0000701985-21-000020 | 10-Q | XBRL Viewer

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Cover - shares	3 Months Ended
Cover - shares	May 01, 2021	May 28, 2021
Cover [Abstract]
Entity Registrant Name	L BRANDS, INC.
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 01, 2021
Entity File Number	1-8344
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Title of 12(b) Security	Common Stock, $0.50 Par Value
Trading Symbol	LB
Security Exchange Name	NYSE
Entity Central Index Key	0000701985
Current Fiscal Year End Date	--01-29
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		276,821,306
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

Consolidated Statements Of Income - USD ($) $ in Millions	3 Months Ended
Consolidated Statements Of Income - USD ($) $ in Millions	May 01, 2021	May 02, 2020
Income Statement [Abstract]
Net Sales	$ 3,024	$ 1,654
Costs of Goods Sold, Buying and Occupancy	(1,610)	(1,366)
Gross Profit	1,414	288
General, Administrative and Store Operating Expenses	(842)	(606)
Operating Income (Loss)	572	(318)
Interest Expense	(114)	(97)
Other Income (Loss)	(105)	3
Income (Loss) Before Income Taxes	353	(412)
Provision (Benefit) for Income Taxes	76	(115)
Net Income (Loss)	$ 277	$ (297)
Net Income Per Basic Share (in usd per share)	$ 0.99	$ (1.07)
Net Income Per Diluted Share (in usd per share)	0.97	(1.07)
Dividends Per Share(in usd per share)	$ 0	$ 0.30

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Net Income (Loss)	$ 277	$ (297)
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	5	(6)
Unrealized Gain (Loss) on Cash Flow Hedges	(3)	5
Reclassification of Cash Flow Hedges to Earnings	1	0
Total Other Comprehensive Income (Loss), Net of Tax	3	(1)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 280	$ (298)

- Definition

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

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+ Details

- Definition

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

+ References

+ Details

Consolidated Balance Sheets - USD ($) $ in Millions	May 01, 2021	Jan. 30, 2021	May 02, 2020
Current Assets:
Cash and Cash Equivalents	$ 2,807	$ 3,903	$ 957
Accounts Receivable, Net	221	269	229
Inventories	1,397	1,273	1,491
Other	187	134	172
Total Current Assets	4,612	5,579	2,849
Property and Equipment, Net	2,030	2,095	2,299
Operating Lease Assets	2,596	2,558	2,947
Goodwill	628	628	628
Trade Names	411	411	411
Deferred Income Taxes	72	69	84
Other Assets	197	231	221
Total Assets	10,546	11,571	9,439
Current Liabilities:
Accounts Payable	735	683	715
Accrued Expenses and Other	1,292	1,457	826
Current Debt	0	0	468
Current Operating Lease Liabilities	504	594	590
Income Taxes	149	92	84
Total Current Liabilities	2,680	2,826	2,683
Deferred Income Taxes	245	234	198
Long-term Debt	5,344	6,366	5,034
Long-term Operating Lease Liabilities	2,504	2,495	2,945
Other Long-term Liabilities	306	311	437
Shareholders’ Equity (Deficit):
Preferred Stock - $1.00 par value; 10 shares authorized; none issued	0	0	0
Common Stock - $0.50 par value; 1,000 shares authorized; 288, 286 and 286 shares issued; 277, 278 and 278 shares outstanding, respectively	144	143	143
Paid-in Capital	903	891	865
Accumulated Other Comprehensive Income	86	83	51
Retained Earnings (Accumulated Deficit)	(1,144)	(1,421)	(2,562)
Less: Treasury Stock, at Average Cost; 11, 8 and 8 shares, respectively	(523)	(358)	(358)
Total L Brands, Inc. Shareholders’ Equity (Deficit)	(534)	(662)	(1,861)
Noncontrolling Interest	1	1	3
Total Equity (Deficit)	(533)	(661)	(1,858)
Total Liabilities and Equity (Deficit)	$ 10,546	$ 11,571	$ 9,439

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	May 01, 2021	Jan. 30, 2021	May 02, 2020
Statement of Financial Position [Abstract]
Preferred Stock, Par Value	$ 1.00	$ 1.00	$ 1.00
Preferred Stock, Shares Authorized	10,000	10,000	10,000
Preferred Stock, Shares Issued	0	0	0
Common Stock, Par Value	$ 0.50	$ 0.50	$ 0.50
Common Stock, Shares Authorized	1,000,000	1,000,000	1,000,000
Common Stock, Shares, Issued	288,000	286,000	286,000
Common Stock, Shares, Outstanding	277,000	278,000	278,000
Treasury Stock, Shares	11,000	8,000	8,000

Consolidated Statements of Total Equity (Deficit) - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Paid-In Capital	Accumulated Other Comprehensive Income	Retained Earnings (Accumulated Deficit)	Treasury Stock, at Average Cost	Noncontrolling Interest
Ending Balance (in shares)		277,000
Beginning Balance (in shares) at Feb. 01, 2020		277,000
Beginning Balance at Feb. 01, 2020	$ (1,495)	$ 142	$ 847	$ 52	$ (2,182)	$ (358)	$ 4
Net Income (Loss)	(297)	0	0	0	(297)	0	0
Other Comprehensive Loss	(1)	0	0	(1)	0	0	0
Total Comprehensive Income	(298)	0	0	(1)	(297)	0	0
Dividends, Common Stock, Cash	(83)	$ 0	0	0	(83)	0	0
Share-based Compensation and Other (shares)		1,000
Share-based Compensation and Other	18	$ 1	18	0	0	0	(1)
Ending Balance at May. 02, 2020	$ (1,858)	$ 143	865	51	(2,562)	(358)	3
Ending Balance (in shares)		277,000
Ending Balance (in shares)	278,000	278,000
Ending Balance (in shares)	278,000	278,000
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
Net Income (Loss)	277	0	0	0	277	0	0
Other Comprehensive Loss	3	0	0	3	0	0	0
Total Comprehensive Income	$ 280	$ 0	0	3	277	0	0
Repurchases of Common Stock (in shares)	(2,608)	(3,000)
Repurchases of Common Stock	$ (165)					(165)
Share-based Compensation and Other (shares)		2,000
Share-based Compensation and Other	13	$ 1	12	0	0	0	0
Ending Balance at May. 01, 2021	$ (533)	$ 144	$ 903	$ 86	$ (1,144)	$ (523)	$ 1
Ending Balance (in shares)	278,000	278,000
Ending Balance (in shares)	277,000	277,000

Consolidated Statements of Total Equity (Deficit) (Parenthetical) - $ / shares	3 Months Ended
	May 01, 2021	May 02, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends (in usd per share)	$ 0	$ 0.30

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Operating Activities:
Net Income (Loss)	$ 277	$ (297)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used for) Operating Activities:
Depreciation of Long-lived Assets	129	139
Loss on Extinguishment of Debt	105	0
Victoria's Secret Asset Impairments	0	97
Share-based Compensation Expense	15	20
Deferred Income Taxes	10	(25)
Changes in Assets and Liabilities:
Accounts Receivable	49	77
Inventories	(123)	(208)
Accounts Payable, Accrued Expenses and Other	(163)	(155)
Income Taxes Payable	57	(56)
Other Assets and Liabilities	(107)	66
Net Cash Provided by (Used for) Operating Activities	249	(342)
Investing Activities:
Capital Expenditures	(65)	(55)
Other Investing Activities	9	(5)
Net Cash Used for Investing Activities	(56)	(60)
Financing Activities:
Payments of Long-term Debt	(1,130)	0
Repurchases of Common Stock	(155)	0
Dividends Paid	0	(83)
Tax Payments related to Share-based Awards	(33)	(5)
Proceeds from Stock Option Exercises	30	0
Other Financing Activities	(3)	(4)
Net Cash Used for Financing Activities	(1,291)	(138)
Effects of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash	2	(2)
Net Decrease in Cash and Cash Equivalents and Restricted Cash	(1,096)	(542)
Cash and Cash Equivalents and Restricted Cash, Beginning of Period	3,933	1,499
Cash and Cash Equivalents and Restricted Cash, End of Period	2,837	957
Revolving Credit Expiring August 2024 [Member]
Financing Activities:
Borrowing from Credit Agreement	0	950
Repayments of Foreign Facilities	0	(950)
Foreign Facilities [Member]
Financing Activities:
Borrowing from Credit Agreement	0	23
Repayments of Foreign Facilities	$ 0	$ (69)

