Bath & Body Works (BBWI) 10-Q3 Sep 202020 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
Document and Entity Information Document - shares	Aug. 01, 2020	Aug. 28, 2020
Cover [Abstract]
Title of 12(b) Security	Common Stock, $0.50 Par Value
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 1, 2020
Entity File Number	1-8344
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Trading Symbol	LB
Entity Registrant Name	L BRANDS, INC.
Entity Central Index Key	0000701985
Current Fiscal Year End Date	--01-30
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		277,889,018
Entity Tax Identification Number	31-1029810
Entity Address, Address Line One	Three Limited Parkway
Entity Address, City or Town	Columbus,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43230
City Area Code	(614)
Local Phone Number	415-7000
Security Exchange Name	NYSE

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Consolidated Statements Of Income - USD ($) $ in Millions	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Income Statement [Abstract]
Net Sales	$ 2,319	$ 2,902	$ 3,974	$ 5,530
Costs of Goods Sold, Buying and Occupancy	(1,608)	(1,919)	(2,974)	(3,614)
Gross Profit	711	983	1,000	1,916
General, Administrative and Store Operating Expenses	(667)	(808)	(1,274)	(1,588)
Operating Income (Loss)	44	175	(274)	328
Interest Expense	(104)	(95)	(201)	(194)
Other Income	0	(38)	3	(31)
Income (Loss) Before Income Taxes	(60)	42	(472)	103
Provision (Benefit) for Income Taxes	(11)	4	(126)	25
Net Income (Loss)	$ (49)	$ 38	$ (346)	$ 78
Net Income Per Basic Share (in usd per share)	$ (0.18)	$ 0.14	$ (1.25)	$ 0.28
Net Income Per Diluted Share (in usd per share)	(0.18)	0.14	(1.25)	0.28
Dividends Per Share(in usd per share)	$ 0	$ 0.3	$ 0.30	$ 0.60

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Net Income (Loss)	$ (49)	$ 38	$ (346)	$ 78
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	2	(7)	(4)	(11)
Unrealized Gain on Cash Flow Hedges	(3)	2	2	4
Reclassification of Cash Flow Hedges to Earnings	(1)	(1)	(1)	(3)
Total Other Comprehensive Loss, Net of Tax	(2)	(6)	(3)	(10)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (51)	$ 32	$ (349)	$ 68

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Current Assets:
Cash and Cash Equivalents	$ 2,611	$ 1,499	$ 853
Accounts Receivable, Net	268	306	283
Inventories	1,476	1,287	1,329
Other	150	153	188
Total Current Assets	4,505	3,245	2,653
Property and Equipment, Net	2,292	2,486	2,756
Operating Lease Assets	2,635	3,053	3,209
Goodwill	628	628	1,348
Trade Names	411	411	411
Deferred Income Taxes	74	84	62
Other Assets	335	218	179
Total Assets	10,880	10,125	10,618
Current Liabilities:
Accounts Payable	957	647	763
Accrued Expenses and Other	1,340	1,052	919
Current Debt	460	61	75
Current Operating Lease Liabilities	624	478	456
Income Taxes	52	134	3
Total Current Liabilities	3,433	2,372	2,216
Deferred Income Taxes	191	219	241
Long-term Debt	6,269	5,487	5,475
Long-term Operating Lease Liabilities	2,698	3,052	3,165
Other Long-term Liabilities	193	490	450
Shareholders’ Equity (Deficit):
Preferred Stock - $1.00 par value; 10 shares authorized; none issued	0	0	0
Common Stock - $0.50 par value; 1,000 shares authorized; 286, 285 and 284 shares issued; 278, 277 and 276 shares outstanding, respectively	143	142	142
Paid-in Capital	869	847	806
Accumulated Other Comprehensive Income	49	52	49
Retained Earnings (Deficit)	(2,611)	(2,182)	(1,572)
Less: Treasury Stock, at Average Cost; 8, 8 and 8 shares, respectively	(358)	(358)	(358)
Total L Brands, Inc. Shareholders’ Equity (Deficit)	(1,908)	(1,499)	(933)
Noncontrolling Interest	4	4	4
Total Equity (Accumulated Deficit)	(1,904)	(1,495)	(929)
Total Liabilities and Equity (Deficit)	$ 10,880	$ 10,125	$ 10,618

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Preferred Stock, Par Value	$ 1	$ 1	$ 1
Preferred Stock, Shares Authorized	10	10	10
Preferred Stock, Shares Issued	0	0	0
Common Stock, Par Value	$ 0.50	$ 0.50	$ 0.50
Common Stock, Shares Authorized	1,000	1,000	1,000
Common Stock, Shares, Issued	286	285	284
Common Stock, Shares, Outstanding	278	277	276
Treasury Stock, Shares	8	8	8

Consolidated Statements of Tota

Consolidated Statements of Total Equity (Deficit) Statement - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Paid-In Capital	Accumulated Other Comprehensive Income	Retained Earnings (Accumulated Deficit)	Treasury Stock, at Average Cost	Noncontrolling Interest	Previously Reported [Member]	Previously Reported [Member]Common Stock	Previously Reported [Member]Paid-In Capital	Previously Reported [Member]Accumulated Other Comprehensive Income	Previously Reported [Member]Retained Earnings (Accumulated Deficit)	Previously Reported [Member]Treasury Stock, at Average Cost	Previously Reported [Member]Noncontrolling Interest	Revision of Prior Period, Accounting Standards Update, Adjustment [Member]	Revision of Prior Period, Accounting Standards Update, Adjustment [Member]Common Stock	Revision of Prior Period, Accounting Standards Update, Adjustment [Member]Paid-In Capital	Revision of Prior Period, Accounting Standards Update, Adjustment [Member]Accumulated Other Comprehensive Income	Revision of Prior Period, Accounting Standards Update, Adjustment [Member]Retained Earnings (Accumulated Deficit)	Revision of Prior Period, Accounting Standards Update, Adjustment [Member]Treasury Stock, at Average Cost	Revision of Prior Period, Accounting Standards Update, Adjustment [Member]Noncontrolling Interest
Beginning balance (shares) at Feb. 02, 2019		275							275
Beginning balance at Feb. 02, 2019	$ (867)	$ 141	$ 771	$ 59	$ (1,484)	$ (358)	$ 4	$ (865)	$ 141	$ 771	$ 59	$ (1,482)	$ (358)	$ 4	$ (2)	$ 0	$ 0	$ 0	$ (2)	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	78	0	0	0	78	0	0
Other Comprehensive Income (Loss), Net of Tax	(10)	0	0	(10)	0	0	0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	68	0	0	(10)	78	0	0
Dividends, Common Stock, Cash	(166)	$ 0	0	0	(166)	0	0
Share-based Compensation and Other (shares)		1
Share-based Compensation and Other	$ 36	$ 1	35	0	0	0	0
Ending balance (shares) at Aug. 03, 2019	276	276
Ending balance at Aug. 03, 2019	$ (929)	$ 142	806	49	(1,572)	(358)	4
Beginning balance (shares) at May. 04, 2019		276
Beginning balance at May. 04, 2019	(898)	$ 142	786	55	(1,527)	(358)	4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	38	0	0	0	38	0	0
Other Comprehensive Income (Loss), Net of Tax	(6)	0	0	(6)	0	0	0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	32	0	0	(6)	38	0	0
Dividends, Common Stock, Cash	(83)	$ 0	0	0	(83)	0	0
Share-based Compensation and Other (shares)		0
Share-based Compensation and Other	$ 20	$ 0	20	0	0	0	0
Ending balance (shares) at Aug. 03, 2019	276	276
Ending balance at Aug. 03, 2019	$ (929)	$ 142	806	49	(1,572)	(358)	4
Beginning balance (shares) at Feb. 01, 2020	277	277
Beginning balance at Feb. 01, 2020	$ (1,495)	$ 142	847	52	(2,182)	(358)	4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(346)	0	0	0	(346)	0	0
Other Comprehensive Income (Loss), Net of Tax	(3)	0	0	(3)	0	0	0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	(349)	0	0	(3)	(346)	0	0
Dividends, Common Stock, Cash	(83)	$ 0	0	0	(83)	0	0
Share-based Compensation and Other (shares)		1
Share-based Compensation and Other	$ 23	$ 1	22	0	0	0	0
Ending balance (shares) at Aug. 01, 2020	278	278
Ending balance at Aug. 01, 2020	$ (1,904)	$ 143	869	49	(2,611)	(358)	4
Beginning balance (shares) at May. 02, 2020		278
Beginning balance at May. 02, 2020	(1,858)	$ 143	865	51	(2,562)	(358)	3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(49)	0	0	0	(49)	0	0
Other Comprehensive Income (Loss), Net of Tax	(2)	0	0	(2)	0	0	0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	(51)	$ 0	0	(2)	(49)	0	0
Share-based Compensation and Other (shares)		0
Share-based Compensation and Other	$ 5	$ 0	4	0	0	0	1
Ending balance (shares) at Aug. 01, 2020	278	278
Ending balance at Aug. 01, 2020	$ (1,904)	$ 143	$ 869	$ 49	$ (2,611)	$ (358)	$ 4

Consolidated Statements of To_2

Consolidated Statements of Total Equity (Deficit) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends (in usd per share)	$ 0	$ 0.3	$ 0.30	$ 0.60

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019
Operating Activities:
Net Income (Loss)	$ (346)	$ 78
Adjustments to Reconcile Net Income (Loss) to Net Cash Used for Operating Activities:
Depreciation of Long-lived Assets	266	295
Long-lived Store and Lease Asset Impairment Charges	214	0
Share-based Compensation Expense	28	44
Deferred Income Taxes	(19)	15
Gain from Hong Kong Store Closure and Lease Termination	(39)	0
Loss on Extinguishment of Debt	0	40
Gains on Distributions from Easton Investments	0	(2)
Changes in Assets and Liabilities:
Accounts Receivable	37	55
Inventories	(191)	(83)
Accounts Payable, Accrued Expenses and Other	304	(107)
Income Taxes Payable	(92)	(138)
Other Assets and Liabilities	124	(35)
Net Cash Used for Operating Activities	286	162
Investing Activities:
Capital Expenditures	(124)	(244)
Other Investing Activities	8	7
Net Cash Used for Investing Activities	(116)	(237)
Financing Activities:
Proceeds from Issuance of Long-Term Debt, Net of Issuance Costs	1,231	486
Payments of Long-term Debt	0	(799)
Dividends Paid	(83)	(166)
Tax Payments related to Share-based Awards	(6)	(11)
Financing Costs and Other	(19)	(4)
Net Cash Used for Financing Activities	1,071	(483)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	(1)	(2)
Net Decrease in Cash and Cash Equivalents	1,240	(560)
Cash and Cash Equivalents, Beginning of Period	1,499	1,413
Cash and Cash Equivalents, End of Period	2,739	853
Revolving Credit Expiring August 2024 [Member]
Financing Activities:
Borrowing from Credit Agreement	950	0
Repayments of Foreign Facilities	(950)	0
Foreign Facilities [Member]
Financing Activities:
Borrowing from Credit Agreement	33	25
Repayments of Foreign Facilities	$ (85)	$ (14)

