0000701985-24-000010 | 10-K | XBRL Viewer

$ 7,429

$ 7,560

$ 7,882

Stores - U.S. and Canada

5,507

5,476

5,709

Direct - U.S. and Canada

Bath & Body Works International

1,582

1,745

1,890

^[1]

$ 340

$ 339

$ 283

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

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.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

Income Taxes

12 Months Ended

Feb. 03, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Current income tax expense represents the amounts expected to be reported on the Company’s income tax returns, and deferred tax expense or benefit represents the change in net deferred tax assets and liabilities. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. Valuation allowances are recorded as appropriate to reduce deferred tax assets to the amount considered likely to be realized.

The following table provides the components of the Company’s provision for income taxes for 2023, 2022 and 2021:


	2023		2022		2021
	(in millions)
Current:
U.S. Federal	$	214	$	180	$	249
U.S. State	49		48		53
Non-U.S.	7		8		4
Total	270		236		306
Deferred:
U.S. Federal	(19)		10		24
U.S. State	(2)		—		10
Non-U.S.	(106)		5		8
Total	(127)		15		42
Provision for Income Taxes	$	143	$	251	$	348

The non-U.S. component of pre-tax income, arising principally from overseas operations, was income of $84 million, $94 million and $110 million for 2023, 2022 and 2021, respectively.

The following table provides the reconciliation between the statutory federal income tax rate and the effective tax rate for 2023, 2022 and 2021:


	2023		2022		2021
Federal Income Tax Rate	21.0	%	21.0	%	21.0	%
State Income Taxes, Net of Federal Income Tax Effect	4.0	%	4.1	%	4.2	%
Impact of Non-U.S. Operations	0.2	%	0.1	%	0.1	%
Change in Valuation Allowance	(11.0	%)	—	%	—	%
Share-based Compensation	0.1	%	(0.7	%)	(0.7	%)
Uncertain Tax Positions	—	%	(0.7	%)	(0.5	%)
Other Items, Net	(0.4	%)	0.2	%	0.4	%
Effective Tax Rate	13.9	%	24.0	%	24.5	%

Deferred Taxes

Deferred tax assets and liabilities represent the future effects on income taxes resulting from temporary differences and carryforwards at the end of the respective year.

The following table provides the effect of temporary differences that cause deferred income taxes as of February 3, 2024 and January 28, 2023:


	February 3, 2024						January 28, 2023
	Assets		Liabilities		Total		Assets		Liabilities		Total
	(in millions)
Loss Carryforwards	$	390	$	—	$	390	$	396	$	—	$	396
Leases	280		(266)		14		275		(261)		14
Capitalized Research and Development	30		—		30		11		—		11
Share-based Compensation	9		—		9		9		—		9
Property and Equipment	—		(141)		(141)		—		(140)		(140)
Trade Names	—		(38)		(38)		—		(38)		(38)
Other Assets	—		(59)		(59)		—		(62)		(62)
Other, Net	56		(11)		45		56		(13)		43
Valuation Allowance	(253)		—		(253)		(364)		—		(364)
Total Deferred Income Taxes	$	512	$	(515)	$	(3)	$	383	$	(514)	$	(131)

As of February 3, 2024, the Company had loss carryforwards of $390 million, of which $248 million had an indefinite carryforward. The remainder of the U.S. and non-U.S. carryforwards, if unused, will expire at various dates from 2024 through

2040 and 2030 through 2041, respectively. For certain jurisdictions where the Company has determined that it is more likely than not that the loss carryforwards will not be realized, a valuation allowance has been provided on those loss carryforwards as well as other net deferred tax assets.

Income tax payments were $231 million for 2023, $188 million for 2022 and $487 million for 2021.

Uncertain Tax Positions

The following table summarizes the activity related to the Company’s unrecognized tax benefits for U.S. federal, state and non-U.S. tax jurisdictions for 2023, 2022 and 2021, without interest and penalties:


	2023		2022		2021
	(in millions)
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year	$	149	$	147	$	152
Increases to Unrecognized Tax Benefits for Prior Years	1		14		5
Decreases to Unrecognized Tax Benefits for Prior Years	(7)		(12)		(12)
Increases to Unrecognized Tax Benefits as a Result of Current Year Activity	5		6		21
Decreases to Unrecognized Tax Benefits Relating to Settlements with Taxing Authorities	(1)		(2)		(3)
Decreases to Unrecognized Tax Benefits as a Result of a Lapse of the Applicable Statute of Limitations	(2)		(4)		(16)
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$	145	$	149	$	147

Of the total gross unrecognized tax benefits, approximately $131 million, $135 million and $132 million, at February 3, 2024, January 28, 2023, and January 29, 2022, respectively, represent the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods. These amounts are net of the offsetting tax effects from other tax jurisdictions.

Of the total unrecognized tax benefits, it is reasonably possible that $105 million could change in the next 12 months due to audit settlements, expiration of statutes of limitations or other resolution of uncertainties. Due to the uncertain and complex application of tax regulations, it is possible that the ultimate resolution of audits may result in amounts which could be different from this estimate. In such case, the Company will record additional tax expense or tax benefit in the period in which such matters are effectively settled.

The Company recognizes interest and penalties related to unrecognized tax benefits as components of income tax expense. The Company recognized an income tax expense from interest and penalties of approximately $9 million and $2 million for 2023 and 2022, respectively, and income tax benefits of $2 million in 2021. The Company had accrued $19 million and $10 million for the payment of interest and penalties as of February 3, 2024 and January 28, 2023, respectively. Accrued interest and penalties are included within Other Long-term Liabilities on the Consolidated Balance Sheets.

The Company files U.S. federal income tax returns as well as income tax returns in various states and in non-U.S. jurisdictions. The Company is a participant in the Compliance Assurance Process, which is a program made available by the Internal Revenue Service (“IRS”) to certain qualifying large taxpayers, under which participants work collaboratively with the IRS to identify and resolve potential tax issues through open, cooperative and transparent interaction prior to the annual filing of their federal income tax returns. The IRS is currently examining the Company’s 2020 to 2023 consolidated U.S. federal income tax returns.

The Company is also subject to various state and local income tax examinations for the years 2017 to 2022. Finally, the Company is subject to multiple non-U.S. tax jurisdiction examinations for the years 2010 to 2022. In some situations, the Company determines that it does not have a filing requirement in a particular tax jurisdiction. Where no return has been filed, no statute of limitations applies. Accordingly, if a tax jurisdiction reaches a conclusion that a filing requirement does exist, additional years may be reviewed by the tax authority. The Company believes it has appropriately accounted for uncertainties related to this issue.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Long-term Debt and Borrowing Facility - Issuance and Repurchase of Notes - Narrative (Details) - USD ($)
$ in Millions

1 Months Ended

2 Months Ended

3 Months Ended

12 Months Ended

Oct. 30, 2021

Sep. 30, 2021

Apr. 30, 2021

Mar. 22, 2024

Oct. 30, 2021

May 01, 2021

Feb. 03, 2024

Jan. 28, 2023

Jan. 29, 2022

Jan. 30, 2021

Interest paid, including capitalized interest, operating and investing activities

$ 346

$ 339

$ 354

Extinguishment of debt, gain (loss), net of tax

485

$ 68

$ 80

Loss on extinguishment of debt

^[1]

447

1,716

$ 89

$ 105

$ (34)

^[1]

$ 0

^[1]

$ 195

^[1]

Subsequent Event

$ 45

Fixed Rate 5.625 Percent Notes Due February 2022

$ 45

6.875% Fixed Interest Rate Secured Notes due July 2025

$ 285

Interest rate

5.625%

Fixed Rate 5.625% Notes Due October 2023

$ 750

Interest rate

6.875%

$ 50

$ 270

Interest rate

5.625%

$314 million, 9.375% Fixed Interest Rate Notes due July 2025 (“2025 Notes”)

$ 54

2023 Notes and 2025 Notes

180

$ 532

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the Consolidated Statements of Cash Flows include the results from continuing and discontinued operations.

Income Taxes - Activity Related to its Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year	$ 149	$ 147	$ 152
Increases to Unrecognized Tax Benefits for Prior Years	1	14	5
Decreases to Unrecognized Tax Benefits for Prior Years	(7)	(12)	(12)
Increases to Unrecognized Tax Benefits as a Result of Current Year Activity	5	6	21
Decreases to Unrecognized Tax Benefits Relating to Settlements with Taxing Authorities	(1)	(2)	(3)
Decreases to Unrecognized Tax Benefits as a Result of a Lapse of the Applicable Statute of Limitations	(2)	(4)	(16)
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$ 145	$ 149	$ 147

Consolidated Statements of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Feb. 03, 2024

Jan. 28, 2023

Jan. 29, 2022

Statement of Cash Flows [Abstract]

Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:

^[1]

$ 878

$ 800

$ 1,333

Depreciation of Long-lived Assets

^[1]

269

221

363

(Gain) Loss on Extinguishment of Debt

^[1]

(34)

195

Share-based Compensation Expense

^[1]

Deferred Income Taxes

^[1]

(128)

Impairment of Equity Method Investment

^[1]

Changes in Assets and Liabilities:

Accounts Receivable

^[1]

(64)

Inventories

^[1]

(2)

(177)

Accounts Payable, Accrued Expenses and Other

^[1]

(109)

(86)

Income Taxes Payable

^[1]

(72)

Other Assets and Liabilities

^[1]

(7)

(26)

(91)

Net Cash Provided by Operating Activities

^[1]

954

1,144

1,492

Investing Activities

Capital Expenditures

^[1]

(298)

(328)

(270)

Other Investing Activities

^[1]

Net Cash Used for Investing Activities

^[1]

(286)

(328)

(259)

Financing Activities

Payments for Long-term Debt

^[1]

(447)

(1,716)

Proceeds from Spin-Off of Victoria’s Secret & Co.

^[1]

976

Transfers and Payments to Victoria’s Secret & Co. related to Spin-Off

^[1]

(3)

(25)

(376)

Repurchases of Common Stock

^[1]

(148)

(1,312)

(1,964)

Dividends Paid

^[1]

(182)

(186)

(120)

Proceeds from Stock Option Exercises

^[1]

(11)

(32)

(59)

Payments of Finance Lease Obligations

^[1]

(15)

(9)

(12)

Other Financing Activities

^[1]

(13)

(4)

Net Cash Used for Financing Activities

^[1]

(815)

(1,562)

(3,188)

Effects of Exchange Rate Changes on Cash and Cash Equivalents

^[1]

(1)

Net Decrease in Cash and Cash Equivalents

^[1]

(148)

(747)

(1,954)

Cash and Cash Equivalents, Beginning of Year

^[1]

1,232

1,979

3,933

Cash and Cash Equivalents, End of Year

^[1]

$ 1,084

$ 1,232

$ 1,979

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the Consolidated Statements of Cash Flows include the results from continuing and discontinued operations.

