Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
May 04, 2019 | May 31, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | May 4, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | LB | |
Entity Registrant Name | L Brands, Inc. | |
Entity Central Index Key | 0000701985 | |
Current Fiscal Year End Date | --02-01 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 276,340,439 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,629 | $ 2,626 |
Income Statement [Abstract] | ||
Costs of Goods Sold, Buying and Occupancy | (1,695) | (1,682) |
Gross Profit | 934 | 944 |
General, Administrative and Store Operating Expenses | (781) | (789) |
Operating Income | 153 | 155 |
Interest Expense | (99) | (98) |
Other Income | 6 | 2 |
Income Before Income Taxes | 60 | 59 |
Provision for Income Taxes | 20 | 11 |
Net Income | $ 40 | $ 48 |
Net Income Per Basic Share | $ 0.15 | $ 0.17 |
Net Income Per Diluted Share | 0.14 | 0.17 |
Dividends Per Share | $ 0.30 | $ 0.60 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Net Income | $ 40 | $ 48 |
Other Comprehensive Income (Loss), Net of Tax: | ||
Reclassification of Cash Flow Hedges to Earnings | (2) | 2 |
Foreign Currency Translation | (4) | (13) |
Unrealized Gain on Cash Flow Hedges | 2 | 6 |
Total Other Comprehensive Income (Loss), Net of Tax | (4) | (5) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 36 | $ 43 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 |
Current Assets: | |||
Cash and Cash Equivalents | $ 1,146 | $ 1,413 | $ 1,032 |
Accounts Receivable, Net | 274 | 367 | 274 |
Inventories | 1,357 | 1,248 | 1,350 |
Other | 170 | 232 | 234 |
Total Current Assets | 2,947 | 3,260 | 2,890 |
Property and Equipment, Net | 2,794 | 2,818 | 2,894 |
Operating Lease, Right-of-Use Asset | 3,271 | 0 | 0 |
Goodwill | 1,348 | 1,348 | 1,348 |
Indefinite-Lived Trade Names | 411 | 411 | 411 |
Deferred Tax Assets, Net, Noncurrent | 61 | 62 | 22 |
Other Assets | 166 | 191 | 184 |
Total Assets | 10,998 | 8,090 | 7,749 |
Current Liabilities: | |||
Accounts Payable | 688 | 711 | 717 |
Accrued Expenses and Other | 872 | 1,082 | 848 |
Debt, Current | 72 | 72 | 89 |
Operating Lease, Liability, Current | 443 | 0 | 0 |
Accrued Income Taxes, Current | 122 | 121 | 204 |
Total Current Liabilities | 2,197 | 1,986 | 1,858 |
Deferred Income Taxes | 238 | 226 | 234 |
Long-term Debt | 5,749 | 5,739 | 5,719 |
Operating Lease, Liability, Noncurrent | 3,234 | 0 | 0 |
Other Long-term Liabilities | 478 | 1,004 | 907 |
Shareholders’ Equity (Deficit): | |||
Preferred Stock - $1.00 par value; 10 shares authorized; none issued | 0 | 0 | 0 |
Common Stock - $0.50 par value; 1,000 shares authorized; 284, 283 and 283 shares issued; 276, 275 and 278 shares outstanding, respectively | 142 | 141 | 141 |
Paid-in Capital | 786 | 771 | 696 |
Accumulated Other Comprehensive Income | 55 | 59 | 17 |
Retained Earnings (Deficit) | (1,527) | (1,482) | (1,580) |
Less: Treasury Stock, at Average Cost; 8, 8 and 5 shares, respectively | (358) | (358) | (245) |
Total L Brands, Inc. Shareholders’ Equity (Deficit) | (902) | (869) | (971) |
Noncontrolling Interest | 4 | 4 | 2 |
Total Equity (Deficit) | (898) | (865) | (969) |
Total Liabilities and Equity (Deficit) | $ 10,998 | $ 8,090 | $ 7,749 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 |
Preferred Stock, Par Value | $ 1 | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 10 | 10 | 10 |
Preferred Stock, Shares Issued | 0 | 0 | 0 |
Common Stock, Par Value | $ 0.50 | $ 0.50 | $ 0.50 |
Common Stock, Shares Authorized | 1,000 | 1,000 | 1,000 |
Common Stock, Shares, Issued | 284 | 283 | 283 |
Common Stock, Shares, Outstanding | 276 | 275 | 278 |
Treasury Stock, Shares | 8 | 8 | 5 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Operating Activities: | ||
Net Income | $ 40 | $ 48 |
Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: | ||
Depreciation, Amortization and Accretion, Net | 145 | 148 |
Amortization of Landlord Allowances | 0 | (11) |
Deferred Income Taxes | 12 | (13) |
Share-based Compensation Expense | 23 | 25 |
Gain (Loss) on Equity Method Investment Dividends Or Distributions | (2) | 0 |
Changes in Assets and Liabilities: | ||
Accounts Receivable | 65 | 41 |
Inventories | (110) | (114) |
Accounts Payable, Accrued Expenses and Other | (231) | (219) |
Income Taxes Payable | 4 | 7 |
Other Assets and Liabilities | (19) | 9 |
Net Cash Used for Operating Activities | (73) | (79) |
Investing Activities: | ||
Capital Expenditures | (123) | (160) |
Proceeds from Divestiture of Businesses | 12 | 0 |
Proceeds from Sale and Maturity of Marketable Securities | 3 | 0 |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 2 | 1 |
Net Cash Provided by (Used for) Investing Activities | (106) | (159) |
Financing Activities: | ||
Payments of Dividends | (83) | (168) |
Repurchases of Common Stock | 0 | (81) |
Tax Payments related to Share-based Awards | (9) | (8) |
Proceeds from Exercise of Stock Options | 1 | 1 |
Proceeds from (Payments for) Other Financing Activities | (2) | 0 |
Net Cash Provided by (Used for) Financing Activities | (86) | (243) |
Effects of Exchange Rate Changes on Cash and Cash Equivalents | (2) | (2) |
Net Increase (Decrease) in Cash and Cash Equivalents | (267) | (483) |
Cash and Cash Equivalents, Beginning of Period | 1,413 | 1,515 |
Cash and Cash Equivalents, End of Period | 1,146 | 1,032 |
Foreign Facilities with Parent Guarantee [Member] | Without Subsidiary Guarantee [Member] | ||
Financing Activities: | ||
Proceeds from Long-term Lines of Credit | 13 | |
Repayments of Lines of Credit | (6) | |
Foreign Facilities [Member] | ||
Financing Activities: | ||
Proceeds from Long-term Lines of Credit | 21 | 21 |
Repayments of Lines of Credit | $ (14) | $ (8) |
Consolidated Statements of Tota
Consolidated Statements of Total Equity (Deficit) Statement - USD ($) shares in Thousands, $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] |
Common Stock, Shares, Outstanding | 280,000 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (751) | $ 141 | $ 678 | $ 24 | $ (1,434) | $ (162) | $ 2 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | Adjustments for New Accounting Pronouncement [Member] | (779) | 22 | (1,460) | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | 0 | 0 | 0 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | Adjustments for New Accounting Pronouncement [Member] | (28) | (2) | (26) | ||||
Net Income | 48 | 0 | 0 | 0 | 48 | 0 | 0 |
Total Other Comprehensive Income (Loss), Net of Tax | (5) | 0 | 0 | (5) | 0 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 43 | 0 | 0 | (5) | 48 | 0 | 0 |
Dividends, Common Stock, Cash | $ (168) | $ 0 | 0 | 0 | (168) | 0 | 0 |
Treasury Stock, Shares, Acquired | (2,090) | (2,000) | |||||
Treasury Stock, Value, Acquired, Cost Method | $ (83) | $ 0 | 0 | 0 | 0 | (83) | 0 |
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 0 | ||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ (18) | $ 0 | (18) | 0 | 0 | 0 | 0 |
Common Stock, Shares, Outstanding | 278,000 | 278,000 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (969) | $ 141 | 696 | 17 | (1,580) | (245) | 2 |
Common Stock, Shares, Outstanding | 275,000 | 275,000 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (865) | $ 141 | 771 | 59 | (1,482) | (358) | 4 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | Adjustments for New Accounting Pronouncement [Member] | (867) | 59 | (1,484) | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | 0 | 0 | 0 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | Adjustments for New Accounting Pronouncement [Member] | (2) | 0 | (2) | ||||
Net Income | 40 | 0 | 0 | 0 | 40 | 0 | 0 |
Total Other Comprehensive Income (Loss), Net of Tax | (4) | 0 | 0 | (4) | 0 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 36 | 0 | 0 | (4) | 40 | 0 | 0 |
Dividends, Common Stock, Cash | (83) | $ 0 | 0 | 0 | (83) | 0 | 0 |
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 1,000 | ||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ (16) | $ (1) | (15) | 0 | 0 | 0 | 0 |
Common Stock, Shares, Outstanding | 276,000 | 276,000 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (898) | $ 142 | $ 786 | $ 55 | $ (1,527) | $ (358) | $ 4 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 3 Months Ended |
May 04, 2019 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Description Of Business And Basis Of Presentation | Description of Business and Basis of Presentation Description of Business L Brands, Inc. (“the Company”) operates in the highly competitive specialty retail business. The Company is a specialty retailer of women’s intimate and other apparel, personal care, beauty and home fragrance products. The Company sells its merchandise through company-owned specialty retail stores in the United States (“U.S.”), Canada, the United Kingdom (“U.K.”), Ireland and Greater China (China and Hong Kong), and through its websites and other channels. The Company's other international operations are primarily through franchise, license and wholesale partners. The Company currently operates the following retail brands: • Victoria’s Secret • PINK • Bath & Body Works Fiscal Year The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “ first quarter of 2019 ” and “ first quarter of 2018 ” refer to the thirteen -week periods ended May 4, 2019 and May 5, 2018 , respectively. Basis of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method. Under the equity method of accounting, the Company recognizes its share of the investee's net income or loss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carrying values are only reduced below zero if the Company has an obligation to provide funding to the investee. The Company’s share of net income or loss of unconsolidated entities from which the Company purchases merchandise or merchandise components is included in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income. The Company’s share of net income or loss of all other unconsolidated entities is included in Other Income in the Consolidated Statements of Income. The Company’s equity method investments are required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value. On January 6, 2019, the Company completed the sale of the La Senza business. For additional information, see Note 5, "Restructuring Activities." Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended May 4, 2019 and May 5, 2018 are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained in the Company’s 2018 Annual Report on Form 10-K. In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments which are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods. Seasonality of Business Due to seasonal variations in the retail industry, the results of operations for any interim period are not necessarily indicative of the results expected for the full fiscal year. Concentration of Credit Risk The Company maintains cash and cash equivalents and derivative contracts with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts and limits the amount of credit exposure with any one entity. Typically, the Company’s investment portfolio is comprised of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits. The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company records an allowance for uncollectable accounts when it becomes probable that the counterparty will be unable to pay. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available. |
New Accounting Pronouncement (N
New Accounting Pronouncement (Notes) | 3 Months Ended |
May 04, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | New Accounting Pronouncements Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) 842, Leases , which requires companies classified as lessees to account for most leases on their balance sheets but recognize expenses on their income statements in a manner similar to legacy accounting. The standard also requires enhanced quantitative and qualitative disclosures, including significant judgments made by management, to provide greater insight into the extent of expense recognized and expected to be recognized from existing leases. In July 2018, the FASB approved an amendment to the standard that provides companies a modified retrospective transition option that does not require earlier periods to be restated upon adoption. The Company adopted the standard in the first quarter of 2019 under the modified retrospective approach. As allowed by the new standard, the Company elected the package of transition practical expedients but elected to not apply the hindsight practical expedient to its leases at transition. Upon adoption at the beginning of 2019, the Company recorded operating lease liabilities of $3.7 billion and operating right-of-use assets for its leases of $3.3 billion . The operating right-of-use assets are net of $470 million of liabilities for deferred rent and unamortized landlord construction allowances that were previously recorded as Other Long-term Liabilities on the Consolidated Balance Sheet. The Company also recorded a decrease to opening retained earnings, net of tax, of $2 million . The adoption of the standard did not materially impact the Consolidated Statements of Income or Cash Flows. See Note 8, “Leases” for additional disclosure required by the new standard. Hedging Activities In August 2017, the FASB issued Accounting Standards Update ("ASU") 2017-12, Targeted Improvements to Accounting for Hedging Activities , which is intended to better align risk management activities and financial reporting for hedging relationships. The standard eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. It also eases certain documentation and assessment requirements. The Company adopted the standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on the Company's consolidated results of operations, financial position or cash flows. Goodwill In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment , which simplifies the subsequent measurement of goodwill. The standard eliminates the second step from the goodwill impairment test, which requires a hypothetical purchase price allocation to determine the implied fair value of goodwill. Under the new standard, the goodwill impairment charge will be the excess of the reporting unit's carrying value over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. This guidance will be effective beginning in fiscal 2020, with early adoption permitted. The Company does not expect this standard to have a material impact on its consolidated results of operations, financial position or cash flows. |
Leases (Notes)
Leases (Notes) | 3 Months Ended |
