Supplemental Guarantor Financial Information (Tables)

6 Months Ended

Aug. 02, 2014

Aug. 03, 2013

Condensed Consolidating Balance Sheet [Abstract]

Condensed Balance Sheet [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in millions)

	February 1, 2014
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	1,353		$	166		$	—		$	1,519
Accounts Receivable, Net	—			173			71			—			244
Inventories	—			966			199			—			1,165
Deferred Income Taxes	—			44			(16		)	—			28
Other	—			105			89			—			194
Total Current Assets	—			2,641			509			—			3,150
Property and Equipment, Net	—			1,197			848			—			2,045
Goodwill	—			1,318			—			—			1,318
Trade Names and Other Intangible Assets, Net	—			411			—			—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,468			14,065			1,099			(19,632		)	—
Other Assets	186			19			680			(611		)	274
Total Assets	$	4,654		$	19,651		$	3,136		$	(20,243	)	$	7,198
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	3		$	316		$	280		$	—		$	599
Accrued Expenses and Other	86			410			291			—			787
Current Portion of Long-term Debt	215			—			—			—			215
Income Taxes	(1		)	176			50			—			225
Total Current Liabilities	303			902			621			—			1,826
Deferred Income Taxes	(4		)	(27		)	241			—			210
Long-term Debt	4,761			597			—			(597		)	4,761
Other Long-term Liabilities	3			581			201			(15		)	770
Total Equity (Deficit)	(409		)	17,598			2,073			(19,631		)	(369		)
Total Liabilities and Equity (Deficit)	$	4,654		$	19,651		$	3,136		$	(20,243	)	$	7,198

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in millions)

(Unaudited)

	August 2, 2014
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	920		$	227		$	—		$	1,147
Accounts Receivable, Net	1			172			60			—			233
Inventories	—			935			140			—			1,075
Deferred Income Taxes	—			43			(16		)	—			27
Other	—			130			87			—			217
Total Current Assets	1			2,200			498			—			2,699
Property and Equipment, Net	—			1,295			869			—			2,164
Goodwill	—			1,318			—			—			1,318
Trade Names and Other Intangible Assets, Net	—			411			—			—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,337			15,133			1,268			(20,738		)	—
Other Assets	184			21			685			(612		)	278
Total Assets	$	4,522		$	20,378		$	3,320		$	(21,350	)	$	6,870
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	360		$	262		$	—		$	622
Accrued Expenses and Other	88			408			247			—			743
Current Portion of Long-term Debt	214			—			—			—			214
Income Taxes	—			(12		)	13			—			1
Total Current Liabilities	302			756			522			—			1,580
Deferred Income Taxes	(4		)	(18		)	251			—			229
Long-term Debt	4,758			597			—			(597		)	4,758
Other Long-term Liabilities	1			586			233			(14		)	806
Total Equity (Deficit)	(535		)	18,457			2,314			(20,739		)	(503		)
Total Liabilities and Equity (Deficit)	$	4,522		$	20,378		$	3,320		$	(21,350	)	$	6,870

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in millions)

(Unaudited)

	August 3, 2013
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	306		$	245		$	—		$	551
Accounts Receivable, Net	—			135			62			—			197
Inventories	—			983			144			—			1,127
Deferred Income Taxes	—			40			(10		)	—			30
Other	2			126			65			—			193
Total Current Assets	2			1,590			506			—			2,098
Property and Equipment, Net	—			1,136			824			—			1,960
Goodwill	—			1,318			—			—			1,318
Trade Names and Other Intangible Assets, Net	—			412			—			—			412
Net Investments in and Advances to/from Consolidated Affiliates	3,495			15,221			742			(19,458		)	—
Other Assets	184			7			705			(612		)	284
Total Assets	$	3,681		$	19,684		$	2,777		$	(20,070	)	$	6,072
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	387		$	294		$	—		$	681
Accrued Expenses and Other	80			407			232			—			719
Income Taxes	—			68			17			—			85
Total Current Liabilities	80			862			543			—			1,485
Deferred Income Taxes	(4		)	(5		)	209			—			200
Long-term Debt	4,475			597			—			(597		)	4,475
Other Long-term Liabilities	4			577			206			(14		)	773
Total Equity (Deficit)	(874		)	17,653			1,819			(19,459		)	(861		)
Total Liabilities and Equity (Deficit)	$	3,681		$	19,684		$	2,777		$	(20,070	)	$	6,072

