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Shareholders' Equity (Deficit) | 12 Months Ended
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Jan. 28, 2023
Stockholders' Equity Note [Abstract] |
Shareholders' Equity (Deficit) | Shareholders’ Equity (Deficit) Common Stock Share Repurchases The Company did not repurchase any shares of its common stock during 2020. 2021 Repurchase Programs In March 2021, the Board authorized a $500 million share repurchase plan (the "March 2021 Program"), which replaced the $79 million remaining under a March 2018 share repurchase program. In July 2021, the Board authorized a $1.5 billion share repurchase program (the "July 2021 Program"), which replaced the $36 million remaining under the March 2021 Program. Under the authorization of this program, in July 2021 the Company entered into a stock repurchase agreement with its former Chief Executive Officer and certain of his affiliated entities pursuant to which the Company repurchased 10 million shares of its common stock for an aggregate purchase price of $730 million. The Company repurchased the following shares of its common stock during 2021:
Repurchase Program | Amount Authorized |  | Shares Repurchased |  | Amount Repurchased |  | Average Stock Price |  |  |  |
| (in millions) |  | (in thousands) |  | (in millions) |  |  |  |  |  |
March 2021 (a) | $ | 500 |  |  | 6,996 |  |  | $ | 464 |  |  | $ | 66.30 |  |  |  |  |
July 2021 (a) | 1,500 |  |  | 10,000 |  |  | 730 |  |  | 73.01 |  |  |  |  |
July 2021 (b) |  | 11,234 |  |  | 770 |  |  | 68.53 |  |  |  |  |
Total |  |  | 28,230 |  |  | $ | 1,964 |  |  |  |  |  |  |
_______________ (a)Reflects repurchases of L Brands, Inc. common stock prior to the August 2, 2021 spin-off of Victoria's Secret & Co. (b)Reflects repurchases of Bath & Body Works, Inc. common stock subsequent to the August 2, 2021 spin-off of Victoria's Secret & Co. 2022 Repurchase Program In February 2022, the Board authorized a new $1.5 billion share repurchase program (the "February 2022 Program"). As part of the February 2022 Program, the Company entered into an accelerated share repurchase program ("ASR") under which the Company repurchased $1 billion of its own outstanding common stock. The delivery of shares under the ASR resulted in an immediate reduction of the shares used to calculate the weighted-average common shares outstanding for net income per basic and diluted share. Pursuant to the Board's authorization, the Company made other share repurchases in the open market under the February 2022 Program during 2022. On February 4, 2022, the Company delivered $1 billion to the ASR bank, and the bank delivered 14 million shares of common stock to the Company (the "Initial Shares"). Pursuant to the terms of the ASR, the Initial Shares represented 80% of the number of shares determined by dividing the $1 billion Company payment by the closing price of its common stock on February 2, 2022. In May 2022, the Company received an additional 7 million shares of its common stock from the ASR bank for the final settlement of the ASR. The final number of shares of common stock delivered under the ASR was based generally upon a discount to the average daily Rule 10b-18 volume-weighted average price at which the shares of common stock traded during the regular trading sessions on the NYSE during the term of the repurchase period. The Company repurchased the following shares of its common stock during 2022:
Repurchase Program | Amount Authorized |  | Shares Repurchased |  | Amount Repurchased |  | Average Stock Price |  |  |  |
| (in millions) |  | (in thousands) |  | (in millions) |  |  |  |  |  |
February 2022 | $ | 1,500 |  |  | 6,401 |  |  | $ | 312 |  |  | $ | 48.77 |  |  |  |  |
February 2022 - Accelerated Share Repurchase Program |  | 20,295 |  |  | 1,000 |  |  | 49.27 |  |  |  |  |
Total |  |  | 26,696 |  |  | $ | 1,312 |  |  |  |  |  |  |
The February 2022 Program had $188 million of remaining authority as of January 28, 2023. Common Stock Retirement Shares of common stock repurchased under the July 2021 Program were retired and cancelled upon repurchase. As a result, the Company retired the 21 million shares repurchased under the July 2021 Program during 2021, which resulted in reductions of $11 million in the par value of Common Stock, $69 million in Paid-in Capital and $1.420 billion in Retained Earnings (Accumulated Deficit). Shares of common stock repurchased under the February 2022 Program were retired and cancelled upon repurchase, including shares repurchased under the ASR. As a result, the Company retired the 27 million shares repurchased under the February 2022 Program during 2022, which resulted in reductions of $13 million in the par value of Common Stock, $87 million in Paid-in Capital and $1.212 billion in Retained Earnings (Accumulated Deficit). Dividends In connection with the onset of the COVID-19 pandemic, the Board suspended the Company's quarterly cash dividend beginning in the second quarter of 2020. In March 2021, the Board reinstated the annual dividend at $0.60 per share, beginning with the quarterly dividend paid in June 2021. In February 2022, the Board increased the annual dividend to $0.80 per share, beginning with the quarterly dividend paid in March 2022. The Company paid the following dividends during 2022, 2021 and 2020:
| Ordinary Dividends |  |  |  |  |  | Total Paid
| (per share) |  | (in millions)
2022 |  |  |  |  |  |  |
First Quarter | $ | 0.20 |  |  |  |  |  |  | $ | 48 |
Second Quarter | 0.20 |  |  |  |  |  |  | 46 |
Third Quarter | 0.20 |  |  |  |  |  |  | 46 |
Fourth Quarter | 0.20 |  |  |  |  |  |  | 46 |
2022 Total | $ | 0.80 |  |  |  |  |  |  | $ | 186 |
2021 |  |  |  |  |  |  |
First Quarter | $ | — |  |  |  |  |  |  | $ | — |
Second Quarter | 0.15 |  |  |  |  |  |  | 42 |
Third Quarter | 0.15 |  |  |  |  |  |  | 39 |
Fourth Quarter | 0.15 |  |  |  |  |  |  | 39 |
2021 Total | $ | 0.45 |  |  |  |  |  |  | $ | 120 |
2020 |  |  |  |  |  |  |
First Quarter | $ | 0.30 |  |  |  |  |  |  | $ | 83 |
Second Quarter | — |  |  |  |  |  |  | — |
Third Quarter | — |  |  |  |  |  |  | — |
Fourth Quarter | — |  |  |  |  |  |  | — |
2020 Total | $ | 0.30 |  |  |  |  |  |  | $ | 83 |
On March 3, 2023, the Company paid its first quarter 2023 dividend of $0.20 per share to stockholders of record at the close of business on February 17, 2023.

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