May 04, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Leases In the first quarter of 2019, the Company adopted ASC 842, Leases , using the modified retrospective approach. Results for the first quarter of 2019 are presented under ASC 842, while prior period consolidated financial statements have not been adjusted and continue to be presented under the accounting standard in effect at that time. The Company leases retail space, office space, warehouse facilities, storage space, equipment and certain other items under operating leases. A substantial portion of the Company’s leases are operating leases for its stores which generally have an initial term of 10 years. Annual store rent consists of a fixed minimum amount and/or variable rent based on a percentage of sales exceeding a stipulated amount. Store lease terms generally also require additional payments covering certain operating costs such as common area maintenance, utilities, insurance and taxes. Certain leases contain predetermined fixed escalations of minimum rentals or require periodic adjustments of minimum rentals depending on an index or rate. Additionally, certain leases contain incentives, such as construction allowances from landlords and/or rent abatements subsequent to taking possession of the leased property. At lease commencement, the Company recognizes an asset for the right to use the leased asset and a liability based on the present value of the unpaid fixed lease payments. Operating lease costs are recognized on a straight-line basis as lease expense over the lease term. Variable lease payments associated with the Company's leases are recognized upon occurrence of the event or circumstance on which the payments are assessed. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet, and lease expense is recognized on a straight-line basis over the lease term. Since the Company typically cannot determine the implicit borrowing rate in a lease, the Company uses its incremental borrowing rate, adjusted for collateral, to determine the present value of its unpaid lease payments. The Company’s store leases often include options to extend the initial term or to terminate the lease prior to the end of the initial term. The exercise of these options is typically at the sole discretion of the Company. These options are included in determining the initial lease term at lease commencement if the Company is reasonably certain to exercise the option. Additionally, the Company may operate stores for a period of time on a month-to-month basis after the expiration of the lease term. For leases entered into or reassessed after the adoption of the new standard, the Company has elected the practical expedient allowed by the standard to account for all fixed consideration in a lease as a single lease component. Therefore, the lease payments used to measure the lease liability for these leases include fixed minimum rentals along with fixed operating costs such as common area maintenance and utilities. The Company has provided residual value guarantees in connection with noncancelable operating leases of certain assets. See Note 15, “Commitments and Contingencies.” The following table provides the components of lease cost for operating leases for the first quarter of 2019 : (in millions) Operating Lease Costs $ 175 Variable Lease Costs 17 Short-term Lease Costs 5 Total Lease Cost $ 197 The following table provides future maturities of operating lease liabilities as of the first quarter of 2019 : Fiscal Year (in millions) 2019 $ 474 2020 692 2021 654 2022 585 2023 528 Thereafter 1,800 Total Lease Payments $ 4,733 Less: Interest (1,056 ) Present Value of Operating Lease Liabilities $ 3,677 As of May 4, 2019 , the Company has additional operating lease commitments that have not yet commenced of approximately $71 million . The following table provides the weighted-average remaining lease term and discount rate for operating leases with lease liabilities as of the first quarter of 2019 : Weighted Average Remaining Lease Term (years) 7.8 Weighted Average Discount Rate 6.1 % In the first quarter of 2019 , the Company paid $171 million for operating lease liabilities recorded on the balance sheet. These payments are included within the Operating Activities section of the 2019 Consolidated Statement of Cash Flows. In the first quarter of 2019 , the Company obtained $125 million of additional lease assets as a result of new operating lease obligations. Disclosures for 2018 The following table provides rent expense, as presented under the prior accounting standard, for the first quarter of 2018: (in millions) Store Rent: Fixed Minimum $ 167 Contingent 12 Total Store Rent 179 Office, Equipment and Other 22 Total Rent Expense $ 201 The following table provides future minimum rent commitments under noncancelable operating leases in the next five fiscal years and the remaining years thereafter, as determined under the prior accounting standard, as of February 2, 2019: Fiscal Year (a) (in millions) 2019 $ 698 2020 676 2021 630 2022 562 2023 504 Thereafter $ 1,738 _______________ (a) Excludes additional payments covering taxes, common area costs and certain other expenses generally required by store lease terms. Finance Leases The Company leases certain fulfillment equipment under finance leases that expire at various dates through 2023. The Company records finance lease assets, net of accumulated amortization, in Property and Equipment, Net on the Consolidated Balance Sheet. Additionally, the Company records finance lease liabilities in Accrued Expenses and Other and Other Long-term Liabilities on the Consolidated Balance Sheet. Finance lease costs are comprised of the straight-line amortization of the right-of-use asset and the accretion of interest expense under the effective interest method. The Company recorded $24 million and $5 million of finance lease assets, net of accumulated amortization, in Property and Equipment, Net on the May 4, 2019 and May 5, 2018 Consolidated Balance Sheets, respectively. Additionally, the Company recorded finance lease liabilities of $7 million and $1 million in Accrued Expenses and Other and $17 million and $3 million in Other Long-term Liabilities, on the May 4, 2019 and May 5, 2018 Consolidated Balance Sheets, respectively. Asset Retirement Obligations The Company has asset retirement obligations related to certain company-owned international stores that contractually obligate the Company to remove leasehold improvements at the end of a lease. The Company’s liability for asset retirement obligations totaled $19 million as of May 4, 2019 and $8 million as of May 5, 2018 . These liabilities are included in Other Long-term Liabilities on the Consolidated Balance Sheets. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 3 Months Ended |
May 04, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Recognition Accounts receivable, net from revenue-generating activities were $182 million as of May 4, 2019 , $150 million as of February 2, 2019 and $147 million as of May 5, 2018 . Accounts receivable primarily relate to amounts due from the Company's franchise, license and wholesale partners. Under these arrangements, payment terms are typically 60 to 75 days. The Company records deferred revenue when cash payments are received in advance of transfer of control of goods or services. Deferred revenue primarily relates to gift cards, loyalty and private label credit card programs and direct channel shipments, which are all impacted by seasonal and holiday-related sales patterns. Deferred revenue was $280 million as of May 4, 2019 , $331 million as of February 2, 2019 and $269 million as of May 5, 2018 . The Company recognized $120 million as revenue in the first quarter of 2019 from amounts recorded as deferred revenue at the beginning of the period. As of May 4, 2019 , the Company recorded deferred revenue of $265 million within Accrued Expenses and Other, and $15 million within Other Long-term Liabilities on the Consolidated Balance Sheet. The following table provides a disaggregation of Net Sales for the first quarter of 2019 and 2018 : First Quarter 2019 2018 (in millions) Victoria’s Secret Stores (a) $ 1,149 $ 1,236 Victoria’s Secret Direct 362 353 Total Victoria’s Secret 1,511 1,589 Bath & Body Works Stores (a) 715 649 Bath & Body Works Direct 156 112 Total Bath & Body Works 871 761 Victoria's Secret and Bath & Body Works International (b) 135 135 Other (c) 112 141 Total Net Sales $ 2,629 $ 2,626 _______________ (a) Includes company-owned stores in the U.S. and Canada. (b) Includes company-owned stores in the U.K., Ireland and Greater China, direct sales in Greater China and wholesale sales, royalties and other fees associated with non-company owned stores. (c) Includes wholesale revenues from the Company's sourcing function. Results for 2018 also include store and direct sales for La Senza and Henri Bendel. |
Earnings Per Share And Sharehol
Earnings Per Share And Shareholders' Equity | 3 Months Ended |
May 04, 2019 | |
Earnings Per Share And Shareholders' Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Earnings Per Share and Shareholders’ Equity (Deficit) Earnings Per Share Earnings per basic share is computed based on the weighted-average number of outstanding common shares. Earnings per diluted share include the weighted-average effect of dilutive options and restricted stock on the weighted-average shares outstanding. The following table provides shares utilized for the calculation of basic and diluted earnings per share for the first quarter of 2019 and 2018 : First Quarter 2019 2018 (in millions) Weighted-average Common Shares: Issued Shares 284 283 Treasury Shares (8 ) (4 ) Basic Shares 276 279 Effect of Dilutive Options and Restricted Stock 2 3 Diluted Shares 278 282 Anti-dilutive Options and Awards (a) 5 5 _______________ (a) These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. Shareholders’ Equity (Deficit) Common Stock Share Repurchases Under the authority of the Company’s Board of Directors, the Company repurchased shares of its common stock under the following repurchase programs for the first quarter of 2018 : Amount Authorized Shares Repurchased Amount Repurchased Average Stock Price of Shares Repurchased within Program Repurchase Program (in millions) (in thousands) (in millions) March 2018 $ 250 1,563 $ 58 $ 36.93 September 2017 250 527 25 $ 46.98 Total 2,090 $ 83 The Company did not repurchase any shares in the first quarter of 2019. In March 2018, the Company's Board of Directors approved a $250 million share repurchase program, which included the $23 million remaining under the September 2017 repurchase program. The March 2018 repurchase program had $79 million remaining as of May 4, 2019 . There were $4 million of share repurchases reflected in Accounts Payable on the May 5, 2018 Consolidated Balance Sheet. Dividends Under the authority and declaration of the Board of Directors, the Company paid the following dividends during the first quarter of 2019 and 2018 : Ordinary Dividends Total Paid (per share) (in millions) 2019 First Quarter $ 0.30 $ 83 2018 First Quarter $ 0.60 $ 168 |
Restructuring Activities (Notes
Restructuring Activities (Notes) | 3 Months Ended |
May 04, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Activities | Restructuring Activities La Senza On January 6, 2019, in an effort to increase shareholder value and in order to focus on its larger core businesses, the Company divested its ownership interest in La Senza to an affiliate of Regent LP, a global private equity firm. Regent LP assumed La Senza’s operating assets and liabilities in exchange for potential future consideration upon the sale or other monetization of La Senza, as defined in the agreement. In the fourth quarter of 2018, the Company recognized a pre-tax loss on the divestiture of $99 million , primarily related to $45 million of accumulated foreign currency translation adjustments reclassified into earnings that were previously recognized as a component of equity, as well as losses related to the transfer of the net working capital and long-lived store assets to the buyer. The after-tax loss on the divestiture was $55 million , which includes $44 million of tax benefits primarily associated with the recognition of previously unrecognized deferred tax assets. In the first quarter of 2019, the Company received cash proceeds of $12 million related to a net working capital settlement from the divestiture. These proceeds are included within the Investing Activities section of the 2019 Consolidated Statement of Cash Flows. In conjunction with the transaction, the Company has guaranteed certain lease payments under the current terms of noncancelable leases. For additional information, see Note 15, "Commitments and Contingencies." Additionally, the Company will continue to provide support to La Senza in various operational areas including logistics, technology and merchandise sourcing for periods of time ranging from one month to 18 months. Henri Bendel The Company announced the planned closure of Henri Bendel in the third quarter of 2018. As a result, the Company recognized a pre-tax charge, primarily cash, consisting of lease termination costs, severance and other costs of $20 million in the third quarter of 2018. In the fourth quarter of 2018, the Company recognized an additional pre-tax charge of $3 million , primarily related to contract termination and employee retention costs. In the fourth quarter of 2018, the Company closed all Henri Bendel stores and ceased selling merchandise online. Through the first quarter of 2019, the Company made cash payments of $22 million . The remaining balance of $1 million is included in Accrued Expenses and Other on the May 4, 2019 Consolidated Balance Sheet. |
Inventories
Inventories | 3 Months Ended |
May 04, 2019 | |
Inventory, Net [Abstract] | |
Inventories | Inventories The following table provides details of inventories as of May 4, 2019 , February 2, 2019 and May 5, 2018 : May 4, February 2, May 5, (in millions) Finished Goods Merchandise $ 1,225 $ 1,107 $ 1,225 Raw Materials and Merchandise Components 132 141 125 Total Inventories $ 1,357 $ 1,248 $ 1,350 Inventories are principally valued at the lower of cost, on a weighted-average cost basis, or net realizable value. |
Property And Equipment, Net
Property And Equipment, Net | 3 Months Ended |
May 04, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment, Net | Property and Equipment, Net The following table provides details of property and equipment, net as of May 4, 2019 , February 2, 2019 and May 5, 2018 : May 4, February 2, May 5, (in millions) Property and Equipment, at Cost $ 6,744 $ 6,733 $ 6,760 Accumulated Depreciation and Amortization (3,950 ) (3,915 ) (3,866 ) Property and Equipment, Net $ 2,794 $ 2,818 $ 2,894 Depreciation expense was $145 million and $148 million for the first quarter of 2019 and 2018 , respectively. |
Equity Investments And Other
Equity Investments And Other | 3 Months Ended |
May 04, 2019 | |
Equity Method Investment, Summarized Financial Information [Abstract] | |
Equity Investments And Other | Equity Investments The Company has land and other investments in Easton, a planned community in Columbus, Ohio, that integrates office, hotel, retail, residential and recreational space. These investments, totaling $94 million as of May 4, 2019 , $89 million as of February 2, 2019 , and $82 million as of May 5, 2018 , are recorded in Other Assets on the Consolidated Balance Sheets. Included in the Company’s Easton investments are equity interests in Easton Town Center, LLC (“ETC”) and Easton Gateway, LLC (“EG”), entities that own and develop commercial entertainment and shopping centers. The Company’s investments in ETC and EG are accounted for using the equity method of accounting. The Company has a majority financial interest in ETC and EG, but another unaffiliated member manages them, and certain significant decisions regarding ETC and EG require the consent of unaffiliated members in addition to the Company. |
Income Taxes
Income Taxes | 3 Months Ended |
May 04, 2019 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes is based on the current estimate of the annual effective tax rate and is adjusted as necessary for quarterly events. For the first quarter of 2019 , the Company’s effective tax rate was 33.6% compared to 18.5% in the first quarter of 2018 . The first quarter 2019 rate was higher than the Company's combined federal and state statutory rate primarily due to the recognition of tax expense recorded through the income statement on share-based awards that vested in the quarter. The first quarter 2018 rate was lower than the Company's combined federal and state statutory rate primarily due to the release of a valuation allowance against certain deferred tax assets that are more likely than not to be realized. Income taxes paid were $12 million and $11 million for the first quarter of 2019 and 2018 , respectively. |
