The Gap, Inc. (GAP) 10-Q 27 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Apr. 30, 2022	May 20, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2022
Document Transition Report	false
Entity File Number	1-7562
Entity Registrant Name	GAP, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-1697231
Entity Address, Address Line One	Two Folsom Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94105
City Area Code	415
Local Phone Number	427-0100
Title of 12(b) Security	Common Stock, $0.05 par value
Trading Symbol	GPS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		367,968,088
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000039911
Current Fiscal Year End Date	--01-28
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Current assets:
Cash and cash equivalents	$ 845	$ 877	$ 2,066
Short-term investments	0	0	475
Merchandise inventory	3,169	3,018	2,370
Other current assets	991	1,270	1,091
Total current assets	5,005	5,165	6,002
Property and equipment, net of accumulated depreciation	2,791	3,037	2,839
Operating Lease, Right-of-Use Asset	3,587	3,675	4,060
Other long-term assets	874	884	703
Total assets	12,257	12,761	13,604
Current liabilities:
Accounts payable	1,599	1,951	1,530
Accrued expenses and other current liabilities	1,127	1,367	1,294
Operating Lease, Liability, Current	717	734	798
Income taxes payable	29	25	16
Total current liabilities	3,472	4,077	3,638
Long-term liabilities:
Long-term Line of Credit	350	0	0
Total long-term debt	1,485	1,484	2,218
Operating Lease, Liability, Noncurrent	3,921	4,033	4,449
Lease incentives and other long-term liabilities	575	445	493
Total long-term liabilities	6,331	5,962	7,160
Commitments and contingencies (see Note 9)
Common stock, shares outstanding (in shares)	369	371	377
Stockholders' equity:
Authorized 2,300 shares for all periods presented	$ 19	$ 19	$ 19
Additional Paid in Capital	0	43	118
Retained earnings	2,389	2,622	2,667
Amounts reclassified from accumulated other comprehensive income	46	38	2
Total stockholders' equity	2,454	2,722	2,806
Total liabilities and stockholders' equity	12,257	12,761	13,604
Property and equipment, accumulated depreciation	$ 4,967	$ 5,071	$ 5,616
Common stock, shares issued (in shares)	369	371	377
Common stock, shares authorized (in shares)	2,300	2,300	2,300
Common stock, par value (in dollars per share)	$ 0.05	$ 0.05	$ 0.05

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Property and equipment, accumulated depreciation	$ 4,967	$ 5,071	$ 5,616
Common stock, par value (in dollars per share)	$ 0.05	$ 0.05	$ 0.05
Common stock, shares authorized (in shares)	2,300	2,300	2,300

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Net Sales	$ 3,477	$ 3,991
Cost of goods sold and occupancy expenses	2,381	2,361
Gross profit	1,096	1,630
Operating Expenses	1,293	1,390
Operating income (loss)	(197)	240
Interest Expense	20	54
Interest income	(1)	(1)
Income (loss) before income taxes	(216)	187
Income taxes	(54)	21
Net income (loss)	$ (162)	$ 166
Weighted-average number of shares - basic (in shares)	370	376
Weighted-average number of shares - diluted (in shares)	370	385
Earnings (loss) per share - basic (in dollars per share)	$ (0.44)	$ 0.44
Earnings (loss) per share - diluted (in dollars per share)	$ (0.44)	$ 0.43

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Net income (loss)	$ (162)	$ 166
Other comprehensive income (loss), net of tax:
Foreign currency translation	3	(3)
Change in fair value of derivative financial instruments, net of tax (tax benefit)	7	(7)
Reclassification adjustment for (gains) losses on derivative financial instruments, net of (tax) tax benefit	(2)	3
Other comprehensive income (loss), net of tax	8	(7)
Comprehensive income (loss)	$ (154)	$ 159

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Change in fair value of derivative financial instruments, net of tax (tax benefit)	$ 2	$ 0
Reclassification adjustment for (gains) losses on derivative financial instruments, net of (tax) tax benefit	$ (1)	$ 0

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Stock optionsCommon Stock [Member]	Stock Units [Member]Common Stock [Member]
Common stock, shares issued (in shares)		374
Stockholders' Equity Attributable to Parent	$ 2,614	$ 19	$ 85	$ 2,501	$ 9
Net income (loss)	166			166
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(3)				(3)
Change in fair value of derivative financial instruments, net of tax (tax benefit)	(7)				(7)
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent	3				3
Stock Issued During Period, Shares, Other						1	2
Stock Issued During Period, Value, Other	25	0	25
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(32)	$ 0	(32)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$ 40		40
Common stock, shares issued (in shares)	377	377
Stockholders' Equity Attributable to Parent	$ 2,806	$ 19	118	2,667	2
Common stock, shares issued (in shares)	371	371
Stockholders' Equity Attributable to Parent	$ 2,722	$ 19	43	2,622	38
Net income (loss)	(162)			(162)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	3				3
Change in fair value of derivative financial instruments, net of tax (tax benefit)	7				7
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent	$ (2)				(2)
Stock Repurchased and Retired During Period, Shares	(4)
Stock Repurchased and Retired During Period, Value	$ (54)	0	(39)	(15)
Stock Issued During Period, Shares, Other						1	1
Stock Issued During Period, Value, Other	7	0	7
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(14)	$ 0	(14)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$ 3		3
Common Stock, Dividends, Per Share, Declared	$ 0.15
Dividends, Cash	$ (56)			(56)
Common stock, shares issued (in shares)	369	369
Stockholders' Equity Attributable to Parent	$ 2,454	$ 19	$ 0	$ 2,389	$ 46

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Cash flows from operating activities:
Net income (loss)	$ (162)	$ 166
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	130	120
Share-based compensation	1	36
Operating Lease, Impairment Loss	0	5
Other Asset Impairment Charges	3	0
Amortization of Debt Issuance Costs	2	4
Non-cash and other items	(3)	13
Gain (Loss) on Disposition of Business	0	56
Deferred income taxes	(1)	18
Changes in operating assets and liabilities:
Merchandise inventory	(166)	69
Other current assets and other long-term assets	57	10
Accounts payable	(336)	(205)
Accrued expenses and other current liabilities	(236)	40
Income taxes payable, net of receivables and other tax-related items	369	(18)
Lease incentives and other long-term liabilities	20	41
Operating lease assets and liabilities, net	(40)	(15)
Net cash provided by (used for) operating activities	(362)	340
Cash flows from investing activities:
Purchases of property and equipment	(228)	(124)
Proceeds from Sale of Buildings	333	0
Payments to Acquire Short-term Investments	0	(298)
Proceeds from Sale, Maturity and Collection of Short-term Investments	0	233
Net cash paid for divestiture activity	0	28
Net cash provided by (used for) investing activities	105	(161)
Cash flows from financing activities:
Proceeds from Lines of Credit	350
Proceeds from issuances under share-based compensation plans	7	25
Withholding tax payments related to vesting of stock units	(14)	(32)
Repurchases of common stock	(54)	0
Cash dividends paid	(56)	(91)
Net cash provided by (used for) financing activities	233	(98)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(7)	(1)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(31)	80
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents beginning of period	902	2,016
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents end of period	871	2,096
Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities	32	2
Cash paid (received) for income taxes during the period, net of refunds	$ (420)	$ 20

