Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Feb. 03, 2024 | Mar. 21, 2024 | Jul. 29, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000850209 | ||
Entity Registrant Name | Foot Locker, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --02-03 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Feb. 03, 2024 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 94,494,579 | ||
Entity Public Float | $ 1,284,060,971 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | New York, NY | ||
Auditor Firm ID | 185 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | ||
Total revenue | $ 8,168 | $ 8,759 | $ 8,968 | |
Cost of sales | 5,895 | 5,955 | 5,878 | |
Selling, general and administrative expenses | 1,852 | 1,903 | 1,851 | |
Depreciation and amortization | 199 | 208 | 197 | |
Impairment and other | [1] | 80 | 112 | 172 |
Income from operations | 142 | 581 | 870 | |
Interest expense, net | (9) | (15) | (14) | |
Other (expense) income, net | [2] | (556) | (42) | 384 |
(Loss) income from continuing operations before income taxes | (423) | 524 | 1,240 | |
Income tax (benefit) expense | (93) | 180 | 348 | |
Net (loss) income from continuing operations | (330) | 344 | 892 | |
Net loss from discontinued operations, net of tax | 0 | (3) | 0 | |
Net (loss) income | (330) | 341 | 892 | |
Net loss attributable to noncontrolling interests | 0 | 1 | 1 | |
Net (loss) income attributable to Foot Locker, Inc. | $ (330) | $ 342 | $ 893 | |
Basic (loss) per share | ||||
(Loss) earnings per share from continuing operations attributable to Foot Locker, Inc. (in dollars per share) | $ (3.51) | $ 3.66 | $ 8.72 | |
Loss per share from discontinued operations, net of tax (in dollars per share) | 0 | (0.04) | 0 | |
Net (loss) earnings per share attributable to Foot Locker, Inc. (in dollars per share) | $ (3.51) | $ 3.62 | $ 8.72 | |
Weighted-average shares outstanding (in shares) | 94.2 | 94.3 | 102.5 | |
Diluted earnings (loss) per share | ||||
(Loss) earnings per share from continuing operations attributable to Foot Locker, Inc. (in dollars per share) | $ (3.51) | $ 3.62 | $ 8.61 | |
Net loss per share from discontinued operations, net of tax (in dollars per share) | 0 | (0.04) | 0 | |
Net (loss) earnings per share attributable to Foot Locker, Inc. (in dollars per share) | $ (3.51) | $ 3.58 | $ 8.61 | |
Weighted-average shares outstanding, assuming dilution (in shares) | 94.2 | 95.5 | 103.8 | |
Sales Revenue [Member] | ||||
Total revenue | $ 8,154 | $ 8,747 | $ 8,958 | |
License [Member] | ||||
Total revenue | $ 14 | $ 12 | $ 10 | |
[1]See Note 4, Impairment and Other for additional information on these amounts.[2]See Note 5, Other (Expense) Income, net for additional information on these amounts. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Net (loss) income attributable to Foot Locker, Inc. | $ (330) | $ 342 | $ 893 |
Foreign currency translation adjustment: | |||
Translation adjustment arising during the period, net of income tax benefit of $(1), $-, and $(1), respectively | (25) | (41) | (43) |
Hedges contracts: | |||
Change in fair value of derivatives, net of income tax benefit of $-, $-, and $-, respectively | 1 | (3) | 1 |
Pension and postretirement adjustments: | |||
Net actuarial (loss) gain and foreign currency fluctuations arising during the year, net of income tax (benefit) expense of $(5), $(4), and $8, respectively | (13) | (12) | 23 |
Amortization of net actuarial loss included in net periodic benefit costs, net of income tax expense of $3, $3, and $3, respectively | 7 | 7 | 7 |
Recognition of net actuarial loss on settlement included in net benefit costs, net of income tax expense of $19, $-, and $-, respectively | 56 | 0 | 0 |
Comprehensive (loss) income | $ (304) | $ 293 | $ 881 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive (Loss) Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Net income tax benefit on translation adjustment | $ (1,000) | $ 0 | $ (1,000) |
Change in fair value of derivatives, tax adjustments | 0 | 0 | 0 |
Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax | (5,000) | (4,000) | 8,000 |
Amortization of net actuarial gain/loss, tax adjustments | 3,000 | 3,000 | 3,000 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Adjustment for Settlement or Curtailment Gain (Loss), Tax | $ 19,000 | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 | |
Current assets: | |||
Cash and cash equivalents | [1] | $ 297 | $ 536 |
Merchandise inventories | 1,509 | 1,643 | |
Other current assets | 419 | 342 | |
Assets, Current | 2,225 | 2,521 | |
Property and equipment, net | 930 | 920 | |
Operating lease right-of-use assets | 2,188 | 2,443 | |
Deferred taxes | 114 | 90 | |
Goodwill | 768 | 785 | |
Other intangible assets, net | [2] | 399 | 426 |
Minority investments | 152 | 630 | |
Other assets | 92 | 92 | |
Assets | 6,868 | 7,907 | |
Current liabilities: | |||
Accounts payable | 366 | 492 | |
Accrued and other liabilities | 428 | 568 | |
Current portion of debt and obligations under finance leases | 5 | 6 | |
Current portion of lease obligations | 492 | 544 | |
Liabilities, Current | 1,291 | 1,610 | |
Long-Term Debt and Lease Obligation | 442 | 446 | |
Long-term lease obligations | 2,004 | 2,230 | |
Other liabilities | 241 | 328 | |
Total liabilities | 3,978 | 4,614 | |
Shareholders’ equity: | |||
Common stock and paid-in capital: 94,283,984 and 93,396,901 shares issued, respectively | 776 | 760 | |
Retained earnings | 2,482 | 2,925 | |
Accumulated other comprehensive loss | (366) | (392) | |
Less: Treasury stock at cost: 60,308 and 1,489 shares, respectively | (2) | 0 | |
Total shareholders' equity | 2,890 | 3,293 | |
Liabilities and Equity | $ 6,868 | $ 7,907 | |
[1]Includes cash equivalents of $40 million, $41 million, and $48 million as of February 3, 2024, January 28, 2023, and January 29, 2022, respectively.[2]The change in the ending balances reflect the derecognition of fully amortized leases during 2023 and the effect of foreign currency fluctuations due primarily to the movements of the Yen in relation to the U.S. dollar. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - shares | Feb. 03, 2024 | Jan. 28, 2023 |
Common stock, shares issued (in shares) | 94,283,984 | 93,396,901 |
Treasury stock, shares (in shares) | 60,308 | 1,489 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ 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. 30, 2021 | 103,693,000 | (74,000) | ||||
Balance at Jan. 30, 2021 | $ 779 | $ (3) | $ 2,326 | $ (331) | $ 5 | $ 2,776 |
Restricted stock issued (in shares) | 499,000 | |||||
Restricted stock issued | 0 | |||||
Issued under director and stock plans (in shares) | 353,000 | |||||
Issued under director and stock plans | $ 11 | 11 | ||||
Share-based compensation expense | 29 | 29 | ||||
Shares of common stock used to satisfy tax withholding obligations (in shares) | (205,000) | |||||