Long-term Debt
Long-term Debt | 3 Months Ended |
May 04, 2019 | |
Long-term Debt, by Current and Noncurrent [Abstract] | |
Long-term Debt | Long-term Debt and Borrowing Facilities The following table provides the Company’s outstanding debt balance, net of unamortized debt issuance costs and discounts, as of May 4, 2019 , February 2, 2019 and May 5, 2018 : May 4, February 2, May 5, (in millions) Senior Debt with Subsidiary Guarantee $1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”) $ 990 $ 990 $ 990 $956 million, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”) 952 952 994 $780 million, 6.625% Fixed Interest Rate Notes due April 2021 (“2021 Notes”) 777 776 995 $700 million, 6.75% Fixed Interest Rate Notes due July 2036 (“2036 Notes”) 693 693 693 $500 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”) 498 498 497 $500 million, 5.25% Fixed Interest Rate Notes due February 2028 (“2028 Notes”) 496 496 495 $338 million, 7.00% Fixed Interest Rate Notes due May 2020 (“2020 Notes”) 338 337 398 $297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”) 274 273 — Secured Foreign Facilities 91 91 12 Total Senior Debt with Subsidiary Guarantee $ 5,109 $ 5,106 $ 5,074 Senior Debt $350 million, 6.95% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”) $ 348 $ 348 $ 348 $300 million, 7.60% Fixed Interest Rate Notes due July 2037 (“2037 Notes”) 297 297 297 Unsecured Foreign Facilities 67 60 89 Total Senior Debt $ 712 $ 705 $ 734 Total $ 5,821 $ 5,811 $ 5,808 Current Debt (72 ) (72 ) (89 ) Total Long-term Debt, Net of Current Portion $ 5,749 $ 5,739 $ 5,719 Exchange of Notes In June 2018, the Company completed private offers to exchange $62 million , $220 million and $44 million of outstanding 2020 Notes, 2021 Notes and 2022 Notes, respectively, for $297 million of newly issued 6.694% notes due in January 2027 and $52 million in cash consideration, which included a $24 million exchange premium. The exchange was treated as a modification under ASC 470, Debt, and no gain or loss was recognized. The exchange premium will be amortized through the maturity date of January 2027 and is included within Long-term Debt on the May 4, 2019 and February 2, 2019 Consolidated Balance Sheets. The obligation to pay principal and interest on the 2027 Notes is jointly and severally guaranteed on a full and unconditional basis by certain of the Company's 100% owned subsidiaries (the “Guarantors”). Secured Revolving Facility The Company and the Guarantors guarantee and pledge collateral to secure a revolving credit facility ("Secured Revolving Facility"). The Secured Revolving Facility has aggregate availability of $1 billion and expires in May 2022. The Secured Revolving Facility allows the Company and certain of the Company's non-U.S. subsidiaries to borrow and obtain letters of credit in U.S. dollars, Canadian dollars, Euros, Hong Kong dollars or British pounds. The Secured Revolving Facility fees related to committed and unutilized amounts are 0.25% per annum, and the fees related to outstanding letters of credit are 1.50% per annum. In addition, the interest rate on outstanding U.S. dollar borrowings is the London Interbank Offered Rate (“LIBOR”) plus 1.50% per annum. The interest rate on outstanding foreign denominated borrowings is the applicable benchmark rate plus 1.50% per annum. The Secured Revolving Facility contains fixed charge coverage and debt to EBITDA financial covenants. The Company is required to maintain a fixed charge coverage ratio of not less than 1.75 to 1.00 and a consolidated debt to consolidated EBITDA ratio not exceeding 4.00 to 1.00 for the most recent four-quarter period. In addition, the Secured Revolving Facility provides that investments and restricted payments may be made, without limitation on amount, if (a) at the time of and after giving effect to such investment or restricted payment, the ratio of consolidated debt to consolidated EBITDA for the most recent four-quarter period is less than 3.00 to 1.00 and (b) no default or event of default exists. As of May 4, 2019 , the Company was in compliance with both of its financial covenants, and the ratio of consolidated debt to consolidated EBITDA was less than 3.00 to 1.00 . As of May 4, 2019 , there were no borrowings outstanding under the Secured Revolving Facility. The Secured Revolving Facility supports the Company’s letter of credit program. The Company had $10 million of outstanding letters of credit as of May 4, 2019 that reduced its remaining availability under the Secured Revolving Facility. Secured Foreign Facilities The Company and the Guarantors guarantee and pledge collateral to secure revolving and term loan bank facilities ("Secured Foreign Facilities") used by certain of the Company's Greater China subsidiaries to support their operations. The Secured Foreign Facilities, which allow borrowings in U.S. dollars and Chinese Yuan, have availability totaling $100 million . The interest rates on outstanding borrowings are based upon the applicable benchmark rate for the currency of each borrowing. During the first quarter of 2019 , the Company borrowed and made payments of $8 million under the Secured Foreign Facilities. The maximum daily amount outstanding at any point in time during the first quarter of 2019 was $96 million . Borrowings on the Secured Foreign Facilities mature between December 2019 and May 2022. As of May 4, 2019 , borrowings of $5 million are included within Current Debt on the Consolidated Balance Sheet, and the remaining borrowings are included within Long-term Debt. Unsecured Foreign Facilities The Company guarantees unsecured revolving and term loan bank facilities ("Unsecured Foreign Facilities") used by certain of the Company's Greater China subsidiaries to support their operations. The Unsecured Foreign Facilities, which allow borrowings in U.S. dollars and Chinese Yuan, have availability totaling $100 million . The interest rates on outstanding borrowings are based upon the applicable benchmark rate for the currency of each borrowing. During the first quarter of 2019 , the Company borrowed $13 million and made payments of $6 million under the Unsecured Foreign Facilities. The maximum daily amount outstanding at any point in time during the first quarter of 2019 was $73 million . Borrowings on the Unsecured Foreign Facilities mature between June 2019 and December 2019. As of May 4, 2019 , borrowings of $67 million are included within Current Debt on the Consolidated Balance Sheet. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
May 04, 2019 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Instruments | Derivative Financial Instruments The earnings of the Company's wholly owned foreign businesses are subject to exchange rate risk as substantially all their merchandise is sourced through U.S. dollar transactions. The Company uses foreign currency forward contracts designated as cash flow hedges to mitigate this foreign currency exposure for its Canadian and U.K. businesses. These forward contracts currently have a maximum term of 18 months. Amounts are reclassified from accumulated other comprehensive income upon sale of the hedged merchandise to the customer. These gains and losses are recognized in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income. The Company uses foreign currency forward contracts to mitigate the impact of fluctuations in foreign currency exchange rates relative to recognized payable balances denominated in non-functional currencies. The fair value of these non-designated foreign currency forward contracts is not significant as of May 4, 2019 . The following table provides the U.S. dollar notional amount of outstanding foreign currency derivative financial instruments as of May 4, 2019 , February 2, 2019 and May 5, 2018 : May 4, February 2, May 5, (in millions) Notional Amount $ 152 $ 147 $ 208 The following table provides a summary of the fair value and balance sheet classification of outstanding derivative financial instruments designated as foreign currency cash flow hedges as of May 4, 2019 , February 2, 2019 and May 5, 2018 : May 4, February 2, May 5, (in millions) Other Current Assets $ 3 $ 2 $ 1 Accrued Expenses and Other — — 2 The following table provides a summary of the pre-tax financial statement effect of the gains and losses on derivative financial instruments designated as foreign currency cash flow hedges for the first quarter of 2019 and 2018 : First Quarter 2019 2018 (in millions) Gain (Loss) Recognized in Accumulated Other Comprehensive Income $ 2 $ 6 (Gain) Loss Reclassified from Accumulated Other Comprehensive Income into Costs of Goods Sold, Buying and Occupancy Expense (2 ) 2 The Company estimates that $3 million of net gains included in accumulated other comprehensive income as of May 4, 2019 related to foreign currency forward contracts designated as cash flow hedges will be reclassified into earnings within the following 12 months. Actual amounts ultimately reclassified depend on the exchange rates in effect when derivative contracts that are currently outstanding mature. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
May 04, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table provides a summary of assets and liabilities measured in the consolidated financial statements at fair value on a recurring basis as of May 4, 2019 , February 2, 2019 and May 5, 2018 : Level 1 Level 2 Level 3 Total (in millions) As of May 4, 2019 Assets: Cash and Cash Equivalents $ 1,146 $ — $ — $ 1,146 Marketable Equity Securities 8 — — 8 Foreign Currency Cash Flow Hedges — 3 — 3 As of February 2, 2019 Assets: Cash and Cash Equivalents $ 1,413 $ — $ — $ 1,413 Marketable Equity Securities 11 — — 11 Foreign Currency Cash Flow Hedges — 2 — 2 As of May 5, 2018 Assets: Cash and Cash Equivalents $ 1,032 $ — $ — $ 1,032 Marketable Equity Securities 17 — — 17 Foreign Currency Cash Flow Hedges — 1 — 1 Liabilities: Foreign Currency Cash Flow Hedges — 2 — 2 The Company's Level 1 fair value measurements use unadjusted quoted prices in active markets for identical assets. The Company's marketable equity securities are classified as Level 1 fair value measurements as they are traded with sufficient frequency and volume to enable the Company to obtain pricing information on an ongoing basis. The Company’s Level 2 fair value measurements use market approach valuation techniques. The primary inputs to these techniques include foreign currency exchange rates, as applicable to the underlying instruments. The following table provides a summary of the principal value and estimated fair value of outstanding publicly traded debt as of May 4, 2019 , February 2, 2019 and May 5, 2018 : May 4, February 2, May 5, (in millions) Principal Value $ 5,722 $ 5,722 $ 5,750 Fair Value (a) 5,486 5,340 5,735 _______________ (a) The estimated fair value of the Company’s publicly traded debt is based on reported transaction prices which are considered Level 2 inputs in accordance with ASC 820 , Fair Value Measurement . The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange. Management believes that the carrying values of accounts receivable, accounts payable, accrued expenses and current debt approximate fair value because of their short maturity. |
Comprehensive Income
Comprehensive Income | 3 Months Ended |
May 04, 2019 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive Income | Comprehensive Income The following table provides the rollforward of accumulated other comprehensive income for the first quarter of 2019 : Foreign Currency Translation Cash Flow Hedges Accumulated Other Comprehensive Income (in millions) Balance as of February 2, 2019 $ 57 $ 2 $ 59 Other Comprehensive Income (Loss) Before Reclassifications (4 ) 2 (2 ) Amounts Reclassified from Accumulated Other Comprehensive Income — (2 ) (2 ) Tax Effect — — — Current-period Other Comprehensive Income (Loss) (4 ) — (4 ) Balance as of May 4, 2019 $ 53 $ 2 $ 55 The following table provides the rollforward of accumulated other comprehensive income for the first quarter of 2018 : Foreign Currency Translation Cash Flow Hedges Marketable Equity Securities Accumulated Other Comprehensive Income (in millions) Balance as of February 3, 2018 $ 32 $ (10 ) $ 2 $ 24 Amount reclassified to Retained Earnings upon adoption of ASC 321, Investments - Equity Securities — — (2 ) (2 ) Balance as of February 4, 2018 32 (10 ) — 22 Other Comprehensive Income (Loss) Before Reclassifications (13 ) 6 — (7 ) Amounts Reclassified from Accumulated Other Comprehensive Income — 2 — 2 Tax Effect — — — — Current-period Other Comprehensive Income (Loss) (13 ) 8 — (5 ) Balance as of May 5, 2018 $ 19 $ (2 ) $ — $ 17 |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
May 04, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies The Company is subject to various claims and contingencies related to lawsuits, taxes, insurance, regulatory and other matters arising out of the normal course of business. Actions filed against the Company from time to time include commercial, tort, intellectual property, customer, employment, data privacy, securities and other claims, including purported class action lawsuits. Management believes that the ultimate liability arising from such claims and contingencies, if any, is not likely to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. Guarantees In connection with the sale of La Senza in the fourth quarter of 2018, the Company has remaining guarantees of $71 million related to lease payments under the current terms of noncancelable leases expiring at various dates through 2028. These guarantees include minimum rent and additional payments covering taxes, common area costs and certain other expenses and relate to leases that commenced prior to the disposition of the business. The Company recorded a liability of $5 million as of May 4, 2019 and February 2, 2019 representing the estimated fair value of its obligation as guarantor in accordance with ASC 460, Guarantees . In connection with the disposition of a certain other business, the Company has remaining guarantees of $5 million related to lease payments under the current terms of a noncancelable lease expiring in 2021 , which may remain in effect if the term is extended. The Company has not recorded a liability with respect to this guarantee obligation as of May 4, 2019 , February 2, 2019 or May 5, 2018 as it concluded that payments under this guarantee were not probable. In connection with noncancelable operating leases of certain assets, the Company provided residual value guarantees to the lessor if the leased assets cannot be sold for an amount in excess of a specified minimum value at the conclusion of the lease term. The leases expire at various dates through 2021, and the total amount of the guarantees is $94 million . The Company recorded a liability of $10 million as of May 4, 2019 , $11 million as of February 2, 2019 and $3 million as of May 5, 2018 related to these guarantee obligations. This liability is included in Long-term Operating Lease Liabilities on the May 4, 2019 Consolidated Balance Sheet, and in Other Long-term Liabilities on the February 2, 2019 and May 5, 2018 Consolidated Balance Sheets. |
