenses in the year-to-date 2020 Consolidated Statement of Loss.

Equity Investments	9 Months Ended
Equity Investments	Oct. 31, 2020
Equity Method Investment, Summarized Financial Information [Abstract]
Equity Investments	Equity InvestmentsThe 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 $125 million as of October 31, 2020, $118 million as of February 1, 2020 and $112 million as of November 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.

Income Taxes	9 Months Ended
Income Taxes	Oct. 31, 2020
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income Taxes	Income Taxes The Company has historically calculated the provision for income taxes on the current estimate of the annual effective tax rate and adjusted as necessary for quarterly events. Due to the impacts of the COVID-19 pandemic, the income tax expense for the thirty-nine-weeks ended October 31, 2020 was computed on a year-to-date basis. For the third quarter of 2020, the Company’s effective tax rate was 19.3% compared to 9.1% in the third quarter of 2019. The third quarter of 2020 rate was lower than the Company's combined estimated federal and state statutory rate primarily due to tax matters associated with foreign investments and recent changes in tax legislation, which resulted in a $23 million net tax benefit. The third quarter of 2019 rate was lower than the Company's combined federal and state statutory rate primarily due to the Victoria's Secret impairment charges, which generated no tax benefit for certain foreign subsidiaries. For year-to-date 2020, the Company's effective tax rate was 74.8% compared to 0.4% year-to-date 2019. The year-to-date 2020 rate was higher than the Company's combined estimated federal and state statutory rate primarily due to the resolution of certain tax matters partially offset by foreign losses with no tax benefit. The impact of these items has a greater impact on the effective tax rate at lower levels of pre-tax loss. The year-to-date 2019 rate was lower than the Company's combined estimated federal and state statutory rate primarily due to the Victoria's Secret impairment charges, which generated no tax benefit for certain foreign subsidiaries. Income taxes paid were $9 million and $27 million for the third quarter of 2020 and 2019, respectively. Income taxes paid were $31 million and $208 million for year-to-date 2020 and 2019, respectively. Uncertain Tax Positions The Company had unrecognized tax benefits of $88 million as of February 1, 2020, of which $81 million, if recognized, would reduce the effective income tax rate. Through October 31, 2020, the Company had a net decrease to gross unrecognized tax benefits of $29 million, primarily due to the resolution of certain tax matters. The changes to the unrecognized tax benefits resulted in a $28 million benefit to the Company’s year-to-date Provision for Income Taxes. Of the total unrecognized tax benefits as of October 31, 2020, it is reasonably possible that $28 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Long-term Debt and Borrowing Facilities

9 Months Ended

Oct. 31, 2020

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

Long-term Debt

Long-term Debt and Borrowing Facilities

The following table provides the Company’s outstanding debt balance, net of unamortized debt issuance costs and discounts, as of October 31, 2020, February 1, 2020 and November 2, 2019:


	October 31, 2020		February 1, 2020		November 2, 2019
	(in millions)
Senior Secured Debt with Subsidiary Guarantee
$750 million, 6.875% Fixed Interest Rate Secured Notes due July 2025 ("2025 Secured Notes")	$	740	$	—	$	—

Secured Foreign Facilities	98		103		95
Total Senior Secured Debt with Subsidiary Guarantee	$	838	$	103	$	95
Senior Debt with Subsidiary Guarantee
$1 billion, 6.625% Fixed Interest Rate Notes due April 2021 (“2021 Notes”)	$	—	$	450	$	449
$285 million, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”)	284		858		857
$320 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”)	319		498		498
$500 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes")	493		—		—
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”)	277		276		275
$500 million, 5.25% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)	496		496		496
$500 million, 7.50% Fixed Interest Rate Notes due June 2029 ("2029 Notes")	488		487		487
$1 billion, 6.625% Fixed Interest Rate Notes due October 2030 ("2030 Notes")	988		—		—
$1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	991		991		991
$700 million, 6.75% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	694		693		693
Total Senior Debt with Subsidiary Guarantee	$	5,030	$	4,749	$	4,746
Senior Debt
$350 million, 6.95% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	348	$	348	$	348
$247 million, 7.60% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	246		298		298
Unsecured Foreign Facilities	—		50		65
Total Senior Debt	$	594	$	696	$	711
Total	$	6,462	$	5,548	$	5,552
Current Debt	(11)		(61)		(75)
Total Long-term Debt, Net of Current Portion	$	6,451	$	5,487	$	5,477

Issuance of Notes

In September 2020, the Company issued $1 billion of 6.625% senior notes due October 2030 (the “2030 Notes”). The obligation to pay principal and interest on these notes is jointly and severally guaranteed on a full and unconditional basis by the Company and certain of the Company's 100% owned subsidiaries. The proceeds from the issuance were $988 million, which were net of issuance costs of $12 million. The issuance costs are being amortized through the maturity date and are included within Long-term Debt on the October 31, 2020 Consolidated Balance Sheet.

In June 2020, the Company issued $750 million of 6.875% senior secured notes due July 2025 (the “2025 Secured Notes”). The obligation to pay principal and interest on these notes is jointly and severally guaranteed on a full and unconditional basis by the Company and certain of the Company's 100% owned subsidiaries. The 2025 Secured Notes are secured on a first-priority lien basis by substantially all of the assets of the Company and the guarantors, and on a second-priority lien basis by certain collateral securing the asset-backed revolving credit facility (“ABL Facility”), in each case, subject to certain exceptions. The proceeds from the issuance were $739 million, which were net of issuance costs of $11 million. The issuance costs are being amortized through the maturity date and are included within Long-term Debt on the October 31, 2020 Consolidated Balance Sheet.

In June 2020, the Company also issued $500 million of 9.375% notes due in July 2025 (the "2025 Notes"). The obligation to pay principal and interest on these notes is jointly and severally guaranteed on a full and unconditional basis by the Company and certain of the Company's 100% owned subsidiaries. The proceeds from the issuance were $492 million, which were net of

issuance costs of $8 million. The issuance costs are being amortized through the maturity date and are included within Long-term Debt on the October 31, 2020 Consolidated Balance Sheet.

Repurchases of Notes

In October 2020, the Company settled tender offers to repurchase $576 million of outstanding 2022 Notes, $180 million of outstanding 2023 Notes and $53 million of outstanding 2037 Notes for $844 million. The Company used the proceeds from the 2030 Notes to fund the purchase price of the tender offers. Additionally, utilizing cash on hand, the Company redeemed the remaining $450 million of outstanding 2021 Notes for $463 million. The Company recognized a pre-tax loss related to this extinguishment of debt of $53 million (after-tax loss of $40 million), which includes redemption fees and the write-offs of unamortized issuance costs. This loss is included in Other Income (Loss) in the 2020 Consolidated Statements of Income (Loss).

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

Revolving Credit Facility

The Company and certain of the Company's 100% owned subsidiaries guarantee and pledge collateral to secure a revolving credit facility ("Credit Agreement"). In April 2020, the Company entered into an amendment and restatement (“Amendment”) of the Credit Agreement to convert the Company’s credit facility into an asset-backed revolving credit facility. The Amendment maintains the aggregate commitments at $1 billion, and maintains the expiration date in August of 2024. The ABL Facility allows borrowings and letters of credit in U.S. dollars or Canadian dollars.