Shares of common stock used to satisfy tax withholding obligations | $ (11) | (11) | ||||
Share repurchases (in shares) | (7,546,000,000) | |||||
Share repurchases | $ (348) | (348) | ||||
Reissued - Employee Stock Purchase Plan ("ESPP") | $ (7) | $ 14 | 7 | |||
Reissued - Employee Stock Purchase Plan ("ESPP") (in shares) | 301,000 | |||||
Retirement of treasury stock (in shares) | (5,474,000) | (5,474,000) | ||||
Retirement of treasury stock | $ (42) | $ 260 | (218) | 0 | ||
Retirement of treasury stock (in shares) | 5,474,000 | 5,474,000 | ||||
Net (loss) income | 893 | (1) | 892 | |||
Cash dividends on common stock | (101) | (101) | ||||
Translation adjustment, net of tax | (43) | (43) | ||||
Change in hedges, net of tax | 1 | 1 | ||||
Pension and postretirement adjustments, net of tax | 30 | 30 | ||||
Balance (in shares) at Jan. 29, 2022 | 99,071,000 | (2,050,000) | ||||
Balance at Jan. 29, 2022 | $ 770 | $ (88) | 2,900 | (343) | 4 | 3,243 |
Restricted stock issued (in shares) | 117,000 | |||||
Restricted stock issued | 0 | |||||
Issued under director and stock plans (in shares) | 228,000 | |||||
Issued under director and stock plans | $ 7 | 7 | ||||
Share-based compensation expense | 31 | 31 | ||||
Shares of common stock used to satisfy tax withholding obligations (in shares) | (40,000) | |||||
Shares of common stock used to satisfy tax withholding obligations | $ (1) | (1) | ||||
Share repurchases (in shares) | (4,050,000,000) | |||||
Share repurchases | $ (129) | (129) | ||||
Reissued - Employee Stock Purchase Plan ("ESPP") | $ (2) | $ 5 | 3 | |||
Reissued - Employee Stock Purchase Plan ("ESPP") (in shares) | 120,000 | |||||
Retirement of treasury stock (in shares) | (6,019,000) | (6,019,212) | ||||
Retirement of treasury stock | $ (46) | $ 213 | (167) | 0 | ||
Retirement of treasury stock (in shares) | 6,019,000 | 6,019,212 | ||||
Net (loss) income | 342 | 341 | ||||
Cash dividends on common stock | (150) | (150) | ||||
Translation adjustment, net of tax | (41) | (41) | ||||
Change in hedges, net of tax | (3) | (3) | ||||
Pension and postretirement adjustments, net of tax | (5) | (5) | ||||
Termination of joint venture | (3) | (3) | ||||
Balance (in shares) at Jan. 28, 2023 | 93,397,000 | (1,000) | ||||
Balance at Jan. 28, 2023 | $ 760 | 2,925 | (392) | 3,293 | ||
Restricted stock issued (in shares) | 678,000 | |||||
Issued under director and stock plans (in shares) | 209,000 | |||||
Issued under director and stock plans | $ 6 | 6 | ||||
Share-based compensation expense | 13 | 13 | ||||
Shares of common stock used to satisfy tax withholding obligations (in shares) | (274,000) | |||||
Shares of common stock used to satisfy tax withholding obligations | $ (10) | (10) | ||||
Reissued - Employee Stock Purchase Plan ("ESPP") | $ (3) | $ 8 | 5 | |||
Reissued - Employee Stock Purchase Plan ("ESPP") (in shares) | 215,000 | |||||
Retirement of treasury stock (in shares) | 0 | |||||
Retirement of treasury stock (in shares) | 0 | |||||
Net (loss) income | (330) | (330) | ||||
Cash dividends on common stock | (113) | (113) | ||||
Translation adjustment, net of tax | (25) | (25) | ||||
Change in hedges, net of tax | 1 | 1 | ||||
Pension and postretirement adjustments, net of tax | 50 | 50 | ||||
Balance (in shares) at Feb. 03, 2024 | 94,284,000 | (60,000) | ||||
Balance at Feb. 03, 2024 | $ 776 | $ (2) | $ 2,482 | $ (366) | $ 0 | $ 2,890 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | ||
From operating activities: | ||||
Net (loss) income | $ (330) | $ 341 | $ 892 | |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Non-cash impairment and other | 40 | 67 | 148 | |
Pension settlement charge | 75 | 0 | 0 | |
Fair value adjustments to minority investments | 478 | 61 | (367) | |
Fair value change in contingent consideration | (4) | (31) | 0 | |
Depreciation and amortization | 199 | 208 | 197 | |
Deferred income taxes | (136) | 21 | 74 | |
Share-based compensation expense | 13 | 31 | 29 | |
Gain on sales of businesses | (3) | (19) | 0 | |
Gain on sale of property | (3) | 0 | 0 | |
Change in assets and liabilities: | ||||
Merchandise inventories | 120 | (397) | (259) | |
Accounts payable | (122) | (101) | 161 | |
Accrued and other liabilities | (109) | (1) | 1 | |
Insurance recovery received for inventory loss | 0 | 0 | 10 | |
Other, net | (127) | (7) | (220) | |
Net cash provided by operating activities | 91 | 173 | 666 | |
From investing activities: | ||||
Capital expenditures | [1] | (242) | (285) | (209) |
Purchase of business, net of cash acquired | 0 | (14) | (1,056) | |
Minority investments | (2) | (5) | (118) | |
Proceeds from sales of businesses | 16 | 47 | 0 | |
Proceeds from minority investments | 0 | 95 | 0 | |
Proceeds from sale of property | 6 | 0 | 3 | |
Insurance proceeds related to loss on property and equipment | 0 | 0 | 4 | |
Net cash used in investing activities | (222) | (162) | (1,376) | |
From financing activities: | ||||
Repayment of the revolving credit facility | (146) | 0 | 0 | |
Dividends paid on common stock | (113) | (150) | (101) | |
Shares of common stock repurchased to satisfy tax withholding obligations | (10) | (1) | (11) | |
Payment of long-term debt and obligations under finance leases | (6) | (6) | (102) | |
Treasury stock reissued under employee stock plan | 4 | 3 | 7 | |
Proceeds from exercise of stock options | 5 | 6 | 10 | |
Proceeds from the revolving credit facility | 146 | 0 | 0 | |
Purchase of treasury shares | 0 | (129) | (348) | |
Purchase of non-controlling interest | 0 | (2) | 0 | |
Payment of debt issuance costs | 0 | 0 | (2) | |
Proceeds from debt issuance, net | 0 | 0 | 395 | |
Net cash used in financing activities | (120) | (279) | (152) | |
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash | 3 | 0 | (6) | |
Net change in cash, cash equivalents, and restricted cash | (248) | (268) | (868) | |
Cash, cash equivalents, and restricted cash at beginning of year | 582 | 850 | 1,718 | |
Cash, cash equivalents, and restricted cash at end of period | 334 | 582 | 850 | |
Supplemental information: | ||||
Interest paid | 18 | 17 | 11 | |
Income taxes paid | 97 | 153 | 387 | |
Cash paid for amounts included in measurement of operating lease liabilities | 681 | 704 | 790 | |
Cash paid for amounts included in measurement of finance lease liabilities | 8 | 9 | 5 | |
Right-of-use assets obtained in exchange for operating lease obligations | 295 | 458 | 417 | |
Assets obtained in exchange for finance lease obligations | $ 1 | $ 0 | $ 4 | |