Condensed Income Statement [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

(in millions)

(Unaudited)

	Second Quarter 2013
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,286		$	793		$	(563	)	$	2,516
Costs of Goods Sold, Buying and Occupancy	—			(1,415		)	(649		)	537			(1,527		)
Gross Profit	—			871			144			(26		)	989
General, Administrative and Store Operating Expenses	(1		)	(561		)	(98		)	29			(631		)
Operating Income (Loss)	(1		)	310			46			3			358
Interest Expense	(77		)	(6		)	(3		)	9			(77		)
Other Income	—			—			1			—			1
Income (Loss) Before Income Taxes	(78		)	304			44			12			282
Provision for Income Taxes	—			39			65			—			104
Equity in Earnings (Loss), Net of Tax	256			268			276			(800		)	—
Net Income (Loss)	$	178		$	533		$	255		$	(788	)	$	178

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

(in millions)

(Unaudited)

	Second Quarter 2014
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,434		$	839		$	(598	)	$	2,675
Costs of Goods Sold, Buying and Occupancy	—			(1,529		)	(671		)	569			(1,631		)
Gross Profit	—			905			168			(29		)	1,044
General, Administrative and Store Operating Expenses	(1		)	(584		)	(113		)	30			(668		)
Operating Income (Loss)	(1		)	321			55			1			376
Interest Expense	(82		)	(8		)	(2		)	10			(82		)
Other Income	—			—			2			—			2
Income (Loss) Before Income Taxes	(83		)	313			55			11			296
Provision for Income Taxes	—			56			52			—			108
Equity in Earnings (Loss), Net of Tax	271			92			81			(444		)	—
Net Income (Loss)	$	188		$	349		$	84		$	(433	)	$	188

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

(in millions)

(Unaudited)

	Year-to-Date 2014
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	4,632		$	1,674		$	(1,240	)	$	5,066
Costs of Goods Sold, Buying and Occupancy	—			(2,875		)	(1,349		)	1,184			(3,040		)
Gross Profit	—			1,757			325			(56		)	2,026
General, Administrative and Store Operating Expenses	(4		)	(1,145		)	(223		)	58			(1,314		)
Operating Income (Loss)	(4		)	612			102			2			712
Interest Expense	(166		)	(15		)	(4		)	19			(166		)
Other Income	—			—			5			—			5
Income (Loss) Before Income Taxes	(170		)	597			103			21			551
Provision for Income Taxes	(1		)	118			89			—			206
Equity in Earnings (Loss), Net of Tax	514			283			250			(1,047		)	—
Net Income (Loss)	$	345		$	762		$	264		$	(1,026	)	$	345

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

(in millions)

(Unaudited)

	Year-to-Date 2013
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	4,359		$	1,541		$	(1,116	)	$	4,784
Costs of Goods Sold, Buying and Occupancy	—			(2,661		)	(1,259		)	1,066			(2,854		)
Gross Profit	—			1,698			282			(50		)	1,930
General, Administrative and Store Operating Expenses	(3		)	(1,113		)	(198		)	53			(1,261		)
Operating Income (Loss)	(3		)	585			84			3			669
Interest Expense	(156		)	(12		)	(6		)	18			(156		)
Other Income	—			—			4			—			4
Income (Loss) Before Income Taxes	(159		)	573			82			21			517
Provision for Income Taxes	—			103			93			—			196
Equity in Earnings (Loss), Net of Tax	480			321			313			(1,114		)	—
Net Income (Loss)	$	321		$	791		$	302		$	(1,093	)	$	321

Condensed Statement of Comprehensive Income [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)

