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Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information | 9 Months Ended
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Nov. 02, 2019
Supplemental Guarantor Financial Information [Abstract] |
Supplemental Guarantor Financial Information | Supplemental Guarantor Financial Information The Company’s 2021 Notes, 2022 Notes, 2023 Notes, 2027 Notes, 2028 Notes, 2029 Notes, 2035 Notes, 2036 Notes, Secured Revolving Facility and Secured 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 November 2, 2019, February 2, 2019 and November 3, 2018 and the Condensed Consolidating Statements of Income (Loss), Comprehensive Income (Loss) and Cash Flows for the periods ended November 2, 2019 and November 3, 2018. 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 |
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 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 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 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 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 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 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 | )
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 | )
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 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 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 |
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 |

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