Long-Lived Assets - Details of Property and Equipment, Net (Details) - USD ($) $ in Millions	Feb. 03, 2024	Jan. 28, 2023
Property, Plant and Equipment [Abstract]
Land and Improvements	$ 90	$ 90
Buildings and Improvements	319	306
Furniture, Fixtures, Software and Equipment	1,821	1,637
Leasehold Improvements	850	809
Construction in Progress	43	73
Total	3,123	2,915
Accumulated Depreciation and Amortization	(1,903)	(1,722)
Property and Equipment, Net	$ 1,220	$ 1,193

Leases - Lease Maturities (Details) $ in Millions	Feb. 03, 2024 USD ($)
Leases [Abstract]
2024	$ 242
2025	257
2026	229
2027	182
2028	150
Thereafter	357
Total Lease Payments	1,417
Less: Interest	(232)
Present Value of Operating Lease Liabilities	$ 1,185

Income Taxes (Tables)

12 Months Ended

Feb. 03, 2024

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The following table provides the components of the Company’s provision for income taxes for 2023, 2022 and 2021:


	2023		2022		2021
	(in millions)
Current:
U.S. Federal	$	214	$	180	$	249
U.S. State	49		48		53
Non-U.S.	7		8		4
Total	270		236		306
Deferred:
U.S. Federal	(19)		10		24
U.S. State	(2)		—		10
Non-U.S.	(106)		5		8
Total	(127)		15		42
Provision for Income Taxes	$	143	$	251	$	348

Reconciliation of the Statutory Federal Income Tax Rate and the Effective Tax Rate

The following table provides the reconciliation between the statutory federal income tax rate and the effective tax rate for 2023, 2022 and 2021:


	2023		2022		2021
Federal Income Tax Rate	21.0	%	21.0	%	21.0	%
State Income Taxes, Net of Federal Income Tax Effect	4.0	%	4.1	%	4.2	%
Impact of Non-U.S. Operations	0.2	%	0.1	%	0.1	%
Change in Valuation Allowance	(11.0	%)	—	%	—	%
Share-based Compensation	0.1	%	(0.7	%)	(0.7	%)
Uncertain Tax Positions	—	%	(0.7	%)	(0.5	%)
Other Items, Net	(0.4	%)	0.2	%	0.4	%
Effective Tax Rate	13.9	%	24.0	%	24.5	%

Effect of Temporary Differences that Cause Deferred Income Taxes

The following table provides the effect of temporary differences that cause deferred income taxes as of February 3, 2024 and January 28, 2023:


	February 3, 2024						January 28, 2023
	Assets		Liabilities		Total		Assets		Liabilities		Total
	(in millions)
Loss Carryforwards	$	390	$	—	$	390	$	396	$	—	$	396
Leases	280		(266)		14		275		(261)		14
Capitalized Research and Development	30		—		30		11		—		11
Share-based Compensation	9		—		9		9		—		9
Property and Equipment	—		(141)		(141)		—		(140)		(140)
Trade Names	—		(38)		(38)		—		(38)		(38)
Other Assets	—		(59)		(59)		—		(62)		(62)
Other, Net	56		(11)		45		56		(13)		43
Valuation Allowance	(253)		—		(253)		(364)		—		(364)
Total Deferred Income Taxes	$	512	$	(515)	$	(3)	$	383	$	(514)	$	(131)


	2023		2022		2021
	(in millions)
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year	$	149	$	147	$	152
Increases to Unrecognized Tax Benefits for Prior Years	1		14		5
Decreases to Unrecognized Tax Benefits for Prior Years	(7)		(12)		(12)
Increases to Unrecognized Tax Benefits as a Result of Current Year Activity	5		6		21
Decreases to Unrecognized Tax Benefits Relating to Settlements with Taxing Authorities	(1)		(2)		(3)
Decreases to Unrecognized Tax Benefits as a Result of a Lapse of the Applicable Statute of Limitations	(2)		(4)		(16)
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$	145	$	149	$	147

Description of Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Feb. 03, 2024

Accounting Policies [Abstract]

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.

On August 2, 2021, the Company completed the tax-free spin-off of its Victoria’s Secret business, which included the Victoria’s Secret and PINK brands, into an independent publicly traded company (the “Separation”). Accordingly, the operating results of, and fees to separate, the Victoria’s Secret business are reported in Income from Discontinued Operations, Net of Tax in the Consolidated Statements of Income for all applicable periods presented. All amounts and disclosures included in the Notes to Consolidated Financial Statements reflect only the Company’s continuing operations unless otherwise noted. For additional information, see Note 2, “Discontinued Operations.”

Fiscal Year

The Company’s fiscal year ends on the Saturday nearest to January 31. The Company utilizes the retail calendar for reporting. As a result, “2023” refers to the 53-week period ended February 3, 2024, and “2022” and “2021” refer to the 52-week periods ended January 28, 2023 and January 29, 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.

Cash and Cash Equivalents

Cash and Cash Equivalents include cash on hand, demand 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 Company’s outstanding checks are included in Accounts Payable on the Consolidated Balance Sheets.

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 it 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 it 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.

Inventories

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

The Company records valuation adjustments to its inventories if the cost of inventory on hand exceeds the amount it expects to realize from the ultimate sale or disposal of the inventory. These estimates are based on management’s judgment regarding future demand and market conditions and analysis of historical experience.

The Company also records inventory loss adjustments for estimated physical inventory losses that have occurred since the date of the last physical inventory. These estimates are based on management’s analysis of historical results and current operating trends.

Advertising Costs

Advertising and marketing costs are expensed at the time the promotion first appears in media, in the store or when the advertising is mailed. Advertising and marketing costs totaled $180 million for 2023 and $166 million for both 2022 and 2021.

Property and Equipment

The Company’s Property and Equipment are recorded at cost and depreciation is computed on a straight-line basis using the following depreciable life ranges:


Category of Property and Equipment						Depreciable Life Range
Hardware and Software, including software developed for internal use						3 - 5 years
Store related assets						3 - 10 years
Leasehold improvements						Shorter of lease term or 10 years
Non-store related building and site improvements						10 - 15 years
Other property and equipment						20 years
Buildings						30 years

When a decision has been made to dispose of property and equipment prior to the end of the previously estimated useful life, depreciation estimates are revised to reflect the use of the asset over the shortened estimated useful life. The Company’s cost of assets sold or retired and the related accumulated depreciation are removed from the accounts with any resulting gain or loss included in net income. Maintenance and repairs are charged to expense as incurred. Major renewals and betterments that extend useful lives are capitalized.

Long-lived store assets, which include leasehold improvements, store-related assets and operating lease assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Store assets are grouped at the lowest level for which they are largely independent of other assets or asset groups. If the estimated undiscounted future cash flows related to the asset group are less than the carrying value, the Company recognizes a loss equal to the difference between the carrying value and the estimated fair value, determined by the estimated discounted future cash flows of the asset group. For operating lease assets, the Company determines the fair value of the assets by comparing the contractual rent payments to estimated market rental rates. An individual asset within an asset group is not impaired below its estimated fair value. The fair value of long-lived store assets are determined using Level 3 inputs within the fair value hierarchy.

Leases and Leasehold Improvements

The Company leases retail space, office space, warehouse facilities, storage space, equipment and certain other items under operating leases. A substantial portion of the Company’s leases are operating leases for its stores, which generally have an initial term of 10 years. Annual store rent consists of a fixed minimum amount and/or variable rent based on a percentage of sales exceeding a stipulated amount. Store lease terms generally also require additional payments covering certain operating costs such as common area maintenance, utilities, insurance and taxes. Certain leases contain predetermined fixed escalations of minimum rentals or require periodic adjustments of minimum rentals depending on an index or rate. Additionally, certain leases contain incentives, such as construction allowances from landlords and/or rent abatements subsequent to taking possession of the leased property.

At lease commencement, the Company recognizes an asset for the right to use the leased asset and a liability based on the present value of the unpaid fixed lease payments. Operating lease costs are recognized on a straight-line basis as lease expense over the lease term. Variable lease payments associated with the Company’s leases are recognized upon occurrence of the event or circumstance on which the payments are assessed. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet, and lease expense is recognized on a straight-line basis over the lease term. The Company uses its incremental borrowing rate, adjusted for collateral, to determine the present value of its unpaid lease payments.

The Company’s store leases often include options to extend the initial term or to terminate the lease prior to the end of the initial term. The exercise of these options is typically at the sole discretion of the Company. These options are included in determining the initial lease term at lease commencement if the Company is reasonably certain to exercise the option. Additionally, the Company may operate stores for a period of time on a month-to-month basis after the expiration of the lease term.

The Company also has leasehold improvements which are amortized over the shorter of their estimated useful lives or the period from the date the assets are placed in service to the end of the initial lease term. Leasehold improvements made after the inception of the initial lease term are depreciated over the shorter of their estimated useful lives or the remaining lease term, including renewal periods, if reasonably assured.

Intangible Assets - Goodwill and Trade Names

Intangible Assets - Goodwill and Trade Name

The Company has recorded Goodwill and Trade Name intangible assets resulting from business combinations that are recorded at cost.

Goodwill is reviewed for impairment at the reporting unit level each year in the fourth quarter and may be reviewed more frequently if certain events occur or circumstances change. The Company has the option to either first perform a qualitative assessment to determine whether it is more likely than not that a reporting unit’s fair value is less than its carrying value (including goodwill), or to proceed directly to the quantitative assessment which requires a comparison of a reporting unit’s fair value to its carrying value (including goodwill). If the Company determines that the fair value of a reporting unit is less than its carrying value, it recognizes an impairment charge equal to the difference, not to exceed the total amount of goodwill allocated to a reporting unit. The Company’s reporting units are determined in accordance with the provisions of Accounting Standards Codification (“ASC”) 350, Intangibles - Goodwill and Other.

The Bath & Body Works Trade Name is an intangible asset with an indefinite life that is reviewed for impairment each year in the fourth quarter, and may be reviewed more frequently if certain events occur or circumstances change. The Company has the option to either first perform a qualitative assessment to determine whether it is more likely than not that the Trade Name is impaired, or to proceed directly to the quantitative assessment which requires a comparison of the fair value of the trade name to its carrying value. To determine if the fair value of the Trade Name is less than its carrying amount, the Company will estimate the fair value, usually determined by the relief from royalty method under the income approach, and compare that value with its carrying amount. If the carrying value of the Trade Name exceeds its fair value, the Company recognizes an impairment charge equal to the difference.

Foreign Currency Translation

The functional currency of the Company’s foreign operations is generally the applicable local currency. Assets and liabilities are translated into U.S. dollars using the current exchange rates in effect as of the balance sheet date, while revenues and expenses are translated at the average exchange rates for the period. The Company’s resulting translation adjustments comprise substantially all of Accumulated Other Comprehensive Income in Shareholders’ Equity (Deficit). Accumulated foreign currency translation adjustments are reclassified to Net Income when realized upon sale or upon complete, or substantially complete, liquidation of the investment in the foreign entity.

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.

Equity 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 $120 million as of February 3, 2024 and $124 million as of January 28, 2023, 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.

Fair Value

The authoritative guidance included in ASC 820, Fair Value Measurement, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. This authoritative guidance further establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

•Level 1 - Quoted market prices in active markets for identical assets or liabilities.

•Level 2 - Observable inputs other than quoted market prices included in Level 1, such as quoted prices of similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

•Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The Company estimates the fair value of financial instruments, Property and Equipment, Net, Goodwill and its Trade Name in accordance with the provisions of ASC 820.