[1]Represents cash capital expenditures for all years presented. |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. Basis of Presentation The consolidated financial statements include the accounts of Foot Locker, Inc. and its domestic and international subsidiaries, as well as any entities in which we have a controlling voting interest that are required to be consolidated. All significant intercompany amounts have been eliminated. As used in these Notes to Consolidated Financial Statements the terms "Foot Locker," "Company," "we," "our," and "us" refer to Foot Locker, Inc. and its consolidated subsidiaries. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may Reporting Year Our fiscal year end is a 52 53 January. 2023 53 February 3, 2024 2022 2021 52 January 28, 2023 January 29, 2022 Revenue Recognition Store revenue is recognized at the point of sale and includes merchandise, net of returns, and excludes taxes. Revenue from layaway sales is recognized when the customer receives the product, rather than when the initial deposit is paid. We recognize revenue for merchandise that is shipped to our customers from our distribution centers and stores upon shipment as the customer has control of the product upon shipment. We account for shipping and handling as a fulfillment activity. We accrue the cost and recognize revenue for these activities upon shipment date, therefore total sales recognized includes shipping and handling fees. We have license agreements with unaffiliated third third Gift Cards We sell gift cards which do not Advertising Costs and Sales Promotion Advertising and sales promotion costs are expensed at the time the advertising or promotion takes place, net of reimbursements for cooperative advertising. Cooperative advertising reimbursements earned for the launch and promotion of certain products agreed upon with vendors are recorded in the same period as the associated expenses are incurred. Reimbursements received in excess of expenses incurred related to specific, incremental, and identifiable advertising costs are accounted for as a reduction to the cost of merchandise and are reflected in cost of sales when the merchandise is sold. Digital advertising costs are expensed as incurred, net of reimbursements for cooperative advertising. Digital advertising includes social media, search engine marketing, such as display ads and keyword search terms, and other various forms of digital advertising. Advertising costs, including digital advertising, which are included as a component of SG&A, were as follows: ($ in millions) 2023 2022 2021 Advertising expenses $ 216 $ 222 $ 223 Cooperative advertising reimbursements (35 ) (37 ) (29 ) Net advertising expense $ 181 $ 185 $ 194 Share-Based Compensation We recognize compensation expense for share-based awards based on the grant date fair value of those awards. We use the Black-Scholes option-pricing model to determine the fair value of stock options, which requires the input of subjective assumptions regarding the expected term, expected volatility, and risk-free interest rate. See Note 21, Share-Based Compensation, Awards of restricted stock units cliff vest after the passage of time, generally three one PSU awards granted in 2023 2022 Earnings Per Share 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 EPS 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 basic and diluted EPS is as follows: (in millions, except per share data) 2023 2022 2021 Net (loss) income from continuing operations $ (330 ) $ 344 $ 892 Net loss attributable to noncontrolling interests — 1 1 (Loss) income from continuing operations attributable to Foot Locker, Inc. (330 ) 345 893 Net loss from discontinued operations, net of tax — (3 ) — Net (loss) income attributable to Foot Locker, Inc. $ (330 ) $ 342 $ 893 Weighted-average common shares outstanding 94.2 94.3 102.5 Dilutive effect of potential common shares — 1.2 1.3 Weighted-average common shares outstanding assuming dilution 94.2 95.5 103.8 (in millions, except per share data) 2023 2022 2021 Basic earnings per share: (Loss) earnings per share from continuing operations attributable to Foot Locker, Inc. $ (3.51 ) $ 3.66 $ 8.72 Loss per share from discontinued operations, net of tax — (0.04 ) — Net (loss) earnings per share attributable to Foot Locker, Inc. $ (3.51 ) $ 3.62 $ 8.72 Diluted earnings per share: (Loss) earnings per share from continuing operations attributable to Foot Locker, Inc. $ (3.51 ) $ 3.62 $ 8.61 Net loss per share from discontinued operations, net of tax — (0.04 ) — Net (loss) earnings per share attributable to Foot Locker, Inc. $ (3.51 ) $ 3.58 $ 8.61 Anti-dilutive share-based awards excluded from diluted calculation 4.5 2.7 1.8 Performance stock units related to our long-term incentive programs of 0.8 million for 2023 2022 2021 not Cash, Cash Equivalents, and Restricted Cash Cash consists of funds held on hand and in bank accounts. Cash equivalents include amounts on demand with banks and all highly liquid investments with original maturities of three third three Restricted cash represents cash that is restricted as to withdrawal or use under the terms of various agreements. Restricted cash includes 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. The following table provides the reconciliation of cash, cash equivalents, and restricted cash, as reported on our consolidated statements of cash flows: February 3, January 28, January 29, ($ in millions) 2024 2023 2022 Cash and cash equivalents (1) $ 297 $ 536 $ 804 Restricted cash included in other current assets 4 13 8 Restricted cash included in other non-current assets 33 33 38 Cash, cash equivalents, and restricted cash $ 334 $ 582 $ 850 ( 1 Includes cash equivalents of $40 million, $41 million, and $48 million as of February 3, 2024 January 28, 2023 January 29, 2022 Merchandise Inventories and Cost of Sales Merchandise inventories are valued at the lower of cost or market using the retail inventory method, except for WSS and atmos. Cost is determined on the last-in, first first first The retail inventory method is used by retail companies to value inventories at cost and calculate gross margins due to its practicality. Under the retail inventory method, cost is determined by applying a cost-to-retail percentage across groupings of similar items, known as departments. The cost-to-retail percentage is applied to ending inventory at its current owned retail valuation to determine the cost of ending inventory on a department basis. We provide reserves based on current selling prices when the inventory has not Transportation, distribution center, and sourcing costs are capitalized in merchandise inventories. We expense the freight associated with transfers between our store locations in the period incurred. We maintain an accrual for shrinkage based on historical rates. Cost of sales is comprised of the cost of merchandise, as well as occupancy, buyers’ compensation, and shipping and handling costs. The cost of merchandise is recorded net of amounts received from suppliers for damaged product returns, markdown allowances, and volume rebates, as well as cooperative advertising reimbursements