Bath & Body Works (BBWI) 10-Q 30 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Oct. 29, 2022	Nov. 25, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 29, 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		228,414,615
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Income Statement [Abstract]
Net Sales	$ 1,604	$ 1,681	$ 4,672	$ 4,854
Costs of Goods Sold, Buying and Occupancy	(926)	(842)	(2,666)	(2,445)
Gross Profit	678	839	2,006	2,409
General, Administrative and Store Operating Expenses	(476)	(430)	(1,282)	(1,279)
Operating Income	202	409	724	1,130
Interest Expense	(86)	(91)	(262)	(301)
Other Income (Loss)	3	(91)	7	(196)
Income from Continuing Operations Before Income Taxes	119	227	469	633
Provision for Income Taxes	28	50	103	150
Net Income from Continuing Operations	91	177	366	483
Income (Loss) from Discontinued Operations, Net of Tax	0	(89)	0	256
Net Income	$ 91	$ 88	$ 366	$ 739	[1]
Net Income (Loss) per Basic Share
Continuing Operations (in USD per share)	$ 0.40	$ 0.67	$ 1.57	$ 1.77
Discontinued Operations (in USD per share)	0	(0.34)	0	0.94
Total Net Income Per Basic Share (in USD per share)	0.40	0.33	1.57	2.71
Net Income (Loss) per Diluted Share
Continuing Operations (in USD per share)	0.40	0.66	1.56	1.74
Discontinued Operations (in USD per share)	0	(0.33)	0	0.92
Total Net Income Per Diluted Share (in USD per share)	$ 0.40	$ 0.33	$ 1.56	$ 2.67
[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		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Statement of Comprehensive Income [Abstract]
Net Income	$ 91	$ 88	$ 366	$ 739	[1]
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	(4)	1	(4)	4
Unrealized Gain (Loss) on Cash Flow Hedges	3	(1)	3	(1)
Reclassification of Cash Flow Hedges to Earnings	0	1	0	2
Total Other Comprehensive Income (Loss), Net of Tax	(1)	1	(1)	5
Total Comprehensive Income	$ 90	$ 89	$ 365	$ 744
[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	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Current Assets:
Cash and Cash Equivalents	$ 295	$ 1,979	$ 1,441
Accounts Receivable, Net	242	240	242
Inventories	1,269	709	1,149
Other	142	81	153
Total Current Assets	1,948	3,009	2,985
Property and Equipment, Net	1,121	1,009	1,017
Operating Lease Assets	1,074	1,021	1,023
Goodwill	628	628	628
Trade Names	165	165	165
Deferred Income Taxes	41	45	62
Other Assets	156	149	151
Total Assets	5,133	6,026	6,031
Current Liabilities:
Accounts Payable	632	435	655
Accrued Expenses and Other	645	651	636
Current Operating Lease Liabilities	175	170	143
Income Taxes	0	34	1
Total Current Liabilities	1,452	1,290	1,435
Deferred Income Taxes	158	157	146
Long-term Debt	4,860	4,854	4,852
Long-term Operating Lease Liabilities	1,039	989	993
Other Long-term Liabilities	232	253	280
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 275 shares issued; 228, 254 and 260 shares outstanding, respectively	122	134	137
Paid-in Capital	801	893	904
Accumulated Other Comprehensive Income	79	80	80
Retained Earnings (Accumulated Deficit)	(2,789)	(1,803)	(1,975)
Less: Treasury Stock, at Average Cost; 15, 15 and 15 shares, respectively	(822)	(822)	(822)
Total Shareholders’ Equity (Deficit)	(2,609)	(1,518)	(1,676)
Noncontrolling Interest	1	1	1
Total Equity (Deficit)	(2,608)	(1,517)	(1,675)
Total Liabilities and Equity (Deficit)	$ 5,133	$ 6,026	$ 6,031

