Supplemental Guarantor Financial Information (Tables)

3 Months Ended

Apr. 29, 2017

Condensed Consolidating Balance Sheet [Abstract]

Condensed Balance Sheet [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)

(Unaudited)

	April 30, 2016
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	888		$	379	$	—		$	1,267
Accounts Receivable, Net	2			189			58		—			249
Inventories	—			1,121			145		—			1,266
Other	—			121			88		—			209
Total Current Assets	2			2,319			670		—			2,991
Property and Equipment, Net	—			1,627			796		—			2,423
Goodwill	—			1,318			30		—			1,348
Trade Names and Other Intangible Assets, Net	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,551			14,752			1,363		(20,666		)	—
Deferred Income Taxes	—			11			18		—			29
Other Assets	140			37			658		(611		)	224
Total Assets	$	4,693		$	20,475		$	3,535	$	(21,277	)	$	7,426
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	1		$	387		$	332	$	—		$	720
Accrued Expenses and Other	110			432			291		—			833
Current Portion of Long-term Debt	—			—			8		—			8
Income Taxes	—			13			31		—			44
Total Current Liabilities	111			832			662		—			1,605
Deferred Income Taxes	(3		)	(76		)	348		—			269
Long-term Debt	5,713			598			5		(598		)	5,718
Other Long-term Liabilities	—			705			229		(14		)	920
Total Equity (Deficit)	(1,128		)	18,416			2,291		(20,665		)	(1,086		)
Total Liabilities and Equity (Deficit)	$	4,693		$	20,475		$	3,535	$	(21,277	)	$	7,426

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)

(Unaudited)

	April 29, 2017
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	1,207		$	348	$	—		$	1,555
Accounts Receivable, Net	1			130			82		—			213
Inventories	—			1,000			147		—			1,147
Other	—			130			107		—			237
Total Current Assets	1			2,467			684		—			3,152
Property and Equipment, Net	—			1,935			826		—			2,761
Goodwill	—			1,318			30		—			1,348
Trade Names and Other Intangible Assets, Net	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,819			16,358			1,449		(22,626		)	—
Deferred Income Taxes	—			10			13		—			23
Other Assets	129			34			636		(612		)	187
Total Assets	$	4,949		$	22,533		$	3,638	$	(23,238	)	$	7,882
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	2		$	371		$	291	$	—		$	664
Accrued Expenses and Other	109			394			310		—			813
Current Portion of Long-term Debt	—			—			44		—			44
Income Taxes	(11		)	226			95		—			310
Total Current Liabilities	100			991			740		—			1,831
Deferred Income Taxes	(3		)	(86		)	449		—			360
Long-term Debt	5,702			597			—		(597		)	5,702
Other Long-term Liabilities	3			752			84		(15		)	824
Total Equity (Deficit)	(853		)	20,279			2,365		(22,626		)	(835		)
Total Liabilities and Equity (Deficit)	$	4,949		$	22,533		$	3,638	$	(23,238	)	$	7,882

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)

	January 28, 2017
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	1,562		$	372	$	—		$	1,934
Accounts Receivable, Net	—			228			66		—			294
Inventories	—			976			120		—			1,096
Other	—			53			88		—			141
Total Current Assets	—			2,819			646		—			3,465
Property and Equipment, Net	—			1,897			844		—			2,741
Goodwill	—			1,318			30		—			1,348
Trade Names and Other Intangible Assets, Net	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,923			15,824			1,350		(22,097		)	—
Deferred Income Taxes	—			10			9		—			19
Other Assets	130			28			639		(611		)	186
Total Assets	$	5,053		$	22,307		$	3,518	$	(22,708	)	$	8,170
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	3		$	326		$	354	$	—		$	683
Accrued Expenses and Other	100			526			371		—			997
Current Portion of Long-term Debt	—			—			36		—			36
Income Taxes	(11		)	221			88		—			298
Total Current Liabilities	92			1,073			849		—			2,014
Deferred Income Taxes	(3		)	(93		)	448		—			352
Long-term Debt	5,700			597			—		(597		)	5,700
Other Long-term Liabilities	3			761			81		(14		)	831
Total Equity (Deficit)	(739		)	19,969			2,140		(22,097		)	(727		)
Total Liabilities and Equity (Deficit)	$	5,053		$	22,307		$	3,518	$	(22,708	)	$	8,170

Condensed Income Statement [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

(in millions)

(Unaudited)

	First Quarter 2017
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,310		$	696		$	(569	)	$	2,437
Costs of Goods Sold, Buying and Occupancy	—			(1,486		)	(571		)	523			(1,534		)
Gross Profit	—			824			125			(46		)	903
General, Administrative and Store Operating Expenses	(4		)	(635		)	(90		)	35			(694		)
Operating Income (Loss)	(4		)	189			35			(11		)	209
Interest Expense	(100		)	(11		)	(3		)	13			(101		)
Other Income	—			3			7			—			10
Income (Loss) Before Income Taxes	(104		)	181			39			2			118
Provision for Income Taxes	—			20			4			—			24
Equity in Earnings (Loss), Net of Tax	198			179			150			(527		)	—
Net Income (Loss)	$	94		$	340		$	185		$	(525	)	$	94

