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Revenue Recognition
 3 Months Ended
May 01, 2021
Revenue Recognition and Deferred Revenue [Abstract]  
Revenue Recognition Revenue RecognitionAccounts receivable, net from revenue-generating activities were $136 million as of May 1, 2021, $125 million as of January 30, 2021 and $142 million as of May 2, 2020. Accounts receivable primarily relate to amounts due from the Company's franchise, license and wholesale partners. Under these arrangements, payment terms are typically 60 to 90 days.
The Company records deferred revenue when cash payments are received in advance of transfer of control of goods or services. Deferred revenue primarily relates to gift cards, loyalty and private label credit card programs and direct channel shipments, which are all impacted by seasonal and holiday-related sales patterns. Deferred revenue was $338 million as of May 1, 2021, $371 million as of January 30, 2021 and $348 million as of May 2, 2020. The Company recognized $128 million as revenue in the first quarter of 2021 from amounts recorded as deferred revenue at the beginning of the year. As of May 1, 2021, the Company recorded deferred revenue of $328 million within Accrued Expenses and Other, and $10 million within Other Long-term Liabilities on the Consolidated Balance Sheet.
The following table provides a disaggregation of Net Sales for the first quarter of 2021 and 2020:
First Quarter
20212020
(in millions)
Bath & Body Works Stores - U.S. and Canada$1,051 $424 
Bath & Body Works Direct349 289 
Bath & Body Works International (a)70 47 
Total Bath & Body Works1,470 760 
Victoria’s Secret Stores - U.S. and Canada933 514 
Victoria’s Secret Direct521 308 
Victoria’s Secret International (b)100 72 
Total Victoria’s Secret1,554 894 
Total Net Sales$3,024 $1,654 
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(a)Results include royalties associated with franchised store and wholesale sales.
(b)Results include company-operated stores in the U.K. (pre-joint venture) and Greater China, and royalties associated with franchised stores and wholesale sales.