Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Aug. 03, 2019 | Aug. 30, 2019 | |
Cover page. | ||
Title of 12(b) Security | Common Stock, $0.50 Par Value | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Aug. 3, 2019 | |
Entity File Number | 1-8344 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | LB | |
Entity Registrant Name | L BRANDS, INC. | |
Entity Central Index Key | 0000701985 | |
Current Fiscal Year End Date | --02-01 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 276,391,606 | |
Entity Tax Identification Number | 31-1029810 | |
Entity Address, Address Line One | Three Limited Parkway | |
Entity Address, City or Town | Columbus, | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 43230 | |
City Area Code | (614) | |
Local Phone Number | 415-7000 | |
Security Exchange Name | NYSE |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Income Statement [Abstract] | ||||
Net Sales | $ 2,902 | $ 2,984 | $ 5,530 | $ 5,610 |
Costs of Goods Sold, Buying and Occupancy | (1,919) | (1,925) | (3,614) | (3,607) |
Gross Profit | 983 | 1,059 | 1,916 | 2,003 |
General, Administrative and Store Operating Expenses | (808) | (831) | (1,588) | (1,620) |
Operating Income | 175 | 228 | 328 | 383 |
Interest Expense | (95) | (98) | (194) | (196) |
Other Income (Loss) | (38) | (1) | (31) | 1 |
Income Before Income Taxes | 42 | 129 | 103 | 188 |
Provision for Income Taxes | 4 | 30 | 25 | 41 |
Net Income | $ 38 | $ 99 | $ 78 | $ 147 |
Net Income Per Basic Share (in usd per share) | $ 0.14 | $ 0.36 | $ 0.28 | $ 0.53 |
Net Income Per Diluted Share (in usd per share) | 0.14 | 0.36 | 0.28 | 0.52 |
Dividends Per Share(in usd per share) | $ 0.30 | $ 0.60 | $ 0.60 | $ 1.20 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Net Income | $ 38 | $ 99 | $ 78 | $ 147 |
Other Comprehensive Income (Loss), Net of Tax: | ||||
Foreign Currency Translation | (7) | (9) | (11) | (22) |
Unrealized Gain on Cash Flow Hedges | 2 | 3 | 4 | 9 |
Reclassification of Cash Flow Hedges to Earnings | (1) | 1 | (3) | 3 |
Total Other Comprehensive Income (Loss), Net of Tax | (6) | (5) | (10) | (10) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 32 | $ 94 | $ 68 | $ 137 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Aug. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 |
Current Assets: | |||
Cash and Cash Equivalents | $ 853 | $ 1,413 | $ 843 |
Accounts Receivable, Net | 283 | 367 | 310 |
Inventories | 1,329 | 1,248 | 1,315 |
Other | 188 | 232 | 247 |
Total Current Assets | 2,653 | 3,260 | 2,715 |
Property and Equipment, Net | 2,756 | 2,818 | 2,949 |
Operating Lease Assets | 3,209 | 0 | 0 |
Goodwill | 1,348 | 1,348 | 1,348 |
Trade Names | 411 | 411 | 411 |
Deferred Income Taxes | 62 | 62 | 21 |
Other Assets | 179 | 191 | 176 |
Total Assets | 10,618 | 8,090 | 7,620 |
Current Liabilities: | |||
Accounts Payable | 763 | 711 | 821 |
Accrued Expenses and Other | 919 | 1,082 | 963 |
Current Debt | 75 | 72 | 65 |
Current Operating Lease Liabilities | 456 | 0 | 0 |
Income Taxes | 3 | 121 | 7 |
Total Current Liabilities | 2,216 | 1,986 | 1,856 |
Deferred Income Taxes | 241 | 226 | 237 |
Long-term Debt | 5,475 | 5,739 | 5,712 |
Long-term Operating Lease Liabilities | 3,165 | 0 | 0 |
Other Long-term Liabilities | 450 | 1,004 | 937 |
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 275 shares outstanding, respectively | 142 | 141 | 142 |
Paid-in Capital | 806 | 771 | 718 |
Accumulated Other Comprehensive Income | 49 | 59 | 12 |
Retained Earnings (Deficit) | (1,572) | (1,482) | (1,648) |
Less: Treasury Stock, at Average Cost; 8, 8 and 8 shares, respectively | (358) | (358) | (348) |
Total L Brands, Inc. Shareholders’ Equity (Deficit) | (933) | (869) | (1,124) |
Noncontrolling Interest | 4 | 4 | 2 |
Total Equity (Accumulated Deficit) | (929) | (865) | (1,122) |
Total Liabilities and Equity (Deficit) | $ 10,618 | $ 8,090 | $ 7,620 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | Aug. 03, 2019 | Feb. 02, 2019 | Aug. 04, 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 | 275 |
Treasury Stock, Shares | 8 | 8 | 8 |
Consolidated Statements of Tota
Consolidated Statements of Total Equity (Deficit) Statement - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Paid-In Capital | Accumulated Other Comprehensive Income | Retained Earnings (Accumulated Deficit) | Treasury Stock, at Average Cost | Noncontrolling Interest |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative Effect of Accounting Change | Cumulative Effect of Accounting Change | $ (28) | $ 0 | $ 0 | $ (2) | $ (26) | $ 0 | $ 0 |
Adjusted balance | (779) | $ 141 | 678 | 22 | (1,460) | (162) | 2 |
Beginning balance (shares) at Feb. 03, 2018 | 280,000 | ||||||
Beginning balance at Feb. 03, 2018 | (751) | $ 141 | 678 | 24 | (1,434) | (162) | 2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 147 | 0 | 0 | 0 | 147 | 0 | 0 |
Other Comprehensive Income (Loss) | (10) | 0 | 0 | (10) | 0 | 0 | 0 |
Total Comprehensive Income | 137 | 0 | 0 | (10) | 147 | 0 | 0 |
Cash Dividends | $ (335) | $ 0 | 0 | 0 | (335) | 0 | 0 |
Repurchase of Common Stock (shares) | (5,065) | (5,000) | |||||
Repurchase of Common Stock | $ (186) | $ 0 | 0 | 0 | 0 | (186) | 0 |
Share-based Compensation and Other (shares) | 0 | ||||||
Share-based Compensation and Other | $ 41 | $ 1 | 40 | 0 | 0 | 0 | 0 |
Ending balance (shares) at Aug. 04, 2018 | 275,000 | 275,000 | |||||
Ending balance at Aug. 04, 2018 | $ (1,122) | $ 142 | 718 | 12 | (1,648) | (348) | 2 |
Beginning balance (shares) at May. 05, 2018 | 278,000 | ||||||
Beginning balance at May. 05, 2018 | (969) | $ 141 | 696 | 17 | (1,580) | (245) | 2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 99 | 0 | 0 | 0 | 99 | 0 | 0 |
Other Comprehensive Income (Loss) | (5) | 0 | 0 | (5) | 0 | 0 | 0 |
Total Comprehensive Income | 94 | 0 | 0 | (5) | 99 | 0 | 0 |
Cash Dividends | (167) | $ 0 | 0 | 0 | (167) | 0 | 0 |
Repurchase of Common Stock (shares) | (3,000) | ||||||
Repurchase of Common Stock | (103) | $ 0 | 0 | 0 | 0 | (103) | 0 |
Share-based Compensation and Other (shares) | 0 | ||||||
Share-based Compensation and Other | $ 23 | $ 1 | 22 | 0 | 0 | 0 | 0 |
Ending balance (shares) at Aug. 04, 2018 | 275,000 | 275,000 | |||||
Ending balance at Aug. 04, 2018 | $ (1,122) | $ 142 | 718 | 12 | (1,648) | (348) | 2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative Effect of Accounting Change | Cumulative Effect of Accounting Change | (2) | 0 | 0 | 0 | (2) | 0 | 0 |
Adjusted balance | $ (867) | $ 141 | 771 | 59 | (1,484) | (358) | 4 |
Beginning balance (shares) at Feb. 02, 2019 | 275,000 | 275,000 | |||||
Beginning balance at Feb. 02, 2019 | $ (865) | $ 141 | 771 | 59 | (1,482) | (358) | 4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 78 | 0 | 0 | 0 | 78 | 0 | 0 |
Other Comprehensive Income (Loss) | (10) | 0 | 0 | (10) | 0 | 0 | 0 |
Total Comprehensive Income | 68 | 0 | 0 | (10) | 78 | 0 | 0 |
Cash Dividends | (166) | $ 0 | 0 | 0 | (166) | 0 | 0 |
Share-based Compensation and Other (shares) | 1,000 | ||||||
Share-based Compensation and Other | $ 36 | $ 1 | 35 | 0 | 0 | 0 | 0 |
Ending balance (shares) at Aug. 03, 2019 | 276,000 | 276,000 | |||||
Ending balance at Aug. 03, 2019 | $ (929) | $ 142 | 806 | 49 | (1,572) | (358) | 4 |
Beginning balance (shares) at May. 04, 2019 | 276,000 | ||||||
Beginning balance at May. 04, 2019 | (898) | $ 142 | 786 | 55 | (1,527) | (358) | 4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 38 | 0 | 0 | 0 | 38 | 0 | 0 |
Other Comprehensive Income (Loss) | (6) | 0 | 0 | (6) | 0 | 0 | 0 |
Total Comprehensive Income | 32 | 0 | 0 | (6) | 38 | 0 | 0 |
Cash Dividends | (83) | $ 0 | 0 | 0 | (83) | 0 | 0 |
Share-based Compensation and Other (shares) | 0 | ||||||
Share-based Compensation and Other | $ 20 | $ 0 | 20 | 0 | 0 | 0 | 0 |
Ending balance (shares) at Aug. 03, 2019 | 276,000 | 276,000 | |||||
Ending balance at Aug. 03, 2019 | $ (929) | $ 142 | $ 806 | $ 49 | $ (1,572) | $ (358) | $ 4 |
Consolidated Statements of To_2
Consolidated Statements of Total Equity (Deficit) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends (in usd per share) | $ 0.30 | $ 0.60 | $ 0.60 | $ 1.20 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Aug. 03, 2019 | Aug. 04, 2018 | |
Operating Activities: | ||
Net Income | $ 78 | $ 147 |
Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: | ||
Depreciation of Long-lived Assets | 295 | 296 |
Amortization of Landlord Allowances | 0 | (22) |
Share-based Compensation Expense | 44 | 50 |
Loss on Extinguishment of Debt | 40 | 0 |
Deferred Income Taxes | 15 | 0 |
Gains on Distributions from Easton Investments | (2) | (7) |
Unrealized Losses on Marketable Equity Securities | 0 | 6 |
Changes in Assets and Liabilities: | ||
Accounts Receivable | 55 | 1 |
Inventories | (83) | (81) |
Accounts Payable, Accrued Expenses and Other | (107) | 4 |
Income Taxes Payable | (138) | (209) |
Other Assets and Liabilities | (35) | 27 |
Net Cash Provided by Operating Activities | 162 | 212 |
Investing Activities: | ||
Capital Expenditures | (244) | (345) |
Other Investing Activities | 7 | 15 |
Net Cash Used for Investing Activities | (237) | (330) |
Financing Activities: | ||
Proceeds from Issuance of Long-Term Debt, Net of Issuance Costs | 486 | 0 |
Payments of Long-term Debt | (799) | (52) |
Borrowings from Foreign Facilities | 25 | 89 |
Repayments of Foreign Facilities | (14) | (57) |
Dividends Paid | (166) | (335) |
Repurchases of Common Stock | 0 | (186) |
Tax Payments related to Share-based Awards | (11) | (12) |
Proceeds from Exercise of Stock Options | 1 | 1 |
Financing Costs and Other | (5) | (2) |
Net Cash Used for Financing Activities | (483) | (554) |
Effects of Exchange Rate Changes on Cash and Cash Equivalents | (2) | 0 |
Net Decrease in Cash and Cash Equivalents | (560) | (672) |
Cash and Cash Equivalents, Beginning of Period | 1,413 | 1,515 |
Cash and Cash Equivalents, End of Period | $ 853 | $ 843 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 6 Months Ended |
Aug. 03, 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, “ second quarter of 2019 ” and “ second quarter of 2018 ” refer to the thirteen -week periods ended August 3, 2019 and August 4, 2018 , respectively. “Year-to-date 2019” and “year-to-date 2018” refer to the twenty-six -week periods ending August 3, 2019 and August 4, 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 (Loss) 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 August 3, 2019 and August 4, 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 primarily 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 Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Aug. 03, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
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 did 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 lease assets for its leases of $3.3 billion . The operating lease 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
Leases | 6 Months Ended |
Aug. 03, 2019 | |
Leases [Abstract] | |
