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Acquisition Acquisition (Notes)
 3 Months Ended
Apr. 30, 2016
Acquisition [Abstract]  
Acquisition
Acquisition
On April 18, 2016, the Company completed the acquisition of 100% of the shares of American Beauty Limited for a total purchase price of $44 million. This agreement includes the reacquisition of the franchise rights from one of our partners to operate Victoria's Secret Beauty and Accessories stores in Greater China, including 26 stores already open at the time of acquisition. The purchase price includes $10 million in forgiveness of liabilities owed to the Company from the pre-existing relationship and $2 million related to consideration not yet paid. As a result of this acquisition, the Company's financial statements now include the financial results of American Beauty Limited, which are reported as part of the Victoria's Secret and Bath & Body Works International segment.
The total purchase price was allocated to the net tangible and intangible assets acquired based on their estimated fair value. Such estimated fair values require management to make estimates and judgments, especially with respect to intangible assets. The Company's valuation of intangible assets is subject to finalization in fiscal year 2016. Goodwill related to the acquisition is not deductible for tax purposes.
The preliminary allocation of the purchase price to the fair value of assets acquired and liabilities assumed is as follows:
 
(in millions)
Cash and Cash Equivalents
$
1

Inventories
3

Property and Equipment
10

Goodwill and Other Intangible Assets
30

Other Assets
3

Current Liabilities
(3
)
Net Assets Acquired
$
44

Forgiveness of Liabilities Owed to the Company
(10
)
Consideration Not Yet Paid
(2
)
Consideration Paid at Closing
$
32