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L Brands, Inc. – ‘10-K’ for 2/1/20 – ‘R31’

On:  Friday, 3/27/20, at 6:50pm ET   ·   As of:  3/30/20   ·   For:  2/1/20   ·   Accession #:  701985-20-10   ·   File #:  1-08344

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  As Of               Filer                 Filing    For·On·As Docs:Size

 3/30/20  L Brands, Inc.                    10-K        2/01/20  125:18M

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   2.71M 
 2: EX-4.31     Description of Registrant's Securities              HTML     51K 
 3: EX-21       Subsidiaries of the Registrant                      HTML     37K 
 4: EX-23.1     Consent of Ernst & Young LLP                        HTML     33K 
 5: EX-24       Powers of Attorney                                  HTML     62K 
 6: EX-31.1     Section 302 Certification of CEO                    HTML     40K 
 7: EX-31.2     Section 302 Certification of CFO                    HTML     40K 
 8: EX-32       Section 906 Certification of CEO and CFO            HTML     36K 
93: R1          Document and Entity Information                     HTML     96K 
25: R2          Consolidated Statements of Income                   HTML     92K 
68: R3          Consoldiated Statements of Comprehensive Income     HTML     67K 
107: R4          Consolidated Balance Sheets                         HTML    130K  
96: R5          Consolidated Balance Sheets Consolidated Balance    HTML     51K 
                Sheets (Parenthetical)                                           
28: R6          Consolidated Statements of Total Equity (Deficit)   HTML    103K 
69: R7          Consolidated Statements of Cash Flows               HTML    142K 
110: R8          Description of Business and Summary of Significant  HTML     88K  
                Accounting Policies                                              
91: R9          New Accounting Pronouncements (Notes)               HTML     42K 
66: R10         Revenue Recognition (Notes)                         HTML     63K 
23: R11         Earnings Per Share                                  HTML     52K 
98: R12         Restructuring Activities (Notes)                    HTML     41K 
113: R13         Inventories                                         HTML     40K  
65: R14         Property and Equipment, Net                         HTML     73K 
22: R15         Leases                                              HTML     73K 
97: R16         Goodwill and Trade Names                            HTML     57K 
112: R17         Equity Investments and Other                        HTML     39K  
64: R18         Accrued Expenses and Other                          HTML     50K 
24: R19         Income Taxes                                        HTML    169K 
72: R20         Long-term Debt and Borrowing Facilities             HTML     91K 
116: R21         Derivative Instruments                              HTML     53K  
45: R22         Fair Value Measurements                             HTML     73K 
33: R23         Comprehensive Income (Loss)                         HTML     80K 
71: R24         Commitments and Contingencies                       HTML     44K 
115: R25         Retirement Benefits                                 HTML     53K  
44: R26         Shareholders' Equity (Deficit)                      HTML     97K 
32: R27         Share-based Compensation                            HTML    106K 
73: R28         Segment Information                                 HTML    107K 
114: R29         Quarterly Financial Data (Unaudited)                HTML     93K  
106: R30         Subsequent Events                                   HTML     47K  
94: R31         Supplemental Guarantor Financial Information        HTML    693K 
26: R32         Description of Business and Summary of Significant  HTML    156K 
                Accounting Policies (Policies)                                   
67: R33         Description of Business and Summary of Significant  HTML     38K 
                Accounting Policies (Tables)                                     
108: R34         Revenue Recognition (Tables)                        HTML     58K  
95: R35         Earnings Per Share (Tables)                         HTML     52K 
27: R36         Inventories (Tables)                                HTML     42K 
70: R37         Property and Equipment, Net (Tables)                HTML     74K 
111: R38         Leases (Tables)                                     HTML     72K  
90: R39         Goodwill and Trade Names (Tables)                   HTML     54K 
123: R40         Accrued Expenses and Other (Tables)                 HTML     49K  
81: R41         Income Taxes (Tables)                               HTML    165K 
34: R42         Long-term Debt and Borrowing Facilities (Tables)    HTML     77K 
47: R43         Derivative Instruments (Tables)                     HTML     57K 
