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Revenue Recognition
 9 Months Ended
Oct. 28, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Accounts receivable, net from revenue-generating activities were $102 million as of October 28, 2023, $101 million as of January 28, 2023 and $133 million as of October 29, 2022. Accounts receivable primarily relate to amounts due from the Company's franchise, license and wholesale partners. Under these arrangements, payment terms are typically 60 to 90 days.
The Company records deferred revenue when cash payments are received in advance of transfer of control of goods or services. Deferred revenue primarily relates to gift cards, loyalty and credit card programs and direct channel shipments, which are all impacted by seasonal and holiday-related sales patterns. Deferred revenue was $283 million as of October 28, 2023, $309 million as of January 28, 2023 and $229 million as of October 29, 2022. The Company recognized $109 million as revenue year-to-date 2023 from amounts recorded as deferred revenue at the beginning of the year. As of October 28, 2023, the Company recorded deferred revenue of $267 million within Accrued Expenses and Other, and $16 million within Other Long-term Liabilities on the Consolidated Balance Sheet.
The following table provides a disaggregation of Net Sales for the third quarter and year-to-date 2023 and 2022:
Third QuarterYear-to-Date
2023202220232022
(in millions)
Stores – North America (a)
$723 $813 $2,326 $2,712 
Direct (a)382 342 1,281 1,176 
International (b)160 163 492 435 
Total Net Sales$1,265 $1,318 $4,099 $4,323 
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(a)Results in 2023 include Adore Me sales.
(b)Results include consolidated joint venture sales in China, royalties associated with franchised stores and wholesale sales.
The Company has a Victoria's Secret and PINK multi-tender loyalty program along with a co-branded credit card and U.S. private label credit card through which customers can earn points on purchases of Victoria's Secret and PINK product and through the co-branded credit card can earn points on purchases outside of the Company. A third-party financing company is the sole owner of the credit card accounts and underwrites the credit issued under the credit card programs. Revenue earned in connection with the Company's credit card arrangements with the third-party is primarily recognized based on credit card sales and usage.
The Company recognized Net Sales of $20 million and $29 million in the third quarter of 2023 and 2022, respectively, related to revenue earned in connection with its credit card arrangements. The Company recognized Net Sales of $66 million and $85 million year-to-date 2023 and 2022, respectively, related to revenue earned in connection with its credit card arrangements.
The Company’s international net sales include sales from Company-operated stores, royalty revenue from franchise and license arrangements, wholesale revenues and direct sales shipped internationally. Certain of these sales are subject to the impact of fluctuations in foreign currency. The Company’s net sales outside of the U.S. totaled $205 million and $211 million for the third quarter of 2023 and 2022, respectively. The Company’s net sales outside of the U.S. totaled $637 million and $594 million year-to-date 2023 and 2022, respectively.