Bath & Body Works (BBWI) 10-Q 2 Sep 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jul. 30, 2022	Aug. 26, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 30, 2022
Document Transition Report	false
Entity File Number	1-8344
Entity Registrant Name	BATH & BODY WORKS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	31-1029810
Entity Address, Address Line One	Three Limited Parkway
Entity Address, City or Town	Columbus,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43230
City Area Code	(614)
Local Phone Number	415-7000
Entity Registrant Former Name	Not Applicable
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.50 Par Value
Trading Symbol	BBWI
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		228,374,316
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000701985
Current Fiscal Year End Date	--01-28

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021
Income Statement [Abstract]
Net Sales	$ 1,618	$ 1,704	$ 3,067	$ 3,173
Costs of Goods Sold, Buying and Occupancy	(958)	(876)	(1,739)	(1,603)
Gross Profit	660	828	1,328	1,570
General, Administrative and Store Operating Expenses	(418)	(444)	(806)	(849)
Operating Income	242	384	522	721
Interest Expense	(86)	(97)	(175)	(210)
Other Income (Loss)	2	0	3	(105)
Income from Continuing Operations Before Income Taxes	158	287	350	406
Provision for Income Taxes	38	72	75	100
Net Income from Continuing Operations	120	215	275	306
Income from Discontinued Operations, Net of Tax	0	159	0	345
Net Income	$ 120	$ 374	$ 275	$ 651	[1]
Net Income per Basic Share
Continuing Operations (in USD per share)	$ 0.52	$ 0.78	$ 1.17	$ 1.10
Discontinued Operations (in USD per share)	0	0.58	0	1.25
Total Net Income Per Basic Share (in USD per share)	0.52	1.36	1.17	2.35
Net Income per Diluted Share
Continuing Operations (in USD per share)	0.52	0.77	1.16	1.08
Discontinued Operations (in USD per share)	0	0.57	0	1.22
Total Net Income Per Diluted Share (in USD per share)	$ 0.52	$ 1.34	$ 1.16	$ 2.31
[1]The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 Consolidated Statement of Cash Flows includes the results of continuing and discontinued operations.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Income	$ 120	$ 374	$ 275	$ 651	[1]
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	0	(2)	0	4
Unrealized Gain (Loss) on Cash Flow Hedges	0	2	0	(1)
Reclassification of Cash Flow Hedges to Earnings	0	1	0	1
Current-period Other Comprehensive Income	0	1	0	4
Total Comprehensive Income	$ 120	$ 375	$ 275	$ 655
[1]The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 Consolidated Statement of Cash Flows includes the results of continuing and discontinued operations.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 30, 2022	Jan. 29, 2022	Jul. 31, 2021
Current Assets:
Cash and Cash Equivalents	$ 452	$ 1,979	$ 1,695
Accounts Receivable, Net	184	240	131
Inventories	971	709	728
Other	147	81	134
Current Assets of Discontinued Operations	0	0	1,826
Total Current Assets	1,754	3,009	4,514
Property and Equipment, Net	1,071	1,009	1,002
Operating Lease Assets	1,087	1,021	1,051
Goodwill	628	628	628
Trade Names	165	165	165
Deferred Income Taxes	45	45	59
Other Assets	151	149	142
Other Assets of Discontinued Operations	0	0	2,831
Total Assets	4,901	6,026	10,392
Current Liabilities:
Accounts Payable	587	435	460
Accrued Expenses and Other	512	651	717
Current Operating Lease Liabilities	158	170	148
Income Taxes	1	34	0
Current Liabilities of Discontinued Operations	0	0	1,300
Total Current Liabilities	1,258	1,290	2,625
Deferred Income Taxes	157	157	149
Long-term Debt	4,858	4,854	5,346
Long-term Operating Lease Liabilities	1,050	989	1,020
Other Long-term Liabilities	240	253	270
Other Long-term Liabilities of Discontinued Operations	0	0	2,170
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; 243, 269 and 280 shares issued; 228, 254 and 265 shares outstanding, respectively	122	134	140
Paid-in Capital	791	893	911
Accumulated Other Comprehensive Income	80	80	87
Retained Earnings (Accumulated Deficit)	(2,834)	(1,803)	(1,505)
Less: Treasury Stock, at Average Cost; 15, 15 and 15 shares, respectively	(822)	(822)	(822)
Total Shareholders’ Equity (Deficit)	(2,663)	(1,518)	(1,189)
Noncontrolling Interest	1	1	1
Total Equity (Deficit)	(2,662)	(1,517)	(1,188)
Total Liabilities and Equity (Deficit)	$ 4,901	$ 6,026	$ 10,392

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 30, 2022	Jan. 29, 2022	Jul. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 1	$ 1	$ 1
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0	0
Common stock, par value (in USD per share)	$ 0.50	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	243,000,000	269,000,000	280,000,000
Common Stock, shares outstanding (in shares)	228,000,000	254,000,000	265,000,000
Treasury stock (in shares)	15,000,000	15,000,000	15,000,000

CONSOLIDATED STATEMENTS OF TOTA

CONSOLIDATED STATEMENTS OF TOTAL EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Millions	Total		Other Share Repurchase Program	Accelerated Share Repurchase Program	Common Stock	Common Stock Other Share Repurchase Program	Common Stock Accelerated Share Repurchase Program	Paid-In Capital	Paid-In Capital Accelerated Share Repurchase Program	Accumulated Other Comprehensive Income	Retained Earnings (Accumulated Deficit)	Treasury Stock, at Average Cost	Treasury Stock, at Average Cost Other Share Repurchase Program	Treasury Stock, at Average Cost Accelerated Share Repurchase Program	Noncontrolling Interest
Ending Balance (in shares)					278,000
Beginning Balance (in shares) at Jan. 30, 2021					278,000
Beginning Balance at Jan. 30, 2021	$ (661)				$ 143			$ 891		$ 83	$ (1,421)	$ (358)			$ 1
Ending Balance at May. 01, 2021	$ (533)				$ 144			903		86	(1,144)	(523)			1
Ordinary dividends (in USD per share)	$ 0
Beginning Balance (in shares) at Jan. 30, 2021					278,000
Beginning Balance at Jan. 30, 2021	$ (661)				$ 143			891		83	(1,421)	(358)			1
Net Income	651	[1]									651
Other Comprehensive Income	4									4
Total Comprehensive Income	655									4	651
Cash Dividends	$ (42)										(42)
Repurchases of Common Stock (in shares)	(16,996)				(17,000)
Repurchases of Common Stock	$ (1,194)											(1,194)
Treasury Share Retirement					$ (5)			(32)			(693)	730
Share-based Compensation and Other (in shares)					4,000
Share-based Compensation and Other	54				$ 2			52
Ending Balance at Jul. 31, 2021	$ (1,188)				$ 140			911		87	(1,505)	(822)			1
Ordinary dividends (in USD per share)	$ 0.15
Ending Balance (in shares)					277,000
Beginning Balance (in shares) at May. 01, 2021					277,000
Beginning Balance at May. 01, 2021	$ (533)				$ 144			903		86	(1,144)	(523)			1
Net Income	374										374
Other Comprehensive Income	1									1
Total Comprehensive Income	375									1	374
Cash Dividends	(42)				0			0		0	(42)	0			0
Repurchases of Common Stock (in shares)						(14,000)
Repurchases of Common Stock			$ (1,029)										$ (1,029)
Treasury Share Retirement	0				$ (5)			(32)			(693)	730
Share-based Compensation and Other (in shares)					2,000
Share-based Compensation and Other	41				$ 1			40
Ending Balance at Jul. 31, 2021	$ (1,188)				$ 140			911		87	(1,505)	(822)			1
Ordinary dividends (in USD per share)	$ 0.15
Ending Balance (in shares)	265,000				265,000
Beginning Balance (in shares) at Jul. 31, 2021	265,000				265,000
Ending Balance at Jan. 29, 2022	$ (1,517)				$ 134			893		80	(1,803)	(822)			1
Ending Balance (in shares)	254,000				254,000
Beginning Balance (in shares) at Jan. 29, 2022	254,000				254,000
Ending Balance at Apr. 30, 2022	$ (2,658)				$ 126			618		80	(2,661)	(822)			1
Ordinary dividends (in USD per share)	$ 0.20
Beginning Balance (in shares) at Jan. 29, 2022	254,000				254,000
Beginning Balance at Jan. 29, 2022	$ (1,517)				$ 134			893		80	(1,803)	(822)			1
Net Income	275										275
Other Comprehensive Income	0
Cash Dividends	(94)										(94)
Repurchases of Common Stock (in shares)				(20,295)		(7,000)	(20,000)
Repurchases of Common Stock			(312)	$ (1,000)					$ 0				(312)	$ (1,000)
Treasury Share Retirement					$ (13)			(87)			(1,212)	1,312
Share-based Compensation and Other (in shares)					1,000
Share-based Compensation and Other	(14)				$ 1			(15)
Ending Balance at Jul. 30, 2022	$ (2,662)				$ 122			791		80	(2,834)	(822)			1
Ordinary dividends (in USD per share)	$ 0.40
Ending Balance (in shares)					236,000
Beginning Balance (in shares) at Apr. 30, 2022					236,000
Beginning Balance at Apr. 30, 2022	$ (2,658)				$ 126			618		80	(2,661)	(822)			1
Net Income	120										120
Other Comprehensive Income	0
Total Comprehensive Income											120
Cash Dividends	(46)										(46)
Repurchases of Common Stock (in shares)						(2,000)	(7,000)
Repurchases of Common Stock			$ (77)	$ 0					$ 200				$ (77)	$ (200)
Treasury Share Retirement	0				$ (4)			(26)			(247)	277
Share-based Compensation and Other (in shares)					1,000
Share-based Compensation and Other	(1)				$ 0			(1)
Ending Balance at Jul. 30, 2022	$ (2,662)				$ 122			$ 791		$ 80	$ (2,834)	$ (822)			$ 1
Ordinary dividends (in USD per share)	$ 0.20
Ending Balance (in shares)	228,000				228,000
[1]The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 Consolidated Statement of Cash Flows includes the results of continuing and discontinued operations.