124: R44         Fair Value Measurements (Tables)                    HTML     70K  
82: R45         Comprehensive Income (Loss) (Tables)                HTML     78K 
35: R46         Retirement Benefits (Tables)                        HTML     47K 
48: R47         Shareholders' Equity (Deficit) (Tables)             HTML     95K 
125: R48         Share-based Compensation (Tables)                   HTML     99K  
80: R49         Segment Information (Tables)                        HTML    102K 
88: R50         Quarterly Financial Data (Unaudited) (Tables)       HTML     93K 
105: R51         Supplemental Guarantor Financial Information        HTML    694K  
                Supplemental Guarantor Financial Information                     
                (Tables)                                                         
57: R52         Description of Business and Summary of Significant  HTML     44K 
                Accounting Policies (Narrative) (Details)                        
15: R53         Description of Business and Summary of Significant  HTML     44K 
                Accounting Policies (Depreciable Life Range of                   
                Property Plant and Equipment) (Details)                          
87: R54         New Accounting Pronouncements Leases (Details)      HTML     45K 
104: R55         Revenue Recognition (Details)                       HTML     71K  
56: R56         Earnings Per Share (Shares Utilized for the         HTML     54K 
                Calculation of Basic and Diluted Earnings per                    
                Share) (Details)                                                 
14: R57         Restructuring Activities (Details)                  HTML     57K 
89: R58         Inventories (Details)                               HTML     42K 
103: R59         Property and Equipment, Net (Narrative) (Details)   HTML     36K  
55: R60         Property and Equipment, Net (Details of Property    HTML     55K 
                and Equipment, Net) (Details)                                    
39: R61         Property and Equipment, Net Property and            HTML     55K 
                Equipment, Net (Long-Lived Assets Impairment)                    
                (Details)                                                        
79: R62         Leases (Lease Cost) (Details)                       HTML     51K 
122: R63         Leases (Lease Maturities) (Details)                 HTML     51K  
52: R64         Leases (Narrative) (Details)                        HTML     48K 
36: R65         Leases (Lease Term and Discount Rate) (Details)     HTML     37K 
76: R66         Leases (Leases Rent Expenses) (Details)             HTML     50K 
119: R67         Goodwill and Trade Names (Schedule of Goodwill)     HTML     39K  
                (Details)                                                        
50: R68         Goodwill and Trade Names (Narrative) (Details)      HTML     39K 
41: R69         Goodwill and Trade Names Goodwill and Trade Names   HTML     40K 
                (Intangible Assets - Indefinite Lives) (Details)                 
18: R70         Equity Investments and Other (Details)              HTML     41K 
58: R71         Accrued Expenses and Other (Details)                HTML     60K 
99: R72         Income Taxes (Narrative) (Details)                  HTML     52K 
83: R73         Income Taxes (Provision for Income Taxes)           HTML     64K 
                (Details)                                                        
21: R74         Income Taxes (Reconciliation of the Statutory       HTML     71K 
                Federal Income Tax Rate and the Effective Tax                    
                Rate) (Details)                                                  
61: R75         Income Taxes (Effect of Temporary Differences that  HTML     71K 
                Cause Deferred Income Taxes) (Details)                           
102: R76         Income Taxes (Activity Related to its Unrecognized  HTML     49K  
                Tax Benefits) (Details)                                          
86: R77         Long-term Debt and Borrowing Facilities (Schedule   HTML     70K 
                of Long-term Debt Instruments) (Details)                         
16: R78         Long-term Debt and Borrowing Facilities             HTML     80K 
                (Narrative) (Details)                                            
62: R79         Long-term Debt and Borrowing Facilities (Schedule   HTML     50K 
                of Principal Payments on Long-term Debt) (Details)               
19: R80         Long-term Debt and Borrowing Facilities Long-term   HTML     91K 
                debt (Revolving Facility and Letters of Credit                   
                (Narrative) (Details)                                            
59: R81         Derivative Financial Instruments Derivative         HTML     48K 
                Instruments (Foreign Exchange Contracts - Cash                   