Income Taxes

The Company accounts for income taxes under the asset and liability method. Under this method, taxes currently payable or refundable are accrued, and deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are also recognized for realizable operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted income tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recognized in the Company’s Consolidated Statements of Income in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized.

In determining the Company’s provision for income taxes, the Company considers permanent differences between book and tax income and statutory income tax rates. The Company’s effective income tax rate is affected by items including changes in tax law, the tax jurisdiction of the Company’s operations and the level of earnings.

The Company follows a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and for which actual outcomes may differ from forecasted outcomes. The Company’s policy is to include interest and penalties related to uncertain tax positions in income tax expense.

The Company’s income tax returns, like those of most companies, are periodically audited by domestic and foreign tax authorities. These audits include questions regarding the Company’s tax filing positions, including the timing and amount of deductions and the allocation of income among various tax jurisdictions. At any one time, multiple tax years are subject to audit by the various tax authorities. A number of years may elapse before a particular matter for which the Company has established an accrual is audited and fully resolved or clarified. The Company adjusts its tax contingencies accrual and income tax provision in the period in which matters are effectively settled with tax authorities at amounts different from its established accrual, when the statute of limitations expires for the relevant taxing authority to examine the tax position or when more information becomes available. The Company includes its tax contingencies accrual, including accrued penalties and interest, in Other Long-term Liabilities on the Consolidated Balance Sheets unless the liability is expected to be paid within one year. Changes to the tax contingencies accrual, including accrued penalties and interest, are included in Provision for Income Taxes on the Consolidated Statements of Income.

Self-Insurance

The Company is self-insured for medical, workers’ compensation, property, general liability and automobile liability up to certain stop-loss limits. Such costs are accrued based on known claims and an estimate of incurred but not reported (“IBNR”) claims. IBNR claims are estimated using historical claim information and actuarial estimates.

Noncontrolling Interest

Noncontrolling interest represents the portion of equity interests of consolidated affiliates not owned by the Company.

Share-based Compensation

The Company recognizes all share-based payments to associates and directors as compensation cost over the service period based on their estimated fair value on the date of grant. The Company estimates award forfeitures at the time awards are granted and adjusts, if necessary, in subsequent periods based on historical experience and expected future forfeitures. As part of the Company’s determination of award fair value, it assesses the impact of material nonpublic information on the share price at the time of grant. There were no such fair value adjustments to awards granted in any period presented.

Compensation cost is recognized over the service period for the fair value of awards that actually vest. Compensation expense for awards without a performance condition is recognized, net of estimated forfeitures, using a single award approach (each award is valued as one grant, irrespective of the number of vesting tranches). Compensation expense for awards with a performance condition is recognized, net of estimated forfeitures, using a multiple award approach (each vesting tranche is valued as one grant).

Revenue Recognition

The Company recognizes revenue based on the amount it expects to receive when control of the goods or services is transferred to the customer. The Company recognizes sales upon customer receipt of merchandise, which for direct channel revenues reflects an estimate of shipments that have not yet been received by the customer based on shipping terms and historical delivery times. The Company’s shipping and handling revenues are included in Net Sales with the related costs included in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income. The Company also provides a reserve for projected merchandise returns based on historical experience. Net Sales exclude sales and other similar taxes collected from customers.

The Company offers a loyalty program that allows customers to earn points based on purchasing activity. As customers accumulate points and reach point thresholds, points are converted to rewards that may be used to purchase merchandise in stores or online. Points expire if a loyalty account is inactive for a certain period of time, while rewards expire if unused after approximately three months. The Company allocates revenue to points earned on qualifying purchases and defers recognition of revenue until the rewards are redeemed. The amount of revenue deferred is based on the relative stand-alone selling price method, which includes an estimate for points and rewards not expected to be redeemed based on historical experience.

The Company sells gift cards with no expiration dates to customers. The Company does not charge administrative fees on unused gift cards. The Company recognizes revenue from gift cards when they are redeemed by the customer. In addition, the Company recognizes revenue on unredeemed gift cards when the likelihood of the gift cards being redeemed is remote and there is no legal obligation to remit the unredeemed gift cards to relevant jurisdictions (gift card breakage). Gift card breakage revenue is recognized in proportion to, and over the same period as, actual gift card redemptions. The Company determines the gift card breakage rate based on historical redemption patterns. Gift card breakage revenue is included in Net Sales in the Consolidated Statements of Income.

The Company also recognizes revenues associated with franchise, license, wholesale and sourcing arrangements. Revenue recognized under franchise and license arrangements generally consists of royalties earned and recognized upon sale of merchandise by franchise and license partners to retail customers. Revenue is generally recognized under wholesale and sourcing arrangements at the time the title passes to the partner.

Costs of Goods Sold, Buying and Occupancy

The Company’s Costs of Goods Sold include merchandise costs, net of discounts and allowances, freight and inventory shrinkage. The Company’s Buying and Occupancy Expenses primarily include; occupancy costs, including rent, common area maintenance, real estate taxes, utilities, maintenance, and fulfillment expenses; depreciation for the Company’s retail stores, warehouses, fulfillment facilities and equipment; and payroll, benefit costs and operating expenses for its buying departments and distribution network.

General, Administrative and Store Operating Expenses

The Company’s General, Administrative and Store Operating Expenses primarily include payroll and benefit costs for its store-selling and administrative departments (including home office and corporate functions), marketing and advertising costs, most of the Company’s technology expenses, general corporate expenses and other selling and operating expenses not specifically categorized elsewhere in the Consolidated Statements of Income.

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 and Reporting Pronouncements

Recently Issued Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures, that expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance, and applies to companies with a single reportable segment. The standard is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this standard on its disclosures.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, that requires enhanced income tax disclosures, primarily related to standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of adopting this standard on its disclosures.

Discontinued Operations - Schedule of Consideration and Costs Recognized for Transition Service Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Discontinued Operations and Disposal Groups [Abstract]
Transition service consideration	$ 43	$ 74	$ 42
Transition service cost	$ 29	$ 72	$ 55

Shareholders' Equity (Deficit) - Dividends Paid (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

12 Months Ended

Feb. 03, 2024

Oct. 28, 2023

Jul. 29, 2023

Apr. 29, 2023

Jan. 28, 2023

Oct. 29, 2022

Jul. 30, 2022

Apr. 30, 2022

Jan. 29, 2022

Oct. 30, 2021

Jul. 31, 2021

May 01, 2021

Feb. 03, 2024

Jan. 28, 2023

Jan. 29, 2022

Shareholders’ Equity [Abstract]

Ordinary dividends (in dollars per share)

$ 0.20

$ 0.15

$ 0

$ 0.80

$ 0.45

Payments of dividends

$ 45

$ 46

$ 48

$ 39

$ 42

$ 0

$ 182

^[1]

$ 186

^[1]

$ 120

^[1]

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the Consolidated Statements of Cash Flows include the results from continuing and discontinued operations.

Share-based Compensation

12 Months Ended

Feb. 03, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-based Compensation

Plan Summary

In 2020, the Company’s stockholders approved the 2020 Stock Option and Performance Incentive Plan (“2020 Plan”). The 2020 Plan replaced the 2015 Stock Option and Performance Incentive Plan (together with the 2020 Plan, the “Plans”). The Plans provide for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock, performance share units and unrestricted shares. Historically, the Company granted stock options at a price equal to the fair market value of the stock on the date of grant. Stock options have a maximum term of 10 years. Stock options and restricted stock units generally vest over three-to-five-years. Performance share units generally cliff vest at the end of a three-year performance period based upon the Company’s achievement of pre-established goals over the performance period.

Under the Plans, 206 million options, restricted and unrestricted shares have been authorized to be granted to associates and directors. There were 13 million shares of common stock available for future issuance under the Plans as of February 3, 2024.

Income Statement Impacts

The following table provides share-based compensation expense included in the Consolidated Statements of Income for 2023, 2022 and 2021:


	2023		2022		2021
	(in millions)
Costs of Goods Sold, Buying and Occupancy	$	13	$	14	$	10
General, Administrative and Store Operating Expenses	30		24		21
Total Share-based Compensation Expense	$	43	$	38	$	31

The Company recognized incremental tax expense associated with share-based compensation of $1 million for 2023. The tax benefit associated with recognized share-based compensation expense was $7 million for 2022 and $10 million for 2021.

Victoria’s Secret & Co. Spin-Off

In connection with the Separation, the Company adjusted its outstanding share-based awards in accordance with the terms of the Employee Matters Agreement entered into at the time of the Separation. Adjustments to the underlying shares and terms of outstanding restricted stock units, performance share units and stock options were made to preserve the intrinsic value of the awards immediately before and after the Separation. The historical disclosures relating to 2021 reported below within this Note 15 have not been segregated between continuing and discontinued operations.

Restricted Stock Units and Performance Share Units

The following table provides the Company’s restricted stock unit and performance share unit activity on a combined basis for the year ended February 3, 2024:


	Number of Shares	Weighted Average Grant Date Fair Value
	(in thousands)
Unvested as of January 28, 2023	2,319	$	44.65


Granted	1,273	35.93
Vested	(861)	41.58
Cancelled	(151)	42.74

Unvested as of February 3, 2024	2,580	$	41.49

The fair value of restricted stock unit and performance share unit awards is generally based on the market value of the Company’s common stock on the grant date adjusted for anticipated dividend yields. The weighted-average estimated fair value of awards granted was $35.93 per share for 2023, $44.73 per share for 2022 and $52.91 per share for 2021.

The Company’s total intrinsic value of awards that vested was $31 million for 2023, $88 million for 2022 and $137 million for 2021. The Company’s total fair value at grant date of awards that vested was $36 million for 2023, $36 million for 2022 and $75 million for 2021.

Tax benefits realized from tax deductions associated with awards that vested were $6 million for 2023, $14 million for 2022 and $36 million for 2021.

As of February 3, 2024, there was $41 million of total unrecognized compensation cost, net of estimated forfeitures, related to unvested restricted stock and performance share units. This cost is expected to be recognized over a weighted-average period of 1.5 years.

Share-based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 43	$ 38	$ 31
Costs of Goods Sold, Buying and Occupancy
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	13	14	10
General, Administrative and Store Operating Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 30	$ 24	$ 21

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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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Description of Business and Summary of Significant Accounting Policies

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Feb. 03, 2024

Accounting Policies [Abstract]

Description of Business

Fiscal Year

Basis of Consolidation

Cash and Cash Equivalents

Concentration of Credit Risk

Inventories

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

Advertising Costs

Property and Equipment

The Company’s Property and Equipment are recorded at cost and depreciation is computed on a straight-line basis using the following depreciable life ranges:


Category of Property and Equipment						Depreciable Life Range
Hardware and Software, including software developed for internal use						3 - 5 years
Store related assets						3 - 10 years
Leasehold improvements						Shorter of lease term or 10 years
Non-store related building and site improvements						10 - 15 years
Other property and equipment						20 years
Buildings						30 years

Leases and Leasehold Improvements

Intangible Assets - Goodwill and Trade Name

The Company has recorded Goodwill and Trade Name intangible assets resulting from business combinations that are recorded at cost.