CONSOLIDATED STATEMENTS OF TO_2

CONSOLIDATED STATEMENTS OF TOTAL EQUITY (DEFICIT) (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jul. 30, 2022	Apr. 30, 2022	Jul. 31, 2021	May 01, 2021	Jul. 30, 2022	Jul. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends (in USD per share)	$ 0.20	$ 0.20	$ 0.15	$ 0	$ 0.40	$ 0.15

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	[1]
Operating Activities:
Net Income	$ 275	$ 651
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation of Long-lived Assets	106	258
Loss on Extinguishment of Debt	0	105
Share-based Compensation Expense	15	30
Deferred Income Taxes	0	16
Changes in Assets and Liabilities:
Accounts Receivable	55	39
Inventories	(261)	(200)
Accounts Payable, Accrued Expenses and Other	16	(42)
Income Taxes Payable	(69)	(144)
Other Assets and Liabilities	(56)	(140)
Net Cash Provided by Operating Activities	81	573
Investing Activities:
Capital Expenditures	(161)	(178)
Other Investing Activities	(1)	10
Net Cash Used for Investing Activities	(162)	(168)
Financing Activities:
Proceeds from Victoria's Secret & Co. Notes	0	600
Payments of Long-term Debt	0	(1,130)
Repurchases of Common Stock	(1,312)	(1,194)
Dividends Paid	(94)	(42)
Tax Payments related to Share-based Awards	(31)	(56)
Proceeds from Stock Option Exercises	2	76
Other Financing Activities	(11)	(6)
Net Cash Used for Financing Activities	(1,446)	(1,752)
Effects of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash	0	2
Net Decrease in Cash and Cash Equivalents and Restricted Cash	(1,527)	(1,345)
Cash and Cash Equivalents and Restricted Cash, Beginning of Period	1,979	3,933
Cash and Cash Equivalents and Restricted Cash, End of Period	$ 452	$ 2,588
[1]The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 Consolidated Statement of Cash Flows includes the results of continuing and discontinued operations.

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Jul. 30, 2022
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 Bath & Body Works, Inc. ("Bath & Body Works" or the "Company") is a specialty retailer of home fragrance, body care and soap and sanitizer products. The Company sells merchandise through its specialty retail stores in the United States of America ("U.S.") and Canada, and through its websites and other channels, under the Bath & Body Works, White Barn and other brand names. The Company's international business is primarily conducted through franchise, license and wholesale partners. The Company operates as and reports a single segment that includes all of its continuing operations. On August 2, 2021, the Company completed the tax-free spin-off of its Victoria's Secret business, which included the Victoria's Secret and PINK brands, into an independent publicly traded company (the "Separation"). Accordingly, the operating results of, and costs to separate, the Victoria's Secret business are reported in Income from Discontinued Operations, Net of Tax in the Consolidated Statements of Income for all periods presented. In addition, the related assets and liabilities are reported as Assets and Liabilities of Discontinued Operations on the Consolidated Balance Sheets. All amounts and disclosures included in the Notes to Consolidated Financial Statements reflect only the Company's continuing operations unless otherwise noted. For additional information, see Note 2, "Discontinued Operations." COVID-19 The coronavirus ("COVID-19") pandemic has created significant public health concerns as well as economic disruption, uncertainty and volatility. The Company remains focused on providing a safe store environment for its customers and associates while delivering an engaging shopping experience, and in establishing the necessary protocols to ensure the safe operations of its distribution and fulfillment centers and corporate offices. As expected, the Company has experienced channel and product category shifts as customer mindset and needs have shifted coming out of the pandemic. The Company continues to monitor the COVID-19 pandemic and the effects on its operations and financial performance. There remains the potential for future COVID-19-related closures or operating restrictions, which could materially impact the Company's operations and financial performance in future periods. Fiscal Year The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “second quarter of 2022” and “second quarter of 2021” refer to the thirteen-week periods ended July 30, 2022 and July 31, 2021, respectively. “Year-to-date 2022” and “year-to-date 2021” refer to the twenty-six-week periods ended July 30, 2022 and July 31, 2021, 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 all unconsolidated entities is included in Other Income (Loss) in the Consolidated Statements of Income. 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 July 30, 2022 and July 31, 2021 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 2021 Annual Report on Form 10-K. In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments that 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 seasonal variations in the retail industry, the results of operations for the interim periods are not necessarily indicative of the results expected for the full fiscal year. Cash and Cash Equivalents and Restricted Cash The following table summarizes the location of the Company's Cash and Cash Equivalents and restricted cash in the Consolidated Balance Sheets as of July 30, 2022, January 29, 2022 and July 31, 2021: July 30, January 29, July 31, (in millions) Cash and Cash Equivalents $ 452 $ 1,979 $ 1,695 Current Assets of Discontinued Operations — — 893 Total Cash and Cash Equivalents and Restricted Cash $ 452 $ 1,979 $ 2,588 Derivative Financial Instruments The Company's Canadian dollar denominated earnings are subject to exchange rate risk as substantially all the Company's merchandise sold in Canada 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. 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. All designated cash flow hedges are recorded on the Consolidated Balance Sheets at fair value. The fair value of designated cash flow hedges is not significant for any period presented. The Company does not use derivative financial instruments for trading purposes. Concentration of Credit Risk The Company maintains cash and cash equivalents and derivative contracts with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts and limits the amount of credit exposure with any one entity. The Company’s investment portfolio is primarily comprised of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits. The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company determines the required allowance for expected credit losses using information such as customer credit history and financial condition. Amounts are recorded to the allowance when it is determined that expected credit losses may occur. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available. Recently Issued Accounting Pronouncements The Company did not adopt any new accounting standards in 2022 that had a material impact on its consolidated results of operations, financial position or cash flows. In addition, as of September 2, 2022, there were no new accounting standards that the Company has not yet adopted that are expected to have a material impact on its consolidated results of operations, financial position or cash flows.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jul. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations Victoria's Secret & Co. Spin-Off On July 9, 2021, the Company announced that its Board of Directors (the "Board") approved the previously announced Separation of the Victoria’s Secret business into an independent, publicly traded company, Victoria's Secret & Co. On August 2, 2021 (the "Distribution Date"), after the New York Stock Exchange ("NYSE") market closing, the Separation was completed. The Separation was achieved through the Company's tax-free distribution (the "Distribution") of 100% of the shares of Victoria's Secret & Co. common stock to holders of L Brands, Inc. common stock as of the close of business on the record date of July 22, 2021. The Company's stockholders of record received one share of Victoria’s Secret & Co. common stock for every three shares of the Company's common stock. On August 3, 2021, Victoria’s Secret & Co. became an independent, publicly-traded company trading on the NYSE under the stock symbol "VSCO." The Company retained no ownership interest in Victoria’s Secret & Co. following the Separation. In connection with the Separation, the Company entered into several agreements with Victoria's Secret & Co. that govern the relationship of the parties following the spin-off, including the Separation and Distribution Agreement, the Transition Services Agreements, the Tax Matters Agreement, the Employee Matters Agreement and the Domestic Transportation Services Agreement. Under the terms of the Transition Services Agreements, as amended, the Company provides to Victoria's Secret & Co. various services or functions, including human resources, payroll and certain logistics functions. Additionally, Victoria's Secret & Co. provides to the Company various services or functions, including information technology, certain logistics functions, customer marketing and customer call center services. Generally, these services will be performed for a period of up to two years following the Distribution, except for information technology services, which will be provided for a period of up to three years following the Distribution and may be extended for a maximum of two additional one-year periods subject to increased administrative charges. Consideration and costs for the transition services are determined using several billing methodologies as described in the agreements, including customary billing, pass-through billing, percent of sales billing or fixed fee billing. Consideration for transition services provided to Victoria's Secret & Co. are recorded within the 2022 Consolidated Statements of Income based on the nature of the service and as an offset to expenses incurred to provide the services. Costs for transition services provided by Victoria's Secret & Co. are recorded within the 2022 Consolidated Statements of Income based on the nature of the service. During the second quarter of 2022, the Company recognized consideration of $19 million and recognized costs of $20 million pursuant to the Transition Service Agreements. During year-to-date 2022, the Company recognized consideration of $38 million and recognized costs of $40 million pursuant to the Transition Service Agreements. Under the terms of the Domestic Transportation Services Agreement, the Company provides transportation services for Victoria's Secret & Co. merchandise in the U.S. and Canada for an initial term of three years following the Distribution, which term will thereafter continuously renew unless and until Victoria’s Secret & Co. or the Company elects to terminate the arrangement upon 18 or 36 months’ prior written notice, respectively. Consideration for the transportation services is determined using customary billing and fixed billing methodologies, which are described in the agreement, and are subject to an administrative charge. Consideration for logistics services provided to Victoria's Secret & Co. are recorded within Costs of Goods Sold, Buying and Occupancy in the 2022 Consolidated Statements of Income and as an offset to expenses incurred to provide the services. During the second quarter of 2022, the Company recognized consideration of $21 million pursuant to the Domestic Transportation Services Agreement. During year-to-date 2022, the Company recognized consideration of $39 million pursuant to the Domestic Transportation Services Agreement. In conjunction with the Separation, the Company has contingent obligations relating to certain lease payments under the current terms of noncancelable leases. For additional information, see Note 12, "Commitments and Contingencies." Financial Information of Discontinued Operations Income from Discontinued Operations, Net of Tax in the Consolidated Statements of Income reflects the after-tax results of the Victoria's Secret business and Separation-related fees, and does not include any allocation of general corporate overhead expense or interest expense of the Company. The Company did not report any results from discontinued operations year-to-date 2022. The following table summarizes the significant line items included in Income from Discontinued Operations, Net of Tax in the second quarter and year-to-date 2021 Consolidated Statements of Income: Second Quarter Year-to-Date (in millions) Net Sales $ 1,614 $ 3,168 Costs of Goods Sold, Buying and Occupancy (944) (1,826) General, Administrative and Store Operating Expenses (a) (455) (892) Interest Expense (2) (2) Other Loss (1) (1) Income from Discontinued Operations Before Income Taxes 212 447 Provision for Income Taxes 53 102 Income from Discontinued Operations, Net of Tax $ 159 $ 345 _______________ (a) The second quarter of 2021 includes Separation-related costs of $18 million. Year-to-date 2021 includes Separation-related costs of $27 million. Prior to the Separation, these costs were reported in the Other category under the Company's previous segment reporting. The information presented as discontinued operations on the Consolidated Balance Sheets includes certain assets and liabilities that were transferred to Victoria’s Secret & Co. pursuant to the Separation agreements, and excludes certain liabilities that were retained by the Company in connection with the Separation. There were no assets or liabilities classified as discontinued operations as of July 30, 2022 or January 29, 2022. In July 2021, Victoria’s Secret & Co., prior to the Separation and while a subsidiary of the Company, issued $600 million of 4.625% notes due in July 2029 (the "Victoria's Secret & Co. Notes"). As of July 31, 2021, the initial proceeds were held in escrow for release to Victoria's Secret & Co. upon satisfaction of certain conditions, including completion of the Separation. The $600 million initial proceeds are included in Current Assets of Discontinued Operations on the July 31, 2021 Consolidated Balance Sheet. The long-term debt is included in Other Long-Term Liabilities of Discontinued Operations on the July 31, 2021 Consolidated Balance Sheet. On August 2, 2021, the Victoria's Secret & Co. Notes became the obligations of Victoria's Secret & Co. concurrent with the Separation. The following table summarizes the carrying value of the significant classes of assets and liabilities classified as discontinued operations as of July 31, 2021: (in millions) Cash and Cash Equivalents $ 293 Cash in Escrow related to Victoria's Secret & Co. Spin-Off 600 Accounts Receivable, Net 99 Inventories 745 Other 89 Current Assets of Discontinued Operations 1,826 Property and Equipment, Net 999 Operating Lease Assets 1,513 Trade Names 246 Deferred Income Taxes 11 Other Assets 62 Other Assets of Discontinued Operations $ 2,831 Accounts Payable $ 379 Accrued Expenses and Other 587 Current Operating Lease Liabilities 332 Income Taxes 2 Current Liabilities of Discontinued Operations 1,300 Deferred Income Taxes 101 Long-term Debt 592 Long-term Operating Lease Liabilities 1,457 Other Long-term Liabilities 20 Other Long-term Liabilities of Discontinued Operations $ 2,170 The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 Consolidated Statement of Cash Flows includes the results of continuing and discontinued operations. The Company did not report any cash flows from discontinued operations year-to-date 2022. The following table summarizes Depreciation of Long-Lived Assets, Share-based Compensation Expense, Capital Expenditures and Financing Activities of discontinued operations for year-to-date 2021: (in millions) Depreciation of Long-Lived Assets $ 158 Share-based Compensation Expense 15 Capital Expenditures (66) Proceeds from Victoria's Secret & Co. Notes 600