Availability under the ABL Facility is the lesser of (i) the borrowing base, determined primarily based on the Company's eligible U.S. and Canadian credit card receivables, accounts receivable, inventory and eligible real property, or (ii) the aggregate commitment. If at any time, the outstanding amount under the ABL Facility exceeds the lesser of (i) the borrowing base and (ii) the aggregate commitment, the Company will be required to prepay the outstanding amounts under the ABL Facility to the extent of such excess. In addition, at any time that the Company's consolidated cash balance exceeds $350 million, it will be required to prepay outstanding amounts under the ABL Facility to the extent of such excess. As of October 31, 2020, the Company's borrowing base was $1.453 billion and it was unable to draw upon the ABL Facility as its consolidated cash balance exceeded $350 million.

The ABL Facility supports the Company’s letter of credit program. The Company had $63 million of outstanding letters of credit as of October 31, 2020 that reduced its availability under the ABL Facility.

As of October 31, 2020, the ABL Facility fees related to committed and unutilized amounts were 0.30% per annum, and the fees related to outstanding letters of credit were 1.75% per annum. In addition, the interest rate on outstanding U.S. dollar borrowings was the London Interbank Offered Rate plus 1.75% per annum. The interest rate on outstanding Canadian dollar-denominated borrowings was the Canadian Dollar Offered Rate plus 1.75% per annum.

The ABL Facility requires the Company to maintain a fixed charge coverage ratio of not less than 1.00 to 1.00 during an event of default or any period commencing on any day when specified excess availability is less than the greater of (1) $100 million or (2) 15% of the maximum borrowing amount. As of October 31, 2020, the Company was not required to maintain this ratio.

In March 2020, in an abundance of caution and as a proactive measure in response to the COVID-19 pandemic, the Company elected to borrow $950 million from its revolving facility, which was repaid upon the completion of the Amendment. As of October 31, 2020, there were no borrowings outstanding under the ABL Facility.

Foreign Facilities

Certain of the Company's China subsidiaries utilize revolving and term loan bank facilities to support their operations ("Foreign Facilities"). The Foreign Facilities allow borrowings in U.S. dollars and Chinese Yuan, and interest rates on outstanding borrowings are based upon the applicable benchmark rate for the currency of each borrowing. Certain of these facilities are guaranteed by the Company and certain of the Company's 100% owned subsidiaries ("Secured Foreign Facilities"), and certain of these facilities were guaranteed by the Company only ("Unsecured Foreign Facilities").

The Secured Foreign Facilities have availability totaling $128 million. During 2020, the Company borrowed $21 million and made payments of $28 million under the Secured Foreign Facilities. As of October 31, 2020, there were borrowings of $98 million outstanding under the Secured Foreign Facilities, of which $11 million is included within Current Debt on the Consolidated Balance Sheet. Borrowings on the Secured Foreign Facilities mature between March 2021 and August 2024.

During 2020, the Company placed cash on deposit with certain financial institutions as collateral for their lending commitments under the Secured Foreign Facilities. The amount of collateral required reduces over time as the Company makes certain paydowns. These deposits, totaling $128 million, are recorded in Other Assets on the October 31, 2020 Consolidated Balance Sheet.

During 2020, the Company borrowed $13 million and made payments of $63 million under the Unsecured Foreign Facilities. During the second quarter of 2020, with no borrowings outstanding, the Company terminated the Unsecured Foreign Facilities.

Fair Value Measurements

9 Months Ended

Oct. 31, 2020

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

Fair Value Measurements

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

The following table provides a summary of the principal value and estimated fair value of outstanding publicly traded debt as of October 31, 2020, February 1, 2020 and November 2, 2019:


	October 31, 2020		February 1, 2020		November 2, 2019
	(in millions)
Principal Value	$	6,449	$	5,458	$	5,458
Fair Value, Estimated (a)	6,678		5,555		5,156

_______________

(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 and accrued expenses approximate fair value because of their short maturity.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Comprehensive Income

9 Months Ended

Oct. 31, 2020

Statement of Comprehensive Income [Abstract]

Comprehensive Income

The following table provides the rollforward of accumulated other comprehensive income for year-to-date 2020:


	Foreign Currency Translation		Cash Flow Hedges		Accumulated Other Comprehensive Income
	(in millions)
Balance as of February 1, 2020	$	52	$	—	$	52
Other Comprehensive Income (Loss) Before Reclassifications	(4)		2		(2)
Amounts Reclassified from Accumulated Other Comprehensive Income	—		(2)		(2)
Tax Effect	—		—		—
Current-period Other Comprehensive Income (Loss)	(4)		—		(4)
Balance as of October 31, 2020	$	48	$	—	$	48

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


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

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Oct. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various claims and contingencies related to lawsuits, taxes, insurance, regulatory and other matters arising out of the normal course of business. Actions filed against the Company from time to time include commercial, tort, intellectual property, customer, employment, data privacy, securities and other claims, including purported class action lawsuits. Management believes that the ultimate liability arising from such claims and contingencies, if any, is not likely to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. In July 2019, a plaintiff shareholder filed a putative class action complaint in the U.S. District Court for the Southern District of Ohio alleging that the Company made false and/or misleading statements relating to the November 2018 announcement that the Company was reducing its quarterly dividend. In September 2019, a different plaintiff shareholder filed a second putative class action complaint in the U.S. District Court for the Southern District of Ohio containing substantially the same allegations and seeking substantially the same relief. In October 2019, the Court issued an order consolidating the two putative class actions, appointing a lead plaintiff, and approving that lead plaintiff’s selection of lead counsel. The 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 filed an opposition to the Company's motion to dismiss on May 4, 2020, and the Company filed a reply brief in further support of its motion to dismiss on June 3, 2020. The court heard oral argument on the motion to dismiss on September 23, 2020. On October 16, 2020, the court granted the motion to dismiss, denied the lead plaintiff’s request for leave to amend the complaint, and dismissed all claims with prejudice. The lead plaintiff did not file any notice of appeal by the November 16, 2020 deadline. 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 the Company's quarterly dividend prior to the announced reduction of the dividend in November 2018. On July 21, 2020, the court so-ordered a stipulation staying all proceedings in this lawsuit, pending resolution of the motion to dismiss that the Company filed on February 18, 2020 in the putative class action lawsuit described above. Following the dismissal of the putative class action lawsuit described above, the parties filed a joint stipulation to dismiss the derivative claims without prejudice on November 5, 2020. On May 19, 2020, a purported shareholder filed a derivative lawsuit on behalf of L Brands, Inc. in the Court of Common Pleas for Franklin County, Ohio. The complaint names as defendants certain current and former directors and officers of L Brands, Inc. and alleges, among other things, that these defendants breached their fiduciary duties by violating law and/or company policies relating to workplace conduct. The Company was named as nominal defendant only, and there are no claims asserted against it. On June 16, 2020, the lawsuit was removed to the United States District Court for the Southern District of Ohio. On July 6, 2020, the court so-ordered a stipulation staying the lawsuit until December 29, 2020. 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 $34 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 of October 31, 2020, the Company has recorded reserves of $35 million, primarily included within Other Long-term Liabilities on the Consolidated Balance Sheet, related to these lease-related obligations and certain other obligations related to the La Senza business.