Description Of Business And Bas

Description Of Business And Basis Of Presentation	6 Months Ended
Description Of Business And Basis Of Presentation	Aug. 01, 2020
Description Of Business And Basis Of Presentation [Abstract]
Description Of Business And Basis Of Presentation	Description of Business and Basis of Presentation Description of Business L Brands, Inc. (the "Company”) operates in the highly competitive specialty retail business. The Company is a specialty retailer of home fragrance products, body care, soaps and sanitizers, women’s intimate and other apparel, and personal and beauty care products. The Company sells its merchandise through company-owned specialty retail stores in the U.S., Canada, U.K., Ireland and Greater China, and through its websites and other channels. The Company's other international operations are primarily through franchise, license and wholesale partners. The Company currently operates the following retail brands: • Bath & Body Works • Victoria’s Secret • PINK On February 20, 2020, the Company and an affiliate of Sycamore Partners Management, L.P. ("Sycamore"), entered into a Transaction Agreement (the "Transaction Agreement") pursuant to which, among other things, the Company would have sold a 55% interest in the Company's Victoria's Secret and PINK businesses (collectively, "Victoria's Secret"). On May 4, 2020, the Company and Sycamore mutually agreed to terminate the Transaction Agreement. The Company remains committed to establishing Bath & Body Works as a pure-play public company and is taking the necessary steps to prepare Victoria's Secret to operate as a separate standalone company. Management is actively engaged in implementing a comprehensive profit improvement plan that will enable more effective and faster decision making and set each business up independently, allowing for a more efficient future separation. During the second quarter of 2020, the Company completed its comprehensive review of the home office organizations in order to achieve meaningful reductions in overhead expenses and decentralize significant shared functions and services to support the creation of standalone companies. This resulted in a reduction of the home office headcount by approximately 15%, or about 850 associates. For additional information, see Note 4 , “Restructuring." Impacts of COVID-19 In March 2020, the coronavirus pandemic ("COVID-19") was declared a global pandemic by the World Health Organization. This pandemic has negatively affected the U.S. and global economies, disrupted global supply chains and financial markets, and led to significant travel and transportation restrictions, including mandatory closures and orders to “shelter-in-place.” The situation and preventative or protective actions that governments around the world have taken to contain the spread of COVID-19 have resulted in a period of disruption, including closure of the Company's stores, limited store operating hours, reduced customer traffic and consumer spending and delays in manufacturing and shipping of products and raw materials. During this period, the Company is focused on protecting the health and safety of its customers, employees, contractors, suppliers, and other business partners. The Company is also working with its suppliers to minimize potential disruptions, while managing the Company's business in response to a changing dynamic. The Company's business operations and financial performance for 2020 have been materially impacted by the COVID-19 pandemic. All the Company's stores in North America were closed on March 17th and almost all remained closed as of the beginning of the second quarter. Operations for Victoria’s Secret Direct were temporarily suspended for approximately one week in late March, while Bath & Body Works Direct has remained open for the duration of 2020. The Company has re-opened approximately 1,600 Bath & Body Works stores and approximately 690 Victoria’s Secret stores in North America, representing the majority of its stores, as of August 1, 2020 . On average, Bath & Body Works stores were closed for about half of the second quarter and Victoria’s Secret stores were closed for about 70% of the second quarter (including the impact of the approximately 250 stores which the Company plans to close). 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. Since the global COVID-19 crisis began, the Company has taken prudent actions to manage expenses and to maintain its solid cash position and financial flexibility through the pandemic, including: • Furloughing most store associates as of April 5 during their temporary store closure, while continuing to provide healthcare benefits for eligible associates; • Suspending associate merit increases; • Temporarily reducing salaries for senior vice presidents and above by 20%; • Temporarily suspending cash compensation for all members of the Board of Directors; • Reducing 2020 forecasted capital expenditures from $550 million to approximately $250 million ; • Reducing Spring (first and second quarter) inventory receipts versus last year by approximately 45% at Victoria's Secret and PINK, and by approximately 20% at Bath & Body Works; • Suspending the quarterly cash dividend beginning in the second quarter of fiscal 2020; • Suspending most store and select office rent payments during the temporary closures. The Company is in active discussions with its landlords to negotiate with respect to these rent payments and go-forward occupancy costs; • Converting the revolving credit facility to an asset-backed loan facility and issuing $1.25 billion in new notes; and • Extending payment terms to vendors. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which, among other things, provides employer payroll tax credits for wages paid to employees who are unable to work during the coronavirus outbreak and options to defer payroll tax payments. Based on the Company's evaluation of the CARES Act, it qualifies for certain employer payroll tax credits, which will offset store operating expenses. Year-to-date the Company has recognized $54 million of qualified payroll tax credits. For most stores and select office locations, rent from April through July was not paid, or only partially paid, due to the temporary closures during the COVID-19 pandemic. The Company is in active discussions with its landlords to negotiate with respect to these rent payments and go-forward occupancy costs. The Financial Accounting Standards Board (“FASB”) issued guidance in April, which allows COVID-19-related rent concessions to be treated as variable rent. The Company has not yet finalized negotiations with respect to the majority of its leases. Fiscal Year The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “ second quarter of 2020 ” and “ second quarter of 2019 ” refer to the thirteen -week periods ended August 1, 2020 and August 3, 2019 , respectively. “ Year-to-Date 2020 ” and “ year-to-date 2019 ” refer to the twenty-six -week periods ending August 1, 2020 and August 3, 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 of all other unconsolidated entities is included in Other Income (Loss) in the Consolidated Statements of Income (Loss). The Company’s equity method investments are required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value. Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended August 1, 2020 and August 3, 2019 are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained in the Company’s 2019 Annual Report on Form 10-K. In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments, which are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods. Due to the impacts of COVID-19 and seasonal variations in the retail industry, the results of operations for the interim period is not necessarily indicative of the results expected for the full fiscal year. Restricted Cash During the second quarter, the Company placed cash on deposit with certain financial institutions as collateral for lending commitments. The amount of collateral required reduces over time as the Company makes certain paydowns. For additional information see Note 10 , "Long-term Debt and Borrowing Facilities." These deposits, totaling $128 million , are recorded in Other Assets on the August 1, 2020 Consolidated Balance Sheet. The Company's total Cash and Cash Equivalents and Restricted Cash was $2.739 billion as of August 1, 2020 . Derivative Financial Instruments The Company uses derivative financial instruments to manage exposure to foreign currency exchange rates. The Company does not use derivative instruments for trading purposes. All derivative instruments are recorded on the Consolidated Balance Sheets at fair value. The earnings of the Company's wholly owned foreign businesses 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 and U.K. businesses. 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 August 1, 2020 . Concentration of Credit Risk The Company maintains cash and cash equivalents, restricted cash and derivative contracts with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts and limits the amount of credit exposure with any one entity. Typically, the Company’s investment portfolio is primarily comprised of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits. The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company records an allowance for uncollectable accounts when it becomes probable that the counterparty will be unable to pay. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
New Accounting Pronouncements	Aug. 01, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Credit Losses In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses, which requires the use of a forward-looking expected loss impairment model for accounts receivable and certain other financial instruments. The Company adopted the standard in the first quarter of 2020. The adoption of this standard did not have a material impact on the Company's consolidated results of operations, financial position or cash flows. Guarantor Reporting In March 2020, the SEC issued a final rule, Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities , that simplifies the disclosure requirements related to registered securities under Rule 3-10 of Regulation S-X. The rule replaces the requirement to provide condensed consolidating financial information with a requirement to present summarized financial information of the issuers and guarantors. It also requires qualitative disclosures with respect to information about guarantors, the terms and conditions of guarantees and the factors that may affect payment. These disclosures may be provided outside the footnotes to the Company’s consolidated financial statements. The Company early adopted the reporting requirements of the rule in the first quarter of 2020 and elected to provide these disclosures in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Revenue Recognition

Revenue Recognition	6 Months Ended
Revenue Recognition	Aug. 01, 2020
Revenue Recognition and Deferred Revenue [Abstract]
Revenue Recognition	Revenue Recognition Accounts receivable, net from revenue-generating activities were $186 million as of August 1, 2020 , $152 million as of February 1, 2020 and $174 million as of August 3, 2019 . Accounts receivable primarily relate to amounts due from the Company's franchise, license and wholesale partners. Under these arrangements, payment terms are typically 60 to 90 days. As a result of the COVID-19 pandemic, the Company has extended the payment terms for certain partners. The Company records deferred revenue when cash payments are received in advance of transfer of control of goods or services. Deferred revenue primarily relates to gift cards, loyalty and private label credit card programs and direct channel shipments, which are all impacted by seasonal and holiday-related sales patterns. Deferred revenue was $316 million as of August 1, 2020 , $342 million as of February 1, 2020 and $276 million as of August 3, 2019 . The Company recognized $132 million as revenue year-to-date 2020 from amounts recorded as deferred revenue at the beginning of the year. As of August 1, 2020 , the Company recorded deferred revenue of $304 million within Accrued Expenses and Other, and $12 million within Other Long-term Liabilities on the Consolidated Balance Sheet. The following table provides a disaggregation of Net Sales for the second quarter and year-to-date 2020 and 2019 : Second Quarter Year-to-Date 2020 2019 2020 2019 (in millions) Bath & Body Works Stores (a) $ 678 $ 883 $ 1,102 $ 1,597 Bath & Body Works Direct 519 178 807 335 Total Bath & Body Works 1,197 1,061 1,909 1,932 Victoria’s Secret Stores (a) 364 1,233 877 2,381 Victoria’s Secret Direct 614 373 922 735 Total Victoria’s Secret 978 1,606 1,799 3,116 Victoria's Secret and Bath & Body Works International (b) 80 155 146 289 Other (c) 64 80 120 193 Total Net Sales $ 2,319 $ 2,902 $ 3,974 $ 5,530 _______________ (a) Includes company-owned stores in the U.S. and Canada. (b) Includes company-owned stores in the U.K., Ireland and Greater China, direct sales in Greater China and wholesale sales, royalties and other fees associated with non-company owned stores. (c)

Restructuring

Restructuring	6 Months Ended
Restructuring	Aug. 01, 2020
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring The Company remains committed to establishing Bath & Body Works as a pure-play public company and is taking the necessary steps to prepare Victoria's Secret to operate as a separate standalone company. Management of the Company is actively engaged in implementing a comprehensive profit improvement plan that will better position the Company to evaluate the next steps for the separation of the Victoria's Secret business. During the second quarter of 2020, the Company completed its comprehensive review of its home office organizations in order to achieve meaningful reductions in overhead expenses and decentralize significant shared functions and services to support the creation of standalone companies. This resulted in a reduction of the home office headcount by approximately 15% , or about 850 associates. Pre-tax severance and related costs associated with these reductions, totaling $81 million , are included in General, Administrative and Store Operating Expenses in the 2020 Consolidated Statements of Loss. Costs of $26 million and $5 million are recorded within the Victoria's Secret and Bath & Body Works segments, respectively, while the remaining $50 million is recorded within Other. As of August 1, 2020 , a liability of $79 million related to these costs is included in Accrued Expenses and Other on the Consolidated Balance Sheet. Victoria's Secret U.K. The Company is actively working to reduce operating losses in the Victoria's Secret U.K. business. The Company entered into "Light Administration" in June to restructure store lease agreements and explore the sale of the business to a joint venture or franchise partner. The Company subsequently signed a non-binding term sheet with a major fashion retailer and is in an exclusive period of negotiation.

