2022 Q1 Form 10-K Financial Statement

#000185643722000007 Filed on March 18, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2022 2021 Q4
Revenue $2.176B $6.785B $1.441B
YoY Change 3.62% 25.35% 6.5%
Cost Of Revenue $1.323B $4.025B $876.0M
YoY Change -65.56% 4.76% 2.34%
Gross Profit $853.0M $2.760B $565.0M
YoY Change -5.33% 75.68% 13.68%
Gross Profit Margin 39.2% 40.68% 39.21%
Selling, General & Admin $519.0M $1.890B $457.0M
YoY Change -68.96% 13.04% 23.51%
% of Gross Profit 60.84% 68.48% 80.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $70.00M $303.0M $75.00M
YoY Change -54.84% -7.06% -5.06%
% of Gross Profit 8.21% 10.98% 13.27%
Operating Expenses $519.0M $1.890B $457.0M
YoY Change -68.96% 13.04% 23.51%
Operating Profit $333.0M $870.0M $108.0M
YoY Change -14.18% -961.39% -14.96%
Interest Expense -$11.00M $27.00M $12.00M
YoY Change 83.33% 350.0% 1100.0%
% of Operating Profit -3.3% 3.1% 11.11%
Other Income/Expense, Net $0.00 $0.00 $1.000M
YoY Change -100.0% -100.0% 0.0%
Pretax Income $322.0M $843.0M $97.00M
YoY Change -17.22% -895.28% -23.62%
Income Tax $77.00M $197.0M $22.00M
% Of Pretax Income 23.91% 23.37% 22.68%
Net Earnings $246.0M $646.0M $75.00M
YoY Change -13.38% -997.22% -47.55%
Net Earnings / Revenue 11.31% 9.52% 5.2%
Basic Earnings Per Share $2.82 $7.34 $0.85
Diluted Earnings Per Share $2.70 $7.18 $0.81
COMMON SHARES
Basic Shares Outstanding 84.31M shares 88.00M shares 88.00M shares
Diluted Shares Outstanding 90.00M shares 92.00M shares

Balance Sheet

Concept 2022 Q1 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $490.0M $490.0M $331.0M
YoY Change 46.27% 46.27%
Cash & Equivalents $490.0M $490.0M $331.0M
Short-Term Investments
Other Short-Term Assets $90.00M $90.00M $114.0M
YoY Change 9.76% 9.76% 46.15%
Inventory $949.0M $949.0M $1.019B
Prepaid Expenses
Receivables $162.0M $162.0M $145.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.691B $1.691B $1.609B
YoY Change 36.48% 36.48% 16.34%
LONG-TERM ASSETS
Property, Plant & Equipment $957.0M $2.326B $976.0M
YoY Change -11.22% -12.82% -16.37%
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments $35.00M
YoY Change
Other Assets $64.00M $81.00M $80.00M
YoY Change 14.29% 6.58% 40.35%
Total Long-Term Assets $2.653B $2.653B $2.760B
YoY Change -11.27% -11.27% -14.66%
TOTAL ASSETS
Total Short-Term Assets $1.691B $1.691B $1.609B
Total Long-Term Assets $2.653B $2.653B $2.760B
Total Assets $4.344B $4.344B $4.369B
YoY Change 2.72% 2.72% -5.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $538.0M $538.0M $560.0M
YoY Change 59.17% 59.17% 2.19%
Accrued Expenses $714.0M $667.0M $696.0M
YoY Change -8.7% -13.26% 4.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M $4.000M $4.000M
YoY Change -63.64%
Total Short-Term Liabilities $1.698B $1.698B $1.598B
YoY Change 9.13% 9.13% -6.06%
LONG-TERM LIABILITIES
Long-Term Debt $978.0M $978.0M $978.0M
YoY Change 908.25% 908.25% 1024.14%
Other Long-Term Liabilities $39.00M $1.353B $43.00M
YoY Change -65.49% -18.79% -55.67%
Total Long-Term Liabilities $1.017B $2.331B $1.021B
YoY Change 384.29% 32.22% 454.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.698B $1.698B $1.598B
Total Long-Term Liabilities $1.017B $2.331B $1.021B
Total Liabilities $4.087B $4.087B $4.117B
YoY Change 22.44% 22.44% 14.55%
SHAREHOLDERS EQUITY
Retained Earnings $126.0M $72.00M
YoY Change
Common Stock $126.0M $173.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $257.0M $257.0M $252.0M
YoY Change
Total Liabilities & Shareholders Equity $4.344B $4.344B $4.369B
YoY Change 2.72% 2.72% -5.37%

