0001856437-22-000007 | 10-K | XBRL Viewer

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Consolidated and Combined Statements of Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Income Statement [Abstract]
Net Sales	$ 6,785	$ 5,413	$ 7,509
Costs of Goods Sold, Buying and Occupancy	(4,025)	(3,842)	(5,446)
Gross Profit	2,760	1,571	2,063
General, Administrative and Store Operating Expenses	(1,890)	(1,672)	(2,235)
Impairment of Goodwill	0	0	(720)
Operating Income (Loss)	870	(101)	(892)
Interest Expense	(27)	(6)	(8)
Other Income (Loss)	0	1	1
Income Before Income Taxes	843	(106)	(899)
Provision (Benefit) for Income Taxes	197	(34)	(2)
Net Income (Loss)	$ 646	$ (72)	$ (897)
Net Income (Loss) Per Basic Share (in dollars per share)	$ 7.34	$ (0.82)	$ (10.16)
Net Income (Loss) Per Diluted Share (in dollars per share)	$ 7.18	$ (0.82)	$ (10.16)

Consolidated and Combined Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Consolidated Statements of Income [Abstract]
Net Income (Loss)	$ 646	$ (72)	$ (897)
Other Comprehensive Income (Loss), Net of Tax
Foreign Currency Translation	1	(3)	(6)
Reclassification of Foreign Currency Translation to Earnings	0	36	0
Unrealized Gain on Cash Flow Hedges	0	0	1
Reclassification of Cash Flow Hedges to Earnings	0	0	(3)
Total Other Comprehensive Income (Loss), Net of Tax	1	33	(8)
Total Comprehensive Income (Loss)	$ 647	$ (39)	$ (905)

- Definition

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

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- Definition

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

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Consolidated and Combined Balance Sheets - USD ($) $ in Millions	Jan. 29, 2022	Jan. 30, 2021
Current Assets:
Cash and Cash Equivalents	$ 490	$ 335
Accounts Receivable, Net	162	121
Inventories	949	701
Other	90	82
Total Current Assets	1,691	1,239
Property and Equipment, Net	957	1,078
Operating Lease Assets	1,369	1,590
Trade Name	246	246
Deferred Income Taxes	17	20
Other Assets	64	56
Total Assets	4,344	4,229
Current Liabilities:
Accounts Payable	538	338
Accrued Expenses and Other	714	782
Current Debt	4	0
Current Operating Lease Liabilities	340	421
Income Taxes	102	15
Total Current Liabilities	1,698	1,556
Deferred Income Taxes	58	19
Long-term Debt	978	0
Long-term Debt Due to Former Parent	0	97
Long-term Operating Lease Liabilities	1,314	1,553
Other Long-term Liabilities	39	113
Total Liabilities	4,087	3,338
Shareholders’ Equity:
Preferred Stock—$0.01 par value; 10 shares authorized; none issued	0	0
Common Stock—$0.01 par value; 1,000 shares authorized; 85 and 0 shares issued; 85 and 0 shares outstanding, respectively	1	0
Paid-in Capital	125	0
Accumulated Other Comprehensive Income	5	4
Retained Earnings	126	0
Net Investment by Former Parent	0	887
Total Equity	257	891
Total Liabilities and Equity	$ 4,344	$ 4,229

Consolidated and Combined Balance Sheets (Parenthetical) - $ / shares shares in Millions	Jan. 29, 2022	Jan. 30, 2021
Statement of Financial Position [Abstract]
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized (in shares)	10	10
Preferred Stock, shares issued (in shares)	0	0
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	1,000	1,000
Common Stock, shares issued (in shares)	85	0
Common Stock, shares outstanding (in shares)	85	0

Consolidated and Combined Statements of Equity - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect of Accounting Change	Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Paid-in Capital	Net Investment by Former Parent	Net Investment by Former Parent Cumulative Effect of Accounting Change	Net Investment by Former Parent Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings	Treasury Stock, at Average Cost	Noncontrolling Interest	Noncontrolling Interest Cumulative Effect, Period of Adoption, Adjusted Balance
Beginning Balance at Feb. 02, 2019	$ 2,380	$ (2)	$ 2,378			$ 2,399	$ (2)	$ 2,397	$ (21)	$ (21)			$ 2	$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(897)					(897)
Other Comprehensive Loss	(8)								(8)
Total Comprehensive Loss	(905)					(897)			(8)
Net Transfers to Former Parent	(159)					(159)
Ending Balance at Feb. 01, 2020	1,314					1,341			(29)				2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(72)					(72)
Other Comprehensive Loss	33								33
Total Comprehensive Loss	(39)					(72)			33
Net Transfers to Former Parent	(382)
Stockholders' Equity, Other	$ (2)												(2)
Ending Balance (in shares) at Jan. 30, 2021	0			0
Ending Balance at Jan. 30, 2021	$ 891			$ 0	$ 0	887			4		$ 0	$ 0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	646					328					318
Other Comprehensive Loss	1								1
Total Comprehensive Loss	647					328			1		318
Net Transfers to Former Parent	(1,053)
Transfer of Former Parent to Additional Paid-in Capital	0				162	(162)
Issuance of Common Stock (in shares)				88
Issuance of Common Stock	1			$ 1
Repurchase of Common Stock (in shares)				(4)
Repurchase of Common Stock	(250)				(50)							(200)
Treasury Share Retirement	0				(8)						(192)	200
Share-based Compensation and Other (in shares)				1
Share-based Compensation and Other	$ 21				21
Ending Balance (in shares) at Jan. 29, 2022	85			85
Ending Balance at Jan. 29, 2022	$ 257			$ 1	$ 125	$ 0			$ 5		$ 126	$ 0	$ 0

Consolidated and Combined Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Statement of Cash Flows [Abstract]
Net Income	$ 646	$ (72)	$ (897)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depreciation of Long-lived Assets	303	326	411
Share-based Compensation Expense	33	25	38
Deferred Income Taxes	1	(64)	(30)
Impairment of Goodwill	0	0	720
Asset Impairment Charges	0	254	263
Gain related to formation of U.K. Joint Venture	0	(54)	0
Gain from Hong Kong Store Closure and Lease Termination	0	(39)	0
Changes in Assets and Liabilities:
Accounts Receivable	(21)	36	14
Inventories	(247)	141	20
Accounts Payable, Accrued Expenses and Other	173	49	(118)
Income Taxes Payable	119	(25)	(49)
Other Assets and Liabilities	(156)	97	(57)
Net Cash Provided by Operating Activities	851	674	315
Investing Activities:
Capital Expenditures	(169)	(127)	(225)
Other Investing Activities	0	4	(18)
Net Cash Used for Investing Activities	(169)	(123)	(243)
Financing Activities:
Proceeds from Issuance of Long-term Debt, Net of Issuance Costs and Discounts	982	0	0
Payments of Long-term Debt	(1)	0	0
Repurchases of Common Stock	(250)	0	0
Tax Payments related to Share-based Awards	(4)	0	0
Proceeds from Stock Option Exercises	5	0	0
Net Transfers to Former Parent	(1,253)	(407)	(197)
Borrowings from Foreign Facilities	0	34	167
Repayments of Foreign Facilities	0	(189)	(162)
Borrowing from Former Parent	0	97	0
Other Financing Activities	(6)	0	0
Net Cash Used for Financing Activities	(527)	(465)	(192)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	0	4	(4)
Net Increase (Decrease) in Cash and Cash Equivalents	155	90	(124)
Cash and Cash Equivalents, Beginning of Period	335	245	369
Cash and Cash Equivalents, End of Period	$ 490	$ 335	$ 245

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Jan. 29, 2022

Accounting Policies [Abstract]

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies

Description of Business

Victoria's Secret & Co. is a specialty retailer of women's intimate and other apparel and beauty products marketed under the Victoria's Secret and PINK brand names. The Company operates more than 890 Victoria’s Secret and PINK stores in the U.S., Canada and Greater China as well as online at www.VictoriasSecret.com and www.PINK.com and other online channels worldwide. Additionally, Victoria’s Secret and PINK have more than 450 stores in more than 70 countries operating under franchise, license and wholesale arrangements. The Company also includes the Victoria's Secret and PINK merchandise sourcing and production function serving the Company and its international partners. The Company operates as a single segment designed to serve customers worldwide seamlessly through stores and online channels.

Victoria's Secret & Co. Spin-Off

On July 9, 2021, L Brands announced that its Board of Directors approved the previously announced separation of the Victoria's Secret business, including PINK, into an independent, publicly traded company. Prior to the Separation, L Brands operated the Bath & Body Works, Victoria’s Secret and PINK retail brands.

On August 2, 2021, after the New York Stock Exchange market closing, the Separation of the Victoria's Secret business was completed. On August 3, 2021, Victoria's Secret & Co. became an independent, publicly-traded company trading on the NYSE under the stock symbol "VSCO."

The Separation was achieved through the Former Parent’s distribution of 100% of the shares of the Company's common stock to holders of the Former Parent's common stock as of the close of business on the record date of July 22, 2021. The Former Parent's stockholders of record received one share of the Company's common stock for every three shares of the Former Parent's common stock. In connection with the Separation, the Company made a cash payment of approximately $976 million to the Former Parent on August 2, 2021 from the issuances of certain debt (discussed in Note 12, "Long-term Debt and Borrowing Facilities"). The Former Parent retained no ownership interest in the Company following the Separation.

The Company entered into several agreements with the Former Parent that, among other things, effect the Separation and govern the relationship of the parties following the Separation, including a Separation and Distribution Agreement, a Tax Matters Agreement, an L Brands to VS Transition Services Agreement, a VS to L Brands Transition Services Agreement, an Employee Matters Agreement and a Domestic Transportation Services Agreement. For additional information, see Note 2, "Transactions with Former Parent."

Fiscal Year

The Company's fiscal year ends on the Saturday nearest to January 31. As used herein, “2021," "2020" and “2019” refer to the 52-week periods ended January 29, 2022, January 30, 2021 and February 1, 2020, respectively.

Basis of Presentation - Consolidated and Combined Financial Statements

The Company’s financial statements for periods through the Separation date of August 2, 2021 are combined financial statements prepared on a "carve-out" basis as discussed below. The Company’s financial statements for the period from August 3, 2021 through January 29, 2022 are consolidated financial statements based on the reported results of Victoria's Secret & Co. as a standalone company.

The Consolidated and Combined Financial Statements have been prepared in conformity with GAAP. The Consolidated and Combined Financial Statements may not be indicative of the Company’s future performance and do not necessarily reflect what the financial position, results of operations, and cash flows would have been had it operated as an independent company during all of the periods presented.

Basis of Presentation - Prior to Separation

Through the Separation date, the Company's combined financial statements are prepared on a "carve-out" basis. The Combined Financial Statements have been derived from the consolidated financial statements and accounting records of the Former Parent in conformity with GAAP.

Intracompany transactions have been eliminated. Transactions between the Company and the Former Parent have been included in these financial statements. For those transactions between the Company and the Former Parent that were historically settled in cash, the Company reflected such balances in the Consolidated and Combined Balance Sheets in Accrued Expenses and Other. The aggregate net effect of transactions between the Company and the Former Parent that were historically settled other than in cash are reflected in the Consolidated and Combined Balance Sheets as Net Investment by Former Parent and in the Consolidated and Combined Statements of Cash Flows as Net Transfers from (to) Former Parent. For additional information, see Note 2, "Transactions with Former Parent."

The Consolidated and Combined Balance Sheets include certain of the Former Parent's assets and liabilities that were specifically identifiable or otherwise attributable to the Company. The Former Parent's third-party long-term notes payable and the related interest expense have not been allocated to the Company for any of the periods presented as the Company was not the legal obligor of such debt. Except for Long-term Debt due to Former Parent, the debt reflected in the Consolidated and Combined Balance Sheets relate to third-party borrowings specifically attributable to, and legal obligations of, the Company.

The Former Parent utilized a centralized approach to cash management and financing its operations. The Cash and Cash Equivalents held by the Former Parent at the corporate level were not specifically identifiable to the Company and, therefore, were not reflected in the Company’s Consolidated and Combined Balance Sheets. Cash transfers between the Former Parent and the Company were accounted for through Net Investment by the Former Parent. Cash and Cash Equivalents in the Consolidated and Combined Balance Sheets represent cash and cash equivalents held by the Company at period-end prior to any potential transfer to the centralized cash management pool of the Former Parent.

The Consolidated and Combined Statements of Income (Loss) include costs for certain functions, including information technology, human resources and store design and construction, that historically were provided and administered on a centralized basis by the Former Parent. Starting in the third quarter of 2020, as part of the steps to prepare the Company to operate as a separate, standalone company, these functions were transitioned to the business and began to be operated and administered as part of Victoria’s Secret & Co. For additional information, see Note 5, "Restructuring Activities." Costs applicable to the Company related to these functions are included in the Consolidated and Combined Statements of Income (Loss) for all periods presented. Prior to the transition of these functions, these costs were directly charged to the Company by the Former Parent.

In addition, for purposes of preparing the combined financial statements on a “carve-out” basis prior to the Separation, a portion of the Former Parent's corporate expenses were allocated to the Company. These expense allocations include the cost of corporate functions and resources provided by, or administered by, the Former Parent including, but not limited to, executive management and other corporate and governance functions, such as corporate finance, internal audit, tax and treasury. The related employee payroll and benefit costs associated with such functions, such as share-based compensation, were included in the expense allocations. Corporate expenses of $49 million in 2021, $77 million in 2020 and $110 million in 2019 were allocated and included within General, Administrative and Store Operating Expenses in the Consolidated and Combined Statements of Income (Loss).

Costs were allocated to the Company based on direct usage when identifiable or, when not directly identifiable, on the basis of proportional net sales. Management considers the basis on which the expenses have been allocated to reasonably reflect the utilization of services provided to, or the benefit received by, the Company during the periods presented. However, the allocations may not reflect the expenses the Company would have incurred if the Company had been a standalone company for the periods presented. Actual costs that may have been incurred if the Company had been a standalone company would depend on a number of factors, including the organizational structure, whether functions were outsourced or performed by employees, and strategic or capital decisions. Going forward, the Company may perform these functions using its own resources or outsourced services. For a period following the Separation, however, some of these functions will continue to be provided by the Former Parent under a transition services agreement, and the Company will provide some services to the Former Parent under a transition services agreement. The Company has also entered into certain commercial arrangements with the Former Parent in connection with the Separation. For more information, see Note 2, "Transactions with Former Parent."