                Flow Hedging Disclosure) (Details)                               
100: R82         Derivative Financial Instruments Fair Value         HTML     42K  
                Derivatives, Balance Sheet Location, by Derivative               
                Contract Type (Details)                                          
84: R83         Derivative Financial Instruments Derivative         HTML     35K 
                Instruments (Interest Rate Contracts - Fair Value                
                Hedging Disclosure) (Details)                                    
20: R84         Derivative Financial Instruments Foreign Currency   HTML     35K 
                Derivatives Notional Amount Outstanding (Details)                
60: R85         Fair Value Measurements (Carrying Value and Fair    HTML     36K 
                Value of Long Term Debt) (Detail)                                
101: R86         Fair Value Measurements (Fair Value, Assets and     HTML     52K  
                Liabilities Measured on Recurring Basis) (Details)               
85: R87         Fair Value Measurements Fair Value Measurements     HTML     38K 
                (Securities Narrative) (Details)                                 
17: R88         Comprehensive Income (Loss) (Detail)                HTML     82K 
63: R89         Commitments and Contingencies (Details)             HTML     47K 
54: R90         Retirement Benefits (Details)                       HTML     53K 
38: R91         Shareholders' Equity (Deficit) (Narrative)          HTML     50K 
                (Details)                                                        
78: R92         Shareholders' Equity (Deficit) (Schedule of         HTML     60K 
                Company's repurchase program) (Details)                          
121: R93         Shareholders' Equity (Deficit) (Dividends Paid)     HTML     45K  
                (Details)                                                        
53: R94         Share-based Compensation (Narrative) (Details)      HTML     79K 
37: R95         Share-based Compensation (Stock Option Activity)    HTML     91K 
                (Details)                                                        
77: R96         Share-based Compensation (Weighted-Average          HTML     44K 
                Assumptions) (Details)                                           
120: R97         Share-based Compensation (Restricted Stock          HTML     58K  
                Activity) (Details)                                              
49: R98         Share-based Compensation (Share-Based Compensation  HTML     37K 
                Expense) (Details)                                               
40: R99         Segment Information (Details)                       HTML     86K 
42: R100        Segment Information (Additional Information)        HTML     71K 
                (Details)                                                        
30: R101        Quarterly Financial Data (Unaudited) (Details)      HTML     70K 
74: R102        Quarterly Financial Data (Unaudited) (Narrative)    HTML     72K 
                (Details)                                                        
117: R103        Subsequent Events (Details)                         HTML     54K  
43: R104        Supplemental Guarantor Financial Information        HTML     35K 
                (Narrative) (Details)                                            
31: R105        Supplemental Guarantor Financial Information        HTML    155K 
                (Condensed Consolidating Balance Sheet) (Details)                
75: R106        Supplemental Guarantor Financial Information        HTML    179K 
                (Condensed Consolidating Statements of Income)                   
                (Details)                                                        
118: R107        Supplemental Guarantor Financial Information        HTML    204K  
                (Condensed Consolidating Statement of Cash Flows)                
                (Details)                                                        
46: XML         IDEA XML File -- Filing Summary                      XML    236K 
51: XML         XBRL Instance -- lb21202010k_htm                     XML   5.10M 
29: EXCEL       IDEA Workbook of Financial Reports                  XLSX    146K 
10: EX-101.CAL  XBRL Calculations -- lb-20200201_cal                 XML    302K 
11: EX-101.DEF  XBRL Definitions -- lb-20200201_def                  XML   1.40M 
12: EX-101.LAB  XBRL Labels -- lb-20200201_lab                       XML   2.38M 
13: EX-101.PRE  XBRL Presentations -- lb-20200201_pre                XML   1.72M 
 9: EX-101.SCH  XBRL Schema -- lb-20200201                           XSD    255K 
109: JSON        XBRL Instance as JSON Data -- MetaLinks              512±   786K  
92: ZIP         XBRL Zipped Folder -- 0000701985-20-000010-xbrl      Zip    560K 


