Accumulated Other Comprehensive Income

12 Months Ended

Jan. 29, 2022

Accumulated Other Comprehensive Income includes gains and losses on foreign currency translation and on foreign currency forward contracts designated as cash flow hedges. The cumulative gains and losses on these items are included in Accumulated Other Comprehensive Income on the Consolidated Balance Sheets and Consolidated Statements of Shareholders' Equity (Deficit).

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


	Foreign Currency Translation		Cash Flow Hedges		Accumulated Other Comprehensive Income
	(in millions)
Balance as of January 30, 2021	$	85	$	(2)	$	83
Other Comprehensive Income Before Reclassifications	2		1		3
Amounts Reclassified from Accumulated Other Comprehensive Income	—		3		3
Tax Effect	—		(1)		(1)
Current-period Other Comprehensive Income	2		3		5
Victoria's Secret Spin-Off	(8)		—		(8)
Balance as of January 29, 2022	$	79	$	1	$	80

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


	Foreign Currency Translation		Cash Flow Hedges		Accumulated Other Comprehensive Income
	(in millions)
Balance as of February 1, 2020	$	52	$	—	$	52
Other Comprehensive Loss Before Reclassifications	(3)		(2)		(5)
Amounts Reclassified from Accumulated Other Comprehensive Income	36		—		36
Tax Effect	—		—		—
Current-period Other Comprehensive Income (Loss)	33		(2)		31
Balance as of January 30, 2021	$	85	$	(2)	$	83

In 2020, the Victoria's Secret U.K. business was transitioned from a wholly-owned model to a joint venture business model. This transition represented a substantially complete liquidation of the investment in the U.K. Accordingly, $36 million of

accumulated foreign-currency translation adjustments were reclassified out of Accumulated Other Comprehensive Income and into earnings. This amount is presented within Income (Loss) from Discontinued Operations, Net of Tax in the 2020 Consolidated Statement of Income.