Earnings Per Share And Sharehol

Earnings Per Share And Shareholders' Equity	6 Months Ended
Earnings Per Share And Shareholders' Equity	Aug. 01, 2020
Earnings Per Share And Shareholders' Equity [Abstract]
Earnings Per Share and Shareholders' Equity	Earnings (Loss) Per Share and Shareholders’ Equity (Deficit) Earnings (Loss) Per Share Earnings (Loss) per basic share is computed based on the weighted-average number of outstanding common shares. Earnings (Loss) per diluted share include the weighted-average effect of dilutive options and restricted stock on the weighted-average shares outstanding. The following table provides shares utilized for the calculation of basic and diluted earnings (loss) per share for the second quarter and year-to-date 2020 and 2019 : Second Quarter Year-to-Date 2020 2019 2020 2019 (in millions) Weighted-average Common Shares: Issued Shares 286 284 285 284 Treasury Shares (8 ) (8 ) (8 ) (8 ) Basic Shares 278 276 277 276 Effect of Dilutive Options and Restricted Stock (a) — 2 — 2 Diluted Shares 278 278 277 278 Anti-dilutive Options and Awards (a) 11 6 12 5 _______________ (a) These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For 2020 , the dilutive impact of outstanding options and awards were excluded from dilutive shares as a result of the Company's net loss for the periods. Shareholders’ Equity (Deficit) Common Stock Share Repurchases In March 2018, the Company's Board of Directors approved a $250 million repurchase program, which had $79 million remaining as of August 1, 2020 . The Company did not repurchase any shares during 2020 or 2019 . Dividends Under the authority and declaration of the Board of Directors, the Company paid the following dividends during year-to-date 2020 and 2019 : Ordinary Dividends Total Paid (per share) (in millions) 2020 Second Quarter $ — $ — First Quarter 0.30 83 Total $ 0.30 $ 83 2019 Second Quarter $ 0.30 $ 83 First Quarter 0.30 83 Total $ 0.60 $ 166 The Board of Directors suspended the quarterly cash dividend beginning in the second quarter of 2020.

Inventories

Inventories	6 Months Ended
Inventories	Aug. 01, 2020
Inventory, Net [Abstract]
Inventories	Inventories The following table provides details of inventories as of August 1, 2020 , February 1, 2020 and August 3, 2019 : August 1, February 1, August 3, (in millions) Finished Goods Merchandise $ 1,259 $ 1,152 $ 1,132 Raw Materials and Merchandise Components 217 135 197 Total Inventories $ 1,476 $ 1,287 $ 1,329 Inventories are principally valued at the lower of cost, on a weighted-average cost basis, or net realizable value.

Property And Equipment, Net

Property And Equipment, Net	6 Months Ended
Property And Equipment, Net	Aug. 01, 2020
Property, Plant and Equipment [Abstract]
Property And Equipment, Net	Long-Lived Assets The following table provides details of property and equipment, net as of August 1, 2020 , February 1, 2020 and August 3, 2019 : August 1, February 1, August 3, (in millions) Property and Equipment, at Cost $ 6,276 $ 6,613 $ 6,808 Accumulated Depreciation and Amortization (3,984 ) (4,127 ) (4,052 ) Property and Equipment, Net $ 2,292 $ 2,486 $ 2,756 Depreciation expense was $127 million and $150 million for the second quarter of 2020 and 2019 , respectively. Depreciation expense was $266 million and $295 million for year-to-date 2020 and 2019 , respectively. Long-lived store assets, which include leasehold improvements, store related assets and operating lease assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Store assets are grouped at the lowest level for which they are largely independent of other assets or asset groups. If the estimated undiscounted future cash flows related to the asset group are less than the carrying value, the Company recognizes a loss equal to the difference between the carrying value and the estimated fair value, determined by the estimated discounted future cash flows of the asset group. For operating lease assets, the Company determines the fair value of the assets by comparing the contractual rent payments to estimated market rental rates. An individual asset within an asset group is not impaired below its estimated fair value. The fair value of long-lived store assets are determined using Level 3 inputs within the fair value hierarchy. The Company remains committed to taking the necessary steps to prepare the Victoria's Secret business to operate as a separate, standalone company. Management is actively working on implementing a comprehensive profit improvement plan that will better position the Company to evaluate the next steps for the separation of the Victoria's Secret business. A component of the profit improvement plan includes a rationalization of the Victoria’s Secret company-owned store footprint. The Company expects that it will close approximately 250 stores in North America in 2020. Given the closures as well as the negative operating results of certain Victoria's Secret stores, the Company determined that the estimated undiscounted future cash flows were less than the carrying values for certain 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 in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Loss. The following table provides pre-tax long-lived store asset impairment charges included in the 2020 Consolidated Statements of Loss: Second Quarter Year-to-Date Store Asset Impairment Operating Lease Asset Impairment Total Impairment Store Asset Impairment Operating Lease Asset Impairment Total Impairment (in millions) Victoria's Secret (a) $ 14 $ 61 $ 75 $ 111 $ 61 $ 172 Victoria's Secret and Bath & Body Works International (b) — 42 42 — 42 42 Total $ 14 $ 103 $ 117 $ 111 $ 103 $ 214 ________________ (a) Includes stores in the U.S. and Canada. (b) Includes stores in the U.K., Ireland and Greater China. 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 Statements of Loss. The Company also recorded $3 million of severance and related costs, included in General, Administrative and Store Operating Expenses in the 2020 Consolidated Statements of Loss.

Equity Investments

Equity Investments	6 Months Ended
Equity Investments	Aug. 01, 2020
Equity Method Investment, Summarized Financial Information [Abstract]
Equity Investments	Equity Investments The Company has land and other investments in Easton, a planned community in Columbus, Ohio, that integrates office, hotel, retail, residential and recreational space. These investments, totaling $124 million as of August 1, 2020 , $118 million as of February 1, 2020 and $102 million as of August 3, 2019 , are recorded in Other Assets on the Consolidated Balance Sheets. Included in the Company’s Easton investments are equity interests in Easton Town Center, LLC (“ETC”) and Easton Gateway, LLC (“EG”), entities that own and develop commercial entertainment and shopping centers. The Company’s investments in ETC and EG are accounted for using the equity method of accounting. The Company has a majority financial interest in ETC and EG, but another unaffiliated member manages them, and certain significant decisions regarding ETC and EG require the consent of unaffiliated members in addition to the Company.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Aug. 01, 2020
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income Taxes	Income Taxes The Company has historically calculated the provision for income taxes on the current estimate of the annual effective tax rate and adjusted as necessary for quarterly events. Due to the impacts of the COVID-19 pandemic, the income tax expense for the twenty-six-weeks ended August 1, 2020 was computed on a year-to-date effective tax rate. For the second quarter of 2020 , the Company’s effective tax rate was 17.7% compared to 10.1% in the second quarter of 2019 . The second quarter of 2020 rate was lower than the Company's combined estimated federal and state statutory rate primarily due to losses related to certain foreign subsidiaries, which generate no tax benefit, partially offset by recent changes in tax legislation included in the CARES Act, which resulted in a $21 million tax benefit. The second quarter of 2019 rate was lower than the Company's combined federal and state statutory rate primarily due to the resolution of certain tax matters. For year-to-date 2020 , the Company's effective tax rate was 26.7% compared to 24.0% year-to-date 2019 . The year-to-date 2020 rate was generally consistent with the Company's combined estimated federal and state statutory rate due to the resolution of certain tax matters, which resulted in a $50 million tax benefit and recent changes in tax legislation included in the CARES Act, which resulted in a $21 million tax benefit, offset by losses related to certain foreign subsidiaries, which generate no tax benefit. The year-to-date 2019 rate was lower than the Company's combined estimated federal and state statutory rate primarily due to the resolution of certain tax matters. Income taxes paid were $13 million and $169 million for the second quarter of 2020 and 2019 , respectively. Income taxes paid were $22 million and $181 million for year-to-date 2020 and 2019 , respectively. Uncertain Tax Positions The Company had unrecognized tax benefits of $88 million as of February 1, 2020, of which $81 million , if recognized, would reduce the effective income tax rate. Through August 1, 2020 , the Company had a net decrease to gross unrecognized tax benefits of $31 million , primarily due to the resolution of certain tax matters. The changes to the unrecognized tax benefits resulted in a $30 million benefit to the Company’s Provision for Income Taxes year-to-date. Of the total unrecognized tax benefits as of August 1, 2020 , it is reasonably possible that $28 million

