Supplemental Guarantor Financial Information (Tables)

6 Months Ended

Aug. 01, 2015

Aug. 02, 2014

Condensed Consolidating Balance Sheet [Abstract]

Condensed Balance Sheet [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in millions)

(Unaudited)

	August 1, 2015
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	453		$	327		$	—		$	780
Marketable Securities	—			50			—			—			50
Accounts Receivable, Net	1			201			55			—			257
Inventories	—			980			126			—			1,106
Deferred Income Taxes	—			37			(2		)	—			35
Other	1			141			128			—			270
Total Current Assets	2			1,862			634			—			2,498
Property and Equipment, Net	—			1,485			790			—			2,275
Goodwill	—			1,318			—			—			1,318
Trade Names and Other Intangible Assets, Net	—			411			—			—			411
Net Investments in and Advances to/from Consolidated Affiliates	3,979			15,589			1,642			(21,210		)	—
Other Assets	179			40			695			(612		)	302
Total Assets	$	4,160		$	20,705		$	3,761		$	(21,822	)	$	6,804
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	7		$	385		$	333		$	—		$	725
Accrued Expenses and Other	85			500			255			—			840
Income Taxes	—			—			5			—			5
Total Current Liabilities	92			885			593			—			1,570
Deferred Income Taxes	(3		)	(26		)	302			—			273
Long-term Debt	4,759			597			—			(597		)	4,759
Other Long-term Liabilities	—			619			243			(13		)	849
Total Equity (Deficit)	(688		)	18,630			2,623			(21,212		)	(647		)
Total Liabilities and Equity (Deficit)	$	4,160		$	20,705		$	3,761		$	(21,822	)	$	6,804

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in millions)

	January 31, 2015
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	1,462		$	219		$	—		$	1,681
Accounts Receivable, Net	1			197			54			—			252
Inventories	—			919			117			—			1,036
Deferred Income Taxes	—			34			(1		)	—			33
Other	—			146			84			—			230
Total Current Assets	1			2,758			473			—			3,232
Property and Equipment, Net	—			1,385			892			—			2,277
Goodwill	—			1,318			—			—			1,318
Trade Names and Other Intangible Assets, Net	—			411			—			—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,635			14,003			1,405			(20,043		)	—
Other Assets	188			35			693			(610		)	306
Total Assets	$	4,824		$	19,910		$	3,463		$	(20,653	)	$	7,544
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	300		$	313		$	—		$	613
Accrued Expenses and Other	83			495			322			—			900
Income Taxes	(4		)	183			(13		)	—			166
Total Current Liabilities	79			978			622			—			1,679
Deferred Income Taxes	(4		)	(32		)	297			—			261
Long-term Debt	4,765			597			—			(597		)	4,765
Other Long-term Liabilities	—			609			224			(13		)	820
Total Equity (Deficit)	(16		)	17,758			2,320			(20,043		)	19
Total Liabilities and Equity (Deficit)	$	4,824		$	19,910		$	3,463		$	(20,653	)	$	7,544

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			175			57			—			233
Inventories	—			947			128			—			1,075
Deferred Income Taxes	—			43			(16		)	—			27
Other	—			131			86			—			217
Total Current Assets	1			2,216			482			—			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			15,123			1,158			(20,618		)	—
Other Assets	184			21			685			(612		)	278
Total Assets	$	4,522		$	20,384		$	3,194		$	(21,230	)	$	6,870
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	361		$	261		$	—		$	622
Accrued Expenses and Other	88			413			242			—			743
Current Portion of Long-term Debt	214			—			—			—			214
Income Taxes	—			(12		)	13			—			1
Total Current Liabilities	302			762			516			—			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			2,194			(20,619		)	(503		)
Total Liabilities and Equity (Deficit)	$	4,522		$	20,384		$	3,194		$	(21,230	)	$	6,870

Condensed Income Statement [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

(in millions)

(Unaudited)

	Second Quarter 2015
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,588		$	814		$	(637	)	$	2,765
Costs of Goods Sold, Buying and Occupancy	—			(1,607		)	(705		)	661			(1,651		)
Gross Profit	—			981			109			24			1,114
General, Administrative and Store Operating Expenses	(2		)	(629		)	(106		)	26			(711		)
Operating Income (Loss)	(2		)	352			3			50			403
Interest Expense	(78		)	(4		)	(3		)	7			(78		)
Other Income	—			—			(2		)	—			(2		)
Income (Loss) Before Income Taxes	(80		)	348			(2		)	57			323
Provision for Income Taxes	—			90			31			—			121
Equity in Earnings (Loss), Net of Tax	282			154			130			(566		)	—
Net Income (Loss)	$	202		$	412		$	97		$	(509	)	$	202

	Year-to-Date 2015
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	4,957		$	1,630		$	(1,310	)	$	5,277
Costs of Goods Sold, Buying and Occupancy	—			(3,031		)	(1,321		)	1,245			(3,107		)
Gross Profit	—			1,926			309			(65		)	2,170
General, Administrative and Store Operating Expenses	(6		)	(1,245		)	(202		)	58			(1,395		)
Operating Income (Loss)	(6		)	681			107			(7		)	775
Interest Expense	(158		)	(12		)	(5		)	17			(158		)
Other Income	—			4			72			—			76
Income (Loss) Before Income Taxes	(164		)	673			174			10			693
Provision for Income Taxes	—			168			72			—			240
Equity in Earnings (Loss), Net of Tax	617			379			253			(1,249		)	—
Net Income (Loss)	$	453		$	884		$	355		$	(1,239	)	$	453