Description Of Business And Basis Of Presentation	3 Months Ended
Description Of Business And Basis Of Presentation	May 01, 2021
Description Of Business And Basis Of Presentation [Abstract]
Description Of Business And Basis Of Presentation	Description of Business and Basis of Presentation Description of Business L Brands, Inc. (the "Company”) operates in the highly competitive specialty retail business. The Company is a specialty retailer of home fragrance products, body care, soaps and sanitizers, women’s intimate and other apparel, and personal and beauty care products. The Company sells its merchandise through company-operated specialty retail stores in the U.S., Canada and Greater China, and through its websites and other channels. The Company's international operations are primarily through franchise, license, wholesale and joint venture partners. The Company currently operates the following retail brands: •Bath & Body Works •Victoria’s Secret •PINK On May 11, 2021, the Company announced that its Board of Directors unanimously approved a plan to separate L Brands, Inc. into two independent, public companies: Bath & Body Works and Victoria’s Secret, including PINK. The Company expects to create these companies through a tax-free spin-off of Victoria’s Secret to L Brands’ shareholders. The spin-off is expected to be effected through a pro-rata distribution to L Brands, Inc. shareholders of common stock of a newly-formed entity holding certain assets and liabilities comprising the Victoria’s Secret business. The spin-off is expected to be completed in August 2021, subject to certain customary market, regulatory and other conditions. Impacts of COVID-19 The coronavirus pandemic ("COVID-19") has created significant public health concerns as well as economic disruption, uncertainty and volatility. The Company's operations and financial performance have been materially impacted by the COVID-19 pandemic. In the first quarter of 2020, all the Company's stores in North America were closed on March 17, 2020 and nearly all stores remained closed throughout the remainder of the first quarter of 2020. Additionally, operations for Victoria’s Secret Direct were temporarily suspended for approximately one week in late March 2020, while Bath & Body Works Direct remained open for the duration of the first quarter of 2020. During the first quarter of 2020, the Company took prudent actions to manage expenses and to maintain its cash position and financial flexibility. The Company also has adopted new operating models focused on providing a safe environment for its customers and associates, while also delivering an engaging shopping experience. The Company remains focused on the safe operations of its distribution, fulfillment and call centers while maximizing its direct businesses. Government stimulus payments and the relaxation of pandemic-related restrictions have positively impacted demand for the Company's products during the first quarter of 2021. There remains the potential for COVID-related risks of closure or operating restrictions, which could materially impact the Company's operations and financial performance in future periods. Fiscal Year The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “first quarter of 2021” and “first quarter of 2020” refer to the thirteen-week periods ended May 1, 2021 and May 2, 2020, respectively. Basis of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method. Under the equity method of accounting, the Company recognizes its share of the investee's net income or loss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carrying values are only reduced below zero if the Company has an obligation to provide funding to the investee. The Company’s share of net income or loss of unconsolidated entities from which the Company purchases merchandise or merchandise components is included in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income (Loss). The Company’s share of net income or loss from its investment in the Victoria's Secret U.K. joint venture with Next PLC is included in General, Administrative and Store Operating Expenses in the Consolidated Statements of Income (Loss). The Company’s share of net income or loss of all other unconsolidated entities is included in Other Income (Loss) in the Consolidated Statements of Income (Loss). The Company’s equity method investments are required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value. Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended May 1, 2021 and May 2, 2020 are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained in the Company’s 2020 Annual Report on Form 10-K. In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments, which are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods. Seasonality of Business Due to the seasonal variations in the retail industry, the results of operations for the interim period is not necessarily indicative of the results expected for the full fiscal year. Restricted Cash The Company placed cash on deposit with certain financial institutions as collateral for lending commitments. The amount of collateral required was dependent upon the aggregate lending commitments. These deposits, totaling $30 million, are recorded in Other Current Assets on the May 1, 2021 Consolidated Balance Sheet. The Company's total Cash and Cash Equivalents and Restricted Cash totaled $2.837 billion as of May 1, 2021. Derivative Financial Instruments The Company uses derivative financial instruments to manage exposure to foreign currency exchange rates. The Company does not use derivative instruments for trading purposes. All derivative instruments are recorded on the Consolidated Balance Sheets at fair value. The earnings of the Company's wholly owned foreign operations are subject to exchange rate risk as substantially all the merchandise 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 for its Canadian operations. Amounts are reclassified from accumulated other comprehensive income (loss) upon sale of the hedged merchandise to the customer. These gains and losses are recognized in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income (Loss). The fair value of designated cash flow hedges is not significant as of May 1, 2021. Concentration of Credit Risk The Company maintains cash and cash equivalents, restricted cash and derivative contracts with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts and limits the amount of credit exposure with any one entity. The Company’s investment portfolio is primarily comprised of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits. The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company determines the required allowance for expected credit losses using information such as customer credit history and financial condition. Amounts are recorded to the allowance when it is determined that expected credit losses may occur. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available. Recently Issued Accounting Pronouncements The Company did not adopt any new accounting standards during the first quarter of 2021 that had a material impact on the Company's consolidated results of operations, financial position or cash flows. In addition, there are no new accounting standards not yet adopted that are expected to have a material impact on the Company's consolidated results of operations, financial position or cash flows.

Revenue Recognition

3 Months Ended

May 01, 2021

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

Revenue RecognitionAccounts receivable, net from revenue-generating activities were $136 million as of May 1, 2021, $125 million as of January 30, 2021 and $142 million as of May 2, 2020. Accounts receivable primarily relate to amounts due from the Company's franchise, license and wholesale partners. Under these arrangements, payment terms are typically 60 to 90 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 and private label credit card programs and direct channel shipments, which are all impacted by seasonal and holiday-related sales patterns. Deferred revenue was $338 million as of May 1, 2021, $371 million as of January 30, 2021 and $348 million as of May 2, 2020. The Company recognized $128 million as revenue in the first quarter of 2021 from amounts recorded as deferred revenue at the beginning of the year. As of May 1, 2021, the Company recorded deferred revenue of $328 million within Accrued Expenses and Other, and $10 million within Other Long-term Liabilities on the Consolidated Balance Sheet.

The following table provides a disaggregation of Net Sales for the first quarter of 2021 and 2020:


	First Quarter
	2021		2020
	(in millions)
Bath & Body Works Stores - U.S. and Canada	$	1,051	$	424
Bath & Body Works Direct	349		289
Bath & Body Works International (a)	70		47
Total Bath & Body Works	1,470		760
Victoria’s Secret Stores - U.S. and Canada	933		514
Victoria’s Secret Direct	521		308
Victoria’s Secret International (b)	100		72
Total Victoria’s Secret	1,554		894

Total Net Sales	$	3,024	$	1,654

_______________

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

(b)Results include company-operated stores in the U.K. (pre-joint venture) and Greater China, and royalties associated with franchised stores and wholesale sales.

- Definition

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

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-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

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+ Details

Restructuring	3 Months Ended
Restructuring	May 01, 2021
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring Activities During the second quarter of 2020, the Company completed a comprehensive review of its home office organizations in order to achieve meaningful reductions in overhead expenses and decentralize significant shared functions and services to support the separation of the Bath & Body Works and Victoria's Secret businesses. This resulted in a reduction of the home office headcount by approximately 15%, or about 850 associates. During the first quarter of 2021, the Company made payments of $16 million related to severance and related costs associated with these reductions. As of May 1, 2021, a liability of $21 million related to these reductions is included in Accrued Expenses and Other on the Consolidated Balance Sheet. Victoria's Secret U.K. Due to challenging business results for Victoria's Secret in the U.K., the Company entered into Administration in June 2020 to restructure store lease agreements and reduce operating losses in the Victoria's Secret U.K. business. In October 2020, the Company entered into a joint venture with Next PLC for the Victoria’s Secret business in the United Kingdom and Ireland. Under this agreement, the Company owns 49% of the joint venture, and Next owns 51% and is responsible for operations. The Company accounts for its investment in the joint venture under the equity method of accounting.

