0000701985-21-000011 | 10-K | XBRL Viewer

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Cover - USD ($)	12 Months Ended
Cover - USD ($)	Jan. 30, 2021	Mar. 12, 2021	Aug. 01, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jan. 30, 2021
Document Transition Report	false
Entity File Number	1-8344
Entity Registrant Name	L BRANDS, INC.
Entity Central Index Key	0000701985
Current Fiscal Year End Date	--01-30
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	31-1029810
Entity Address, Address Line One	Three Limited Parkway,
Entity Address, City or Town	Columbus,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43230
City Area Code	614
Local Phone Number	415-7000
Title of 12(b) Security	Common Stock, $0.50 Par Value
Trading Symbol	LB
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 5,687,395,135
Entity Common Stock, Shares Outstanding		278,814,447
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Proxy Statement for the Registrant’s 2021 Annual Meeting of Stockholders are incorporated by reference into Part III.

Consolidated Statements of Income - USD ($) $ in Millions	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Millions	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Income Statement [Abstract]
Total Net Sales	$ 11,847	$ 12,914	$ 13,237
Costs of Goods Sold, Buying and Occupancy	7,180	8,464	8,338
Gross Profit	4,667	4,450	4,899
General, Administrative and Store Operating Expenses	3,087	3,472	3,563
Impairment of Goodwill	0	(720)	0
Loss on Divestiture of La Senza	0	0	(99)
Operating Income	1,580	258	1,237
Interest Expense	438	378	385
Other Income (Loss)	(50)	(61)	5
Income (Loss) Before Income Taxes	1,092	(181)	857
Provision for Income Taxes	248	185	213
Net Income (Loss) Attributable to Parent	$ 844	$ (366)	$ 644
Net Income (Loss) Per Basic Share	$ 3.04	$ (1.33)	$ 2.33
Net Income (Loss) Per Diluted Share	$ 3.00	$ (1.33)	$ 2.31

Consoldiated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Consolidated Statements of Income [Abstract]
Net Income (Loss)	$ 844	$ (366)	$ 644
Other Comprehensive Income (Loss), Net of Tax
Foreign Currency Translation	(3)	(5)	(20)
Foreign-currency translation adjustment	36	0	45
Unrealized Gain (Loss) on Cash Flow Hedges	(2)	2	10
Reclassification of Cash Flow Hedges to Earnings	0	(4)	2
Other Comprehensive Income (Loss), Net of Tax, Total	31	(7)	37
Total Comprehensive Income (Loss)	$ 875	$ (373)	$ 681

- 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	Jan. 30, 2021	Feb. 01, 2020
Current Assets:
Cash and Cash Equivalents	$ 3,903	$ 1,499
Accounts Receivable, Net	269	306
Inventories	1,273	1,287
Other	134	153
Total Current Assets	5,579	3,245
Property and Equipment, Net	2,095	2,486
Operating Lease, Right-of-Use Asset	2,558	3,053
Goodwill	628	628
Trade Names	411	411
Deferred Income Taxes	69	84
Other Assets	231	218
Total Assets	11,571	10,125
Current Liabilities:
Accounts Payable	683	647
Accrued Expenses and Other	1,457	1,052
Debt, Current	0	61
Operating Lease, Liability, Current	594	478
Income Taxes	92	134
Total Current Liabilities	2,826	2,372
Deferred Income Taxes	234	219
Long-term Debt	6,366	5,487
Operating Lease, Liability, Noncurrent	2,495	3,052
Other Long-term Liabilities	311	490
Shareholders' Equity (Deficit):
Preferred Stock—$1.00 par value; 10 shares authorized; none issued	0	0
Common Stock—$0.50 par value; 1,000 shares authorized; 286 and 285 shares issued; 278 and 277 shares outstanding, respectively	143	142
Paid-in Capital	891	847
Accumulated Other Comprehensive Income	83	52
Retained Earnings (Deficit)	(1,421)	(2,182)
Less: Treasury Stock, at Average Cost; 8 and 8 shares, respectively	(358)	(358)
Total L Brands, Inc. Shareholders’ Equity (Deficit)	(662)	(1,499)
Noncontrolling Interest	1	4
Total Equity (Deficit)	(661)	(1,495)
Total Liabilities and Equity (Deficit)	$ 11,571	$ 10,125

Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Jan. 30, 2021	Feb. 01, 2020
Preferred Stock, Par or Stated Value Per Share	$ 1.00	$ 1.00
Preferred Stock, Shares Authorized	10	10
Preferred Stock, Shares Issued	0	0
Common Stock, Par or Stated Value Per Share	$ 0.50	$ 0.50
Common Stock, Shares Authorized	1,000	1,000
Common Stock, Shares, Issued	286	285
Common Stock, Shares, Outstanding	278	277
Treasury Stock, Shares	8	8

Consolidated Statements of Total Equity (Deficit) - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock [Member]	Common Stock [Member] Cumulative Effect, Period of Adoption, Adjustment	Common Stock [Member] Cumulative Effect, Period of Adoption, Adjusted Balance	Paid-in Capital [Member]	Paid-in Capital [Member] Cumulative Effect, Period of Adoption, Adjustment	Paid-in Capital [Member] Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings (Accumulated Deficit) [Member]	Retained Earnings (Accumulated Deficit) [Member] Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings (Accumulated Deficit) [Member] Cumulative Effect, Period of Adoption, Adjusted Balance	Treasury Stock, at Average Cost [Member]	Treasury Stock, at Average Cost [Member] Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock, at Average Cost [Member] Cumulative Effect, Period of Adoption, Adjusted Balance	Noncontrolling Interest [Member]	Noncontrolling Interest [Member] Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interest [Member] Cumulative Effect, Period of Adoption, Adjusted Balance
Ending Balance (in shares)				280		280
Beginning Balance at Feb. 03, 2018	$ (751)	$ (28)	$ (779)	$ 141		$ 141	$ 678		$ 678	$ 24	$ (2)	$ 22	$ (1,434)	$ (26)	$ (1,460)	$ (162)		$ (162)	$ 2		$ 2
Beginning Balance (in shares) at Feb. 03, 2018				280		280
Net Income (Loss)	644			$ 0			0			0			644			0			0
Other Comprehensive Income (Loss)	$ 37			0			0			37			0			0			0
Common Stock, Dividends, Per Share, Declared	$ 2.40
Total Comprehensive Income (Loss)	$ 681			0			0			37			644			0			0
Dividends, Common Stock, Cash	(666)			$ 0			0			0			(666)			0			0
Treasury Stock, Shares, Acquired				5
Repurchase of Common Stock	(196)			$ 0			0			0			0			(196)			0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				0
Share-based Compensation and Other	95			$ 0			93			0			0			0			2
Ending Balance at Feb. 02, 2019	(865)	$ (2)	$ (867)	$ 141	$ 0	$ 141	771	$ 0	$ 771	59	$ 0	$ 59	(1,482)	$ (2)	$ (1,484)	(358)	$ 0	$ (358)	4	$ 0	$ 4
Ending Balance (in shares)				280		280
Ending Balance (in shares)				275		275
Beginning Balance (in shares) at Feb. 02, 2019				275		275
Net Income (Loss)	(366)			$ 0			0			0			(366)			0			0
Other Comprehensive Income (Loss)	$ (7)			0			0			(7)			0			0			0
Common Stock, Dividends, Per Share, Declared	$ 1.20
Total Comprehensive Income (Loss)	$ (373)			0			0			(7)			(366)			0			0
Dividends, Common Stock, Cash	(332)			$ 0			0			0			(332)			0			0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				2
Share-based Compensation and Other	77			$ 1			76			0			0			0			0
Ending Balance at Feb. 01, 2020	$ (1,495)			$ 142			847			52			(2,182)			(358)			4
Ending Balance (in shares)				275		275
Ending Balance (in shares)	277			277
Beginning Balance (in shares) at Feb. 01, 2020	277			277
Net Income (Loss)	$ 844			$ 0			0			0			844			0			0
Other Comprehensive Income (Loss)	$ 31			0			0			31			0			0			0
Common Stock, Dividends, Per Share, Declared	$ 0.30
Total Comprehensive Income (Loss)	$ 875			0			0			31			844			0			0
Dividends, Common Stock, Cash	(83)			$ 0			0			0			(83)			0			0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				1
Share-based Compensation and Other	42			$ 1			44			0			0			0			(3)
Ending Balance at Jan. 30, 2021	$ (661)			$ 143			$ 891			$ 83			$ (1,421)			$ (358)			$ 1
Ending Balance (in shares)	277			277
Ending Balance (in shares)	278			278

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Net Income (Loss)	$ 844	$ (366)	$ 644
Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities:
Impairment of Goodwill	0	720	0
Depreciation of Long-lived Assets	521	588	590
Amortization of Landlord Allowances	0	0	(43)
Impairment of Long-Lived Assets Held-for-use	254	263	101
Share-based Compensation Expense	50	87	97
Deferred Income Taxes	33	(29)	(52)
Gain (Loss) on Extinguishment of Debt	(53)	(40)	0
Gain (Loss) on Termination of Lease	(39)	0	0
Net Gain On Formation Of VS UK Joint Venture	(54)	0	0
La Senza Charges	0	37	0
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	0	0	99
Changes in Assets and Liabilities, Net of Assets and Liabilities related to Divestitures:
Accounts Receivable	38	31	(63)
Inventories	3	(40)	(40)
Accounts Payable, Accrued Expenses and Other	166	(93)	29
Income Taxes Payable	(43)	18	(113)
Other Assets and Liabilities	213	(20)	128
Net Cash Provided by (Used for) Operating Activities	2,039	1,236	1,377
Investing Activities
Capital Expenditures	(228)	(458)	(629)
Other Investing Activities	9	(22)	20
Net Cash Used for Investing Activities	(219)	(480)	(609)
Financing Activities
Proceeds from Debt, Net of Issuance Costs	2,218	486	0
Repayments of Long-term Debt	(1,307)	(799)	(52)
Proceeds from Lines of Credit	950	12	92
Repayments of Lines of Credit	(950)	(12)	(92)
Payments of Dividends	(83)	(332)	(666)
Finance Lease, Principal Payments	(53)	(8)	(4)
Repurchases of Common Stock	0	0	(198)
Payment, Tax Withholding, Share-based Payment Arrangement	(12)	(13)	(13)
Proceeds from (Payments for) Other Financing Activities	2	(5)	(2)
Net Cash Provided by (Used for) Financing Activities	610	(666)	(872)
Effects of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash	4	(4)	2
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash	2,434	86	(102)
Cash and Cash Equivalents and Restricted Cash, Beginning of Period	1,499	1,413	1,515
Cash and Cash Equivalents and Restricted Cash, End of Period	3,933	1,499	1,413
Foreign Facilities [Member]
Financing Activities
Proceeds from Lines of Credit	34	167	172
Repayments of Lines of Credit	$ (189)	$ (162)	$ (109)

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Jan. 30, 2021

Accounting Policies [Abstract]

Description of Business and Summary of Significant Accounting Policies

Description of Business

L Brands, Inc. (the "Company") operates the Bath & Body Works, Victoria's Secret and PINK retail brands in the highly competitive specialty retail business. Founded in 1963 in Columbus, Ohio, the Company has evolved from an apparel-based specialty retailer to a segment leader focused on 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, through international franchise, license and wholesale partners and through its websites worldwide.

The Company is committed to establishing its Bath & Body Works business as a pure-play public company and is taking the necessary steps to prepare the Victoria's Secret business, including PINK, to operate as a separate standalone company. The Company's Board of Directors is currently evaluating all options, including a potential spin-off of the Victoria’s Secret business into a public company or a private sale of the business.

Segment Reporting

In the third quarter of 2020, the Company changed its segment reporting as a result of leadership changes and restructuring actions taken to facilitate 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 20, “Segment Information."

Impacts of COVID-19

In March 2020, 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 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 were materially impacted by the COVID-19 pandemic. All of the Company's stores in North America were closed on March 17, 2020 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 2020, while Bath & Body Works Direct remained open for the duration of fiscal 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. The Company:

•Furloughed most store associates as of April 5, 2020 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 fiscal 2020 capital expenditures from an original forecast of $550 million to $228 million;

•Actively managed inventory to adjust for the impact of channel shifts to meet customer demand;

•Temporarily 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 completed negotiations with the majority of landlords, leading to 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 CARES Act which, among other things, provided employer payroll tax credits for wages paid to employees who were unable to work during the coronavirus outbreak and options to defer payroll tax payments. During fiscal 2020, the Company recognized $55 million of qualified payroll tax credits.

Fiscal Year

The Company's fiscal year ends on the Saturday nearest to January 31. As used herein, “2020," "2019," and “2018” refer to the 52-week periods ended January 30, 2021, February 1, 2020 and February 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 is included in General, Administrative and Store Operating Expenses in the Consolidated Statements of Income (Loss). See Note 5, "Restructuring Activities" for additional information on the Victoria's Secret U.K. joint venture. 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.

Cash and Cash Equivalents

Cash and Cash Equivalents include cash on hand, demand deposits with financial institutions and highly liquid investments with original maturities of less than 90 days. The Company’s outstanding checks, which totaled $9 million as of January 30, 2021 and $15 million as of February 1, 2020, are included in Accounts Payable on the Consolidated Balance Sheets.

Restricted Cash

During 2020, the Company placed cash on deposit with certain financial institutions as collateral for their lending commitments. As of January 30, 2021, the amount of collateral required was dependent upon the aggregate lending commitments. For additional information, see Note 13, "Long-term Debt and Borrowing Facilities."

These deposits, totaling $30 million, are recorded in Other Assets on the January 30, 2021 Consolidated Balance Sheet. The Company's total Cash and Cash Equivalents and restricted cash was $3.933 billion as of January 30, 2021.

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 determines the required allowance for expected credit losses using information such as customer credit history and financial condition. Amounts are charged against the allowance when it is determined that expected credit losses may occur.

Inventories

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

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

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

Advertising Costs

Advertising and marketing costs are expensed at the time the promotion first appears in media, in the store or when the advertising is mailed. Advertising and marketing costs totaled $352 million for 2020, $428 million for 2019 and $476 million for 2018.

Property and Equipment

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


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

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

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

Leases and Leasehold Improvements

In the first quarter of 2019, the Company adopted ASC 842, Leases, using the modified retrospective approach. Results for 2020 and 2019 are presented under ASC 842, while results for 2018 have not been adjusted and continue to be presented under the accounting standard in effect at that time.