Foreign Currency Translation

Derivative Financial Instruments

Easton Investments

Fair Value

•Level 1 - Quoted market prices in active markets for identical assets or liabilities.

The Company estimates the fair value of financial instruments, Property and Equipment, Net, Goodwill and its Trade Name in accordance with the provisions of ASC 820.

Income Taxes

Self-Insurance

Noncontrolling Interest

Noncontrolling interest represents the portion of equity interests of consolidated affiliates not owned by the Company.

Share-based Compensation

Revenue Recognition

Costs of Goods Sold, Buying and Occupancy

General, Administrative and Store Operating Expenses

Use of Estimates in the Preparation of Financial Statements

Recently Issued Accounting Pronouncements

Share-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, restricted and unrestricted shares authorized (in shares)	206
Options and shares available for grant (in shares)	13
Tax benefit (expense) associated with share based compensation	$ (1)	$ 7	$ 10
Restricted Stock and Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit (expense) associated with share based compensation	$ 6	$ 14	$ 36
Share-based compensation, weighted average grant date fair value (in dollars per share)	$ 35.93	$ 44.73	$ 52.91
Total intrinsic value of restricted stock vested	$ 31	$ 88	$ 137
Total fair value at grant date of awards vested	36	$ 36	$ 75
Total unrecognized compensation cost related to unvested restricted stock, net of estimated forfeitures	$ 41
Total unrecognized compensation cost, weighted-average period of recognition, years	1 year 6 months
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Minimum \| Stock Options and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Maximum \| Stock Options and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	5 years
Maximum \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award expiration period	10 years

Share-based Compensation (Tables)

12 Months Ended

Feb. 03, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-Based Compensation Expense

The following table provides share-based compensation expense included in the Consolidated Statements of Income for 2023, 2022 and 2021:


	2023		2022		2021
	(in millions)
Costs of Goods Sold, Buying and Occupancy	$	13	$	14	$	10
General, Administrative and Store Operating Expenses	30		24		21
Total Share-based Compensation Expense	$	43	$	38	$	31

Restricted Stock Units and Performance Share Units

The following table provides the Company’s restricted stock unit and performance share unit activity on a combined basis for the year ended February 3, 2024:


	Number of Shares	Weighted Average Grant Date Fair Value
	(in thousands)
Unvested as of January 28, 2023	2,319	$	44.65


Granted	1,273	35.93
Vested	(861)	41.58
Cancelled	(151)	42.74

Unvested as of February 3, 2024	2,580	$	41.49

Leases - Narrative (Details) $ in Millions	Feb. 03, 2024 USD ($)
Leases [Abstract]
Additional operating lease commitments not yet commenced	$ 31

Discontinued Operations - Schedule of Cash Flow Statement (Details) - USD ($)
$ in Millions

12 Months Ended

Feb. 03, 2024

Jan. 28, 2023

Jan. 29, 2022

Significant Non-cash Operating Items:

Share-based Compensation Expense

^[1]

$ 43

$ 38

$ 46

Deferred Income Taxes

^[1]

$ (128)

$ 17

Victoria's Secret | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff

Significant Non-cash Operating Items:

Depreciation of Long-lived Assets

158

Share-based Compensation Expense

Deferred Income Taxes

Capital Expenditures

$ (66)

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the Consolidated Statements of Cash Flows include the results from continuing and discontinued operations.

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Leases [Abstract]
Operating Lease Costs	$ 254	$ 238	$ 216
Variable Lease Costs	107	107	108
Short-term Lease Costs	41	37	34
Total Lease Cost	$ 402	$ 382	$ 358

Shareholders' Equity (Deficit)

12 Months Ended

Feb. 03, 2024

Stockholders' Equity Note [Abstract]

Shareholders' Equity (Deficit)

Shareholders’ Equity (Deficit)

Common Stock Share Repurchases

2022 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”). As part of the February 2022 Program, the Company entered into an accelerated share repurchase program (“ASR”) under which the Company repurchased $1 billion of its own outstanding common stock. The delivery of shares under the ASR resulted in an immediate reduction of the shares used to calculate the weighted-average common shares outstanding for net income per basic and diluted share. Pursuant to the Board’s authorization, the Company made other share repurchases in the open market under the February 2022 Program during 2022 and 2023.

On February 4, 2022, the Company delivered $1 billion to the ASR bank, and the bank delivered 14 million shares of common stock to the Company (the “Initial Shares”). Pursuant to the terms of the ASR, the Initial Shares represented 80% of the number of shares determined by dividing the $1 billion Company payment by the closing price of its common stock on February 2, 2022.

In May 2022, the Company received an additional 7 million shares of its common stock from the ASR bank for the final settlement of the ASR. The final number of shares of common stock delivered under the ASR was based generally upon a discount to the average daily Rule 10b-18 volume-weighted average price at which the shares of common stock traded during the regular trading sessions on the NYSE during the term of the repurchase period.

The Company repurchased the following shares of its common stock during 2022:


Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
February 2022	$	1,500	6,401	$	312	$	48.77
February 2022 - Accelerated Share Repurchase Program			20,295	1,000		49.27
Total			26,696	$	1,312

The Company repurchased the following shares of its common stock during 2023:


Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
February 2022	$	1,500	4,096	$	149	$	36.38

The February 2022 Program had $39 million of remaining authority as of February 3, 2024. There were share repurchases of $1 million reflected in Accounts Payable on the February 3, 2024 Consolidated Balance Sheet. Subsequent to February 3, 2024

through March 22, 2024, the Company repurchased an additional 606 thousand shares of its common stock for $27 million under the February 2022 Program.

2024 Repurchase Program

In January 2024, the Board authorized a new $500 million share repurchase program (the “January 2024 Program”). As of March 22, 2024, the Company had not repurchased any shares under the January 2024 Program.

Common Stock Retirement

Shares of common stock repurchased under the February 2022 Program were retired and cancelled upon repurchase, including shares repurchased under the ASR. As a result, the Company retired the 26.696 million shares repurchased under the February 2022 Program during 2022, which resulted in reductions of $13 million in the par value of Common Stock, $87 million in Paid-in Capital and $1.212 billion in Retained Earnings (Accumulated Deficit).

Additionally, the Company retired the 4.096 million shares repurchased under the February 2022 Program during 2023, which resulted in reductions of $2 million in the par value of Common Stock, $14 million in Paid-in Capital and $133 million in Retained Earnings (Accumulated Deficit).

Dividends

In connection with the onset of the COVID-19 pandemic, the Board suspended the Company’s quarterly cash dividend beginning in the second quarter of 2020. In March 2021, the Board reinstated the annual dividend at $0.60 per share, beginning with the quarterly dividend paid in June 2021. In February 2022, the Board increased the annual dividend to $0.80 per share, beginning with the quarterly dividend paid in March 2022.

The Company paid the following dividends during 2023, 2022 and 2021:


	Ordinary Dividends			Total Paid
	(per share)		(in millions)
2023
First Quarter	$	0.20		$	46
Second Quarter	0.20			46
Third Quarter	0.20			45
Fourth Quarter	0.20			45
2023 Total	$	0.80		$	182
2022
First Quarter	$	0.20		$	48
Second Quarter	0.20			46
Third Quarter	0.20			46
Fourth Quarter	0.20			46
2022 Total	$	0.80		$	186
2021
First Quarter	$	—		$	—
Second Quarter	0.15			42
Third Quarter	0.15			39
Fourth Quarter	0.15			39
2021 Total	$	0.45		$	120

On March 8, 2024, the Company paid its first quarter 2024 dividend of $0.20 per share to stockholders of record at the close of business on February 23, 2024.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Income Taxes - Effect of Temporary Differences that Cause Deferred Income Taxes (Details) - USD ($) $ in Millions	Feb. 03, 2024	Jan. 28, 2023
Deferred Tax Asset and Liability [Line Items]
Liabilities	$ (515)	$ (514)
Deferred tax assets, valuation allowance	(253)	(364)
Deferred tax assets, net of valuation allowance	512	383
Deferred tax liabilities, net	(3)	(131)
Loss Carryforwards
Deferred Tax Asset and Liability [Line Items]
Assets	390	396
Deferred tax assets, net	390	396
Leases
Deferred Tax Asset and Liability [Line Items]
Assets	280	275
Liabilities	(266)	(261)
Deferred tax assets, net	14	14
Capitalized Research and Development
Deferred Tax Asset and Liability [Line Items]
Assets	30	11
Deferred tax assets, net	30	11
Share-based Compensation
Deferred Tax Asset and Liability [Line Items]
Assets	9	9
Deferred tax assets, net	9	9
Property and Equipment
Deferred Tax Asset and Liability [Line Items]
Liabilities	(141)	(140)
Deferred tax liabilities, net	(141)	(140)
Trade Names
Deferred Tax Asset and Liability [Line Items]
Liabilities	(38)	(38)
Deferred tax liabilities, net	(38)	(38)
Other Assets
Deferred Tax Asset and Liability [Line Items]
Liabilities	(59)	(62)
Deferred tax liabilities, net	(59)	(62)
Other, Net
Deferred Tax Asset and Liability [Line Items]
Assets	56	56
Liabilities	(11)	(13)
Deferred tax assets, net	$ 45	$ 43

Consolidated Statements of Total Equity (Deficit) - USD ($)
shares in Thousands, $ in Millions

Total

February 2022 Repurchase Program, Accelerated Share Repurchase Program

Other Share Repurchase Program

Common Stock

February 2022 Repurchase Program, Accelerated Share Repurchase Program

Common Stock

Other Share Repurchase Program

Paid-In Capital

Accumulated Other Comprehensive Income

Retained Earnings (Accumulated Deficit)

Treasury Stock, at Average Cost

February 2022 Repurchase Program, Accelerated Share Repurchase Program

Treasury Stock, at Average Cost

Other Share Repurchase Program

Noncontrolling Interest

Beginning Balance (in shares) at Jan. 30, 2021

278,000

278,000

Beginning Balance at Jan. 30, 2021

$ (661)

$ 143

$ 891

$ 83

$ (1,421)

$ (358)

$ 1

Other Comprehensive Income (Loss)

1,333

^[1]

1,333

Stockholders' Equity Note, Spinoff Transaction

1,338

1,333

183

(8)

(175)

Cash Dividends

(120)

Repurchase of Common Stock (in shares)

(28,000)

Repurchase of Common Stock

$ (1,964)

Treasury Share Retirement

$ (11)

(69)

(1,420)

1,500

Share-based Compensation and Other (in shares)

4,000

Share-based Compensation and Other

$ 2

Ending Balance at Jan. 29, 2022

(1,517)

$ 134

893

(1,803)

(822)

Beginning Balance (in shares) at Jan. 29, 2022

254,000

254,000

Other Comprehensive Income (Loss)

800

^[1]

800

(2)

Repurchase of Common Stock (in shares)

798

(2)

800

Cash Dividends

(186)

(20,295)

(20,000)

(7,000)

Repurchase of Common Stock

$ (1,000)

(312)

$ (1,000)

(312)

Treasury Share Retirement

$ (13)

(87)

(1,212)

1,312

Share-based Compensation and Other (in shares)

2,000

Share-based Compensation and Other

$ 1

Ending Balance at Jan. 28, 2023

$ (2,205)

$ 122

817

(2,401)

(822)

Beginning Balance (in shares) at Jan. 28, 2023

229,000

229,000

Other Comprehensive Income (Loss)

$ 878

^[1]

878

(3)

Repurchase of Common Stock (in shares)

875

(3)

878

Cash Dividends

(182)

(4,000)

Repurchase of Common Stock

$ (149)

Treasury Share Retirement

$ (2)

(14)

(133)

149

Share-based Compensation and Other (in shares)

Share-based Compensation and Other

$ 0

Ending Balance at Feb. 03, 2024

$ (1,626)

$ 120

$ 838

$ 75

$ (1,838)

$ (822)

$ 1

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

225,000

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the Consolidated Statements of Cash Flows include the results from continuing and discontinued operations.