Earnings Per Share And Shareholders' Equity

3 Months Ended

May 01, 2021

Earnings Per Share And Shareholders' Equity [Abstract]

Earnings Per Share and Shareholders' Equity

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

Earnings (Loss) Per Share

Earnings (loss) per basic share is computed based on the weighted-average number of common shares. Earnings (loss) per diluted share include the weighted-average effect of dilutive restricted stock and options on the weighted-average shares outstanding.

The following table provides the weighted-average shares utilized for the calculation of basic and diluted earnings (loss) per share for the first quarter of 2021 and 2020:


	First Quarter
	2021	2020
	(in millions)

Common Shares	288	285
Treasury Shares	(9)	(8)
Basic Shares	279	277
Effect of Dilutive Restricted Stock and Options	5	—
Diluted Shares	284	277
Anti-dilutive Options and Awards (a)	1	12

_______________

(a)These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the first quarter of 2020, the dilutive impact of outstanding options and awards were excluded from dilutive shares as a result of the Company's net loss for the period.

Shareholders’ Equity (Deficit)

Common Stock Share Repurchases

In March 2021, the Company's Board of Directors authorized a new $500 million share repurchase plan, which replaced the $79 million remaining under the March 2018 repurchase program. Pursuant to the Board's authorization, the Company entered into a Rule 10b5-1 purchase plan to effectuate share repurchases for the first $250 million. Subsequent to May 1, 2021, the Company initiated a second $250 million Rule 10b5-1 purchase plan to effectuate the remaining share repurchases under the March 2021 repurchase plan.

Under the authority of the Company’s Board of Directors, the Company repurchased the following shares of its common stock during the first quarter of 2021:


Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
March 2021	$	500	2,608	$	165	$	63.31

The March 2021 Plan had $335 million remaining as of May 1, 2021. There were $10 million of share repurchases reflected in Accounts Payable on the May 1, 2021 Consolidated Balance Sheet.

Subsequent to May 1, 2021, the Company repurchased an additional 1.6 million shares of its common stock for $106 million under the March 2021 Plan.

Dividends

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during the first quarter of 2021 and 2020:


	Ordinary Dividends			Total Paid
	(per share)		(in millions)
2021


First Quarter	$	—		$	—

2020


First Quarter	$	0.30		$	83

The Board of Directors suspended the quarterly cash dividend beginning in the second quarter of 2020 as a proactive measure to strengthen the Company's financial flexibility and manage through the COVID-19 pandemic. In March 2021, the Company's Board of Directors reinstated the annual dividend at $0.60 per share, beginning with the quarterly dividend to be paid in June 2021. In May 2021, the Company's Board of Directors declared the second quarter of 2021 ordinary dividend of $0.15 per share.

Inventories

3 Months Ended

May 01, 2021

Inventory, Net [Abstract]

Inventories

The following table provides details of inventories as of May 1, 2021, January 30, 2021 and May 2, 2020:


	May 1, 2021		January 30, 2021		May 2, 2020
	(in millions)
Finished Goods Merchandise	$	1,224	$	1,073	$	1,347
Raw Materials and Merchandise Components	173		200		144
Total Inventories	$	1,397	$	1,273	$	1,491

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

Long-Lived Assets

3 Months Ended

May 01, 2021

Property, Plant and Equipment [Abstract]

Long-Lived Assets

The following table provides details of property and equipment, net as of May 1, 2021, January 30, 2021 and May 2, 2020:


	May 1, 2021		January 30, 2021		May 2, 2020
	(in millions)
Property and Equipment, at Cost	$	6,189	$	6,204	$	6,177
Accumulated Depreciation and Amortization	(4,159)		(4,109)		(3,878)
Property and Equipment, Net	$	2,030	$	2,095	$	2,299

Depreciation expense was $129 million and $139 million for the first quarter of 2021 and 2020, respectively.

During the first quarter of 2020, the Company recorded pre-tax store asset impairment charges of $97 million as a result of the Victoria's Secret fleet rationalization executed during 2020 and the negative operating results of certain Victoria's Secret stores. These impairment charges are included in the Victoria's Secret segment and in Costs of Goods Sold, Buying and Occupancy in the 2020 Consolidated Statement of Loss

Equity Investments	3 Months Ended
Equity Investments	May 01, 2021
Equity Method Investment, Summarized Financial Information [Abstract]
Equity Investments	Equity Investments Easton 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 May 1, 2021, $119 million as of January 30, 2021 and $120 million as of May 2, 2020, 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 a majority financial interest 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. Victoria's Secret U.K. As of May 1, 2021, the Company accounts for its investment in Victoria's Secret U.K. under the equity method of accounting. For additional information, see Note 3, "Restructuring Activities."

Income Taxes	3 Months Ended
Income Taxes	May 01, 2021
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income Taxes	Income Taxes For the first quarter of 2021, the Company calculated the provision for income taxes on the current estimate of the annual effective tax rate and adjusted as necessary for quarterly events. Due to the impacts of the COVID-19 pandemic, the income tax expense for the first quarter of 2020 was computed on a year-to-date effective tax rate. For the first quarter of 2021, the Company’s effective tax rate was 21.6% compared to 28.0% in the first quarter of 2020. The first quarter of 2021 rate was lower than the Company's combined estimated federal and state statutory rate primarily due to the recognition of excess tax benefits recorded through the Consolidated Statements of Income on share-based awards that vested in the quarter. In the first quarter of 2020, the Company recognized a benefit for income taxes of $115 million on a loss before income taxes of $412 million. The first quarter of 2020 rate was higher than the Company's combined federal and state statutory rate primarily due the resolution of certain tax matters, which resulted in a $50 million tax benefit, offset by losses related to certain foreign subsidiaries, which generated no tax benefit. Income taxes paid were $10 million and $9 million for the first quarter of 2021 and 2020, respectively.

- Definition

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

+ References + Details

Long-term Debt and Borrowing Facilities

3 Months Ended

May 01, 2021

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

Long-term Debt

Long-term Debt and Borrowing Facilities

The following table provides the Company’s outstanding debt balance, net of unamortized debt issuance costs and discounts, as of May 1, 2021, January 30, 2021 and May 2, 2020:


	May 1, 2021		January 30, 2021		May 2, 2020
	(in millions)
Senior Secured Debt with Subsidiary Guarantee
$750 million, 6.875% Fixed Interest Rate Secured Notes due July 2025 ("2025 Secured Notes")	$	—	$	740	$	—

Secured Foreign Facilities	—		—		107
Total Senior Secured Debt with Subsidiary Guarantee	$	—	$	740	$	107
Senior Debt with Subsidiary Guarantee
$1 billion, 6.625% Fixed Interest Rate Notes due April 2021 (“2021 Notes”)	$	—	$	—	$	450
$1 billion, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”)	—		284		858
$320 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”)	319		319		498
$500 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes")	493		493		—
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”)	279		278		276
$500 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)	497		497		496
$500 million, 7.500% Fixed Interest Rate Notes due June 2029 ("2029 Notes")	488		488		487
$1 billion, 6.625% Fixed Interest Rate Notes due October 2030 ("2030 Notes")	989		988		—
$1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	991		991		991
$700 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	694		694		693
Total Senior Debt with Subsidiary Guarantee	$	4,750	$	5,032	$	4,749
Senior Debt
$350 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	348	$	348	$	348
$247 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	246		246		298

Total Senior Debt	$	594	$	594	$	646
Total	$	5,344	$	6,366	$	5,502
Current Debt	—		—		(468)
Total Long-term Debt, Net of Current Portion	$	5,344	$	6,366	$	5,034

Repurchases of Notes

In April 2021, the Company completed a make whole call to repurchase the remaining $285 million of outstanding 2022 Notes and the $750 million of outstanding 2025 Secured Notes. The Company recognized a pre-tax loss related to this extinguishment of debt of $105 million (after-tax loss of $80 million), which includes the write-offs of unamortized issuance costs. This loss is included in Other Income (Loss) in the 2021 Consolidated Statement of Income.