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 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	275,000,000
Common Stock, shares outstanding (in shares)	228,000,000	254,000,000	260,000,000
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
Net Income	739	[1]									739
Other Comprehensive Loss	5									5
Total Comprehensive Income	744									5	739
Victoria's Secret Spin-Off	(183)									(8)	(175)
Cash Dividends	$ (81)										(81)
Repurchases of Common Stock (in shares)	(22,506)				(22,000)
Repurchases of Common Stock	$ (1,559)											(1,559)
Treasury Share Retirement	0				$ (8)			(50)			(1,037)	1,095
Share-based Compensation and Other (in shares)					4,000
Share-based Compensation and Other	65				$ 2			63
Ending Balance at Oct. 30, 2021	(1,675)				$ 137			904		80	(1,975)	(822)			1
Ending Balance (in shares)					265,000
Beginning Balance (in shares) at Jul. 31, 2021					265,000
Beginning Balance at Jul. 31, 2021	(1,188)				$ 140			911		87	(1,505)	(822)			1
Net Income	88										88
Other Comprehensive Loss	1									1
Total Comprehensive Income	89									1	88
Victoria's Secret Spin-Off	(183)									(8)	(175)
Cash Dividends	(39)				0			0		0	(39)	0			0
Repurchases of Common Stock (in shares)						(5,000)
Repurchases of Common Stock			$ (365)										$ (365)
Treasury Share Retirement	0				$ (3)			(18)			(344)	365
Share-based Compensation and Other (in shares)					0
Share-based Compensation and Other	11				$ 0			11
Ending Balance at Oct. 30, 2021	$ (1,675)				$ 137			904		80	(1,975)	(822)			1
Ending Balance (in shares)	260,000				260,000
Beginning Balance (in shares) at Oct. 30, 2021	260,000				260,000
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
Net Income	$ 366										366
Other Comprehensive Loss	(1)									(1)	0
Total Comprehensive Income	365									(1)	366
Cash Dividends	(140)										(140)
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	0				$ (13)			(87)			(1,212)	1,312
Share-based Compensation and Other (in shares)					1,000
Share-based Compensation and Other	(4)				$ 1			(5)
Ending Balance at Oct. 29, 2022	(2,608)				$ 122			801		79	(2,789)	(822)			1
Ending Balance (in shares)					228,000
Beginning Balance (in shares) at Jul. 30, 2022					228,000
Beginning Balance at Jul. 30, 2022	(2,662)				$ 122			791		80	(2,834)	(822)			1
Net Income	91										91
Other Comprehensive Loss	(1)									(1)
Total Comprehensive Income	90									(1)	91
Cash Dividends	(46)										(46)
Share-based Compensation and Other (in shares)					0
Share-based Compensation and Other	10				$ 0			10
Ending Balance at Oct. 29, 2022	$ (2,608)				$ 122			$ 801		$ 79	$ (2,789)	$ (822)			$ 1
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						9 Months Ended
	Oct. 29, 2022	Jul. 30, 2022	Apr. 30, 2022	Oct. 30, 2021	Jul. 31, 2021	May 01, 2021	Oct. 29, 2022	Oct. 30, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends (in USD per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.15	$ 0.15	$ 0	$ 0.60	$ 0.30

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	[1]
Operating Activities:
Net Income	$ 366	$ 739
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation of Long-lived Assets	162	310
Loss on Extinguishment of Debt	0	195
Share-based Compensation Expense	26	38
Deferred Income Taxes	1	19
Changes in Assets and Liabilities:
Accounts Receivable	(3)	(61)
Inventories	(563)	(617)
Accounts Payable, Accrued Expenses and Other	185	132
Income Taxes Payable	(57)	(149)
Other Assets and Liabilities	(50)	(159)
Net Cash Provided by Operating Activities	67	447
Investing Activities:
Capital Expenditures	(252)	(241)
Other Investing Activities	0	13
Net Cash Used for Investing Activities	(252)	(228)
Financing Activities:
Payments of Long-term Debt	0	(1,716)
Proceeds from Spin-Off of Victoria's Secret & Co.	0	976
Transfers and Payments to Victoria's Secret & Co. related to Spin-Off	(9)	(362)
Repurchases of Common Stock	(1,312)	(1,544)
Dividends Paid	(140)	(81)
Tax Payments related to Share-based Awards	(32)	(58)
Proceeds from Stock Option Exercises	2	81
Other Financing Activities	(8)	(9)
Net Cash Used for Financing Activities	(1,499)	(2,713)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	0	2
Net Decrease in Cash and Cash Equivalents	(1,684)	(2,492)
Cash and Cash Equivalents, Beginning of Period	1,979	3,933
Cash and Cash Equivalents, End of Period	$ 295	$ 1,441
[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	9 Months Ended
	Oct. 29, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business Bath & Body Works, Inc. (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 (Loss) from Discontinued Operations, Net of Tax in the Consolidated Statements of Income for all periods presented. 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." On August 2, 2021, in connection with the Separation, the Company changed its name from L Brands, Inc. to Bath & Body Works, Inc. Additionally, starting August 3, 2021, the Company's common stock began trading on the New York Stock Exchange (the "NYSE") under the stock symbol "BBWI." 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, “third quarter of 2022” and “third quarter of 2021” refer to the thirteen-week periods ended October 29, 2022 and October 30, 2021, respectively, and “year-to-date 2022” and “year-to-date 2021” refer to the thirty-nine-week periods ended October 29, 2022 and October 30, 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. Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended October 29, 2022 and October 30, 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. 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 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. Easton 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 October 29, 2022, $126 million as of January 29, 2022 and $125 million as of October 30, 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. 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. 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 November 30, 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	9 Months Ended
	Oct. 29, 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 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 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. On August 2, 2021, the Victoria's Secret & Co. Notes became the obligations of Victoria's Secret & Co. concurrent with the Separation. Upon Separation, the net proceeds from the Victoria's Secret & Co. Notes were used to partially fund cash payments of $976 million to the Company in connection with the Separation. In the third quarter of 2021, the Company recognized a net reduction to Retained Earnings (Accumulated Deficit) of $175 million as a result of the Separation, primarily related to the transfer of certain assets and liabilities associated with its Victoria's Secret business to Victoria's Secret & Co., net of the $976 million of cash payments received from Victoria's Secret & Co. in connection with the Separation. Assets transferred to Victoria's Secret & Co. included Cash and Cash Equivalents of $282 million held by Victoria's Secret subsidiaries on the Distribution Date. Additionally, the Company reclassified out of Accumulated Other Comprehensive Income $8 million of accumulated foreign currency translation adjustments related to the Victoria's Secret business. 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 Separation, 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 and customer marketing 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. is recorded within the 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 Consolidated Statements of Income based on the nature of the service. The following table summarizes the consideration received and costs recognized pursuant to the Transition Service Agreements recorded in the Consolidated Statements of Income: Third Quarter Year-to-Date 2022 2021 2022 2021 (in millions) Consideration Received $ 17 $ 20 $ 55 $ 20 Costs Recognized 16 24 56 24 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. is recorded within Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income and as an offset to expenses incurred to provide the services. The following table summarizes the consideration received pursuant to the Domestic Transportation Services Agreement recorded in the Consolidated Statements of Income: Third Quarter Year-to-Date 2022 2021 2022 2021 (in millions) Consideration Received $ 23 $ 18 $ 62 $ 18 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 10, "Commitments and Contingencies." Financial Information of Discontinued Operations The Company did not report any assets or liabilities classified as discontinued operations for any period presented. Income (Loss) 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 (Loss) from Discontinued Operations, Net of Tax in the third quarter of and year-to-date 2021 Consolidated Statements of Income: Third Quarter Year-to-Date (in millions) Net Sales $ 25 $ 3,194 Costs of Goods Sold, Buying and Occupancy (14) (1,841) General, Administrative and Store Operating Expenses (a) (83) (975) Interest Expense — (2) Other Loss — (1) Income (Loss) from Discontinued Operations Before Income Taxes (72) 375 Provision for Income Taxes 17 119 Income (Loss) from Discontinued Operations, Net of Tax $ (89) $ 256 _______________ (a) The third quarter of 2021 includes Separation-related costs of $76 million. Year-to-date 2021 includes Separation-related costs of $104 million. Prior to the Separation, these costs were reported in the Other category under the Company's previous segment reporting. 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 and Capital Expenditures of discontinued operations for year-to-date 2021: (in millions) Depreciation of Long-lived Assets $ 158 Share-based Compensation Expense 15 Capital Expenditures (66)