Retirement Benefits	9 Months Ended
Retirement Benefits	Oct. 31, 2020
Retirement Benefits [Abstract]
Retirement Benefits	Retirement Benefits The Company sponsors a tax-qualified defined contribution retirement plan for substantially all its associates within the U.S. Participation is available to associates who meet certain age and service requirements. The qualified plan permits participating associates to elect contributions up to the maximum limits allowable under the Internal Revenue Code. The Company matches associate contributions according to a predetermined formula and contributes additional amounts based on a percentage of the associates’ eligible annual compensation and years of service. Associate contributions and Company matching contributions vest immediately. Additional Company contributions and the related investment earnings are subject to vesting based on years of service. Total expense recognized related to the qualified plan was $16 million for the third quarter of 2020 and $19 million for the third quarter of 2019. Total expense recognized related to the qualified plan was $55 million for year-to-date 2020 and $58 million for year-to-date 2019. The Company sponsors a non-qualified supplemental retirement plan. The non-qualified plan is an unfunded plan, which provides benefits beyond the Internal Revenue Code limits for qualified defined contribution plans. On June 27, 2020 (the “Termination Date”), the Human Capital and Compensation Committee of the Board of Directors authorized the termination of the non-qualified plan. Subsequent to the Termination Date, no additional employee contributions may be made to the non-qualified plan. The remaining benefits and obligations are expected to be paid out in full approximately one year following the Termination Date. Accordingly, the liability of $258 million related to the non-qualified plan is included within Accrued Expenses and Other on the October 31, 2020 Consolidated Balance Sheet. Total expense recognized related to the non-qualified plan was $3 million for the third quarter of 2020 and $8 million for the third quarter of 2019. Total expense recognized related to the non-qualified plan was $11 million for year-to-date 2020 and $20 million for year-to-date 2019.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Segment Information

9 Months Ended

Oct. 31, 2020

Segment Reporting [Abstract]

Segment Information

In the third quarter of 2020, the Company changed its segment reporting as a result of leadership changes, actions taken and the ongoing efforts to separate Victoria’s Secret and Bath & Body Works into separate businesses. The Company has two reportable segments: Bath & Body Works and Victoria's Secret. While this reporting change did not impact the Company's consolidated results, segment data has been recast to be consistent for all periods presented.

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, and international stores operated by partners under franchise, license and wholesale arrangements. Additionally, this segment includes the Bath & Body Works merchandise sourcing and production function serving the Company and its international partners.

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 and PINK merchandise is sold online and through retail stores located in the U.S., Canada and Greater China, and international stores operated by partners under franchise, license, wholesale and joint venture arrangements. Additionally, this segment includes the Victoria's Secret and PINK merchandise sourcing and production function serving the Company and its international partners.

Other includes Corporate infrastructure and support functions, including non-core real estate, equity investments and other governance functions such as treasury and tax, and other non-recurring charges and benefits that are deemed to be corporate in nature.

The following table provides the Company’s segment information for the third quarter and year-to-date 2020 and 2019:


	Bath & Body Works		Victoria’s Secret		Other		Total
	(in millions)
2020
Third Quarter:
Net Sales	$	1,702	$	1,353	$	—	$	3,055
Operating Income (Loss) (a)	494		145		(58)		581
Year-to-Date:
Net Sales	$	3,716	$	3,313	$	—	$	7,029
Operating Income (Loss) (a) (b)	907		(427)		(173)		307
2019
Third Quarter:
Net Sales	$	1,099	$	1,578	$	—	$	2,677
Operating Income (Loss) (c)	209		(318)		(42)		(151)
Year-to-Date:
Net Sales	$	3,124	$	5,033	$	50	$	8,207
Operating Income (Loss) (c)	560		(250)		(133)		177

_______________

(a)Victoria's Secret includes a $30 million pre-tax gain related to the establishment of a joint venture for the Victoria’s Secret U.K. and Ireland business with Next PLC. For additional information, see Note 4, “Restructuring."

(b)Victoria's Secret includes store and lease asset impairment charges of $214 million and a $36 million net pre-tax gain related to the closure and lease termination of the Hong Kong flagship store. For additional information, see Note 7, “Long-Lived Assets." Bath & Body Works, Victoria's Secret and Other includes severance and related charges of $12 million, $51 million and $18 million, respectively. For additional information, see Note 4, “Restructuring."

(c)Victoria's Secret includes store and lease asset impairment charges of $218 million and goodwill impairment charges of $30 million. For additional information, see Note 7, “Long-Lived Assets."