‘R31’   —   Supplemental Guarantor Financial Information


This is an IDEA Financial Report.  [ Alternative Formats ]



 
v3.20.1
Supplemental Guarantor Financial Information
12 Months Ended
Supplemental Guarantor Financial Information [Abstract]  
Schedule Of Supplemental Guarantor Financial Information [Text Block] 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 February 1, 2020 and February 2, 2019, and the Condensed Consolidating Statements of Income (Loss), Comprehensive Income (Loss) and Cash Flows for the years ended February 1, 2020February 2, 2019 and February 3, 2018.

L BRANDS, INC.
CONDENSED CONSOLIDATING BALANCE SHEET
(in millions)
 
 
 
L Brands, Inc.
 
Guarantor
 
Non-guarantor
 
Eliminations
 
Consolidated
L Brands, Inc.
ASSETS
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and Cash Equivalents
$

 
$
1,231

 
$
268

 
$

 
$
1,499

Accounts Receivable, Net

 
183

 
123

 

 
306

Inventories

 
1,138

 
149

 

 
1,287

Other

 
85

 
68

 

 
153

Total Current Assets

 
2,637

 
608

 

 
3,245

Property and Equipment, Net

 
1,747

 
739

 

 
2,486

Operating Lease Assets

 
2,545

 
508

 

 
3,053

Goodwill

 
628

 

 

 
628

Trade Names

 
411

 

 

 
411

Net Investments in and Advances to/from Consolidated Affiliates
3,862

 
20,231

 
2,937

 
(27,030
)
 

Deferred Income Taxes

 
8

 
76

 

 
84

Other Assets
130

 
9

 
690

 
(611
)
 
218

Total Assets
$
3,992

 
$
28,216

 
$
5,558

 
$
(27,641
)
 
$
10,125

LIABILITIES AND EQUITY (DEFICIT)
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
Accounts Payable
$

 
$
331

 
$
316

 
$

 
$
647

Accrued Expenses and Other
93

 
593

 
366

 

 
1,052

Current Debt

 

 
61

 

 
61

Current Operating Lease Liabilities

 
392

 
86

 

 
478

Income Taxes
(11
)
 
89

 
56

 

 
134

Total Current Liabilities
82

 
1,405

 
885

 

 
2,372

Deferred Income Taxes

 
(37
)
 
256

 

 
219

Long-term Debt
5,395

 
597

 
92

 
(597
)
 
5,487

Long-term Operating Lease Liabilities

 
2,522

 
530

 

 
3,052

Other Long-term Liabilities
62

 
383

 
59

 
(14
)
 
490

Total Equity (Deficit)
(1,547
)
 
23,346

 
3,736

 
(27,030
)
 
(1,495
)
Total Liabilities and Equity (Deficit)
$
3,992

 
$
28,216

 
$
5,558

 
$
(27,641
)
 
$
10,125


L BRANDS, INC.
CONDENSED CONSOLIDATING BALANCE SHEET
(in millions)
 
 
 
L Brands, Inc.
 
Guarantor
 
Non-guarantor
 
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 STATEMENT OF INCOME (LOSS)
(in millions)
 
 
2019
 
L Brands, Inc.
 
Guarantor
 
Non-guarantor
 
Eliminations
 
Consolidated
L Brands, Inc.
Net Sales
$

 
$
12,317

 
$
3,382

 
$
(2,785
)
 
$
12,914

Costs of Goods Sold, Buying and Occupancy

 
(8,074
)
 
(2,810
)
 
2,420

 
(8,464
)
Gross Profit

 
4,243

 
572

 
(365
)
 
4,450

General, Administrative and Store Operating Expenses
(11
)
 
(3,380
)
 
(331
)
 
250

 
(3,472
)
Impairment of Goodwill

 
(690
)
 
(30
)
 

 
(720
)
Operating Income (Loss)
(11
)
 
173

 
211

 
(115
)
 
258

Interest Expense
(370
)
 
(116
)
 
(7
)
 
115

 
(378
)
Other Income (Loss)
(40
)
 

 
(21
)
 

 
(61
)
Income (Loss) Before Income Taxes
(421
)
 
57

 
183

 

 
(181
)
Provision (Benefit) for Income Taxes
2

 
55

 
128

 

 
185

Equity in Earnings (Loss), Net of Tax
57

 
39

 
390

 
(486
)
 

Net Income (Loss)
$
(366
)
 
$
41

 
$
445

 
$
(486
)
 
$
(366
)



L BRANDS, INC.
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(in millions)
 
 
2019
 
L Brands, Inc.
 