Revenue Recognition

Revenue Recognition	9 Months Ended
	Oct. 29, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Revenue Recognition	Revenue Recognition Accounts receivable, net from revenue-generating activities were $103 million as of October 29, 2022, $64 million as of January 29, 2022 and $86 million as of October 30, 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 $147 million as of October 29, 2022, $148 million as of January 29, 2022 and $123 million as of October 30, 2021. The Company recognized $86 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 third quarters of and year-to-date 2022 and 2021: Third Quarter Year-to-Date 2022 2021 2022 2021 (in millions) Stores - U.S. and Canada $ 1,178 $ 1,238 $ 3,398 $ 3,518 Direct - U.S. and Canada 345 369 1,030 1,126 International (a) 81 74 244 210 Total Net Sales $ 1,604 $ 1,681 $ 4,672 $ 4,854 _______________ (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 $160 million and $159 million for the third quarters of 2022 and 2021, respectively, and $462 million and $397 million for year-to-date 2022 and 2021, respectively.

Earnings Per Share and Sharehol

Earnings Per Share and Shareholders’ Equity (Deficit)	9 Months Ended
	Oct. 29, 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 includes 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 third quarters of and year-to-date 2022 and 2021: Third Quarter Year-to-Date 2022 2021 2022 2021 (in millions) Common Shares 243 278 248 285 Treasury Shares (15) (15) (15) (13) Basic Shares 228 263 233 272 Effect of Dilutive Awards 1 4 2 5 Diluted Shares 229 267 235 277 Anti-dilutive Awards (a) 1 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 share 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 July 2021 (b) 5,510 365 66.21 Total 22,506 $ 1,559 _______________ (a) Reflects repurchases of L Brands, Inc. common stock prior to the August 2, 2021 spin-off of Victoria's Secret & Co. (b) Reflects repurchases of Bath & Body Works, Inc. common stock subsequent to the August 2, 2021 spin-off of Victoria's Secret & Co. There were $15 million of share repurchases reflected in Accounts Payable on the October 30, 2021 Consolidated Balance Sheet. Under the July 2021 Program, the Company repurchased an additional 6 million shares of its common stock for an aggregate purchase price of $405 million during the fourth quarter 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 shares used to calculate the weighted-average common shares outstanding for net income per basic and diluted 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. 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 October 29, 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 16 million shares repurchased under the July 2021 Program during year-to-date 2021, which resulted in reductions of $8 million in the par value of Common Stock, $50 million in Paid-in Capital and $1.037 billion 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 year-to-date 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 In connection with the onset of the COVID-19 pandemic, 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 year-to-date 2022 and 2021: Ordinary Dividends Total Paid (per share) (in millions) 2022 First Quarter $ 0.20 $ 48 Second Quarter 0.20 46 Third Quarter 0.20 46 Total $ 0.60 $ 140 2021 First Quarter $ — $ — Second Quarter 0.15 42 Third Quarter 0.15 39 Total $ 0.30 $ 81 In November 2022, the Board declared the fourth quarter 2022 ordinary dividend of $0.20 per share payable on December 2, 2022 to shareholders of record at the close of business on November 18, 2022.

