Bath & Body Works (BBWI) 10-Q 1 Sep 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jul. 29, 2023	Aug. 25, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 29, 2023
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		227,380,816
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000701985
Current Fiscal Year End Date	--02-03

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Income Statement [Abstract]
Net Sales	$ 1,559	$ 1,618	$ 2,955	$ 3,067
Costs of Goods Sold, Buying and Occupancy	(937)	(958)	(1,737)	(1,739)
Gross Profit	622	660	1,218	1,328
General, Administrative and Store Operating Expenses	(434)	(418)	(849)	(806)
Operating Income	188	242	369	522
Interest Expense	(86)	(86)	(175)	(175)
Other Income	25	2	45	3
Income Before Income Taxes	127	158	239	350
Provision for Income Taxes	28	38	59	75
Net Income	$ 99	$ 120	$ 180	$ 275
Net Income per Basic Share (in dollars per share)	$ 0.43	$ 0.52	$ 0.79	$ 1.17
Net Income per Dilutive Share (in dollars per share)	$ 0.43	$ 0.52	$ 0.78	$ 1.16

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 99	$ 120	$ 180	$ 275
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	2	0	0	0
Unrealized Loss on Cash Flow Hedges	(1)	0	0	0
Reclassification of Cash Flow Hedges to Earnings	(1)	0	(1)	0
Total Other Comprehensive Loss, Net of Tax	0	0	(1)	0
Total Comprehensive Income	$ 99	$ 120	$ 179	$ 275

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Current Assets:
Cash and Cash Equivalents	$ 790	$ 1,232	$ 452
Accounts Receivable, Net	153	226	184
Inventories	818	709	971
Other	132	99	147
Total Current Assets	1,893	2,266	1,754
Property and Equipment, Net	1,236	1,193	1,071
Operating Lease Assets	1,080	1,050	1,087
Goodwill	628	628	628
Trade Name	165	165	165
Deferred Income Taxes	38	37	45
Other Assets	155	155	151
Total Assets	5,195	5,494	4,901
Current Liabilities:
Accounts Payable	508	455	587
Accrued Expenses and Other	518	673	512
Current Operating Lease Liabilities	187	177	158
Income Taxes	0	74	1
Total Current Liabilities	1,213	1,379	1,258
Deferred Income Taxes	168	168	157
Long-term Debt	4,668	4,862	4,858
Long-term Operating Lease Liabilities	1,036	1,014	1,050
Other Long-term Liabilities	264	276	240
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, 244 and 243 shares issued; 228, 229 and 228 shares outstanding, respectively	121	122	122
Paid-in Capital	827	817	791
Accumulated Other Comprehensive Income	77	78	80
Retained Earnings (Accumulated Deficit)	(2,358)	(2,401)	(2,834)
Less: Treasury Stock, at Average Cost; 15, 15 and 15 shares, respectively	(822)	(822)	(822)
Total Shareholders’ Equity (Deficit)	(2,155)	(2,206)	(2,663)
Noncontrolling Interest	1	1	1
Total Equity (Deficit)	(2,154)	(2,205)	(2,662)
Total Liabilities and Equity (Deficit)	$ 5,195	$ 5,494	$ 4,901