received in excess of specific, incremental advertising expenses. Minority Investments We use the equity method to account for investments in which we have the ability to exercise significant influence over the investee’s operating and financial policies, or in which we hold a partnership or limited liability company interest in an entity with specific ownership accounts, unless we have virtually no We have a minority investment that is accounted for using the fair value measurement alternative, which is at cost, adjusted for changes in observable prices minus impairment under the practicability exception. We evaluate our minority investments for impairment when events or circumstances indicate that the carrying value of the investment may not Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation and amortization. Significant additions and improvements to property and equipment are capitalized. Major renewals or replacements that substantially extend the useful life of an asset are capitalized. Maintenance and repairs are expensed as incurred. Depreciation and amortization are computed on a straight-line basis over the following estimated useful lives: Buildings Maximum of 50 years Store leasehold improvements Shorter of the asset useful life or expected term of the lease Furniture, fixtures, and equipment 3‑10 years Software 2‑5 years Internal-Use Software Development Costs We capitalize certain external and internal computer software and software development costs incurred during the application development stage. The application development stage generally includes software design and configuration, coding, testing, and installation activities. Capitalized costs include only external direct cost of materials and services consumed in developing or obtaining internal-use software, and payroll and payroll-related costs for employees who are directly associated with and devote time to the internal-use software project. Capitalization of such costs ceases no not five February 3, 2024 January 28, 2023 Cloud computing arrangement (software-as-a-service contract) implementation costs that are capitalized are amortized on a straight-line basis over the contract term. These amounts are classified with prepaid expense and other long-term assets in the Consolidated Balance Sheets. Expense related to cloud computing arrangements are included in SG&A. The corresponding cash flows related to these arrangements are included in “Net cash provided by operating activities” in the Company’s Consolidated Statements of Cash Flows. Impairment of Long-Lived Tangible Assets and Right-of-Use Assets We perform an impairment review when circumstances indicate that the carrying value of long-lived tangible assets and right-of-use assets may not Leases Lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term for those arrangements where there is an identified asset and the contract conveys the right to control its use. The lease term includes options to extend or terminate a lease only when we are reasonably certain that we will exercise that option. The right-of-use asset is measured at the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, initial direct costs, and any tenant improvement allowances received. For operating leases, right-of-use assets are reduced over the lease term by the straight-line lease expense recognized less the amount of accretion of the lease liability determined using the effective interest method. We combine lease components and non-lease components. Given our policy election to combine lease and non-lease components, we also consider fixed common area maintenance (“CAM”) part of our fixed future lease payments; therefore, fixed CAM is also included in our lease liability. We recognize rent expense for operating leases as of the possession date for store leases or the commencement of the agreement for non-store leases. Rental expense, inclusive of rent holidays, concessions, and tenant allowances are recognized over the lease term on a straight-line basis. Contingent payments based upon sales and future increases determined by inflation related indices cannot be estimated at the inception of the lease and, accordingly, are charged to operations as incurred. As most of our leases do not 12 not Impairment of Goodwill and Other Intangible Assets Goodwill and intangible assets with indefinite lives are reviewed for impairment annually during the fourth not one may not not not We use a discounted cash flow approach to determine the fair value of a reporting unit. The determination of discounted cash flows of the reporting units and assets and liabilities within the reporting units requires significant estimates and assumptions. These estimates and assumptions primarily include, but are not For our annual impairment review conducted in the fourth 2023 Intangible assets with indefinite lives are tested for impairment if impairment indicators arise and, at a minimum, annually. The impairment review for intangible assets with indefinite lives consists of either performing a qualitative or a quantitative assessment. If the results of the qualitative assessment indicate that it is more likely than not may Contingent Consideration As a result of our purchase of atmos in 2021, The contingent consideration liability will be measured at fair value on a recurring basis until the contingency is resolved at the conclusion of 2025. 2023 2022, Derivative Financial Instruments All derivative financial instruments are recorded in our Consolidated Balance Sheets at their fair values. For derivatives designated as a hedge, and effective as part of a hedge transaction, the effective portion of the gain or loss on the hedging derivative instrument is reported as a component of other comprehensive income/loss or as a basis adjustment to the underlying hedged item and reclassified to earnings in the period in which the hedged item affects earnings. The effective portion of the gain or loss on hedges of foreign net investments is generally not not not may Income Taxes We account for our income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and the tax basis of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are recognized for tax credits and net operating loss carryforwards, reduced by a valuation allowance, which is established when it is more likely than not not We recognize net deferred tax assets to the extent that we believe these assets are more likely than not A taxing authority may may not, not fifty not Pension and Postretirement Obligations Pension benefit obligations and net periodic pension costs are calculated using actuarial assumptions. Two key assumptions used in accounting for pension liabilities and expenses are the discount rate and expected rate of return on plan assets. The discount rate for the U.S. plans is determined