Intangible Assets

3 Months Ended

Apr. 29, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets

Goodwill

The Company's goodwill was established as a result of the acquisition of Adore Me on December 30, 2022. For additional information, see Note 2, “Acquisition.” Prior to the acquisition of Adore Me, the Company did not have any goodwill.

The following table shows the change in the carrying value of goodwill:

	(in millions)
Balance, January 28, 2023	$	365
Adjustments (a)	3
Balance, April 29, 2023	$	368

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(a)Includes measurement period adjustments related to the acquisition of Adore Me. For additional information, see Note 2, “Acquisition.”

Trade Name - Indefinite-Lived

The Victoria's Secret trade name, an indefinite-lived intangible asset, was $246 million as of April 29, 2023, January 28, 2023 and April 30, 2022, respectively.

Definite-Lived Intangible Assets

The Company's definite-lived intangible assets were established as a result of the acquisition of Adore Me. Prior to the acquisition of Adore Me, the Company did not have any definite-lived intangible assets.

The following table provides details of the gross carrying amount and accumulated amortization of the Company's definite-lived intangible assets as of April 29, 2023 and January 28, 2023:

	April 29, 2023		January 28, 2023
	(in millions)
Gross Definite-Lived Intangible Assets
Customer Relationships	$	81	$	81
Developed Technology	56		56
Adore Me Trade Name	43		43
Total Gross Definite-Lived Intangible Assets	$	180	$	180
Accumulated Amortization
Customer Relationships	$	(3)	$	—
Developed Technology	(2)		—
Adore Me Trade Name	(1)		—
Total Accumulated Amortization	(6)		—
Total Definite-Lived Intangible Assets, Net	$	174	$	180

Amortization expense for intangible assets was $6 million for the first quarter of 2023. There was no amortization expense recorded related to these definite-lived intangible assets in fiscal year 2022.