	Year-to-Date 2014
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	345	$	762	$	264		$	(1,026	)	$	345
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	—		—		8			—			8
Foreign Currency Translation	—		—		(3		)	—			(3		)
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		(13		)	—			(13		)
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(8		)	—			(8		)
Total Comprehensive Income (Loss)	$	345	$	762	$	256		$	(1,026	)	$	337

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)

	Year-to-Date 2013
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	321	$	791	$	302		$	(1,093	)	$	321
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	—		—		(19		)	—			(19		)
Foreign Currency Translation	—		—		12			—			12
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		16			—			16
Total Other Comprehensive Income (Loss), Net of Tax	—		—		9			—			9
Total Comprehensive Income (Loss)	$	321	$	791	$	311		$	(1,093	)	$	330

Condensed Comprehensive Income Statement [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)

	Second Quarter 2013
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	178	$	533	$	255		$	(788	)	$	178
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	—		—		(13		)	—			(13		)
Foreign Currency Translation	—		—		8			—			8
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		15			—			15
Total Other Comprehensive Income (Loss), Net of Tax	—		—		10			—			10
Total Comprehensive Income (Loss)	$	178	$	533	$	265		$	(788	)	$	188

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)

	Second Quarter 2014
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	188	$	349	$	84		$	(433	)	$	188
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	—		—		2			—			2
Foreign Currency Translation	—		—		(1		)	—			(1		)
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		(5		)	—			(5		)
Total Other Comprehensive Income, Net of Tax	—		—		(4		)	—			(4		)
Total Comprehensive Income (Loss)	$	188	$	349	$	80		$	(433	)	$	184

Condensed Cash Flow Statement [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in millions)

(Unaudited)

	Year-to-Date 2014
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations		Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(172	)	$	488		$	130		$	—	$	446
Investing Activities:
Capital Expenditures	—			(248		)	(101		)	—		(349		)
Other Investing Activities	—			—			15			—		15
Net Cash Used for Investing Activities	—			(248		)	(86		)	—		(334		)
Financing Activities:
Borrowings from Revolving Facility	—			—			5			—		5
Repayments on Revolving Facility	—			—			(5		)	—		(5		)
Repurchase of Common Stock	(48		)	—			—			—		(48		)
Dividends Paid	(491		)	—			—			—		(491		)
Excess Tax Benefits from Share-based Compensation	—			31			6			—		37
Net Financing Activities and Advances to/from Consolidated Affiliates	694			(704		)	10			—		—
Proceeds from Exercise of Stock Options and Other	22			—			—			—		22
Financing Costs	(5		)	—			—			—		(5		)
Net Cash Provided by (Used for) Financing Activities	172			(673		)	16			—		(485		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			1			—		1
Net Increase (Decrease) in Cash and Cash Equivalents	—			(433		)	61			—		(372		)
Cash and Cash Equivalents, Beginning of Period	—			1,353			166			—		1,519
Cash and Cash Equivalents, End of Period	$	—		$	920		$	227		$	—	$	1,147

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in millions)

(Unaudited)

	Year-to-Date 2013
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations		Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(153	)	$	426		$	81		$	—	$	354
Investing Activities:
Capital Expenditures	—			(266		)	(117		)	—		(383		)
Other Investing Activities	—			—			2			—		2
Net Cash Used for Investing Activities	—			(266		)	(115		)	—		(381		)
Financing Activities:
Repurchase of Common Stock	(55		)	—			—			—		(55		)
Dividends Paid	(174		)	—			—			—		(174		)
Excess Tax Benefits from Share-based Compensation	—			21			4			—		25
Net Financing Activities and Advances to/from Consolidated Affiliates	372			(292		)	(80		)	—		—
Proceeds from Exercise of Stock Options and Other	10			—			—			—		10
Net Cash Provided by (Used for) Financing Activities	153			(271		)	(76		)	—		(194		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			(1		)	—		(1		)
Net Decrease in Cash and Cash Equivalents	—			(111		)	(111		)	—		(222		)
Cash and Cash Equivalents, Beginning of Period	—			417			356			—		773
Cash and Cash Equivalents, End of Period	$	—		$	306		$	245		$	—	$	551