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jul. 30, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Revenue Recognition	Revenue Recognition Accounts receivable, net from revenue-generating activities were $98 million as of July 30, 2022, $64 million as of January 29, 2022 and $56 million as of July 31, 2021. Accounts receivable primarily relate to amounts due from the Company's franchise, license and wholesale partners. Under these arrangements, payment terms are typically 45 to 75 days. The Company records deferred revenue when cash payments are received in advance of transfer of control of goods or services. Deferred revenue primarily relates to gift cards, loyalty points and direct channel shipments, which are all impacted by seasonal and holiday-related sales patterns. Deferred revenue, which is recorded within Accrued Expenses and Other on the Consolidated Balance Sheets, was $123 million as of July 30, 2022, $148 million as of January 29, 2022 and $106 million as of July 31, 2021. The Company recognized $76 million as revenue year-to-date 2022 from amounts recorded as deferred revenue at the beginning of the Company's 2022 fiscal year. The following table provides a disaggregation of Net Sales for the second quarters of and year-to-date 2022 and 2021: Second Quarter Year-to-Date 2022 2021 2022 2021 (in millions) Stores - U.S. and Canada $ 1,161 $ 1,230 $ 2,220 $ 2,280 Direct - U.S. and Canada 367 407 684 756 International (a) 90 67 163 137 Total Net Sales $ 1,618 $ 1,704 $ 3,067 $ 3,173 _______________ (a) Results include royalties associated with franchised stores and wholesale sales. The Company’s net sales outside of the U.S. include sales from Company-operated stores and its e-commerce site in Canada, royalties associated with franchised stores and wholesale sales. Certain of these sales are subject to the impact of fluctuations in foreign currency. The Company’s net sales outside of the U.S. totaled $164 million and $122 million for the second quarters of 2022 and 2021, respectively, and $301 million and $238 million for year-to-date 2022 and 2021, respectively.