Cashflow Statement

Concept 2022 Q1 2022 2021 Q4
OPERATING ACTIVITIES
Net Income $246.0M $646.0M $75.00M
YoY Change -13.38% -997.22% -47.55%
Depreciation, Depletion And Amortization $70.00M $303.0M $75.00M
YoY Change -54.84% -7.06% -5.06%
Cash From Operating Activities $473.0M $851.0M -$11.00M
YoY Change -39.67% 26.26%
INVESTING ACTIVITIES
Capital Expenditures -$52.00M $169.0M -$51.00M
YoY Change -8.77% 33.07%
Acquisitions $0.00
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$52.00M -$169.0M -$51.00M
YoY Change 1.96% 37.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $250.0M
YoY Change
Debt Paid & Issued, Net $1.000M
YoY Change
Cash From Financing Activities -261.0M -$527.0M -499.0M
YoY Change -54.05% 13.33%
NET CHANGE
Cash From Operating Activities 473.0M $851.0M -11.00M
Cash From Investing Activities -52.00M -$169.0M -51.00M
Cash From Financing Activities -261.0M -$527.0M -499.0M
Net Change In Cash 160.0M $155.0M -561.0M
YoY Change -3.03% 72.22%
FREE CASH FLOW
Cash From Operating Activities $473.0M $851.0M -$11.00M
Capital Expenditures -$52.00M $169.0M -$51.00M
Free Cash Flow $525.0M $682.0M $40.00M
YoY Change -37.57% 24.68%

