Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information (Tables)

12 Months Ended

Feb. 01, 2020

Supplemental Guarantor Financial Statements [Abstract]

Condensed Balance Sheet [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)

	February 1, 2020
	L Brands, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	1,231		$	268	$	—		$	1,499
Accounts Receivable, Net	—			183			123		—			306
Inventories	—			1,138			149		—			1,287
Other	—			85			68		—			153
Total Current Assets	—			2,637			608		—			3,245
Property and Equipment, Net	—			1,747			739		—			2,486
Operating Lease Assets	—			2,545			508		—			3,053
Goodwill	—			628			—		—			628
Trade Names	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	3,862			20,231			2,937		(27,030		)	—
Deferred Income Taxes	—			8			76		—			84
Other Assets	130			9			690		(611		)	218
Total Assets	$	3,992		$	28,216		$	5,558	$	(27,641	)	$	10,125
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	331		$	316	$	—		$	647
Accrued Expenses and Other	93			593			366		—			1,052
Current Debt	—			—			61		—			61
Current Operating Lease Liabilities	—			392			86		—			478
Income Taxes	(11		)	89			56		—			134
Total Current Liabilities	82			1,405			885		—			2,372
Deferred Income Taxes	—			(37		)	256		—			219
Long-term Debt	5,395			597			92		(597		)	5,487
Long-term Operating Lease Liabilities	—			2,522			530		—			3,052
Other Long-term Liabilities	62			383			59		(14		)	490
Total Equity (Deficit)	(1,547		)	23,346			3,736		(27,030		)	(1,495		)
Total Liabilities and Equity (Deficit)	$	3,992		$	28,216		$	5,558	$	(27,641	)	$	10,125

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

Condensed Income Statement [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS)

(in millions)

	2019
	L Brands, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	12,317		$	3,382		$	(2,785	)	$	12,914
Costs of Goods Sold, Buying and Occupancy	—			(8,074		)	(2,810		)	2,420			(8,464		)
Gross Profit	—			4,243			572			(365		)	4,450
General, Administrative and Store Operating Expenses	(11		)	(3,380		)	(331		)	250			(3,472		)
Impairment of Goodwill	—			(690		)	(30		)	—			(720		)
Operating Income (Loss)	(11		)	173			211			(115		)	258
Interest Expense	(370		)	(116		)	(7		)	115			(378		)
Other Income (Loss)	(40		)	—			(21		)	—			(61		)
Income (Loss) Before Income Taxes	(421		)	57			183			—			(181		)
Provision (Benefit) for Income Taxes	2			55			128			—			185
Equity in Earnings (Loss), Net of Tax	57			39			390			(486		)	—
Net Income (Loss)	$	(366	)	$	41		$	445		$	(486	)	$	(366	)

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

(in millions)

	2017
	L Brands, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	11,931		$	3,728		$	(3,027	)	$	12,632
Costs of Goods Sold, Buying and Occupancy	—			(7,463		)	(2,868		)	2,658			(7,673		)
Gross Profit	—			4,468			860			(369		)	4,959
General, Administrative and Store Operating Expenses	(10		)	(3,063		)	(426		)	268			(3,231		)
Operating Income (Loss)	(10		)	1,405			434			(101		)	1,728
Interest Expense	(403		)	(99		)	(13		)	109			(406		)
Other Income (Loss)	(46		)	11			25			—			(10		)
Income (Loss) Before Income Taxes	(459		)	1,317			446			8			1,312
Provision (Benefit) for Income Taxes	65			316			(52		)	—			329
Equity in Earnings, Net of Tax	1,507			522			412			(2,441		)	—
Net Income (Loss)	$	983		$	1,523		$	910		$	(2,433	)	$	983

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

(in millions)

	2018
	L Brands, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	12,467		$	3,780		$	(3,010	)	$	13,237
Costs of Goods Sold, Buying and Occupancy	—			(8,015		)	(2,996		)	2,673			(8,338		)
Gross Profit	—			4,452			784			(337		)	4,899
General, Administrative and Store Operating Expenses	(9		)	(3,304		)	(482		)	232			(3,563		)
Loss on Divestiture of La Senza	—			(24		)	(75		)	—			(99		)
Operating Income (Loss)	(9		)	1,124			227			(105		)	1,237
Interest Expense	(379		)	(108		)	(6		)	108			(385		)
Other Income (Loss)	—			13			(8		)	—			5
Income (Loss) Before Income Taxes	(388		)	1,029			213			3			857
Provision (Benefit) for Income Taxes	12			100			101			—			213
Equity in Earnings, Net of Tax	1,044			169			353			(1,566		)	—
Net Income (Loss)	$	644		$	1,098		$	465		$	(1,563	)	$	644

Condensed Comprehensive Income Statement [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(in millions)

	2018
	L Brands, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	644	$	1,098	$	465		$	(1,563	)	$	644
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		(20		)	—			(20		)
Reclassification of Foreign Currency Translation to Earnings	—		—		45			—			45
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		10			—			10
Reclassification of Cash Flow Hedges to Earnings	—		—		2			—			2
Total Other Comprehensive Income (Loss), Net of Tax	—		—		37			—			37
Total Comprehensive Income (Loss)	$	644	$	1,098	$	502		$	(1,563	)	$	681

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(in millions)

	2019
	L Brands, Inc.			Guarantor Subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	(366	)	$	41	$	445		$	(486	)	$	(366	)
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—			—		(5		)	—			(5		)
Unrealized Gain (Loss) on Cash Flow Hedges	—			—		2			—			2
Reclassification of Cash Flow Hedges to Earnings	—			—		(4		)	—			(4		)
Total Other Comprehensive Income (Loss), Net of Tax	—			—		(7		)	—			(7		)
Total Comprehensive Income (Loss)	$	(366	)	$	41	$	438		$	(486	)	$	(373	)