Earnings Per Share and Sharehol

Earnings Per Share and Shareholders’ Equity (Deficit)	6 Months Ended
	Jul. 30, 2022
Earnings Per Share And Shareholders' Equity [Abstract]
Earnings Per Share and Shareholders’ Equity (Deficit)	Earnings Per Share and Shareholders’ Equity (Deficit) Earnings Per Share Earnings per basic share is computed based on the weighted-average number of common shares outstanding. Earnings per diluted share include the weighted-average effect of dilutive restricted stock units, performance share units and stock options (collectively, "Dilutive Awards") on the weighted-average common shares outstanding. The following table provides the weighted-average shares utilized for the calculation of basic and diluted earnings per share for the second quarters of and year-to-date 2022 and 2021: Second Quarter Year-to-Date 2022 2021 2022 2021 (in millions) Common Shares 245 288 250 288 Treasury Shares (15) (13) (15) (11) Basic Shares 230 275 235 277 Effect of Dilutive Awards 1 5 2 5 Diluted Shares 231 280 237 282 Anti-dilutive Awards (a) 2 1 1 1 _______________ (a) The awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. Common Stock Share Repurchases 2021 Repurchase Programs In March 2021, the Board authorized a $500 million share repurchase plan (the "March 2021 Program"), which replaced the $79 million remaining under a March 2018 repurchase program. In July 2021, the Board authorized a $1.5 billion share repurchase program (the "July 2021 Program"), which replaced the $36 million remaining under the March 2021 Program. Under the authorization of this program, the Company entered into a stock repurchase agreement with its former Chief Executive Officer and certain of his affiliated entities pursuant to which the Company repurchased 10 million shares of its common stock for an aggregate purchase price of $730 million in July 2021. The Company repurchased the following shares of its common stock during year-to-date 2021: Repurchase Program Amount Authorized Shares Amount Average Stock Price (in millions) (in thousands) (in millions) March 2021 (a) $ 500 6,996 $ 464 $ 66.30 July 2021 (a) 1,500 10,000 730 73.01 Total 16,996 $ 1,194 _______________ (a) Reflects repurchases of L Brands, Inc. common stock prior to the August 2, 2021 spin-off of Victoria's Secret & Co. Under the July 2021 Program, the Company repurchased an additional 11 million shares of its common stock for an aggregate purchase price of $770 million during the third and fourth quarters of 2021. 2022 Repurchase Program In February 2022, the Board authorized a new $1.5 billion share repurchase program (the "February 2022 Program"). As part of the February 2022 Program, the Company entered into an accelerated share repurchase program ("ASR") under which the Company repurchased $1 billion of its own outstanding common stock. The delivery of shares under the ASR resulted in an immediate reduction of the Company's outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted net income per share. Pursuant to the Board's authorization, the Company made other share repurchases in the open market under the February 2022 Program during 2022. On February 4, 2022, the Company delivered $1 billion to the ASR bank, and the bank delivered 13.6 million shares of common stock to the Company (the "Initial Shares"). Pursuant to the terms of the ASR, the Initial Shares represented 80% of the number of shares determined by dividing the $1 billion Company payment by the closing price of its common stock on February 2, 2022. In May 2022, the Company received an additional 6.7 million shares of its common stock from the ASR bank for the final settlement of the ASR. The final number of shares of common stock delivered under the ASR was based generally upon a discount to the average daily Rule 10b-18 volume-weighted average price at which the shares of common stock traded during the regular trading sessions on the NYSE during the term of the repurchase period. In connection with the final settlement, in the second quarter the Company reclassified the $200 million recorded in Paid-in Capital as of April 30, 2022. The Company repurchased the following shares of its common stock during year-to-date 2022: Repurchase Program Amount Authorized Shares Amount Average Stock Price (in millions) (in thousands) (in millions) February 2022 $ 1,500 6,401 $ 312 $ 48.77 February 2022 - Accelerated Share Repurchase Program 20,295 1,000 49.27 Total 26,696 $ 1,312 The February 2022 Program had $188 million of remaining authority as of July 30, 2022. Common Stock Retirement Shares of common stock repurchased under the July 2021 Program were retired and cancelled upon repurchase. As a result, the Company retired the 10 million shares repurchased under the July 2021 Program in the second quarter of 2021, which resulted in reductions of $5 million in the par value of Common Stock, $32 million in Paid-in Capital and $693 million in Retained Earnings (Accumulated Deficit). Shares of common stock repurchased under the February 2022 Program were retired and cancelled upon repurchase, including shares repurchased under the ASR. As a result, the Company retired the 27 million shares repurchased under the February 2022 Program during 2022, which resulted in reductions of $13 million in the par value of Common Stock, $87 million in Paid-in Capital and $1.212 billion in Retained Earnings (Accumulated Deficit). Dividends The Board suspended the Company's quarterly cash dividend beginning in the second quarter of 2020. In March 2021, the Board reinstated the annual dividend at $0.60 per share, beginning with the quarterly dividend paid in June 2021. In February 2022, the Board increased the annual dividend to $0.80 per share, beginning with the quarterly dividend paid in March 2022. The Company paid the following dividends during 2022 and 2021: Ordinary Dividends Total Paid (per share) (in millions) 2022 First Quarter $ 0.20 $ 48 Second Quarter 0.20 46 Total $ 0.40 $ 94 2021 First Quarter $ — $ — Second Quarter 0.15 42 Total $ 0.15 $ 42 On September 2, 2022, the Company paid the third quarter 2022 ordinary dividend of $0.20 per share to shareholders of record at the close of business on August 19, 2022.

Inventories

Inventories	6 Months Ended
	Jul. 30, 2022
Inventory, Net [Abstract]
Inventories	Inventories The following table provides details of Inventories as of July 30, 2022, January 29, 2022 and July 31, 2021: July 30, January 29, July 31, (in millions) Finished Goods Merchandise $ 739 $ 521 $ 551 Raw Materials and Merchandise Components 232 188 177 Total Inventories $ 971 $ 709 $ 728 Inventories are principally valued at the lower of cost or net realizable value, on an average cost basis.

Long-Lived Assets

Long-Lived Assets	6 Months Ended
	Jul. 30, 2022
Property, Plant and Equipment [Abstract]
Long-Lived Assets	Long-Lived Assets The following table provides details of Property and Equipment, Net as of July 30, 2022, January 29, 2022 and July 31, 2021: July 30, January 29, July 31, (in millions) Property and Equipment, at Cost $ 2,721 $ 2,583 $ 2,519 Accumulated Depreciation and Amortization (1,650) (1,574) (1,517) Property and Equipment, Net $ 1,071 $ 1,009 $ 1,002 Depreciation expense from continuing operations was $53 million and $51 million for the second quarters of 2022 and 2021, respectively. Depreciation expense from continuing operations was $106 million and $100 million for year-to-date 2022 and 2021, respectively.

Equity Investments

Equity Investments	6 Months Ended
	Jul. 30, 2022
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 $125 million as of July 30, 2022, $126 million as of January 29, 2022 and $119 million as of July 31, 2021, 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 majority financial interests 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
	Jul. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes is based on the current estimate of the annual effective tax rate and is adjusted as necessary for quarterly events. For the second quarter of 2022, the Company’s effective tax rate was 23.9% compared to 25.1% in the second quarter of 2021. The second quarter of 2022 rate was lower than the Company's combined estimated federal and state statutory rate primarily due to the resolution of certain tax matters during the quarter. The second quarter of 2021 rate was consistent with the Company's combined estimated federal and state statutory rate. For year-to-date 2022, the Company’s effective tax rate was 21.4% compared to 24.7% year-to-date 2021. The year-to-date 2022 rate was lower than the Company's combined estimated federal and state statutory rate primarily due to the resolution of certain tax matters during the period. The year-to-date 2021 rate was consistent with the Company's combined estimated federal and state statutory rate. Income taxes paid were $144 million and $320 million for the second quarters of 2022 and 2021, respectively. Income taxes paid were $152 million and $330 million for the year-to-date 2022 and 2021, respectively.

Long-term Debt and Borrowing Fa

Long-term Debt and Borrowing Facilities	6 Months Ended
	Jul. 30, 2022
Long-Term Debt, by Current and Noncurrent [Abstract]
Long-term Debt and Borrowing Facilities	Long-term Debt and Borrowing Facilities The following table provides the Company’s outstanding long-term debt balance, net of unamortized debt issuance costs and discounts, as of July 30, 2022, January 29, 2022 and July 31, 2021: July 30, January 29, July 31, (in millions) Senior Debt with Subsidiary Guarantee $500 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”) $ — $ — $ 319 $320 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes") 317 316 494 $297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”) 282 281 279 $500 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”) 497 497 497 $500 million, 7.500% Fixed Interest Rate Notes due June 2029 ("2029 Notes") 490 489 489 $1 billion, 6.625% Fixed Interest Rate Notes due October 2030 ("2030 Notes") 990 990 989 $1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”) 993 992 991 $700 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”) 694 694 694 Total Senior Debt with Subsidiary Guarantee $ 4,263 $ 4,259 $ 4,752 Senior Debt $350 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”) $ 349 $ 349 $ 348 $247 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”) 246 246 246 Total Senior Debt 595 595 594 Total Long-term Debt $ 4,858 $ 4,854 $ 5,346 Repurchases of Notes In September 2021, the Company completed the tender offers to purchase $270 million of its outstanding 2023 Notes and $180 million of its outstanding 2025 Notes for an aggregate purchase price of $532 million. Additionally, in October 2021, the Company redeemed the remaining $50 million of its outstanding 2023 Notes for an aggregate purchase price of $54 million. The Company recognized a pre-tax loss related to this extinguishment of debt of $89 million (after-tax loss of $68 million), which included the write-offs of unamortized issuance costs, in the third quarter of 2021. In April 2021, the Company redeemed the remaining $285 million of its outstanding 5.625% senior notes due February 2022 and $750 million of its outstanding 6.875% senior secured notes due July 2025. The Company recognized a pre-tax loss related to this extinguishment of debt of $105 million (after-tax loss of $80 million), which included the write-offs of unamortized issuance costs. This loss is included in Other Income (Loss) in the year-to-date 2021 Consolidated Statement of Income. Asset-backed Revolving Credit Facility The Company and certain of the Company's 100% owned subsidiaries guarantee and pledge collateral to secure an asset-backed revolving credit facility (“ABL Facility”). The ABL Facility, which allows borrowings and letters of credit in U.S. dollars or Canadian dollars, has aggregate commitments of $750 million and an expiration date in August 2026. 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 is required to repay the outstanding amounts under the ABL Facility to the extent of such excess. As of July 30, 2022, the Company's borrowing base was $730 million, and it had no borrowings outstanding under the ABL Facility. The ABL Facility supports the Company’s letter of credit program. The Company had $16 million of outstanding letters of credit as of July 30, 2022 that reduced its availability under the ABL Facility. As of July 30, 2022, the Company's availability under the ABL Facility was $714 million. As of July 30, 2022, the ABL Facility fees related to committed and unutilized amounts were 0.25% per annum, and the fees related to outstanding letters of credit were 1.25% per annum. In addition, the interest rate on outstanding U.S. dollar borrowings was the London Interbank Offered Rate plus 1.25% per annum. The interest rate on outstanding Canadian dollar-denominated borrowings was the Canadian Dollar Offered Rate plus 1.25% 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 (i) $70 million or (ii) 10% of the maximum borrowing amount. As of July 30, 2022, the Company was not required to maintain this ratio.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Fair Value Measurements	Fair Value Measurements Cash and Cash Equivalents 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 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 July 30, 2022, January 29, 2022 and July 31, 2021: July 30, January 29, July 31, (in millions) Principal Value $ 4,915 $ 4,915 $ 5,414 Fair Value, Estimated (a) 4,631 5,493 6,581 _______________ (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 Accounting Standards Codification ("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.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jul. 30, 2022
Comprehensive Income Loss
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The following tables provide the rollforward of Accumulated Other Comprehensive Income for year-to-date 2022 and 2021: Foreign Currency Translation Cash Flow Hedges Accumulated Other Comprehensive Income (in millions) Balance as of January 29, 2022 $ 79 $ 1 $ 80 Other Comprehensive Income Before Reclassifications — — — Amounts Reclassified from Accumulated Other Comprehensive Income — — — Tax Effect — — — Current-period Other Comprehensive Income — — — Balance as of July 30, 2022 $ 79 $ 1 $ 80 Foreign Currency Translation Cash Flow Hedges Accumulated Other Comprehensive Income (in millions) Balance as of January 30, 2021 $ 85 $ (2) $ 83 Other Comprehensive Income (Loss) Before Reclassifications 4 (1) 3 Amounts Reclassified from Accumulated Other Comprehensive Income — 2 2 Tax Effect — (1) (1) Current-period Other Comprehensive Income 4 — 4 Balance as of July 31, 2021 $ 89 $ (2) $ 87

