Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Oct. 28, 2023 | Nov. 25, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000850209 | |
Entity Registrant Name | Foot Locker, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-28 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 28, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-10299 | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 13-3513936 | |
Entity Address, Address Line One | 330 West 34th Street | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10001 | |
City Area Code | 212 | |
Local Phone Number | 720-3700 | |
Title of 12(b) Security | Common Stock, par value $0.01 | |
Trading Symbol | FL | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 94,161,807 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | Oct. 28, 2023 | Jan. 28, 2023 | Oct. 29, 2022 | |
Current assets: | ||||
Cash and cash equivalents | $ 187 | $ 536 | [1] | $ 351 |
Merchandise inventories | 1,862 | 1,643 | [1] | 1,685 |
Other current assets | 325 | 342 | [1] | 302 |
Assets, Current | 2,374 | 2,521 | [1] | 2,338 |
Property and equipment, net | 884 | 920 | [1] | 897 |
Operating lease right-of-use assets | 2,182 | 2,443 | [1] | 2,449 |
Deferred taxes | 91 | 90 | [1] | 65 |
Goodwill | 763 | 785 | [1] | 764 |
Other intangible assets, net | 407 | 426 | [1] | 424 |
Minority investments | 630 | 630 | [1] | 722 |
Other assets | 89 | 92 | [1] | 103 |
Assets | 7,420 | 7,907 | [1] | 7,762 |
Current liabilities: | ||||
Accounts payable | 593 | 492 | [1] | 522 |
Accrued and other liabilities | 369 | 568 | [1] | 455 |
Current portion of debt and obligations under finance leases | 6 | 6 | [1] | 6 |
Current portion of lease obligations | 491 | 544 | [1] | 539 |
Liabilities, Current | 1,459 | 1,610 | [1] | 1,522 |
Long-term debt and obligations under finance leases | 443 | 446 | [1] | 448 |
Long-term lease obligations | 1,994 | 2,230 | [1] | 2,212 |
Other liabilities | 319 | 328 | [1] | 321 |
Total liabilities | 4,215 | 4,614 | [1] | 4,503 |
Commitments and contingencies | ||||
Shareholders’ equity: | ||||
Common stock and paid-in capital: 94,265,769; 99,338,704; and 93,396,901 shares issued, respectively | 772 | 760 | [1] | 798 |
Retained earnings | 2,871 | 2,925 | [1] | 3,110 |
Accumulated other comprehensive loss | (434) | (392) | [1] | (443) |
Less: Treasury stock at cost: 103,962; 6,018,983; and 1,489 shares, respectively | (4) | 0 | [1] | (213) |
Noncontrolling interest | 0 | 0 | [1] | 7 |
Total shareholders' equity | 3,205 | 3,293 | [1] | 3,259 |
Liabilities and Equity | $ 7,420 | $ 7,907 | [1] | $ 7,762 |
[1]The balance sheet at January 28, 2023 has been derived from the previously reported audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Foot Locker, Inc.’s Annual Report on Form 10-K for the year ended January 28, 2023 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - shares | Oct. 28, 2023 | Jan. 28, 2023 | [1] | Oct. 29, 2022 |
Common stock, shares, issued (in shares) | 94,265,769 | 93,396,901 | 99,338,704 | |
Treasury stock, shares (in shares) | 103,962 | 1,489 | 6,018,197 | |
[1]The balance sheet at January 28, 2023 has been derived from the previously reported audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Foot Locker, Inc.’s Annual Report on Form 10-K for the year ended January 28, 2023 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | ||
Total revenue | $ 1,989 | $ 2,176 | $ 5,784 | $ 6,422 | |
Cost of sales | 1,443 | 1,477 | 4,149 | 4,323 | |
Selling, general and administrative expenses | 446 | 467 | 1,319 | 1,382 | |
Depreciation and amortization | 47 | 52 | 148 | 157 | |
Impairment and other | [1] | 6 | 20 | 59 | 38 |
Income from operations | 47 | 160 | 109 | 522 | |
Interest expense, net | (2) | (3) | (7) | (13) | |
Other income / (expense), net | [2] | 2 | (14) | (1) | (33) |
Income before income taxes | 47 | 143 | 101 | 476 | |
Income tax expense | 19 | 47 | 42 | 154 | |
Net income | 28 | 96 | 59 | 322 | |
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | 1 | |
Net income attributable to Foot Locker, Inc. | $ 28 | $ 96 | $ 59 | $ 323 | |
Basic earnings per share (in dollars per share) | $ 0.3 | $ 1.02 | $ 0.63 | $ 3.41 | |
Weighted-average shares outstanding (in shares) | 94.3 | 93.4 | 94.1 | 94.6 | |
Diluted earnings per share (in dollars per share) | $ 0.3 | $ 1.01 | $ 0.63 | $ 3.38 | |
Weighted-average shares outstanding, assuming dilution (in shares) | 94.7 | 94.7 | 94.9 | 95.7 | |
Sales Revenue [Member] | |||||
Total revenue | $ 1,986 | $ 2,173 | $ 5,774 | $ 6,413 | |
License [Member] | |||||
Total revenue | $ 3 | $ 3 | $ 10 | $ 9 | |
[1]See Note 4, Impairment and Other Charges for further detail.[2]See Note 5, Other Income / (Expense), net. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income / (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Net income attributable to Foot Locker, Inc. | $ 28 | $ 96 | $ 59 | $ 323 |
Foreign currency translation adjustment: | ||||
Translation adjustment arising during the period, net of income tax benefit of $(1), $-, $(1), and $(1), respectively | (41) | (29) | (48) | (104) |
Hedges contracts: | ||||
Change in fair value of derivatives, net of income tax expense / (benefit) of $1, $(1), $-, and $(1), respectively | 2 | (1) | 0 | (3) |
Pension and postretirement adjustments: | ||||
Amortization of net actuarial gain/loss and prior service cost included in net periodic benefit costs, net of income tax expense of $1, $1, $2, and $2, respectively | 2 | 3 | 6 | 7 |
Comprehensive income / (loss) | $ (9) | $ 69 | $ 17 | $ 223 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income / (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Net income tax benefit on translation adjustment | $ (1,000) | $ 0 | $ (1,000) | $ (1,000) |
Change in fair value of derivatives, tax adjustments | 1,000 | (1,000) | 0 | (1,000) |
Amortization of net actuarial gain/loss, tax adjustments | $ 1,000 | $ 1,000 | $ 2,000 | $ 2,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Millions | Common Stock Including Additional Paid in Capital [Member] | Treasury Stock, Common [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total | |
Balance (in shares) at Jan. 29, 2022 | 99,071 | (2,050) | |||||
Balance at Jan. 29, 2022 | $ 770 | $ (88) | $ 2,900 | $ (343) | $ 4 | $ 3,243 | |
Restricted stock issued (in shares) | 113 | ||||||
Restricted stock issued | 0 | ||||||
Share-based compensation expense | $ 25 | 25 | |||||
Shares of common stock used to satisfy tax withholding obligations (in shares) | (39) | ||||||
Shares of common stock used to satisfy tax withholding obligations | $ (1) | (1) | |||||
Net income | 323 | (1) | 322 | ||||
Cash dividends on common stock | (113) | (113) | |||||
Translation adjustment, net of tax | (104) | (104) | |||||
Change in cash flow hedges, net of tax | (3) | (3) | |||||
Pension and postretirement adjustments, net of tax | 7 | 7 | |||||
Issued under director and stock plans (in shares) | 155 | ||||||
Issued under director and stock plans | $ 5 | 5 | |||||
Reissued for Employee Stock Purchase Plan | $ (2) | $ 5 | 3 | ||||
Reissued for Employee Stock Purchase Plan (in shares) | 120 | ||||||
Share repurchases (in shares) | (4,050) | ||||||
Share repurchases | $ (129) | (129) | |||||
Noncontrolling interest capital contribution | 4 | 4 | |||||
Balance (in shares) at Oct. 29, 2022 | 99,339 | (6,019) | |||||
Balance at Oct. 29, 2022 | $ 798 | $ (213) | 3,110 | (443) | 7 | 3,259 | |
Balance (in shares) at Jul. 30, 2022 | 99,319 | (6,018) | |||||
Balance at Jul. 30, 2022 | $ 788 | $ (213) | 3,051 | (416) | 7 | 3,217 | |
Restricted stock issued (in shares) | 2 | ||||||
Restricted stock issued | $ 0 | 0 | |||||
Share-based compensation expense | $ 9 | 9 | |||||
Shares of common stock used to satisfy tax withholding obligations (in shares) | (1) | ||||||
Shares of common stock used to satisfy tax withholding obligations | $ 0 | 0 | |||||
Net income | 96 | 96 | |||||
Cash dividends on common stock | (37) | (37) | |||||
Translation adjustment, net of tax | (29) | (29) | |||||
Change in cash flow hedges, net of tax | (1) | (1) | |||||