Retirement Benefits
Retirement Benefits | 3 Months Ended |
May 04, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | Retirement Benefits The Company sponsors a tax-qualified defined contribution retirement plan and a non-qualified supplemental retirement plan for substantially all its associates within the U.S. Participation in the tax-qualified plan is available to associates who meet certain age and service requirements. Participation in the non-qualified plan is available to associates who meet certain age, service, job level and compensation requirements. The qualified plan permits participating associates to elect contributions up to the maximum limits allowable under the Internal Revenue Code. The Company matches associate contributions according to a predetermined formula and contributes additional amounts based on a percentage of the associates’ eligible annual compensation and years of service. Associate contributions and Company matching contributions vest immediately. Additional Company contributions and the related investment earnings are subject to vesting based on years of service. Total expense recognized related to the qualified plan was $19 million for the first quarter of 2019 and $18 million for the first quarter of 2018 . The non-qualified plan is an unfunded plan which provides benefits beyond the Internal Revenue Code limits for qualified defined contribution plans. The plan permits participating associates to elect contributions up to a maximum percentage of eligible compensation. The Company matches associate contributions according to a predetermined formula and contributes additional amounts based on a percentage of the associates’ eligible compensation and years of service. The plan also permits participating associates to defer additional compensation up to a maximum amount which the Company does not match. Associates’ accounts are credited with interest using a fixed rate determined by the Company and reviewed by the Compensation Committee of the Board of Directors prior to the beginning of each year. Associate contributions and the related interest vest immediately. Company contributions, along with related interest, are subject to vesting based on years of service. Associates may elect in-service distributions for the unmatched additional deferred compensation component only. The remaining vested portion of associates’ accounts in the plan will be distributed upon termination of employment in either a lump sum or in annual installments over a specified period of up to 10 years. Total expense recognized related to the non-qualified plan was $6 million for both the first quarter of 2019 and 2018 . |
Segment Information
Segment Information | 3 Months Ended |
May 04, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company has three reportable segments: Victoria’s Secret, Bath & Body Works and Victoria's Secret and Bath & Body Works International. The Victoria’s Secret segment sells women’s intimate and other apparel, personal care and beauty products under the Victoria’s Secret and PINK brand names. Victoria’s Secret merchandise is sold online and through retail stores located in the U.S. and Canada. The Bath & Body Works segment sells body care, home fragrance products, soaps and sanitizers under the Bath & Body Works, White Barn, C.O. Bigelow and other brand names. Bath & Body Works merchandise is sold online and at retail stores located in the U.S. and Canada. The Victoria's Secret and Bath & Body Works International segment includes the Victoria's Secret and Bath & Body Works company-owned and partner-operated stores located outside of the U.S. and Canada, as well as the online business in Greater China. This segment includes the following: • Victoria's Secret International, comprised of company-owned stores in the U.K., Ireland and Greater China, as well as stores operated by partners under franchise and license arrangements; • Victoria's Secret Beauty and Accessories, comprised of company-owned stores in Greater China, as well as stores operated by partners under franchise, license and wholesale arrangements, which feature Victoria's Secret branded beauty and accessories products in travel retail and other locations; and • Bath & Body Works International stores operated by partners under franchise, license and wholesale arrangements. Other includes Mast Global, a merchandise sourcing and production function serving the Company and its international partners, and Corporate functions, including non-core real estate, equity investments and other governance functions such as treasury and tax. Results for 2018 also include La Senza and Henri Bendel. The following table provides the Company’s segment information for the first quarter of 2019 and 2018 : Victoria’s Secret Bath & Body Works Victoria’s Secret and Bath & Body Works International Other Total (in millions) 2019 First Quarter Net Sales $ 1,511 $ 871 $ 135 $ 112 $ 2,629 Operating Income (Loss) 33 155 (4 ) (31 ) 153 2018 First Quarter Net Sales $ 1,589 $ 761 $ 135 $ 141 $ 2,626 Operating Income (Loss) 83 124 (5 ) (47 ) 155 The Company's international net sales include sales from company-owned stores, royalty revenue from franchise and license arrangements, wholesale revenues and direct sales shipped internationally. Certain of these sales are subject to the impact of fluctuations in foreign currency. The Company’s international net sales across all segments totaled $349 million and $359 million for the first quarter of 2019 and 2018 , respectively. |
Supplemental Guarantor Financia
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information (Notes) | 3 Months Ended |
May 04, 2019 | |
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, 2027 Notes, 2028 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 May 4, 2019 , February 2, 2019 and May 5, 2018 and the Condensed Consolidating Statements of Income, Comprehensive Income and Cash Flows for the periods ended May 4, 2019 and May 5, 2018 . L BRANDS, INC. CONDENSED CONSOLIDATING BALANCE SHEET (in millions) (Unaudited) May 4, 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. ASSETS Current Assets: Cash and Cash Equivalents $ — $ 731 $ 415 $ — $ 1,146 Accounts Receivable, Net — 153 121 — 274 Inventories — 1,235 122 — 1,357 Other — 85 85 — 170 Total Current Assets — 2,204 743 — 2,947 Property and Equipment, Net — 1,895 899 — 2,794 Operating Lease Assets — 2,665 606 — 3,271 Goodwill — 1,318 30 — 1,348 Trade Names — 411 — — 411 Net Investments in and Advances to/from Consolidated Affiliates 4,698 19,854 2,223 (26,775 ) — Deferred Income Taxes — 9 52 — 61 Other Assets 127 12 639 (612 ) 166 Total Assets $ 4,825 $ 28,368 $ 5,192 $ (27,387 ) $ 10,998 LIABILITIES AND EQUITY (DEFICIT) Current Liabilities: Accounts Payable $ — $ 378 $ 310 $ — $ 688 Accrued Expenses and Other 61 485 326 — 872 Current Debt — — 72 — 72 Current Operating Lease Liabilities — 358 85 — 443 Income Taxes (7 ) 102 27 — 122 Total Current Liabilities 54 1,323 820 — 2,197 Deferred Income Taxes 1 (42 ) 279 — 238 Long-term Debt 5,663 597 86 (597 ) 5,749 Long-term Operating Lease Liabilities — 2,671 563 — 3,234 Other Long-term Liabilities 60 406 27 (15 ) 478 Total Equity (Deficit) (953 ) 23,413 3,417 (26,775 ) (898 ) Total Liabilities and Equity (Deficit) $ 4,825 $ 28,368 $ 5,192 $ (27,387 ) $ 10,998 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) May 5, 2018 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. ASSETS Current Assets: Cash and Cash Equivalents $ — $ 677 $ 355 $ — $ 1,032 Accounts Receivable, Net — 152 122 — 274 Inventories — 1,199 151 — 1,350 Other 1 136 97 — 234 Total Current Assets 1 2,164 725 — 2,890 Property and Equipment, Net — 1,970 924 — 2,894 Goodwill — 1,318 30 — 1,348 Trade Names — 411 — — 411 Net Investments in and Advances to/from Consolidated Affiliates 4,751 18,908 2,025 (25,684 ) — Deferred Income Taxes — 9 13 — 22 Other Assets 129 16 651 (612 ) 184 Total Assets $ 4,881 $ 24,796 $ 4,368 $ (26,296 ) $ 7,749 LIABILITIES AND EQUITY (DEFICIT) Current Liabilities: Accounts Payable $ 5 $ 350 $ 362 $ — $ 717 Accrued Expenses and Other 59 461 328 — 848 Current Debt — — 89 — 89 Income Taxes 6 176 22 — 204 Total Current Liabilities 70 987 801 — 1,858 Deferred Income Taxes (2 ) (41 ) 277 — 234 Long-term Debt 5,707 597 12 (597 ) 5,719 Other Long-term Liabilities 62 762 98 (15 ) 907 Total Equity (Deficit) (956 ) 22,491 3,180 (25,684 ) (969 ) Total Liabilities and Equity (Deficit) $ 4,881 $ 24,796 $ 4,368 $ (26,296 ) $ 7,749 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF INCOME (in millions) (Unaudited) First Quarter 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Sales $ — $ 2,488 $ 754 $ (613 ) $ 2,629 Costs of Goods Sold, Buying and Occupancy — (1,649 ) (587 ) 541 (1,695 ) Gross Profit — 839 167 (72 ) 934 General, Administrative and Store Operating Expenses (5 ) (737 ) (89 ) 50 (781 ) Operating Income (Loss) (5 ) 102 78 (22 ) 153 Interest Expense (97 ) (23 ) (1 ) 22 (99 ) Other Income (Loss) — 6 — — 6 Income (Loss) Before Income Taxes (102 ) 85 77 — 60 Provision for Income Taxes — 8 12 — 20 Equity in Earnings (Loss), Net of Tax 142 66 4 (212 ) — Net Income (Loss) $ 40 $ 143 $ 69 $ (212 ) $ 40 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (in millions) (Unaudited) First Quarter 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Income (Loss) $ 40 $ 143 $ 69 $ (212 ) $ 40 Other Comprehensive Income (Loss), Net of Tax: Foreign Currency Translation — — (4 ) — (4 ) Unrealized Gain (Loss) on Cash Flow Hedges — — 2 — 2 Reclassification of Cash Flow Hedges to Earnings — — (2 ) — (2 ) Total Other Comprehensive Income (Loss), Net of Tax — — (4 ) — (4 ) Total Comprehensive Income (Loss) $ 40 $ 143 $ 65 $ (212 ) $ 36 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF INCOME (in millions) (Unaudited) First Quarter 2018 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Sales $ — $ 2,466 $ 839 $ (679 ) $ 2,626 Costs of Goods Sold, Buying and Occupancy — (1,622 ) (669 ) 609 (1,682 ) Gross Profit — 844 170 (70 ) 944 General, Administrative and Store Operating Expenses (4 ) (726 ) (109 ) 50 (789 ) Operating Income (Loss) (4 ) 118 61 (20 ) 155 Interest Expense (97 ) (20 ) (3 ) 22 (98 ) Other Income — 4 (2 ) — 2 Income (Loss) Before Income Taxes (101 ) 102 56 2 59 Provision for Income Taxes (2 ) 13 — — 11 Equity in Earnings (Loss), Net of Tax 147 215 152 (514 ) — Net Income (Loss) $ 48 $ 304 $ 208 $ (512 ) $ 48 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (in millions) (Unaudited) First Quarter 2018 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Income (Loss) $ 48 $ 304 $ 208 $ (512 ) $ 48 Other Comprehensive Income (Loss), Net of Tax: Foreign Currency Translation — — (13 ) — (13 ) Unrealized Gain (Loss) on Cash Flow Hedges — — 6 — 6 Reclassification of Cash Flow Hedges to Earnings — — 2 — 2 Total Other Comprehensive Income (Loss), Net of Tax — — (5 ) — (5 ) Total Comprehensive Income (Loss) $ 48 $ 304 $ 203 $ (512 ) $ 43 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (in millions) (Unaudited) First Quarter 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Cash Provided by (Used for) Operating Activities $ (132 ) $ (332 ) $ 391 $ — $ (73 ) Investing Activities: Capital Expenditures — (75 ) (48 ) — (123 ) Proceeds from Divestiture of La Senza — 12 — — 12 Proceeds from Sales of Marketable Equity Securities — — 3 — 3 Return of Capital from Easton Investments — — 2 — 2 Net Investments in Consolidated Affiliates — — — — — Net Cash Provided by (Used for) Investing Activities — (63 ) (43 ) — (106 ) Financing Activities: Borrowings from Foreign Facilities — — 21 — 21 Repayments of Foreign Facilities — — (14 ) — (14 ) Dividends Paid (83 ) — — — (83 ) Tax Payments related to Share-based Awards (9 ) — — — (9 ) Proceeds from Exercise of Stock Options 1 — — — 1 Financing Costs and Other — (2 ) — — (2 ) Net Financing Activities and Advances to/from Consolidated Affiliates 223 131 (354 ) — — Net Cash Provided by (Used for) Financing Activities 132 129 (347 ) — (86 ) Effects of Exchange Rate Changes on Cash and Cash Equivalents — — (2 ) — (2 ) Net Decrease in Cash and Cash Equivalents — (266 ) (1 ) — (267 ) Cash and Cash Equivalents, Beginning of Period — 997 416 — 1,413 Cash and Cash Equivalents, End of Period $ — $ 731 $ 415 $ — $ 1,146 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (in millions) (Unaudited) First Quarter 2018 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Cash Provided by (Used for) Operating Activities $ (141 ) $ 65 $ (3 ) $ — $ (79 ) Investing Activities: Capital Expenditures — (91 ) (69 ) — (160 ) Return of Capital from Easton Investments — — 1 — 1 Net Investments in Consolidated Affiliates — — (11 ) 11 — Net Cash Provided by (Used for) Investing Activities — (91 ) (79 ) 11 (159 ) Financing Activities: Borrowings from Foreign Facilities — — 21 — 21 Repayments of Foreign Facilities — — (8 ) — (8 ) Dividends Paid (168 ) — — — (168 ) Repurchases of Common Stock (81 ) — — — (81 ) Tax Payments related to Share-based Awards (8 ) — — — (8 ) Proceeds from Exercise of Stock Options 1 — — — 1 Net Financing Activities and Advances to/from Consolidated Affiliates 397 (461 ) 75 (11 ) — Net Cash Provided by (Used for) Financing Activities 141 (461 ) 88 (11 ) (243 ) Effects of Exchange Rate Changes on Cash and Cash Equivalents — — (2 ) — (2 ) Net Increase (Decrease) in Cash and Cash Equivalents — (487 ) 4 — (483 ) Cash and Cash Equivalents, Beginning of Period — 1,164 351 — 1,515 Cash and Cash Equivalents, End of Period $ — $ 677 $ 355 $ — $ 1,032 |
Description Of Business And B_2
Description Of Business And Basis Of Presentation (Policy) | 3 Months Ended |
May 04, 2019 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Inventory, Policy [Policy Text Block] | Inventories are principally valued at the lower of cost, on a weighted-average cost basis, or net realizable value. |
Description Of Business | Description of Business L Brands, Inc. (“the Company”) operates in the highly competitive specialty retail business. The Company is a specialty retailer of women’s intimate and other apparel, personal care, beauty and home fragrance products. The Company sells its merchandise through company-owned specialty retail stores in the United States (“U.S.”), Canada, the United Kingdom (“U.K.”), Ireland and Greater China (China and Hong Kong), and through its websites and other channels. The Company's other international operations are primarily through franchise, license and wholesale partners. The Company currently operates the following retail brands: • Victoria’s Secret • PINK • Bath & Body Works |
Fiscal Year | Fiscal Year The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “ first quarter of 2019 ” and “ first quarter of 2018 ” refer to the thirteen -week periods ended May 4, 2019 and May 5, 2018 , respectively. |
Basis Of Consolidation | Basis of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method. Under the equity method of accounting, the Company recognizes its share of the investee's net income or loss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carrying values are only reduced below zero if the Company has an obligation to provide funding to the investee. The Company’s share of net income or loss of unconsolidated entities from which the Company purchases merchandise or merchandise components is included in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income. The Company’s share of net income or loss of all other unconsolidated entities is included in Other Income in the Consolidated Statements of Income. The Company’s equity method investments are required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value. On January 6, 2019, the Company completed the sale of the La Senza business. For additional information, see Note 5, "Restructuring Activities." |
