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Supplemental Guarantor Financial Information (Tables) | 9 Months Ended
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Nov. 02, 2019
Condensed Consolidating Balance Sheet [Abstract] |
Condensed Balance Sheet | L BRANDS, INC. CONDENSED CONSOLIDATING BALANCE SHEET (in millions) (Unaudited)
| November 3, 2018
| L Brands, Inc. |  | Guarantor Subsidiaries |  | Non- guarantor Subsidiaries |  | Eliminations |  | Consolidated L Brands, Inc.
ASSETS |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents | $ | — |  |  | $ | 167 |  |  | $ | 181 |  |  | $ | — |  |  | $ | 348 |
Accounts Receivable, Net | — |  |  | 212 |  |  | 109 |  |  | — |  |  | 321 |
Inventories | — |  |  | 1,700 |  |  | 263 |  |  | — |  |  | 1,963 |
Other | 15 |  |  | 165 |  |  | 121 |  |  | — |  |  | 301 |
Total Current Assets | 15 |  |  | 2,244 |  |  | 674 |  |  | — |  |  | 2,933 |
Property and Equipment, Net | — |  |  | 2,019 |  |  | 915 |  |  | — |  |  | 2,934 |
Goodwill | — |  |  | 1,318 |  |  | 30 |  |  | — |  |  | 1,348 |
Trade Names | — |  |  | 411 |  |  | — |  |  | — |  |  | 411 |
Net Investments in and Advances to/from Consolidated Affiliates | 4,396 |  |  | 19,442 |  |  | 2,386 |  |  | (26,224 | ) |  | — |
Deferred Income Taxes | — |  |  | 9 |  |  | 11 |  |  | — |  |  | 20 |
Other Assets | 127 |  |  | 14 |  |  | 683 |  |  | (641 | ) |  | 183 |
Total Assets | $ | 4,538 |  |  | $ | 25,457 |  |  | $ | 4,699 |  |  | $ | (26,865 | ) |  | $ | 7,829 |
LIABILITIES AND EQUITY (DEFICIT) |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |
Accounts Payable | $ | — |  |  | $ | 585 |  |  | $ | 475 |  |  | $ | — |  |  | $ | 1,060 |
Accrued Expenses and Other | 62 |  |  | 583 |  |  | 373 |  |  | — |  |  | 1,018 |
Current Debt | — |  |  | — |  |  | 56 |  |  | — |  |  | 56 |
Income Taxes | — |  |  | — |  |  | 8 |  |  | — |  |  | 8 |
Total Current Liabilities | 62 |  |  | 1,168 |  |  | 912 |  |  | — |  |  | 2,142 |
Deferred Income Taxes | (2 | ) |  | (43 | ) |  | 279 |  |  | — |  |  | 234 |
Long-term Debt | 5,743 |  |  | 627 |  |  | 71 |  |  | (627 | ) |  | 5,814 |
Other Long-term Liabilities | 58 |  |  | 810 |  |  | 97 |  |  | (14 | ) |  | 951 |
Total Equity (Deficit) | (1,323 | ) |  | 22,895 |  |  | 3,340 |  |  | (26,224 | ) |  | (1,312 | )
Total Liabilities and Equity (Deficit) | $ | 4,538 |  |  | $ | 25,457 |  |  | $ | 4,699 |  |  | $ | (26,865 | ) |  | $ | 7,829 |
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)
| November 2, 2019
| L Brands, Inc. |  | Guarantor Subsidiaries |  | Non- guarantor Subsidiaries |  | Eliminations |  | Consolidated L Brands, Inc.
