Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Nov. 02, 2013 | Nov. 29, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 2-Nov-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
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 Common Stock, Shares Outstanding | ' | 290,281,593 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net Sales | $2,171 | $2,050 | $6,955 | $6,603 |
Costs of Goods Sold, Buying and Occupancy | -1,314 | -1,225 | -4,168 | -3,934 |
Gross Profit | 857 | 825 | 2,787 | 2,669 |
General, Administrative and Store Operating Expenses | -646 | -638 | -1,907 | -1,884 |
Operating Income | 211 | 187 | 880 | 785 |
Interest Expense | -76 | -77 | -232 | -234 |
Other Income | 7 | 18 | 11 | 19 |
Income Before Income Taxes | 142 | 128 | 659 | 570 |
Provision for Income Taxes | 50 | 54 | 246 | 228 |
Net Income | $92 | $74 | $413 | $342 |
Net Income Per Basic Share | $0.32 | $0.26 | $1.43 | $1.18 |
Net Income Per Diluted Share | $0.31 | $0.25 | $1.40 | $1.15 |
Dividends Per Share | $0.30 | $1.25 | $0.90 | $1.75 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Net Income | $92 | $74 | $413 | $342 |
Other Comprehensive Income (Loss), Net of Tax: | ' | ' | ' | ' |
Reclassification of Cash Flow Hedges to Earnings | -2 | 4 | -21 | 5 |
Foreign Currency Translation | 5 | 0 | 17 | 1 |
Unrealized Gain (Loss) on Cash Flow Hedges | 3 | -6 | 19 | 1 |
Total Other Comprehensive Income (Loss), Net of Tax | 6 | -2 | 15 | 7 |
Total Comprehensive Income | $98 | $72 | $428 | $349 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Millions, unless otherwise specified | |||
Current Assets: | ' | ' | ' |
Cash and Cash Equivalents | $425 | $773 | $547 |
Accounts Receivable, Net | 245 | 203 | 225 |
Inventories | 1,643 | 1,004 | 1,446 |
Deferred Income Taxes | 30 | 29 | 50 |
Other | 237 | 196 | 217 |
Total Current Assets | 2,580 | 2,205 | 2,485 |
Property and Equipment, Net | 2,078 | 1,803 | 1,841 |
Goodwill | 1,318 | 1,318 | 1,330 |
Trade Names and Other Intangible Assets, Net | 411 | 412 | 494 |
Other Assets | 249 | 281 | 277 |
Total Assets | 6,636 | 6,019 | 6,427 |
Current Liabilities: | ' | ' | ' |
Accounts Payable | 799 | 541 | 732 |
Accrued Expenses and Other | 702 | 807 | 717 |
Current Portion of Long-term Debt | 216 | 0 | 57 |
Income Taxes | 17 | 190 | 6 |
Total Current Liabilities | 1,734 | 1,538 | 1,512 |
Deferred Income Taxes | 194 | 200 | 174 |
Long-term Debt | 4,762 | 4,477 | 4,478 |
Other Long-term Liabilities | 766 | 818 | 778 |
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; 306, 304 and 303 shares issued; 290, 289 and 288 shares outstanding, respectively | 153 | 152 | 151 |
Paid-in Capital | 267 | 186 | 140 |
Accumulated Other Comprehensive Income | 19 | 4 | 7 |
Retained Earnings (Accumulated Deficit) | -519 | -672 | -141 |
Less: Treasury Stock, at Average Cost; 16, 15 and 15 shares, respectively | -740 | -685 | -672 |
Total Shareholders’ Equity (Deficit) | -820 | -1,015 | -515 |
Noncontrolling Interest | 0 | 1 | 0 |
Total Equity (Deficit) | -820 | -1,014 | -515 |
Total Liabilities and Equity (Deficit) | $6,636 | $6,019 | $6,427 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
Preferred Stock, Par Value | $1 | $1 | $1 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 | 0 |
Common Stock, Par Value | $0.50 | $0.50 | $0.50 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 306,000,000 | 304,000,000 | 303,000,000 |
Common Stock, Shares, Outstanding | 290,000,000 | 289,000,000 | 288,000,000 |
Treasury Stock, Shares | 16,000,000 | 15,000,000 | 15,000,000 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 |
Operating Activities: | ' | ' |
Net Income | $413 | $342 |
Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: | ' | ' |
Depreciation and Amortization of Long-lived Assets | 299 | 287 |
Amortization of Landlord Allowances | -29 | -26 |
Deferred Income Taxes | -1 | -10 |
Share-based Compensation Expense | 61 | 49 |
Excess Tax Benefits from Share-based Compensation | -31 | -103 |
Gain on Distributions from Easton Investments | 0 | -13 |
Gain on Sale of Assets | 0 | 3 |
Changes in Assets and Liabilities: | ' | ' |
Accounts Receivable | -42 | -5 |
Inventories | -642 | -449 |
Accounts Payable, Accrued Expenses and Other | 120 | 62 |
Income Taxes Payable | -140 | -60 |
Other Assets and Liabilities | -39 | 4 |
Net Cash Provided by (Used for) Operating Activities | -31 | 75 |
Investing Activities: | ' | ' |
Capital Expenditures | -598 | -491 |
Other Investing Activities | 3 | 20 |
Net Cash Provided by (Used for) Investing Activities | -549 | -471 |
Financing Activities: | ' | ' |
Proceeds from Long-term Debt, Net of Issuance Costs | 495 | 985 |
Borrowings from Revolving Facility | 290 | 0 |
Repayments on Revolving Facility | -290 | 0 |
Repurchase of Common Stock | -55 | -616 |
Dividends Paid | -261 | -507 |
Excess Tax Benefits from Share-based Compensation | 31 | 103 |
Proceeds from Exercise of Stock Options and Other | 22 | 42 |
Net Cash Provided by (Used for) Financing Activities | 232 | 7 |
Effects of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 1 |
Net Increase (Decrease) in Cash and Cash Equivalents | -348 | -388 |
Cash and Cash Equivalents, Beginning of Period | 773 | 935 |
Cash and Cash Equivalents, End of Period | 425 | 547 |
Third Party Sourcing Business [Member] | ' | ' |
Investing Activities: | ' | ' |
Return of Capital from Equity Method Investment | $46 | $0 |
Description_Of_Business_And_Ba
Description Of Business And Basis Of Presentation | 9 Months Ended | |
Nov. 02, 2013 | ||
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, beauty and personal care products and accessories. The Company sells its merchandise through company-owned specialty retail stores in the United States (“U.S.”), Canada and the United Kingdom ("U.K."), which are primarily mall-based, and through its websites, catalogue 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 | |
• | La Senza | |
• | Henri Bendel | |
Fiscal Year | ||
The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “third quarter of 2013” and “third quarter of 2012” refer to the thirteen week periods ending November 2, 2013 and October 27, 2012, respectively. “Year-to-date 2013” and “year-to-date 2012” refer to the thirty-nine week periods ending November 2, 2013 and October 27, 2012, 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 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 on the Consolidated Statements of Income. The Company’s share of net income or loss of all other unconsolidated entities is included in Other Income on the Consolidated Statements of Income. The Company’s equity investments are required to be tested for impairment when it is determined there may be an other than temporary loss in value. | ||
Interim Financial Statements | ||
The Consolidated Financial Statements as of and for the periods ended November 2, 2013 and October 27, 2012 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 2012 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, 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. Currently, the Company’s investment portfolio is comprised of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, highly-rated 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. | ||
Use of Estimates in the Preparation of Financial Statements | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“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. |
Earnings_Per_Share_And_Shareho
Earnings Per Share And Shareholders' Equity | 9 Months Ended | |||||||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||||||
Earnings Per Share And Shareholders' Equity [Abstract] | ' | |||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||||||||||||
Earnings Per Share and Shareholders’ Equity | ||||||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||
Earnings per basic share are 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 third quarter of and year-to-date 2013 and 2012: | ||||||||||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
(in millions) | ||||||||||||||||||||||
Weighted-average Common Shares: | ||||||||||||||||||||||
Issued Shares | 306 | 303 | 306 | 301 | ||||||||||||||||||
Treasury Shares | (16 | ) | (15 | ) | (16 | ) | (11 | ) | ||||||||||||||
Basic Shares | 290 | 288 | 290 | 290 | ||||||||||||||||||
Effect of Dilutive Options and Restricted Stock | 7 | 6 | 6 | 7 | ||||||||||||||||||
Diluted Shares | 297 | 294 | 296 | 297 | ||||||||||||||||||
Anti-dilutive Options and Awards (a) | — | 1 | 2 | 1 | ||||||||||||||||||
_______________ | ||||||||||||||||||||||
(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 | ||||||||||||||||||||||
Common Stock 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 2013 and 2012: | ||||||||||||||||||||||
Amount Authorized | Shares | Amount | Average Stock Price of Shares Repurchased within Program | |||||||||||||||||||
Repurchased | Repurchased | |||||||||||||||||||||
Repurchase Program | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(in millions) | (in thousands) | (in millions) | ||||||||||||||||||||
November 2012 (a) | $ | 250 | 1,217 | NA | $ | 55 | NA | $ | 44.91 | |||||||||||||
February 2012 (b) | 500 | NA | 9,816 | NA | $ | 448 | 45.6 | |||||||||||||||
Nov-11 | 250 | NA | 3,657 | NA | 164 | 44.9 | ||||||||||||||||
Total | 1,217 | 13,473 | $ | 55 | $ | 612 | ||||||||||||||||
_______________ | ||||||||||||||||||||||
(a) | The November 2012 repurchase program had $184 million remaining as of November 2, 2013. | |||||||||||||||||||||
(b) | The February 2012 repurchase program had $50 million remaining at the time it was cancelled in conjunction with the approval of the November 2012 repurchase program. | |||||||||||||||||||||
NA | Not applicable | |||||||||||||||||||||
There were no share repurchases reflected in Accounts Payable as of November 2, 2013 and October 27, 2012. | ||||||||||||||||||||||
Dividends | ||||||||||||||||||||||
Under the authority and declaration of the Board of Directors, the Company paid the following dividends during 2013 and 2012: | ||||||||||||||||||||||
Ordinary Dividends | Special Dividends | Total Dividends | Total Paid | |||||||||||||||||||
(per share) | (in millions) | |||||||||||||||||||||
2013 | ||||||||||||||||||||||
Third Quarter | $ | 0.3 | $ | — | $ | 0.3 | $ | 87 | ||||||||||||||
Second Quarter | 0.3 | — | 0.3 | 87 | ||||||||||||||||||
First Quarter | 0.3 | — | 0.3 | 87 | ||||||||||||||||||
2013 Total | $ | 0.9 | $ | — | $ | 0.9 | $ | 261 | ||||||||||||||
2012 | ||||||||||||||||||||||
Third Quarter | $ | 0.25 | $ | 1 | $ | 1.25 | $ | 361 | ||||||||||||||
Second Quarter | 0.25 | — | 0.25 | 73 | ||||||||||||||||||
First Quarter | 0.25 | — | 0.25 | 73 | ||||||||||||||||||
2012 Total | $ | 0.75 | $ | 1 | $ | 1.75 | $ | 507 | ||||||||||||||
Restructuring_Activities
Restructuring Activities | 9 Months Ended |
Nov. 02, 2013 | |
Restructuring and Related Activities [Abstract] | ' |
Restructuring Activities [Text Block] | ' |
Restructuring Activities | |
During the fourth quarter of 2011, the Company initiated a restructuring program designed to resize a portion of La Senza's store fleet and relocate its home office from Montreal, Canada to Columbus, Ohio. The Company recognized a pre-tax charge consisting of contract termination costs, severance and other costs of $24 million, including non-cash charges of $5 million, in the fourth quarter of 2011. In 2012, the Company made cash payments of $11 million and decreased the estimate of expected contract termination costs by $3 million related to this restructuring program. During 2013, the Company made cash payments of $3 million and decreased the estimate of expected contract termination costs by an additional $1 million related to this restructuring program. The remaining balance of $1 million is included in Other Long-term Liabilities on the November 2, 2013 Consolidated Balance Sheet. | |
During the second quarter of 2012, the Company initiated a second restructuring program designed to further resize the La Senza store fleet. In 2012, the Company recognized a pre-tax charge of $17 million, including non-cash charges of $6 million. In 2012, the Company made cash payments of $5 million related to this restructuring program. During 2013, the Company made cash payments of $3 million and decreased the estimate of expected contract termination costs by $1 million related to this restructuring program. Of the remaining balance of $2 million, $1 million is included in Accrued Expenses and Other and $1 million is included in Other Long-term Liabilities on the November 2, 2013 Consolidated Balance Sheet. |
Inventories
Inventories | 9 Months Ended | |||||||||||
Nov. 02, 2013 | ||||||||||||
Inventory, Net [Abstract] | ' | |||||||||||
Inventories | ' | |||||||||||
Inventories | ||||||||||||
The following table provides details of inventories as of November 2, 2013, February 2, 2013 and October 27, 2012: | ||||||||||||
2-Nov-13 | 2-Feb-13 | 27-Oct-12 | ||||||||||
(in millions) | ||||||||||||
Finished Goods Merchandise | $ | 1,518 | $ | 916 | $ | 1,326 | ||||||
Raw Materials and Merchandise Components | 125 | 88 | 120 | |||||||||
Total Inventories | $ | 1,643 | $ | 1,004 | $ | 1,446 | ||||||
Inventories are principally valued at the lower of cost, as determined by the weighted-average cost method, or market. |
Property_And_Equipment_Net
Property And Equipment, Net | 9 Months Ended | |||||||||||
Nov. 02, 2013 | ||||||||||||
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 November 2, 2013, February 2, 2013 and October 27, 2012: | ||||||||||||
November 2, | February 2, | October 27, | ||||||||||
2013 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Property and Equipment, at Cost | $ | 5,083 | $ | 4,722 | $ | 4,666 | ||||||
Accumulated Depreciation and Amortization | (3,005 | ) | (2,919 | ) | (2,825 | ) | ||||||
Property and Equipment, Net | $ | 2,078 | $ | 1,803 | $ | 1,841 | ||||||
Depreciation expense was $96 million and $95 million for the third quarter of 2013 and 2012, respectively. Depreciation expense was $298 million and $285 million for year-to-date 2013 and 2012, respectively. |
Equity_Investments_And_Other
Equity Investments And Other | 9 Months Ended |
Nov. 02, 2013 | |
Equity Method Investment, Summarized Financial Information [Abstract] | ' |
Equity Investments And Other | ' |
Equity Investments and Other | |
Third-party Apparel Sourcing Business | |
On October 31, 2011, the Company divested 51% of its ownership interest in its third-party apparel sourcing business to affiliates of Sycamore Partners for pre-tax cash proceeds of $124 million. The Company's remaining ownership interest is accounted for under the equity method of accounting. The Company recorded a pre-tax gain on the divestiture of $111 million in the fourth quarter of 2011. In the first quarter of 2012, the Company received additional pre-tax cash proceeds of $11 million as settlement of a working capital adjustment. The proceeds are included in Other Investing Activities within the Investing Activities section of the 2012 Consolidated Statement of Cash Flows. | |
In conjunction with the transaction, the Company entered into transition services agreements whereby the Company is providing support in various operational areas including logistics, technology and finance. The terms of these transition services arrangements vary and range from two months to three years. | |
In the fourth quarter of 2012, the Company received a $28 million dividend from the third-party apparel sourcing business. This reduced the Company's carrying value in the investment. | |
In the third quarter of 2013, the Company received a $48 million dividend from the third-party apparel sourcing business. This reduced the Company's carrying value in the investment. Of this dividend, $46 million is included in Return of Capital from Third-party Apparel Sourcing Investment within the Investing Activities section of the 2013 Consolidated Statement of Cash Flows and $2 million is included in Other Assets and Liabilities within the Operating Activities section of the 2013 Consolidated Statement of Cash Flows. | |
The Company's carrying value for this investment was $6 million as of November 2, 2013, $52 million as of February 2, 2013 and $77 million as of October 27, 2012 and is included in Other Assets on the Consolidated Balance Sheets. The Company's share of net income (loss) from this investment is included in Other Income on the Consolidated Statements of Income. | |
Easton Investment | |