Accounting Policies

Accounting Policies	3 Months Ended
	Apr. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Accounting Policies [Text Block]	Note 1. Accounting Policies Basis of Presentation In the opinion of The Gap, Inc. (the “Company,” “we,” and “our”) management, the accompanying unaudited Condensed Consolidated Financial Statements contain all normal and recurring adjustments (except as otherwise disclosed) considered necessary to present fairly our financial position, results of operations, comprehensive income (loss), stockholders' equity, and cash flows as of April 30, 2022 and May 1, 2021 and for all periods presented. The Condensed Consolidated Balance Sheet as of January 29, 2022 has been derived from our audited financial statements. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and disclosures normally included in the notes to the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted from these interim financial statements, although the Company believes that the disclosures made are adequate to make the information not misleading. We suggest that you read these Condensed Consolidated Financial Statements in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 29, 2022. The results of operations for the 13 weeks ended April 30, 2022 are not necessarily indicative of the operating results that may be expected for the 52-week period ending January 28, 2023. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. In March 2020, the World Health Organization declared the coronavirus disease ("COVID-19") a global pandemic and recommended containment and mitigation measures worldwide. The COVID-19 pandemic continues to impact the global economy. During the second half of fiscal 2021, global supply chain disruption, including increased port congestion and COVID-related factory closures, caused significant product delays resulting in brands being unable to fully meet customer demand. During the 13 weeks ended April 30, 2022, we continued to encounter global supply chain disruptions and store closures in certain international markets. We will continue to consider the impact of the global supply chain disruptions and the COVID-19 pandemic on the assumptions and estimates used when preparing these Condensed Consolidated Financial Statements including inventory valuation, income taxes, and the impairment of long-lived store assets and operating lease assets. Actual results could differ from those estimates. If the economic conditions worsen beyond what is currently estimated by management, such future changes may have an adverse impact on the Company's results of operations and financial position. Restricted Cash As of April 30, 2022, restricted cash primarily included consideration that serves as collateral for certain obligations occurring in the normal course of business and our insurance obligations. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within our Condensed Consolidated Balance Sheets to the total shown on our Condensed Consolidated Statements of Cash Flows: ($ in millions) April 30, January 29, May 1, Cash and cash equivalents, per Condensed Consolidated Balance Sheets $ 845 $ 877 $ 2,066 Restricted cash included in other long-term assets 26 25 30 Total cash, cash equivalents, and restricted cash, per Condensed Consolidated Statements of Cash Flows $ 871 $ 902 $ 2,096 Accounting Pronouncements The Company has considered all recent accounting pronouncements and concluded that there are no recent accounting pronouncements that may have a material impact on our Condensed Consolidated Financial Statements and disclosures, based on current information.

Revenue

Revenue $ in Millions	3 Months Ended
	Apr. 30, 2022USD ($)
Revenue from Contract with Customer [Abstract]
Liabilities, Other than Long-term Debt, Noncurrent	$ 60
Revenue from Contract with Customer [Text Block]	Revenue Disaggregation of Net Sales We disaggregate our net sales between stores and online and also by brand and region. Net sales by region are allocated based on the location of the store where the customer paid for and received the merchandise or the distribution center or store from which the products were shipped. Net sales disaggregated for stores and online sales are as follows: 13 Weeks Ended ($ in millions) April 30, 2022 May 1, 2021 Store sales (1) $ 2,137 $ 2,384 Online sales (2) 1,340 1,607 Total net sales $ 3,477 $ 3,991 __________ (1) Store sales primarily include sales made at our Company-operated stores and franchise sales. (2) Online sales primarily include sales originating from our online channel including those that are picked up or shipped from stores. Net sales disaggregated by brand and region are as follows: ($ in millions) Old Navy Global Gap Global Banana Republic Global Athleta Global Other (2) Total 13 Weeks Ended April 30, 2022 U.S. (1) $ 1,673 $ 497 $ 416 $ 344 $ 3 $ 2,933 Canada 147 64 43 9 — 263 Europe 1 54 1 2 — 58 Asia — 141 16 — — 157 Other regions 20 35 6 5 — 66 Total $ 1,841 $ 791 $ 482 $ 360 $ 3 $ 3,477 ($ in millions) Old Navy Global Gap Global Banana Republic Global Athleta Global Other (3) Total 13 Weeks Ended May 1, 2021 U.S. (1) $ 2,099 $ 556 $ 333 $ 347 $ 89 $ 3,424 Canada 159 68 34 — — 261 Europe — 69 3 — — 72 Asia 1 163 16 — — 180 Other regions 21 30 3 — — 54 Total $ 2,280 $ 886 $ 389 $ 347 $ 89 $ 3,991 __________ (1) U.S. includes the United States and Puerto Rico. (2) Primarily consists of net sales from revenue generating strategic initiatives. (3) Primarily consists of net sales for the Intermix brand, which was divested on May 21, 2021. Also includes net sales for the Janie and Jack brand through April 7, 2021. Deferred Revenue We defer revenue when cash payments are received in advance of performance for unsatisfied obligations related to our gift cards, licensing agreements, outstanding loyalty points, and reimbursements of loyalty program discounts associated with our credit card agreement. For the 13 weeks ended April 30, 2022, the opening balance of deferred revenue for these obligations was $345 million, of which $127 million was recognized as revenue during the period. The closing balance of deferred revenue for these obligations was $323 million as of April 30, 2022. For the 13 weeks ended May 1, 2021, the opening balance of deferred revenue for these obligations was $231 million, of which $89 million was recognized as revenue during the period. The closing balance of deferred revenue for these obligations was $222 million as of May 1, 2021. The increase in the deferred revenue balance as of April 30, 2022 and the revenue recognition during the 13 weeks ended April 30, 2022 is primarily due to the issuance of additional loyalty points with the launch of our new integrated loyalty program across the U.S. and Puerto Rico in July 2021. In April 2021, the Company entered into agreements with Barclays and Mastercard relating to a new long-term credit card program that is expected to begin in the second quarter of fiscal 2022. Accordingly, our private label credit card program with Synchrony Financial will be discontinued upon the launch of the new long-term credit card program. As of April 30, 2022, the Company has received $60 million related to the new agreements, which was primarily recorded in other long-term liabilities on our Condensed Consolidated Balance Sheet as of April 30, 2022. Upon program launch, this upfront payment will be recognized as revenue over the term of the agreement.