During the periods prior to the Separation that are presented in these Consolidated and Combined Financial Statements, the Company's income tax expense (benefit) and deferred tax balances were included in the Former Parent's income tax returns. Income tax expense (benefit) and deferred tax balances contained in these Consolidated and Combined Financial Statements for periods prior to the Separation are presented on a separate return basis, as if the Company had filed its own income tax returns. As a result, actual tax transactions included in the consolidated financial statements of the Former Parent may or may not be included in the Consolidated and Combined Financial Statements of the Company. Similarly, the tax treatment of certain items reflected in the Consolidated and Combined Financial Statements of the Company may or may not be reflected in the consolidated financial statements and income tax returns of the Former Parent. The taxes recorded in the Consolidated and Combined Statements of Income (Loss) for periods prior to the Separation are not necessarily representative of the taxes that may arise in the future when the Company files its income tax returns independent from the Former Parent's returns.

Impacts of COVID-19

The coronavirus pandemic has created significant public health concerns as well as economic disruption, uncertainty and volatility. In 2020 and 2021, 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, but the Company was able to re-open the majority of its stores as of the beginning of the third quarter of 2020. Operations in the direct channel were temporarily suspended for approximately one week in late March 2020.

The Company has adopted new operating models focused on providing a safe store 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 channel. There remains the potential for COVID-19-related risks of closure or operating restrictions, as well as risks related to delays or disruptions in our supply chain and related pricing impacts, which could materially impact the Company's operations and financial performance in future periods.

Cash and Cash Equivalents

Cash and Cash Equivalents include cash on hand, demand deposits with financial institutions, credit and debit card receivables and highly liquid investments with original maturities of 90 days or less. 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.

Concentration of Credit Risk

The Company maintains cash and cash equivalents 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 bank deposits. Prior to the Separation, cash generated by the Company was invested by the Former Parent in U.S. government obligations and U.S. Treasury and AAA-rated money market funds.

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 charged against 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, operating trends and consumer behavior.

Advertising Costs

Advertising and marketing costs are expensed at the time the promotion first appears in media, or in the store or when the advertising is mailed. Advertising and marketing costs totaled $334 million for 2021, $239 million for 2020 and $306 million for 2019.

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
Software, including software developed for internal use						3 - 5 years
Furniture, fixtures and equipment						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 (loss). 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 (subsequent to the adoption of ASC 842, Leases), 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 is determined using Level 3 inputs within the fair value hierarchy.

Leases and Leasehold Improvements

In 2019, the Company adopted ASC 842, Leases, using the modified retrospective approach.

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.

For leases entered into or reassessed after the adoption of ASC 842, Leases, the Company has elected the practical expedient allowed by the standard to account for all fixed consideration in a lease as a single lease component. Therefore, the lease payments used to measure the lease liability for these leases include fixed minimum rentals along with fixed operating costs such as common area maintenance and utilities.

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.

Trade Name

The Victoria’s Secret trade name is an intangible asset with an indefinite life. Intangible assets with indefinite lives are 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 indefinite-lived intangible asset is impaired, or to proceed directly to the quantitative assessment which requires a comparison of the fair value of the intangible asset to its carrying value. To determine if the fair value of the asset 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 are recorded as a component of accumulated other comprehensive income (loss) in shareholders’ equity. Accumulated foreign currency translation adjustments are reclassified to net income (loss) when realized upon sale or upon complete, or substantially complete, liquidation of the investment in the foreign entity.

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 and trade name in accordance with the provisions of ASC 820. The recorded amounts for cash and cash equivalents, accounts receivable, prepaid expenses, other current assets and current liabilities approximate fair value due to the short-term nature of these assets and liabilities.

Derivative Financial Instruments

The Company from time to time 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 and Combined Balance Sheets at fair value.

The earnings of the Company's foreign operations are subject to exchange rate risk as substantially all the merchandise is sourced through U.S. dollar transactions. The Company from time to time utilizes foreign currency forward contracts designated as cash flow hedges to mitigate this foreign currency exposure. Amounts for these designated cash flow hedges 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 and Combined Statements of Income (Loss). During the second quarter of 2021, the Company terminated its foreign currency forward contracts designated as cash flow hedges that were used to mitigate foreign currency exposure for its Canadian operations. The fair value of designated cash flow hedges is not significant for any period presented.

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 and Combined Statement of Income (Loss) in the period that includes the enactment date. The Company treats the global intangible low-taxed income provision enacted as part of the U.S. Tax Cuts and Jobs Act as a current period expense. 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 new stores or business ventures 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 and Combined 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 (Benefit) for Income Taxes on the Consolidated and Combined Statements of Income (Loss).

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.

Equity Method Investments

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 and Combined 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 is included in General, Administrative and Store Operating Expenses in the Consolidated and Combined 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. The total carrying value of equity method investments was $35 million as of January 29, 2022 and January 30, 2021. These investments are recorded in Other Assets on the Consolidated and Combined Balance Sheets.

Net Investment by Former Parent

Net Investment by Former Parent in the Consolidated and Combined Balance Sheets represents the Former Parent's historical investment in the Company, the accumulated net earnings after taxes and the net effect of the transactions with and allocations from the Former Parent. All transactions reflected in Net Investment by Former Parent in the accompanying Consolidated and Combined Balance Sheets have been considered as financing activities for purposes of the Consolidated and Combined Statements of Cash Flows.

For additional information, see Basis of Presentation above and Note 2, "Transactions with Former Parent."

Noncontrolling Interest

Noncontrolling interest in fiscal years 2020 and 2019 represents the portion of equity interests in a technology joint venture in India that was not owned at that time by the Company.

Share-based Compensation

Prior to the Separation, certain Company employees participated in the share-based compensation plans sponsored by the Former Parent. The Former Parent's share-based compensation awards granted to the employees of the Company consisted of the Former Parent's stock options and restricted stock. As such, prior to the Separation the awards granted to Company employees are reflected in Net Investment by Former Parent within the Consolidated and Combined Statements of Equity at the time they were expensed. Prior to the Separation, the Consolidated and Combined Statements of Income (Loss) also include an allocation of the Former Parent's corporate and shared employee share-based compensation expenses.

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 or a graded vesting schedule is recognized, net of estimated forfeitures, using a single award approach (each award is valued as one grant). Compensation expense for awards with a performance condition or a graded vesting schedule 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, reflect 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 and Combined Statements of Income (Loss). 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 certain loyalty programs that allow customers to earn points based on purchasing activity. As customers accumulate points and reach point thresholds, they can use the points to purchase merchandise in stores or online. The Company allocates revenue to points earned on qualifying purchases and defers recognition until the points are redeemed. The amount of revenue deferred is based on the relative stand-alone selling price method, which includes an estimate for points 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 where the likelihood of the gift card 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, 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 is included in Net Sales in the Consolidated and Combined Statements of Income (Loss).

Revenue earned in connection with the U.S. private label credit card arrangement is primarily recognized based on credit card sales and usage, and is included in Net Sales in the Consolidated and Combined Statements of Income (Loss).

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 payroll, benefit costs and operating expenses for its buying departments and distribution network; and rent, common area maintenance, real estate taxes, utilities, maintenance, fulfillment expenses and depreciation for the Company’s stores, warehouse facilities and equipment.

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 corporate functions), marketing, advertising and other operating expenses not specifically categorized elsewhere in the Consolidated and Combined Statements of Income (Loss).

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with U.S. 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 2021 that had a material impact on the Company's 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 results of operations, financial position or cash flows.

Transactions with Former Parent

12 Months Ended

Jan. 29, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Transactions with Former Parent

Prior to the Separation, the Company's financial statements were prepared on a "carve-out" basis and were derived from the consolidated financial statements and accounting records of the Former Parent. The following discussion summarizes activity between the Company and the Former Parent.

Allocation of General Corporate Expenses

Prior to the Separation, for purposes of preparing the financial statements on a "carve-out" basis, the Company was allocated a portion of the Former Parent's total corporate expenses. See Note 1 for a discussion of the methodology used to allocate corporate-related costs for purposes of preparing the financial statements on a "carve-out" basis.

Balances Between the Company and the Former Parent Prior to the Separation

Balances between the Company and the Former Parent or its affiliates prior to the Separation, that are derived from transactions that historically were cash settled, are reflected in the Consolidated and Combined Balance Sheets in Accrued Expenses and Other for periods prior to the Separation.

Balances between the Company and the Former Parent or its affiliates prior to the Separation, that are derived from transactions that were historically settled other than in cash, are included in Net Investment by Former Parent within Shareholders' Equity on the Consolidated and Combined Balance Sheets for periods prior to the Separation.

Long-term Debt due to Former Parent

Prior to the Separation, during 2020, the Company borrowed $97 million from the Former Parent to pay down outstanding debt with external parties. This borrowing was due in September 2025 and had a variable interest rate based on the China Loan Prime Rate. As a result of the Separation, the Company no longer has this Long-term Debt due to Former Parent. Prior to the Separation, the Company recognized $2 million of interest expense during 2021 related to this borrowing.

Net Transfers From (To) Former Parent

The following table presents the components of Net Transfers from (to) Former Parent in the 2021, 2020 and 2019 Consolidated and Combined Statements of Equity:


	2021		2020		2019
	(in millions)
Cash Pooling and General Financing Activities, Net	$	(172)	$	(543)	$	(422)
Long-lived Assets (a)	16		—		—
Corporate Expense Allocations	49		77		110
Share-based Compensation Expense	15		25		38
Assumed Income Tax Payments	15		59		115
Cash Payment to Former Parent	(976)		—		—
Total Net Transfers from (to) Former Parent	$	(1,053)	$	(382)	$	(159)

_______________

(a)Represents long-lived assets transferred between the Company and the Former Parent as a result of asset allocation decisions made during the period.

Agreements with Former Parent

Under the terms of the transition services agreements, the Company will provide its Former Parent, on a transitional basis, certain services or functions, including information technology, certain logistics functions, customer marketing and customer call center services. Additionally, the Former Parent will provide to the Company various services or functions, many of which currently use a shared technology platform, including human resources, payroll and certain logistics functions. Generally, these services will be provided for a period of up to two years following the Separation, except for information technology services, which will be provided for a period of up to three years following the Separation and may be extended for a maximum of two additional one-year periods subject to increased administrative charges. Consideration and costs for the transition services will be determined using several billing methodologies as described in the agreements, including customary billing, pass-through billing, percent of sales billing or fixed fee billing. Costs for transition services provided by the Former Parent are recorded within the Consolidated and Combined Statements of Income (Loss) based on the nature of the services. Consideration for transition services provided to the Former Parent are recorded within the Consolidated and Combined Statements of Income (Loss) based on the nature of the services and as an offset to expenses incurred to provide the services. Following the Separation, the Company recognized consideration of $55 million for services provided to the Former Parent and recognized costs of $42 million for services provided by the Former Parent in 2021 pursuant to the transition services agreements.

Under the terms of the Domestic Transportation Services Agreement, the Former Parent will continue to provide transportation services to the Company for certain personal care and apparel merchandise in the United States and Canada for an initial term of three years following the Separation, which term will thereafter continuously renew unless and until either party elects to terminate the arrangement upon written prior notice. Costs for the transportation services will be determined using customary billing and fixed billing methodologies, which are described in the agreement, and are subject to an administrative charge. Costs for transition services are recorded within Costs of Goods Sold, Buying and Occupancy in the Consolidated and Combined Statements of Income (Loss). During 2021, the Company recognized costs of $46 million pursuant to the Domestic Transportation Services Agreement.

Prior to the Separation, certain Company employees participated in the stock option and performance incentive plan of the Former Parent. Under the terms of the Employee Matters Agreement, in connection with the Separation, restricted stock and stock option equity awards held by Company employees were converted to awards representing approximately 6.0 million shares of the Company's common stock under the Company's 2021 Stock Option and Performance Incentive Plan.

Revenue Recognition

12 Months Ended

Jan. 29, 2022

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

Accounts receivable, net from revenue-generating activities were $101 million as of January 29, 2022 and $74 million as of January 30, 2021. Accounts receivable primarily relate to amounts due from the Company's franchise, license and wholesale partners. Under these arrangements, payment terms are typically 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 $258 million as of January 29, 2022 and $256 million as of January 30, 2021. The Company recognized $143 million as revenue in 2021 from amounts recorded as deferred revenue at the beginning of the period. As of January 29, 2022, the Company recorded deferred revenues of $250 million within Accrued Expenses and Other, and $8 million within Other Long-term Liabilities on the Consolidated and Combined Balance Sheet.

The following table provides a disaggregation of Net Sales for 2021, 2020 and 2019:


	2021		2020		2019
	(in millions)
Stores — North America	$	4,194	$	2,795	$	5,112
Direct	2,114		2,223		1,693
International (a)	477		395		704
Total Net Sales	$	6,785	$	5,413	$	7,509

_______________

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

The Company recognized Net Sales of $132 million, $135 million and $194 million for 2021, 2020 and 2019, respectively, related to revenue earned in connection with its U.S. private label credit card arrangement.

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 net sales outside of the U.S. totaled $736 million, $643 million and $1.000 billion for 2021, 2020 and 2019, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Earnings (Loss) Per Share

12 Months Ended

Jan. 29, 2022

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

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

On August 2, 2021, the Separation was achieved through the Former Parent's distribution of 100% of the shares of the Company's common stock to holders of the Former Parent's common stock as of the close of business on the record date of July 22, 2021. The Former Parent's stockholders of record received one share of the Company's common stock for every three shares of the Former Parent's common stock. As a result, on August 3, 2021, the Company had 88 million shares of common stock outstanding. This share amount is being utilized for the calculation of basic and diluted earnings per share for all periods presented prior to the Separation. After the Separation, actual outstanding shares are used to calculate both basic and diluted weighted-average number of common shares outstanding.

The following table provides the weighted-average shares utilized for the calculation of basic and diluted earnings (loss) per share for 2021, 2020 and 2019:


	2021	2020	2019
	(in millions)
Common Shares	88	88	88
Treasury Shares	—	—	—
Basic Shares	88	88	88
Effect of Dilutive Options and Restricted Stock	2	—	—
Diluted Shares	90	88	88
Anti-dilutive Options and Awards (a)	—	—	—

________________

(a)These options and awards were excluded from the calculation of diluted earnings (loss) per share because their inclusion would have been anti-dilutive.

