Supplemental Guarantor Financial Information (Tables)

6 Months Ended

Jul. 30, 2016

Condensed Consolidating Balance Sheet [Abstract]

Condensed Balance Sheet [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)

(Unaudited)

	July 30, 2016
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	890		$	383	$	—		$	1,273
Accounts Receivable, Net	1			212			53		—			266
Inventories	—			1,068			136		—			1,204
Other	—			132			85		—			217
Total Current Assets	1			2,302			657		—			2,960
Property and Equipment, Net	—			1,780			806		—			2,586
Goodwill	—			1,318			30		—			1,348
Trade Names and Other Intangible Assets, Net	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,508			15,320			1,661		(21,489		)	—
Deferred Income Taxes	—			11			19		—			30
Other Assets	137			34			647		(612		)	206
Total Assets	$	4,646		$	21,176		$	3,820	$	(22,101	)	$	7,541
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	4		$	438		$	351	$	—		$	793
Accrued Expenses and Other	104			481			294		—			879
Current Portion of Long-term Debt	—			—			13		—			13
Income Taxes	(11		)	4			141		—			134
Total Current Liabilities	97			923			799		—			1,819
Deferred Income Taxes	(3		)	(78		)	349		—			268
Long-term Debt	5,702			597			4		(597		)	5,706
Other Long-term Liabilities	1			736			155		(15		)	877
Total Equity (Deficit)	(1,151		)	18,998			2,513		(21,489		)	(1,129		)
Total Liabilities and Equity (Deficit)	$	4,646		$	21,176		$	3,820	$	(22,101	)	$	7,541

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)

	January 30, 2016
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	2,190		$	358		$	—		$	2,548
Accounts Receivable, Net	1			202			58			—			261
Inventories	—			978			144			—			1,122
Other	—			115			110			—			225
Total Current Assets	1			3,485			670			—			4,156
Property and Equipment, Net	—			1,574			756			—			2,330
Goodwill	—			1,318			—			—			1,318
Trade Names and Other Intangible Assets, Net	—			411			—			—			411
Net Investments in and Advances to/from Consolidated Affiliates	5,368			13,649			1,242			(20,259		)	—
Deferred Income Taxes	—			11			19			—			30
Other Assets	141			40			679			(612		)	248
Total Assets	$	5,510		$	20,488		$	3,366		$	(20,871	)	$	8,493
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	333		$	335		$	—		$	668
Accrued Expenses and Other	100			519			358			—			977
Current Portion of Long-term Debt	—			—			6			—			6
Income Taxes	(3		)	237			(10		)	—			224
Total Current Liabilities	97			1,089			689			—			1,875
Deferred Income Taxes	(3		)	(86		)	346			—			257
Long-term Debt	5,714			597			1			(597		)	5,715
Other Long-term Liabilities	—			670			248			(14		)	904
Total Equity (Deficit)	(298		)	18,218			2,082			(20,260		)	(258		)
Total Liabilities and Equity (Deficit)	$	5,510		$	20,488		$	3,366		$	(20,871	)	$	8,493

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(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
Accounts Receivable, Net	1			201			55		—			257
Inventories	—			980			126		—			1,106
Other	1			191			128		—			320
Total Current Assets	2			1,825			636		—			2,463
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		)	—
Deferred Income Taxes	—			10			17		—			27
Other Assets	140			34			682		(612		)	244
Total Assets	$	4,121		$	20,672		$	3,767	$	(21,822	)	$	6,738
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		)	(59		)	308		—			246
Long-term Debt	4,720			597			—		(597		)	4,720
Other Long-term Liabilities	—			619			243		(13		)	849
Total Equity (Deficit)	(688		)	18,630			2,623		(21,212		)	(647		)
Total Liabilities and Equity (Deficit)	$	4,121		$	20,672		$	3,767	$	(21,822	)	$	6,738

Condensed Income Statement [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

(in millions)

(Unaudited)

	Year-to-Date 2016
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	5,196		$	1,666		$	(1,358	)	$	5,504
Costs of Goods Sold, Buying and Occupancy	—			(3,240		)	(1,380		)	1,272			(3,348		)
Gross Profit	—			1,956			286			(86		)	2,156
General, Administrative and Store Operating Expenses	(4		)	(1,274		)	(219		)	73			(1,424		)
Operating Income (Loss)	(4		)	682			67			(13		)	732
Interest Expense	(199		)	(20		)	(5		)	25			(199		)
Other Income (Loss)	(36		)	2			114			—			80
Income (Loss) Before Income Taxes	(239		)	664			176			12			613
Provision for Income Taxes	(14		)	134			88			—			208
Equity in Earnings (Loss), Net of Tax	630			285			264			(1,179		)	—
Net Income (Loss)	$	405		$	815		$	352		$	(1,167	)	$	405