Asset-Backed Revolving Credit Facility

The Company and certain of the Company's 100% owned subsidiaries guarantee and pledge collateral to secure a revolving credit facility ("Credit Agreement"). In April 2020, the Company entered into an amendment and restatement (the “Amendment”) of the Credit Agreement to convert the Company’s credit facility into 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 at $1 billion and an expiration date in August 2024.

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 will be required to prepay the outstanding amounts under the ABL Facility to the extent of such excess. In addition, at any time that the Company's consolidated cash balance exceeds $350 million, it will be required to prepay outstanding amounts under the ABL Facility to the extent of such excess. As of May 1,

2021, the Company's borrowing base was $1.025 billion and it was unable to draw upon the ABL Facility as its consolidated cash balance exceeded $350 million.

The ABL Facility supports the Company’s letter of credit program. The Company had $63 million of outstanding letters of credit as of May 1, 2021 that reduced its availability under the ABL Facility.

As of May 1, 2021, 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 1.75% per annum. In addition, the interest rate on outstanding U.S. dollar borrowings was the London Interbank Offered Rate plus 1.75% per annum. The interest rate on outstanding Canadian dollar-denominated borrowings was the Canadian Dollar Offered Rate plus 1.75% 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 (1) $100 million or (2) 15% of the maximum borrowing amount. As of May 1, 2021, the Company was not required to maintain this ratio.

As of May 1, 2021, there were no borrowings outstanding under the ABL Facility.

During the first quarter of 2020, in an abundance of caution and as a proactive measure in response to the COVID-19 pandemic, the Company elected to borrow $950 million from its revolving facility. This borrowing was repaid during the first quarter of 2020 upon the completion of the Amendment.

Foreign Facilities

Certain of the Company's China subsidiaries utilize revolving and term loan bank facilities to support their operations ("Foreign Facilities"). The Foreign Facilities allow borrowings in U.S. dollars and Chinese Yuan, and interest rates on outstanding borrowings are based upon the applicable benchmark rate for the currency of each borrowing. These facilities are guaranteed by the Company and certain of the Company's 100% owned subsidiaries. As of May 1, 2021, the Foreign Facilities allow for borrowings and letters of credit up to $30 million, and there were no borrowings outstanding.

The Company placed cash on deposit with certain financial institutions as collateral for their lending commitments under the Foreign Facilities. The amount of collateral required was dependent upon the aggregate lending commitments. These deposits, totaling $30 million, are recorded in Other Current Assets on the May 1, 2021 Consolidated Balance Sheet.

Fair Value Measurements

3 Months Ended

May 01, 2021

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

Fair Value Measurements

Cash and Cash Equivalents and restricted cash include cash on hand, deposits with financial institutions and highly liquid investments with original maturities of less than 90 days. The Company's Cash and Cash Equivalents and restricted cash are considered Level 1 fair value measurements as they are valued using unadjusted quoted prices in active markets for identical assets.

The following table provides a summary of the principal value and estimated fair value of outstanding publicly traded debt as of May 1, 2021, January 30, 2021 and May 2, 2020:


	May 1, 2021		January 30, 2021		May 2, 2020
	(in millions)
Principal Value	$	5,414	$	6,449	$	5,458
Fair Value, Estimated (a)	6,389		7,243		4,151

_______________

(a)The estimated fair value of the Company’s publicly traded debt is based on reported transaction prices, which are considered Level 2 inputs in accordance with ASC 820, Fair Value Measurement. The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

Management believes that the carrying values of accounts receivable, accounts payable and accrued expenses approximate fair value because of their short maturity.

- Definition

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

+ References + Details

Comprehensive Income

3 Months Ended

May 01, 2021

Statement of Comprehensive Income [Abstract]

Comprehensive Income

The following table provides the rollforward of accumulated other comprehensive income for the first quarter of 2021:


	Foreign Currency Translation		Cash Flow Hedges		Accumulated Other Comprehensive Income
	(in millions)
Balance as of January 30, 2021	$	85	$	(2)	$	83
Other Comprehensive Income (Loss) Before Reclassifications	5		(4)		1
Amounts Reclassified from Accumulated Other Comprehensive Income	—		1		1
Tax Effect	—		1		1
Current-period Other Comprehensive Income (Loss)	5		(2)		3
Balance as of May 1, 2021	$	90	$	(4)	$	86

The following table provides the rollforward of accumulated other comprehensive income for the first quarter of 2020:


	Foreign Currency Translation		Cash Flow Hedges		Accumulated Other Comprehensive Income
	(in millions)
Balance as of February 1, 2020	$	52	$	—	$	52
Other Comprehensive Income (Loss) Before Reclassifications	(6)		6		—

Tax Effect	—		(1)		(1)
Current-period Other Comprehensive Income (Loss)	(6)		5		(1)
Balance as of May 2, 2020	$	46	$	5	$	51

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	May 01, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various claims and contingencies related to lawsuits, taxes, insurance, regulatory and other matters arising out of the normal course of business. Actions filed against the Company from time to time include commercial, tort, intellectual property, customer, employment, data privacy, securities and other claims, including purported class action lawsuits. Management believes that the ultimate liability arising from such claims and contingencies, if any, is not likely to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. On May 19, 2020, a purported shareholder filed a derivative lawsuit on behalf of L Brands, Inc. in the Court of Common Pleas for Franklin County, Ohio. The complaint names as defendants certain current and former directors and officers of L Brands, Inc. and alleges, among other things, that these defendants breached their fiduciary duties by violating law and/or company policies relating to workplace conduct. The Company was named as nominal defendant only, and there are no claims asserted against it. On June 16, 2020, the lawsuit was removed to the United States District Court for the Southern District of Ohio. On July 6, 2020, the court so-ordered a stipulation staying the lawsuit until December 29, 2020. That stay has since been extended until June 29, 2021. On January 12, 2021, another purported shareholder filed a derivative lawsuit on behalf of L Brands, Inc. in the Delaware Court of Chancery. The complaint names as defendants certain current and former directors and officers of L Brands, Inc. and alleges, among other things, breaches of fiduciary duty through asserted violations of law and failures to monitor workplace conduct. The Company was named as a nominal defendant, and there are no claims asserted against it. The parties have agreed to a response date of June 21, 2021. La Senza In connection with the sale of La Senza in the fourth quarter of 2018, certain of the Company's subsidiaries have remaining contingent obligations of $30 million related to lease payments under the current terms of noncancelable leases expiring at various dates through 2028. 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 the business. As of May 1, 2021, the Company was fully reserved for these lease-related obligations and for certain other obligations related to the La Senza business.

Retirement Benefits	3 Months Ended
Retirement Benefits	May 01, 2021
Retirement Benefits [Abstract]
Retirement Benefits	Retirement BenefitsThe Company sponsors a tax-qualified defined contribution retirement plan for substantially all its associates within the U.S. Participation is available to associates who meet certain age and service requirements. The qualified plan permits participating associates to elect contributions up to the maximum limits allowable under the Internal Revenue Code. The Company matches associate contributions according to a predetermined formula and contributes additional amounts based on a percentage of the associates’ eligible annual compensation and years of service. Associate contributions and Company matching contributions vest immediately. Additional Company contributions and the related investment earnings are subject to vesting based on years of service. Total expense recognized related to the qualified plan was $21 million for both the first quarter of 2021 and 2020. The Company sponsors a non-qualified supplemental retirement plan. The non-qualified plan is an unfunded plan, which provides benefits beyond the Internal Revenue Code limits for qualified defined contribution plans. On June 27, 2020 (the “Termination Date”), the Human Capital and Compensation Committee of the Board of Directors authorized the termination of the non-qualified plan. Subsequent to the Termination Date, no additional employee contributions may be made to the non-qualified plan. The remaining benefits and obligations are expected to be paid out in full approximately one year following the Termination Date. Accordingly, the liability of $146 million related to the non-qualified plan is included within Accrued Expenses and Other on the May 1, 2021 Consolidated Balance Sheet. Total expense recognized related to the non-qualified plan was not significant for the first quarter of 2021 or the first quarter of 2020.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Subsequent Events	3 Months Ended
Subsequent Events	May 01, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Victoria's Secret On May 11, 2021, the Company announced that its Board of Directors unanimously approved a plan to separate L Brands, Inc. into two independent, public companies: Bath & Body Works and Victoria’s Secret, including PINK. The Company expects to create these companies through a tax-free spin-off of Victoria’s Secret to L Brands’ shareholders. The spin-off is expected to be effected through a pro-rata distribution to L Brands, Inc. shareholders of common stock of a newly-formed entity holding certain assets and liabilities comprising the Victoria’s Secret business. The spin-off is expected to be completed in August 2021, subject to certain customary market, regulatory and other conditions. Common Stock Share Repurchases Subsequent to May 1, 2021, the Company initiated a second $250 million Rule 10b5-1 common stock purchase plan to effectuate the remaining share repurchases under the March 2021 repurchase plan. The Company repurchased an additional 1.6 million shares of its common stock for $106 million under the March 2021 Plan subsequent to May 1, 2021.