The Company has land and other investments in Easton, a 1,300 acre planned community in Columbus, Ohio that integrates office, hotel, retail, residential and recreational space. These investments, at cost, totaled $79 million as of November 2, 2013, $75 million as of February 2, 2013 and $73 million as of October 27, 2012 and are recorded in Other Assets on the Consolidated Balance Sheets. In the third quarter of 2012, the Company received $13 million in cash distributions from certain of the Company's investments in Easton. As a result, the Company recognized a pre-tax gain of $13 million which is included in Other Income on the 2012 Consolidated Statements of Income. | |
Included in the Company’s Easton investments is an equity interest in Easton Town Center, LLC (“ETC”), an entity that owns and has developed a commercial entertainment and shopping center. The Company’s investment in ETC is accounted for using the equity method of accounting. The Company has a majority financial interest in ETC, but another unaffiliated member manages ETC. Certain significant decisions regarding ETC require the consent of unaffiliated members in addition to the Company. |
Income_Taxes
Income Taxes | 9 Months Ended |
Nov. 02, 2013 | |
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. The Company’s quarterly effective tax rate does not reflect a benefit associated with losses related to certain foreign subsidiaries. | |
For the third quarter of 2013 and year-to-date 2013, the Company’s effective tax rate was 35.0% and 37.3%, respectively. The third quarter 2013 rate and the year-to-date 2013 rate were both lower than the Company's combined estimated federal and state rate of 39.0% primarily due to the resolution of certain tax matters. | |
For the third quarter of 2012 and year-to-date 2012, the Company’s effective tax rate was 42.4% and 40.1%, respectively. The third quarter 2012 and year-to-date 2012 rate were both higher than the Company's combined estimated federal and state rate of 39.0% primarily due to losses related to certain foreign subsidiaries. | |
As of November 2, 2013, any unrecognized deferred income tax liability resulting from the Company's undistributed foreign earnings from non-U.S. subsidiaries is not expected to reverse in the foreseeable future; furthermore, the undistributed foreign earnings are permanently reinvested. If the Company elects to distribute these foreign earnings in the future, these earnings could be subject to additional income taxes. Determination of the amount of any unrecognized deferred income tax liability on these undistributed foreign earnings is not practicable because such liability, if any, is dependent on circumstances existing if and when remittance occurs. | |
Income taxes paid were approximately $123 million and $18 million for the third quarter of 2013 and 2012, respectively. Income taxes paid approximated $431 million and $306 million for year-to-date 2013 and 2012, respectively. | |
Uncertain Tax Positions | |
The Company had unrecognized tax benefits of $185 million as of February 2, 2013, of which $160 million, if recognized, would reduce the effective income tax rate. Year-to-date through November 2, 2013, the Company had a net decrease to gross unrecognized tax benefits of $36 million, primarily due to the resolution of certain tax matters and other current year activity. The changes to the unrecognized tax benefits resulted in a $2 million benefit to the Company’s Provision for Income Taxes. | |
Of the total unrecognized tax benefits, it is reasonably possible that $87 million could change in the next twelve months due to audit settlements, expiration of statute of limitations or other resolution of uncertainties. Due to the uncertain and complex application of tax regulations, it is possible that the ultimate resolution of audits may result in amounts which could be different from this estimate. In such case, the Company will record additional tax expense or tax benefit in the period in which such matters are effectively settled. | |
The Company recognizes interest and penalties related to unrecognized tax benefits as components of income tax expense. As of February 2, 2013, the Company had accrued $26 million for the payment of interest and penalties. There have been no material changes to this amount through November 2, 2013. |
Longterm_Debt
Long-term Debt | 9 Months Ended | |||||||||||
Nov. 02, 2013 | ||||||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ' | |||||||||||
Long-term Debt | ' | |||||||||||
Long-term Debt | ||||||||||||
The following table provides the Company’s long-term debt balance as of November 2, 2013, February 2, 2013 and October 27, 2012: | ||||||||||||
2-Nov-13 | 2-Feb-13 | 27-Oct-12 | ||||||||||
(in millions) | ||||||||||||
Senior Unsecured Debt with Subsidiary Guarantee | ||||||||||||
$1 billion, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”) | $ | 1,000 | $ | 1,000 | $ | 1,000 | ||||||
$1 billion, 6.625% Fixed Interest Rate Notes due April 2021 (“2021 Notes”) | 1,000 | 1,000 | 1,000 | |||||||||
$500 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”) | 500 | — | — | |||||||||
$500 million, 8.50% Fixed Interest Rate Notes due June 2019, Less Unamortized Discount (“2019 Notes”)(a) | 493 | 489 | 489 | |||||||||
$400 million, 7.00% Fixed Interest Rate Notes due May 2020 (“2020 Notes”) | 400 | 400 | 400 | |||||||||
Total Senior Unsecured Debt with Subsidiary Guarantee | $ | 3,393 | $ | 2,889 | $ | 2,889 | ||||||
Senior Unsecured Debt | ||||||||||||
$700 million, 6.90% Fixed Interest Rate Notes due July 2017, Less Unamortized Discount (“2017 Notes”)(b) | $ | 720 | $ | 721 | $ | 722 | ||||||
$350 million, 6.95% Fixed Interest Rate Debentures due March 2033, Less Unamortized Discount (“2033 Notes”) | 350 | 350 | 350 | |||||||||
$300 million, 7.60% Fixed Interest Rate Notes due July 2037, Less Unamortized Discount (“2037 Notes”) | 299 | 299 | 299 | |||||||||
5.25% Fixed Interest Rate Notes due November 2014, Less Unamortized Discount (“2014 Notes”)(c) | 216 | 218 | 218 | |||||||||
6.125% Fixed Interest Rate Notes due December 2012, Less Unamortized Discount (“2012 Notes”) | — | — | 57 | |||||||||
Total Senior Unsecured Debt | $ | 1,585 | $ | 1,588 | $ | 1,646 | ||||||
Total | $ | 4,978 | $ | 4,477 | $ | 4,535 | ||||||
Current Portion of Long-term Debt | (216 | ) | — | (57 | ) | |||||||
Total Long-term Debt, Net of Current Portion | $ | 4,762 | $ | 4,477 | $ | 4,478 | ||||||
________________ | ||||||||||||
(a) | The balance as of November 2, 2013 includes a fair value interest rate hedge adjustment which increased the debt balance by $3 million. | |||||||||||
(b) | The balances include a fair value interest rate hedge adjustment which increased the debt balance by $20 million as of November 2, 2013, $22 million as of February 2, 2013 and $23 million as of October 27, 2012. | |||||||||||
(c) | The principal balance outstanding was $213 million as of November 2, 2013, February 2, 2013 and October 27, 2012. The balances include a fair value interest rate hedge adjustment which increased the debt balance by $3 million as of November 2, 2013 and $5 million as of February 2, 2013 and October 27, 2012. | |||||||||||
Issuance of Notes | ||||||||||||
In October 2013, the Company issued $500 million of 5.625% notes due in October 2023 utilizing an existing shelf registration under which debt securities, common and preferred stock and other securities can be issued. The 2023 Notes are jointly and severally guaranteed on a full and unconditional basis by certain of the Company's 100% owned subsidiaries (such subsidiaries, the "Guarantors"). The proceeds from the issuance were $495 million, which were net of issuance costs of $5 million. These issuance costs are being amortized through the maturity date of October 2023 and are included within Other Assets on the Consolidated Balance Sheets. | ||||||||||||
In February 2012, the Company issued $1 billion of 5.625% notes due in February 2022 utilizing an existing shelf registration under which debt securities, common and preferred stock and other securities can be issued. The 2022 Notes are jointly and severally guaranteed on a full and unconditional basis by the Guarantors. The proceeds from the issuance were $985 million, which were net of issuance costs of $15 million. These issuance costs are being amortized through the maturity date of February 2022 and are included within Other Assets on the Consolidated Balance Sheets. | ||||||||||||
Revolving Facility | ||||||||||||
The Company maintains a secured revolving credit facility (“Revolving Facility”). The Revolving Facility has aggregate availability of $1 billion and expires July 15, 2016. The fees related to committed and unutilized amounts per year are 0.325% per annum and the fees related to outstanding letters of credit are 1.75% per annum. In addition, the interest rate on outstanding borrowings is London Interbank Offered Rate (“LIBOR”) plus 1.75%. | ||||||||||||
The Revolving Facility contains fixed charge coverage and debt to EBITDA financial covenants. The Company is required to maintain a fixed charge coverage ratio of not less than 1.75 to 1.00 and a consolidated debt to consolidated EBITDA ratio not exceeding 4.00 to 1.00 for the most recent four-quarter period. In addition, the Revolving Facility provides that investments and restricted payments may be made, without limitation on amount, if (a) at the time of and after giving effect to such investment or restricted payment the ratio of consolidated debt to consolidated EBITDA for the most recent four-quarter period is less than 3.00 to 1.00 and (b) no default or event of default exists. As of November 2, 2013, 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. | ||||||||||||
During the third quarter of 2013, the Company borrowed and repaid $290 million under the Revolving Facility. The maximum daily amount outstanding at any point in time during the third quarter of 2013 was $140 million. | ||||||||||||
As of November 2, 2013, there were no borrowings outstanding under the Revolving Facility. | ||||||||||||
Letters of Credit | ||||||||||||
The Revolving Facility supports the Company’s letter of credit program. The Company had $12 million of outstanding letters of credit as of November 2, 2013 that reduce its remaining availability under the Revolving Facility. | ||||||||||||
Fair Value Interest Rate Swap Arrangements | ||||||||||||
For information related to the Company’s fair value interest rate swap arrangements, see Note 9, “Derivative Instruments.” |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | |||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||
Summary of Derivative Instruments [Abstract] | ' | |||||||||||||||||
Derivative Instruments | ' | |||||||||||||||||
Derivative Instruments | ||||||||||||||||||
Foreign Exchange Risk | ||||||||||||||||||
In January 2007, the Company entered into a series of cross-currency swaps related to approximately CAD$470 million of Canadian dollar denominated intercompany loans. These cross-currency swaps mitigate the exposure to fluctuations in the U.S. dollar-Canadian dollar exchange rate related to the Company’s Canadian operations. The cross-currency swaps require the periodic exchange of fixed rate Canadian dollar interest payments for fixed rate U.S. dollar interest payments as well as exchange of Canadian dollar and U.S. dollar principal payments upon maturity. The cross-currency swaps mature between 2015 and 2018 at the same time as the related loans and are designated as cash flow hedges of foreign currency exchange risk. Changes in the U.S. dollar-Canadian dollar exchange rate and the related swap settlements result in reclassification of amounts from accumulated other comprehensive income to earnings to completely offset foreign currency transaction gains and losses recognized on the intercompany loans. | ||||||||||||||||||
The following table provides a summary of the fair value and balance sheet classification of the derivative financial instruments designated as foreign exchange cash flow hedges as of November 2, 2013, February 2, 2013 and October 27, 2012: | ||||||||||||||||||
2-Nov-13 | 2-Feb-13 | 27-Oct-12 | ||||||||||||||||
(in millions) | ||||||||||||||||||
Other Long-term Liabilities | $ | 40 | $ | 59 | $ | 59 | ||||||||||||
The following table provides a summary of the pre-tax financial statement effect of the gains and losses on the Company’s derivative instruments designated as foreign exchange cash flow hedges for the third quarter and year-to-date 2013 and 2012: | ||||||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||||||
Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in millions) | ||||||||||||||||||
Gain (Loss) Recognized in Other Comprehensive Income | Other Comprehensive Income | $ | 3 | $ | (6 | ) | $ | 19 | $ | 1 | ||||||||
(Gain) Loss Reclassified from Accumulated Other Comprehensive Income into Other Income (a) | Other Income | (2 | ) | 4 | (21 | ) | 5 | |||||||||||
________________ | ||||||||||||||||||
(a) | Represents reclassification of amounts from accumulated other comprehensive income to earnings to completely offset foreign currency transaction gains and losses recognized on the intercompany loans. No ineffectiveness was associated with these foreign exchange cash flow hedges. | |||||||||||||||||
Interest Rate Risk | ||||||||||||||||||
Interest Rate Designated Fair Value Hedges | ||||||||||||||||||
In June 2013, the Company entered into interest rate swap arrangements related to $100 million of the outstanding 2017 Notes and $100 million of the outstanding 2019 Notes. In September 2013, the Company entered into interest rate swap arrangements related to an additional $100 million of the outstanding 2017 Notes and an additional $100 million of the outstanding 2019 Notes. The interest rate swap arrangements effectively convert the fixed interest rate on the related debt to a variable interest rate based on LIBOR plus a fixed percentage. | ||||||||||||||||||
The swap arrangements are designated as fair value hedges. The changes in the fair value of the interest rate swaps have an equal and offsetting impact to the carrying value of the debt on the balance sheet. The differential to be paid or received on the interest rate swap arrangements is accrued and recognized as an adjustment to interest expense. | ||||||||||||||||||
In June 2012, the Company terminated interest rate designated fair value hedges related to the 2017 Notes with a notional amount of $175 million. In settlement of these hedges, the Company received $14 million. | ||||||||||||||||||
Both the carrying values of the 2014 and 2017 Notes include unamortized hedge settlements which are amortized as a reduction to interest expense through the respective maturity date of the Notes. | ||||||||||||||||||
The following table provides a summary of the fair value and balance sheet classification of the derivative financial instruments designated as interest rate fair value hedges as of November 2, 2013, February 2, 2013 and October 27, 2012: | ||||||||||||||||||
November 2, | February 2, | October 27, | ||||||||||||||||
2013 | 2013 | 2012 | ||||||||||||||||
(in millions) | ||||||||||||||||||
Other Assets | $ | 5 | $ | — | $ | — | ||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
The following table provides a summary of the carrying value and estimated fair value of long-term debt as of November 2, 2013, February 2, 2013 and October 27, 2012: | ||||||||||||||||
November 2, | February 2, | October 27, | ||||||||||||||
2013 | 2013 | 2012 | ||||||||||||||
(in millions) | ||||||||||||||||
Carrying Value | $ | 4,978 | $ | 4,477 | $ | 4,535 | ||||||||||
Estimated Fair Value (a) | 5,398 | 5,023 | 5,073 | |||||||||||||
_______________ | ||||||||||||||||
(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 Topic 820, Fair Value Measurements and Disclosure. The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange. | |||||||||||||||
The authoritative guidance included in ASC Topic 820, establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: | ||||||||||||||||
• | Level 1 – Quoted market prices in active markets for identical assets or liabilities. | |||||||||||||||
• | Level 2 – Observable inputs other than quoted market prices included in Level 1, such as quoted prices of similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||
• | Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | |||||||||||||||
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 November 2, 2013, February 2, 2013 and October 27, 2012: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in millions) | ||||||||||||||||
As of November 2, 2013 | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and Cash Equivalents | $ | 425 | $ | — | $ | — | $ | 425 | ||||||||
Interest Rate Designated Fair Value Hedges | — | 5 | — | 5 | ||||||||||||
Liabilities: | ||||||||||||||||
Cross-currency Cash Flow Hedges | — | 40 | — | 40 | ||||||||||||
Lease Guarantees | — | — | 2 | 2 | ||||||||||||
As of February 2, 2013 | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and Cash Equivalents | $ | 773 | $ | — | $ | — | $ | 773 | ||||||||