Debt and Credit Facilities

Debt and Credit Facilities	3 Months Ended
	Apr. 30, 2022
Debt Disclosure [Abstract]
Debt and Credit Facilities	Debt and Credit Facilities Long-term debt recorded on the Condensed Consolidated Balance Sheets consists of the following: ($ in millions) April 30, January 29, May 1, Secured Notes 2023 Notes $ — $ — $ 500 2025 Notes — — 750 2027 Notes — — 1,000 Senior Notes 2029 Notes 750 750 — 2031 Notes 750 750 — Less: Unamortized debt issuance costs (15) (16) (32) Total long-term debt $ 1,485 $ 1,484 $ 2,218 The scheduled maturity of the Senior Notes is as follows: Scheduled Maturity ($ in millions) Principal Interest Rate Interest Payments Senior Notes October 1, 2029 (1) $ 750 3.625 % Semi-Annual October 1, 2031 (2) 750 3.875 % Semi-Annual Total issuance $ 1,500 __________ (1) Includes an option to redeem the 2029 Notes, in whole or in part at any time, subject to a make-whole premium, prior to October 1, 2024. On or after October 1, 2024, includes an option to redeem the 2029 Notes, in whole or in part at any time, at stated redemption prices. (2) Includes an option to redeem the 2031 Notes, in whole or in part at any time, subject to a make-whole premium, prior to October 1, 2026. On or after October 1, 2026, includes an option to redeem the 2031 Notes, in whole or in part at any time, at stated redemption prices. In September 2021, we completed the issuance of $1.5 billion aggregate principal amount of 3.625 percent senior notes due 2029 (“2029 Notes”) and 3.875 percent senior notes due 2031 (“2031 Notes”) (the 2029 Notes and the 2031 Notes, collectively, the “Senior Notes”). As of April 30, 2022, the aggregate estimated fair value of the Senior Notes was $1.21 billion and was based on the quoted market prices for each of the Senior Notes (level 1 inputs) as of the last business day of the fiscal quarter. The aggregate principal amount of the Senior Notes is recorded in long-term debt on the Condensed Consolidated Balance Sheet, net of the unamortized debt issuance cost. In May 2020, we entered into a senior secured asset-based revolving credit agreement (the "ABL Facility"), which has a $1.8675 billion borrowing capacity and bears interest at a base rate (typically LIBOR) plus a margin depending on borrowing base availability. The ABL Facility is scheduled to expire in May 2023. We also have the ability to issue letters of credit on our ABL Facility. As of April 30, 2022, we had $51 million in standby letters of credit issued under the ABL Facility. On February 9, 2022, the Company borrowed $350 million under the ABL Facility. The variable interest rate on the drawn amount is monthly LIBOR plus 200 basis points, subject to a LIBOR floor of 75 basis points. The borrowing was recorded in long-term liabilities on our Condensed Consolidated Balance Sheet as of April 30, 2022. We also maintain multiple agreements with third parties that make unsecured revolving credit facilities available for our operations in foreign locations (the “Foreign Facilities”). The Foreign Facilities are uncommitted and had a total capacity of $48 million as of April 30, 2022. As of April 30, 2022, there were no borrowings under the Foreign Facilities. There were $9 million in bank guarantees issued and outstanding primarily related to store leases under the Foreign Facilities as of April 30, 2022. We have bilateral unsecured standby letter of credit agreements that are uncommitted and do not have expiration dates. There were no material standby letters of credit issued under these agreements as of April 30, 2022.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives and available-for-sale debt securities. The Company categorizes financial assets and liabilities recorded at fair value based upon a three-level hierarchy that considers the related valuation techniques. There were no material purchases, sales, issuances, or settlements related to recurring level 3 measurements for the 13 weeks ended April 30, 2022 or May 1, 2021. There were no transfers of financial assets or liabilities into or out of level 1, level 2, and level 3 for the 13 weeks ended April 30, 2022 or May 1, 2021. Financial Assets and Liabilities Financial assets and liabilities measured at fair value on a recurring basis and cash equivalents are as follows: Fair Value Measurements at Reporting Date Using ($ in millions) April 30, 2022 Quoted Prices in Significant Other Significant Assets: Cash equivalents $ 16 $ — $ 16 $ — Derivative financial instruments 44 — 44 — Deferred compensation plan assets 40 40 — — Other assets 4 — — 4 Total $ 104 $ 40 $ 60 $ 4 Liabilities: Derivative financial instruments $ 1 $ — $ 1 $ — Fair Value Measurements at Reporting Date Using ($ in millions) January 29, 2022 Quoted Prices in Significant Other Significant Assets: Cash equivalents $ 27 $ — $ 27 $ — Derivative financial instruments 16 — 16 — Deferred compensation plan assets 40 40 — — Other assets 4 — — 4 Total $ 87 $ 40 $ 43 $ 4 Liabilities: Derivative financial instruments $ 2 $ — $ 2 $ — Fair Value Measurements at Reporting Date Using ($ in millions) May 1, 2021 Quoted Prices in Significant Other Significant Assets: Cash equivalents $ 143 $ — $ 143 $ — Short-term investments 475 365 110 — Derivative financial instruments 6 — 6 — Deferred compensation plan assets 49 49 — — Other assets 4 — — 4 Total $ 677 $ 414 $ 259 $ 4 Liabilities: Derivative financial instruments $ 30 $ — $ 30 $ — We have highly liquid fixed and variable income investments classified as cash equivalents. With the exception of our available-for-sale investments noted below, we value these investments at their original purchase prices plus interest that has accrued at the stated rate. Our cash equivalents are placed primarily in time deposits. Our available-for-sale securities are comprised of investments in debt securities and are recorded in both short-term investments and cash and cash equivalents on the Condensed Consolidated Balance Sheet. These securities are recorded at fair value using market prices. As of April 30, 2022 and January 29, 2022, the Company held no available-for-sale debt securities on the Condensed Consolidated Balance Sheets . As of May 1, 2021, the Company held $475 million of available-for-sale debt securities with maturity dates greater than three months and less than two years within short-term investments on the Condensed Consolidated Balance Sheet. In addition, as of May 1, 2021, the Company held $25 million of available-for-sale debt securities with maturities of three months or less at the time of purchase within cash and cash equivalents on the Condensed Consolidated Balance Sheet. Unrealized gains and losses on available-for-sale debt securities included within accumulated other comprehensive income were not material as of May 1, 2021. The Company regularly reviews any available-for-sale debt securities for other-than-temporary impairment. For the 13 weeks ended May 1, 2021, the Company did not consider any of its securities to be other-than-temporarily impaired and, accordingly, did not recognize any impairment loss. Derivative financial instruments primarily include foreign exchange forward contracts. The fair value of the Company’s derivative financial instruments is determined using pricing models based on current market rates. See Note 6 of