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
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	244,000,000	243,000,000
Common Stock, shares outstanding (in shares)	228,000,000	229,000,000	228,000,000
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 Millions, $ 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)	Retained Earnings (Accumulated Deficit) Accelerated Share Repurchase Program	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)				254
Beginning Balance (in shares) at Jan. 29, 2022				254
Beginning Balance at Jan. 29, 2022	$ (1,517)			$ 134			$ 893		$ 80	$ (1,803)		$ (822)			$ 1
Net Income	275
Other Comprehensive Income	0
Net Income and Total Comprehensive Income	(275)									(275)
Cash Dividends	(94)									(94)
Repurchases of Common Stock (in shares)					(7)	(20)
Repurchases of Common Stock		$ (312)	$ (1,000)					$ 0			$ 0		$ (312)	$ (1,000)
Treasury Share Retirement	0			$ (13)			(87)			(1,212)		1,312
Share-based Compensation and Other (in shares)				(1)
Share-based Compensation and Other	14			$ (1)			15
Ending Balance at Jul. 30, 2022	(2,662)			$ 122			791		80	(2,834)		(822)			1
Ending Balance (in shares)				236
Beginning Balance (in shares) at Apr. 30, 2022				236
Beginning Balance at Apr. 30, 2022	(2,658)			$ 126			618		80	(2,661)		(822)			1
Net Income	120
Other Comprehensive Income	0
Net Income and Total Comprehensive Income	120								0	120
Cash Dividends	(46)			0			0		0	(46)		0			0
Repurchases of Common Stock (in shares)					(2)	(7)
Repurchases of Common Stock		(77)	$ 0					$ 200			$ 0		(77)	$ (200)
Treasury Share Retirement	0			$ (4)			(26)			(247)		277
Share-based Compensation and Other (in shares)				1
Share-based Compensation and Other	(1)			$ 0			(1)
Ending Balance at Jul. 30, 2022	$ (2,662)			$ 122			791		80	(2,834)		(822)			1
Ending Balance (in shares)	228			228
Ending Balance (in shares)	229			229
Beginning Balance (in shares) at Jan. 28, 2023	229			229
Beginning Balance at Jan. 28, 2023	$ (2,205)			$ 122			817		78	(2,401)		(822)			1
Net Income	180									180
Other Comprehensive Income	(1)								(1)	0
Net Income and Total Comprehensive Income	(179)								1	(180)
Cash Dividends	(92)									(92)
Repurchases of Common Stock (in shares)					(1)
Repurchases of Common Stock		(50)											(50)
Treasury Share Retirement	0			$ (1)			(4)			(45)		50
Share-based Compensation and Other (in shares)				0
Share-based Compensation and Other	(14)			$ 0			(14)
Ending Balance at Jul. 29, 2023	(2,154)			$ 121			827		77	(2,358)		(822)			1
Ending Balance (in shares)				229
Beginning Balance (in shares) at Apr. 29, 2023				229
Beginning Balance at Apr. 29, 2023	(2,170)			$ 122			818		77	(2,366)		(822)			1
Net Income	99
Other Comprehensive Income	0
Net Income and Total Comprehensive Income	99								0	99
Cash Dividends	(46)									(46)
Repurchases of Common Stock (in shares)					(1)
Repurchases of Common Stock		$ (50)											$ (50)
Treasury Share Retirement	0			$ (1)			(4)		0	(45)		50
Share-based Compensation and Other (in shares)				0
Share-based Compensation and Other	13			$ 0			13
Ending Balance at Jul. 29, 2023	$ (2,154)			$ 121			$ 827		$ 77	$ (2,358)		$ (822)			$ 1
Ending Balance (in shares)	228			228

CONSOLIDATED STATEMENTS OF TO_2

CONSOLIDATED STATEMENTS OF TOTAL EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jul. 29, 2023	Apr. 29, 2023	Jul. 30, 2022	Apr. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends (in USD per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.40	$ 0.40
Net Income and Total Comprehensive Income	$ (99)		$ (120)		$ 179	$ 275

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 29, 2023	Jul. 29, 2023	Jul. 30, 2022
Operating Activities:
Net Income	$ 99	$ 180	$ 275
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation of Long-lived Assets	66	129	106
Gain on Extinguishment of Debt	(9)	(16)	0
Share-based Compensation Expense		18	15
Changes in Assets and Liabilities:
Accounts Receivable		74	55
Inventories		(109)	(261)
Accounts Payable, Accrued Expenses and Other		(87)	16
Income Taxes Payable		(107)	(69)
Other Assets and Liabilities		(5)	(56)
Net Cash Provided by Operating Activities		77	81
Investing Activities:
Capital Expenditures		(178)	(161)
Other Investing Activities		2	(1)
Net Cash Used for Investing Activities		(176)	(162)
Financing Activities:
Payments of Long-term Debt	(106)	(182)	0
Repurchases of Common Stock		(48)	(1,312)
Dividends Paid	(46)	(92)	(94)
Tax Payments Related to Share-based Awards		(9)	(31)
Other Financing Activities		(12)	(9)
Net Cash Used for Financing Activities		(343)	(1,446)
Effects of Exchange Rate Changes on Cash and Cash Equivalents		0	0
Net Decrease in Cash and Cash Equivalents		(442)	(1,527)
Cash and Cash Equivalents, Beginning of Year		1,232	1,979
Cash and Cash Equivalents, End of Period	$ 790	$ 790	$ 452