Discontinued Operations - Schedule of Income (Loss) from Discontinued Operations (Details) - USD ($)
$ in Millions

12 Months Ended

Feb. 03, 2024

Jan. 28, 2023

Jan. 29, 2022

Income from Discontinued Operations, Net of Tax

$ 0

$ 6

$ 258

Victoria's Secret | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Costs of Goods Sold, Buying and Occupancy

3,194

(1,841)

General, Administrative and Store Operating Expenses

^[1]

(975)

Interest Expense

(2)

Other Loss

(3)

Income from Discontinued Operations Before Income Taxes

373

Provision (Benefit) for Income Taxes

^[2]

(6)

115

Income from Discontinued Operations, Net of Tax

$ 6

258

Separation Related Expenses

$ 104

[1]	Fiscal 2021 includes Separation-related fees of $104 million. Prior to the Separation, these fees were reported in the Other category under the Company’s previous segment reporting.
[2]	(b)Fiscal 2022 includes an adjustment to the previously recorded tax expense related to the Separation.

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	Feb. 03, 2024	Jan. 28, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 628	$ 628
Trade Name	$ 165	$ 165

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

Discontinued Operations and Disposal Groups [Abstract]

Leases - Lease Term and Discount Rate (Details)	Feb. 03, 2024	Jan. 28, 2023
Leases [Abstract]
Weighted Average Remaining Lease Term (years)	6 years 4 months 24 days	6 years 7 months 6 days
Weighted Average Discount Rate	5.60%	5.40%

Discontinued Operations

12 Months Ended

Feb. 03, 2024

Discontinued Operations

On August 2, 2021, the Company completed the spin-off of its Victoria’s Secret business into an independent, publicly traded company that operates under the name Victoria’s Secret & Co. (“Victoria’s Secret”) and trades under the symbol “VSCO” on the New York Stock Exchange (the “NYSE”). Accordingly, the Company has reported the results of the Victoria’s Secret business as discontinued operations in the Consolidated Statements of Income through the date of the spin-off.

In connection with the Separation, the Company entered into several agreements with Victoria’s Secret that govern the relationship of the parties following the Separation, including the Separation and Distribution Agreement, a Transition Services Agreement under which the Company provides services to Victoria’s Secret (the “BBW to VS TSA”), a Transition Services under which the Company receives services from Victoria’s Secret (the “VS to BBW TSA” and together with the BBW to VS TSA, the “Transition Services Agreements”), the Tax Matters Agreement, the Employee Matters Agreement and the Domestic Transportation Services Agreement. Additionally, the Company has contingent obligations relating to certain lease payments under the current terms of noncancelable leases. For additional information, see Note 13, “Commitments and Contingencies.”

Under the terms of the BBW to VS TSA, the Company has provided Victoria’s Secret with various services or functions, including human resources, payroll, information technology and certain logistics functions. The primary services that BBW still provides to VS under the BBW to VS TSA relate to information technology services. Under the terms of the VS to BBW TSA, Victoria’s Secret has provided the Company with various services or functions, including information technology, certain logistics functions and customer marketing services. The primary services that VS still provides to BBW under the VS to BBW TSA relate to information technology services. The Company anticipates that both Transition Services Agreements will terminate during fiscal 2024. Consideration and costs for the services under the Transition Services Agreements are determined using several billing methodologies as described in the agreements, including customary billing, pass-through billing, percent of sales billing or fixed fee billing. Consideration for transition services provided to Victoria’s Secret is recorded within the Consolidated Statements of Income based on the nature of the service and as an offset to expenses incurred to provide the services. Costs for transition services provided by Victoria’s Secret are recorded within the Consolidated Statements of Income based on the nature of the service.

The following table summarizes the consideration received and costs recognized pursuant to the Transition Service Agreements recorded in the Consolidated Statements of Income:


	2023		2022		2021
	(in millions)
Consideration Received	$	43	$	74	$	42
Costs Recognized	29		72		55

Under the terms of the Domestic Transportation Services Agreement, the Company will provide transportation services for Victoria’s Secret merchandise in the U.S. and Canada until September 2026. Consideration for the transportation services is determined using customary billing and fixed billing methodologies, which are described in the agreement, and are subject to an administrative charge. Consideration for logistics services provided to Victoria’s Secret is recorded within Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income and as an offset to expenses incurred to provide the services.

The following table summarizes the consideration received pursuant to the Domestic Transportation Services Agreement recorded in the Consolidated Statements of Income:


	2023		2022		2021
	(in millions)
Consideration Received	$	78	$	91	$	46

Financial Information of Discontinued Operations

The Company did not report any assets or liabilities classified as discontinued operations for any period presented.

Income from Discontinued Operations, Net of Tax in the Consolidated Statements of Income reflects the after-tax results of the Victoria’s Secret business and Separation-related fees, and does not include any allocation of general corporate overhead expense or interest expense of the Company. The Company did not report any results from discontinued operations in 2023.

The following table summarizes the significant line items included in Income from Discontinued Operations, Net of Tax in the 2022 and 2021 Consolidated Statements of Income:


	2022		2021
	(in millions)
Net Sales	$	—	$	3,194
Costs of Goods Sold, Buying and Occupancy	—		(1,841)
General, Administrative and Store Operating Expenses (a)	—		(975)
Interest Expense	—		(2)
Other Loss	—		(3)
Income from Discontinued Operations Before Income Taxes	—		373
Provision (Benefit) for Income Taxes (b)	(6)		115
Income from Discontinued Operations, Net of Tax	$	6	$	258

_______________

(a)Fiscal 2021 includes Separation-related fees of $104 million. Prior to the Separation, these fees were reported in the Other category under the Company’s previous segment reporting.

(b)Fiscal 2022 includes an adjustment to the previously recorded tax expense related to the Separation.

The cash flows related to discontinued operations have not been segregated. Accordingly, the 2021 Consolidated Statement of Cash Flows includes the results from continuing and discontinued operations. The Company did not report any cash flows from discontinued operations during 2023 and 2022.

The following table summarizes significant non-cash operating items and Capital Expenditures of discontinued operations included in the 2021 Consolidated Statement of Cash Flows:


	2021
	(in millions)
Significant Non-cash Operating Items:
Depreciation of Long-lived Assets	$	158
Share-based Compensation Expense	15
Deferred Income Taxes	3
Capital Expenditures	(66)

Leases (Tables)

12 Months Ended

Feb. 03, 2024

Leases [Abstract]

Schedule of Lease Cost

The following table provides the components of lease cost for operating leases for 2023, 2022 and 2021:


	2023		2022		2021
	(in millions)
Operating Lease Costs	$	254	$	238	$	216
Variable Lease Costs	107		107		108
Short-term Lease Costs	41		37		34
Total Lease Cost	$	402	$	382	$	358

Schedule of Future Maturities of Operating Lease Liabilities

The following table provides future maturities of operating lease liabilities as of February 3, 2024:


Fiscal Year	(in millions)
2024	$	242
2025	257
2026	229
2027	182
2028	150
Thereafter	357
Total Lease Payments	1,417
Less: Interest	(232)
Present Value of Operating Lease Liabilities	$	1,185

Weighted Average Remaining Lease Term and Discount Rate For Operating Lease Liabilities

The following table provides the weighted average remaining lease term and discount rate for operating lease liabilities as of February 3, 2024 and January 28, 2023:


	February 3, 2024		January 28, 2023
Weighted Average Remaining Lease Term (years)	6.4		6.6
Weighted Average Discount Rate	5.6	%	5.4	%

Schedule of Supplemental Cash Flow Information Related to Leases

The following table provides supplemental cash flow information related to the Company’s operating leases for 2023, 2022 and 2021:


	2023		2022		2021
	(in millions)
Cash paid for Operating Lease Liabilities (a)	$	280	$	249	$	245
Lease Assets obtained as a result of new Lease Liabilities	185		207		209

________________

(a)These payments are included within the Operating Activities section of the Consolidated Statements of Cash Flows.

Net Income Per Share (Tables)

12 Months Ended

Feb. 03, 2024

Earnings Per Share [Abstract]

Earnings Per Share Computation

The following table provides the weighted-average shares utilized for the calculation of Net Income per Basic and Diluted Share for 2023, 2022 and 2021:


	2023	2022	2021
	(in millions)
Common Shares	243	247	282
Treasury Shares	(15)	(15)	(13)
Basic Shares	228	232	269
Effect of Dilutive Awards	1	1	4
Diluted Shares	229	233	273
Anti-dilutive Awards (a)	—	1	1

________________

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

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Disaggregation of Revenue [Line Items]
Accounts receivable, net from revenue-generating activities	$ 84	$ 79
Deferred revenue	198	195
Revenue recognized	144
Net sales	$ 7,429	7,560	$ 7,882
Minimum
Disaggregation of Revenue [Line Items]
Account receivable, payment term	45 days
Maximum
Disaggregation of Revenue [Line Items]
Account receivable, payment term	75 days
Outside of the U.S.
Disaggregation of Revenue [Line Items]
Net sales	$ 723	$ 707	$ 626

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.

Property, Plant and Equipment [Abstract]

Long-Lived Assets (Tables)

12 Months Ended

Feb. 03, 2024

Property, Plant and Equipment, Net

The following table provides details of Property and Equipment, Net as of February 3, 2024 and January 28, 2023:


	February 3, 2024		January 28, 2023
	(in millions)
Land and Improvements	$	90	$	90
Buildings and Improvements	319		306
Furniture, Fixtures, Software and Equipment	1,821		1,637
Leasehold Improvements	850		809
Construction in Progress	43		73
Total	3,123		2,915
Accumulated Depreciation and Amortization	(1,903)		(1,722)
Property and Equipment, Net	$	1,220	$	1,193

Intangible Assets	12 Months Ended
Intangible Assets	Feb. 03, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Goodwill The Company’s Goodwill was $628 million as of February 3, 2024 and January 28, 2023. The Company performed its qualitative goodwill impairment assessments as of February 3, 2024 and January 28, 2023 and determined that it was not more likely than not that fair value was less than carrying value (including goodwill) as of both dates. Trade Name The Company’s Trade Name was $165 million as of February 3, 2024 and January 28, 2023. The Company performed its impairment assessments of the Trade Name as of February 3, 2024 and January 28, 2023, utilizing the relief from royalty method under the income approach, and determined that its fair value was greater than its carrying value as of both dates.