The Company’s international net sales include sales from company-operated 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 totaled $320 million and $318 million for the third quarter of 2020 and 2019, respectively. The Company's international net sales across all segments totaled $738 million and $1.024 billion for year-to-date 2020 and 2019, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Description Of Business And Basis Of Presentation (Policy)	9 Months Ended
	Oct. 31, 2020
Description Of Business And Basis Of Presentation [Abstract]
Description of Business	Description of Business L Brands, Inc. (the "Company”) operates in the highly competitive specialty retail business. The Company is a specialty retailer of home fragrance products, body care, soaps and sanitizers, women’s intimate and other apparel, and personal and beauty care products. The Company sells its merchandise through company-operated specialty retail stores in the U.S., Canada and Greater China, and through its websites and other channels. The Company's international operations are primarily through franchise, license, wholesale and joint venture partners. The Company currently operates the following retail brands: •Bath & Body Works •Victoria’s Secret •PINK On February 20, 2020, the Company and an affiliate of Sycamore Partners Management, L.P. ("Sycamore"), entered into a Transaction Agreement (the "Transaction Agreement") pursuant to which, among other things, the Company would have sold a 55% interest in the Company's Victoria's Secret and PINK businesses (collectively, "Victoria's Secret"). On May 4, 2020, the Company and Sycamore mutually agreed to terminate the Transaction Agreement. The Company remains committed to establishing Bath & Body Works as a pure-play public company and is taking the necessary steps to prepare Victoria's Secret to operate as a separate standalone company. Management is actively engaged in implementing a comprehensive profit improvement plan that will enable more effective and faster decision making and set each business up independently, allowing for a more efficient future separation. During the second quarter of 2020, the Company completed its comprehensive review of the home office organizations in order to achieve meaningful reductions in overhead expenses and decentralize significant shared functions and services to support the creation of standalone companies. This resulted in a reduction of the home office headcount by approximately 15%, or about 850 associates. For additional information, see Note 4, “Restructuring." The Company is actively working to reduce operating losses in the Victoria's Secret U.K. business. The Company entered into "Light Administration" in June 2020 to restructure store lease agreements. During the third quarter of 2020, the Company entered into a joint venture with Next PLC for the Victoria’s Secret business in the United Kingdom and Ireland (“Victoria’s Secret U.K.”). Under this agreement, the Company will own 49% of the joint venture, and Next will own 51% and assume responsibility for operations. Subsequent to closing, the Company will account for its investment in the joint venture of the Victoria's Secret U.K. business under the equity method of accounting.
Segment Reporting	Segment Reporting In the third quarter of 2020, the Company changed its segment reporting as a result of leadership changes, actions taken and the ongoing efforts to separate Bath & Body Works and Victoria’s Secret into separate businesses. The Company now has two reportable segments: Bath & Body Works and Victoria’s Secret. Accordingly, the Company will no longer report a Victoria’s Secret and Bath & Body Works International segment as these businesses are now included with their respective brand. Additionally, the Bath & Body Works and Victoria’s Secret segments now include sourcing and production functions (formerly known as Mast) and certain other corporate functions that directly support each brand. These functions were previously included within Other. While this reporting change did not impact the Company's consolidated results, segment data has been recast to be consistent for all periods presented.
Impacts of COVID-19	Impacts of COVID-19 In March 2020, the coronavirus pandemic ("COVID-19") was declared a global pandemic by the World Health Organization. This pandemic has negatively affected the U.S. and global economies, disrupted global supply chains and financial markets, and led to significant travel and transportation restrictions, including mandatory closures and orders to “shelter-in-place.” The situation and preventative or protective actions that governments around the world have taken to contain the spread of COVID-19 have resulted in a period of disruption, including closure of the Company's stores, limited store operating hours, reduced customer traffic and consumer spending and delays in manufacturing and shipping of products and raw materials. During this period, the Company is focused on protecting the health and safety of its customers, employees, contractors, suppliers, and other business partners. The Company is also working with its suppliers to minimize potential disruptions, while managing the Company's business in response to a changing dynamic. The Company's business operations and financial performance for 2020 have been materially impacted by the COVID-19 pandemic. All the Company's stores in North America were closed on March 17th, but the Company was able to re-open the majority of its stores as of the beginning of the third quarter. Operations for Victoria’s Secret Direct were temporarily suspended for approximately one week in late March, while Bath & Body Works Direct has remained open for the duration of 2020. Additionally, the Company has dedicated resources to maximize capacity in its direct fulfillment centers to meet increased customer demand, while focusing on distribution, fulfillment and call center safety. There remains a high level of uncertainty around the pandemic and the potential for further restrictions. In response to the global COVID-19 crisis, the Company took prudent actions to manage expenses and to maintain its solid cash position and financial flexibility through the pandemic, including: •Furloughed most store associates as of April 5 during the temporary store closures, while continuing to provide healthcare benefits for eligible associates; •Suspended associate merit increases; •Temporarily reduced salaries for senior vice presidents and above by 20%; •Temporarily suspended cash compensation for all members of the Board of Directors; •Reduced 2020 forecasted capital expenditures from $550 million to approximately $250 million; •Actively managed inventory to adjust for the impact of channel shifts to meet customer demand; •Suspended the quarterly cash dividend beginning in the second quarter of fiscal 2020; •Suspended many store and select office rent payments during the temporary closures. The Company has made progress on negotiations with nearly all landlords, the result being a combination of rent waivers or abatements relating to closure periods, rent relief relating to the post-reopening “recovery” period given traffic declines, and rent deferrals; •Converted the revolving credit facility to an asset-backed loan facility, issued $2.25 billion in new notes and extinguished $1.259 billion of notes primarily with near-term maturities; and •Extended payment terms to vendors. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which, among other things, provides employer payroll tax credits for wages paid to employees who are unable to work during the coronavirus outbreak and options to defer payroll tax payments. Year-to-date the Company has recognized $55 million of qualified payroll tax credits. For many stores and select office locations, beginning in April, rent was not paid, or was only partially paid, due to the COVID-19 pandemic. Negotiations are ongoing with landlords to determine any potential rent credits or payment deferrals related to COVID-19. As of October 31, 2020, the Company fully accrued to the original contractual rent due to landlords under the leases unless an executed lease amendment was in place. For leases with executed lease amendments, the rent expense and rent accruals have been recognized according to the terms of the executed deal. The Financial Accounting Standards Board (“FASB”) issued guidance in April, which allows COVID-19-related rent concessions to be treated as variable rent.
Fiscal Year	Fiscal Year The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “third quarter of 2020” and “third quarter of 2019” refer to the thirteen-week periods ended October 31, 2020 and November 2, 2019, respectively. “Year-to-Date 2020” and “year-to-date 2019” refer to the thirty-nine-week periods ending October 31, 2020 and November 2, 2019, respectively.
Basis Of Consolidation	Basis of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method. 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 from its investment in the Victoria's Secret U.K. joint venture with Next PLC will be included in General, Administrative and Store Operating Expenses 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.
Interim Financial Statements	Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended October 31, 2020 and November 2, 2019 are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained in the Company’s 2019 Annual Report on Form 10-K. In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments, which are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods.
Seasonality Of Business	Due to the impacts of COVID-19 and seasonal variations in the retail industry, the results of operations for the interim period is not necessarily indicative of the results expected for the full fiscal year.
Goodwill	Goodwill 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. As of November 2, 2019, the Company performed a quantitative interim impairment assessment and concluded that the fair value of the Greater China reporting unit did not exceed its carrying value. Accordingly, the Company recognized a goodwill impairment charge of $30 million in the third quarter of 2019 related to the Greater China reporting unit, due to its estimated future cash flows. This charge is included in General, Administrative and Store Operating Expenses in the 2019 Consolidated Statements of Loss.
Restrictions Cash	Restricted Cash During 2020, the Company placed cash on deposit with certain financial institutions as collateral for lending commitments. The amount of collateral required reduces over time as the Company makes certain paydowns. For additional information, see Note 10, "Long-term Debt and Borrowing Facilities." These deposits, totaling $128 million, are recorded in Other Assets on the October 31, 2020 Consolidated Balance Sheet. The Company's total Cash and Cash Equivalents and Restricted Cash was $2.750 billion as of October 31, 2020.
Derivative Financial Instruments	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. The earnings of the Company's wholly owned foreign operations are subject to exchange rate risk as substantially all the 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 operations. Amounts are reclassified from accumulated other comprehensive income (loss) upon sale of the hedged merchandise to the customer. These gains and losses are recognized in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income (Loss). The fair value of designated cash flow hedges is not significant as of October 31, 2020.
Concentration Of Credit Risk	Concentration of Credit Risk The Company maintains cash and cash equivalents, restricted cash and derivative contracts with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts and limits the amount of credit exposure with any one entity. The Company’s investment portfolio is primarily comprised of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits. The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company records an allowance for uncollectable accounts when it becomes probable that the counterparty will be unable to pay.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available.
New Accounting Pronouncements	New Accounting Pronouncements Credit Losses In June 2016, the FASB issued Accounting Standards Update ("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. The Company adopted the standard in the first quarter of 2020. The adoption of this standard did not have a material impact on the Company's consolidated results of operations, financial position or cash flows. Guarantor Reporting In March 2020, the SEC issued a final rule, Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities, that simplifies the disclosure requirements related to registered securities under Rule 3-10 of Regulation S-X. The rule replaces the requirement to provide condensed consolidating financial information with a requirement to present summarized financial information of the issuers and guarantors. It also requires qualitative disclosures with respect to information about guarantors, the terms and conditions of guarantees and the factors that may affect payment. These disclosures may be provided outside the footnotes to the Company’s consolidated financial statements. The Company early adopted the reporting requirements of the rule in the first quarter of 2020 and elected to provide these disclosures in Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Inventory	Inventories are principally valued at the lower of cost, on a weighted-average cost basis, or net realizable value.

