XML 30 R18.htm IDEA: XBRL DOCUMENT v3.22.2.2
Commitments and Contingencies
9 Months Ended
Oct. 29, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
The Company is subject to various claims and contingencies related to lawsuits, taxes, insurance, regulatory and other matters arising out of the normal course of business. Actions filed against the Company from time to time include commercial, tort, intellectual property, customer, employment, data privacy, securities and other claims, including purported class action lawsuits. Management believes that the ultimate liability arising from such claims and contingencies, if any, is not likely to have a material adverse effect on the Company’s results of operations, financial position or cash flows.
Settlement of Derivative Shareholder Actions
In May 2022, the U.S. District Court of the Southern District of Ohio approved a global settlement regarding certain shareholder actions that were filed in 2020 and 2021. See Note 12, “Commitments and Contingencies” in the Company’s Quarterly Report on Form 10-Q for the quarter ended July 30, 2022 for additional information. Pursuant to the settlement terms, the Company committed to, among other things, invest $45 million over at least five years to fund certain management and governance measures required under the settlement agreement.
Lease Guarantees
In connection with the spin-off of Victoria's Secret & Co. and the sale of the La Senza business, the Company had remaining contingent obligations of $287 million as of October 29, 2022 related to lease payments under the current terms of noncancelable leases, primarily related to office space, expiring at various dates through 2037. These obligations include minimum rent and additional payments covering taxes, common area costs and certain other expenses and relate to leases that commenced prior to the disposition of these businesses. The Company's reserves related to these obligations were not significant for any period presented.