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Supplemental Guarantor Financial Information
12 Months Ended
Feb. 03, 2018
Supplemental Guarantor Financial Information [Abstract]  
Schedule Of Supplemental Guarantor Financial Information [Text Block]
Supplemental Guarantor Financial Information
The Company’s 2020 Notes, 2021 Notes, 2022 Notes, 2023 Notes, 2028 Notes, 2035 Notes, 2036 Notes and certain of its Foreign Facilities are jointly and severally guaranteed on a full and unconditional basis by the Guarantors. The Company is a holding company, and its most significant assets are the stock of its subsidiaries. The Guarantors represent: (a) substantially all of the sales of the Company’s domestic subsidiaries, (b) more than 90% of the assets owned by the Company’s domestic subsidiaries, other than real property, certain other assets and intercompany investments and balances, and (c) more than 95% of the accounts receivable and inventory directly owned by the Company’s domestic subsidiaries.
The following supplemental financial information sets forth for the Company and its guarantor and non-guarantor subsidiaries: the Condensed Consolidating Balance Sheets as of February 3, 2018 and January 28, 2017 and the Condensed Consolidating Statements of Income, Comprehensive Income and Cash Flows for the years ended February 3, 2018January 28, 2017 and January 30, 2016.











L BRANDS, INC.
CONDENSED CONSOLIDATING BALANCE SHEET
(in millions)
 
 
February 3, 2018
 
L Brands, Inc.
 
Guarantor
Subsidiaries
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
L Brands, Inc.
ASSETS
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and Cash Equivalents
$

 
$
1,164

 
$
351

 
$

 
$
1,515

Accounts Receivable, Net

 
186

 
124

 

 
310

Inventories

 
1,095

 
145

 

 
1,240

Other

 
132

 
96

 

 
228

Total Current Assets

 
2,577

 
716

 

 
3,293

Property and Equipment, Net

 
1,984

 
909

 

 
2,893

Goodwill

 
1,318

 
30

 

 
1,348

Trade Names

 
411

 

 

 
411

Net Investments in and Advances to/from Consolidated Affiliates
4,912

 
18,359

 
2,106

 
(25,377
)
 

Deferred Income Taxes

 
10

 
4

 

 
14

Other Assets
129

 
18

 
654

 
(611
)
 
190

Total Assets
$
5,041

 
$
24,677

 
$
4,419

 
$
(25,988
)
 
$
8,149

LIABILITIES AND EQUITY (DEFICIT)
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
Accounts Payable
$
2

 
$
349

 
$
366

 
$

 
$
717

Accrued Expenses and Other
101

 
529

 
399

 

 
1,029

Current Debt

 

 
87

 

 
87

Income Taxes
6

 
174

 
18

 

 
198

Total Current Liabilities
109

 
1,052

 
870

 

 
2,031

Deferred Income Taxes
(2
)
 
(46
)
 
286

 

 
238

Long-term Debt
5,706

 
597

 
1

 
(597
)
 
5,707

Other Long-term Liabilities
3

 
835

 
100

 
(14
)
 
924

Total Equity (Deficit)
(775
)
 
22,239

 
3,162

 
(25,377
)
 
(751
)
Total Liabilities and Equity (Deficit)
$
5,041

 
$
24,677

 
$
4,419

 
$
(25,988
)
 
$
8,149


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

 
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 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


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 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 (Loss) 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



L BRANDS, INC.
CONDENSED CONSOLIDATING STATEMENT OF INCOME
(in millions)
 
 
2016
 
L Brands, Inc.
 
Guarantor
Subsidiaries
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
L Brands, Inc.
Net Sales
$

 
$
11,959

 
$
3,533

 
$
(2,918
)
 
$
12,574

Costs of Goods Sold, Buying and Occupancy

 
(7,277
)
 
(2,854
)
 
2,682

 
(7,449
)
Gross Profit

 
4,682

 
679

 
(236
)
 
5,125

General, Administrative and Store Operating Expenses
(8
)
 
(2,843
)
 
(457
)
 
186

 
(3,122
)
Operating Income (Loss)
(8
)
 
1,839

 
222

 
(50
)
 
2,003

Interest Expense
(394
)
 
(60
)
 
(11
)
 
71

 
(394
)
Other Income (Loss)
(35
)
 
3

 
119

 

 
87

Income (Loss) Before Income Taxes
(437
)
 
1,782

 
330

 
21

 
1,696

Provision (Benefit) for Income Taxes
(10
)
 
432

 
116

 

 
538

Equity in Earnings, Net of Tax
1,585

 
39

 
376

 
(2,000
)
 

Net Income (Loss)
$
1,158

 
$
1,389

 
$
590

 
$
(1,979
)
 
$
1,158




L BRANDS, INC.
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
(in millions)
 
 
2016
 
L Brands, Inc.
 