Leases | Leases In the first quarter of 2019, the Company adopted ASC 842, Leases , using the modified retrospective approach. Results for 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. 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. For additional information, see Note 15, “Commitments and Contingencies.” The following table provides the components of lease cost for operating leases for the second quarter and year-to-date 2019 : Second Quarter Year-to-Date (in millions) Operating Lease Costs $ 176 $ 351 Variable Lease Costs 23 40 Short-term Lease Costs 5 10 Total Lease Cost $ 204 $ 401 The following table provides future maturities of operating lease liabilities as of the second quarter of 2019 : Fiscal Year (in millions) 2019 $ 299 2020 705 2021 664 2022 594 2023 536 Thereafter 1,843 Total Lease Payments $ 4,641 Less: Interest (1,020 ) Present Value of Operating Lease Liabilities $ 3,621 As of August 3, 2019 , the Company has additional operating lease commitments that have not yet commenced of approximately $44 million . The following table provides the weighted-average remaining lease term and discount rate for operating leases with lease liabilities as of the second quarter of 2019 : Weighted Average Remaining Lease Term (years) 7.5 Weighted Average Discount Rate 6.1 % Year-to-date 2019 , the Company paid $348 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. Year-to-date 2019 , the Company obtained $203 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 second quarter and year-to-date 2018: Second Quarter Year-to-Date (in millions) Store Rent: Fixed Minimum $ 166 $ 333 Contingent 18 30 Total Store Rent 184 363 Office, Equipment and Other 22 44 Total Rent Expense $ 206 $ 407 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 lease asset and the accretion of interest expense under the effective interest method. The Company recorded $23 million and $32 million of finance lease assets, net of accumulated amortization, in Property and Equipment, Net on the August 3, 2019 and August 4, 2018 Consolidated Balance Sheets, respectively. Additionally, the Company recorded finance lease liabilities of $7 million and $9 million in Accrued Expenses and Other and $16 million and $23 million in Other Long-term Liabilities, on the August 3, 2019 and August 4, 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 August 3, 2019 and $15 million as of August 4, 2018 . These liabilities are included in Other Long-term Liabilities on the Consolidated Balance Sheets. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Aug. 03, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue Recognition | Revenue Recognition Accounts receivable, net from revenue-generating activities were $174 million as of August 3, 2019 , $150 million as of February 2, 2019 and $165 million as of August 4, 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 90 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 not yet delivered, which are all impacted by seasonal and holiday-related sales patterns. Deferred revenue was $276 million as of August 3, 2019 , $331 million as of February 2, 2019 and $281 million as of August 4, 2018 . The Company recognized $167 million as revenue year-to-date in 2019 from amounts recorded as deferred revenue at the beginning of the period. As of August 3, 2019 , the Company recorded deferred revenue of $262 million within Accrued Expenses and Other, and $14 million within Other Long-term Liabilities on the Consolidated Balance Sheet. The following table provides a disaggregation of Net Sales for the second quarter and year-to-date 2019 and 2018 : Second Quarter Year-to-Date 2019 2018 2019 2018 (in millions) Victoria’s Secret Stores (a) $ 1,233 $ 1,365 $ 2,381 $ 2,601 Victoria’s Secret Direct 373 360 735 713 Total Victoria’s Secret 1,606 1,725 3,116 3,314 Bath & Body Works Stores (a) 883 824 1,597 1,473 Bath & Body Works Direct 178 140 335 251 Total Bath & Body Works 1,061 964 1,932 1,724 Victoria's Secret and Bath & Body Works International (b) 155 145 289 281 Other (c) 80 150 193 291 Total Net Sales $ 2,902 $ 2,984 $ 5,530 $ 5,610 _______________ (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 | 6 Months Ended |
Aug. 03, 2019 | |
Earnings Per Share And Shareholders' Equity [Abstract] | |
Earnings Per Share and Shareholders' Equity | 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 second quarter and year-to-date 2019 and 2018 : Second Quarter Year-to-Date 2019 2018 2019 2018 (in millions) Weighted-average Common Shares: Issued Shares 284 283 284 283 Treasury Shares (8 ) (6 ) (8 ) (5 ) Basic Shares 276 277 276 278 Effect of Dilutive Options and Restricted Stock 2 2 2 2 Diluted Shares 278 279 278 280 Anti-dilutive Options and Awards (a) 6 5 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 during year-to-date 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 4,538 $ 161 $ 35.53 September 2017 250 527 25 $ 46.98 Total 5,065 $ 186 The Company did not repurchase any shares during year-to-date 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 August 3, 2019 . There were $2 million of share repurchases reflected in Accounts Payable on the August 4, 2018 Consolidated Balance Sheet. Dividends Under the authority and declaration of the Board of Directors, the Company paid the following dividends during year-to-date 2019 and 2018 : Ordinary Dividends Total Paid (per share) (in millions) 2019 Second Quarter $ 0.30 $ 83 First Quarter 0.30 83 Total $ 0.60 $ 166 2018 Second Quarter $ 0.60 $ 167 First Quarter 0.60 168 Total $ 1.20 $ 335 |
Restructuring Activities
Restructuring Activities | 6 Months Ended |
Aug. 03, 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. The Company received cash proceeds of $12 million related to a net working capital settlement from the divestiture year-to-date 2019. 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 expected to range 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 |
Inventories
Inventories | 6 Months Ended |
Aug. 03, 2019 | |
Inventory, Net [Abstract] | |
Inventories | Inventories The following table provides details of inventories as of August 3, 2019 , February 2, 2019 and August 4, 2018 : August 3, February 2, August 4, (in millions) Finished Goods Merchandise $ 1,132 $ 1,107 $ 1,143 Raw Materials and Merchandise Components 197 141 172 Total Inventories $ 1,329 $ 1,248 $ 1,315 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 | 6 Months Ended |
Aug. 03, 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 August 3, 2019 , February 2, 2019 and August 4, 2018 : August 3, February 2, August 4, (in millions) Property and Equipment, at Cost $ 6,808 $ 6,733 $ 6,890 Accumulated Depreciation and Amortization (4,052 ) (3,915 ) (3,941 ) Property and Equipment, Net $ 2,756 $ 2,818 $ 2,949 Depreciation expense was $150 million and $148 million for the second quarter of 2019 and 2018 , respectively. Depreciation expense was $295 million and $296 million for year-to-date 2019 and 2018 , respectively. |
Equity Investments
Equity Investments | 6 Months Ended |
Aug. 03, 2019 | |
Equity Method Investment, Summarized Financial Information [Abstract] | |
Equity Investments | 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 $102 million as of August 3, 2019 , $89 million as of February 2, 2019 , and $78 million as of August 4, 2018 , are recorded in Other Assets on the Consolidated Balance Sheets. |
Income Taxes
Income Taxes | 6 Months Ended |
Aug. 03, 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 second quarter of 2019 , the Company’s effective tax rate was 10.1% compared to 23.2% in the second quarter of 2018 . For year-to-date 2019 , the Company’s effective tax rate was 24.0% compared to 21.7% year-to-date 2018 . The rates for 2019 and 2018 were lower than the Company's combined federal and state statutory rate primarily due to the resolution of certain tax matters. Income taxes paid were $169 million and $255 million for the second quarter of 2019 and 2018 , respectively. Income taxes paid were $181 million and $266 million for year-to-date 2019 and 2018 , respectively. Uncertain Tax Positions The Company had unrecognized tax benefits of $114 million as of February 2, 2019, of which $104 million , if recognized would reduce the effective income tax rate. Through August 3, 2019, the Company had a net decrease to gross unrecognized tax benefits of $33 million , primarily due to the resolution of certain tax matters. The changes to the unrecognized tax benefits resulted in a $17 million benefit to the Company’s Provision for Income Taxes year-to-date. Of the total unrecognized tax benefits as of August 3, 2019, it is reasonably possible that $56 million |
Long-term Debt and Borrowing Fa
Long-term Debt and Borrowing Facilities | 6 Months Ended |
Aug. 03, 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 August 3, 2019 , February 2, 2019 and August 4, 2018 : August 3, February 2, August 4, (in millions) Senior Debt with Subsidiary Guarantee $1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”) $ 990 $ 990 $ 990 $860 million, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”) 857 952 951 $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”) 498 498 498 $500 million, 5.25% Fixed Interest Rate Notes due February 2028 (“2028 Notes”) 496 496 495 $500 million, 7.50% Fixed Interest Rate Notes due June 2029 ("2029 Notes") 486 — — $450 million, 6.625% Fixed Interest Rate Notes due April 2021 (“2021 Notes”) 449 776 776 $297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”) 274 273 272 $338 million, 7.00% Fixed Interest Rate Notes due May 2020 (“2020 Notes”) — 337 337 Secured Foreign Facilities 95 91 80 Total Senior Debt with Subsidiary Guarantee $ 4,838 $ 5,106 $ 5,092 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 40 Total Senior Debt $ 712 $ 705 $ 685 Total $ 5,550 $ 5,811 $ 5,777 Current Debt (75 ) (72 ) (65 ) Total Long-term Debt, Net of Current Portion $ 5,475 $ 5,739 $ 5,712 Issuance of Notes In June 2019, the Company issued $500 million of 7.50% notes due in June 2029 ("2029 Notes"). The obligation to pay principal and interest on these notes is jointly and severally guaranteed on a full and unconditional basis by certain of the Company's 100% owned subsidiaries (the “Guarantors”). The proceeds from the issuance were $486 million , which were net of discounts and issuance costs of $14 million . The discounts and issuance costs are being amortized through the maturity date and are included within Long-term Debt on the August 3, 2019 Consolidated Balance Sheet. Repurchases of Notes In June 2019, the Company completed the early settlement of tender offers to repurchase $212 million of outstanding 2020 Notes, $330 million of outstanding 2021 Notes and $96 million of outstanding 2022 Notes for $669 million . The Company used the proceeds from the 2029 Notes, together with cash on hand, to fund the purchase price for the tender offers. Additionally, in July 2019, the Company redeemed the remaining $126 million of outstanding 2020 Notes for $130 million . In the second quarter of 2019, the Company recognized a pre-tax loss on extinguishment of debt of $40 million (after-tax loss of $30 million ), which includes write-offs of unamortized issuance costs and redemption fees. This loss is included in Other Income (Loss) in the 2019 Consolidated Statements of Income. 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 is being amortized through the maturity date of January 2027 and is included within Long-term Debt on the 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 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 . 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. Additionally, as of August 3, 2019 , the Secured Revolving Facility provided 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 August 3, 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 August 3, 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 August 3, 2019 that reduced its remaining availability under the Secured Revolving Facility. Subsequent to August 3, 2019 , the Company entered into an amendment and restatement (“Amendment”) of the Secured Revolving Facility. The Amendment maintains the aggregate availability under the Secured Revolving Facility at $1 billion and extends the expiration date from May 2022 to August 2024. The Amendment also raises the threshold of consolidated debt to consolidated EBITDA in which investments and restricted payments may be made without limitation to 3.50 to 1.00 . 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 2019 , the Company borrowed $12 million and made payments of $8 million under the Secured Foreign Facilities. The maximum daily amount outstanding at any point in time during 2019 was $96 million . Borrowings on the Secured Foreign Facilities mature between December 2019 and May 2022. As of August 3, 2019 , borrowings of $8 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 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 2019 was $73 million . Borrowings on the Unsecured Foreign Facilities mature between September 2019 and December 2019. As of August 3, 2019 , borrowings of $67 million are included within Current Debt on the Consolidated Balance Sheet. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Aug. 03, 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 the 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 August 3, 2019 . The following table provides the U.S. dollar notional amount of outstanding foreign currency derivative financial instruments as of August 3, 2019 , February 2, 2019 and August 4, 2018 : August 3, February 2, August 4, (in millions) Notional Amount $ 168 $ 147 $ 224 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 August 3, 2019 , February 2, 2019 and August 4, 2018 : August 3, February 2, August 4, (in millions) Other Current Assets $ 3 $ 2 $ 3 Accrued Expenses and Other — — 1 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 second quarter and year-to-date 2019 and 2018 : Second Quarter Year-to-Date 2019 2018 2019 2018 (in millions) Gain (Loss) Recognized in Accumulated Other Comprehensive Income $ 2 $ 3 $ 4 $ 10 (Gain) Loss Reclassified from Accumulated Other Comprehensive Income into Costs of Goods Sold, Buying and Occupancy Expense (1 ) 1 (3 ) 3 The Company estimates that $3 million of net gains included in accumulated other comprehensive income as of August 3, 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 | 6 Months Ended |