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 30, 2022
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 position or cash flows. On May 19, 2020 and January 12, 2021, certain of the Company's stockholders filed derivative lawsuits in the Court of Common Pleas for Franklin County, Ohio (subsequently removed to the United States District Court for the Southern District of Ohio) and the Delaware Court of Chancery, respectively, naming as defendants certain current and former directors and officers of the Company and alleging, among other things, breaches of fiduciary duty through asserted violations of law and failures to monitor workplace conduct (the "Lawsuits"). In addition, the Company also received litigation and books-and-records demands from certain other stockholders related to the same matters (together with the Lawsuits, the "Actions"). In July 2021, the Company announced the global settlement resolving the Actions. The settlement resolved all derivative claims that have been or could have been asserted in the Actions or that involve in any way the allegations referred to in the Actions and released all such claims against the Company and its past and present employees, officers and directors, among others. As part of the settlement, the Company has agreed to implement certain management and governance measures, including the maintenance of a Diversity, Equity, and Inclusion Council. Following the August 2, 2021 spin-off of Victoria’s Secret & Co., the settlement terms apply to both the Company and Victoria’s Secret & Co. Each company has committed to invest $45 million over at least five years to fund the management and governance measures. In May 2022, the U.S. District Court of the Southern District of Ohio granted final approval of the settlement. Lease Guarantees In connection with the spin-off of Victoria's Secret & Co. and the sale of the La Senza business, the Company had remaining contingent obligations of $295 million as of July 30, 2022 related to lease payments under the current terms of noncancelable leases, primarily related to office space, expiring at various dates through 2037. 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 these businesses. The Company's reserves related to these obligations were not significant as of July 30, 2022.

Description of Business and B_2

Description of Business and Basis of Presentation (Policy)	6 Months Ended
	Jul. 30, 2022
Description Of Business And Basis Of Presentation [Abstract]
Description of Business	Description of Business Bath & Body Works, Inc. ("Bath & Body Works" or the "Company") is a specialty retailer of home fragrance, body care and soap and sanitizer products. The Company sells merchandise through its specialty retail stores in the United States of America ("U.S.") and Canada, and through its websites and other channels, under the Bath & Body Works, White Barn and other brand names. The Company's international business is primarily conducted through franchise, license and wholesale partners. The Company operates as and reports a single segment that includes all of its continuing operations. On August 2, 2021, the Company completed the tax-free spin-off of its Victoria's Secret business, which included the Victoria's Secret and PINK brands, into an independent publicly traded company (the "Separation"). Accordingly, the operating results of, and costs to separate, the Victoria's Secret business are reported in Income from Discontinued Operations, Net of Tax in the Consolidated Statements of Income for all periods presented. In addition, the related assets and liabilities are reported as Assets and Liabilities of Discontinued Operations on the Consolidated Balance Sheets. All amounts and disclosures included in the Notes to Consolidated Financial Statements reflect only the Company's continuing operations unless otherwise noted. For additional information, see Note 2, "Discontinued Operations."
COVID-19	COVID-19 The coronavirus ("COVID-19") pandemic has created significant public health concerns as well as economic disruption, uncertainty and volatility. The Company remains focused on providing a safe store environment for its customers and associates while delivering an engaging shopping experience, and in establishing the necessary protocols to ensure the safe operations of its distribution and fulfillment centers and corporate offices. As expected, the Company has experienced channel and product category shifts as customer mindset and needs have shifted coming out of the pandemic.
Fiscal Year	Fiscal Year The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “second quarter of 2022” and “second quarter of 2021” refer to the thirteen-week periods ended July 30, 2022 and July 31, 2021, respectively. “Year-to-date 2022” and “year-to-date 2021” refer to the twenty-six-week periods ended July 30, 2022 and July 31, 2021, 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 all unconsolidated entities is included in Other Income (Loss) in the Consolidated Statements of Income. 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 July 30, 2022 and July 31, 2021 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 2021 Annual Report on Form 10-K. In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments that are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods.
Seasonality of Business	Seasonality of Business Due to the seasonal variations in the retail industry, the results of operations for the interim periods are not necessarily indicative of the results expected for the full fiscal year.
Derivative Financial Instruments	Derivative Financial Instruments The Company's Canadian dollar denominated earnings are subject to exchange rate risk as substantially all the Company's merchandise sold in Canada 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. 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. All designated cash flow hedges are recorded on the Consolidated Balance Sheets at fair value. The fair value of designated cash flow hedges is not significant for any period presented. The Company does not use derivative financial instruments for trading purposes.
Concentration of Credit Risk	Concentration of Credit Risk The Company maintains cash and cash equivalents and derivative contracts with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts and limits the amount of credit exposure with any one entity. The Company’s investment portfolio is primarily comprised of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits. The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company determines the required allowance for expected credit losses using information such as customer credit history and financial condition. Amounts are recorded to the allowance when it is determined that expected credit losses may occur.
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 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company did not adopt any new accounting standards in 2022 that had a material impact on its consolidated results of operations, financial position or cash flows. In addition, as of September 2, 2022, there were no new accounting standards that the Company has not yet adopted that are expected to have a material impact on its consolidated results of operations, financial position or cash flows.
Inventory	Inventories are principally valued at the lower of cost or net realizable value, on an average cost basis.

Description of Business and B_3

Description of Business and Basis of Presentation (Tables)	6 Months Ended
	Jul. 30, 2022
Description Of Business And Basis Of Presentation [Abstract]
Schedule of Cash, and Cash Equivalents	The following table summarizes the location of the Company's Cash and Cash Equivalents and restricted cash in the Consolidated Balance Sheets as of July 30, 2022, January 29, 2022 and July 31, 2021: July 30, January 29, July 31, (in millions) Cash and Cash Equivalents $ 452 $ 1,979 $ 1,695 Current Assets of Discontinued Operations — — 893 Total Cash and Cash Equivalents and Restricted Cash $ 452 $ 1,979 $ 2,588
Restrictions Cash	The following table summarizes the location of the Company's Cash and Cash Equivalents and restricted cash in the Consolidated Balance Sheets as of July 30, 2022, January 29, 2022 and July 31, 2021: July 30, January 29, July 31, (in millions) Cash and Cash Equivalents $ 452 $ 1,979 $ 1,695 Current Assets of Discontinued Operations — — 893 Total Cash and Cash Equivalents and Restricted Cash $ 452 $ 1,979 $ 2,588

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jul. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Summary of Discontinued Operations in Financial Statements	The following table summarizes the significant line items included in Income from Discontinued Operations, Net of Tax in the second quarter and year-to-date 2021 Consolidated Statements of Income: Second Quarter Year-to-Date (in millions) Net Sales $ 1,614 $ 3,168 Costs of Goods Sold, Buying and Occupancy (944) (1,826) General, Administrative and Store Operating Expenses (a) (455) (892) Interest Expense (2) (2) Other Loss (1) (1) Income from Discontinued Operations Before Income Taxes 212 447 Provision for Income Taxes 53 102 Income from Discontinued Operations, Net of Tax $ 159 $ 345 _______________ (a) The second quarter of 2021 includes Separation-related costs of $18 million. Year-to-date 2021 includes Separation-related costs of $27 million. Prior to the Separation, these costs were reported in the Other category under the Company's previous segment reporting. The following table summarizes the carrying value of the significant classes of assets and liabilities classified as discontinued operations as of July 31, 2021: (in millions) Cash and Cash Equivalents $ 293 Cash in Escrow related to Victoria's Secret & Co. Spin-Off 600 Accounts Receivable, Net 99 Inventories 745 Other 89 Current Assets of Discontinued Operations 1,826 Property and Equipment, Net 999 Operating Lease Assets 1,513 Trade Names 246 Deferred Income Taxes 11 Other Assets 62 Other Assets of Discontinued Operations $ 2,831 Accounts Payable $ 379 Accrued Expenses and Other 587 Current Operating Lease Liabilities 332 Income Taxes 2 Current Liabilities of Discontinued Operations 1,300 Deferred Income Taxes 101 Long-term Debt 592 Long-term Operating Lease Liabilities 1,457 Other Long-term Liabilities 20 Other Long-term Liabilities of Discontinued Operations $ 2,170 The following table summarizes Depreciation of Long-Lived Assets, Share-based Compensation Expense, Capital Expenditures and Financing Activities of discontinued operations for year-to-date 2021: (in millions) Depreciation of Long-Lived Assets $ 158 Share-based Compensation Expense 15 Capital Expenditures (66) Proceeds from Victoria's Secret & Co. Notes 600

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jul. 30, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Disaggregation of Revenue	The following table provides a disaggregation of Net Sales for the second quarters of and year-to-date 2022 and 2021: Second Quarter Year-to-Date 2022 2021 2022 2021 (in millions) Stores - U.S. and Canada $ 1,161 $ 1,230 $ 2,220 $ 2,280 Direct - U.S. and Canada 367 407 684 756 International (a) 90 67 163 137 Total Net Sales $ 1,618 $ 1,704 $ 3,067 $ 3,173 _______________ (a) Results include royalties associated with franchised stores and wholesale sales.