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CY2021 vsco Stockholders Equity Transfers From To Former Parent
StockholdersEquityTransfersFromToFormerParent
-382000000 USD
CY2021 us-gaap Stockholders Equity Other
StockholdersEquityOther
2000000 USD
CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
891000000 USD
CY2022 us-gaap Net Income Loss
NetIncomeLoss
646000000 USD
CY2022 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1000000 USD
CY2022 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
647000000 USD
CY2022 vsco Stockholders Equity Transfers From To Former Parent
StockholdersEquityTransfersFromToFormerParent
-1053000000 USD
CY2022 vsco Stockholders Equity Transfers From To Former Parent
StockholdersEquityTransfersFromToFormerParent
-1053000000 USD
CY2022 vsco Adjustment To Additional Paid In Capital Transfer Of Former Parent Investment
AdjustmentToAdditionalPaidInCapitalTransferOfFormerParentInvestment
0 USD
CY2022 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1000000 USD
CY2022 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
250000000 USD
CY2022 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
0 USD
CY2022 us-gaap Net Income Loss
NetIncomeLoss
646000000 USD
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-72000000 USD
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-897000000 USD
CY2022 us-gaap Depreciation
Depreciation
303000000 USD
CY2021 us-gaap Depreciation
Depreciation
326000000 USD
CY2020 us-gaap Depreciation
Depreciation
411000000 USD
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
33000000 USD
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
25000000 USD
CY2020 us-gaap Share Based Compensation
ShareBasedCompensation
38000000 USD
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1000000 USD
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-64000000 USD
CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-30000000 USD
CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2021 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2020 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
720000000 USD
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
254000000 USD
CY2020 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
263000000 USD
CY2022 vsco Net Gain On Formation Of Vsuk Joint Venture
NetGainOnFormationOfVSUKJointVenture
0 USD
CY2021 vsco Net Gain On Formation Of Vsuk Joint Venture
NetGainOnFormationOfVSUKJointVenture
54000000 USD
CY2020 vsco Net Gain On Formation Of Vsuk Joint Venture
NetGainOnFormationOfVSUKJointVenture
0 USD
CY2022 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
0 USD
CY2021 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
39000000 USD
CY2020 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
0 USD
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
21000000 USD
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-36000000 USD
CY2020 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-14000000 USD
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
247000000 USD
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-141000000 USD
CY2020 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-20000000 USD
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
173000000 USD
CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
49000000 USD
CY2020 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-118000000 USD
CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
119000000 USD
CY2021 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-25000000 USD
CY2020 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-49000000 USD
CY2022 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
156000000 USD
CY2021 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-97000000 USD
CY2020 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
57000000 USD
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
851000000 USD
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
674000000 USD
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
315000000 USD
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
169000000 USD
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
127000000 USD
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
225000000 USD
CY2022 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
CY2021 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-4000000 USD
CY2020 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
18000000 USD
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-169000000 USD
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-123000000 USD
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-243000000 USD
CY2022 vsco Proceeds From Issuance Of Long Term Debt Net Of Issuance Costs
ProceedsFromIssuanceOfLongTermDebtNetOfIssuanceCosts
982000000 USD
CY2021 vsco Proceeds From Issuance Of Long Term Debt Net Of Issuance Costs
ProceedsFromIssuanceOfLongTermDebtNetOfIssuanceCosts
0 USD
CY2020 vsco Proceeds From Issuance Of Long Term Debt Net Of Issuance Costs
ProceedsFromIssuanceOfLongTermDebtNetOfIssuanceCosts
0 USD
CY2022 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1000000 USD
CY2021 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2020 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2022 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
250000000 USD
CY2021 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2020 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2022 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4000000 USD
CY2021 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
CY2020 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5000000 USD
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2020 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2022 vsco Net Transfer From To Former Parent Financing Activities
NetTransferFromToFormerParentFinancingActivities
-1253000000 USD
CY2021 vsco Net Transfer From To Former Parent Financing Activities
NetTransferFromToFormerParentFinancingActivities
-407000000 USD
CY2020 vsco Net Transfer From To Former Parent Financing Activities
NetTransferFromToFormerParentFinancingActivities
-197000000 USD
CY2022 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
CY2021 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
34000000 USD
CY2020 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
167000000 USD
CY2022 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2021 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
189000000 USD
CY2020 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
162000000 USD
CY2022 vsco Proceeds From Borrowing From Former Parent
ProceedsFromBorrowingFromFormerParent
0 USD
CY2021 vsco Proceeds From Borrowing From Former Parent
ProceedsFromBorrowingFromFormerParent
97000000 USD
CY2020 vsco Proceeds From Borrowing From Former Parent
ProceedsFromBorrowingFromFormerParent
0 USD
CY2022 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-6000000 USD
CY2021 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
CY2020 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-527000000 USD
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-465000000 USD
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-192000000 USD
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0 USD
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4000000 USD
CY2020 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-4000000 USD
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
155000000 USD
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
90000000 USD
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-124000000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
335000000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
245000000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
369000000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
490000000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
335000000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
245000000 USD
CY2022Q1 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
70 country
CY2022 vsco Maturity Of Short Term Investments Maximum
MaturityOfShortTermInvestmentsMaximum
P90D
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company maintains cash and cash equivalents with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts and limits the amount of credit exposure with any one entity. The Company’s investment portfolio is primarily comprised of bank deposits. Prior to the Separation, cash generated by the Company was invested by the Former Parent in U.S. government obligations and U.S. Treasury and AAA-rated money market funds.</span></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company determines the required allowance for expected credit losses using information such as customer credit history and financial condition. Amounts are charged against the allowance when it is determined that expected credit losses may occur.</span></div>
CY2022 us-gaap Advertising Expense
AdvertisingExpense
334000000 USD
CY2021 us-gaap Advertising Expense
AdvertisingExpense
239000000 USD
CY2020 us-gaap Advertising Expense
AdvertisingExpense
306000000 USD
CY2022Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P10Y
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates in the Preparation of Financial Statements</span></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available.</span></div>
