Supplemental Guarantor Financial Information (Tables)

9 Months Ended

Oct. 28, 2017

Condensed Consolidating Balance Sheet [Abstract]

Condensed Balance Sheet [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)

(Unaudited)

	October 28, 2017
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	377		$	358	$	—		$	735
Accounts Receivable, Net	1			181			103		—			285
Inventories	—			1,519			196		—			1,715
Other	(1		)	74			122		—			195
Total Current Assets	—			2,151			779		—			2,930
Property and Equipment, Net	—			2,056			864		—			2,920
Goodwill	—			1,318			30		—			1,348
Trade Names and Other Intangible Assets, Net	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,552			18,111			1,687		(24,350		)	—
Deferred Income Taxes	—			10			13		—			23
Other Assets	130			26			640		(612		)	184
Total Assets	$	4,682		$	24,083		$	4,013	$	(24,962	)	$	7,816
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	2		$	567		$	468	$	—		$	1,037
Accrued Expenses and Other	108			485			303		—			896
Current Portion of Long-term Debt	—			—			80		—			80
Income Taxes	—			—			6		—			6
Total Current Liabilities	110			1,052			857		—			2,019
Deferred Income Taxes	(2		)	(82		)	451		—			367
Long-term Debt	5,705			597			—		(597		)	5,705
Other Long-term Liabilities	3			766			90		(15		)	844
Total Equity (Deficit)	(1,134		)	21,750			2,615		(24,350		)	(1,119		)
Total Liabilities and Equity (Deficit)	$	4,682		$	24,083		$	4,013	$	(24,962	)	$	7,816

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)

(Unaudited)

	October 29, 2016
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	370		$	284	$	—		$	654
Accounts Receivable, Net	1			260			64		—			325
Inventories	—			1,501			150		—			1,651
Other	—			158			98		—			256
Total Current Assets	1			2,289			596		—			2,886
Property and Equipment, Net	—			1,955			815		—			2,770
Goodwill	—			1,318			30		—			1,348
Trade Names and Other Intangible Assets, Net	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,475			15,461			1,815		(21,751		)	—
Deferred Income Taxes	1			11			18		—			30
Other Assets	133			35			661		(611		)	218
Total Assets	$	4,610		$	21,480		$	3,935	$	(22,362	)	$	7,663
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	580		$	382	$	—		$	962
Accrued Expenses and Other	111			513			285		—			909
Current Portion of Long-term Debt	—			—			23		—			23
Income Taxes	—			(2		)	115		—			113
Total Current Liabilities	111			1,091			805		—			2,007
Deferred Income Taxes	(3		)	(83		)	348		—			262
Long-term Debt	5,701			597			—		(597		)	5,701
Other Long-term Liabilities	1			747			147		(14		)	881
Total Equity (Deficit)	(1,200		)	19,128			2,635		(21,751		)	(1,188		)
Total Liabilities and Equity (Deficit)	$	4,610		$	21,480		$	3,935	$	(22,362	)	$	7,663

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)

	Third Quarter 2016
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,478		$	846		$	(743	)	$	2,581
Costs of Goods Sold, Buying and Occupancy	—			(1,545		)	(678		)	667			(1,556		)
Gross Profit	—			933			168			(76		)	1,025
General, Administrative and Store Operating Expenses	(1		)	(685		)	(111		)	56			(741		)
Operating Income (Loss)	(1		)	248			57			(20		)	284
Interest Expense	(97		)	(20		)	(2		)	22			(97		)
Other Income (Loss)	—			—			3			—			3
Income (Loss) Before Income Taxes	(98		)	228			58			2			190
Provision (Benefit) for Income Taxes	—			82			(14		)	—			68
Equity in Earnings (Loss), Net of Tax	220			47			4			(271		)	—
Net Income (Loss)	$	122		$	193		$	76		$	(269	)	$	122