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

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

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

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

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

Intangible Assets - Goodwill and Trade Names

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

Goodwill is reviewed for impairment at the reporting unit level each year in the fourth quarter and may be reviewed more frequently if certain events occur or circumstances change. The Company has the option to either first perform a qualitative assessment to determine whether it is more likely than not that each reporting unit's fair value is less than its carrying value (including goodwill), or to proceed directly to the quantitative assessment which requires a comparison of the reporting unit's fair value to its carrying value (including goodwill). If the Company determines that the fair value of a reporting unit is less than its carrying value, it 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 a result of goodwill impairment charges recognized in 2019, only the Bath & Body Works reporting unit has goodwill as of January 30, 2021.

The Bath & Body Works and Victoria’s Secret trade names are intangible assets with indefinite lives. Intangible assets with indefinite lives are reviewed for impairment each year in the fourth quarter and may be reviewed more frequently if certain events occur or circumstances change. The Company has the option to either first perform a qualitative assessment to determine whether it is more likely than not that the indefinite-lived intangible asset is impaired, or to proceed directly to the quantitative assessment which requires a comparison of the fair value of the intangible asset to its carrying value. To determine if the fair value of the asset is less than its carrying amount, the Company will estimate the fair value, usually determined by the relief from royalty method under the income approach, and compare that value with its carrying amount. If the carrying value of the trade name exceeds its fair value, the Company recognizes an impairment charge equal to the difference.

Foreign Currency Translation

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

Derivative Financial Instruments

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

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 January 30, 2021.

Fair Value

The authoritative guidance included in ASC 820, Fair Value Measurement, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. This authoritative guidance further establishes a three-level fair

value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

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

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

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

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

Income Taxes

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

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

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

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

Self-Insurance

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

Noncontrolling Interest

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

Share-based Compensation

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

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

Revenue Recognition

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

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

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

Revenue earned in connection with Victoria’s Secret's private label credit card arrangement is primarily recognized based on credit card sales and usage, and is included in Net Sales in the Consolidated Statements of Income (Loss).

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

Costs of Goods Sold, Buying and Occupancy

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

General, Administrative and Store Operating Expenses

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

Use of Estimates in the Preparation of Financial Statements

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

New Accounting Pronouncements (Notes)	12 Months Ended
New Accounting Pronouncements (Notes)	Jan. 30, 2021
New Accounting Pronouncements Text Block [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which requires the use of a forward-looking expected loss impairment model for accounts receivable and certain other financial instruments. 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 (Notes)

12 Months Ended

Jan. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Accounts receivable, net from revenue-generating activities were $125 million as of January 30, 2021 and $152 million as of February 1, 2020. Accounts receivable primarily relate to amounts due from the Company's franchise, license and wholesale partners. Under these arrangements, payment terms are typically 60 to 90 days.

The Company records deferred revenue when cash payments are received in advance of transfer of control of goods or services. Deferred revenue primarily relates to gift cards, loyalty and private label credit card programs and direct channel shipments, which are all impacted by seasonal and holiday-related sales patterns. The balance of deferred revenue was $371 million as of January 30, 2021 and $342 million as of February 1, 2020. The Company recognized $193 million as revenue in 2020 from amounts recorded as deferred revenue at the beginning of the period. As of January 30, 2021, the Company recorded deferred revenues of $361 million within Accrued Expenses and Other, and $10 million within Other Long-term Liabilities on the Consolidated Balance Sheet.

The following table provides a disaggregation of Net Sales for 2020, 2019 and 2018:


	2020		2019		2018
	(in millions)
Bath & Body Works Stores - U.S. and Canada	$	4,207	$	4,212	$	3,907
Bath & Body Works Direct	2,003		958		724
Bath & Body Works International (a)	224		185		145
Total Bath & Body Works	6,434		5,355		4,776
Victoria’s Secret Stores - U.S. and Canada	2,795		5,112		5,628
Victoria’s Secret Direct	2,223		1,693		1,747
Victoria's Secret International (b)	395		704		728
Total Victoria’s Secret	5,413		7,509		8,103
Other (c)	—		50		358
Total Net Sales	$	11,847	$	12,914	$	13,237

_______________

(a)Results include royalties associated with franchised store 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 for 2019 include wholesale revenues to La Senza subsequent to the Company's divestiture of the business in 2018. Results for 2018 include store and direct sales for Henri Bendel and La Senza.

- 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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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-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

Earnings Per Share

12 Months Ended

Jan. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Earnings (Loss) Per ShareEarnings (loss) per basic share is computed based on the weighted-average number of 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 2020, 2019 and 2018:


	2020	2019	2018
	(in millions)
Common Shares	286	284	283
Treasury Shares	(8)	(8)	(7)
Basic Shares	278	276	276
Effect of Dilutive Options and Restricted Stock	3	—	3
Diluted Shares	281	276	279
Anti-dilutive Options and Awards (a)	5	9	5

________________

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

Restructuring Activities (Notes)	12 Months Ended
Restructuring Activities (Notes)	Jan. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring Activities	Restructuring Activities The Company is 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 2020 Consolidated Statement of Income. 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 2020, the Company made payments of $49 million and, as of January 30, 2021, a liability, after accrual adjustments, of $33 million related to these costs is included in Accrued Expenses and Other on the Consolidated Balance Sheet. Victoria's Secret U.K. Due to challenging business results for Victoria's Secret in the U.K., the Company entered into Administration in June 2020 to restructure store lease agreements and reduce operating losses in the Victoria's Secret U.K. business. In October 2020, the Company entered into a joint venture with Next PLC for the Victoria’s Secret business in the United Kingdom and Ireland. Under this agreement, the Company owns 49% of the joint venture, and Next owns 51% and is responsible for operations. The Company accounts for its investment in the joint venture under the equity method of accounting. The joint venture acquired the majority of the operating assets, primarily inventory, and the restructured leases were transferred to the joint venture. Effective October 19, 2020, the newly formed joint venture began operating all Victoria’s Secret stores in the U.K. and Ireland. The joint venture will begin operating the U.K. direct business starting Spring 2021. The Company recognized non-cash pre-tax gains of $90 million related to the derecognition of operating lease liabilities in excess of operating lease assets for the 24 store leases that were restructured and transferred to the joint venture. In addition, the Company recognized a $25 million non-cash pre-tax impairment charge to fully write-off all remaining long-lived store assets in the U.K. Finally, as a result of the transition to a joint venture business model in the U.K. and the substantially complete liquidation of the Company's investment in the U.K., the Company recognized a $36 million non-cash pre-tax loss related to accumulated foreign currency translation adjustments that were reclassified into earnings which were previously recognized as a component of equity. The above items relating to Victoria's Secret U.K. are included in General, Administrative and Store Operating Expenses in the 2020 Consolidated Statement of Income. La Senza In January 2019, in an effort to increase shareholder value and in order to focus on its larger core businesses, the Company divested its ownership interest in La Senza to an affiliate of Regent LP, a global private equity firm. Regent LP assumed La Senza’s operating assets and liabilities in exchange for potential future consideration upon the sale or other monetization of La Senza, as defined in the agreement. In the fourth quarter of 2018, the Company recognized a pre-tax loss on the divestiture of $99 million, primarily related to $45 million of accumulated foreign currency translation adjustments reclassified into earnings that were previously recognized as a component of equity, as well as losses related to the transfer of the net working capital and long-lived store assets to the buyer. The loss is included in Loss on Divestiture of La Senza in the 2018 Consolidated Statement of Income. The after-tax loss on the divestiture was $55 million, which includes $44 million of tax benefits primarily associated with the recognition of previously unrecognized deferred tax assets. In conjunction with the transaction, certain of the Company's subsidiaries have remaining contingent obligations related to La Senza lease payments under the terms of existing noncancelable leases. In 2019, the Company's subsidiaries recognized pre-tax, non-cash charges of $37 million to increase the reserves for potential exposure related to the La Senza business. These charges are included in Other Income (Loss) in the 2019 Consolidated Statement of Loss. For additional information, see Note 16, "Commitments and Contingencies." Henri Bendel The Company announced the closure of Henri Bendel in the third quarter of 2018. As a result, the Company recognized a pre-tax charge, primarily cash, consisting of lease termination costs, severance and other costs of $20 million in the third quarter of 2018. In the fourth quarter of 2018, the Company recognized an additional pre-tax charge of $3 million, primarily related to contract termination and employee retention costs. Restructuring charges of $14 million and $9 million are included in Costs of Goods Sold, Buying and Occupancy and General, Administrative and Store Operating Expenses, respectively, in the 2018 Consolidated Statement of Income.

Inventories

12 Months Ended

Jan. 30, 2021

Inventory, Net [Abstract]

Inventories

The following table provides details of inventories as of January 30, 2021 and February 1, 2020:


	January 30, 2021		February 1, 2020
	(in millions)
Finished Goods Merchandise	$	1,073	$	1,152
Raw Materials and Merchandise Components	200		135
Total Inventories	$	1,273	$	1,287

Long-Lived Assets

12 Months Ended

Jan. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Long-Lived Assets

The following table provides details of property and equipment, net as of January 30, 2021 and February 1, 2020:


	January 30, 2021		February 1, 2020
	(in millions)
Land and Improvements	$	115	$	116
Buildings and Improvements	500		496
Furniture, Fixtures, Software and Equipment	3,771		3,861
Leasehold Improvements	1,780		2,018
Construction in Progress	38		122
Total	6,204		6,613
Accumulated Depreciation and Amortization	(4,109)		(4,127)
Property and Equipment, Net	$	2,095	$	2,486

Depreciation expense was $521 million in 2020, $588 million in 2019 and $590 million in 2018.

Long-Lived Store Assets

In 2020, the Company executed a rationalization of the Victoria’s Secret company-operated store footprint. The Company permanently closed 241 stores in North America in 2020. Given the closures in 2020 as well as the negative operating results of certain Victoria's Secret stores in 2020, 2019 and 2018, the Company reviewed the long-lived store assets for potential impairment in all periods presented. 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, and principally included in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income (Loss).

As discussed in Note 5, "Restructuring Activities" the Company recorded a $25 million non-cash pre-tax impairment charge to fully write-off all remaining long-lived store assets in the U.K. This charge is included in General, Administrative and Store Operating Expenses in the 2020 Consolidated Statement of Income.

The following table provides pre-tax long-lived store asset impairment charges included in the Consolidated Statement of Income (Loss) for 2020, 2019 and 2018:



	2020		2019		2018
	(in millions)
Store Asset Impairment	$	136	$	198	$	101
Operating Lease Asset Impairment	118		65		—
Total Impairment	$	254	$	263	$	101

Leases

12 Months Ended

Jan. 30, 2021

Leases [Abstract]

Leases

The following table provides the components of lease cost for operating leases for 2020 and 2019:


	2020		2019
	(in millions)
Operating Lease Costs (a)	$	744	$	769
Variable Lease Costs	65		100
Short-term Lease Costs	34		30
Total Lease Cost	$	843	$	899

_______________

(a)As discussed in Note 7, "Long-Lived Assets," the Company recognized operating lease asset impairment charges of $118 million and $65 million during 2020 and 2019, respectively, which is included as operating lease costs.

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 complete with nearly all landlords to determine potential rent credits or payment deferrals related to COVID-19. As of January 30, 2021, the Company is fully accrued to the original contractual rent due unless an executed amendment is in place. The FASB issued guidance in April which allows certain COVID-19-related concessions to be recognized as a reduction of lease costs in the period an amendment is executed. As a result, the Company recognized a $111 million reduction to occupancy expenses in the 2020 Consolidated Statement of Income as a result of executed amendments with landlords.

The following table provides future maturities of operating lease liabilities as of January 30, 2021:


Fiscal Year	(in millions)
2021	$	750
2022	630
2023	540
2024	464
2025	404
Thereafter	965
Total Lease Payments	$	3,753
Less: Interest	(664)
Present Value of Operating Lease Liabilities	$	3,089

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

As of January 30, 2021, the Company had additional operating lease commitments that have not yet commenced of approximately $256 million.

The following table provides the weighted-average remaining lease term and discount rate for operating leases with lease liabilities as of January 30, 2021 and February 1, 2020:


	January 30, 2021		February 1, 2020
Weighted Average Remaining Lease Term (years)	6.4		7.4
Weighted Average Discount Rate	5.8	%	6.2	%

During 2020 and 2019, the Company paid $520 million and $708 million, respectively, for operating lease liabilities recorded on the balance sheet. These payments are included within the Operating Activities section of the Consolidated Statement of Cash Flows.

During 2020 and 2019, the Company obtained $172 million and $313 million, respectively, of additional lease assets as a result of new operating lease obligations.

Finance Leases

The Company leases certain fulfillment equipment under finance leases that expire at various dates through 2025. The Company records finance lease assets, net of accumulated amortization, in Property and Equipment, Net on the Consolidated Balance Sheet. Additionally, the Company records finance lease liabilities in Accrued Expenses and Other and Other Long-term Liabilities on the Consolidated Balance Sheet. Finance lease costs are comprised of the straight-line amortization of the lease asset and the accretion of interest expense under the effective interest method.

The Company recorded $33 million and $21 million of finance lease assets, net of accumulated amortization, in Property and Equipment, Net on the January 30, 2021 and February 1, 2020 Consolidated Balance Sheets, respectively. Additionally, the Company recorded finance lease liabilities of $12 million in Accrued Expenses and Other and $21 million in Other Long-term Liabilities on the January 30, 2021 Consolidated Balance Sheet, and $8 million in Accrued Expenses and Other and $13 million in Other Long-term Liabilities on the February 1, 2020 Consolidated Balance Sheet.

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 2020 Consolidated Statement of Income. The Company also recorded $3 million of severance and related costs associated with the closure, which are included in General, Administrative and Store Operating Expenses in the 2020 Consolidated Statement of Income.

Asset Retirement Obligations

The Company has asset retirement obligations related to certain company-operated international stores that contractually obligate the Company to remove leasehold improvements at the end of a lease. The Company's liabilities for asset retirement obligations totaled $11 million as of January 30, 2021 and $22 million as of February 1, 2020. These liabilities are included in Other Long-term Liabilities on the Consolidated Balance Sheets.