by reference to the Bond:Link interest rate model based upon a portfolio of highly-rated U.S. corporate bonds with individual bonds that are theoretically purchased to settle the plan’s anticipated cash outflows. The cash flows are discounted to their present value and an overall discount rate is determined. The discount rate selected to measure the present value of the Canadian benefit obligations was developed by using that plan’s bond portfolio indices, which match the benefit obligations. We measure our plan assets and benefit obligations using the month-end date that is closest to our fiscal year end. The expected return on plan assets assumption is derived using the current and expected asset allocation of the pension plan assets and considering historical as well as expected performance of those assets. Insurance Liabilities We are primarily self-insured for health care, workers’ compensation, and general liability costs. Accordingl y, provisions are made for actuarially determined estimates of discounted future claim costs for such risks, for the aggregate of claims reported, and claims incurred but not million for February 3, 2024 , million for January 28, 2023 and million for January 29, 2022 not Treasury Stock Retirement We periodically retire treasury shares that we acquire through share repurchases and return those shares to the status of authorized but unissued. We account for treasury stock transactions under the cost method. For each reacquisition of common stock, the number of shares and the acquisition price for those shares is added to the existing treasury stock count and total value. When treasury shares are retired, our policy is to allocate the excess of the repurchase price over the par value of shares acquired to both retained earnings and additional paid-in capital. The portion allocated to additional paid-in capital is determined by applying a percentage, which is determined by dividing the number of shares to be retired by the number of shares issued, to the balance of additional paid-in capital as of the retirement date. We did not 2023 2022 Foreign Currency Translation The functional currency of our international operations is the applicable local currency. The translation of the applicable foreign currency into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using the weighted-average rates of exchange prevailing during the year. The unearned gains and losses resulting from such translation are included as a separate component of accumulated other comprehensive loss (“AOCL”) within shareholders’ equity. Recently Adopted Accounting Pronouncements Recently issued accounting pronouncements did not, not Recent Accounting Pronouncements Not In November 2023, 2023 07, Improvements to Reportable Segment Disclosures 2023 07 December 15, 2023, December 15, 2024. 2024 10 not In December 2023, 2023 09, Improvements to Income Tax Disclosures 2023 09 December 15, 2024. 2025 10 not Other recently issued accounting pronouncements did not, not |
Note 2 - Revenue
Note 2 - Revenue | 12 Months Ended |
Feb. 03, 2024 | |
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 licensed arrangements. Sales are attributable to the channel in which the sales transaction is initiated. ($ in millions) 2023 2022 2021 Sales by Channel: Stores $ 6,751 $ 7,219 $ 7,029 Direct-to-customers 1,403 1,528 1,929 Total sales 8,154 8,747 8,958 Licensing revenue 14 12 10 Total revenue $ 8,168 $ 8,759 $ 8,968 Revenue by geographic area is presented in the following table. Revenue is attributed to the country in which the transaction is fulfilled. ($ in millions) 2023 2022 2021 Revenue by Geography: United States $ 5,409 $ 5,981 $ 6,477 International 2,759 2,778 2,491 Total revenue $ 8,168 $ 8,759 $ 8,968 For the year ended February 3, 2024 No Sales by banner and operating segments are presented in the following table. ($ in millions) 2023 2022 2021 Foot Locker $ 3,205 $ 3,304 $ 3,295 Champs Sports 1,304 1,681 1,939 Kids Foot Locker 716 708 724 WSS 640 604 195 Other 1 126 742 North America 5,866 6,423 6,895 Foot Locker 1,697 1,628 1,565 Sidestep 26 94 76 EMEA 1,723 1,722 1,641 Foot Locker 387 414 373 atmos 178 188 49 Asia Pacific 565 602 422 Total sales $ 8,154 $ 8,747 $ 8,958 Contract Liabilities The table below presents the activity of our gift card liability balance: February 3, January 28, ($ in millions) 2024 2023 Gift card liability at beginning of year $ 36 $ 46 Redemptions (278 ) (259 ) Breakage recognized in sales (6 ) (17 ) Activations 277 266 Gift card liability $ 29 $ 36 We elected not 12 not 2023 2022 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 Our operating segments are identified according to how our business activities are managed and evaluated by our chief operating decision maker, our CEO. We have three operating segments, North America, EMEA (Europe, Middle East, and Africa), and Asia Pacific. Our North America operating segment includes the results of the following banners in the U.S. and Canada: Foot Locker, Kids Foot Locker, Champs Sports, and WSS, including each of their related e-commerce businesses, as well as banners we previously operated including Lady Foot Locker, Footaction, and the Eastbay business that included internet, catalog, and team sales. Our EMEA operating segment includes the results of the following banners in Europe: Foot Locker and Kids Foot Locker, including each of their related e-commerce businesses, as well as the Sidestep banner we previously operated. Our Asia Pacific operating segment includes the results of Foot Locker in Australia, New Zealand, and Asia and atmos operating primarily in Japan, as well as their related e-commerce businesses. Additionally, the EMEA and Asia Pacific operating segments include licensing revenue. We further aggregated these operating segments into one reportable segment based upon their shared customer base and similar economic characteristics. |
Note 3 - Segment Information