Earnings Per Share and Shareh_2

Earnings Per Share and Shareholders’ Equity (Deficit) (Tables)	6 Months Ended
	Jul. 30, 2022
Earnings Per Share And Shareholders' Equity [Abstract]
Shares Utilized for the Calculation of Basic and Diluted Earnings Per Share	The following table provides the weighted-average shares utilized for the calculation of basic and diluted earnings per share for the second quarters of and year-to-date 2022 and 2021: Second Quarter Year-to-Date 2022 2021 2022 2021 (in millions) Common Shares 245 288 250 288 Treasury Shares (15) (13) (15) (11) Basic Shares 230 275 235 277 Effect of Dilutive Awards 1 5 2 5 Diluted Shares 231 280 237 282 Anti-dilutive Awards (a) 2 1 1 1 _______________
Schedule of Repurchase of Common Stock	The Company repurchased the following shares of its common stock during year-to-date 2021: Repurchase Program Amount Authorized Shares Amount Average Stock Price (in millions) (in thousands) (in millions) March 2021 (a) $ 500 6,996 $ 464 $ 66.30 July 2021 (a) 1,500 10,000 730 73.01 Total 16,996 $ 1,194 _______________ (a) Reflects repurchases of L Brands, Inc. common stock prior to the August 2, 2021 spin-off of Victoria's Secret & Co. Repurchase Program Amount Authorized Shares Amount Average Stock Price (in millions) (in thousands) (in millions) February 2022 $ 1,500 6,401 $ 312 $ 48.77 February 2022 - Accelerated Share Repurchase Program 20,295 1,000 49.27 Total 26,696 $ 1,312
Schedule of Dividends Paid	The Company paid the following dividends during 2022 and 2021: Ordinary Dividends Total Paid (per share) (in millions) 2022 First Quarter $ 0.20 $ 48 Second Quarter 0.20 46 Total $ 0.40 $ 94 2021 First Quarter $ — $ — Second Quarter 0.15 42 Total $ 0.15 $ 42

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 30, 2022
Inventory, Net [Abstract]
Summary of Inventories	The following table provides details of Inventories as of July 30, 2022, January 29, 2022 and July 31, 2021: July 30, January 29, July 31, (in millions) Finished Goods Merchandise $ 739 $ 521 $ 551 Raw Materials and Merchandise Components 232 188 177 Total Inventories $ 971 $ 709 $ 728

Long-Lived Assets (Tables)

Long-Lived Assets (Tables)	6 Months Ended
	Jul. 30, 2022
Property, Plant and Equipment [Abstract]
Summary of Property And Equipment, Net	The following table provides details of Property and Equipment, Net as of July 30, 2022, January 29, 2022 and July 31, 2021: July 30, January 29, July 31, (in millions) Property and Equipment, at Cost $ 2,721 $ 2,583 $ 2,519 Accumulated Depreciation and Amortization (1,650) (1,574) (1,517) Property and Equipment, Net $ 1,071 $ 1,009 $ 1,002

Long-term Debt and Borrowing _2

Long-term Debt and Borrowing Facilities (Tables)	6 Months Ended
	Jul. 30, 2022
Long-Term Debt, by Current and Noncurrent [Abstract]
Schedule of Long-term Debt Instruments	The following table provides the Company’s outstanding long-term debt balance, net of unamortized debt issuance costs and discounts, as of July 30, 2022, January 29, 2022 and July 31, 2021: July 30, January 29, July 31, (in millions) Senior Debt with Subsidiary Guarantee $500 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”) $ — $ — $ 319 $320 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes") 317 316 494 $297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”) 282 281 279 $500 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”) 497 497 497 $500 million, 7.500% Fixed Interest Rate Notes due June 2029 ("2029 Notes") 490 489 489 $1 billion, 6.625% Fixed Interest Rate Notes due October 2030 ("2030 Notes") 990 990 989 $1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”) 993 992 991 $700 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”) 694 694 694 Total Senior Debt with Subsidiary Guarantee $ 4,263 $ 4,259 $ 4,752 Senior Debt $350 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”) $ 349 $ 349 $ 348 $247 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”) 246 246 246 Total Senior Debt 595 595 594 Total Long-term Debt $ 4,858 $ 4,854 $ 5,346

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 30, 2022
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 July 30, 2022, January 29, 2022 and July 31, 2021: July 30, January 29, July 31, (in millions) Principal Value $ 4,915 $ 4,915 $ 5,414 Fair Value, Estimated (a) 4,631 5,493 6,581 _______________ (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 Accounting Standards Codification ("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.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jul. 30, 2022
Comprehensive Income Loss
Components of Accumulated Other Comprehensive Income (Loss)	The following tables provide the rollforward of Accumulated Other Comprehensive Income for year-to-date 2022 and 2021: Foreign Currency Translation Cash Flow Hedges Accumulated Other Comprehensive Income (in millions) Balance as of January 29, 2022 $ 79 $ 1 $ 80 Other Comprehensive Income Before Reclassifications — — — Amounts Reclassified from Accumulated Other Comprehensive Income — — — Tax Effect — — — Current-period Other Comprehensive Income — — — Balance as of July 30, 2022 $ 79 $ 1 $ 80 Foreign Currency Translation Cash Flow Hedges Accumulated Other Comprehensive Income (in millions) Balance as of January 30, 2021 $ 85 $ (2) $ 83 Other Comprehensive Income (Loss) Before Reclassifications 4 (1) 3 Amounts Reclassified from Accumulated Other Comprehensive Income — 2 2 Tax Effect — (1) (1) Current-period Other Comprehensive Income 4 — 4 Balance as of July 31, 2021 $ 89 $ (2) $ 87

Description of Business and B_4

Description of Business and Basis of Presentation - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Jul. 30, 2022	Jan. 29, 2022	Jul. 31, 2021		Jan. 30, 2021	[1]
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	$ 452	$ 1,979	$ 2,588	[1]	$ 3,933
Cash and Cash Equivalents
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	452	1,979	1,695
Current Assets of Discontinued Operations
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	$ 0	$ 0	$ 893
[1]The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 Consolidated Statement of Cash Flows includes the results of continuing and discontinued operations.

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details)		3 Months Ended	6 Months Ended
	Aug. 02, 2021 period	Jul. 30, 2022 USD ($)	Jul. 30, 2022 USD ($)	Aug. 03, 2021	Jul. 31, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transition services agreements, number of extension periods | period	2
Transition services agreements, extension period term	1 year
Transition service consideration		$ 19,000,000	$ 38,000,000
Transition service cost		20,000,000	40,000,000
Domestic transportation services, initial term	3 years
Domestic transportation services consideration		$ 21,000,000	$ 39,000,000
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | Victoria's Secret
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash in Escrow related to Victoria's Secret & Co. Spin-Off					$ 600,000,000
Fixed interest rate					4.625%
Debt instrument, face amount					$ 600,000,000
Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Domestic transportation services, termination written notice term	18 months
Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transition services agreements, general service term	2 years
Transition services agreements, information technology service term	3 years
Domestic transportation services, termination written notice term	36 months
Victoria's Secret Co.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest				0%
Victoria's Secret Co.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Common stock distributed, percentage	100%
Spinoff transaction, number of shares received per common stock exchanged	0.33

Discontinued Operations - Sched

Discontinued Operations - Schedule of Income from Discontinued Operations (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from Discontinued Operations, Net of Tax		$ 0	$ 159	$ 0	$ 345
Victoria's Secret | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales			1,614		3,168
Costs of Goods Sold, Buying and Occupancy			(944)		(1,826)
General, Administrative and Store Operating Expenses	[1]		(455)		(892)
Interest Expense			(2)		(2)
Other Loss			(1)		(1)
Income from Discontinued Operations Before Income Taxes			212		447
Provision for Income Taxes			53		102
Income from Discontinued Operations, Net of Tax			159		345
Separation related expense			$ 18		$ 27
[1]The second quarter of 2021 includes Separation-related costs of $18 million. Year-to-date 2021 includes Separation-related costs of $27 million. Prior to the Separation, these costs were reported in the Other category under the Company's previous segment reporting.