Pension and postretirement adjustments, net of tax | 3 | 3 | |||||
Issued under director and stock plans (in shares) | 18 | ||||||
Issued under director and stock plans | $ 1 | 1 | |||||
Balance (in shares) at Oct. 29, 2022 | 99,339 | (6,019) | |||||
Balance at Oct. 29, 2022 | $ 798 | $ (213) | 3,110 | (443) | 7 | 3,259 | |
Balance (in shares) at Jan. 28, 2023 | 93,397 | (1) | |||||
Balance at Jan. 28, 2023 | $ 760 | $ 0 | 2,925 | (392) | 0 | 3,293 | [1] |
Restricted stock issued (in shares) | 666 | ||||||
Restricted stock issued | 0 | ||||||
Share-based compensation expense | $ 9 | 9 | |||||
Shares of common stock used to satisfy tax withholding obligations (in shares) | (270) | ||||||
Shares of common stock used to satisfy tax withholding obligations | $ (10) | (10) | |||||
Net income | 59 | 59 | |||||
Cash dividends on common stock | (113) | (113) | |||||
Translation adjustment, net of tax | (48) | (48) | |||||
Change in cash flow hedges, net of tax | 0 | 0 | |||||
Pension and postretirement adjustments, net of tax | 6 | 6 | |||||
Issued under director and stock plans (in shares) | 203 | ||||||
Issued under director and stock plans | $ 6 | 6 | |||||
Reissued for Employee Stock Purchase Plan | $ (3) | $ 6 | 3 | ||||
Reissued for Employee Stock Purchase Plan (in shares) | 167 | ||||||
Balance (in shares) at Oct. 28, 2023 | 94,266 | (104) | |||||
Balance at Oct. 28, 2023 | $ 772 | $ (4) | 2,871 | (434) | 0 | 3,205 | |
Balance (in shares) at Jul. 29, 2023 | 94,253 | (99) | |||||
Balance at Jul. 29, 2023 | $ 767 | $ (4) | 2,881 | (397) | 0 | 3,247 | |
Restricted stock issued (in shares) | 13 | ||||||
Restricted stock issued | 0 | ||||||
Share-based compensation expense | $ 5 | 5 | |||||
Shares of common stock used to satisfy tax withholding obligations (in shares) | (5) | ||||||
Shares of common stock used to satisfy tax withholding obligations | $ 0 | 0 | |||||
Net income | 28 | 28 | |||||
Cash dividends on common stock | (38) | (38) | |||||
Translation adjustment, net of tax | (41) | (41) | |||||
Change in cash flow hedges, net of tax | 2 | 2 | |||||
Pension and postretirement adjustments, net of tax | 2 | 2 | |||||
Balance (in shares) at Oct. 28, 2023 | 94,266 | (104) | |||||
Balance at Oct. 28, 2023 | $ 772 | $ (4) | $ 2,871 | $ (434) | $ 0 | $ 3,205 | |
[1]The balance sheet at January 28, 2023 has been derived from the previously reported audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Foot Locker, Inc.’s Annual Report on Form 10-K for the year ended January 28, 2023 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Oct. 28, 2023 | Oct. 29, 2022 | |
Common stock, dividends, per share, declared (in dollars per share) | $ 0.4 | $ 0.4 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 28, 2023 | Oct. 29, 2022 | |
From operating activities: | ||
Net income | $ 59,000 | $ 322,000 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Non-cash impairment and other | 20,000 | 5,000 |
Fair value adjustments to minority investments | 0 | 52,000 |
Depreciation and amortization | 148,000 | 157,000 |
Deferred income taxes | (5,000) | 14,000 |
Share-based compensation expense | 9,000 | 25,000 |
Gain on sales of businesses | (4,000) | (19,000) |
Gain on sale of property | (3,000) | 0 |
Change in assets and liabilities: | ||
Merchandise inventories | (249,000) | (466,000) |
Accounts payable | 110,000 | (58,000) |
Accrued and other liabilities | (131,000) | (46,000) |
Other, net | (52,000) | (18,000) |
Net cash used in operating activities | (98,000) | (32,000) |
From investing activities: | ||
Capital expenditures | (165,000) | (218,000) |
Purchase of business, net of cash acquired | 0 | (18,000) |
Minority investments | (2,000) | (5,000) |
Proceeds from sales of businesses | 16,000 | 47,000 |
Proceeds from minority investments | 0 | 12,000 |
Proceeds from sale of property | 6,000 | 0 |
Net cash used in investing activities | (145,000) | (182,000) |
From financing activities: | ||
Dividends paid on common stock | (113,000) | (113,000) |
Purchase of treasury shares | 0 | (129,000) |
Payment of obligations under finance leases | (5,000) | (5,000) |
Shares of common stock repurchased to satisfy tax withholding obligations | (10,000) | (1,000) |
Treasury stock reissued under employee stock plan | 3,000 | 3,000 |
Proceeds from exercise of stock options | 5,000 | 4,000 |
Contribution from non-controlling interest | 0 | 4,000 |
Net cash used in financing activities | (120,000) | (237,000) |
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash | 4,000 | (6,000) |
Net change in cash, cash equivalents, and restricted cash | (359,000) | (457,000) |
Cash, cash equivalents, and restricted cash at beginning of year | 582,000 | 850,000 |
Cash, cash equivalents, and restricted cash at end of period | 223,000 | 393,000 |
Supplemental information: | ||
Interest paid | 17,000 | 17,000 |
Income taxes paid | 86,000 | 131,000 |
Cash paid for amounts included in measurement of operating lease liabilities | 509,000 | 527,000 |
Cash paid for amounts included in measurement of finance lease liabilities | 6,000 | 7,000 |
Right-of-use assets obtained in exchange for operating lease obligations | 175,000 | 363,000 |
Assets obtained in exchange for finance lease obligations | $ 1,000 | $ 1,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 28, 2023 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. Business Foot Locker, Inc., together with its consolidated subsidiaries (“Foot Locker,” “Company,” “we,” “our,” and “us”), is a leading footwear and apparel retailer. We have integrated all available shopping channels, including stores, websites, apps, and social channels. Store sales are primarily fulfilled from the store’s inventory, but may not may one Basis of Presentation The accompanying interim Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not not October 28, 2023 not may 2023 53 February 3, 2024 The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Notes to Consolidated Financial Statements contained in our 2022 10 2023, There were no 1, Summary of Significant Accounting Policies 2022 10 Recent Accounting Pronouncements In November 2023, 2023 07, Improvements to Reportable Segment Disclosures 2023 07 December 15, 2023, December 15, 2024. 2024 10 not Other recently issued accounting pronouncements did not, not |
Note 2 - Revenue
Note 2 - Revenue | 9 Months Ended |
Oct. 28, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. The table below presents sales disaggregated by sales channel, as well as licensing revenue earned from our various franchised arrangements. Sales are attributable to the channel in which the sales transaction is initiated. Thirteen weeks ended Thirty-nine weeks ended October 28, October 29, October 28, October 29, ($ in millions) 2023 2022 2023 2022 Sales by Channel Stores $ 1,649 $ 1,818 $ 4,834 $ 5,310 Direct-to-customers 337 355 940 1,103 Total sales 1,986 2,173 5,774 6,413 Licensing revenue 3 3 10 9 Total revenue $ 1,989 $ 2,176 $ 5,784 $ 6,422 Revenue is attributed to the country in which the transaction is fulfilled, and revenue by geographic area is presented in the following table. Thirteen weeks ended Thirty-nine weeks ended October 28, October 29, October 28, October 29, ($ in millions) 2023 2022 2023 2022 Revenue by Geography United States $ 1,343 $ 1,503 $ 3,807 $ 4,433 International 646 673 1,977 1,989 Total revenue $ 1,989 $ 2,176 $ 5,784 $ 6,422 Sales by banner and operating segment are presented in the following table. Thirteen weeks ended Thirty-nine weeks ended October 28, October 29, October 28, October 29, ($ in millions) 2023 2022 2023 2022 Foot Locker $ 796 $ 852 $ 2,244 $ 2,411 Champs Sports 311 406 932 1,266 Kids Foot Locker 189 181 502 516 WSS 163 162 458 438 Other (1) 1 21 1 111 North America 1,460 1,622 4,137 4,742 Foot Locker (2) 407 392 1,202 1,173 Sidestep — 20 26 69 EMEA 407 412 1,228 1,242 Foot Locker 81 99 281 292 atmos 38 40 128 137 Asia Pacific 119 139 409 429 Total sales $ 1,986 $ 2,173 $ 5,774 $ 6,413 ( 1 Other includes sales from banners that we no ( 2 Includes sales from 14 16 October 28, 2023 October 29, 2022 2. Contract Liabilities We sell gift cards which do not October 28, October 29, ($ in millions) 2023 2022 Gift card liability at beginning of year $ 36 $ 46 Redemptions (225 ) (187 ) Breakage recognized in sales (10 ) (12 ) Activations 215 178 Foreign currency fluctuations (1 ) — Gift card liability $ 15 $ 25 We elected not 12 not |
