Supplemental Guarantor Financial Information (Tables)

9 Months Ended

Nov. 01, 2014

Nov. 02, 2013

Condensed Consolidating Balance Sheet [Abstract]

Condensed Balance Sheet [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in millions)

(Unaudited)

	November 1, 2014
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	516		$	229		$	—		$	745
Accounts Receivable, Net	3			206			65			—			274
Inventories	—			1,290			195			—			1,485
Deferred Income Taxes	—			44			(13		)	—			31
Other	—			177			137			—			314
Total Current Assets	3			2,233			613			—			2,849
Property and Equipment, Net	—			1,400			881			—			2,281
Goodwill	—			1,318			—			—			1,318
Trade Names and Other Intangible Assets, Net	—			411			—			—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,392			15,401			1,276			(21,069		)	—
Other Assets	184			19			699			(612		)	290
Total Assets	$	4,579		$	20,782		$	3,469		$	(21,681	)	$	7,149
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	484		$	353		$	—		$	837
Accrued Expenses and Other	81			410			244			—			735
Current Portion of Long-term Debt	213			—			—			—			213
Income Taxes	—			—			14			—			14
Total Current Liabilities	294			894			611			—			1,799
Deferred Income Taxes	(4		)	(21		)	253			—			228
Long-term Debt	4,759			597			—			(597		)	4,759
Other Long-term Liabilities	1			594			215			(14		)	796
Total Equity (Deficit)	(471		)	18,718			2,390			(21,070		)	(433		)
Total Liabilities and Equity (Deficit)	$	4,579		$	20,782		$	3,469		$	(21,681	)	$	7,149

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)

	November 2, 2013
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	282		$	143		$	—		$	425
Accounts Receivable, Net	1			165			79			—			245
Inventories	—			1,379			265			(1		)	1,643
Deferred Income Taxes	—			40			(10		)	—			30
Other	2			147			89			(1		)	237
Total Current Assets	3			2,013			566			(2		)	2,580
Property and Equipment, Net	—			1,220			858			—			2,078
Goodwill	—			1,318			—			—			1,318
Trade Names and Other Intangible Assets, Net	—			411			—			—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,006			14,393			677			(19,076		)	—
Other Assets	190			9			661			(611		)	249
Total Assets	$	4,199		$	19,364		$	2,762		$	(19,689	)	$	6,636
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	466		$	333		$	—		$	799
Accrued Expenses and Other	61			400			241			—			702
Current Portion of Long-term Debt	216			—			—			—			216
Income Taxes	—			18			(1		)	—			17
Total Current Liabilities	277			884			573			—			1,734
Deferred Income Taxes	(4		)	(8		)	206			—			194
Long-term Debt	4,762			597			—			(597		)	4,762
Other Long-term Liabilities	3			570			207			(14		)	766
Total Equity (Deficit)	(839		)	17,321			1,776			(19,078		)	(820		)
Total Liabilities and Equity (Deficit)	$	4,199		$	19,364		$	2,762		$	(19,689	)	$	6,636

Condensed Income Statement [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

(in millions)

(Unaudited)

	Third Quarter 2013
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,026		$	845		$	(700	)	$	2,171
Costs of Goods Sold, Buying and Occupancy	—			(1,319		)	(664		)	669			(1,314		)
Gross Profit	—			707			181			(31		)	857
General, Administrative and Store Operating Expenses	(1		)	(569		)	(106		)	30			(646		)
Operating Income (Loss)	(1		)	138			75			(1		)	211
Interest Expense	(76		)	(7		)	(2		)	9			(76		)
Other Income	—			—			7			—			7
Income (Loss) Before Income Taxes	(77		)	131			80			8			142
Provision for Income Taxes	—			27			23			—			50
Equity in Earnings (Loss), Net of Tax	169			(23		)	(88		)	(58		)	—
Net Income (Loss)	$	92		$	81		$	(31	)	$	(50	)	$	92

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

(in millions)

(Unaudited)

	Third Quarter 2014
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,156		$	836		$	(673	)	$	2,319
Costs of Goods Sold, Buying and Occupancy	—			(1,364		)	(653		)	645			(1,372		)
Gross Profit	—			792			183			(28		)	947
General, Administrative and Store Operating Expenses	(1		)	(578		)	(113		)	29			(663		)
Operating Income (Loss)	(1		)	214			70			1			284
Interest Expense	(80		)	(6		)	(2		)	8			(80		)
Other Income	—			—			1			—			1
Income (Loss) Before Income Taxes	(81		)	208			69			9			205
Provision for Income Taxes	—			47			26			—			73
Equity in Earnings (Loss), Net of Tax	213			64			7			(284		)	—
Net Income (Loss)	$	132		$	225		$	50		$	(275	)	$	132

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	$	—		$	6,788		$	2,510		$	(1,913	)	$	7,385
Costs of Goods Sold, Buying and Occupancy	—			(4,239		)	(2,002		)	1,829			(4,412		)
Gross Profit	—			2,549			508			(84		)	2,973
General, Administrative and Store Operating Expenses	(5		)	(1,723		)	(336		)	87			(1,977		)
Operating Income (Loss)	(5		)	826			172			3			996
Interest Expense	(246		)	(21		)	(6		)	27			(246		)
Other Income	—			—			6			—			6
Income (Loss) Before Income Taxes	(251		)	805			172			30			756
Provision for Income Taxes	(1		)	165			115			—			279
Equity in Earnings (Loss), Net of Tax	727			347			257			(1,331		)	—
Net Income (Loss)	$	477		$	987		$	314		$	(1,301	)	$	477