Disclosures for 2018

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



	(in millions)
Store Rent:
Fixed Minimum	$	663
Contingent	72
Total Store Rent	735
Office, Equipment and Other	98
Gross Rent Expense	833
Sublease Rental Income	(2)
Total Rent Expense	$	831

Goodwill and Trade Names

12 Months Ended

Jan. 30, 2021

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

Goodwill and Trade Names

Goodwill

Bath & Body Works goodwill was $628 million as of January 30, 2021 and February 1, 2020. As of the end of the fourth quarter of 2020, the Company performed its annual goodwill impairment assessment over the Bath & Body Works reporting unit. The Company performed a qualitative assessment and determined that the Bath & Body Works reporting unit's fair value was greater than its carrying value (including goodwill).

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

The interim assessment concluded that the fair value of the Victoria's Secret reporting unit, which was based on a weighted average of the income and market approaches, exceeded its carrying value. However, the fair value of the Greater China reporting unit, which was based on the income approach, did not exceed its carrying value. Accordingly, the Company recognized a goodwill impairment charge of $30 million in the third quarter of 2019 related to the Greater China reporting unit. This charge is included in the Victoria's Secret segment and in Impairment of Goodwill in the 2019 Consolidated Statement of Loss.

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

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

The market approach is based on earnings multiples of selected guideline public companies, while the income approach is based on estimated discounted future cash flows. The approaches, which are determined using Level 3 inputs within the fair value hierarchy, incorporated a number of significant assumptions and judgments including, but not limited to, estimated future cash flows, multiples of earnings of similar public companies, discount rates, income tax rates, terminal growth rates and an implied control premium relative to the Company's market capitalization.

Trade Names

The Bath & Body Works and Victoria's Secret trade names represent intangible assets with indefinite lives. The following table provides the composition of trade names as of January 30, 2021 and February 1, 2020:


	January 30, 2021		February 1, 2020
	(in millions)
Bath & Body Works	$	165	$	165
Victoria's Secret	246		246
Trade Names	$	411	$	411

As of the end of the fourth quarter of 2020 and 2019, the Company performed its annual impairment assessments of the Bath & Body Works and Victoria's Secret trade names. To estimate the fair value of the trade names, the Company used the relief from royalty method under the income approach. The annual assessments concluded that the fair values of the trade names were in excess of their respective carrying values.

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

Equity Investments	12 Months Ended
Equity Investments	Jan. 30, 2021
Equity Method Investment, Summarized Financial Information [Abstract]
Equity Investments	Equity Investments Easton The Company has land and other investments in Easton, a planned community in Columbus, Ohio, that integrates office, hotel, retail, residential and recreational space. These investments, totaling $119 million as of January 30, 2021 and $118 million as of February 1, 2020, 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. Victoria's Secret U.K. As of January 30, 2021, the Company accounts for its investment in Victoria's Secret U.K. under the equity method of accounting. For additional information, see Note 5, "Restructuring Activities."

Accrued Expenses and Other

12 Months Ended

Jan. 30, 2021

Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other

The following table provides additional information about the composition of Accrued Expenses and Other as of January 30, 2021 and February 1, 2020:


	January 30, 2021		February 1, 2020
	(in millions)
Deferred Revenue, Principally from Gift Card Sales	$	361	$	330
Compensation, Payroll Taxes and Benefits	336		216
Supplemental Retirement Plan	166		—
Interest	94		94
Taxes, Other than Income	88		74
Rent	47		35
Marketing	47		32
Accrued Claims on Self-insured Activities	39		40
Returns Reserve	28		23
Other	251		208
Total Accrued Expenses and Other	$	1,457	$	1,052

Income Taxes

12 Months Ended

Jan. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

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

The following table provides the components of the Company’s provision for income taxes for 2020, 2019 and 2018:


	2020		2019		2018
	(in millions)
Current:
U.S. Federal	$	147	$	156	$	212
U.S. State	52		35		37
Non-U.S.	16		23		16
Total	215		214		265
Deferred:
U.S. Federal	11		(7)		(4)
U.S. State	(2)		1		2
Non-U.S.	24		(23)		(50)
Total	33		(29)		(52)
Provision for Income Taxes	$	248	$	185	$	213

The non-U.S. component of pre-tax income, arising principally from overseas operations, was income of $83 million, loss of $226 million and loss of $14 million for 2020, 2019 and 2018, respectively.

The following table provides the reconciliation between the statutory federal income tax rate and the effective tax rate for 2020, 2019 and 2018:


	2020		2019		2018
Federal Income Tax Rate	21.0	%	21.0	%	21.0	%
State Income Taxes, Net of Federal Income Tax Effect	5.0	%	(23.0	%)	6.0	%
Impact of Non-U.S. Operations	1.9	%	(5.7	%)	2.3	%
Goodwill Impairment	—	%	(80.8	%)	—	%
Change in Valuation Allowance	0.4	%	(18.5	%)	(1.1	%)
Divestiture of La Senza	—	%	—	%	(2.7	%)
Share-Based Compensation	1.0	%	(7.7	%)	1.0	%
Uncertain Tax Positions	(5.0	%)	12.3	%	(0.5	%)
Restructuring of Foreign Investments	(2.0	%)	—	%	—	%
Other Items, Net	0.4	%	0.5	%	(1.1	%)
Effective Tax Rate	22.7	%	(101.9	%)	24.9	%

Deferred Taxes

The following table provides the effect of temporary differences that cause deferred income taxes as of January 30, 2021 and February 1, 2020. Deferred tax assets and liabilities represent the future effects on income taxes resulting from temporary differences and carryforwards at the end of the respective year.


	January 30, 2021						February 1, 2020
	Assets		Liabilities		Total		Assets		Liabilities		Total
	(in millions)
Loss Carryforwards	$	447	$	—	$	447	$	247	$	—	$	247
Non-qualified Retirement Plan	38		—		38		62		—		62
Leases	669		(601)		68		746		(712)		34
Share-based Compensation	30		—		30		40		—		40
Deferred Revenue	6		—		6		20		—		20
Property and Equipment	—		(216)		(216)		—		(230)		(230)
Trade Names and Other Intangibles	—		(94)		(94)		—		(94)		(94)
Other Assets	—		(61)		(61)		—		(60)		(60)
Other, Net	62		(19)		43		70		(20)		50
Valuation Allowance	(426)		—		(426)		(204)		—		(204)
Total Deferred Income Taxes	$	826	$	(991)	$	(165)	$	981	$	(1,116)	$	(135)

As of January 30, 2021, the Company had loss carryforwards of $447 million, of which $248 million has an indefinite carryforward. The remainder of the U.S. and non-U.S. carryforwards, if unused, will expire at various dates from 2021 through 2040 and 2028 through 2040, respectively. For certain jurisdictions where the Company has determined that it is more likely than not that the loss carryforwards will not be realized, a valuation allowance has been provided on those loss carryforwards as well as other net deferred tax assets.

Income tax payments were $200 million for 2020, $228 million for 2019 and $324 million for 2018.

Uncertain Tax Positions

The following table summarizes the activity related to the Company’s unrecognized tax benefits for U.S. federal, state & non-U.S. tax jurisdictions for 2020, 2019 and 2018, without interest and penalties:


	2020		2019		2018
	(in millions)
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year	$	88	$	114	$	67
Increases to Unrecognized Tax Benefits for Prior Years	7		15		35
Decreases to Unrecognized Tax Benefits for Prior Years	(50)		(22)		(25)
Increases to Unrecognized Tax Benefits as a Result of Current Year Activity	113		3		44
Decreases to Unrecognized Tax Benefits Relating to Settlements with Taxing Authorities	—		(16)		—
Decreases to Unrecognized Tax Benefits as a Result of a Lapse of the Applicable Statute of Limitations	(6)		(6)		(7)
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$	152	$	88	$	114

Of the total gross unrecognized tax benefits, approximately $142 million, $81 million and $104 million, at January 30, 2021, February 1, 2020, and February 2, 2019, respectively, represent the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods. These amounts are net of the offsetting tax effects from other tax jurisdictions.

Of the total unrecognized tax benefits, it is reasonably possible that $122 million could change in the next 12 months due to audit settlements, expiration of statute of limitations or other resolution of uncertainties. Due to the uncertain and complex application of tax regulations, it is possible that the ultimate resolution of audits may result in amounts which could be different from this estimate. In such case, the Company will record additional tax expense or tax benefit in the period in which such matters are effectively settled.

The Company recognizes interest and penalties related to unrecognized tax benefits as components of income tax expense. The Company recognized an income tax benefit from interest and penalties of approximately $3 million, $1 million and $5 million in 2020, 2019 and 2018, respectively. The Company has accrued $10 million and $12 million for the payment of interest and

penalties as of January 30, 2021 and February 1, 2020, respectively. Accrued interest and penalties are included within Other Long-term Liabilities on the Consolidated Balance Sheets.

The Company files U.S. federal income tax return as well as income tax returns in various states and in non-U.S. jurisdictions. The Company is a participant in the Compliance Assurance Process ("CAP"), which is a program made available by the Internal Revenue Service ("IRS") to certain qualifying large taxpayers, under which participants work collaboratively with the IRS to identify and resolve potential tax issues through open, cooperative and transparent interaction prior to the annual filing of their federal income tax return. The IRS is currently examining the Company's 2019 consolidated U.S. federal income tax return.

The Company is also subject to various state and local income tax examinations for the years 2015 to 2019. Finally, the Company is subject to multiple non-U.S. tax jurisdiction examinations for the years 2008 to 2019. In some situations, the Company determines that it does not have a filing requirement in a particular tax jurisdiction. Where no return has been filed, no statute of limitations applies. Accordingly, if a tax jurisdiction reaches a conclusion that a filing requirement does exist, additional years may be reviewed by the tax authority. The Company believes it has appropriately accounted for uncertainties related to this issue.

- 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

12 Months Ended

Jan. 30, 2021

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

Long-term Debt and Borrowing Facilities

The following table provides the Company’s outstanding debt balance, net of unamortized debt issuance costs and discounts, as of January 30, 2021 and February 1, 2020:


	January 30, 2021		February 1, 2020
	(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	—		103
Total Senior Secured Debt with Subsidiary Guarantee	$	740	$	103
Senior Debt with Subsidiary Guarantee
$1 billion, 6.625% Fixed Interest Rate Notes due April 2021 (“2021 Notes”)	$	—	$	450
$285 million, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”)	284		858
$320 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”)	319		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")	278		276
$500 million, 5.25% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)	497		496
$500 million, 7.50% Fixed Interest Rate Notes due June 2029 ("2029 Notes")	488		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
$700 million, 6.75% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	694		693
Total Senior Debt with Subsidiary Guarantee	$	5,032	$	4,749
Senior Debt
$350 million, 6.95% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	348	$	348
$247 million, 7.60% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	246		298
Unsecured Foreign Facilities	—		50
Total Senior Debt	$	594	$	696
Total	$	6,366	$	5,548
Current Debt	—		(61)
Total Long-term Debt, Net of Current Portion	$	6,366	$	5,487

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


Fiscal Year (in millions)
2021	$	—
2022	285
2023	320
2024	—
2025	1,250
Thereafter	$	4,594

Cash paid for interest was $418 million in 2020, $363 million in 2019 and $380 million in 2018.

Issuance of Notes

In September 2020, the Company issued $1 billion of 6.625% senior notes due October 2030. 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 January 30, 2021 Consolidated Balance Sheet.

In June 2020, the Company issued $750 million of 6.875% senior secured notes due July 2025. 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, in each case, subject to certain exceptions. The proceeds from the issuance were $738 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 January 30, 2021 Consolidated Balance Sheet.

In June 2020, the Company also issued $500 million of 9.375% notes due in July 2025. 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 January 30, 2021 Consolidated Balance Sheet.

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

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 Statement of Income.

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 on extinguishment of debt of $40 million (after-tax loss of $30 million), which includes redemption fees and the write-off of unamortized issuance costs. This loss is included in Other Income (Loss) in the 2019 Consolidated Statement of Loss.

In March 2021, the Company's Board of Directors authorized a reduction in the Company's debt that will be effected by a make whole call to repurchase the remaining $285 million of outstanding 2022 Notes and the $750 million of outstanding 2025 Secured Notes. This make whole call was issued on March 12, 2021 and the Company anticipates using approximately $1.1 billion in cash to complete the debt repurchase.

Revolving Credit Facility

The Company and certain of the Company's 100% owned subsidiaries guarantee and pledge collateral to secure a revolving credit facility. In April 2020, the Company entered into an amendment and restatement 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 January 30, 2021, the Company's borrowing base was $853 million but 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 January 30, 2021 that reduced its availability under the ABL Facility.

As of January 30, 2021, 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 LIBOR plus 1.75% per annum. The interest rate on outstanding Canadian dollar-denominated borrowings was CDOR 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 January 30, 2021, 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 January 30, 2021, 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. 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.

As of January 30, 2021, the Secured Foreign Facilities allow for borrowings and letters of credit up to $30 million. During 2020, the Company borrowed $21 million and made payments of $126 million under the Secured Foreign Facilities. As of January 30, 2021, there were no borrowings outstanding under the Secured Foreign Facilities.

During 2020, the Company placed cash on deposit with certain financial institutions as collateral for their lending commitments under the Secured Foreign Facilities. As of January 30, 2021, the amount of collateral required was dependent upon the aggregate lending commitments. These deposits, totaling $30 million, are recorded in Other Assets on the January 30, 2021 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

12 Months Ended

Jan. 30, 2021

Fair Value Measurements [Abstract]

Fair Value Disclosures

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 January 30, 2021 and February 1, 2020:


	January 30, 2021		February 1, 2020
	(in millions)
Principal Value	$	6,449	$	5,458
Fair Value, Estimated (a)	7,243		5,555

________________

(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 (Loss)

12 Months Ended

Jan. 30, 2021

Comprehensive Income Loss

Comprehensive Income (Loss)

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

The following table provides the rollforward of accumulated other comprehensive income for 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	(3)		(2)		(5)
Amounts Reclassified from Accumulated Other Comprehensive Income	36		—		36
Tax Effect	—		—		—
Current-period Other Comprehensive Income (Loss)	33		(2)		31
Balance as of January 30, 2021	$	85	$	(2)	$	83

As a result of the transition to a joint venture business model in the U.K. and the substantially complete liquidation of the Company's investment in the U.K., the Company reclassified $36 million of accumulated foreign-currency translation adjustments out of accumulated other comprehensive income and into earnings. For additional information, see Note 5, "Restructuring Activities."