Liabilities: | ||||||||||||||||
Cross-currency Cash Flow Hedges | — | 59 | — | 59 | ||||||||||||
Lease Guarantees | — | — | 2 | 2 | ||||||||||||
As of October 27, 2012 | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and Cash Equivalents | $ | 547 | $ | — | $ | — | $ | 547 | ||||||||
Liabilities: | ||||||||||||||||
Cross-currency Cash Flow Hedges | — | 59 | — | 59 | ||||||||||||
Lease Guarantees | — | — | 3 | 3 | ||||||||||||
The Company’s Level 2 fair value measurements are measured using market approach valuation techniques. The primary inputs to these techniques include benchmark interest rates and foreign currency exchange rates, as applicable to the underlying instruments. | ||||||||||||||||
The Company’s Level 3 fair value measurements are measured using income approach valuation techniques. The primary inputs to these techniques include the guaranteed lease payments, discount rates, as well as the Company’s assessment of the risk of default on guaranteed leases. | ||||||||||||||||
Management believes that the carrying values of accounts receivable, accounts payable and accrued expenses approximate fair value because of their short maturity. | ||||||||||||||||
The following table provides a reconciliation of the Company’s lease guarantees measured at fair value on a recurring basis using unobservable inputs (Level 3) for the third quarter and year-to-date 2013 and 2012: | ||||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in millions) | ||||||||||||||||
Beginning Balance | $ | 2 | $ | 3 | $ | 2 | $ | 4 | ||||||||
Change in Estimated Fair Value Reported in Earnings | — | — | — | (1 | ) | |||||||||||
Ending Balance | $ | 2 | $ | 3 | $ | 2 | $ | 3 | ||||||||
The Company’s lease 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 certain businesses. The fair value of these lease guarantees is impacted by economic conditions, probability of rent obligation payments, period of obligation as well as the discount rate utilized. For additional information, see Note 12, “Commitments and Contingencies.” |
Comprehensive_Income
Comprehensive Income | 9 Months Ended | |||||||||||
Nov. 02, 2013 | ||||||||||||
Comprehensive Income | ' | |||||||||||
Comprehensive Income | ' | |||||||||||
Comprehensive Income | ||||||||||||
The following table provides the rollforward of accumulated other comprehensive income for year-to-date 2013: | ||||||||||||
Foreign Currency Translation | Cash Flow Hedges | Accumulated Other Comprehensive Income | ||||||||||
(in millions) | ||||||||||||
Balance as of February 2, 2013 | $ | (10 | ) | $ | 14 | $ | 4 | |||||
Other Comprehensive Income Before Reclassifications | 17 | 19 | 36 | |||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income | — | (21 | ) | (21 | ) | |||||||
Current-period Other Comprehensive Income (Loss) | 17 | (2 | ) | 15 | ||||||||
Balance as of November 2, 2013 | $ | 7 | $ | 12 | $ | 19 | ||||||
The following table provides the rollforward of accumulated other comprehensive income for year-to-date 2012: | ||||||||||||
Foreign Currency Translation | Cash Flow Hedges | Accumulated Other Comprehensive Income | ||||||||||
(in millions) | ||||||||||||
Balance as of January 28, 2012 | $ | (8 | ) | $ | 8 | $ | — | |||||
Current-period Other Comprehensive Income | 1 | 6 | 7 | |||||||||
Balance as of October 27, 2012 | $ | (7 | ) | $ | 14 | $ | 7 | |||||
The components of accumulated other comprehensive income above are presented net of tax as applicable. | ||||||||||||
The following table provides a summary of the reclassification adjustments out of accumulated other comprehensive income for the third quarter and year-to-date 2013: | ||||||||||||
Details About Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Location on Consolidated Statements of Income | ||||||||||
Third Quarter 2013 | Year-to-Date 2013 | |||||||||||
Cash Flow Hedges | $ | (2 | ) | $ | (21 | ) | Other Income | |||||
— | — | Provision for Income Taxes | ||||||||||
$ | (2 | ) | $ | (21 | ) | Net Income |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Nov. 02, 2013 | |
Commitments And Contingencies [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 2009, a complaint was filed against the Company for patent infringement in the United States District Court for the Eastern District of Texas. The complaint sought monetary damages, costs, attorneys' fees, and injunctive relief. In November 2011, a jury found in favor of the plaintiff and awarded damages of $9 million for infringement from 2007 through 2011 and the trial court awarded future royalty payments through 2015. In January 2013, the Company appealed the judgment against the Company with the Court of Appeals for the Federal Circuit. Shortly before the Company's appeal was filed, this Court of Appeals ruled in another proceeding involving a different company, that the patents in the Company's case were invalid. As a result, the Company's appeal has been stayed until the other proceeding has been decided. Based on the decision that the plaintiff's patents are invalid and on the Company's other arguments, the Company believes the Court of Appeals should grant the Company's appeal. The Company intends to vigorously defend against this action. | |
Guarantees | |
In connection with the disposition of certain businesses, the Company has remaining guarantees of approximately $38 million related to lease payments of Express, Limited Stores, Abercrombie & Fitch, Dick’s Sporting Goods and New York & Company under the current terms of noncancelable leases expiring at various dates through 2017. 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 businesses. In certain instances, the Company’s guarantee may remain in effect if the term of a lease is extended. | |
The Company’s guarantees related to Express, Limited Stores and New York & Company require fair value accounting in accordance with GAAP in effect at the time of these divestitures. The guaranteed lease payments related to Express, Limited Stores and New York & Company totaled $26 million as of November 2, 2013, $36 million as of February 2, 2013 and $39 million as of October 27, 2012. The estimated fair value of these guarantee obligations was $2 million as of November 2, 2013 and February 2, 2013 and $3 million as of October 27, 2012, and is included in Other Long-term Liabilities on the Consolidated Balance Sheets. | |
The Company’s guarantees related to Abercrombie & Fitch and Dick’s Sporting Goods are not subject to fair value accounting, but require that a loss be accrued when probable and reasonably estimable based on GAAP in effect at the time of these divestitures. The Company had no liability recorded with respect to any of the guarantee obligations as it concluded that payments under these guarantees were not probable as of November 2, 2013, February 2, 2013 and October 27, 2012. |
Retirement_Benefits
Retirement Benefits | 9 Months Ended |
Nov. 02, 2013 | |
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 of its associates within the United States of America. 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 $14 million for the third quarter of 2013 and $13 million for the third quarter of 2012. Total expense recognized related to the qualified plan was $43 million for year-to-date 2013 and $40 million for year-to-date 2012. | |
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 rate determined by the Company. 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 $7 million for both the third quarter of 2013 and 2012. Total expense recognized related to the non-qualified plan was $18 million for year-to-date 2013 and $19 million for year-to-date 2012. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Segment Information [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
The Company has two reportable segments: Victoria’s Secret and Bath & Body Works. | ||||||||||||||||
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 through retail stores, its website, www.VictoriasSecret.com, and its catalogue. | ||||||||||||||||
The Bath & Body Works segment sells personal care, soaps and sanitizers and home fragrance products under the Bath & Body Works, C.O. Bigelow, White Barn Candle Company and other brand names. Bath & Body Works merchandise is sold at retail stores and through its website, www.BathandBodyWorks.com. | ||||||||||||||||
Other consists of the following: | ||||||||||||||||
• | International retail, franchise, license and wholesale operations, which include the company-owned La Senza and Bath & Body Works stores in Canada and Victoria’s Secret stores in Canada and the United Kingdom; | |||||||||||||||
• | Mast Global, a merchandise sourcing and production function serving the Company and its international partners; | |||||||||||||||
• | Henri Bendel, a chain of specialty stores which feature accessories and personal care products; and | |||||||||||||||
• | Corporate functions including non-core real estate, equity investments and other governance functions such as treasury and tax. | |||||||||||||||
The following table provides the Company’s segment information for the third quarter and year-to-date 2013 and 2012: | ||||||||||||||||
Victoria’s | Bath & | Other | Total | |||||||||||||
Secret | Body Works | |||||||||||||||
(in millions) | ||||||||||||||||
2013 | ||||||||||||||||
Third Quarter: | ||||||||||||||||
Net Sales | $ | 1,328 | $ | 567 | $ | 276 | $ | 2,171 | ||||||||
Operating Income (Loss) | 148 | 67 | (4 | ) | 211 | |||||||||||
Year-to-Date: | ||||||||||||||||
Net Sales | $ | 4,453 | $ | 1,727 | $ | 775 | $ | 6,955 | ||||||||
Operating Income (Loss) | 679 | 241 | (40 | ) | 880 | |||||||||||
2012 | ||||||||||||||||
Third Quarter: | ||||||||||||||||
Net Sales | $ | 1,280 | $ | 538 | $ | 232 | $ | 2,050 | ||||||||
Operating Income (Loss) | 158 | 58 | (29 | ) | 187 | |||||||||||
Year-to-Date: | ||||||||||||||||
Net Sales | $ | 4,327 | $ | 1,652 | $ | 624 | $ | 6,603 | ||||||||
Operating Income (Loss) | 692 | 206 | (113 | ) | 785 | |||||||||||
The Company’s international sales, consisting of La Senza, Victoria's Secret Canada, Bath & Body Works Canada and Victoria's Secret UK retail sales; non-U.S. franchise, license and wholesale operations; and direct sales shipped internationally, totaled $290 million and $242 million for the third quarter of 2013 and 2012, respectively. The Company's international sales totaled $826 million and $684 million for year-to-date 2013 and 2012, respectively. |
Supplemental_Guarantor_Financi
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information (Notes) | 9 Months Ended | |||||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||||
Supplemental Guarantor Financial Information [Abstract] | ' | |||||||||||||||||||
Schedule Of Supplemental Guarantor Financial Information [Text Block] | ' | |||||||||||||||||||
Supplemental Guarantor Financial Information | ||||||||||||||||||||
The Company’s 2019 Notes, 2020 Notes, 2021 Notes, 2022 Notes and 2023 Notes are jointly and severally guaranteed on a full and unconditional basis by certain of the Company’s 100% owned subsidiaries. The Company is a holding company and its most significant assets are the stock of its subsidiaries. The Guarantors represent: (a) substantially all of the sales of the Company’s domestic subsidiaries, (b) more than 90% of the assets owned by the Company’s domestic subsidiaries, other than real property, certain other assets and intercompany investments and balances and (c) more than 95% of the accounts receivable and inventory directly owned by the Company’s domestic subsidiaries. | ||||||||||||||||||||
The following supplemental financial information sets forth for the Company and its guarantor and non-guarantor subsidiaries: the Condensed Consolidating Balance Sheets as of November 2, 2013, February 2, 2013 and October 27, 2012; and the Condensed Consolidating Statements of Income, Comprehensive Income and Cash Flows for the periods ended November 2, 2013 and October 27, 2012. | ||||||||||||||||||||
L BRANDS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
November 2, 2013 | ||||||||||||||||||||
L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | guarantor | L Brands, Inc. | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | 282 | $ | 143 | $ | — | $ | 425 | ||||||||||
Accounts Receivable, Net | 1 | 165 | 79 | — | 245 | |||||||||||||||
Inventories | — | 1,379 | 265 | (1 | ) | 1,643 | ||||||||||||||
Deferred Income Taxes | — | 40 | (10 | ) | — | 30 | ||||||||||||||
Other | 2 | 147 | 89 | (1 | ) | 237 | ||||||||||||||
Total Current Assets | 3 | 2,013 | 566 | (2 | ) | 2,580 | ||||||||||||||
Property and Equipment, Net | — | 1,220 | 858 | — | 2,078 | |||||||||||||||
Goodwill | — | 1,318 | — | — | 1,318 | |||||||||||||||
Trade Names and Other Intangible Assets, Net | — | 411 | — | — | 411 | |||||||||||||||
Net Investments in and Advances to/from Consolidated Affiliates | 4,006 | 14,393 | 677 | (19,076 | ) | — | ||||||||||||||
Other Assets | 190 | 9 | 661 | (611 | ) | 249 | ||||||||||||||
Total Assets | $ | 4,199 | $ | 19,364 | $ | 2,762 | $ | (19,689 | ) | $ | 6,636 | |||||||||
LIABILITIES AND EQUITY (DEFICIT) | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Accounts Payable | $ | — | $ | 466 | $ | 333 | $ | — | $ | 799 | ||||||||||
Accrued Expenses and Other | 61 | 400 | 241 | — | 702 | |||||||||||||||
Current Portion of Long-term Debt | 216 | — | — | — | 216 | |||||||||||||||
Income Taxes | — | 18 | (1 | ) | — | 17 | ||||||||||||||
Total Current Liabilities | 277 | 884 | 573 | — | 1,734 | |||||||||||||||
Deferred Income Taxes | (4 | ) | (8 | ) | 206 | — | 194 | |||||||||||||
Long-term Debt | 4,762 | 597 | — | (597 | ) | 4,762 | ||||||||||||||
Other Long-term Liabilities | 3 | 570 | 207 | (14 | ) | 766 | ||||||||||||||
Total Equity (Deficit) | (839 | ) | 17,321 | 1,776 | (19,078 | ) | (820 | ) | ||||||||||||
Total Liabilities and Equity (Deficit) | $ | 4,199 | $ | 19,364 | $ | 2,762 | $ | (19,689 | ) | $ | 6,636 | |||||||||
L BRANDS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
February 2, 2013 | ||||||||||||||||||||
L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | guarantor | L Brands, Inc. | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | 417 | $ | 356 | $ | — | $ | 773 | ||||||||||
Accounts Receivable, Net | — | 140 | 63 | — | 203 | |||||||||||||||
Inventories | 847 | 157 | — | 1,004 | ||||||||||||||||
Deferred Income Taxes | — | 39 | (10 | ) | — | 29 | ||||||||||||||
Other | 2 | 117 | 77 | — | 196 | |||||||||||||||
Total Current Assets | 2 | 1,560 | 643 | — | 2,205 | |||||||||||||||
Property and Equipment, Net | — | 1,001 | 802 | — | 1,803 | |||||||||||||||
Goodwill | — | 1,318 | — | — | 1,318 | |||||||||||||||
Trade Names and Other Intangible Assets, Net | — | 411 | 1 | — | 412 | |||||||||||||||
Net Investments in and Advances to/from Consolidated Affiliates | 3,348 | 13,968 | 624 | (17,940 | ) | — | ||||||||||||||
Other Assets | 188 | 8 | 696 | (611 | ) | 281 | ||||||||||||||
Total Assets | $ | 3,538 | $ | 18,266 | $ | 2,766 | $ | (18,551 | ) | $ | 6,019 | |||||||||
LIABILITIES AND EQUITY (DEFICIT) | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Accounts Payable | $ | — | $ | 291 | $ | 250 | $ | — | $ | 541 | ||||||||||
Accrued Expenses and Other | 78 | 425 | 304 | — | 807 | |||||||||||||||
Income Taxes | 1 | 134 | 55 | — | 190 | |||||||||||||||
Total Current Liabilities | 79 | 850 | 609 | — | 1,538 | |||||||||||||||
Deferred Income Taxes | (4 | ) | (9 | ) | 213 | — | 200 | |||||||||||||
Long-term Debt | 4,477 | 597 | — | (597 | ) | 4,477 | ||||||||||||||
Other Long-term Liabilities | 4 | 625 | 204 | (15 | ) | 818 | ||||||||||||||
Total Equity (Deficit) | (1,018 | ) | 16,203 | 1,740 | (17,939 | ) | (1,014 | ) | ||||||||||||
Total Liabilities and Equity (Deficit) | $ | 3,538 | $ | 18,266 | $ | 2,766 | $ | (18,551 | ) | $ | 6,019 | |||||||||
L BRANDS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
October 27, 2012 | ||||||||||||||||||||
L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | guarantor | L Brands, Inc. | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | 226 | $ | 321 | $ | — | $ | 547 | ||||||||||
Accounts Receivable, Net | — | 142 | 83 | — | 225 | |||||||||||||||
Inventories | — | 1,231 | 215 | — | 1,446 | |||||||||||||||
Deferred Income Taxes | — | 34 | 16 | — | 50 | |||||||||||||||
Other | — | 158 | 59 | — | 217 | |||||||||||||||
Total Current Assets | — | 1,791 | 694 | — | 2,485 | |||||||||||||||
Property and Equipment, Net | — | 1,036 | 805 | — | 1,841 | |||||||||||||||
Goodwill | — | 1,318 | 12 | — | 1,330 | |||||||||||||||
Trade Names and Other Intangible Assets, Net | — | 410 | 84 | — | 494 | |||||||||||||||
Net Investments in and Advances to/from Consolidated Affiliates | 3,898 | 13,889 | 913 | (18,700 | ) | — | ||||||||||||||
Other Assets | 190 | 45 | 690 | (648 | ) | 277 | ||||||||||||||