Guarantor
 
Non-guarantor
 
Eliminations
 
Consolidated
L Brands, Inc.
Net Income (Loss)
$
(366
)
 
$
41

 
$
445

 
$
(486
)
 
$
(366
)
Other Comprehensive Income (Loss), Net of Tax:
 
 
 
 
 
 
 
 
 
Foreign Currency Translation

 

 
(5
)
 

 
(5
)
Unrealized Gain (Loss) on Cash Flow Hedges

 

 
2

 

 
2

Reclassification of Cash Flow Hedges to Earnings

 

 
(4
)
 

 
(4
)
Total Other Comprehensive Income (Loss), Net of Tax

 

 
(7
)
 

 
(7
)
Total Comprehensive Income (Loss)
$
(366
)
 
$
41

 
$
438

 
$
(486
)
 
$
(373
)


L BRANDS, INC.
CONDENSED CONSOLIDATING STATEMENT OF INCOME
(in millions)
 
 
2018
 
L Brands, Inc.
 
Guarantor
 
Non-guarantor
 
Eliminations
 
Consolidated
L Brands, Inc.
Net Sales
$

 
$
12,467

 
$
3,780

 
$
(3,010
)
 
$
13,237

Costs of Goods Sold, Buying and Occupancy

 
(8,015
)
 
(2,996
)
 
2,673

 
(8,338
)
Gross Profit

 
4,452

 
784

 
(337
)
 
4,899

General, Administrative and Store Operating Expenses
(9
)
 
(3,304
)
 
(482
)
 
232

 
(3,563
)
Loss on Divestiture of La Senza

 
(24
)
 
(75
)
 

 
(99
)
Operating Income (Loss)
(9
)
 
1,124

 
227

 
(105
)
 
1,237

Interest Expense
(379
)
 
(108
)
 
(6
)
 
108

 
(385
)
Other Income (Loss)

 
13

 
(8
)
 

 
5

Income (Loss) Before Income Taxes
(388
)
 
1,029

 
213

 
3

 
857

Provision (Benefit) for Income Taxes
12

 
100

 
101

 

 
213

Equity in Earnings, Net of Tax
1,044

 
169

 
353

 
(1,566
)
 

Net Income (Loss)
$
644

 
$
1,098

 
$
465

 
$
(1,563
)
 
$
644




L BRANDS, INC.
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
(in millions)
 
 
2018
 
L Brands, Inc.
 
Guarantor
 
Non-guarantor
 
Eliminations
 
Consolidated
L Brands, Inc.
Net Income (Loss)
$
644

 
$
1,098

 
$
465

 
$
(1,563
)
 
$
644

Other Comprehensive Income (Loss), Net of Tax:
 
 
 
 
 
 
 
 
 
Foreign Currency Translation

 

 
(20
)
 

 
(20
)
Reclassification of Foreign Currency Translation to Earnings

 

 
45

 

 
45

Unrealized Gain (Loss) on Cash Flow Hedges

 

 
10

 

 
10

Reclassification of Cash Flow Hedges to Earnings

 

 
2

 

 
2

Total Other Comprehensive Income (Loss), Net of Tax




37




37

Total Comprehensive Income (Loss)
$
644

 
$
1,098

 
$
502

 
$
(1,563
)
 
$
681



L BRANDS, INC.
CONDENSED CONSOLIDATING STATEMENT OF INCOME
(in millions)
 
 
2017
 
L Brands, Inc.
 