Interim Financial Statements | Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended May 4, 2019 and May 5, 2018 are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained in the Company’s 2018 Annual Report on Form 10-K. In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments which are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods. |
Seasonality Of Business | Seasonality of Business Due to seasonal variations in the retail industry, the results of operations for any interim period are not necessarily indicative of the results expected for the full fiscal year. |
Concentration Of Credit Risk | Concentration of Credit Risk The Company maintains cash and cash equivalents and derivative contracts with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts and limits the amount of credit exposure with any one entity. Typically, the Company’s investment portfolio is comprised of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits. The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company records an allowance for uncollectable accounts when it becomes probable that the counterparty will be unable to pay. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available. |
New Accounting Pronouncements | New Accounting Pronouncements Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) 842, Leases , which requires companies classified as lessees to account for most leases on their balance sheets but recognize expenses on their income statements in a manner similar to legacy accounting. The standard also requires enhanced quantitative and qualitative disclosures, including significant judgments made by management, to provide greater insight into the extent of expense recognized and expected to be recognized from existing leases. In July 2018, the FASB approved an amendment to the standard that provides companies a modified retrospective transition option that does not require earlier periods to be restated upon adoption. The Company adopted the standard in the first quarter of 2019 under the modified retrospective approach. As allowed by the new standard, the Company elected the package of transition practical expedients but elected to not apply the hindsight practical expedient to its leases at transition. Upon adoption at the beginning of 2019, the Company recorded operating lease liabilities of $3.7 billion and operating right-of-use assets for its leases of $3.3 billion . The operating right-of-use assets are net of $470 million of liabilities for deferred rent and unamortized landlord construction allowances that were previously recorded as Other Long-term Liabilities on the Consolidated Balance Sheet. The Company also recorded a decrease to opening retained earnings, net of tax, of $2 million . The adoption of the standard did not materially impact the Consolidated Statements of Income or Cash Flows. See Note 8, “Leases” for additional disclosure required by the new standard. Hedging Activities In August 2017, the FASB issued Accounting Standards Update ("ASU") 2017-12, Targeted Improvements to Accounting for Hedging Activities , which is intended to better align risk management activities and financial reporting for hedging relationships. The standard eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. It also eases certain documentation and assessment requirements. The Company adopted the standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on the Company's consolidated results of operations, financial position or cash flows. Goodwill In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment , which simplifies the subsequent measurement of goodwill. The standard eliminates the second step from the goodwill impairment test, which requires a hypothetical purchase price allocation to determine the implied fair value of goodwill. Under the new standard, the goodwill impairment charge will be the excess of the reporting unit's carrying value over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. This guidance will be effective beginning in fiscal 2020, with early adoption permitted. The Company does not expect this standard to have a material impact on its consolidated results of operations, financial position or cash flows. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
May 04, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The following table provides the components of lease cost for operating leases for the first quarter of 2019 : (in millions) Operating Lease Costs $ 175 Variable Lease Costs 17 Short-term Lease Costs 5 Total Lease Cost $ 197 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table provides future maturities of operating lease liabilities as of the first quarter of 2019 : Fiscal Year (in millions) 2019 $ 474 2020 692 2021 654 2022 585 2023 528 Thereafter 1,800 Total Lease Payments $ 4,733 Less: Interest (1,056 ) Present Value of Operating Lease Liabilities $ 3,677 |
Supplemental Information Related to Leases [Table Text Block] | The following table provides the weighted-average remaining lease term and discount rate for operating leases with lease liabilities as of the first quarter of 2019 : Weighted Average Remaining Lease Term (years) 7.8 Weighted Average Discount Rate 6.1 % |
Schedule of Rent Expense [Table Text Block] | The following table provides rent expense, as presented under the prior accounting standard, for the first quarter of 2018: (in millions) Store Rent: Fixed Minimum $ 167 Contingent 12 Total Store Rent 179 Office, Equipment and Other 22 Total Rent Expense $ 201 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following table provides future minimum rent commitments under noncancelable operating leases in the next five fiscal years and the remaining years thereafter, as determined under the prior accounting standard, as of February 2, 2019: Fiscal Year (a) (in millions) 2019 $ 698 2020 676 2021 630 2022 562 2023 504 Thereafter $ 1,738 _______________ (a) Excludes additional payments covering taxes, common area costs and certain other expenses generally required by store lease terms. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
May 04, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table provides a disaggregation of Net Sales for the first quarter of 2019 and 2018 : First Quarter 2019 2018 (in millions) Victoria’s Secret Stores (a) $ 1,149 $ 1,236 Victoria’s Secret Direct 362 353 Total Victoria’s Secret 1,511 1,589 Bath & Body Works Stores (a) 715 649 Bath & Body Works Direct 156 112 Total Bath & Body Works 871 761 Victoria's Secret and Bath & Body Works International (b) 135 135 Other (c) 112 141 Total Net Sales $ 2,629 $ 2,626 _______________ (a) Includes company-owned stores in the U.S. and Canada. (b) Includes company-owned stores in the U.K., Ireland and Greater China, direct sales in Greater China and wholesale sales, royalties and other fees associated with non-company owned stores. (c) Includes wholesale revenues from the Company's sourcing function. Results for 2018 also include store and direct sales for La Senza and Henri Bendel. |
Earnings Per Share And Shareh_2
Earnings Per Share And Shareholders' Equity (Tables) | 3 Months Ended |
May 04, 2019 | |
Earnings Per Share And Shareholders' Equity [Abstract] | |
Shares Utilized For The Calculation Of Basic And Diluted Earnings Per Share | The following table provides shares utilized for the calculation of basic and diluted earnings per share for the first quarter of 2019 and 2018 : First Quarter 2019 2018 (in millions) Weighted-average Common Shares: Issued Shares 284 283 Treasury Shares (8 ) (4 ) Basic Shares 276 279 Effect of Dilutive Options and Restricted Stock 2 3 Diluted Shares 278 282 Anti-dilutive Options and Awards (a) 5 5 _______________ (a) These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. |
Schedule Of Company's Repurchase Program | Under the authority of the Company’s Board of Directors, the Company repurchased shares of its common stock under the following repurchase programs for the first quarter of 2018 : Amount Authorized Shares Repurchased Amount Repurchased Average Stock Price of Shares Repurchased within Program Repurchase Program (in millions) (in thousands) (in millions) March 2018 $ 250 1,563 $ 58 $ 36.93 September 2017 250 527 25 $ 46.98 Total 2,090 $ 83 |
Schedule Of Dividends Paid | Under the authority and declaration of the Board of Directors, the Company paid the following dividends during the first quarter of 2019 and 2018 : Ordinary Dividends Total Paid (per share) (in millions) 2019 First Quarter $ 0.30 $ 83 2018 First Quarter $ 0.60 $ 168 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
May 04, 2019 | |
Inventory, Net [Abstract] | |
Summary Of Inventories | The following table provides details of inventories as of May 4, 2019 , February 2, 2019 and May 5, 2018 : May 4, February 2, May 5, (in millions) Finished Goods Merchandise $ 1,225 $ 1,107 $ 1,225 Raw Materials and Merchandise Components 132 141 125 Total Inventories $ 1,357 $ 1,248 $ 1,350 |
Property And Equipment, Net (Ta
Property And Equipment, Net (Tables) | 3 Months Ended |
May 04, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary Of Property And Equipment, Net | The following table provides details of property and equipment, net as of May 4, 2019 , February 2, 2019 and May 5, 2018 : May 4, February 2, May 5, (in millions) Property and Equipment, at Cost $ 6,744 $ 6,733 $ 6,760 Accumulated Depreciation and Amortization (3,950 ) (3,915 ) (3,866 ) Property and Equipment, Net $ 2,794 $ 2,818 $ 2,894 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
May 04, 2019 | |
Long-term Debt, by Current and Noncurrent [Abstract] | |
Schedule Of Long-term Debt Instruments | The following table provides the Company’s outstanding debt balance, net of unamortized debt issuance costs and discounts, as of May 4, 2019 , February 2, 2019 and May 5, 2018 : May 4, February 2, May 5, (in millions) Senior Debt with Subsidiary Guarantee $1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”) $ 990 $ 990 $ 990 $956 million, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”) 952 952 994 $780 million, 6.625% Fixed Interest Rate Notes due April 2021 (“2021 Notes”) 777 776 995 $700 million, 6.75% Fixed Interest Rate Notes due July 2036 (“2036 Notes”) 693 693 693 $500 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”) 498 498 497 $500 million, 5.25% Fixed Interest Rate Notes due February 2028 (“2028 Notes”) 496 496 495 $338 million, 7.00% Fixed Interest Rate Notes due May 2020 (“2020 Notes”) 338 337 398 $297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”) 274 273 — Secured Foreign Facilities 91 91 12 Total Senior Debt with Subsidiary Guarantee $ 5,109 $ 5,106 $ 5,074 Senior Debt $350 million, 6.95% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”) $ 348 $ 348 $ 348 $300 million, 7.60% Fixed Interest Rate Notes due July 2037 (“2037 Notes”) 297 297 297 Unsecured Foreign Facilities 67 60 89 Total Senior Debt $ 712 $ 705 $ 734 Total $ 5,821 $ 5,811 $ 5,808 Current Debt (72 ) (72 ) (89 ) Total Long-term Debt, Net of Current Portion $ 5,749 $ 5,739 $ 5,719 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) - Foreign Exchange Contract [Member] | 3 Months Ended |
May 04, 2019 | |
Derivatives, Fair Value [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The following table provides the U.S. dollar notional amount of outstanding foreign currency derivative financial instruments as of May 4, 2019 , February 2, 2019 and May 5, 2018 : May 4, February 2, May 5, (in millions) Notional Amount $ 152 $ 147 $ 208 |
Cash Flow Hedging [Member] | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position | The following table provides a summary of the fair value and balance sheet classification of outstanding derivative financial instruments designated as foreign currency cash flow hedges as of May 4, 2019 , February 2, 2019 and May 5, 2018 : May 4, February 2, May 5, (in millions) Other Current Assets $ 3 $ 2 $ 1 Accrued Expenses and Other — — 2 |
Schedule of Derivative Instruments in Statement of Financial Performance | The following table provides a summary of the pre-tax financial statement effect of the gains and losses on derivative financial instruments designated as foreign currency cash flow hedges for the first quarter of 2019 and 2018 : First Quarter 2019 2018 (in millions) Gain (Loss) Recognized in Accumulated Other Comprehensive Income $ 2 $ 6 (Gain) Loss Reclassified from Accumulated Other Comprehensive Income into Costs of Goods Sold, Buying and Occupancy Expense (2 ) 2 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
May 04, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Carrying Value And Fair Value Of Long-Term Debt, Disclosure | The following table provides a summary of the principal value and estimated fair value of outstanding publicly traded debt as of May 4, 2019 , February 2, 2019 and May 5, 2018 : May 4, February 2, May 5, (in millions) Principal Value $ 5,722 $ 5,722 $ 5,750 Fair Value (a) 5,486 5,340 5,735 _______________ (a) The estimated fair value of the Company’s publicly traded debt is based on reported transaction prices which are considered Level 2 inputs in accordance with ASC 820 , Fair Value Measurement . The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange. |
Fair Value, Assets And Liabilities Measured On Recurring Basis | The following table provides a summary of assets and liabilities measured in the consolidated financial statements at fair value on a recurring basis as of May 4, 2019 , February 2, 2019 and May 5, 2018 : Level 1 Level 2 Level 3 Total (in millions) As of May 4, 2019 Assets: Cash and Cash Equivalents $ 1,146 $ — $ — $ 1,146 Marketable Equity Securities 8 — — 8 Foreign Currency Cash Flow Hedges — 3 — 3 As of February 2, 2019 Assets: Cash and Cash Equivalents $ 1,413 $ — $ — $ 1,413 Marketable Equity Securities 11 — — 11 Foreign Currency Cash Flow Hedges — 2 — 2 As of May 5, 2018 Assets: Cash and Cash Equivalents $ 1,032 $ — $ — $ 1,032 Marketable Equity Securities 17 — — 17 Foreign Currency Cash Flow Hedges — 1 — 1 Liabilities: Foreign Currency Cash Flow Hedges — 2 — 2 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 3 Months Ended |
May 04, 2019 | |
Statement of Comprehensive Income [Abstract] | |
Components Of Accumulated Other Comprehensive Income (Loss) | The following table provides the rollforward of accumulated other comprehensive income for the first quarter of 2019 : Foreign Currency Translation Cash Flow Hedges Accumulated Other Comprehensive Income (in millions) Balance as of February 2, 2019 $ 57 $ 2 $ 59 Other Comprehensive Income (Loss) Before Reclassifications (4 ) 2 (2 ) Amounts Reclassified from Accumulated Other Comprehensive Income — (2 ) (2 ) Tax Effect — — — Current-period Other Comprehensive Income (Loss) (4 ) — (4 ) Balance as of May 4, 2019 $ 53 $ 2 $ 55 The following table provides the rollforward of accumulated other comprehensive income for the first quarter of 2018 : Foreign Currency Translation Cash Flow Hedges Marketable Equity Securities Accumulated Other Comprehensive Income (in millions) Balance as of February 3, 2018 $ 32 $ (10 ) $ 2 $ 24 Amount reclassified to Retained Earnings upon adoption of ASC 321, Investments - Equity Securities — — (2 ) (2 ) Balance as of February 4, 2018 32 (10 ) — 22 Other Comprehensive Income (Loss) Before Reclassifications (13 ) 6 — (7 ) Amounts Reclassified from Accumulated Other Comprehensive Income — 2 — 2 Tax Effect — — — — Current-period Other Comprehensive Income (Loss) (13 ) 8 — (5 ) Balance as of May 5, 2018 $ 19 $ (2 ) $ — $ 17 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