Restructuring Activities	12 Months Ended
Restructuring Activities	Jan. 29, 2022
Restructuring and Related Activities [Abstract]
Restructuring Activities	Restructuring Activities During the second quarter of 2020, management reduced home office head count as a result of completing a comprehensive review of the home office organizations in order to achieve meaningful reductions in overhead expenses and to decentralize significant shared functions and services to support the creation of standalone companies. Pre-tax severance and related costs associated with these reductions, totaling $51 million, are included in General, Administrative and Store Operating Expenses in the 2020 Consolidated and Combined Statement of Loss. During 2021, the Company made payments of $13 million related to severance and related costs associated with these reductions. As of January 29, 2022, a liability of $1 million related to these reductions is included in Accrued Expenses and Other on the Consolidated and Combined Balance Sheet. Victoria's Secret U.K. Due to challenging business results for our business in the U.K., the Company entered into administration in June 2020 to restructure store lease agreements and reduce operating losses in the U.K. business. In October 2020, the Company entered into a joint venture with Next for the business in the U.K. 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. The joint venture acquired the majority of the operating assets, primarily inventory, and the restructured leases were transferred to the joint venture. Effective October 19, 2020, the newly formed joint venture began operating all Victoria’s Secret stores in the U.K. and Ireland. The Company recognized non-cash pre-tax gains of $90 million related to the derecognition of operating lease liabilities in excess of operating lease assets for the 24 store leases that were restructured and transferred to the joint venture. In addition, the Company recognized a $25 million non-cash pre-tax impairment charge to fully write-off all remaining long-lived store assets in the U.K. Finally, as a result of the transition to a joint venture business model in the U.K. and the substantially complete liquidation of the Company’s investment in the U.K., the Company recognized a $36 million non-cash pre-tax loss related to accumulated foreign currency translation adjustments that were reclassified into earnings, which were previously recognized as a component of equity. The above items relating to Victoria's Secret U.K. are included in General, Administrative and Store Operating Expenses in the 2020 Consolidated and Combined Statement of Loss as they all relate to the Company's transition to a joint venture business model in the U.K. Victoria's Secret China In January 2022, the Company announced a partnership agreement with Regina Miracle related to its existing company-owned business in China. The Company and Regina Miracle have formed a joint venture to operate all Company stores and the related online business in China. Under the terms of the agreement, which remains subject to regulatory clearance, the Company will own 51% of the joint venture with Regina Miracle owning the remaining 49%. Upon obtaining regulatory clearance, the transaction will be completed and the Company will receive $45 million in cash from Regina Miracle as consideration for its investment in the joint venture.

Inventories

12 Months Ended

Jan. 29, 2022

Inventory, Net [Abstract]

Inventories

The following table provides details of inventories as of January 29, 2022 and January 30, 2021:


	January 29, 2022		January 30, 2021
	(in millions)
Finished Goods Merchandise	$	898	$	663
Raw Materials and Merchandise Components	51		38
Total Inventories	$	949	$	701

The above amounts are net of valuation adjustments for inventory where the cost exceeds the amount the Company expects to realize from the ultimate sale or disposal of the inventory and net of loss adjustments for estimated physical inventory losses that have occurred since the date of the last physical inventory.

Long-Lived Assets

12 Months Ended

Jan. 29, 2022

Property, Plant and Equipment [Abstract]

Long-Lived Assets

The following table provides details of property and equipment, net as of January 29, 2022 and January 30, 2021:


	January 29, 2022		January 30, 2021
	(in millions)
Land and Improvements	$	27	$	26
Buildings and Improvements	211		190
Furniture, Fixtures, Software and Equipment	2,409		2,462
Leasehold Improvements	1,070		1,091
Construction in Progress	78		23
Total	3,795		3,792
Accumulated Depreciation and Amortization	(2,838)		(2,714)
Property and Equipment, Net	$	957	$	1,078

Depreciation expense was $303 million in 2021, $326 million in 2020 and $411 million in 2019.

Long-Lived Store Assets

As a result of the Company's fleet rationalization executed during 2020 and the negative operating results of certain stores in 2020 and 2019, the Company determined that the estimated undiscounted future cash flows were less than the carrying values for certain asset groups and, as a result, determined the estimated fair values of the store asset groups using estimated discounted future cash flows and estimated market rental rates.

In 2020, the Company also recorded a $25 million non-cash pre-tax impairment charge to fully write-off all remaining long-lived store assets in the U.K. This charge is included in General, Administrative and Store Operating Expenses in the 2020 Consolidated and Combined Statement of Loss.

The following table provides pre-tax long-lived store asset impairment charges included in the Consolidated and Combined Statement of Income (Loss) for 2021, 2020 and 2019:


	2021		2020		2019
	(in millions)
Store Asset Impairment	$	—	$	136	$	198
Operating Lease Asset Impairment	—		118		65
Total Impairment	$	—	$	254	$	263

Leases

12 Months Ended

Jan. 29, 2022

Leases [Abstract]

Leases

The following table provides the components of lease cost for operating leases for 2021 and 2020:


	2021		2020
	(in millions)
Operating Lease Costs (a)	$	399	$	521
Variable Lease Costs	63		6
Short-term Lease Costs	6		5
Total Lease Cost	$	468	$	532

_______________

(a)As discussed in Note 7, "Long-Lived Assets," the Company recognized an operating lease asset impairment charge of $118 million during 2020, which is included as operating lease costs.

In 2020, for many stores and select office locations, beginning in April 2020, rent was not paid, or was only partially paid, due to the COVID-19 pandemic. The FASB issued guidance in April 2020 which allows certain COVID-19-related concessions to be recognized as a reduction of lease costs in the period an amendment is executed. Negotiations were completed with nearly all landlords to determine potential rent credits or payment deferrals related to COVID-19. The Company fully accrued rent to the original contractual rent due unless an executed amendment was in place. As a result of the COVID-19-related concessions, the Company recognized a $31 million and $90 million reduction to occupancy expenses in 2021 and 2020, respectively, as a result of executed amendments with landlords.

The following table provides future maturities of operating lease liabilities as of January 29, 2022:


Fiscal Year	(in millions)
2022	$	395
2023	370
2024	300
2025	253
2026	188
Thereafter	535
Total Lease Payments	$	2,041
Less: Interest	(387)
Present Value of Operating Lease Liabilities	$	1,654

As of January 29, 2022, the Company had additional operating lease commitments that have not yet commenced of approximately $7 million.

The following table provides the weighted-average remaining lease term and discount rate for operating leases with lease liabilities as of January 29, 2022 and January 30, 2021:


	January 29, 2022	January 30, 2021
Weighted-Average Remaining Lease Term (years)	6.4	6.1
Weighted-Average Discount Rate	6.0%	5.9%

During 2021 and 2020, the Company paid $497 million and $348 million, respectively, for operating lease liabilities recorded on the Consolidated and Combined Balance Sheets. These payments are included within the Operating Activities section of the Consolidated and Combined Statement of Cash Flows.

In 2021, the Company obtained $120 million of additional lease assets as a result of new operating lease obligations. During 2020, the Company reduced its lease assets by $32 million as a result of permanent store closures due to the fleet rationalization and lease term reductions that also reduced its operating lease obligations.

Victoria's Secret Hong Kong

During the second quarter of 2020, the Company closed its unprofitable Victoria's Secret flagship store in Hong Kong. As a result of the store closure, the Company recognized a non-cash pre-tax gain of $39 million, primarily due to terminating the store lease and the related write-off of the operating lease liability in excess of the operating lease asset, which was partially impaired in fiscal 2019. This gain is included in Costs of Goods Sold, Buying and Occupancy in the 2020 Consolidated and Combined Statement of Loss. The Company also recorded $3 million of severance and related costs, included in General, Administrative and Store Operating Expenses in the 2020 Consolidated and Combined Statement of Loss.

Asset Retirement Obligations

The Company has asset retirement obligations related to certain company-operated international stores that contractually obligate the Company to remove leasehold improvements at the end of a lease. The Company's liabilities for asset retirement obligations totaled $13 million as of January 29, 2022 and $11 million as of January 30, 2021. These liabilities are included in Other Long-term Liabilities on the Consolidated and Combined Balance Sheets.

Leases

The following table provides the components of lease cost for operating leases for 2021 and 2020:


	2021		2020
	(in millions)
Operating Lease Costs (a)	$	399	$	521
Variable Lease Costs	63		6
Short-term Lease Costs	6		5
Total Lease Cost	$	468	$	532

_______________

(a)As discussed in Note 7, "Long-Lived Assets," the Company recognized an operating lease asset impairment charge of $118 million during 2020, which is included as operating lease costs.

The following table provides future maturities of operating lease liabilities as of January 29, 2022:


Fiscal Year	(in millions)
2022	$	395
2023	370
2024	300
2025	253
2026	188
Thereafter	535
Total Lease Payments	$	2,041
Less: Interest	(387)
Present Value of Operating Lease Liabilities	$	1,654

As of January 29, 2022, the Company had additional operating lease commitments that have not yet commenced of approximately $7 million.

The following table provides the weighted-average remaining lease term and discount rate for operating leases with lease liabilities as of January 29, 2022 and January 30, 2021:


	January 29, 2022	January 30, 2021
Weighted-Average Remaining Lease Term (years)	6.4	6.1
Weighted-Average Discount Rate	6.0%	5.9%

Victoria's Secret Hong Kong

Asset Retirement Obligations

Goodwill and Trade Name	12 Months Ended
Goodwill and Trade Name	Jan. 29, 2022
Goodwill, Trade Names and Other Intangible Assets, Net [Abstract]
Goodwill and Trade Name	Goodwill and Trade Name Goodwill The Company previously recorded goodwill related to its North America and Greater China reporting units resulting from business combinations and acquisitions. As of the end of the third quarter of 2019, the Company performed a quantitative interim impairment assessment over the North America and Greater China reporting units. An interim assessment was performed in consideration of the negative performance of these reporting units and their impact on the sustained decline in the Former Parent's market capitalization. Further, for the Greater China reporting unit, the Company considered the results of the long-lived store asset impairment assessment. The interim assessment concluded that the fair value of the North America reporting unit, which was based on a weighted average of the income and market approaches, exceeded its carrying value. However, the fair value of the Greater China reporting unit, which was based on the income approach, did not exceed its carrying value. Accordingly, the Company recognized a goodwill impairment charge of $30 million in 2019 related to the Greater China reporting unit. This charge is included in Impairment of Goodwill in the 2019 Consolidated and Combined Statement of Loss. As of the end of 2019, the Company completed its annual goodwill impairment assessment over the North America reporting unit. As a result of continued declines in business performance during the Holiday season and increased risk, volatility and uncertainty related to the North America reporting unit, the estimated fair value of the reporting unit decreased as compared to the interim assessment. As such, the annual assessment concluded that the fair value of the North America reporting unit did not exceed its carrying value. Accordingly, the Company recognized a goodwill impairment charge of $690 million related to the North America reporting unit. This charge is included in Impairment of Goodwill in the 2019 Consolidated and Combined Statement of Loss. Subsequent to these impairments in 2019, the Company no longer has any goodwill recorded on the Consolidated and Combined Balance Sheets. The Company estimated the fair value of the North America reporting unit as of the end of 2019 using a market approach. The market approach is based on earnings multiples of selected guideline public companies, while the income approach is based on estimated discounted future cash flows. The approaches, which are determined using Level 3 inputs within the fair value hierarchy, incorporated a number of significant assumptions and judgments including, but not limited to, estimated future cash flows, multiples of earnings of similar public companies, discount rates, income tax rates, terminal growth rates and an implied control premium relative to the Former Parent's market capitalization. Trade Name The Victoria's Secret trade name, an indefinite-lived intangible asset, was $246 million as of January 29, 2022 and January 30, 2021, respectively. As of the end of 2021 and 2020, the Company performed its annual impairment assessment of the Victoria's Secret trade name. To estimate the fair value of the trade name, the Company used the relief from royalty method under the income approach. The assessments concluded that the fair value of the trade name was in excess of its carrying value.

Accrued Expenses and Other

12 Months Ended

Jan. 29, 2022

Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other

The following table provides additional information about the composition of Accrued Expenses and Other as of January 29, 2022 and January 30, 2021:


	January 29, 2022		January 30, 2021
	(in millions)
Deferred Revenue on Gift Cards	$	198	$	178
Compensation, Payroll Taxes and Benefits	152		173
Accrued Freight and Other Logistics	62		24
Rent	45		22
Accrued Marketing	36		44
Deferred Revenue on Loyalty and Private Label Credit Card	36		38
Taxes, Other than Income	24		45
Returns Reserve	23		26
Deferred Revenue on Direct Shipments not yet Delivered	16		30
Accrued Interest	5		—
Accrued Claims on Self-insured Activities	4		17
Supplemental Retirement Plan	—		66
Other	113		119
Total Accrued Expenses and Other	$	714	$	782

Income Taxes

12 Months Ended

Jan. 29, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Prior to the Separation, the Company's U.S. operations and certain of its non-U.S. operations were historically included in the income tax returns of the Former Parent or its subsidiaries that may not be part of the Company. For the periods prior to the Separation, the income tax expense (benefit) and all tax liabilities that are presented in these financial statements were calculated on a "carve-out" basis, which applied the accounting guidance as if we filed income tax returns for the Company on a standalone, separate return basis. The Company believes the assumptions supporting its allocation and presentation of income taxes on a separate return basis are reasonable. However, the Company's tax results, as presented in these financial statements for periods prior to the Separation, may not be reflective of the results that the Company expects to generate in the future.

Post-Separation, the Company will file a consolidated U.S. federal income tax return as well as separate and combined income tax returns in numerous state, local and international jurisdictions. Income tax expense (benefit) for the period prior to the Separation is based on the combined financial statements prepared on a "carve-out" basis. Income tax expense (benefit) for the period after the Separation is based on the consolidated results of the Company on a standalone basis.

The following table provides the components of the Company’s provision for income taxes for 2021, 2020 and 2019:


	2021		2020		2019
	(in millions)
Current:
U.S. Federal	$	129	$	7	$	15
U.S. State	44		16		(6)
Non-U.S.	23		7		19
Total	196		30		28
Deferred:
U.S. Federal	6		(68)		(10)
U.S. State	(4)		(14)		(1)
Non-U.S.	(1)		18		(19)
Total	1		(64)		(30)
Provision (Benefit) for Income Taxes	$	197	$	(34)	$	(2)

The non-U.S. component of pre-tax income, arising principally from overseas operations, was income of $92 million, income of $11 million and loss of $241 million for 2021, 2020 and 2019, respectively.

The following table provides the reconciliation between the statutory federal income tax rate and the effective tax rate for 2021, 2020 and 2019:


	2021		2020		2019
Federal Income Tax Rate	21.0	%	21.0	%	21.0	%
State Income Taxes, Net of Federal Income Tax Effect	4.3	%	(5.8	%)	(0.6	%)
Impact of Non-U.S. Operations	(0.9	%)	(16.6	%)	(1.9	%)
Share-Based Compensation	(1.2)	%	(4.0	%)	(0.9	%)
Restructuring of Foreign Investments	0.2	%	23.3	%	—	%
Uncertain Tax Positions	(0.2	%)	19.3	%	2.4	%
U.S. Permanent Items	0.1	%	(2.8	%)	(0.1	%)
Change in Valuation Allowance	—	%	(2.6	%)	(3.6	%)
Impairment of Goodwill	—	%	—	%	(16.3	%)
Other Items, Net	—	%	0.1	%	0.2	%
Effective Tax Rate	23.3	%	31.9	%	0.2	%

Deferred Taxes

The following table provides the effect of temporary differences that cause deferred income taxes as of January 29, 2022 and January 30, 2021. 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.