Guarantor
 
Non-guarantor
 
Eliminations
 
Consolidated
L Brands, Inc.
Net Sales
$

 
$
11,931

 
$
3,728

 
$
(3,027
)
 
$
12,632

Costs of Goods Sold, Buying and Occupancy

 
(7,463
)
 
(2,868
)
 
2,658

 
(7,673
)
Gross Profit

 
4,468

 
860

 
(369
)
 
4,959

General, Administrative and Store Operating Expenses
(10
)
 
(3,063
)
 
(426
)
 
268

 
(3,231
)
Operating Income (Loss)
(10
)
 
1,405

 
434

 
(101
)
 
1,728

Interest Expense
(403
)
 
(99
)
 
(13
)
 
109

 
(406
)
Other Income (Loss)
(46
)
 
11

 
25

 

 
(10
)
Income (Loss) Before Income Taxes
(459
)
 
1,317

 
446

 
8

 
1,312

Provision (Benefit) for Income Taxes
65

 
316

 
(52
)
 

 
329

Equity in Earnings, Net of Tax
1,507

 
522

 
412

 
(2,441
)
 

Net Income (Loss)
$
983

 
$
1,523

 
$
910

 
$
(2,433
)
 
$
983




L BRANDS, INC.
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
(in millions)
 
 
2017
 
L Brands, Inc.
 
Guarantor
 
Non-guarantor
 
Eliminations
 
Consolidated
L Brands, Inc.
Net Income (Loss)
$
983

 
$
1,523

 
$
910

 
$
(2,433
)
 
$
983

Other Comprehensive Income (Loss), Net of Tax:
 
 
 
 
 
 
 
 
 
Foreign Currency Translation

 

 
23

 

 
23

Unrealized Gain (Loss) on Cash Flow Hedges

 

 
(20
)
 

 
(20
)
Reclassification of Cash Flow Hedges to Earnings

 

 
7

 

 
7

Unrealized Gain on Marketable Securities

 

 
2

 

 
2

Total Other Comprehensive Income (Loss), Net of Tax




12




12

Total Comprehensive Income (Loss)
$
983

 
$
1,523

 
$
922

 
$
(2,433
)
 
$
995



L BRANDS, INC.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
(in millions)
 
 
2019
 
L Brands, Inc.
 
Guarantor
 
Non-guarantor
 
Eliminations
 
Consolidated
L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities
$
(427
)
 
$
837

 
$
826

 
$

 
$
1,236

Investing Activities:
 
 
 
 
 
 
 
 
 
Capital Expenditures

 
(276
)
 
(182
)
 

 
(458
)
Net Investments in Consolidated Affiliates

 
(13
)
 

 
13

 

Other Investing Activities

 
12

 
(34
)
 

 
(22
)
Net Cash Provided by (Used for) Investing Activities

 
(277
)
 
(216
)
 
13

 
(480
)
Financing Activities:
 
 
 
 
 
 
 
 
 
Proceeds from Issuance of Long-term Debt, Net of Issuance Costs
486

 

 

 

 
486

Payments of Long-term Debt
(799
)
 

 

 

 
(799
)
Borrowings from Secured Revolving Facility
12

 

 

 

 
12

Repayments of Secured Revolving Facility
(12
)
 

 

 

 
(12
)
Borrowings from Foreign Facilities

 

 
167

 

 
167

Repayments of Foreign Facilities

 

 
(162
)
 

 
(162
)
Dividends Paid
(332
)
 

 

 

 
(332
)
Tax Payments related to Share-based Awards
(13
)
 

 

 

 
(13
)
Net Financing Activities and Advances to/from Consolidated Affiliates
1,090

 
(318
)
 
(759
)
 
(13
)
 

Proceeds from Exercise of Stock Options
1

 

 

 

 
1

Financing Costs and Other
(6
)
 
(8
)
 

 

 
(14
)
Net Cash Provided by (Used for) Financing Activities
427

 
(326
)
 
(754
)
 
(13
)
 
(666
)
Effects of Exchange Rate Changes on Cash

 

 
(4
)
 

 
(4
)
Net Increase (Decrease) in Cash and Cash Equivalents

 
234

 
(148
)
 

 
86

Cash and Cash Equivalents, Beginning of Year

 
997

 
416

 

 
1,413

Cash and Cash Equivalents, End of Year
$

 
$
1,231

 
$
268

 
$

 
$
1,499
















L BRANDS, INC.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
(in millions)
 
 
2018
 
L Brands, Inc.
 