Revenue Recognition (Tables)

9 Months Ended

Oct. 31, 2020

Revenue Recognition and Deferred Revenue [Abstract]

Disaggregation of Revenue

The following table provides a disaggregation of Net Sales for the third quarter and year-to-date 2020 and 2019:


	Third Quarter				Year-to-Date
	2020		2019		2020		2019
	(in millions)
Bath & Body Works Stores - U.S. and Canada	$	1,202	$	872	$	2,304	$	2,468
Bath & Body Works Direct	446		192		1,254		527
Bath & Body Works International (a)	54		35		158		129
Total Bath & Body Works	1,702		1,099		3,716		3,124
Victoria’s Secret Stores - U.S. and Canada	755		1,081		1,633		3,462
Victoria’s Secret Direct	470		331		1,391		1,067
Victoria’s Secret International (b)	128		166		289		504
Total Victoria’s Secret	1,353		1,578		3,313		5,033
Other (c)	—		—		—		50
Total Net Sales	$	3,055	$	2,677	$	7,029	$	8,207

_______________

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

(b)Results include company-operated stores in the U.K. (pre-joint venture) and Greater China, royalties associated with franchised stores and wholesale sales.

(c)Results include wholesale revenues to La Senza subsequent to the Company's divestiture of the business in 2018.

Earnings Per Share And Shareholders' Equity (Tables)

9 Months Ended

Oct. 31, 2020

Earnings Per Share And Shareholders' Equity [Abstract]

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

The following table provides the weighted-average shares utilized for the calculation of basic and diluted earnings (loss) per share for the third quarter and year-to-date 2020 and 2019:


	Third Quarter		Year-to-Date
	2020	2019	2020	2019
	(in millions)

Common Shares	287	284	286	284
Treasury Shares	(8)	(8)	(8)	(8)
Basic Shares	279	276	278	276
Effect of Dilutive Options and Restricted Stock	4	—	—	—
Diluted Shares	283	276	278	276
Anti-dilutive Options and Awards (a)	4	14	11	14

_______________

Schedule Of Dividends Paid

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during year-to-date 2020 and 2019:


	Ordinary Dividends			Total Paid
	(per share)		(in millions)
2020
Third Quarter	$	—		$	—
Second Quarter	—			—
First Quarter	0.30			83
Total	$	0.30		$	83
2019
Third Quarter	$	0.30		$	83
Second Quarter	0.30			83
First Quarter	0.30			83
Total	$	0.90		$	249

Inventories (Tables)

9 Months Ended

Oct. 31, 2020

Inventory, Net [Abstract]

Summary Of Inventories

The following table provides details of inventories as of October 31, 2020, February 1, 2020 and November 2, 2019:


	October 31, 2020		February 1, 2020		November 2, 2019
	(in millions)
Finished Goods Merchandise	$	1,632	$	1,152	$	1,854
Raw Materials and Merchandise Components	233		135		178
Total Inventories	$	1,865	$	1,287	$	2,032

Long-Lived Assets (Tables)

9 Months Ended

Oct. 31, 2020

Property, Plant and Equipment [Abstract]

Impairment of Long-Lived Assets Held and Used by Asset

The following table provides pre-tax long-lived store asset impairment charges included in the Consolidated Statement of Income (Loss) for 2020 and 2019:


Store Asset Impairment								Operating Lease Asset Impairment								Total Impairments
Third Quarter				Year-to-Date				Third Quarter				Year-to-Date				Third Quarter				Year-to-Date
2020		2019		2020		2019		2020		2019		2020		2019		2020		2019		2020		2019
(in millions)
$	—	$	188	$	111	$	188	$	—	$	30	$	103	$	30	$	—	$	218	$	214	$	218

Summary Of Property And Equipment, Net

The following table provides details of property and equipment, net as of October 31, 2020, February 1, 2020 and November 2, 2019:


	October 31, 2020		February 1, 2020		November 2, 2019
	(in millions)
Property and Equipment, at Cost	$	6,312	$	6,613	$	6,449
Accumulated Depreciation and Amortization	(4,081)		(4,127)		(3,878)
Property and Equipment, Net	$	2,231	$	2,486	$	2,571

Long-term Debt and Borrowing Facilities (Tables)

9 Months Ended

Oct. 31, 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 October 31, 2020, February 1, 2020 and November 2, 2019:


	October 31, 2020		February 1, 2020		November 2, 2019
	(in millions)
Senior Secured Debt with Subsidiary Guarantee
$750 million, 6.875% Fixed Interest Rate Secured Notes due July 2025 ("2025 Secured Notes")	$	740	$	—	$	—

Secured Foreign Facilities	98		103		95
Total Senior Secured Debt with Subsidiary Guarantee	$	838	$	103	$	95
Senior Debt with Subsidiary Guarantee
$1 billion, 6.625% Fixed Interest Rate Notes due April 2021 (“2021 Notes”)	$	—	$	450	$	449
$285 million, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”)	284		858		857
$320 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”)	319		498		498
$500 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes")	493		—		—
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”)	277		276		275
$500 million, 5.25% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)	496		496		496
$500 million, 7.50% Fixed Interest Rate Notes due June 2029 ("2029 Notes")	488		487		487
$1 billion, 6.625% Fixed Interest Rate Notes due October 2030 ("2030 Notes")	988		—		—
$1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	991		991		991
$700 million, 6.75% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	694		693		693
Total Senior Debt with Subsidiary Guarantee	$	5,030	$	4,749	$	4,746
Senior Debt
$350 million, 6.95% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	348	$	348	$	348
$247 million, 7.60% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	246		298		298
Unsecured Foreign Facilities	—		50		65
Total Senior Debt	$	594	$	696	$	711
Total	$	6,462	$	5,548	$	5,552
Current Debt	(11)		(61)		(75)
Total Long-term Debt, Net of Current Portion	$	6,451	$	5,487	$	5,477

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&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=119993939&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=120395691&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=119993939&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

Fair Value Measurements (Tables)

9 Months Ended

Oct. 31, 2020

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

Carrying Value And Fair Value Of Long-Term Debt, Disclosure

The following table provides a summary of the principal value and estimated fair value of outstanding publicly traded debt as of October 31, 2020, February 1, 2020 and November 2, 2019:


	October 31, 2020		February 1, 2020		November 2, 2019
	(in millions)
Principal Value	$	6,449	$	5,458	$	5,458
Fair Value, Estimated (a)	6,678		5,555		5,156

_______________

Comprehensive Income (Tables)

9 Months Ended

Oct. 31, 2020

Statement of Comprehensive Income [Abstract]

Components Of Accumulated Other Comprehensive Income

The following table provides the rollforward of accumulated other comprehensive income for year-to-date 2020:


	Foreign Currency Translation		Cash Flow Hedges		Accumulated Other Comprehensive Income
	(in millions)
Balance as of February 1, 2020	$	52	$	—	$	52
Other Comprehensive Income (Loss) Before Reclassifications	(4)		2		(2)
Amounts Reclassified from Accumulated Other Comprehensive Income	—		(2)		(2)
Tax Effect	—		—		—
Current-period Other Comprehensive Income (Loss)	(4)		—		(4)
Balance as of October 31, 2020	$	48	$	—	$	48