	January 29, 2022						January 30, 2021
	Assets		Liabilities		Total		Assets		Liabilities		Total
	(in millions)
Loss Carryforwards	$	118	$	—	$	118	$	346	$	—	$	346
Leases	371		(322)		49		426		(365)		61
Share-based Compensation	11		—		11		29		—		29
Deferred Revenue	42		—		42		7		—		7
Property and Equipment	—		(79)		(79)		—		(106)		(106)
Trade Name and Other Intangibles	—		(57)		(57)		—		(64)		(64)
Other, Net	34		(11)		23		72		(28)		44
Valuation Allowance	(148)		—		(148)		(316)		—		(316)
Total Deferred Income Taxes	$	428	$	(469)	$	(41)	$	564	$	(563)	$	1

As of January 29, 2022, the Company had loss carryforwards of $118 million, of which $31 million has an indefinite carryforward. The remainder of the non-U.S. carryforwards, if unused, will expire at various dates from 2022 through 2038. 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 $56 million for 2021, $59 million for 2020 and $115 million for 2019.

Uncertain Tax Positions

The following table summarizes the activity related to the Company’s unrecognized tax benefits for U.S. federal, state & non-U.S. tax jurisdictions for 2021, 2020 and 2019, without interest and penalties:


	2021		2020		2019
	(in millions)
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year	$	126	$	41	$	78
Decreases to Unrecognized Tax Benefits Transferred to Former Parent	(126)		—		—
Increases to Unrecognized Tax Benefits for Prior Years	—		—		2
Decreases to Unrecognized Tax Benefits for Prior Years	—		(16)		(20)
Increases to Unrecognized Tax Benefits as a Result of Current Year Activity	10		105		1
Decreases to Unrecognized Tax Benefits Relating to Settlements with Taxing Authorities	—		—		(15)
Decreases to Unrecognized Tax Benefits due to Lapse of Statute of Limitations	—		(4)		(5)
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$	10	$	126	$	41

Of the total gross unrecognized tax benefits, approximately $9 million, $121 million and $38 million, at January 29, 2022, January 30, 2021, and February 1, 2020, 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.

We do not believe it is reasonably possible the unrecognized tax benefits could change in the next 12 months due to audit settlements, expiration of statute 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 when applicable as components of income tax expense. The Company did not recognize any interest and penalties in 2021 and did not have an accrual for interest and penalties as of January 29, 2022. The Company recognized an income tax benefit from interest and penalties of approximately $2 million and $1 million in 2020 and 2019, respectively. The Company accrued $6 million for the payment of interest and penalties as of January 30, 2021. Accrued interest and penalties are included within Other Long-term Liabilities on the Consolidated and Combined Balance Sheets.

The Company will file a U.S. federal income tax return as well as income tax returns in various states and in non-U.S. jurisdictions. The Company has not filed its initial consolidated U.S. federal income tax return; therefore, there are no open IRS examinations. The Company is currently under examination, or may be subject to examination, by various state, local and non-U.S. tax jurisdictions for fiscal year 2015 through 2020. The Company is no longer subject to state and local examinations for years prior to fiscal year 2015 or examinations in any material non-U.S. jurisdictions prior to 2016.

On August 2, 2021, the Company and the Former Parent entered into a Tax Matters Agreement. Under the agreement, the Former Parent will generally be responsible for all U.S. federal, state, local and non-U.S. income taxes of the Company for any taxable period, or portion of such period, ending on or before the Separation. Accordingly, the net liabilities associated with uncertain tax positions that were presented in the financial statements in prior periods on a carve-out basis were not transferred to the Company as part of the Separation.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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+ Details

Long-term Debt and Borrowing Facilities

12 Months Ended

Jan. 29, 2022

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

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 January 29, 2022 and January 30, 2021:


	January 29, 2022		January 30, 2021
	(in millions)
Senior Secured Debt with Subsidiary Guarantee
$400 million Term Loan due August 2028 ("Term Loan Facility")	$	390	$	—
Total Senior Secured Debt with Subsidiary Guarantee	390		—
Senior Debt with Subsidiary Guarantee
$600 million, 4.625% Fixed Interest Rate Notes due July 2029 ("2029 Notes")	592		—
Total Senior Debt with Subsidiary Guarantee	592		—
Long-term Debt due to Former Parent	—		97
Total	982		97
Current Debt	(4)		—
Total Long-term Debt, Net of Current Portion	$	978	$	97

The following table provides principal payments due on outstanding debt in the next five fiscal years and the remaining years thereafter:


Fiscal Year (in millions)
2022	$	4
2023	4
2024	4
2025	4
2026	4
Thereafter	$	979

Cash paid for interest was $18 million in 2021.

Issuance of Notes

In July 2021, the Company issued $600 million of 4.625% notes due in July 2029 in a transaction exempt from registration under the Securities Act. The obligation to pay principal and interest on the 2029 Notes is jointly and severally guaranteed on a full and unconditional basis by certain of the Company's wholly-owned subsidiaries.

On August 2, 2021, the Company used cash proceeds of $592 million, which were net of issuance costs of $8 million, from the 2029 Notes, to partially fund the approximately $976 million cash payment to the Former Parent in connection with the Separation.

Credit Facilities

On August 2, 2021, the Company entered into a term loan B credit facility in an aggregate principal amount of $400 million, which will mature in August 2028. Commencing in December 2021, the Company will make quarterly principal payments on the Term Loan Facility in an amount equal to 0.25% of the original principal amount of $400 million. During 2021, the Company made a principal payment of $1 million for the Term Loan Facility.

Interest under the Term Loan Facility will be calculated by reference to LIBOR or an alternative base rate, plus an interest rate margin equal to (i) in the case of LIBOR loans, 3.25% and (ii) in the case of alternate base rate loans, 2.25%. The LIBOR rate applicable to the Term Loan Facility will be subject to a floor of 0.50%. The obligation to pay principal and interest on the loans under the Term Loan Facility is jointly and severally guaranteed on a full and unconditional basis by certain of the Company's wholly-owned domestic subsidiaries. The loans under the Term Loan Facility are secured on a first-priority lien basis by certain assets of the Company and guarantors that do not constitute priority collateral of the ABL Facility and on a second-priority lien basis by priority collateral of the ABL Facility, subject to customary exceptions.

On August 2, 2021, the Company also entered into a senior secured asset-based revolving credit facility. The ABL Facility allows for borrowings and letters of credit in U.S. dollars or Canadian dollars, and has aggregate commitments of $750 million and an expiration date of August 2026. The availability under the ABL Facility will be the lesser of (i) the borrowing base, determined primarily based on the Company's eligible U.S. and Canadian credit card receivables, eligible accounts receivable, eligible inventory and eligible real property, and (ii) the aggregate commitment. Interest on the loans under the ABL Facility will be calculated by reference to (i) LIBOR or an alternative base rate and (ii) in the case of loans denominated in Canadian dollars, CDOR or a Canadian base rate, plus an interest rate margin based on average daily excess availability ranging from (x) in the case of LIBOR and CDOR loans, 1.50% to 2.00% and (y) in the case of alternate base rate loans and Canadian base rate loans, 0.50% to 1.00%. Unused commitments under the ABL Facility will accrue an unused commitment fee ranging from 0.25% to 0.30%.

For the reporting period ending January 29, 2022, the Company's borrowing base was $564 million and there were no borrowings outstanding under the ABL Facility. The Company had $41 million of outstanding letters of credit as of January 29, 2022 that reduced its availability under the ABL Facility.

The Company used the net cash proceeds from the credit facilities of $384 million, which were net of issuance and financing costs of $10 million for the Term Loan Facility and $6 million for the ABL Facility, to partially fund the approximately $976 million cash payment to the Former Parent in connection with the Separation.

The Company's long-term debt and borrowing facilities contain certain financial and other covenants, including, but not limited to, the maintenance of financial ratios. The 2029 Notes and the Term Loan Facility include the maintenance of a consolidated coverage ratio and a consolidated total leverage ratio, and the ABL Facility includes the maintenance of a fixed charge coverage ratio and a debt to EBITDAR ratio. The financial covenants could, within specific predefined circumstances, limit the Company's ability to incur additional indebtedness, make certain investments, pay dividends or repurchase shares. As of January 29, 2022, the Company was in compliance with all covenants under its long-term debt and borrowing facilities.

Foreign Facilities

Certain of the Company's China subsidiaries previously utilized revolving and term loan bank facilities to support their operations. The Foreign Facilities allowed borrowings in U.S. dollars and Chinese Yuan, and interest rates on outstanding borrowings were based upon the applicable benchmark rate for the currency of each borrowing.

Certain of these facilities were guaranteed by the Former Parent and certain of the Former Parent's wholly-owned subsidiaries. The Secured Foreign Facilities allowed for borrowings and letters of credit up to $30 million. The Company borrowed $21 million and $117 million under the Secured Foreign Facilities during 2020 and 2019, respectively. Additionally, the Company made payments of $126 million and $103 million under the Secured Foreign Facilities during 2020 and 2019, respectively. The Company had no borrowings or payments under the Secured Foreign Facilities during 2021. During the second quarter of 2021, with no borrowings outstanding, the Company terminated the Secured Foreign Facilities.

The Company borrowed $13 million and $50 million under the unsecured Foreign Facilities during 2020 and 2019, respectively. Additionally, the Company made payments of $63 million and $59 million under these unsecured Foreign Facilities during 2020 and 2019, respectively. During the second quarter of 2020, with no borrowings outstanding, the Company terminated the unsecured Foreign Facilities.

Long-term Debt due to Former Parent

During 2020, the Company borrowed $97 million from the Former Parent to pay down outstanding debt with external parties. This borrowing was due in September 2025 and had a variable interest rate based on the China Loan Prime Rate. As a result of the Separation, the Company no longer has this Long-term Debt due to Former Parent. Prior to the Separation, the Company recognized $2 million of interest expense during 2021 related to this borrowing.

Fair Value Measurements

12 Months Ended

Jan. 29, 2022

Fair Value Measurements [Abstract]

Fair Value Measurements

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

The following table provides a summary of the principal value and estimated fair value of outstanding debt as of January 29, 2022 and January 30, 2021:


	January 29, 2022		January 30, 2021
	(in millions)
Principal Value	$	999	$	—
Fair Value, Estimated (a)	975		—

________________

(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 (Loss)

12 Months Ended

Jan. 29, 2022

Comprehensive Income Loss

Comprehensive Income (Loss)

Comprehensive Income (Loss) includes gains and losses on foreign currency translation and derivative instruments. The cumulative gains and losses on these items are included in Accumulated Other Comprehensive Income (Loss) on the Consolidated and Combined Balance Sheets and Consolidated and Combined Statements of Equity.

The following table provides the rollforward of accumulated other comprehensive income (loss) for 2021:


	Foreign Currency Translation		Cash Flow Hedges		Accumulated Other Comprehensive Income (Loss)
	(in millions)
Balance as of January 30, 2021	$	4	$	—	$	4
Other Comprehensive Income (Loss) Before Reclassifications	1		—		1
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	—		—		—
Tax Effect	—		—		—
Current-period Other Comprehensive Income (Loss)	1		—		1
Balance as of January 29, 2022	$	5	$	—	$	5

The following table provides the rollforward of accumulated other comprehensive income (loss) for 2020:


	Foreign Currency Translation		Cash Flow Hedges		Accumulated Other Comprehensive Income (Loss)
	(in millions)
Balance as of February 1, 2020	$	(29)	$	—	$	(29)
Other Comprehensive Income (Loss) Before Reclassifications	(3)		(1)		(4)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	36		1		37
Tax Effect	—		—		—
Current-period Other Comprehensive Income (Loss)	33		—		33
Balance as of January 30, 2021	$	4	$	—	$	4

As a result of the transition to a joint venture business model in the U.K. and the substantially complete liquidation of the Company's investment in the U.K., the Company reclassified $36 million of accumulated foreign currency translation adjustments out of accumulated other comprehensive income (loss) and into earnings in 2020.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jan. 29, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe Company is subject to various claims and contingencies related to lawsuits, taxes, insurance 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 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. As previously disclosed by the Former Parent, on May 19, 2020 and January 12, 2021, the Former Parent's shareholders filed derivative lawsuits in the Court of Common Pleas for Franklin County, Ohio (subsequently removed to the United States District Court for the Southern District of Ohio) and the Delaware Court of Chancery, respectively, naming as defendants certain current and former directors and officers of the Former Parent and alleging, among other things, breaches of fiduciary duty through asserted violations of law and failures to monitor workplace conduct. In addition, the Former Parent also received litigation and books-and-records demands from other shareholders related to the same matters. In July 2021, the Former Parent announced the global settlement resolving the Actions. The settlement resolves all derivative claims that have been or could have been asserted in the Actions or that involve in any way the allegations referred to in the Actions and releases all such claims against the Former Parent (and its subsidiaries, including the Company) and past and present employees, officers and directors, among others. As part of the settlement, the Former Parent (and its subsidiaries, including the Company) has agreed to implement certain management and governance measures, including the maintenance of a Diversity, Equity, and Inclusion Council. Following the Separation, the settlement terms apply to both the Former Parent and the Company. Each company has committed to invest $45 million over at least five years to fund the management and governance measures. The settlement was preliminarily approved on August 25, 2021, and a fairness hearing occurred on January 18, 2022.