Aug. 03, 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 August 3, 2019 , February 2, 2019 and August 4, 2018 : Level 1 Level 2 Level 3 Total (in millions) As of August 3, 2019 Assets: Cash and Cash Equivalents $ 853 $ — $ — $ 853 Marketable Equity Securities 2 — — 2 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 August 4, 2018 Assets: Cash and Cash Equivalents $ 843 $ — $ — $ 843 Marketable Equity Securities 11 — — 11 Foreign Currency Cash Flow Hedges — 3 — 3 Liabilities: Foreign Currency Cash Flow Hedges — 1 — 1 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 August 3, 2019 , February 2, 2019 and August 4, 2018 : August 3, February 2, August 4, (in millions) Principal Value $ 5,458 $ 5,722 $ 5,722 Fair Value (a) 5,215 5,340 5,432 _______________ (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 | 6 Months Ended |
Aug. 03, 2019 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive Income | Comprehensive Income The following table provides the rollforward of accumulated other comprehensive income for year-to-date 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 (11 ) 4 (7 ) Amounts Reclassified from Accumulated Other Comprehensive Income — (3 ) (3 ) Tax Effect — — — Current-period Other Comprehensive Income (Loss) (11 ) 1 (10 ) Balance as of August 3, 2019 $ 46 $ 3 $ 49 The following table provides the rollforward of accumulated other comprehensive income for year-to-date 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 (22 ) 10 — (12 ) Amounts Reclassified from Accumulated Other Comprehensive Income — 3 — 3 Tax Effect — (1 ) — (1 ) Current-period Other Comprehensive Income (Loss) (22 ) 12 — (10 ) Balance as of August 4, 2018 $ 10 $ 2 $ — $ 12 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Aug. 03, 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. In July 2019, a plaintiff shareholder filed a putative class action complaint in the U.S. District Court for the Southern District of Ohio alleging that the Company made false and/or misleading statements relating to the November 2018 announcement that the Company was reducing its quarterly dividend. The Company views this lawsuit as meritless and intends to defend against this lawsuit vigorously. Guarantees In connection with the sale of La Senza in the fourth quarter of 2018, the Company has remaining guarantees of $67 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 August 3, 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 August 3, 2019 , February 2, 2019 or August 4, 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 $11 million as of August 3, 2019 and February 2, 2019 , and $3 million as of August 4, 2018 related to these guarantee obligations. This liability is included in Current Operating Lease Liabilities on the August 3, 2019 Consolidated Balance Sheet, and in Other Long-term Liabilities on the February 2, 2019 and August 4, 2018 |
Retirement Benefits
Retirement Benefits | 6 Months Ended |
Aug. 03, 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 $20 million for both the second quarter of 2019 and 2018 . Total expense recognized related to the qualified plan was $39 million for year-to-date 2019 and $38 million for year-to-date 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 the second quarter of 2019 and $5 million for the second quarter of 2018 . Total expense recognized related to the non-qualified plan was $12 million for year-to-date 2019 and $11 million for year-to-date 2018 . |
Segment Information
Segment Information | 6 Months Ended |
Aug. 03, 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 second quarter and year-to-date 2019 and 2018 : Victoria’s Secret Bath & Body Works Victoria’s Secret and Bath & Body Works International Other Total (in millions) 2019 Second Quarter: Net Sales $ 1,606 $ 1,061 $ 155 $ 80 $ 2,902 Operating Income (Loss) 17 180 (1 ) (21 ) $ 175 Year-to-Date: Net Sales $ 3,116 $ 1,932 $ 289 $ 193 $ 5,530 Operating Income (Loss) 49 335 (5 ) (51 ) 328 2018 Second Quarter: Net Sales $ 1,725 $ 964 $ 145 $ 150 $ 2,984 Operating Income (Loss) 114 169 (9 ) (46 ) 228 Year-to-Date: Net Sales $ 3,314 $ 1,724 $ 281 $ 291 $ 5,610 Operating Income (Loss) 197 293 (14 ) (93 ) 383 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 $357 million and $400 million for the second quarter of 2019 and 2018 , respectively. The Company's international net sales across all segments totaled $706 million and $758 million for year-to-date 2019 and 2018 , respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Aug. 03, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent to August 3, 2019 , the Company entered into an amendment and restatement of the Secured Revolving Facility. For additional information, see Note 11 , “Long-term Debt and Borrowing Facilities.” |
Supplemental Guarantor Financia
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information | 6 Months Ended |
Aug. 03, 2019 | |
Supplemental Guarantor Financial Information [Abstract] | |
Supplemental Guarantor Financial Information | Supplemental Guarantor Financial Information The Company’s 2021 Notes, 2022 Notes, 2023 Notes, 2027 Notes, 2028 Notes, 2029 Notes, 2035 Notes, 2036 Notes, Secured Revolving Facility and Secured Foreign Facilities are jointly and severally guaranteed on a full and unconditional basis by the Guarantors. The Company is a holding company, and its most significant assets are the stock of its subsidiaries. The Guarantors represent: (a) substantially all of the sales of the Company’s domestic subsidiaries, (b) more than 90% of the assets owned by the Company’s domestic subsidiaries, other than real property, certain other assets and intercompany investments and balances and (c) more than 95% of the accounts receivable and inventory directly owned by the Company’s domestic subsidiaries. The following supplemental financial information sets forth for the Company and its guarantor and non-guarantor subsidiaries: the Condensed Consolidating Balance Sheets as of August 3, 2019 , February 2, 2019 and August 4, 2018 and the Condensed Consolidating Statements of Income, Comprehensive Income and Cash Flows for the periods ended August 3, 2019 and August 4, 2018 . L BRANDS, INC. CONDENSED CONSOLIDATING BALANCE SHEET (in millions) (Unaudited) August 3, 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. ASSETS Current Assets: Cash and Cash Equivalents $ — $ 355 $ 498 $ — $ 853 Accounts Receivable, Net — 173 110 — 283 Inventories — 1,211 118 — 1,329 Other 12 55 121 — 188 Total Current Assets 12 1,794 847 — 2,653 Property and Equipment, Net — 1,868 888 — 2,756 Operating Lease Assets — 2,637 572 — 3,209 Goodwill — 1,318 30 — 1,348 Trade Names — 411 — — 411 Net Investments in and Advances to/from Consolidated Affiliates 4,418 20,582 2,315 (27,315 ) — Deferred Income Taxes — 9 53 — 62 Other Assets 126 11 654 (612 ) 179 Total Assets $ 4,556 $ 28,630 $ 5,359 $ (27,927 ) $ 10,618 LIABILITIES AND EQUITY (DEFICIT) Current Liabilities: Accounts Payable $ 2 $ 418 $ 343 $ — $ 763 Accrued Expenses and Other 81 529 309 — 919 Current Debt — — 75 — 75 Current Operating Lease Liabilities — 370 86 — 456 Income Taxes — — 3 — 3 Total Current Liabilities 83 1,317 816 — 2,216 Deferred Income Taxes 1 (41 ) 281 — 241 Long-term Debt 5,388 597 87 (597 ) 5,475 Long-term Operating Lease Liabilities — 2,636 529 — 3,165 Other Long-term Liabilities 62 374 29 (15 ) 450 Total Equity (Deficit) (978 ) 23,747 3,617 (27,315 ) (929 ) Total Liabilities and Equity (Deficit) $ 4,556 $ 28,630 $ 5,359 $ (27,927 ) $ 10,618 L BRANDS, INC. CONDENSED CONSOLIDATING BALANCE SHEET (in millions) February 2, 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. ASSETS Current Assets: Cash and Cash Equivalents $ — $ 997 $ 416 $ — $ 1,413 Accounts Receivable, Net — 241 126 — 367 Inventories — 1,093 155 — 1,248 Other — 139 93 — 232 Total Current Assets — 2,470 790 — 3,260 Property and Equipment, Net — 1,922 896 — 2,818 Goodwill — 1,318 30 — 1,348 Trade Names — 411 — — 411 Net Investments in and Advances to/from Consolidated Affiliates 4,755 19,737 2,047 (26,539 ) — Deferred Income Taxes — 9 53 — 62 Other Assets 127 15 670 (621 ) 191 Total Assets $ 4,882 $ 25,882 $ 4,486 $ (27,160 ) $ 8,090 LIABILITIES AND EQUITY (DEFICIT) Current Liabilities: Accounts Payable $ — $ 363 $ 348 $ — $ 711 Accrued Expenses and Other 92 597 393 — 1,082 Current Debt — — 72 — 72 Income Taxes (7 ) 100 28 — 121 Total Current Liabilities 85 1,060 841 — 1,986 Deferred Income Taxes 1 (44 ) 269 — 226 Long-term Debt 5,661 606 79 (607 ) 5,739 Other Long-term Liabilities 59 852 107 (14 ) 1,004 Total Equity (Deficit) (924 ) 23,408 3,190 (26,539 ) (865 ) Total Liabilities and Equity (Deficit) $ 4,882 $ 25,882 $ 4,486 $ (27,160 ) $ 8,090 L BRANDS, INC. CONDENSED CONSOLIDATING BALANCE SHEET (in millions) (Unaudited) August 4, 2018 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. ASSETS Current Assets: Cash and Cash Equivalents $ — $ 453 $ 390 $ — $ 843 Accounts Receivable, Net — 166 144 — 310 Inventories — 1,139 176 — 1,315 Other 6 143 98 — 247 Total Current Assets 6 1,901 808 — 2,715 Property and Equipment, Net — 2,012 937 — 2,949 Goodwill — 1,318 30 — 1,348 Trade Names — 411 — — 411 Net Investments in and Advances to/from Consolidated Affiliates 4,544 19,604 2,205 (26,353 ) — Deferred Income Taxes — 10 11 — 21 Other Assets 128 14 645 (611 ) 176 Total Assets $ 4,678 $ 25,270 $ 4,636 $ (26,964 ) $ 7,620 LIABILITIES AND EQUITY (DEFICIT) Current Liabilities: Accounts Payable $ 3 $ 430 $ 388 $ — $ 821 Accrued Expenses and Other 96 539 328 — 963 Current Debt — — 65 — 65 Income Taxes — — 7 — 7 Total Current Liabilities 99 969 788 — 1,856 Deferred Income Taxes (2 ) (38 ) 277 — 237 Long-term Debt 5,657 597 55 (597 ) 5,712 Other Long-term Liabilities 58 796 97 (14 ) 937 Total Equity (Deficit) (1,134 ) 22,946 3,419 (26,353 ) (1,122 ) Total Liabilities and Equity (Deficit) $ 4,678 $ 25,270 $ 4,636 $ (26,964 ) $ 7,620 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF INCOME (in millions) (Unaudited) Second Quarter 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Sales $ — $ 2,760 $ 767 $ (625 ) $ 2,902 Costs of Goods Sold, Buying and Occupancy — (1,865 ) (596 ) 542 (1,919 ) Gross Profit — 895 171 (83 ) 983 General, Administrative and Store Operating Expenses (3 ) (777 ) (87 ) 59 (808 ) Operating Income (Loss) (3 ) 118 84 (24 ) 175 Interest Expense (93 ) (24 ) (2 ) 24 (95 ) Other Income (Loss) (40 ) 5 (3 ) — (38 ) Income (Loss) Before Income Taxes (136 ) 99 79 — 42 Provision for Income Taxes (8 ) (2 ) 14 — 4 Equity in Earnings (Loss), Net of Tax 166 192 131 (489 ) — Net Income (Loss) $ 38 $ 293 $ 196 $ (489 ) $ 38 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (in millions) (Unaudited) Second Quarter 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Income (Loss) $ 38 $ 293 $ 196 $ (489 ) $ 38 Other Comprehensive Income (Loss), Net of Tax: Foreign Currency Translation — — (7 ) — (7 ) Unrealized Gain (Loss) on Cash Flow Hedges — — 2 — 2 Reclassification of Cash Flow Hedges to Earnings — — (1 ) — (1 ) Total Other Comprehensive Income (Loss), Net of Tax — — (6 ) — (6 ) Total Comprehensive Income (Loss) $ 38 $ 293 $ 190 $ (489 ) $ 32 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF INCOME (in millions) (Unaudited) Second Quarter 2018 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Sales $ — $ 2,797 $ 751 $ (564 ) $ 2,984 Costs of Goods Sold, Buying and Occupancy — (1,835 ) (650 ) 560 (1,925 ) Gross Profit — 962 101 (4 ) 1,059 General, Administrative and Store Operating Expenses (2 ) (717 ) (118 ) 6 (831 ) Operating Income (Loss) (2 ) 245 (17 ) 2 228 Interest Expense (97 ) 2 (2 ) (1 ) (98 ) Other Income (Loss) — 3 (4 ) — (1 ) Income (Loss) Before Income Taxes (99 ) 250 (23 ) 1 129 Provision for Income Taxes — 21 9 — 30 Equity in Earnings (Loss), Net of Tax 198 217 245 (660 ) — Net Income (Loss) $ 99 $ 446 $ 213 $ (659 ) $ 99 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (in millions) (Unaudited) Second Quarter 2018 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Income (Loss) $ 99 $ 446 $ 213 $ (659 ) $ 99 Other Comprehensive Income (Loss), Net of Tax: Foreign Currency Translation — — (9 ) — (9 ) Unrealized Gain (Loss) on Cash Flow Hedges — — 3 — 3 Reclassification of Cash Flow Hedges to Earnings — — 1 — 1 Total Other Comprehensive Income (Loss), Net of Tax — — (5 ) — (5 ) Total Comprehensive Income (Loss) $ 99 $ 446 $ 208 $ (659 ) $ 94 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF INCOME (in millions) (Unaudited) Year-to-Date 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Sales $ — $ 5,247 $ 1,521 $ (1,238 ) $ 5,530 Costs of Goods Sold, Buying and Occupancy — (3,514 ) (1,183 ) 1,083 (3,614 ) Gross Profit — 1,733 338 (155 ) 1,916 General, Administrative and Store Operating Expenses (8 ) (1,513 ) (176 ) 109 (1,588 ) Operating Income (Loss) (8 ) 220 162 (46 ) 328 Interest Expense (190 ) (47 ) (3 ) 46 (194 ) Other Income (Loss) (40 ) 12 (3 ) — (31 ) Income (Loss) Before Income Taxes (238 ) 185 156 — 103 Provision for Income Taxes (8 ) 7 26 — 25 Equity in Earnings (Loss), Net of Tax 308 258 135 (701 ) — Net Income (Loss) $ 78 $ 436 $ 265 $ (701 ) $ 78 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (in millions) (Unaudited) Year-to-Date 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Income (Loss) $ 78 $ 436 $ 265 $ (701 ) $ 78 Other Comprehensive Income (Loss), Net of Tax: Foreign Currency Translation — — (11 ) — (11 ) Unrealized Gain (Loss) on Cash Flow Hedges — — 4 — 4 Reclassification of Cash Flow Hedges to Earnings — — (3 ) — (3 ) Total Other Comprehensive Income (Loss), Net of Tax — — (10 ) — (10 ) Total Comprehensive Income (Loss) $ 78 $ 436 $ 255 $ (701 ) $ 68 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF INCOME (in millions) (Unaudited) Year-to-Date 2018 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Sales $ — $ 5,263 $ 1,590 $ (1,243 ) $ 5,610 Costs of Goods Sold, Buying and Occupancy — (3,457 ) (1,319 ) 1,169 (3,607 ) Gross Profit — 1,806 271 (74 ) 2,003 General, Administrative and Store Operating Expenses (6 ) (1,443 ) (227 ) 56 (1,620 ) Operating Income (Loss) (6 ) 363 44 (18 ) 383 Interest Expense (194 ) (18 ) (5 ) 21 (196 ) Other Income (Loss) — 7 (6 ) — 1 Income (Loss) Before Income Taxes (200 ) 352 33 3 188 Provision for Income Taxes (2 ) 34 9 — 41 Equity in Earnings (Loss), Net of Tax 345 432 397 (1,174 ) — Net Income (Loss) $ 147 $ 750 $ 421 $ (1,171 ) $ 147 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (in millions) (Unaudited) Year-to-Date 2018 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Income (Loss) $ 147 $ 750 $ 421 $ (1,171 ) $ 147 Other Comprehensive Income (Loss), Net of Tax: Foreign Currency Translation — — (22 ) — (22 ) Unrealized Gain (Loss) on Cash Flow Hedges — — 9 — 9 Reclassification of Cash Flow Hedges to Earnings — — 3 — 3 Total Other Comprehensive Income (Loss), Net of Tax — — (10 ) — (10 ) Total Comprehensive Income (Loss) $ 147 $ 750 $ 411 $ (1,171 ) $ 137 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (in millions) (Unaudited) Year-to-Date 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Cash Provided by (Used for) Operating Activities $ (240 ) $ (119 ) $ 521 $ — $ 162 Investing Activities: Capital Expenditures — (153 ) (91 ) — (244 ) Other Investing Activities — 12 (5 ) — 7 Net Cash Provided by (Used for) Investing Activities — (141 ) (96 ) — (237 ) Financing Activities: Proceeds from Issuance of Long-term Debt, Net of Issuance Costs 486 — — — 486 Payments of Long-term Debt (799 ) — — — (799 ) Borrowings from Foreign Facilities — — 25 — 25 Repayments of Foreign Facilities — — (14 ) — (14 ) Dividends Paid (166 ) — — — (166 ) Tax Payments related to Share-based Awards (11 ) — — — (11 ) Proceeds from Exercise of Stock Options 1 — — — 1 Financing Costs and Other (1 ) (4 ) — — (5 ) Net Financing Activities and Advances to/from Consolidated Affiliates 730 (378 ) (352 ) — — Net Cash Provided by (Used for) Financing Activities 240 (382 ) (341 ) — (483 ) Effects of Exchange Rate Changes on Cash and Cash Equivalents — — (2 ) — (2 ) Net Increase (Decrease) in Cash and Cash Equivalents — (642 ) 82 — (560 ) Cash and Cash Equivalents, Beginning of Period — 997 416 — 1,413 Cash and Cash Equivalents, End of Period $ — $ 355 $ 498 $ — $ 853 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (in millions) (Unaudited) Year-to-Date 2018 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Cash Provided by (Used for) Operating Activities $ (219 ) $ 471 $ (40 ) $ — $ 212 Investing Activities: Capital Expenditures — (213 ) (132 ) — (345 ) Net Investments in Consolidated Affiliates — — (11 ) 11 — Other Investing Activities — — 15 — 15 Net Cash Provided by (Used for) Investing Activities — (213 ) (128 ) 11 (330 ) Financing Activities: Payments of Long-term Debt (52 ) — — — (52 ) Borrowings from Foreign Facilities — — 89 — 89 Repayments of Foreign Facilities — — (57 ) — (57 ) Dividends Paid (335 ) — — — (335 ) Repurchases of Common Stock (186 ) — — — (186 ) Tax Payments related to Share-based Awards (12 ) — — — (12 ) Proceeds from Exercise of Stock Options 1 — — — 1 Financing Costs and Other (2 ) — — — (2 ) Net Financing Activities and Advances to/from Consolidated Affiliates 805 (969 ) 175 (11 ) — Net Cash Provided by (Used for) Financing Activities 219 (969 ) 207 (11 ) (554 ) Effects of Exchange Rate Changes on Cash and Cash Equivalents — — — — — Net Increase (Decrease) in Cash and Cash Equivalents — (711 ) 39 — (672 ) Cash and Cash Equivalents, Beginning of Period — 1,164 351 — 1,515 Cash and Cash Equivalents, End of Period $ — $ 453 $ 390 $ — $ 843 |
Description Of Business And B_2
Description Of Business And Basis Of Presentation (Policy) | 6 Months Ended |
Aug. 03, 2019 | |
Description Of Business And Basis Of Presentation [Abstract] | |
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, “ second quarter of 2019 ” and “ second quarter of 2018 ” refer to the thirteen -week periods ended August 3, 2019 and August 4, 2018 , respectively. “Year-to-date 2019” and “year-to-date 2018” refer to the twenty-six -week periods ending August 3, 2019 and August 4, 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 (Loss) 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 August 3, 2019 and August 4, 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 primarily 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 | 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 did 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 lease assets for its leases of $3.3 billion . The operating lease 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. |
Inventory | Inventories are principally valued at the lower of cost, on a weighted-average cost basis, or net realizable value. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Leases [Abstract] | |
Schedule of Lease Cost | The following table provides the components of lease cost for operating leases for the second quarter and year-to-date 2019 : Second Quarter Year-to-Date (in millions) Operating Lease Costs $ 176 $ 351 Variable Lease Costs 23 40 Short-term Lease Costs 5 10 Total Lease Cost $ 204 $ 401 |
Schedule of Future Maturities of Operating Lease Liabilities | The following table provides future maturities of operating lease liabilities as of the second quarter of 2019 : Fiscal Year (in millions) 2019 $ 299 2020 705 2021 664 2022 594 2023 536 Thereafter 1,843 Total Lease Payments $ 4,641 Less: Interest (1,020 ) Present Value of Operating Lease Liabilities $ 3,621 |
Schedule of Supplemental Information Related to Leases | The following table provides the weighted-average remaining lease term and discount rate for operating leases with lease liabilities as of the second quarter of 2019 : Weighted Average Remaining Lease Term (years) 7.5 Weighted Average Discount Rate 6.1 % |
Schedule of Rent Expense | The following table provides rent expense, as presented under the prior accounting standard, for the second quarter and year-to-date 2018: Second Quarter Year-to-Date (in millions) Store Rent: Fixed Minimum $ 166 $ 333 Contingent 18 30 Total Store Rent 184 363 Office, Equipment and Other 22 44 Total Rent Expense $ 206 $ 407 |
Schedule of Future Minimum Rental Payments for Operating Leases | 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) | 6 Months Ended |
Aug. 03, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Disaggregation of Revenue | The following table provides a disaggregation of Net Sales for the second quarter and year-to-date 2019 and 2018 : Second Quarter Year-to-Date 2019 2018 2019 2018 (in millions) Victoria’s Secret Stores (a) $ 1,233 $ 1,365 $ 2,381 $ 2,601 Victoria’s Secret Direct 373 360 735 713 Total Victoria’s Secret 1,606 1,725 3,116 3,314 Bath & Body Works Stores (a) 883 824 1,597 1,473 Bath & Body Works Direct 178 140 335 251 Total Bath & Body Works 1,061 964 1,932 1,724 Victoria's Secret and Bath & Body Works International (b) 155 145 289 281 Other (c) 80 150 193 291 Total Net Sales $ 2,902 $ 2,984 $ 5,530 $ 5,610 _______________ (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) | 6 Months Ended |
Aug. 03, 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 second quarter and year-to-date 2019 and 2018 : Second Quarter Year-to-Date 2019 2018 2019 2018 (in millions) Weighted-average Common Shares: Issued Shares 284 283 284 283 Treasury Shares (8 ) (6 ) (8 ) (5 ) Basic Shares 276 277 276 278 Effect of Dilutive Options and Restricted Stock 2 2 2 2 Diluted Shares 278 279 278 280 Anti-dilutive Options and Awards (a) 6 5 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 during year-to-date 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 4,538 $ 161 $ 35.53 September 2017 250 527 25 $ 46.98 Total 5,065 $ 186 |
Schedule Of Dividends Paid | Under the authority and declaration of the Board of Directors, the Company paid the following dividends during year-to-date 2019 and 2018 : Ordinary Dividends Total Paid (per share) (in millions) 2019 Second Quarter $ 0.30 $ 83 First Quarter 0.30 83 Total $ 0.60 $ 166 2018 Second Quarter $ 0.60 $ 167 First Quarter 0.60 168 Total $ 1.20 $ 335 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Inventory, Net [Abstract] | |
Summary Of Inventories | The following table provides details of inventories as of August 3, 2019 , February 2, 2019 and August 4, 2018 : August 3, February 2, August 4, (in millions) Finished Goods Merchandise $ 1,132 $ 1,107 $ 1,143 Raw Materials and Merchandise Components 197 141 172 Total Inventories $ 1,329 $ 1,248 $ 1,315 |
Property And Equipment, Net (Ta
Property And Equipment, Net (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary Of Property And Equipment, Net | The following table provides details of property and equipment, net as of August 3, 2019 , February 2, 2019 and August 4, 2018 : August 3, February 2, August 4, (in millions) Property and Equipment, at Cost $ 6,808 $ 6,733 $ 6,890 Accumulated Depreciation and Amortization (4,052 ) (3,915 ) (3,941 ) Property and Equipment, Net $ 2,756 $ 2,818 $ 2,949 |
Long-term Debt and Borrowing _2
Long-term Debt and Borrowing Facilities (Tables) | 6 Months Ended |
Aug. 03, 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 August 3, 2019 , February 2, 2019 and August 4, 2018 : August 3, February 2, August 4, (in millions) Senior Debt with Subsidiary Guarantee $1 billion, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”) $ 990 $ 990 $ 990 $860 million, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”) 857 952 951 $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”) 498 498 498 $500 million, 5.25% Fixed Interest Rate Notes due February 2028 (“2028 Notes”) 496 496 495 $500 million, 7.50% Fixed Interest Rate Notes due June 2029 ("2029 Notes") 486 — — $450 million, 6.625% Fixed Interest Rate Notes due April 2021 (“2021 Notes”) 449 776 776 $297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”) 274 273 272 $338 million, 7.00% Fixed Interest Rate Notes due May 2020 (“2020 Notes”) — 337 337 Secured Foreign Facilities 95 91 80 Total Senior Debt with Subsidiary Guarantee $ 4,838 $ 5,106 $ 5,092 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 40 Total Senior Debt $ 712 $ 705 $ 685 Total $ 5,550 $ 5,811 $ 5,777 Current Debt (75 ) (72 ) (65 ) Total Long-term Debt, Net of Current Portion $ 5,475 $ 5,739 $ 5,712 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) - Foreign Exchange Contract [Member] | 6 Months Ended |
Aug. 03, 2019 | |
Derivatives, Fair Value [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table provides the U.S. dollar notional amount of outstanding foreign currency derivative financial instruments as of August 3, 2019 , February 2, 2019 and August 4, 2018 : August 3, February 2, August 4, (in millions) Notional Amount $ 168 $ 147 $ 224 |
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 August 3, 2019 , February 2, 2019 and August 4, 2018 : August 3, February 2, August 4, (in millions) Other Current Assets $ 3 $ 2 $ 3 Accrued Expenses and Other — — 1 |