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


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

Segment Information (Tables)

9 Months Ended

Oct. 31, 2020

Segment Reporting [Abstract]

Schedule Of Segment Reporting Information

The following table provides the Company’s segment information for the third quarter and year-to-date 2020 and 2019:


	Bath & Body Works		Victoria’s Secret		Other		Total
	(in millions)
2020
Third Quarter:
Net Sales	$	1,702	$	1,353	$	—	$	3,055
Operating Income (Loss) (a)	494		145		(58)		581
Year-to-Date:
Net Sales	$	3,716	$	3,313	$	—	$	7,029
Operating Income (Loss) (a) (b)	907		(427)		(173)		307
2019
Third Quarter:
Net Sales	$	1,099	$	1,578	$	—	$	2,677
Operating Income (Loss) (c)	209		(318)		(42)		(151)
Year-to-Date:
Net Sales	$	3,124	$	5,033	$	50	$	8,207
Operating Income (Loss) (c)	560		(250)		(133)		177

_______________

(c)Victoria's Secret includes store and lease asset impairment charges of $218 million and goodwill impairment charges of $30 million. For additional information, see Note 7, “Long-Lived Assets."

Description Of Business And Basis Of Presentation (Details) $ in Millions	3 Months Ended		9 Months Ended	12 Months Ended
	Oct. 31, 2020 USD ($) Reportable_Segments	Nov. 02, 2019 USD ($)	Oct. 31, 2020 USD ($)	Jan. 30, 2021 USD ($)	Feb. 01, 2020 USD ($)	Feb. 02, 2019 USD ($)
Description Of Business And Basis of Presentation
Number of Reportable Segments \| Reportable_Segments	2
Decrease in operating expenses			$ 55
Debt Instrument, Face Amount			2,250
Extinguishment of debt			1,259
Goodwill impairment loss		$ 30
Other assets	$ 128		128
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 2,750	$ 340	$ 2,750		$ 1,499	$ 1,413
Forecast
Description Of Business And Basis of Presentation
Original Capital Expenditures Forecast				$ 550
Forecasted capital expenditures				$ 250

Revenue Recognition Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Contract with Customer, Liability	$ 313	$ 342	$ 280
Contract with Customer, Liability, Revenue Recognized	163
Accounts Receivable [Member]
Contract with Customer, Asset, after Allowance for Credit Loss	176	$ 152	$ 147
Accrued Liabilities [Member]
Contract with Customer, Liability	302
Other Long-term Liabilities [Member]
Contract with Customer, Liability	$ 11

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue Recognition (Details) - USD ($) $ in Millions	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Disaggregation of Revenue [Line Items]
Net Sales	$ 3,055	$ 2,677	$ 7,029	$ 8,207
Bath & Body Works [Member]
Disaggregation of Revenue [Line Items]
Net Sales	1,702	1,099	3,716	3,124
Victoria's Secret [Member]
Disaggregation of Revenue [Line Items]
Net Sales	1,353	1,578	3,313	5,033
Other Operating Segments [Member]
Disaggregation of Revenue [Line Items]
Net Sales	0	0	0	50
Bath & Body Works Stores [Member]
Disaggregation of Revenue [Line Items]
Net Sales	1,202	872	2,304	2,468
Bath & Body Works Direct [Member]
Disaggregation of Revenue [Line Items]
Net Sales	446	192	1,254	527
Bath & Body Works International
Disaggregation of Revenue [Line Items]
Net Sales	54	35	158	129
Victoria's Secret Stores [Member]
Disaggregation of Revenue [Line Items]
Net Sales	755	1,081	1,633	3,462
Victoria's Secret Direct [Member]
Disaggregation of Revenue [Line Items]
Net Sales	470	331	1,391	1,067
Victoria’s Secret International [Member]
Disaggregation of Revenue [Line Items]
Net Sales	$ 128	$ 166	$ 289	$ 504

Restructuring (Details) $ in Millions	3 Months Ended		9 Months Ended
Restructuring (Details) $ in Millions	Oct. 31, 2020 USD ($)	Aug. 01, 2020 USD ($) associate	Oct. 31, 2020 USD ($)	Nov. 02, 2019 USD ($)	Oct. 18, 2020
Restructuring Cost and Reserve [Line Items]
Reduction of home office headcount		15.00%
Number of home office associates \| associate		850
La Senza Charges			$ 0	$ 37
Payments for Restructuring	$ 33
NetGainOnFormationOfVSUKJointVenture			30	$ 0
Victoria's Secret U.K. [Member]
Restructuring Cost and Reserve [Line Items]
Ownership percentage					49.00%
Victoria's Secret U.K. [Member] \| Next PLC [Member]
Restructuring Cost and Reserve [Line Items]
Ownership percentage					51.00%
Selling, General and Administrative Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs		$ 81
Victoria's Secret [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs		51
NetGainOnFormationOfVSUKJointVenture			30
Bath & Body Works [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs		12
Other [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs		$ 18
Accrued Expenses and Other
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 56		$ 56

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

3 Months Ended

9 Months Ended

Oct. 31, 2020

Nov. 02, 2019

Oct. 31, 2020

Nov. 02, 2019

Earnings Per Share And Shareholders' Equity [Abstract]

Common Shares

287

284

286

284

Treasury Shares

(8)

Basic Shares

279

276

278

276

Effect of Dilutive Options and Restricted Stock

Diluted Shares

283

276

278

276

Anti-dilutive Options and Awards (a)

^[1]

[1]

These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For 2019 and year-to-date 2020, the dilutive impact of outstanding options and awards were excluded from dilutive shares as a result of the Company's net loss for the periods.

Earnings Per Share And Shareholders' Equity (Schedule of Company's Repurchase Program) (Details) - March 2018 Repurchase Program [Member] - USD ($) $ in Millions	Oct. 31, 2020	May 05, 2018
Amount Authorized		$ 250
Remaining authorized repurchase amount	$ 79

Earnings Per Share And Shareholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Oct. 31, 2020	Aug. 01, 2020	May 02, 2020	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Oct. 31, 2020	Nov. 02, 2019
Earnings Per Share And Shareholders' Equity [Abstract]
Ordinary Dividends	$ 0	$ 0	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.90
Payments of Dividends	$ 0	$ 0	$ 83	$ 83	$ 83	$ 83	$ 83	$ 249

Inventories (Details) - USD ($) $ in Millions	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Inventory [Line Items]
Inventory, Finished Goods, Net of Reserves	$ 1,632	$ 1,152	$ 1,854
Raw Materials and Merchandise Components	233	135	178
Total Inventories	$ 1,865	$ 1,287	$ 2,032