Retirement Benefits	12 Months Ended
Retirement Benefits	Jan. 29, 2022
Retirement Benefits [Abstract]
Retirement Benefits	Retirement Benefits The Company sponsors a tax-qualified defined contribution retirement plan for employees 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 $43 million for 2021, $38 million for 2020 and $43 million for 2019. The Former Parent previously sponsored a non-qualified supplemental retirement plan. The non-qualified plan was an unfunded plan which provided 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 Former Parent's Board of Directors authorized the termination of the non-qualified plan. Subsequent to the Termination Date, no additional employee contributions could be made to the non-qualified plan. The Company had a liability of $66 million related to the non-qualified plan within Accrued Expenses and Other on the January 30, 2021 Consolidated and Combined Balance Sheet. All benefits and obligations due under the non-qualified plan were fully paid during the second quarter of 2021. Total expense recognized related to the non-qualified plan was $1 million for 2021, $4 million for 2020 and $8 million for 2019.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Jan. 29, 2022
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Common Stock Share Repurchases In December 2021, the Company entered into an ASR Agreement with Goldman Sachs to repurchase $250 million of the Company's common stock. In accordance with the ASR Agreement, in December 2021 the Company made an initial payment of $250 million to Goldman Sachs, and received an initial delivery of 4.1 million shares of the Company's common stock. The final number of shares received under the ASR Agreement was based on the daily average of the volume-weighted average share price of the Company's common stock over the term of the ASR Agreement, less a discount and subject to other adjustments pursuant to the terms of the ASR Agreement. The final settlement under the ASR Agreement occurred in February 2022 subsequent to the end of fiscal year 2021. At final settlement, the Company received an additional 0.3 million shares of the Company's common stock from Goldman Sachs. As of January 29, 2022, the $250 million payment to Goldman Sachs was recognized as a reduction to shareholders’ equity, consisting of a $200 million increase in Treasury Stock, which reflects the value of the initial 4.1 million shares received upon initial settlement, and a $50 million decrease in Paid-in Capital, which reflects the value of the stock held back by Goldman Sachs pending final settlement of the ASR Agreement. The initial delivery of shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted net income per share. The $50 million recorded in Paid-in Capital as of January 29, 2022 will be reclassified to Treasury Stock in the first quarter of 2022 in connection with the settlement of the ASR Agreement. In March 2022, the Company's Board of Directors approved the March 2022 Share Repurchase Program, providing for the repurchase of up to $250 million of the Company's common stock. The $250 million authorization is expected to be utilized to repurchase shares in the open market, subject to market conditions and other factors. Shares acquired through the March 2022 Share Repurchase Program will be available to meet obligations under equity compensation plans and for general corporate purposes. The March 2022 Share Repurchase Program will continue until exhausted, but no later than January 28, 2023. The Company has repurchased 0.8 million shares for $39 million through March 17, 2022 under the March 2022 Share Repurchase Program. Treasury Stock Retirement In December 2021, in accordance with the Board of Directors' resolution, the Company immediately retired the 4.1 million shares repurchased under the ASR Agreement. The retirement resulted in a reduction of $200 million in Treasury Stock, less than $1 million in the par value of Common Stock, $8 million in Paid-in Capital and $192 million in Retained Earnings. In February 2022, subsequent to the end of fiscal year 2021, the Company immediately retired the additional 0.3 million shares repurchased in connection with the settlement of the ASR Agreement. The retirement will result in a reduction of $50 million in Treasury Stock, less than $1 million in the par value of Common Stock, less than $1 million in Paid-in Capital and nearly $50 million in Retained Earnings in the first quarter of 2022.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Share-based Compensation

12 Months Ended

Jan. 29, 2022

Share-based Payment Arrangement, Noncash Expense [Abstract]

Share-based Compensation

Plan Summary

Prior to the Separation, certain Company employees participated in the stock option and performance incentive plan of the Former Parent ("Former Parent's Plan"). In connection with the Separation, the Company's Board of Directors approved the 2021 Stock Option and Performance Incentive Plan ("2021 Plan"). The 2021 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted shares, restricted share units, performance units, unrestricted shares, converted awards, replacement awards and substitute awards.

Under the Company’s 2021 Plan, 11 million options, restricted and unrestricted shares have been authorized to be granted to employees and directors, in addition to the converted awards from the Separation. There were 10 million options and shares available for grant as of January 29, 2022.

Conversion at Separation

Under the terms of the Employee Matters Agreement between the Company and the Former Parent, in connection with the Separation, restricted stock and stock option equity awards granted to Company employees under the Former Parent's Plan were converted to awards representing approximately 6.0 million shares of the Company's common stock (the "Converted Awards") under the Company's 2021 Plan. Adjustments to the underlying shares and terms of outstanding restricted stock and stock options were made to preserve the intrinsic value of the awards immediately before the Separation. The adjustment of the underlying shares and exercise prices, as applicable, was determined using a conversion ratio of 1.665 based on the relative values of the Former Parent's pre-Separation stock price and the Company's post-Separation stock price. The outstanding awards continue to vest over their original vesting periods. The Company did not recognize any incremental compensation cost related to the adjustment of outstanding awards.

Income Statement Impact

For the period prior to the Separation, the following disclosures of share-based compensation expense recognized by the Company are based on grants related directly to Company employees, and exclude amounts related to the allocation of the Former Parent's corporate and shared employee share-based compensation expenses.

The following table provides share-based compensation expense included in the Consolidated and Combined Statements of Income (Loss) for 2021, 2020 and 2019:


	2021		2020		2019
	(in millions)
Costs of Goods Sold, Buying and Occupancy	$	12	$	9	$	15
General, Administrative and Store Operating Expenses	21		16		23
Total Share-based Compensation Expense	$	33	$	25	$	38

The tax benefit associated with recognized share-based compensation expense was $6 million for 2021, $6 million for 2020 and $8 million for 2019.

Restricted Stock

Restricted stock generally vests (the restrictions lapse) at the end of a three-year period or on a graded basis over a three-year period. The fair value of restricted stock awards is based on the market value of an unrestricted share on the grant date adjusted for anticipated dividend yields, if applicable.

As discussed above, restricted stock granted to Company employees under the Former Parent's Plan prior to the Separation were converted to shares of the Company's common stock. The Converted Awards have the same terms and conditions as the original awards, including the original vesting periods. The number of shares and weighted-average grant date fair value of the unvested Converted Awards are included in the following table.

The following table provides the Company’s restricted stock activity from the Separation date to the fiscal year ended January 29, 2022:


	Number of Shares	Weighted-Average Grant Date Fair Value
	(in thousands)
Unvested Converted Awards as of August 2, 2021	4,223	$	21.13
Granted	175	56.63
Vested	(200)	12.89
Cancelled	(66)	21.01
Unvested as of January 29, 2022	4,132	$	23.04

The Company’s total intrinsic value of restricted stock vested since Separation was $11 million for 2021. The Company’s total fair value at grant date of awards vested since Separation was $3 million for 2021.

As of January 29, 2022, there was $38 million of total unrecognized compensation cost, net of estimated forfeitures, related to unvested restricted stock. That cost is expected to be recognized over a weighted-average period of 1.6 years.

The tax benefit realized from tax deductions associated with restricted stock vested since Separation was $2 million for 2021.

Stock Options

Stock options granted to Company employees under the Former Parent's Plan were converted to awards representing approximately 1.7 million shares of the Company's common stock. No stock options have been granted by the Company subsequent to the Separation.

Stock options granted under the Former Parent's Plan have a maximum term of 10 years and generally vest ratably over three to five years. The fair value of stock options was determined using the Black-Scholes option-pricing model. Stock options were granted with an exercise price equal to the fair market value of the stock on the date of grant. The determination of the fair value of the options was affected by the Former Parent's stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, expected stock price volatility over the term of the awards and projected employee stock option exercise behaviors. Intrinsic value for stock options is the difference between the current market value of the Company’s stock and the option strike price. The Company's stock option activity, including stock options granted, exercised or cancelled, for Company employees for the fiscal year ended January 29, 2022 was not significant.

As of January 29, 2022, there was $2 million of total unrecognized compensation cost, net of estimated forfeitures, related to unvested stock options. This cost is expected to be recognized over a weighted-average period of 2.0 years. As of January 29, 2022, there were 1.6 million outstanding stock options, the majority of which were fully vested, with a total intrinsic value of $35 million.

Quarterly Financial Data (Unaudited)

12 Months Ended

Jan. 29, 2022

Quarterly Financial Data [Abstract]

Quarterly Financial Data (Unaudited)

The following table provides summarized quarterly financial data for 2021:


	Fiscal Quarter Ended
	May 1, 2021		July 31, 2021		October 30, 2021		January 29, 2022
	(in millions except per share data)
Net Sales	$	1,554	$	1,614	$	1,441	$	2,176
Gross Profit	672		670		565		853
Operating Income	226		203		108		333
Income Before Income Taxes	225		199		97		322
Net Income	174		151		75		246
Net Income Per Basic Share (a)(b)	$	1.97	$	1.71	$	0.85	$	2.82
Net Income Per Diluted Share (a)(b)	$	1.97	$	1.71	$	0.81	$	2.70

________________

(a)Due to changes in stock prices during the year and timing of issuances of shares, the cumulative total of quarterly net income per share amounts may not equal the net income per share for the year.

(b)For periods prior to the Separation, basic shares at the Separation date are being utilized for the calculation of basic and diluted net income per share. For additional information regarding the basic shares at the Separation date, see Note 4, "Earnings (Loss) Per Share."

The following table provides summarized quarterly financial data for 2020:


	Fiscal Quarter Ended
	May 2, 2020 (a)		August 1, 2020 (b)		October 31, 2020 (c)(d)		January 30, 2021
	(in millions except per share data)
Net Sales	$	894	$	1,066	$	1,353	$	2,100
Gross Profit	21		152		497		901
Operating Income (Loss)	(373)		(243)		127		388
Income (Loss) Before Income Taxes	(377)		(245)		127		389
Net Income (Loss)	(299)		(200)		143		284
Net Income (Loss) Per Basic Share (e)(f)	$	(3.38)	$	(2.26)	$	1.62	$	3.20
Net Income (Loss) Per Diluted Share (e)(f)	$	(3.38)	$	(2.26)	$	1.62	$	3.20

________________

(a)Operating Loss includes the effect of a $97 million pre-tax impairment charge ($72 million after-tax) related to certain store and lease assets.

(b)Operating Loss includes the effect of a $117 million pre-tax impairment charge ($99 million after-tax) related to certain store and lease assets, a net pre-tax gain of $36 million ($25 million after-tax) related to the closure and lease termination for the Hong Kong flagship store and pre-tax severance and related charges of $51 million ($40 million after-tax).

(c)Operating Income includes the effect of a $30 million pre-tax gain ($27 million after-tax) related to the establishment of a joint venture for the U.K. and Ireland business with Next.

(d)Net Income includes the effect of a $44 million tax benefit related to a tax matter associated with foreign investments.

(e)Due to changes in stock prices during the year and timing of issuances of shares, the cumulative total of quarterly net income (loss) per share amounts may not equal the net income (loss) per share for the year.

(f)For periods prior to the Separation, basic shares at the Separation date are being utilized for the calculation of basic and diluted net income (loss) per share. For additional information regarding the basic shares at the Separation date, see Note 4, "Earnings (Loss) Per Share."

Subsequent Events	12 Months Ended
Subsequent Events	Jan. 29, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Common Stock Share Repurchases The final settlement under the ASR Agreement occurred in February 2022 subsequent to the end of fiscal year 2021. At final settlement, the Company received an additional 0.3 million shares of the Company's common stock from Goldman Sachs. In March 2022, the Company's Board of Directors approved the March 2022 Share Repurchase Program, providing for the repurchase of up to $250 million of the Company's common stock. The $250 million authorization is expected to be utilized to repurchase shares in the open market, subject to market conditions and other factors. Shares acquired through the March 2022 Share Repurchase Program will be available to meet obligations under equity compensation plans and for general corporate purposes. The March 2022 Share Repurchase Program will continue until exhausted, but no later than January 28, 2023. The Company has repurchased 0.8 million shares for $39 million through March 17, 2022 under the March 2022 Share Repurchase Program. Treasury Stock Retirement In February 2022, subsequent to the end of fiscal year 2021, the Company immediately retired the additional 0.3 million shares repurchased in connection with the settlement of the ASR Agreement. The retirement will result in a reduction of $50 million in Treasury Stock, less than $1 million in the par value of Common Stock, less than $1 million in Paid-in Capital and nearly $50 million in Retained Earnings in the first quarter of 2022.

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jan. 29, 2022

Accounting Policies [Abstract]

Description of Business

Fiscal Year

Fiscal YearThe Company's fiscal year ends on the Saturday nearest to January 31. As used herein, “2021," "2020" and “2019” refer to the 52-week periods ended January 29, 2022, January 30, 2021 and February 1, 2020, respectively.

Basis of Presentation

Basis of Presentation - Consolidated and Combined Financial Statements

Basis of Presentation - Prior to Separation

Impacts of COVID-19

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
Software, including software developed for internal use						3 - 5 years
Furniture, fixtures and equipment						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

In 2019, the Company adopted ASC 842, Leases, using the modified retrospective approach.

The Company uses its incremental borrowing rate, adjusted for collateral, to determine the present value of its unpaid lease payments.

Trade Name

Foreign Currency Translation

Fair Value

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

Derivative Financial Instruments

Income Taxes

Self-Insurance

Equity Method Investments

Equity Method InvestmentsThe 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 and Combined 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 is included in General, Administrative and Store Operating Expenses in the Consolidated and Combined 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.

Net Investment By Former Parent

Net Investment by Former Parent

Noncontrolling Interest

Noncontrolling interest in fiscal years 2020 and 2019 represents the portion of equity interests in a technology joint venture in India that was not owned at that time by the Company.

Share-based Compensation

The Company recognizes all share-based payments to employees 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. 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 or a graded vesting schedule is recognized, net of estimated forfeitures, using a single award approach (each award is valued as one grant). Compensation expense for awards with a performance condition or a graded vesting schedule is recognized, net of estimated forfeitures, using a multiple award approach (each vesting tranche is valued as one grant).

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

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jan. 29, 2022

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
Software, including software developed for internal use						3 - 5 years
Furniture, fixtures and equipment						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

Transactions with Former Parent (Tables)

12 Months Ended

Jan. 29, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Net Transfers from (to) Former Parent

The following table presents the components of Net Transfers from (to) Former Parent in the 2021, 2020 and 2019 Consolidated and Combined Statements of Equity:


	2021		2020		2019
	(in millions)
Cash Pooling and General Financing Activities, Net	$	(172)	$	(543)	$	(422)
Long-lived Assets (a)	16		—		—
Corporate Expense Allocations	49		77		110
Share-based Compensation Expense	15		25		38
Assumed Income Tax Payments	15		59		115
Cash Payment to Former Parent	(976)		—		—
Total Net Transfers from (to) Former Parent	$	(1,053)	$	(382)	$	(159)

_______________

(a)Represents long-lived assets transferred between the Company and the Former Parent as a result of asset allocation decisions made during the period.

Revenue Recognition (Tables)

12 Months Ended

Jan. 29, 2022

Revenue Recognition and Deferred Revenue [Abstract]

Disaggregation of Revenue

The following table provides a disaggregation of Net Sales for 2021, 2020 and 2019:


	2021		2020		2019
	(in millions)
Stores — North America	$	4,194	$	2,795	$	5,112
Direct	2,114		2,223		1,693
International (a)	477		395		704
Total Net Sales	$	6,785	$	5,413	$	7,509

_______________

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

Earnings (Loss) Per Share (Tables)

12 Months Ended

Jan. 29, 2022

Earnings Per Share [Abstract]

Earnings (Loss) Per Share Computation

The following table provides the weighted-average shares utilized for the calculation of basic and diluted earnings (loss) per share for 2021, 2020 and 2019:


	2021	2020	2019
	(in millions)
Common Shares	88	88	88
Treasury Shares	—	—	—
Basic Shares	88	88	88
Effect of Dilutive Options and Restricted Stock	2	—	—
Diluted Shares	90	88	88
Anti-dilutive Options and Awards (a)	—	—	—

________________

(a)These options and awards were excluded from the calculation of diluted earnings (loss) per share because their inclusion would have been anti-dilutive.