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

(in millions)

(Unaudited)

	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 (Loss)	—			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

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT 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 (Loss)	—			—			(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

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

(in millions)

(Unaudited)

	Second Quarter 2016
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,724		$	808		$	(642	)	$	2,890
Costs of Goods Sold, Buying and Occupancy	—			(1,701		)	(669		)	593			(1,777		)
Gross Profit	—			1,023			139			(49		)	1,113
General, Administrative and Store Operating Expenses	(2		)	(635		)	(106		)	38			(705		)
Operating Income (Loss)	(2		)	388			33			(11		)	408
Interest Expense	(101		)	(11		)	(3		)	14			(101		)
Other Income (Loss)	(36		)	1			108			—			73
Income (Loss) Before Income Taxes	(139		)	378			138			3			380
Provision for Income Taxes	(13		)	72			69			—			128
Equity in Earnings (Loss), Net of Tax	378			223			196			(797		)	—
Net Income (Loss)	$	252		$	529		$	265		$	(794	)	$	252

Condensed Statement of Comprehensive Income [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)

	Year-to-Date 2016
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	405	$	815	$	352		$	(1,167	)	$	405
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		(10		)	—			(10		)
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		(11		)	—			(11		)
Reclassification of Cash Flow Hedges to Earnings	—		—		9			—			9
Unrealized Loss on Marketable Securities	—		—		(3		)	—			(3		)
Reclassification of Gain on Marketable Securities to Earnings	—		—		(3		)	—			(3		)
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(18		)	—			(18		)
Total Comprehensive Income (Loss)	$	405	$	815	$	334		$	(1,167	)	$	387

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT 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:
Foreign Currency Translation	—		—		22			—			22
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		14			—			14
Reclassification of Cash Flow Hedges to Earnings	—		—		(27		)	—			(27		)
Total Other Comprehensive Income (Loss), Net of Tax	—		—		9			—			9
Total Comprehensive Income (Loss)	$	202	$	412	$	106		$	(509	)	$	211

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)

	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:
Foreign Currency Translation	—		—		12			—			12
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		4			—			4
Reclassification of Cash Flow Hedges to Earnings	—		—		(10		)	—			(10		)
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 STATEMENT OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)

	Second Quarter 2016
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	252	$	529	$	265		$	(794	)	$	252
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		(18		)	—			(18		)
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		5			—			5
Reclassification of Cash Flow Hedges to Earnings	—		—		(5		)	—			(5		)
Unrealized Loss on Marketable Securities	—		—		(2		)	—			(2		)
Reclassification of Gain on Marketable Securities to Earnings	—		—		—			—			—
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(20		)	—			(20		)
Total Comprehensive Income (Loss)	$	252	$	529	$	245		$	(794	)	$	232

Condensed Cash Flow Statement [Table Text Block]

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	$	(258	)	$	490		$	189		$	—		$	421
Investing Activities:
Capital Expenditures	—			(382		)	(115		)	—			(497		)
Return of Capital from Easton Town Center, LLC	—			—			108			—			108
Acquisition, Net of Cash Acquired of $1	—			—			(31		)	—			(31		)
Proceeds from Sale of Marketable Securities	—			—			10			—			10
Net Investments in Consolidated Affiliates	—			—			(38		)	38			—
Other Investing Activities	—			1			15			—			16
Net Cash Used for Investing Activities	—			(381		)	(51		)	38			(394		)
Financing Activities:
Proceeds from the Issuance of Long-term Debt, Net of Issuance Costs	692			—			—			—			692
Payment of Long-term Debt	(742		)	—			—			—			(742		)
Borrowings from Revolving Facilities	—			—			10			—			10
Dividends Paid	(923		)	—			—			—			(923		)
Repurchases of Common Stock	(385		)	—			—			—			(385		)
Excess Tax Benefits from Share-based Compensation	—			33			4			—			37
Net Financing Activities and Advances to/from Consolidated Affiliates	1,603			(1,441		)	(124		)	(38		)	—
Proceeds from Exercise of Stock Options	13			—			—			—			13
Financing Costs and Other	—			(1		)	—			—			(1		)
Net Cash Provided by (Used for) Financing Activities	258			(1,409		)	(110		)	(38		)	(1,299		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			(3		)	—			(3		)
Net Increase (Decrease) in Cash and Cash Equivalents	—			(1,300		)	25			—			(1,275		)
Cash and Cash Equivalents, Beginning of Period	—			2,190			358			—			2,548
Cash and Cash Equivalents, End of Period	$	—		$	890		$	383		$	—		$	1,273

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT 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:
Dividends Paid	(880		)	—			—			—		(880		)
Repurchases of Common Stock	(295		)	—			—			—		(295		)
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	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