ASSETS |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents | $ | — |  |  | $ | 186 |  |  | $ | 154 |  |  | $ | — |  |  | $ | 340 |
Accounts Receivable, Net | — |  |  | 191 |  |  | 104 |  |  | — |  |  | 295 |
Inventories | — |  |  | 1,864 |  |  | 168 |  |  | — |  |  | 2,032 |
Other | 9 |  |  | 53 |  |  | 197 |  |  | — |  |  | 259 |
Total Current Assets | 9 |  |  | 2,294 |  |  | 623 |  |  | — |  |  | 2,926 |
Property and Equipment, Net | — |  |  | 1,823 |  |  | 748 |  |  | — |  |  | 2,571 |
Operating Lease Assets | — |  |  | 2,587 |  |  | 543 |  |  | — |  |  | 3,130 |
Goodwill | — |  |  | 1,318 |  |  | — |  |  | — |  |  | 1,318 |
Trade Names | — |  |  | 411 |  |  | — |  |  | — |  |  | 411 |
Net Investments in and Advances to/from Consolidated Affiliates | 4,095 |  |  | 20,095 |  |  | 2,835 |  |  | (27,025 | ) |  | — |
Deferred Income Taxes | — |  |  | 9 |  |  | 54 |  |  | — |  |  | 63 |
Other Assets | 130 |  |  | 10 |  |  | 700 |  |  | (629 | ) |  | 211 |
Total Assets | $ | 4,234 |  |  | $ | 28,547 |  |  | $ | 5,503 |  |  | $ | (27,654 | ) |  | $ | 10,630 |
LIABILITIES AND EQUITY (DEFICIT) |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |
Accounts Payable | $ | 1 |  |  | $ | 576 |  |  | $ | 447 |  |  | $ | — |  |  | $ | 1,024 |
Accrued Expenses and Other | 69 |  |  | 587 |  |  | 324 |  |  | — |  |  | 980 |
Current Debt | — |  |  | — |  |  | 75 |  |  | — |  |  | 75 |
Current Operating Lease Liabilities | — |  |  | 377 |  |  | 83 |  |  | — |  |  | 460 |
Income Taxes | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
Total Current Liabilities | 70 |  |  | 1,540 |  |  | 933 |  |  | — |  |  | 2,543 |
Deferred Income Taxes | 1 |  |  | (41 | ) |  | 286 |  |  | — |  |  | 246 |
Long-term Debt | 5,392 |  |  | 615 |  |  | 85 |  |  | (615 | ) |  | 5,477 |
Long-term Operating Lease Liabilities | — |  |  | 2,579 |  |  | 529 |  |  | — |  |  | 3,108 |
Other Long-term Liabilities | 62 |  |  | 397 |  |  | 49 |  |  | (14 | ) |  | 494 |
Total Equity (Deficit) | (1,291 | ) |  | 23,457 |  |  | 3,621 |  |  | (27,025 | ) |  | (1,238 | )
Total Liabilities and Equity (Deficit) | $ | 4,234 |  |  | $ | 28,547 |  |  | $ | 5,503 |  |  | $ | (27,654 | ) |  | $ | 10,630 |
Condensed Income Statement | L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS) (in millions) (Unaudited)
| Year-to-Date 2018
| L Brands, Inc. |  | Guarantor Subsidiaries |  | Non- guarantor Subsidiaries |  | Eliminations |  | Consolidated L Brands, Inc.
Net Sales | $ | — |  |  | $ | 7,907 |  |  | $ | 2,555 |  |  | $ | (2,077 | ) |  | $ | 8,385 |
Costs of Goods Sold, Buying and Occupancy | — |  |  | (5,243 | ) |  | (2,157 | ) |  | 1,946 |  |  | (5,454 | )
Gross Profit | — |  |  | 2,664 |  |  | 398 |  |  | (131 | ) |  | 2,931 |
General, Administrative and Store Operating Expenses | (8 | ) |  | (2,228 | ) |  | (354 | ) |  | 96 |  |  | (2,494 | )
Operating Income (Loss) | (8 | ) |  | 436 |  |  | 44 |  |  | (35 | ) |  | 437 |
Interest Expense | (288 | ) |  | (37 | ) |  | (5 | ) |  | 38 |  |  | (292 | )
Other Income (Loss) | — |  |  | 8 |  |  | (7 | ) |  | — |  |  | 1 |
Income (Loss) Before Income Taxes | (296 | ) |  | 407 |  |  | 32 |  |  | 3 |  |  | 146 |
Provision (Benefit) for Income Taxes | (1 | ) |  | 32 |  |  | 11 |  |  | — |  |  | 42 |
Equity in Earnings (Loss), Net of Tax | 399 |  |  | 340 |  |  | 294 |  |  | (1,033 | ) |  | — |
Net Income (Loss) | $ | 104 |  |  | $ | 715 |  |  | $ | 315 |  |  | $ | (1,030 | ) |  | $ | 104 |
L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS) (in millions) (Unaudited)
| Third Quarter 2019
| L Brands, Inc. |  | Guarantor Subsidiaries |  | Non- guarantor Subsidiaries |  | Eliminations |  | Consolidated L Brands, Inc.