Inventories (Tables)

12 Months Ended

Jan. 29, 2022

Inventory, Net [Abstract]

Summary of Inventories

The following table provides details of inventories as of January 29, 2022 and January 30, 2021:


	January 29, 2022		January 30, 2021
	(in millions)
Finished Goods Merchandise	$	898	$	663
Raw Materials and Merchandise Components	51		38
Total Inventories	$	949	$	701

Long-Lived Assets (Tables)

12 Months Ended

Jan. 29, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

The following table provides details of property and equipment, net as of January 29, 2022 and January 30, 2021:


	January 29, 2022		January 30, 2021
	(in millions)
Land and Improvements	$	27	$	26
Buildings and Improvements	211		190
Furniture, Fixtures, Software and Equipment	2,409		2,462
Leasehold Improvements	1,070		1,091
Construction in Progress	78		23
Total	3,795		3,792
Accumulated Depreciation and Amortization	(2,838)		(2,714)
Property and Equipment, Net	$	957	$	1,078

Details of Impairment of Long-Lived Assets

The following table provides pre-tax long-lived store asset impairment charges included in the Consolidated and Combined Statement of Income (Loss) for 2021, 2020 and 2019:


	2021		2020		2019
	(in millions)
Store Asset Impairment	$	—	$	136	$	198
Operating Lease Asset Impairment	—		118		65
Total Impairment	$	—	$	254	$	263

Leases (Tables)

12 Months Ended

Jan. 29, 2022

Leases [Abstract]

Schedule of Lease Cost

The following table provides the components of lease cost for operating leases for 2021 and 2020:


	2021		2020
	(in millions)
Operating Lease Costs (a)	$	399	$	521
Variable Lease Costs	63		6
Short-term Lease Costs	6		5
Total Lease Cost	$	468	$	532

_______________

(a)As discussed in Note 7, "Long-Lived Assets," the Company recognized an operating lease asset impairment charge of $118 million during 2020, which is included as operating lease costs.

Schedule of Future Maturities of Operating Lease Liabilities

The following table provides future maturities of operating lease liabilities as of January 29, 2022:


Fiscal Year	(in millions)
2022	$	395
2023	370
2024	300
2025	253
2026	188
Thereafter	535
Total Lease Payments	$	2,041
Less: Interest	(387)
Present Value of Operating Lease Liabilities	$	1,654

Schedule of Supplemental Information Related to Leases

The following table provides the weighted-average remaining lease term and discount rate for operating leases with lease liabilities as of January 29, 2022 and January 30, 2021:


	January 29, 2022	January 30, 2021
Weighted-Average Remaining Lease Term (years)	6.4	6.1
Weighted-Average Discount Rate	6.0%	5.9%

Accrued Expenses and Other (Tables)

12 Months Ended

Jan. 29, 2022

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

The following table provides additional information about the composition of Accrued Expenses and Other as of January 29, 2022 and January 30, 2021:


	January 29, 2022		January 30, 2021
	(in millions)
Deferred Revenue on Gift Cards	$	198	$	178
Compensation, Payroll Taxes and Benefits	152		173
Accrued Freight and Other Logistics	62		24
Rent	45		22
Accrued Marketing	36		44
Deferred Revenue on Loyalty and Private Label Credit Card	36		38
Taxes, Other than Income	24		45
Returns Reserve	23		26
Deferred Revenue on Direct Shipments not yet Delivered	16		30
Accrued Interest	5		—
Accrued Claims on Self-insured Activities	4		17
Supplemental Retirement Plan	—		66
Other	113		119
Total Accrued Expenses and Other	$	714	$	782

Income Taxes (Tables)

12 Months Ended

Jan. 29, 2022

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The following table provides the components of the Company’s provision for income taxes for 2021, 2020 and 2019:


	2021		2020		2019
	(in millions)
Current:
U.S. Federal	$	129	$	7	$	15
U.S. State	44		16		(6)
Non-U.S.	23		7		19
Total	196		30		28
Deferred:
U.S. Federal	6		(68)		(10)
U.S. State	(4)		(14)		(1)
Non-U.S.	(1)		18		(19)
Total	1		(64)		(30)
Provision (Benefit) for Income Taxes	$	197	$	(34)	$	(2)

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 2021, 2020 and 2019:


	2021		2020		2019
Federal Income Tax Rate	21.0	%	21.0	%	21.0	%
State Income Taxes, Net of Federal Income Tax Effect	4.3	%	(5.8	%)	(0.6	%)
Impact of Non-U.S. Operations	(0.9	%)	(16.6	%)	(1.9	%)
Share-Based Compensation	(1.2)	%	(4.0	%)	(0.9	%)
Restructuring of Foreign Investments	0.2	%	23.3	%	—	%
Uncertain Tax Positions	(0.2	%)	19.3	%	2.4	%
U.S. Permanent Items	0.1	%	(2.8	%)	(0.1	%)
Change in Valuation Allowance	—	%	(2.6	%)	(3.6	%)
Impairment of Goodwill	—	%	—	%	(16.3	%)
Other Items, Net	—	%	0.1	%	0.2	%
Effective Tax Rate	23.3	%	31.9	%	0.2	%

Effect of Temporary Differences that Cause Deferred Income Taxes


	January 29, 2022						January 30, 2021
	Assets		Liabilities		Total		Assets		Liabilities		Total
	(in millions)
Loss Carryforwards	$	118	$	—	$	118	$	346	$	—	$	346
Leases	371		(322)		49		426		(365)		61
Share-based Compensation	11		—		11		29		—		29
Deferred Revenue	42		—		42		7		—		7
Property and Equipment	—		(79)		(79)		—		(106)		(106)
Trade Name and Other Intangibles	—		(57)		(57)		—		(64)		(64)
Other, Net	34		(11)		23		72		(28)		44
Valuation Allowance	(148)		—		(148)		(316)		—		(316)
Total Deferred Income Taxes	$	428	$	(469)	$	(41)	$	564	$	(563)	$	1


	2021		2020		2019
	(in millions)
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year	$	126	$	41	$	78
Decreases to Unrecognized Tax Benefits Transferred to Former Parent	(126)		—		—
Increases to Unrecognized Tax Benefits for Prior Years	—		—		2
Decreases to Unrecognized Tax Benefits for Prior Years	—		(16)		(20)
Increases to Unrecognized Tax Benefits as a Result of Current Year Activity	10		105		1
Decreases to Unrecognized Tax Benefits Relating to Settlements with Taxing Authorities	—		—		(15)
Decreases to Unrecognized Tax Benefits due to Lapse of Statute of Limitations	—		(4)		(5)
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$	10	$	126	$	41

Long-term Debt and Borrowing Facilities (Tables)

12 Months Ended

Jan. 29, 2022

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 January 29, 2022 and January 30, 2021:


	January 29, 2022		January 30, 2021
	(in millions)
Senior Secured Debt with Subsidiary Guarantee
$400 million Term Loan due August 2028 ("Term Loan Facility")	$	390	$	—
Total Senior Secured Debt with Subsidiary Guarantee	390		—
Senior Debt with Subsidiary Guarantee
$600 million, 4.625% Fixed Interest Rate Notes due July 2029 ("2029 Notes")	592		—
Total Senior Debt with Subsidiary Guarantee	592		—
Long-term Debt due to Former Parent	—		97
Total	982		97
Current Debt	(4)		—
Total Long-term Debt, Net of Current Portion	$	978	$	97

Schedule of Principal Payments Due on Long-term Debt

The following table provides principal payments due on outstanding debt in the next five fiscal years and the remaining years thereafter:


Fiscal Year (in millions)
2022	$	4
2023	4
2024	4
2025	4
2026	4
Thereafter	$	979

- 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.

+ References

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-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Jan. 29, 2022

Fair Value Measurements [Abstract]

Carrying Value And Fair Value Of Long Term Debt, Disclosure

The following table provides a summary of the principal value and estimated fair value of outstanding debt as of January 29, 2022 and January 30, 2021:


	January 29, 2022		January 30, 2021
	(in millions)
Principal Value	$	999	$	—
Fair Value, Estimated (a)	975		—

________________

Comprehensive Income (Loss) (Tables)

12 Months Ended

Jan. 29, 2022

Comprehensive Income Loss

Components of Accumulated Other Comprehensive Income (Loss)

The following table provides the rollforward of accumulated other comprehensive income (loss) for 2021:


	Foreign Currency Translation		Cash Flow Hedges		Accumulated Other Comprehensive Income (Loss)
	(in millions)
Balance as of January 30, 2021	$	4	$	—	$	4
Other Comprehensive Income (Loss) Before Reclassifications	1		—		1
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	—		—		—
Tax Effect	—		—		—
Current-period Other Comprehensive Income (Loss)	1		—		1
Balance as of January 29, 2022	$	5	$	—	$	5

The following table provides the rollforward of accumulated other comprehensive income (loss) for 2020:


	Foreign Currency Translation		Cash Flow Hedges		Accumulated Other Comprehensive Income (Loss)
	(in millions)
Balance as of February 1, 2020	$	(29)	$	—	$	(29)
Other Comprehensive Income (Loss) Before Reclassifications	(3)		(1)		(4)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	36		1		37
Tax Effect	—		—		—
Current-period Other Comprehensive Income (Loss)	33		—		33
Balance as of January 30, 2021	$	4	$	—	$	4

Share-based Compensation (Tables)

12 Months Ended

Jan. 29, 2022

Share-based Payment Arrangement, Noncash Expense [Abstract]

Share-Based Compensation Expense

The following table provides share-based compensation expense included in the Consolidated and Combined Statements of Income (Loss) for 2021, 2020 and 2019:


	2021		2020		2019
	(in millions)
Costs of Goods Sold, Buying and Occupancy	$	12	$	9	$	15
General, Administrative and Store Operating Expenses	21		16		23
Total Share-based Compensation Expense	$	33	$	25	$	38

Restricted Stock Activity

The following table provides the Company’s restricted stock activity from the Separation date to the fiscal year ended January 29, 2022:


	Number of Shares	Weighted-Average Grant Date Fair Value
	(in thousands)
Unvested Converted Awards as of August 2, 2021	4,223	$	21.13
Granted	175	56.63
Vested	(200)	12.89
Cancelled	(66)	21.01
Unvested as of January 29, 2022	4,132	$	23.04

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Jan. 29, 2022

Quarterly Financial Data [Abstract]

Summarized Quarterly Financial Data

The following table provides summarized quarterly financial data for 2021:


	Fiscal Quarter Ended
	May 1, 2021		July 31, 2021		October 30, 2021		January 29, 2022
	(in millions except per share data)
Net Sales	$	1,554	$	1,614	$	1,441	$	2,176
Gross Profit	672		670		565		853
Operating Income	226		203		108		333
Income Before Income Taxes	225		199		97		322
Net Income	174		151		75		246
Net Income Per Basic Share (a)(b)	$	1.97	$	1.71	$	0.85	$	2.82
Net Income Per Diluted Share (a)(b)	$	1.97	$	1.71	$	0.81	$	2.70

________________

The following table provides summarized quarterly financial data for 2020:


	Fiscal Quarter Ended
	May 2, 2020 (a)		August 1, 2020 (b)		October 31, 2020 (c)(d)		January 30, 2021
	(in millions except per share data)
Net Sales	$	894	$	1,066	$	1,353	$	2,100
Gross Profit	21		152		497		901
Operating Income (Loss)	(373)		(243)		127		388
Income (Loss) Before Income Taxes	(377)		(245)		127		389
Net Income (Loss)	(299)		(200)		143		284
Net Income (Loss) Per Basic Share (e)(f)	$	(3.38)	$	(2.26)	$	1.62	$	3.20
Net Income (Loss) Per Diluted Share (e)(f)	$	(3.38)	$	(2.26)	$	1.62	$	3.20

________________

(a)Operating Loss includes the effect of a $97 million pre-tax impairment charge ($72 million after-tax) related to certain store and lease assets.

(c)Operating Income includes the effect of a $30 million pre-tax gain ($27 million after-tax) related to the establishment of a joint venture for the U.K. and Ireland business with Next.

(d)Net Income includes the effect of a $44 million tax benefit related to a tax matter associated with foreign investments.

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	12 Months Ended
	Jan. 29, 2022 USD ($) store country	Jan. 30, 2021 USD ($)	Feb. 01, 2020 USD ($)	Aug. 03, 2021	Aug. 02, 2021 USD ($) shares
Spinoff Transactions [Line Items]
Number of countries in which entity operates (more than) \| country	70
Maturity of short term investments, maximum, in days	90 days
Advertising expense	$ 334	$ 239	$ 306
Lessee, operating lease, term of contract	10 years
Victoria's Secret U.K. and Other
Spinoff Transactions [Line Items]
Equity method investment carrying value	$ 35	35
Victoria's Secret Co.
Spinoff Transactions [Line Items]
Joint venture, percentage owned by parent				0.00%
L Brands, Inc.
Spinoff Transactions [Line Items]
Spinoff transaction, common stock distributed, percentage					100.00%
Spinoff transaction, shares of parent exchanged for each share of company \| shares					3
Spinoff transaction, cash payment to parent					$ 976
Allocation of selling, general and administrative expenses from former parent	$ 49	$ 77	$ 110
Sales Channel, Directly
Spinoff Transactions [Line Items]
Number of stores (more than) \| store	890
Sales Channel, Through Intermediary
Spinoff Transactions [Line Items]
Number of stores (more than) \| store	450

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Depreciable Life Range of Property Plant and Equipment (Details)	12 Months Ended
	Jan. 29, 2022
Software, including software developed for internal use \| Minimum
Property, Plant and Equipment [Line Items]
Depreciable life range	3 years
Software, including software developed for internal use \| Maximum
Property, Plant and Equipment [Line Items]
Depreciable life range	5 years
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Depreciable life range	3 years
Furniture, fixtures and equipment \| 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

Transactions with Former Parent - Narrative (Details) shares in Millions, $ in Millions		12 Months Ended
	Aug. 02, 2021 period shares	Jan. 29, 2022 USD ($)	Jan. 30, 2021 USD ($)	Feb. 01, 2020 USD ($)
Debt Instrument [Line Items]
Long-term debt due to Former Parent		$ 0	$ 97
Interest expense		27	$ 6	$ 8
Transition services agreements, number of extension periods \| period	2
Transition services agreements, extension period	1 year
Domestic transportation services, initial term	3 years
Share-based payment award, award converted from former parent (in shares) \| shares	6.0
Maximum
Debt Instrument [Line Items]
Transition services agreements, general services term (up to)	2 years
Transition services agreements, information technology service term (up to)	3 years
Former Parent
Debt Instrument [Line Items]
Transition service consideration		55
Transition service cost		42
Domestic transportation services cost		$ 46