Note 3 - Segment Information
Note 3 - Segment Information | 9 Months Ended |
Oct. 28, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 3. Foot Locker, Inc. operates one Thirteen weeks ended Thirty-nine weeks ended October 28, October 29, October 28, October 29, ($ in millions) 2023 2022 2023 2022 Division profit $ 67 $ 219 $ 192 $ 669 Less: Impairment and other (1) 6 20 59 38 Less: Corporate expense (2) 14 39 24 109 Income from operations 47 160 109 522 Interest expense, net (2 ) (3 ) (7 ) (13 ) Other income / (expense), net (3) 2 (14 ) (1 ) (33 ) Income before income taxes $ 47 $ 143 $ 101 $ 476 ( 1 See Note 4, Impairment and Other Charges ( 2 Corporate expense consists of unallocated selling, general and administrative expenses, as well as depreciation and amortization related to our corporate headquarters, centrally managed departments, unallocated insurance and benefit programs, certain foreign exchange transaction gains and losses, and other items. ( 3 See Note 5, Other Income / (Expense), net |
Note 4 - Impairment and Other
Note 4 - Impairment and Other | 9 Months Ended |
Oct. 28, 2023 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 4. Thirteen weeks ended Thirty-nine weeks ended October 28, October 29, October 28, October 29, ($ in millions) 2023 2022 2023 2022 Transformation consulting $ 1 $ 17 $ 27 $ 27 Impairment of long-lived assets and right-of-use assets (2 ) — 19 5 Reorganization costs 7 2 12 2 Acquisition and integration costs — 1 — 4 Other — — 1 — Total impairment and other $ 6 $ 20 $ 59 $ 38 For the thirteen thirty-nine October 28, 2023 thirteen October 28, 2023 thirty-nine October 28, 2023 |
Note 5 - Other Income (Expense)
Note 5 - Other Income (Expense), Net | 9 Months Ended |
Oct. 28, 2023 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 5. Thirteen weeks ended Thirty-nine weeks ended October 28, October 29, October 28, October 29, ($ in millions) 2023 2022 2023 2022 Pension and postretirement net benefit expense, excluding service cost $ (2 ) $ — $ (6 ) $ — Foot Locker Singapore and Malaysia divestiture 2 — 4 — Gain on sale of property 3 — 3 — Share of earnings / (losses) related to minority investments — — (1 ) 1 Team Sales divestiture — 1 — 19 Minority investment in Retailors, Ltd. — (15 ) — (52 ) Other (1 ) — (1 ) (1 ) Total other income / (expense), net $ 2 $ (14 ) $ (1 ) $ (33 ) Effective July 1, 2023, thirty-nine October 28, 2023 thirteen October 28, 2023 |
Note 6 - Cash, Cash Equivalents
Note 6 - Cash, Cash Equivalents, and Restricted Cash | 9 Months Ended |
Oct. 28, 2023 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 6. The table below provides a reconciliation of cash and cash equivalents, as reported on our Condensed Consolidated Balance Sheets, to cash, cash equivalents, and restricted cash, as reported on our Condensed Consolidated Statements of Cash Flows. October 28, October 29, ($ in millions) 2023 2022 Cash and cash equivalents $ 187 $ 351 Restricted cash included in other current assets 3 14 Restricted cash included in other non-current assets 33 28 Cash, cash equivalents, and restricted cash $ 223 $ 393 Amounts included in restricted cash primarily relate to amounts held in escrow in connection with various leasing arrangements in Europe and deposits held in insurance trusts to satisfy the requirement to collateralize part of the self-insured workers’ compensation and liability claims. |
Note 7 - Accumulated Other Comp
Note 7 - Accumulated Other Comprehensive Loss | 9 Months Ended |
Oct. 28, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 7. Accumulated other comprehensive loss (“AOCL”), net of tax, is comprised of the following: October 28, October 29, January 28, ($ in millions) 2023 2022 2023 Foreign currency translation adjustments $ (196 ) $ (211 ) $ (148 ) Hedge contracts (3 ) (3 ) (3 ) Unrecognized pension cost and postretirement benefit (235 ) (229 ) (241 ) $ (434 ) $ (443 ) $ (392 ) The changes in AOCL for the thirty-nine October 28, 2023 Foreign Items Related Currency to Pension and Translation Hedge Postretirement ($ in millions) Adjustments Contracts Benefits Total Balance as of January 28, 2023 $ (148 ) (3 ) $ (241 ) $ (392 ) OCI before reclassification (48 ) 10 — (38 ) Reclassification of hedges, net of tax — (10 ) — (10 ) Amortization of pension actuarial loss, net of tax — — 6 6 Other comprehensive income / (loss) (48 ) — 6 (42 ) Balance as of October 28, 2023 $ (196 ) $ (3 ) $ (235 ) $ (434 ) Reclassifications from AOCL for the thirty-nine October 28, 2023 ($ in millions) Reclassification of hedge loss: Cross-currency swap $ (11 ) Income tax 1 Reclassification of hedges, net of tax $ (10 ) Amortization of actuarial loss: Pension benefits $ 8 Income tax benefit (2 ) Amortization of actuarial loss, net of tax $ 6 Total, net of tax $ (4 ) |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 9 Months Ended |
Oct. 28, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. Our financial assets and liabilities are recorded at fair value, using a three Assets and Liabilities Measured at Fair Value on a Recurring Basis ($ in millions) As of October 28, 2023 As of October 29, 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Minority investment in common stock $ — $ — $ — $ 93 $ — $ — Available-for-sale security — 6 — — 5 — Foreign exchange forward contracts — 1 — — 2 — Cross-currency swap contract — 6 — — 4 — Total assets $ — $ 13 $ — $ 93 $ 11 $ — Liabilities Contingent consideration $ — $ — $ 4 $ — $ — $ 35 Foreign exchange forward contracts — 1 — — — — Total liabilities $ — $ 1 $ 4 $ — $ — $ 35 There were no 1, 2, 3 Long-Term Debt The fair value of long-term debt is determined by using model-derived valuations in which all significant inputs or significant value drivers are observable in active markets and, therefore, are classified as Level 2. ($ in millions) October 28, 2023 October 29, 2022 Carrying value (1) $ 395 $ 395 Fair value $ 294 $ 308 ( 1 The carrying value of debt as of both October 28, 2023 October 29, 2022 The carrying values of cash and cash equivalents, and other current receivables and payables approximate their fair value. |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 9 Months Ended |
Oct. 28, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. We account for earnings per share (“EPS”) using the treasury stock method. Basic EPS is computed by dividing net income for the period by the weighted-average number of common shares outstanding at the end of the period. Diluted earnings per share reflects the weighted-average number of common shares outstanding during the period used in the basic EPS computation plus dilutive common stock equivalents. The computation of diluted earnings per share does not Thirteen weeks ended Thirty-nine weeks ended October 28, October 29, October 28, October 29, (in millions, except per share data) 2023 2022 2023 2022 Net income attributable to Foot Locker, Inc. $ 28 $ 96 $ 59 $ 323 Weighted-average common shares outstanding 94.3 93.4 94.1 94.6 Dilutive effect of potential common shares 0.4 1.3 0.8 1.1 Weighted-average common shares outstanding assuming dilution 94.7 94.7 94.9 95.7 Earnings / (loss) per share - basic $ 0.30 $ 1.02 $ 0.63 $ 3.41 Earnings / (loss) per share - diluted $ 0.30 $ 1.01 $ 0.63 $ 3.38 Anti-dilutive share-based awards excluded from diluted calculation 3.0 2.8 2.6 2.7 Performance stock units related to our long-term incentive programs of 0.8 million been excluded from diluted weighted-average shares for each of the periods ended October 28, 2023 October 29, 2022 not |
Note 10 - Pension
Note 10 - Pension | 9 Months Ended |
