Supplemental Guarantor Financial Information (Tables)

3 Months Ended

May 02, 2015

May 03, 2014

Condensed Consolidating Balance Sheet [Abstract]

Condensed Balance Sheet [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in millions)



	January 31, 2015
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	1,462		$	219		$	—		$	1,681
Accounts Receivable, Net	1			197			54			—			252
Inventories	—			919			117			—			1,036
Deferred Income Taxes	—			34			(1		)	—			33
Other	—			146			84			—			230
Total Current Assets	1			2,758			473			—			3,232
Property and Equipment, Net	—			1,385			892			—			2,277
Goodwill	—			1,318			—			—			1,318
Trade Names and Other Intangible Assets, Net	—			411			—			—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,635			14,003			1,405			(20,043		)	—
Other Assets	188			35			693			(610		)	306
Total Assets	$	4,824		$	19,910		$	3,463		$	(20,653	)	$	7,544
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	300		$	313		$	—		$	613
Accrued Expenses and Other	83			495			322			—			900
Income Taxes	(4		)	183			(13		)	—			166
Total Current Liabilities	79			978			622			—			1,679
Deferred Income Taxes	(4		)	(32		)	297			—			261
Long-term Debt	4,765			597			—			(597		)	4,765
Other Long-term Liabilities	—			609			224			(13		)	820
Total Equity (Deficit)	(16		)	17,758			2,320			(20,043		)	19
Total Liabilities and Equity (Deficit)	$	4,824		$	19,910		$	3,463		$	(20,653	)	$	7,544

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in millions)

(Unaudited)



	May 2, 2015
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	401		$	248		$	—		$	649
Marketable Securities	—			50			—			—			50
Accounts Receivable, Net	3			185			51			—			239
Inventories	—			1,016			123			—			1,139
Deferred Income Taxes	—			34			(1		)	—			33
Other	—			122			86			—			208
Total Current Assets	3			1,808			507			—			2,318
Property and Equipment, Net	—			1,390			916			—			2,306
Goodwill	—			1,318			—			—			1,318
Trade Names and Other Intangible Assets, Net	—			411			—			—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,055			15,079			1,459			(20,593		)	—
Other Assets	181			32			683			(611		)	285
Total Assets	$	4,239		$	20,038		$	3,565		$	(21,204	)	$	6,638
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	57		$	285		$	297		$	—		$	639
Accrued Expenses and Other	63			402			258			—			723
Income Taxes	—			16			13			—			29
Total Current Liabilities	120			703			568			—			1,391
Deferred Income Taxes	(3		)	(22		)	298			—			273
Long-term Debt	4,760			597			—			(597		)	4,760
Other Long-term Liabilities	—			595			239			(14		)	820
Total Equity (Deficit)	(638		)	18,165			2,460			(20,593		)	(606		)
Total Liabilities and Equity (Deficit)	$	4,239		$	20,038		$	3,565		$	(21,204	)	$	6,638

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in millions)

(Unaudited)



	May 3, 2014
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	748		$	164		$	—		$	912
Accounts Receivable, Net	2			150			64			—			216
Inventories	—			1,058			161			—			1,219
Deferred Income Taxes	—			44			(16		)	—			28
Other	—			123			87			—			210
Total Current Assets	2			2,123			460			—			2,585
Property and Equipment, Net	—			1,212			863			—			2,075
Goodwill	—			1,318			—			—			1,318
Trade Names and Other Intangible Assets, Net	—			411			—			—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,207			14,976			1,175			(20,358		)	—
Other Assets	182			19			684			(611		)	274
Total Assets	$	4,391		$	20,059		$	3,182		$	(20,969	)	$	6,663
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	3		$	291		$	261		$	—		$	555
Accrued Expenses and Other	63			359			239			—			661
Current Portion of Long-term Debt	214			—			—			—			214
Income Taxes	—			23			62			—			85
Total Current Liabilities	280			673			562			—			1,515
Deferred Income Taxes	(4		)	(19		)	240			—			217
Long-term Debt	4,758			597			—			(597		)	4,758
Other Long-term Liabilities	2			583			212			(15		)	782
Total Equity (Deficit)	(645		)	18,225			2,168			(20,357		)	(609		)
Total Liabilities and Equity (Deficit)	$	4,391		$	20,059		$	3,182		$	(20,969	)	$	6,663

Condensed Income Statement [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

(in millions)

(Unaudited)