Transactions with Former Parent - Schedule of Net Transfers from (to) Former Parent (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Transaction With Former Parent [Line Items]
Total Net Transfers from (to) Former Parent	$ (1,053)	$ (382)	$ (159)
L Brands, Inc.
Transaction With Former Parent [Line Items]
Total Net Transfers from (to) Former Parent	(1,053)	(382)	(159)
L Brands, Inc. \| Cash Pooling and General Financing Activities, Net
Transaction With Former Parent [Line Items]
Total Net Transfers from (to) Former Parent	(172)	(543)	(422)
L Brands, Inc. \| Long-lived Assets
Transaction With Former Parent [Line Items]
Total Net Transfers from (to) Former Parent	16	0	0
L Brands, Inc. \| Corporate Expense Allocations
Transaction With Former Parent [Line Items]
Total Net Transfers from (to) Former Parent	49	77	110
L Brands, Inc. \| Share-based Compensation Expense
Transaction With Former Parent [Line Items]
Total Net Transfers from (to) Former Parent	15	25	38
L Brands, Inc. \| Assumed Income Tax Payments
Transaction With Former Parent [Line Items]
Total Net Transfers from (to) Former Parent	15	59	115
L Brands, Inc. \| Cash Payment to Former Parent
Transaction With Former Parent [Line Items]
Total Net Transfers from (to) Former Parent	$ (976)	$ 0	$ 0

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jan. 29, 2022	Oct. 30, 2021	Jul. 31, 2021	May 01, 2021	Jan. 30, 2021	Oct. 31, 2020	Aug. 01, 2020	May 02, 2020	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Accounts receivable, net from revenue-generating activities	$ 101				$ 74				$ 101	$ 74
Contract with customer, liability	258				256				258	256
Contract with customer, liability, revenue recognized									143
Net sale	2,176	$ 1,441	$ 1,614	$ 1,554	$ 2,100	$ 1,353	$ 1,066	$ 894	$ 6,785	5,413	$ 7,509
Minimum
Account receivable, payment term									60 days
Maximum
Account receivable, payment term									90 days
U.S. Private Label Credit Card Arrangement
Net sale									$ 132	135	194
Sales Channel, Net Sale Outside Of The U.S.
Net sale									736	$ 643	$ 1,000
Accrued Liabilities
Contract with customer, liability	250								250
Other Long-term Liabilities
Contract with customer, liability	$ 8								$ 8

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jan. 29, 2022	Oct. 30, 2021	Jul. 31, 2021	May 01, 2021	Jan. 30, 2021	Oct. 31, 2020	Aug. 01, 2020	May 02, 2020	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Disaggregation of Revenue [Line Items]
Net Sales	$ 2,176	$ 1,441	$ 1,614	$ 1,554	$ 2,100	$ 1,353	$ 1,066	$ 894	$ 6,785	$ 5,413	$ 7,509
Stores — North America
Disaggregation of Revenue [Line Items]
Net Sales									4,194	2,795	5,112
Sales Channel, Directly
Disaggregation of Revenue [Line Items]
Net Sales									2,114	2,223	1,693
International
Disaggregation of Revenue [Line Items]
Net Sales									$ 477	$ 395	$ 704

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Earnings (Loss) Per Share - Narrative (Details) - shares	Jan. 29, 2022	Aug. 03, 2021	Aug. 02, 2021	Jan. 30, 2021
Spinoff Transactions [Line Items]
Common Stock, shares outstanding (in shares)	85,000,000	88,000,000		0
L Brands, Inc.
Spinoff Transactions [Line Items]
Spinoff transaction, common stock distributed, percentage			100.00%
Spinoff transaction, shares of parent exchanged for each share of company			3

Earnings (Loss) Per Share - Shares Utilized for the Calculation of Basic and Diluted Earnings per Share (Details) - shares shares in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Weighted-average Common Shares:
Common Shares (in shares)	88	88	88
Treasury Shares (in shares)	0	0	0
Basic Shares (in shares)	88	88	88
Effect of Dilutive Options and Restricted Stock (in shares)	2	0	0
Diluted Shares (in shares)	90	88	88
Anti-dilutive Options and Awards (in shares)	0	0	0

Restructuring (Details) $ in Millions		3 Months Ended		12 Months Ended
Restructuring (Details) $ in Millions	Oct. 19, 2020 USD ($) store	Aug. 01, 2020 USD ($)	May 02, 2020 USD ($)	Jan. 29, 2022 USD ($)	Jan. 30, 2021 USD ($)	Feb. 01, 2020 USD ($)	Oct. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 51
Payments for restructuring				$ 13
Net gain on formation of UK joint venture	$ 90
Number of stores restructured \| store	24
Asset impairment charges	$ 25	$ 117	$ 97	0	$ 254	$ 263
Foreign-currency translation adjustment	$ 36			0	$ (36)	$ 0
Expected proceeds from divestiture of interest in consolidated subsidiaries				$ 45
Victoria's Secret China
Restructuring Cost and Reserve [Line Items]
Joint venture, expected percentage owned by parent				0.51
Victoria's Secret China \| Regina Miracle
Restructuring Cost and Reserve [Line Items]
Joint venture, expected percentage owned by noncontrolling owners				0.49
Victoria's Secret U.K.
Restructuring Cost and Reserve [Line Items]
Equity method investment, ownership percentage							51.00%
Accrued Expenses and Other
Restructuring Cost and Reserve [Line Items]
Accrued termination payable				$ 1

Inventories - Summary of Inventories (Details) - USD ($) $ in Millions	Jan. 29, 2022	Jan. 30, 2021
Inventory, Net [Abstract]
Finished Goods Merchandise	$ 898	$ 663
Raw Materials and Merchandise Components	51	38
Total Inventories	$ 949	$ 701

Long-Lived Assets - Details of Property and Equipment, Net (Details) - USD ($) $ in Millions	Jan. 29, 2022	Jan. 30, 2021
Property, Plant and Equipment [Abstract]
Land and Improvements	$ 27	$ 26
Buildings and Improvements	211	190
Furniture, Fixtures, Software and Equipment	2,409	2,462
Leasehold Improvements	1,070	1,091
Construction in Progress	78	23
Total	3,795	3,792
Accumulated Depreciation and Amortization	(2,838)	(2,714)
Property and Equipment, Net	$ 957	$ 1,078

Long-Lived Assets - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
	Oct. 19, 2020	Aug. 01, 2020	May 02, 2020	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Property, Plant and Equipment [Abstract]
Depreciation of Long-lived Assets				$ 303	$ 326	$ 411
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges	$ 25	$ 117	$ 97	$ 0	254	$ 263
General, Administrative and Store Operating Expenses
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges					$ 25

Long-Lived Assets (Long-Lived Assets Impairment) (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
	Oct. 19, 2020	Aug. 01, 2020	May 02, 2020	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Impaired Long-Lived Assets Held and Used [Line Items]
Total Impairment	$ 25	$ 117	$ 97	$ 0	$ 254	$ 263
Store Assets
Impaired Long-Lived Assets Held and Used [Line Items]
Total Impairment				0	136	198
Operating Lease Asset
Impaired Long-Lived Assets Held and Used [Line Items]
Total Impairment				$ 0	$ 118	$ 65

Leases - Lease Cost (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Oct. 19, 2020	Aug. 01, 2020	May 02, 2020	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Leases [Abstract]
Operating Lease Costs				$ 399	$ 521
Variable Lease Costs				63	6
Short-term Lease Costs				6	5
Total Lease Cost				468	532
Asset Impairment Charges	$ 25	$ 117	$ 97	$ 0	$ 254	$ 263

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Aug. 01, 2020	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Lessee, Lease, Description [Line Items]
Decreased rent due to executed amendment		$ 31	$ 90
Additional operating lease commitments not yet commenced		7
Operating lease, payments		497	348
Right-of-use asset obtained in exchange for operating lease liability		120
Lease assets, period increase (decrease)			(32)
Gain (loss) on termination of lease	$ 36	0	39	$ 0
Asset retirement obligation		$ 13	11
Costs of Goods Sold, Buying and Occupancy
Lessee, Lease, Description [Line Items]
Gain (loss) on termination of lease	$ 39
General, Administrative and Store Operating Expenses
Lessee, Lease, Description [Line Items]
Severance costs			$ 3

Leases - Lease Maturities (Details) $ in Millions	Jan. 29, 2022 USD ($)
Leases [Abstract]
2022	$ 395
2023	370
2024	300
2025	253
2026	188
Thereafter	535
Total Lease Payments	2,041
Less: Interest	(387)
Present Value of Operating Lease Liabilities	$ 1,654

Leases - Lease Term and Discount Rate (Details)	Jan. 29, 2022	Jan. 30, 2021
Leases [Abstract]
Weighted-Average Remaining Lease Term (years)	6 years 4 months 24 days	6 years 1 month 6 days
Weighted-Average Discount Rate	6.00%	5.90%

Goodwill and Trade Name - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Goodwill, Trade Names and Other Intangible Assets, Net [Abstract]
Trade Name	$ 246	$ 246
Goodwill [Line Items]
Goodwill, impairment loss	$ 0	$ 0	$ 720
Greater China Reporting Unit
Goodwill [Line Items]
Goodwill, impairment loss			30
North American Reporting Unit
Goodwill [Line Items]
Goodwill, impairment loss			$ 690

Accrued Expenses and Other (Details) - USD ($) $ in Millions	Jan. 29, 2022	Jan. 30, 2021
Disaggregation of Revenue [Line Items]
Compensation, Payroll Taxes and Benefits	$ 152	$ 173
Accrued Freight and Other Logistics	62	24
Rent	45	22
Accrued Marketing	36	44
Taxes, Other than Income	24	45
Returns Reserve	23	26
Accrued Interest	5	0
Accrued Claims on Self-insured Activities	4	17
Supplemental Retirement Plan	0	66
Other	113	119
Total Accrued Expenses and Other	714	782
Sales Channel, Gift Cards
Disaggregation of Revenue [Line Items]
Deferred Revenue	198	178
Sales Channel, Loyalty and Private Label Credit Card
Disaggregation of Revenue [Line Items]
Deferred Revenue	36	38
Sales Channel, Directly
Disaggregation of Revenue [Line Items]
Deferred Revenue	$ 16	$ 30

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Current:
U.S. Federal	$ 129	$ 7	$ 15
U.S. State	44	16	(6)
Non-U.S.	23	7	19
Total	196	30	28
Deferred:
U.S. Federal	6	(68)	(10)
U.S. State	(4)	(14)	(1)
Non-U.S.	(1)	18	(19)
Total	1	(64)	(30)
Provision (Benefit) for Income Taxes	$ 197	$ (34)	$ (2)

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Operating Loss Carryforwards [Line Items]
Pre-tax income (loss), non-US, arising principally from overseas operations	$ 92	$ 11	$ (241)
Income tax payments	56	59	115
Unrecognized tax benefits resulting in reduction of effective income tax rate	9	121	38
Interest and penalties related to unrecognized tax benefits of income tax expense	0	2	$ 1
Unrecognized tax benefits, income tax penalties and interest accrued	0	$ 6
Operating Loss Carryforwards Expiration Year, Unlimited
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 31

Income Taxes - Reconciliation of the Statutory Federal Income Tax Rate and the Effective Tax Rate (Details)	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Income Tax Disclosure [Abstract]
Federal Income Tax Rate	21.00%	21.00%	21.00%
State Income Taxes, Net of Federal Income Tax Effect	4.30%	(5.80%)	(0.60%)
Impact of Non-U.S. Operations	(0.90%)	(16.60%)	(1.90%)
Share-Based Compensation	(1.20%)	(4.00%)	(0.90%)
Restructuring of Foreign Investments	0.20%	23.30%	0.00%
Uncertain Tax Positions	(0.20%)	19.30%	2.40%
U.S. Permanent Items	0.10%	(2.80%)	(0.10%)
Change in Valuation Allowance	0.00%	(2.60%)	(3.60%)
Impairment of Goodwill	0.00%	0.00%	(16.30%)
Other Items, Net	0.00%	0.10%	0.20%
Effective Tax Rate	23.30%	31.90%	0.20%

Income Taxes - Effect of Temporary Differences that Cause Deferred Income Taxes (Details) - USD ($) $ in Millions	Jan. 29, 2022	Jan. 30, 2021
Deferred Tax Asset and Liability [Line Items]
Deferred tax liabilities, gross	$ (469)	$ (563)
Deferred tax assets, net		1
Deferred tax liability, net	(41)
Deferred tax assets, net of valuation allowance	428	564
Loss Carryforwards
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	118	346
Deferred tax liabilities, gross	0	0
Deferred tax assets, net	118	346
Leases
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	371	426
Deferred tax liabilities, gross	(322)	(365)
Deferred tax assets, net	49	61
Share-based Compensation
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	11	29
Deferred tax liabilities, gross	0	0
Deferred tax assets, net	11	29
Deferred Revenue
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	42	7
Deferred tax liabilities, gross	0	0
Deferred tax assets, net	42	7
Property and Equipment
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	0	0
Deferred tax liabilities, gross	(79)	(106)
Deferred tax liability, net	(79)	(106)
Trade Name and Other Intangibles
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	0	0
Deferred tax liabilities, gross	(57)	(64)
Deferred tax liability, net	(57)	(64)
Other, Net
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	34	72
Deferred tax liabilities, gross	(11)	(28)
Deferred tax assets, net	23	44
Valuation Allowance
Deferred Tax Asset and Liability [Line Items]
Valuation Allowance	$ (148)	$ (316)

Income Taxes - Activity Related to its Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
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	$ 126	$ 41	$ 78
Decreases to Unrecognized Tax Benefits Transferred to Former Parent	(126)	0	0
Increases to Unrecognized Tax Benefits for Prior Years	0	0	2
Decreases to Unrecognized Tax Benefits for Prior Years	0	(16)	(20)
Increases to Unrecognized Tax Benefits as a Result of Current Year Activity	10	105	1
Decreases to Unrecognized Tax Benefits Relating to Settlements with Taxing Authorities	0	0	(15)
Decreases to Unrecognized Tax Benefits due to Lapse of Statute of Limitations	0	(4)	(5)
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$ 10	$ 126	$ 41

Long-term Debt and Borrowing Facilities - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Millions	Jan. 29, 2022	Jul. 31, 2021	Jan. 30, 2021
Debt, long-term and short-term, combined amount	$ 982		$ 97
Current Debt	(4)		0
Total long-term debt, net of current portion	978		97
With Subsidiary Guarantee \| Senior Secured Debt with Subsidiary Guarantee
Debt, long-term and short-term, combined amount	390		0
With Subsidiary Guarantee \| Senior Debt with Subsidiary Guarantee
Debt, long-term and short-term, combined amount	592		0
With Subsidiary Guarantee \| $400 million Term Loan due August 2028 ("Term Loan Facility")
Debt instrument, face amount	400
With Subsidiary Guarantee \| $400 million Term Loan due August 2028 ("Term Loan Facility") \| Senior Secured Debt with Subsidiary Guarantee
Debt, long-term and short-term, combined amount	390		0
With Subsidiary Guarantee \| $600 million, 4.625% Fixed Interest Rate Notes due July 2029 ("2029 Notes")
Debt instrument, face amount	$ 600	$ 600
Interest rate	4.625%	4.625%
With Subsidiary Guarantee \| $600 million, 4.625% Fixed Interest Rate Notes due July 2029 ("2029 Notes") \| Senior Debt with Subsidiary Guarantee
Debt, long-term and short-term, combined amount	$ 592		0
Without Subsidiary Guarantee \| Long-term Debt due to Former Parent
Debt, long-term and short-term, combined amount	$ 0		$ 97