Discontinued Operations - Sch_2

Discontinued Operations - Schedule of Balance Sheet from Discontinued Operations (Details) - USD ($) $ in Millions	Jul. 30, 2022	Jan. 29, 2022	Jul. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current Assets of Discontinued Operations	$ 0	$ 0	$ 1,826
Other Assets of Discontinued Operations	0	0	2,831
Current Liabilities of Discontinued Operations	0	0	1,300
Other Long-term Liabilities of Discontinued Operations	$ 0	$ 0	2,170
Victoria's Secret | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and Cash Equivalents			293
Cash in Escrow related to Victoria's Secret & Co. Spin-Off			600
Accounts Receivable, Net			99
Inventories			745
Other			89
Current Assets of Discontinued Operations			1,826
Property and Equipment, Net			999
Operating Lease Assets			1,513
Trade Names			246
Deferred Income Taxes			11
Other Assets			62
Other Assets of Discontinued Operations			2,831
Accounts Payable			379
Accrued Expenses and Other			587
Current Operating Lease Liabilities			332
Income Taxes			2
Current Liabilities of Discontinued Operations			1,300
Deferred Income Taxes			101
Long-term Debt			592
Long-term Operating Lease Liabilities			1,457
Other Long-term Liabilities			20
Other Long-term Liabilities of Discontinued Operations			$ 2,170

Discontinued Operations - Sch_3

Discontinued Operations - Schedule of Cash Flow Statement (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Share-based Compensation Expense	$ 15	$ 30	[1]
Proceeds from Victoria's Secret & Co. Notes	$ 0	600	[1]
Victoria's Secret | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation of Long-Lived Assets		158
Share-based Compensation Expense		15
Capital Expenditures		(66)
Proceeds from Victoria's Secret & Co. Notes		$ 600
[1]The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 Consolidated Statement of Cash Flows includes the results of continuing and discontinued operations.

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021	Jan. 29, 2022
Disaggregation of Revenue [Line Items]
Accounts receivable, after allowance for credit loss	$ 98	$ 56	$ 98	$ 56	$ 64
Deferred revenue	123	106	123	106	$ 148
Revenue recognized			76
Net Sales	1,618	1,704	3,067	3,173
Outside of the U.S.
Disaggregation of Revenue [Line Items]
Net Sales	$ 164	$ 122	$ 301	$ 238
Minimum
Disaggregation of Revenue [Line Items]
Account receivable, payment term			45 days
Maximum
Disaggregation of Revenue [Line Items]
Account receivable, payment term			75 days

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021
Disaggregation of Revenue [Line Items]
Net Sales		$ 1,618	$ 1,704	$ 3,067	$ 3,173
Stores - U.S. and Canada
Disaggregation of Revenue [Line Items]
Net Sales		1,161	1,230	2,220	2,280
Direct - U.S. and Canada
Disaggregation of Revenue [Line Items]
Net Sales		367	407	684	756
International
Disaggregation of Revenue [Line Items]
Net Sales	[1]	$ 90	$ 67	$ 163	$ 137
[1]Results include royalties associated with franchised stores and wholesale sales.

Earnings Per Share and Shareh_3

Earnings Per Share and Shareholders’ Equity (Deficit) - Shares Utilized for the Calculation of Basic and Diluted Earnings per Share (Details) - shares shares in Millions		3 Months Ended		6 Months Ended
		Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021
Earnings Per Share And Shareholders' Equity [Abstract]
Common Shares (in shares)		245	288	250	288
Treasury Shares (in shares)		(15)	(13)	(15)	(11)
Basic Shares (in shares)		230	275	235	277
Effect of Dilutive Restricted Stock and Stock Options (in shares)		1	5	2	5
Diluted Shares (in shares)		231	280	237	282
Anti-dilutive Stock Options and Awards (in shares)	[1]	2	1	1	1
[1]The awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

Earnings Per Share and Shareh_4

Earnings Per Share and Shareholders’ Equity (Deficit) - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions				1 Months Ended			3 Months Ended					6 Months Ended
		Sep. 02, 2022	Feb. 04, 2022	May 31, 2022	Jul. 31, 2021		Jul. 30, 2022	Apr. 30, 2022	Jul. 31, 2021		May 01, 2021	Jul. 30, 2022	Jan. 29, 2022	Jul. 31, 2021		Jan. 28, 2023	Feb. 02, 2022	Mar. 31, 2021	Feb. 28, 2021
Equity, Class of Treasury Stock [Line Items]
Amount Authorized							$ 1,500					$ 1,500
Treasury stock, acquired														$ 1,194
Shares Repurchased (in shares)														16,996
Dividends payable (in USD per share)																		$ 0.60
Ordinary dividends (in USD per share)							$ 0.20	$ 0.20	$ 0.15		$ 0	$ 0.40		$ 0.15
Forecast
Equity, Class of Treasury Stock [Line Items]
Dividends payable (in USD per share)																$ 0.80
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Ordinary dividends (in USD per share)		$ 0.20
Par Value
Equity, Class of Treasury Stock [Line Items]
Treasury Share Retirement									$ 5			$ 13
Paid-In Capital
Equity, Class of Treasury Stock [Line Items]
Treasury Share Retirement									32			87
Retained Earnings (Accumulated Deficit)
Equity, Class of Treasury Stock [Line Items]
Treasury Share Retirement									693			1,212
March 2021
Equity, Class of Treasury Stock [Line Items]
Amount Authorized					$ 500	[1]			500	[1]				$ 500	[1]			$ 500
Remaining authorized repurchase amount					36				36					36
Treasury stock, acquired	[1]													$ 464
Shares Repurchased (in shares)	[1]													6,996
March 2018 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Remaining authorized repurchase amount																			$ 79
February 2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Amount Authorized							$ 1,500					1,500					$ 1,500
Remaining authorized repurchase amount							188					188
Treasury stock, acquired												$ 1,312
Shares Repurchased (in shares)												26,696
Treasury share retirement (in shares)												27,000
February 2022 Repurchase Program, Accelerated Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Amount Authorized																	$ 1,000
Treasury stock, acquired			$ 1,000				0					$ 1,000
Shares Repurchased (in shares)			13,600	6,700								20,295
Shares repurchased, percentage of shares expected to be acquired			80%
February 2022 Repurchase Program, Accelerated Share Repurchase Program | Paid-In Capital
Equity, Class of Treasury Stock [Line Items]
Treasury stock, acquired							$ (200)					$ 0
February 2022 Repurchase Program, Other Open Market Share Repurchase
Equity, Class of Treasury Stock [Line Items]
Treasury stock, acquired												$ 312
Shares Repurchased (in shares)												6,401
July 2021
Equity, Class of Treasury Stock [Line Items]
Amount Authorized	[1]				1,500				$ 1,500					$ 1,500
Treasury stock, acquired					$ 730								$ 770	$ 730	[1]
Shares Repurchased (in shares)					10,000								11,000	10,000	[1]
Treasury share retirement (in shares)									10,000
[1]Reflects repurchases of L Brands, Inc. common stock prior to the August 2, 2021 spin-off of Victoria's Secret & Co.

Earnings Per Share and Shareh_5

Earnings Per Share and Shareholders’ Equity (Deficit) - Schedule of Repurchase of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions

1 Months Ended

3 Months Ended

6 Months Ended

Feb. 04, 2022

May 31, 2022

Jul. 31, 2021

Jul. 30, 2022

Jul. 30, 2022

Jan. 29, 2022

Jul. 31, 2021

Feb. 02, 2022

Mar. 31, 2021

Equity, Class of Treasury Stock [Line Items]

Amount Authorized

$ 1,500

$ 1,500

Shares Repurchased (in shares)

16,996

Amount Repurchased

$ 1,194

March 2021

Equity, Class of Treasury Stock [Line Items]

Amount Authorized

$ 500

[1]

$ 500

[1]

$ 500

Shares Repurchased (in shares)

[1]

6,996

Amount Repurchased

[1]

$ 464

Average Stock Price (in USD per share)

[1]

$ 66.30

July 2021

Equity, Class of Treasury Stock [Line Items]

Amount Authorized

[1]

$ 1,500

$ 1,500

Shares Repurchased (in shares)

10,000

11,000

10,000

[1]

Amount Repurchased

$ 730

$ 770

$ 730

[1]

Average Stock Price (in USD per share)

[1]

$ 73.01

February 2022

Equity, Class of Treasury Stock [Line Items]

Amount Authorized

1,500

$ 1,500

$ 1,500

Shares Repurchased (in shares)

26,696

Amount Repurchased

$ 1,312

February 2022 Repurchase Program, Other Open Market Share Repurchase

Equity, Class of Treasury Stock [Line Items]

Shares Repurchased (in shares)

6,401

Amount Repurchased

$ 312

Average Stock Price (in USD per share)

$ 48.77

February 2022 Repurchase Program, Accelerated Share Repurchase Program

Equity, Class of Treasury Stock [Line Items]

Amount Authorized

$ 1,000

Shares Repurchased (in shares)

13,600

6,700

20,295

Amount Repurchased

$ 1,000

$ 0

$ 1,000

Average Stock Price (in USD per share)

$ 49.27

[1]Reflects repurchases of L Brands, Inc. common stock prior to the August 2, 2021 spin-off of Victoria's Secret & Co.