Notes to Condensed Consolidated Financial Statements for information regarding currencies hedged against the U.S. dollar. We maintain the Gap, Inc. Deferred Compensation Plan (“DCP”), which allows eligible employees to defer base compensation and bonus up to a maximum percentage, and non-employee directors to defer receipt of a portion of their Board fees. Plan investments are directed by participants and are recorded at market value and designated for the DCP. The fair value of the Company’s DCP assets is determined based on quoted market prices, and the assets are recorded in other long-term assets on the Condensed Consolidated Balance Sheets. Nonfinancial Assets We review the carrying amount of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of the long-lived assets is determined using level 3 inputs and based on discounted future cash flows of the asset or asset group using a discount rate commensurate with the risk. The asset group is defined as the lowest level for which identifiable cash flows are available and largely independent of the cash flows of other groups of assets, which for our retail stores is at the store level. There were no material impairment charges recorded for long-lived assets during the 13 weeks ended April 30, 2022 or May 1, 2021. We review the carrying amount of goodwill and other indefinite-lived intangible assets for impairment annually and whenever events or changes in circumstances indicate that it is more likely than not that the carrying amount may not be recoverable. There were no impairment charges recorded for goodwill or other indefinite-lived intangible assets for the 13 weeks ended April 30, 2022 or May 1, 2021.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe effective income tax rate was 25.0 percent for the 13 weeks ended April 30, 2022, compared with 11.2 percent for the 13 weeks ended May 1, 2021. The increase in the effective tax rate is primarily due to the impact of the tax benefit resulting from divestiture activity that occurred during the first quarter of fiscal 2021 and changes in the jurisdictional mix of pretax income.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Apr. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments We operate in foreign countries, which exposes us to market risk associated with foreign currency exchange rate fluctuations. We use derivative financial instruments to manage our exposure to foreign currency exchange rate risk and do not enter into derivative financial contracts for trading purposes. Consistent with our risk management guidelines, we hedge a portion of our transactions related to merchandise purchases for foreign operations and certain intercompany transactions using foreign exchange forward contracts. These contracts are entered into with large, reputable financial institutions that are monitored for counterparty risk. The currencies hedged against changes in the U.S. dollar are the Canadian dollar, British pound, Japanese yen, Mexican peso, New Taiwan dollar, Euro, and Chinese yuan. Cash flows from derivative financial instruments are classified as cash flows from operating activities on the Condensed Consolidated Statements of Cash Flows. Derivative financial instruments are recorded at fair value on the Condensed Consolidated Balance Sheets as other current assets, other long-term assets, accrued expenses and other current liabilities, or other long-term liabilities. Cash Flow Hedges We designate the following foreign exchange forward contracts as cash flow hedges: forward contracts used to hedge forecasted merchandise purchases and related costs denominated in U.S. dollars made by our international subsidiaries whose functional currencies are their local currencies. The foreign exchange forward contracts entered into to hedge forecasted merchandise purchases and related costs generally have terms of 12 to 24 months. The effective portion of the gain or loss on the derivative financial instruments is reported as a component of other comprehensive income (loss) and is recognized into net income (loss) during the period in which the underlying transaction impacts the Condensed Consolidated Statements of Operations. Other Derivatives Not Designated as Hedging Instruments We use foreign exchange forward contracts to hedge our market risk exposure associated with foreign currency exchange rate fluctuations for certain intercompany balances denominated in currencies other than the functional currency of the entity with the intercompany balance. The gain or loss on the derivative financial instruments that represent economic hedges, as well as the remeasurement impact of the underlying intercompany balances, is recorded in operating expenses on the Condensed Consolidated Statements of Operations in the same period and generally offset each other. Outstanding Notional Amounts We had foreign exchange forward contracts outstanding in the following notional amounts: ($ in millions) April 30, January 29, May 1, Derivatives designated as cash flow hedges $ 373 $ 524 $ 343 Derivatives not designated as hedging instruments 758 702 683 Total $ 1,131 $ 1,226 $ 1,026 Quantitative Disclosures about Derivative Financial Instruments The fair values of foreign exchange forward contracts are as follows: ($ in millions) April 30, January 29, May 1, Derivatives designated as cash flow hedges: Other current assets $ 16 $ 10 $ 4 Accrued expenses and other current liabilities — — 19 Derivatives not designated as hedging instruments: Other current assets 28 6 2 Accrued expenses and other current liabilities 1 2 11 Total derivatives in an asset position $ 44 $ 16 $ 6 Total derivatives in a liability position $ 1 $ 2 $ 30 All of the unrealized gains and losses from designated cash flow hedges as of April 30, 2022 will be recognized in income within the next 12 months at the then-current values, which may differ from the fair values as of April 30, 2022 shown above. Our foreign exchange forward contracts are subject to master netting arrangements with each of our counterparties and such arrangements are enforceable in the event of default or early termination of the contract. We do not elect to offset the fair values of our derivative financial instruments on the Condensed Consolidated Balance Sheets, and as such, the fair values shown above represent gross amounts. The amounts subject to enforceable master netting arrangements were not material for all periods presented. See Note 4 of Notes to Condensed Consolidated Financial Statements for disclosures on the fair value measurements of our derivative financial instruments. The pre-tax amounts recognized in net income (loss) related to derivative instruments are as follows: Location and Amount of (Gain) Loss 13 Weeks Ended 13 Weeks Ended ($ in millions) Cost of goods sold and occupancy expenses Operating expenses Cost of goods sold and occupancy expenses Operating expenses Total amount of expense line items presented in the Condensed Consolidated Statements of Operations in which the effects of derivatives are recorded $ 2,381 $ 1,293 $ 2,361 $ 1,390 (Gain) loss recognized in net income (loss) Derivatives designated as cash flow hedges (3) — 3 — Derivatives not designated as hedging instruments — (22) — 11 Total (gain) loss recognized in net income (loss) $ (3) $ (22) $ 3 $ 11