Segment Information

3 Months Ended

May 01, 2021

Segment Reporting [Abstract]

Segment Information

In the third quarter of 2020, the Company changed its segment reporting as a result of leadership changes and restructuring actions taken to facilitate the ongoing efforts to separate Bath & Body Works and Victoria’s Secret into separate businesses. The Company has two reportable segments: Bath & Body Works and Victoria's Secret. While this reporting change did not impact the Company's consolidated results, historical segment data has been recast to be consistent for all periods presented.

The Bath & Body Works segment sells body care, home fragrance products, soaps and sanitizers under the Bath & Body Works, White Barn, C.O. Bigelow and other brand names. Bath & Body Works merchandise is sold online and at retail stores located in the U.S. and Canada, and international stores operated by partners under franchise, license and wholesale arrangements. Additionally, this segment includes the Bath & Body Works merchandise sourcing and production function serving the Company and its international partners.

The Victoria’s Secret segment sells women’s intimate and other apparel, personal care and beauty products under the Victoria’s Secret and PINK brand names. Victoria’s Secret and PINK merchandise is sold online and through retail stores located in the U.S., Canada and Greater China, and international stores operated by partners under franchise, license, wholesale and joint venture arrangements. Additionally, this segment includes the Victoria's Secret and PINK merchandise sourcing and production function serving the Company and its international partners.

Other includes corporate infrastructure and governance functions and other non-recurring items that are deemed to be corporate in nature.

The following table provides the Company’s segment information for the first quarter of 2021 and 2020:


	Bath & Body Works		Victoria’s Secret		Other		Total
	(in millions)
2021
First Quarter:
Net Sales	$	1,470	$	1,554	$	—	$	3,024
Operating Income (Loss)	380		245		(53)		572



2020
First Quarter:
Net Sales	$	760	$	894	$	—	$	1,654
Operating Income (Loss) (a)	76		(354)		(40)		(318)

_______________

(a)Victoria's Secret includes store asset impairment charges of $97 million. For additional information, see Note 6, “Long-Lived Assets."

The Company’s international net sales include sales from company-operated stores, royalty revenue from franchise and license arrangements, wholesale revenues and direct sales shipped internationally. Certain of these sales are subject to the impact of fluctuations in foreign currency. The Company’s international net sales totaled $280 million and $179 million for the first quarter of 2021 and 2020, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Description Of Business And Basis Of Presentation (Policy)	3 Months Ended
	May 01, 2021
Description Of Business And Basis Of Presentation [Abstract]
Description of Business	Description of Business L Brands, Inc. (the "Company”) operates in the highly competitive specialty retail business. The Company is a specialty retailer of home fragrance products, body care, soaps and sanitizers, women’s intimate and other apparel, and personal and beauty care products. The Company sells its merchandise through company-operated specialty retail stores in the U.S., Canada and Greater China, and through its websites and other channels. The Company's international operations are primarily through franchise, license, wholesale and joint venture partners. The Company currently operates the following retail brands: •Bath & Body Works •Victoria’s Secret •PINK On May 11, 2021, the Company announced that its Board of Directors unanimously approved a plan to separate L Brands, Inc. into two independent, public companies: Bath & Body Works and Victoria’s Secret, including PINK. The Company expects to create these companies through a tax-free spin-off of Victoria’s Secret to L Brands’ shareholders. The spin-off is expected to be effected through a pro-rata distribution to L Brands, Inc. shareholders of common stock of a newly-formed entity holding certain assets and liabilities comprising the Victoria’s Secret business. The spin-off is expected to be completed in August 2021, subject to certain customary market, regulatory and other conditions.
Impacts of COVID-19	Impacts of COVID-19 The coronavirus pandemic ("COVID-19") has created significant public health concerns as well as economic disruption, uncertainty and volatility. The Company's operations and financial performance have been materially impacted by the COVID-19 pandemic. In the first quarter of 2020, all the Company's stores in North America were closed on March 17, 2020 and nearly all stores remained closed throughout the remainder of the first quarter of 2020. Additionally, operations for Victoria’s Secret Direct were temporarily suspended for approximately one week in late March 2020, while Bath & Body Works Direct remained open for the duration of the first quarter of 2020. During the first quarter of 2020, the Company took prudent actions to manage expenses and to maintain its cash position and financial flexibility. The Company also has adopted new operating models focused on providing a safe environment for its customers and associates, while also delivering an engaging shopping experience. The Company remains focused on the safe operations of its distribution, fulfillment and call centers while maximizing its direct businesses. Government stimulus payments and the relaxation of pandemic-related restrictions have positively impacted demand for the Company's products during the first quarter of 2021. There remains the potential for COVID-related risks of closure or operating restrictions, which could materially impact the Company's operations and financial performance in future periods.
Fiscal Year	Fiscal Year The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “first quarter of 2021” and “first quarter of 2020” refer to the thirteen-week periods ended May 1, 2021 and May 2, 2020, respectively.
Basis Of Consolidation	Basis of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method. Under the equity method of accounting, the Company recognizes its share of the investee's net income or loss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carrying values are only reduced below zero if the Company has an obligation to provide funding to the investee. The Company’s share of net income or loss of unconsolidated entities from which the Company purchases merchandise or merchandise components is included in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income (Loss). The Company’s share of net income or loss from its investment in the Victoria's Secret U.K. joint venture with Next PLC is included in General, Administrative and Store Operating Expenses in the Consolidated Statements of Income (Loss). The Company’s share of net income or loss of all other unconsolidated entities is included in Other Income (Loss) in the Consolidated Statements of Income (Loss). The Company’s equity method investments are required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value.
Interim Financial Statements	Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended May 1, 2021 and May 2, 2020 are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained in the Company’s 2020 Annual Report on Form 10-K. In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments, which are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods.
Seasonality Of Business	Due to the seasonal variations in the retail industry, the results of operations for the interim period is not necessarily indicative of the results expected for the full fiscal year.
Restrictions Cash	Restricted Cash The Company placed cash on deposit with certain financial institutions as collateral for lending commitments. The amount of collateral required was dependent upon the aggregate lending commitments. These deposits, totaling $30 million, are recorded in Other Current Assets on the May 1, 2021 Consolidated Balance Sheet. The Company's total Cash and Cash Equivalents and Restricted Cash totaled $2.837 billion as of May 1, 2021.
Derivative Financial Instruments	Derivative Financial Instruments The Company uses derivative financial instruments to manage exposure to foreign currency exchange rates. The Company does not use derivative instruments for trading purposes. All derivative instruments are recorded on the Consolidated Balance Sheets at fair value. The earnings of the Company's wholly owned foreign operations are subject to exchange rate risk as substantially all the merchandise 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 for its Canadian operations. Amounts are reclassified from accumulated other comprehensive income (loss) upon sale of the hedged merchandise to the customer. These gains and losses are recognized in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income (Loss). The fair value of designated cash flow hedges is not significant as of May 1, 2021.
Concentration Of Credit Risk	Concentration of Credit Risk The Company maintains cash and cash equivalents, restricted cash and derivative contracts with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts and limits the amount of credit exposure with any one entity. The Company’s investment portfolio is primarily comprised of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits. The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company determines the required allowance for expected credit losses using information such as customer credit history and financial condition. Amounts are recorded to the allowance when it is determined that expected credit losses may occur.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company did not adopt any new accounting standards during the first quarter of 2021 that had a material impact on the Company's consolidated results of operations, financial position or cash flows. In addition, there are no new accounting standards not yet adopted that are expected to have a material impact on the Company's consolidated results of operations, financial position or cash flows.
Inventory	Inventories are principally valued at the lower of cost or net realizable value, on an average cost basis.