Earnings Per Share and Shareh_6

Earnings Per Share and Shareholders’ Equity (Deficit) - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jul. 30, 2022	Apr. 30, 2022	Jul. 31, 2021	May 01, 2021	Jul. 30, 2022	Jul. 31, 2021
Earnings Per Share And Shareholders' Equity [Abstract]
Ordinary dividends (in USD per share)	$ 0.20	$ 0.20	$ 0.15	$ 0	$ 0.40	$ 0.15
Total Paid	$ 46	$ 48	$ 42	$ 0	$ 94	$ 42	[1]
[1]The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 Consolidated Statement of Cash Flows includes the results of continuing and discontinued operations.

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jul. 30, 2022	Jan. 29, 2022	Jul. 31, 2021
Inventory, Net [Abstract]
Finished Goods Merchandise	$ 739	$ 521	$ 551
Raw Materials and Merchandise Components	232	188	177
Total Inventories	$ 971	$ 709	$ 728

Long-Lived Assets - Summary of

Long-Lived Assets - Summary of Property And Equipment, Net (Details) - USD ($) $ in Millions	Jul. 30, 2022	Jan. 29, 2022	Jul. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, at Cost	$ 2,721	$ 2,583	$ 2,519
Accumulated Depreciation and Amortization	(1,650)	(1,574)	(1,517)
Property and Equipment, Net	$ 1,071	$ 1,009	$ 1,002

Long-Lived Assets - Narrative (

Long-Lived Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021
Impaired Long-Lived Assets Held and Used [Line Items]
Depreciation of Long-Lived Assets			$ 106	$ 258	[1]
Continuing Operations
Impaired Long-Lived Assets Held and Used [Line Items]
Depreciation of Long-Lived Assets	$ 53	$ 51	$ 106	$ 100
[1]The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 Consolidated Statement of Cash Flows includes the results of continuing and discontinued operations.

Equity Investments (Details)

Equity Investments (Details) - USD ($) $ in Millions	Jul. 30, 2022	Jan. 29, 2022	Jul. 31, 2021
Easton Investment
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 125	$ 126	$ 119

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	23.90%	25.10%	21.40%	24.70%
Income taxes paid	$ 144	$ 320	$ 152	$ 330

Long-term Debt and Borrowing _3

Long-term Debt and Borrowing Facilities - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Millions	Jul. 30, 2022	Jan. 29, 2022	Jul. 31, 2021
Long-term debt	$ 4,858	$ 4,854	$ 5,346
With Subsidiary Guarantee | Fixed Rate 5.625% Notes Due October 2023
Long-term debt	0	0	319
Debt instrument, face amount	$ 500
Fixed interest rate	5.625%
With Subsidiary Guarantee | 9.375% Fixed Interest Rate Notes due July 2025
Long-term debt	$ 317	316	494
Debt instrument, face amount	$ 320
Fixed interest rate	9.375%
With Subsidiary Guarantee | Fixed Rate 6.694% Notes Due January 2027
Long-term debt	$ 282	281	279
Debt instrument, face amount	$ 297
Fixed interest rate	6.694%
With Subsidiary Guarantee | Fixed Rate 5.25% Notes Due February 2028
Long-term debt	$ 497	497	497
Debt instrument, face amount	$ 500
Fixed interest rate	5.25%
With Subsidiary Guarantee | Fixed Rate 7.5% Notes Due June 2029
Long-term debt	$ 490	489	489
Debt instrument, face amount	$ 500
Fixed interest rate	7.50%
With Subsidiary Guarantee | Fixed Rate 6.625% Notes Due October 2030
Long-term debt	$ 990	990	989
Debt instrument, face amount	$ 1,000
Fixed interest rate	6.625%
With Subsidiary Guarantee | Fixed Rate 6.875% Notes Due November 2035
Long-term debt	$ 993	992	991
Debt instrument, face amount	$ 1,000
Fixed interest rate	6.875%
With Subsidiary Guarantee | Fixed Rate 6.75% Notes Due July 2036
Long-term debt	$ 694	694	694
Debt instrument, face amount	$ 700
Fixed interest rate	6.75%
With Subsidiary Guarantee | Senior Debt Obligations
Long-term debt	$ 4,263	4,259	4,752
Without Subsidiary Guarantee
Long-term debt	595	595	594
Without Subsidiary Guarantee | Fixed Rate 6.95% Debentures Due March 2033
Long-term debt	349	349	348
Debt instrument, face amount	$ 350
Fixed interest rate	6.95%
Without Subsidiary Guarantee | Fixed Rate 7.60% Notes Due July 2037
Long-term debt	$ 246	$ 246	$ 246
Debt instrument, face amount	$ 247
Fixed interest rate	7.60%

Long-term Debt and Borrowing _4

Long-term Debt and Borrowing Facilities - Repurchase of Notes (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Oct. 30, 2021	Oct. 30, 2021	Jul. 30, 2022	Jul. 31, 2021		Sep. 30, 2021	Apr. 30, 2021
Repayment of debt			$ 0	$ 1,130	[1]
Gain (loss) on repurchase of debt instrument			$ 0	(105)	[1]
With Subsidiary Guarantee
Gain (loss) on repurchase of debt instrument		$ (89)		(105)
Gain (loss) on extinguishment of debt, net of tax		$ (68)		$ (80)
With Subsidiary Guarantee | 2023 Notes and 2025 Notes
Debt instrument, repurchase amount						$ 532
With Subsidiary Guarantee | 2023 Notes
Debt instrument, repurchased face amount						270
Debt instrument, redeemed amount	$ 50
Repayment of debt	$ 54
Fixed interest rate			5.625%
With Subsidiary Guarantee | 2025 Notes
Debt instrument, repurchased face amount						$ 180
Fixed interest rate			9.375%
With Subsidiary Guarantee | 2022 Notes
Debt instrument, repurchased face amount							$ 285
Fixed interest rate							5.625%
With Subsidiary Guarantee | 2025 Secured Notes
Debt instrument, repurchased face amount							$ 750
Fixed interest rate							6.875%
[1]The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 Consolidated Statement of Cash Flows includes the results of continuing and discontinued operations.

Long-term Debt and Borrowing _5

Long-term Debt and Borrowing Facilities - Asset-Backed Revolving Credit Facility (Details) $ in Millions	6 Months Ended
	Jul. 30, 2022 USD ($)
Letter of Credit
Letters of credit outstanding, amount	$ 16
Revolving Credit Facility | Revolving Credit Facility Expiring August 2026
Credit agreement, borrowing capacity	750
Line of credit facility, current borrowing capacity	730
Line of credit, outstanding amount	0
Line of credit facility, remaining borrowing capacity	$ 714
Revolving facility commitment fee percentage, unused capacity	0.25%
Revolving facility current credit fees percentage rate, letters of credit	1.25%
Debt instrument, basis spread on variable rate	1.25%
Revolving facility covenant fixed charge coverage ratio	1
Line of credit financial covenant, maximum borrowing amount	$ 70
Line of credit financial covenant, percentage of maximum borrowing amount	0.10

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value of Long-Term Debt, Disclosure (Details) - USD ($) $ in Millions		Jul. 30, 2022	Jan. 29, 2022	Jul. 31, 2021
Principal Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt, fair value disclosure		$ 4,915	$ 4,915	$ 5,414
Estimate of Fair Value Measurement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt, fair value disclosure	[1]	$ 4,631	$ 5,493	$ 6,581
[1] The estimated fair value of the Company’s publicly traded debt is based on reported transaction prices, which are considered Level 2 inputs in accordance with Accounting Standards Codification ("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.

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			$ 80	$ 83
Other Comprehensive Income Before Reclassifications			0	3
Amounts Reclassified from Accumulated Other Comprehensive Income			0	2
Tax Effect			0	(1)
Current-period Other Comprehensive Income	$ 0	$ 1	0	4
Accumulated Other Comprehensive Income (Loss), Ending Balance	80	87	80	87
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			79	85
Other Comprehensive Income Before Reclassifications			0	4
Amounts Reclassified from Accumulated Other Comprehensive Income			0	0
Tax Effect			0	0
Current-period Other Comprehensive Income			0	4
Accumulated Other Comprehensive Income (Loss), Ending Balance	79	89	79	89
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			1	(2)
Other Comprehensive Income Before Reclassifications			0	(1)
Amounts Reclassified from Accumulated Other Comprehensive Income			0	2
Tax Effect			0	(1)
Current-period Other Comprehensive Income			0	0
Accumulated Other Comprehensive Income (Loss), Ending Balance	$ 1	$ (2)	$ 1	$ (2)

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Aug. 02, 2021	Jul. 30, 2022
Lease Agreements
Lease guarantees remaining after disposition of certain businesses		$ 295
Management And Governance Investment
Long-term investment, commitment	$ 45
Commitment term (at least)	5 years