Inventories

Inventories	9 Months Ended
	Oct. 29, 2022
Inventory, Net [Abstract]
Inventories	Inventories The following table provides details of Inventories as of October 29, 2022, January 29, 2022 and October 30, 2021: October 29, January 29, October 30, (in millions) Finished Goods Merchandise $ 1,066 $ 521 $ 941 Raw Materials and Merchandise Components 203 188 208 Total Inventories $ 1,269 $ 709 $ 1,149 Inventories are principally valued at the lower of cost or net realizable value, on an average cost basis.

Long-Lived Assets

Long-Lived Assets	9 Months Ended
	Oct. 29, 2022
Property, Plant and Equipment [Abstract]
Long-Lived Assets	Long-Lived Assets The following table provides details of Property and Equipment, Net as of October 29, 2022, January 29, 2022 and October 30, 2021: October 29, January 29, October 30, (in millions) Property and Equipment, at Cost $ 2,809 $ 2,583 $ 2,569 Accumulated Depreciation and Amortization (1,688) (1,574) (1,552) Property and Equipment, Net $ 1,121 $ 1,009 $ 1,017 Depreciation expense from continuing operations was $56 million and $52 million for the third quarters of 2022 and 2021, respectively. Depreciation expense from continuing operations was $162 million and $152 million for year-to-date 2022 and 2021, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Oct. 29, 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 third quarter of 2022, the Company’s effective tax rate was 23.3% compared to 22.0% in the third quarter of 2021. The third quarter of 2022 and 2021 rates were lower than the Company's combined estimated federal and state statutory rates primarily due to the resolution of certain tax matters during the periods. For year-to-date 2022, the Company’s effective tax rate was 21.9% compared to 23.7% 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 lower than the Company's combined federal and state statutory rate primarily due to recognition of excess tax benefits recorded through the Consolidated Statements of Income on share-based awards that vested during the period. Income taxes paid were $18 million and $73 million for the third quarters of 2022 and 2021, respectively. Income taxes paid were $170 million and $403 million for year-to-date 2022 and 2021, respectively.

Long-term Debt and Borrowing Fa

Long-term Debt and Borrowing Facilities	9 Months Ended
	Oct. 29, 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 October 29, 2022, January 29, 2022 and October 30, 2021: October 29, January 29, October 30, (in millions) Senior Debt with Subsidiary Guarantee $320 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes") $ 317 $ 316 $ 316 $297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”) 283 281 280 $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") 991 990 989 $1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”) 993 992 992 $700 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”) 694 694 694 Total Senior Debt with Subsidiary Guarantee $ 4,265 $ 4,259 $ 4,257 Senior Debt $350 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”) $ 349 $ 349 $ 349 $247 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”) 246 246 246 Total Senior Debt 595 595 595 Total Long-term Debt $ 4,860 $ 4,854 $ 4,852 Repurchases of Notes 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. In September 2021, the Company completed the tender offers to purchase $270 million of its outstanding 5.625% senior notes due October 2023 (the "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. This loss is included in Other Income (Loss) in the 2021 Consolidated Statements 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 October 29, 2022, the Company's borrowing base was $1.214 billion, 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 October 29, 2022 that reduced its availability under the ABL Facility. As of October 29, 2022, the Company's availability under the ABL Facility was $734 million. As of October 29, 2022, the ABL Facility fees related to committed and unutilized amounts were 0.30% per annum, and the fees related to outstanding letters of credit were 1.25% 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 October 29, 2022, the Company was not required to maintain this ratio.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Oct. 29, 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 debt as of October 29, 2022, January 29, 2022 and October 30, 2021: October 29, January 29, October 30, (in millions) Principal Value $ 4,915 $ 4,915 $ 4,915 Fair Value, Estimated (a) 4,367 5,493 5,720 _______________ (a) The estimated fair value of the Company’s 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.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Oct. 29, 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. Settlement of Derivative Shareholder Actions In May 2022, the U.S. District Court of the Southern District of Ohio approved a global settlement regarding certain shareholder actions that were filed in 2020 and 2021. See Note 12, “Commitments and Contingencies” in the Company’s Quarterly Report on Form 10-Q for the quarter ended July 30, 2022 for additional information. Pursuant to the settlement terms, the Company committed to, among other things, invest $45 million over at least five years to fund certain management and governance measures required under the settlement agreement. 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 $287 million as of October 29, 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 for any period presented.