Guarantor
 
Non-guarantor
 
Eliminations
 
Consolidated
L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities
$
(424
)
 
$
1,541

 
$
260

 
$

 
$
1,377

Investing Activities:
 
 
 
 
 
 
 
 
 
Capital Expenditures

 
(398
)
 
(231
)
 

 
(629
)
Net Investments in Consolidated Affiliates

 

 
(21
)
 
21

 

Other Investing Activities

 
4

 
16

 

 
20

Net Cash Provided by (Used for) Investing Activities

 
(394
)
 
(236
)
 
21

 
(609
)
Financing Activities:
 
 
 
 
 
 
 
 
 
Payments of Long-term Debt
(52
)
 

 

 

 
(52
)
Borrowings from Secured Revolving Facility
92

 

 

 

 
92

Repayments of Secured Revolving Facility
(92
)
 

 

 

 
(92
)
Borrowings from Foreign Facilities

 

 
172

 

 
172

Repayments of Foreign Facilities

 

 
(109
)
 

 
(109
)
Dividends Paid
(666
)
 

 

 

 
(666
)
Repurchases of Common Stock
(198
)
 

 

 

 
(198
)
Tax Payments related to Share-based Awards
(13
)
 

 

 

 
(13
)
Net Financing Activities and Advances to/from Consolidated Affiliates
1,355

 
(1,310
)
 
(24
)
 
(21
)
 

Proceeds from Exercise of Stock Options
1

 

 

 

 
1

Financing Costs and Other
(3
)
 
(4
)
 

 

 
(7
)
Net Cash Provided by (Used for) Financing Activities
424

 
(1,314
)
 
39

 
(21
)
 
(872
)
Effects of Exchange Rate Changes on Cash

 

 
2

 

 
2

Net Increase (Decrease) in Cash and Cash Equivalents

 
(167
)
 
65

 

 
(102
)
Cash and Cash Equivalents, Beginning of Year

 
1,164

 
351

 

 
1,515

Cash and Cash Equivalents, End of Year
$

 
$
997

 
$
416

 
$

 
$
1,413



















L BRANDS, INC.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
(in millions)
 
 
2017
 
L Brands, Inc.
 
Guarantor
 
Non-guarantor
 
Eliminations
 
Consolidated
L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities
$
(401
)
 
$
1,353

 
$
454

 
$

 
$
1,406

Investing Activities:
 
 
 
 
 
 
 
 
 
Capital Expenditures

 
(495
)
 
(212
)
 

 
(707
)
Other Investing Activities

 
(1
)
 
10

 

 
9

Net Cash Provided by (Used for) Investing Activities

 
(496
)
 
(202
)
 

 
(698
)
Financing Activities:
 
 
 
 
 
 
 
 
 
Proceeds from Issuance of Long-term Debt, Net of Issuance Costs
495

 

 

 

 
495

Payments of Long-term Debt
(540
)
 

 

 

 
(540
)
Borrowings from Foreign Facilities

 

 
96

 

 
96

Repayments of Foreign Facilities

 

 
(44
)
 

 
(44
)
Dividends Paid
(686
)
 

 

 

 
(686
)
Repurchases of Common Stock
(446
)
 

 

 

 
(446
)
Tax Payments related to Share-based Awards
(32
)
 

 

 

 
(32
)
Net Financing Activities and Advances to/from Consolidated Affiliates
1,577

 
(1,252
)
 
(325
)
 

 

Proceeds from Exercise of Stock Options
38

 

 

 

 
38

Financing Costs and Other
(5
)
 
(3
)
 

 

 
(8
)
Net Cash Provided by (Used for) Financing Activities
401


(1,255
)

(273
)



(1,127
)
Effects of Exchange Rate Changes on Cash

 

 

 

 

Net Increase (Decrease) in Cash and Cash Equivalents

 
(398
)
 
(21
)
 

 
(419
)
Cash and Cash Equivalents, Beginning of Year

 
1,562

 
372

 

 
1,934

Cash and Cash Equivalents, End of Year
$

 
$
1,164

 
$
351

 
$

 
$
1,515



Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
Filed as of:3/30/20
Filed on:3/27/208-K
For Period end:2/1/204
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