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Operating Loss Carryforwards [Line Items]
Pre-tax income (loss), non-US, arising principally from overseas operations	$ 84	$ 94	$ 110
Operating loss carryforwards	390
Income tax payments	231	188	487
Unrecognized tax benefits resulting in reduction of effective income tax rate	131	135	132
Unrecognized tax benefits reasonably possible change in the next twelve months	105
Interest and penalties related to unrecognized tax benefits of income tax expense	9	2	$ (2)
Income tax penalties and interest accrued	19	$ 10
Operating Loss Carryforwards Expiration Year, Unlimited
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 248

Consolidated Balance Sheets - USD ($) $ in Millions	Feb. 03, 2024	Jan. 28, 2023
Current Assets:
Cash and Cash Equivalents	$ 1,084	$ 1,232
Accounts Receivable, Net	224	226
Inventories	710	709
Other	97	99
Total Current Assets	2,115	2,266
Property and Equipment, Net	1,220	1,193
Operating Lease Assets	1,056	1,050
Goodwill	628	628
Trade Name	165	165
Deferred Income Taxes	144	37
Other Assets	135	155
Total Assets	5,463	5,494
Current Liabilities:
Accounts Payable	380	455
Accrued Expenses and Other	608	673
Current Operating Lease Liabilities	181	177
Income Taxes	120	74
Total Current Liabilities	1,289	1,379
Deferred Income Taxes	147	168
Long-term Debt	4,388	4,862
Long-term Operating Lease Liabilities	1,004	1,014
Other Long-term Liabilities	261	276
Shareholders’ Equity (Deficit):
Preferred Stock—$1.00 par value; 10 shares authorized; none issued	0	0
Common Stock—$0.50 par value; 1,000 shares authorized; 240 and 244 shares issued; 225 and 229 shares outstanding, respectively	120	122
Paid-in Capital	838	817
Accumulated Other Comprehensive Income	75	78
Retained Earnings (Accumulated Deficit)	(1,838)	(2,401)
Less: Treasury Stock, at Average Cost; 15 and 15 shares, respectively	(822)	(822)
Total Shareholders’ Equity (Deficit)	(1,627)	(2,206)
Noncontrolling Interest	1	1
Total Equity (Deficit)	(1,626)	(2,205)
Total Liabilities and Equity (Deficit)	$ 5,463	$ 5,494

Accrued Expenses and Other (Details) - USD ($) $ in Millions	Feb. 03, 2024	Jan. 28, 2023
Accrued Liabilities, Current [Abstract]
Deferred Revenue, Principally from Gift Card Sales	$ 198	$ 195
Compensation, Payroll Taxes and Benefits	114	127
Interest	58	74
Taxes, Other than Income	36	35
Rent	32	41
Accrued Claims on Self-insured Activities	34	36
Other	136	165
Total Accrued Expenses and Other	$ 608	$ 673

Description of Business and Summary of Significant Accounting Policies - Depreciable Life Range of Property Plant and Equipment (Details)	Feb. 03, 2024
Hardware and Software, including software developed for internal use \| Minimum
Property, Plant and Equipment [Line Items]
Depreciable life range	3 years
Hardware and Software, including software developed for internal use \| Maximum
Property, Plant and Equipment [Line Items]
Depreciable life range	5 years
Store related assets \| Minimum
Property, Plant and Equipment [Line Items]
Depreciable life range	3 years
Store related assets \| Maximum
Property, Plant and Equipment [Line Items]
Depreciable life range	10 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Depreciable life range	10 years
Non-store related building and site improvements \| Minimum
Property, Plant and Equipment [Line Items]
Depreciable life range	10 years
Non-store related building and site improvements \| Maximum
Property, Plant and Equipment [Line Items]
Depreciable life range	15 years
Other property and equipment
Property, Plant and Equipment [Line Items]
Depreciable life range	20 years
Buildings
Property, Plant and Equipment [Line Items]
Depreciable life range	30 years

Revenue Recognition (Tables)

12 Months Ended

Feb. 03, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table provides a disaggregation of Net Sales for 2023, 2022 and 2021:


	2023		2022		2021
	(in millions)
Stores - U.S. and Canada	$	5,507	$	5,476	$	5,709
Direct - U.S. and Canada	1,582		1,745		1,890
International (a)	340		339		283
Total Net Sales	$	7,429	$	7,560	$	7,882

_______________

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

Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Feb. 03, 2024

Accounting Policies [Abstract]

Depreciable Life Range of Property Plant and Equipment

The Company’s Property and Equipment are recorded at cost and depreciation is computed on a straight-line basis using the following depreciable life ranges:


Category of Property and Equipment						Depreciable Life Range
Hardware and Software, including software developed for internal use						3 - 5 years
Store related assets						3 - 10 years
Leasehold improvements						Shorter of lease term or 10 years
Non-store related building and site improvements						10 - 15 years
Other property and equipment						20 years
Buildings						30 years

Consolidated Statements of Total Equity (Deficit) (Parenthetical) - $ / shares	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Statement of Stockholders' Equity [Abstract]
Dividends per share (in USD per share)	$ 0.80	$ 0.80	$ 0.45

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Current:
U.S. Federal	$ 214	$ 180	$ 249
U.S. State	49	48	53
Non-U.S.	7	8	4
Total	270	236	306
Deferred:
U.S. Federal	(19)	10	24
U.S. State	(2)	0	10
Non-U.S.	(106)	5	8
Total	(127)	15	42
Provision for Income Taxes	$ 143	$ 251	$ 348

Discontinued Operations (Tables)

12 Months Ended

Feb. 03, 2024

Discontinued Operations and Disposal Groups [Abstract]

Summary of Consideration and Costs Recognized Pursuant to Transition Service Agreements

The following table summarizes the consideration received and costs recognized pursuant to the Transition Service Agreements recorded in the Consolidated Statements of Income:


	2023		2022		2021
	(in millions)
Consideration Received	$	43	$	74	$	42
Costs Recognized	29		72		55

Summary of Consideration Recognized Pursuant to Domestic Transportation Service Agreements

The following table summarizes the consideration received pursuant to the Domestic Transportation Services Agreement recorded in the Consolidated Statements of Income:


	2023		2022		2021
	(in millions)
Consideration Received	$	78	$	91	$	46

Summary of Discontinued Operations in Financial Statements

The following table summarizes the significant line items included in Income from Discontinued Operations, Net of Tax in the 2022 and 2021 Consolidated Statements of Income:


	2022		2021
	(in millions)
Net Sales	$	—	$	3,194
Costs of Goods Sold, Buying and Occupancy	—		(1,841)
General, Administrative and Store Operating Expenses (a)	—		(975)
Interest Expense	—		(2)
Other Loss	—		(3)
Income from Discontinued Operations Before Income Taxes	—		373
Provision (Benefit) for Income Taxes (b)	(6)		115
Income from Discontinued Operations, Net of Tax	$	6	$	258

_______________

(a)Fiscal 2021 includes Separation-related fees of $104 million. Prior to the Separation, these fees were reported in the Other category under the Company’s previous segment reporting.

(b)Fiscal 2022 includes an adjustment to the previously recorded tax expense related to the Separation.

The following table summarizes significant non-cash operating items and Capital Expenditures of discontinued operations included in the 2021 Consolidated Statement of Cash Flows:


	2021
	(in millions)
Significant Non-cash Operating Items:
Depreciation of Long-lived Assets	$	158
Share-based Compensation Expense	15
Deferred Income Taxes	3
Capital Expenditures	(66)

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Fair Value Measurements

12 Months Ended

Feb. 03, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table provides a summary of the principal value and estimated fair value of outstanding Long-term Debt as of February 3, 2024 and January 28, 2023:


	February 3, 2024		January 28, 2023
	(in millions)
Principal Value	$	4,430	$	4,915
Fair Value, Estimated (a)	4,456		4,707

________________

(a)The estimated fair values are based on reported transaction prices which are considered Level 2 inputs in accordance with ASC 820. 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 the Company’s Accounts Receivable, Accounts Payable and Accrued Expenses approximate their fair values because of their short maturities.

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.

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

Long-term Debt and Borrowing Facility

12 Months Ended

Feb. 03, 2024

Long-term Debt and Borrowing Facility

The following table provides the Company’s outstanding Long-term Debt balance, net of unamortized debt issuance costs and discounts, as of February 3, 2024 and January 28, 2023:


	February 3, 2024		January 28, 2023
	(in millions)
Senior Debt with Subsidiary Guarantee
$314 million, 9.375% Fixed Interest Rate Notes due July 2025 (“2025 Notes”)	$	313	$	317
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”)	287		283
$462 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)	460		498
$500 million, 7.500% Fixed Interest Rate Notes due June 2029 (“2029 Notes”)	492		491
$938 million, 6.625% Fixed Interest Rate Notes due October 2030 (“2030 Notes”)	930		991
$811 million, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	806		993
$613 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	608		694
Total Senior Debt with Subsidiary Guarantee	3,896		4,267
Senior Debt
$294 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	293		349
$201 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	199		246
Total Senior Debt	492		595
Total Long-term Debt	$	4,388	$	4,862

The following table provides principal payments due on outstanding Long-term Debt in the next five fiscal years and the remaining years thereafter:


Fiscal Year	(in millions)
2024	$	—
2025	314
2026	297
2027	—
2028	462
Thereafter	3,357

Cash paid for interest was $346 million in 2023, $339 million in 2022 and $354 million in 2021.

Repurchases of Notes

The gains and losses on the extinguishment of debt include the write-offs of unamortized issuance costs and are included in Other Income (Loss) in the Consolidated Statements of Income.

2021 Repurchases

In April 2021, the Company redeemed the remaining $285 million of its outstanding 5.625% senior notes due February 2022 and $750 million of its outstanding 6.875% senior secured notes due July 2025. The Company recognized a pre-tax loss related to this extinguishment of debt of $105 million (after-tax loss of $80 million).

In September 2021, the Company completed the tender offers to purchase $270 million of its outstanding 5.625% senior notes due October 2023 (the “2023 Notes”) and $180 million of its outstanding 2025 Notes for an aggregate purchase price of $532 million. Additionally, in October 2021, the Company redeemed the remaining $50 million of its outstanding 2023 Notes for an aggregate purchase price of $54 million. The Company recognized a pre-tax loss related to this extinguishment of debt of $89 million (after-tax loss of $68 million).

2023 Repurchases

During 2023, the Company repurchased in the open market and extinguished $485 million principal amount of the Company’s outstanding senior notes. The aggregate repurchase price for these notes was $447 million, resulting in pre-tax gains of $34 million, net of the write-off of unamortized issuance costs, during 2023.

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


	(in millions)
2025 Notes	$	6
2028 Notes	38
2030 Notes	62
2033 Notes	56
2035 Notes	189
2036 Notes	87
2037 Notes	47
Total	$	485

Subsequent to February 3, 2024 through March 22, 2024, the Company repurchased in the open market and extinguished $45 million principal amount of the Company’s outstanding senior notes for an aggregate repurchase price of $45 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-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 February 3, 2024, the Company’s borrowing base was $539 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 February 3, 2024 that reduced its availability under the ABL Facility. As of February 3, 2024, the Company’s availability under the ABL Facility was $529 million.