Subsequent Events

Subsequent Events	9 Months Ended
	Oct. 29, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventIn November 2022, the Board appointed Gina R. Boswell as Chief Executive Officer of the Company and as a member of the Board, effective December 1, 2022. Sarah E. Nash, who has served as Executive Chair of the Board and Interim Chief Executive Officer since May 2022 and as Executive Chair of the Board from February 2022 to May 2022, will remain Executive Chair through the end of the Company’s fiscal year on January 28, 2023. Following the end of the Company's fiscal year, Ms. Nash will serve as a non-employee member and Chair of the Board.

Description of Business and B_2

Description of Business and Basis of Presentation (Policy)	9 Months Ended
	Oct. 29, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Bath & Body Works, Inc. (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 (Loss) from Discontinued Operations, Net of Tax in the Consolidated Statements of Income for all periods presented. 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." On August 2, 2021, in connection with the Separation, the Company changed its name from L Brands, Inc. to Bath & Body Works, Inc. Additionally, starting August 3, 2021, the Company's common stock began trading on the New York Stock Exchange (the "NYSE") under the stock symbol "BBWI."
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, “third quarter of 2022” and “third quarter of 2021” refer to the thirteen-week periods ended October 29, 2022 and October 30, 2021, respectively, and “year-to-date 2022” and “year-to-date 2021” refer to the thirty-nine-week periods ended October 29, 2022 and October 30, 2021, respectively.
Basis of Consolidation	Basis of ConsolidationThe 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.
Interim Financial Statements	Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended October 29, 2022 and October 30, 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 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.
Equity Method Investments	Easton 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 October 29, 2022, $126 million as of January 29, 2022 and $125 million as of October 30, 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. 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.
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 November 30, 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.

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Oct. 29, 2022
Discontinued Operations and Disposal Groups [Abstract]
Summary of Consideration and Costs Recognized Pursuant to Transition Service Agreements	The following table summarizes the consideration received and costs recognized pursuant to the Transition Service Agreements recorded in the Consolidated Statements of Income: Third Quarter Year-to-Date 2022 2021 2022 2021 (in millions) Consideration Received $ 17 $ 20 $ 55 $ 20 Costs Recognized 16 24 56 24
Summary of Consideration Recognized Pursuant to Domestic Transportation Service Agreements	The following table summarizes the consideration received pursuant to the Domestic Transportation Services Agreement recorded in the Consolidated Statements of Income: Third Quarter Year-to-Date 2022 2021 2022 2021 (in millions) Consideration Received $ 23 $ 18 $ 62 $ 18
Summary of Discontinued Operations in Financial Statements	The following table summarizes the significant line items included in Income (Loss) from Discontinued Operations, Net of Tax in the third quarter of and year-to-date 2021 Consolidated Statements of Income: Third Quarter Year-to-Date (in millions) Net Sales $ 25 $ 3,194 Costs of Goods Sold, Buying and Occupancy (14) (1,841) General, Administrative and Store Operating Expenses (a) (83) (975) Interest Expense — (2) Other Loss — (1) Income (Loss) from Discontinued Operations Before Income Taxes (72) 375 Provision for Income Taxes 17 119 Income (Loss) from Discontinued Operations, Net of Tax $ (89) $ 256 _______________ (a) The third quarter of 2021 includes Separation-related costs of $76 million. Year-to-date 2021 includes Separation-related costs of $104 million. Prior to the Separation, these costs were reported in the Other category under the Company's previous segment reporting. The following table summarizes Depreciation of Long-Lived Assets, Share-based Compensation Expense and Capital Expenditures of discontinued operations for year-to-date 2021: (in millions) Depreciation of Long-lived Assets $ 158 Share-based Compensation Expense 15 Capital Expenditures (66)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Oct. 29, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Disaggregation of Revenue	The following table provides a disaggregation of Net Sales for the third quarters of and year-to-date 2022 and 2021: Third Quarter Year-to-Date 2022 2021 2022 2021 (in millions) Stores - U.S. and Canada $ 1,178 $ 1,238 $ 3,398 $ 3,518 Direct - U.S. and Canada 345 369 1,030 1,126 International (a) 81 74 244 210 Total Net Sales $ 1,604 $ 1,681 $ 4,672 $ 4,854 _______________ (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)	9 Months Ended
	Oct. 29, 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 third quarters of and year-to-date 2022 and 2021: Third Quarter Year-to-Date 2022 2021 2022 2021 (in millions) Common Shares 243 278 248 285 Treasury Shares (15) (15) (15) (13) Basic Shares 228 263 233 272 Effect of Dilutive Awards 1 4 2 5 Diluted Shares 229 267 235 277 Anti-dilutive Awards (a) 1 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 July 2021 (b) 5,510 365 66.21 Total 22,506 $ 1,559 _______________ (a) Reflects repurchases of L Brands, Inc. common stock prior to the August 2, 2021 spin-off of Victoria's Secret & Co. (b) Reflects repurchases of Bath & Body Works, Inc. common stock subsequent 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 year-to-date 2022 and 2021: Ordinary Dividends Total Paid (per share) (in millions) 2022 First Quarter $ 0.20 $ 48 Second Quarter 0.20 46 Third Quarter 0.20 46 Total $ 0.60 $ 140 2021 First Quarter $ — $ — Second Quarter 0.15 42 Third Quarter 0.15 39 Total $ 0.30 $ 81