The following table provides the rollforward of accumulated other comprehensive income for 2019:


	Foreign Currency Translation		Cash Flow Hedges		Accumulated Other Comprehensive Income
	(in millions)
Balance as of February 2, 2019	57		2		59
Other Comprehensive Income (Loss) Before Reclassifications	(5)		2		(3)
Amounts Reclassified from Accumulated Other Comprehensive Income	—		(5)		(5)
Tax Effect	—		1		1
Current-period Other Comprehensive Income (Loss)	(5)		(2)		(7)
Balance as of February 1, 2020	$	52	$	—	$	52

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jan. 30, 2021
Commitments And Contingencies [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various claims and contingencies related to lawsuits, taxes, insurance, regulatory and other matters arising out of the normal course of business. Actions filed against the Company from time to time include commercial, tort, intellectual property, customer, employment, data privacy, securities and other claims, including purported class action lawsuits. Management believes that the ultimate liability arising from such claims and contingencies, if any, is not likely to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. 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. That stay has since been extended until March 29, 2021. On January 12, 2021, another purported shareholder filed a derivative lawsuit on behalf of L Brands, Inc. in the Delaware Court of Chancery. The complaint names as defendants certain current and former directors and officers of L Brands, Inc. and alleges, among other things, breaches of fiduciary duty through asserted violations of law and failures to monitor workplace conduct. The Company was named as a nominal defendant, and there are no claims asserted against it. 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 $32 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 January 30, 2021, the Company 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

12 Months Ended

Jan. 30, 2021

Retirement Benefits [Abstract]

Retirement Benefits

The Company sponsors a tax-qualified defined contribution retirement plan for substantially all of 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 $75 million for 2020, $79 million for 2019 and $76 million for 2018.

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 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 $166 million related to the non-qualified plan is included within Accrued Expenses and Other on the January 30, 2021 Consolidated Balance Sheet.

The following table provides the Company’s annual activity for this plan and year-end liability as of January 30, 2021, which is included in Accrued Expenses and Other, and February 1, 2020, which is included in Other Long-term Liabilities, on the Consolidated Balance Sheets:


	January 30, 2021		February 1, 2020
	(in millions)
Balance at Beginning of Year	$	280	$	278
Contributions:
Associate	3		8
Company	4		12
Interest	10		14
Distributions	(131)		(32)
Balance at End of Year	$	166	$	280

Total expense recognized related to the non-qualified plan was $14 million for 2020, $26 million for 2019 and $24 million for 2018.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Shareholders' Equity (Deficit)

12 Months Ended

Jan. 30, 2021

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity (Deficit)

Common Stock Share Repurchases

In March 2018, the Company's Board of Directors approved a $250 million share repurchase program, which included the $23 million remaining under the September 2017 repurchase program. The March 2018 repurchase program had $79 million remaining as of January 30, 2021. The Company did not repurchase any shares during 2020 or 2019.

In March 2021, the Company's Board of Directors authorized a new $500 million share repurchase plan, which replaces the $79 million remaining under the March 2018 repurchase program. Pursuant to the Board's authorization, the Company entered into a Rule 10b5-1 purchase plan to effectuate share repurchases up to $250 million.

Dividends

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during fiscal 2020, 2019 and 2018:


	Ordinary Dividends			Total Paid
	(per share)		(in millions)
2020
Fourth Quarter	$	—		$	—
Third Quarter	—			—
Second Quarter	—			—
First Quarter	0.30			83
2020 Total	$	0.30		$	83
2019
Fourth Quarter	$	0.30		$	83
Third Quarter	0.30			83
Second Quarter	0.30			83
First Quarter	0.30			83
2019 Total	$	1.20		$	332
2018
Fourth Quarter	$	0.60		$	166
Third Quarter	0.60			165
Second Quarter	0.60			167
First Quarter	0.60			168
2018 Total	$	2.40		$	666

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

In March 2021, the Company's Board of Directors reinstated the annual dividend at $0.60 per share, beginning with the quarterly dividend to be paid in June 2021.

Share-based Compensation

12 Months Ended

Jan. 30, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

Share-based Compensation

Plan Summary

In 2020, the Company's shareholders approved the 2020 Stock Option and Performance Incentive Plan ("2020 Plan"). The 2020 Plan replaced the 2015 Stock Option and Performance Incentive Plan (together with the 2020 Plan, the "Plans"). The Plans provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, performance-based restricted stock, performance units and unrestricted shares. The Company grants stock options at a price equal to the fair market value of the stock on the date of grant. Stock options have a maximum term of 10 years. Stock options generally vest ratably over three to five years. Restricted stock generally vests (the restrictions lapse) at the end of a three-year period or on a graded basis over a five-year period.

Under the Company’s Plans, 166 million options, restricted and unrestricted shares have been authorized to be granted to employees and directors. There were 12 million options and shares available for grant as of January 30, 2021. The Company suspended its annual grant in 2020 as a result of the COVID-19 pandemic.

Income Statement Impact

The following table provides share-based compensation expense included in the Consolidated Statements of Income (Loss) for 2020, 2019 and 2018:


	2020		2019		2018
	(in millions)
Costs of Goods Sold, Buying and Occupancy	$	18	$	29	$	29
General, Administrative and Store Operating Expenses	32		58		68
Total Share-based Compensation Expense	$	50	$	87	$	97

The tax benefit associated with recognized share-based compensation expense was $10 million for 2020, $18 million for 2019 and $20 million for 2018.

Restricted Stock

The following table provides the Company’s restricted stock activity for the fiscal year ended January 30, 2021:


	Number of Shares	Weighted Average Grant Date Fair Value
	(in thousands)
Unvested as of February 1, 2020	8,662	$	32.00
Granted	1,480	17.05
Vested	(2,040)	43.38
Cancelled	(1,455)	28.34

Unvested as of January 30, 2021	6,647	$	25.68

During 2020, the Company granted a performance-based restricted stock award that includes a specified market condition which can adjust the number of shares which vest under the award. The market condition compares total shareholder return to that of a designated peer group over the performance period. The award was valued using a Monte Carlo simulation model, which requires certain assumptions, including the risk-free interest rate, expected volatility and the estimated dividend yield.

The weighted-average estimated fair value of restricted stock granted was $17.05 per share for 2020, $23.34 per share for 2019 and $30.43 per share for 2018. The fair value of restricted stock awards is generally based on the market value of an unrestricted share on the grant date adjusted for anticipated dividend yields.

The Company’s total intrinsic value of restricted stock vested was $33 million for 2020, $39 million for 2019 and $44 million for 2018.

The Company’s total fair value at grant date of awards vested was $89 million for 2020, $104 million for 2019 and $86 million for 2018.

As of January 30, 2021, there was $45 million of total unrecognized compensation cost, net of estimated forfeitures, related to unvested restricted stock. That cost is expected to be recognized over a weighted-average period of 1.8 years.

Tax benefits realized from tax deductions associated with restricted stock vested were $8 million for 2020 and $10 million for 2019 and 2018.

Stock Options

The following table provides the Company’s stock option activity for the fiscal year ended January 30, 2021:


	Number of Shares	Weighted Average Option Price Per Share		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
	(in thousands)			(in years)	(in thousands)
Outstanding as of February 1, 2020	5,280	$	51.87

Exercised	(237)	33.13
Cancelled	(880)	45.00

Outstanding as of January 30, 2021	4,163	$	54.39	5.0	$	5,356
Vested and Expected to Vest as of January 30, 2021 (a)	4,144	54.46		5.0	5,257
Options Exercisable as of January 30, 2021	3,631	56.57		4.7	3,048

________________

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

Intrinsic value for stock options is the difference between the current market value of the Company’s stock and the option strike price. The total intrinsic value of options exercised was $2 million for 2020, $3 million for 2019 and $2 million for 2018.

The total fair value at grant date of option awards vested was $6 million for 2020 and $9 million for 2019 and 2018.

The Company’s total unrecognized compensation cost, net of estimated forfeitures, related to nonvested options was $1 million as of January 30, 2021. This cost is expected to be recognized over a weighted-average period of 1.1 years.

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

Cash received from stock options exercised was $8 million for 2020 and $1 million for 2019 and 2018. Tax benefits realized from tax deductions associated with stock options exercised was less than $1 million for 2020, 2019 and 2018.

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

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


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

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

Segment Information

12 Months Ended

Jan. 30, 2021

Segment Information [Abstract]

Segment Information

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 governance functions and other non-recurring items that are deemed to be corporate in nature.

The following table provides the Company’s segment information as of and for the fiscal years ended January 30, 2021, February 1, 2020 and February 2, 2019:


	Bath & Body Works		Victoria’s Secret		Other		Total
	(in millions)
2020
Net Sales	$	6,434	$	5,413	$	—	$	11,847
Depreciation and Amortization	202		314		5		521
Operating Income (Loss) (b)	1,821		(25)		(216)		1,580
Total Assets (a)	3,548		4,220		3,803		11,571
Capital Expenditures	103		115		10		228
2019
Net Sales	$	5,355	$	7,509	$	50	$	12,914
Depreciation and Amortization	191		394		3		588
Operating Income (Loss) (c)	1,224		(782)		(184)		258
Total Assets (a)	3,376		5,271		1,478		10,125
Capital Expenditures	245		212		1		458
2018
Net Sales	$	4,776	$	8,103	$	358	$	13,237
Depreciation and Amortization	164		376		7		547
Operating Income (Loss) (d)	1,103		518		(384)		1,237
Total Assets (a)	2,393		4,443		1,254		8,090
Capital Expenditures	287		331		11		629

________________

(a)Assets are allocated to the operating segments based on decision making authority relevant to the applicable assets. The 2020 and 2019 amounts reflect the Company's adoption of ASC 842, Leases, in the first quarter of 2019.

(b)Victoria's Secret includes store and lease asset impairment charges of $254 million, severance and related charges of $51 million, a $36 million net pre-tax gain related to the closure and lease termination of the Hong Kong flagship store and a $54 million net pre-tax gain related to the establishment of a joint venture for the Victoria’s Secret U.K. business with Next PLC. Bath & Body Works and Other includes severance and related charges of $12 million and $18 million, respectively. For additional information, see Note 5, “Restructuring Activities," Note 7, "Long-Lived Assets" and Note 8, "Leases."

(c)Victoria's Secret includes goodwill impairment charges of $720 million and store and lease asset impairment charges of $263 million. For additional information see Note 7, “Long-Lived Assets" and Note 9, "Goodwill and Trade Names."

(d)Victoria's Secret includes store asset impairment charges of $101 million, and Other includes a loss on the sale of La Senza of $99 million and Henri Bendel closures costs of $23 million. For additional information see Note 5, “Restructuring Activities" and Note 7, “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 across all segments totaled $1.111 billion in 2020, $1.496 billion in 2019 and $1.683 billion in 2018. The Company’s internationally based long-lived assets were $382 million as of January 30, 2021 and $713 million as of February 1, 2020.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 34
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 21
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (f)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Quarterly Financial Data (Unaudited)

12 Months Ended

Jan. 30, 2021

Quarterly Financial Data [Abstract]

Quarterly Financial Data (Unaudited)

The following table provides summarized quarterly financial data for 2020:


	Fiscal Quarter Ended
	May 2, 2020 (a)(b)		August 1, 2020 (c)(d)(e)		October 31, 2020 (f)(g)		January 30, 2021
	(in millions except per share data)
Net Sales	$	1,654	$	2,319	$	3,055	$	4,819
Gross Profit	288		711		1,359		2,309
Operating Income (Loss)	(318)		44		581		1,273
Income (Loss) Before Income Taxes	(412)		(60)		410		1,154
Net Income (Loss)	(297)		(49)		331		859
Net Income (Loss) Per Basic Share (h)	$	(1.07)	$	(0.18)	$	1.19	$	3.08
Net Income (Loss) Per Diluted Share (h)(i)	$	(1.07)	$	(0.18)	$	1.17	$	3.03

________________

(a)Gross profit includes the effect of a $97 million pre-tax impairment charge ($72 million after-tax) related to certain Victoria's Secret store and lease assets.

(b)Net Loss includes the effect of a $50 million income tax benefit related to the resolution of certain tax matters.

(c)Gross profit includes the effect of a $117 million pre-tax impairment charge ($99 million after-tax) related to certain Victoria's Secret store and lease assets and a net pre-tax gain of $36 million ($25 million after-tax) related to the closure and lease termination for the Victoria’s Secret Hong Kong flagship store.

(d)Operating Income includes the effect of pre-tax severance and related charges of $81 million ($65 million after-tax).

(e)Net Loss includes the effect of a $21 million income tax benefit related to recent changes in tax legislation included in the CARES Act.

(f)Operating Income includes the effect of a $30 million pre-tax gain ($27 million after-tax) related to the establishment of a joint venture for the Victoria’s Secret U.K. and Ireland business with Next PLC.

(g)Net Income includes the effect of $53 million pre-tax loss ($40 million after-tax) associated with the early extinguishment of outstanding notes, and a $23 million net income tax benefit related to tax matters associated with foreign investments and recent changes in tax legislation.

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

(i)The cumulative total of quarterly net income (loss) per dilutive share amounts does not equal the net income (loss) per dilutive share for the year due to net losses in certain periods.

The following table provides summarized quarterly financial data for 2019:


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

________________

(a)Net Income includes the effect of a $40 million pre-tax loss ($30 million after-tax) associated with the early extinguishment of outstanding notes.

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

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

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

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

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

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

(h)The cumulative total of quarterly net income (loss) per dilutive share amounts does not equal the net income (loss) per dilutive share for the year due to net losses in certain periods.

Subsequent Events	12 Months Ended
Subsequent Events	Jan. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On March 12, 2021 the Company announced that its Board of Directors had authorized the following: •A reduction in the Company's debt that will be effected by a make whole call to repurchase the remaining $285 million of outstanding 2022 Notes and the $750 million of outstanding 2025 Secured Notes. This make whole call was issued on March 12, 2021 and the Company anticipates using approximately $1.1 billion in cash to complete the debt repurchase; •A new $500 million share repurchase plan, which replaces the $79 million remaining under the March 2018 repurchase program. Pursuant to the Board's authorization, the Company entered into a Rule 10b5-1 purchase plan to effectuate share repurchases up to $250 million; and •A reinstatement of the Company’s annual dividend at $0.60 per share, beginning with the quarterly dividend to be paid in June 2021.