Oct. 28, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 10. The components of net periodic pension benefit expense are presented in the table below. Service cost is recognized as part of SG&A expense, while the other components are recognized as part of Other income / (expense), net. Thirteen weeks ended Thirty-nine weeks ended October 28, October 29, October 28, October 29, ($ in millions) 2023 2022 2023 2022 Service cost $ 2 $ 4 $ 5 $ 11 Interest cost 7 5 20 15 Expected return on plan assets (7 ) (8 ) (22 ) (23 ) Amortization of net loss 2 3 8 8 Net benefit expense $ 4 $ 4 $ 11 $ 11 |
Note 11 - Share-based Compensat
Note 11 - Share-based Compensation | 9 Months Ended |
Oct. 28, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 11. Total compensation expense, included in SG&A, and the associated tax benefits recognized related to our share-based compensation plans, was as follows: Thirteen weeks ended Thirty-nine weeks ended October 28, October 29, October 28, October 29, ($ in millions) 2023 2022 2023 2022 Options and employee stock purchase plan $ 1 $ 1 $ 3 $ 4 Restricted stock units and performance stock units 4 8 6 21 Total share-based compensation expense $ 5 $ 9 $ 9 $ 25 Tax benefit recognized $ — $ — $ 1 $ 2 Valuation Model and Assumptions We use the Black-Scholes option-pricing model to estimate the fair value of options and the stock purchase plan. The Black-Scholes option-pricing model incorporates various and subjective assumptions, including expected term and expected volatility. The table below shows assumptions used to compute share-based compensation expense for awards granted during the thirty-nine October 28, 2023 October 29, 2022 Stock Option Plans Stock Purchase Plan October 28, October 29, October 28, October 29, 2023 2022 2023 2022 Weighted-average risk free rate of interest 3.3 % 1.7 % 3.8 % 0.7 % Expected volatility 46 % 35 % 40 % 40 % Weighted-average expected award life (in years) 5.1 3.8 1.0 1.0 Dividend yield 3.4 % 2.7 % 4.7 % 2.3 % Weighted-average fair value $ 13.53 $ 10.71 $ 6.28 $ 20.51 The table below provides activity under our stock option plans for the thirty-nine October 28, 2023 Weighted- Weighted- Number Average Average of Remaining Exercise Shares Contractual Life Price (in thousands) (in years) (per share) Options outstanding at the beginning of the year 3,256 $ 47.85 Granted 341 37.72 Exercised (188 ) 24.02 Expired or cancelled (603 ) 47.50 Options outstanding at October 28, 2023 2,806 3.5 $ 48.28 Options exercisable at October 28, 2023 2,384 2.5 $ 50.28 Shares available for future grant at October 28, 2023 under the 2007 Stock Incentive Plan (1) 11,342 Shares available for future grant at October 28, 2023 under the employment inducement award plan (2) 409 ( 1 On May 17, 2023, 2007 no ( 2 On August 24, 2022, 2007 not The total fair value of options vested for the thirty-nine October 28, 2023 October 29, 2022 thirteen October 28, 2023 thirty-nine October 28, 2023 not thirteen thirty-nine October 29, 2022 not The total intrinsic value of options exercised (the difference between the market price of our common stock on the exercise date and the price paid by the optionee to exercise the option) is presented below: Thirteen weeks ended Thirty-nine weeks ended October 28, October 29, October 28, October 29, ($ in millions) 2023 2022 2023 2022 Exercised $ — $ — $ 3 $ 1 The aggregate intrinsic value for stock options outstanding, and outstanding and exercisable (the difference between our closing stock price on the last trading day of the period and the exercise price of the options, multiplied by the number of in-the-money stock options) is presented below: October 28, October 29, ($ in millions) 2023 2022 Outstanding $ — $ 7 Outstanding and exercisable $ — $ 5 As of October 28, 2023 The table below summarizes information about stock options outstanding and exercisable at October 28, 2023 Options Outstanding Options Exercisable Weighted- Average Weighted- Weighted- Remaining Average Average Range of Exercise Number Contractual Exercise Number Exercise Prices Outstanding Life Price Exercisable Price (in thousands, except prices per share and contractual life) $21.60 - $30.98 703 4.3 $ 24.70 609 $ 24.01 $36.49 - $46.64 695 5.4 41.77 377 44.27 $53.61 - $58.94 412 2.7 56.61 403 56.68 $62.02 - $72.83 996 1.9 66.05 995 66.05 2,806 3.5 $ 48.28 2,384 $ 50.28 Restricted Stock Units and Performance Stock Units Restricted stock units (“RSU”) are awarded to certain officers, key employees of the Company, and nonemployee directors. Additionally, performance stock units (“PSU”) are awarded to certain officers and key employees in connection with our long-term incentive program. Each RSU and PSU represents the right to receive one 2022 2023 not Generally, RSU awards fully vest after the passage of time, typically three one one RSU and PSU activity for the thirty-nine October 28, 2023 Weighted- Average Weighted- Number Remaining Average of Contractual Grant Date Shares Life Fair Value (in thousands) (in years) (per share) Nonvested at beginning of year 1,992 $ 37.58 Granted 1,195 35.84 Vested (677 ) 34.01 Performance adjustment (1) (757 ) Forfeited (233 ) 39.29 Nonvested at October 28, 2023 1,520 1.5 $ 38.88 Aggregate value ($ in millions) $ 59 ( 1 This represents adjustments made to PSUs reflecting changes in estimates based upon our current performance against predefined financial targets. The total value of RSU and PSU awards that vested during the thirty-nine October 28, 2023 October 29, 2022 October 28, 2023 |
Note 12 - Legal Proceedings
Note 12 - Legal Proceedings | 9 Months Ended |
Oct. 28, 2023 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 12. Legal proceedings pending against the Company or its consolidated subsidiaries consist of ordinary, routine litigation, including administrative proceedings, incidental to the business of the Company or businesses that have been sold or discontinued by the Company in past years. These legal proceedings include commercial, intellectual property, customer, environmental, and employment-related claims. Additionally, the Company is a defendant in a consolidated class action alleging wage/hour and wage statement violations in California. We do not |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 9 Months Ended |
Oct. 28, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. From November 3, 2023 December 5, 2023, no December 5, 2023, may |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Oct. 28, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. During the quarter ended October 28, 2023 no 16a 1 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 28, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations, Policy [Policy Text Block] | Business Foot Locker, Inc., together with its consolidated subsidiaries (“Foot Locker,” “Company,” “we,” “our,” and “us”), is a leading footwear and apparel retailer. We have integrated all available shopping channels, including stores, websites, apps, and social channels. Store sales are primarily fulfilled from the store’s inventory, but may not may one |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying interim Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not not October 28, 2023 not may 2023 53 February 3, 2024 The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Notes to Consolidated Financial Statements contained in our 2022 10 2023, There were no 1, Summary of Significant Accounting Policies 2022 10 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In November 2023, 2023 07, Improvements to Reportable Segment Disclosures 2023 07 December 15, 2023, December 15, 2024. 2024 10 not Other recently issued accounting pronouncements did not, not |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Thirteen weeks ended Thirty-nine weeks ended October 28, October 29, October 28, October 29, ($ in millions) 2023 2022 2023 2022 Sales by Channel Stores $ 1,649 $ 1,818 $ 4,834 $ 5,310 Direct-to-customers 337 355 940 1,103 Total sales 1,986 2,173 5,774 6,413 Licensing revenue 3 3 10 9 Total revenue $ 1,989 $ 2,176 $ 5,784 $ 6,422 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Thirteen weeks ended Thirty-nine weeks ended October 28, October 29, October 28, October 29, ($ in millions) 2023 2022 2023 2022 Revenue by Geography United States $ 1,343 $ 1,503 $ 3,807 $ 4,433 International 646 673 1,977 1,989 Total revenue $ 1,989 $ 2,176 $ 5,784 $ 6,422 |