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Jul. 29, 2023
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 global omnichannel retailer focused on personal care and home fragrance. The Company sells merchandise through its 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 conducted through franchise, license and wholesale partners. The Company operates as and reports a single segment. Fiscal Year The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “second quarter of 2023” and “second quarter of 2022” refer to the thirteen-week periods ended July 29, 2023 and July 30, 2022, respectively. “Year-to-date 2023” and “year-to-date 2022” refer to the twenty-six-week periods ended July 29, 2023 and July 30, 2022, 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 July 29, 2023 and July 30, 2022 are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained in the Company’s 2022 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 The Company's operations are seasonal in nature and consist of two principal selling seasons: Spring (the first and second quarters) and Fall (the third and fourth quarters). Historically, the Company's sales are higher during the fourth quarter of the fiscal year due to seasonal and holiday-related sales patterns. 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 composed 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 $127 million as of July 29, 2023, $124 million as of January 28, 2023 and $125 million as of July 30, 2022, 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 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 year-to-date 2023 that had a material impact on its consolidated results of operations, financial position or cash flows. In addition, as of September 1, 2023, 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.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jul. 29, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Revenue Recognition	Revenue Recognition Accounts receivable, net from revenue-generating activities were $78 million as of July 29, 2023, $79 million as of January 28, 2023 and $98 million as of July 30, 2022. These 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 awards 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 $161 million as of July 29, 2023, $195 million as of January 28, 2023 and $123 million as of July 30, 2022. The Company recognized $107 million as revenue year-to-date 2023 from amounts recorded as deferred revenue at the beginning of the Company's fiscal year. The following table provides a disaggregation of Net Sales for the second quarters of and year-to-date 2023 and 2022: Second Quarter Year-to-Date 2023 2022 2023 2022 (in millions) Stores - U.S. and Canada $ 1,144 $ 1,161 $ 2,177 $ 2,220 Direct - U.S. and Canada 329 367 609 684 International (a) 86 90 169 163 Total Net Sales $ 1,559 $ 1,618 $ 2,955 $ 3,067 _______________ (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 $163 million and $164 million for the second quarters of 2023 and 2022, respectively, and $307 million and $301 million for year-to-date 2023 and 2022, respectively.

Earnings Per Share and Sharehol

Earnings Per Share and Shareholders’ Equity (Deficit)	6 Months Ended
	Jul. 29, 2023
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 share 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 2023 and 2022: Second Quarter Year-to-Date 2023 2022 2023 2022 (in millions) Common Shares 243 245 244 250 Treasury Shares (15) (15) (15) (15) Basic Shares 228 230 229 235 Effect of Dilutive Awards 1 1 1 2 Diluted Shares 229 231 230 237 Anti-dilutive Awards (a) — 2 1 1 _______________ (a) These awards were excluded from the calculation of Diluted Earnings per Share because their inclusion would have been anti-dilutive. Common Stock Repurchases 2022 Share Repurchase Program In February 2022, the Company's Board of Directors (the “Board”) authorized a $1.5 billion share repurchase program (the “February 2022 Program”). Under the February 2022 Program, the Company repurchased the following shares of its common stock during year-to-date 2023: Repurchase Program Amount Authorized Shares Amount Average Stock Price (in millions) (in thousands) (in millions) February 2022 $ 1,500 1,326 $ 50 $ 37.65 The February 2022 Program had $138 million of remaining authority as of July 29, 2023. There were share repurchases of $2 million reflected in Accounts Payable on the July 29, 2023 Consolidated Balance Sheet. Subsequent to July 29, 2023 through September 1, 2023, the Company repurchased an additional 610 thousand shares of its common stock for $22 million under the February 2022 Program. Common Stock Retirement Shares of common stock repurchased under the February 2022 Program were retired and cancelled upon repurchase. As a result, the Company retired the 1 million shares repurchased under the February 2022 Program during year-to-date 2023, which resulted in reductions of $1 million in the par value of Common Stock, $4 million in Paid-in Capital and $45 million in Retained Earnings (Accumulated Deficit). Dividends The Company paid the following dividends during the first and second quarters of 2023 and 2022: Ordinary Dividends Total Paid (per share) (in millions) 2023 First Quarter $ 0.20 $ 46 Second Quarter 0.20 46 Total $ 0.40 $ 92 2022 First Quarter $ 0.20 $ 48 Second Quarter 0.20 46 Total $ 0.40 $ 94 In August 2023, the Company declared the third quarter 2023 ordinary dividend of $0.20 per share payable on September 1, 2023 to stockholders of record at the close of business on August 18, 2023.