As of February 3, 2024, 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% per annum 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 February 3, 2024, the Company was not required to maintain this ratio.

Shareholders' Equity (Deficit) - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions			1 Months Ended	2 Months Ended	3 Months Ended												12 Months Ended
	Mar. 08, 2024	Feb. 04, 2022	May 31, 2022	Mar. 22, 2024	Feb. 03, 2024	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023	Jan. 28, 2023	Oct. 29, 2022	Jul. 30, 2022	Apr. 30, 2022	Jan. 29, 2022	Oct. 30, 2021	Jul. 31, 2021	May 01, 2021	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022	Jan. 31, 2024	Feb. 02, 2022	Mar. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Stock retired																	$ 0	$ 0	$ 0
Dividends payable, amount per share (in USD per share)					$ 0.80												$ 0.80					$ 0.60
Dividends paid (in dollars per share)					$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.15	$ 0.15	$ 0.15	$ 0	$ 0.80	$ 0.80	$ 0.45
Accounts Payable
Equity, Class of Treasury Stock [Line Items]
Payable for share repurchases					$ 1												$ 1
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Dividends paid (in dollars per share)	$ 0.20
Par Value
Equity, Class of Treasury Stock [Line Items]
Stock retired																	2	$ 13
Paid-In Capital
Equity, Class of Treasury Stock [Line Items]
Stock retired																	14	87	$ 69
Retained Earnings (Accumulated Deficit)
Equity, Class of Treasury Stock [Line Items]
Stock retired																	133	1,212	$ 1,420
February 2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount					1,500				$ 1,500								1,500	1,500			$ 1,500
Repurchase of common stock																		$ 1,312
Repurchase of Common Stock (in shares)																		26,696
Stock repurchase program, remaining authorized repurchase amount					$ 39												$ 39
Stock retired (in shares)																	4,096	26,696
February 2022 Repurchase Program \| Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock				$ 27
Repurchase of Common Stock (in shares)				606
February 2022 Repurchase Program, Accelerated Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount																					$ 1,000
Repurchase of common stock		$ 1,000																$ 1,000
Repurchase of Common Stock (in shares)		14,000	7,000															20,295
Shares repurchased, percentage of shares expected to be acquired		80.00%
January 2024 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount																				$ 500

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

Feb. 03, 2024

Jan. 28, 2023

Reported Value Measurement

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Debt instrument, fair value

$ 4,430

$ 4,915

Estimate of Fair Value Measurement

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Debt instrument, fair value

^[1]

$ 4,456

$ 4,707

[1]	The estimated fair values are based on reported transaction prices which are considered Level 2 inputs in accordance with ASC 820. The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

Share-based Compensation - Restricted Stock and Performance Share Units (Details) - Restricted Stock and Performance Share Units - $ / shares shares in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Unvested as of Beginning of Period (in shares)	2,319
Granted (in shares)	1,273
Vested (in shares)	(861)
Cancelled (in shares)	(151)
Unvested as of End of Period (in shares)	2,580	2,319
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested as of Beginning of Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 44.65
Granted, Weighted Average Grant Date Fair Value (in dollars per share)	35.93	$ 44.73	$ 52.91
Vested, Weighted Average Grant Date Fair Value (in dollars per share)	41.58
Cancelled, Weighted Average Grant Date Fair Value (in dollars per share)	42.74
Unvested as of End of Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 41.49	$ 44.65

Long-term Debt and Borrowing Facility - Repurchases (Details) $ in Millions	12 Months Ended
	Feb. 03, 2024 USD ($)
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 485
Fixed Rate 9.375% Notes due July 2025
Debt Instrument [Line Items]
Extinguishment of debt, amount	6
$462 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)
Debt Instrument [Line Items]
Extinguishment of debt, amount	38
$938 million, 6.625% Fixed Interest Rate Notes due October 2030 (“2030 Notes”)
Debt Instrument [Line Items]
Extinguishment of debt, amount	62
$294 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)
Debt Instrument [Line Items]
Extinguishment of debt, amount	56
$811 million, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)
Debt Instrument [Line Items]
Extinguishment of debt, amount	189
$613 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)
Debt Instrument [Line Items]
Extinguishment of debt, amount	87
$201 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 47

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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Stockholders' Equity Note [Abstract]

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Feb. 03, 2024	Mar. 15, 2024	Jul. 29, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Feb. 03, 2024
Current Fiscal Year End Date	--02-03
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
Title of 12(b) Security	Common Stock, $0.50 Par Value
Trading Symbol	BBWI
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 8.3
Entity Common Stock, Shares Outstanding		224,896,515
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Proxy Statement for the Registrant’s 2024 Annual Meeting of Stockholders are incorporated by reference into Part III.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000701985

Shareholders' Equity (Deficit) (Tables)

12 Months Ended

Feb. 03, 2024

Schedule of Company's repurchase program

The Company repurchased the following shares of its common stock during 2022:


Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
February 2022	$	1,500	6,401	$	312	$	48.77
February 2022 - Accelerated Share Repurchase Program			20,295	1,000		49.27
Total			26,696	$	1,312

The Company repurchased the following shares of its common stock during 2023:


Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
February 2022	$	1,500	4,096	$	149	$	36.38

Schedule of Dividends Paid

The Company paid the following dividends during 2023, 2022 and 2021:


	Ordinary Dividends			Total Paid
	(per share)		(in millions)
2023
First Quarter	$	0.20		$	46
Second Quarter	0.20			46
Third Quarter	0.20			45
Fourth Quarter	0.20			45
2023 Total	$	0.80		$	182
2022
First Quarter	$	0.20		$	48
Second Quarter	0.20			46
Third Quarter	0.20			46
Fourth Quarter	0.20			46
2022 Total	$	0.80		$	186
2021
First Quarter	$	—		$	—
Second Quarter	0.15			42
Third Quarter	0.15			39
Fourth Quarter	0.15			39
2021 Total	$	0.45		$	120

Consolidated Statements of Income - USD ($)
$ in Millions

12 Months Ended

Feb. 03, 2024

Jan. 28, 2023

Jan. 29, 2022

Income Statement [Abstract]

Costs of Goods Sold, Buying and Occupancy

$ 7,429

$ 7,560

$ 7,882

(4,193)

(4,305)

(4,027)

Gross Profit

3,236

3,255

3,855

General, Administrative and Store Operating Expenses

(1,951)

(1,879)

(1,846)

Operating Income

1,285

1,376

2,009

Interest Expense

(345)

(348)

(388)

Other Income (Loss)

(198)

Income from Continuing Operations Before Income Taxes

1,021

1,045

1,423

Provision for Income Taxes

143

251

348

Net Income from Continuing Operations

878

794

1,075

Income from Discontinued Operations, Net of Tax

258

Continuing Operations (in USD per share)

^[1]

$ 878

$ 800

$ 1,333

Net Income per Basic Share

$ 3.86

$ 3.43

$ 4.00

Discontinued Operations (in USD per share)

0.03

0.96

Total Net Income Per Basic Share (in USD per share)

3.86

3.45

4.96

Net Income per Diluted Share

Continuing Operations (in USD per share)

3.84

3.40

3.94

Discontinued Operations (in USD per share)

0.03

0.95

Total Net Income Per Diluted Share (in USD per share)

$ 3.84

$ 3.43

$ 4.88

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the Consolidated Statements of Cash Flows include the results from continuing and discontinued operations.

Discontinued Operations - Schedule of Consideration Received for Domestic Transportation Services Agreement (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Discontinued Operations and Disposal Groups [Abstract]
Domestic transportation services consideration	$ 78	$ 91	$ 46

Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions

12 Months Ended

Feb. 03, 2024

Jan. 28, 2023

Jan. 29, 2022

Statement of Comprehensive Income [Abstract]

Other Comprehensive Income (Loss), Net of Tax:

^[1]

$ 878

$ 800

$ 1,333

Foreign Currency Translation

(2)

Unrealized Gain on Cash Flow Hedges

Reclassification of Cash Flow Hedges to Earnings

(2)

Total Other Comprehensive Income (Loss), Net of Tax

(3)

(2)

$ 875

$ 798

$ 1,338

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the Consolidated Statements of Cash Flows include the results from continuing and discontinued operations.

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

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

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Revenue from Contract with Customer [Abstract]

Shareholders' Equity (Deficit) - Schedule of Repurchase of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions		1 Months Ended	12 Months Ended
	Feb. 04, 2022	May 31, 2022	Feb. 03, 2024	Jan. 28, 2023	Feb. 02, 2022
February 2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount			$ 1,500	$ 1,500	$ 1,500
Repurchase of Common Stock (in shares)				26,696
Repurchase of Common Stock				$ 1,312
February 2022 Repurchase Program, Other Open Market Share Repurchase
Equity, Class of Treasury Stock [Line Items]
Repurchase of Common Stock (in shares)			4,096	6,401
Repurchase of Common Stock			$ 149	$ 312
Average Stock Price (in dollars per share)			$ 36.38	$ 48.77
February 2022 Repurchase Program, Accelerated Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount					$ 1,000
Repurchase of Common Stock (in shares)	14,000	7,000		20,295
Repurchase of Common Stock	$ 1,000			$ 1,000
Average Stock Price (in dollars per share)				$ 49.27

Inventories (Details) - USD ($) $ in Millions	Feb. 03, 2024	Jan. 28, 2023
Inventory, Net [Abstract]
Finished Goods Merchandise	$ 558	$ 538
Raw Materials and Merchandise Components	152	171
Total Inventories	$ 710	$ 709

Commitments and Contingencies (Details) $ in Millions	Feb. 03, 2024 USD ($)
Lease Agreements \| Victoria's Secret
Loss Contingencies [Line Items]
Lease guarantees remaining after disposition of certain businesses	$ 263

Revenue Recognition

12 Months Ended

Feb. 03, 2024

Revenue Recognition

Accounts Receivable, Net from revenue-generating activities were $84 million as of February 3, 2024 and $79 million as of January 28, 2023. 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 rewards, 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 $198 million as of February 3, 2024 and $195 million as of January 28, 2023. The Company recognized $144 million as revenue in 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 2023, 2022 and 2021:


	2023		2022		2021
	(in millions)
Stores - U.S. and Canada	$	5,507	$	5,476	$	5,709
Direct - U.S. and Canada	1,582		1,745		1,890
International (a)	340		339		283
Total Net Sales	$	7,429	$	7,560	$	7,882

_______________

(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 $723 million in 2023, $707 million in 2022 and $626 million in 2021.

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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Revenues from External Customers and Long-Lived Assets [Line Items]

Long-Lived Assets - Narrative (Details) - USD ($)
$ in Millions

12 Months Ended

Feb. 03, 2024

Jan. 28, 2023

Jan. 29, 2022

Depreciation of long-lived assets

^[1]

$ 269

$ 221

$ 363

Continuing Operations

Revenues from External Customers and Long-Lived Assets [Line Items]

Depreciation of long-lived assets

269

221

$ 205

International

Revenues from External Customers and Long-Lived Assets [Line Items]

Long-lived assets

$ 138

$ 146

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the Consolidated Statements of Cash Flows include the results from continuing and discontinued operations.