Net Sales | $ | — |  |  | $ | 2,583 |  |  | $ | 887 |  |  | $ | (793 | ) |  | $ | 2,677 |
Costs of Goods Sold, Buying and Occupancy | — |  |  | (1,761 | ) |  | (887 | ) |  | 712 |  |  | (1,936 | )
Gross Profit | — |  |  | 822 |  |  | — |  |  | (81 | ) |  | 741 |
General, Administrative and Store Operating Expenses | (1 | ) |  | (831 | ) |  | (118 | ) |  | 58 |  |  | (892 | )
Operating Income (Loss) | (1 | ) |  | (9 | ) |  | (118 | ) |  | (23 | ) |  | (151 | )
Interest Expense | (90 | ) |  | (23 | ) |  | (2 | ) |  | 23 |  |  | (92 | )
Other Income (Loss) | — |  |  | (16 | ) |  | (18 | ) |  | — |  |  | (34 | )
Income (Loss) Before Income Taxes | (91 | ) |  | (48 | ) |  | (138 | ) |  | — |  |  | (277 | )
Provision (Benefit) for Income Taxes | — |  |  | (4 | ) |  | (21 | ) |  | — |  |  | (25 | )
Equity in Earnings (Loss), Net of Tax | (161 | ) |  | (176 | ) |  | (55 | ) |  | 392 |  |  | — |
Net Income (Loss) | $ | (252 | ) |  | $ | (220 | ) |  | $ | (172 | ) |  | $ | 392 |  |  | $ | (252 | )
L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS) (in millions) (Unaudited)
| Third Quarter 2018
| L Brands, Inc. |  | Guarantor Subsidiaries |  | Non- guarantor Subsidiaries |  | Eliminations |  | Consolidated L Brands, Inc.
Net Sales | $ | — |  |  | $ | 2,644 |  |  | $ | 965 |  |  | $ | (834 | ) |  | $ | 2,775 |
Costs of Goods Sold, Buying and Occupancy | — |  |  | (1,786 | ) |  | (838 | ) |  | 777 |  |  | (1,847 | )
Gross Profit | — |  |  | 858 |  |  | 127 |  |  | (57 | ) |  | 928 |
General, Administrative and Store Operating Expenses | (2 | ) |  | (785 | ) |  | (127 | ) |  | 40 |  |  | (874 | )
Operating Income (Loss) | (2 | ) |  | 73 |  |  | — |  |  | (17 | ) |  | 54 |
Interest Expense | (94 | ) |  | (19 | ) |  | — |  |  | 17 |  |  | (96 | )
Other Income (Loss) | — |  |  | 2 |  |  | (1 | ) |  | — |  |  | 1 |
Income (Loss) Before Income Taxes | (96 | ) |  | 56 |  |  | (1 | ) |  | — |  |  | (41 | )
Provision (Benefit) for Income Taxes | 1 |  |  | (1 | ) |  | 2 |  |  | — |  |  | 2 |
Equity in Earnings (Loss), Net of Tax | 54 |  |  | (92 | ) |  | (103 | ) |  | 141 |  |  | — |
Net Income (Loss) | $ | (43 | ) |  | $ | (35 | ) |  | $ | (106 | ) |  | $ | 141 |  |  | $ | (43 | )
L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS) (in millions) (Unaudited)
| Year-to-Date 2019
| L Brands, Inc. |  | Guarantor Subsidiaries |  | Non- guarantor Subsidiaries |  | Eliminations |  | Consolidated L Brands, Inc.
Net Sales | $ | — |  |  | $ | 7,831 |  |  | $ | 2,407 |  |  | $ | (2,031 | ) |  | $ | 8,207 |
Costs of Goods Sold, Buying and Occupancy | — |  |  | (5,275 | ) |  | (2,070 | ) |  | 1,795 |  |  | (5,550 | )
Gross Profit | — |  |  | 2,556 |  |  | 337 |  |  | (236 | ) |  | 2,657 |
General, Administrative and Store Operating Expenses | (9 | ) |  | (2,345 | ) |  | (293 | ) |  | 167 |  |  | (2,480 | )
Operating Income (Loss) | (9 | ) |  | 211 |  |  | 44 |  |  | (69 | ) |  | 177 |
Interest Expense | (280 | ) |  | (70 | ) |  | (5 | ) |  | 69 |  |  | (286 | )
Other Income (Loss) | (40 | ) |  | (5 | ) |  | (21 | ) |  | — |  |  | (66 | )
Income (Loss) Before Income Taxes | (329 | ) |  | 136 |  |  | 18 |  |  | — |  |  | (175 | )
Provision (Benefit) for Income Taxes | (8 | ) |  | 2 |  |  | 5 |  |  | — |  |  | (1 | )
Equity in Earnings (Loss), Net of Tax | 147 |  |  | 82 |  |  | 80 |  |  | (309 | ) |  | — |
Net Income (Loss) | $ | (174 | ) |  | $ | 216 |  |  | $ | 93 |  |  | $ | (309 | ) |  | $ | (174 | )
Condensed Statement of Comprehensive Income | L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (in millions) (Unaudited)
| Year-to-Date 2018
| L Brands, Inc. |  | Guarantor Subsidiaries |  | Non- guarantor Subsidiaries |  | Eliminations |  | Consolidated L Brands, Inc.