Reconciliation of Revenue From Banners to Consolidated [Table Text Block] | Thirteen weeks ended Thirty-nine weeks ended October 28, October 29, October 28, October 29, ($ in millions) 2023 2022 2023 2022 Foot Locker $ 796 $ 852 $ 2,244 $ 2,411 Champs Sports 311 406 932 1,266 Kids Foot Locker 189 181 502 516 WSS 163 162 458 438 Other (1) 1 21 1 111 North America 1,460 1,622 4,137 4,742 Foot Locker (2) 407 392 1,202 1,173 Sidestep — 20 26 69 EMEA 407 412 1,228 1,242 Foot Locker 81 99 281 292 atmos 38 40 128 137 Asia Pacific 119 139 409 429 Total sales $ 1,986 $ 2,173 $ 5,774 $ 6,413 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | October 28, October 29, ($ in millions) 2023 2022 Gift card liability at beginning of year $ 36 $ 46 Redemptions (225 ) (187 ) Breakage recognized in sales (10 ) (12 ) Activations 215 178 Foreign currency fluctuations (1 ) — Gift card liability $ 15 $ 25 |
Note 3 - Segment Information (T
Note 3 - Segment Information (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Thirteen weeks ended Thirty-nine weeks ended October 28, October 29, October 28, October 29, ($ in millions) 2023 2022 2023 2022 Division profit $ 67 $ 219 $ 192 $ 669 Less: Impairment and other (1) 6 20 59 38 Less: Corporate expense (2) 14 39 24 109 Income from operations 47 160 109 522 Interest expense, net (2 ) (3 ) (7 ) (13 ) Other income / (expense), net (3) 2 (14 ) (1 ) (33 ) Income before income taxes $ 47 $ 143 $ 101 $ 476 |
Note 4 - Impairment and Other (
Note 4 - Impairment and Other (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Notes Tables | |
Restructuring, Impairment, and Other Activities Disclosure [Table Text Block] | Thirteen weeks ended Thirty-nine weeks ended October 28, October 29, October 28, October 29, ($ in millions) 2023 2022 2023 2022 Transformation consulting $ 1 $ 17 $ 27 $ 27 Impairment of long-lived assets and right-of-use assets (2 ) — 19 5 Reorganization costs 7 2 12 2 Acquisition and integration costs — 1 — 4 Other — — 1 — Total impairment and other $ 6 $ 20 $ 59 $ 38 |
Note 5 - Other Income (Expens_2
Note 5 - Other Income (Expense), Net (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Notes Tables | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Thirteen weeks ended Thirty-nine weeks ended October 28, October 29, October 28, October 29, ($ in millions) 2023 2022 2023 2022 Pension and postretirement net benefit expense, excluding service cost $ (2 ) $ — $ (6 ) $ — Foot Locker Singapore and Malaysia divestiture 2 — 4 — Gain on sale of property 3 — 3 — Share of earnings / (losses) related to minority investments — — (1 ) 1 Team Sales divestiture — 1 — 19 Minority investment in Retailors, Ltd. — (15 ) — (52 ) Other (1 ) — (1 ) (1 ) Total other income / (expense), net $ 2 $ (14 ) $ (1 ) $ (33 ) |
Note 6 - Cash, Cash Equivalen_2
Note 6 - Cash, Cash Equivalents, and Restricted Cash (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | October 28, October 29, ($ in millions) 2023 2022 Cash and cash equivalents $ 187 $ 351 Restricted cash included in other current assets 3 14 Restricted cash included in other non-current assets 33 28 Cash, cash equivalents, and restricted cash $ 223 $ 393 |
Note 7 - Accumulated Other Co_2
Note 7 - Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | October 28, October 29, January 28, ($ in millions) 2023 2022 2023 Foreign currency translation adjustments $ (196 ) $ (211 ) $ (148 ) Hedge contracts (3 ) (3 ) (3 ) Unrecognized pension cost and postretirement benefit (235 ) (229 ) (241 ) $ (434 ) $ (443 ) $ (392 ) |
Comprehensive Income (Loss) [Table Text Block] | Foreign Items Related Currency to Pension and Translation Hedge Postretirement ($ in millions) Adjustments Contracts Benefits Total Balance as of January 28, 2023 $ (148 ) (3 ) $ (241 ) $ (392 ) OCI before reclassification (48 ) 10 — (38 ) Reclassification of hedges, net of tax — (10 ) — (10 ) Amortization of pension actuarial loss, net of tax — — 6 6 Other comprehensive income / (loss) (48 ) — 6 (42 ) Balance as of October 28, 2023 $ (196 ) $ (3 ) $ (235 ) $ (434 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ($ in millions) Reclassification of hedge loss: Cross-currency swap $ (11 ) Income tax 1 Reclassification of hedges, net of tax $ (10 ) Amortization of actuarial loss: Pension benefits $ 8 Income tax benefit (2 ) Amortization of actuarial loss, net of tax $ 6 Total, net of tax $ (4 ) |
Note 8 - Fair Value Measureme_2
Note 8 - Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ($ in millions) As of October 28, 2023 As of October 29, 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Minority investment in common stock $ — $ — $ — $ 93 $ — $ — Available-for-sale security — 6 — — 5 — Foreign exchange forward contracts — 1 — — 2 — Cross-currency swap contract — 6 — — 4 — Total assets $ — $ 13 $ — $ 93 $ 11 $ — Liabilities Contingent consideration $ — $ — $ 4 $ — $ — $ 35 Foreign exchange forward contracts — 1 — — — — Total liabilities $ — $ 1 $ 4 $ — $ — $ 35 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | ($ in millions) October 28, 2023 October 29, 2022 Carrying value (1) $ 395 $ 395 Fair value $ 294 $ 308 |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Thirteen weeks ended Thirty-nine weeks ended October 28, October 29, October 28, October 29, (in millions, except per share data) 2023 2022 2023 2022 Net income attributable to Foot Locker, Inc. $ 28 $ 96 $ 59 $ 323 Weighted-average common shares outstanding 94.3 93.4 94.1 94.6 Dilutive effect of potential common shares 0.4 1.3 0.8 1.1 Weighted-average common shares outstanding assuming dilution 94.7 94.7 94.9 95.7 Earnings / (loss) per share - basic $ 0.30 $ 1.02 $ 0.63 $ 3.41 Earnings / (loss) per share - diluted $ 0.30 $ 1.01 $ 0.63 $ 3.38 Anti-dilutive share-based awards excluded from diluted calculation 3.0 2.8 2.6 2.7 |
Note 10 - Pension (Tables)
Note 10 - Pension (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Thirteen weeks ended Thirty-nine weeks ended October 28, October 29, October 28, October 29, ($ in millions) 2023 2022 2023 2022 Service cost $ 2 $ 4 $ 5 $ 11 Interest cost 7 5 20 15 Expected return on plan assets (7 ) (8 ) (22 ) (23 ) Amortization of net loss 2 3 8 8 Net benefit expense $ 4 $ 4 $ 11 $ 11 |
Note 11 - Share-based Compens_2
Note 11 - Share-based Compensation (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Cost by Plan [Table Text Block] | Thirteen weeks ended Thirty-nine weeks ended October 28, October 29, October 28, October 29, ($ in millions) 2023 2022 2023 2022 Options and employee stock purchase plan $ 1 $ 1 $ 3 $ 4 Restricted stock units and performance stock units 4 8 6 21 Total share-based compensation expense $ 5 $ 9 $ 9 $ 25 Tax benefit recognized $ — $ — $ 1 $ 2 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Stock Option Plans Stock Purchase Plan October 28, October 29, October 28, October 29, 2023 2022 2023 2022 Weighted-average risk free rate of interest 3.3 % 1.7 % 3.8 % 0.7 % Expected volatility 46 % 35 % 40 % 40 % Weighted-average expected award life (in years) 5.1 3.8 1.0 1.0 Dividend yield 3.4 % 2.7 % 4.7 % 2.3 % Weighted-average fair value $ 13.53 $ 10.71 $ 6.28 $ 20.51 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- Weighted- Number Average Average of Remaining Exercise Shares Contractual Life Price (in thousands) (in years) (per share) Options outstanding at the beginning of the year 3,256 $ 47.85 Granted 341 37.72 Exercised (188 ) 24.02 Expired or cancelled (603 ) 47.50 Options outstanding at October 28, 2023 2,806 3.5 $ 48.28 Options exercisable at October 28, 2023 2,384 2.5 $ 50.28 Shares available for future grant at October 28, 2023 under the 2007 Stock Incentive Plan (1) 11,342 Shares available for future grant at October 28, 2023 under the employment inducement award plan (2) 409 |
Schedule of Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Thirteen weeks ended Thirty-nine weeks ended October 28, October 29, October 28, October 29, ($ in millions) 2023 2022 2023 2022 Exercised $ — $ — $ 3 $ 1 |