Long-term Debt and Borrowing Facilities - Schedule of Principal Payments on Long-term Debt (Details) $ in Millions	Jan. 29, 2022 USD ($)
Long-term Debt, by Current and Noncurrent [Abstract]
2022	$ 4
2023	4
2024	4
2025	4
2026	4
Thereafter	$ 979

Long-term Debt and Borrowing Facilities - Narrative (Details) $ in Millions		12 Months Ended
	Aug. 02, 2021 USD ($)	Jan. 29, 2022 USD ($)	Jan. 30, 2021 USD ($)	Feb. 01, 2020 USD ($)	Jul. 31, 2021 USD ($)	Aug. 01, 2020 USD ($)
Interest paid		$ 18
Proceeds from line of credit		0	$ 34	$ 167
Repayments of lines of credit		0	189	162
Long-term debt due to Former Parent		0	97
Interest expense		27	6	8
L Brands, Inc.
Spinoff transaction, cash payment to parent	$ 976
Long-term debt due to Former Parent			97
Interest expense		2
Credit Facility
Proceeds from issuance of debt	384
$400 million Term Loan due August 2028 ("Term Loan Facility") \| Term Loan
Debt issuance costs	10
Term loan B credit facility	$ 400
Debt instrument, periodic principal payment, percent	0.0025
Debt instrument, periodic principal payment		1
$400 million Term Loan due August 2028 ("Term Loan Facility") \| London Interbank Offered Rate (LIBOR) \| Term Loan
Basis spread on variable rate	3.25%
$400 million Term Loan due August 2028 ("Term Loan Facility") \| Base Rate \| Term Loan
Basis spread on variable rate	2.25%
$400 million Term Loan due August 2028 ("Term Loan Facility") \| Interest Rate Floor \| Term Loan
Basis spread on variable rate	0.50%
Revolving Credit Expiring August 2026 \| Revolving Credit Facility
Debt issuance costs	$ 6
Line of credit facility, maximum borrowing capacity	$ 750
Revolving Credit Expiring August 2026 \| Minimum \| Revolving Credit Facility
Line of credit facility, unused capacity, commitment fee percentage	0.25%
Revolving Credit Expiring August 2026 \| Maximum \| Revolving Credit Facility
Line of credit facility, unused capacity, commitment fee percentage	0.30%
Revolving Credit Expiring August 2026 \| Average Daily Excess Availability \| LIBOR and CDOR Loans \| Minimum \| Revolving Credit Facility
Basis spread on variable rate	1.50%
Revolving Credit Expiring August 2026 \| Average Daily Excess Availability \| LIBOR and CDOR Loans \| Maximum \| Revolving Credit Facility
Basis spread on variable rate	2.00%
Revolving Credit Expiring August 2026 \| Average Daily Excess Availability \| Alternate Base Rate Loans and Canadian Base Rate Loans \| Minimum \| Revolving Credit Facility
Basis spread on variable rate	0.50%
Revolving Credit Expiring August 2026 \| Average Daily Excess Availability \| Alternate Base Rate Loans and Canadian Base Rate Loans \| Maximum \| Revolving Credit Facility
Basis spread on variable rate	1.00%
Revolving Credit Expiring August 2026 \| Letter of Credit
Long-term line of credit		41
ABL Facility, Borrowing \| Revolving Credit Facility
Line of credit facility, current borrowing capacity		564
Long-term line of credit		0
With Subsidiary Guarantee \| $600 million, 4.625% Fixed Interest Rate Notes due July 2029 ("2029 Notes")
Principal Value		$ 600			$ 600
Interest rate		4.625%			4.625%
Proceeds from issuance of debt	$ 592
Debt issuance costs	$ 8
With Subsidiary Guarantee \| $400 million Term Loan due August 2028 ("Term Loan Facility")
Principal Value		$ 400
With Subsidiary Guarantee \| Foreign Facilities with Parent Guarantee
Line of credit facility, maximum borrowing capacity		30
Proceeds from line of credit		0	21	117
Repayments of lines of credit		$ 0	126	103
Line of credit					$ 0
Without Subsidiary Guarantee \| Foreign Facilities with Parent Guarantee
Proceeds from line of credit			13	50
Repayments of lines of credit			$ 63	$ 59
Line of credit						$ 0

Fair Value Measurements - Carrying Value and Fair Value of Long-Term Debt, Disclosure (Details) - USD ($) $ in Millions	Jan. 29, 2022	Jan. 30, 2021
Reported Value Measurement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, fair value	$ 999	$ 0
Estimate of Fair Value Measurement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, fair value	$ 975	$ 0

Comprehensive Income (Loss) - Components Of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	$ 4	$ (29)
Other Comprehensive Income (Loss) Before Reclassifications	1	(4)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	0	37
Tax Effect	0	0
Total Other Comprehensive Income (Loss), Net of Tax	1	33	$ (8)
Accumulated Other Comprehensive Income (Loss), Ending Balance	5	4	(29)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	4	(29)
Other Comprehensive Income (Loss) Before Reclassifications	1	(3)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	0	36
Tax Effect	0	0
Total Other Comprehensive Income (Loss), Net of Tax	1	33
Accumulated Other Comprehensive Income (Loss), Ending Balance	5	4	(29)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	0	0
Other Comprehensive Income (Loss) Before Reclassifications	0	(1)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	0	1
Tax Effect	0	0
Total Other Comprehensive Income (Loss), Net of Tax	0	0
Accumulated Other Comprehensive Income (Loss), Ending Balance	$ 0	$ 0	$ 0

- 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

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

Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Oct. 19, 2020	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Statement of Comprehensive Income [Abstract]
Foreign-currency translation adjustment	$ (36)	$ 0	$ 36	$ 0

Commitments and Contingencies (Details) - Management and Governance Investments $ in Millions	1 Months Ended
	Jul. 31, 2021 USD ($)
Other Commitments [Line Items]
Investment commitment, amount	$ 45
Investment commitment, period	5 years

Retirement Benefits - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, cost	$ 43	$ 38	$ 43
Non-qualified retirement plan, benefit obligation		66
Non-Qualified Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expense related to the non-qualified plan	$ 1	$ 4	$ 8

Shareholders' Equity (Narrative) (Details) - USD ($) shares in Millions, $ in Millions		1 Months Ended			12 Months Ended
	Dec. 31, 2021	Mar. 17, 2022	Feb. 28, 2022	Dec. 31, 2021	Jan. 29, 2022	Mar. 02, 2022	Dec. 29, 2021
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period					$ 0
Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period					(200)
Paid-in Capital
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period					8
Retained Earnings
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period					$ 192
ASR Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount							$ 250
Stock repurchased and retired during period (in shares)	4.1			4.1
Stock repurchased and retired during period	$ 250
ASR Program \| Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period (in shares)			0.3
ASR Program \| Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period	200			$ 200
ASR Program \| Treasury Stock \| Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period			$ 50
ASR Program \| Common Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period				1
ASR Program \| Common Stock \| Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period			1
ASR Program \| Paid-in Capital
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period	$ 50			8
ASR Program \| Paid-in Capital \| Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period			1
ASR Program \| Retained Earnings
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period				$ 192
ASR Program \| Retained Earnings \| Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period			$ 50
March 2022 Share Repurchase Program \| Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount						$ 250
Stock repurchased and retired during period (in shares)		0.8
Stock repurchased and retired during period		$ 39

Share-based Compensation (Narrative) (Details) shares in Millions, $ in Millions	6 Months Ended	12 Months Ended
	Jan. 29, 2022 USD ($) shares	Jan. 29, 2022 USD ($) shares	Jan. 30, 2021 USD ($)	Feb. 01, 2020 USD ($)	Aug. 02, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, restricted and unrestricted shares authorized (in shares) \| shares	11.0	11.0
Options and shares available for grant (in shares) \| shares	10.0	10.0
Share-based payment award, award converted from former parent (in shares) \| shares					6.0
Share-based payment award, award converted from former parent, conversion ratio					1.665
Tax benefit associated with share based compensation		$ 6	$ 6	$ 8
Options outstanding (in shares) \| shares	1.6	1.6
Options, aggregated intrinsic value	$ 35	$ 35
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, award converted from former parent (in shares) \| shares					1.7
Total unrecognized compensation cost, weighted-average period of recognition, years		2 years
Share-based compensation, award expiration period		10 years
Share-based compensation, option, cost not yet recognized	2	$ 2
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period		3 years
Total intrinsic value of restricted stock vested	11
Total fair value at grant date of awards vested	3
Total unrecognized compensation cost, net of estimated forfeitures	$ 38	$ 38
Total unrecognized compensation cost, weighted-average period of recognition, years	1 year 7 months 6 days
Tax benefits realized from tax deductions	$ 2
Minimum \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period		3 years
Maximum \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period		5 years

Share-based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	$ 33	$ 25	$ 38
Costs of Goods Sold, Buying and Occupancy
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	12	9	15
General, Administrative and Store Operating Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	$ 21	$ 16	$ 23

Share-based Compensation - Restricted Stock Activity (Details) - Restricted Stock shares in Thousands	6 Months Ended
	Jan. 29, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Unvested as of August 2, 2021 (in shares) \| shares	4,223
Granted (in shares) \| shares	175
Vested (in shares) \| shares	(200)
Cancelled (in shares) \| shares	(66)
Unvested as of End of Period (in shares) \| shares	4,132
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 August 2, 2021, Weighted-Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 21.13
Granted, Weighted-Average Grant Date Fair Value (in dollars per share) \| $ / shares	56.63
Vested, Weighted-Average Grant Date Fair Value (in dollars per share) \| $ / shares	12.89
Cancelled, Weighted-Average Grant Date Fair Value (in dollars per share) \| $ / shares	21.01
Unvested as of End of Period, Weighted-Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 23.04

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Jan. 29, 2022	Oct. 30, 2021	Jul. 31, 2021	May 01, 2021	Jan. 30, 2021	Oct. 31, 2020	Aug. 01, 2020	May 02, 2020	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Quarterly Financial Data [Abstract]
Net Sales	$ 2,176	$ 1,441	$ 1,614	$ 1,554	$ 2,100	$ 1,353	$ 1,066	$ 894	$ 6,785	$ 5,413	$ 7,509
Gross Profit	853	565	670	672	901	497	152	21	2,760	1,571	2,063
Operating Income	333	108	203	226	388	127	(243)	(373)	870	(101)	(892)
Income Before Income Taxes	322	97	199	225	389	127	(245)	(377)	843	(106)	(899)
Net Income	$ 246	$ 75	$ 151	$ 174	$ 284	$ 143	$ (200)	$ (299)	$ 646	$ (72)	$ (897)
Net Income (Loss) Per Basic Share (in dollars per share)	$ 2.82	$ 0.85	$ 1.71	$ 1.97	$ 3.20	$ 1.62	$ (2.26)	$ (3.38)	$ 7.34	$ (0.82)	$ (10.16)
Net Income (Loss) Per Diluted Share (in dollars per share)	$ 2.70	$ 0.81	$ 1.71	$ 1.97	$ 3.20	$ 1.62	$ (2.26)	$ (3.38)	$ 7.18	$ (0.82)	$ (10.16)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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

Quarterly Financial Data (Unaudited) (Narrative) (Details) - USD ($) $ in Millions		3 Months Ended			12 Months Ended
	Oct. 19, 2020	Oct. 31, 2020	Aug. 01, 2020	May 02, 2020	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020
Business Combination Segment Allocation [Line Items]
Asset impairment charges	$ 25		$ 117	$ 97	$ 0	$ 254	$ 263
Impairment of long-lived assets held-for-use, net of tax			99	$ 72
Gain (loss) on termination of lease			36		0	39	0
Gain (loss) on termination of Lease, net of tax			25
Severance costs, net of tax			$ 40
Gain related to formation of Victoria's Secret U.K. joint venture		$ 30			$ 0	54	$ 0
Net gain on formation of VS UK joint venture, net of tax		27
Tax adjustments, settlements, and unusual provisions		$ 44
General, Administrative and Store Operating Expenses
Business Combination Segment Allocation [Line Items]
Asset impairment charges						$ 25

Subsequent Events (Details) - USD ($) shares in Millions, $ in Millions		1 Months Ended			12 Months Ended
	Dec. 31, 2021	Mar. 17, 2022	Feb. 28, 2022	Dec. 31, 2021	Jan. 29, 2022	Mar. 02, 2022	Dec. 29, 2021
Subsequent Event [Line Items]
Stock repurchased and retired during period					$ 0
Treasury Stock, at Average Cost
Subsequent Event [Line Items]
Stock repurchased and retired during period					(200)
Paid-in Capital
Subsequent Event [Line Items]
Stock repurchased and retired during period					8
Retained Earnings
Subsequent Event [Line Items]
Stock repurchased and retired during period					$ 192
ASR Program
Subsequent Event [Line Items]
Stock repurchased and retired during period (in shares)	4.1			4.1
Stock repurchase program, authorized amount							$ 250
Stock repurchased and retired during period	$ 250
ASR Program \| Treasury Stock, at Average Cost
Subsequent Event [Line Items]
Stock repurchased and retired during period	200			$ 200
ASR Program \| Common Stock
Subsequent Event [Line Items]
Stock repurchased and retired during period				1
ASR Program \| Paid-in Capital
Subsequent Event [Line Items]
Stock repurchased and retired during period	$ 50			8
ASR Program \| Retained Earnings
Subsequent Event [Line Items]
Stock repurchased and retired during period				$ 192
Subsequent Event \| ASR Program
Subsequent Event [Line Items]
Stock repurchased and retired during period (in shares)			0.3
Subsequent Event \| ASR Program \| Treasury Stock, at Average Cost
Subsequent Event [Line Items]
Stock repurchased and retired during period			$ 50
Subsequent Event \| ASR Program \| Common Stock
Subsequent Event [Line Items]
Stock repurchased and retired during period			1
Subsequent Event \| ASR Program \| Paid-in Capital
Subsequent Event [Line Items]
Stock repurchased and retired during period			1
Subsequent Event \| ASR Program \| Retained Earnings
Subsequent Event [Line Items]
Stock repurchased and retired during period			$ 50
Subsequent Event \| March 2022 Share Repurchase Program
Subsequent Event [Line Items]
Stock repurchased and retired during period (in shares)		0.8
Stock repurchase program, authorized amount						$ 250
Stock repurchased and retired during period		$ 39