Inventories

Inventories	6 Months Ended
	Jul. 29, 2023
Inventory, Net [Abstract]
Inventories	Inventories The following table provides details of Inventories as of July 29, 2023, January 28, 2023 and July 30, 2022: July 29, January 28, July 30, (in millions) Finished Goods Merchandise $ 638 $ 538 $ 739 Raw Materials and Merchandise Components 180 171 232 Total Inventories $ 818 $ 709 $ 971 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. 29, 2023
Property, Plant and Equipment [Abstract]
Long-Lived Assets	Long-Lived Assets The following table provides details of Property and Equipment, Net as of July 29, 2023, January 28, 2023 and July 30, 2022: July 29, January 28, July 30, (in millions) Property and Equipment, at Cost $ 3,058 $ 2,915 $ 2,721 Accumulated Depreciation and Amortization (1,822) (1,722) (1,650) Property and Equipment, Net $ 1,236 $ 1,193 $ 1,071 Depreciation expense was $66 million and $53 million for the second quarters of 2023 and 2022, respectively. Depreciation expense was $129 million and $106 million for year-to-date 2023 and 2022, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 29, 2023
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 2023, the Company’s effective tax rate was 21.9% compared to 23.9% in the second quarter of 2022. The 2023 and 2022 second quarter 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 quarters. For year-to-date 2023, the Company’s effective tax rate was 24.7% compared to 21.4% for year-to-date 2022. The 2023 and 2022 year-to-date 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. Income taxes paid wer e $161 million a nd $144 million for the second quarters of 2023 and 2022, respectively. Income taxes paid wer e $168 million a nd $152 million for year-to-date 2023 and 2022, respectively.

Long-term Debt and Borrowing Fa

Long-term Debt and Borrowing Facilities	6 Months Ended
	Jul. 29, 2023
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 29, 2023, January 28, 2023 and July 30, 2022: July 29, January 28, July 30, (in millions) Senior Debt with Subsidiary Guarantee $314 million, 9.375% Fixed Interest Rate Notes due July 2025 (“2025 Notes”) $ 312 $ 317 $ 317 $297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”) 285 283 282 $500 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”) 498 498 497 $500 million, 7.500% Fixed Interest Rate Notes due June 2029 (“2029 Notes”) 491 491 490 $993 million, 6.625% Fixed Interest Rate Notes due October 2030 (“2030 Notes”) 984 991 990 $939 million, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”) 933 993 993 $617 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”) 612 694 694 Total Senior Debt with Subsidiary Guarantee $ 4,115 $ 4,267 $ 4,263 Senior Debt $341 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”) $ 340 $ 349 $ 349 $214 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”) 213 246 246 Total Senior Debt 553 595 595 Total Long-term Debt $ 4,668 $ 4,862 $ 4,858 Repurchases of Notes During the second quarter of and year-to-date 2023, the Company repurchased in the open market and extinguished $115 million and $199 million principal amounts of its outstanding senior notes, respectively. The aggregate repurchase prices for these notes were $106 million and $182 million for the second quarter of and year-to-date 2023, respectively, resulting in pre-tax gains of $9 million and $16 million, net of the write-off of unamortized issuance costs, during the second quarter of and year-to-date 2023, respectively. These gains are included in Other Income in the 2023 Consolidated Statements of Income. The following table provides details of the outstanding principal amount of senior notes repurchased and extinguished during the second quarter of and year-to-date 2023: Second Quarter Year-to-Date (in millions) 2025 Notes $ — $ 6 2030 Notes 5 7 2033 Notes 6 9 2035 Notes 47 61 2036 Notes 26 83 2037 Notes 31 33 Total $ 115 $ 199 Subsequent to July 29, 2023 through September 1, 2023, the Company repurchased in the open market and extinguished $30 million principal amount of its outstanding senior notes for an aggregate repurchase price of $29 million. 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. In the second quarter of 2023, the Company amended its ABL Facility to replace the London Interbank Offer Rate (“LIBOR”) based rate with a Secured Overnight Financing Rate (“SOFR”) based rate as the interest rate benchmark on U.S. dollar borrowings. This amendment made no other material changes to the terms of the ABL Facility. 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 29, 2023, the Company's borrowing base was $668 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 $10 million of outstanding letters of credit as of July 29, 2023 that reduced its availability under the ABL Facility. As of July 29, 2023, the Company's availability under the ABL Facility was $658 million. As of July 29, 2023, 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 Term SOFR plus 1.25% and a credit spread adjustment of 0.10% 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 29, 2023, the Company was not required to maintain this ratio.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 29, 2023
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 July 29, 2023, January 28, 2023 and July 30, 2022: July 29, January 28, July 30, (in millions) Principal Value $ 4,716 $ 4,915 $ 4,915 Fair Value, Estimated (a) 4,510 4,707 4,631 _______________ (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 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	6 Months Ended
	Jul. 29, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various claims and contingencies related to lawsuits, taxes, insurance, regulatory and other matters arising out of the normal course of business. Actions filed against the Company from time to time include commercial, tort, intellectual property, customer, employment, data privacy, securities and other claims, including purported class action lawsuits. Management believes that the ultimate liability arising from such claims and contingencies, if any, is not likely to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. Lease Guarantees In connection with the spin-off of Victoria's Secret & Co. and the disposal of a certain other business, the Company had remaining contingent obligations of $273 million as of July 29, 2023 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Pay vs Performance Disclosure
Net Income	$ 99	$ 120	$ 180	$ 275

