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Supplemental Guarantor Financial Information (Tables)

6 Months Ended

Aug. 03, 2019

Condensed Consolidating Balance Sheet [Abstract]

Condensed Balance Sheet

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)

(Unaudited)



	August 4, 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	453		$	390	$	—		$	843
Accounts Receivable, Net	—			166			144		—			310
Inventories	—			1,139			176		—			1,315
Other	6			143			98		—			247
Total Current Assets	6			1,901			808		—			2,715
Property and Equipment, Net	—			2,012			937		—			2,949
Goodwill	—			1,318			30		—			1,348
Trade Names	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,544			19,604			2,205		(26,353		)	—
Deferred Income Taxes	—			10			11		—			21
Other Assets	128			14			645		(611		)	176
Total Assets	$	4,678		$	25,270		$	4,636	$	(26,964	)	$	7,620
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	3		$	430		$	388	$	—		$	821
Accrued Expenses and Other	96			539			328		—			963
Current Debt	—			—			65		—			65
Income Taxes	—			—			7		—			7
Total Current Liabilities	99			969			788		—			1,856
Deferred Income Taxes	(2		)	(38		)	277		—			237
Long-term Debt	5,657			597			55		(597		)	5,712
Other Long-term Liabilities	58			796			97		(14		)	937
Total Equity (Deficit)	(1,134		)	22,946			3,419		(26,353		)	(1,122		)
Total Liabilities and Equity (Deficit)	$	4,678		$	25,270		$	4,636	$	(26,964	)	$	7,620

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

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)

(Unaudited)



	August 3, 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	355		$	498	$	—		$	853
Accounts Receivable, Net	—			173			110		—			283
Inventories	—			1,211			118		—			1,329
Other	12			55			121		—			188
Total Current Assets	12			1,794			847		—			2,653
Property and Equipment, Net	—			1,868			888		—			2,756
Operating Lease Assets	—			2,637			572		—			3,209
Goodwill	—			1,318			30		—			1,348
Trade Names	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,418			20,582			2,315		(27,315		)	—
Deferred Income Taxes	—			9			53		—			62
Other Assets	126			11			654		(612		)	179
Total Assets	$	4,556		$	28,630		$	5,359	$	(27,927	)	$	10,618
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	2		$	418		$	343	$	—		$	763
Accrued Expenses and Other	81			529			309		—			919
Current Debt	—			—			75		—			75
Current Operating Lease Liabilities	—			370			86		—			456
Income Taxes	—			—			3		—			3
Total Current Liabilities	83			1,317			816		—			2,216
Deferred Income Taxes	1			(41		)	281		—			241
Long-term Debt	5,388			597			87		(597		)	5,475
Long-term Operating Lease Liabilities	—			2,636			529		—			3,165
Other Long-term Liabilities	62			374			29		(15		)	450
Total Equity (Deficit)	(978		)	23,747			3,617		(27,315		)	(929		)
Total Liabilities and Equity (Deficit)	$	4,556		$	28,630		$	5,359	$	(27,927	)	$	10,618

Condensed Income Statement

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

(in millions)

(Unaudited)



	Year-to-Date 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	5,263		$	1,590		$	(1,243	)	$	5,610
Costs of Goods Sold, Buying and Occupancy	—			(3,457		)	(1,319		)	1,169			(3,607		)
Gross Profit	—			1,806			271			(74		)	2,003
General, Administrative and Store Operating Expenses	(6		)	(1,443		)	(227		)	56			(1,620		)
Operating Income (Loss)	(6		)	363			44			(18		)	383
Interest Expense	(194		)	(18		)	(5		)	21			(196		)
Other Income (Loss)	—			7			(6		)	—			1
Income (Loss) Before Income Taxes	(200		)	352			33			3			188
Provision for Income Taxes	(2		)	34			9			—			41
Equity in Earnings (Loss), Net of Tax	345			432			397			(1,174		)	—
Net Income (Loss)	$	147		$	750		$	421		$	(1,171	)	$	147

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

(in millions)

(Unaudited)



	Second Quarter 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,760		$	767		$	(625	)	$	2,902
Costs of Goods Sold, Buying and Occupancy	—			(1,865		)	(596		)	542			(1,919		)
Gross Profit	—			895			171			(83		)	983
General, Administrative and Store Operating Expenses	(3		)	(777		)	(87		)	59			(808		)
Operating Income (Loss)	(3		)	118			84			(24		)	175
Interest Expense	(93		)	(24		)	(2		)	24			(95		)
Other Income (Loss)	(40		)	5			(3		)	—			(38		)
Income (Loss) Before Income Taxes	(136		)	99			79			—			42
Provision for Income Taxes	(8		)	(2		)	14			—			4
Equity in Earnings (Loss), Net of Tax	166			192			131			(489		)	—
Net Income (Loss)	$	38		$	293		$	196		$	(489	)	$	38

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

(in millions)

(Unaudited)



	Second Quarter 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,797		$	751		$	(564	)	$	2,984
Costs of Goods Sold, Buying and Occupancy	—			(1,835		)	(650		)	560			(1,925		)
Gross Profit	—			962			101			(4		)	1,059
General, Administrative and Store Operating Expenses	(2		)	(717		)	(118		)	6			(831		)
Operating Income (Loss)	(2		)	245			(17		)	2			228
Interest Expense	(97		)	2			(2		)	(1		)	(98		)
Other Income (Loss)	—			3			(4		)	—			(1		)
Income (Loss) Before Income Taxes	(99		)	250			(23		)	1			129
Provision for Income Taxes	—			21			9			—			30
Equity in Earnings (Loss), Net of Tax	198			217			245			(660		)	—
Net Income (Loss)	$	99		$	446		$	213		$	(659	)	$	99

