Supplemental Guarantor Financial Information (Tables)

6 Months Ended

Aug. 04, 2018

Condensed Consolidating Balance Sheet [Abstract]

Condensed Balance Sheet [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)

(Unaudited)

	July 29, 2017
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	1,008		$	352	$	—		$	1,360
Accounts Receivable, Net	—			147			98		—			245
Inventories	—			995			123		—			1,118
Other	—			148			86		—			234
Total Current Assets	—			2,298			659		—			2,957
Property and Equipment, Net	—			1,997			844		—			2,841
Goodwill	—			1,318			30		—			1,348
Trade Names	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,753			17,731			1,834		(24,318		)	—
Deferred Income Taxes	—			10			15		—			25
Other Assets	133			29			631		(612		)	181
Total Assets	$	4,886		$	23,794		$	4,013	$	(24,930	)	$	7,763
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	3		$	414		$	341	$	—		$	758
Accrued Expenses and Other	101			452			307		—			860
Current Debt	—			—			64		—			64
Income Taxes	1			18			57		—			76
Total Current Liabilities	105			884			769		—			1,758
Deferred Income Taxes	(3		)	(78		)	450		—			369
Long-term Debt	5,704			597			—		(597		)	5,704
Other Long-term Liabilities	3			764			91		(14		)	844
Total Equity (Deficit)	(923		)	21,627			2,703		(24,319		)	(912		)
Total Liabilities and Equity (Deficit)	$	4,886		$	23,794		$	4,013	$	(24,930	)	$	7,763

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)

(Unaudited)

	August 4, 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	453		$	390	$	—		$	843
Accounts Receivable, Net	—			166			144		—			310
Inventories	—			1,139			176		—			1,315
Other	6			143			98		—			247
Total Current Assets	6			1,901			808		—			2,715
Property and Equipment, Net	—			2,012			937		—			2,949
Goodwill	—			1,318			30		—			1,348
Trade Names	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,544			19,604			2,205		(26,353		)	—
Deferred Income Taxes	—			10			11		—			21
Other Assets	128			14			645		(611		)	176
Total Assets	$	4,678		$	25,270		$	4,636	$	(26,964	)	$	7,620
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	3		$	430		$	388	$	—		$	821
Accrued Expenses and Other	96			539			328		—			963
Current Debt	—			—			65		—			65
Income Taxes	—			—			7		—			7
Total Current Liabilities	99			969			788		—			1,856
Deferred Income Taxes	(2		)	(38		)	277		—			237
Long-term Debt	5,657			597			55		(597		)	5,712
Other Long-term Liabilities	58			796			97		(14		)	937
Total Equity (Deficit)	(1,134		)	22,946			3,419		(26,353		)	(1,122		)
Total Liabilities and Equity (Deficit)	$	4,678		$	25,270		$	4,636	$	(26,964	)	$	7,620

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	4,973			18,298			2,106		(25,377		)	—
Deferred Income Taxes	—			10			4		—			14
Other Assets	129			18			654		(611		)	190
Total Assets	$	5,102		$	24,616		$	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	64			774			100		(14		)	924
Total Equity (Deficit)	(775		)	22,239			3,162		(25,377		)	(751		)
Total Liabilities and Equity (Deficit)	$	5,102		$	24,616		$	4,419	$	(25,988	)	$	8,149

Condensed Income Statement [Table Text Block]

	Year-to-Date 2017
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	4,890		$	1,526		$	(1,224	)	$	5,192
Costs of Goods Sold, Buying and Occupancy	—			(3,140		)	(1,213		)	1,092			(3,261		)
Gross Profit	—			1,750			313			(132		)	1,931
General, Administrative and Store Operating Expenses	(6		)	(1,329		)	(186		)	100			(1,421		)
Operating Income (Loss)	(6		)	421			127			(32		)	510
Interest Expense	(200		)	(33		)	(5		)	37			(201		)
Other Income	—			5			22			—			27
Income (Loss) Before Income Taxes	(206		)	393			144			5			336
Provision for Income Taxes	—			65			38			—			103
Equity in Earnings (Loss), Net of Tax	439			476			380			(1,295		)	—
Net Income (Loss)	$	233		$	804		$	486		$	(1,290	)	$	233

	Year-to-Date 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	5,263		$	1,590		$	(1,243	)	$	5,610
Costs of Goods Sold, Buying and Occupancy	—			(3,457		)	(1,319		)	1,169			(3,607		)
Gross Profit	—			1,806			271			(74		)	2,003
General, Administrative and Store Operating Expenses	(6		)	(1,443		)	(227		)	56			(1,620		)
Operating Income (Loss)	(6		)	363			44			(18		)	383
Interest Expense	(194		)	(18		)	(5		)	21			(196		)
Other Income (Loss)	—			7			(6		)	—			1
Income (Loss) Before Income Taxes	(200		)	352			33			3			188
Provision (Benefit) for Income Taxes	(2		)	34			9			—			41
Equity in Earnings (Loss), Net of Tax	345			432			397			(1,174		)	—
Net Income (Loss)	$	147		$	750		$	421		$	(1,171	)	$	147

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

(in millions)

(Unaudited)

	Second Quarter 2017
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,594		$	829		$	(668	)	$	2,755
Costs of Goods Sold, Buying and Occupancy	—			(1,668		)	(642		)	583			(1,727		)
Gross Profit	—			926			187			(85		)	1,028
General, Administrative and Store Operating Expenses	(2		)	(693		)	(96		)	64			(727		)
Operating Income (Loss)	(2		)	233			91			(21		)	301
Interest Expense	(100		)	(22		)	(3		)	24			(101		)
Other Income	—			2			15			—			17
Income (Loss) Before Income Taxes	(102		)	213			103			3			217
Provision for Income Taxes	—			45			33			—			78
Equity in Earnings (Loss), Net of Tax	241			297			230			(768		)	—
Net Income (Loss)	$	139		$	465		$	300		$	(765	)	$	139