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Oct. 29, 2022
Inventory, Net [Abstract]
Summary of Inventories	The following table provides details of Inventories as of October 29, 2022, January 29, 2022 and October 30, 2021: October 29, January 29, October 30, (in millions) Finished Goods Merchandise $ 1,066 $ 521 $ 941 Raw Materials and Merchandise Components 203 188 208 Total Inventories $ 1,269 $ 709 $ 1,149

Long-Lived Assets (Tables)

Long-Lived Assets (Tables)	9 Months Ended
	Oct. 29, 2022
Property, Plant and Equipment [Abstract]
Summary of Property And Equipment, Net	The following table provides details of Property and Equipment, Net as of October 29, 2022, January 29, 2022 and October 30, 2021: October 29, January 29, October 30, (in millions) Property and Equipment, at Cost $ 2,809 $ 2,583 $ 2,569 Accumulated Depreciation and Amortization (1,688) (1,574) (1,552) Property and Equipment, Net $ 1,121 $ 1,009 $ 1,017

Long-term Debt and Borrowing _2

Long-term Debt and Borrowing Facilities (Tables)	9 Months Ended
	Oct. 29, 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 October 29, 2022, January 29, 2022 and October 30, 2021: October 29, January 29, October 30, (in millions) Senior Debt with Subsidiary Guarantee $320 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes") $ 317 $ 316 $ 316 $297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”) 283 281 280 $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") 991 990 989 $1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”) 993 992 992 $700 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”) 694 694 694 Total Senior Debt with Subsidiary Guarantee $ 4,265 $ 4,259 $ 4,257 Senior Debt $350 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”) $ 349 $ 349 $ 349 $247 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”) 246 246 246 Total Senior Debt 595 595 595 Total Long-term Debt $ 4,860 $ 4,854 $ 4,852

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Oct. 29, 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 debt as of October 29, 2022, January 29, 2022 and October 30, 2021: October 29, January 29, October 30, (in millions) Principal Value $ 4,915 $ 4,915 $ 4,915 Fair Value, Estimated (a) 4,367 5,493 5,720 _______________ (a) The estimated fair value of the Company’s 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.

Description of Business and B_3

Description of Business and Basis of Presentation (Details) - USD ($) $ in Millions	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Easton Investment
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 125	$ 126	$ 125

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details)	Aug. 02, 2021 USD ($) period	Oct. 30, 2021 USD ($)	Aug. 03, 2021	Jul. 31, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Spin-Off of Victoria's Secret & Co.	$ 976,000,000
Spinoff Transaction, Reduction In Retained Earnings		$ 175,000,000
Spinoff Transaction, Reduction In Accumulated Other Comprehensive Income (Loss), Net Of Tax		$ 8,000,000
Transition services agreements, number of extension periods | period	2
Transition services agreements, extension period term	1 year
Domestic transportation services, initial term	3 years
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]
Debt instrument, face amount				$ 600,000,000
Fixed interest rate				4.625%
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%
Cash and cash equivalents transferred to Victoria's Secret & Co. from subsidiaries	$ 282,000,000
Spinoff transaction, number of shares received per common stock exchanged	0.33

Discontinued Operations - Sched

Discontinued Operations - Schedule of Consideration and Costs Recognized for Transition Service Agreements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Considerations and Costs Recognized Pursuant to Transition Service Agreements [Abstract]
Consideration Received	$ 17	$ 20	$ 55	$ 20
Costs Recognized	$ 16	$ 24	$ 56	$ 24

Discontinued Operations - Sch_2

Discontinued Operations - Schedule of Consideration Received for Domestic Transportation Services Agreement (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Consideration Recognized Pursuant To Domestic Transportation Services Agreement [Abstract]
Consideration Received	$ 23	$ 18	$ 62	$ 18

Discontinued Operations - Sch_3

Discontinued Operations - Schedule of Income from Discontinued Operations (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (Loss) from Discontinued Operations, Net of Tax		$ 0	$ (89)	$ 0	$ 256
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			25		3,194
Costs of Goods Sold, Buying and Occupancy			(14)		(1,841)
General, Administrative and Store Operating Expenses	[1]		(83)		(975)
Interest Expense			0		(2)
Other Loss			0		(1)
Income (Loss) from Discontinued Operations Before Income Taxes			(72)		375
Provision for Income Taxes			17		119
Income (Loss) from Discontinued Operations, Net of Tax			(89)		256
Separation related expense			$ 76		$ 104
[1]The third quarter of 2021 includes Separation-related costs of $76 million. Year-to-date 2021 includes Separation-related costs of $104 million. Prior to the Separation, these costs were reported in the Other category under the Company's previous segment reporting.