Schedule of Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Intrinsic Value of Options Outstanding and Exercisable [Table Text Block] | October 28, October 29, ($ in millions) 2023 2022 Outstanding $ — $ 7 Outstanding and exercisable $ — $ 5 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Weighted- Average Weighted- Weighted- Remaining Average Average Range of Exercise Number Contractual Exercise Number Exercise Prices Outstanding Life Price Exercisable Price (in thousands, except prices per share and contractual life) $21.60 - $30.98 703 4.3 $ 24.70 609 $ 24.01 $36.49 - $46.64 695 5.4 41.77 377 44.27 $53.61 - $58.94 412 2.7 56.61 403 56.68 $62.02 - $72.83 996 1.9 66.05 995 66.05 2,806 3.5 $ 48.28 2,384 $ 50.28 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted- Average Weighted- Number Remaining Average of Contractual Grant Date Shares Life Fair Value (in thousands) (in years) (per share) Nonvested at beginning of year 1,992 $ 37.58 Granted 1,195 35.84 Vested (677 ) 34.01 Performance adjustment (1) (757 ) Forfeited (233 ) 39.29 Nonvested at October 28, 2023 1,520 1.5 $ 38.88 Aggregate value ($ in millions) $ 59 |
Note 2 - Revenue - Schedule of
Note 2 - Revenue - Schedule of Sales Disaggregated by Sales Channel (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Total revenue | $ 1,989 | $ 2,176 | $ 5,784 | $ 6,422 |
Sales Revenue [Member] | ||||
Total revenue | 1,986 | 2,173 | 5,774 | 6,413 |
License [Member] | ||||
Total revenue | 3 | 3 | 10 | 9 |
Store Sales Channel [Member] | ||||
Total revenue | 1,649 | 1,818 | 4,834 | 5,310 |
Sales Channel, Directly to Consumer [Member] | ||||
Total revenue | $ 337 | $ 355 | $ 940 | $ 1,103 |
Note 2 - Revenue - Schedule o_2
Note 2 - Revenue - Schedule of Sales Disaggregated by Geographic Area (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Total revenue | $ 1,989 | $ 2,176 | $ 5,784 | $ 6,422 |
UNITED STATES | ||||
Total revenue | 1,343 | 1,503 | 3,807 | 4,433 |
Non-US [Member] | ||||
Total revenue | $ 646 | $ 673 | $ 1,977 | $ 1,989 |
Note 2 - Revenue - Sales by Ban
Note 2 - Revenue - Sales by Banner (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | ||
Total sales | $ 1,989 | $ 2,176 | $ 5,784 | $ 6,422 | |
Sales Revenue [Member] | |||||
Total sales | 1,986 | 2,173 | 5,774 | 6,413 | |
Sales Revenue [Member] | North America [Member] | |||||
Total sales | 1,460 | 1,622 | 4,137 | 4,742 | |
Sales Revenue [Member] | North America [Member] | Foot Locker [Member] | |||||
Total sales | 796 | 852 | 2,244 | 2,411 | |
Sales Revenue [Member] | North America [Member] | Champ Sports [Member] | |||||
Total sales | 311 | 406 | 932 | 1,266 | |
Sales Revenue [Member] | North America [Member] | Kids Foot Locker [Member] | |||||
Total sales | 189 | 181 | 502 | 516 | |
Sales Revenue [Member] | North America [Member] | WSS [Member] | |||||
Total sales | 163 | 162 | 458 | 438 | |
Sales Revenue [Member] | North America [Member] | Other Segments [Member] | |||||
Total sales | [1] | 1 | 21 | 1 | 111 |
Sales Revenue [Member] | EMEA [Member] | |||||
Total sales | 407 | 412 | 1,228 | 1,242 | |
Sales Revenue [Member] | EMEA [Member] | Foot Locker [Member] | |||||
Total sales | [2] | 407 | 392 | 1,202 | 1,173 |
Sales Revenue [Member] | EMEA [Member] | Sidestep [Member] | |||||
Total sales | 0 | 20 | 26 | 69 | |
Sales Revenue [Member] | Asia Pacific [Member] | |||||
Total sales | 119 | 139 | 409 | 429 | |
Sales Revenue [Member] | Asia Pacific [Member] | Foot Locker [Member] | |||||
Total sales | 81 | 99 | 281 | 292 | |
Sales Revenue [Member] | Asia Pacific [Member] | Atmos [Member] | |||||
Total sales | $ 38 | $ 40 | $ 128 | $ 137 | |
[1]Other includes sales from banners that we no longer operate and primarily represented Eastbay in the prior-year period.[2]Includes sales from 14 and 16 Kids Foot Locker stores operating in Europe for October 28, 2023 and October 29, 2022, respectively. |
Note 2 - Revenue - Activity of
Note 2 - Revenue - Activity of Gift Card Liability Balance (Details) - USD ($) $ in Millions | 9 Months Ended | |
Oct. 28, 2023 | Oct. 29, 2022 | |
Gift card liability at beginning of year | $ 36 | $ 46 |
Foreign currency fluctuations | (1) | 0 |
Gift card liability at end of period | 15 | 25 |
Gift Card Redemption Revenue [Member] | ||
Revenue recognized | (225) | (187) |
Gift Card Breakage Revenue [Member] | ||
Revenue recognized | (10) | (12) |
Gift Card Activations [Member] | ||
Revenue recognized | $ 215 | $ 178 |
Note 3 - Segment Information (D
Note 3 - Segment Information (Details Textual) | 3 Months Ended |
Oct. 28, 2023 | |
Number of Reportable Segments | 1 |
Note 3 - Segment Information -
Note 3 - Segment Information - Sales and Division Operating Results for Reportable Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | ||
Division profit | $ 67 | $ 219 | $ 192 | $ 669 | |
Impairment and other | [1] | 6 | 20 | 59 | 38 |
Less: Corporate expense (2) | [2] | 14 | 39 | 24 | 109 |
Income from operations | 47 | 160 | 109 | 522 | |
Interest expense, net | (2) | (3) | (7) | (13) | |
Other income / (expense), net | [3] | 2 | (14) | (1) | (33) |
Income before income taxes | $ 47 | $ 143 | $ 101 | $ 476 | |
[1]See Note 4, Impairment and Other Charges for further detail.[2]Corporate expense consists of unallocated selling, general and administrative expenses, as well as depreciation and amortization related to our corporate headquarters, centrally managed departments, unallocated insurance and benefit programs, certain foreign exchange transaction gains and losses, and other items.[3]See Note 5, Other Income / (Expense), net. |
Note 4 - Impairment and Other_2
Note 4 - Impairment and Other (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Transformation Consulting Costs | $ 1 | $ 17 | $ 27 | $ 27 |
Gain (Loss) on Termination of Lease | 3 | |||
Impairment, Long-Lived Asset, Held-for-Use, Before Offset | 1 | |||
Impairment, Long-Lived Asset, Held-for-Use | (2) | 0 | 19 | 5 |
Restructuring Costs | $ 7 | $ 2 | $ 12 | $ 2 |
Note 4 - Impairment and Other C
Note 4 - Impairment and Other Charges - Schedule of Impairment and Other Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | ||
Transformation consulting | $ 1 | $ 17 | $ 27 | $ 27 | |
Impairment of long-lived assets and right-of-use assets | (2) | 0 | 19 | 5 | |
Reorganization costs | 7 | 2 | 12 | 2 | |
Acquisition and integration costs | 0 | 1 | 0 | 4 | |
Other | 0 | 0 | 1 | 0 | |
Total impairment and other | [1] | $ 6 | $ 20 | $ 59 | $ 38 |
[1]See Note 4, Impairment and Other Charges for further detail. |
Note 5 - Other Income (Expens_3
Note 5 - Other Income (Expense), Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 16 | |||
Cash Divested from Deconsolidation | 8 | |||
Deconsolidation, Gain (Loss), Amount | $ 2 | $ 0 | 4 | $ 0 |
Proceeds from Sale of Property, Plant, and Equipment | 6 | 6 | 0 | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 3 | $ 0 | $ 3 | $ 0 |
Note 5 - Other Income (Expens_4
Note 5 - Other Income (Expense), Net - Schedule of Other Income (Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | ||
Pension and postretirement net benefit expense, excluding service cost | $ (2) | $ 0 | $ (6) | $ 0 | |
Foot Locker Singapore and Malaysia divestiture | 2 | 0 | 4 | 0 | |
Gain on sale of property | 3 | 0 | 3 | 0 | |
Share of earnings / (losses) related to minority investments | 0 | 0 | (1) | 1 | |
Team Sales divestiture | 0 | 1 | 0 | 19 | |
Minority investment in Retailors, Ltd. | 0 | (15) | 0 | (52) | |
Other | (1) | 0 | (1) | (1) | |
Total other income / (expense), net | [1] | $ 2 | $ (14) | $ (1) | $ (33) |
[1]See Note 5, Other Income / (Expense), net. |
Note 6 - Cash, Cash Equivalen_3
Note 6 - Cash, Cash Equivalents, and Restricted Cash - Reconciliation of Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Oct. 28, 2023 | Jan. 28, 2023 | [1] | Oct. 29, 2022 |
Cash and cash equivalents | $ 187 | $ 536 | $ 351 | |
Restricted cash included in other current assets | 3 | 14 | ||
Restricted cash included in other non-current assets | 33 | 28 | ||
Cash, cash equivalents, and restricted cash | $ 223 | $ 393 | ||
[1]The balance sheet at January 28, 2023 has been derived from the previously reported audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Foot Locker, Inc.’s Annual Report on Form 10-K for the year ended January 28, 2023 |