Guarantor
Subsidiaries
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
L Brands, Inc.
Net Income (Loss)
$
1,158

 
$
1,389

 
$
590

 
$
(1,979
)
 
$
1,158

Other Comprehensive Income (Loss), Net of Tax:
 
 
 
 
 
 
 
 
 
Foreign Currency Translation

 

 
(19
)
 

 
(19
)
Unrealized Gain (Loss) on Cash Flow Hedges

 

 
(8
)
 

 
(8
)
Reclassification of Cash Flow Hedges to Earnings

 

 
7

 

 
7

Unrealized Gain (Loss) on Marketable Securities

 

 
(5
)
 

 
(5
)
Reclassification of Gain on Marketable Securities to Earnings

 

 
(3
)
 

 
(3
)
Total Other Comprehensive Income (Loss), Net of Tax




(28
)



(28
)
Total Comprehensive Income (Loss)
$
1,158

 
$
1,389

 
$
562

 
$
(1,979
)
 
$
1,130



L BRANDS, INC.
CONDENSED CONSOLIDATING STATEMENT OF INCOME
(in millions)
 
 
2015
 
L Brands, Inc.
 
Guarantor
Subsidiaries
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
L Brands, Inc.
Net Sales
$

 
$
11,475

 
$
3,570

 
$
(2,891
)
 
$
12,154

Costs of Goods Sold, Buying and Occupancy

 
(6,843
)
 
(2,858
)
 
2,751

 
(6,950
)
Gross Profit

 
4,632

 
712

 
(140
)
 
5,204

General, Administrative and Store Operating Expenses
(12
)
 
(2,688
)
 
(440
)
 
128

 
(3,012
)
Operating Income (Loss)
(12
)
 
1,944

 
272

 
(12
)
 
2,192

Interest Expense
(334
)
 
(38
)
 
(9
)
 
47

 
(334
)
Other Income (Loss)

 
5

 
71

 

 
76

Income (Loss) Before Income Taxes
(346
)
 
1,911

 
334

 
35

 
1,934

Provision (Benefit) for Income Taxes
(2
)
 
478

 
205

 

 
681

Equity in Earnings, Net of Tax
1,597

 
94

 
348

 
(2,039
)
 

Net Income (Loss)
$
1,253

 
$
1,527

 
$
477

 
$
(2,004
)
 
$
1,253




L BRANDS, INC.
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
(in millions)
 
 
2015
 
L Brands, Inc.
 
Guarantor
Subsidiaries
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
L Brands, Inc.
Net Income (Loss)
$
1,253

 
$
1,527

 
$
477

 
$
(2,004
)
 
$
1,253

Other Comprehensive Income (Loss), Net of Tax:
 
 
 
 
 
 
 
 
 
Foreign Currency Translation

 

 
(23
)
 

 
(23
)
Unrealized Gain (Loss) on Cash Flow Hedges

 

 
6

 

 
6

Reclassification of Cash Flow Hedges to Earnings

 

 
14

 

 
14

Unrealized Gain (Loss) on Marketable Securities

 

 
8

 

 
8

Total Other Comprehensive Income (Loss), Net of Tax




5




5

Total Comprehensive Income (Loss)
$
1,253

 
$
1,527

 
$
482

 
$
(2,004
)
 
$
1,258



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
$
(462
)
 
$
1,414

 
$
454

 
$

 
$
1,406

Investing Activities:
 
 
 
 
 
 
 
 
 
Capital Expenditures

 
(495
)
 
(212
)
 

 
(707
)
Return of Capital from Easton Investments

 

 
29

 

 
29

Purchase of Marketable Securities

 

 
(10
)
 

 
(10
)
Other Investing Activities

 
(1
)
 
(9
)
 

 
(10
)
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

Payment 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
1,638

 
(1,313
)
 
(325
)
 

 

Proceeds From Exercise of Stock Options
38

 

 

 

 
38

Financing Costs
(5
)
 

 

 

 
(5
)
Other Financing Activities

 
(3
)
 

 

 
(3
)
Net Cash Provided by (Used for) Financing Activities
462

 
(1,316
)
 
(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)
 
 
2016
 
L Brands, Inc.
 