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

(in millions)

(Unaudited)

	First Quarter 2016
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,472		$	858		$	(716	)	$	2,614
Costs of Goods Sold, Buying and Occupancy	—			(1,539		)	(711		)	679			(1,571		)
Gross Profit	—			933			147			(37		)	1,043
General, Administrative and Store Operating Expenses	(3		)	(639		)	(113		)	35			(720		)
Operating Income (Loss)	(3		)	294			34			(2		)	323
Interest Expense	(97		)	(9		)	(2		)	11			(97		)
Other Income	—			1			6			—			7
Income (Loss) Before Income Taxes	(100		)	286			38			9			233
Provision for Income Taxes	—			62			19			—			81
Equity in Earnings (Loss), Net of Tax	252			62			68			(382		)	—
Net Income (Loss)	$	152		$	286		$	87		$	(373	)	$	152

Condensed Statement of Comprehensive Income [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)

	First Quarter 2016
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	152	$	286	$	87		$	(373	)	$	152
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		8			—			8
Unrealized Loss on Cash Flow Hedges	—		—		(16		)	—			(16		)
Reclassification of Cash Flow Hedges to Earnings	—		—		14			—			14
Unrealized Loss on Marketable Securities	—		—		(1		)	—			(1		)
Reclassification of Gain on Marketable Securities to Earnings	—		—		(3		)	—			(3		)
Total Other Comprehensive Income (Loss), Net of Tax	—		—		2			—			2
Total Comprehensive Income (Loss)	$	152	$	286	$	89		$	(373	)	$	154

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)

	First Quarter 2017
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	94	$	340	$	185		$	(525	)	$	94
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		3			—			3
Unrealized Gain on Cash Flow Hedges	—		—		9			—			9
Reclassification of Cash Flow Hedges to Earnings	—		—		(6		)	—			(6		)
Total Other Comprehensive Income (Loss), Net of Tax	—		—		6			—			6
Total Comprehensive Income (Loss)	$	94	$	340	$	191		$	(525	)	$	100

Condensed Cash Flow Statement [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)

(Unaudited)

	Year-to-Date 2017
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations		Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(96	)	$	181		$	(78	)	$	—	$	7
Investing Activities:
Capital Expenditures	—			(135		)	(30		)	—		(165		)
Return of Capital from Easton Investments	—			—			10			—		10
Net Cash Used for Investing Activities	—			(135		)	(20		)	—		(155		)
Financing Activities:
Borrowings from Foreign Facilities	—			—			9			—		9
Repayments on Foreign Facilities	—			—			(1		)	—		(1		)
Dividends Paid	(172		)	—			—			—		(172		)
Repurchases of Common Stock	(85		)	—			—			—		(85		)
Tax Payments related to Share-based Awards	(17		)	—			—			—		(17		)
Net Financing Activities and Advances to/from Consolidated Affiliates	334			(401		)	67			—		—
Proceeds from Exercise of Stock Options	36			—			—			—		36
Net Cash Provided by (Used for) Financing Activities	96			(401		)	75			—		(230		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			(1		)	—		(1		)
Net Decrease in Cash and Cash Equivalents	—			(355		)	(24		)	—		(379		)
Cash and Cash Equivalents, Beginning of Period	—			1,562			372			—		1,934
Cash and Cash Equivalents, End of Period	$	—		$	1,207		$	348		$	—	$	1,555

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)

(Unaudited)

	Year-to-Date 2016
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations		Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(47	)	$	(25	)	$	29		$	—	$	(43	)
Investing Activities:
Capital Expenditures	—			(140		)	(47		)	—		(187		)
Return of Capital from Easton Investments	—			—			1			—		1
Acquisition, Net of Cash Acquired of $1	—			—			(31		)	—		(31		)
Proceeds from Sale of Marketable Securities	—			—			10			—		10
Other Investing Activities	—			2			—			—		2
Net Cash Used for Investing Activities	—			(138		)	(67		)	—		(205		)
Financing Activities:
Borrowings from Foreign Facilities	—			—			6			—		6
Dividends Paid	(750		)	—			—			—		(750		)
Repurchases of Common Stock	(260		)	—			—			—		(260		)
Tax Payments related to Share-based Awards	(40		)	—			—			—		(40		)
Net Financing Activities and Advances to/from Consolidated Affiliates	1,087			(1,138		)	51			—		—
Proceeds from Exercise of Stock Options	10			—			—			—		10
Financing Costs and Other	—			(1		)	—			—		(1		)
Net Cash Provided by (Used for) Financing Activities	47			(1,139		)	57			—		(1,035		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			2			—		2
Net Increase (Decrease) in Cash and Cash Equivalents	—			(1,302		)	21			—		(1,281		)
Cash and Cash Equivalents, Beginning of Period	—			2,190			358			—		2,548
Cash and Cash Equivalents, End of Period	$	—		$	888		$	379		$	—	$	1,267