0000701985-23-000018 | 10-Q | XBRL Viewer

Long-term Debt and Borrowing Facilities

3 Months Ended

Apr. 29, 2023

Long-Term Debt, by Current and Noncurrent [Abstract]

The following table provides the Company’s outstanding long-term debt balance, net of unamortized debt issuance costs and discounts, as of April 29, 2023, January 28, 2023 and April 30, 2022:


	April 29, 2023		January 28, 2023		April 30, 2022
	(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”)	284		283		281
$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
$999 million, 6.625% Fixed Interest Rate Notes due October 2030 ("2030 Notes")	990		991		990
$986 million, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	979		993		992
$643 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	638		694		694
Total Senior Debt with Subsidiary Guarantee	$	4,192	$	4,267	$	4,261
Senior Debt
$347 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	346	$	349	$	349
$245 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	243		246		246
Total Senior Debt	589		595		595
Total Long-term Debt	$	4,781	$	4,862	$	4,856

Repurchases of Notes

During the first quarter of 2023, the Company repurchased in the open market and extinguished $84 million principal amount of its outstanding senior notes. The aggregate repurchase price for these notes was $76 million, resulting in a pre-tax gain of $7 million, net of the write-off of unamortized issuance costs. This gain is included in Other Income in the first quarter of 2023 Consolidated Statement of Income. There were $2 million of repurchases reflected in Accounts Payable on the April 29, 2023 Consolidated Balance Sheet.

The following table provides details of the outstanding principal amount of senior notes repurchased and extinguished during the first quarter of 2023:


	(in millions)
2025 Notes	$	6
2030 Notes	2
2033 Notes	3
2035 Notes	14
2036 Notes	57
2037 Notes	2
Total	$	84

Subsequent to April 29, 2023 through June 2, 2023, the Company repurchased in the open market and extinguished $50 million principal amount of its outstanding senior notes for an aggregate repurchase price of $46 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.

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 April 29, 2023, the Company's borrowing base was $623 million, and it had no borrowings outstanding under the ABL Facility.

The ABL Facility supports the Company’s letter of credit program. The Company had $16 million of outstanding letters of credit as of April 29, 2023 that reduced its availability under the ABL Facility. As of April 29, 2023, the Company's availability under the ABL Facility was $607 million.

As of April 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 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 April 29, 2023, the Company was not required to maintain this ratio.

Description of Business and Basis of Presentation	3 Months Ended
Description of Business and Basis of Presentation	Apr. 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, “first quarter of 2023” and “first quarter of 2022” refer to the thirteen-week periods ended April 29, 2023 and April 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 April 29, 2023 and April 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 $126 million as of April 29, 2023, $124 million as of January 28, 2023 and $126 million as of April 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 (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 the first quarter of 2023 that had a material impact on its consolidated results of operations, financial position or cash flows. In addition, as of June 2, 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.

Inventories (Tables)

3 Months Ended

Apr. 29, 2023

Inventory, Net [Abstract]

Summary of Inventories

The following table provides details of Inventories as of April 29, 2023, January 28, 2023 and April 30, 2022:


	April 29, 2023		January 28, 2023		April 30, 2022
	(in millions)
Finished Goods Merchandise	$	611	$	538	$	627
Raw Materials and Merchandise Components	160		171		193
Total Inventories	$	771	$	709	$	820

Fair Value Measurements - Carrying Value and Fair Value of Long-Term Debt, Disclosure (Details) - USD ($)
$ in Millions

Apr. 29, 2023

Jan. 28, 2023

Apr. 30, 2022

Principal Value

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Debt, fair value disclosure

$ 4,831

$ 4,915

Estimate of Fair Value Measurement

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Debt, fair value disclosure

^[1]