Discontinued Operations - Sch_4

Discontinued Operations - Schedule of Cash Flow Statement (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Share-based Compensation Expense	$ 26	$ 38	[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)
[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		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021	Jan. 29, 2022
Disaggregation of Revenue [Line Items]
Accounts receivable, after allowance for credit loss	$ 103	$ 86	$ 103	$ 86	$ 64
Deferred revenue	147	123	147	123	$ 148
Revenue recognized			86
Net Sales	1,604	1,681	4,672	4,854
Outside of the U.S.
Disaggregation of Revenue [Line Items]
Net Sales	$ 160	$ 159	$ 462	$ 397
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		9 Months Ended
		Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Disaggregation of Revenue [Line Items]
Net Sales		$ 1,604	$ 1,681	$ 4,672	$ 4,854
Stores - U.S. and Canada
Disaggregation of Revenue [Line Items]
Net Sales		1,178	1,238	3,398	3,518
Direct - U.S. and Canada
Disaggregation of Revenue [Line Items]
Net Sales		345	369	1,030	1,126
International
Disaggregation of Revenue [Line Items]
Net Sales	[1]	$ 81	$ 74	$ 244	$ 210
[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		9 Months Ended
		Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Earnings Per Share And Shareholders' Equity [Abstract]
Common Shares (in shares)		243	278	248	285
Treasury Shares (in shares)		(15)	(15)	(15)	(13)
Basic Shares (in shares)		228	263	233	272
Effect of Dilutive Restricted Stock and Stock Options (in shares)		1	4	2	5
Diluted Shares (in shares)		229	267	235	277
Anti-dilutive Stock Options and Awards (in shares)	[1]	1	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								9 Months Ended
		Nov. 30, 2022	Feb. 04, 2022	May 31, 2022	Jul. 31, 2021	Oct. 29, 2022	Jul. 30, 2022	Apr. 30, 2022	Jan. 29, 2022	Oct. 30, 2021		Jul. 31, 2021	May 01, 2021	Oct. 29, 2022	Oct. 30, 2021		Jan. 28, 2023	Feb. 02, 2022	Mar. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Amount Authorized						$ 1,500								$ 1,500
Shares Repurchased (in shares)															22,506
Treasury stock, acquired															$ 1,559
Dividends payable (in USD per share)																			$ 0.60
Ordinary dividends (in USD per share)						$ 0.20	$ 0.20	$ 0.20		$ 0.15		$ 0.15	$ 0	$ 0.60	$ 0.30
Accounts Payable
Equity, Class of Treasury Stock [Line Items]
Payable under repurchase agreements										$ 15					$ 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]
Dividends Per Share (in USD per share)		$ 0.20
Par Value
Equity, Class of Treasury Stock [Line Items]
Treasury Share Retirement														$ 13	8
Paid-In Capital
Equity, Class of Treasury Stock [Line Items]
Treasury Share Retirement														87	50
Retained Earnings (Accumulated Deficit)
Equity, Class of Treasury Stock [Line Items]
Treasury Share Retirement														1,212	1,037
March 2021
Equity, Class of Treasury Stock [Line Items]
Amount Authorized										500	[1]				$ 500	[1]			$ 500
Remaining authorized repurchase amount					$ 36							$ 36
Shares Repurchased (in shares)															6,996
Treasury stock, acquired	[1]														$ 464
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
Shares Repurchased (in shares)														26,696
Treasury stock, acquired														$ 1,312
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
Shares Repurchased (in shares)			13,600	6,700										20,295
Treasury stock, acquired			$ 1,000											$ 1,000
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														$ 0
July 2021
Equity, Class of Treasury Stock [Line Items]
Amount Authorized					$ 1,500					$ 1,500	[1],[2]	$ 1,500			$ 1,500	[1],[2]
Shares Repurchased (in shares)					10,000				6,000						10,000	[1]
Treasury stock, acquired					$ 730				$ 405						$ 730	[1]
Treasury share retirement (in shares)															16,000
[1]Reflects repurchases of L Brands, Inc. common stock prior to the August 2, 2021 spin-off of Victoria's Secret & Co.[2]Reflects repurchases of Bath & Body Works, Inc. common stock subsequent 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	9 Months Ended
		Feb. 04, 2022	May 31, 2022	Jul. 31, 2021	Jan. 29, 2022	Oct. 29, 2022	Oct. 30, 2021		Feb. 02, 2022	Mar. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Amount Authorized						$ 1,500
Shares Repurchased (in shares)							22,506
Amount Repurchased							$ 1,559
March 2021
Equity, Class of Treasury Stock [Line Items]
Amount Authorized							$ 500	[1]		$ 500
Shares Repurchased (in shares)							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				$ 1,500			$ 1,500	[1],[2]
Shares Repurchased (in shares)				10,000	6,000		10,000	[1]
Amount Repurchased				$ 730	$ 405		$ 730	[1]
Average Stock Price (in USD per share)	[1]						$ 73.01
July 2021 Repurchase Program, After Spin-off Of Victoria's Secret & Co.
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)	[2]						5,510
Amount Repurchased	[2]						$ 365
Average Stock Price (in USD per share)	[2]						$ 66.21
February 2022
Equity, Class of Treasury Stock [Line Items]
Amount Authorized						$ 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				$ 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.[2]Reflects repurchases of Bath & Body Works, Inc. common stock subsequent 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						9 Months Ended
	Oct. 29, 2022	Jul. 30, 2022	Apr. 30, 2022	Oct. 30, 2021	Jul. 31, 2021	May 01, 2021	Oct. 29, 2022	Oct. 30, 2021
Earnings Per Share And Shareholders' Equity [Abstract]
Ordinary dividends (in USD per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.15	$ 0.15	$ 0	$ 0.60	$ 0.30
Total Paid	$ 46	$ 46	$ 48	$ 39	$ 42	$ 0	$ 140	$ 81	[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	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Inventory, Net [Abstract]
Finished Goods Merchandise	$ 1,066	$ 521	$ 941
Raw Materials and Merchandise Components	203	188	208
Total Inventories	$ 1,269	$ 709	$ 1,149

