Bath & Body Works, Inc.BBWI

Bath & Body Works, Inc. Leases Disclosure

10-KFiled Mar 12, 20262 min read
Leases
The following table provides the components of lease cost for operating leases for 2025, 2024 and 2023:
202520242023
(in millions)
Operating Lease Costs$280 $267 $254 
Variable Lease Costs108 108 107 
Short-term Lease Costs49 43 41 
Total Lease Cost$437 $418 $402 
The following table provides future maturities of operating lease liabilities as of January 31, 2026:
Fiscal Year(in millions)
2026$250 
2027228 
2028191 
2029158 
2030126 
Thereafter317 
Total Lease Payments1,270 
Less: Interest(208)
Present Value of Operating Lease Liabilities$1,062 
The Company accounts for all fixed consideration in a lease as a single lease component. Therefore, the payments used to measure the lease liability include fixed minimum rentals along with fixed operating costs such as common area maintenance and utilities.
As of January 31, 2026, the Company had additional operating lease commitments that have not yet commenced of $43 million.
The following table provides the weighted-average remaining lease term and discount rate for operating lease liabilities as of January 31, 2026 and February 1, 2025:
January 31,
2026		February 1,
2025
Weighted-average Remaining Lease Term (years)6.26.1
Weighted-average Discount Rate5.7%5.8%
The following table provides supplemental cash flow information related to the Company’s operating leases for 2025, 2024 and 2023:
202520242023
(in millions)
Cash paid for Operating Lease Liabilities (a)$287 $279 $280 
Lease Assets obtained as a result of new or modified Lease Liabilities, net of terminations193 91 185 
 ________________
(a)These payments are included within the Operating Activities section of the Consolidated Statements of Cash Flows.
Finance Leases
The Company leases certain fulfillment equipment under finance leases that expire at various dates through 2030. The Company records finance lease assets, net of accumulated amortization, in Property and Equipment, Net on the Consolidated Balance Sheets. Additionally, the Company records finance lease liabilities in Accrued Expenses and Other and Other Long-term Liabilities on the Consolidated Balance Sheets. Finance lease costs are comprised of the straight-line amortization of the lease asset and the accretion of interest expense under the effective interest method. The Company’s finance lease costs, assets and liabilities were not significant for any period presented.
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Historical Timeline

Fiscal YearFiled
2026Mar 12, 2026Showing above
2025Mar 14, 2025
2024Mar 22, 2024
2023Mar 17, 2023
2022Mar 18, 2022
2021Mar 19, 2021
2020Mar 30, 2020
2019Mar 22, 2019
2018Mar 23, 2018
2017Mar 17, 2017
2016Mar 18, 2016

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

Other Available Disclosures

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