Revenue Recognition (Tables)

3 Months Ended

May 01, 2021

Revenue Recognition and Deferred Revenue [Abstract]

Disaggregation of Revenue

The following table provides a disaggregation of Net Sales for the first quarter of 2021 and 2020:


	First Quarter
	2021		2020
	(in millions)
Bath & Body Works Stores - U.S. and Canada	$	1,051	$	424
Bath & Body Works Direct	349		289
Bath & Body Works International (a)	70		47
Total Bath & Body Works	1,470		760
Victoria’s Secret Stores - U.S. and Canada	933		514
Victoria’s Secret Direct	521		308
Victoria’s Secret International (b)	100		72
Total Victoria’s Secret	1,554		894

Total Net Sales	$	3,024	$	1,654

_______________

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

(b)Results include company-operated stores in the U.K. (pre-joint venture) and Greater China, and royalties associated with franchised stores and wholesale sales.

Earnings Per Share And Shareholders' Equity (Tables)

3 Months Ended

May 01, 2021

Earnings Per Share And Shareholders' Equity [Abstract]

Shares Utilized For The Calculation Of Basic And Diluted Earnings Per Share

The following table provides the weighted-average shares utilized for the calculation of basic and diluted earnings (loss) per share for the first quarter of 2021 and 2020:


	First Quarter
	2021	2020
	(in millions)

Common Shares	288	285
Treasury Shares	(9)	(8)
Basic Shares	279	277
Effect of Dilutive Restricted Stock and Options	5	—
Diluted Shares	284	277
Anti-dilutive Options and Awards (a)	1	12

_______________

Schedule Of Dividends Paid

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during the first quarter of 2021 and 2020:


	Ordinary Dividends			Total Paid
	(per share)		(in millions)
2021


First Quarter	$	—		$	—

2020


First Quarter	$	0.30		$	83

Schedule of Repurchase of Common Stock

Under the authority of the Company’s Board of Directors, the Company repurchased the following shares of its common stock during the first quarter of 2021:


Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
March 2021	$	500	2,608	$	165	$	63.31

Inventories (Tables)

3 Months Ended

May 01, 2021

Inventory, Net [Abstract]

Summary Of Inventories

The following table provides details of inventories as of May 1, 2021, January 30, 2021 and May 2, 2020:


	May 1, 2021		January 30, 2021		May 2, 2020
	(in millions)
Finished Goods Merchandise	$	1,224	$	1,073	$	1,347
Raw Materials and Merchandise Components	173		200		144
Total Inventories	$	1,397	$	1,273	$	1,491

Long-Lived Assets (Tables)

3 Months Ended

May 01, 2021

Property, Plant and Equipment [Abstract]

Summary Of Property And Equipment, Net

The following table provides details of property and equipment, net as of May 1, 2021, January 30, 2021 and May 2, 2020:


	May 1, 2021		January 30, 2021		May 2, 2020
	(in millions)
Property and Equipment, at Cost	$	6,189	$	6,204	$	6,177
Accumulated Depreciation and Amortization	(4,159)		(4,109)		(3,878)
Property and Equipment, Net	$	2,030	$	2,095	$	2,299

Long-term Debt and Borrowing Facilities (Tables)

3 Months Ended

May 01, 2021

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

Schedule Of Long-term Debt Instruments

The following table provides the Company’s outstanding debt balance, net of unamortized debt issuance costs and discounts, as of May 1, 2021, January 30, 2021 and May 2, 2020:


	May 1, 2021		January 30, 2021		May 2, 2020
	(in millions)
Senior Secured Debt with Subsidiary Guarantee
$750 million, 6.875% Fixed Interest Rate Secured Notes due July 2025 ("2025 Secured Notes")	$	—	$	740	$	—

Secured Foreign Facilities	—		—		107
Total Senior Secured Debt with Subsidiary Guarantee	$	—	$	740	$	107
Senior Debt with Subsidiary Guarantee
$1 billion, 6.625% Fixed Interest Rate Notes due April 2021 (“2021 Notes”)	$	—	$	—	$	450
$1 billion, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”)	—		284		858
$320 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”)	319		319		498
$500 million, 9.375% Fixed Interest Rate Notes due July 2025 ("2025 Notes")	493		493		—
$297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”)	279		278		276
$500 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)	497		497		496
$500 million, 7.500% Fixed Interest Rate Notes due June 2029 ("2029 Notes")	488		488		487
$1 billion, 6.625% Fixed Interest Rate Notes due October 2030 ("2030 Notes")	989		988		—
$1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	991		991		991
$700 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	694		694		693
Total Senior Debt with Subsidiary Guarantee	$	4,750	$	5,032	$	4,749
Senior Debt
$350 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	$	348	$	348	$	348
$247 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	246		246		298

Total Senior Debt	$	594	$	594	$	646
Total	$	5,344	$	6,366	$	5,502
Current Debt	—		—		(468)
Total Long-term Debt, Net of Current Portion	$	5,344	$	6,366	$	5,034

- Definition

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

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+ Details

Fair Value Measurements (Tables)

3 Months Ended

May 01, 2021

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

Carrying Value And Fair Value Of Long-Term Debt, Disclosure

The following table provides a summary of the principal value and estimated fair value of outstanding publicly traded debt as of May 1, 2021, January 30, 2021 and May 2, 2020:


	May 1, 2021		January 30, 2021		May 2, 2020
	(in millions)
Principal Value	$	5,414	$	6,449	$	5,458
Fair Value, Estimated (a)	6,389		7,243		4,151

_______________

Comprehensive Income (Tables)

3 Months Ended

May 01, 2021

Statement of Comprehensive Income [Abstract]

Components Of Accumulated Other Comprehensive Income

The following table provides the rollforward of accumulated other comprehensive income for the first quarter of 2021:


	Foreign Currency Translation		Cash Flow Hedges		Accumulated Other Comprehensive Income
	(in millions)
Balance as of January 30, 2021	$	85	$	(2)	$	83
Other Comprehensive Income (Loss) Before Reclassifications	5		(4)		1
Amounts Reclassified from Accumulated Other Comprehensive Income	—		1		1
Tax Effect	—		1		1
Current-period Other Comprehensive Income (Loss)	5		(2)		3
Balance as of May 1, 2021	$	90	$	(4)	$	86

The following table provides the rollforward of accumulated other comprehensive income for the first quarter of 2020:


	Foreign Currency Translation		Cash Flow Hedges		Accumulated Other Comprehensive Income
	(in millions)
Balance as of February 1, 2020	$	52	$	—	$	52
Other Comprehensive Income (Loss) Before Reclassifications	(6)		6		—

Tax Effect	—		(1)		(1)
Current-period Other Comprehensive Income (Loss)	(6)		5		(1)
Balance as of May 2, 2020	$	46	$	5	$	51

Segment Information (Tables)

3 Months Ended

May 01, 2021

Segment Reporting [Abstract]

Schedule Of Segment Reporting Information

The following table provides the Company’s segment information for the first quarter of 2021 and 2020:


	Bath & Body Works		Victoria’s Secret		Other		Total
	(in millions)
2021
First Quarter:
Net Sales	$	1,470	$	1,554	$	—	$	3,024
Operating Income (Loss)	380		245		(53)		572



2020
First Quarter:
Net Sales	$	760	$	894	$	—	$	1,654
Operating Income (Loss) (a)	76		(354)		(40)		(318)

_______________

(a)Victoria's Secret includes store asset impairment charges of $97 million. For additional information, see Note 6, “Long-Lived Assets."