Long-term Debt and Borrowing Fa

Long-term Debt and Borrowing Facilities	6 Months Ended
Long-term Debt and Borrowing Facilities	Aug. 01, 2020
Long-term Debt, by Current and Noncurrent [Abstract]
Long-term Debt	Long-term Debt and Borrowing Facilities The following table provides the Company’s outstanding debt balance, net of unamortized debt issuance costs and discounts, as of August 1, 2020 , February 1, 2020 and August 3, 2019 : August 1, February 1, August 3, (in millions) Senior Secured Debt with Subsidiary Guarantee $750 million, 6.875% Fixed Interest Rate Secured Notes due July 2025 ("2025 Secured Notes") $ 739 $ — $ — Secured Foreign Facilities 101 103 95 Total Senior Secured Debt with Subsidiary Guarantee $ 840 $ 103 $ 95 Senior Debt with Subsidiary Guarantee $1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”) $ 991 $ 991 $ 990 $860 million, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”) 858 858 857 $700 million, 6.75% Fixed Interest Rate Notes due July 2036 (“2036 Notes”) 693 693 693 $500 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”) 498 498 498 $500 million, 5.25% Fixed Interest Rate Notes due February 2028 (“2028 Notes”) 496 496 496 $500 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes") 492 — — $500 million, 7.50% Fixed Interest Rate Notes due June 2029 ("2029 Notes") 488 487 486 $450 million, 6.625% Fixed Interest Rate Notes due April 2021 (“2021 Notes”) 450 450 449 $297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”) 277 276 274 Total Senior Debt with Subsidiary Guarantee $ 5,243 $ 4,749 $ 4,743 Senior Debt $350 million, 6.95% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”) $ 348 $ 348 $ 348 $300 million, 7.60% Fixed Interest Rate Notes due July 2037 (“2037 Notes”) 298 298 297 Unsecured Foreign Facilities — 50 67 Total Senior Debt $ 646 $ 696 $ 712 Total $ 6,729 $ 5,548 $ 5,550 Current Debt (460 ) (61 ) (75 ) Total Long-term Debt, Net of Current Portion $ 6,269 $ 5,487 $ 5,475 Issuance of Notes In June 2020, the Company issued $750 million of 6.875% senior secured notes due July 2025 (the “2025 Secured Notes”). The obligation to pay principal and interest on these notes is jointly and severally guaranteed on a full and unconditional basis by the Company and certain of the Company's 100% owned subsidiaries. The 2025 Secured Notes are secured on a first-priority lien basis by substantially all of the assets of the Company and the guarantors, and on a second-priority lien basis by certain collateral securing the asset-backed revolving credit facility (“ABL Facility”), in each case, subject to certain exceptions. The proceeds from the issuance were $739 million , which were net of issuance costs of $11 million . The issuance costs are being amortized through the maturity date and are included within Long-term Debt on the August 1, 2020 Consolidated Balance Sheet. In June 2020, the Company also issued $500 million of 9.375% notes due in July 2025 (the "2025 Notes"). The obligation to pay principal and interest on these notes is jointly and severally guaranteed on a full and unconditional basis by the Company and certain of the Company's 100% owned subsidiaries. The proceeds from the issuance were $492 million , which were net of issuance costs of $8 million . The issuance costs are being amortized through the maturity date and are included within Long-term Debt on the August 1, 2020 Consolidated Balance Sheet. Repurchases of Notes In June 2019, the Company completed the early settlement of tender offers to repurchase $212 million of outstanding 2020 Notes, $330 million of outstanding 2021 Notes and $96 million of outstanding 2022 Notes for $669 million . The Company used the proceeds from the 2029 Notes, together with cash on hand, to fund the purchase price for the tender offers. Additionally, in July 2019, the Company redeemed the remaining $126 million of outstanding 2020 Notes for $130 million . In the second quarter of 2019, the Company recognized a pre-tax loss on extinguishment of debt of $40 million (after-tax loss of $30 million ), which includes redemption fees and the write-offs of unamortized issuance costs. This loss is included in Other Income (Loss) in the 2019 Consolidated Statements of Income. Revolving Credit Facility The Company and certain of the Company's 100% owned subsidiaries guarantee and pledge collateral to secure a revolving credit facility ("Credit Agreement"). In April 2020, the Company entered into an amendment and restatement (“Amendment”) of the Credit Agreement to convert the Company’s credit facility into an asset-backed revolving credit facility. The Amendment maintains the aggregate commitments at $1 billion , and maintains the expiration date in August of 2024. The ABL Facility allows borrowings and letters of credit in U.S. dollars or Canadian dollars. Availability under the ABL Facility is the lesser of (i) the borrowing base, determined primarily based on the Company's eligible U.S. and Canadian credit card receivables, accounts receivable, inventory and eligible real property, or (ii) the aggregate commitment. If at any time, the outstanding amount under the ABL Facility exceeds the lesser of (i) the borrowing base and (ii) the aggregate commitment, the Company will be required to prepay the outstanding amounts under the ABL Facility to the extent of such excess. In addition, at any time that the Company's consolidated cash balance exceeds $350 million , it will be required to prepay outstanding amounts under the ABL Facility to the extent of such excess. As of August 1, 2020 , the Company's borrowing base was $844 million but it was unable to draw upon the ABL Facility as its consolidated cash balance exceeded $350 million . As of August 1, 2020 , the ABL Facility fees related to committed and unutilized amounts were 0.30% per annum, and the fees related to outstanding letters of credit were 1.75% per annum. In addition, the interest rate on outstanding U.S. dollar borrowings was the London Interbank Offered Rate plus 1.75% per annum. The interest rate on outstanding Canadian dollar-denominated borrowings was the Canadian Dollar Offered Rate plus 1.75% per annum. The ABL Facility requires the Company to maintain a fixed charge coverage ratio of not less than 1.00 to 1.00 during an event of default or any period commencing on any day when specified excess availability is less than the greater of (1) $100 million or (2) 15% of the maximum borrowing amount. As of August 1, 2020 , the Company was not required to maintain this ratio. In March 2020, in an abundance of caution and as a proactive measure in response to the COVID-19 pandemic, the Company elected to borrow $950 million from its revolving facility, which was prepaid upon the completion of the Amendment. As of August 1, 2020 , there were no borrowings outstanding under the ABL Facility. The ABL Facility supports the Company’s letter of credit program. The Company had $61 million of outstanding letters of credit as of August 1, 2020 that reduced its availability under the ABL Facility. Foreign Facilities Certain of the Company's China subsidiaries utilize revolving and term loan bank facilities to support their operations ("Foreign Facilities"). The Foreign Facilities allow borrowings in U.S. dollars and Chinese Yuan, and interest rates on outstanding borrowings are based upon the applicable benchmark rate for the currency of each borrowing. Certain of these facilities are guaranteed by the Company and certain of the Company's 100% owned subsidiaries ("Secured Foreign Facilities"), and certain of these facilities were guaranteed by the Company only ("Unsecured Foreign Facilities"). The Secured Foreign Facilities have availability totaling $128 million . During 2020 , the Company borrowed $20 million and made payments of $22 million under the Secured Foreign Facilities. As of August 1, 2020 , there were borrowings of $101 million outstanding under the Secured Foreign Facilities, of which $10 million is included within Current Debt on the Consolidated Balance Sheet. Borrowings on the Secured Foreign Facilities mature between September 2020 and August 2024. During the second quarter, the Company placed cash on deposit with certain financial institutions as collateral for their lending commitments under the Secured Foreign Facilities. The amount of collateral required reduces over time as the Company makes certain paydowns. These deposits, totaling $128 million , are recorded in Other Assets on the August 1, 2020 Consolidated Balance Sheet. During 2020 , the Company borrowed $13 million and made payments of $63 million under the Unsecured Foreign Facilities. During the second quarter of 2020 , with no borrowings outstanding, the Company terminated the Unsecured Foreign Facilities.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Aug. 01, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Fair Value Measurements	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 August 1, 2020 , February 1, 2020 and August 3, 2019 : August 1, February 1, August 3, (in millions) Principal Value $ 6,708 $ 5,458 $ 5,458 Fair Value, Estimated (a) 6,692 5,555 5,215 _______________ (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.

Comprehensive Income

Comprehensive Income	6 Months Ended
Comprehensive Income	Aug. 01, 2020
Statement of Comprehensive Income [Abstract]
Comprehensive Income	Comprehensive Income The following table provides the rollforward of accumulated other comprehensive income for year-to-date 2020 : Foreign Currency Translation Cash Flow Hedges Accumulated Other Comprehensive Income (in millions) Balance as of February 1, 2020 $ 52 $ — $ 52 Other Comprehensive Income (Loss) Before Reclassifications (4 ) 2 (2 ) Amounts Reclassified from Accumulated Other Comprehensive Income — (1 ) (1 ) Tax Effect — — — Current-period Other Comprehensive Income (Loss) (4 ) 1 (3 ) Balance as of August 1, 2020 $ 48 $ 1 $ 49 The following table provides the rollforward of accumulated other comprehensive income for year-to-date 2019 : Foreign Currency Translation Cash Flow Hedges Accumulated Other Comprehensive Income (in millions) Balance as of February 2, 2019 $ 57 $ 2 $ 59 Other Comprehensive Income (Loss) Before Reclassifications (11 ) 4 (7 ) Amounts Reclassified from Accumulated Other Comprehensive Income — (3 ) (3 ) Tax Effect — — — Current-period Other Comprehensive Income (Loss) (11 ) 1 (10 ) Balance as of August 3, 2019 $ 46 $ 3 $ 49

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Aug. 01, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various claims and contingencies related to lawsuits, taxes, insurance, regulatory and other matters arising out of the normal course of business. Actions filed against the Company from time to time include commercial, tort, intellectual property, customer, employment, data privacy, securities and other claims, including purported class action lawsuits. Management believes that the ultimate liability arising from such claims and contingencies, if any, is not likely to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. In July 2019, a plaintiff shareholder filed a putative class action complaint in the U.S. District Court for the Southern District of Ohio alleging that the Company made false and/or misleading statements relating to the November 2018 announcement that the Company was reducing its quarterly dividend. In September 2019, a different plaintiff shareholder filed a second putative class action complaint in the U.S. District Court for the Southern District of Ohio containing substantially the same allegations and seeking substantially the same relief. In October 2019, the Court issued an order consolidating the two putative class actions, appointing a lead plaintiff, and approving that lead plaintiff’s selection of lead counsel. The lead plaintiff filed a consolidated amended complaint on December 20, 2019 that asserted substantially the same allegations and sought substantially the same relief as the initial complaint. The Company filed a motion to dismiss the consolidated amended complaint on February 18, 2020, the lead plaintiff filed an opposition to the Company's motion to dismiss on May 4, 2020, and the Company filed a reply brief in further support of its motion to dismiss on June 3, 2020. The Company's motion to dismiss the consolidated amended complaint is now fully briefed and pending before the court. The court will hear oral argument on the motion to dismiss on September 23, 2020. The Company views this lawsuit as meritless and intends to defend against this lawsuit vigorously. On February 19, 2020, a plaintiff shareholder filed a complaint in the U.S. District Court for the Southern District of Ohio alleging derivative claims on behalf of the Company against certain of its current and former directors and officers. The Company was named as nominal defendant. The lawsuit asserts claims for breach of fiduciary duty, corporate waste and unjust enrichment in connection with alleged misstatements about 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. The Company intends to seek dismissal of the lawsuit at the appropriate time. 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. The Company is currently evaluating potential options for responding to the lawsuit. La Senza In connection with the sale of La Senza in the fourth quarter of 2018, certain of the Company's subsidiaries have remaining contingent obligations of $36 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 August 1, 2020 , the Company has recorded reserves of $37 million related to these lease-related obligations and certain other obligations related to the La Senza business. As of August 1, 2020 , reserves of $6 million are included within Accrued Expenses and Other on the Consolidated Balance Sheet and the remaining reserves are included within Other Long-term Liabilities. Other In connection with the noncancelable operating lease of an operating asset, the Company provides a residual value guarantee to the lessor if the leased asset cannot be sold for an amount in excess of a specified minimum value at the conclusion of the lease term. The lease expires in 2021, and the total amount of the guarantee is $28 million . The Company did not record a liability as of August 1, 2020 .