Note 3 - Segment Information | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 3. We evaluate performance based on several factors, of which the primary financial measure is the banner’s financial results referred to as division profit. Division profit reflects income before income taxes, impairment and other, corporate expense, interest expense, net and other (expense) income, net. The following table summarizes our results: ($ in millions) 2023 2022 2021 Division profit $ 264 $ 844 $ 1,171 Less: Impairment and other (1) 80 112 172 Less: Corporate expense (2) 42 151 129 Income from operations 142 581 870 Interest expense, net (9 ) (15 ) (14 ) Other (expense) income, net (3) (556 ) (42 ) 384 (Loss) income from continuing operations before income taxes $ (423 ) $ 524 $ 1,240 ( 1 See Note 4, Impairment and Other ( 2 Corporate expense for all years presented reflects the reallocation of expense between corporate and the operating divisions. Based upon annual internal studies of corporate expense, the allocation of such expenses to the operating divisions was increased by $19 million for 2022 2021 2023 ( 3 See Note 5, Long-lived asset information as of and for the fiscal years ended February 3, 2024 January 28, 2023 January 29, 2022 ($ in millions) 2023 2022 2021 Long-Lived Assets: United States $ 2,025 $ 2,152 $ 2,285 International 1,093 1,211 1,248 Total long-lived assets $ 3,118 $ 3,363 $ 3,533 For the year ended February 3, 2024 No February 3, 2024 Depreciation and Amortization Capital Expenditures (1) Total Assets ($ in millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Division $ 163 $ 169 $ 163 $ 173 $ 200 $ 127 $ 6,256 $ 7,178 $ 7,184 Corporate 36 39 34 69 85 82 612 729 951 Total $ 199 $ 208 $ 197 $ 242 $ 285 $ 209 $ 6,868 $ 7,907 $ 8,135 ( 1 Represents cash capital expenditures for all years presented. |
Note 4 - Impairment and Other
Note 4 - Impairment and Other | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 4. ($ in millions) 2023 2022 2021 Impairment of long-lived assets and right-of-use assets $ 30 $ 58 $ 92 Transformation consulting 27 42 — Reorganization costs 17 22 4 Other intangible asset impairments 9 8 2 Insurance recovery (losses) related to social unrest 1 — (7 ) Change in fair value of contingent consideration (4 ) (31 ) — Litigation costs — 9 — Acquisition and integration costs — 4 24 Impairment of investments — — 42 Lease termination costs — — 15 Total impairment and other $ 80 $ 112 $ 172 For 2023 For 2022 For 2021 |
Note 5 - Other Income (Expense)
Note 5 - Other Income (Expense), Net | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 5. ($ in millions) 2023 2022 2021 Fair value changes in minority investment $ (478 ) $ — $ 290 Pension settlement charge (75 ) — — Pension and postretirement net benefit (expense) income, excluding service cost (8 ) — 7 Share of (losses) earnings related to other minority investments (1 ) 1 3 Minority investment in Retailors, Ltd. — (61 ) 77 Gain on sale of property 3 — — Foot Locker Singapore and Malaysia divestiture 3 — — Team Sales divestiture — 19 — Other — (1 ) 7 Total other (expense) income, net $ (556 ) $ (42 ) $ 384 Other (expense) income, net generally includes non-operating items, such as: - changes in value for our investments accounted for using the fair value measurement alternative, which is at cost adjusted for changes in observable prices minus impairment, - our share of earnings or losses related to our equity method investments, - net benefit expense or income related to our pension and postretirement programs, excluding the service cost component, - changes in fair value, premiums paid, and realized gains associated with foreign currency option contracts, - changes in the market value of our available-for-sale security, and premiums paid to repurchase and retire bonds. During the fourth 2023, no 2021 As part of our efforts to reduce pension plan obligations, during the fourth 2023 Effective July 1, 2023, During 2022, 2022, |
Note 6 - Merchandise Inventorie
Note 6 - Merchandise Inventories | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. February 3, January 28, ($ in millions) 2024 2023 LIFO inventories $ 956 $ 1,093 FIFO inventories 553 550 Total merchandise inventories $ 1,509 $ 1,643 The value of our LIFO inventories as calculated on a LIFO basis, approximates their value as calculated on a FIFO basis. |
Note 7 - Other Current Assets
Note 7 - Other Current Assets | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | 7. February 3, January 28, ($ in millions) 2024 2023 Net receivables $ 160 $ 160 Other prepaid expenses 89 71 Prepaid income taxes 82 62 Prepaid rent 73 19 Restricted cash 4 13 Other 11 17 $ 419 $ 342 |
Note 8 - Property and Equipment
Note 8 - Property and Equipment, Net | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 8. February 3, January 28, ($ in millions) 2024 2023 Owned properties: Land $ 3 $ 4 Buildings 51 53 Furniture, fixtures, equipment and software development costs 1,403 1,379 1,457 1,436 Less: accumulated depreciation (988 ) (948 ) 469 488 Finance leases: Assets under finance leases 65 65 Less: accumulated amortization (18 ) (12 ) 47 53 Alterations to leased and owned buildings: Cost 996 967 Less: accumulated amortization (582 ) (588 ) 414 379 $ 930 $ 920 |
Note 9 - Other Intangible Asset
Note 9 - Other Intangible Assets, Net | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 9. February 3, 2024 January 28, 2023 Gross Accum. Net Life in Gross Accum. Net ($ in millions) value amort. value Years (3) value amort. value Amortized intangible assets: (1) Lease acquisition costs $ 91 $ (90 ) $ 1 9.8 $ 102 $ (100 ) $ 2 Trademarks/tradenames 18 (18 ) — — 18 (18 ) — Customer lists 20 (15 ) 5 3.0 20 (9 ) 11 $ 129 $ (123 ) $ 6 4.8 $ 140 $ (127 ) $ 13 Indefinite life intangible assets: (1) Trademarks/tradenames (2) $ 393 $ 413 $ 399 $ 426 ( 1 The change in the ending balances reflect the derecognition of fully amortized leases during 2023 ( 2 Includes a non-cash impairment charge of $9 million and $8 million recorded in 2023 2022 4, Impairment and Other ( 3 Represents the weighted-average useful life as of February 3, 2024 Amortizing intangible assets primarily represent the WSS and atmos customer lists and lease acquisition costs, which are amounts that are required to secure prime lease locations, primarily in Europe. Amortization expense recorded is as follows: ($ in millions) 2023 2022 2021 Amortization expense $ 7 $ 8 $ 5 Estimated future amortization expense for finite lived intangibles is as follows: ($ in millions) 2024 $ 5 2025 1 |
Note 10 - Other Assets
Note 10 - Other Assets | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 10. February 3, January 28, ($ in millions) 2024 2023 Restricted cash $ 33 $ 33 Security deposits 25 29 Cross-currency swap contract 7 — Auction rate security 6 6 Pension asset 4 4 Other 17 20 $ 92 $ 92 |
Note 11 - Accrued and Other Lia
Note 11 - Accrued and Other Liabilities | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 11. February 3, January 28, ($ in millions) 2024 2023 Other payroll and payroll related costs, excluding taxes $ 72 $ 99 Incentive bonuses 11 72 Taxes other than income taxes 60 69 Property and equipment (1) 48 39 Rent related costs 33 35 Customer deposits 31 39 Advertising 31 30 Loyalty program 31 29 Income taxes payable 6 39 Other 105 117 $ 428 $ 568 ( 1 Accruals for property and equipment are excluded from the Statements of Cash Flows for all years presented. |
Note 12 - Revolving Credit Faci