$ 4,589

$ 4,707

$ 4,866

[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.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Operating Activities:
Net Income	$ 81	$ 155
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation of Long-lived Assets	63	53
Gain on Extinguishment of Debt	(7)	0
Share-based Compensation Expense	7	12
Changes in Assets and Liabilities:
Accounts Receivable	81	72
Inventories	(63)	(111)
Accounts Payable, Accrued Expenses and Other	(113)	(97)
Income Taxes Payable	23	35
Other Assets and Liabilities	(28)	(53)
Net Cash Provided by Operating Activities	44	66
Investing Activities:
Capital Expenditures	(93)	(88)
Other Investing Activities	(1)	0
Net Cash Used for Investing Activities	(94)	(88)
Financing Activities:
Payments of Long-term Debt	(74)	0
Repurchases of Common Stock	0	(1,227)
Dividends Paid	(46)	(48)
Tax Payments Related to Share-based Awards	(8)	(26)
Other Financing Activities	(7)	(5)
Net Cash Used for Financing Activities	(135)	(1,306)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	(1)	0
Net Decrease in Cash and Cash Equivalents	(186)	(1,328)
Cash and Cash Equivalents, Beginning of Year	1,232	1,979
Cash and Cash Equivalents, End of Period	$ 1,046	$ 651

Inventories

3 Months Ended

Apr. 29, 2023

Inventory, Net [Abstract]

Inventories

The following table provides details of Inventories as of April 29, 2023, January 28, 2023 and April 30, 2022:


	April 29, 2023		January 28, 2023		April 30, 2022
	(in millions)
Finished Goods Merchandise	$	611	$	538	$	627
Raw Materials and Merchandise Components	160		171		193
Total Inventories	$	771	$	709	$	820

Inventories are principally valued at the lower of cost or net realizable value, on an average cost basis.

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	155
Other Comprehensive Loss	0
Total Comprehensive Income	155								0	155
Cash Dividends	(48)			0			0		0	(48)		0			0
Repurchases of Common Stock (in shares)					(5)	(14)
Repurchases of Common Stock		$ (235)	$ (1,000)					$ (200)			$ 0		$ (235)	$ (800)
Treasury Share Retirement	0			$ (9)			(61)			(965)		1,035
Share-based Compensation and Other (in shares)				1
Share-based Compensation and Other	(13)			$ 1			(14)
Ending Balance at Apr. 30, 2022	$ (2,658)			$ 126			618		80	(2,661)		(822)			1
Ending Balance (in shares)	236			236
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	81									81
Other Comprehensive Loss	(1)								(1)
Total Comprehensive Income	80								(1)	81
Cash Dividends	(46)									(46)
Share-based Compensation and Other (in shares)				0
Share-based Compensation and Other	1			$ 0			1
Ending Balance at Apr. 29, 2023	$ (2,170)			$ 122			$ 818		$ 77	$ (2,366)		$ (822)			$ 1
Ending Balance (in shares)	229			229

Long-term Debt and Borrowing Facilities Schedule of Repurchases of Notes (Details) $ in Millions	3 Months Ended
	Apr. 29, 2023 USD ($)
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, redeemed amount	$ 84
Fixed Rate 9.375% Notes due July 2025 [Member]
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, repurchased face amount	6
Fixed Rate 6.625% Notes Due October 2030 [Member]
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, repurchased face amount	2
Fixed Rate 6.95% Debentures Due March 2033 [Member]
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, repurchased face amount	3
Fixed Rate 6.875% Notes Due November 2035 [Member]
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, repurchased face amount	14
Fixed Rate 6.75% Notes Due July 2036 [Member]
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, repurchased face amount	57
Fixed Rate 7.60% Notes Due July 2037 [Member]
Schedule of Long-Term Debt Repurchases [Line Items]
Debt instrument, repurchased face amount	$ 2

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Jan. 28, 2023
Disaggregation of Revenue [Line Items]
Accounts receivable, after allowance for credit loss	$ 79	$ 77	$ 79
Deferred revenue	171	133	$ 195
Revenue recognized	77
Net Sales	1,396	1,450
Outside of the U.S.
Disaggregation of Revenue [Line Items]
Net Sales	$ 145	$ 137
Minimum
Disaggregation of Revenue [Line Items]
Account receivable, payment term	45 days
Maximum
Disaggregation of Revenue [Line Items]
Account receivable, payment term	75 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Tables)

3 Months Ended

Apr. 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 April 29, 2023, January 28, 2023 and April 30, 2022:


	April 29, 2023		January 28, 2023		April 30, 2022
	(in millions)
Principal Value	$	4,831	$	4,915	$	4,915
Fair Value, Estimated (a)	4,589		4,707		4,866

_______________

(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.

