Supplemental Guarantor Financial Information (Tables)

3 Months Ended

May 05, 2018

Condensed Consolidating Balance Sheet [Abstract]

Condensed Balance Sheet [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)

(Unaudited)

	May 5, 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	677		$	355	$	—		$	1,032
Accounts Receivable, Net	—			152			122		—			274
Inventories	—			1,199			151		—			1,350
Other	1			136			97		—			234
Total Current Assets	1			2,164			725		—			2,890
Property and Equipment, Net	—			1,970			924		—			2,894
Goodwill	—			1,318			30		—			1,348
Trade Names	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,690			18,969			2,025		(25,684		)	—
Deferred Income Taxes	—			9			13		—			22
Other Assets	129			16			651		(612		)	184
Total Assets	$	4,820		$	24,857		$	4,368	$	(26,296	)	$	7,749
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	5		$	350		$	362	$	—		$	717
Accrued Expenses and Other	59			461			328		—			848
Current Debt	—			—			89		—			89
Income Taxes	6			176			22		—			204
Total Current Liabilities	70			987			801		—			1,858
Deferred Income Taxes	(2		)	(41		)	277		—			234
Long-term Debt	5,707			597			12		(597		)	5,719
Other Long-term Liabilities	1			823			98		(15		)	907
Total Equity (Deficit)	(956		)	22,491			3,180		(25,684		)	(969		)
Total Liabilities and Equity (Deficit)	$	4,820		$	24,857		$	4,368	$	(26,296	)	$	7,749

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	—			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 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)

	February 3, 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	1,164		$	351	$	—		$	1,515
Accounts Receivable, Net	—			186			124		—			310
Inventories	—			1,095			145		—			1,240
Other	—			132			96		—			228
Total Current Assets	—			2,577			716		—			3,293
Property and Equipment, Net	—			1,984			909		—			2,893
Goodwill	—			1,318			30		—			1,348
Trade Names	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,912			18,359			2,106		(25,377		)	—
Deferred Income Taxes	—			10			4		—			14
Other Assets	129			18			654		(611		)	190
Total Assets	$	5,041		$	24,677		$	4,419	$	(25,988	)	$	8,149
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	2		$	349		$	366	$	—		$	717
Accrued Expenses and Other	101			529			399		—			1,029
Current Debt	—			—			87		—			87
Income Taxes	6			174			18		—			198
Total Current Liabilities	109			1,052			870		—			2,031
Deferred Income Taxes	(2		)	(46		)	286		—			238
Long-term Debt	5,706			597			1		(597		)	5,707
Other Long-term Liabilities	3			835			100		(14		)	924
Total Equity (Deficit)	(775		)	22,239			3,162		(25,377		)	(751		)
Total Liabilities and Equity (Deficit)	$	5,041		$	24,677		$	4,419	$	(25,988	)	$	8,149

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 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,466		$	839		$	(679	)	$	2,626
Costs of Goods Sold, Buying and Occupancy	—			(1,622		)	(669		)	609			(1,682		)
Gross Profit	—			844			170			(70		)	944
General, Administrative and Store Operating Expenses	(4		)	(726		)	(109		)	50			(789		)
Operating Income (Loss)	(4		)	118			61			(20		)	155
Interest Expense	(97		)	(20		)	(3		)	22			(98		)
Other Income (Loss)	—			4			(2		)	—			2
Income (Loss) Before Income Taxes	(101		)	102			56			2			59
Provision (Benefit) for Income Taxes	(2		)	13			—			—			11
Equity in Earnings (Loss), Net of Tax	147			215			152			(514		)	—
Net Income (Loss)	$	48		$	304		$	208		$	(512	)	$	48

Condensed Statement of Comprehensive Income [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)

	First Quarter 2018
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	48	$	304	$	208		$	(512	)	$	48
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		(13		)	—			(13		)
Unrealized Gain on Cash Flow Hedges	—		—		6			—			6
Reclassification of Cash Flow Hedges to Earnings	—		—		2			—			2
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(5		)	—			(5		)
Total Comprehensive Income (Loss)	$	48	$	304	$	203		$	(512	)	$	43

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]

BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)

(Unaudited)

	Year-to-Date 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(141	)	$	65		$	(3	)	$	—		$	(79	)
Investing Activities:
Capital Expenditures	—			(91		)	(69		)	—			(160		)
Return of Capital from Easton Investments	—			—			1			—			1
Net Investments in Consolidated Affiliates	—			—			(11		)	11			—
Net Cash Provided by (Used for) Investing Activities	—			(91		)	(79		)	11			(159		)
Financing Activities:
Borrowings from Foreign Facilities	—			—			21			—			21
Repayments of Foreign Facilities	—			—			(8		)	—			(8		)
Dividends Paid	(168		)	—			—			—			(168		)
Repurchases of Common Stock	(81		)	—			—			—			(81		)
Tax Payments related to Share-based Awards	(8		)	—			—			—			(8		)
Proceeds from Exercise of Stock Options	1			—			—			—			1
Net Financing Activities and Advances to/from Consolidated Affiliates	397			(461		)	75			(11		)	—
Net Cash Provided by (Used for) Financing Activities	141			(461		)	88			(11		)	(243		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			(2		)	—			(2		)
Net Increase (Decrease) in Cash and Cash Equivalents	—			(487		)	4			—			(483		)
Cash and Cash Equivalents, Beginning of Period	—			1,164			351			—			1,515
Cash and Cash Equivalents, End of Period	$	—		$	677		$	355		$	—		$	1,032

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 of Foreign Facilities	—			—			(1		)	—		(1		)
Dividends Paid	(172		)	—			—			—		(172		)
Repurchases of Common Stock	(85		)	—			—			—		(85		)
Tax Payments related to Share-based Awards	(17		)	—			—			—		(17		)
Proceeds from Exercise of Stock Options	36			—			—			—		36
Net Financing Activities and Advances to/from Consolidated Affiliates	334			(401		)	67			—		—
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