	First Quarter 2015
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,369		$	816		$	(673	)	$	2,512
Costs of Goods Sold, Buying and Occupancy	—			(1,424		)	(616		)	584			(1,456		)
Gross Profit	—			945			200			(89		)	1,056
General, Administrative and Store Operating Expenses	(4		)	(616		)	(96		)	32			(684		)
Operating Income (Loss)	(4		)	329			104			(57		)	372
Interest Expense	(80		)	(8		)	(2		)	10			(80		)
Other Income	—			4			73			—			77
Income (Loss) Before Income Taxes	(84		)	325			175			(47		)	369
Provision for Income Taxes	—			78			41			—			119
Equity in Earnings (Loss), Net of Tax	334			225			124			(683		)	—
Net Income (Loss)	$	250		$	472		$	258		$	(730	)	$	250

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

(in millions)

(Unaudited)



	First Quarter 2014
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,231		$	784		$	(624	)	$	2,391
Costs of Goods Sold, Buying and Occupancy	—			(1,359		)	(647		)	597			(1,409		)
Gross Profit	—			872			137			(27		)	982
General, Administrative and Store Operating Expenses	(3		)	(568		)	(103		)	28			(646		)
Operating Income (Loss)	(3		)	304			34			1			336
Interest Expense	(84		)	(7		)	(2		)	9			(84		)
Other Income	—			—			3			—			3
Income (Loss) Before Income Taxes	(87		)	297			35			10			255
Provision for Income Taxes	(1		)	62			37			—			98
Equity in Earnings (Loss), Net of Tax	243			179			169			(591		)	—
Net Income (Loss)	$	157		$	414		$	167		$	(581	)	$	157

Condensed Statement of Comprehensive Income [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)



	First Quarter 2015
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	250	$	472	$	258		$	(730	)	$	250
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	—		—		17			—			17
Foreign Currency Translation	—		—		(10		)	—			(10		)
Unrealized Loss on Cash Flow Hedges	—		—		(10		)	—			(10		)
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(3		)	—			(3		)
Total Comprehensive Income (Loss)	$	250	$	472	$	255		$	(730	)	$	247

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)



	First Quarter 2014
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	157	$	414	$	167		$	(581	)	$	157
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	—		—		6			—			6
Foreign Currency Translation	—		—		(2		)	—			(2		)
Unrealized Loss on Cash Flow Hedges	—		—		(8		)	—			(8		)
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(4		)	—			(4		)
Total Comprehensive Income (Loss)	$	157	$	414	$	163		$	(581	)	$	153

Condensed Cash Flow Statement [Table Text Block]

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS 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 Used for Operating Activities	$	(42	)	$	(46	)	$	(68	)	$	—	$	(156	)
Investing Activities:
Capital Expenditures	—			(82		)	(50		)	—		(132		)
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	—			(131		)	35			—		(96		)
Financing Activities:
Repurchase of Common Stock	(114		)	—			—			—		(114		)
Dividends Paid	(734		)	—			—			—		(734		)
Excess Tax Benefits from Share-based Compensation	—			42			6			—		48
Net Financing Activities and Advances to/from Consolidated Affiliates	871			(926		)	55			—		—
Proceeds from Exercise of Stock Options and Other	19			—			—			—		19
Net Cash Provided by (Used for) Financing Activities	42			(884		)	61			—		(781		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			1			—		1
Net Increase (Decrease) in Cash and Cash Equivalents	—			(1,061		)	29			—		(1,032		)
Cash and Cash Equivalents, Beginning of Period	—			1,462			219			—		1,681
Cash and Cash Equivalents, End of Period	$	—		$	401		$	248		$	—	$	649

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in millions)

(Unaudited)



	Year-to-Date 2014
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations		Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(108	)	$	(10	)	$	29		$	—	$	(89	)
Investing Activities:
Capital Expenditures	—			(92		)	(58		)	—		(150		)
Other Investing Activities	—			—			15			—		15
Net Cash Used for Investing Activities	—			(92		)	(43		)	—		(135		)
Financing Activities:
Repurchase of Common Stock	(43		)	—			—			—		(43		)
Dividends Paid	(392		)	—			—			—		(392		)
Excess Tax Benefits from Share-based Compensation	—			30			5			—		35
Net Financing Activities and Advances to/from Consolidated Affiliates	526			(533		)	7			—		—
Proceeds from Exercise of Stock Options and Other	17			—			—			—		17
Net Cash Provided by (Used for) Financing Activities	108			(503		)	12			—		(383		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			—			—		—
Net Decrease in Cash and Cash Equivalents	—			(605		)	(2		)	—		(607		)
Cash and Cash Equivalents, Beginning of Period	—			1,353			166			—		1,519
Cash and Cash Equivalents, End of Period	$	—		$	748		$	164		$	—	$	912