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Apr. 29, 2023	Apr. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	27.70%	19.40%
Income taxes paid	$ 7	$ 8

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Apr. 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 $278 million as of April 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.

Cover - shares	3 Months Ended
Cover - shares	Apr. 29, 2023	May 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 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		228,911,583
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000701985
Current Fiscal Year End Date	--02-03

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	Apr. 29, 2023	Apr. 30, 2022
Income Statement [Abstract]
Net Sales	$ 1,396	$ 1,450
Costs of Goods Sold, Buying and Occupancy	(800)	(781)
Gross Profit	596	669
General, Administrative and Store Operating Expenses	(415)	(389)
Operating Income	181	280
Interest Expense	(89)	(89)
Other Income	20	1
Income Before Income Taxes	112	192
Provision for Income Taxes	31	37
Net Income	$ 81	$ 155
Net Income per Basic Share (in dollars per share)	$ 0.36	$ 0.65
Net Income per Dilutive Share (in dollars per share)	$ 0.35	$ 0.64

Income Taxes	3 Months Ended
Income Taxes	Apr. 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 first quarter of 2023, the Company’s effective tax rate was 27.7% compared to 19.4% in the first quarter of 2022. The first quarter of 2023 rate was higher than the Company's combined estimated federal and state statutory rate primarily due to accrued interest expense related to unrecognized tax benefits. The first quarter of 2022 rate was lower than the Company's combined estimated federal and state statutory rates primarily due to the recognition of excess tax benefits recorded through the Consolidated Statements of Income on share-based awards that vested. Income taxes paid were $7 million and $8 million for the first quarters of 2023 and 2022, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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-Topic 946
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+ Details

Revenue Recognition (Tables)

3 Months Ended

Apr. 29, 2023

Revenue Recognition and Deferred Revenue [Abstract]

Disaggregation of Revenue

The following table provides a disaggregation of Net Sales for the first quarters of 2023 and 2022:


	First Quarter
	2023		2022
	(in millions)
Stores - U.S. and Canada	$	1,034	$	1,059
Direct - U.S. and Canada	280		318
International (a)	82		73
Total Net Sales	$	1,396	$	1,450

_______________

(a)Results include royalties associated with franchised stores and wholesale sales.

Long-Lived Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Impaired Long-Lived Assets Held and Used [Line Items]
Depreciation	$ 63	$ 53

Commitments and Contingencies (Details) $ in Millions	Apr. 29, 2023 USD ($)
Lease Agreements
Lease guarantees remaining after disposition of certain businesses	$ 278

CONSOLIDATED STATEMENTS OF TOTAL EQUITY (DEFICIT) (Parenthetical) - $ / shares	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends (in USD per share)	$ 0.20	$ 0.20

Long-Lived Assets - Summary of Property And Equipment, Net (Details) - USD ($) $ in Millions	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, at Cost	$ 2,993	$ 2,915	$ 2,669
Accumulated Depreciation and Amortization	(1,770)	(1,722)	(1,610)
Property and Equipment, Net	$ 1,223	$ 1,193	$ 1,059

Earnings Per Share and Shareholders’ Equity (Deficit)

3 Months Ended

Apr. 29, 2023

Earnings Per Share And Shareholders' Equity [Abstract]

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 first quarters of 2023 and 2022:


	First Quarter
	2023	2022
	(in millions)

Common Shares	244	255
Treasury Shares	(15)	(15)
Basic Shares	229	240
Effect of Dilutive Awards	1	3
Diluted Shares	230	243
Anti-dilutive Awards (a)	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"). The Company did not repurchase any shares of its common stock during the first quarter of 2023. The February 2022 Program had $188 million of remaining authority as of April 29, 2023. Subsequent to April 29, 2023 through June 2, 2023, the Company repurchased an additional 216 thousand shares of its common stock for $8 million under the February 2022 Program.

