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Discontinued Operations (Tables) | 12 Months Ended
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Jan. 29, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Summary of Discontinued Operations in Financial Statements | The following table summarizes the significant line items included in Income (Loss) from Discontinued Operations, Net of Tax in the Consolidated Statements of Income (Loss) for 2021, 2020 and 2019:
| 2021 |  | 2020 |  | 2019
| (in millions)
Net Sales | $ | 3,194 |  |  | $ | 5,413 |  |  | $ | 7,509 |
Costs of Goods Sold, Buying and Occupancy | (1,841) |  |  | (3,842) |  |  | (5,446) |
General, Administrative and Store Operating Expenses (a) | (975) |  |  | (1,595) |  |  | (2,845) |
Interest Expense | (2) |  |  | (6) |  |  | (8) |
Other Income (Loss) | (3) |  |  | — |  |  | 1 |
Income (Loss) from Discontinued Operations Before Income Taxes | 373 |  |  | (30) |  |  | (789) |
Provision (Benefit) for Income Taxes | 115 |  |  | (9) |  |  | 37 |
Income (Loss) from Discontinued Operations, Net of Tax | $ | 258 |  |  | $ | (21) |  |  | $ | (826) |
_______________ (a)2021 includes Separation-related expenses of $104 million. Prior to the Separation, these costs were reported in the Other category under the Company's previous segment reporting. The following table summarizes the carrying value of the significant classes of assets and liabilities classified as discontinued operations as of January 30, 2021:
|  |  | January 30, 2021
|  |  | (in millions)
Cash and Cash Equivalents |  |  | $ | 335 |
Accounts Receivable, Net |  |  | 121 |
Inventories |  |  | 701 |
Other |  |  | 82 |
Current Assets of Discontinued Operations |  |  | 1,239 |
Property and Equipment, Net |  |  | 1,078 |
Operating Lease Assets |  |  | 1,590 |
Trade Names |  |  | 246 |
Deferred Income Taxes |  |  | 11 |
Other Assets |  |  | 56 |
Other Assets of Discontinued Operations |  |  | $ | 2,981 |
Accounts Payable |  |  | $ | 338 |
Accrued Expenses and Other |  |  | 730 |
Current Operating Lease Liabilities |  |  | 421 |
Income Taxes |  |  | 9 |
Current Liabilities of Discontinued Operations |  |  | 1,498 |
Deferred Income Taxes |  |  | 93 |
Long-term Operating Lease Liabilities |  |  | 1,553 |
Other Long-term Liabilities |  |  | 21 |
Other Long-term Liabilities of Discontinued Operations |  |  | $ | 1,667 |
The following table summarizes depreciation and other significant operating non-cash items, capital expenditures and financing activities of discontinued operations for 2021, 2020 and 2019:
| 2021 |  | 2020 |  | 2019
| (in millions)
Depreciation of Long-Lived Assets | $ | 158 |  |  | $ | 326 |  |  | $ | 411 |
Share-based Compensation Expense | 15 |  |  | 25 |  |  | 38 |
Deferred Income Taxes | 3 |  |  | 16 |  |  | (40) |
Impairment of Victoria's Secret Goodwill | — |  |  | — |  |  | 720 |
Victoria's Secret Asset Impairment Charges | — |  |  | 254 |  |  | 263 |
Gain from Victoria's Secret Hong Kong Store Closure and Lease Termination | — |  |  | (39) |  |  | — |
Gain Related to Formation of Victoria's Secret U.K. Joint Venture | — |  |  | (54) |  |  | — |
Capital Expenditures | (66) |  |  | (127) |  |  | (225) |
Net Borrowings from (Repayments of) Victoria's Secret Foreign Facilities | — |  |  | (155) |  |  | 5 |

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