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

12 Months Ended

Jan. 30, 2021

Accounting Policies [Abstract]

Description of Business

Segment Reporting

Impacts of COVID-19

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. The Company:

•Furloughed most store associates as of April 5, 2020 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 fiscal 2020 capital expenditures from an original forecast of $550 million to $228 million;

•Actively managed inventory to adjust for the impact of channel shifts to meet customer demand;

•Temporarily suspended the quarterly cash dividend beginning in the second quarter of fiscal 2020;

•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.

Fiscal Year

Fiscal YearThe Company's fiscal year ends on the Saturday nearest to January 31. As used herein, “2020," "2019," and “2018” refer to the 52-week periods ended January 30, 2021, February 1, 2020 and February 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.

Policy on consolidation of sales to equity investments

Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents

Restricted Cash

Concentration of Credit Risk

Inventories

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

Advertising Costs

Property and Equipment

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


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

Leases and Leasehold Improvements

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

Goodwill and Intangible Assets

Goodwill and Trade Names

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

Foreign Currency Translation

Derivative Financial Instruments

Fair Value

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

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

Income Taxes

Self Insurance

Self-Insurance

Noncontrolling Interest

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

Share-based Compensation

Revenue Recognition

Costs of Goods Sold, Buying and Occupancy

General, Administrative and Store Operating Expenses

Use of Estimates in the Preparation of Financial Statements Policy

Use of Estimates in the Preparation of Financial Statements

New Accounting Pronouncements

Credit Losses

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which requires the use of a forward-looking expected loss impairment model for accounts receivable and certain other financial instruments. 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.

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

12 Months Ended

Jan. 30, 2021

Accounting Policies [Abstract]

Depreciable Life Range of Property Plant and Equipment

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


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

Revenue Recognition (Tables)

12 Months Ended

Jan. 30, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table provides a disaggregation of Net Sales for 2020, 2019 and 2018:


	2020		2019		2018
	(in millions)
Bath & Body Works Stores - U.S. and Canada	$	4,207	$	4,212	$	3,907
Bath & Body Works Direct	2,003		958		724
Bath & Body Works International (a)	224		185		145
Total Bath & Body Works	6,434		5,355		4,776
Victoria’s Secret Stores - U.S. and Canada	2,795		5,112		5,628
Victoria’s Secret Direct	2,223		1,693		1,747
Victoria's Secret International (b)	395		704		728
Total Victoria’s Secret	5,413		7,509		8,103
Other (c)	—		50		358
Total Net Sales	$	11,847	$	12,914	$	13,237

_______________

(a)Results include royalties associated with franchised store 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.

Earnings Per Share (Tables)

12 Months Ended

Jan. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share Computation

2020, 2019 and 2018:


	2020	2019	2018
	(in millions)
Common Shares	286	284	283
Treasury Shares	(8)	(8)	(7)
Basic Shares	278	276	276
Effect of Dilutive Options and Restricted Stock	3	—	3
Diluted Shares	281	276	279
Anti-dilutive Options and Awards (a)	5	9	5

________________

Inventories (Tables)

12 Months Ended

Jan. 30, 2021

Inventory, Net [Abstract]

Summary of inventories

The following table provides details of inventories as of January 30, 2021 and February 1, 2020:


	January 30, 2021		February 1, 2020
	(in millions)
Finished Goods Merchandise	$	1,073	$	1,152
Raw Materials and Merchandise Components	200		135
Total Inventories	$	1,273	$	1,287

Long-Lived Assets (Tables)

12 Months Ended

Jan. 30, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

The following table provides details of property and equipment, net as of January 30, 2021 and February 1, 2020:


	January 30, 2021		February 1, 2020
	(in millions)
Land and Improvements	$	115	$	116
Buildings and Improvements	500		496
Furniture, Fixtures, Software and Equipment	3,771		3,861
Leasehold Improvements	1,780		2,018
Construction in Progress	38		122
Total	6,204		6,613
Accumulated Depreciation and Amortization	(4,109)		(4,127)
Property and Equipment, Net	$	2,095	$	2,486

Details of Impairment of Long-Lived Assets



	2020		2019		2018
	(in millions)
Store Asset Impairment	$	136	$	198	$	101
Operating Lease Asset Impairment	118		65		—
Total Impairment	$	254	$	263	$	101

Leases (Tables)

12 Months Ended

Jan. 30, 2021

Leases [Abstract]

Schedule of Lease Cost

The following table provides the components of lease cost for operating leases for 2020 and 2019:


	2020		2019
	(in millions)
Operating Lease Costs (a)	$	744	$	769
Variable Lease Costs	65		100
Short-term Lease Costs	34		30
Total Lease Cost	$	843	$	899

_______________

Schedule of Future Maturities of Operating Lease Liabilities

The following table provides future maturities of operating lease liabilities as of January 30, 2021:


Fiscal Year	(in millions)
2021	$	750
2022	630
2023	540
2024	464
2025	404
Thereafter	965
Total Lease Payments	$	3,753
Less: Interest	(664)
Present Value of Operating Lease Liabilities	$	3,089

Schedule of Supplemental Information Related to Leases

The following table provides the weighted-average remaining lease term and discount rate for operating leases with lease liabilities as of January 30, 2021 and February 1, 2020:


	January 30, 2021		February 1, 2020
Weighted Average Remaining Lease Term (years)	6.4		7.4
Weighted Average Discount Rate	5.8	%	6.2	%

Leases Rent Expenses

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



	(in millions)
Store Rent:
Fixed Minimum	$	663
Contingent	72
Total Store Rent	735
Office, Equipment and Other	98
Gross Rent Expense	833
Sublease Rental Income	(2)
Total Rent Expense	$	831

Goodwill and Trade Names (Tables)

12 Months Ended

Jan. 30, 2021

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

Schedule of Indefinite-Lived Intangible Assets

The following table provides the composition of trade names as of January 30, 2021 and February 1, 2020:


	January 30, 2021		February 1, 2020
	(in millions)
Bath & Body Works	$	165	$	165
Victoria's Secret	246		246
Trade Names	$	411	$	411

Accrued Expenses and Other (Tables)

12 Months Ended

Jan. 30, 2021

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

The following table provides additional information about the composition of Accrued Expenses and Other as of January 30, 2021 and February 1, 2020:


	January 30, 2021		February 1, 2020
	(in millions)
Deferred Revenue, Principally from Gift Card Sales	$	361	$	330
Compensation, Payroll Taxes and Benefits	336		216
Supplemental Retirement Plan	166		—
Interest	94		94
Taxes, Other than Income	88		74
Rent	47		35
Marketing	47		32
Accrued Claims on Self-insured Activities	39		40
Returns Reserve	28		23
Other	251		208
Total Accrued Expenses and Other	$	1,457	$	1,052

Income Taxes (Tables)

12 Months Ended

Jan. 30, 2021

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The following table provides the components of the Company’s provision for income taxes for 2020, 2019 and 2018:


	2020		2019		2018
	(in millions)
Current:
U.S. Federal	$	147	$	156	$	212
U.S. State	52		35		37
Non-U.S.	16		23		16
Total	215		214		265
Deferred:
U.S. Federal	11		(7)		(4)
U.S. State	(2)		1		2
Non-U.S.	24		(23)		(50)
Total	33		(29)		(52)
Provision for Income Taxes	$	248	$	185	$	213

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

The following table provides the reconciliation between the statutory federal income tax rate and the effective tax rate for 2020, 2019 and 2018:


	2020		2019		2018
Federal Income Tax Rate	21.0	%	21.0	%	21.0	%
State Income Taxes, Net of Federal Income Tax Effect	5.0	%	(23.0	%)	6.0	%
Impact of Non-U.S. Operations	1.9	%	(5.7	%)	2.3	%
Goodwill Impairment	—	%	(80.8	%)	—	%
Change in Valuation Allowance	0.4	%	(18.5	%)	(1.1	%)
Divestiture of La Senza	—	%	—	%	(2.7	%)
Share-Based Compensation	1.0	%	(7.7	%)	1.0	%
Uncertain Tax Positions	(5.0	%)	12.3	%	(0.5	%)
Restructuring of Foreign Investments	(2.0	%)	—	%	—	%
Other Items, Net	0.4	%	0.5	%	(1.1	%)
Effective Tax Rate	22.7	%	(101.9	%)	24.9	%

Effect of Temporary Differences that Cause Deferred Income Taxes


	January 30, 2021						February 1, 2020
	Assets		Liabilities		Total		Assets		Liabilities		Total
	(in millions)
Loss Carryforwards	$	447	$	—	$	447	$	247	$	—	$	247
Non-qualified Retirement Plan	38		—		38		62		—		62
Leases	669		(601)		68		746		(712)		34
Share-based Compensation	30		—		30		40		—		40
Deferred Revenue	6		—		6		20		—		20
Property and Equipment	—		(216)		(216)		—		(230)		(230)
Trade Names and Other Intangibles	—		(94)		(94)		—		(94)		(94)
Other Assets	—		(61)		(61)		—		(60)		(60)
Other, Net	62		(19)		43		70		(20)		50
Valuation Allowance	(426)		—		(426)		(204)		—		(204)
Total Deferred Income Taxes	$	826	$	(991)	$	(165)	$	981	$	(1,116)	$	(135)


	2020		2019		2018
	(in millions)
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year	$	88	$	114	$	67
Increases to Unrecognized Tax Benefits for Prior Years	7		15		35
Decreases to Unrecognized Tax Benefits for Prior Years	(50)		(22)		(25)
Increases to Unrecognized Tax Benefits as a Result of Current Year Activity	113		3		44
Decreases to Unrecognized Tax Benefits Relating to Settlements with Taxing Authorities	—		(16)		—
Decreases to Unrecognized Tax Benefits as a Result of a Lapse of the Applicable Statute of Limitations	(6)		(6)		(7)
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$	152	$	88	$	114

Long-term Debt and Borrowing Facilities (Tables)

12 Months Ended

Jan. 30, 2021

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 January 30, 2021 and February 1, 2020:


	January 30, 2021		February 1, 2020
	(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	—		103
Total Senior Secured Debt with Subsidiary Guarantee	$	740	$	103
Senior Debt with Subsidiary Guarantee
$1 billion, 6.625% Fixed Interest Rate Notes due April 2021 (“2021 Notes”)	$	—	$	450
$285 million, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”)	284		858
$320 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”)	319		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")	278		276
$500 million, 5.25% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)	497		496
$500 million, 7.50% Fixed Interest Rate Notes due June 2029 ("2029 Notes")	488		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
$700 million, 6.75% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	694		693
Total Senior Debt with Subsidiary Guarantee	$	5,032	$	4,749
Senior Debt
$350 million, 6.95% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	348	$	348
$247 million, 7.60% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	246		298
Unsecured Foreign Facilities	—		50
Total Senior Debt	$	594	$	696
Total	$	6,366	$	5,548
Current Debt	—		(61)
Total Long-term Debt, Net of Current Portion	$	6,366	$	5,487

Schedule of Principal Payments due on Long-term Debt

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


Fiscal Year (in millions)
2021	$	—
2022	285
2023	320
2024	—
2025	1,250
Thereafter	$	4,594

- 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
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-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)

12 Months Ended

Jan. 30, 2021

Fair Value Measurements [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 January 30, 2021 and February 1, 2020:


	January 30, 2021		February 1, 2020
	(in millions)
Principal Value	$	6,449	$	5,458
Fair Value, Estimated (a)	7,243		5,555

________________

Comprehensive Income (Loss) (Tables)

12 Months Ended

Jan. 30, 2021

Comprehensive Income Loss

Components of Accumulated Other Comprehensive Income (Loss)

The following table provides the rollforward of accumulated other comprehensive income for 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	(3)		(2)		(5)
Amounts Reclassified from Accumulated Other Comprehensive Income	36		—		36
Tax Effect	—		—		—
Current-period Other Comprehensive Income (Loss)	33		(2)		31
Balance as of January 30, 2021	$	85	$	(2)	$	83

The following table provides the rollforward of accumulated other comprehensive income for 2019:


	Foreign Currency Translation		Cash Flow Hedges		Accumulated Other Comprehensive Income
	(in millions)
Balance as of February 2, 2019	57		2		59
Other Comprehensive Income (Loss) Before Reclassifications	(5)		2		(3)
Amounts Reclassified from Accumulated Other Comprehensive Income	—		(5)		(5)
Tax Effect	—		1		1
Current-period Other Comprehensive Income (Loss)	(5)		(2)		(7)
Balance as of February 1, 2020	$	52	$	—	$	52

Retirement Benefits (Tables)

12 Months Ended

Jan. 30, 2021

Retirement Benefits [Abstract]

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


	January 30, 2021		February 1, 2020
	(in millions)
Balance at Beginning of Year	$	280	$	278
Contributions:
Associate	3		8
Company	4		12
Interest	10		14
Distributions	(131)		(32)
Balance at End of Year	$	166	$	280

Shareholders' Equity (Deficit) (Tables)

12 Months Ended

Jan. 30, 2021

Stockholders' Equity Note [Abstract]

Schedule Of Dividends Paid

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during fiscal 2020, 2019 and 2018:


	Ordinary Dividends			Total Paid
	(per share)		(in millions)
2020
Fourth Quarter	$	—		$	—
Third Quarter	—			—
Second Quarter	—			—
First Quarter	0.30			83
2020 Total	$	0.30		$	83
2019
Fourth Quarter	$	0.30		$	83
Third Quarter	0.30			83
Second Quarter	0.30			83
First Quarter	0.30			83
2019 Total	$	1.20		$	332
2018
Fourth Quarter	$	0.60		$	166
Third Quarter	0.60			165
Second Quarter	0.60			167
First Quarter	0.60			168
2018 Total	$	2.40		$	666

Share-based Compensation (Tables)

12 Months Ended

Jan. 30, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

Share-Based Compensation Expense

The following table provides share-based compensation expense included in the Consolidated Statements of Income (Loss) for 2020, 2019 and 2018:


	2020		2019		2018
	(in millions)
Costs of Goods Sold, Buying and Occupancy	$	18	$	29	$	29
General, Administrative and Store Operating Expenses	32		58		68
Total Share-based Compensation Expense	$	50	$	87	$	97

Restricted Stock Activity

The following table provides the Company’s restricted stock activity for the fiscal year ended January 30, 2021:


	Number of Shares	Weighted Average Grant Date Fair Value
	(in thousands)
Unvested as of February 1, 2020	8,662	$	32.00
Granted	1,480	17.05
Vested	(2,040)	43.38
Cancelled	(1,455)	28.34

Unvested as of January 30, 2021	6,647	$	25.68

Stock Option Activity

The following table provides the Company’s stock option activity for the fiscal year ended January 30, 2021:


	Number of Shares	Weighted Average Option Price Per Share		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
	(in thousands)			(in years)	(in thousands)
Outstanding as of February 1, 2020	5,280	$	51.87

Exercised	(237)	33.13
Cancelled	(880)	45.00

Outstanding as of January 30, 2021	4,163	$	54.39	5.0	$	5,356
Vested and Expected to Vest as of January 30, 2021 (a)	4,144	54.46		5.0	5,257
Options Exercisable as of January 30, 2021	3,631	56.57		4.7	3,048

________________

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

Weighted-Average Assumptions

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


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

Segment Information (Tables)

12 Months Ended

Jan. 30, 2021

Segment Information [Abstract]

Schedule of Segment Reporting Information

The following table provides the Company’s segment information as of and for the fiscal years ended January 30, 2021, February 1, 2020 and February 2, 2019:


	Bath & Body Works		Victoria’s Secret		Other		Total
	(in millions)
2020
Net Sales	$	6,434	$	5,413	$	—	$	11,847
Depreciation and Amortization	202		314		5		521
Operating Income (Loss) (b)	1,821		(25)		(216)		1,580
Total Assets (a)	3,548		4,220		3,803		11,571
Capital Expenditures	103		115		10		228
2019
Net Sales	$	5,355	$	7,509	$	50	$	12,914
Depreciation and Amortization	191		394		3		588
Operating Income (Loss) (c)	1,224		(782)		(184)		258
Total Assets (a)	3,376		5,271		1,478		10,125
Capital Expenditures	245		212		1		458
2018
Net Sales	$	4,776	$	8,103	$	358	$	13,237
Depreciation and Amortization	164		376		7		547
Operating Income (Loss) (d)	1,103		518		(384)		1,237
Total Assets (a)	2,393		4,443		1,254		8,090
Capital Expenditures	287		331		11		629

________________

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Jan. 30, 2021

Quarterly Financial Data [Abstract]

Summarized Quarterly Financial Data

The following table provides summarized quarterly financial data for 2020:


	Fiscal Quarter Ended
	May 2, 2020 (a)(b)		August 1, 2020 (c)(d)(e)		October 31, 2020 (f)(g)		January 30, 2021
	(in millions except per share data)
Net Sales	$	1,654	$	2,319	$	3,055	$	4,819
Gross Profit	288		711		1,359		2,309
Operating Income (Loss)	(318)		44		581		1,273
Income (Loss) Before Income Taxes	(412)		(60)		410		1,154
Net Income (Loss)	(297)		(49)		331		859
Net Income (Loss) Per Basic Share (h)	$	(1.07)	$	(0.18)	$	1.19	$	3.08
Net Income (Loss) Per Diluted Share (h)(i)	$	(1.07)	$	(0.18)	$	1.17	$	3.03

________________

(a)Gross profit includes the effect of a $97 million pre-tax impairment charge ($72 million after-tax) related to certain Victoria's Secret store and lease assets.

(b)Net Loss includes the effect of a $50 million income tax benefit related to the resolution of certain tax matters.

(d)Operating Income includes the effect of pre-tax severance and related charges of $81 million ($65 million after-tax).

(e)Net Loss includes the effect of a $21 million income tax benefit related to recent changes in tax legislation included in the CARES Act.

(i)The cumulative total of quarterly net income (loss) per dilutive share amounts does not equal the net income (loss) per dilutive share for the year due to net losses in certain periods.

The following table provides summarized quarterly financial data for 2019:


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

________________

(a)Net Income includes the effect of a $40 million pre-tax loss ($30 million after-tax) associated with the early extinguishment of outstanding notes.

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

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

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

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

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

(h)The cumulative total of quarterly net income (loss) per dilutive share amounts does not equal the net income (loss) per dilutive share for the year due to net losses in certain periods.

Description of Business and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions	12 Months Ended
	Jan. 30, 2021 USD ($)	Feb. 01, 2020 USD ($)	Feb. 02, 2019 USD ($)	Feb. 03, 2018 USD ($)
Accounting Policies [Abstract]
Original Capital Expenditures Forecast	$ 550
Capital Expenditures	228	$ 458	$ 629
Aggregate Long Term Debt Principal Issued in Period	2,250
Extinguishment of Debt, Amount	1,259
Increase (Decrease) In Operating Expenses Due To Covid-19	$ 55
Maturity of short term investments, maximum, in days	90
Outstanding Check Carrying Amount	$ 9	15
Restricted Cash	30
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	3,933	1,499	1,413	$ 1,515
Advertising expense	$ 352	$ 428	$ 476
Lessee, Operating Lease, Term of Contract	10 years

Description of Business and Summary of Significant Accounting Policies (Depreciable Life Range of Property Plant and Equipment) (Details)	12 Months Ended
	Jan. 30, 2021
Software, including software developed for internal use
Depreciable Life Range	3 - 5 years
Store related assets
Depreciable Life Range	3 - 10 years
Leasehold improvements
Depreciable Life Range	Shorter of lease term or 10 years
Non-store related building and site improvements
Depreciable Life Range	10 - 15 years
Other property and equipment
Depreciable Life Range	20 years
Buildings
Depreciable Life Range	30 years

Revenue Recognition Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020
Deferred Revenue, Principally from Gift Card Sales	$ 371	$ 342
Contract with Customer, Liability, Revenue Recognized	193
Accounts Receivable [Member]
Contract with Customer, Asset, after Allowance for Credit Loss	125	$ 152
Accrued Liabilities [Member]
Deferred Revenue, Principally from Gift Card Sales	361
Other Long-term Liabilities [Member]
Deferred Revenue, Principally from Gift Card Sales	$ 10

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
Revenue Recognition (Details) - USD ($) $ in Millions	Jan. 30, 2021	Oct. 31, 2020	Aug. 01, 2020	May 02, 2020	Feb. 01, 2020	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 4,819	$ 3,055	$ 2,319	$ 1,654	$ 4,707	$ 2,677	$ 2,902	$ 2,629	$ 11,847	$ 12,914	$ 13,237
Bath & Body Works [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales									6,434	5,355	4,776
Victoria's Secret [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales									5,413	7,509	8,103
Other Operating Segments [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales									0	50	358
Bath & Body Works Stores [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales									4,207	4,212	3,907
Bath & Body Works Direct [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales									2,003	958	724
Bath & Body Works International
Disaggregation of Revenue [Line Items]
Total Net Sales									224	185	145
Victoria's Secret Stores [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales									2,795	5,112	5,628
Victoria's Secret Direct [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales									2,223	1,693	1,747
Victoria’s Secret International [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales									$ 395	$ 704	$ 728

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

12 Months Ended

Jan. 30, 2021

Feb. 01, 2020

Feb. 02, 2019

Weighted-average Common Shares:

Issued Shares

286

284

283

Treasury Shares

(8)

(7)

Basic Shares

278

276

Effect of Dilutive Options and Restricted Stock

Diluted Shares

281

276

279

Anti-dilutive Options and Awards

^[1]

[1]

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

Restructuring Activities (Details) $ in Millions	3 Months Ended						12 Months Ended
Restructuring Activities (Details) $ in Millions	Aug. 01, 2020 USD ($) associate	May 02, 2020 USD ($)	Feb. 01, 2020 USD ($)	Nov. 02, 2019 USD ($)	Feb. 02, 2019 USD ($)	Nov. 03, 2018 USD ($)	Jan. 30, 2021 USD ($)	Feb. 01, 2020 USD ($)	Feb. 02, 2019 USD ($)	Oct. 31, 2020
Reduction of Home Office Headcount	15.00%
Number of Home Office Associates \| associate	850
Severance Costs							$ 3
Payments for Restructuring							49
Impairment of Long-Lived Assets Held-for-use				$ 218			254	$ 263	$ 101
Foreign-currency translation adjustment					$ 45		36	0	45
Loss on Divestiture of La Senza							0	0	(99)
Disposal Group, Not Discontinued Operatin, After-Tax Loss on Disposal									55
Disposal Group, Not Discontinued Operation, Tax Benefit on Disposal									44
La Senza Charges				$ 37			0	37	0
Restructuring Charges					3	$ 20
Victoria's Secret U.K. [Member]
Equity Method Investment, Ownership Percentage										49.00%
Victoria's Secret U.K. [Member] \| Next PLC [Member]
Equity Method Investment, Ownership Percentage										51.00%
Accrued Expenses and Other [Member]
Restructuring Reserve							33
Victoria's Secret [Member]
Severance Costs							51
Net Gain On Formation Of VS UK Joint Venture							90
Impairment of Long-Lived Assets Held-for-use	$ 117	$ 97	$ 35				254	$ 263	101
Bath & Body Works [Member]
Severance Costs							12
Other Operating Segments [Member]
Severance Costs							18
Loss on Divestiture of La Senza					$ (99)
Restructuring Charges									23
Cost of Goods Sold, Buying and Occupancy [Member]
Restructuring Charges									14
General, Administrative and Store Operating Expenses [Member]
Severance Costs	$ 81
Restructuring Charges									$ 9
General, Administrative and Store Operating Expenses [Member] \| Victoria's Secret [Member]
Impairment of Long-Lived Assets Held-for-use							$ 25

Inventories (Details) - USD ($) $ in Millions	Jan. 30, 2021	Feb. 01, 2020
Inventory, Net [Abstract]
Finished Goods Merchandise	$ 1,073	$ 1,152
Raw Materials and Merchandise Components	200	135
Total Inventories	$ 1,273	$ 1,287

Long-Lived Assets (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Aug. 01, 2020	May 02, 2020	Feb. 01, 2020	Nov. 02, 2019	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Property, Plant and Equipment [Abstract]
Depreciation of Long-lived Assets					$ 521	$ 588	$ 590
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of Long-Lived Assets Held-for-use				$ 218	254	263	101
Victoria's Secret [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of Long-Lived Assets Held-for-use	$ 117	$ 97	$ 35		254	$ 263	$ 101
Victoria's Secret [Member] \| General, Administrative and Store Operating Expenses [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of Long-Lived Assets Held-for-use					$ 25

Long-Lived Assets (Details of Property and Equipment, Net) (Details) - USD ($) $ in Millions	Jan. 30, 2021	Feb. 01, 2020
Property, Plant and Equipment [Abstract]
Land and Land Improvements	$ 115	$ 116
Buildings and Improvements	500	496
Furniture, Fixtures, Software and Equipment	3,771	3,861
Leasehold Improvements	1,780	2,018
Construction in Progress	38	122
Total	6,204	6,613
Accumulated Depreciation and Amortization	(4,109)	(4,127)
Property and Equipment, Net	$ 2,095	$ 2,486

Long-Lived Assets (Long-Lived Assets Impairment) (Details) - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Aug. 01, 2020	May 02, 2020	Feb. 01, 2020	Nov. 02, 2019	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of Long-Lived Assets Held-for-use				$ 218	$ 254	$ 263	$ 101
Victoria's Secret [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of Long-Lived Assets Held-for-use	$ 117	$ 97	$ 35		254	263	101
Store Assets [Member] \| Victoria's Secret [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of Long-Lived Assets Held-for-use					136	198	101
Operating Lease Asset [Member] \| Victoria's Secret [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of Long-Lived Assets Held-for-use					$ 118	$ 65	$ 0

Leases (Lease Cost) (Details) - USD ($) $ in Millions	3 Months Ended				12 Months Ended
Leases (Lease Cost) (Details) - USD ($) $ in Millions	Aug. 01, 2020	May 02, 2020	Feb. 01, 2020	Nov. 02, 2019	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Lessee, Lease, Description [Line Items]
Operating Lease Costs					$ 744	$ 769
Variable Lease Costs					65	100
Short-term Lease Costs					34	30
Total Lease Cost					843	899
Impairment of Long-Lived Assets Held-for-use				$ 218	254	263	$ 101
Victoria's Secret [Member]
Lessee, Lease, Description [Line Items]
Impairment of Long-Lived Assets Held-for-use	$ 117	$ 97	$ 35		254	263	101
Operating Lease Asset [Member] \| Victoria's Secret [Member]
Lessee, Lease, Description [Line Items]
Impairment of Long-Lived Assets Held-for-use					$ 118	$ 65	$ 0

Leases (Lease Maturities) (Details) $ in Millions	Jan. 30, 2021 USD ($)
Leases [Abstract]
2021	$ 750
2022	630
2023	540
2024	464
2025	404
Thereafter	965
Total Lease Payments	3,753
Less: Interest	(664)
Present Value of Operating Lease Liabilities	$ 3,089

Leases (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Millions	Aug. 01, 2020	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Leases [Abstract]
Decreased rent due to executed amendment		$ 111
Additional Operating Lease Commitments Not Yet Commenced		256
Operating Lease, Payments		520	$ 708
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability		172	313
Finance Lease, Right-of-Use Asset		33	21
Finance Lease, Liability, Current		12	8
Finance Lease, Liability, Noncurrent		21	13
Gain (Loss) on Termination of Lease	$ 39	39	0	$ 0
Severance Costs		3
Asset Retirement Obligation		$ 11	$ 22

Leases (Lease Term and Discount Rate) (Details)	Jan. 30, 2021	Feb. 01, 2020
Leases [Abstract]
Weighted Average Remaining Lease Term (years)	6 years 4 months 24 days	7 years 4 months 24 days
Weighted Average Discount Rate	5.80%	6.20%

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

- Definition

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

+ References + Details

Goodwill and Trade Names (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Feb. 01, 2020	Nov. 02, 2019	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Goodwill	$ 628		$ 628	$ 628
Goodwill, Impairment Loss			0	720	$ 0
Victoria's Secret [Member]
Goodwill, Impairment Loss	690	$ 30		720
Bath & Body Works [Member]
Goodwill	$ 628		$ 628	$ 628

Goodwill and Trade Names Goodwill and Trade Names (Intangible Assets - Indefinite Lives) (Details) - USD ($) $ in Millions	Jan. 30, 2021	Feb. 01, 2020
Indefinite-lived Intangible Assets [Line Items]
Trade Names	$ 411	$ 411
Bath & Body Works [Member]
Indefinite-lived Intangible Assets [Line Items]
Trade Names	165	165
Victoria's Secret [Member]
Indefinite-lived Intangible Assets [Line Items]
Trade Names	$ 246	$ 246