Long-Lived Assets (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
Long-Lived Assets (Details) - USD ($) $ in Millions	Oct. 31, 2020	Aug. 01, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019	Feb. 01, 2020
Property, Plant and Equipment [Line Items]
Property and Equipment, at Cost	$ 6,312		$ 6,449	$ 6,312	$ 6,449	$ 6,613
Accumulated Depreciation and Amortization	(4,081)		(3,878)	(4,081)	(3,878)	(4,127)
Property and Equipment, Net	2,231		2,571	2,231	2,571	$ 2,486
Depreciation	127		148	393	443
Gain (Loss) on Termination of Lease		$ 39		39	0
Victoria's Secret [Member]
Property, Plant and Equipment [Line Items]
Long-lived Store Asset Impairment Charges	$ 0		$ 218	$ 214	$ 218
Severance Costs		51
Victoria’s Secret International [Member]
Property, Plant and Equipment [Line Items]
Severance Costs		3
Selling, General and Administrative Expenses [Member]
Property, Plant and Equipment [Line Items]
Severance Costs		$ 81

Long-Lived Assets - Impairment of Long-Lived Assets Held and Used by Asset (Details) - Victoria's Secret [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Impaired Long-Lived Assets Held and Used [Line Items]
Victoria's Secret Asset Impairments	$ 0	$ 218	$ 214	$ 218
Store Asset [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Victoria's Secret Asset Impairments	0	188	111	188
Operating Lease Asset [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Victoria's Secret Asset Impairments	$ 0	$ 30	$ 103	$ 30

Equity Investments (Details) - USD ($) $ in Millions	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Easton Investment [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 125	$ 118	$ 112

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019	Feb. 01, 2020
Income Tax Disclosure [Abstract]
Effective Income Tax Rate, Continuing Operations	19.30%	9.10%	74.80%	0.40%
Income Tax Expense (Benefit)	$ (79)	$ 25	$ 47	$ 1
Income Taxes Paid	9	$ 27	31	$ 208
Unrecognized Tax Benefits					$ 88
Unrecognized Tax Benefits that Would Impact Effective Tax Rate					$ 81
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities			29
Other Tax Expense (Benefit)			28
Tax Adjustments, Settlements, and Unusual Provisions	23
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 28		$ 28

Long-term Debt and Borrowing Facilities (Schedule Of Long-term Debt Instruments) (Details) - USD ($)	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Debt, Current	$ (11,000,000)	$ (61,000,000)	$ (75,000,000)
Debt, Long-term and Short-term, Combined Amount	6,462,000,000	5,548,000,000	5,552,000,000
Total Long-term Debt, Net of Current Portion	6,451,000,000	5,487,000,000	5,477,000,000
Revolving Credit Expiring August 2024 [Member]
Line of Credit	0
With Subsidiary Guarantee [Member]
Debt, Long-term and Short-term, Combined Amount	838,000,000	103,000,000	95,000,000
With Subsidiary Guarantee [Member] \| 6.875% Fixed Interest Rate Secured Notes due July 2025 [Member]
Notes Payable, Noncurrent	740,000,000	0	0
With Subsidiary Guarantee [Member] \| Fixed Rate 6.875% Notes Due November 2035 [Member]
Notes Payable, Noncurrent	991,000,000	991,000,000	991,000,000
With Subsidiary Guarantee [Member] \| Fixed Rate 5.625 Percent Notes Due February 2022 [Member]
Notes Payable, Noncurrent	284,000,000	858,000,000	857,000,000
With Subsidiary Guarantee [Member] \| Fixed Rate 6.625 Percent Notes Due April 2021 [Member]
Notes Payable, Noncurrent	0	450,000,000	449,000,000
With Subsidiary Guarantee [Member] \| Fixed Rate 5.625% Notes Due October 2023 [Member]
Notes Payable, Noncurrent	319,000,000	498,000,000	498,000,000
With Subsidiary Guarantee [Member] \| Fixed Rate 5.25% Notes Due February 2028 [Member]
Notes Payable, Noncurrent	496,000,000	496,000,000	496,000,000
With Subsidiary Guarantee [Member] \| 9.375% Fixed Interest Rate Notes due July 2025 [Member]
Notes Payable, Noncurrent	493,000,000	0	0
With Subsidiary Guarantee [Member] \| Fixed Rate 7.5% Notes Due June 2029 [Member]
Notes Payable, Noncurrent	488,000,000	487,000,000	487,000,000
With Subsidiary Guarantee [Member] \| Fixed Rate 6.694% Notes Due January 2027 [Member]
Notes Payable, Noncurrent	277,000,000	276,000,000	275,000,000
With Subsidiary Guarantee [Member] \| Senior Debt Obligations [Member]
Debt, Long-term and Short-term, Combined Amount	5,030,000,000	4,749,000,000	4,746,000,000
With Subsidiary Guarantee [Member] \| Foreign Facilities with Parent Guarantee [Member]
Line of Credit	98,000,000	103,000,000	95,000,000
With Subsidiary Guarantee [Member] \| Fixed Rate 6.75% Notes Due July 2036 [Member]
Notes Payable, Noncurrent	694,000,000	693,000,000	693,000,000
With Subsidiary Guarantee [Member] \| Fixed Rate 6.625% Notes Due October 2030 [Member]
Notes Payable, Noncurrent	988,000,000	0	0
Without Subsidiary Guarantee [Member]
Debt, Long-term and Short-term, Combined Amount	594,000,000	696,000,000	711,000,000
Without Subsidiary Guarantee [Member] \| Foreign Facilities with Parent Guarantee [Member]
Line of Credit	0	50,000,000	65,000,000
Without Subsidiary Guarantee [Member] \| Fixed Rate 6.95% Debentures Due March 2033 [Member]
Notes Payable, Noncurrent	348,000,000	348,000,000	348,000,000
Without Subsidiary Guarantee [Member] \| Fixed Rate 7.60% Notes Due July 2037 [Member]
Notes Payable, Noncurrent	$ 246,000,000	$ 298,000,000	$ 298,000,000

Long-term Debt and Borrowing Facilities (Issuance And Repurchase Of Notes) (Narrative) (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Aug. 03, 2019	Jul. 06, 2019	Oct. 31, 2020	Aug. 01, 2020	Oct. 31, 2020	Nov. 02, 2019	Feb. 01, 2020
Debt Instrument, Face Amount			$ 6,449,000,000		$ 6,449,000,000	$ 5,458,000,000	$ 5,458,000,000
Proceeds from Issuance of Long-Term Debt, Net of Issuance Costs					2,219,000,000	486,000,000
Extinguishment of debt					1,259,000,000
Debt Instrument, Repurchase Amount		$ 669,000,000	844,000,000		1,307,000,000	799,000,000
Loss on Extinguishment of Debt					53,000,000	40,000,000
Extinguishment of Debt, Gain (Loss), Net of Tax					40,000,000	$ 30,000,000
Fixed Rate 6.625 Percent Notes Due April 2021 [Member]
Debt Instrument, Repurchase Amount			463,000,000
Fixed Rate 7.00% Notes Due May 2020 [Member]
Debt Instrument, Repurchase Amount	$ 130,000,000
With Subsidiary Guarantee [Member] \| 6.875% Fixed Interest Rate Secured Notes due July 2025 [Member]
Debt Instrument, Face Amount				$ 750,000,000
Debt instrument, stated rate				6.875%
Proceeds from Issuance of Debt				$ 739,000,000
Payments of Debt Issuance Costs				11,000,000
With Subsidiary Guarantee [Member] \| 9.375% Fixed Interest Rate Notes due July 2025 [Member]
Debt Instrument, Face Amount				$ 500,000,000
Debt instrument, stated rate				9.375%
Proceeds from Issuance of Debt				$ 492,000,000
Payments of Debt Issuance Costs				$ 8,000,000
With Subsidiary Guarantee [Member] \| Fixed Rate 5.625 Percent Notes Due February 2022 [Member]
Extinguishment of debt		96,000,000	576,000,000
With Subsidiary Guarantee [Member] \| Fixed Rate 6.625 Percent Notes Due April 2021 [Member]
Extinguishment of debt		330,000,000	450,000,000
With Subsidiary Guarantee [Member] \| Fixed Rate 7.00% Notes Due May 2020 [Member]
Extinguishment of debt	$ 126,000,000	$ 212,000,000
With Subsidiary Guarantee [Member] \| Fixed Rate 6.625% Notes Due October 2030 [Member]
Debt Instrument, Face Amount			$ 1,000,000,000		$ 1,000,000,000
Debt instrument, stated rate			6.625%		6.625%
Proceeds from Issuance of Debt			$ 988,000,000
Payments of Debt Issuance Costs			12,000,000		$ 12,000,000
With Subsidiary Guarantee [Member] \| Fixed Rate 5.625% Notes Due October 2023 [Member]
Extinguishment of debt			180,000,000
Without Subsidiary Guarantee [Member] \| Fixed Rate 7.60% Notes Due July 2037 [Member]
Extinguishment of debt			$ 53,000,000