Retirement Benefits

Retirement Benefits	6 Months Ended
Retirement Benefits	Aug. 01, 2020
Retirement Benefits [Abstract]
Retirement Benefits	Retirement Benefits The Company sponsors a tax-qualified defined contribution retirement plan for substantially all its associates within the U.S. Participation is available to associates who meet certain age and service requirements. The qualified plan permits participating associates to elect contributions up to the maximum limits allowable under the Internal Revenue Code. The Company matches associate contributions according to a predetermined formula and contributes additional amounts based on a percentage of the associates’ eligible annual compensation and years of service. Associate contributions and Company matching contributions vest immediately. Additional Company contributions and the related investment earnings are subject to vesting based on years of service. Total expense recognized related to the qualified plan was $18 million for the second quarter of 2020 and $20 million for the second quarter of 2019 . Total expense recognized related to the qualified plan was $39 million for both year-to-date 2020 and 2019 . The Company sponsors a non-qualified supplemental retirement plan. The non-qualified plan is an unfunded plan, which provides benefits beyond the Internal Revenue Code limits for qualified defined contribution plans. On June 27, 2020 (the “Termination Date”), the Human Capital and Compensation Committee of the Board of Directors authorized the termination of the non-qualified plan. Subsequent to the Termination Date, no additional employee contributions may be made to the non-qualified plan. The remaining benefits and obligations are expected to be paid out in full approximately one year following the Termination Date. Accordingly, the liability of $258 million related to the non-qualified plan is included within Accrued Expenses and Other on the August 1, 2020 Consolidated Balance Sheet. Total expense recognized related to the non-qualified plan was $3 million for the second quarter of 2020 and $6 million for the second quarter of 2019 . Total expense recognized related to the non-qualified plan was $9 million for year-to-date 2020 and $12 million for year-to-date 2019 .

Segment Information

Segment Information	6 Months Ended
Segment Information	Aug. 01, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has three reportable segments: Bath & Body Works, Victoria's Secret and Victoria's Secret and Bath & Body Works International. The Bath & Body Works segment sells body care, home fragrance products, soaps and sanitizers under the Bath & Body Works, White Barn, C.O. Bigelow and other brand names. Bath & Body Works merchandise is sold online and at retail stores located in the U.S. and Canada. The Victoria’s Secret segment sells women’s intimate and other apparel, personal care and beauty products under the Victoria’s Secret and PINK brand names. Victoria’s Secret merchandise is sold online and through retail stores located in the U.S. and Canada. The Victoria's Secret and Bath & Body Works International segment includes the Victoria's Secret and Bath & Body Works company-owned and partner-operated stores located outside of the U.S. and Canada, as well as the online business in Greater China. This segment includes the following: • Victoria's Secret International, comprised of company-owned stores in the U.K., Ireland and Greater China, as well as stores operated by partners under franchise and license arrangements; • Victoria's Secret Beauty and Accessories, comprised of company-owned stores in Greater China, as well as stores operated by partners under franchise, license and wholesale arrangements, which feature Victoria's Secret branded beauty and accessories products in travel retail and other locations; and • Bath & Body Works International, comprised of stores operated by partners under franchise, license and wholesale arrangements. Other includes Mast Global, a merchandise sourcing and production function serving the Company and its international partners, and Corporate functions, including non-core real estate, equity investments and other governance functions such as treasury and tax. The following table provides the Company’s segment information for the second quarter and year-to-date 2020 and 2019 : Bath & Body Works Victoria’s Secret Victoria’s Secret and Bath & Body Works International Other Total (in millions) 2020 Second Quarter: Net Sales $ 1,197 $ 978 $ 80 $ 64 $ 2,319 Operating Income (Loss) (a) 326 (140 ) (19 ) (123 ) 44 Year-to-Date: Net Sales $ 1,909 $ 1,799 $ 146 $ 120 $ 3,974 Operating Income (Loss) (a) 395 (440 ) (54 ) (175 ) (274 ) 2019 Second Quarter: Net Sales $ 1,061 $ 1,606 $ 155 $ 80 $ 2,902 Operating Income (Loss) 180 17 (1 ) (21 ) 175 Year-to-Date: Net Sales $ 1,932 $ 3,116 $ 289 $ 193 $ 5,530 Operating Income (Loss) 335 49 (5 ) (51 ) 328 _______________ (a) Victoria's Secret includes store and lease asset impairment charges of $75 million and $172 million for the second quarter and year-to-date 2020 , respectively. Victoria's Secret and Bath & Body Works International includes lease asset impairment charges of $42 million . Additionally, Victoria's Secret and Bath & Body Works International includes a $36 million net gain related to the closure and lease termination of the Hong Kong flagship store. For additional information, see Note 7 , “Long-Lived Assets." Bath & Body Works, Victoria's Secret and Other includes severance and related charges of $5 million , $26 million and $50 million , respectively. For additional information, see Note 4 , “Restructuring." The Company’s international net sales include sales from company-owned stores, royalty revenue from franchise and license arrangements, wholesale revenues and direct sales shipped internationally. Certain of these sales are subject to the impact of fluctuations in foreign currency. The Company’s international net sales totaled $238 million and $357 million for the second quarter of 2020 and 2019 , respectively. The Company's international net sales across all segments totaled $418 million and $706 million for year-to-date 2020 and 2019 , respectively.

Description Of Business And B_2

Description Of Business And Basis Of Presentation (Policy)	6 Months Ended
Description Of Business And Basis Of Presentation (Policy)	Aug. 01, 2020
Description Of Business And Basis Of Presentation [Abstract]
Description Of Business	Description of Business L Brands, Inc. (the "Company”) operates in the highly competitive specialty retail business. The Company is a specialty retailer of home fragrance products, body care, soaps and sanitizers, women’s intimate and other apparel, and personal and beauty care products. The Company sells its merchandise through company-owned specialty retail stores in the U.S., Canada, U.K., Ireland and Greater China, and through its websites and other channels. The Company's other international operations are primarily through franchise, license and wholesale partners. The Company currently operates the following retail brands: • Bath & Body Works • Victoria’s Secret • PINK On February 20, 2020, the Company and an affiliate of Sycamore Partners Management, L.P. ("Sycamore"), entered into a Transaction Agreement (the "Transaction Agreement") pursuant to which, among other things, the Company would have sold a 55% interest in the Company's Victoria's Secret and PINK businesses (collectively, "Victoria's Secret"). On May 4, 2020, the Company and Sycamore mutually agreed to terminate the Transaction Agreement. The Company remains committed to establishing Bath & Body Works as a pure-play public company and is taking the necessary steps to prepare Victoria's Secret to operate as a separate standalone company. Management is actively engaged in implementing a comprehensive profit improvement plan that will enable more effective and faster decision making and set each business up independently, allowing for a more efficient future separation. During the second quarter of 2020, the Company completed its comprehensive review of the home office organizations in order to achieve meaningful reductions in overhead expenses and decentralize significant shared functions and services to support the creation of standalone companies. This resulted in a reduction of the home office headcount by approximately 15%, or about 850 associates. For additional information, see Note 4 , “Restructuring."
Impacts of COVID-19	Impacts of COVID-19 In March 2020, the coronavirus pandemic ("COVID-19") was declared a global pandemic by the World Health Organization. This pandemic has negatively affected the U.S. and global economies, disrupted global supply chains and financial markets, and led to significant travel and transportation restrictions, including mandatory closures and orders to “shelter-in-place.” The situation and preventative or protective actions that governments around the world have taken to contain the spread of COVID-19 have resulted in a period of disruption, including closure of the Company's stores, limited store operating hours, reduced customer traffic and consumer spending and delays in manufacturing and shipping of products and raw materials. During this period, the Company is focused on protecting the health and safety of its customers, employees, contractors, suppliers, and other business partners. The Company is also working with its suppliers to minimize potential disruptions, while managing the Company's business in response to a changing dynamic. The Company's business operations and financial performance for 2020 have been materially impacted by the COVID-19 pandemic. All the Company's stores in North America were closed on March 17th and almost all remained closed as of the beginning of the second quarter. Operations for Victoria’s Secret Direct were temporarily suspended for approximately one week in late March, while Bath & Body Works Direct has remained open for the duration of 2020. The Company has re-opened approximately 1,600 Bath & Body Works stores and approximately 690 Victoria’s Secret stores in North America, representing the majority of its stores, as of August 1, 2020 . On average, Bath & Body Works stores were closed for about half of the second quarter and Victoria’s Secret stores were closed for about 70% of the second quarter (including the impact of the approximately 250 stores which the Company plans to close). 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. Since the global COVID-19 crisis began, the Company has taken prudent actions to manage expenses and to maintain its solid cash position and financial flexibility through the pandemic, including: • Furloughing most store associates as of April 5 during their temporary store closure, while continuing to provide healthcare benefits for eligible associates; • Suspending associate merit increases; • Temporarily reducing salaries for senior vice presidents and above by 20%; • Temporarily suspending cash compensation for all members of the Board of Directors; • Reducing 2020 forecasted capital expenditures from $550 million to approximately $250 million ; • Reducing Spring (first and second quarter) inventory receipts versus last year by approximately 45% at Victoria's Secret and PINK, and by approximately 20% at Bath & Body Works; • Suspending the quarterly cash dividend beginning in the second quarter of fiscal 2020; • Suspending most store and select office rent payments during the temporary closures. The Company is in active discussions with its landlords to negotiate with respect to these rent payments and go-forward occupancy costs; • Converting the revolving credit facility to an asset-backed loan facility and issuing $1.25 billion in new notes; and • Extending payment terms to vendors. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which, among other things, provides employer payroll tax credits for wages paid to employees who are unable to work during the coronavirus outbreak and options to defer payroll tax payments. Based on the Company's evaluation of the CARES Act, it qualifies for certain employer payroll tax credits, which will offset store operating expenses. Year-to-date the Company has recognized $54 million of qualified payroll tax credits. For most stores and select office locations, rent from April through July was not paid, or only partially paid, due to the temporary closures during the COVID-19 pandemic. The Company is in active discussions with its landlords to negotiate with respect to these rent payments and go-forward occupancy costs. The Financial Accounting Standards Board (“FASB”) issued guidance in April, which allows COVID-19-related rent concessions to be treated as variable rent. The Company has not yet finalized negotiations with respect to the majority of its leases.
Fiscal Year	Fiscal Year The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “ second quarter of 2020 ” and “ second quarter of 2019 ” refer to the thirteen -week periods ended August 1, 2020 and August 3, 2019 , respectively. “ Year-to-Date 2020 ” and “ year-to-date 2019 ” refer to the twenty-six -week periods ending August 1, 2020 and August 3, 2019 , respectively.
Basis Of Consolidation	Basis of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method. Under the equity method of accounting, the Company recognizes its share of the investee's net income or loss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carrying values are only reduced below zero if the Company has an obligation to provide funding to the investee. The Company’s share of net income or loss of unconsolidated entities from which the Company purchases merchandise or merchandise components is included in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income (Loss). The Company’s share of net income or loss of all other unconsolidated entities is included in Other Income (Loss) in the Consolidated Statements of Income (Loss). The Company’s equity method investments are required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value.
Interim Financial Statements	Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended August 1, 2020 and August 3, 2019 are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained in the Company’s 2019 Annual Report on Form 10-K. In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments, which are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods.
Seasonality Of Business	Due to the impacts of COVID-19 and seasonal variations in the retail industry, the results of operations for the interim period is not necessarily indicative of the results expected for the full fiscal year.
Restrictions Cash	Restricted Cash During the second quarter, the Company placed cash on deposit with certain financial institutions as collateral for lending commitments. The amount of collateral required reduces over time as the Company makes certain paydowns. For additional information see Note 10 , "Long-term Debt and Borrowing Facilities." These deposits, totaling $128 million , are recorded in Other Assets on the August 1, 2020 Consolidated Balance Sheet. The Company's total Cash and Cash Equivalents and Restricted Cash was $2.739 billion as of August 1, 2020 .
Derivative Financial Instruments	Derivative Financial Instruments The Company uses derivative financial instruments to manage exposure to foreign currency exchange rates. The Company does not use derivative instruments for trading purposes. All derivative instruments are recorded on the Consolidated Balance Sheets at fair value. The earnings of the Company's wholly owned foreign businesses 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 and U.K. businesses. 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 August 1, 2020 .
Concentration Of Credit Risk	Concentration of Credit Risk The Company maintains cash and cash equivalents, restricted cash and derivative contracts with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts and limits the amount of credit exposure with any one entity. Typically, the Company’s investment portfolio is primarily comprised of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits. The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company records an allowance for uncollectable accounts when it becomes probable that the counterparty will be unable to pay.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available.
New Accounting Pronouncements	New Accounting Pronouncements Credit Losses In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses, which requires the use of a forward-looking expected loss impairment model for accounts receivable and certain other financial instruments. The Company adopted the standard in the first quarter of 2020. The adoption of this standard did not have a material impact on the Company's consolidated results of operations, financial position or cash flows. Guarantor Reporting In March 2020, the SEC issued a final rule, Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities , that simplifies the disclosure requirements related to registered securities under Rule 3-10 of Regulation S-X. The rule replaces the requirement to provide condensed consolidating financial information with a requirement to present summarized financial information of the issuers and guarantors. It also requires qualitative disclosures with respect to information about guarantors, the terms and conditions of guarantees and the factors that may affect payment. These disclosures may be provided outside the footnotes to the Company’s consolidated financial statements. The Company early adopted the reporting requirements of the rule in the first quarter of 2020 and elected to provide these disclosures in Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Inventory	Inventories are principally valued at the lower of cost, on a weighted-average cost basis, or net realizable value.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
Revenue Recognition (Tables)	Aug. 01, 2020
Revenue Recognition and Deferred Revenue [Abstract]
Disaggregation of Revenue	The following table provides a disaggregation of Net Sales for the second quarter and year-to-date 2020 and 2019 : Second Quarter Year-to-Date 2020 2019 2020 2019 (in millions) Bath & Body Works Stores (a) $ 678 $ 883 $ 1,102 $ 1,597 Bath & Body Works Direct 519 178 807 335 Total Bath & Body Works 1,197 1,061 1,909 1,932 Victoria’s Secret Stores (a) 364 1,233 877 2,381 Victoria’s Secret Direct 614 373 922 735 Total Victoria’s Secret 978 1,606 1,799 3,116 Victoria's Secret and Bath & Body Works International (b) 80 155 146 289 Other (c) 64 80 120 193 Total Net Sales $ 2,319 $ 2,902 $ 3,974 $ 5,530 _______________ (a) Includes company-owned stores in the U.S. and Canada. (b) Includes company-owned stores in the U.K., Ireland and Greater China, direct sales in Greater China and wholesale sales, royalties and other fees associated with non-company owned stores. (c)