Total Assets | $ | 4,088 | $ | 18,489 | $ | 3,198 | $ | (19,348 | ) | $ | 6,427 | |||||||||
LIABILITIES AND EQUITY (DEFICIT) | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Accounts Payable | $ | — | $ | 451 | $ | 281 | $ | — | $ | 732 | ||||||||||
Accrued Expenses and Other | 77 | 396 | 244 | — | 717 | |||||||||||||||
Current Portion of Long-term Debt | 57 | — | — | — | 57 | |||||||||||||||
Income Taxes | — | — | 6 | — | 6 | |||||||||||||||
Total Current Liabilities | 134 | 847 | 531 | — | 1,512 | |||||||||||||||
Deferred Income Taxes | (5 | ) | (3 | ) | 182 | — | 174 | |||||||||||||
Long-term Debt | 4,478 | 597 | 37 | (634 | ) | 4,478 | ||||||||||||||
Other Long-term Liabilities | 3 | 592 | 197 | (14 | ) | 778 | ||||||||||||||
Total Equity (Deficit) | (522 | ) | 16,456 | 2,251 | (18,700 | ) | (515 | ) | ||||||||||||
Total Liabilities and Equity (Deficit) | $ | 4,088 | $ | 18,489 | $ | 3,198 | $ | (19,348 | ) | $ | 6,427 | |||||||||
L BRANDS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Third Quarter 2013 | ||||||||||||||||||||
L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | guarantor | L Brands, Inc. | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net Sales | $ | — | $ | 2,026 | $ | 845 | $ | (700 | ) | $ | 2,171 | |||||||||
Costs of Goods Sold, Buying and Occupancy | — | (1,319 | ) | (664 | ) | 669 | (1,314 | ) | ||||||||||||
Gross Profit | — | 707 | 181 | (31 | ) | 857 | ||||||||||||||
General, Administrative and Store Operating Expenses | (1 | ) | (569 | ) | (106 | ) | 30 | (646 | ) | |||||||||||
Operating Income (Loss) | (1 | ) | 138 | 75 | (1 | ) | 211 | |||||||||||||
Interest Expense | (76 | ) | (7 | ) | (2 | ) | 9 | (76 | ) | |||||||||||
Other Income | — | — | 7 | — | 7 | |||||||||||||||
Income (Loss) Before Income Taxes | (77 | ) | 131 | 80 | 8 | 142 | ||||||||||||||
Provision for Income Taxes | — | 27 | 23 | — | 50 | |||||||||||||||
Equity in Earnings (Loss) | 169 | (23 | ) | (88 | ) | (58 | ) | — | ||||||||||||
Net Income (Loss) | $ | 92 | $ | 81 | $ | (31 | ) | $ | (50 | ) | $ | 92 | ||||||||
L BRANDS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Third Quarter 2013 | ||||||||||||||||||||
L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | guarantor | L Brands, Inc. | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net Income (Loss) | $ | 92 | $ | 81 | $ | (31 | ) | $ | (50 | ) | $ | 92 | ||||||||
Other Comprehensive Income (Loss), Net of Tax: | ||||||||||||||||||||
Reclassification of Cash Flow Hedges to Earnings | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Foreign Currency Translation | — | — | 5 | — | 5 | |||||||||||||||
Unrealized Gain on Cash Flow Hedges | — | — | 3 | — | 3 | |||||||||||||||
Total Other Comprehensive Income, Net of Tax | — | — | 6 | — | 6 | |||||||||||||||
Total Comprehensive Income (Loss) | $ | 92 | $ | 81 | $ | (25 | ) | $ | (50 | ) | $ | 98 | ||||||||
L BRANDS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Third Quarter 2012 | ||||||||||||||||||||
L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | guarantor | L Brands, Inc. | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net Sales | $ | — | $ | 1,872 | $ | 690 | $ | (512 | ) | $ | 2,050 | |||||||||
Costs of Goods Sold, Buying and Occupancy | — | (1,135 | ) | (573 | ) | 483 | (1,225 | ) | ||||||||||||
Gross Profit | — | 737 | 117 | (29 | ) | 825 | ||||||||||||||
General, Administrative and Store Operating Expenses | (1 | ) | (572 | ) | (94 | ) | 29 | (638 | ) | |||||||||||
Operating Income (Loss) | (1 | ) | 165 | 23 | — | 187 | ||||||||||||||
Interest Expense | (77 | ) | (4 | ) | (2 | ) | 6 | (77 | ) | |||||||||||
Other Income | — | — | 18 | — | 18 | |||||||||||||||
Income (Loss) Before Income Taxes | (78 | ) | 161 | 39 | 6 | 128 | ||||||||||||||
Provision for Income Taxes | — | 28 | 26 | — | 54 | |||||||||||||||
Equity in Earnings (Loss) | 152 | (39 | ) | 109 | (222 | ) | — | |||||||||||||
Net Income (Loss) | $ | 74 | $ | 94 | $ | 122 | $ | (216 | ) | $ | 74 | |||||||||
L BRANDS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Third Quarter 2012 | ||||||||||||||||||||
L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | guarantor | L Brands, Inc. | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net Income (Loss) | $ | 74 | $ | 94 | $ | 122 | $ | (216 | ) | $ | 74 | |||||||||
Other Comprehensive Income (Loss), Net of Tax: | ||||||||||||||||||||
Reclassification of Cash Flow Hedges to Earnings | — | — | 4 | — | 4 | |||||||||||||||
Foreign Currency Translation | — | — | — | — | — | |||||||||||||||
Unrealized Gain (Loss) on Cash Flow Hedges | — | — | (6 | ) | — | (6 | ) | |||||||||||||
Total Other Comprehensive Income (Loss), Net of Tax | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Total Comprehensive Income (Loss) | $ | 74 | $ | 94 | $ | 120 | $ | (216 | ) | $ | 72 | |||||||||
L BRANDS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Year-to-Date 2013 | ||||||||||||||||||||
L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | guarantor | L Brands, Inc. | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net Sales | $ | — | $ | 6,385 | $ | 2,386 | $ | (1,816 | ) | $ | 6,955 | |||||||||
Costs of Goods Sold, Buying and Occupancy | — | (3,980 | ) | (1,923 | ) | 1,735 | (4,168 | ) | ||||||||||||
Gross Profit | — | 2,405 | 463 | (81 | ) | 2,787 | ||||||||||||||
General, Administrative and Store Operating Expenses | (4 | ) | (1,682 | ) | (304 | ) | 83 | (1,907 | ) | |||||||||||
Operating Income (Loss) | (4 | ) | 723 | 159 | 2 | 880 | ||||||||||||||
Interest Expense | (232 | ) | (19 | ) | (8 | ) | 27 | (232 | ) | |||||||||||
Other Income | — | — | 11 | — | 11 | |||||||||||||||
Income (Loss) Before Income Taxes | (236 | ) | 704 | 162 | 29 | 659 | ||||||||||||||
Provision for Income Taxes | — | 130 | 116 | — | 246 | |||||||||||||||
Equity in Earnings (Loss) | 649 | 297 | 225 | (1,171 | ) | — | ||||||||||||||
Net Income (Loss) | $ | 413 | $ | 871 | $ | 271 | $ | (1,142 | ) | $ | 413 | |||||||||
L BRANDS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Year-to-Date 2013 | ||||||||||||||||||||
L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | guarantor | L Brands, Inc. | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net Income (Loss) | $ | 413 | $ | 871 | $ | 271 | $ | (1,142 | ) | $ | 413 | |||||||||
Other Comprehensive Income (Loss), Net of Tax: | ||||||||||||||||||||
Reclassification of Cash Flow Hedges to Earnings | — | — | (21 | ) | — | (21 | ) | |||||||||||||
Foreign Currency Translation | — | — | 17 | — | 17 | |||||||||||||||
Unrealized Gain on Cash Flow Hedges | — | — | 19 | — | 19 | |||||||||||||||
Total Other Comprehensive Income, Net of Tax | — | — | 15 | — | 15 | |||||||||||||||
Total Comprehensive Income (Loss) | $ | 413 | $ | 871 | $ | 286 | $ | (1,142 | ) | $ | 428 | |||||||||
L BRANDS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Year-to-Date 2012 | ||||||||||||||||||||
L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | guarantor | L Brands, Inc. | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net Sales | $ | — | $ | 6,056 | $ | 1,997 | $ | (1,450 | ) | $ | 6,603 | |||||||||
Costs of Goods Sold, Buying and Occupancy | — | (3,639 | ) | (1,681 | ) | 1,386 | (3,934 | ) | ||||||||||||
Gross Profit | — | 2,417 | 316 | (64 | ) | 2,669 | ||||||||||||||
General, Administrative and Store Operating Expenses | (4 | ) | (1,672 | ) | (273 | ) | 65 | (1,884 | ) | |||||||||||
Operating Income (Loss) | (4 | ) | 745 | 43 | 1 | 785 | ||||||||||||||
Interest Expense | (234 | ) | (14 | ) | (7 | ) | 21 | (234 | ) | |||||||||||
Other Income (Loss) | — | (1 | ) | 20 | — | 19 | ||||||||||||||
Income (Loss) Before Income Taxes | (238 | ) | 730 | 56 | 22 | 570 | ||||||||||||||
Provision for Income Taxes | — | 140 | 88 | — | 228 | |||||||||||||||
Equity in Earnings (Loss) | 580 | (67 | ) | 171 | (684 | ) | — | |||||||||||||
Net Income (Loss) | $ | 342 | $ | 523 | $ | 139 | $ | (662 | ) | $ | 342 | |||||||||
L BRANDS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Year-to-Date 2012 | ||||||||||||||||||||
L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | guarantor | L Brands, Inc. | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net Income (Loss) | $ | 342 | $ | 523 | $ | 139 | $ | (662 | ) | $ | 342 | |||||||||
Other Comprehensive Income (Loss), Net of Tax: | ||||||||||||||||||||
Reclassification of Cash Flow Hedges to Earnings | 2 | — | 3 | — | 5 | |||||||||||||||
Foreign Currency Translation | — | — | 1 | — | 1 | |||||||||||||||
Unrealized Gain on Cash Flow Hedges | — | — | 1 | — | 1 | |||||||||||||||
Total Other Comprehensive Income, Net of Tax | 2 | — | 5 | — | 7 | |||||||||||||||
Total Comprehensive Income (Loss) | $ | 344 | $ | 523 | $ | 144 | $ | (662 | ) | $ | 349 | |||||||||
L BRANDS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Year-to-Date 2013 | ||||||||||||||||||||
L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | guarantor | L Brands, Inc. | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net Cash Provided by (Used for) Operating Activities | $ | (253 | ) | $ | 164 | $ | 58 | $ | — | $ | (31 | ) | ||||||||
Investing Activities: | ||||||||||||||||||||
Capital Expenditures | — | (417 | ) | (181 | ) | — | (598 | ) | ||||||||||||
Return of Capital from Third-party Apparel Sourcing Investment | — | — | 46 | — | 46 | |||||||||||||||
Other Investing Activities | — | — | 3 | — | 3 | |||||||||||||||
Net Cash Used for Investing Activities | — | (417 | ) | (132 | ) | — | (549 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Proceeds from Long-term Debt, Net of Issuance Costs | 495 | — | — | — | 495 | |||||||||||||||
Borrowings from Revolving Facility | 290 | — | — | — | 290 | |||||||||||||||
Repayments on Revolving Facility | (290 | ) | — | — | — | (290 | ) | |||||||||||||
Repurchase of Common Stock | (55 | ) | — | — | — | (55 | ) | |||||||||||||
Dividends Paid | (261 | ) | — | — | — | (261 | ) | |||||||||||||
Excess Tax Benefits from Share-based Compensation | — | 25 | 6 | — | 31 | |||||||||||||||
Net Financing Activities and Advances to/from Consolidated Affiliates | 52 | 93 | (145 | ) | — | — | ||||||||||||||
Proceeds from Exercise of Stock Options and Other | 22 | — | — | — | 22 | |||||||||||||||
Net Cash Provided by (Used for) Financing Activities | 253 | 118 | (139 | ) | — | 232 | ||||||||||||||
Effects of Exchange Rate Changes on Cash and Cash Equivalents | — | — | — | — | — | |||||||||||||||
Net Decrease in Cash and Cash Equivalents | — | (135 | ) | (213 | ) | — | (348 | ) | ||||||||||||
Cash and Cash Equivalents, Beginning of Period | — | 417 | 356 | — | 773 | |||||||||||||||
Cash and Cash Equivalents, End of Period | $ | — | $ | 282 | $ | 143 | $ | — | $ | 425 | ||||||||||
L BRANDS, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Year-to-Date 2012 | ||||||||||||||||||||
L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | guarantor | L Brands, Inc. | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net Cash Provided by (Used for) Operating Activities | $ | (282 | ) | $ | 206 | $ | 151 | $ | — | $ | 75 | |||||||||
Investing Activities: | ||||||||||||||||||||
Capital Expenditures | — | (311 | ) | (180 | ) | — | (491 | ) | ||||||||||||
Other Investing Activities | — | 17 | 3 | — | 20 | |||||||||||||||
Net Cash Used for Investing Activities | — | (294 | ) | (177 | ) | — | (471 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Proceeds from Long-term Debt, Net of Issuance Costs | 985 | — | — | — | 985 | |||||||||||||||
Repurchase of Common Stock | (616 | ) | — | — | — | (616 | ) | |||||||||||||
Dividends Paid | (507 | ) | — | — | — | (507 | ) | |||||||||||||
Excess Tax Benefits from Share-based Compensation | — | 83 | 20 | — | 103 | |||||||||||||||
Net Financing Activities and Advances to/from Consolidated Affiliates | 378 | (140 | ) | (238 | ) | — | — | |||||||||||||
Proceeds from Exercise of Stock Options and Other | 42 | — | — | — | 42 | |||||||||||||||
Net Cash Provided by (Used for) Financing Activities | 282 | (57 | ) | (218 | ) | — | 7 | |||||||||||||
Effects of Exchange Rate Changes on Cash and Cash Equivalents | — | — | 1 | — | 1 | |||||||||||||||
Net Decrease in Cash and Cash Equivalents | — | (145 | ) | (243 | ) | — | (388 | ) | ||||||||||||
Cash and Cash Equivalents, Beginning of Period | — | 371 | 564 | — | 935 | |||||||||||||||
Cash and Cash Equivalents, End of Period | $ | — | $ | 226 | $ | 321 | $ | — | $ | 547 | ||||||||||
Description_Of_Business_And_Ba1
Description Of Business And Basis Of Presentation (Policy) | 9 Months Ended | |
Nov. 02, 2013 | ||
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, beauty and personal care products and accessories. The Company sells its merchandise through company-owned specialty retail stores in the United States (“U.S.”), Canada and the United Kingdom ("U.K."), which are primarily mall-based, and through its websites, catalogue 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 | |
• | La Senza | |
• | Henri Bendel | |
Fiscal Year | ' | |
Fiscal Year | ||
The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “third quarter of 2013” and “third quarter of 2012” refer to the thirteen week periods ending November 2, 2013 and October 27, 2012, respectively. “Year-to-date 2013” and “year-to-date 2012” refer to the thirty-nine week periods ending November 2, 2013 and October 27, 2012, 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 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 on the Consolidated Statements of Income. The Company’s share of net income or loss of all other unconsolidated entities is included in Other Income on the Consolidated Statements of Income. The Company’s equity investments are required to be tested for impairment when it is determined there may be an other than temporary loss in value. | ||
Interim Financial Statements | ' | |
Interim Financial Statements | ||
The Consolidated Financial Statements as of and for the periods ended November 2, 2013 and October 27, 2012 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 2012 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, 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. Currently, the Company’s investment portfolio is comprised of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, highly-rated 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 | ||
Inventories | ' | |
Inventories are principally valued at the lower of cost, as determined by the weighted-average cost method, or market. | ||
Use of Estimates, Policy [Policy Text Block] | ' | |
Use of Estimates in the Preparation of Financial Statements | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“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. |
Earnings_Per_Share_And_Shareho1
Earnings Per Share And Shareholders' Equity (Tables) | 9 Months Ended | |||||||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||||||
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 third quarter of and year-to-date 2013 and 2012: | ||||||||||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
(in millions) | ||||||||||||||||||||||
Weighted-average Common Shares: | ||||||||||||||||||||||
Issued Shares | 306 | 303 | 306 | 301 | ||||||||||||||||||
Treasury Shares | (16 | ) | (15 | ) | (16 | ) | (11 | ) | ||||||||||||||
Basic Shares | 290 | 288 | 290 | 290 | ||||||||||||||||||
Effect of Dilutive Options and Restricted Stock | 7 | 6 | 6 | 7 | ||||||||||||||||||
Diluted Shares | 297 | 294 | 296 | 297 | ||||||||||||||||||
Anti-dilutive Options and Awards (a) | — | 1 | 2 | 1 | ||||||||||||||||||
_______________ | ||||||||||||||||||||||
(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 2013 and 2012: | ||||||||||||||||||||||
Amount Authorized | Shares | Amount | Average Stock Price of Shares Repurchased within Program | |||||||||||||||||||
Repurchased | Repurchased | |||||||||||||||||||||
Repurchase Program | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(in millions) | (in thousands) | (in millions) | ||||||||||||||||||||
November 2012 (a) | $ | 250 | 1,217 | NA | $ | 55 | NA | $ | 44.91 | |||||||||||||
February 2012 (b) | 500 | NA | 9,816 | NA | $ | 448 | 45.6 | |||||||||||||||
Nov-11 | 250 | NA | 3,657 | NA | 164 | 44.9 | ||||||||||||||||
Total | 1,217 | 13,473 | $ | 55 | $ | 612 | ||||||||||||||||
_______________ | ||||||||||||||||||||||
(a) | The November 2012 repurchase program had $184 million remaining as of November 2, 2013. | |||||||||||||||||||||
(b) | The February 2012 repurchase program had $50 million remaining at the time it was cancelled in conjunction with the approval of the November 2012 repurchase program. | |||||||||||||||||||||
NA | Not applicable | |||||||||||||||||||||
Schedule Of Dividends Paid | ' | |||||||||||||||||||||
Under the authority and declaration of the Board of Directors, the Company paid the following dividends during 2013 and 2012: | ||||||||||||||||||||||