May 04, 2019 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information | The following table provides the Company’s segment information for the first quarter of 2019 and 2018 : Victoria’s Secret Bath & Body Works Victoria’s Secret and Bath & Body Works International Other Total (in millions) 2019 First Quarter Net Sales $ 1,511 $ 871 $ 135 $ 112 $ 2,629 Operating Income (Loss) 33 155 (4 ) (31 ) 153 2018 First Quarter Net Sales $ 1,589 $ 761 $ 135 $ 141 $ 2,626 Operating Income (Loss) 83 124 (5 ) (47 ) 155 |
Supplemental Guarantor Financ_2
Supplemental Guarantor Financial Information (Tables) | 3 Months Ended |
May 04, 2019 | |
Condensed Consolidating Balance Sheet [Abstract] | |
Condensed Balance Sheet [Table Text Block] | L BRANDS, INC. CONDENSED CONSOLIDATING BALANCE SHEET (in millions) (Unaudited) May 4, 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. ASSETS Current Assets: Cash and Cash Equivalents $ — $ 731 $ 415 $ — $ 1,146 Accounts Receivable, Net — 153 121 — 274 Inventories — 1,235 122 — 1,357 Other — 85 85 — 170 Total Current Assets — 2,204 743 — 2,947 Property and Equipment, Net — 1,895 899 — 2,794 Operating Lease Assets — 2,665 606 — 3,271 Goodwill — 1,318 30 — 1,348 Trade Names — 411 — — 411 Net Investments in and Advances to/from Consolidated Affiliates 4,698 19,854 2,223 (26,775 ) — Deferred Income Taxes — 9 52 — 61 Other Assets 127 12 639 (612 ) 166 Total Assets $ 4,825 $ 28,368 $ 5,192 $ (27,387 ) $ 10,998 LIABILITIES AND EQUITY (DEFICIT) Current Liabilities: Accounts Payable $ — $ 378 $ 310 $ — $ 688 Accrued Expenses and Other 61 485 326 — 872 Current Debt — — 72 — 72 Current Operating Lease Liabilities — 358 85 — 443 Income Taxes (7 ) 102 27 — 122 Total Current Liabilities 54 1,323 820 — 2,197 Deferred Income Taxes 1 (42 ) 279 — 238 Long-term Debt 5,663 597 86 (597 ) 5,749 Long-term Operating Lease Liabilities — 2,671 563 — 3,234 Other Long-term Liabilities 60 406 27 (15 ) 478 Total Equity (Deficit) (953 ) 23,413 3,417 (26,775 ) (898 ) Total Liabilities and Equity (Deficit) $ 4,825 $ 28,368 $ 5,192 $ (27,387 ) $ 10,998 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) May 5, 2018 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. ASSETS Current Assets: Cash and Cash Equivalents $ — $ 677 $ 355 $ — $ 1,032 Accounts Receivable, Net — 152 122 — 274 Inventories — 1,199 151 — 1,350 Other 1 136 97 — 234 Total Current Assets 1 2,164 725 — 2,890 Property and Equipment, Net — 1,970 924 — 2,894 Goodwill — 1,318 30 — 1,348 Trade Names — 411 — — 411 Net Investments in and Advances to/from Consolidated Affiliates 4,751 18,908 2,025 (25,684 ) — Deferred Income Taxes — 9 13 — 22 Other Assets 129 16 651 (612 ) 184 Total Assets $ 4,881 $ 24,796 $ 4,368 $ (26,296 ) $ 7,749 LIABILITIES AND EQUITY (DEFICIT) Current Liabilities: Accounts Payable $ 5 $ 350 $ 362 $ — $ 717 Accrued Expenses and Other 59 461 328 — 848 Current Debt — — 89 — 89 Income Taxes 6 176 22 — 204 Total Current Liabilities 70 987 801 — 1,858 Deferred Income Taxes (2 ) (41 ) 277 — 234 Long-term Debt 5,707 597 12 (597 ) 5,719 Other Long-term Liabilities 62 762 98 (15 ) 907 Total Equity (Deficit) (956 ) 22,491 3,180 (25,684 ) (969 ) Total Liabilities and Equity (Deficit) $ 4,881 $ 24,796 $ 4,368 $ (26,296 ) $ 7,749 |
Condensed Income Statement [Table Text Block] | L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF INCOME (in millions) (Unaudited) First Quarter 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Sales $ — $ 2,488 $ 754 $ (613 ) $ 2,629 Costs of Goods Sold, Buying and Occupancy — (1,649 ) (587 ) 541 (1,695 ) Gross Profit — 839 167 (72 ) 934 General, Administrative and Store Operating Expenses (5 ) (737 ) (89 ) 50 (781 ) Operating Income (Loss) (5 ) 102 78 (22 ) 153 Interest Expense (97 ) (23 ) (1 ) 22 (99 ) Other Income (Loss) — 6 — — 6 Income (Loss) Before Income Taxes (102 ) 85 77 — 60 Provision for Income Taxes — 8 12 — 20 Equity in Earnings (Loss), Net of Tax 142 66 4 (212 ) — Net Income (Loss) $ 40 $ 143 $ 69 $ (212 ) $ 40 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF INCOME (in millions) (Unaudited) First Quarter 2018 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Sales $ — $ 2,466 $ 839 $ (679 ) $ 2,626 Costs of Goods Sold, Buying and Occupancy — (1,622 ) (669 ) 609 (1,682 ) Gross Profit — 844 170 (70 ) 944 General, Administrative and Store Operating Expenses (4 ) (726 ) (109 ) 50 (789 ) Operating Income (Loss) (4 ) 118 61 (20 ) 155 Interest Expense (97 ) (20 ) (3 ) 22 (98 ) Other Income — 4 (2 ) — 2 Income (Loss) Before Income Taxes (101 ) 102 56 2 59 Provision for Income Taxes (2 ) 13 — — 11 Equity in Earnings (Loss), Net of Tax 147 215 152 (514 ) — Net Income (Loss) $ 48 $ 304 $ 208 $ (512 ) $ 48 |
Condensed Statement of Comprehensive Income [Table Text Block] | L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (in millions) (Unaudited) First Quarter 2018 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Income (Loss) $ 48 $ 304 $ 208 $ (512 ) $ 48 Other Comprehensive Income (Loss), Net of Tax: Foreign Currency Translation — — (13 ) — (13 ) Unrealized Gain (Loss) on Cash Flow Hedges — — 6 — 6 Reclassification of Cash Flow Hedges to Earnings — — 2 — 2 Total Other Comprehensive Income (Loss), Net of Tax — — (5 ) — (5 ) Total Comprehensive Income (Loss) $ 48 $ 304 $ 203 $ (512 ) $ 43 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (in millions) (Unaudited) First Quarter 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Income (Loss) $ 40 $ 143 $ 69 $ (212 ) $ 40 Other Comprehensive Income (Loss), Net of Tax: Foreign Currency Translation — — (4 ) — (4 ) Unrealized Gain (Loss) on Cash Flow Hedges — — 2 — 2 Reclassification of Cash Flow Hedges to Earnings — — (2 ) — (2 ) Total Other Comprehensive Income (Loss), Net of Tax — — (4 ) — (4 ) Total Comprehensive Income (Loss) $ 40 $ 143 $ 65 $ (212 ) $ 36 |
Condensed Cash Flow Statement [Table Text Block] | L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (in millions) (Unaudited) First Quarter 2018 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Cash Provided by (Used for) Operating Activities $ (141 ) $ 65 $ (3 ) $ — $ (79 ) Investing Activities: Capital Expenditures — (91 ) (69 ) — (160 ) Return of Capital from Easton Investments — — 1 — 1 Net Investments in Consolidated Affiliates — — (11 ) 11 — Net Cash Provided by (Used for) Investing Activities — (91 ) (79 ) 11 (159 ) Financing Activities: Borrowings from Foreign Facilities — — 21 — 21 Repayments of Foreign Facilities — — (8 ) — (8 ) Dividends Paid (168 ) — — — (168 ) Repurchases of Common Stock (81 ) — — — (81 ) Tax Payments related to Share-based Awards (8 ) — — — (8 ) Proceeds from Exercise of Stock Options 1 — — — 1 Net Financing Activities and Advances to/from Consolidated Affiliates 397 (461 ) 75 (11 ) — Net Cash Provided by (Used for) Financing Activities 141 (461 ) 88 (11 ) (243 ) Effects of Exchange Rate Changes on Cash and Cash Equivalents — — (2 ) — (2 ) Net Increase (Decrease) in Cash and Cash Equivalents — (487 ) 4 — (483 ) Cash and Cash Equivalents, Beginning of Period — 1,164 351 — 1,515 Cash and Cash Equivalents, End of Period $ — $ 677 $ 355 $ — $ 1,032 BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (in millions) (Unaudited) First Quarter 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Cash Provided by (Used for) Operating Activities $ (132 ) $ (332 ) $ 391 $ — $ (73 ) Investing Activities: Capital Expenditures — (75 ) (48 ) — (123 ) Proceeds from Divestiture of La Senza — 12 — — 12 Proceeds from Sales of Marketable Equity Securities — — 3 — 3 Return of Capital from Easton Investments — — 2 — 2 Net Investments in Consolidated Affiliates — — — — — Net Cash Provided by (Used for) Investing Activities — (63 ) (43 ) — (106 ) Financing Activities: Borrowings from Foreign Facilities — — 21 — 21 Repayments of Foreign Facilities — — (14 ) — (14 ) Dividends Paid (83 ) — — — (83 ) Tax Payments related to Share-based Awards (9 ) — — — (9 ) Proceeds from Exercise of Stock Options 1 — — — 1 Financing Costs and Other — (2 ) — — (2 ) Net Financing Activities and Advances to/from Consolidated Affiliates 223 131 (354 ) — — Net Cash Provided by (Used for) Financing Activities 132 129 (347 ) — (86 ) Effects of Exchange Rate Changes on Cash and Cash Equivalents — — (2 ) — (2 ) Net Decrease in Cash and Cash Equivalents — (266 ) (1 ) — (267 ) Cash and Cash Equivalents, Beginning of Period — 997 416 — 1,413 Cash and Cash Equivalents, End of Period $ — $ 731 $ 415 $ — $ 1,146 |
New Accounting Pronouncement Le
New Accounting Pronouncement Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
May 04, 2019 | Feb. 02, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Lease, Liability | $ 3,677 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 125 | |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 2 | |
Operating Lease, Liability | 3,700 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 3,300 | |
Difference Between ROU Asset and Lease Liabilities upon adoption of ASC 842 | $ 470 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 3 Months Ended | ||
May 04, 2019 | May 05, 2018 | Feb. 02, 2019 | |
Leases [Abstract] | |||
Finance Lease, Right-of-Use Asset | $ 24 | $ 5 | |
Additional Operating Lease Commitments Not Yet Commenced | 71 | ||
Finance Lease, Liability, Current | 7 | 1 | |
Finance Lease, Liability, Noncurrent | 17 | 3 | |
Asset Retirement Obligation | 19 | 8 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 698 | ||
Operating Leases, Rent Expense, Minimum Rentals | 167 | ||
Operating Lease, Payments | $ 171 | ||
Operating Lease, Weighted Average Remaining Lease Term | 7 years 9 months 15 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 6.10% | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 474 | ||
Operating Lease, Cost | 175 | ||
Variable Lease, Cost | 17 | ||
Short-term Lease, Cost | 5 | ||
Lease, Cost | 197 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 692 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 654 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 585 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 528 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 1,800 | ||
Lessee, Operating Lease, Liability, Payments, Due | 4,733 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (1,056) | ||
Operating Lease, Liability | 3,677 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 125 | ||
Operating Leases, Rent Expense, Contingent Rentals | 12 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 676 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 630 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 562 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 504 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | $ 1,738 | ||
Total Store Rent | 179 | ||
Operating Leases Rent Expense Office, Equipment and Other | 22 | ||
Lease and Rental Expense Gross | $ 201 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,629 | $ 2,626 |
Victoria's Secret [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,511 | 1,589 |
Bath & Body Works [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 871 | 761 |
Victoria's Secret and Bath & Body Works International [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 135 | 135 |
Other Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 112 | 141 |
Victoria's Secret Stores [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,149 | 1,236 |
Victoria's Secret Direct [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 362 | 353 |
Bath & Body Works Stores [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 715 | 649 |
Bath & Body Works Direct [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 156 | $ 112 |
Revenue Recognition Narrative (
Revenue Recognition Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
May 04, 2019 | Feb. 02, 2019 | May 05, 2018 | |
Contract with Customer, Liability | $ 280 | $ 331 | $ 269 |
Contract with Customer, Liability, Revenue Recognized | 120 | ||
Accounts Receivable [Member] | |||
Contract with Customer, Asset, after Allowance for Credit Loss | 182 | $ 150 | $ 147 |
Accrued Liabilities [Member] | |||
Contract with Customer, Liability | 265 | ||
Other Long-term Liabilities [Member] | |||
Contract with Customer, Liability | $ 15 |
Earnings Per Share And Shareh_3
Earnings Per Share And Shareholders' Equity (Shares Utilized for the Calculation of Basic and Diluted Earnings per Share) (Details) - shares shares in Millions | 3 Months Ended | ||
May 04, 2019 | May 05, 2018 | ||
Weighted-average Common Shares: | |||
Issued Shares | 284 | 283 | |
Treasury Shares | (8) | (4) | |
Basic Shares | 276 | 279 | |
Effect of Dilutive Options and Restricted Stock | 2 | 3 | |
Diluted Shares | 278 | 282 | |
Anti-dilutive Options and Awards (a) | [1] | 5 | 5 |
[1] | These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. |
Earnings Per Share And Shareh_4
Earnings Per Share And Shareholders' Equity (Schedule of Company's Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
May 05, 2018 | May 04, 2019 | Oct. 28, 2017 | |
Shares Repurchased | 2,090 | ||
Amount Repurchased | $ 83,000 | ||
March 2018 Repurchase Program [Member] | |||
Amount Authorized | $ 250,000 | ||
Shares Repurchased | 1,563 | ||
Amount Repurchased | $ 58,000 | ||
Average Stock Price of Shares Repurchased within Program | $ 36.93 | ||
Remaining authorized repurchase amount | $ 79,000 | ||
September 2017 Repurchase Program [Member] | |||
Amount Authorized | $ 250,000 | ||
Shares Repurchased | 527 | ||
Amount Repurchased | $ 25,000 | ||
Average Stock Price of Shares Repurchased within Program | $ 46.98 | ||
Remaining authorized repurchase amount | $ 23,000 | ||
Accounts Payable [Member] | March 2018 Repurchase Program [Member] | |||
Share repurchase reflected in Accounts payable | $ 4,000 |
Earnings Per Share And Shareh_5
Earnings Per Share And Shareholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Earnings Per Share And Shareholders' Equity [Abstract] | ||
Ordinary Dividends | $ 0.3 | $ 0.60 |
Payments of Dividends | $ 83 | $ 168 |
Restructuring Activities (Detai
Restructuring Activities (Details) - USD ($) $ in Millions | 3 Months Ended | |||
May 04, 2019 | Feb. 02, 2019 | Nov. 03, 2018 | May 05, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (99) | |||
Restructuring Charges | 3 | $ 20 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 45 | |||
Disposal Group, Not Discontinued Operatin, After-Tax Loss on Disposal | 55 | |||
Disposal Group, Not Discontinued Operation, Tax Benefit on Disposal | $ 44 | |||
Proceeds from Divestiture of Businesses | $ 12 | $ 0 | ||
Payments for Restructuring | 22 | |||
Restructuring Reserve | $ 1 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 |
Inventory [Line Items] | |||
Inventory, Finished Goods, Net of Reserves | $ 1,225 | $ 1,107 | $ 1,225 |
Raw Materials and Merchandise Components | 132 | 141 | 125 |
Total Inventories | $ 1,357 | $ 1,248 | $ 1,350 |
Property And Equipment, Net (De
Property And Equipment, Net (Details) - USD ($) $ in Millions | 3 Months Ended | ||
May 04, 2019 | May 05, 2018 | Feb. 02, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, at Cost | $ 6,744 | $ 6,760 | $ 6,733 |
Accumulated Depreciation and Amortization | (3,950) | (3,866) | (3,915) |
Property and Equipment, Net | 2,794 | 2,894 | $ 2,818 |
Depreciation | $ 145 | $ 148 |