Earnings Per Share And Shareh_2

Earnings Per Share And Shareholders' Equity (Tables)	6 Months Ended
Earnings Per Share And Shareholders' Equity (Tables)	Aug. 01, 2020
Earnings Per Share And Shareholders' Equity [Abstract]
Shares Utilized For The Calculation Of Basic And Diluted Earnings Per Share	The following table provides shares utilized for the calculation of basic and diluted earnings (loss) per share for the second quarter and year-to-date 2020 and 2019 : Second Quarter Year-to-Date 2020 2019 2020 2019 (in millions) Weighted-average Common Shares: Issued Shares 286 284 285 284 Treasury Shares (8 ) (8 ) (8 ) (8 ) Basic Shares 278 276 277 276 Effect of Dilutive Options and Restricted Stock (a) — 2 — 2 Diluted Shares 278 278 277 278 Anti-dilutive Options and Awards (a) 11 6 12 5 _______________ (a) These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For 2020 , the dilutive impact of outstanding options and awards were excluded from dilutive shares as a result of the Company's net loss for the periods.
Schedule Of Dividends Paid	Under the authority and declaration of the Board of Directors, the Company paid the following dividends during year-to-date 2020 and 2019 : Ordinary Dividends Total Paid (per share) (in millions) 2020 Second Quarter $ — $ — First Quarter 0.30 83 Total $ 0.30 $ 83 2019 Second Quarter $ 0.30 $ 83 First Quarter 0.30 83 Total $ 0.60 $ 166

Inventories (Tables)

Inventories (Tables)	6 Months Ended
Inventories (Tables)	Aug. 01, 2020
Inventory, Net [Abstract]
Summary Of Inventories	The following table provides details of inventories as of August 1, 2020 , February 1, 2020 and August 3, 2019 : August 1, February 1, August 3, (in millions) Finished Goods Merchandise $ 1,259 $ 1,152 $ 1,132 Raw Materials and Merchandise Components 217 135 197 Total Inventories $ 1,476 $ 1,287 $ 1,329

Property And Equipment, Net (Ta

Property And Equipment, Net (Tables)	6 Months Ended
Property And Equipment, Net (Tables)	Aug. 01, 2020
Property, Plant and Equipment [Abstract]
Impairment of Long-Lived Assets Held and Used by Asset	The following table provides pre-tax long-lived store asset impairment charges included in the 2020 Consolidated Statements of Loss: Second Quarter Year-to-Date Store Asset Impairment Operating Lease Asset Impairment Total Impairment Store Asset Impairment Operating Lease Asset Impairment Total Impairment (in millions) Victoria's Secret (a) $ 14 $ 61 $ 75 $ 111 $ 61 $ 172 Victoria's Secret and Bath & Body Works International (b) — 42 42 — 42 42 Total $ 14 $ 103 $ 117 $ 111 $ 103 $ 214 ________________ (a) Includes stores in the U.S. and Canada. (b) Includes stores in the U.K., Ireland and Greater China.
Summary Of Property And Equipment, Net	The following table provides details of property and equipment, net as of August 1, 2020 , February 1, 2020 and August 3, 2019 : August 1, February 1, August 3, (in millions) Property and Equipment, at Cost $ 6,276 $ 6,613 $ 6,808 Accumulated Depreciation and Amortization (3,984 ) (4,127 ) (4,052 ) Property and Equipment, Net $ 2,292 $ 2,486 $ 2,756

Long-term Debt and Borrowing _2

Long-term Debt and Borrowing Facilities (Tables)	6 Months Ended
Long-term Debt and Borrowing Facilities (Tables)	Aug. 01, 2020
Long-term Debt, by Current and Noncurrent [Abstract]
Schedule Of Long-term Debt Instruments	The following table provides the Company’s outstanding debt balance, net of unamortized debt issuance costs and discounts, as of August 1, 2020 , February 1, 2020 and August 3, 2019 : August 1, February 1, August 3, (in millions) Senior Secured Debt with Subsidiary Guarantee $750 million, 6.875% Fixed Interest Rate Secured Notes due July 2025 ("2025 Secured Notes") $ 739 $ — $ — Secured Foreign Facilities 101 103 95 Total Senior Secured Debt with Subsidiary Guarantee $ 840 $ 103 $ 95 Senior Debt with Subsidiary Guarantee $1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”) $ 991 $ 991 $ 990 $860 million, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”) 858 858 857 $700 million, 6.75% Fixed Interest Rate Notes due July 2036 (“2036 Notes”) 693 693 693 $500 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”) 498 498 498 $500 million, 5.25% Fixed Interest Rate Notes due February 2028 (“2028 Notes”) 496 496 496 $500 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes") 492 — — $500 million, 7.50% Fixed Interest Rate Notes due June 2029 ("2029 Notes") 488 487 486 $450 million, 6.625% Fixed Interest Rate Notes due April 2021 (“2021 Notes”) 450 450 449 $297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”) 277 276 274 Total Senior Debt with Subsidiary Guarantee $ 5,243 $ 4,749 $ 4,743 Senior Debt $350 million, 6.95% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”) $ 348 $ 348 $ 348 $300 million, 7.60% Fixed Interest Rate Notes due July 2037 (“2037 Notes”) 298 298 297 Unsecured Foreign Facilities — 50 67 Total Senior Debt $ 646 $ 696 $ 712 Total $ 6,729 $ 5,548 $ 5,550 Current Debt (460 ) (61 ) (75 ) Total Long-term Debt, Net of Current Portion $ 6,269 $ 5,487 $ 5,475

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Aug. 01, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Carrying Value And Fair Value Of Long-Term Debt, Disclosure	The following table provides a summary of the principal value and estimated fair value of outstanding publicly traded debt as of August 1, 2020 , February 1, 2020 and August 3, 2019 : August 1, February 1, August 3, (in millions) Principal Value $ 6,708 $ 5,458 $ 5,458 Fair Value, Estimated (a) 6,692 5,555 5,215 _______________ (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.

