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Revenue Recognition
 9 Months Ended
Nov. 02, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Accounts receivable, net from revenue-generating activities were $122 million as of November 2, 2024, $103 million as of February 3, 2024 and $102 million as of October 28, 2023. 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 $288 million as of November 2, 2024, $310 million as of February 3, 2024 and $283 million as of October 28, 2023. The Company recognized $113 million as revenue year-to-date 2024 from amounts recorded as deferred revenue at the beginning of the year. As of November 2, 2024, the Company recorded deferred revenue of $276 million within Accrued Expenses and Other, and $12 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 2024 and 2023:
Third QuarterYear-to-Date
2024202320242023
(in millions)
Stores – North America
$738 $723 $2,267 $2,326 
Direct411 382 1,290 1,281 
International (a)198 160 567 492 
Total Net Sales$1,347 $1,265 $4,124 $4,099 
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(a)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 $17 million and $20 million in the third quarter of 2024 and 2023, respectively, related to revenue earned in connection with its credit card arrangements. The Company recognized Net Sales of $52 million and $66 million year-to-date 2024 and 2023, 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 $245 million and $205 million for the third quarter of 2024 and 2023, respectively. The Company’s net sales outside of the U.S. totaled $700 million and $637 million year-to-date 2024 and 2023, respectively.