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 second quarter and year-to-date 2019 and 2018 : Second Quarter Year-to-Date 2019 2018 2019 2018 (in millions) Gain (Loss) Recognized in Accumulated Other Comprehensive Income $ 2 $ 3 $ 4 $ 10 (Gain) Loss Reclassified from Accumulated Other Comprehensive Income into Costs of Goods Sold, Buying and Occupancy Expense (1 ) 1 (3 ) 3 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Aug. 03, 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 August 3, 2019 , February 2, 2019 and August 4, 2018 : August 3, February 2, August 4, (in millions) Principal Value $ 5,458 $ 5,722 $ 5,722 Fair Value (a) 5,215 5,340 5,432 _______________ (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 August 3, 2019 , February 2, 2019 and August 4, 2018 : Level 1 Level 2 Level 3 Total (in millions) As of August 3, 2019 Assets: Cash and Cash Equivalents $ 853 $ — $ — $ 853 Marketable Equity Securities 2 — — 2 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 August 4, 2018 Assets: Cash and Cash Equivalents $ 843 $ — $ — $ 843 Marketable Equity Securities 11 — — 11 Foreign Currency Cash Flow Hedges — 3 — 3 Liabilities: Foreign Currency Cash Flow Hedges — 1 — 1 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Statement of Comprehensive Income [Abstract] | |
Components Of Accumulated Other Comprehensive Income | The following table provides the rollforward of accumulated other comprehensive income for year-to-date 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 (22 ) 10 — (12 ) Amounts Reclassified from Accumulated Other Comprehensive Income — 3 — 3 Tax Effect — (1 ) — (1 ) Current-period Other Comprehensive Income (Loss) (22 ) 12 — (10 ) Balance as of August 4, 2018 $ 10 $ 2 $ — $ 12 The following table provides the rollforward of accumulated other comprehensive income for year-to-date 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 (11 ) 4 (7 ) Amounts Reclassified from Accumulated Other Comprehensive Income — (3 ) (3 ) Tax Effect — — — Current-period Other Comprehensive Income (Loss) (11 ) 1 (10 ) Balance as of August 3, 2019 $ 46 $ 3 $ 49 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information | The following table provides the Company’s segment information for the second quarter and year-to-date 2019 and 2018 : Victoria’s Secret Bath & Body Works Victoria’s Secret and Bath & Body Works International Other Total (in millions) 2019 Second Quarter: Net Sales $ 1,606 $ 1,061 $ 155 $ 80 $ 2,902 Operating Income (Loss) 17 180 (1 ) (21 ) $ 175 Year-to-Date: Net Sales $ 3,116 $ 1,932 $ 289 $ 193 $ 5,530 Operating Income (Loss) 49 335 (5 ) (51 ) 328 2018 Second Quarter: Net Sales $ 1,725 $ 964 $ 145 $ 150 $ 2,984 Operating Income (Loss) 114 169 (9 ) (46 ) 228 Year-to-Date: Net Sales $ 3,314 $ 1,724 $ 281 $ 291 $ 5,610 Operating Income (Loss) 197 293 (14 ) (93 ) 383 |
Supplemental Guarantor Financ_2
Supplemental Guarantor Financial Information (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Condensed Consolidating Balance Sheet [Abstract] | |
Condensed Balance Sheet | L BRANDS, INC. CONDENSED CONSOLIDATING BALANCE SHEET (in millions) (Unaudited) August 4, 2018 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. ASSETS Current Assets: Cash and Cash Equivalents $ — $ 453 $ 390 $ — $ 843 Accounts Receivable, Net — 166 144 — 310 Inventories — 1,139 176 — 1,315 Other 6 143 98 — 247 Total Current Assets 6 1,901 808 — 2,715 Property and Equipment, Net — 2,012 937 — 2,949 Goodwill — 1,318 30 — 1,348 Trade Names — 411 — — 411 Net Investments in and Advances to/from Consolidated Affiliates 4,544 19,604 2,205 (26,353 ) — Deferred Income Taxes — 10 11 — 21 Other Assets 128 14 645 (611 ) 176 Total Assets $ 4,678 $ 25,270 $ 4,636 $ (26,964 ) $ 7,620 LIABILITIES AND EQUITY (DEFICIT) Current Liabilities: Accounts Payable $ 3 $ 430 $ 388 $ — $ 821 Accrued Expenses and Other 96 539 328 — 963 Current Debt — — 65 — 65 Income Taxes — — 7 — 7 Total Current Liabilities 99 969 788 — 1,856 Deferred Income Taxes (2 ) (38 ) 277 — 237 Long-term Debt 5,657 597 55 (597 ) 5,712 Other Long-term Liabilities 58 796 97 (14 ) 937 Total Equity (Deficit) (1,134 ) 22,946 3,419 (26,353 ) (1,122 ) Total Liabilities and Equity (Deficit) $ 4,678 $ 25,270 $ 4,636 $ (26,964 ) $ 7,620 L BRANDS, INC. CONDENSED CONSOLIDATING BALANCE SHEET (in millions) February 2, 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. ASSETS Current Assets: Cash and Cash Equivalents $ — $ 997 $ 416 $ — $ 1,413 Accounts Receivable, Net — 241 126 — 367 Inventories — 1,093 155 — 1,248 Other — 139 93 — 232 Total Current Assets — 2,470 790 — 3,260 Property and Equipment, Net — 1,922 896 — 2,818 Goodwill — 1,318 30 — 1,348 Trade Names — 411 — — 411 Net Investments in and Advances to/from Consolidated Affiliates 4,755 19,737 2,047 (26,539 ) — Deferred Income Taxes — 9 53 — 62 Other Assets 127 15 670 (621 ) 191 Total Assets $ 4,882 $ 25,882 $ 4,486 $ (27,160 ) $ 8,090 LIABILITIES AND EQUITY (DEFICIT) Current Liabilities: Accounts Payable $ — $ 363 $ 348 $ — $ 711 Accrued Expenses and Other 92 597 393 — 1,082 Current Debt — — 72 — 72 Income Taxes (7 ) 100 28 — 121 Total Current Liabilities 85 1,060 841 — 1,986 Deferred Income Taxes 1 (44 ) 269 — 226 Long-term Debt 5,661 606 79 (607 ) 5,739 Other Long-term Liabilities 59 852 107 (14 ) 1,004 Total Equity (Deficit) (924 ) 23,408 3,190 (26,539 ) (865 ) Total Liabilities and Equity (Deficit) $ 4,882 $ 25,882 $ 4,486 $ (27,160 ) $ 8,090 L BRANDS, INC. CONDENSED CONSOLIDATING BALANCE SHEET (in millions) (Unaudited) August 3, 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. ASSETS Current Assets: Cash and Cash Equivalents $ — $ 355 $ 498 $ — $ 853 Accounts Receivable, Net — 173 110 — 283 Inventories — 1,211 118 — 1,329 Other 12 55 121 — 188 Total Current Assets 12 1,794 847 — 2,653 Property and Equipment, Net — 1,868 888 — 2,756 Operating Lease Assets — 2,637 572 — 3,209 Goodwill — 1,318 30 — 1,348 Trade Names — 411 — — 411 Net Investments in and Advances to/from Consolidated Affiliates 4,418 20,582 2,315 (27,315 ) — Deferred Income Taxes — 9 53 — 62 Other Assets 126 11 654 (612 ) 179 Total Assets $ 4,556 $ 28,630 $ 5,359 $ (27,927 ) $ 10,618 LIABILITIES AND EQUITY (DEFICIT) Current Liabilities: Accounts Payable $ 2 $ 418 $ 343 $ — $ 763 Accrued Expenses and Other 81 529 309 — 919 Current Debt — — 75 — 75 Current Operating Lease Liabilities — 370 86 — 456 Income Taxes — — 3 — 3 Total Current Liabilities 83 1,317 816 — 2,216 Deferred Income Taxes 1 (41 ) 281 — 241 Long-term Debt 5,388 597 87 (597 ) 5,475 Long-term Operating Lease Liabilities — 2,636 529 — 3,165 Other Long-term Liabilities 62 374 29 (15 ) 450 Total Equity (Deficit) (978 ) 23,747 3,617 (27,315 ) (929 ) Total Liabilities and Equity (Deficit) $ 4,556 $ 28,630 $ 5,359 $ (27,927 ) $ 10,618 |
Condensed Income Statement | L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF INCOME (in millions) (Unaudited) Year-to-Date 2018 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Sales $ — $ 5,263 $ 1,590 $ (1,243 ) $ 5,610 Costs of Goods Sold, Buying and Occupancy — (3,457 ) (1,319 ) 1,169 (3,607 ) Gross Profit — 1,806 271 (74 ) 2,003 General, Administrative and Store Operating Expenses (6 ) (1,443 ) (227 ) 56 (1,620 ) Operating Income (Loss) (6 ) 363 44 (18 ) 383 Interest Expense (194 ) (18 ) (5 ) 21 (196 ) Other Income (Loss) — 7 (6 ) — 1 Income (Loss) Before Income Taxes (200 ) 352 33 3 188 Provision for Income Taxes (2 ) 34 9 — 41 Equity in Earnings (Loss), Net of Tax 345 432 397 (1,174 ) — Net Income (Loss) $ 147 $ 750 $ 421 $ (1,171 ) $ 147 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF INCOME (in millions) (Unaudited) Second Quarter 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Sales $ — $ 2,760 $ 767 $ (625 ) $ 2,902 Costs of Goods Sold, Buying and Occupancy — (1,865 ) (596 ) 542 (1,919 ) Gross Profit — 895 171 (83 ) 983 General, Administrative and Store Operating Expenses (3 ) (777 ) (87 ) 59 (808 ) Operating Income (Loss) (3 ) 118 84 (24 ) 175 Interest Expense (93 ) (24 ) (2 ) 24 (95 ) Other Income (Loss) (40 ) 5 (3 ) — (38 ) Income (Loss) Before Income Taxes (136 ) 99 79 — 42 Provision for Income Taxes (8 ) (2 ) 14 — 4 Equity in Earnings (Loss), Net of Tax 166 192 131 (489 ) — Net Income (Loss) $ 38 $ 293 $ 196 $ (489 ) $ 38 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF INCOME (in millions) (Unaudited) Second Quarter 2018 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Sales $ — $ 2,797 $ 751 $ (564 ) $ 2,984 Costs of Goods Sold, Buying and Occupancy — (1,835 ) (650 ) 560 (1,925 ) Gross Profit — 962 101 (4 ) 1,059 General, Administrative and Store Operating Expenses (2 ) (717 ) (118 ) 6 (831 ) Operating Income (Loss) (2 ) 245 (17 ) 2 228 Interest Expense (97 ) 2 (2 ) (1 ) (98 ) Other Income (Loss) — 3 (4 ) — (1 ) Income (Loss) Before Income Taxes (99 ) 250 (23 ) 1 129 Provision for Income Taxes — 21 9 — 30 Equity in Earnings (Loss), Net of Tax 198 217 245 (660 ) — Net Income (Loss) $ 99 $ 446 $ 213 $ (659 ) $ 99 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF INCOME (in millions) (Unaudited) Year-to-Date 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Sales $ — $ 5,247 $ 1,521 $ (1,238 ) $ 5,530 Costs of Goods Sold, Buying and Occupancy — (3,514 ) (1,183 ) 1,083 (3,614 ) Gross Profit — 1,733 338 (155 ) 1,916 General, Administrative and Store Operating Expenses (8 ) (1,513 ) (176 ) 109 (1,588 ) Operating Income (Loss) (8 ) 220 162 (46 ) 328 Interest Expense (190 ) (47 ) (3 ) 46 (194 ) Other Income (Loss) (40 ) 12 (3 ) — (31 ) Income (Loss) Before Income Taxes (238 ) 185 156 — 103 Provision for Income Taxes (8 ) 7 26 — 25 Equity in Earnings (Loss), Net of Tax 308 258 135 (701 ) — Net Income (Loss) $ 78 $ 436 $ 265 $ (701 ) $ 78 |
Condensed Statement of Comprehensive Income | L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (in millions) (Unaudited) Year-to-Date 2018 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Income (Loss) $ 147 $ 750 $ 421 $ (1,171 ) $ 147 Other Comprehensive Income (Loss), Net of Tax: Foreign Currency Translation — — (22 ) — (22 ) Unrealized Gain (Loss) on Cash Flow Hedges — — 9 — 9 Reclassification of Cash Flow Hedges to Earnings — — 3 — 3 Total Other Comprehensive Income (Loss), Net of Tax — — (10 ) — (10 ) Total Comprehensive Income (Loss) $ 147 $ 750 $ 411 $ (1,171 ) $ 137 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (in millions) (Unaudited) Second Quarter 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Income (Loss) $ 38 $ 293 $ 196 $ (489 ) $ 38 Other Comprehensive Income (Loss), Net of Tax: Foreign Currency Translation — — (7 ) — (7 ) Unrealized Gain (Loss) on Cash Flow Hedges — — 2 — 2 Reclassification of Cash Flow Hedges to Earnings — — (1 ) — (1 ) Total Other Comprehensive Income (Loss), Net of Tax — — (6 ) — (6 ) Total Comprehensive Income (Loss) $ 38 $ 293 $ 190 $ (489 ) $ 32 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (in millions) (Unaudited) Second Quarter 2018 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Income (Loss) $ 99 $ 446 $ 213 $ (659 ) $ 99 Other Comprehensive Income (Loss), Net of Tax: Foreign Currency Translation — — (9 ) — (9 ) Unrealized Gain (Loss) on Cash Flow Hedges — — 3 — 3 Reclassification of Cash Flow Hedges to Earnings — — 1 — 1 Total Other Comprehensive Income (Loss), Net of Tax — — (5 ) — (5 ) Total Comprehensive Income (Loss) $ 99 $ 446 $ 208 $ (659 ) $ 94 L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (in millions) (Unaudited) Year-to-Date 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Income (Loss) $ 78 $ 436 $ 265 $ (701 ) $ 78 Other Comprehensive Income (Loss), Net of Tax: Foreign Currency Translation — — (11 ) — (11 ) Unrealized Gain (Loss) on Cash Flow Hedges — — 4 — 4 Reclassification of Cash Flow Hedges to Earnings — — (3 ) — (3 ) Total Other Comprehensive Income (Loss), Net of Tax — — (10 ) — (10 ) Total Comprehensive Income (Loss) $ 78 $ 436 $ 255 $ (701 ) $ 68 |