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

(in millions)

(Unaudited)



	Year-to-Date 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	5,247		$	1,521		$	(1,238	)	$	5,530
Costs of Goods Sold, Buying and Occupancy	—			(3,514		)	(1,183		)	1,083			(3,614		)
Gross Profit	—			1,733			338			(155		)	1,916
General, Administrative and Store Operating Expenses	(8		)	(1,513		)	(176		)	109			(1,588		)
Operating Income (Loss)	(8		)	220			162			(46		)	328
Interest Expense	(190		)	(47		)	(3		)	46			(194		)
Other Income (Loss)	(40		)	12			(3		)	—			(31		)
Income (Loss) Before Income Taxes	(238		)	185			156			—			103
Provision for Income Taxes	(8		)	7			26			—			25
Equity in Earnings (Loss), Net of Tax	308			258			135			(701		)	—
Net Income (Loss)	$	78		$	436		$	265		$	(701	)	$	78

Condensed Statement of Comprehensive Income

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)



	Year-to-Date 2018
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	147	$	750	$	421		$	(1,171	)	$	147
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		(22		)	—			(22		)
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		9			—			9
Reclassification of Cash Flow Hedges to Earnings	—		—		3			—			3
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(10		)	—			(10		)
Total Comprehensive Income (Loss)	$	147	$	750	$	411		$	(1,171	)	$	137

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)



	Second Quarter 2019
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	38	$	293	$	196		$	(489	)	$	38
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		(7		)	—			(7		)
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		2			—			2
Reclassification of Cash Flow Hedges to Earnings	—		—		(1		)	—			(1		)
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(6		)	—			(6		)
Total Comprehensive Income (Loss)	$	38	$	293	$	190		$	(489	)	$	32

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)



	Second Quarter 2018
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	99	$	446	$	213		$	(659	)	$	99
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		(9		)	—			(9		)
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		3			—			3
Reclassification of Cash Flow Hedges to Earnings	—		—		1			—			1
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(5		)	—			(5		)
Total Comprehensive Income (Loss)	$	99	$	446	$	208		$	(659	)	$	94

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)



	Year-to-Date 2019
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	78	$	436	$	265		$	(701	)	$	78
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		(11		)	—			(11		)
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		4			—			4
Reclassification of Cash Flow Hedges to Earnings	—		—		(3		)	—			(3		)
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(10		)	—			(10		)
Total Comprehensive Income (Loss)	$	78	$	436	$	255		$	(701	)	$	68

Condensed Cash Flow Statement

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)

(Unaudited)



	Year-to-Date 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(219	)	$	471		$	(40	)	$	—		$	212
Investing Activities:
Capital Expenditures	—			(213		)	(132		)	—			(345		)
Net Investments in Consolidated Affiliates	—			—			(11		)	11			—
Other Investing Activities	—			—			15			—			15
Net Cash Provided by (Used for) Investing Activities	—			(213		)	(128		)	11			(330		)
Financing Activities:
Payments of Long-term Debt	(52		)	—			—			—			(52		)
Borrowings from Foreign Facilities	—			—			89			—			89
Repayments of Foreign Facilities	—			—			(57		)	—			(57		)
Dividends Paid	(335		)	—			—			—			(335		)
Repurchases of Common Stock	(186		)	—			—			—			(186		)
Tax Payments related to Share-based Awards	(12		)	—			—			—			(12		)
Proceeds from Exercise of Stock Options	1			—			—			—			1
Financing Costs and Other	(2		)	—			—			—			(2		)
Net Financing Activities and Advances to/from Consolidated Affiliates	805			(969		)	175			(11		)	—
Net Cash Provided by (Used for) Financing Activities	219			(969		)	207			(11		)	(554		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			—			—			—
Net Increase (Decrease) in Cash and Cash Equivalents	—			(711		)	39			—			(672		)
Cash and Cash Equivalents, Beginning of Period	—			1,164			351			—			1,515
Cash and Cash Equivalents, End of Period	$	—		$	453		$	390		$	—		$	843

BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)

(Unaudited)



	Year-to-Date 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations		Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(240	)	$	(119	)	$	521		$	—	$	162
Investing Activities:
Capital Expenditures	—			(153		)	(91		)	—		(244		)
Other Investing Activities	—			12			(5		)	—		7
Net Cash Provided by (Used for) Investing Activities	—			(141		)	(96		)	—		(237		)
Financing Activities:
Proceeds from Issuance of Long-term Debt, Net of Issuance Costs	486			—			—			—		486
Payments of Long-term Debt	(799		)	—			—			—		(799		)
Borrowings from Foreign Facilities	—			—			25			—		25
Repayments of Foreign Facilities	—			—			(14		)	—		(14		)
Dividends Paid	(166		)	—			—			—		(166		)
Tax Payments related to Share-based Awards	(11		)	—			—			—		(11		)
Proceeds from Exercise of Stock Options	1			—			—			—		1
Financing Costs and Other	(1		)	(4		)	—			—		(5		)
Net Financing Activities and Advances to/from Consolidated Affiliates	730			(378		)	(352		)	—		—
Net Cash Provided by (Used for) Financing Activities	240			(382		)	(341		)	—		(483		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			(2		)	—		(2		)
Net Increase (Decrease) in Cash and Cash Equivalents	—			(642		)	82			—		(560		)
Cash and Cash Equivalents, Beginning of Period	—			997			416			—		1,413
Cash and Cash Equivalents, End of Period	$	—		$	355		$	498		$	—	$	853