Equity Investments (Details) - USD ($) $ in Millions	Jan. 30, 2021	Feb. 01, 2020
Easton Investment [Member]
Equity method investment carrying value	$ 119	$ 118

Accrued Expenses and Other (Details) - USD ($) $ in Millions	Jan. 30, 2021	Feb. 01, 2020
Accrued Liabilities, Current [Abstract]
Deferred Revenue, Principally from Gift Card Sales	$ 361	$ 330
Compensation, Payroll Taxes and Benefits	336	216
Supplemental Retirement Plan	166	0
Interest	94	94
Taxes, Other than Income	88	74
Rent	47	35
Marketing	47	32
Accrued Claims on Self-insured Activities	39	40
Returns Reserve	28	23
Other	251	208
Total Accrued Expenses and Other	$ 1,457	$ 1,052

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Operating Loss Carryforwards [Line Items]
Pre-tax income (loss),Non-US, arising principally from overseas operations	$ 83	$ (226)	$ (14)
Income tax payments	200	228	324
Unrecognized tax benefits resulting in reduction of effective income tax rate	142	81	104
Unrecognized tax benefits reasonably possible change in the next twelve months	122
Interest and penalties related to unrecognized tax benefits of income tax expense	3	1	$ 5
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	10	$ 12
Operating Loss Carryforwards Expiration Year, Unlimited
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 248

Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Current
U.S. Federal	$ 147	$ 156	$ 212
U.S. State	52	35	37
Non-U.S.	16	23	16
Total	215	214	265
Deferred
U.S. Federal	11	(7)	(4)
U.S. State	(2)	1	2
Non-U.S.	24	(23)	(50)
Total	33	(29)	(52)
Provision for Income Taxes	$ 248	$ 185	$ 213

Income Taxes (Reconciliation of the Statutory Federal Income Tax Rate and the Effective Tax Rate) (Details)	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Federal Income Tax Rate	21.00%	21.00%	21.00%
State Income Taxes, Net of Federal Income Tax Effect	5.00%	(23.00%)	6.00%
Impact of Non-U.S. Operations	1.90%	(5.70%)	2.30%
Goodwill Impairment	0.00%	(80.80%)	0.00%
Change in Valuation Allowance	0.40%	(18.50%)	(1.10%)
Share-Based Compensation	1.00%	(7.70%)	1.00%
Uncertain Tax Positions	(5.00%)	12.30%	(0.50%)
Restructuring of Foreign Investments	(2.00%)	0.00%	0.00%
Other Items, Net	0.40%	0.50%	(1.10%)
Effective Tax Rate	22.70%	(101.90%)	24.90%
LaSenza [Member]
Divestiture of La Senza	0.00%	0.00%	(2.70%)

Income Taxes (Effect of Temporary Differences that Cause Deferred Income Taxes) (Details) - USD ($) $ in Millions	Jan. 30, 2021	Feb. 01, 2020
Deferred Tax Liabilities, Gross, Noncurrent	$ (991)	$ (1,116)
Liabilities	(165)	(135)
Deferred Tax Assets, Net of Valuation Allowance	826	981
Loss Carryforward
Assets	447	247
Deferred Tax Liabilities, Gross, Noncurrent	0	0
Deferred Tax Assets, Net	447	247
Other Postretirement Benefits Plan [Member]
Assets	38	62
Deferred Tax Liabilities, Gross, Noncurrent	0	0
Deferred Tax Assets, Net	38	62
Leases [Member]
Assets	669	746
Deferred Tax Liabilities, Gross, Noncurrent	(601)	(712)
Deferred Tax Assets, Net	68	34
Share-based Compensation [Member]
Assets	30	40
Deferred Tax Liabilities, Gross, Noncurrent	0	0
Deferred Tax Assets, Net	30	40
Deferred Revenue [Member]
Assets	6	20
Deferred Tax Liabilities, Gross, Noncurrent	0	0
Deferred Tax Assets, Net	6	20
Property and Equipment [Member]
Assets	0	0
Deferred Tax Liabilities, Gross, Noncurrent	(216)	(230)
Liabilities	(216)	(230)
Trade Names [Member]
Assets	0	0
Deferred Tax Liabilities, Gross, Noncurrent	(94)	(94)
Liabilities	(94)	(94)
Other Assets [Member]
Assets	0	0
Deferred Tax Liabilities, Gross, Noncurrent	(61)	(60)
Liabilities	(61)	(60)
Other, Net [Member]
Assets	62	70
Deferred Tax Liabilities, Gross, Noncurrent	(19)	(20)
Deferred Tax Assets, Net	43	50
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]
Deferred Tax Liabilities, Gross, Noncurrent	0	0
Deferred Tax Assets, Valuation Allowance	$ (426)	$ (204)

Income Taxes (Activity Related to its Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year	$ 88	$ 114	$ 67
Increases in Tax Benefits for Prior Years	7	15	35
Decreases in Tax Benefits for Prior Years	(50)	(22)	(25)
Increases in Unrecognized Tax Benefits as a Result of Current Year Activity	113	3	44
Decreases to Unrecognized Tax Benefits Relating to Settlements with Taxing Authorities	0	(16)	0
Decreases to Unrecognized Tax Benefits as a Result of a Lapse of the Applicable Statute of Limitations	(6)	(6)	(7)
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$ 152	$ 88	$ 114

Long-term Debt and Borrowing Facilities (Schedule of Long-term Debt Instruments) (Details) - USD ($) $ in Millions	Jan. 30, 2021	Feb. 01, 2020
Debt, Long-term and Short-term, Combined Amount	$ 6,366	$ 5,548
Debt, Current	0	61
Total long-term debt, net of current portion	6,366	5,487
With Subsidiary Guarantee
Debt, Long-term and Short-term, Combined Amount	740	103
With Subsidiary Guarantee \| 6.875% Fixed Interest Rate Secured Notes due July 2025
Notes Payable, Noncurrent	740	0
With Subsidiary Guarantee \| Fixed Rate 6.875% Notes Due November 2035 [Member]
Notes Payable, Noncurrent	991	991
With Subsidiary Guarantee \| Fixed Rate 5.625% Notes Due February 2022 [Member]
Notes Payable, Noncurrent	284	858
With Subsidiary Guarantee \| Fixed Rate 6.75% Notes Due July 2036 [Member]
Notes Payable, Noncurrent	694	693
With Subsidiary Guarantee \| Fixed Rate 5.625% Notes Due October 2023 [Member]
Notes Payable, Noncurrent	319	498
With Subsidiary Guarantee \| Fixed Rate 5.25% Notes Due February 2028 [Member]
Notes Payable, Noncurrent	497	496
With Subsidiary Guarantee \| Fixed Rate 7.5% Notes Due June 2029 [Member]
Notes Payable, Noncurrent	488	487
With Subsidiary Guarantee \| Fixed Rate 6.625% Notes Due April 2021 [Member]
Notes Payable, Noncurrent	0	450
With Subsidiary Guarantee \| Fixed Rate 6.694% Notes Due January 2027 [Member]
Notes Payable, Noncurrent	278	276
With Subsidiary Guarantee \| Foreign Facilities with Parent Guarantee [Member]
Long-term Line of Credit	0	103
With Subsidiary Guarantee \| 9.375% Fixed Interest Rate Notes due July 2025
Notes Payable, Noncurrent	493	0
With Subsidiary Guarantee \| Fixed Rate 6.625% Notes Due October 2030
Notes Payable, Noncurrent	988	0
With Subsidiary Guarantee \| Senior Debt Obligations
Debt, Long-term and Short-term, Combined Amount	5,032	4,749
Without Subsidiary Guarantee [Member]
Debt, Long-term and Short-term, Combined Amount	594	696
Without Subsidiary Guarantee [Member] \| Foreign Facilities with Parent Guarantee [Member]
Long-term Line of Credit	0	50
Without Subsidiary Guarantee [Member] \| Fixed Rate 6.95% Debentures Due March 2033 [Member]
Notes Payable, Noncurrent	348	348
Without Subsidiary Guarantee [Member] \| Fixed Rate 7.60% Notes Due July 2037 [Member]
Notes Payable, Noncurrent	$ 246	$ 298

Long-term Debt and Borrowing Facilities (Schedule of Principal Payments on Long-term Debt) (Details) $ in Millions	Jan. 30, 2021 USD ($)
Long-term Debt, by Current and Noncurrent [Abstract]
2021	$ 0
2022	285
2023	320
2024	0
2025	1,250
Thereafter	$ 4,594

Long-term Debt and Borrowing Facilities (Issuance And Repurchase Of Notes) (Narrative) (Details) - USD ($)		1 Months Ended					3 Months Ended		12 Months Ended
	Mar. 12, 2021	Oct. 30, 2020	Sep. 30, 2020	Jun. 30, 2020	Jul. 31, 2019	Jun. 30, 2019	Oct. 31, 2020	Aug. 03, 2019	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Interest Paid, Including Capitalized Interest, Operating and Investing Activities									$ 418,000,000	$ 363,000,000	$ 380,000,000
Extinguishment of Debt, Amount									1,259,000,000
Repayments of Long-term Debt		$ 844,000,000			$ 130,000,000	$ 669,000,000			1,307,000,000	799,000,000	52,000,000
Gain (Loss) on Extinguishment of Debt							$ (53,000,000)	$ 40,000,000	$ (53,000,000)	$ (40,000,000)	$ 0
Extinguishment of Debt, Gain (Loss), Net of Tax							$ (40,000,000)	$ 30,000,000
Fixed Rate 6.625% Notes Due April 2021 [Member]
Repayments of Long-term Debt		463,000,000
With Subsidiary Guarantee \| Subsequent Event
Repayments of debt	$ 1,100,000,000
With Subsidiary Guarantee \| Fixed Rate 6.625% Notes Due October 2030
Debt Instrument, Face Amount			$ 1,000,000,000
Debt Instrument, Interest Rate, Stated Percentage			6.625%
Proceeds from Issuance of Debt			$ 988,000,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net			$ 12,000,000
With Subsidiary Guarantee \| 6.875% Fixed Interest Rate Secured Notes due July 2025
Debt Instrument, Face Amount				$ 750,000,000
Debt Instrument, Interest Rate, Stated Percentage				6.875%
Proceeds from Issuance of Debt				$ 738,000,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net				12,000,000
With Subsidiary Guarantee \| 6.875% Fixed Interest Rate Secured Notes due July 2025 \| Subsequent Event
Extinguishment of Debt, Amount	750,000,000
With Subsidiary Guarantee \| 9.375% Fixed Interest Rate Notes due July 2025
Debt Instrument, Face Amount				$ 500,000,000
Debt Instrument, Interest Rate, Stated Percentage				9.375%
Proceeds from Issuance of Debt				$ 492,000,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net				$ 8,000,000
With Subsidiary Guarantee \| Fixed Rate 7.5% Notes Due June 2029 [Member]
Debt Instrument, Face Amount						$ 500,000,000
Debt Instrument, Interest Rate, Stated Percentage						7.50%
Proceeds from Issuance of Debt						$ 486,000,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net						14,000,000
With Subsidiary Guarantee \| Fixed Rate 5.625% Notes Due February 2022 [Member]
Extinguishment of Debt, Amount		576,000,000				96,000,000
With Subsidiary Guarantee \| Fixed Rate 5.625% Notes Due February 2022 [Member] \| Subsequent Event
Extinguishment of Debt, Amount	$ 285,000,000
With Subsidiary Guarantee \| Fixed Rate 5.625% Notes Due October 2023 [Member]
Extinguishment of Debt, Amount		180,000,000
With Subsidiary Guarantee \| Fixed Rate 6.625% Notes Due April 2021 [Member]
Extinguishment of Debt, Amount		450,000,000				330,000,000
With Subsidiary Guarantee \| Fixed Rate 7.00% Notes Due May 2020 [Member]
Extinguishment of Debt, Amount					$ 126,000,000	$ 212,000,000
Without Subsidiary Guarantee [Member] \| Fixed Rate 7.60% Notes Due July 2037 [Member]
Extinguishment of Debt, Amount		$ 53,000,000

Long-term Debt and Borrowing Facilities Long-term debt (Revolving Facility and Letters of Credit (Narrative) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jan. 30, 2021	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Line of Credit Facility [Line Items]
Borrowings from Revolving Facilities		$ 950,000,000	$ 12,000,000	$ 92,000,000
Repayments of Lines of Credit		950,000,000	12,000,000	$ 92,000,000
Restricted Cash	$ 30,000,000	30,000,000
Revolving Credit Facility [Member] \| Revolving Credit Expiring August 2024 [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum 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, Current Borrowing Base	$ 853,000,000	853,000,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.30%
Line of Credit Facility, Commitment Fee Percentage	1.75%
Debt Instrument, Basis Spread on Variable Rate	1.75%
Line of Credit Financial Covenant, Fixed Charge Coverage Ratio	1.00
Line of Credit Financial Covenant, Maximum Borrowing Amount	$ 100,000,000
Borrowings from Revolving Facilities		950,000,000
Repayments of Lines of Credit		950,000,000
Letter of Credit [Member]
Line of Credit Facility [Line Items]
Letters of Credit Outstanding, Amount	63,000,000	63,000,000
With Subsidiary Guarantee \| Foreign Facilities with Parent Guarantee [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	30,000,000	30,000,000
Borrowings from Revolving Facilities		21,000,000
Repayments of Lines of Credit		126,000,000
Line of Credit, Current	0	0
Long-term Line of Credit	0	0	103,000,000
Without Subsidiary Guarantee [Member] \| Foreign Facilities with Parent Guarantee [Member]
Line of Credit Facility [Line Items]
Borrowings from Revolving Facilities		13,000,000
Repayments of Lines of Credit		63,000,000
Long-term Line of Credit	$ 0	$ 0	$ 50,000,000

Fair Value Measurements (Carrying Value and Fair Value of Long Term Debt) (Detail) - USD ($) $ in Millions	Jan. 30, 2021	Feb. 01, 2020
Fair Value Measurements [Abstract]
Long-term Debt Principal Value	$ 6,449	$ 5,458
Fair Value	$ 7,243	$ 5,555

Comprehensive Income (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 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	(5)	(3)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	36	(5)
Other Comprehensive Income (Loss), Tax	0	1
Other Comprehensive Income (Loss), Net of Tax, Total	31	(7)	$ 37
Accumulated Other Comprehensive Income (Loss), Ending Balance	83	52	59
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	(3)	(5)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	36	0
Other Comprehensive Income (Loss), Tax	0	0
Other Comprehensive Income (Loss), Net of Tax, Total	33	(5)
Accumulated Other Comprehensive Income (Loss), Ending Balance	85	52	57
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	0	(5)
Other Comprehensive Income (Loss), Tax	0	1
Other Comprehensive Income (Loss), Net of Tax, Total	(2)	(2)
Accumulated Other Comprehensive Income (Loss), Ending Balance	$ (2)	$ 0	$ 2