Condensed Cash Flow Statement | L BRANDS, INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (in millions) (Unaudited) Year-to-Date 2018 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Cash Provided by (Used for) Operating Activities $ (219 ) $ 471 $ (40 ) $ — $ 212 Investing Activities: Capital Expenditures — (213 ) (132 ) — (345 ) Net Investments in Consolidated Affiliates — — (11 ) 11 — Other Investing Activities — — 15 — 15 Net Cash Provided by (Used for) Investing Activities — (213 ) (128 ) 11 (330 ) Financing Activities: Payments of Long-term Debt (52 ) — — — (52 ) Borrowings from Foreign Facilities — — 89 — 89 Repayments of Foreign Facilities — — (57 ) — (57 ) Dividends Paid (335 ) — — — (335 ) Repurchases of Common Stock (186 ) — — — (186 ) Tax Payments related to Share-based Awards (12 ) — — — (12 ) Proceeds from Exercise of Stock Options 1 — — — 1 Financing Costs and Other (2 ) — — — (2 ) Net Financing Activities and Advances to/from Consolidated Affiliates 805 (969 ) 175 (11 ) — Net Cash Provided by (Used for) Financing Activities 219 (969 ) 207 (11 ) (554 ) Effects of Exchange Rate Changes on Cash and Cash Equivalents — — — — — Net Increase (Decrease) in Cash and Cash Equivalents — (711 ) 39 — (672 ) Cash and Cash Equivalents, Beginning of Period — 1,164 351 — 1,515 Cash and Cash Equivalents, End of Period $ — $ 453 $ 390 $ — $ 843 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (in millions) (Unaudited) Year-to-Date 2019 L Brands, Inc. Guarantor Subsidiaries Non- guarantor Subsidiaries Eliminations Consolidated L Brands, Inc. Net Cash Provided by (Used for) Operating Activities $ (240 ) $ (119 ) $ 521 $ — $ 162 Investing Activities: Capital Expenditures — (153 ) (91 ) — (244 ) Other Investing Activities — 12 (5 ) — 7 Net Cash Provided by (Used for) Investing Activities — (141 ) (96 ) — (237 ) Financing Activities: Proceeds from Issuance of Long-term Debt, Net of Issuance Costs 486 — — — 486 Payments of Long-term Debt (799 ) — — — (799 ) Borrowings from Foreign Facilities — — 25 — 25 Repayments of Foreign Facilities — — (14 ) — (14 ) Dividends Paid (166 ) — — — (166 ) Tax Payments related to Share-based Awards (11 ) — — — (11 ) Proceeds from Exercise of Stock Options 1 — — — 1 Financing Costs and Other (1 ) (4 ) — — (5 ) Net Financing Activities and Advances to/from Consolidated Affiliates 730 (378 ) (352 ) — — Net Cash Provided by (Used for) Financing Activities 240 (382 ) (341 ) — (483 ) Effects of Exchange Rate Changes on Cash and Cash Equivalents — — (2 ) — (2 ) Net Increase (Decrease) in Cash and Cash Equivalents — (642 ) 82 — (560 ) Cash and Cash Equivalents, Beginning of Period — 997 416 — 1,413 Cash and Cash Equivalents, End of Period $ — $ 355 $ 498 $ — $ 853 |
New Accounting Pronouncements -
New Accounting Pronouncements - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Feb. 02, 2019 | Aug. 03, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Lease, Liability | $ 3,621 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 203 | |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
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 | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 2 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | Feb. 02, 2019 | |
Leases [Abstract] | |||||
Finance Lease, Right-of-Use Asset | $ 23 | $ 32 | $ 23 | $ 32 | |
Additional Operating Lease Commitments Not Yet Commenced | 44 | 44 | |||
Finance Lease, Liability, Current | 7 | 9 | 7 | 9 | |
Finance Lease, Liability, Noncurrent | 16 | 23 | 16 | 23 | |
Asset Retirement Obligation | $ 19 | 15 | 19 | 15 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 698 | ||||
Operating Leases, Rent Expense, Minimum Rentals | 166 | 333 | |||
Operating Lease, Payments | $ 348 | ||||
Operating Lease, Weighted Average Remaining Lease Term | 7 years 6 months | 7 years 6 months | |||
Operating Lease, Weighted Average Discount Rate, Percent | 6.10% | 6.10% | |||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 299 | $ 299 | |||
Operating Lease, Cost | 176 | 351 | |||
Variable Lease, Cost | 23 | 40 | |||
Short-term Lease, Cost | 5 | 10 | |||
Lease, Cost | 204 | 401 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 705 | 705 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 664 | 664 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 594 | 594 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 536 | 536 | |||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 1,843 | 1,843 | |||
Lessee, Operating Lease, Liability, Payments, Due | 4,641 | 4,641 | |||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (1,020) | (1,020) | |||
Operating Lease, Liability | $ 3,621 | 3,621 | |||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 203 | ||||
Operating Leases, Rent Expense, Contingent Rentals | 18 | 30 | |||
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 | 184 | 363 | |||
Operating Leases Rent Expense Office, Equipment and Other | 22 | 44 | |||
Lease and Rental Expense Gross | $ 206 | $ 407 |
Revenue Recognition Narrative (
Revenue Recognition Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Aug. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 | |
Contract with Customer, Liability | $ 276 | $ 331 | $ 281 |
Contract with Customer, Liability, Revenue Recognized | 167 | ||
Accounts Receivable [Member] | |||
Contract with Customer, Asset, after Allowance for Credit Loss | 174 | $ 150 | $ 165 |
Accrued Liabilities [Member] | |||
Contract with Customer, Liability | 262 | ||
Other Long-term Liabilities [Member] | |||
Contract with Customer, Liability | $ 14 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 2,902 | $ 2,984 | $ 5,530 | $ 5,610 |
Victoria's Secret [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 1,606 | 1,725 | 3,116 | 3,314 |
Bath & Body Works [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 1,061 | 964 | 1,932 | 1,724 |
Victoria's Secret and Bath & Body Works International [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 155 | 145 | 289 | 281 |
Other Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 80 | 150 | 193 | 291 |
Victoria's Secret Stores [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 1,233 | 1,365 | 2,381 | 2,601 |
Victoria's Secret Direct [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 373 | 360 | 735 | 713 |
Bath & Body Works Stores [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 883 | 824 | 1,597 | 1,473 |
Bath & Body Works Direct [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 178 | $ 140 | $ 335 | $ 251 |
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 | 6 Months Ended | |||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | ||
Weighted-average Common Shares: | |||||
Issued Shares | 284 | 283 | 284 | 283 | |
Treasury Shares | (8) | (6) | (8) | (5) | |
Basic Shares | 276 | 277 | 276 | 278 | |
Effect of Dilutive Options and Restricted Stock | 2 | 2 | 2 | 2 | |
Diluted Shares | 278 | 279 | 278 | 280 | |
Anti-dilutive Options and Awards (a) | [1] | 6 | 5 | 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 Millions | 3 Months Ended | 6 Months Ended | |||
Aug. 04, 2018 | Aug. 04, 2018 | Aug. 03, 2019 | May 05, 2018 | Oct. 28, 2017 | |
Shares Repurchased (in shares) | 5,065 | ||||
Amount Repurchased | $ 103 | $ 186 | |||
March 2018 Repurchase Program [Member] | |||||
Amount Authorized | $ 250 | ||||
Shares Repurchased (in shares) | 4,538 | ||||
Amount Repurchased | $ 161 | ||||
Average Stock Price of Shares Repurchased within Program (in dollars per share) | $ 35.53 | ||||
Remaining authorized repurchase amount | $ 79 | ||||
March 2018 Repurchase Program [Member] | Accounts Payable [Member] | |||||
Share repurchase reflected in Accounts payable | $ 2 | $ 2 | |||
September 2017 Repurchase Program [Member] | |||||
Amount Authorized | $ 250 | ||||
Shares Repurchased (in shares) | 527 | ||||
Amount Repurchased | $ 25 | ||||
Average Stock Price of Shares Repurchased within Program (in dollars per share) | $ 46.98 | ||||
Remaining authorized repurchase amount | $ 23 |
Earnings Per Share And Shareh_5
Earnings Per Share And Shareholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Aug. 03, 2019 | May 04, 2019 | Aug. 04, 2018 | May 05, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Earnings Per Share And Shareholders' Equity [Abstract] | ||||||
Ordinary Dividends | $ 0.30 | $ 0.30 | $ 0.60 | $ 0.60 | $ 0.60 | $ 1.20 |
Payments of Dividends | $ 83 | $ 83 | $ 167 | $ 168 | $ 166 | $ 335 |
Restructuring Activities (Detai
Restructuring Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Feb. 02, 2019 | Nov. 03, 2018 | Aug. 03, 2019 | |
Restructuring and Related Activities [Abstract] | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (99) | ||
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 | ||
Restructuring Charges | $ 3 | $ 20 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Aug. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 |
Inventory [Line Items] | |||
Inventory, Finished Goods, Net of Reserves | $ 1,132 | $ 1,107 | $ 1,143 |
Raw Materials and Merchandise Components | 197 | 141 | 172 |
Total Inventories | $ 1,329 | $ 1,248 | $ 1,315 |
Property And Equipment, Net (De
Property And Equipment, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | Feb. 02, 2019 | |
Property, Plant and Equipment [Line Items] | |||||
Property and Equipment, at Cost | $ 6,808 | $ 6,890 | $ 6,808 | $ 6,890 | $ 6,733 |
Accumulated Depreciation and Amortization | (4,052) | (3,941) | (4,052) | (3,941) | (3,915) |
Property and Equipment, Net | 2,756 | 2,949 | 2,756 | 2,949 | $ 2,818 |
Depreciation | $ 150 | $ 148 | $ 295 | $ 296 |
Equity Investments (Details)
Equity Investments (Details) - USD ($) $ in Millions | Aug. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 |
Easton Investment [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | $ 102 | $ 89 | $ 78 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | Feb. 02, 2019 | |
Effective Income Tax Rate, Continuing Operations | 10.10% | 23.20% | 24.00% | 21.70% | |
Income Taxes Paid | $ 169 | $ 255 | $ 181 | $ 266 | |
Unrecognized Tax Benefits | $ 114 | ||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 104 | ||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 33 | ||||
Tax Adjustments, Settlements, and Unusual Provisions | 17 | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 56 | $ 56 |
Long-term Debt and Borrowing _3
Long-term Debt and Borrowing Facilities (Schedule Of Long-term Debt Instruments) (Details) - USD ($) $ in Millions | Aug. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 |
Debt, Current | $ (75) | $ (72) | $ (65) |
Debt, Long-term and Short-term, Combined Amount | 5,550 | 5,811 | 5,777 |
Total Long-term Debt, Net of Current Portion | 5,475 | 5,739 | 5,712 |
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 | 4,838 | 5,106 | 5,092 |
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 | 857 | 952 | 951 |
With Subsidiary Guarantee [Member] | Fixed Rate 6.625 Percent Notes Due April 2021 [Member] | |||
Notes Payable, Noncurrent | 449 | 776 | 776 |
With Subsidiary Guarantee [Member] | Fixed Rate 5.625% Notes Due October 2023 [Member] | |||
Notes Payable, Noncurrent | 498 | 498 | 498 |
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 7.5% Notes Due June 2029 [Member] | |||
Notes Payable, Noncurrent | 486 | 0 | 0 |
With Subsidiary Guarantee [Member] | Fixed Rate 7.00% Notes Due May 2020 [Member] | |||
Notes Payable, Noncurrent | 0 | 337 | 337 |
With Subsidiary Guarantee [Member] | Fixed Rate 6.694% Notes Due January 2027 [Member] | |||
Notes Payable, Noncurrent | 274 | 273 | 272 |
With Subsidiary Guarantee [Member] | Foreign Facilities with Parent Guarantee [Member] | |||
Line of Credit | 95 | 91 | 80 |
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 | 685 |
Without Subsidiary Guarantee [Member] | Foreign Facilities with Parent Guarantee [Member] | |||
Line of Credit | 67 | 60 | 40 |
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 and Borrowing _4
Long-term Debt and Borrowing Facilities (Issuance And Repurchase Of Notes) (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Aug. 03, 2019 | Jul. 06, 2019 | Aug. 03, 2019 | Aug. 03, 2019 | Aug. 04, 2018 | Feb. 02, 2019 | |
Debt Instrument, Face Amount | $ 5,458 | $ 5,458 | $ 5,458 | $ 5,722 | $ 5,722 | |
Proceeds from Issuance of Long-Term Debt, Net of Issuance Costs | 486 | 0 | ||||
Debt Instrument, Repurchase Amount | $ 669 | 799 | 52 | |||
Gain (Loss) on Extinguishment of Debt | 40 | (40) | $ 0 | |||
Extinguishment of Debt, Gain (Loss), Net of Tax | 30 | |||||
Fixed Rate 7.00% Notes Due May 2020 [Member] | ||||||
Debt Instrument, Repurchase Amount | 130 | |||||
With Subsidiary Guarantee [Member] | Fixed Rate 5.625 Percent Notes Due February 2022 [Member] | ||||||
Extinguishment of Debt, Amount | 96 | |||||
With Subsidiary Guarantee [Member] | Fixed Rate 7.5% Notes Due June 2029 [Member] | ||||||
Debt Instrument, Face Amount | $ 500 | $ 500 | $ 500 | |||
Debt instrument, stated rate | 7.50% | 7.50% | 7.50% | |||
Proceeds from Issuance of Debt | $ 486 | |||||
Payments of Debt Issuance Costs | $ 14 | $ 14 | $ 14 | |||
With Subsidiary Guarantee [Member] | Fixed Rate 6.625 Percent Notes Due April 2021 [Member] | ||||||
Extinguishment of Debt, Amount | 330 | |||||
With Subsidiary Guarantee [Member] | Fixed Rate 7.00% Notes Due May 2020 [Member] | ||||||
Extinguishment of Debt, Amount | $ 126 | $ 212 |
Long-term Debt and Borrowing _5
Long-term Debt and Borrowing Facilities (Revolving Facility And Letters Of Credit) (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Aug. 03, 2019USD ($) | Aug. 03, 2019USD ($) | Aug. 04, 2018USD ($) | Aug. 13, 2019USD ($) | Feb. 02, 2019USD ($) | |
Borrowings from Foreign Facilities | $ 25 | $ 89 | |||
Repayments of Lines of Credit | 14 | 57 | |||
Foreign Facilities [Member] | |||||
Borrowings from Foreign Facilities | 25 | 89 | |||
Letter of Credit [Member] | |||||
Letters of Credit Outstanding, Amount | $ 10 | $ 10 | |||
Revolving Credit Facility [Member] | Revolving Credit Expiring May 2022 [Member] | |||||
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 | 3 | |||