Ordinary Dividends | Special Dividends | Total Dividends | Total Paid | |||||||||||||||||||
(per share) | (in millions) | |||||||||||||||||||||
2013 | ||||||||||||||||||||||
Third Quarter | $ | 0.3 | $ | — | $ | 0.3 | $ | 87 | ||||||||||||||
Second Quarter | 0.3 | — | 0.3 | 87 | ||||||||||||||||||
First Quarter | 0.3 | — | 0.3 | 87 | ||||||||||||||||||
2013 Total | $ | 0.9 | $ | — | $ | 0.9 | $ | 261 | ||||||||||||||
2012 | ||||||||||||||||||||||
Third Quarter | $ | 0.25 | $ | 1 | $ | 1.25 | $ | 361 | ||||||||||||||
Second Quarter | 0.25 | — | 0.25 | 73 | ||||||||||||||||||
First Quarter | 0.25 | — | 0.25 | 73 | ||||||||||||||||||
2012 Total | $ | 0.75 | $ | 1 | $ | 1.75 | $ | 507 | ||||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||||||
Nov. 02, 2013 | ||||||||||||
Inventory, Net [Abstract] | ' | |||||||||||
Summary Of Inventories | ' | |||||||||||
The following table provides details of inventories as of November 2, 2013, February 2, 2013 and October 27, 2012: | ||||||||||||
2-Nov-13 | 2-Feb-13 | 27-Oct-12 | ||||||||||
(in millions) | ||||||||||||
Finished Goods Merchandise | $ | 1,518 | $ | 916 | $ | 1,326 | ||||||
Raw Materials and Merchandise Components | 125 | 88 | 120 | |||||||||
Total Inventories | $ | 1,643 | $ | 1,004 | $ | 1,446 | ||||||
Property_And_Equipment_Net_Tab
Property And Equipment, Net (Tables) | 9 Months Ended | |||||||||||
Nov. 02, 2013 | ||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||
Summary Of Property And Equipment, Net | ' | |||||||||||
The following table provides details of property and equipment, net as of November 2, 2013, February 2, 2013 and October 27, 2012: | ||||||||||||
November 2, | February 2, | October 27, | ||||||||||
2013 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Property and Equipment, at Cost | $ | 5,083 | $ | 4,722 | $ | 4,666 | ||||||
Accumulated Depreciation and Amortization | (3,005 | ) | (2,919 | ) | (2,825 | ) | ||||||
Property and Equipment, Net | $ | 2,078 | $ | 1,803 | $ | 1,841 | ||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 9 Months Ended | |||||||||||
Nov. 02, 2013 | ||||||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ' | |||||||||||
Schedule Of Long-term Debt Instruments | ' | |||||||||||
The following table provides the Company’s long-term debt balance as of November 2, 2013, February 2, 2013 and October 27, 2012: | ||||||||||||
2-Nov-13 | 2-Feb-13 | 27-Oct-12 | ||||||||||
(in millions) | ||||||||||||
Senior Unsecured Debt with Subsidiary Guarantee | ||||||||||||
$1 billion, 5.625% Fixed Interest Rate Notes due February 2022 (“2022 Notes”) | $ | 1,000 | $ | 1,000 | $ | 1,000 | ||||||
$1 billion, 6.625% Fixed Interest Rate Notes due April 2021 (“2021 Notes”) | 1,000 | 1,000 | 1,000 | |||||||||
$500 million, 5.625% Fixed Interest Rate Notes due October 2023 (“2023 Notes”) | 500 | — | — | |||||||||
$500 million, 8.50% Fixed Interest Rate Notes due June 2019, Less Unamortized Discount (“2019 Notes”)(a) | 493 | 489 | 489 | |||||||||
$400 million, 7.00% Fixed Interest Rate Notes due May 2020 (“2020 Notes”) | 400 | 400 | 400 | |||||||||
Total Senior Unsecured Debt with Subsidiary Guarantee | $ | 3,393 | $ | 2,889 | $ | 2,889 | ||||||
Senior Unsecured Debt | ||||||||||||
$700 million, 6.90% Fixed Interest Rate Notes due July 2017, Less Unamortized Discount (“2017 Notes”)(b) | $ | 720 | $ | 721 | $ | 722 | ||||||
$350 million, 6.95% Fixed Interest Rate Debentures due March 2033, Less Unamortized Discount (“2033 Notes”) | 350 | 350 | 350 | |||||||||
$300 million, 7.60% Fixed Interest Rate Notes due July 2037, Less Unamortized Discount (“2037 Notes”) | 299 | 299 | 299 | |||||||||
5.25% Fixed Interest Rate Notes due November 2014, Less Unamortized Discount (“2014 Notes”)(c) | 216 | 218 | 218 | |||||||||
6.125% Fixed Interest Rate Notes due December 2012, Less Unamortized Discount (“2012 Notes”) | — | — | 57 | |||||||||
Total Senior Unsecured Debt | $ | 1,585 | $ | 1,588 | $ | 1,646 | ||||||
Total | $ | 4,978 | $ | 4,477 | $ | 4,535 | ||||||
Current Portion of Long-term Debt | (216 | ) | — | (57 | ) | |||||||
Total Long-term Debt, Net of Current Portion | $ | 4,762 | $ | 4,477 | $ | 4,478 | ||||||
________________ | ||||||||||||
(a) | The balance as of November 2, 2013 includes a fair value interest rate hedge adjustment which increased the debt balance by $3 million. | |||||||||||
(b) | The balances include a fair value interest rate hedge adjustment which increased the debt balance by $20 million as of November 2, 2013, $22 million as of February 2, 2013 and $23 million as of October 27, 2012. | |||||||||||
(c) | The principal balance outstanding was $213 million as of November 2, 2013, February 2, 2013 and October 27, 2012. The balances include a fair value interest rate hedge adjustment which increased the debt balance by $3 million as of November 2, 2013 and $5 million as of February 2, 2013 and October 27, 2012. |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | |||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||
Foreign Exchange Contract [Member] | 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 the derivative financial instruments designated as foreign exchange cash flow hedges as of November 2, 2013, February 2, 2013 and October 27, 2012: | ||||||||||||||||||
2-Nov-13 | 2-Feb-13 | 27-Oct-12 | ||||||||||||||||
(in millions) | ||||||||||||||||||
Other Long-term Liabilities | $ | 40 | $ | 59 | $ | 59 | ||||||||||||
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 the Company’s derivative instruments designated as foreign exchange cash flow hedges for the third quarter and year-to-date 2013 and 2012: | ||||||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||||||
Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in millions) | ||||||||||||||||||
Gain (Loss) Recognized in Other Comprehensive Income | Other Comprehensive Income | $ | 3 | $ | (6 | ) | $ | 19 | $ | 1 | ||||||||
(Gain) Loss Reclassified from Accumulated Other Comprehensive Income into Other Income (a) | Other Income | (2 | ) | 4 | (21 | ) | 5 | |||||||||||
________________ | ||||||||||||||||||
(a) | Represents reclassification of amounts from accumulated other comprehensive income to earnings to completely offset foreign currency transaction gains and losses recognized on the intercompany loans. No ineffectiveness was associated with these foreign exchange cash flow hedges | |||||||||||||||||
Interest Rate Swap [Member] | Fair Value 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 the derivative financial instruments designated as interest rate fair value hedges as of November 2, 2013, February 2, 2013 and October 27, 2012: | ||||||||||||||||||
November 2, | February 2, | October 27, | ||||||||||||||||
2013 | 2013 | 2012 | ||||||||||||||||
(in millions) | ||||||||||||||||||
Other Assets | $ | 5 | $ | — | $ | — | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||||
Carrying Value And Fair Value Of Long-Term Debt, Disclosure | ' | |||||||||||||||
The following table provides a summary of the carrying value and estimated fair value of long-term debt as of November 2, 2013, February 2, 2013 and October 27, 2012: | ||||||||||||||||
November 2, | February 2, | October 27, | ||||||||||||||
2013 | 2013 | 2012 | ||||||||||||||
(in millions) | ||||||||||||||||
Carrying Value | $ | 4,978 | $ | 4,477 | $ | 4,535 | ||||||||||
Estimated Fair Value (a) | 5,398 | 5,023 | 5,073 | |||||||||||||
_______________ | ||||||||||||||||
(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 Topic 820, Fair Value Measurements and Disclosure. 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 November 2, 2013, February 2, 2013 and October 27, 2012: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in millions) | ||||||||||||||||
As of November 2, 2013 | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and Cash Equivalents | $ | 425 | $ | — | $ | — | $ | 425 | ||||||||
Interest Rate Designated Fair Value Hedges | — | 5 | — | 5 | ||||||||||||
Liabilities: | ||||||||||||||||
Cross-currency Cash Flow Hedges | — | 40 | — | 40 | ||||||||||||
Lease Guarantees | — | — | 2 | 2 | ||||||||||||
As of February 2, 2013 | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and Cash Equivalents | $ | 773 | $ | — | $ | — | $ | 773 | ||||||||
Liabilities: | ||||||||||||||||
Cross-currency Cash Flow Hedges | — | 59 | — | 59 | ||||||||||||
Lease Guarantees | — | — | 2 | 2 | ||||||||||||
As of October 27, 2012 | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and Cash Equivalents | $ | 547 | $ | — | $ | — | $ | 547 | ||||||||
Liabilities: | ||||||||||||||||
Cross-currency Cash Flow Hedges | — | 59 | — | 59 | ||||||||||||
Lease Guarantees | — | — | 3 | 3 | ||||||||||||
Fair Value, Lease Guarantees On Recurring Basis, Unobservable Input | ' | |||||||||||||||
The following table provides a reconciliation of the Company’s lease guarantees measured at fair value on a recurring basis using unobservable inputs (Level 3) for the third quarter and year-to-date 2013 and 2012: | ||||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in millions) | ||||||||||||||||
Beginning Balance | $ | 2 | $ | 3 | $ | 2 | $ | 4 | ||||||||
Change in Estimated Fair Value Reported in Earnings | — | — | — | (1 | ) | |||||||||||
Ending Balance | $ | 2 | $ | 3 | $ | 2 | $ | 3 | ||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||||||||||
Nov. 02, 2013 | Oct. 27, 2012 | |||||||||||||||||||||||
Comprehensive Income | ' | ' | ||||||||||||||||||||||
Components Of Accumulated Other Comprehensive Income (Loss) | ' | ' | ||||||||||||||||||||||
The following table provides the rollforward of accumulated other comprehensive income for year-to-date 2013: | The following table provides the rollforward of accumulated other comprehensive income for year-to-date 2012: | |||||||||||||||||||||||
Foreign Currency Translation | Cash Flow Hedges | Accumulated Other Comprehensive Income | Foreign Currency Translation | Cash Flow Hedges | Accumulated Other Comprehensive Income | |||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Balance as of February 2, 2013 | $ | (10 | ) | $ | 14 | $ | 4 | Balance as of January 28, 2012 | $ | (8 | ) | $ | 8 | $ | — | |||||||||
Other Comprehensive Income Before Reclassifications | 17 | 19 | 36 | Current-period Other Comprehensive Income | 1 | 6 | 7 | |||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income | — | (21 | ) | (21 | ) | Balance as of October 27, 2012 | $ | (7 | ) | $ | 14 | $ | 7 | |||||||||||
Current-period Other Comprehensive Income (Loss) | 17 | (2 | ) | 15 | ||||||||||||||||||||
Balance as of November 2, 2013 | $ | 7 | $ | 12 | $ | 19 | ||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ' | ||||||||||||||||||||||
The following table provides a summary of the reclassification adjustments out of accumulated other comprehensive income for the third quarter and year-to-date 2013: | ||||||||||||||||||||||||
Details About Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Location on Consolidated Statements of Income | ||||||||||||||||||||||
Third Quarter 2013 | Year-to-Date 2013 | |||||||||||||||||||||||
Cash Flow Hedges | $ | (2 | ) | $ | (21 | ) | Other Income | |||||||||||||||||
— | — | Provision for Income Taxes | ||||||||||||||||||||||
$ | (2 | ) | $ | (21 | ) | Net Income |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Segment Information [Abstract] | ' | |||||||||||||||
Schedule Of Segment Reporting Information | ' | |||||||||||||||
The following table provides the Company’s segment information for the third quarter and year-to-date 2013 and 2012: | ||||||||||||||||
Victoria’s | Bath & | Other | Total | |||||||||||||
Secret | Body Works | |||||||||||||||
(in millions) | ||||||||||||||||
2013 | ||||||||||||||||
Third Quarter: | ||||||||||||||||
Net Sales | $ | 1,328 | $ | 567 | $ | 276 | $ | 2,171 | ||||||||
Operating Income (Loss) | 148 | 67 | (4 | ) | 211 | |||||||||||
Year-to-Date: | ||||||||||||||||
Net Sales | $ | 4,453 | $ | 1,727 | $ | 775 | $ | 6,955 | ||||||||
Operating Income (Loss) | 679 | 241 | (40 | ) | 880 | |||||||||||
2012 | ||||||||||||||||
Third Quarter: | ||||||||||||||||
Net Sales | $ | 1,280 | $ | 538 | $ | 232 | $ | 2,050 | ||||||||
Operating Income (Loss) | 158 | 58 | (29 | ) | 187 | |||||||||||
Year-to-Date: | ||||||||||||||||
Net Sales | $ | 4,327 | $ | 1,652 | $ | 624 | $ | 6,603 | ||||||||
Operating Income (Loss) | 692 | 206 | (113 | ) | 785 | |||||||||||
Supplemental_Guarantor_Financi1
Supplemental Guarantor Financial Information (Tables) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet [Abstract] | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Balance Sheet [Table Text Block] | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
L BRANDS, INC. | L BRANDS, INC. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | L BRANDS, INC. | CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | CONDENSED CONSOLIDATING BALANCE SHEETS | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
February 2, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
November 2, 2013 | L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | October 27, 2012 | Subsidiaries | guarantor | L Brands, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | guarantor | L Brands, Inc. | L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | guarantor | L Brands, Inc. | ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | Subsidiaries | Current Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Assets: | ASSETS | Cash and Cash Equivalents | $ | — | $ | 417 | $ | 356 | $ | — | $ | 773 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | 282 | $ | 143 | $ | — | $ | 425 | Current Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | 226 | $ | 321 | $ | — | $ | 547 | Accounts Receivable, Net | — | 140 | 63 | — | 203 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Net | 1 | 165 | 79 | — | 245 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Net | — | 142 | 83 | — | 225 | Inventories | 847 | 157 | — | 1,004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | — | 1,379 | 265 | (1 | ) | 1,643 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | — | 1,231 | 215 | — | 1,446 | Deferred Income Taxes | — | 39 | (10 | ) | — | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Income Taxes | — | 40 | (10 | ) | — | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Income Taxes | — | 34 | 16 | — | 50 | Other | 2 | 117 | 77 | — | 196 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 2 | 147 | 89 | (1 | ) | 237 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | 158 | 59 | — | 217 | Total Current Assets | 2 | 1,560 | 643 | — | 2,205 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Current Assets | 3 | 2,013 | 566 | (2 | ) | 2,580 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Current Assets | — | 1,791 | 694 | — | 2,485 | Property and Equipment, Net | — | 1,001 | 802 | — | 1,803 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment, Net | — | 1,220 | 858 | — | 2,078 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment, Net | — | 1,036 | 805 | — | 1,841 | Goodwill | — | 1,318 | — | — | 1,318 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | 1,318 | — | — | 1,318 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | 1,318 | 12 | — | 1,330 | Trade Names and Other Intangible Assets, Net | — | 411 | 1 | — | 412 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Names and Other Intangible Assets, Net | — | 411 | — | — | 411 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Names and Other Intangible Assets, Net | — | 410 | 84 | — | 494 | Net Investments in and Advances to/from Consolidated Affiliates | 3,348 | 13,968 | 624 | (17,940 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investments in and Advances to/from Consolidated Affiliates | 4,006 | 14,393 | 677 | (19,076 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investments in and Advances to/from Consolidated Affiliates | 3,898 | 13,889 | 913 | (18,700 | ) | — | Other Assets | 188 | 8 | 696 | (611 | ) | 281 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets | 190 | 9 | 661 | (611 | ) | 249 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets | 190 | 45 | 690 | (648 | ) | 277 | Total Assets | $ | 3,538 | $ | 18,266 | $ | 2,766 | $ | (18,551 | ) | $ | 6,019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 4,199 | $ | 19,364 | $ | 2,762 | $ | (19,689 | ) | $ | 6,636 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 4,088 | $ | 18,489 | $ | 3,198 | $ | (19,348 | ) | $ | 6,427 | LIABILITIES AND EQUITY (DEFICIT) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY (DEFICIT) | Current Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Liabilities: | LIABILITIES AND EQUITY (DEFICIT) | Accounts Payable | $ | — | $ | 291 | $ | 250 | $ | — | $ | 541 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable | $ | — | $ | 466 | $ | 333 | $ | — | $ | 799 | Current Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable | $ | — | $ | 451 | $ | 281 | $ | — | $ | 732 | Accrued Expenses and Other | 78 | 425 | 304 | — | 807 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other | 61 | 400 | 241 | — | 702 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other | 77 | 396 | 244 | — | 717 | Income Taxes | 1 | 134 | 55 | — | 190 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Portion of Long-term Debt | 216 | — | — | — | 216 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Portion of Long-term Debt | 57 | — | — | — | 57 | Total Current Liabilities | 79 | 850 | 609 | — | 1,538 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | — | 18 | (1 | ) | — | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | — | — | 6 | — | 6 | Deferred Income Taxes | (4 | ) | (9 | ) | 213 | — | 200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Current Liabilities | 277 | 884 | 573 | — | 1,734 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Current Liabilities | 134 | 847 | 531 | — | 1,512 | Long-term Debt | 4,477 | 597 | — | (597 | ) | 4,477 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Income Taxes | (4 | ) | (8 | ) | 206 | — | 194 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Income Taxes | (5 | ) | (3 | ) | 182 | — | 174 | Other Long-term Liabilities | 4 | 625 | 204 | (15 | ) | 818 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | 4,762 | 597 | — | (597 | ) | 4,762 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | 4,478 | 597 | 37 | (634 | ) | 4,478 | Total Equity (Deficit) | (1,018 | ) | 16,203 | 1,740 | (17,939 | ) | (1,014 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term Liabilities | 3 | 570 | 207 | (14 | ) | 766 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term Liabilities | 3 | 592 | 197 | (14 | ) | 778 | Total Liabilities and Equity (Deficit) | $ | 3,538 | $ | 18,266 | $ | 2,766 | $ | (18,551 | ) | $ | 6,019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Equity (Deficit) | (839 | ) | 17,321 | 1,776 | (19,078 | ) | (820 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Equity (Deficit) | (522 | ) | 16,456 | 2,251 | (18,700 | ) | (515 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Equity (Deficit) | $ | 4,199 | $ | 19,364 | $ | 2,762 | $ | (19,689 | ) | $ | 6,636 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Equity (Deficit) | $ | 4,088 | $ | 18,489 | $ | 3,198 | $ | (19,348 | ) | $ | 6,427 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Income Statement [Table Text Block] | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
L BRANDS, INC. | L BRANDS, INC. | L BRANDS, INC. | L BRANDS, INC. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | CONDENSED CONSOLIDATING STATEMENTS OF INCOME | CONDENSED CONSOLIDATING STATEMENTS OF INCOME | CONDENSED CONSOLIDATING STATEMENTS OF INCOME | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2013 | Third Quarter 2012 | Year-to-Date 2013 | Year-to-Date 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | guarantor | L Brands, Inc. | Subsidiaries | guarantor | L Brands, Inc. | Subsidiaries | guarantor | L Brands, Inc. | Subsidiaries | guarantor | L Brands, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | — | $ | 2,026 | $ | 845 | $ | (700 | ) | $ | 2,171 | Net Sales | $ | — | $ | 1,872 | $ | 690 | $ | (512 | ) | $ | 2,050 | Net Sales | $ | — | $ | 6,385 | $ | 2,386 | $ | (1,816 | ) | $ | 6,955 | Net Sales | $ | — | $ | 6,056 | $ | 1,997 | $ | (1,450 | ) | $ | 6,603 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs of Goods Sold, Buying and Occupancy | — | (1,319 | ) | (664 | ) | 669 | (1,314 | ) | Costs of Goods Sold, Buying and Occupancy | — | (1,135 | ) | (573 | ) | 483 | (1,225 | ) | Costs of Goods Sold, Buying and Occupancy | — | (3,980 | ) | (1,923 | ) | 1,735 | (4,168 | ) | Costs of Goods Sold, Buying and Occupancy | — | (3,639 | ) | (1,681 | ) | 1,386 | (3,934 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Profit | — | 707 | 181 | (31 | ) | 857 | Gross Profit | — | 737 | 117 | (29 | ) | 825 | Gross Profit | — | 2,405 | 463 | (81 | ) | 2,787 | Gross Profit | — | 2,417 | 316 | (64 | ) | 2,669 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General, Administrative and Store Operating Expenses | (1 | ) | (569 | ) | (106 | ) | 30 | (646 | ) | General, Administrative and Store Operating Expenses | (1 | ) | (572 | ) | (94 | ) | 29 | (638 | ) | General, Administrative and Store Operating Expenses | (4 | ) | (1,682 | ) | (304 | ) | 83 | (1,907 | ) | General, Administrative and Store Operating Expenses | (4 | ) | (1,672 | ) | (273 | ) | 65 | (1,884 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Income (Loss) | (1 | ) | 138 | 75 | (1 | ) | 211 | Operating Income (Loss) | (1 | ) | 165 | 23 | — | 187 | Operating Income (Loss) | (4 | ) | 723 | 159 | 2 | 880 | Operating Income (Loss) | (4 | ) | 745 | 43 | 1 | 785 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | (76 | ) | (7 | ) | (2 | ) | 9 | (76 | ) | Interest Expense | (77 | ) | (4 | ) | (2 | ) | 6 | (77 | ) | Interest Expense | (232 | ) | (19 | ) | (8 | ) | 27 | (232 | ) | Interest Expense | (234 | ) | (14 | ) | (7 | ) | 21 | (234 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income | — | — | 7 | — | 7 | Other Income | — | — | 18 | — | 18 | Other Income | — | — | 11 | — | 11 | Other Income (Loss) | — | (1 | ) | 20 | — | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) Before Income Taxes | (77 | ) | 131 | 80 | 8 | 142 | Income (Loss) Before Income Taxes | (78 | ) | 161 | 39 | 6 | 128 | Income (Loss) Before Income Taxes | (236 | ) | 704 | 162 | 29 | 659 | Income (Loss) Before Income Taxes | (238 | ) | 730 | 56 | 22 | 570 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for Income Taxes | — | 27 | 23 | — | 50 | Provision for Income Taxes | — | 28 | 26 | — | 54 | Provision for Income Taxes | — | 130 | 116 | — | 246 | Provision for Income Taxes | — | 140 | 88 | — | 228 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in Earnings (Loss) | 169 | (23 | ) | (88 | ) | (58 | ) | — | Equity in Earnings (Loss) | 152 | (39 | ) | 109 | (222 | ) | — | Equity in Earnings (Loss) | 649 | 297 | 225 | (1,171 | ) | — | Equity in Earnings (Loss) | 580 | (67 | ) | 171 | (684 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 92 | $ | 81 | $ | (31 | ) | $ | (50 | ) | $ | 92 | Net Income (Loss) | $ | 74 | $ | 94 | $ | 122 | $ | (216 | ) | $ | 74 | Net Income (Loss) | $ | 413 | $ | 871 | $ | 271 | $ | (1,142 | ) | $ | 413 | Net Income (Loss) | $ | 342 | $ | 523 | $ | 139 | $ | (662 | ) | $ | 342 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Comprehensive Income Statement [Table Text Block] | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
L BRANDS, INC. | L BRANDS, INC. | L BRANDS, INC. | L BRANDS, INC. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter 2013 | Year-to-Date 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | Third Quarter 2012 | L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | Year-to-Date 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | guarantor | L Brands, Inc. | L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | Subsidiaries | guarantor | L Brands, Inc. | L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | guarantor | L Brands, Inc. | Subsidiaries | Subsidiaries | guarantor | L Brands, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 92 | $ | 81 | $ | (31 | ) | $ | (50 | ) | $ | 92 | Subsidiaries | Net Income (Loss) | $ | 413 | $ | 871 | $ | 271 | $ | (1,142 | ) | $ | 413 | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 74 | $ | 94 | $ | 122 | $ | (216 | ) | $ | 74 | Net Income (Loss) | $ | 342 | $ | 523 | $ | 139 | $ | (662 | ) | $ | 342 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax: | Other Comprehensive Income (Loss), Net of Tax: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of Cash Flow Hedges to Earnings | — | — | (2 | ) | — | (2 | ) | Other Comprehensive Income (Loss), Net of Tax: | Reclassification of Cash Flow Hedges to Earnings | — | — | (21 | ) | — | (21 | ) | Other Comprehensive Income (Loss), Net of Tax: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of Cash Flow Hedges to Earnings | — | — | 4 | — | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Translation | — | — | 5 | — | 5 | Foreign Currency Translation | — | — | 17 | — | 17 | Reclassification of Cash Flow Hedges to Earnings | 2 | — | 3 | — | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Translation | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized Gain on Cash Flow Hedges | — | — | 3 | — | 3 | Unrealized Gain on Cash Flow Hedges | — | — | 19 | — | 19 | Foreign Currency Translation | — | — | 1 | — | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized Gain (Loss) on Cash Flow Hedges | — | — | (6 | ) | — | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Other Comprehensive Income, Net of Tax | — | — | 6 | — | 6 | Total Other Comprehensive Income, Net of Tax | — | — | 15 | — | 15 | Unrealized Gain on Cash Flow Hedges | — | — | 1 | — | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Other Comprehensive Income (Loss), Net of Tax | — | — | (2 | ) | — | (2 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Comprehensive Income (Loss) | $ | 92 | $ | 81 | $ | (25 | ) | $ | (50 | ) | $ | 98 | Total Comprehensive Income (Loss) | $ | 413 | $ | 871 | $ | 286 | $ | (1,142 | ) | $ | 428 | Total Other Comprehensive Income, Net of Tax | 2 | — | 5 | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Comprehensive Income (Loss) | $ | 74 | $ | 94 | $ | 120 | $ | (216 | ) | $ | 72 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Comprehensive Income (Loss) | $ | 344 | $ | 523 | $ | 144 | $ | (662 | ) | $ | 349 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Cash Flow Statement [Table Text Block] | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
L BRANDS, INC. | L BRANDS, INC. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-Date 2013 | Year-to-Date 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | L Brands, Inc. | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | guarantor | L Brands, Inc. | Subsidiaries | guarantor | L Brands, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Cash Provided by (Used for) Operating Activities | $ | (253 | ) | $ | 164 | $ | 58 | $ | — | $ | (31 | ) | Net Cash Provided by (Used for) Operating Activities | $ | (282 | ) | $ | 206 | $ | 151 | $ | — | $ | 75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investing Activities: | Investing Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Expenditures | — | (417 | ) | (181 | ) | — | (598 | ) | Capital Expenditures | — | (311 | ) | (180 | ) | — | (491 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return of Capital from Third-party Apparel Sourcing Investment | — | — | 46 | — | 46 | Other Investing Activities | — | 17 | 3 | — | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investing Activities | — | — | 3 | — | 3 | Net Cash Used for Investing Activities | — | (294 | ) | (177 | ) | — | (471 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Cash Used for Investing Activities | — | (417 | ) | (132 | ) | — | (549 | ) | Financing Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Long-term Debt, Net of Issuance Costs | 985 | — | — | — | 985 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Long-term Debt, Net of Issuance Costs | 495 | — | — | — | 495 | Repurchase of Common Stock | (616 | ) | — | — | — | (616 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings from Revolving Facility | 290 | — | — | — | 290 | Dividends Paid | (507 | ) | — | — | — | (507 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments on Revolving Facility | (290 | ) | — | — | — | (290 | ) | Excess Tax Benefits from Share-based Compensation | — | 83 | 20 | — | 103 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of Common Stock | (55 | ) | — | — | — | (55 | ) | Net Financing Activities and Advances to/from Consolidated Affiliates | 378 | (140 | ) | (238 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Paid | (261 | ) | — | — | — | (261 | ) | Proceeds from Exercise of Stock Options and Other | 42 | — | — | — | 42 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excess Tax Benefits from Share-based Compensation | — | 25 | 6 | — | 31 | Net Cash Provided by (Used for) Financing Activities | 282 | (57 | ) | (218 | ) | — | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Financing Activities and Advances to/from Consolidated Affiliates | 52 | 93 | (145 | ) | — | — | Effects of Exchange Rate Changes on Cash and Cash Equivalents | — | — | 1 | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Exercise of Stock Options and Other | 22 | — | — | — | 22 | Net Decrease in Cash and Cash Equivalents | — | (145 | ) | (243 | ) | — | (388 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Cash Provided by (Used for) Financing Activities | 253 | 118 | (139 | ) | — | 232 | Cash and Cash Equivalents, Beginning of Period | — | 371 | 564 | — | 935 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effects of Exchange Rate Changes on Cash and Cash Equivalents | — | — | — | — | — | Cash and Cash Equivalents, End of Period | $ | — | $ | 226 | $ | 321 | $ | — | $ | 547 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Decrease in Cash and Cash Equivalents | — | (135 | ) | (213 | ) | — | (348 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents, Beginning of Period | — | 417 | 356 | — | 773 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents, End of Period | $ | — | $ | 282 | $ | 143 | $ | — | $ | 425 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings_Per_Share_And_Shareho2
Earnings Per Share And Shareholders' Equity (Shares Utilized for the Calculation of Basic and Diluted Earnings per Share) (Details) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | ||||
Weighted-average Common Shares: | ' | ' | ' | ' | ||||
Issued Shares | 306 | 303 | 306 | 301 | ||||
Treasury Shares | -16 | -15 | -16 | -11 | ||||
Basic Shares | 290 | 288 | 290 | 290 | ||||
Effect of Dilutive Options and Restricted Stock | 7 | 6 | 6 | 7 | ||||
Diluted Shares | 297 | 294 | 296 | 297 | ||||
Anti-dilutive Options and Awards (a) | 0 | [1] | 1 | [1] | 2 | [1] | 1 | [1] |
[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_Shareho3
Earnings Per Share And Shareholders' Equity (Schedule of Company's Repurchase Program) (Details) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||||
In Millions, except Share data in Thousands, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Oct. 27, 2012 | Nov. 12, 2012 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | ||
November 2011 [Member] | February 2012 Repurchase Program [Member] | February 2012 Repurchase Program [Member] | November 2012 Repurchase Program [Member] | Accounts Payable [Member] | Accounts Payable [Member] | |||||
February 2012 Repurchase Program [Member] | November 2012 Repurchase Program [Member] | |||||||||
Amount Authorized | ' | ' | $250 | ' | $500 | [1] | $250 | [2] | ' | ' |
Shares Repurchased | 1,217 | 13,473 | 3,657 | ' | 9,816 | 1,217 | ' | ' | ||
Amount Repurchased | 55 | 612 | 164 | ' | 448 | 55 | ' | ' | ||
Average Stock Price of Shares Repurchased within Program | ' | ' | $44.90 | ' | $45.60 | $44.91 | ' | ' | ||
Remaining authorized repurchase amount | ' | ' | ' | 50 | ' | 184 | ' | ' | ||
Share repurchase reflected in Accounts payable | ' | ' | ' | ' | ' | ' | $0 | $0 | ||
[1] | The February 2012 repurchase program had $50 million remaining at the time it was cancelled in conjunction with the approval of the November 2012 repurchase program. | |||||||||
[2] | The November 2012 repurchase program had $184 million remaining as of November 2, 2013. |
Earnings_Per_Share_And_Shareho4
Earnings Per Share And Shareholders' Equity (Dividends) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Earnings Per Share And Shareholders' Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Ordinary Dividends | $0.30 | $0.30 | $0.30 | $0.25 | $0.25 | $0.25 | $0.90 | $0.75 |
Special Dividends | $0 | $0 | $0 | $1 | $0 | $0 | $0 | $1 |
Total Dividends | $0.30 | $0.30 | $0.30 | $1.25 | $0.25 | $0.25 | $0.90 | $1.75 |
Total Paid | $87 | $87 | $87 | $361 | $73 | $73 | $261 | $507 |
Restructuring_Activities_Detai
Restructuring Activities (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jan. 28, 2012 | Nov. 02, 2013 | Feb. 02, 2013 |
La Senza 4Q11 Restructuring Program [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | $24 | ' | ' |
Non-Cash Restructuring Charges | 5 | ' | ' |
Cash Payments for Restructuring | ' | 3 | 11 |
Restructuring Reserve, Accrual Adjustment | ' | 1 | 3 |
La Senza 2Q12 Restructuring Program [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Charges | ' | ' | 17 |
Non-Cash Restructuring Charges | ' | ' | 6 |