Long-term Debt and Borrowing Facility - Schedule of Principal Payments on Long-term Debt (Details) $ in Millions	Feb. 03, 2024 USD ($)
Long-Term Debt, by Current and Noncurrent [Abstract]
2024	$ 0
2025	314
2026	297
2027	0
2028	462
Thereafter	$ 3,357

Leases

12 Months Ended

Feb. 03, 2024

Leases [Abstract]

Leases

The following table provides the components of lease cost for operating leases for 2023, 2022 and 2021:


	2023		2022		2021
	(in millions)
Operating Lease Costs	$	254	$	238	$	216
Variable Lease Costs	107		107		108
Short-term Lease Costs	41		37		34
Total Lease Cost	$	402	$	382	$	358

The following table provides future maturities of operating lease liabilities as of February 3, 2024:


Fiscal Year	(in millions)
2024	$	242
2025	257
2026	229
2027	182
2028	150
Thereafter	357
Total Lease Payments	1,417
Less: Interest	(232)
Present Value of Operating Lease Liabilities	$	1,185

The Company accounts for all fixed consideration in a lease as a single lease component. Therefore, the payments used to measure the lease liability include fixed minimum rentals along with fixed operating costs such as common area maintenance and utilities.

As of February 3, 2024, the Company had additional operating lease commitments that have not yet commenced of $31 million.

The following table provides the weighted average remaining lease term and discount rate for operating lease liabilities as of February 3, 2024 and January 28, 2023:


	February 3, 2024		January 28, 2023
Weighted Average Remaining Lease Term (years)	6.4		6.6
Weighted Average Discount Rate	5.6	%	5.4	%

The following table provides supplemental cash flow information related to the Company’s operating leases for 2023, 2022 and 2021:


	2023		2022		2021
	(in millions)
Cash paid for Operating Lease Liabilities (a)	$	280	$	249	$	245
Lease Assets obtained as a result of new Lease Liabilities	185		207		209

________________

(a)These payments are included within the Operating Activities section of the Consolidated Statements of Cash Flows.

Finance Leases

The Company leases certain fulfillment equipment under finance leases that expire at various dates through 2029. The Company records finance lease assets, net of accumulated amortization, in Property and Equipment, Net on the Consolidated Balance Sheets. Additionally, the Company records finance lease liabilities in Accrued Expenses and Other and Other Long-term Liabilities on the Consolidated Balance Sheets. Finance lease costs are comprised of the straight-line amortization of the lease asset and the accretion of interest expense under the effective interest method. The Company’s finance lease assets and liabilities were not significant for any period presented.

Leases

The following table provides the components of lease cost for operating leases for 2023, 2022 and 2021:


	2023		2022		2021
	(in millions)
Operating Lease Costs	$	254	$	238	$	216
Variable Lease Costs	107		107		108
Short-term Lease Costs	41		37		34
Total Lease Cost	$	402	$	382	$	358

The following table provides future maturities of operating lease liabilities as of February 3, 2024:


Fiscal Year	(in millions)
2024	$	242
2025	257
2026	229
2027	182
2028	150
Thereafter	357
Total Lease Payments	1,417
Less: Interest	(232)
Present Value of Operating Lease Liabilities	$	1,185

As of February 3, 2024, the Company had additional operating lease commitments that have not yet commenced of $31 million.

The following table provides the weighted average remaining lease term and discount rate for operating lease liabilities as of February 3, 2024 and January 28, 2023:


	February 3, 2024		January 28, 2023
Weighted Average Remaining Lease Term (years)	6.4		6.6
Weighted Average Discount Rate	5.6	%	5.4	%

The following table provides supplemental cash flow information related to the Company’s operating leases for 2023, 2022 and 2021:


	2023		2022		2021
	(in millions)
Cash paid for Operating Lease Liabilities (a)	$	280	$	249	$	245
Lease Assets obtained as a result of new Lease Liabilities	185		207		209

________________

(a)These payments are included within the Operating Activities section of the Consolidated Statements of Cash Flows.

Finance Leases

Leases - Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions

12 Months Ended

Feb. 03, 2024

Jan. 28, 2023

Jan. 29, 2022

Leases [Abstract]

Cash paid for Operating Lease Liabilities

^[1]

$ 280

$ 249

$ 245

Lease Assets obtained as a result of new Lease Liabilities

$ 185

$ 207

$ 209

[1]	These payments are included within the Operating Activities section of the Consolidated Statements of Cash Flows.

Income Taxes - Reconciliation of the Statutory Federal Income Tax Rate and the Effective Tax Rate (Details)	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Income Tax Disclosure [Abstract]
Federal Income Tax Rate	21.00%	21.00%	21.00%
State Income Taxes, Net of Federal Income Tax Effect	4.00%	4.10%	4.20%
Impact of Non-U.S. Operations	0.20%	0.10%	0.10%
Change in Valuation Allowance	(11.00%)	0.00%	0.00%
Share-based Compensation	0.10%	(0.70%)	(0.70%)
Uncertain Tax Positions	0.00%	(0.70%)	(0.50%)
Other Items, Net	(0.40%)	0.20%	0.40%
Effective Tax Rate	13.90%	24.00%	24.50%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Feb. 03, 2024
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

Long-term Debt and Borrowing Facility (Tables)

12 Months Ended

Feb. 03, 2024

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 February 3, 2024 and January 28, 2023:


	February 3, 2024		January 28, 2023
	(in millions)
Senior Debt with Subsidiary Guarantee
$314 million, 9.375% Fixed Interest Rate Notes due July 2025 (“2025 Notes”)	$	313	$	317
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”)	287		283
$462 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)	460		498
$500 million, 7.500% Fixed Interest Rate Notes due June 2029 (“2029 Notes”)	492		491
$938 million, 6.625% Fixed Interest Rate Notes due October 2030 (“2030 Notes”)	930		991
$811 million, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	806		993
$613 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	608		694
Total Senior Debt with Subsidiary Guarantee	3,896		4,267
Senior Debt
$294 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	293		349
$201 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	199		246
Total Senior Debt	492		595
Total Long-term Debt	$	4,388	$	4,862

Schedule of Principal Payments Due on Long-term Debt

The following table provides principal payments due on outstanding Long-term Debt in the next five fiscal years and the remaining years thereafter:


Fiscal Year	(in millions)
2024	$	—
2025	314
2026	297
2027	—
2028	462
Thereafter	3,357

Schedule of Long-Term Debt Repurchases

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


	(in millions)
2025 Notes	$	6
2028 Notes	38
2030 Notes	62
2033 Notes	56
2035 Notes	189
2036 Notes	87
2037 Notes	47
Total	$	485

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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-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

Common Shares (in shares)

Net Income Per Share

12 Months Ended

Feb. 03, 2024

Earnings Per Share [Abstract]

Net Income Per Share

Net Income per Basic Share is computed based on the weighted-average number of common shares outstanding. Net Income 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 Net Income per Basic and Diluted Share for 2023, 2022 and 2021:


	2023	2022	2021
	(in millions)
Common Shares	243	247	282
Treasury Shares	(15)	(15)	(13)
Basic Shares	228	232	269
Effect of Dilutive Awards	1	1	4
Diluted Shares	229	233	273
Anti-dilutive Awards (a)	—	1	1

________________

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

Inventories

12 Months Ended

Feb. 03, 2024

Inventory, Net [Abstract]

Inventories

The following table provides details of Inventories as of February 3, 2024 and January 28, 2023:


	February 3, 2024		January 28, 2023
	(in millions)
Finished Goods Merchandise	$	558	$	538
Raw Materials and Merchandise Components	152		171
Total Inventories	$	710	$	709

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Feb. 03, 2024
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 in the ordinary course of business. Actions filed against the Company from time to time may include commercial, tort, intellectual property, tax, customer, employment, wage and hour, data privacy, securities, anti-corruption 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 and the disposal of a certain other business, the Company had remaining contingent obligations of $263 million as of February 3, 2024 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.

Net Income Per Share - Shares Utilized for the Calculation of Basic and Diluted Earnings per Share (Details) - shares
shares in Millions

12 Months Ended

Feb. 03, 2024

Jan. 28, 2023

Jan. 29, 2022

Weighted-average Common Shares:

243

247

282

Treasury Shares (in shares)

(15)

(13)

Basic Shares (in shares)

228

232

269

Effect of Dilutive Options and Restricted Stock (in shares)

Diluted Shares (in shares)

229

233

273

Anti-dilutive 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 Facility - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Millions	Feb. 03, 2024	Jan. 28, 2023
Debt Instrument [Line Items]
Long-term debt	$ 4,388	$ 4,862
With Subsidiary Guarantee \| $314 million, 9.375% Fixed Interest Rate Notes due July 2025 (“2025 Notes”)
Debt Instrument [Line Items]
Long-term debt	313	317
Debt instrument, face amount	$ 314
Interest rate	9.375%
With Subsidiary Guarantee \| $297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”)
Debt Instrument [Line Items]
Long-term debt	$ 287	283
Debt instrument, face amount	$ 297
Interest rate	6.694%
With Subsidiary Guarantee \| $462 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)
Debt Instrument [Line Items]
Long-term debt	$ 460	498
Debt instrument, face amount	$ 462
Interest rate	5.25%
With Subsidiary Guarantee \| $500 million, 7.500% Fixed Interest Rate Notes due June 2029 (“2029 Notes”)
Debt Instrument [Line Items]
Long-term debt	$ 492	491
Debt instrument, face amount	$ 500
Interest rate	7.50%
With Subsidiary Guarantee \| $938 million, 6.625% Fixed Interest Rate Notes due October 2030 (“2030 Notes”)
Debt Instrument [Line Items]
Long-term debt	$ 930	991
Debt instrument, face amount	$ 938
Interest rate	6.625%
With Subsidiary Guarantee \| $811 million, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)
Debt Instrument [Line Items]
Long-term debt	$ 806	993
Debt instrument, face amount	$ 811
Interest rate	6.875%
With Subsidiary Guarantee \| $613 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)
Debt Instrument [Line Items]
Long-term debt	$ 608	694
Debt instrument, face amount	$ 613
Interest rate	6.75%
With Subsidiary Guarantee \| Senior Debt Obligations
Debt Instrument [Line Items]
Long-term debt	$ 3,896	4,267
Without Subsidiary Guarantee
Debt Instrument [Line Items]
Long-term debt	492	595
Without Subsidiary Guarantee \| $294 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)
Debt Instrument [Line Items]
Long-term debt	293	349
Debt instrument, face amount	$ 294
Interest rate	6.95%
Without Subsidiary Guarantee \| $201 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)
Debt Instrument [Line Items]
Long-term debt	$ 199	$ 246
Debt instrument, face amount	$ 201
Interest rate	7.60%

Pay vs Performance Disclosure - USD ($)
$ in Millions

12 Months Ended

Feb. 03, 2024

Jan. 28, 2023

Jan. 29, 2022

Pay vs Performance Disclosure

^[1]

$ 878

$ 800

$ 1,333

[1]	The cash flows related to discontinued operations have not been segregated. Accordingly, the Consolidated Statements of Cash Flows include the results from continuing and discontinued operations.

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