Revolving Facility Covenant Line of Credit Financial Covenant Ratio of Consolidated Debt to Consolidated EBITDA Maximum Current Rate | 3 | 3 | |||
Outstanding Borrowings on Lines of Credit | $ 0 | $ 0 | |||
Subsequent Event Type [Domain] | Revolving Credit Facility [Member] | Revolving Credit Expiring August 2024 [Member] | |||||
Revolving facility, borrowing capacity | $ 1,000 | ||||
Revolving Facility Covenant Debt to EBITDA ratio required for unlimited investments and restricted payments | 3.50 | ||||
Without Subsidiary Guarantee [Member] | Foreign Facilities with Parent Guarantee [Member] | |||||
Revolving facility, borrowing capacity | 100 | 100 | |||
Outstanding Borrowings on Lines of Credit | 67 | 67 | 40 | $ 60 | |
Borrowings from Foreign Facilities | 13 | ||||
Line of Credit, Current | 67 | 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 | 100 | |||
Outstanding Borrowings on Lines of Credit | 95 | 95 | $ 80 | $ 91 | |
Borrowings from Foreign Facilities | 12 | ||||
Line of Credit, Current | $ 8 | 8 | |||
Repayments of Lines of Credit | 8 | ||||
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 96 |
Long-term Debt and Borrowing _6
Long-term Debt and Borrowing Facilities - 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 Financial Instrume_3
Derivative Financial Instruments (Foreign Exchange Contracts - Cash Flow Hedging Disclosure) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | Feb. 02, 2019 | |
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | $ 2 | $ 3 | $ 4 | $ 10 | |
Derivative, Notional Amount | 168 | 224 | 168 | 224 | $ 147 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 3 | 3 | 3 | 3 | 2 |
Cost of Goods Sold, Buying and Occupancy [Member] | |||||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ (1) | 1 | (3) | 3 | |
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 | 3 | |||
Other Current Assets [Member] | |||||
Foreign Currency Cash Flow Hedge Asset at Fair Value | $ 3 | $ 3 | $ 3 | $ 3 | $ 2 |
Derivative Financial Instrume_4
Derivative Financial Instruments Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | Feb. 02, 2019 | |
Derivatives, Fair Value [Line Items] | |||||
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | $ 2 | $ 3 | $ 4 | $ 10 | |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 3 | 3 | 3 | 3 | $ 2 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 1 | 1 | |||
Other Current Assets [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Foreign Currency Cash Flow Hedge Asset at Fair Value | 3 | 3 | 3 | 3 | 2 |
Accounts Payable and Accrued Liabilities [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Foreign Currency Cash Flow Hedge Liability at Fair Value | $ 0 | $ 1 | $ 0 | $ 1 | $ 0 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Value And Fair Value Of Long-Term Debt, Disclosure) (Detail) - USD ($) $ in Millions | Aug. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||||
Principal Value | $ 5,458 | $ 5,722 | $ 5,722 | |
Fair Value (a) | [1] | $ 5,215 | $ 5,340 | $ 5,432 |
[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 | Aug. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 |
Assets: | |||
Cash and Cash Equivalents | $ 853 | $ 1,413 | $ 843 |
Available-for-sale Securities | 2 | 11 | 11 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 3 | 2 | 3 |
Liabilities: | |||
Foreign Currency Cash Flow Hedge Liability at Fair Value | 1 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Assets: | |||
Cash and Cash Equivalents | 853 | 1,413 | 843 |
Available-for-sale Securities | 2 | 11 | 11 |
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 | 3 |
Liabilities: | |||
Foreign Currency Cash Flow Hedge Liability at Fair Value | 1 | ||
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 | 6 Months Ended | |||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | Feb. 03, 2018 | |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | $ 59 | $ 24 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (7) | (12) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 3 | (3) | |||
Other Comprehensive Income (Loss), Tax | 0 | 1 | |||
Other Comprehensive Income (Loss), Net of Tax | $ (6) | $ (5) | (10) | (10) | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | 49 | 12 | 49 | 12 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (1) | 1 | (3) | 3 | |
Accumulated Translation Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 57 | 32 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (11) | (22) | |||
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 | (11) | (22) | |||
Accumulated Other Comprehensive Income (Loss), Ending Balance | 46 | 10 | 46 | 10 | |
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 | 4 | 10 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 3 | (3) | |||
Other Comprehensive Income (Loss), Tax | 0 | 1 | |||
Other Comprehensive Income (Loss), Net of Tax | 1 | 12 | |||
Accumulated Other Comprehensive Income (Loss), Ending Balance | 3 | 2 | 3 | 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 | 0 | |||
Cost of Goods Sold, Buying and Occupancy [Member] | |||||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ (1) | $ 1 | $ (3) | 3 | |
Accounting Standards Update 2016-01 [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 22 | ||||
Cumulative Effect of Accounting Change | $ (2) | ||||
Accounting Standards Update 2016-01 [Member] | Accumulated Translation Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 32 | ||||
Cumulative Effect of Accounting Change | 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 Accounting Change | 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 Accounting Change | $ (2) |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) $ in Millions | Aug. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 |
Lease guarantees remaining after disposition of certain businesses | $ 94 | ||
Lease guarantees, estimated fair value | 11 | $ 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 | 67 | ||
Lease guarantees, estimated fair value | $ 5 | $ 5 |
Retirement Benefits (Narrative)
Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Retirement Benefits Disclosure [Line Items] | ||||
Expense related to the qualified plan | $ 20 | $ 20 | $ 39 | $ 38 |
Other Pension Plans, Postretirement or Supplemental Plans, Defined Benefit [Member] | ||||
Retirement Benefits Disclosure [Line Items] | ||||
Expense related to non-qualified plan | $ 6 | $ 5 | $ 12 | $ 11 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Aug. 03, 2019USD ($) | Feb. 02, 2019USD ($) | Nov. 03, 2018USD ($) | Aug. 04, 2018USD ($) | Aug. 03, 2019USD ($)Reportable_Segments | Aug. 04, 2018USD ($) | |
Restructuring Charges | $ 3 | $ 20 | ||||
Number of Reportable Segments | Reportable_Segments | 3 | |||||
Net Sales | $ 2,902 | $ 2,984 | $ 5,530 | $ 5,610 | ||
Operating Income (Loss) | 175 | 228 | 328 | 383 | ||
Victoria's Secret [Member] | ||||||
Net Sales | 1,606 | 1,725 | 3,116 | 3,314 | ||
Operating Income (Loss) | 17 | 114 | 49 | 197 | ||
Bath & Body Works [Member] | ||||||
Net Sales | 1,061 | 964 | 1,932 | 1,724 | ||
Operating Income (Loss) | 180 | 169 | 335 | 293 | ||
Victoria's Secret and Bath & Body Works International [Member] | ||||||
Net Sales | 155 | 145 | 289 | 281 | ||
Operating Income (Loss) | (1) | (9) | (5) | (14) | ||
Other [Member] | ||||||
Net Sales | 80 | 150 | 193 | 291 | ||
Operating Income (Loss) | (21) | (46) | (51) | (93) | ||
International [Member] | ||||||
Net Sales | $ 357 | $ 400 | $ 706 | $ 758 |
Supplemental Guarantor Financ_3
Supplemental Guarantor Financial Information (Narrative) (Details) | 6 Months Ended |
Aug. 03, 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 | Aug. 03, 2019 | May 04, 2019 | Feb. 02, 2019 | Aug. 04, 2018 | May 05, 2018 | Feb. 03, 2018 |
Current Assets: | ||||||
Cash and Cash Equivalents | $ 853 | $ 1,413 | $ 843 | |||
Accounts Receivable, Net | 283 | 367 | 310 | |||
Inventories | 1,329 | 1,248 | 1,315 | |||
Other | 188 | 232 | 247 | |||
Total Current Assets | 2,653 | 3,260 | 2,715 | |||
Deferred Income Taxes | 62 | 62 | 21 | |||
Property and Equipment, Net | 2,756 | 2,818 | 2,949 | |||
Operating Lease Assets | 3,209 | 0 | 0 | |||
Goodwill | 1,348 | 1,348 | 1,348 | |||
Trade Names | 411 | 411 | 411 | |||
Net Investments in and Advances to/from Consolidated Affiliates | 0 | 0 | 0 | |||
Other Assets | 179 | 191 | 176 | |||
Total Assets | 10,618 | 8,090 | 7,620 | |||
Current Liabilities: | ||||||
Accounts Payable | 763 | 711 | 821 | |||
Accrued Expenses and Other | 919 | 1,082 | 963 | |||
Current Debt | 75 | 72 | 65 | |||
Current Operating Lease Liabilities | 456 | 0 | 0 | |||
Income Taxes | 3 | 121 | 7 | |||
Total Current Liabilities | 2,216 | 1,986 | 1,856 | |||
Deferred Income Taxes | 241 | 226 | 237 | |||
Long-term Debt | 5,475 | 5,739 | 5,712 | |||
Long-term Operating Lease Liabilities | 3,165 | 0 | 0 | |||
Other Long-term Liabilities | 450 | 1,004 | 937 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (929) | $ (898) | (865) | (1,122) | $ (969) | $ (751) |
Total Liabilities and Equity (Deficit) | 10,618 | 8,090 | 7,620 | |||
L Brands, Inc. | ||||||
Current Assets: | ||||||
Cash and Cash Equivalents | 0 | 0 | 0 | |||
Accounts Receivable, Net | 0 | 0 | 0 | |||
Inventories | 0 | 0 | 0 | |||
Other | 12 | 0 | 6 | |||
Total Current Assets | 12 | 0 | 6 | |||
Deferred Income Taxes | 0 | 0 | 0 | |||
Property and Equipment, Net | 0 | 0 | 0 | |||
Operating Lease Assets | 0 | |||||
Goodwill | 0 | 0 | 0 | |||
Trade Names | 0 | 0 | 0 | |||
Net Investments in and Advances to/from Consolidated Affiliates | 4,418 | 4,755 | 4,544 | |||
Other Assets | 126 | 127 | 128 | |||
Total Assets | 4,556 | 4,882 | 4,678 | |||
Current Liabilities: | ||||||
Accounts Payable | 2 | 0 | 3 | |||
Accrued Expenses and Other | 81 | 92 | 96 | |||
Current Debt | 0 | 0 | 0 | |||
Current Operating Lease Liabilities | 0 | |||||
Income Taxes | 0 | (7) | 0 | |||
Total Current Liabilities | 83 | 85 | 99 | |||
Deferred Income Taxes | 1 | 1 | (2) | |||
Long-term Debt | 5,388 | 5,661 | 5,657 | |||
Long-term Operating Lease Liabilities | 0 | |||||
Other Long-term Liabilities | 62 | 59 | 58 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (978) | (924) | (1,134) | |||
Total Liabilities and Equity (Deficit) | 4,556 | 4,882 | 4,678 | |||
Guarantor Subsidiaries | ||||||
Current Assets: | ||||||
Cash and Cash Equivalents | 355 | 997 | 453 | |||
Accounts Receivable, Net | 173 | 241 | 166 | |||
Inventories | 1,211 | 1,093 | 1,139 | |||
Other | 55 | 139 | 143 | |||
Total Current Assets | 1,794 | 2,470 | 1,901 | |||
Deferred Income Taxes | 9 | 9 | 10 | |||
Property and Equipment, Net | 1,868 | 1,922 | 2,012 | |||
Operating Lease Assets | 2,637 | |||||
Goodwill | 1,318 | 1,318 | 1,318 | |||
Trade Names | 411 | 411 | 411 | |||
Net Investments in and Advances to/from Consolidated Affiliates | 20,582 | 19,737 | 19,604 | |||
Other Assets | 11 | 15 | 14 | |||
Total Assets | 28,630 | 25,882 | 25,270 | |||
Current Liabilities: | ||||||
Accounts Payable | 418 | 363 | 430 | |||
Accrued Expenses and Other | 529 | 597 | 539 | |||
Current Debt | 0 | 0 | 0 | |||
Current Operating Lease Liabilities | 370 | |||||
Income Taxes | 0 | 100 | 0 | |||
Total Current Liabilities | 1,317 | 1,060 | 969 | |||
Deferred Income Taxes | (41) | (44) | (38) | |||
Long-term Debt | 597 | 606 | 597 | |||
Long-term Operating Lease Liabilities | 2,636 | |||||
Other Long-term Liabilities | 374 | 852 | 796 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 23,747 | 23,408 | 22,946 | |||
Total Liabilities and Equity (Deficit) | 28,630 | 25,882 | 25,270 | |||
Non- guarantor Subsidiaries | ||||||
Current Assets: | ||||||
Cash and Cash Equivalents | 498 | 416 | 390 | |||
Accounts Receivable, Net | 110 | 126 | 144 | |||
Inventories | 118 | 155 | 176 | |||
Other | 121 | 93 | 98 | |||
Total Current Assets | 847 | 790 | 808 | |||
Deferred Income Taxes | 53 | 53 | 11 | |||
Property and Equipment, Net | 888 | 896 | 937 | |||
Operating Lease Assets | 572 | |||||
Goodwill | 30 | 30 | 30 | |||
Trade Names | 0 | 0 | 0 | |||
Net Investments in and Advances to/from Consolidated Affiliates | 2,315 | 2,047 | 2,205 | |||
Other Assets | 654 | 670 | 645 | |||
Total Assets | 5,359 | 4,486 | 4,636 | |||
Current Liabilities: | ||||||
Accounts Payable | 343 | 348 | 388 | |||
Accrued Expenses and Other | 309 | 393 | 328 | |||
Current Debt | 75 | 72 | 65 | |||
Current Operating Lease Liabilities | 86 | |||||
Income Taxes | 3 | 28 | 7 | |||
Total Current Liabilities | 816 | 841 | 788 | |||
Deferred Income Taxes | 281 | 269 | 277 | |||
Long-term Debt | 87 | 79 | 55 | |||
Long-term Operating Lease Liabilities | 529 | |||||
Other Long-term Liabilities | 29 | 107 | 97 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,617 | 3,190 | 3,419 | |||