Description Of Business And Basis Of Presentation (Details) $ in Millions	3 Months Ended
	May 01, 2021 USD ($) Reportable_Segments	Jan. 30, 2021 USD ($)	May 02, 2020 USD ($)	Feb. 01, 2020 USD ($)
Description Of Business And Basis Of Presentation [Abstract]
Number of Reportable Segments \| Reportable_Segments	2
Other assets	$ 30
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 2,837	$ 3,933	$ 957	$ 1,499

Revenue Recognition Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	Jan. 30, 2021	May 02, 2020
Contract with Customer, Liability	$ 338	$ 371	$ 348
Contract with Customer, Liability, Revenue Recognized	128
Accounts Receivable [Member]
Contract with Customer, Asset, after Allowance for Credit Loss	136	$ 125	$ 142
Accrued Liabilities [Member]
Contract with Customer, Liability	328
Other Long-term Liabilities [Member]
Contract with Customer, Liability	$ 10

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
Revenue Recognition (Details) - USD ($) $ in Millions	May 01, 2021	May 02, 2020
Disaggregation of Revenue [Line Items]
Net Sales	$ 3,024	$ 1,654
Bath & Body Works [Member]
Disaggregation of Revenue [Line Items]
Net Sales	1,470	760
Victoria's Secret [Member]
Disaggregation of Revenue [Line Items]
Net Sales	1,554	894
Bath & Body Works Stores [Member]
Disaggregation of Revenue [Line Items]
Net Sales	1,051	424
Bath & Body Works Direct [Member]
Disaggregation of Revenue [Line Items]
Net Sales	349	289
Bath & Body Works International
Disaggregation of Revenue [Line Items]
Net Sales	70	47
Victoria's Secret Stores [Member]
Disaggregation of Revenue [Line Items]
Net Sales	933	514
Victoria's Secret Direct [Member]
Disaggregation of Revenue [Line Items]
Net Sales	521	308
Victoria’s Secret International [Member]
Disaggregation of Revenue [Line Items]
Net Sales	$ 100	$ 72

Restructuring (Details) $ in Millions	3 Months Ended
Restructuring (Details) $ in Millions	May 01, 2021 USD ($)	Oct. 31, 2020	Aug. 01, 2020 associate
Restructuring Cost and Reserve [Line Items]
Reduction of home office headcount			15.00%
Number of home office associates \| associate			850
Payments for Restructuring	$ 16
Victoria's Secret U.K. [Member]
Restructuring Cost and Reserve [Line Items]
Ownership percentage		49.00%
Victoria's Secret U.K. [Member] \| Next PLC [Member]
Restructuring Cost and Reserve [Line Items]
Ownership percentage		51.00%
Accrued Expenses and Other
Restructuring Cost and Reserve [Line Items]
Accrued termination payable	$ 21

Earnings Per Share And Shareholders' Equity (Shares Utilized for the Calculation of Basic and Diluted Earnings per Share) (Details) - shares
shares in Millions

3 Months Ended

May 01, 2021

May 02, 2020

Earnings Per Share And Shareholders' Equity [Abstract]

Common Shares

288

285

Treasury Shares

(9)

(8)

Basic Shares

279

277

Effect of Dilutive Restricted Stock and Options

Diluted Shares

284

277

Anti-dilutive Options and Awards (a)

^[1]

[1]

These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the first quarter of 2020, the dilutive impact of outstanding options and awards were excluded from dilutive shares as a result of the Company's net loss for the period.

Earnings Per Share And Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended		3 Months Ended
	Jun. 03, 2021	May 31, 2021	May 01, 2021	May 02, 2020	Jan. 29, 2022	May 02, 2021	Mar. 31, 2021	Mar. 12, 2021
Amount Authorized			$ 500				$ 500
Shares Repurchased (in shares)			2,608
Amount Repurchased			$ 165
Dividends Per Share(in usd per share)			$ 0	$ 0.30
Subsequent Event [Member]
Dividends Per Share(in usd per share)		$ 0.15
Forecast \| Subsequent Event [Member]
Dividends payable, amount per share					$ 0.60
March 2018 Repurchase Program [Member]
Remaining authorized repurchase amount			$ 79
Share Repurchase 10b5-1 Plan
Amount Authorized								$ 250
Remaining authorized repurchase amount			335
Share Repurchase 10b5-1 Plan \| Accounts Payable
Payable Under Repurchase Agreements			$ 10
Share Repurchase 10b5-1 Plan \| Subsequent Event [Member]
Amount Authorized						$ 250
Shares Repurchased (in shares)	1,600
Amount Repurchased	$ 106

Earnings Per Share And Shareholders' Equity - Schedule of Repurchase of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	May 01, 2021	Mar. 31, 2021
Earnings Per Share [Abstract]
Amount Authorized	$ 500	$ 500
Shares Repurchased (in shares)	2,608
Amount Repurchased	$ 165
Average Stock Price	$ 63.31

Earnings Per Share And Shareholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Earnings Per Share And Shareholders' Equity [Abstract]
Ordinary Dividends	$ 0	$ 0.30
Payments of Dividends	$ 0	$ 83

Inventories (Details) - USD ($) $ in Millions	May 01, 2021	Jan. 30, 2021	May 02, 2020
Inventory [Line Items]
Inventory, Finished Goods, Net of Reserves	$ 1,224	$ 1,073	$ 1,347
Raw Materials and Merchandise Components	173	200	144
Total Inventories	$ 1,397	$ 1,273	$ 1,491

Long-Lived Assets (Details) - USD ($) $ in Millions	May 01, 2021	Jan. 30, 2021	May 02, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment, at Cost	$ 6,189	$ 6,204	$ 6,177
Accumulated Depreciation and Amortization	(4,159)	(4,109)	(3,878)
Property and Equipment, Net	$ 2,030	$ 2,095	$ 2,299

Long-Lived Assets - Impairment of Long-Lived Assets Held and Used by Asset (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Impaired Long-Lived Assets Held and Used [Line Items]
Depreciation	$ 129	$ 139
Store Asset [Member] \| Victoria's Secret [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Victoria's Secret Asset Impairments		$ 97

Equity Investments (Details) - USD ($) $ in Millions	May 01, 2021	Jan. 30, 2021	May 02, 2020
Easton Investment [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 120	$ 119	$ 120

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	May 01, 2021	May 02, 2020
Income Tax Disclosure [Abstract]
Effective Income Tax Rate, Continuing Operations	21.60%	28.00%
Provision (Benefit) for Income Taxes	$ 76	$ (115)
Income (loss) before income taxes	(353)	412
Tax benefit due to the resolution of certain tax matters		50
Income Taxes Paid	$ 10	$ 9