Cash Payments for Restructuring | ' | 3 | 5 |
Restructuring Reserve, Accrual Adjustment | ' | 1 | ' |
Restructuring Reserve | ' | 2 | ' |
Accrued Expenses and Other [Member] | La Senza 2Q12 Restructuring Program [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Reserve | ' | 1 | ' |
Other Long-term Liabilities [Member] | La Senza 4Q11 Restructuring Program [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Reserve | ' | 1 | ' |
Other Long-term Liabilities [Member] | La Senza 2Q12 Restructuring Program [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Reserve | ' | $1 | ' |
Inventories_Details
Inventories (Details) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Millions, unless otherwise specified | |||
Inventory, Net [Abstract] | ' | ' | ' |
Finished Goods Merchandise | $1,518 | $916 | $1,326 |
Raw Materials and Merchandise Components | 125 | 88 | 120 |
Total Inventories | $1,643 | $1,004 | $1,446 |
Property_And_Equipment_Net_Det
Property And Equipment, Net (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property and Equipment, at Cost | $5,083 | $4,666 | $5,083 | $4,666 | $4,722 |
Accumulated Depreciation and Amortization | -3,005 | -2,825 | -3,005 | -2,825 | -2,919 |
Property and Equipment, Net | 2,078 | 1,841 | 2,078 | 1,841 | 1,803 |
Depreciation | $96 | $95 | $298 | $285 | ' |
Equity_Investments_and_Other_D
Equity Investments and Other (Details) (USD $) | 9 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Oct. 27, 2012 | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 31, 2011 | Nov. 02, 2013 | Feb. 02, 2013 | Apr. 28, 2012 | Jan. 28, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Easton Investment [Member] | Easton Investment [Member] | Easton Investment [Member] | Third Party Sourcing Business [Member] | Third Party Sourcing Business [Member] | Third Party Sourcing Business [Member] | Third Party Sourcing Business [Member] | Third Party Sourcing Business [Member] | Third Party Sourcing Business [Member] | Third Party Sourcing Business [Member] | |||
acre | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership Interest In Business Sold | ' | ' | ' | ' | ' | 51.00% | ' | ' | ' | ' | ' | ' |
Proceeds from Divestiture of third-party apparel sourcing business | ' | ' | ' | ' | ' | $124 | ' | ' | $11 | ' | ' | ' |
Pre-tax Gain from Divestiture of third-party apparel sourcing business | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111 | ' | ' |
Return of Capital from Equity Method Investment | ' | ' | 13 | ' | ' | ' | ' | ' | ' | ' | 46 | 0 |
Return on Capital from Equity Method Investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' |
Proceeds from Distributions from Equity Method Investments | ' | ' | ' | ' | ' | ' | 48 | 28 | ' | ' | ' | ' |
Equity Method Investment Carrying Value included in Other Assets | ' | ' | ' | ' | ' | ' | 6 | 52 | ' | ' | 6 | 77 |
Acres Of Land | ' | ' | ' | 1,300 | ' | ' | ' | ' | ' | ' | ' | ' |
Easton Investment Carrying Value included in Other Assets | ' | ' | 73 | 79 | 75 | ' | ' | ' | ' | ' | ' | ' |
Gain on Distributions from Easton Investments | $0 | ($13) | $13 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 |
Effective Income Tax Rate, Continuing Operations | 35.00% | 42.40% | 37.30% | 40.10% | ' |
Combined Estimated Federal And State Rate | 39.00% | 39.00% | 39.00% | 39.00% | ' |
Income Taxes Paid | $123 | $18 | $431 | $306 | ' |
Unrecognized Tax Benefits | ' | ' | ' | ' | 185 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | ' | ' | ' | ' | 160 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 87 | ' | 87 | ' | ' |
Unrecognized Tax Benefits, Period Increase (Decrease) | ' | ' | -36 | ' | ' |
Change in Unrecognized Tax Benefits That Impacted the Effective Tax Rate | ' | ' | 2 | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | ' | ' | ' | ' | $26 |
Longterm_Debt_Schedule_Of_Long
Long-term Debt (Schedule Of Long-term Debt Instruments) (Details) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | |||
In Millions, unless otherwise specified | ||||||
Senior Unsecured Debt with Subsidiary Guarantee | $3,393 | $2,889 | $2,889 | |||
Senior Unsecured Debt | 1,585 | 1,588 | 1,646 | |||
Long-term Debt | 4,978 | 4,477 | 4,535 | |||
Current Portion of Long-term Debt | -216 | 0 | -57 | |||
Total Long-term Debt, Net of Current Portion | 4,762 | 4,477 | 4,478 | |||
Fixed Rate 5.625% Notes Due February 2022 [Member] | ' | ' | ' | |||
Senior Unsecured Debt with Subsidiary Guarantee | 1,000 | 1,000 | 1,000 | |||
Fixed Rate 6.625% Notes Due April 2021 [Member] | ' | ' | ' | |||
Senior Unsecured Debt with Subsidiary Guarantee | 1,000 | 1,000 | 1,000 | |||
Fixed Rate 5.625% Notes Due October 2023 [Member] | ' | ' | ' | |||
Senior Unsecured Debt with Subsidiary Guarantee | 500 | 0 | 0 | |||
Fixed Rate 8.50% Notes Due June 2019 [Member] | ' | ' | ' | |||
Senior Unsecured Debt with Subsidiary Guarantee | 493 | [1] | 489 | [1] | 489 | [1] |
Fair Value Interest Rate Hedge Adjustment | 3 | ' | ' | |||
Fixed Rate 7.00% Notes Due May 2020 [Member] | ' | ' | ' | |||
Senior Unsecured Debt with Subsidiary Guarantee | 400 | 400 | 400 | |||
Fixed Rate 6.90% Notes Due July 2017 [Member] | ' | ' | ' | |||
Senior Unsecured Debt | 720 | [2] | 721 | [2] | 722 | [2] |
Fair Value Interest Rate Hedge Adjustment | 20 | 22 | 23 | |||
Fixed Rate 6.95% Debentures Due March 2033 [Member] | ' | ' | ' | |||
Senior Unsecured Debt | 350 | 350 | 350 | |||
Fixed Rate 7.60% Notes Due July 2037 [Member] | ' | ' | ' | |||
Senior Unsecured Debt | 299 | 299 | 299 | |||
Fixed Rate 5.25% Notes Due November 2014 [Member] | ' | ' | ' | |||
Senior Unsecured Debt | 216 | [3] | 218 | [3] | 218 | [3] |
Principal Balance Outstanding | 213 | 213 | 213 | |||
Fair Value Interest Rate Hedge Adjustment | 3 | 5 | 5 | |||
Fixed Rate 6.125% Notes Due December 2012 [Member] | ' | ' | ' | |||
Senior Unsecured Debt | 0 | 0 | 57 | |||
L Brands, Inc. | ' | ' | ' | |||
Current Portion of Long-term Debt | -216 | ' | -57 | |||
Total Long-term Debt, Net of Current Portion | $4,762 | $4,477 | $4,478 | |||
[1] | The balance as of November 2, 2013 includes a fair value interest rate hedge adjustment which increased the debt balance by $3 million. | |||||
[2] | The balances include a fair value interest rate hedge adjustment which increased the debt balance by $20 million as of November 2, 2013, $22 million as of February 2, 2013 and $23 million as of October 27, 2012. | |||||
[3] | The principal balance outstanding was $213 million as of November 2, 2013, February 2, 2013 and October 27, 2012. The balances include a fair value interest rate hedge adjustment which increased the debt balance by $3 million as of November 2, 2013 and $5 million as of February 2, 2013 and October 27, 2012. |
Longterm_Debt_Issuance_And_Rep
Long-term Debt (Issuance And Repurchase Of Notes) (Narrative) (Details) (USD $) | 9 Months Ended | 1 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 10, 2013 | Feb. 29, 2012 |
Fixed Rate 5.625% Notes Due October 2023 [Member] | Fixed Rate 5.625% Notes Due October 2023 [Member] | Fixed Rate 5.625% Notes Due February 2022 [Member] | |||
Debt instrument, face amount | ' | ' | ' | $500 | $1,000 |
Debt instrument, stated rate | ' | ' | ' | 5.63% | 5.63% |
Net proceeds from the notes issuance | 495 | 985 | 495 | ' | 985 |
Notes issuance transaction costs | ' | ' | $5 | ' | $15 |
Longterm_Debt_Revolving_Facili
Long-term Debt (Revolving Facility And Letters Of Credit) (Narrative) (Details) (USD $) | 9 Months Ended | |
Nov. 02, 2013 | Oct. 27, 2012 | |
Borrowings from Revolving Facility | $290,000,000 | $0 |
Repayments on Revolving Facility | -290,000,000 | 0 |
Letter of Credit [Member] | ' | ' |
Outstanding letters of credit | 12,000,000 | ' |
Revolving Credit Facility [Member] | Revolving Credit Expiring July 2016 [Member] | ' | ' |
Revolving facility, borrowing capacity | 1,000,000,000 | ' |
Revolving Facility Commitment fee percentage, unused capacity | 0.33% | ' |
Revolving Facility Percentage spread over variable base rate | 1.75% | ' |
Revolving Facility Covenant Fixed charge coverage ratio | 1.75 | ' |
Revolving Facility Covenant Ratio of consolidated debt to consolidated EBITDA | 4 | ' |
Revolving Facility Covenant Debt to EBITDA ratio required for unlimited investments and restricted payments | 3 | ' |
Revolving Facility Covenant Line of Credit Financial Covenant Ratio of Consolidated Debt to Consolidated EBITDA Maximum Current Rate | 3 | ' |
Borrowings from Revolving Facility | 290,000,000 | ' |
Repayments on Revolving Facility | -290,000,000 | ' |
Revolving Facility, Maximum Amount Outstanding During Period | $140,000,000 | ' |
Revolving Credit Facility [Member] | Letter of Credit [Member] | Revolving Credit Expiring July 2016 [Member] | ' | ' |
Revolving Facility Current credit fees percentage rate, letters of credit | 1.75% | ' |
Derivative_Instruments_Foreign
Derivative Instruments (Foreign Exchange Contracts - Cash Flow Hedging Disclosure) (Details) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Nov. 02, 2013 | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Jan. 31, 2007 | |||||
USD ($) | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Income (Loss) [Member] | Other Income (Loss) [Member] | Other Income (Loss) [Member] | Other Income (Loss) [Member] | Cash Flow Hedging [Member] | |||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Foreign Exchange Contract [Member] | ||||||
CAD | ||||||||||||||
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 470,000,000 | ||||
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | ' | 3,000,000 | -6,000,000 | 19,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ||||
(Gain) Loss Reclassified from Accumulated Other Comprehensive Income (Loss) into Other Income (Loss) | ' | ' | ' | ' | ' | -2,000,000 | [1] | 4,000,000 | [1] | -21,000,000 | [1] | -5,000,000 | [1] | ' |
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | Represents reclassification of amounts from accumulated other comprehensive income to earnings to completely offset foreign currency transaction gains and losses recognized on the intercompany loans. No ineffectiveness was associated with these foreign exchange cash flow hedges |
Derivative_Instruments_Fair_Va
Derivative Instruments Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Millions, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Cross-currency Cash Flow Hedges | $40 | $59 | $59 |
Other Assets [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Interest Rate Fair Value Hedge Asset at Fair Value | 5 | 0 | 0 |
Other Long-term Liabilities [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Cross-currency Cash Flow Hedges | $40 | $59 | $59 |
Derivative_Instruments_Derivat
Derivative Instruments Derivative Instruments (Interest Rate Contracts - Fair Value Hedging Disclosures) (Details) (Fair Value Hedging [Member], Interest Rate Swap [Member], USD $) | Sep. 06, 2013 | Jun. 30, 2013 | Jun. 01, 2012 |
In Millions, unless otherwise specified | |||
Fixed Rate 6.90% Notes Due July 2017 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative, Notional Amount | $100 | $100 | $175 |
Gain On Terminated Derivatives Recorded In Interest Expense | ' | ' | 14 |
Fixed Rate 8.50% Notes Due June 2019 [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative, Notional Amount | $100 | $100 | ' |
Fair_Value_Measurements_Carryi
Fair Value Measurements (Carrying Value And Fair Value Of Long-Term Debt, Disclosure) (Detail) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | |||
In Millions, unless otherwise specified | ||||||
Fair Value Measurements | ' | ' | ' | |||
Carrying Value | $4,978 | $4,477 | $4,535 | |||
Estimated Fair Value (a) | $5,398 | [1] | $5,023 | [1] | $5,073 | [1] |
[1] | 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 Topic 820, Fair Value Measurements and Disclosure. 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 $) | Nov. 02, 2013 | Aug. 03, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Jan. 28, 2012 |
In Millions, unless otherwise specified | ||||||
Assets: | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | $425 | ' | $773 | $547 | ' | ' |
Interest Rate Designated Fair Value Hedges | 5 | ' | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' |
Cross-currency Cash Flow Hedges | 40 | ' | 59 | 59 | ' | ' |
Lease Guarantees | 2 | 2 | 2 | 3 | 3 | 4 |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | 425 | ' | 773 | 547 | ' | ' |
Interest Rate Designated Fair Value Hedges | 0 | ' | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' |
Cross-currency Cash Flow Hedges | 0 | ' | 0 | 0 | ' | ' |
Lease Guarantees | 0 | ' | 0 | 0 | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | 0 | ' | 0 | 0 | ' | ' |
Interest Rate Designated Fair Value Hedges | 5 | ' | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' |
Cross-currency Cash Flow Hedges | 40 | ' | 59 | 59 | ' | ' |
Lease Guarantees | 0 | ' | 0 | 0 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | 0 | ' | 0 | 0 | ' | ' |
Interest Rate Designated Fair Value Hedges | 0 | ' | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' |
Cross-currency Cash Flow Hedges | 0 | ' | 0 | 0 | ' | ' |
Lease Guarantees | $2 | ' | $2 | $3 | ' | ' |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements (Fair Value, Lease Guarantees On Recurring Basis, Unobservable Input) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Fair Value Measurements [Abstract] | ' | ' | ' | ' |
Beginning Balance | $2 | $3 | $2 | $4 |
Change in Estimated Fair Value Reported in Earnings | 0 | 0 | 0 | -1 |
Ending Balance | $2 | $3 | $2 | $3 |
Comprehensive_Income_Component
Comprehensive Income (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | ' | ' | $4 | $0 |
Other Comprehensive Income Before Reclassifications | ' | ' | 36 | ' |
Amounts Reclassified from Accumulated Other Comprehensive Income | ' | ' | -21 | ' |
Current-period Other Comprehensive Income (Loss) | 6 | -2 | 15 | 7 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | 19 | 7 | 19 | 7 |
Other Income (Loss) | 7 | 18 | 11 | 19 |
Provision for Income Taxes | 50 | 54 | 246 | 228 |
Net Income | 92 | 74 | 413 | 342 |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | ' | ' | -10 | -8 |
Other Comprehensive Income Before Reclassifications | ' | ' | 17 | ' |
Amounts Reclassified from Accumulated Other Comprehensive Income | ' | ' | 0 | ' |
Current-period Other Comprehensive Income (Loss) | ' | ' | 17 | 1 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | 7 | -7 | 7 | -7 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | ' | ' | 14 | 8 |
Other Comprehensive Income Before Reclassifications | ' | ' | 19 | ' |
Amounts Reclassified from Accumulated Other Comprehensive Income | ' | ' | -21 | ' |
Current-period Other Comprehensive Income (Loss) | ' | ' | -2 | 6 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | 12 | 14 | 12 | 14 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' |
Other Income (Loss) | -2 | ' | -21 | ' |
Provision for Income Taxes | 0 | ' | 0 | ' |
Net Income | ($2) | ' | ($21) | ' |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Jan. 28, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
Property Lease Guarantee [Member] | Property Lease Guarantee [Member] | Property Lease Guarantee [Member] | Property Lease Guarantee [Member] | ||
Express Limited Stores And New York And Company [Member] | Express Limited Stores And New York And Company [Member] | Express Limited Stores And New York And Company [Member] | |||
Damages awarded | $9 | ' | ' | ' | ' |
Lease guarantees remaining after disposition of certain businesses | ' | 38 | 26 | 36 | 39 |
Lease guarantees, estimated fair value | ' | ' | $2 | $2 | $3 |
Retirement_Benefits_Narrative_
Retirement Benefits (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Retirement Benefits Disclosure [Line Items] | ' | ' | ' | ' |
Expense related to the qualified plan | $14 | $13 | $43 | $40 |
Other Pension Plans, Postretirement or Supplemental Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Retirement Benefits Disclosure [Line Items] | ' | ' | ' | ' |
Expense related to non-qualified plan | $7 | $7 | $18 | $19 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Reportable_Segments | ||||
Number of Reportable Segments | ' | ' | 2 | ' |
Net Sales | $2,171 | $2,050 | $6,955 | $6,603 |
Operating Income (Loss) | 211 | 187 | 880 | 785 |
Victoria's Secret [Member] | ' | ' | ' | ' |
Net Sales | 1,328 | 1,280 | 4,453 | 4,327 |
Operating Income (Loss) | 148 | 158 | 679 | 692 |
Bath & Body Works [Member] | ' | ' | ' | ' |
Net Sales | 567 | 538 | 1,727 | 1,652 |
Operating Income (Loss) | 67 | 58 | 241 | 206 |
Other [Member] | ' | ' | ' | ' |
Net Sales | 276 | 232 | 775 | 624 |
Operating Income (Loss) | -4 | -29 | -40 | -113 |
International [Member] | ' | ' | ' | ' |
International sales | $290 | $242 | $826 | $684 |