Share Repurchases

Share Repurchases	3 Months Ended
	Apr. 30, 2022
Disclosure Share Repurchase Activity [Abstract]
Share Repurchases	Share Repurchases Share repurchase activity is as follows: 13 Weeks Ended ($ and shares in millions except average per share cost) April 30, May 1, Number of shares repurchased (1) 3.7 — Total cost $ 54 $ — Average per share cost including commissions $ 14.47 $ — _________ (1) Excludes shares withheld to settle employee statutory tax withholding related to the vesting of stock units. In February 2019, the Board of Directors approved a $1.0 billion share repurchase authorization (the "February 2019 repurchase program"). The February 2019 repurchase program had $545 million remaining as of April 30, 2022. All common stock repurchased is immediately retired.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Apr. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings (Loss) Per Share Weighted-average number of shares used for earnings (loss) per share is as follows: 13 Weeks Ended (shares in millions) April 30, May 1, Weighted-average number of shares - basic 370 376 Common stock equivalents (1) — 9 Weighted-average number of shares - diluted 370 385 _________ (1) For the thirteen weeks ended April 30, 2022, the dilutive impact of outstanding options and awards was excluded from dilutive shares as a result of the Company's net loss for the period.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are a party to a variety of contractual agreements under which we may be obligated to indemnify the other party for certain matters. These contracts primarily relate to our commercial contracts, operating leases, trademarks, intellectual property, financial agreements, and various other agreements. Under these contracts, we may provide certain routine indemnifications relating to representations and warranties (e.g., ownership of assets, environmental or tax indemnifications), or personal injury matters. The terms of these indemnifications range in duration and may not be explicitly defined. Generally, the maximum obligation under such indemnifications is not explicitly stated, and as a result, the overall amount of these obligations cannot be reasonably estimated. Historically, we have not made significant payments for these indemnifications. We believe that if we were to incur a loss in any of these matters, the loss would not have a material effect on our Condensed Consolidated Financial Statements taken as a whole. As a multinational company, we are subject to various proceedings, lawsuits, disputes, and claims ("Actions") arising in the ordinary course of our business. Many of these Actions raise complex factual and legal issues and are subject to uncertainties. As of April 30, 2022, Actions filed against us included commercial, intellectual property, customer, employment, securities, and data privacy claims, including class action lawsuits. The plaintiffs in some Actions seek unspecified damages or injunctive relief, or both. Actions are in various procedural stages and some are covered in part by insurance. As of April 30, 2022, January 29, 2022, and May 1, 2021, we recorded a liability for an estimated loss if the outcome of an Action is expected to result in a loss that is considered probable and reasonably estimable. The liability recorded was not material for any individual Action or in total for all periods presented. Subsequent to April 30, 2022, and through the filing date of this Quarterly Report on Form 10-Q, no information has become available that indicates a change is required that would be material to our Condensed Consolidated Financial Statements taken as a whole. We cannot predict with assurance the outcome of Actions brought against us. However, we do not believe that the outcome of any current Action would have a material effect on our Condensed Consolidated Financial Statements taken as a whole.

Segment Information

Segment Information	3 Months Ended
	Apr. 30, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information We identify our operating segments according to how our business activities are managed and evaluated. As of April 30, 2022, our operating segments included: Old Navy Global, Gap Global, Banana Republic Global, and Athleta Global. Each operating segment has a brand president who is responsible for various geographies and channels. Each of our brands serves customer demand through stores and online channels, leveraging our omni-channel capabilities that allow customers to shop seamlessly across all of our brands. We have determined that each of our operating segments share similar economic and other qualitative characteristics, and therefore the results of our operating segments are aggregated into one reportable segment as of April 30, 2022. We continually monitor and review our segment reporting structure in accordance with authoritative guidance to determine whether any changes have occurred that would impact our reportable segments. See Note 2 of Notes to Condensed Consolidated Financial Statements for disaggregation of revenue for stores and online and by brand and region.

Divestitures

Divestitures	3 Months Ended
	Apr. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure	DivestituresOn February 1, 2022, we completed the transition of our Gap Italy operations to a third party, OVS S.p.A. ("OVS"), to operate Gap Italy stores as a franchise partner. The impact from the transaction was not material to our Condensed Consolidated Financial Statements for the 13 weeks ended April 30, 2022. The Company has also reclassified certain assets as held for sale assets that are expected to be sold in the next 12 months related to our distribution center in Rugby, England. The aggregate carrying amount of the assets held for sale, primarily consisting of fixed assets, was $45 million and was recorded within other current assets on the Condensed Consolidated Balance Sheet as of April 30, 2022. On April 8, 2021, the Company divested the Janie and Jack brand. In addition, the Company reclassified $109 million of assets and $112 million of liabilities for the Intermix brand as held for sale within other current assets and accrued expenses and other current liabilities, respectively, on the Condensed Consolidated Balance Sheet as of May 1, 2021 and measured the disposal group at its estimated fair value less costs to sell. The aggregate carrying amount of assets and liabilities for amounts classified as held for sale primarily consisted of $61 million of net operating lease assets, $19 million of inventory, and $97 million of operating lease liabilities. The divestiture of Intermix was completed on May 21, 2021. As a result of these transactions, the Company recognized a pre-tax loss of $56 million within operating expenses on the Condensed Consolidated Statements of Operations for the 13 weeks ended May 1, 2021.

Accounting Policies (Tables)

Accounting Policies (Tables)	3 Months Ended
	Apr. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	As of April 30, 2022, restricted cash primarily included consideration that serves as collateral for certain obligations occurring in the normal course of business and our insurance obligations. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within our Condensed Consolidated Balance Sheets to the total shown on our Condensed Consolidated Statements of Cash Flows: ($ in millions) April 30, January 29, May 1, Cash and cash equivalents, per Condensed Consolidated Balance Sheets $ 845 $ 877 $ 2,066 Restricted cash included in other long-term assets 26 25 30 Total cash, cash equivalents, and restricted cash, per Condensed Consolidated Statements of Cash Flows $ 871 $ 902 $ 2,096

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Apr. 30, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue [Table Text Block]	Net sales disaggregated for stores and online sales are as follows: 13 Weeks Ended ($ in millions) April 30, 2022 May 1, 2021 Store sales (1) $ 2,137 $ 2,384 Online sales (2) 1,340 1,607 Total net sales $ 3,477 $ 3,991 __________ (1) Store sales primarily include sales made at our Company-operated stores and franchise sales.
Net Sales by Brand and Region	Net sales disaggregated by brand and region are as follows: ($ in millions) Old Navy Global Gap Global Banana Republic Global Athleta Global Other (2) Total 13 Weeks Ended April 30, 2022 U.S. (1) $ 1,673 $ 497 $ 416 $ 344 $ 3 $ 2,933 Canada 147 64 43 9 — 263 Europe 1 54 1 2 — 58 Asia — 141 16 — — 157 Other regions 20 35 6 5 — 66 Total $ 1,841 $ 791 $ 482 $ 360 $ 3 $ 3,477 ($ in millions) Old Navy Global Gap Global Banana Republic Global Athleta Global Other (3) Total 13 Weeks Ended May 1, 2021 U.S. (1) $ 2,099 $ 556 $ 333 $ 347 $ 89 $ 3,424 Canada 159 68 34 — — 261 Europe — 69 3 — — 72 Asia 1 163 16 — — 180 Other regions 21 30 3 — — 54 Total $ 2,280 $ 886 $ 389 $ 347 $ 89 $ 3,991 __________ (1) U.S. includes the United States and Puerto Rico. (2) Primarily consists of net sales from revenue generating strategic initiatives. (3) Primarily consists of net sales for the Intermix brand, which was divested on May 21, 2021. Also includes net sales for the Janie and Jack brand through April 7, 2021.