Net Income (Loss) | $ | 104 |  |  | $ | 715 |  |  | $ | 315 |  |  | $ | (1,030 | ) |  | $ | 104 |
Other Comprehensive Income (Loss), Net of Tax: |  |  |  |  |  |  |  |  |
Foreign Currency Translation | — |  |  | — |  |  | (24 | ) |  | — |  |  | (24 | )
Unrealized Gain (Loss) on Cash Flow Hedges | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |
Reclassification of Cash Flow Hedges to Earnings | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Total Other Comprehensive Income (Loss), Net of Tax | — |  |  | — |  |  | (11 | ) |  | — |  |  | (11 | )
Total Comprehensive Income (Loss) | $ | 104 |  |  | $ | 715 |  |  | $ | 304 |  |  | $ | (1,030 | ) |  | $ | 93 |
L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (in millions) (Unaudited)
| Third Quarter 2019
| L Brands, Inc. |  | Guarantor Subsidiaries |  | Non- guarantor Subsidiaries |  | Eliminations |  | Consolidated L Brands, Inc.
Net Income (Loss) | $ | (252 | ) |  | $ | (220 | ) |  | $ | (172 | ) |  | $ | 392 |  |  | $ | (252 | )
Other Comprehensive Income (Loss), Net of Tax: |  |  |  |  |  |  |  |  |
Foreign Currency Translation | — |  |  | — |  |  | 6 |  |  | — |  |  | 6 |
Unrealized Gain (Loss) on Cash Flow Hedges | — |  |  | — |  |  | (2 | ) |  | — |  |  | (2 | )
Total Other Comprehensive Income (Loss), Net of Tax | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
Total Comprehensive Income (Loss) | $ | (252 | ) |  | $ | (220 | ) |  | $ | (168 | ) |  | $ | 392 |  |  | $ | (248 | )
L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (in millions) (Unaudited)
| Third Quarter 2018
| L Brands, Inc. |  | Guarantor Subsidiaries |  | Non- guarantor Subsidiaries |  | Eliminations |  | Consolidated L Brands, Inc.
Net Income (Loss) | $ | (43 | ) |  | $ | (35 | ) |  | $ | (106 | ) |  | $ | 141 |  |  | $ | (43 | )
Other Comprehensive Income (Loss), Net of Tax: |  |  |  |  |  |  |  |  |
Foreign Currency Translation | — |  |  | — |  |  | (2 | ) |  | — |  |  | (2 | )
Unrealized Gain (Loss) on Cash Flow Hedges | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Total Other Comprehensive Income (Loss), Net of Tax | — |  |  | — |  |  | (1 | ) |  | — |  |  | (1 | )
Total Comprehensive Income (Loss) | $ | (43 | ) |  | $ | (35 | ) |  | $ | (107 | ) |  | $ | 141 |  |  | $ | (44 | )
L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (in millions) (Unaudited)
| Year-to-Date 2019
| L Brands, Inc. |  | Guarantor Subsidiaries |  | Non- guarantor Subsidiaries |  | Eliminations |  | Consolidated L Brands, Inc.