Guarantor
Subsidiaries
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities
$
(404
)
 
$
1,885

 
$
509

 
$

 
$
1,990

Investing Activities:
 
 
 
 
 
 
 
 
 
Capital Expenditures

 
(705
)
 
(285
)
 

 
(990
)
Return of Capital from Easton Investments

 

 
119

 

 
119

Proceeds from Sale of Assets

 

 
53

 

 
53

Proceeds from Sale of Marketable Securities

 

 
10

 

 
10

Acquisition, Net of Cash Acquired of $1

 

 
(33
)
 

 
(33
)
Other Investing Activities

 
(2
)
 
10

 

 
8

Net Cash Provided by (Used for) Investing Activities

 
(707
)
 
(126
)
 

 
(833
)
Financing Activities:
 
 
 
 
 
 
 
 
 
Proceeds from Issuance of Long-term Debt, Net of Issuance Costs
692

 

 

 

 
692

Payment of Long-term Debt
(742
)
 

 

 

 
(742
)
Borrowings from Foreign Facilities

 

 
35

 

 
35

Repayments of Foreign Facilities

 

 
(6
)
 

 
(6
)
Dividends Paid
(1,268
)
 

 

 

 
(1,268
)
Repurchases of Common Stock
(435
)
 

 

 

 
(435
)
Tax Payments related to Share-based Awards
(58
)
 

 

 

 
(58
)
Net Financing Activities and Advances to/from Consolidated Affiliates
2,195

 
(1,803
)
 
(392
)
 

 

Proceeds From Exercise of Stock Options
20

 

 

 

 
20

Other Financing Activities

 
(3
)
 

 

 
(3
)
Net Cash Provided by (Used for) Financing Activities
404

 
(1,806
)
 
(363
)
 

 
(1,765
)
Effects of Exchange Rate Changes on Cash

 

 
(6
)
 

 
(6
)
Net Increase (Decrease) in Cash and Cash Equivalents

 
(628
)
 
14

 

 
(614
)
Cash and Cash Equivalents, Beginning of Year

 
2,190

 
358

 

 
2,548

Cash and Cash Equivalents, End of Year
$

 
$
1,562

 
$
372

 
$

 
$
1,934
















L BRANDS, INC.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
(in millions)
 
 
2015
 
L Brands, Inc.
 
Guarantor
Subsidiaries
 
Non-guarantor
Subsidiaries
 
Eliminations
 
Consolidated
L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities
$
(234
)
 
$
1,897

 
$
364

 
$

 
$
2,027

Investing Activities:
 
 
 
 
 
 
 
 
 
Capital Expenditures

 
(506
)
 
(221
)
 

 
(727
)
Return of Capital from Easton Investments

 

 
9

 

 
9

Purchases of Marketable Securities

 
(50
)
 
(10
)
 

 
(60
)
Proceeds from Sale of Assets

 

 
196

 

 
196

Proceeds from Sale of Marketable Securities

 
50

 

 

 
50

Proceeds from Divestiture of Third-party Apparel Sourcing Business

 
1

 
84

 

 
85

Other Investing Activities

 

 
4

 

 
4

Net Cash Provided by (Used for) Investing Activities

 
(505
)
 
62

 

 
(443
)
Financing Activities:
 
 
 
 
 
 
 
 
 
Proceeds from Issuance of Long-term Debt, Net of Issuance Costs
988

 

 

 

 
988

Borrowings from Foreign Facilities

 

 
7

 

 
7

Dividends Paid
(1,171
)
 

 

 

 
(1,171
)
Repurchases of Common Stock
(483
)
 

 

 

 
(483
)
Tax Payments related to Share-based Awards
(88
)
 

 

 

 
(88
)
Net Financing Activities and Advances to/from Consolidated Affiliates
955

 
(662
)
 
(293
)
 

 

Proceeds From Exercise of Stock Options
33

 

 

 

 
33

Other Financing Activities

 
(2
)
 

 

 
(2
)
Net Cash Provided by (Used for) Financing Activities
234


(664
)

(286
)



(716
)
Effects of Exchange Rate Changes on Cash

 

 
(1
)
 

 
(1
)
Net Increase (Decrease) in Cash and Cash Equivalents

 
728

 
139

 

 
867

Cash and Cash Equivalents, Beginning of Year

 
1,462

 
219

 

 
1,681

Cash and Cash Equivalents, End of Year
$

 
$
2,190

 
$
358

 
$

 
$
2,548