Supplemental_Guarantor_Financi2
Supplemental Guarantor Financial Information (Narrative) (Details) | 9 Months Ended |
Nov. 02, 2013 | |
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_Financi3
Supplemental Guarantor Financial Information (Consolidated Balance Sheets) (Details) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | Jan. 28, 2012 |
In Millions, unless otherwise specified | ||||
Current Assets: | ' | ' | ' | ' |
Cash and Cash Equivalents | $425 | $773 | $547 | $935 |
Accounts Receivable, Net | 245 | 203 | 225 | ' |
Inventories | 1,643 | 1,004 | 1,446 | ' |
Deferred Income Taxes | 30 | 29 | 50 | ' |
Other | 237 | 196 | 217 | ' |
Total Current Assets | 2,580 | 2,205 | 2,485 | ' |
Property and Equipment, Net | 2,078 | 1,803 | 1,841 | ' |
Goodwill | 1,318 | 1,318 | 1,330 | ' |
Trade Names and Other Intangible Assets, Net | 411 | 412 | 494 | ' |
Net Investments in and Advances to/from Consolidated Affiliates | 0 | 0 | 0 | ' |
Other Assets | 249 | 281 | 277 | ' |
Total Assets | 6,636 | 6,019 | 6,427 | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts Payable | 799 | 541 | 732 | ' |
Accrued Expenses and Other | 702 | 807 | 717 | ' |
Current Portion of Long-term Debt | 216 | 0 | 57 | ' |
Income Taxes | 17 | 190 | 6 | ' |
Total Current Liabilities | 1,734 | 1,538 | 1,512 | ' |
Deferred Income Taxes | 194 | 200 | 174 | ' |
Long-term Debt | 4,762 | 4,477 | 4,478 | ' |
Other Long-term Liabilities | 766 | 818 | 778 | ' |
Total Equity (Deficit) | -820 | -1,014 | -515 | ' |
Total Liabilities and Equity (Deficit) | 6,636 | 6,019 | 6,427 | ' |
L Brands, Inc. | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and Cash Equivalents | 0 | 0 | 0 | 0 |
Accounts Receivable, Net | 1 | 0 | 0 | ' |
Inventories | 0 | ' | 0 | ' |
Deferred Income Taxes | 0 | 0 | 0 | ' |
Other | 2 | 2 | 0 | ' |
Total Current Assets | 3 | 2 | 0 | ' |
Property and Equipment, Net | 0 | 0 | 0 | ' |
Goodwill | 0 | 0 | 0 | ' |
Trade Names and Other Intangible Assets, Net | 0 | 0 | 0 | ' |
Net Investments in and Advances to/from Consolidated Affiliates | 4,006 | 3,348 | 3,898 | ' |
Other Assets | 190 | 188 | 190 | ' |
Total Assets | 4,199 | 3,538 | 4,088 | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts Payable | 0 | 0 | 0 | ' |
Accrued Expenses and Other | 61 | 78 | 77 | ' |
Current Portion of Long-term Debt | 216 | ' | 57 | ' |
Income Taxes | 0 | 1 | 0 | ' |
Total Current Liabilities | 277 | 79 | 134 | ' |
Deferred Income Taxes | -4 | -4 | -5 | ' |
Long-term Debt | 4,762 | 4,477 | 4,478 | ' |
Other Long-term Liabilities | 3 | 4 | 3 | ' |
Total Equity (Deficit) | -839 | -1,018 | -522 | ' |
Total Liabilities and Equity (Deficit) | 4,199 | 3,538 | 4,088 | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and Cash Equivalents | 282 | 417 | 226 | 371 |
Accounts Receivable, Net | 165 | 140 | 142 | ' |
Inventories | 1,379 | 847 | 1,231 | ' |
Deferred Income Taxes | 40 | 39 | 34 | ' |
Other | 147 | 117 | 158 | ' |
Total Current Assets | 2,013 | 1,560 | 1,791 | ' |
Property and Equipment, Net | 1,220 | 1,001 | 1,036 | ' |
Goodwill | 1,318 | 1,318 | 1,318 | ' |
Trade Names and Other Intangible Assets, Net | 411 | 411 | 410 | ' |
Net Investments in and Advances to/from Consolidated Affiliates | 14,393 | 13,968 | 13,889 | ' |
Other Assets | 9 | 8 | 45 | ' |
Total Assets | 19,364 | 18,266 | 18,489 | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts Payable | 466 | 291 | 451 | ' |
Accrued Expenses and Other | 400 | 425 | 396 | ' |
Current Portion of Long-term Debt | 0 | ' | 0 | ' |
Income Taxes | 18 | 134 | 0 | ' |
Total Current Liabilities | 884 | 850 | 847 | ' |
Deferred Income Taxes | -8 | -9 | -3 | ' |
Long-term Debt | 597 | 597 | 597 | ' |
Other Long-term Liabilities | 570 | 625 | 592 | ' |
Total Equity (Deficit) | 17,321 | 16,203 | 16,456 | ' |
Total Liabilities and Equity (Deficit) | 19,364 | 18,266 | 18,489 | ' |
Non- guarantor Subsidiaries | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and Cash Equivalents | 143 | 356 | 321 | 564 |
Accounts Receivable, Net | 79 | 63 | 83 | ' |
Inventories | 265 | 157 | 215 | ' |
Deferred Income Taxes | -10 | -10 | 16 | ' |
Other | 89 | 77 | 59 | ' |
Total Current Assets | 566 | 643 | 694 | ' |
Property and Equipment, Net | 858 | 802 | 805 | ' |
Goodwill | 0 | 0 | 12 | ' |
Trade Names and Other Intangible Assets, Net | 0 | 1 | 84 | ' |
Net Investments in and Advances to/from Consolidated Affiliates | 677 | 624 | 913 | ' |
Other Assets | 661 | 696 | 690 | ' |
Total Assets | 2,762 | 2,766 | 3,198 | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts Payable | 333 | 250 | 281 | ' |
Accrued Expenses and Other | 241 | 304 | 244 | ' |
Current Portion of Long-term Debt | 0 | ' | 0 | ' |
Income Taxes | -1 | 55 | 6 | ' |
Total Current Liabilities | 573 | 609 | 531 | ' |
Deferred Income Taxes | 206 | 213 | 182 | ' |
Long-term Debt | 0 | 0 | 37 | ' |
Other Long-term Liabilities | 207 | 204 | 197 | ' |
Total Equity (Deficit) | 1,776 | 1,740 | 2,251 | ' |
Total Liabilities and Equity (Deficit) | 2,762 | 2,766 | 3,198 | ' |
Eliminations | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and Cash Equivalents | 0 | 0 | 0 | 0 |
Accounts Receivable, Net | 0 | 0 | 0 | ' |
Inventories | -1 | 0 | 0 | ' |
Deferred Income Taxes | 0 | 0 | 0 | ' |
Other | -1 | 0 | 0 | ' |
Total Current Assets | -2 | 0 | 0 | ' |
Property and Equipment, Net | 0 | 0 | 0 | ' |
Goodwill | 0 | 0 | 0 | ' |
Trade Names and Other Intangible Assets, Net | 0 | 0 | 0 | ' |
Net Investments in and Advances to/from Consolidated Affiliates | -19,076 | -17,940 | -18,700 | ' |
Other Assets | -611 | -611 | -648 | ' |
Total Assets | -19,689 | -18,551 | -19,348 | ' |
Current Liabilities: | ' | ' | ' | ' |
Accounts Payable | 0 | 0 | 0 | ' |
Accrued Expenses and Other | 0 | 0 | 0 | ' |
Current Portion of Long-term Debt | 0 | ' | 0 | ' |
Income Taxes | 0 | 0 | 0 | ' |
Total Current Liabilities | 0 | 0 | 0 | ' |
Deferred Income Taxes | 0 | 0 | 0 | ' |
Long-term Debt | -597 | -597 | -634 | ' |
Other Long-term Liabilities | -14 | -15 | -14 | ' |
Total Equity (Deficit) | -19,078 | -17,939 | -18,700 | ' |
Total Liabilities and Equity (Deficit) | ($19,689) | ($18,551) | ($19,348) | ' |
Supplemental_Guarantor_Financi4
Supplemental Guarantor Financial Information (Consolidated Statements Of Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Net Sales | $2,171 | $2,050 | $6,955 | $6,603 |
Costs of Goods Sold, Buying and Occupancy | -1,314 | -1,225 | -4,168 | -3,934 |
Gross Profit | 857 | 825 | 2,787 | 2,669 |
General, Administrative and Store Operating Expenses | -646 | -638 | -1,907 | -1,884 |
Operating Income (Loss) | 211 | 187 | 880 | 785 |
Interest Expense | -76 | -77 | -232 | -234 |
Other Income | 7 | 18 | 11 | 19 |
Income (Loss) Before Income Taxes | 142 | 128 | 659 | 570 |
Provision for Income Taxes | 50 | 54 | 246 | 228 |
Equity in Earnings (Loss) | 0 | 0 | 0 | 0 |
Net Income (Loss) | 92 | 74 | 413 | 342 |
Reclassification of Cash Flow Hedges to Earnings | -2 | 4 | -21 | 5 |
Foreign Currency Translation | 5 | 0 | 17 | 1 |
Unrealized Gain (Loss) on Cash Flow Hedges | 3 | -6 | 19 | 1 |
Total Other Comprehensive Income (Loss), Net of Tax | 6 | -2 | 15 | 7 |
Total Comprehensive Income | 98 | 72 | 428 | 349 |
L Brands, Inc. | ' | ' | ' | ' |
Net Sales | 0 | 0 | 0 | 0 |
Costs of Goods Sold, Buying and Occupancy | 0 | 0 | 0 | 0 |
Gross Profit | 0 | 0 | 0 | 0 |
General, Administrative and Store Operating Expenses | -1 | -1 | -4 | -4 |
Operating Income (Loss) | -1 | -1 | -4 | -4 |
Interest Expense | -76 | -77 | -232 | -234 |
Other Income | 0 | 0 | 0 | 0 |
Income (Loss) Before Income Taxes | -77 | -78 | -236 | -238 |
Provision for Income Taxes | 0 | 0 | 0 | 0 |
Equity in Earnings (Loss) | 169 | 152 | 649 | 580 |
Net Income (Loss) | 92 | 74 | 413 | 342 |
Reclassification of Cash Flow Hedges to Earnings | 0 | 0 | 0 | 2 |
Foreign Currency Translation | 0 | 0 | 0 | 0 |
Unrealized Gain (Loss) on Cash Flow Hedges | 0 | 0 | 0 | 0 |
Total Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 | 2 |
Total Comprehensive Income | 92 | 74 | 413 | 344 |
Guarantor Subsidiaries | ' | ' | ' | ' |
Net Sales | 2,026 | 1,872 | 6,385 | 6,056 |
Costs of Goods Sold, Buying and Occupancy | -1,319 | -1,135 | -3,980 | -3,639 |
Gross Profit | 707 | 737 | 2,405 | 2,417 |
General, Administrative and Store Operating Expenses | -569 | -572 | -1,682 | -1,672 |
Operating Income (Loss) | 138 | 165 | 723 | 745 |
Interest Expense | -7 | -4 | -19 | -14 |
Other Income | 0 | 0 | 0 | -1 |
Income (Loss) Before Income Taxes | 131 | 161 | 704 | 730 |
Provision for Income Taxes | 27 | 28 | 130 | 140 |
Equity in Earnings (Loss) | -23 | -39 | 297 | -67 |
Net Income (Loss) | 81 | 94 | 871 | 523 |
Reclassification of Cash Flow Hedges to Earnings | 0 | 0 | 0 | 0 |
Foreign Currency Translation | 0 | 0 | 0 | 0 |
Unrealized Gain (Loss) on Cash Flow Hedges | 0 | 0 | 0 | 0 |
Total Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 | 0 |
Total Comprehensive Income | 81 | 94 | 871 | 523 |
Non- guarantor Subsidiaries | ' | ' | ' | ' |
Net Sales | 845 | 690 | 2,386 | 1,997 |
Costs of Goods Sold, Buying and Occupancy | -664 | -573 | -1,923 | -1,681 |
Gross Profit | 181 | 117 | 463 | 316 |
General, Administrative and Store Operating Expenses | -106 | -94 | -304 | -273 |
Operating Income (Loss) | 75 | 23 | 159 | 43 |
Interest Expense | -2 | -2 | -8 | -7 |
Other Income | 7 | 18 | 11 | 20 |
Income (Loss) Before Income Taxes | 80 | 39 | 162 | 56 |
Provision for Income Taxes | 23 | 26 | 116 | 88 |
Equity in Earnings (Loss) | -88 | 109 | 225 | 171 |
Net Income (Loss) | -31 | 122 | 271 | 139 |
Reclassification of Cash Flow Hedges to Earnings | -2 | 4 | -21 | 3 |
Foreign Currency Translation | 5 | 0 | 17 | 1 |
Unrealized Gain (Loss) on Cash Flow Hedges | 3 | -6 | 19 | 1 |
Total Other Comprehensive Income (Loss), Net of Tax | 6 | -2 | 15 | 5 |
Total Comprehensive Income | -25 | 120 | 286 | 144 |
Eliminations | ' | ' | ' | ' |
Net Sales | -700 | -512 | -1,816 | -1,450 |
Costs of Goods Sold, Buying and Occupancy | 669 | 483 | 1,735 | 1,386 |
Gross Profit | -31 | -29 | -81 | -64 |
General, Administrative and Store Operating Expenses | 30 | 29 | 83 | 65 |
Operating Income (Loss) | -1 | 0 | 2 | 1 |
Interest Expense | 9 | 6 | 27 | 21 |
Other Income | 0 | 0 | 0 | 0 |
Income (Loss) Before Income Taxes | 8 | 6 | 29 | 22 |
Provision for Income Taxes | 0 | 0 | 0 | 0 |
Equity in Earnings (Loss) | -58 | -222 | -1,171 | -684 |
Net Income (Loss) | -50 | -216 | -1,142 | -662 |
Reclassification of Cash Flow Hedges to Earnings | 0 | 0 | 0 | 0 |
Foreign Currency Translation | 0 | 0 | 0 | 0 |
Unrealized Gain (Loss) on Cash Flow Hedges | 0 | 0 | 0 | 0 |
Total Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 | 0 |
Total Comprehensive Income | ($50) | ($216) | ($1,142) | ($662) |
Supplemental_Guarantor_Financi5
Supplemental Guarantor Financial Information (Consolidated Statements Of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 |
Net Cash Provided by (Used for) Operating Activities | ($31) | $75 |
Investing Activities: | ' | ' |
Capital Expenditures | -598 | -491 |
Other Investing Activities | 3 | 20 |
Net Cash Provided by (Used for) Investing Activities | -549 | -471 |
Financing Activities: | ' | ' |
Proceeds from Long-term Debt, Net of Issuance Costs | 495 | 985 |
Borrowings from Revolving Facility | 290 | 0 |
Repayments on Revolving Facility | -290 | 0 |
Repurchase of Common Stock | -55 | -616 |
Dividends Paid | -261 | -507 |
Excess Tax Benefits from Share-based Compensation | 31 | 103 |
Net Financing Activities and Advances to/from Consolidated Affiliates | 0 | 0 |
Proceeds from Exercise of Stock Options and Other | 22 | 42 |
Net Cash Provided by (Used for) Financing Activities | 232 | 7 |
Effects of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 1 |
Net Increase (Decrease) in Cash and Cash Equivalents | -348 | -388 |
Cash and Cash Equivalents, Beginning of Period | 773 | 935 |
Cash and Cash Equivalents, End of Period | 425 | 547 |
L Brands, Inc. | ' | ' |
Net Cash Provided by (Used for) Operating Activities | -253 | -282 |
Investing Activities: | ' | ' |
Capital Expenditures | 0 | 0 |
Other Investing Activities | 0 | 0 |
Net Cash Provided by (Used for) Investing Activities | 0 | 0 |
Financing Activities: | ' | ' |
Proceeds from Long-term Debt, Net of Issuance Costs | 495 | 985 |
Borrowings from Revolving Facility | 290 | ' |
Repayments on Revolving Facility | -290 | ' |
Repurchase of Common Stock | -55 | -616 |
Dividends Paid | -261 | -507 |
Excess Tax Benefits from Share-based Compensation | 0 | 0 |
Net Financing Activities and Advances to/from Consolidated Affiliates | 52 | 378 |
Proceeds from Exercise of Stock Options and Other | 22 | 42 |
Net Cash Provided by (Used for) Financing Activities | 253 | 282 |
Effects of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 |
Net Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 |
Cash and Cash Equivalents, Beginning of Period | 0 | 0 |
Cash and Cash Equivalents, End of Period | 0 | 0 |
Guarantor Subsidiaries | ' | ' |
Net Cash Provided by (Used for) Operating Activities | 164 | 206 |
Investing Activities: | ' | ' |
Capital Expenditures | -417 | -311 |
Other Investing Activities | 0 | 17 |
Net Cash Provided by (Used for) Investing Activities | -417 | -294 |
Financing Activities: | ' | ' |
Proceeds from Long-term Debt, Net of Issuance Costs | 0 | 0 |
Borrowings from Revolving Facility | 0 | ' |
Repayments on Revolving Facility | 0 | ' |
Repurchase of Common Stock | 0 | 0 |
Dividends Paid | 0 | 0 |
Excess Tax Benefits from Share-based Compensation | 25 | 83 |
Net Financing Activities and Advances to/from Consolidated Affiliates | 93 | -140 |
Proceeds from Exercise of Stock Options and Other | 0 | 0 |
Net Cash Provided by (Used for) Financing Activities | 118 | -57 |
Effects of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 |
Net Increase (Decrease) in Cash and Cash Equivalents | -135 | -145 |
Cash and Cash Equivalents, Beginning of Period | 417 | 371 |
Cash and Cash Equivalents, End of Period | 282 | 226 |
Non- guarantor Subsidiaries | ' | ' |
Net Cash Provided by (Used for) Operating Activities | 58 | 151 |
Investing Activities: | ' | ' |
Capital Expenditures | -181 | -180 |
Other Investing Activities | 3 | 3 |
Net Cash Provided by (Used for) Investing Activities | -132 | -177 |
Financing Activities: | ' | ' |
Proceeds from Long-term Debt, Net of Issuance Costs | 0 | 0 |
Borrowings from Revolving Facility | 0 | ' |
Repayments on Revolving Facility | 0 | ' |
Repurchase of Common Stock | 0 | 0 |
Dividends Paid | 0 | 0 |
Excess Tax Benefits from Share-based Compensation | 6 | 20 |
Net Financing Activities and Advances to/from Consolidated Affiliates | -145 | -238 |
Proceeds from Exercise of Stock Options and Other | 0 | 0 |
Net Cash Provided by (Used for) Financing Activities | -139 | -218 |
Effects of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 1 |
Net Increase (Decrease) in Cash and Cash Equivalents | -213 | -243 |
Cash and Cash Equivalents, Beginning of Period | 356 | 564 |
Cash and Cash Equivalents, End of Period | 143 | 321 |
Eliminations | ' | ' |
Net Cash Provided by (Used for) Operating Activities | 0 | 0 |
Investing Activities: | ' | ' |
Capital Expenditures | 0 | 0 |
Other Investing Activities | 0 | 0 |
Net Cash Provided by (Used for) Investing Activities | 0 | 0 |
Financing Activities: | ' | ' |
Proceeds from Long-term Debt, Net of Issuance Costs | 0 | 0 |
Borrowings from Revolving Facility | 0 | ' |
Repayments on Revolving Facility | 0 | ' |
Repurchase of Common Stock | 0 | 0 |
Dividends Paid | 0 | 0 |
Excess Tax Benefits from Share-based Compensation | 0 | 0 |
Net Financing Activities and Advances to/from Consolidated Affiliates | 0 | 0 |
Proceeds from Exercise of Stock Options and Other | 0 | 0 |
Net Cash Provided by (Used for) Financing Activities | 0 | 0 |
Effects of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 |
Net Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 |
Cash and Cash Equivalents, Beginning of Period | 0 | 0 |
Cash and Cash Equivalents, End of Period | 0 | 0 |
Third Party Sourcing Business [Member] | ' | ' |
Investing Activities: | ' | ' |
Return of Capital from Equity Method Investment | 46 | 0 |
Third Party Sourcing Business [Member] | L Brands, Inc. | ' | ' |
Investing Activities: | ' | ' |
Return of Capital from Equity Method Investment | 0 | ' |
Third Party Sourcing Business [Member] | Guarantor Subsidiaries | ' | ' |
Investing Activities: | ' | ' |
Return of Capital from Equity Method Investment | 0 | ' |
Third Party Sourcing Business [Member] | Non- guarantor Subsidiaries | ' | ' |
Investing Activities: | ' | ' |
Return of Capital from Equity Method Investment | 46 | ' |
Third Party Sourcing Business [Member] | Eliminations | ' | ' |
Investing Activities: | ' | ' |
Return of Capital from Equity Method Investment | $0 | ' |