Equity Investments and Other (D
Equity Investments and Other (Details) - USD ($) $ in Millions | 3 Months Ended | ||
May 04, 2019 | May 05, 2018 | Feb. 02, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from Equity Method Investment, Distribution, Return of Capital | $ 2 | $ 1 | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 94 | ||
Gain (Loss) on Equity Method Investment Dividends Or Distributions | 2 | 0 | |
Easton Investment [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | $ 94 | $ 82 | $ 89 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Effective Income Tax Rate, Continuing Operations | 33.60% | 18.50% |
Income Taxes Paid | $ 12 | $ 11 |
Long-term Debt (Schedule Of Lon
Long-term Debt (Schedule Of Long-term Debt Instruments) (Details) - USD ($) $ in Millions | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 |
Debt, Current | $ (72) | $ (72) | $ (89) |
Debt, Long-term and Short-term, Combined Amount | 5,821 | 5,811 | 5,808 |
Total Long-term Debt, Net of Current Portion | 5,749 | 5,739 | 5,719 |
Revolving Credit Facility [Member] | Revolving Credit Expiring May 2022 [Member] | |||
Line of Credit | 0 | ||
With Subsidiary Guarantee [Member] | |||
Debt, Long-term and Short-term, Combined Amount | 5,109 | 5,106 | 5,074 |
With Subsidiary Guarantee [Member] | Fixed Rate 6.875% Notes Due November 2035 [Member] | |||
Notes Payable, Noncurrent | 990 | 990 | 990 |
With Subsidiary Guarantee [Member] | Fixed Rate 5.625 Percent Notes Due February 2022 [Member] | |||
Notes Payable, Noncurrent | 952 | 952 | 994 |
With Subsidiary Guarantee [Member] | Fixed Rate 6.625 Percent Notes Due April 2021 [Member] | |||
Notes Payable, Noncurrent | 777 | 776 | 995 |
With Subsidiary Guarantee [Member] | Fixed Rate 5.625% Notes Due October 2023 [Member] | |||
Notes Payable, Noncurrent | 498 | 498 | 497 |
With Subsidiary Guarantee [Member] | Fixed Rate 5.25% Notes Due February 2028 [Member] | |||
Notes Payable, Noncurrent | 496 | 496 | 495 |
With Subsidiary Guarantee [Member] | Fixed Rate 7.00% Notes Due May 2020 [Member] | |||
Notes Payable, Noncurrent | 338 | 337 | 398 |
With Subsidiary Guarantee [Member] | Fixed Rate 6.694% Notes Due January 2027 [Member] | |||
Notes Payable, Noncurrent | 274 | 273 | 0 |
With Subsidiary Guarantee [Member] | Foreign Facilities with Parent Guarantee [Member] | |||
Line of Credit | 91 | 91 | 12 |
With Subsidiary Guarantee [Member] | Fixed Rate 6.75% Notes Due July 2036 [Member] | |||
Notes Payable, Noncurrent | 693 | 693 | 693 |
Without Subsidiary Guarantee [Member] | |||
Debt, Long-term and Short-term, Combined Amount | 712 | 705 | 734 |
Without Subsidiary Guarantee [Member] | Foreign Facilities with Parent Guarantee [Member] | |||
Line of Credit | 67 | 60 | 89 |
Without Subsidiary Guarantee [Member] | Fixed Rate 6.95% Debentures Due March 2033 [Member] | |||
Notes Payable, Noncurrent | 348 | 348 | 348 |
Without Subsidiary Guarantee [Member] | Fixed Rate 7.60% Notes Due July 2037 [Member] | |||
Notes Payable, Noncurrent | $ 297 | $ 297 | $ 297 |
Long-term Debt (Issuance And Re
Long-term Debt (Issuance And Repurchase Of Notes) (Narrative) (Details) - USD ($) $ in Millions | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 |
Debt Instrument, Face Amount | $ 5,722 | $ 5,722 | $ 5,750 |
Long-term Debt (Revolving Facil
Long-term Debt (Revolving Facility And Letters Of Credit) (Narrative) (Details) $ in Millions | 3 Months Ended | ||
May 04, 2019USD ($) | May 05, 2018USD ($) | Feb. 02, 2019USD ($) | |
Foreign Facilities [Member] | |||
Proceeds from Long-term Lines of Credit | $ 21 | $ 21 | |
Repayments of Lines of Credit | 14 | 8 | |
Letter of Credit [Member] | |||
Letters of Credit Outstanding, Amount | 10 | ||
Revolving Credit Facility [Member] | Revolving Credit Expiring May 2022 [Member] | |||
Revolving facility, borrowing capacity | $ 1,000 | ||
Revolving Facility Commitment fee percentage, unused capacity | 0.25% | ||
Revolving Facility Current credit fees percentage rate, letters of credit | 1.50% | ||
Revolving Facility Percentage spread over variable base rate | 1.50% | ||
Revolving Facility Covenant Fixed charge coverage ratio | 1.75 | ||
Revolving Facility Covenant Ratio of consolidated debt to consolidated EBITDA | 4 | ||
Revolving Facility Covenant Debt to EBITDA ratio required for unlimited investments and restricted payments | 3 | ||
Revolving Facility Covenant Line of Credit Financial Covenant Ratio of Consolidated Debt to Consolidated EBITDA Maximum Current Rate | 3 | ||
Outstanding Borrowings on Lines of Credit | $ 0 | ||
Without Subsidiary Guarantee [Member] | Foreign Facilities with Parent Guarantee [Member] | |||
Revolving facility, borrowing capacity | 100 | ||
Outstanding Borrowings on Lines of Credit | 67 | 89 | $ 60 |
Proceeds from Long-term Lines of Credit | 13 | ||
Line of Credit, Current | 67 | ||
Repayments of Lines of Credit | 6 | ||
Line of Credit Facility, Maximum Amount Outstanding During Period | 73 | ||
With Subsidiary Guarantee [Member] | Foreign Facilities with Parent Guarantee [Member] | |||
Revolving facility, borrowing capacity | 100 | ||
Outstanding Borrowings on Lines of Credit | 91 | $ 12 | $ 91 |
Proceeds from Long-term Lines of Credit | 8 | ||
Line of Credit, Current | 5 | ||
Repayments of Lines of Credit | 8 | ||
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 96 |
Long-term Debt Exchange of Note
Long-term Debt Exchange of Notes (Details) $ in Millions | 3 Months Ended |
Aug. 04, 2018USD ($) | |
Debt Conversion [Line Items] | |
Debt Exchange, Cash Consideration Paid | $ 52 |
Debt Exchange, Exchange Premium | 24 |
With Subsidiary Guarantee [Member] | Fixed Rate 6.625 Percent Notes Due April 2021 [Member] | |
Debt Conversion [Line Items] | |
Debt Conversion, Original Debt, Amount | 220 |
With Subsidiary Guarantee [Member] | Fixed Rate 5.625 Percent Notes Due February 2022 [Member] | |
Debt Conversion [Line Items] | |
Debt Conversion, Original Debt, Amount | 44 |
With Subsidiary Guarantee [Member] | Fixed Rate 6.694% Notes Due January 2027 [Member] | |
Debt Conversion [Line Items] | |
Debt Conversion, Converted Instrument, Amount | $ 297 |
Debt Conversion, Converted Instrument, Rate | 6.694% |
With Subsidiary Guarantee [Member] | Fixed Rate 7.00% Notes Due May 2020 [Member] | |
Debt Conversion [Line Items] | |
Debt Conversion, Original Debt, Amount | $ 62 |
Derivative Instruments (Foreign
Derivative Instruments (Foreign Exchange Contracts - Cash Flow Hedging Disclosure) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
May 04, 2019 | May 05, 2018 | Feb. 02, 2019 | |
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | $ 2 | $ 6 | |
Derivative, Notional Amount | 152 | 208 | $ 147 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 3 | 1 | 2 |
Cost of Goods Sold, Buying and Occupancy [Member] | |||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ (2) | 2 | |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | |||
Derivative, Remaining Maturity | 18 months | ||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | $ 3 | ||
Other Current Assets [Member] | |||
Foreign Currency Cash Flow Hedge Asset at Fair Value | $ 3 | $ 1 | $ 2 |
Derivative Instruments Fair Val
Derivative Instruments Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) - USD ($) $ in Millions | 3 Months Ended | ||
May 04, 2019 | May 05, 2018 | Feb. 02, 2019 | |
Derivatives, Fair Value [Line Items] | |||
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | $ 2 | $ 6 | |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 3 | 1 | $ 2 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 2 | ||
Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Foreign Currency Cash Flow Hedge Asset at Fair Value | 3 | 1 | 2 |
Accounts Payable and Accrued Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Foreign Currency Cash Flow Hedge Liability at Fair Value | $ 0 | $ 2 | $ 0 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Value And Fair Value Of Long-Term Debt, Disclosure) (Detail) - USD ($) $ in Millions | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 | |
Fair Value Measurements | ||||
Principal Value | $ 5,722 | $ 5,722 | $ 5,750 | |
Fair Value (a) | [1] | $ 5,486 | $ 5,340 | $ 5,735 |
[1] | (a)The estimated fair value of the Company’s publicly traded debt is based on reported transaction prices which are considered Level 2 inputs in accordance with ASC 820, Fair Value Measurement. The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange. |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Millions | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 |
Assets: | |||
Cash and Cash Equivalents | $ 1,146 | $ 1,413 | $ 1,032 |
Available-for-sale Securities | 8 | 11 | 17 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 3 | 2 | 1 |
Liabilities: | |||
Foreign Currency Cash Flow Hedge Liability at Fair Value | 2 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Assets: | |||
Cash and Cash Equivalents | 1,146 | 1,413 | 1,032 |
Available-for-sale Securities | 8 | 11 | 17 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 0 | 0 | 0 |
Liabilities: | |||
Foreign Currency Cash Flow Hedge Liability at Fair Value | 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Assets: | |||
Cash and Cash Equivalents | 0 | 0 | 0 |
Available-for-sale Securities | 0 | 0 | 0 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 3 | 2 | 1 |
Liabilities: | |||
Foreign Currency Cash Flow Hedge Liability at Fair Value | 2 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Assets: | |||
Cash and Cash Equivalents | 0 | 0 | 0 |
Available-for-sale Securities | 0 | 0 | 0 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | $ 0 | $ 0 | 0 |
Liabilities: | |||
Foreign Currency Cash Flow Hedge Liability at Fair Value | $ 0 |
Comprehensive Income (Component
Comprehensive Income (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
May 04, 2019 | May 05, 2018 | Feb. 03, 2018 | |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | $ 59 | $ 24 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (2) | (7) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 2 | (2) | |
Other Comprehensive Income (Loss), Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax | (4) | (5) | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | 55 | 17 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (2) | 2 | |
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 57 | 32 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (4) | (13) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax | (4) | (13) | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | 53 | 19 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 2 | (10) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 2 | 6 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 2 | (2) | |
Other Comprehensive Income (Loss), Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax | 0 | 8 | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | 2 | (2) | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 2 | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | ||
Other Comprehensive Income (Loss), Tax | 0 | ||
Other Comprehensive Income (Loss), Net of Tax | 0 | ||
Accumulated Other Comprehensive Income (Loss), Ending Balance | 0 | ||
Cost of Goods Sold, Buying and Occupancy [Member] | |||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ (2) | 2 | |
Accounting Standards Update 2016-01 [Member] | |||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 22 | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (2) | ||
Accounting Standards Update 2016-01 [Member] | Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 32 | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | ||
Accounting Standards Update 2016-01 [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (10) | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | ||
Accounting Standards Update 2016-01 [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | $ 0 | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (2) |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) $ in Millions | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 |
Lease guarantees remaining after disposition of certain businesses | $ 94 | ||
Lease guarantees, estimated fair value | 10 | $ 11 | $ 3 |
Property Lease Guarantee [Member] | |||
Lease guarantees remaining after disposition of certain businesses | 5 | ||
LaSenza [Member] | Property Lease Guarantee [Member] | |||
Lease guarantees remaining after disposition of certain businesses | 71 | ||
Lease guarantees, estimated fair value | $ 5 | $ 5 |
Retirement Benefits (Narrative)
Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Retirement Benefits Disclosure [Line Items] | ||
Expense related to the qualified plan | $ 19 | $ 18 |
Other Pension Plans, Postretirement or Supplemental Plans, Defined Benefit [Member] | ||
Retirement Benefits Disclosure [Line Items] | ||
Expense related to non-qualified plan | $ 6 | $ 6 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | |||
May 04, 2019USD ($)Reportable_Segments | Feb. 02, 2019USD ($) | Nov. 03, 2018USD ($) | May 05, 2018USD ($) | |
Restructuring Charges | $ 3 | $ 20 | ||
Number of Reportable Segments | Reportable_Segments | 3 | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,629 | $ 2,626 | ||
Operating Income (Loss) | 153 | 155 | ||
Victoria's Secret [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,511 | 1,589 | ||
Operating Income (Loss) | 33 | 83 | ||
Bath & Body Works [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 871 | 761 | ||
Operating Income (Loss) | 155 | 124 | ||
Victoria's Secret and Bath & Body Works International [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 135 | 135 | ||
Operating Income (Loss) | (4) | (5) | ||
Other [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 112 | 141 | ||
Operating Income (Loss) | (31) | (47) | ||
International [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 349 | $ 359 |
Supplemental Guarantor Financ_3
Supplemental Guarantor Financial Information (Narrative) (Details) | 3 Months Ended |
May 04, 2019 | |
Supplemental Guarantor Financial Information [Abstract] | |
Minimum percentage of assets owned by domestic subsidiaries | 90.00% |
Minimum percentage of accounts receivable and inventory owned by domestic subsidiaries | 95.00% |
Supplemental Guarantor Financ_4
Supplemental Guarantor Financial Information (Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 | Feb. 03, 2018 |
Current Assets: | ||||
Cash and Cash Equivalents | $ 1,146 | $ 1,413 | $ 1,032 | $ 1,515 |
Accounts Receivable, Net | 274 | 367 | 274 | |
Inventories | 1,357 | 1,248 | 1,350 | |
Other | 170 | 232 | 234 | |
Total Current Assets | 2,947 | 3,260 | 2,890 | |
Deferred Tax Assets, Net, Noncurrent | 61 | 62 | 22 | |
Property and Equipment, Net | 2,794 | 2,818 | 2,894 | |
Operating Lease, Right-of-Use Asset | 3,271 | 0 | 0 | |
Goodwill | 1,348 | 1,348 | 1,348 | |
Indefinite-Lived Trade Names | 411 | 411 | 411 | |
Net Investments in and Advances to/from Consolidated Affiliates | 0 | 0 | 0 | |
Other Assets | 166 | 191 | 184 | |
Total Assets | 10,998 | 8,090 | 7,749 | |
Current Liabilities: | ||||
Accounts Payable | 688 | 711 | 717 | |
Accrued Expenses and Other | 872 | 1,082 | 848 | |
Debt, Current | 72 | 72 | 89 | |
Operating Lease, Liability, Current | 443 | 0 | 0 | |
Income Taxes | 122 | 121 | 204 | |
Total Current Liabilities | 2,197 | 1,986 | 1,858 | |
Deferred Income Taxes | 238 | 226 | 234 | |
Long-term Debt | 5,749 | 5,739 | 5,719 | |
Operating Lease, Liability, Noncurrent | 3,234 | 0 | 0 | |
Other Long-term Liabilities | 478 | 1,004 | 907 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (898) | (865) | (969) | (751) |
