Supplemental Guarantor Financial Information (Tables)

3 Months Ended

May 04, 2019

Condensed Consolidating Balance Sheet [Abstract]

Condensed Balance Sheet [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)

(Unaudited)

	May 4, 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	731		$	415	$	—		$	1,146
Accounts Receivable, Net	—			153			121		—			274
Inventories	—			1,235			122		—			1,357
Other	—			85			85		—			170
Total Current Assets	—			2,204			743		—			2,947
Property and Equipment, Net	—			1,895			899		—			2,794
Operating Lease Assets	—			2,665			606		—			3,271
Goodwill	—			1,318			30		—			1,348
Trade Names	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,698			19,854			2,223		(26,775		)	—
Deferred Income Taxes	—			9			52		—			61
Other Assets	127			12			639		(612		)	166
Total Assets	$	4,825		$	28,368		$	5,192	$	(27,387	)	$	10,998
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	378		$	310	$	—		$	688
Accrued Expenses and Other	61			485			326		—			872
Current Debt	—			—			72		—			72
Current Operating Lease Liabilities	—			358			85		—			443
Income Taxes	(7		)	102			27		—			122
Total Current Liabilities	54			1,323			820		—			2,197
Deferred Income Taxes	1			(42		)	279		—			238
Long-term Debt	5,663			597			86		(597		)	5,749
Long-term Operating Lease Liabilities	—			2,671			563		—			3,234
Other Long-term Liabilities	60			406			27		(15		)	478
Total Equity (Deficit)	(953		)	23,413			3,417		(26,775		)	(898		)
Total Liabilities and Equity (Deficit)	$	4,825		$	28,368		$	5,192	$	(27,387	)	$	10,998

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)

	February 2, 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	997		$	416	$	—		$	1,413
Accounts Receivable, Net	—			241			126		—			367
Inventories	—			1,093			155		—			1,248
Other	—			139			93		—			232
Total Current Assets	—			2,470			790		—			3,260
Property and Equipment, Net	—			1,922			896		—			2,818
Goodwill	—			1,318			30		—			1,348
Trade Names	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,755			19,737			2,047		(26,539		)	—
Deferred Income Taxes	—			9			53		—			62
Other Assets	127			15			670		(621		)	191
Total Assets	$	4,882		$	25,882		$	4,486	$	(27,160	)	$	8,090
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	363		$	348	$	—		$	711
Accrued Expenses and Other	92			597			393		—			1,082
Current Debt	—			—			72		—			72
Income Taxes	(7		)	100			28		—			121
Total Current Liabilities	85			1,060			841		—			1,986
Deferred Income Taxes	1			(44		)	269		—			226
Long-term Debt	5,661			606			79		(607		)	5,739
Other Long-term Liabilities	59			852			107		(14		)	1,004
Total Equity (Deficit)	(924		)	23,408			3,190		(26,539		)	(865		)
Total Liabilities and Equity (Deficit)	$	4,882		$	25,882		$	4,486	$	(27,160	)	$	8,090

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	4,751			18,908			2,025		(25,684		)	—
Deferred Income Taxes	—			9			13		—			22
Other Assets	129			16			651		(612		)	184
Total Assets	$	4,881		$	24,796		$	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	62			762			98		(15		)	907
Total Equity (Deficit)	(956		)	22,491			3,180		(25,684		)	(969		)
Total Liabilities and Equity (Deficit)	$	4,881		$	24,796		$	4,368	$	(26,296	)	$	7,749

Condensed Income Statement [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

(in millions)

(Unaudited)

	First Quarter 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,488		$	754		$	(613	)	$	2,629
Costs of Goods Sold, Buying and Occupancy	—			(1,649		)	(587		)	541			(1,695		)
Gross Profit	—			839			167			(72		)	934
General, Administrative and Store Operating Expenses	(5		)	(737		)	(89		)	50			(781		)
Operating Income (Loss)	(5		)	102			78			(22		)	153
Interest Expense	(97		)	(23		)	(1		)	22			(99		)
Other Income (Loss)	—			6			—			—			6
Income (Loss) Before Income Taxes	(102		)	85			77			—			60
Provision for Income Taxes	—			8			12			—			20
Equity in Earnings (Loss), Net of Tax	142			66			4			(212		)	—
Net Income (Loss)	$	40		$	143		$	69		$	(212	)	$	40

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	—			4			(2		)	—			2
Income (Loss) Before Income Taxes	(101		)	102			56			2			59
Provision 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 (Loss) 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 2019
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	40	$	143	$	69		$	(212	)	$	40
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		(4		)	—			(4		)
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		2			—			2
Reclassification of Cash Flow Hedges to Earnings	—		—		(2		)	—			(2		)
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(4		)	—			(4		)
Total Comprehensive Income (Loss)	$	40	$	143	$	65		$	(212	)	$	36

Condensed Cash Flow Statement [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)

(Unaudited)

	First Quarter 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

BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)

(Unaudited)

	First Quarter 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations		Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(132	)	$	(332	)	$	391		$	—	$	(73	)
Investing Activities:
Capital Expenditures	—			(75		)	(48		)	—		(123		)
Proceeds from Divestiture of La Senza	—			12			—			—		12
Proceeds from Sales of Marketable Equity Securities	—			—			3			—		3
Return of Capital from Easton Investments	—			—			2			—		2
Net Investments in Consolidated Affiliates	—			—			—			—		—
Net Cash Provided by (Used for) Investing Activities	—			(63		)	(43		)	—		(106		)
Financing Activities:
Borrowings from Foreign Facilities	—			—			21			—		21
Repayments of Foreign Facilities	—			—			(14		)	—		(14		)
Dividends Paid	(83		)	—			—			—		(83		)
Tax Payments related to Share-based Awards	(9		)	—			—			—		(9		)
Proceeds from Exercise of Stock Options	1			—			—			—		1
Financing Costs and Other	—			(2		)	—			—		(2		)
Net Financing Activities and Advances to/from Consolidated Affiliates	223			131			(354		)	—		—
Net Cash Provided by (Used for) Financing Activities	132			129			(347		)	—		(86		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			(2		)	—		(2		)
Net Decrease in Cash and Cash Equivalents	—			(266		)	(1		)	—		(267		)
Cash and Cash Equivalents, Beginning of Period	—			997			416			—		1,413
Cash and Cash Equivalents, End of Period	$	—		$	731		$	415		$	—	$	1,146