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 830
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-Section 45
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 45
-Paragraph 2
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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))
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 2
-Subparagraph (SX 210.5-03(21))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
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-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

Comprehensive Income - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Feb. 02, 2019	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Statement of Comprehensive Income [Abstract]
Foreign-currency translation adjustment	$ 45	$ 36	$ 0	$ 45

Commitments and Contingencies (Details) - LaSenza [Member] $ in Millions	Jan. 30, 2021 USD ($)
Loss Contingency, Maximum Exposure, Undiscounted	$ 32
Loss Contingency Accrual	$ 35

Retirement Benefits (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Benefits (Details) - USD ($) $ in Millions	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Defined Contribution Plan Disclosure [Line Items]
Defined Contribution Plan, Cost	$ 75	$ 79	$ 76
Supplemental Retirement Plan	166	0
Nonqualified Retirement Plan Benefit Obligation, Balance Beginning of Year	280	278
Non-Qualified Plan, Contributions by Plan Participants	3	8
Non-Qualified Plan, Contributions by Employer	4	12
Non-Qualified Plan, Interest Cost	10	14
Non-Qualified Plan, Benefits Paid	(131)	(32)
Nonqualified Retirement Plan Benefit Obligation, Balance End of Year	166	280	278
Non-Qualified Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Supplemental Retirement Plan	166
Expense related to the Non-Qualified Plan	$ 14	$ 26	$ 24

Shareholders' Equity (Deficit) (Narrative) (Details) - USD ($) $ in Millions	Mar. 12, 2021	Jan. 30, 2021	Mar. 31, 2018
Subsequent Event
Stock repurchase Program, Authorized Amount	$ 500
March 2018 Repurchase Program [Member]
Stock repurchase Program, Authorized Amount			$ 250
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 79
September 2017 Repurchase Program [Member]
Stock Repurchase Program, Remaining Authorized Repurchase Amount			$ 23
Share Repurchase 10b5-1 Plan \| Subsequent Event
Stock repurchase Program, Authorized Amount	$ 250

Shareholders' Equity (Deficit) (Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended												12 Months Ended
	Jan. 30, 2021	Oct. 31, 2020	Aug. 01, 2020	May 02, 2020	Feb. 01, 2020	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Shareholders’ Equity [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0	$ 0	$ 0	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.60	$ 0.60	$ 0.60	$ 0.60	$ 0.30	$ 1.20	$ 2.40
Payments of Dividends	$ 0	$ 0	$ 0	$ 83	$ 83	$ 83	$ 83	$ 83	$ 166	$ 165	$ 167	$ 168	$ 83	$ 332	$ 666

Share-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Options, restricted and unrestricted shares authorized	166
Options and shares available for grant	12
Tax Benefit associated with share based compensation	$ 10	$ 18	$ 20
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Total unrecognized compensation cost, weighted-average period of recognition, years	1 year 1 month 6 days
Tax benefits realized from tax deductions	$ 1	1	1
Total intrinsic value of options exercised	2	3	2
Total fair value at grant date of option awards vested	6	$ 9	$ 9
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	1
Weighted average fair value of stock options granted		$ 6.05	$ 6.76
Cash received from stock options exercised	$ 8	$ 1	$ 1
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 17.05	$ 23.34	$ 30.43
Total intrinsic value of restricted stock vested	$ 33	$ 39	$ 44
Total fair value at grant date of awards vested	89	104	86
Total unrecognized compensation cost, net of estimated forfeitures	$ 45
Total unrecognized compensation cost, weighted-average period of recognition, years	1 year 9 months 18 days
Tax benefits realized from tax deductions	$ 8	$ 10	$ 10
Minimum [Member] \| Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Minimum [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Maximum [Member] \| Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Maximum [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years

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

12 Months Ended

Jan. 30, 2021

USD ($)

$ / shares

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

Outstanding as of Beginning of Period, Number of Shares | shares

5,280

Exercised, Number of Shares | shares

(237)

Cancelled, Number of Shares | shares

(880)

Outstanding as of End of Period, Number of Shares | shares

4,163

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

4,144

^[1]

Options Exercisable as of End of Period, Number of Shares | shares

3,631

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]

Outstanding as of Beginning of Period, Weighted Average Option Price Per Share | $ / shares

$ 51.87

Exercised, Weighted Average Option Price Per Share | $ / shares

33.13

Cancelled, Weighted Average Option Price Per Share | $ / shares

45.00

Outstanding as of End of Period, Weighted Average Option Price Per Share | $ / shares

54.39

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

54.46

^[1]

Options Exercisable as of End of Period, Weighted Average Options Price Per Share | $ / shares

$ 56.57

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

5 years

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

5 years

^[1]

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

4 years 8 months 12 days

Outstanding as of End of Support, Aggregate Intrinsic Value | $

$ 5,356

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

5,257

^[1]

Options Exercisable as of End of Period, Aggregate Intrinsic Value | $

$ 3,048

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

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

Share-based Compensation (Restricted Stock Activity) (Details) - Restricted Stock [Member] - $ / shares shares in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Unvested as of Beginning of Period, Number of Shares	8,662
Granted, Number of Shares	1,480
Vested, Number of Shares	(2,040)
Cancelled, Number of Shares	(1,455)
Unvested as of End of Period, Number of Shares	6,647	8,662
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested as of Beginning of Period, Weighted Average Grant Date Fair Value	$ 32.00
Granted, Weighted Average Grant Date Fair Value	17.05	$ 23.34	$ 30.43
Vested, Weighted Average Grant Date Fair Value	43.38
Cancelled, Weighted Average Grant Date Fair Value	28.34
Unvested as of End of Period, Weighted Average Grant Date Fair Value	$ 25.68	$ 32.00

Share-based Compensation (Share-Based Compensation Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Share-based Compensation Expense	$ 50	$ 87	$ 97
Costs of Goods Sold, Buying and Occupancy [Member]
Share-based Compensation Expense	18	29	29
General, Administrative and Store Operating Expenses [Member]
Share-based Compensation Expense	$ 32	$ 58	$ 68

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
Segment Information (Details) - USD ($) $ in Millions	Jan. 30, 2021	Oct. 31, 2020	Aug. 01, 2020	May 02, 2020	Feb. 01, 2020	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Total Net Sales	$ 4,819	$ 3,055	$ 2,319	$ 1,654	$ 4,707	$ 2,677	$ 2,902	$ 2,629	$ 11,847	$ 12,914	$ 13,237
Depreciation and Amortization									521	588	547
Operating Income (Loss)	1,273	$ 581	$ 44	$ (318)	82	$ (151)	$ 175	$ 153	1,580	258	1,237
Total Assets	11,571				10,125				11,571	10,125	8,090
Capital Expenditures									228	458	629
Bath & Body Works [Member]
Total Net Sales									6,434	5,355	4,776
Depreciation and Amortization									202	191	164
Operating Income (Loss)									1,821	1,224	1,103
Total Assets	3,548				3,376				3,548	3,376	2,393
Capital Expenditures									103	245	287
Victoria's Secret [Member]
Total Net Sales									5,413	7,509	8,103
Depreciation and Amortization									314	394	376
Operating Income (Loss)									(25)	(782)	518
Total Assets	4,220				5,271				4,220	5,271	4,443
Capital Expenditures									115	212	331
Other Operating Segments [Member]
Total Net Sales									0	50	358
Depreciation and Amortization									5	3	7
Operating Income (Loss)									(216)	(184)	(384)
Total Assets	$ 3,803				$ 1,478				3,803	1,478	1,254
Capital Expenditures									$ 10	$ 1	$ 11

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Segment Information (Additional Information) (Details) $ in Millions	3 Months Ended										12 Months Ended
	Jan. 30, 2021 USD ($) Reportable_Segments	Oct. 31, 2020 USD ($)	Aug. 01, 2020 USD ($)	May 02, 2020 USD ($)	Feb. 01, 2020 USD ($)	Nov. 02, 2019 USD ($)	Aug. 03, 2019 USD ($)	May 04, 2019 USD ($)	Feb. 02, 2019 USD ($)	Nov. 03, 2018 USD ($)	Jan. 30, 2021 USD ($)	Feb. 01, 2020 USD ($)	Feb. 02, 2019 USD ($)
Number Of Reportable Segments (in reportable segments) \| Reportable_Segments	2
Impairment of Long-Lived Assets Held-for-use						$ 218					$ 254	$ 263	$ 101
Severance Costs											3
Gain (Loss) on Termination of Lease			$ 39								39	0	0
Net Gain On Formation Of VS UK Joint Venture											54	0	0
Goodwill, Impairment Loss											0	720	0
Loss on Divestiture of La Senza											0	0	(99)
Restructuring Charges									$ 3	$ 20
Total Net Sales	$ 4,819	$ 3,055	2,319	$ 1,654	$ 4,707	2,677	$ 2,902	$ 2,629			11,847	12,914	13,237
Other Operating Segments [Member]
Severance Costs											18
Loss on Divestiture of La Senza									$ (99)
Restructuring Charges													23
Total Net Sales											0	50	358
Bath & Body Works [Member]
Severance Costs											12
Total Net Sales											6,434	5,355	4,776
Victoria's Secret [Member]
Impairment of Long-Lived Assets Held-for-use			117	$ 97	35						254	263	101
Severance Costs											51
Gain (Loss) on Termination of Lease			$ 36
Net Gain On Formation Of VS UK Joint Venture		$ 30									54
Goodwill, Impairment Loss					690	$ 30						720
Total Net Sales											5,413	7,509	8,103
International [Member]
Total Net Sales											1,111	1,496	$ 1,683
Internationally based Long-lived Assets	$ 382				$ 713						$ 382	$ 713

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Jan. 30, 2021	Oct. 31, 2020	Aug. 01, 2020	May 02, 2020	Feb. 01, 2020	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Quarterly Financial Data [Abstract]
Total Net Sales	$ 4,819	$ 3,055	$ 2,319	$ 1,654	$ 4,707	$ 2,677	$ 2,902	$ 2,629	$ 11,847	$ 12,914	$ 13,237
Gross Profit	2,309	1,359	711	288	1,794	741	983	934	4,667	4,450	4,899
Operating Income (Loss)	1,273	581	44	(318)	82	(151)	175	153	1,580	258	1,237
Income (Loss) Before Income Taxes	1,154	410	(60)	(412)	(7)	(277)	42	60	1,092	(181)	857
Net Income (Loss)	$ 859	$ 331	$ (49)	$ (297)	$ (192)	$ (252)	$ 38	$ 40	$ 844	$ (366)	$ 644
Net Income (Loss) Per Basic Share	$ 3.08	$ 1.19	$ (0.18)	$ (1.07)	$ (0.70)	$ (0.91)	$ 0.14	$ 0.15	$ 3.04	$ (1.33)	$ 2.33
Net Income (Loss) Per Diluted Share	$ 3.03	$ 1.17	$ (0.18)	$ (1.07)	$ (0.70)	$ (0.91)	$ 0.14	$ 0.14	$ 3.00	$ (1.33)	$ 2.31

- Definition

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

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

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Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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

Quarterly Financial Data (Unaudited) (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended						12 Months Ended
	Oct. 31, 2020	Aug. 01, 2020	May 02, 2020	Feb. 01, 2020	Nov. 02, 2019	Aug. 03, 2019	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Impairment of Long-Lived Assets Held-for-use					$ 218		$ 254	$ 263	$ 101
Impairment of Long-Lived Assets Held-for-use, Net of Tax					200
Tax Adjustments, Settlements, and Unusual Provisions	$ 23	$ 21	$ 50
Gain (Loss) on Termination of Lease		39					39	0	0
Severance Costs							3
Severance Costs, Net Of Tax		65
Net Gain On Formation Of VS UK Joint Venture							54	0	0
Gain (Loss) on Extinguishment of Debt	(53)					$ 40	(53)	(40)	0
Extinguishment of Debt, Gain (Loss), Net of Tax	(40)					$ 30
Goodwill, Impairment Loss							0	720	0
Loss Contingency, Loss in Period					37		0	37	0
Loss Contingency, Loss in Period, Net Of Tax					28
General, Administrative and Store Operating Expenses [Member]
Severance Costs		81
Victoria's Secret [Member]
Impairment of Long-Lived Assets Held-for-use		117	97	$ 35			254	263	$ 101
Impairment of Long-Lived Assets Held-for-use, Net of Tax		99	$ 72	30
Gain (Loss) on Termination of Lease		36
Gain (Loss) on Termination of Lease, Net Of Tax		$ 25
Severance Costs							51
Net Gain On Formation Of VS UK Joint Venture	30						54
Net Gain On Formation Of VS UK Joint Venture, Net Of Tax	$ 27
Goodwill, Impairment Loss				690	$ 30			$ 720
Goodwill, Impairment Loss, Net of Tax				$ 687
Victoria's Secret [Member] \| General, Administrative and Store Operating Expenses [Member]
Impairment of Long-Lived Assets Held-for-use							$ 25

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended		12 Months Ended
	Mar. 12, 2021	Oct. 30, 2020	Jun. 30, 2019	Jan. 30, 2021	Jun. 30, 2021
Subsequent Event [Line Items]
Debt redemption amount				$ 1,259
Subsequent Event
Subsequent Event [Line Items]
Stock Repurchase program, authorized amount	$ 500
Subsequent Event \| Forecast
Subsequent Event [Line Items]
Dividends payable, amount per share					$ 0.60
Subsequent Event \| Share Repurchase 10b5-1 Plan
Subsequent Event [Line Items]
Stock Repurchase program, authorized amount	250
Subsequent Event \| With Subsidiary Guarantee
Subsequent Event [Line Items]
Repayments of debt	1,100
2022 Notes \| With Subsidiary Guarantee
Subsequent Event [Line Items]
Debt redemption amount		$ 576	$ 96
2022 Notes \| Subsequent Event \| With Subsidiary Guarantee
Subsequent Event [Line Items]
Debt redemption amount	285
2025 Notes \| Subsequent Event \| With Subsidiary Guarantee
Subsequent Event [Line Items]
Debt redemption amount	$ 750