Debt and Credit Facilities Long

Debt and Credit Facilities Long Term Debt (Tables)	3 Months Ended
	Apr. 30, 2022
Debt Disclosure [Abstract]
Long Term Debt	Long-term debt recorded on the Condensed Consolidated Balance Sheets consists of the following: ($ in millions) April 30, January 29, May 1, Secured Notes 2023 Notes $ — $ — $ 500 2025 Notes — — 750 2027 Notes — — 1,000 Senior Notes 2029 Notes 750 750 — 2031 Notes 750 750 — Less: Unamortized debt issuance costs (15) (16) (32) Total long-term debt $ 1,485 $ 1,484 $ 2,218
Schedule of Maturities of Long-term Debt [Table Text Block]	The scheduled maturity of the Senior Notes is as follows: Scheduled Maturity ($ in millions) Principal Interest Rate Interest Payments Senior Notes October 1, 2029 (1) $ 750 3.625 % Semi-Annual October 1, 2031 (2) 750 3.875 % Semi-Annual Total issuance $ 1,500 __________ (1) Includes an option to redeem the 2029 Notes, in whole or in part at any time, subject to a make-whole premium, prior to October 1, 2024. On or after October 1, 2024, includes an option to redeem the 2029 Notes, in whole or in part at any time, at stated redemption prices. (2) Includes an option to redeem the 2031 Notes, in whole or in part at any time, subject to a make-whole premium, prior to October 1, 2026. On or after October 1, 2026, includes an option to redeem the 2031 Notes, in whole or in part at any time, at stated redemption prices.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 30, 2022
Fair Value Disclosures [Abstract]
Financial Assets And Liabilities Measured At Fair Value On Recurring Basis	Financial assets and liabilities measured at fair value on a recurring basis and cash equivalents are as follows: Fair Value Measurements at Reporting Date Using ($ in millions) April 30, 2022 Quoted Prices in Significant Other Significant Assets: Cash equivalents $ 16 $ — $ 16 $ — Derivative financial instruments 44 — 44 — Deferred compensation plan assets 40 40 — — Other assets 4 — — 4 Total $ 104 $ 40 $ 60 $ 4 Liabilities: Derivative financial instruments $ 1 $ — $ 1 $ — Fair Value Measurements at Reporting Date Using ($ in millions) January 29, 2022 Quoted Prices in Significant Other Significant Assets: Cash equivalents $ 27 $ — $ 27 $ — Derivative financial instruments 16 — 16 — Deferred compensation plan assets 40 40 — — Other assets 4 — — 4 Total $ 87 $ 40 $ 43 $ 4 Liabilities: Derivative financial instruments $ 2 $ — $ 2 $ — Fair Value Measurements at Reporting Date Using ($ in millions) May 1, 2021 Quoted Prices in Significant Other Significant Assets: Cash equivalents $ 143 $ — $ 143 $ — Short-term investments 475 365 110 — Derivative financial instruments 6 — 6 — Deferred compensation plan assets 49 49 — — Other assets 4 — — 4 Total $ 677 $ 414 $ 259 $ 4 Liabilities: Derivative financial instruments $ 30 $ — $ 30 $ —

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Apr. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign Exchange Forward Contracts Outstanding	We had foreign exchange forward contracts outstanding in the following notional amounts: ($ in millions) April 30, January 29, May 1, Derivatives designated as cash flow hedges $ 373 $ 524 $ 343 Derivatives not designated as hedging instruments 758 702 683 Total $ 1,131 $ 1,226 $ 1,026
Fair Values of Asset and Liability Derivative Financial Instruments	The fair values of foreign exchange forward contracts are as follows: ($ in millions) April 30, January 29, May 1, Derivatives designated as cash flow hedges: Other current assets $ 16 $ 10 $ 4 Accrued expenses and other current liabilities — — 19 Derivatives not designated as hedging instruments: Other current assets 28 6 2 Accrued expenses and other current liabilities 1 2 11 Total derivatives in an asset position $ 44 $ 16 $ 6 Total derivatives in a liability position $ 1 $ 2 $ 30
Effects of Derivative Financial Instruments on OCI and Condensed Consolidated Statements of Income	The pre-tax amounts recognized in net income (loss) related to derivative instruments are as follows: Location and Amount of (Gain) Loss 13 Weeks Ended 13 Weeks Ended ($ in millions) Cost of goods sold and occupancy expenses Operating expenses Cost of goods sold and occupancy expenses Operating expenses Total amount of expense line items presented in the Condensed Consolidated Statements of Operations in which the effects of derivatives are recorded $ 2,381 $ 1,293 $ 2,361 $ 1,390 (Gain) loss recognized in net income (loss) Derivatives designated as cash flow hedges (3) — 3 — Derivatives not designated as hedging instruments — (22) — 11 Total (gain) loss recognized in net income (loss) $ (3) $ (22) $ 3 $ 11

Share Repurchases (Tables)

Share Repurchases (Tables)	3 Months Ended
	Apr. 30, 2022
Disclosure Share Repurchase Activity [Abstract]
Share Repurchase Activity	13 Weeks Ended ($ and shares in millions except average per share cost) April 30, May 1, Number of shares repurchased (1) 3.7 — Total cost $ 54 $ — Average per share cost including commissions $ 14.47 $ — _________ (1) Excludes shares withheld to settle employee statutory tax withholding related to the vesting of stock units.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Apr. 30, 2022
Earnings Per Share [Abstract]
Weighted-Average Number of Shares	Weighted-average number of shares used for earnings (loss) per share is as follows: 13 Weeks Ended (shares in millions) April 30, May 1, Weighted-average number of shares - basic 370 376 Common stock equivalents (1) — 9 Weighted-average number of shares - diluted 370 385 _________ (1) For the thirteen weeks ended April 30, 2022, the dilutive impact of outstanding options and awards was excluded from dilutive shares as a result of the Company's net loss for the period.

Accounting Policies Supplementa

Accounting Policies Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021	Jan. 30, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 845	$ 877	$ 2,066
Restricted Cash, Noncurrent	26	25	30
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents end of period	871	902	2,096	$ 2,016
Reconciliation of Cash Flow Cash, Cash Equiv. and Restricted Cash to Balance Sheet
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	845	877	2,066
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents end of period	$ 871	$ 902	$ 2,096

Revenue Disaggregation (Details

Revenue Disaggregation (Details) - USD ($) $ in Millions		3 Months Ended
		Apr. 30, 2022	May 01, 2021
Disaggregation of Revenue
Revenues		$ 3,477	$ 3,991
Store Sales
Disaggregation of Revenue
Revenues	[1]	2,137	2,384
Online Sales
Disaggregation of Revenue
Revenues	[2]	$ 1,340	$ 1,607
[1]	Store sales primarily include sales made at our Company-operated stores and franchise sales.
[2]	Online sales primarily include sales originating from our online channel including those that are picked up or shipped from stores.