Dividends

The Company paid the following dividends during the first quarters of 2023 and 2022:


	Ordinary Dividends			Total Paid
	(per share)		(in millions)
2023
First Quarter	$	0.20		$	46



2022
First Quarter	$	0.20		$	48

In May 2023, the Board declared the second quarter 2023 ordinary dividend of $0.20 per share payable on June 16, 2023 to stockholders of record at the close of business on June 2, 2023.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Current Assets:
Cash and Cash Equivalents	$ 1,046	$ 1,232	$ 651
Accounts Receivable, Net	145	226	167
Inventories	771	709	820
Other	118	99	114
Total Current Assets	2,080	2,266	1,752
Property and Equipment, Net	1,223	1,193	1,059
Operating Lease Assets	1,072	1,050	1,058
Goodwill	628	628	628
Trade Name	165	165	165
Deferred Income Taxes	37	37	44
Other Assets	158	155	154
Total Assets	5,363	5,494	4,860
Current Liabilities:
Accounts Payable	426	455	470
Accrued Expenses and Other	585	673	534
Current Operating Lease Liabilities	165	177	163
Income Taxes	101	74	73
Total Current Liabilities	1,277	1,379	1,240
Deferred Income Taxes	168	168	157
Long-term Debt	4,781	4,862	4,856
Long-term Operating Lease Liabilities	1,032	1,014	1,019
Other Long-term Liabilities	275	276	246
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; 244, 244 and 251 shares issued; 229, 229 and 236 shares outstanding, respectively	122	122	126
Paid-in Capital	818	817	618
Accumulated Other Comprehensive Income	77	78	80
Retained Earnings (Accumulated Deficit)	(2,366)	(2,401)	(2,661)
Less: Treasury Stock, at Average Cost; 15, 15 and 15 shares, respectively	(822)	(822)	(822)
Total Shareholders’ Equity (Deficit)	(2,171)	(2,206)	(2,659)
Noncontrolling Interest	1	1	1
Total Equity (Deficit)	(2,170)	(2,205)	(2,658)
Total Liabilities and Equity (Deficit)	$ 5,363	$ 5,494	$ 4,860

Long-term Debt and Borrowing Facilities - Repurchase of Notes (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jun. 02, 2023	Apr. 29, 2023	Apr. 30, 2022
Debt Instrument [Line Items]
Debt instrument, redeemed amount		$ 84
Repayment of debt		74	$ 0
Gain on repurchase of debt instrument		7	$ 0
Repayments of Debt Reflected in Accounts Payable		2
Aggregate Purchase Price of Debt Extinguishment		$ 76
Subsequent Event
Debt Instrument [Line Items]
Debt instrument, redeemed amount	$ 50
Repayment of debt	$ 46

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Description of Business and Basis of Presentation (Details) - USD ($) $ in Millions	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Easton Investment
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 126	$ 124	$ 126

Inventories (Details) - USD ($) $ in Millions	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Inventory, Net [Abstract]
Finished Goods Merchandise	$ 611	$ 538	$ 627
Raw Materials and Merchandise Components	160	171	193
Total Inventories	$ 771	$ 709	$ 820

Earnings Per Share and Shareholders’ Equity (Deficit) (Tables)

3 Months Ended

Apr. 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 first quarters of 2023 and 2022:


	First Quarter
	2023	2022
	(in millions)

Common Shares	244	255
Treasury Shares	(15)	(15)
Basic Shares	229	240
Effect of Dilutive Awards	1	3
Diluted Shares	230	243
Anti-dilutive Awards (a)	1	—

_______________

(a)These awards were excluded from the calculation of Diluted Earnings per Share because their inclusion would have been anti-dilutive.