	Year-to-Date 2014
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	4,710		$	1,557		$	(1,201	)	$	5,066
Costs of Goods Sold, Buying and Occupancy	—			(2,908		)	(1,277		)	1,145			(3,040		)
Gross Profit	—			1,802			280			(56		)	2,026
General, Administrative and Store Operating Expenses	(4		)	(1,161		)	(207		)	58			(1,314		)
Operating Income (Loss)	(4		)	641			73			2			712
Interest Expense	(166		)	(15		)	(4		)	19			(166		)
Other Income	—			—			5			—			5
Income (Loss) Before Income Taxes	(170		)	626			74			21			551
Provision for Income Taxes	(1		)	118			89			—			206
Equity in Earnings (Loss), Net of Tax	514			258			250			(1,022		)	—
Net Income (Loss)	$	345		$	766		$	235		$	(1,001	)	$	345

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	$	—		$	2,479		$	773		$	(577	)	$	2,675
Costs of Goods Sold, Buying and Occupancy	—			(1,549		)	(630		)	548			(1,631		)
Gross Profit	—			930			143			(29		)	1,044
General, Administrative and Store Operating Expenses	(1		)	(593		)	(104		)	30			(668		)
Operating Income (Loss)	(1		)	337			39			1			376
Interest Expense	(82		)	(8		)	(2		)	10			(82		)
Other Income	—			—			2			—			2
Income (Loss) Before Income Taxes	(83		)	329			39			11			296
Provision for Income Taxes	—			56			52			—			108
Equity in Earnings (Loss), Net of Tax	271			79			81			(431		)	—
Net Income (Loss)	$	188		$	352		$	68		$	(420	)	$	188

Condensed Statement of Comprehensive Income [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)

	Second Quarter 2015
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	202	$	412	$	97		$	(509	)	$	202
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	—		—		(27		)	—			(27		)
Foreign Currency Translation	—		—		22			—			22
Unrealized Loss on Cash Flow Hedges	—		—		14			—			14
Total Other Comprehensive Income (Loss), Net of Tax	—		—		9			—			9
Total Comprehensive Income (Loss)	$	202	$	412	$	106		$	(509	)	$	211

	Year-to-Date 2015
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	453	$	884	$	355		$	(1,239	)	$	453
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	—		—		(10		)	—			(10		)
Foreign Currency Translation	—		—		12			—			12
Unrealized Loss on Cash Flow Hedges	—		—		4			—			4
Total Other Comprehensive Income (Loss), Net of Tax	—		—		6			—			6
Total Comprehensive Income (Loss)	$	453	$	884	$	361		$	(1,239	)	$	459

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	$	352	$	68		$	(420	)	$	188
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	—		—		2			—			2
Foreign Currency Translation	—		—		(1		)	—			(1		)
Unrealized Loss on Cash Flow Hedges	—		—		(5		)	—			(5		)
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(4		)	—			(4		)
Total Comprehensive Income (Loss)	$	188	$	352	$	64		$	(420	)	$	184

	Year-to-Date 2014
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	345	$	766	$	235		$	(1,001	)	$	345
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	—		—		8			—			8
Foreign Currency Translation	—		—		(3		)	—			(3		)
Unrealized Loss on Cash Flow Hedges	—		—		(13		)	—			(13		)
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(8		)	—			(8		)
Total Comprehensive Income (Loss)	345		766		227			(1,001		)	337

Condensed Cash Flow Statement [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in millions)

(Unaudited)

	Year-to-Date 2015
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations		Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(147	)	$	481		$	41		$	—	$	375
Investing Activities:
Capital Expenditures	—			(254		)	(104		)	—		(358		)
Proceeds from the Sale of Assets	—			—			135			—		135
Proceeds from Divestiture of Third-party Apparel Sourcing Business	—			1			84			—		85
Purchase of Marketable Securities	—			(50		)	—			—		(50		)
Other Investing Activities	—			—			1			—		1
Net Cash Provided by (Used for) Investing Activities	—			(303		)	116			—		(187		)
Financing Activities:
Repurchase of Common Stock	(295		)	—			—			—		(295		)
Dividends Paid	(880		)	—			—			—		(880		)
Excess Tax Benefits from Share-based Compensation	—			53			8			—		61
Net Financing Activities and Advances to/from Consolidated Affiliates	1,299			(1,240		)	(59		)	—		—
Proceeds from Exercise of Stock Options and Other	23			—			—			—		23
Net Cash Provided by (Used for) Financing Activities	147			(1,187		)	(51		)	—		(1,091		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			2			—		2
Net Increase (Decrease) in Cash and Cash Equivalents	—			(1,009		)	108			—		(901		)
Cash and Cash Equivalents, Beginning of Period	—			1,462			219			—		1,681
Cash and Cash Equivalents, End of Period	$	—		$	453		$	327		$	—	$	780

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	)	$	514		$	104		$	—	$	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			(730		)	36			—		—
Proceeds from Exercise of Stock Options and Other	22			—			—			—		22
Financing Costs	(5		)	—			—			—		(5		)
Net Cash Provided by (Used for) Financing Activities	172			(699		)	42			—		(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