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	$	—		$	6,385		$	2,386		$	(1,816	)	$	6,955
Costs of Goods Sold, Buying and Occupancy	—			(3,980		)	(1,923		)	1,735			(4,168		)
Gross Profit	—			2,405			463			(81		)	2,787
General, Administrative and Store Operating Expenses	(4		)	(1,682		)	(304		)	83			(1,907		)
Operating Income (Loss)	(4		)	723			159			2			880
Interest Expense	(232		)	(19		)	(8		)	27			(232		)
Other Income	—			—			11			—			11
Income (Loss) Before Income Taxes	(236		)	704			162			29			659
Provision for Income Taxes	—			130			116			—			246
Equity in Earnings (Loss), Net of Tax	649			297			225			(1,171		)	—
Net Income (Loss)	$	413		$	871		$	271		$	(1,142	)	$	413

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)	$	477	$	987	$	314		$	(1,301	)	$	477
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	—		—		(5		)	—			(5		)
Foreign Currency Translation	—		—		—			—			—
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		3			—			3
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(2		)	—			(2		)
Total Comprehensive Income (Loss)	$	477	$	987	$	312		$	(1,301	)	$	475

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)

	Third Quarter 2013
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	92	$	81	$	(31	)	$	(50	)	$	92
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	—		—		(2		)	—			(2		)
Foreign Currency Translation	—		—		5			—			5
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		3			—			3
Total Other Comprehensive Income (Loss), Net of Tax	—		—		6			—			6
Total Comprehensive Income (Loss)	$	92	$	81	$	(25	)	$	(50	)	$	98

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)

	Third Quarter 2014
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	132	$	225	$	50		$	(275	)	$	132
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	—		—		(13		)	—			(13		)
Foreign Currency Translation	—		—		3			—			3
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		16			—			16
Total Other Comprehensive Income, Net of Tax	—		—		6			—			6
Total Comprehensive Income (Loss)	$	132	$	225	$	56		$	(275	)	$	138

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)	$	413	$	871	$	271		$	(1,142	)	$	413
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	—		—		(21		)	—			(21		)
Foreign Currency Translation	—		—		17			—			17
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		19			—			19
Total Other Comprehensive Income (Loss), Net of Tax	—		—		15			—			15
Total Comprehensive Income (Loss)	$	413	$	871	$	286		$	(1,142	)	$	428

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	$	(260	)	$	435		$	195		$	—	$	370
Investing Activities:
Capital Expenditures	—			(426		)	(159		)	—		(585		)
Other Investing Activities	—			—			15			—		15
Net Cash Used for Investing Activities	—			(426		)	(144		)	—		(570		)
Financing Activities:
Borrowings from Revolving Facility	—			—			5			—		5
Repayments on Revolving Facility	—			—			(5		)	—		(5		)
Repurchase of Common Stock	(48		)	—			—			—		(48		)
Dividends Paid	(591		)	—			—			—		(591		)
Excess Tax Benefits from Share-based Compensation	—			35			6			—		41
Net Financing Activities and Advances to/from Consolidated Affiliates	876			(881		)	5			—		—
Proceeds from Exercise of Stock Options and Other	28			—			—			—		28
Financing Costs	(5		)	—			—			—		(5		)
Net Cash Provided by (Used for) Financing Activities	260			(846		)	11			—		(575		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			1			—		1
Net Increase (Decrease) in Cash and Cash Equivalents	—			(837		)	63			—		(774		)
Cash and Cash Equivalents, Beginning of Period	—			1,353			166			—		1,519
Cash and Cash Equivalents, End of Period	$	—		$	516		$	229		$	—	$	745

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	$	(253	)	$	164		$	58		$	—	$	(31	)
Investing Activities:
Capital Expenditures	—			(417		)	(181		)	—		(598		)
Return of Capital from Third-party Apparel Sourcing Investment	—			—			46			—		46
Other Investing Activities	—			—			3			—		3
Net Cash Used for Investing Activities	—			(417		)	(132		)	—		(549		)
Financing Activities:
Proceeds from Long-term Debt, Net of Issuance Costs	495			—			—			—		495
Borrowings from Revolving Facility	290			—			—			—		290
Repayments on Revolving Facility	(290		)	—			—			—		(290		)
Repurchase of Common Stock	(55		)	—			—			—		(55		)
Dividends Paid	(261		)	—			—			—		(261		)
Excess Tax Benefits from Share-based Compensation	—			25			6			—		31
Net Financing Activities and Advances to/from Consolidated Affiliates	52			93			(145		)	—		—
Proceeds from Exercise of Stock Options and Other	22			—			—			—		22
Net Cash Provided by (Used for) Financing Activities	253			118			(139		)	—		232
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			—			—		—
Net Decrease in Cash and Cash Equivalents	—			(135		)	(213		)	—		(348		)
Cash and Cash Equivalents, Beginning of Period	—			417			356			—		773
Cash and Cash Equivalents, End of Period	$	—		$	282		$	143		$	—	$	425