Schedule of Dividends Paid

The Company paid the following dividends during the first quarters of 2023 and 2022:


	Ordinary Dividends			Total Paid
	(per share)		(in millions)
2023
First Quarter	$	0.20		$	46



2022
First Quarter	$	0.20		$	48

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 81	$ 155
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	(2)	0
Unrealized Gain on Cash Flow Hedges	1	0
Total Other Comprehensive Loss, Net of Tax	(1)	0
Total Comprehensive Income	$ 80	$ 155

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

Revenue Recognition

3 Months Ended

Apr. 29, 2023

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

Accounts receivable, net from revenue-generating activities were $79 million as of April 29, 2023, $79 million as of January 28, 2023 and $77 million as of April 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 $171 million as of April 29, 2023, $195 million as of January 28, 2023 and $133 million as of April 30, 2022. The Company recognized $77 million as revenue during the first quarter of 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 first quarters of 2023 and 2022:


	First Quarter
	2023		2022
	(in millions)
Stores - U.S. and Canada	$	1,034	$	1,059
Direct - U.S. and Canada	280		318
International (a)	82		73
Total Net Sales	$	1,396	$	1,450

_______________

(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 $145 million and $137 million for the first quarters of 2023 and 2022, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Fair Value Measurements

3 Months Ended

Apr. 29, 2023

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

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 April 29, 2023, January 28, 2023 and April 30, 2022:


	April 29, 2023		January 28, 2023		April 30, 2022
	(in millions)
Principal Value	$	4,831	$	4,915	$	4,915
Fair Value, Estimated (a)	4,589		4,707		4,866

_______________

Management believes that the carrying values of Accounts Receivable, Accounts Payable and Accrued Expenses approximate fair value because of their short maturity.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Long-Lived Assets

3 Months Ended

Apr. 29, 2023

Property, Plant and Equipment [Abstract]

Long-Lived Assets

The following table provides details of Property and Equipment, Net as of April 29, 2023, January 28, 2023 and April 30, 2022:


	April 29, 2023		January 28, 2023		April 30, 2022
	(in millions)
Property and Equipment, at Cost	$	2,993	$	2,915	$	2,669
Accumulated Depreciation and Amortization	(1,770)		(1,722)		(1,610)
Property and Equipment, Net	$	1,223	$	1,193	$	1,059

Depreciation expense was $63 million and $53 million for the first quarters of 2023 and 2022, respectively.

Earnings Per Share and Shareholders’ Equity (Deficit) - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended
	Jun. 02, 2023	May 31, 2023	Apr. 29, 2023	Feb. 02, 2022
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
Treasury stock, acquired			$ 0
Remaining authorized repurchase amount			$ 188
February 2022 Repurchase Program, Other Open Market Share Repurchase \| Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)	216,000
Treasury stock, acquired	$ 8

Long-Lived Assets (Tables)

3 Months Ended

Apr. 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 April 29, 2023, January 28, 2023 and April 30, 2022:


	April 29, 2023		January 28, 2023		April 30, 2022
	(in millions)
Property and Equipment, at Cost	$	2,993	$	2,915	$	2,669
Accumulated Depreciation and Amortization	(1,770)		(1,722)		(1,610)
Property and Equipment, Net	$	1,223	$	1,193	$	1,059

Long-term Debt and Borrowing Facilities (Tables)

3 Months Ended

Apr. 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 April 29, 2023, January 28, 2023 and April 30, 2022:


	April 29, 2023		January 28, 2023		April 30, 2022
	(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”)	284		283		281
$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
$999 million, 6.625% Fixed Interest Rate Notes due October 2030 ("2030 Notes")	990		991		990
$986 million, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	979		993		992
$643 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	638		694		694
Total Senior Debt with Subsidiary Guarantee	$	4,192	$	4,267	$	4,261
Senior Debt
$347 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	346	$	349	$	349
$245 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	243		246		246
Total Senior Debt	589		595		595
Total Long-term Debt	$	4,781	$	4,862	$	4,856

Schedule of Long-Term Debt Repurchases

The following table provides details of the outstanding principal amount of senior notes repurchased and extinguished during the first quarter of 2023:


	(in millions)
2025 Notes	$	6
2030 Notes	2
2033 Notes	3
2035 Notes	14
2036 Notes	57
2037 Notes	2
Total	$	84

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Description of Business and Basis of Presentation (Policy)	3 Months Ended
	Apr. 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, “first quarter of 2023” and “first quarter of 2022” refer to the thirteen-week periods ended April 29, 2023 and April 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 April 29, 2023 and April 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 $126 million as of April 29, 2023, $124 million as of January 28, 2023 and $126 million as of April 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 (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 the first quarter of 2023 that had a material impact on its consolidated results of operations, financial position or cash flows. In addition, as of June 2, 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.