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Long-term Debt and Borrowing Facilities (Schedule Of Long-term Debt Instruments) (Details) - USD ($) $ in Millions	May 01, 2021	Jan. 30, 2021	May 02, 2020
Debt, Current	$ 0	$ 0	$ (468)
Debt, Long-term and Short-term, Combined Amount	5,344	6,366	5,502
Total Long-term Debt, Net of Current Portion	5,344	6,366	5,034
Debt Instrument, Face Amount	5,414	6,449	5,458
With Subsidiary Guarantee [Member]
Debt, Long-term and Short-term, Combined Amount	0	740	107
With Subsidiary Guarantee [Member] \| 6.875% Fixed Interest Rate Secured Notes due July 2025 [Member]
Notes Payable, Noncurrent	0	740	0
Debt Instrument, Face Amount	$ 750
Fixed interest rate	6.875%
With Subsidiary Guarantee [Member] \| Fixed Rate 6.875% Notes Due November 2035 [Member]
Notes Payable, Noncurrent	$ 991	991	991
Debt Instrument, Face Amount	$ 1,000
Fixed interest rate	6.875%
With Subsidiary Guarantee [Member] \| Fixed Rate 5.625 Percent Notes Due February 2022 [Member]
Notes Payable, Noncurrent	$ 0	284	858
Debt Instrument, Face Amount	$ 1,000
Fixed interest rate	5.625%
With Subsidiary Guarantee [Member] \| Fixed Rate 6.625 Percent Notes Due April 2021 [Member]
Notes Payable, Noncurrent	$ 0	0	450
Debt Instrument, Face Amount	$ 1,000
Fixed interest rate	6.625%
With Subsidiary Guarantee [Member] \| Fixed Rate 5.625% Notes Due October 2023 [Member]
Notes Payable, Noncurrent	$ 319	319	498
Debt Instrument, Face Amount	$ 320
Fixed interest rate	5.625%
With Subsidiary Guarantee [Member] \| Fixed Rate 5.25% Notes Due February 2028 [Member]
Notes Payable, Noncurrent	$ 497	497	496
Debt Instrument, Face Amount	$ 500
Fixed interest rate	5.25%
With Subsidiary Guarantee [Member] \| 9.375% Fixed Interest Rate Notes due July 2025 [Member]
Notes Payable, Noncurrent	$ 493	493	0
Debt Instrument, Face Amount	$ 500
Fixed interest rate	9.375%
With Subsidiary Guarantee [Member] \| Fixed Rate 7.5% Notes Due June 2029 [Member]
Notes Payable, Noncurrent	$ 488	488	487
Debt Instrument, Face Amount	$ 500
Fixed interest rate	7.50%
With Subsidiary Guarantee [Member] \| Fixed Rate 6.694% Notes Due January 2027 [Member]
Notes Payable, Noncurrent	$ 279	278	276
Debt Instrument, Face Amount	$ 297
Fixed interest rate	6.694%
With Subsidiary Guarantee [Member] \| Senior Debt Obligations [Member]
Debt, Long-term and Short-term, Combined Amount	$ 4,750	5,032	4,749
With Subsidiary Guarantee [Member] \| Foreign Facilities with Parent Guarantee [Member]
Line of Credit	0	0	107
With Subsidiary Guarantee [Member] \| Fixed Rate 6.75% Notes Due July 2036 [Member]
Notes Payable, Noncurrent	694	694	693
Debt Instrument, Face Amount	$ 700
Fixed interest rate	6.75%
With Subsidiary Guarantee [Member] \| Fixed Rate 6.625% Notes Due October 2030 [Member]
Notes Payable, Noncurrent	$ 989	988	0
Debt Instrument, Face Amount	$ 1,000
Fixed interest rate	6.625%
Without Subsidiary Guarantee [Member]
Debt, Long-term and Short-term, Combined Amount	$ 594	594	646
Without Subsidiary Guarantee [Member] \| Fixed Rate 6.95% Debentures Due March 2033 [Member]
Notes Payable, Noncurrent	348	348	348
Debt Instrument, Face Amount	$ 350
Fixed interest rate	6.95%
Without Subsidiary Guarantee [Member] \| Fixed Rate 7.60% Notes Due July 2037 [Member]
Notes Payable, Noncurrent	$ 246	$ 246	$ 298
Debt Instrument, Face Amount	$ 247
Fixed interest rate	7.60%

Long-term Debt and Borrowing Facilities (Issuance And Repurchase Of Notes) (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2021	May 01, 2021	May 02, 2020
Loss on Extinguishment of Debt	$ 105	$ 105	$ 0
Loss on extinguishment of debt, net of tax	80
With Subsidiary Guarantee [Member] \| 6.875% Fixed Interest Rate Secured Notes due July 2025 [Member]
Extinguishment of debt	750
With Subsidiary Guarantee [Member] \| Fixed Rate 5.625 Percent Notes Due February 2022 [Member]
Extinguishment of debt	$ 285

Long-term Debt and Borrowing Facilities (Asset-Backed Revolving Credit Facility) (Narrative) (Details) - USD ($)	3 Months Ended
	May 01, 2021	May 02, 2020
Revolving Credit Expiring August 2024 [Member]
Outstanding Borrowings on Lines of Credit	$ 0
Repayments of Lines of Credit	0	$ 950,000,000
Letter of Credit [Member]
Letters of Credit Outstanding, Amount	63,000,000
Revolving Credit Facility [Member] \| Revolving Credit Expiring August 2024 [Member]
Line of Credit Facility, Maximum Borrowing Capacity	1,000,000,000
Line of Credit Financial Covenant, Consolidated Cash Balance	350,000,000
Line of Credit Facility, Current Borrowing Capacity	$ 1,025,000,000.000
Revolving Facility Commitment fee percentage, unused capacity	0.30%
Revolving Facility Current credit fees percentage rate, letters of credit	1.75%
Revolving Facility Percentage spread over variable base rate	1.75%
Revolving Facility Covenant Fixed charge coverage ratio	1.00
Line of Credit Financial Covenant, Maximum Borrowing Amount	$ 100,000,000
Proceeds from Lines of Credit		950,000,000
Repayments of Lines of Credit		$ 950,000,000

Long-term Debt and Borrowing Facilities Foreign Facilities (Details) $ in Millions	May 01, 2021 USD ($)
Debt Instrument [Line Items]
Other assets	$ 30
Foreign Facilities with Parent Guarantee [Member] \| With Subsidiary Guarantee [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 30

Fair Value Measurements (Carrying Value And Fair Value Of Long-Term Debt, Disclosure) (Detail) - USD ($)
$ in Millions

May 01, 2021

Jan. 30, 2021

May 02, 2020

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

Principal Value

$ 5,414

$ 6,449

$ 5,458

Fair Value (a)

^[1]

$ 6,389

$ 7,243

$ 4,151

[1]

The estimated fair value of the Company’s publicly traded debt is based on reported transaction prices, which are considered Level 2 inputs in accordance with ASC 820, Fair Value Measurement. The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

Comprehensive Income (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	$ 83	$ 52
Other Comprehensive Income (Loss), before Reclassifications, before Tax	1	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	1
Other Comprehensive Income (Loss), Tax	1	(1)
Total Other Comprehensive Income (Loss), Net of Tax	3	(1)
Accumulated Other Comprehensive Income (Loss), Ending Balance	86	51
Accumulated Translation Adjustment [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	85	52
Other Comprehensive Income (Loss), before Reclassifications, before Tax	5	(6)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0
Other Comprehensive Income (Loss), Tax	0	0
Total Other Comprehensive Income (Loss), Net of Tax	5	(6)
Accumulated Other Comprehensive Income (Loss), Ending Balance	90	46
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	(2)	0
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(4)	6
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	1
Other Comprehensive Income (Loss), Tax	1	(1)
Total Other Comprehensive Income (Loss), Net of Tax	(2)	5
Accumulated Other Comprehensive Income (Loss), Ending Balance	$ (4)	$ 5

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

- Definition

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

+ References

+ Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

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+ Details

Commitments And Contingencies (Details) $ in Millions	May 01, 2021 USD ($)
LaSenza [Member] \| Lease Agreements [Member]
Loss Contingency, Maximum Exposure, Undiscounted	$ 30

Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Retirement Benefits Disclosure [Line Items]
Expense related to the qualified plan	$ 21	$ 21
Other Pension Plans, Postretirement or Supplemental Plans, Defined Benefit [Member]
Retirement Benefits Disclosure [Line Items]
Liability, Other Retirement Benefits	$ 146

Subsequent Events (Details) - USD ($) shares in Thousands, $ in Millions	1 Months Ended	3 Months Ended
	Jun. 03, 2021	May 01, 2021	May 02, 2021	Mar. 31, 2021	Mar. 12, 2021
Subsequent Event [Line Items]
Amount Authorized		$ 500		$ 500
Shares Repurchased (in shares)		2,608
Amount Repurchased		$ 165
Share Repurchase 10b5-1 Plan
Subsequent Event [Line Items]
Amount Authorized					$ 250
Subsequent Event [Member] \| Share Repurchase 10b5-1 Plan
Subsequent Event [Line Items]
Amount Authorized			$ 250
Shares Repurchased (in shares)	1,600
Amount Repurchased	$ 106

Segment Information (Details) $ in Millions	3 Months Ended
Segment Information (Details) $ in Millions	May 01, 2021 USD ($) Reportable_Segments	May 02, 2020 USD ($)
Number of Reportable Segments \| Reportable_Segments	2
Net Sales	$ 3,024	$ 1,654
Operating Income (Loss)	572	(318)
Victoria's Secret [Member]
Net Sales	1,554	894
Operating Income (Loss)	245	(354)
Victoria's Secret [Member] \| Store Asset [Member]
Victoria's Secret Asset Impairments		97
Bath & Body Works [Member]
Net Sales	1,470	760
Operating Income (Loss)	380	76
Other [Member]
Net Sales	0	0
Operating Income (Loss)	(53)	(40)
International [Member]
Net Sales	$ 280	$ 179

- Definition

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

+ References

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+ Details