Net Sales by Brand and Region (

Net Sales by Brand and Region (Details) - USD ($) $ in Millions		3 Months Ended
		Apr. 30, 2022		May 01, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		$ 3,477		$ 3,991
Old Navy
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		1,841		2,280
Gap
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		791		886
Banana Republic [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		482		389
Athleta [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		360		347
Other entities [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		3	[1]	89	[2]
U.S.
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	[3]	2,933		3,424
U.S. | Old Navy
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	[3]	1,673		2,099
U.S. | Gap
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	[3]	497		556
U.S. | Banana Republic [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	[3]	416		333
U.S. | Athleta [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	[3]	344		347
U.S. | Other entities [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	[3]	3	[1]	89	[2]
Canada
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		263		261
Canada | Old Navy
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		147		159
Canada | Gap
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		64		68
Canada | Banana Republic [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		43		34
Canada | Athleta [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		9		0
Canada | Other entities [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		0	[1]	0	[2]
Europe
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		58		72
Europe | Old Navy
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		1		0
Europe | Gap
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		54		69
Europe | Banana Republic [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		1		3
Europe | Athleta [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		2		0
Europe | Other entities [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		0	[1]	0	[2]
Asia
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		157		180
Asia | Old Navy
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		0		1
Asia | Gap
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		141		163
Asia | Banana Republic [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		16		16
Asia | Athleta [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		0		0
Asia | Other entities [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		0	[1]	0	[2]
Other Regions
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		66		54
Other Regions | Old Navy
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		20		21
Other Regions | Gap
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		35		30
Other Regions | Banana Republic [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		6		3
Other Regions | Athleta [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		5		0
Other Regions | Other entities [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		$ 0	[1]	$ 0	[2]
[1]	Primarily consists of net sales from revenue generating strategic initiatives.
[2]	Primarily consists of net sales for the Intermix brand, which was divested on May 21, 2021. Also includes net sales for the Janie and Jack brand through April 7, 2021
[3]	U.S. includes the United States and Puerto Rico.

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021	Jan. 29, 2022	Jan. 30, 2021
Revenue from Contract with Customer [Abstract]
Contract with Customer, Liability	$ 323	$ 222	$ 345	$ 231
Contract with Customer, Liability, Revenue Recognized	127	$ 89
Liabilities, Other than Long-term Debt, Noncurrent	$ 60

Debt and Credit Facilities Lo_2

Debt and Credit Facilities Long Term Debt (Details) - USD ($) $ in Millions	Apr. 30, 2022		Jan. 29, 2022	May 01, 2021
Debt Instrument [Line Items]
Notes	$ 1,485		$ 1,484	$ 2,218
Total long-term debt	1,485		1,484	2,218
Unamortized Debt Issuance Expense	(15)		(16)	(32)
Debt Instrument, Face Amount	1,500
2029 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	750	[1]	750	0
2031 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	750	[2]	750	0
2023 Notes [Member]
Debt Instrument [Line Items]
Notes	0		0	500
2025 Notes [Member]
Debt Instrument [Line Items]
Notes	0		0	750
2027 Notes [Member]
Debt Instrument [Line Items]
Notes	$ 0		$ 0	$ 1,000
[1]	Includes an option to redeem the 2029 Notes, in whole or in part at any time, subject to a make-whole premium, prior to October 1, 2024. On or after October 1, 2024, includes an option to redeem the 2029 Notes, in whole or in part at any time, at stated redemption prices.
[2]	Includes an option to redeem the 2031 Notes, in whole or in part at any time, subject to a make-whole premium, prior to October 1, 2026. On or after October 1, 2026, includes an option to redeem the 2031 Notes, in whole or in part at any time, at stated redemption prices.

Debt and Credit Facilities Sche

Debt and Credit Facilities Scheduled Maturity of Notes (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022		Jan. 29, 2022	May 01, 2021
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 1,500
2031 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 750	[1]	$ 750	$ 0
Debt Instrument, Interest Rate, Stated Percentage	3.875%
Debt Instrument, Payment Terms	Semi-Annual
2029 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 750	[2]	$ 750	$ 0
Debt Instrument, Interest Rate, Stated Percentage	3.625%
Debt Instrument, Payment Terms	Semi-Annual
[1]	Includes an option to redeem the 2031 Notes, in whole or in part at any time, subject to a make-whole premium, prior to October 1, 2026. On or after October 1, 2026, includes an option to redeem the 2031 Notes, in whole or in part at any time, at stated redemption prices.
[2]	Includes an option to redeem the 2029 Notes, in whole or in part at any time, subject to a make-whole premium, prior to October 1, 2024. On or after October 1, 2024, includes an option to redeem the 2029 Notes, in whole or in part at any time, at stated redemption prices.

Debt and Credit Facilities - Ad

Debt and Credit Facilities - Additional Information (Details) - USD ($) $ in Millions	Apr. 30, 2022		Jan. 29, 2022	May 01, 2021
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 1,500
Estimated fair value	1,210
Long-term Line of Credit	350		$ 0	$ 0
2029 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 750	[1]	750	0
Debt Instrument, Interest Rate, Stated Percentage	3.625%
2031 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 750	[2]	$ 750	$ 0
Debt Instrument, Interest Rate, Stated Percentage	3.875%
ABL Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum borrowing capacity	$ 1,867.5
Unsecured committed letter of credit amount	51
Long-term Line of Credit	350
Foreign Facilities [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum borrowing capacity	48
Long-term Line of Credit	0
Bank guarantees related to store leases	9
Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Unsecured committed letter of credit amount	$ 0
[1]	Includes an option to redeem the 2029 Notes, in whole or in part at any time, subject to a make-whole premium, prior to October 1, 2024. On or after October 1, 2024, includes an option to redeem the 2029 Notes, in whole or in part at any time, at stated redemption prices.
[2]	Includes an option to redeem the 2031 Notes, in whole or in part at any time, subject to a make-whole premium, prior to October 1, 2026. On or after October 1, 2026, includes an option to redeem the 2031 Notes, in whole or in part at any time, at stated redemption prices.