Total Liabilities and Equity (Deficit) | 5,359 | 4,486 | 4,636 | |||
Eliminations | ||||||
Current Assets: | ||||||
Cash and Cash Equivalents | 0 | 0 | 0 | |||
Accounts Receivable, Net | 0 | 0 | 0 | |||
Inventories | 0 | 0 | 0 | |||
Other | 0 | 0 | 0 | |||
Total Current Assets | 0 | 0 | 0 | |||
Deferred Income Taxes | 0 | 0 | 0 | |||
Property and Equipment, Net | 0 | 0 | 0 | |||
Operating Lease Assets | 0 | |||||
Goodwill | 0 | 0 | 0 | |||
Trade Names | 0 | 0 | 0 | |||
Net Investments in and Advances to/from Consolidated Affiliates | (27,315) | (26,539) | (26,353) | |||
Other Assets | (612) | (621) | (611) | |||
Total Assets | (27,927) | (27,160) | (26,964) | |||
Current Liabilities: | ||||||
Accounts Payable | 0 | 0 | 0 | |||
Accrued Expenses and Other | 0 | 0 | 0 | |||
Current Debt | 0 | 0 | 0 | |||
Current Operating Lease Liabilities | 0 | |||||
Income Taxes | 0 | 0 | 0 | |||
Total Current Liabilities | 0 | 0 | 0 | |||
Deferred Income Taxes | 0 | 0 | 0 | |||
Long-term Debt | (597) | (607) | (597) | |||
Long-term Operating Lease Liabilities | 0 | |||||
Other Long-term Liabilities | (15) | (14) | (14) | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (27,315) | (26,539) | (26,353) | |||
Total Liabilities and Equity (Deficit) | $ (27,927) | $ (27,160) | $ (26,964) |
Supplemental Guarantor Financ_5
Supplemental Guarantor Financial Information (Consolidated Statements Of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Net Sales | $ 2,902 | $ 2,984 | $ 5,530 | $ 5,610 |
Cost of Goods and Services Sold | (1,919) | (1,925) | (3,614) | (3,607) |
Gross Profit | 983 | 1,059 | 1,916 | 2,003 |
Selling, General and Administrative Expense | (808) | (831) | (1,588) | (1,620) |
Operating Income (Loss) | 175 | 228 | 328 | 383 |
Interest Expense | (95) | (98) | (194) | (196) |
Other Nonoperating Income (Expense) | (38) | (1) | (31) | 1 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 42 | 129 | 103 | 188 |
Provision for Income Taxes | 4 | 30 | 25 | 41 |
Equity in Earnings (Loss), Net of Tax | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | 38 | 99 | 78 | 147 |
Reclassification of Cash Flow Hedges to Earnings | (1) | 1 | (3) | 3 |
Foreign Currency Translation | (7) | (9) | (11) | (22) |
Unrealized Gain on Cash Flow Hedges | 2 | 3 | 4 | 9 |
Other Comprehensive Income (Loss) | (6) | (5) | (10) | (10) |
Total Comprehensive Income | 32 | 94 | 68 | 137 |
L Brands, Inc. | ||||
Net Sales | 0 | 0 | 0 | 0 |
Cost of Goods and Services Sold | 0 | 0 | 0 | 0 |
Gross Profit | 0 | 0 | 0 | 0 |
Selling, General and Administrative Expense | (3) | (2) | (8) | (6) |
Operating Income (Loss) | (3) | (2) | (8) | (6) |
Interest Expense | (93) | (97) | (190) | (194) |
Other Nonoperating Income (Expense) | (40) | 0 | (40) | 0 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (136) | (99) | (238) | (200) |
Provision for Income Taxes | (8) | 0 | (8) | (2) |
Equity in Earnings (Loss), Net of Tax | 166 | 198 | 308 | 345 |
Net Income (Loss) Attributable to Parent | 38 | 99 | 78 | 147 |
Reclassification of Cash Flow Hedges to Earnings | 0 | 0 | 0 | 0 |
Foreign Currency Translation | 0 | 0 | 0 | 0 |
Unrealized Gain on Cash Flow Hedges | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 |
Total Comprehensive Income | 38 | 99 | 78 | 147 |
Guarantor Subsidiaries | ||||
Net Sales | 2,760 | 2,797 | 5,247 | 5,263 |
Cost of Goods and Services Sold | (1,865) | (1,835) | (3,514) | (3,457) |
Gross Profit | 895 | 962 | 1,733 | 1,806 |
Selling, General and Administrative Expense | (777) | (717) | (1,513) | (1,443) |
Operating Income (Loss) | 118 | 245 | 220 | 363 |
Interest Expense | (24) | 2 | (47) | (18) |
Other Nonoperating Income (Expense) | 5 | 3 | 12 | 7 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 99 | 250 | 185 | 352 |
Provision for Income Taxes | (2) | 21 | 7 | 34 |
Equity in Earnings (Loss), Net of Tax | 192 | 217 | 258 | 432 |
Net Income (Loss) Attributable to Parent | 293 | 446 | 436 | 750 |
Reclassification of Cash Flow Hedges to Earnings | 0 | 0 | 0 | 0 |
Foreign Currency Translation | 0 | 0 | 0 | 0 |
Unrealized Gain on Cash Flow Hedges | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 |
Total Comprehensive Income | 293 | 446 | 436 | 750 |
Non- guarantor Subsidiaries | ||||
Net Sales | 767 | 751 | 1,521 | 1,590 |
Cost of Goods and Services Sold | (596) | (650) | (1,183) | (1,319) |
Gross Profit | 171 | 101 | 338 | 271 |
Selling, General and Administrative Expense | (87) | (118) | (176) | (227) |
Operating Income (Loss) | 84 | (17) | 162 | 44 |
Interest Expense | (2) | (2) | (3) | (5) |
Other Nonoperating Income (Expense) | (3) | (4) | (3) | (6) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 79 | (23) | 156 | 33 |
Provision for Income Taxes | 14 | 9 | 26 | 9 |
Equity in Earnings (Loss), Net of Tax | 131 | 245 | 135 | 397 |
Net Income (Loss) Attributable to Parent | 196 | 213 | 265 | 421 |
Reclassification of Cash Flow Hedges to Earnings | (1) | 1 | (3) | 3 |
Foreign Currency Translation | (7) | (9) | (11) | (22) |
Unrealized Gain on Cash Flow Hedges | 2 | 3 | 4 | 9 |
Other Comprehensive Income (Loss) | (6) | (5) | (10) | (10) |
Total Comprehensive Income | 190 | 208 | 255 | 411 |
Eliminations | ||||
Net Sales | (625) | (564) | (1,238) | (1,243) |
Cost of Goods and Services Sold | 542 | 560 | 1,083 | 1,169 |
Gross Profit | (83) | (4) | (155) | (74) |
Selling, General and Administrative Expense | 59 | 6 | 109 | 56 |
Operating Income (Loss) | (24) | 2 | (46) | (18) |
Interest Expense | 24 | (1) | 46 | 21 |
Other Nonoperating Income (Expense) | 0 | 0 | 0 | 0 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 0 | 1 | 0 | 3 |
Provision for Income Taxes | 0 | 0 | 0 | 0 |
Equity in Earnings (Loss), Net of Tax | (489) | (660) | (701) | (1,174) |
Net Income (Loss) Attributable to Parent | (489) | (659) | (701) | (1,171) |
Reclassification of Cash Flow Hedges to Earnings | 0 | 0 | 0 | 0 |
Foreign Currency Translation | 0 | 0 | 0 | 0 |
Unrealized Gain on Cash Flow Hedges | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 |
Total Comprehensive Income | $ (489) | $ (659) | $ (701) | $ (1,171) |
Supplemental Guarantor Financ_6
Supplemental Guarantor Financial Information (Consolidated Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jul. 06, 2019 | Aug. 03, 2019 | May 04, 2019 | Aug. 04, 2018 | May 05, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Net Cash Provided by Operating Activities | $ 162 | $ 212 | |||||
Investing Activities: | |||||||
Capital Expenditures | (244) | (345) | |||||
Proceeds from Divestiture of Businesses | 12 | ||||||
Investment In Equity Affiliates | 0 | ||||||
Other Investing Activities | 7 | 15 | |||||
Net Cash Used for Investing Activities | (237) | (330) | |||||
Financing Activities: | |||||||
Proceeds from Issuance of Long-Term Debt, Net of Issuance Costs | 486 | 0 | |||||
Payments of Long-term Debt | $ (669) | (799) | (52) | ||||
Proceeds from Lines of Credit | 25 | 89 | |||||
Repayments of Foreign Facilities | (14) | (57) | |||||
Dividends Paid | $ (83) | $ (83) | $ (167) | $ (168) | (166) | (335) | |
Repurchases of Common Stock | 0 | (186) | |||||
Payment, Tax Withholding, Share-based Payment Arrangement | (11) | (12) | |||||
Proceeds from Exercise of Stock Options | 1 | 1 | |||||
Financing Costs and Other | (5) | (2) | |||||
Net Financing Activities and Advances to/from Consolidated Affiliates | 0 | 0 | |||||
Net Cash Used for Financing Activities | (483) | (554) | |||||
Effects of Exchange Rate Changes on Cash and Cash Equivalents | (2) | 0 | |||||
Net Decrease in Cash and Cash Equivalents | (560) | (672) | |||||
Cash and Cash Equivalents, Beginning of Period | 1,413 | 1,515 | 1,413 | 1,515 | |||
Cash and Cash Equivalents, End of Period | 853 | 843 | 853 | 843 | |||
L Brands, Inc. | |||||||
Net Cash Provided by Operating Activities | (240) | (219) | |||||
Investing Activities: | |||||||
Capital Expenditures | 0 | 0 | |||||
Investment In Equity Affiliates | 0 | ||||||
Other Investing Activities | 0 | 0 | |||||
Net Cash Used for Investing Activities | 0 | 0 | |||||
Financing Activities: | |||||||
Proceeds from Issuance of Long-Term Debt, Net of Issuance Costs | 486 | ||||||
Payments of Long-term Debt | (799) | (52) | |||||
Proceeds from Lines of Credit | 0 | 0 | |||||
Repayments of Foreign Facilities | 0 | 0 | |||||
Dividends Paid | (166) | (335) | |||||
Repurchases of Common Stock | (186) | ||||||
Payment, Tax Withholding, Share-based Payment Arrangement | (11) | (12) | |||||
Proceeds from Exercise of Stock Options | 1 | 1 | |||||
Financing Costs and Other | (1) | (2) | |||||
Net Financing Activities and Advances to/from Consolidated Affiliates | 730 | 805 | |||||
Net Cash Used for Financing Activities | 240 | 219 | |||||
Effects of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | |||||
Net Decrease in Cash and Cash Equivalents | 0 | 0 | |||||
Cash and Cash Equivalents, Beginning of Period | 0 | 0 | 0 | 0 | |||
Cash and Cash Equivalents, End of Period | 0 | 0 | 0 | 0 | |||
Guarantor Subsidiaries | |||||||
Net Cash Provided by Operating Activities | (119) | 471 | |||||
Investing Activities: | |||||||
Capital Expenditures | (153) | (213) | |||||
Investment In Equity Affiliates | 0 | ||||||
Other Investing Activities | 12 | 0 | |||||
Net Cash Used for Investing Activities | (141) | (213) | |||||
Financing Activities: | |||||||
Proceeds from Issuance of Long-Term Debt, Net of Issuance Costs | 0 | ||||||
Payments of Long-term Debt | 0 | 0 | |||||
Proceeds from Lines of Credit | 0 | 0 | |||||
Repayments of Foreign Facilities | 0 | 0 | |||||
Dividends Paid | 0 | 0 | |||||
Repurchases of Common Stock | 0 | ||||||
Payment, Tax Withholding, Share-based Payment Arrangement | 0 | 0 | |||||
Proceeds from Exercise of Stock Options | 0 | 0 | |||||
Financing Costs and Other | (4) | 0 | |||||
Net Financing Activities and Advances to/from Consolidated Affiliates | (378) | (969) | |||||
Net Cash Used for Financing Activities | (382) | (969) | |||||
Effects of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | |||||
Net Decrease in Cash and Cash Equivalents | (642) | (711) | |||||
Cash and Cash Equivalents, Beginning of Period | 997 | 1,164 | 997 | 1,164 | |||
Cash and Cash Equivalents, End of Period | 355 | 453 | 355 | 453 | |||
Non- guarantor Subsidiaries | |||||||
Net Cash Provided by Operating Activities | 521 | (40) | |||||
Investing Activities: | |||||||
Capital Expenditures | (91) | (132) | |||||
Investment In Equity Affiliates | (11) | ||||||
Other Investing Activities | (5) | 15 | |||||
Net Cash Used for Investing Activities | (96) | (128) | |||||
Financing Activities: | |||||||
Proceeds from Issuance of Long-Term Debt, Net of Issuance Costs | 0 | ||||||
Payments of Long-term Debt | 0 | 0 | |||||
Proceeds from Lines of Credit | 25 | 89 | |||||
Repayments of Foreign Facilities | (14) | (57) | |||||
Dividends Paid | 0 | 0 | |||||
Repurchases of Common Stock | 0 | ||||||
Payment, Tax Withholding, Share-based Payment Arrangement | 0 | 0 | |||||
Proceeds from Exercise of Stock Options | 0 | 0 | |||||
Financing Costs and Other | 0 | 0 | |||||
Net Financing Activities and Advances to/from Consolidated Affiliates | (352) | 175 | |||||
Net Cash Used for Financing Activities | (341) | 207 | |||||
Effects of Exchange Rate Changes on Cash and Cash Equivalents | (2) | 0 | |||||
Net Decrease in Cash and Cash Equivalents | 82 | 39 | |||||
Cash and Cash Equivalents, Beginning of Period | 416 | 351 | 416 | 351 | |||
Cash and Cash Equivalents, End of Period | 498 | 390 | 498 | 390 | |||
Consolidation, Eliminations [Member] | |||||||
Net Cash Provided by Operating Activities | 0 | 0 | |||||
Investing Activities: | |||||||
Capital Expenditures | 0 | 0 | |||||
Investment In Equity Affiliates | 11 | ||||||
Other Investing Activities | 0 | 0 | |||||
Net Cash Used for Investing Activities | 0 | 11 | |||||
Financing Activities: | |||||||
Proceeds from Issuance of Long-Term Debt, Net of Issuance Costs | 0 | ||||||
Payments of Long-term Debt | 0 | 0 | |||||
Proceeds from Lines of Credit | 0 | 0 | |||||
Repayments of Foreign Facilities | 0 | 0 | |||||
Dividends Paid | 0 | 0 | |||||
Repurchases of Common Stock | 0 | ||||||
Payment, Tax Withholding, Share-based Payment Arrangement | 0 | 0 | |||||
Proceeds from Exercise of Stock Options | 0 | 0 | |||||
Financing Costs and Other | 0 | 0 | |||||
Net Financing Activities and Advances to/from Consolidated Affiliates | 0 | (11) | |||||
Net Cash Used for Financing Activities | 0 | (11) | |||||
Effects of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | |||||
Net Decrease in Cash and Cash Equivalents | 0 | 0 | |||||
Cash and Cash Equivalents, Beginning of Period | $ 0 | $ 0 | 0 | 0 | |||
Cash and Cash Equivalents, End of Period | $ 0 | $ 0 | $ 0 | $ 0 |