Total Liabilities and Equity (Deficit) | 10,998 | 8,090 | 7,749 | |
L Brands, Inc. | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 0 | 0 | 0 | 0 |
Accounts Receivable, Net | 0 | 0 | 0 | |
Inventories | 0 | 0 | 0 | |
Other | 0 | 0 | 1 | |
Total Current Assets | 0 | 0 | 1 | |
Deferred Tax Assets, Net, Noncurrent | 0 | 0 | 0 | |
Property and Equipment, Net | 0 | 0 | 0 | |
Operating Lease, Right-of-Use Asset | 0 | |||
Goodwill | 0 | 0 | 0 | |
Indefinite-Lived Trade Names | 0 | 0 | 0 | |
Net Investments in and Advances to/from Consolidated Affiliates | 4,698 | 4,755 | 4,751 | |
Other Assets | 127 | 127 | 129 | |
Total Assets | 4,825 | 4,882 | 4,881 | |
Current Liabilities: | ||||
Accounts Payable | 0 | 0 | 5 | |
Accrued Expenses and Other | 61 | 92 | 59 | |
Debt, Current | 0 | 0 | 0 | |
Operating Lease, Liability, Current | 0 | |||
Income Taxes | (7) | (7) | 6 | |
Total Current Liabilities | 54 | 85 | 70 | |
Deferred Income Taxes | 1 | 1 | (2) | |
Long-term Debt | 5,663 | 5,661 | 5,707 | |
Operating Lease, Liability, Noncurrent | 0 | |||
Other Long-term Liabilities | 60 | 59 | 62 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (953) | (924) | (956) | |
Total Liabilities and Equity (Deficit) | 4,825 | 4,882 | 4,881 | |
Guarantor Subsidiaries | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 731 | 997 | 677 | 1,164 |
Accounts Receivable, Net | 153 | 241 | 152 | |
Inventories | 1,235 | 1,093 | 1,199 | |
Other | 85 | 139 | 136 | |
Total Current Assets | 2,204 | 2,470 | 2,164 | |
Deferred Tax Assets, Net, Noncurrent | 9 | 9 | 9 | |
Property and Equipment, Net | 1,895 | 1,922 | 1,970 | |
Operating Lease, Right-of-Use Asset | 2,665 | |||
Goodwill | 1,318 | 1,318 | 1,318 | |
Indefinite-Lived Trade Names | 411 | 411 | 411 | |
Net Investments in and Advances to/from Consolidated Affiliates | 19,854 | 19,737 | 18,908 | |
Other Assets | 12 | 15 | 16 | |
Total Assets | 28,368 | 25,882 | 24,796 | |
Current Liabilities: | ||||
Accounts Payable | 378 | 363 | 350 | |
Accrued Expenses and Other | 485 | 597 | 461 | |
Debt, Current | 0 | 0 | 0 | |
Operating Lease, Liability, Current | 358 | |||
Income Taxes | 102 | 100 | 176 | |
Total Current Liabilities | 1,323 | 1,060 | 987 | |
Deferred Income Taxes | (42) | (44) | (41) | |
Long-term Debt | 597 | 606 | 597 | |
Operating Lease, Liability, Noncurrent | 2,671 | |||
Other Long-term Liabilities | 406 | 852 | 762 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 23,413 | 23,408 | 22,491 | |
Total Liabilities and Equity (Deficit) | 28,368 | 25,882 | 24,796 | |
Non- guarantor Subsidiaries | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 415 | 416 | 355 | 351 |
Accounts Receivable, Net | 121 | 126 | 122 | |
Inventories | 122 | 155 | 151 | |
Other | 85 | 93 | 97 | |
Total Current Assets | 743 | 790 | 725 | |
Deferred Tax Assets, Net, Noncurrent | 52 | 53 | 13 | |
Property and Equipment, Net | 899 | 896 | 924 | |
Operating Lease, Right-of-Use Asset | 606 | |||
Goodwill | 30 | 30 | 30 | |
Indefinite-Lived Trade Names | 0 | 0 | 0 | |
Net Investments in and Advances to/from Consolidated Affiliates | 2,223 | 2,047 | 2,025 | |
Other Assets | 639 | 670 | 651 | |
Total Assets | 5,192 | 4,486 | 4,368 | |
Current Liabilities: | ||||
Accounts Payable | 310 | 348 | 362 | |
Accrued Expenses and Other | 326 | 393 | 328 | |
Debt, Current | 72 | 72 | 89 | |
Operating Lease, Liability, Current | 85 | |||
Income Taxes | 27 | 28 | 22 | |
Total Current Liabilities | 820 | 841 | 801 | |
Deferred Income Taxes | 279 | 269 | 277 | |
Long-term Debt | 86 | 79 | 12 | |
Operating Lease, Liability, Noncurrent | 563 | |||
Other Long-term Liabilities | 27 | 107 | 98 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,417 | 3,190 | 3,180 | |
Total Liabilities and Equity (Deficit) | 5,192 | 4,486 | 4,368 | |
Eliminations | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 0 | 0 | 0 | $ 0 |
Accounts Receivable, Net | 0 | 0 | 0 | |
Inventories | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | |
Total Current Assets | 0 | 0 | 0 | |
Deferred Tax Assets, Net, Noncurrent | 0 | 0 | 0 | |
Property and Equipment, Net | 0 | 0 | 0 | |
Operating Lease, Right-of-Use Asset | 0 | |||
Goodwill | 0 | 0 | 0 | |
Indefinite-Lived Trade Names | 0 | 0 | 0 | |
Net Investments in and Advances to/from Consolidated Affiliates | (26,775) | (26,539) | (25,684) | |
Other Assets | (612) | (621) | (612) | |
Total Assets | (27,387) | (27,160) | (26,296) | |
Current Liabilities: | ||||
Accounts Payable | 0 | 0 | 0 | |
Accrued Expenses and Other | 0 | 0 | 0 | |
Debt, Current | 0 | 0 | 0 | |
Operating Lease, Liability, Current | 0 | |||
Income Taxes | 0 | 0 | 0 | |
Total Current Liabilities | 0 | 0 | 0 | |
Deferred Income Taxes | 0 | 0 | 0 | |
Long-term Debt | (597) | (607) | (597) | |
Operating Lease, Liability, Noncurrent | 0 | |||
Other Long-term Liabilities | (15) | (14) | (15) | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (26,775) | (26,539) | (25,684) | |
Total Liabilities and Equity (Deficit) | $ (27,387) | $ (27,160) | $ (26,296) |
Supplemental Guarantor Financ_5
Supplemental Guarantor Financial Information (Consolidated Statements Of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,629 | $ 2,626 |
Cost of Goods and Services Sold | (1,695) | (1,682) |
Gross Profit | 934 | 944 |
Selling, General and Administrative Expense | (781) | (789) |
Operating Income (Loss) | 153 | 155 |
Interest Expense | (99) | (98) |
Other Nonoperating Income (Expense) | 6 | 2 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 60 | 59 |
Provision for Income Taxes | 20 | 11 |
Equity in Earnings (Loss), Net of Tax | 0 | 0 |
Net Income (Loss) Attributable to Parent | 40 | 48 |
Reclassification of Cash Flow Hedges to Earnings | (2) | 2 |
Foreign Currency Translation | (4) | (13) |
Unrealized Gain on Cash Flow Hedges | 2 | 6 |
Total Other Comprehensive Income (Loss), Net of Tax | (4) | (5) |
Total Comprehensive Income | 36 | 43 |
L Brands, Inc. | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Cost of Goods and Services Sold | 0 | 0 |
Gross Profit | 0 | 0 |
Selling, General and Administrative Expense | (5) | (4) |
Operating Income (Loss) | (5) | (4) |
Interest Expense | (97) | (97) |
Other Nonoperating Income (Expense) | 0 | 0 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (102) | (101) |
Provision for Income Taxes | 0 | (2) |
Equity in Earnings (Loss), Net of Tax | 142 | 147 |
Net Income (Loss) Attributable to Parent | 40 | 48 |
Reclassification of Cash Flow Hedges to Earnings | 0 | 0 |
Foreign Currency Translation | 0 | 0 |
Unrealized Gain on Cash Flow Hedges | 0 | 0 |
Total Other Comprehensive Income (Loss), Net of Tax | 0 | 0 |
Total Comprehensive Income | 40 | 48 |
Guarantor Subsidiaries | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,488 | 2,466 |
Cost of Goods and Services Sold | (1,649) | (1,622) |
Gross Profit | 839 | 844 |
Selling, General and Administrative Expense | (737) | (726) |
Operating Income (Loss) | 102 | 118 |
Interest Expense | (23) | (20) |
Other Nonoperating Income (Expense) | 6 | 4 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 85 | 102 |
Provision for Income Taxes | 8 | 13 |
Equity in Earnings (Loss), Net of Tax | 66 | 215 |
Net Income (Loss) Attributable to Parent | 143 | 304 |
Reclassification of Cash Flow Hedges to Earnings | 0 | 0 |
Foreign Currency Translation | 0 | 0 |
Unrealized Gain on Cash Flow Hedges | 0 | 0 |
Total Other Comprehensive Income (Loss), Net of Tax | 0 | 0 |
Total Comprehensive Income | 143 | 304 |
Non- guarantor Subsidiaries | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 754 | 839 |
Cost of Goods and Services Sold | (587) | (669) |
Gross Profit | 167 | 170 |
Selling, General and Administrative Expense | (89) | (109) |
Operating Income (Loss) | 78 | 61 |
Interest Expense | (1) | (3) |
Other Nonoperating Income (Expense) | 0 | (2) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 77 | 56 |
Provision for Income Taxes | 12 | 0 |
Equity in Earnings (Loss), Net of Tax | 4 | 152 |
Net Income (Loss) Attributable to Parent | 69 | 208 |
Reclassification of Cash Flow Hedges to Earnings | (2) | 2 |
Foreign Currency Translation | (4) | (13) |
Unrealized Gain on Cash Flow Hedges | 2 | 6 |
Total Other Comprehensive Income (Loss), Net of Tax | (4) | (5) |
Total Comprehensive Income | 65 | 203 |
Eliminations | ||
Revenue from Contract with Customer, Excluding Assessed Tax | (613) | (679) |
Cost of Goods and Services Sold | 541 | 609 |
Gross Profit | (72) | (70) |
Selling, General and Administrative Expense | 50 | 50 |
Operating Income (Loss) | (22) | (20) |
Interest Expense | 22 | 22 |
Other Nonoperating Income (Expense) | 0 | 0 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 0 | 2 |
Provision for Income Taxes | 0 | 0 |
Equity in Earnings (Loss), Net of Tax | (212) | (514) |
Net Income (Loss) Attributable to Parent | (212) | (512) |
Reclassification of Cash Flow Hedges to Earnings | 0 | 0 |
Foreign Currency Translation | 0 | 0 |
Unrealized Gain on Cash Flow Hedges | 0 | 0 |
Total Other Comprehensive Income (Loss), Net of Tax | 0 | 0 |
Total Comprehensive Income | $ (212) | $ (512) |
Supplemental Guarantor Financ_6
Supplemental Guarantor Financial Information (Consolidated Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Net Cash Used for Operating Activities | $ (73) | $ (79) |
Investing Activities: | ||
Capital Expenditures | (123) | (160) |
Proceeds from Divestiture of Businesses | 12 | 0 |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 2 | 1 |
Proceeds from Sale and Maturity of Marketable Securities | 3 | 0 |
Investment In Equity Affiliates | 0 | 0 |
Net Cash Provided by (Used for) Investing Activities | (106) | (159) |
Financing Activities: | ||
Payments of Dividends | (83) | (168) |
Repurchases of Common Stock | 0 | (81) |
Payment, Tax Withholding, Share-based Payment Arrangement | (9) | (8) |
Proceeds from Exercise of Stock Options | 1 | 1 |
Proceeds from (Payments for) Other Financing Activities | (2) | 0 |
Net Financing Activities and Advances to/from Consolidated Affiliates | 0 | 0 |
Net Cash Provided by (Used for) Financing Activities | (86) | (243) |
Effects of Exchange Rate Changes on Cash and Cash Equivalents | (2) | (2) |
Net Increase (Decrease) in Cash and Cash Equivalents | (267) | (483) |
Cash and Cash Equivalents, Beginning of Period | 1,413 | 1,515 |
Cash and Cash Equivalents, End of Period | 1,146 | 1,032 |
L Brands, Inc. | ||
Net Cash Used for Operating Activities | (132) | (141) |
Investing Activities: | ||
Capital Expenditures | 0 | 0 |
Proceeds from Divestiture of Businesses | 0 | |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 0 | 0 |
Proceeds from Sale and Maturity of Marketable Securities | 0 | |
Investment In Equity Affiliates | 0 | 0 |
Net Cash Provided by (Used for) Investing Activities | 0 | 0 |
Financing Activities: | ||
Payments of Dividends | (83) | (168) |
Repurchases of Common Stock | (81) | |
Payment, Tax Withholding, Share-based Payment Arrangement | (9) | (8) |
Proceeds from Exercise of Stock Options | 1 | 1 |
Proceeds from (Payments for) Other Financing Activities | 0 | |
Net Financing Activities and Advances to/from Consolidated Affiliates | 223 | 397 |
Net Cash Provided by (Used for) Financing Activities | 132 | 141 |
Effects of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 |
Net Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 |
Cash and Cash Equivalents, Beginning of Period | 0 | 0 |
Cash and Cash Equivalents, End of Period | 0 | 0 |
Guarantor Subsidiaries | ||
Net Cash Used for Operating Activities | (332) | 65 |
Investing Activities: | ||
Capital Expenditures | (75) | (91) |
Proceeds from Divestiture of Businesses | 12 | |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 0 | 0 |
Proceeds from Sale and Maturity of Marketable Securities | 0 | |
Investment In Equity Affiliates | 0 | 0 |
Net Cash Provided by (Used for) Investing Activities | (63) | (91) |
Financing Activities: | ||
Payments of Dividends | 0 | 0 |
Repurchases of Common Stock | 0 | |
Payment, Tax Withholding, Share-based Payment Arrangement | 0 | 0 |
Proceeds from Exercise of Stock Options | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | (2) | |
Net Financing Activities and Advances to/from Consolidated Affiliates | 131 | (461) |
Net Cash Provided by (Used for) Financing Activities | 129 | (461) |
Effects of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 |
Net Increase (Decrease) in Cash and Cash Equivalents | (266) | (487) |
Cash and Cash Equivalents, Beginning of Period | 997 | 1,164 |
Cash and Cash Equivalents, End of Period | 731 | 677 |
Non- guarantor Subsidiaries | ||
Net Cash Used for Operating Activities | 391 | (3) |
Investing Activities: | ||
Capital Expenditures | (48) | (69) |
Proceeds from Divestiture of Businesses | 0 | |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 2 | 1 |
Proceeds from Sale and Maturity of Marketable Securities | 3 | |
Investment In Equity Affiliates | 0 | (11) |
Net Cash Provided by (Used for) Investing Activities | (43) | (79) |
Financing Activities: | ||
Payments of Dividends | 0 | 0 |
Repurchases of Common Stock | 0 | |
Payment, Tax Withholding, Share-based Payment Arrangement | 0 | 0 |
Proceeds from Exercise of Stock Options | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | 0 | |
Net Financing Activities and Advances to/from Consolidated Affiliates | (354) | 75 |
Net Cash Provided by (Used for) Financing Activities | (347) | 88 |
Effects of Exchange Rate Changes on Cash and Cash Equivalents | (2) | (2) |
Net Increase (Decrease) in Cash and Cash Equivalents | (1) | 4 |
Cash and Cash Equivalents, Beginning of Period | 416 | 351 |
Cash and Cash Equivalents, End of Period | 415 | 355 |
Consolidation, Eliminations [Member] | ||
Net Cash Used for Operating Activities | 0 | 0 |
Investing Activities: | ||
Capital Expenditures | 0 | 0 |
Proceeds from Divestiture of Businesses | 0 | |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 0 | 0 |
Proceeds from Sale and Maturity of Marketable Securities | 0 | |
Investment In Equity Affiliates | 0 | 11 |
Net Cash Provided by (Used for) Investing Activities | 0 | 11 |
Financing Activities: | ||
Payments of Dividends | 0 | 0 |
Repurchases of Common Stock | 0 | |
Payment, Tax Withholding, Share-based Payment Arrangement | 0 | 0 |
Proceeds from Exercise of Stock Options | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | 0 | |
Net Financing Activities and Advances to/from Consolidated Affiliates | 0 | (11) |
Net Cash Provided by (Used for) Financing Activities | 0 | (11) |
Effects of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 |
Net Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 |
Cash and Cash Equivalents, Beginning of Period | 0 | 0 |
Cash and Cash Equivalents, End of Period | 0 | 0 |
Foreign Facilities [Member] | ||
Financing Activities: | ||
Proceeds from Lines of Credit | 21 | 21 |
Repayments of Lines of Credit | (14) | (8) |
Foreign Facilities [Member] | L Brands, Inc. | ||
Financing Activities: | ||
Proceeds from Lines of Credit | 0 | 0 |
Repayments of Lines of Credit | 0 | 0 |
Foreign Facilities [Member] | Guarantor Subsidiaries | ||
Financing Activities: | ||
Proceeds from Lines of Credit | 0 | 0 |
Repayments of Lines of Credit | 0 | 0 |
Foreign Facilities [Member] | Non- guarantor Subsidiaries | ||
Financing Activities: | ||
Proceeds from Lines of Credit | 21 | 21 |
Repayments of Lines of Credit | (14) | (8) |
Foreign Facilities [Member] | Consolidation, Eliminations [Member] | ||
Financing Activities: | ||
Proceeds from Lines of Credit | 0 | 0 |
Repayments of Lines of Credit | $ 0 | $ 0 |