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jul. 29, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business and B_2

Description of Business and Basis of Presentation (Policy)	6 Months Ended
	Jul. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Bath & Body Works, Inc. (the “Company”) is a global omnichannel retailer focused on personal care and home fragrance. The Company sells merchandise through its 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 conducted through franchise, license and wholesale partners. The Company operates as and reports a single segment.
Fiscal Year	Fiscal Year The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “second quarter of 2023” and “second quarter of 2022” refer to the thirteen-week periods ended July 29, 2023 and July 30, 2022, respectively. “Year-to-date 2023” and “year-to-date 2022” refer to the twenty-six-week periods ended July 29, 2023 and July 30, 2022, 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.
Interim Financial Statements	Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended July 29, 2023 and July 30, 2022 are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained in the Company’s 2022 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 The Company's operations are seasonal in nature and consist of two principal selling seasons: Spring (the first and second quarters) and Fall (the third and fourth quarters). Historically, the Company's sales are higher during the fourth quarter of the fiscal year due to seasonal and holiday-related sales patterns. 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 composed 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 $127 million as of July 29, 2023, $124 million as of January 28, 2023 and $125 million as of July 30, 2022, 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 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 year-to-date 2023 that had a material impact on its consolidated results of operations, financial position or cash flows. In addition, as of September 1, 2023, 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.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jul. 29, 2023
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 2023 and 2022: Second Quarter Year-to-Date 2023 2022 2023 2022 (in millions) Stores - U.S. and Canada $ 1,144 $ 1,161 $ 2,177 $ 2,220 Direct - U.S. and Canada 329 367 609 684 International (a) 86 90 169 163 Total Net Sales $ 1,559 $ 1,618 $ 2,955 $ 3,067 _______________ (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. 29, 2023
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 2023 and 2022: Second Quarter Year-to-Date 2023 2022 2023 2022 (in millions) Common Shares 243 245 244 250 Treasury Shares (15) (15) (15) (15) Basic Shares 228 230 229 235 Effect of Dilutive Awards 1 1 1 2 Diluted Shares 229 231 230 237 Anti-dilutive Awards (a) — 2 1 1 _______________ (a) These awards were excluded from the calculation of Diluted Earnings per Share because their inclusion would have been anti-dilutive.
Schedule of Repurchase of Common Stock	Under the February 2022 Program, the Company repurchased the following shares of its common stock during year-to-date 2023: Repurchase Program Amount Authorized Shares Amount Average Stock Price (in millions) (in thousands) (in millions) February 2022 $ 1,500 1,326 $ 50 $ 37.65
Schedule of Dividends Paid	The Company paid the following dividends during the first and second quarters of 2023 and 2022: Ordinary Dividends Total Paid (per share) (in millions) 2023 First Quarter $ 0.20 $ 46 Second Quarter 0.20 46 Total $ 0.40 $ 92 2022 First Quarter $ 0.20 $ 48 Second Quarter 0.20 46 Total $ 0.40 $ 94