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Assets:
Cash equivalents	$ 16	$ 27	$ 143
Short-term investments	0	0	475
Derivative financial instruments	44	16	6
Deferred compensation plan assets	40	40	49
Debt Securities, Available-for-sale	4	4	4
Total	104	87	677
Liabilities:
Derivative financial instruments	1	2	30
Fair Value, Inputs, Level 1 [Member]
Assets:
Short-term investments			365
Derivative financial instruments	0	0	0
Deferred compensation plan assets	40	40	49
Debt Securities, Available-for-sale	0	0	0
Total	40	40	414
Liabilities:
Derivative financial instruments	0	0	0
Fair Value, Inputs, Level 2 [Member]
Assets:
Cash equivalents	16	27	143
Short-term investments			110
Derivative financial instruments	44	16	6
Deferred compensation plan assets	0	0	0
Debt Securities, Available-for-sale	0	0	0
Total	60	43	259
Liabilities:
Derivative financial instruments	1	2	30
Fair Value, Inputs, Level 3 [Member]
Assets:
Cash equivalents	0	0	0
Short-term investments			0
Derivative financial instruments	0	0	0
Deferred compensation plan assets	0	0	0
Debt Securities, Available-for-sale	4	4	4
Total	4	4	4
Liabilities:
Derivative financial instruments	$ 0	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended
	Apr. 30, 2022	May 01, 2021	Jan. 29, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers into or out of level 2	$ 0	$ 0
Fair Value Asset Level 3 Transfer Amount	0	0
Transfers into or out of level 1	0	0
Purchases, sales, issuances, or settlements related to recurring level 3 measurements	0	0
Short-term investments	$ 0	475,000,000	$ 0
Cash and Cash Equivalents, Fair Value Disclosure		25,000,000
Debt Securities, Available-for-sale, Unrealized Gain (Loss)		$ 0

Fair Value Measurements Long Li

Fair Value Measurements Long Lived Assets Impairments (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Long Lived Assets [Line Items]
Goodwill, Impairment Loss	$ 0	$ 0
Total Impairment Charges	0	0
Other indefinite-lived intangible assets impairment charges	$ 0	0
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale		$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Income Tax Disclosure [Abstract]
Effective Income Tax Rate, Percent	(25.00%)	11.20%

Derivative Financial Instrume_3

Derivative Financial Instruments - Foreign Exchange Contracts Outstanding to Sell Various Currencies (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Derivative [Line Items]
Derivative, Notional Amount	$ 1,131	$ 1,226	$ 1,026
Derivatives in cash flow hedging relationships
Derivative [Line Items]
Derivative, Notional Amount	373	524	343
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Notional Amount	$ 758	$ 702	$ 683

Derivative Financial Instrume_4

Derivative Financial Instruments - Fair Values of Asset and Liability Derivative Financial Instruments (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	$ 44	$ 16	$ 6
Derivative financial instruments, liabilities	1	2	30
Foreign Exchange Forward Contract
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	44	16	6
Derivative financial instruments, liabilities	1	2	30
Derivatives in cash flow hedging relationships | Foreign Exchange Forward Contract | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	16	10	4
Derivatives in cash flow hedging relationships | Foreign Exchange Forward Contract | Accrued Liabilities Current [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	0	0	19
Not Designated as Hedging Instrument | Foreign Exchange Forward Contract | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	28	6	2
Not Designated as Hedging Instrument | Foreign Exchange Forward Contract | Accrued Liabilities Current [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	$ 1	$ 2	$ 11

Derivative Financial Instrume_5

Derivative Financial Instruments - Effects Of Derivative Financial Instruments On OCI And Condensed Consolidated Statements Of Income (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Derivative Instruments, (Gain) Loss [Line Items]
Cost of goods sold and occupancy expenses	$ 2,381	$ 2,361
Operating Expenses	1,293	1,390
Cost of Goods Sold and Occupancy Expense
Derivative Instruments, (Gain) Loss [Line Items]
(Gain) loss reclassified from accumulated OCI into income, effective portion, net	(3)	3
Operating Expenses [Member]
Derivative Instruments, (Gain) Loss [Line Items]
(Gain) loss reclassified from accumulated OCI into income, effective portion, net	(22)	11
Foreign Exchange Forward Contract | Cost of Goods Sold and Occupancy Expense | Not Designated as Hedging Instrument
Derivative Instruments, (Gain) Loss [Line Items]
(Gain) loss reclassified from accumulated OCI into income, effective portion, net	0	0
Foreign Exchange Forward Contract | Cost of Goods Sold and Occupancy Expense | Derivatives in cash flow hedging relationships
Derivative Instruments, (Gain) Loss [Line Items]
(Gain) loss reclassified from accumulated OCI into income, effective portion, net	(3)	3
Foreign Exchange Forward Contract | Operating Expenses [Member] | Not Designated as Hedging Instrument
Derivative Instruments, (Gain) Loss [Line Items]
(Gain) loss reclassified from accumulated OCI into income, effective portion, net	(22)	11
Foreign Exchange Forward Contract | Operating Expenses [Member] | Derivatives in cash flow hedging relationships
Derivative Instruments, (Gain) Loss [Line Items]
(Gain) loss reclassified from accumulated OCI into income, effective portion, net	$ 0	$ 0

Derivative Financial Instrume_6

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Derivative [Line Items]
Amounts Subject to Enforceable Master Netting Arrangements	$ 0	$ 0	$ 0

Share Repurchase Activity (Deta

Share Repurchase Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
		Apr. 30, 2022	May 01, 2021	Feb. 26, 2019
Disclosure Share Repurchase Activity [Abstract]
Number of shares repurchased	[1]	3.7	0
Total cost		$ 54	$ 0
Average per share cost including commissions (in dollars per share)		$ 14.47	$ 0
Stock Repurchase Program, Authorized Amount				$ 1,000
Share repurchases, remaining amount		$ 545
[1]	Excludes shares withheld to settle employee statutory tax withholding related to the vesting of stock units.

Earnings (Loss) Per Share - Wei

Earnings (Loss) Per Share - Weighted Average Number of Shares (Details) - shares shares in Millions	3 Months Ended
	Apr. 30, 2022		May 01, 2021
Earnings Per Share [Abstract]
Weighted-average number of shares - basic (in shares)	370		376
Common stock equivalents (in shares)	0	[1]	9
Weighted-average number of shares - diluted (in shares)	370		385
[1]	For the thirteen weeks ended April 30, 2022, the dilutive impact of outstanding options and awards was excluded from dilutive shares as a result of the Company's net loss for the period.

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Earnings Per Share [Abstract]
Shares excluded from the computations of weighted-average number of shares - diluted	12	7

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Commitments and Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 0	$ 0	$ 0

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Apr. 30, 2022Segment
Segment Reporting [Abstract]
Number of reportable segments (in segments)	1

Divestitures - Additional Infor

Divestitures - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Disposition of Business	$ 0	$ 56
Disposal Group, Including Discontinued Operation, Assets		109
Disposal Group, Including Discontinued Operation, Liabilities		112
Disposal Group, Including Discontinued Operation, Other Assets	$ 45
Property Subject to Operating Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Liabilities		97
Property Subject to Operating Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Assets		61
Inventories
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Assets		$ 19