	Year-to-Date 2016
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	7,674		$	2,512		$	(2,101	)	$	8,085
Costs of Goods Sold, Buying and Occupancy	—			(4,785		)	(2,058		)	1,939			(4,904		)
Gross Profit	—			2,889			454			(162		)	3,181
General, Administrative and Store Operating Expenses	(6		)	(1,959		)	(330		)	129			(2,166		)
Operating Income (Loss)	(6		)	930			124			(33		)	1,015
Interest Expense	(295		)	(40		)	(7		)	47			(295		)
Other Income (Loss)	(36		)	2			117			—			83
Income (Loss) Before Income Taxes	(337		)	892			234			14			803
Provision (Benefit) for Income Taxes	(13		)	216			74			—			277
Equity in Earnings (Loss), Net of Tax	850			332			268			(1,450		)	—
Net Income (Loss)	$	526		$	1,008		$	428		$	(1,436	)	$	526

	Year-to-Date 2017
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	7,398		$	2,472		$	(2,061	)	$	7,809
Costs of Goods Sold, Buying and Occupancy	—			(4,779		)	(1,930		)	1,819			(4,890		)
Gross Profit	—			2,619			542			(242		)	2,919
General, Administrative and Store Operating Expenses	(8		)	(2,059		)	(290		)	180			(2,177		)
Operating Income (Loss)	(8		)	560			252			(62		)	742
Interest Expense	(298		)	(61		)	(8		)	67			(300		)
Other Income (Loss)	—			6			22			—			28
Income (Loss) Before Income Taxes	(306		)	505			266			5			470
Provision (Benefit) for Income Taxes	1			92			58			—			151
Equity in Earnings (Loss), Net of Tax	626			642			447			(1,715		)	—
Net Income (Loss)	$	319		$	1,055		$	655		$	(1,710	)	$	319

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

(in millions)

(Unaudited)

	Third Quarter 2017
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,508		$	947		$	(837	)	$	2,618
Costs of Goods Sold, Buying and Occupancy	—			(1,639		)	(717		)	727			(1,629		)
Gross Profit	—			869			230			(110		)	989
General, Administrative and Store Operating Expenses	(2		)	(731		)	(104		)	80			(757		)
Operating Income (Loss)	(2		)	138			126			(30		)	232
Interest Expense	(98		)	(28		)	(3		)	30			(99		)
Other Income	—			2			—			—			2
Income (Loss) Before Income Taxes	(100		)	112			123			—			135
Provision for Income Taxes	1			27			21			—			49
Equity in Earnings (Loss), Net of Tax	187			166			67			(420		)	—
Net Income (Loss)	$	86		$	251		$	169		$	(420	)	$	86

Condensed Statement of Comprehensive Income [Table Text Block]

	Year-to-Date 2017
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	319	$	1,055	$	655		$	(1,710	)	$	319
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		8			—			8
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		(7		)	—			(7		)
Reclassification of Cash Flow Hedges to Earnings	—		—		1			—			1
Unrealized Gain (Loss) on Marketable Securities	—		—		1			—			1
Total Other Comprehensive Income (Loss), Net of Tax	—		—		3			—			3
Total Comprehensive Income (Loss)	$	319	$	1,055	$	658		$	(1,710	)	$	322

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)

	Third Quarter 2017
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	86	$	251	$	169		$	(420	)	$	86
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		(2		)	—			(2		)
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		10			—			10
Reclassification of Cash Flow Hedges to Earnings	—		—		(4		)	—			(4		)
Total Other Comprehensive Income (Loss), Net of Tax	—		—		4			—			4
Total Comprehensive Income (Loss)	$	86	$	251	$	173		$	(420	)	$	90

	Year-to-Date 2016
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	526	$	1,008	$	428		$	(1,436	)	$	526
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		(25		)	—			(25		)
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		(2		)	—			(2		)
Reclassification of Cash Flow Hedges to Earnings	—		—		5			—			5
Unrealized Gain (Loss) on Marketable Securities	—		—		(3		)	—			(3		)
Reclassification of Gain on Marketable Securities to Earnings	—		—		(3		)	—			(3		)
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(28		)	—			(28		)
Total Comprehensive Income (Loss)	$	526	$	1,008	$	400		$	(1,436	)	$	498