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 29, 2023
Inventory, Net [Abstract]
Summary of Inventories	The following table provides details of Inventories as of July 29, 2023, January 28, 2023 and July 30, 2022: July 29, January 28, July 30, (in millions) Finished Goods Merchandise $ 638 $ 538 $ 739 Raw Materials and Merchandise Components 180 171 232 Total Inventories $ 818 $ 709 $ 971

Long-Lived Assets (Tables)

Long-Lived Assets (Tables)	6 Months Ended
	Jul. 29, 2023
Property, Plant and Equipment [Abstract]
Summary of Property And Equipment, Net	The following table provides details of Property and Equipment, Net as of July 29, 2023, January 28, 2023 and July 30, 2022: July 29, January 28, July 30, (in millions) Property and Equipment, at Cost $ 3,058 $ 2,915 $ 2,721 Accumulated Depreciation and Amortization (1,822) (1,722) (1,650) Property and Equipment, Net $ 1,236 $ 1,193 $ 1,071

Long-term Debt and Borrowing _2

Long-term Debt and Borrowing Facilities (Tables)	6 Months Ended
	Jul. 29, 2023
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 29, 2023, January 28, 2023 and July 30, 2022: July 29, January 28, July 30, (in millions) Senior Debt with Subsidiary Guarantee $314 million, 9.375% Fixed Interest Rate Notes due July 2025 (“2025 Notes”) $ 312 $ 317 $ 317 $297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”) 285 283 282 $500 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”) 498 498 497 $500 million, 7.500% Fixed Interest Rate Notes due June 2029 (“2029 Notes”) 491 491 490 $993 million, 6.625% Fixed Interest Rate Notes due October 2030 (“2030 Notes”) 984 991 990 $939 million, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”) 933 993 993 $617 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”) 612 694 694 Total Senior Debt with Subsidiary Guarantee $ 4,115 $ 4,267 $ 4,263 Senior Debt $341 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”) $ 340 $ 349 $ 349 $214 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”) 213 246 246 Total Senior Debt 553 595 595 Total Long-term Debt $ 4,668 $ 4,862 $ 4,858
Schedule of Long-Term Debt Repurchases	The following table provides details of the outstanding principal amount of senior notes repurchased and extinguished during the second quarter of and year-to-date 2023: Second Quarter Year-to-Date (in millions) 2025 Notes $ — $ 6 2030 Notes 5 7 2033 Notes 6 9 2035 Notes 47 61 2036 Notes 26 83 2037 Notes 31 33 Total $ 115 $ 199

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 29, 2023
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 July 29, 2023, January 28, 2023 and July 30, 2022: July 29, January 28, July 30, (in millions) Principal Value $ 4,716 $ 4,915 $ 4,915 Fair Value, Estimated (a) 4,510 4,707 4,631 _______________ (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 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	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Easton Investment
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 127	$ 124	$ 125

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022	Jan. 28, 2023
Disaggregation of Revenue [Line Items]
Accounts receivable, after allowance for credit loss	$ 78	$ 98	$ 78	$ 98	$ 79
Deferred revenue	161	123	161	123	$ 195
Revenue recognized			107
Net Sales	1,559	1,618	2,955	3,067
Outside of the U.S.
Disaggregation of Revenue [Line Items]
Net Sales	$ 163	$ 164	$ 307	$ 301
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. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Disaggregation of Revenue [Line Items]
Net Sales		$ 1,559	$ 1,618	$ 2,955	$ 3,067
Stores - U.S. and Canada
Disaggregation of Revenue [Line Items]
Net Sales		1,144	1,161	2,177	2,220
Direct - U.S. and Canada
Disaggregation of Revenue [Line Items]
Net Sales		329	367	609	684
International
Disaggregation of Revenue [Line Items]
Net Sales	[1]	$ 86	$ 90	$ 169	$ 163
[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. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Earnings Per Share And Shareholders' Equity [Abstract]
Common Shares (in shares)		243	245	244	250
Treasury Shares (in shares)		(15)	(15)	(15)	(15)
Basic Shares (in shares)		228	230	229	235
Effect of Dilutive Restricted Stock and Stock Options (in shares)		1	1	1	2
Diluted Shares (in shares)		229	231	230	237
Anti-dilutive Stock Options and Awards (in shares)	[1]	0	2	1	1
[1]These 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, $ in Millions	1 Months Ended		6 Months Ended
	Sep. 01, 2023	Aug. 31, 2023	Jul. 29, 2023	Feb. 02, 2022
Accounts Payable
Equity, Class of Treasury Stock [Line Items]
Payable under repurchase agreements			$ 2
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Dividends Per Share (in USD per share)		$ 0.20
February 2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Amount Authorized			$ 1,500	$ 1,500
Shares Repurchased (in shares)			1,326,000
Treasury stock, acquired			$ 50
Remaining authorized repurchase amount			$ 138
February 2022 Repurchase Program, Other Open Market Share Repurchase | Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)	610,000
Treasury stock, acquired	$ 22

