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Revenue Recognition

6 Months Ended

Aug. 03, 2019

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

Revenue Recognition

Accounts receivable, net from revenue-generating activities were $174 million as of August 3, 2019, $150 million as of February 2, 2019 and $165 million as of August 4, 2018. 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 not yet delivered, which are all impacted by seasonal and holiday-related sales patterns. Deferred revenue was $276 million as of

August 3, 2019, $331 million as of February 2, 2019 and $281 million as of August 4, 2018. The Company recognized $167 million as revenue year-to-date in 2019 from amounts recorded as deferred revenue at the beginning of the period. As of August 3, 2019, the Company recorded deferred revenue of $262 million within Accrued Expenses and Other, and $14 million within Other Long-term Liabilities on the Consolidated Balance Sheet.

The following table provides a disaggregation of Net Sales for the second quarter and year-to-date 2019 and 2018:

	Second Quarter								Year-to-Date
	2019				2018				2019				2018
	(in millions)
Victoria’s Secret Stores (a)	$	1,233			$	1,365			$	2,381			$	2,601
Victoria’s Secret Direct	373				360				735				713
Total Victoria’s Secret	1,606				1,725				3,116				3,314
Bath & Body Works Stores (a)	883				824				1,597				1,473
Bath & Body Works Direct	178				140				335				251
Total Bath & Body Works	1,061				964				1,932				1,724
Victoria's Secret and Bath & Body Works International (b)	155				145				289				281
Other (c)	80				150				193				291
Total Net Sales	$	2,902			$	2,984			$	5,530			$	5,610

 _______________

(a) Includes company-owned stores in the U.S. and Canada.

(b) Includes company-owned stores in the U.K., Ireland and Greater China, direct sales in Greater China and wholesale sales, royalties and other fees associated with non-company owned stores.

(c)

Includes wholesale revenues from the Company's sourcing function. Results for 2018 also include store and direct sales for La Senza and Henri Bendel.

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- 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

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- References

No definition available.

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