Long-Lived Assets - Summary of

Long-Lived Assets - Summary of Property And Equipment, Net (Details) - USD ($) $ in Millions	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, at Cost	$ 2,809	$ 2,583	$ 2,569
Accumulated Depreciation and Amortization	(1,688)	(1,574)	(1,552)
Property and Equipment, Net	$ 1,121	$ 1,009	$ 1,017

Long-Lived Assets - Narrative (

Long-Lived Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Impaired Long-Lived Assets Held and Used [Line Items]
Depreciation of Long-lived Assets			$ 162	$ 310	[1]
Continuing Operations
Impaired Long-Lived Assets Held and Used [Line Items]
Depreciation of Long-lived Assets	$ 56	$ 52	$ 162	$ 152
[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.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	23.30%	22%	21.90%	23.70%
Income taxes paid	$ 18	$ 73	$ 170	$ 403

Long-term Debt and Borrowing _3

Long-term Debt and Borrowing Facilities - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Millions	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Long-term debt	$ 4,860	$ 4,854	$ 4,852
With Subsidiary Guarantee | 9.375% Fixed Interest Rate Notes due July 2025
Long-term debt	317	316	316
Debt instrument, face amount	$ 320
Fixed interest rate	9.375%
With Subsidiary Guarantee | Fixed Rate 6.694% Notes Due January 2027
Long-term debt	$ 283	281	280
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	$ 991	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	992
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	$ 4,265	4,259	4,257
Without Subsidiary Guarantee
Long-term debt	595	595	595
Without Subsidiary Guarantee | Fixed Rate 6.95% Debentures Due March 2033
Long-term debt	349	349	349
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		9 Months Ended
	Oct. 30, 2021	Sep. 30, 2021	Oct. 30, 2021	May 01, 2021	Oct. 29, 2022	Oct. 30, 2021	[1]	Apr. 30, 2021
Repayment of debt					$ 0	$ 1,716
Gain (loss) on repurchase of debt instrument					$ 0	$ (195)
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
Repayment of debt		$ 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	9 Months Ended
	Oct. 29, 2022 USD ($)
Letter of Credit
Letters of credit outstanding, amount	$ 16
Revolving Credit Facility | Revolving Credit Facility Expiring August 2026
Credit agreement, borrowing capacity	1,214
Line of credit facility, current borrowing capacity	750
Line of credit, outstanding amount	0
Line of credit facility, remaining borrowing capacity	$ 734
Revolving facility commitment fee percentage, unused capacity	0.30%
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		Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Principal Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt, fair value disclosure		$ 4,915	$ 4,915	$ 4,915
Estimate of Fair Value Measurement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt, fair value disclosure	[1]	$ 4,367	$ 5,493	$ 5,720
[1] The estimated fair value of the Company’s 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.

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Aug. 02, 2021	Oct. 29, 2022
Lease Agreements
Lease guarantees remaining after disposition of certain businesses		$ 287
Management And Governance Investment
Long-term investment, commitment	$ 45
Commitment term (at least)	5 years