CY2021Q3 vsco Spinoff Transaction Transition Services Agreements Number Of Extension Periods
SpinoffTransactionTransitionServicesAgreementsNumberOfExtensionPeriods
2 period
CY2021Q3 vsco Spinoff Transaction Domestic Transportation Services Initial Term
SpinoffTransactionDomesticTransportationServicesInitialTerm
P3Y
CY2021Q3 vsco Share Based Compensation Arrangement By Share Based Payment Award Award Converted From Former Parent
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardConvertedFromFormerParent
6000000 shares
CY2022Q1 us-gaap Contract With Customer Receivable After Allowance For Credit Loss
ContractWithCustomerReceivableAfterAllowanceForCreditLoss
101000000 USD
CY2021Q1 us-gaap Contract With Customer Receivable After Allowance For Credit Loss
ContractWithCustomerReceivableAfterAllowanceForCreditLoss
74000000 USD
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
258000000 USD
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
256000000 USD
CY2022 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
143000000 USD
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6785000000 USD
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5413000000 USD
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7509000000 USD
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
88000000 shares
CY2022 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
88000000 shares
CY2021 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
88000000 shares
CY2020 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
88000000 shares
CY2022 us-gaap Weighted Average Number Of Shares Treasury Stock
WeightedAverageNumberOfSharesTreasuryStock
0 shares
CY2021 us-gaap Weighted Average Number Of Shares Treasury Stock
WeightedAverageNumberOfSharesTreasuryStock
0 shares
CY2020 us-gaap Weighted Average Number Of Shares Treasury Stock
WeightedAverageNumberOfSharesTreasuryStock
0 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
88000000 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
88000000 shares
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
88000000 shares
CY2022 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2000000 shares
CY2021 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2020 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
90000000 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
88000000 shares
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
88000000 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2020Q3 us-gaap Restructuring Charges
RestructuringCharges
51000000 USD
CY2022 us-gaap Payments For Restructuring
PaymentsForRestructuring
13000000 USD
CY2020Q4 vsco Lessee Operating Lease Gain On Derecognition Of Lease Liabilities In Excess Of Lease Asset
LesseeOperatingLeaseGainOnDerecognitionOfLeaseLiabilitiesInExcessOfLeaseAsset
90000000 USD
CY2020Q4 vsco Restructuring Transaction Number Of Stores Restructured
RestructuringTransactionNumberOfStoresRestructured
24 store
CY2020Q4 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
25000000 USD
CY2020Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax
36000000 USD
CY2022 vsco Expected Proceeds From Divestiture Of Interest In Consolidated Subsidiaries
ExpectedProceedsFromDivestitureOfInterestInConsolidatedSubsidiaries
45000000 USD
CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
898000000 USD
CY2021Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
663000000 USD
CY2022Q1 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
InventoryRawMaterialsAndPurchasedPartsNetOfReserves
51000000 USD
CY2021Q1 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
InventoryRawMaterialsAndPurchasedPartsNetOfReserves
38000000 USD
CY2022Q1 us-gaap Inventory Net
InventoryNet
949000000 USD
CY2021Q1 us-gaap Inventory Net
InventoryNet
701000000 USD
CY2022Q1 us-gaap Land And Land Improvements
LandAndLandImprovements
27000000 USD
CY2021Q1 us-gaap Land And Land Improvements
LandAndLandImprovements
26000000 USD
CY2022Q1 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
211000000 USD
CY2021Q1 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
190000000 USD
CY2022Q1 vsco Furniture Fixtures Software And Equipment
FurnitureFixturesSoftwareAndEquipment
2409000000 USD
CY2021Q1 vsco Furniture Fixtures Software And Equipment
FurnitureFixturesSoftwareAndEquipment
2462000000 USD
CY2022Q1 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
1070000000 USD
CY2021Q1 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
1091000000 USD
CY2022Q1 us-gaap Construction In Progress Gross
ConstructionInProgressGross
78000000 USD
CY2021Q1 us-gaap Construction In Progress Gross
ConstructionInProgressGross
23000000 USD
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3795000000 USD
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3792000000 USD
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2838000000 USD
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2714000000 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
957000000 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1078000000 USD
CY2022 us-gaap Depreciation
Depreciation
303000000 USD
CY2021 us-gaap Depreciation
Depreciation
326000000 USD
CY2020 us-gaap Depreciation
Depreciation
411000000 USD
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
254000000 USD
CY2020 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
263000000 USD
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
399000000 USD
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
521000000 USD
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
63000000 USD
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
6000000 USD
CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
6000000 USD
CY2021 us-gaap Short Term Lease Cost
ShortTermLeaseCost
5000000 USD
CY2022 us-gaap Lease Cost
LeaseCost
468000000 USD
CY2021 us-gaap Lease Cost
LeaseCost
532000000 USD
CY2022 vsco Rent Expense Increase Decrease Due To Executed Amendments
RentExpenseIncreaseDecreaseDueToExecutedAmendments
-31000000 USD
CY2021 vsco Rent Expense Increase Decrease Due To Executed Amendments
RentExpenseIncreaseDecreaseDueToExecutedAmendments
-90000000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
395000000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
370000000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
300000000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
253000000 USD
CY2022Q1 vsco Additional Operating Lease Commitments Not Yet Commenced
AdditionalOperatingLeaseCommitmentsNotYetCommenced
7000000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
188000000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
535000000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2041000000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
387000000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1654000000 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y4M24D
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y1M6D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.060
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.059
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
497000000 USD
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
348000000 USD
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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-245000000 USD
CY2020Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
127000000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
389000000 USD
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-299000000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-200000000 USD
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
143000000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
284000000 USD
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.38
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.26
CY2020Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.62
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.20
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.38
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.26
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.62
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.20
CY2020Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
97000000 USD
CY2020Q2 vsco Impairmentof Long Lived Assets Heldforuse Netof Tax
ImpairmentofLongLivedAssetsHeldforuseNetofTax
72000000 USD
CY2020Q3 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
117000000 USD
CY2020Q3 vsco Impairmentof Long Lived Assets Heldforuse Netof Tax
ImpairmentofLongLivedAssetsHeldforuseNetofTax
99000000 USD
CY2020Q3 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
36000000 USD
CY2020Q3 vsco Gain Loss On Termination Of Lease Net Of Tax
GainLossOnTerminationOfLeaseNetOfTax
25000000 USD
CY2020Q3 us-gaap Restructuring Charges
RestructuringCharges
51000000 USD
CY2020Q3 vsco Severance Costs Net Of Tax
SeveranceCostsNetOfTax
40000000 USD
CY2020Q4 vsco Net Gain On Formation Of Vsuk Joint Venture
NetGainOnFormationOfVSUKJointVenture
30000000 USD
CY2020Q4 vsco Net Gain On Formation Of Vsuk Joint Venture Net Of Tax
NetGainOnFormationOfVSUKJointVentureNetOfTax
27000000 USD
CY2020Q4 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
44000000 USD

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