Long-term Debt and Borrowing Facilities (Revolving Facility And Letters Of Credit) (Narrative) (Details) - USD ($)	3 Months Ended	9 Months Ended
	Oct. 31, 2020	Oct. 31, 2020	Nov. 02, 2019	Feb. 01, 2020
Revolving Credit Expiring August 2024 [Member]
Outstanding Borrowings on Lines of Credit	$ 0	$ 0
Borrowings from Foreign Facilities		950,000,000
Repayments of Lines of Credit		950,000,000	$ 0
Foreign Facilities [Member]
Repayments of Lines of Credit		91,000,000	21,000,000
Letter of Credit [Member]
Letters of Credit Outstanding, Amount	63,000,000	63,000,000
Revolving Credit Facility [Member] \| Revolving Credit Expiring August 2024 [Member]
Revolving facility, borrowing capacity	1,000,000,000	1,000,000,000
Line of Credit Financial Covenant, Consolidated Cash Balance	350,000,000	350,000,000
Line of Credit Facility, Current Borrowing Capacity	$ 1,453,000,000	1,453,000,000
Revolving Facility Commitment fee percentage, unused capacity	0.30%
Revolving Facility Current credit fees percentage rate, letters of credit	1.75%
Revolving Facility Percentage spread over variable base rate	1.75%
Revolving Facility Covenant Fixed charge coverage ratio	1.00
Line of Credit Financial Covenant, Maximum Borrowing Amount	$ 100,000,000
Without Subsidiary Guarantee [Member] \| Foreign Facilities with Parent Guarantee [Member]
Outstanding Borrowings on Lines of Credit	0	0	65,000,000	$ 50,000,000
Borrowings from Foreign Facilities		13,000,000
Repayments of Lines of Credit		63,000,000
With Subsidiary Guarantee [Member] \| Foreign Facilities with Parent Guarantee [Member]
Revolving facility, borrowing capacity	128,000,000	128,000,000
Outstanding Borrowings on Lines of Credit	98,000,000	98,000,000	$ 95,000,000	$ 103,000,000
Borrowings from Foreign Facilities		21,000,000
Line of Credit, Current	$ 11,000,000	11,000,000
Repayments of Lines of Credit		$ 28,000,000

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

Oct. 31, 2020

Feb. 01, 2020

Nov. 02, 2019

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

Principal Value

$ 6,449

$ 5,458

Fair Value (a)

^[1]

$ 6,678

$ 5,555

$ 5,156

[1]

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.

Comprehensive Income (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			$ 52	$ 59
Other Comprehensive Income (Loss), before Reclassifications, before Tax			(2)	(3)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax			(2)	(4)
Other Comprehensive Income (Loss), Tax			0	1
Total Other Comprehensive Income (Loss), Net of Tax	$ (1)	$ 4	(4)	(6)
Accumulated Other Comprehensive Income (Loss), Ending Balance	48	53	48	53
Accumulated Translation Adjustment [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			52	57
Other Comprehensive Income (Loss), before Reclassifications, before Tax			(4)	(5)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax			0	0
Other Comprehensive Income (Loss), Tax			0	0
Total Other Comprehensive Income (Loss), Net of Tax			(4)	(5)
Accumulated Other Comprehensive Income (Loss), Ending Balance	48	52	48	52
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			0	2
Other Comprehensive Income (Loss), before Reclassifications, before Tax			2	2
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax			(2)	(4)
Other Comprehensive Income (Loss), Tax			0	1
Total Other Comprehensive Income (Loss), Net of Tax			0	(1)
Accumulated Other Comprehensive Income (Loss), Ending Balance	$ 0	$ 1	$ 0	$ 1

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

- Definition

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

+ References

+ Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120385591&loc=d3e39076-109324

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120385591&loc=d3e38679-109324

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32672-109319

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121641772&loc=d3e640-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

Commitments And Contingencies (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
La Senza Charges	$ 0	$ 37
LaSenza [Member]
Loss Contingency Accrual	35
LaSenza [Member] \| Lease Agreements [Member]
Loss Contingency, Maximum Exposure, Undiscounted	$ 34

Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Retirement Benefits Disclosure [Line Items]
Expense related to the qualified plan	$ 16	$ 19	$ 55	$ 58
Other Pension Plans, Postretirement or Supplemental Plans, Defined Benefit [Member]
Retirement Benefits Disclosure [Line Items]
Liability, Other Retirement Benefits	258		258
Expense related to non-qualified plan	$ 3	$ 8	$ 11	$ 20

Segment Information (Details) $ in Millions	3 Months Ended			9 Months Ended
Segment Information (Details) $ in Millions	Oct. 31, 2020 USD ($) Reportable_Segments	Aug. 01, 2020 USD ($)	Nov. 02, 2019 USD ($)	Oct. 31, 2020 USD ($)	Nov. 02, 2019 USD ($)
Number of Reportable Segments \| Reportable_Segments	2
Net Sales	$ 3,055		$ 2,677	$ 7,029	$ 8,207
Operating Income (Loss) (a)	581		(151)	307	177
Victoria's Secret [Member]
Long-lived Store Asset Impairment Charges	0		218	214	218
Net Gain from Hong Kong Store Closure and Lease Termination				36
Severance Costs		$ 51
Net Sales	1,353		1,578	3,313	5,033
Operating Income (Loss) (a)	145		(318)	(427)	(250)
Bath & Body Works [Member]
Severance Costs		12
Net Sales	1,702		1,099	3,716	3,124
Operating Income (Loss) (a)	494		209	907	560
Other [Member]
Severance Costs		$ 18
Net Sales	0		0	0	50
Operating Income (Loss) (a)	(58)		(42)	(173)	(133)
International [Member]
Net Sales	$ 320		$ 318	$ 738	$ 1,024