Note 7 - Accumulated Other Co_3
Note 7 - Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Oct. 28, 2023 | Jan. 28, 2023 | Oct. 29, 2022 | |
Foreign currency translation adjustments | $ (196) | $ (148) | $ (211) | |
Hedge contracts | (3) | (3) | (3) | |
Unrecognized pension cost and postretirement benefit | (235) | (241) | (229) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (434) | $ (392) | [1] | $ (443) |
[1]The balance sheet at January 28, 2023 has been derived from the previously reported audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Foot Locker, Inc.’s Annual Report on Form 10-K for the year ended January 28, 2023 |
Note 7 - Accumulated Other Co_4
Note 7 - Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Details) $ in Millions | 9 Months Ended | |
Oct. 28, 2023 USD ($) | ||
Balance | $ (392) | [1] |
OCI before reclassification | (38) | |
Reclassification of hedges, net of tax | (10) | |
Amortization of pension actuarial loss, net of tax | 6 | |
Other comprehensive income / (loss) | (42) | |
Balance | (434) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance | (148) | |
OCI before reclassification | (48) | |
Reclassification of hedges, net of tax | 0 | |
Amortization of pension actuarial loss, net of tax | 0 | |
Other comprehensive income / (loss) | (48) | |
Balance | (196) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Balance | (3) | |
OCI before reclassification | 10 | |
Reclassification of hedges, net of tax | (10) | |
Amortization of pension actuarial loss, net of tax | 0 | |
Other comprehensive income / (loss) | 0 | |
Balance | (3) | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (241) | |
OCI before reclassification | 0 | |
Reclassification of hedges, net of tax | 0 | |
Amortization of pension actuarial loss, net of tax | 6 | |
Other comprehensive income / (loss) | 6 | |
Balance | $ (235) | |
[1]The balance sheet at January 28, 2023 has been derived from the previously reported audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Foot Locker, Inc.’s Annual Report on Form 10-K for the year ended January 28, 2023 |
Note 7 - Accumulated Other Co_5
Note 7 - Accumulated Other Comprehensive Loss - Reclassifications from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Income tax | $ (1,000) | $ 1,000 | $ 0 | $ 1,000 |
Reclassification of hedges, net of tax | (10,000) | |||
Income tax benefit | (2,000) | |||
Amortization of actuarial loss, net of tax | 6,000 | |||
Total, net of tax | (4,000) | |||
Pension Plan [Member] | ||||
Pension benefits | 8,000 | |||
Currency Swap [Member] | ||||
Cross-currency swap | (11,000) | |||
Income tax | 1,000 | |||
Reclassification of hedges, net of tax | $ (10,000) |
Note 8 - Fair Value Measureme_3
Note 8 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | Oct. 28, 2023 | Oct. 29, 2022 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 5 | $ 5 |
Note 8 - Fair Value Measureme_4
Note 8 - Fair Value Measurements - Schedule of Fair Value Assets and Liabilities (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions | Oct. 28, 2023 | Oct. 29, 2022 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value | $ 0 | $ 93 |
Liabilities, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Commitments [Member] | ||
Liabilities, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Forward [Member] | ||
Assets, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Forward [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Liabilities, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Cross Currency Interest Rate Contract [Member] | ||
Assets, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value | 13 | 11 |
Liabilities, Fair Value | 1 | 0 |
Fair Value, Inputs, Level 2 [Member] | Commitments [Member] | ||
Liabilities, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Forward [Member] | ||
Assets, Fair Value | 1 | 2 |
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Forward [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Liabilities, Fair Value | 1 | 0 |
Fair Value, Inputs, Level 2 [Member] | Cross Currency Interest Rate Contract [Member] | ||
Assets, Fair Value | 6 | 4 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value | 0 | 0 |
Liabilities, Fair Value | 4 | 35 |
Fair Value, Inputs, Level 3 [Member] | Commitments [Member] | ||
Liabilities, Fair Value | 4 | 35 |
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Forward [Member] | ||
Assets, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Forward [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Liabilities, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Cross Currency Interest Rate Contract [Member] | ||
Assets, Fair Value | 0 | 0 |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value | 0 | 93 |
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value | 0 | 0 |
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value | 0 | 0 |
Available-for-Sale Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value | 0 | 0 |
Available-for-Sale Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value | 6 | 5 |
Available-for-Sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value | $ 0 | $ 0 |
Note 8 - Fair Value Measureme_5
Note 8 - Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values (Details) - USD ($) $ in Millions | Oct. 28, 2023 | Oct. 29, 2022 | |
Carrying value (1) | [1] | $ 395 | $ 395 |
Fair value | $ 294 | $ 308 | |
[1]The carrying value of debt as of both October 28, 2023 and October 29, 2022, included $5 million of issuer’s discount and costs. |
Note 9 - Earnings Per Share (De
Note 9 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | |
Oct. 28, 2023 | Oct. 29, 2022 | |
Performance Shares [Member] | ||
Contingently Issuable Shares Excluded From Diluted Earnings Per Share (in shares) | 0.8 | 0.8 |
Note 9 - Earnings Per Share - S
Note 9 - Earnings Per Share - Schedule of Weighted Average Number of Shares (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Net income attributable to Foot Locker, Inc. | $ 28 | $ 96 | $ 59 | $ 323 |
Weighted-average shares outstanding (in shares) | 94.3 | 93.4 | 94.1 | 94.6 |
Dilutive effect of potential common shares (in shares) | 0.4 | 1.3 | 0.8 | 1.1 |
Weighted-average common shares outstanding assuming dilution (in shares) | 94.7 | 94.7 | 94.9 | 95.7 |
Basic earnings per share (in dollars per share) | $ 0.3 | $ 1.02 | $ 0.63 | $ 3.41 |
Diluted earnings per share (in dollars per share) | $ 0.3 | $ 1.01 | $ 0.63 | $ 3.38 |
Share-Based Payment Arrangement, Option [Member] | ||||
Anti-dilutive share-based awards excluded from diluted calculation (in shares) | 3 | 2.8 | 2.6 | 2.7 |
Note 10 - Pension - Schedule of
Note 10 - Pension - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Service cost | $ 2 | $ 4 | $ 5 | $ 11 |
Interest cost | 7 | 5 | 20 | 15 |
Expected return on plan assets | (7) | (8) | (22) | (23) |
Amortization of net loss | 2 | 3 | 8 | 8 |
Net benefit expense | $ 4 | $ 4 | $ 11 | $ 11 |
Note 11 - Share-based Compens_3
Note 11 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2022 | May 17, 2023 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $ 5,000 | $ 4,000 | ||||||
Proceeds from Stock Options Exercised | 0 | $ 1,000 | $ 5,000 | $ 4,000 | ||||
Share-Based Payment Arrangement, Option [Member] | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 3,000 | $ 3,000 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 7 months 6 days | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Dividends | $ 0 | |||||||
Restricted Stock Units (RSUs) [Member] | Management [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | |||||||
Performance Shares [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | |||||||
Dividends | 0 | |||||||
Restricted Stock Units (RSUs) and Performance Stock Units [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 23,000 | $ 6,000 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 28,000 | $ 28,000 | ||||||
2007 Stock Incentive Plan [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 11,342,000 | [1] | 11,342,000 | [1] | 10,300,000 | |||