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	3 Months Ended	6 Months Ended
	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022	Feb. 02, 2022
Paid-In Capital
Equity, Class of Treasury Stock [Line Items]
Treasury Share Retirement		$ 4
Par Value
Equity, Class of Treasury Stock [Line Items]
Treasury Share Retirement		1
Retained Earnings (Accumulated Deficit)
Equity, Class of Treasury Stock [Line Items]
Treasury Share Retirement		$ 45
February 2022
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)		1,326
Stock Repurchase Program, Authorized Amount		$ 1,500		$ 1,500
Treasury Stock, Value, Acquired, Cost Method		$ 50
Average Stock Price (in USD per share)		$ 37.65
Treasury share retirement (in shares)		1,000
February 2022 Repurchase Program, Accelerated Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Treasury Stock, Value, Acquired, Cost Method	$ 0		$ 1,000
February 2022 Repurchase Program, Accelerated Share Repurchase Program | Paid-In Capital
Equity, Class of Treasury Stock [Line Items]
Treasury Stock, Value, Acquired, Cost Method	(200)		0
February 2022 Repurchase Program, Accelerated Share Repurchase Program | Retained Earnings (Accumulated Deficit)
Equity, Class of Treasury Stock [Line Items]
Treasury Stock, Value, Acquired, Cost Method	$ 0		$ 0

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. 29, 2023	Apr. 29, 2023	Jul. 30, 2022	Apr. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Earnings Per Share And Shareholders' Equity [Abstract]
Ordinary dividends (in USD per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.40	$ 0.40
Total Paid	$ 46	$ 46	$ 48	$ 46	$ 92	$ 94

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Inventory, Net [Abstract]
Finished Goods Merchandise	$ 638	$ 538	$ 739
Raw Materials and Merchandise Components	180	171	232
Total Inventories	$ 818	$ 709	$ 971

Long-Lived Assets - Summary of

Long-Lived Assets - Summary of Property And Equipment, Net (Details) - USD ($) $ in Millions	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, at Cost	$ 3,058	$ 2,915	$ 2,721
Accumulated Depreciation and Amortization	(1,822)	(1,722)	(1,650)
Property and Equipment, Net	$ 1,236	$ 1,193	$ 1,071

Long-Lived Assets - Narrative (

Long-Lived Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Impaired Long-Lived Assets Held and Used [Line Items]
Depreciation	$ 66	$ 53	$ 129	$ 106

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	21.90%	23.90%	24.70%	21.40%
Income taxes paid	$ 161	$ 144	$ 168	$ 152