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(in millions)

	2017
	L Brands, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	983	$	1,523	$	910		$	(2,433	)	$	983
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		23			—			23
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		(20		)	—			(20		)
Reclassification of Cash Flow Hedges to Earnings	—		—		7			—			7
Unrealized Gain on Marketable Securities	—		—		2			—			2
Total Other Comprehensive Income (Loss), Net of Tax	—		—		12			—			12
Total Comprehensive Income (Loss)	$	983	$	1,523	$	922		$	(2,433	)	$	995

Condensed Cash Flow Statement [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)

	2017
	L Brands, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations		Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(401	)	$	1,353		$	454		$	—	$	1,406
Investing Activities:
Capital Expenditures	—			(495		)	(212		)	—		(707		)
Other Investing Activities	—			(1		)	10			—		9
Net Cash Provided by (Used for) Investing Activities	—			(496		)	(202		)	—		(698		)
Financing Activities:
Proceeds from Issuance of Long-term Debt, Net of Issuance Costs	495			—			—			—		495
Payments of Long-term Debt	(540		)	—			—			—		(540		)
Borrowings from Foreign Facilities	—			—			96			—		96
Repayments of Foreign Facilities	—			—			(44		)	—		(44		)
Dividends Paid	(686		)	—			—			—		(686		)
Repurchases of Common Stock	(446		)	—			—			—		(446		)
Tax Payments related to Share-based Awards	(32		)	—			—			—		(32		)
Net Financing Activities and Advances to/from Consolidated Affiliates	1,577			(1,252		)	(325		)	—		—
Proceeds from Exercise of Stock Options	38			—			—			—		38
Financing Costs and Other	(5		)	(3		)	—			—		(8		)
Net Cash Provided by (Used for) Financing Activities	401			(1,255		)	(273		)	—		(1,127		)
Effects of Exchange Rate Changes on Cash	—			—			—			—		—
Net Increase (Decrease) in Cash and Cash Equivalents	—			(398		)	(21		)	—		(419		)
Cash and Cash Equivalents, Beginning of Year	—			1,562			372			—		1,934
Cash and Cash Equivalents, End of Year	$	—		$	1,164		$	351		$	—	$	1,515

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)

	2019
	L Brands, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(427	)	$	837		$	826		$	—		$	1,236
Investing Activities:
Capital Expenditures	—			(276		)	(182		)	—			(458		)
Net Investments in Consolidated Affiliates	—			(13		)	—			13			—
Other Investing Activities	—			12			(34		)	—			(22		)
Net Cash Provided by (Used for) Investing Activities	—			(277		)	(216		)	13			(480		)
Financing Activities:
Proceeds from Issuance of Long-term Debt, Net of Issuance Costs	486			—			—			—			486
Payments of Long-term Debt	(799		)	—			—			—			(799		)
Borrowings from Secured Revolving Facility	12			—			—			—			12
Repayments of Secured Revolving Facility	(12		)	—			—			—			(12		)
Borrowings from Foreign Facilities	—			—			167			—			167
Repayments of Foreign Facilities	—			—			(162		)	—			(162		)
Dividends Paid	(332		)	—			—			—			(332		)
Tax Payments related to Share-based Awards	(13		)	—			—			—			(13		)
Net Financing Activities and Advances to/from Consolidated Affiliates	1,090			(318		)	(759		)	(13		)	—
Proceeds from Exercise of Stock Options	1			—			—			—			1
Financing Costs and Other	(6		)	(8		)	—			—			(14		)
Net Cash Provided by (Used for) Financing Activities	427			(326		)	(754		)	(13		)	(666		)
Effects of Exchange Rate Changes on Cash	—			—			(4		)	—			(4		)
Net Increase (Decrease) in Cash and Cash Equivalents	—			234			(148		)	—			86
Cash and Cash Equivalents, Beginning of Year	—			997			416			—			1,413
Cash and Cash Equivalents, End of Year	$	—		$	1,231		$	268		$	—		$	1,499

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)

	2018
	L Brands, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(424	)	$	1,541		$	260		$	—		$	1,377
Investing Activities:
Capital Expenditures	—			(398		)	(231		)	—			(629		)
Net Investments in Consolidated Affiliates	—			—			(21		)	21			—
Other Investing Activities	—			4			16			—			20
Net Cash Provided by (Used for) Investing Activities	—			(394		)	(236		)	21			(609		)
Financing Activities:
Payments of Long-term Debt	(52		)	—			—			—			(52		)
Borrowings from Secured Revolving Facility	92			—			—			—			92
Repayments of Secured Revolving Facility	(92		)	—			—			—			(92		)
Borrowings from Foreign Facilities	—			—			172			—			172
Repayments of Foreign Facilities	—			—			(109		)	—			(109		)
Dividends Paid	(666		)	—			—			—			(666		)
Repurchases of Common Stock	(198		)	—			—			—			(198		)
Tax Payments related to Share-based Awards	(13		)	—			—			—			(13		)
Net Financing Activities and Advances to/from Consolidated Affiliates	1,355			(1,310		)	(24		)	(21		)	—
Proceeds from Exercise of Stock Options	1			—			—			—			1
Financing Costs and Other	(3		)	(4		)	—			—			(7		)
Net Cash Provided by (Used for) Financing Activities	424			(1,314		)	39			(21		)	(872		)
Effects of Exchange Rate Changes on Cash	—			—			2			—			2
Net Increase (Decrease) in Cash and Cash Equivalents	—			(167		)	65			—			(102		)
Cash and Cash Equivalents, Beginning of Year	—			1,164			351			—			1,515
Cash and Cash Equivalents, End of Year	$	—		$	997		$	416		$	—		$	1,413