Comprehensive Income (Tables)

Comprehensive Income (Tables)	6 Months Ended
Comprehensive Income (Tables)	Aug. 01, 2020
Statement of Comprehensive Income [Abstract]
Components Of Accumulated Other Comprehensive Income	The following table provides the rollforward of accumulated other comprehensive income for year-to-date 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 (11 ) 4 (7 ) Amounts Reclassified from Accumulated Other Comprehensive Income — (3 ) (3 ) Tax Effect — — — Current-period Other Comprehensive Income (Loss) (11 ) 1 (10 ) Balance as of August 3, 2019 $ 46 $ 3 $ 49 The following table provides the rollforward of accumulated other comprehensive income for year-to-date 2020 : Foreign Currency Translation Cash Flow Hedges Accumulated Other Comprehensive Income (in millions) Balance as of February 1, 2020 $ 52 $ — $ 52 Other Comprehensive Income (Loss) Before Reclassifications (4 ) 2 (2 ) Amounts Reclassified from Accumulated Other Comprehensive Income — (1 ) (1 ) Tax Effect — — — Current-period Other Comprehensive Income (Loss) (4 ) 1 (3 ) Balance as of August 1, 2020 $ 48 $ 1 $ 49

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
Segment Information (Tables)	Aug. 01, 2020
Segment Reporting [Abstract]
Schedule Of Segment Reporting Information	The following table provides the Company’s segment information for the second quarter and year-to-date 2020 and 2019 : Bath & Body Works Victoria’s Secret Victoria’s Secret and Bath & Body Works International Other Total (in millions) 2020 Second Quarter: Net Sales $ 1,197 $ 978 $ 80 $ 64 $ 2,319 Operating Income (Loss) (a) 326 (140 ) (19 ) (123 ) 44 Year-to-Date: Net Sales $ 1,909 $ 1,799 $ 146 $ 120 $ 3,974 Operating Income (Loss) (a) 395 (440 ) (54 ) (175 ) (274 ) 2019 Second Quarter: Net Sales $ 1,061 $ 1,606 $ 155 $ 80 $ 2,902 Operating Income (Loss) 180 17 (1 ) (21 ) 175 Year-to-Date: Net Sales $ 1,932 $ 3,116 $ 289 $ 193 $ 5,530 Operating Income (Loss) 335 49 (5 ) (51 ) 328 _______________ (a) Victoria's Secret includes store and lease asset impairment charges of $75 million and $172 million for the second quarter and year-to-date 2020 , respectively. Victoria's Secret and Bath & Body Works International includes lease asset impairment charges of $42 million . Additionally, Victoria's Secret and Bath & Body Works International includes a $36 million net gain related to the closure and lease termination of the Hong Kong flagship store. For additional information, see Note 7 , “Long-Lived Assets." Bath & Body Works, Victoria's Secret and Other includes severance and related charges of $5 million , $26 million and $50 million , respectively. For additional information, see Note 4 , “Restructuring."

Description Of Business And B_3

Description Of Business And Basis Of Presentation (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Aug. 01, 2020	Aug. 01, 2020	Jan. 30, 2021	Feb. 01, 2020	Aug. 03, 2019	Feb. 02, 2019
Description Of Business And Basis of Presentation
Decrease in operating expenses		$ 54
Debt Instrument, Face Amount	$ 1,250
Other assets	128	128
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 2,739	$ 2,739		$ 1,499	$ 853	$ 1,413
Forecast
Description Of Business And Basis of Presentation
Original Capital Expenditures Forecast			$ 550
Forecasted capital expenditures			$ 250

Revenue Recognition Narrative (

Revenue Recognition Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Contract with Customer, Liability	$ 316	$ 342	$ 276
Contract with Customer, Liability, Revenue Recognized	132
Accounts Receivable [Member]
Contract with Customer, Asset, after Allowance for Credit Loss	186	$ 152	$ 174
Accrued Liabilities [Member]
Contract with Customer, Liability	304
Other Long-term Liabilities [Member]
Contract with Customer, Liability	$ 12

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenue Recognition (Details) - USD ($) $ in Millions	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Disaggregation of Revenue [Line Items]
Net Sales	$ 2,319	$ 2,902	$ 3,974	$ 5,530
Victoria's Secret [Member]
Disaggregation of Revenue [Line Items]
Net Sales	978	1,606	1,799	3,116
Bath & Body Works [Member]
Disaggregation of Revenue [Line Items]
Net Sales	1,197	1,061	1,909	1,932
Victoria's Secret and Bath & Body Works International [Member]
Disaggregation of Revenue [Line Items]
Net Sales	80	155	146	289
Other Operating Segments [Member]
Disaggregation of Revenue [Line Items]
Net Sales	64	80	120	193
Victoria's Secret Stores [Member]
Disaggregation of Revenue [Line Items]
Net Sales	364	1,233	877	2,381
Victoria's Secret Direct [Member]
Disaggregation of Revenue [Line Items]
Net Sales	614	373	922	735
Bath & Body Works Stores [Member]
Disaggregation of Revenue [Line Items]
Net Sales	678	883	1,102	1,597
Bath & Body Works Direct [Member]
Disaggregation of Revenue [Line Items]
Net Sales	$ 519	$ 178	$ 807	$ 335

Restructuring (Details)

Restructuring (Details) $ in Millions	3 Months Ended
Restructuring (Details) $ in Millions	Aug. 01, 2020USD ($)associate
Restructuring Cost and Reserve [Line Items]
Reduction of home office headcount	15.00%
Number of home office associates \| associate	850
Selling, General and Administrative Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs	$ 81
Victoria's Secret [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs	26
Bath & Body Works [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs	5
Other [Member]
Restructuring Cost and Reserve [Line Items]
Severance Costs	50
Accrued Expenses and Other
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 79

Earnings Per Share And Shareh_3

Earnings Per Share And Shareholders' Equity (Shares Utilized for the Calculation of Basic and Diluted Earnings per Share) (Details) - shares shares in Millions		3 Months Ended		6 Months Ended
		Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Weighted-average Common Shares:
Issued Shares		286	284	285	284
Treasury Shares		(8)	(8)	(8)	(8)
Basic Shares		278	276	277	276
Effect of Dilutive Options and Restricted Stock (a)		0	2	0	2
Diluted Shares		278	278	277	278
Anti-dilutive Options and Awards (a)	[1]	11	6	12	5

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

Earnings Per Share And Shareh_4

Earnings Per Share And Shareholders' Equity (Schedule of Company's Repurchase Program) (Details) - March 2018 Repurchase Program [Member] - USD ($) $ in Millions	Aug. 01, 2020	May 05, 2018
Amount Authorized		$ 250
Remaining authorized repurchase amount	$ 79

Earnings Per Share And Shareh_5

Earnings Per Share And Shareholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Aug. 01, 2020	May 02, 2020	Aug. 03, 2019	May 04, 2019	Aug. 01, 2020	Aug. 03, 2019
Earnings Per Share And Shareholders' Equity [Abstract]
Ordinary Dividends	$ 0	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.60
Payments of Dividends	$ 0	$ 83	$ 83	$ 83	$ 83	$ 166

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Inventory [Line Items]
Inventory, Finished Goods, Net of Reserves	$ 1,259	$ 1,152	$ 1,132
Raw Materials and Merchandise Components	217	135	197
Total Inventories	$ 1,476	$ 1,287	$ 1,329

Property And Equipment, Net (De

Property And Equipment, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019	Feb. 01, 2020
Property, Plant and Equipment [Line Items]
Property and Equipment, at Cost	$ 6,276	$ 6,808	$ 6,276	$ 6,808	$ 6,613
Accumulated Depreciation and Amortization	(3,984)	(4,052)	(3,984)	(4,052)	(4,127)
Property and Equipment, Net	2,292	2,756	2,292	2,756	$ 2,486
Depreciation	127	$ 150	266	295
Long-lived Store Asset Impairment Charges	117		214	0
Gain (Loss) on Termination of Lease	39		39	$ 0
Victoria's Secret [Member]
Property, Plant and Equipment [Line Items]
Long-lived Store Asset Impairment Charges	75		172
Severance Costs	26
Victoria's Secret and Bath & Body Works International [Member]
Property, Plant and Equipment [Line Items]
Long-lived Store Asset Impairment Charges	42		$ 42
Severance Costs	3
Selling, General and Administrative Expenses [Member]
Property, Plant and Equipment [Line Items]
Severance Costs	$ 81

Property And Equipment, Net - I

Property And Equipment, Net - Impairment of Long-Lived Assets Held and Used by Asset (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Aug. 01, 2020	Aug. 01, 2020	Aug. 03, 2019
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived Store and Lease Asset Impairment Charges	$ 117	$ 214	$ 0
Victoria's Secret [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived Store and Lease Asset Impairment Charges	75	172
Victoria's Secret and Bath & Body Works International [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived Store and Lease Asset Impairment Charges	42	42
Store Asset [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived Store and Lease Asset Impairment Charges	14	111
Store Asset [Member] \| Victoria's Secret [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived Store and Lease Asset Impairment Charges	14	111
Store Asset [Member] \| Victoria's Secret and Bath & Body Works International [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived Store and Lease Asset Impairment Charges	0	0
Operating Lease Asset [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived Store and Lease Asset Impairment Charges	103	103
Operating Lease Asset [Member] \| Victoria's Secret [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived Store and Lease Asset Impairment Charges	61	61
Operating Lease Asset [Member] \| Victoria's Secret and Bath & Body Works International [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived Store and Lease Asset Impairment Charges	$ 42	$ 42

Equity Investments (Details)

Equity Investments (Details) - USD ($) $ in Millions	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Easton Investment [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 124	$ 118	$ 102

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Aug. 01, 2020	May 02, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019	Feb. 01, 2020
Income Tax Disclosure [Abstract]
Effective Income Tax Rate, Continuing Operations	17.70%		10.10%	26.70%	24.00%
Income Tax Expense (Benefit)	$ 11		$ (4)	$ 126	$ (25)
Income Taxes Paid	13		$ 169	22	$ 181
Unrecognized Tax Benefits						$ 88
Unrecognized Tax Benefits that Would Impact Effective Tax Rate						$ 81
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities				31
Other Tax Expense (Benefit)				30
Tax Adjustments, Settlements, and Unusual Provisions	21	$ 50
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 28			$ 28