[1]On May 17, 2023, the Company's shareholders approved the amended and restated 2007 Stock Incentive Plan, which increased shares available for grant by 10,300,000. There were no other significant modifications to the plan. |
Note 11 - Share-based Compens_4
Note 11 - Share-based Compensation - Schedule of Allocated Share Based Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Allocated Share Based Compensation | $ 5 | $ 9 | $ 9 | $ 25 |
Allocated Share Based Compensation | 0 | 0 | 1 | 2 |
Options and Employee Stock Purchase Plan [Member] | ||||
Allocated Share Based Compensation | 1 | 1 | 3 | 4 |
Restricted Stock Units (RSUs) and Performance Stock Units [Member] | ||||
Allocated Share Based Compensation | $ 4 | $ 8 | $ 6 | $ 21 |
Note 11 - Share-based Compens_5
Note 11 - Share-based Compensation - Schedule of Share Based Payment Award Stock Options Valuation Assumptions (Details) - $ / shares | 9 Months Ended | |
Oct. 28, 2023 | Oct. 29, 2022 | |
Stock Option Plan [Member] | ||
Weighted-average risk free rate of interest | 3.30% | 1.70% |
Expected volatility | 46% | 35% |
Weighted-average expected award life (in years) (Year) | 5 years 1 month 6 days | 3 years 9 months 18 days |
Dividend yield | 3.40% | 2.70% |
Weighted-average fair value (in dollars per share) | $ 13.53 | $ 10.71 |
Stock Purchase Plan [Member] | ||
Weighted-average risk free rate of interest | 3.80% | 0.70% |
Expected volatility | 40% | 40% |
Weighted-average expected award life (in years) (Year) | 1 year | 1 year |
Dividend yield | 4.70% | 2.30% |
Weighted-average fair value (in dollars per share) | $ 6.28 | $ 20.51 |
Note 11 - Share-based Compens_6
Note 11 - Share-based Compensation - Schedule of Share-Based Compensation (Details) - $ / shares | 9 Months Ended | |||
Oct. 28, 2023 | May 17, 2023 | |||
Balance, options outstanding (in shares) | 3,256,000 | |||
Balance, options outstanding, weighted average exercise price (in dollars per share) | $ 47.85 | |||
Granted (in shares) | 341,000 | |||
Granted, weighted average exercise price (in dollars per share) | $ 37.72 | |||
Exercised (in shares) | (188,000) | |||
Exercised, weighted average exercise price (in dollars per share) | $ 24.02 | |||
Expired or cancelled (in shares) | (603,000) | |||
Expired or cancelled, weighted average exercise price (in dollars per share) | $ 47.5 | |||
Balance, options outstanding (in shares) | 2,806,000 | |||
Options Outstanding Weighted Average Remaining (Year) | 3 years 6 months | |||
Balance, options outstanding, weighted average exercise price (in dollars per share) | $ 48.28 | |||
Balance, options exercisable (in shares) | 2,384,000 | |||
Options, Exercisable, Weighted Average Remaining (Year) | 2 years 6 months | |||
Award Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 50.28 | |||
2007 Stock Incentive Plan [Member] | ||||
Shares available for future grant (in shares) | 11,342,000 | [1] | 10,300,000 | |
Employment Inducement Plan [Member] | ||||
Shares available for future grant (in shares) | [2] | 409,000 | ||
[1]On May 17, 2023, the Company's shareholders approved the amended and restated 2007 Stock Incentive Plan, which increased shares available for grant by 10,300,000. There were no other significant modifications to the plan.[2]On August 24, 2022, the Company granted options and other awards to its new President and Chief Executive Officer, Mary N. Dillon. These awards were granted outside of the 2007 Stock Incentive Plan as employment inducement awards and do not require shareholder approval under the rules of the New York Stock Exchange or otherwise. Shares available for future grant under this plan are reserved for the sole purpose to issue shares pursuant to her employment inducement awards. |
Note 11 - Share-based Compens_7
Note 11 - Share-based Compensation - Schedule of Share Based Payment Award Options Grants in Period Grant Date Intrinsic Value (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Exercised | $ 0 | $ 0 | $ 3 | $ 1 |
Note 11 - Share-based Compens_8
Note 11 - Share-based Compensation - Intrinsic Value of Options Outstanding and Exercisable (Details) - USD ($) $ in Millions | Oct. 28, 2023 | Oct. 29, 2022 |
Outstanding | $ 0 | $ 7 |
Outstanding and exercisable | $ 0 | $ 5 |
Note 11 - Share-based Compens_9
Note 11 - Share-based Compensation - Schedule Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range (Details) - $ / shares shares in Thousands | 9 Months Ended | |
Oct. 28, 2023 | Jan. 28, 2023 | |
Options outstanding (in shares) | 2,806 | 3,256 |
Options Outstanding Weighted Average Remaining (Year) | 3 years 6 months | |
Weighted average exercise price (in dollars per share) | $ 48.28 | $ 47.85 |
Balance, options exercisable (in shares) | 2,384 | |
Award Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 50.28 | |
Range One [Member] | ||
Exercise prices, lower limit (in dollars per share) | 21.6 | |
Exercise prices, upper limit (in dollars per share) | $ 30.98 | |
Options outstanding (in shares) | 703 | |
Options Outstanding Weighted Average Remaining (Year) | 4 years 3 months 18 days | |
Weighted average exercise price (in dollars per share) | $ 24.7 | |
Balance, options exercisable (in shares) | 609 | |
Award Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 24.01 | |
Range Two [Member] | ||
Exercise prices, lower limit (in dollars per share) | 36.49 | |
Exercise prices, upper limit (in dollars per share) | $ 46.64 | |
Options outstanding (in shares) | 695 | |
Options Outstanding Weighted Average Remaining (Year) | 5 years 4 months 24 days | |
Weighted average exercise price (in dollars per share) | $ 41.77 | |
Balance, options exercisable (in shares) | 377 | |
Award Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 44.27 | |
Range Three [Member] | ||
Exercise prices, lower limit (in dollars per share) | 53.61 | |
Exercise prices, upper limit (in dollars per share) | $ 58.94 | |
Options outstanding (in shares) | 412 | |
Options Outstanding Weighted Average Remaining (Year) | 2 years 8 months 12 days | |
Weighted average exercise price (in dollars per share) | $ 56.61 | |
Balance, options exercisable (in shares) | 403 | |
Award Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 56.68 | |
Range Four [Member] | ||
Exercise prices, lower limit (in dollars per share) | 62.02 | |
Exercise prices, upper limit (in dollars per share) | $ 72.83 | |
Options outstanding (in shares) | 996 | |
Options Outstanding Weighted Average Remaining (Year) | 1 year 10 months 24 days | |
Weighted average exercise price (in dollars per share) | $ 66.05 | |
Balance, options exercisable (in shares) | 995 | |
Award Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 66.05 |
Note 11 - Share-based Compen_10
Note 11 - Share-based Compensation - Schedule of Share-Based Compensation Restricted Stock and Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) and Performance Stock Units [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 9 Months Ended | ||
Oct. 28, 2023 | Jan. 28, 2023 | ||
Balance, nonvested units (in shares) | 1,992 | ||
Balance, weighted-average grant fair value (in dollars per share) | $ 38.88 | $ 37.58 | |
Granted, units (in shares) | 1,195 | ||
Granted, weighted average grant date fair value (in dollars per share) | $ 35.84 | ||
Vested, units (in shares) | (677) | ||
Vested, weighted average grant date fair value (in dollars per share) | $ 34.01 | ||
Performance adjustment (1), units (in shares) | [1] | (757) | |
Forfeited, units (in shares) | (233) | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $ 39.29 | ||
Balance, nonvested units (in shares) | 1,520 | ||
Weighted average remaining contractual term, units (Year) | 1 year 6 months | ||
Aggregate value, units | $ 59 | ||
[1]This represents adjustments made to PSUs reflecting changes in estimates based upon our current performance against predefined financial targets. |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - Subsequent Event [Member] $ in Millions | 1 Months Ended |
Dec. 05, 2023 USD ($) | |
Proceeds from Lines of Credit | $ 146 |
Line of Credit Facility, Maximum Amount Outstanding During Period | 89 |
Long-Term Line of Credit | $ 35 |