Long-term Debt and Borrowing _3

Long-term Debt and Borrowing Facilities - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Millions	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Long-term debt	$ 4,668	$ 4,862	$ 4,858
With Subsidiary Guarantee | Fixed Rate 9.375% Notes due July 2025 [Member]
Long-term debt	312	317	317
Debt instrument, face amount	$ 314
Fixed interest rate	9.375%
With Subsidiary Guarantee | Fixed Rate 6.694% Notes Due January 2027
Long-term debt	$ 285	283	282
Debt instrument, face amount	$ 297
Fixed interest rate	6.694%
With Subsidiary Guarantee | Fixed Rate 5.25% Notes Due February 2028
Long-term debt	$ 498	498	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	$ 491	491	490
Debt instrument, face amount	$ 500
Fixed interest rate	7.50%
With Subsidiary Guarantee | Fixed Rate 6.625% Notes Due October 2030 [Member]
Long-term debt	$ 984	991	990
Debt instrument, face amount	$ 993
Fixed interest rate	6.625%
With Subsidiary Guarantee | Fixed Rate 6.875% Notes Due November 2035 [Member]
Long-term debt	$ 933	993	993
Debt instrument, face amount	$ 939
Fixed interest rate	6.875%
With Subsidiary Guarantee | Fixed Rate 6.75% Notes Due July 2036 [Member]
Long-term debt	$ 612	694	694
Debt instrument, face amount	$ 617
Fixed interest rate	6.75%
With Subsidiary Guarantee | Senior Debt Obligations
Long-term debt	$ 4,115	4,267	4,263
Without Subsidiary Guarantee
Long-term debt	553	595	595
Without Subsidiary Guarantee | Fixed Rate 6.95% Debentures Due March 2033 [Member]
Long-term debt	340	349	349
Debt instrument, face amount	$ 341
Fixed interest rate	6.95%
Without Subsidiary Guarantee | Fixed Rate 7.60% Notes Due July 2037 [Member]
Long-term debt	$ 213	$ 246	$ 246
Debt instrument, face amount	$ 214
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
	Sep. 01, 2023	Jul. 29, 2023	Jul. 29, 2023	Jul. 30, 2022
Debt Instrument [Line Items]
Debt instrument, redeemed amount		$ 115	$ 199
Repayment of debt		106	182	$ 0
Gain on repurchase of debt instrument		$ 9	$ 16	$ 0
Subsequent Event
Debt Instrument [Line Items]
Debt instrument, redeemed amount	$ 30
Repayment of debt	$ 29

Long-term Debt and Borrowing _5

Long-term Debt and Borrowing Facilities Schedule of Repurchases of Notes (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 29, 2023	Jul. 29, 2023
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, redeemed amount	$ 115	$ 199
Fixed Rate 9.375% Notes due July 2025 [Member]
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, redeemed amount	0	6
Fixed Rate 6.625% Notes Due October 2030 [Member]
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, redeemed amount	5	7
Fixed Rate 6.95% Debentures Due March 2033 [Member]
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, redeemed amount	6	9
Fixed Rate 6.875% Notes Due November 2035 [Member]
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, redeemed amount	47	61
Fixed Rate 6.75% Notes Due July 2036 [Member]
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, redeemed amount	26	83
Fixed Rate 7.60% Notes Due July 2037 [Member]
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, redeemed amount	$ 31	$ 33

Long-term Debt and Borrowing _6

Long-term Debt and Borrowing Facilities - Asset-Backed Revolving Credit Facility (Details)	6 Months Ended
	Jul. 29, 2023 USD ($)
Letter of Credit
Letters of credit outstanding, amount	$ 10,000,000
Revolving Credit Facility | Revolving Credit Facility Expiring August 2026
Line of credit facility, current borrowing capacity	668,000,000
Credit agreement, borrowing capacity	750,000,000
Line of credit, outstanding amount	0
Line of credit facility, remaining borrowing capacity	$ 658,000,000
Revolving facility commitment fee percentage, unused capacity	0.30%
Revolving facility current credit fees percentage rate, letters of credit	1.25%
Revolving facility covenant fixed charge coverage ratio	1
Line of credit financial covenant, maximum borrowing amount	$ 70,000,000
Line of credit financial covenant, percentage of maximum borrowing amount	0.10
Revolving Credit Facility | Revolving Credit Facility Expiring August 2026 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt instrument, basis spread on variable rate	1.25%
Revolving Credit Facility | Revolving Credit Facility Expiring August 2026 | Credit Spread Adjustment | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt instrument, basis spread on variable rate	0.10%
Revolving Credit Facility | Revolving Credit Facility Expiring August 2026 | CDOR Spread
Debt instrument, basis spread on variable rate	1.25%

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value of Long-Term Debt, Disclosure (Details) - USD ($) $ in Millions		Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Principal Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt, fair value disclosure		$ 4,716	$ 4,915	$ 4,915
Estimate of Fair Value Measurement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt, fair value disclosure	[1]	$ 4,510	$ 4,707	$ 4,631
[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 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) $ in Millions	Jul. 29, 2023 USD ($)
Lease Agreements
Lease guarantees remaining after disposition of certain businesses	$ 273