Long-term Debt and Borrowing _3

Long-term Debt and Borrowing Facilities (Schedule Of Long-term Debt Instruments) (Details) - USD ($)	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Debt, Current	$ (460,000,000)	$ (61,000,000)	$ (75,000,000)
Debt, Long-term and Short-term, Combined Amount	6,729,000,000	5,548,000,000	5,550,000,000
Total Long-term Debt, Net of Current Portion	6,269,000,000	5,487,000,000	5,475,000,000
Revolving Credit Expiring August 2024 [Member]
Line of Credit	0
With Subsidiary Guarantee [Member]
Debt, Long-term and Short-term, Combined Amount	840,000,000	103,000,000	95,000,000
With Subsidiary Guarantee [Member] \| 6.875% Fixed Interest Rate Secured Notes due July 2025 [Member]
Notes Payable, Noncurrent	739,000,000	0	0
With Subsidiary Guarantee [Member] \| Fixed Rate 6.875% Notes Due November 2035 [Member]
Notes Payable, Noncurrent	991,000,000	991,000,000	990,000,000
With Subsidiary Guarantee [Member] \| Fixed Rate 5.625 Percent Notes Due February 2022 [Member]
Notes Payable, Noncurrent	858,000,000	858,000,000	857,000,000
With Subsidiary Guarantee [Member] \| Fixed Rate 6.625 Percent Notes Due April 2021 [Member]
Notes Payable, Noncurrent	450,000,000	450,000,000	449,000,000
With Subsidiary Guarantee [Member] \| Fixed Rate 5.625% Notes Due October 2023 [Member]
Notes Payable, Noncurrent	498,000,000	498,000,000	498,000,000
With Subsidiary Guarantee [Member] \| Fixed Rate 5.25% Notes Due February 2028 [Member]
Notes Payable, Noncurrent	496,000,000	496,000,000	496,000,000
With Subsidiary Guarantee [Member] \| 9.375% Fixed Interest Rate Notes due July 2025 [Member]
Notes Payable, Noncurrent	492,000,000	0	0
With Subsidiary Guarantee [Member] \| Fixed Rate 7.5% Notes Due June 2029 [Member]
Notes Payable, Noncurrent	488,000,000	487,000,000	486,000,000
With Subsidiary Guarantee [Member] \| Fixed Rate 6.694% Notes Due January 2027 [Member]
Notes Payable, Noncurrent	277,000,000	276,000,000	274,000,000
With Subsidiary Guarantee [Member] \| Senior Debt Obligations [Member]
Debt, Long-term and Short-term, Combined Amount	5,243,000,000	4,749,000,000	4,743,000,000
With Subsidiary Guarantee [Member] \| Foreign Facilities with Parent Guarantee [Member]
Line of Credit	101,000,000	103,000,000	95,000,000
With Subsidiary Guarantee [Member] \| Fixed Rate 6.75% Notes Due July 2036 [Member]
Notes Payable, Noncurrent	693,000,000	693,000,000	693,000,000
Without Subsidiary Guarantee [Member]
Debt, Long-term and Short-term, Combined Amount	646,000,000	696,000,000	712,000,000
Without Subsidiary Guarantee [Member] \| Foreign Facilities with Parent Guarantee [Member]
Line of Credit	0	50,000,000	67,000,000
Without Subsidiary Guarantee [Member] \| Fixed Rate 6.95% Debentures Due March 2033 [Member]
Notes Payable, Noncurrent	348,000,000	348,000,000	348,000,000
Without Subsidiary Guarantee [Member] \| Fixed Rate 7.60% Notes Due July 2037 [Member]
Notes Payable, Noncurrent	$ 298,000,000	$ 298,000,000	$ 297,000,000

Long-term Debt and Borrowing _4

Long-term Debt and Borrowing Facilities (Issuance And Repurchase Of Notes) (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Aug. 03, 2019	Jul. 06, 2019	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019	Feb. 01, 2020
Debt Instrument, Face Amount	$ 5,458		$ 6,708	$ 5,458	$ 6,708	$ 5,458	$ 5,458
Proceeds from Issuance of Long-Term Debt, Net of Issuance Costs					1,231	486
Debt Instrument, Repurchase Amount		$ 669			0	799
Gain (Loss) on Extinguishment of Debt				40	0	$ (40)
Extinguishment of Debt, Gain (Loss), Net of Tax				$ 30
Fixed Rate 7.00% Notes Due May 2020 [Member]
Debt Instrument, Repurchase Amount	130
With Subsidiary Guarantee [Member] \| 6.875% Fixed Interest Rate Secured Notes due July 2025 [Member]
Debt Instrument, Face Amount			$ 750		$ 750
Debt instrument, stated rate			6.875%		6.875%
Proceeds from Issuance of Debt			$ 739
Payments of Debt Issuance Costs			11		$ 11
With Subsidiary Guarantee [Member] \| 9.375% Fixed Interest Rate Notes due July 2025 [Member]
Debt Instrument, Face Amount			$ 500		$ 500
Debt instrument, stated rate			9.375%		9.375%
Proceeds from Issuance of Debt					$ 492
Payments of Debt Issuance Costs			$ 8		$ 8
With Subsidiary Guarantee [Member] \| Fixed Rate 5.625 Percent Notes Due February 2022 [Member]
Extinguishment of Debt, Amount		96
With Subsidiary Guarantee [Member] \| Fixed Rate 6.625 Percent Notes Due April 2021 [Member]
Extinguishment of Debt, Amount		330
With Subsidiary Guarantee [Member] \| Fixed Rate 7.00% Notes Due May 2020 [Member]
Extinguishment of Debt, Amount	$ 126	$ 212

Long-term Debt and Borrowing _5

Long-term Debt and Borrowing Facilities (Revolving Facility And Letters Of Credit) (Narrative) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Aug. 01, 2020	Aug. 01, 2020	Aug. 03, 2019	Feb. 01, 2020
Revolving Credit Expiring August 2024 [Member]
Outstanding Borrowings on Lines of Credit	$ 0	$ 0
Borrowings from Foreign Facilities		950,000,000
Repayments of Lines of Credit		950,000,000	$ 0
Foreign Facilities [Member]
Repayments of Lines of Credit		85,000,000	14,000,000
Letter of Credit [Member]
Letters of Credit Outstanding, Amount	61,000,000	61,000,000
Revolving Credit Facility [Member] \| Revolving Credit Expiring August 2024 [Member]
Revolving facility, borrowing capacity	1,000,000,000	1,000,000,000
Line of Credit Financial Covenant, Consolidated Cash Balance	350,000,000	350,000,000
Line of Credit Facility, Current Borrowing Capacity	$ 844,000,000	844,000,000
Revolving Facility Commitment fee percentage, unused capacity	0.30%
Revolving Facility Current credit fees percentage rate, letters of credit	1.75%
Revolving Facility Percentage spread over variable base rate	1.75%
Revolving Facility Covenant Fixed charge coverage ratio	1
Line of Credit Financial Covenant, Maximum Borrowing Amount		100,000,000
Without Subsidiary Guarantee [Member] \| Foreign Facilities with Parent Guarantee [Member]
Outstanding Borrowings on Lines of Credit	$ 0	0	67,000,000	$ 50,000,000
Borrowings from Foreign Facilities		13,000,000
Repayments of Lines of Credit		63,000,000
With Subsidiary Guarantee [Member] \| Foreign Facilities with Parent Guarantee [Member]
Revolving facility, borrowing capacity	128,000,000	128,000,000
Outstanding Borrowings on Lines of Credit	101,000,000	101,000,000	$ 95,000,000	$ 103,000,000
Borrowings from Foreign Facilities		20,000,000
Line of Credit, Current	$ 10,000,000	10,000,000
Repayments of Lines of Credit		$ 22,000,000

Fair Value Measurements (Carryi

Fair Value Measurements (Carrying Value And Fair Value Of Long-Term Debt, Disclosure) (Detail) - USD ($) $ in Millions		Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Principal Value		$ 6,708	$ 5,458	$ 5,458
Fair Value (a)	[1]	$ 6,692	$ 5,555	$ 5,215

[1]	(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.

Comprehensive Income (Component

Comprehensive Income (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			$ 52	$ 59
Other Comprehensive Income (Loss), before Reclassifications, before Tax			(2)	(7)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax			1	3
Other Comprehensive Income (Loss), Tax			0	0
Other Comprehensive Income (Loss), Net of Tax	$ (2)	$ (6)	(3)	(10)
Accumulated Other Comprehensive Income (Loss), Ending Balance	49	49	49	49
Accumulated Translation Adjustment [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			52	57
Other Comprehensive Income (Loss), before Reclassifications, before Tax			(4)	(11)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax			0	0
Other Comprehensive Income (Loss), Tax			0	0
Other Comprehensive Income (Loss), Net of Tax			(4)	(11)
Accumulated Other Comprehensive Income (Loss), Ending Balance	48	46	48	46
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	4
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax			1	3
Other Comprehensive Income (Loss), Tax			0	0
Other Comprehensive Income (Loss), Net of Tax			1	1
Accumulated Other Comprehensive Income (Loss), Ending Balance	$ 1	$ 3	$ 1	$ 3

Commitments And Contingencies (

Commitments And Contingencies (Details) $ in Millions	Aug. 01, 2020USD ($)
Lease guarantees remaining after disposition of certain businesses	$ 28
LaSenza [Member]
Loss Contingency Accrual	37
LaSenza [Member] \| Lease Agreements [Member]
Loss Contingency, Maximum Exposure, Undiscounted	36
LaSenza [Member] \| Accrued Liabilities [Member]
Loss Contingency Accrual	$ 6

Retirement Benefits (Narrative)

Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Retirement Benefits Disclosure [Line Items]
Expense related to the qualified plan	$ 18	$ 20	$ 39	$ 39
Other Pension Plans, Postretirement or Supplemental Plans, Defined Benefit [Member]
Retirement Benefits Disclosure [Line Items]
Liability, Other Retirement Benefits	258		258
Expense related to non-qualified plan	$ 3	$ 6	$ 9	$ 12

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended		6 Months Ended
Segment Information (Details) $ in Millions	Aug. 01, 2020USD ($)	Aug. 03, 2019USD ($)	Aug. 01, 2020USD ($)Reportable_Segments	Aug. 03, 2019USD ($)
Long-lived Store Asset Impairment Charges	$ 117		$ 214	$ 0
Number of Reportable Segments \| Reportable_Segments			3
Net Sales	2,319	$ 2,902	$ 3,974	5,530
Operating Income (Loss) (a)	44	175	(274)	328
Victoria's Secret [Member]
Long-lived Store Asset Impairment Charges	75		172
Severance Costs	26
Net Sales	978	1,606	1,799	3,116
Operating Income (Loss) (a)	(140)	17	(440)	49
Bath & Body Works [Member]
Severance Costs	5
Net Sales	1,197	1,061	1,909	1,932
Operating Income (Loss) (a)	326	180	395	335
Victoria's Secret and Bath & Body Works International [Member]
Long-lived Store Asset Impairment Charges	42		42
Net Gain from Hong Kong Store Closure and Lease Termination	36
Severance Costs	3
Net Sales	80	155	146	289
Operating Income (Loss) (a)	(19)	(1)	(54)	(5)
Other [Member]
Severance Costs	50
Net Sales	64	80	120	193
Operating Income (Loss) (a)	(123)	(21)	(175)	(51)
International [Member]
Net Sales	$ 238	$ 357	$ 418	$ 706