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

(in millions)

(Unaudited)

	Second Quarter 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,797		$	751		$	(564	)	$	2,984
Costs of Goods Sold, Buying and Occupancy	—			(1,835		)	(650		)	560			(1,925		)
Gross Profit	—			962			101			(4		)	1,059
General, Administrative and Store Operating Expenses	(2		)	(717		)	(118		)	6			(831		)
Operating Income (Loss)	(2		)	245			(17		)	2			228
Interest Expense	(97		)	2			(2		)	(1		)	(98		)
Other Income (Loss)	—			3			(4		)	—			(1		)
Income (Loss) Before Income Taxes	(99		)	250			(23		)	1			129
Provision for Income Taxes	—			21			9			—			30
Equity in Earnings (Loss), Net of Tax	198			217			245			(660		)	—
Net Income (Loss)	$	99		$	446		$	213		$	(659	)	$	99

Condensed Statement of Comprehensive Income [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)

	Second Quarter 2017
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	139	$	465	$	300		$	(765	)	$	139
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		7			—			7
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		(26		)	—			(26		)
Reclassification of Cash Flow Hedges to Earnings	—		—		12			—			12
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(7		)	—			(7		)
Total Comprehensive Income (Loss)	$	139	$	465	$	293		$	(765	)	$	132

	Year-to-Date 2017
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	233	$	804	$	486		$	(1,290	)	$	233
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		10			—			10
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		(16		)	—			(16		)
Reclassification of Cash Flow Hedges to Earnings	—		—		5			—			5
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(1		)	—			(1		)
Total Comprehensive Income (Loss)	$	233	$	804	$	485		$	(1,290	)	$	232

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)

	Second Quarter 2018
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	99	$	446	$	213		$	(659	)	$	99
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		(9		)	—			(9		)
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		3			—			3
Reclassification of Cash Flow Hedges to Earnings	—		—		1			—			1
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(5		)	—			(5		)
Total Comprehensive Income (Loss)	$	99	$	446	$	208		$	(659	)	$	94

	Year-to-Date 2018
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	147	$	750	$	421		$	(1,171	)	$	147
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		(22		)	—			(22		)
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		9			—			9
Reclassification of Cash Flow Hedges to Earnings	—		—		3			—			3
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(10		)	—			(10		)
Total Comprehensive Income (Loss)	$	147	$	750	$	411		$	(1,171	)	$	137

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	$	(219	)	$	471		$	(40	)	$	—		$	212
Investing Activities:
Capital Expenditures	—			(213		)	(132		)	—			(345		)
Return of Capital from Easton Investments	—			—			13			—			13
Net Investments in Consolidated Affiliates	—			—			(11		)	11			—
Other Investing Activities	—			—			2			—			2
Net Cash Provided by (Used for) Investing Activities	—			(213		)	(128		)	11			(330		)
Financing Activities:
Payment of Long-term Debt	(52		)	—			—			—			(52		)
Borrowings from Foreign Facilities	—			—			89			—			89
Repayments of Foreign Facilities	—			—			(57		)	—			(57		)
Dividends Paid	(335		)	—			—			—			(335		)
Repurchases of Common Stock	(186		)	—			—			—			(186		)
Tax Payments related to Share-based Awards	(12		)	—			—			—			(12		)
Proceeds from Exercise of Stock Options	1			—			—			—			1
Financing Costs and Other	(2		)	—			—			—			(2		)
Net Financing Activities and Advances to/from Consolidated Affiliates	805			(969		)	175			(11		)	—
Net Cash Provided by (Used for) Financing Activities	219			(969		)	207			(11		)	(554		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			—			—			—
Net Increase (Decrease) in Cash and Cash Equivalents	—			(711		)	39			—			(672		)
Cash and Cash Equivalents, Beginning of Period	—			1,164			351			—			1,515
Cash and Cash Equivalents, End of Period	$	—		$	453		$	390		$	—		$	843

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	$	(196	)	$	349		$	68		$	—	$	221
Investing Activities:
Capital Expenditures	—			(301		)	(71		)	—		(372		)
Return of Capital from Easton Investments	—			—			27			—		27
Other Investing Activities	—			—			(5		)	—		(5		)
Net Cash Used for Investing Activities	—			(301		)	(49		)	—		(350		)
Financing Activities:
Borrowings from Foreign Facilities	—			—			36			—		36
Repayments of Foreign Facilities	—			—			(8		)	—		(8		)
Dividends Paid	(344		)	—			—			—		(344		)
Repurchases of Common Stock	(132		)	—			—			—		(132		)
Tax Payments related to Share-based Awards	(30		)	—			—			—		(30		)
Proceeds from Exercise of Stock Options	37			—			—			—		37
Financing Costs and Other	(5		)	(3		)	—			—		(8		)
Net Financing Activities and Advances to/from Consolidated Affiliates	670			(599		)	(71		)	—		—
Net Cash Provided by (Used for) Financing Activities	196			(602		)	(43		)	—		(449		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			4			—		4
Net Decrease in Cash and Cash Equivalents	—			(554		)	(20		)	—		(574		)
Cash and Cash Equivalents, Beginning of Period	—			1,562			372			—		1,934
Cash and Cash Equivalents, End of Period	$	—		$	1,008		$	352		$	—	$	1,360