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)

	Third Quarter 2016
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	122	$	193	$	76		$	(269	)	$	122
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		(15		)	—			(15		)
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		9			—			9
Reclassification of Cash Flow Hedges to Earnings	—		—		(4		)	—			(4		)
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(10		)	—			(10		)
Total Comprehensive Income (Loss)	$	122	$	193	$	66		$	(269	)	$	112

Condensed Cash Flow Statement [Table Text Block]

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	$	(289	)	$	230		$	197		$	—		$	138
Investing Activities:
Capital Expenditures	—			(461		)	(138		)	—			(599		)
Return of Capital from Easton Investments	—			—			27			—			27
Net Investments in Consolidated Affiliates	—			—			(12		)	12			—
Other Investing Activities	—			—			(9		)	—			(9		)
Net Cash Provided by (Used for) Investing Activities	—			(461		)	(132		)	12			(581		)
Financing Activities:
Borrowings from Foreign Facilities	—			—			67			—			67
Repayments on Foreign Facilities	—			—			(23		)	—			(23		)
Dividends Paid	(516		)	—			—			—			(516		)
Repurchases of Common Stock	(283		)	—			—			—			(283		)
Tax Payments related to Share-based Awards	(31		)	—			—			—			(31		)
Proceeds from Exercise of Stock Options	37			—			—			—			37
Financing Costs	(5		)	—			—			—			(5		)
Other Financing Activities	—			(4		)	—			—			(4		)
Net Financing Activities and Advances to/from Consolidated Affiliates	1,087			(950		)	(125		)	(12		)	—
Net Cash Provided by (Used for) Financing Activities	289			(954		)	(81		)	(12		)	(758		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			2			—			2
Net Decrease in Cash and Cash Equivalents	—			(1,185		)	(14		)	—			(1,199		)
Cash and Cash Equivalents, Beginning of Period	—			1,562			372			—			1,934
Cash and Cash Equivalents, End of Period	$	—		$	377		$	358		$	—		$	735

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	$	(286	)	$	437		$	260		$	—		$	411
Investing Activities:
Capital Expenditures	—			(648		)	(177		)	—			(825		)
Return of Capital from Easton Investments	—			—			116			—			116
Acquisition, Net of Cash Acquired of $1	—			—			(33		)	—			(33		)
Proceeds from Sale of Marketable Securities	—			—			10			—			10
Net Investments in Consolidated Affiliates	—			—			(27		)	27			—
Other Investing Activities	—			1			10			—			11
Net Cash Provided by (Used for) Investing Activities	—			(647		)	(101		)	27			(721		)
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 Foreign Facilities	—			—			20			—			20
Repayments on Foreign Facilities	—			—			(4		)	—			(4		)
Dividends Paid	(1,096		)	—			—			—			(1,096		)
Repurchases of Common Stock	(410		)	—			—			—			(410		)
Tax Payments related to Share-based Awards	(56		)	—			—			—			(56		)
Proceeds from Exercise of Stock Options	17			—			—			—			17
Other Financing Activities	—			(2		)	—			—			(2		)
Net Financing Activities and Advances to/from Consolidated Affiliates	1,881			(1,608		)	(246		)	(27		)	—
Net Cash Provided by (Used for) Financing Activities	286			(1,610		)	(230		)	(27		)	(1,581		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			(3		)	—			(3		)
Net Decrease in Cash and Cash Equivalents	—			(1,820		)	(74		)	—			(1,894		)
Cash and Cash Equivalents, Beginning of Period	—			2,190			358			—			2,548
Cash and Cash Equivalents, End of Period	$	—		$	370		$	284		$	—		$	654