Earnings Per Share and Shareholders’ Equity (Deficit) - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Earnings Per Share And Shareholders' Equity [Abstract]
Ordinary dividends (in USD per share)	$ 0.20	$ 0.20
Total Paid	$ 46	$ 48

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

Apr. 29, 2023

Apr. 30, 2022

Earnings Per Share And Shareholders' Equity [Abstract]

Common Shares (in shares)

244

255

Treasury Shares (in shares)

(15)

Basic Shares (in shares)

229

240

Effect of Dilutive Restricted Stock and Stock Options (in shares)

Diluted Shares (in shares)

230

243

Anti-dilutive Stock Options and Awards (in shares)

^[1]

[1]	These awards were excluded from the calculation of Diluted Earnings per Share because their inclusion would have been anti-dilutive.

Long-term Debt and Borrowing Facilities - Asset-Backed Revolving Credit Facility (Details)	3 Months Ended
	Apr. 29, 2023 USD ($)
Letter of Credit
Letters of credit outstanding, amount	$ 16,000,000
Revolving Credit Facility \| Revolving Credit Facility Expiring August 2026
Line of credit facility, current borrowing capacity	623,000,000
Credit agreement, borrowing capacity	750,000,000
Line of credit, outstanding amount	0
Line of credit facility, remaining borrowing capacity	$ 607,000,000
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	1.00
Line of credit financial covenant, maximum borrowing amount	$ 70,000,000
Line of credit financial covenant, percentage of maximum borrowing amount	0.10

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 1.00	$ 1.00	$ 1.00
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)	244,000,000	244,000,000	251,000,000
Common Stock, shares outstanding (in shares)	229,000,000	229,000,000	236,000,000
Treasury stock (in shares)	15,000,000	15,000,000	15,000,000

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Millions

3 Months Ended

Apr. 29, 2023

Apr. 30, 2022

Disaggregation of Revenue [Line Items]

Net Sales

$ 1,396

$ 1,450

Stores - U.S. and Canada

Disaggregation of Revenue [Line Items]

Net Sales

1,034

1,059

Direct - U.S. and Canada

Disaggregation of Revenue [Line Items]

Net Sales

280

318

International

Disaggregation of Revenue [Line Items]

Net Sales

^[1]

$ 82

$ 73

[1]	Results include royalties associated with franchised stores and wholesale sales.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Long-term Debt and Borrowing Facilities - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Millions	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Long-term debt	$ 4,781	$ 4,862	$ 4,856
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	$ 284	283	281
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	$ 990	991	990
Debt instrument, face amount	$ 999
Fixed interest rate	6.625%
With Subsidiary Guarantee \| Fixed Rate 6.875% Notes Due November 2035 [Member]
Long-term debt	$ 979	993	992
Debt instrument, face amount	$ 986
Fixed interest rate	6.875%
With Subsidiary Guarantee \| Fixed Rate 6.75% Notes Due July 2036 [Member]
Long-term debt	$ 638	694	694
Debt instrument, face amount	$ 643
Fixed interest rate	6.75%
With Subsidiary Guarantee \| Senior Debt Obligations
Long-term debt	$ 4,192	4,267	4,261
Without Subsidiary Guarantee
Long-term debt	589	595	595
Without Subsidiary Guarantee \| Fixed Rate 6.95% Debentures Due March 2033 [Member]
Long-term debt	346	349	349
Debt instrument, face amount	$ 347
Fixed interest rate	6.95%
Without Subsidiary Guarantee \| Fixed Rate 7.60% Notes Due July 2037 [Member]
Long-term debt	$ 243	$ 246	$ 246
Debt instrument, face amount	$ 245
Fixed interest rate	7.60%