Net Income (Loss) | $ | (174 | ) |  | $ | 216 |  |  | $ | 93 |  |  | $ | (309 | ) |  | $ | (174 | )
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 | — |  |  | — |  |  | (3 | ) |  | — |  |  | (3 | )
Total Other Comprehensive Income (Loss), Net of Tax | — |  |  | — |  |  | (6 | ) |  | — |  |  | (6 | )
Total Comprehensive Income (Loss) | $ | (174 | ) |  | $ | 216 |  |  | $ | 87 |  |  | $ | (309 | ) |  | $ | (180 | )
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 | $ | (361 | ) |  | $ | 295 |  |  | $ | 79 |  |  | $ | — |  |  | $ | 13 |
Investing Activities: |  |  |  |  |  |  |  |  |
Capital Expenditures | — |  |  | (367 | ) |  | (194 | ) |  | — |  |  | (561 | )
Net Investments in Consolidated Affiliates | — |  |  | — |  |  | (181 | ) |  | 181 |  |  | — |
Other Investing Activities | — |  |  | 6 |  |  | 17 |  |  | — |  |  | 23 |
Net Cash Provided by (Used for) Investing Activities | — |  |  | (361 | ) |  | (358 | ) |  | 181 |  |  | (538 | )
Financing Activities: |  |  |  |  |  |  |  |  |
Payments of Long-term Debt | (52 | ) |  | — |  |  | — |  |  | — |  |  | (52 | )
Borrowing from Secured Revolving Facility | 85 |  |  | — |  |  | — |  |  | — |  |  | 85 |
Borrowings from Foreign Facilities | — |  |  | — |  |  | 110 |  |  | — |  |  | 110 |
Repayments of Foreign Facilities | — |  |  | — |  |  | (71 | ) |  | — |  |  | (71 | )
Dividends Paid | (500 | ) |  | — |  |  | — |  |  | — |  |  | (500 | )
Repurchases of Common Stock | (198 | ) |  | — |  |  | — |  |  | — |  |  | (198 | )
Tax Payments related to Share-based Awards | (13 | ) |  | — |  |  | — |  |  | — |  |  | (13 | )
Financing Costs and Other | (2 | ) |  | (2 | ) |  | — |  |  | — |  |  | (4 | )
Net Financing Activities and Advances to/from Consolidated Affiliates | 1,041 |  |  | (929 | ) |  | 69 |  |  | (181 | ) |  | — |
Net Cash Provided by (Used for) Financing Activities | 361 |  |  | (931 | ) |  | 108 |  |  | (181 | ) |  | (643 | )
Effects of Exchange Rate Changes on Cash and Cash Equivalents | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Net Increase (Decrease) in Cash and Cash Equivalents | — |  |  | (997 | ) |  | (170 | ) |  | — |  |  | (1,167 | )
Cash and Cash Equivalents, Beginning of Period | — |  |  | 1,164 |  |  | 351 |  |  | — |  |  | 1,515 |
Cash and Cash Equivalents, End of Period | $ | — |  |  | $ | 167 |  |  | $ | 181 |  |  | $ | — |  |  | $ | 348 |
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 | $ | (345 | ) |  | $ | (377 | ) |  | $ | 632 |  |  | $ | — |  |  | $ | (90 | )
Investing Activities: |  |  |  |  |  |  |  |  |
Capital Expenditures | — |  |  | (245 | ) |  | (147 | ) |  | — |  |  | (392 | )
Net Investments in Consolidated Affiliates | — |  |  | — |  |  | (137 | ) |  | 137 |  |  | — |
Other Investing Activities | — |  |  | 12 |  |  | (28 | ) |  | — |  |  | (16 | )
Net Cash Provided by (Used for) Investing Activities | — |  |  | (233 | ) |  | (312 | ) |  | 137 |  |  | (408 | )
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 | — |  |  | — |  |  | 36 |  |  | — |  |  | 36 |
Repayments of Foreign Facilities | — |  |  | — |  |  | (21 | ) |  | — |  |  | (21 | )
Dividends Paid | (249 | ) |  | — |  |  | — |  |  | — |  |  | (249 | )
Tax Payments related to Share-based Awards | (12 | ) |  | — |  |  | — |  |  | — |  |  | (12 | )
Financing Costs and Other | (6 | ) |  | (5 | ) |  | — |  |  | — |  |  | (11 | )
Net Financing Activities and Advances to/from Consolidated Affiliates | 925 |  |  | (196 | ) |  | (592 | ) |  | (137 | ) |  | — |
Net Cash Provided by (Used for) Financing Activities | 345 |  |  | (201 | ) |  | (577 | ) |  | (137 | ) |  | (570 | )
Effects of Exchange Rate Changes on Cash and Cash Equivalents | — |  |  | — |  |  | (5 | ) |  | — |  |  | (5 | )
Net Increase (Decrease) in Cash and Cash Equivalents | — |  |  | (811 | ) |  | (262 | ) |  | — |  |  | (1,073 | )
Cash and Cash Equivalents, Beginning of Period | — |  |  | 997 |  |  | 416 |  |  | — |  |  | 1,413 |
Cash and Cash Equivalents, End of Period | $ | — |  |  | $ | 186 |  |  | $ | 154 |  |  | $ | — |  |  | $ | 340 |

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