Note 12 - Revolving Credit Facility | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Line Of Credit Facilities [Text Block] | 12. We have a $600 million asset-based revolving credit facility that is scheduled to expire on July 14, 2025 "2020 In 2023 2021, 2020 No 2023 Our obligations under the Amended Credit Agreement are secured by a first may February 3, 2024 not During the fourth 2023 no February 3, 2024 The unamortized balance of fees paid in connection with the credit facility at February 3, 2024 2023 2022 2021 |
Note 13 - Long Term Debt and Ob
Note 13 - Long Term Debt and Obligations Under Finance Leases | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 13. The components of long-term debt and obligations under finance leases are as follows: February 3, January 28, ($ in millions) 2024 2023 4% Senior Notes due 2029 $ 395 $ 395 Obligations under finance leases 52 57 $ 447 $ 452 Current portion of debt and obligations under finance leases 5 6 $ 442 $ 446 Interest expense related to long-term debt and the amortization of the associated debt issuance costs was $17 million, $17 million, and $12 million for 2023 2022 2021 |
Note 14 - Other Liabilities
Note 14 - Other Liabilities | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 14. February 3, January 28, ($ in millions) 2024 2023 Deferred taxes $ 140 $ 237 Pension benefits 38 21 Income taxes 31 31 Contingent consideration — 4 Other 32 35 $ 241 $ 328 |
Note 15 - Leases
Note 15 - Leases | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Lessee Leases [Text Block] | 15. The majority of our leases are operating leases for our company-operated retail store locations. We also lease, among other things, distribution and warehouse facilities, and office space for corporate administrative purposes. Operating lease periods generally range from 5 to 10 years and generally contain rent escalation provisions. Some of the store leases contain renewal options with varying terms and conditions. Amounts recognized in the Consolidated Balance Sheet were as follows: February 3, January 28, ($ in millions) 2024 2023 Operating leases: Operating lease right-of-use assets $ 2,188 $ 2,443 Operating lease liabilities classified as current $ 492 $ 544 Operating lease liabilities classified as long-term 2,004 2,230 Total operating lease liabilities $ 2,496 $ 2,774 February 3, January 28, ($ in millions) 2024 2023 Finance leases: Property and equipment, net $ 47 $ 53 Finance lease obligations classified as current $ 5 $ 6 Finance lease obligations classified as long-term 47 51 Total finance lease obligations $ 52 $ 57 Other information related to our leases as of February 3, 2024 January 28, 2023 February 3, January 28, 2024 2023 Weighted-average remaining lease term (years): Operating leases 6.5 6.5 Finance leases 14.5 14.7 Weighted-average discount rate: Operating leases 5.5 % 5.0 % Finance leases 4.3 % 4.3 % Total lease costs include fixed operating lease costs, variable lease costs, and short-term lease costs. Most of our real estate leases require us to pay certain expenses, such as CAM costs, real estate taxes, and other executory costs, of which the fixed portion is included in operating lease costs. Variable lease costs include non-lease components which are not not Lease costs which relate to retail stores and distribution centers are classified within cost of sales, while non-store lease costs are included in SG&A. Amortization of leased equipment assets is classified in depreciation and amortization. The components of lease cost for 2023 2022 2021 ($ in millions) 2023 2022 2021 Operating lease costs $ 613 $ 657 $ 653 Variable lease costs 304 308 331 Short-term lease costs 48 19 23 Sublease income (1 ) (1 ) (1 ) Total operating lease costs 964 983 1,006 Finance lease costs: Amortization of leased assets 6 6 4 Interest on lease liabilities 2 3 1 Total finance lease costs 8 9 5 Total lease cost $ 972 $ 992 $ 1,011 Maturities of lease liabilities as of February 3, 2024 ($ in millions) Operating leases Finance leases Total 2024 $ 598 $ 8 $ 606 2025 523 6 529 2026 431 4 435 2027 351 4 355 2028 285 4 289 Thereafter 797 45 842 Total lease payments 2,985 71 3,056 Less: Interest 489 19 508 Total lease liabilities $ 2,496 $ 52 $ 2,548 As of February 3, 2024 not two |
Note 16 - Accumulated Other Com
Note 16 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 16. ($ in millions) 2023 2022 2021 Foreign currency translation adjustments $ (173 ) $ (148 ) $ (107 ) Hedge contracts (2 ) (3 ) — Unrecognized pension cost and postretirement benefit (191 ) (241 ) (236 ) $ (366 ) $ (392 ) $ (343 ) The changes in AOCL for the year ended February 3, 2024 ($ in millions) Foreign Currency Translation Adjustments Hedge Contracts Items Related to Pension and Postretirement Benefits Total Balance as of January 28, 2023 $ (148 ) $ (3 ) $ (241 ) $ (392 ) OCI before reclassification (25 ) 10 — (15 ) Reclassification of hedges, net of tax — (9 ) — (9 ) Amortization of pension actuarial loss, net of tax — — 7 7 Pension and postretirement remeasurement, net of tax — — (13 ) (13 ) Pension settlement charge, net of tax — — 56 56 Other comprehensive income (25 ) 1 50 26 Balance as of February 3, 2024 $ (173 ) $ (2 ) $ (191 ) $ (366 ) Reclassifications to income from AOCL for the year ended February 3, 2024 ($ in millions) Reclassification of hedges: Cross-currency swap $ (9 ) Income tax — Reclassification of hedges, net of tax $ (9 ) Reclassification of actuarial loss: Amortization of pension and postretirement benefits $ 10 Settlement charge 75 Total before tax 85 Income tax (22 ) Reclassification of actuarial loss, net of tax $ 63 Total, net of tax $ 54 |
Note 17 - Income Taxes
Note 17 - Income Taxes | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 17. The domestic and international components of pre-tax (loss) income are as follows: ($ in millions) 2023 2022 2021 Domestic $ (381 ) $ 440 $ 1,244 International (42 ) 84 (4 ) Total pre-tax (loss) income $ (423 ) $ 524 $ 1,240 Domestic pre-tax (loss) income includes the results of non-U.S. businesses that are operated in branches owned directly by the U.S. which, therefore, are subject to U.S. income tax. The income tax provision consists of the following: ($ in millions) 2023 2022 2021 Current: Federal $ 8 $ 64 $ 192 State and local 2 27 66 International 33 68 16 Total current tax provision 43 159 274 Deferred: Federal (88 ) 23 49 State and local (24 ) 4 15 International (24 ) (6 ) 10 Total deferred tax provision (136 ) 21 74 Total income tax provision $ (93 ) $ 180 $ 348 Following the enactment of Public Law 115 97 one not no At February 3, 2024 We have not not A reconciliation of the significant differences between the federal statutory income tax rate and the effective income tax rate on pre-tax (loss) income is as follows: 2023 2022 2021 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % Increase in valuation allowance (0.6 ) 2.6 0.7 State and local income taxes, net of federal tax benefit 5.4 5.0 5.4 International income taxed at varying rates (4.4 ) 8.4 2.4 Foreign tax credits 1.4 (3.6 ) (1.4 ) Domestic/foreign tax settlements 1.0 (0.5 ) (0.3 ) Federal tax credits 0.5 (0.4 ) (0.1 ) Foreign deferred adjustment (2.0 ) — — Other, net (0.3 ) 1.8 0.4 Effective income tax rate 22.0 % 34.3 % 28.1 % Deferred income taxes are provided for the effects of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for income tax purposes. Items that give rise to significant portions of our deferred tax assets are as follows: February 3, January 28, ($ in millions) 2024 2023 Deferred tax assets: Tax loss/credit carryforwards and capital loss $ 166 $ 123 Employee benefits 32 42 Operating leases - liabilities 668 725 Other 62 61 Total deferred tax assets $ 928 $ 951 Valuation allowance (95 ) (93 ) Total deferred tax assets, net $ 833 $ 858 Items that give rise to significant portions of our deferred tax liabilities are as follows: February 3, January 28, ($ in millions) 2024 2023 Deferred tax liabilities: Merchandise inventories $ 97 $ 87 Operating leases - assets 611 667 Goodwill and other intangible assets 118 123 Net investment gains — 115 Property and equipment 24 6 Other 9 7 Total deferred tax liabilities $ 859 $ 1,005 Net deferred tax liability $ (26 ) $ (147 ) Balance Sheet caption reported in: Deferred taxes $ 114 $ 90 Other liabilities (140 ) (237 ) $ (26 ) $ (147 ) Based upon the level of historical taxable income and projections for future taxable income, which are based upon our long-range strategic plans, management believes it is more likely than not As of February 3, 2024 not not not February 3, 2024 no not At February 3, 2024 2024 2038 3 5 2029 2033. We operate in multiple taxing jurisdictions and are subject to audit. Audits can involve complex issues that may may may 2022 February 2024. no At February 3, 2024 2023 2022, 2021 not The following table summarizes the activity related to unrecognized tax benefits: ($ in millions) 2023 2022 2021 Unrecognized tax benefits at beginning of year $ 52 $ 41 $ 47 Foreign currency translation adjustments — (1 ) (2 ) Increases related to current year tax positions 5 9 3 Increases related to prior period tax positions 2 7 2 Decreases related to prior period tax positions — — (3 ) Settlements (5 ) — (1 ) Lapse of statute of limitations (4 ) (4 ) (5 ) Unrecognized tax benefits at end of year $ 50 $ 52 $ 41 It is reasonably possible that the liability associated with our unrecognized tax benefits will increase or decrease within the next twelve may 2024 not |
Note 18 - Financial Instruments
Note 18 - Financial Instruments and Risk Management | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 18. We operate internationally and utilize certain derivative financial instruments to mitigate our foreign currency exposures, primarily related to third Derivative Holdings Designated as Hedges The primary currencies to which we are exposed are the euro, British pound, Canadian dollar, Australian dollar, and the Japanese Yen. Generally, merchandise inventories are purchased by each geographic area in their respective local currency with the exception of the United Kingdom, whose merchandise inventory purchases are primarily denominated in euros. In 2024, For option and foreign exchange forward contracts designated as cash flow hedges of the purchase of inventory, the effective portion of gains and losses is deferred as a component of AOCL and is recognized as a component of cost of sales when the related inventory is sold. The amount reclassified to cost of sales related to such contracts was not not On May 6, 2022, The cross-currency swap contract has a notional amount of JPY 11 billion and final receipt of $85 million. The cross-currency swap contract, which matures on November 2, 2031, We designated the cross-currency swap contract to hedge the changes in value of the intercompany loan and its variability on earnings. We apply fair value hedge accounting, and we consider market factors other than the change in the spot exchange rate on the notional amount of the swap to be excluded components. The foreign currency spot rate fluctuations on the cross-currency swap notional amount and interest accruals are reported in earnings each period, while all other changes are reported in other comprehensive income. Because the terms of the hedged item and the hedging instrument match and the likelihood of swap counterparty default is not As of February 3, 2024 January 28, 2023 February 3, 2024 January 28, 2023 2023 2022 16 Derivative Holdings Not We enter into certain derivative contracts that are not not not Fair Value of Derivative Contracts The following represents the fair value of our derivative contracts. Balance Sheet February 3, January 28, ($ in millions) Caption 2024 2023 Hedging Instruments: Foreign exchange forward contracts Current assets $ 1 $ — Cross-currency swap contract Non-current assets $ 7 $ — Cross-currency swap contract Non-current liabilities $ — $ 3 Business Risk The retail business is highly competitive. Price, quality, selection of merchandise, reputation, store location, advertising, and customer experience are important competitive factors in our business. We operate in 26 countries and purchased 84% and 86% of our merchandise from our top 5 2023 2022 2023 2022 one Included in our Consolidated Balance Sheet at February 3, 2024 |
Note 19 - Fair Value Measuremen
Note 19 - Fair Value Measurements | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 19. We categorize our financial instruments into a three three 1 3 Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants exclusive of any transaction costs. Our financial assets recorded at fair value are categorized as follows: Level 1 - Quoted prices for identical instruments in active markets. Level 2 - Observable inputs other than quoted prices included within Level 1, not Level 3 - Model-derived valuations in which one Our auction rate security, classified as available-for-sale, is recorded within Other assets on the Consolidated Balance Sheet and is recorded at fair value with gains and losses reported in Other (expense) income, net in our Consolidated Statements of Operations. The fair value of the auction rate security is determined by using quoted prices for similar instruments in active markets and accordingly is classified as a Level 2 The fair value of the contingent consideration liability associated with the atmos acquisition is estimated using an option pricing model simulation that determines an average projected payment value across numerous iterations. See Note 1 Our derivative financial instruments are valued using market-based inputs to valuation models. These valuation models require a variety of inputs, including contractual terms, market prices, yield curves, and measures of volatility and therefore are classified as Level 2 Assets and Liabilities Measured at Fair Value on a Recurring Basis ($ in millions) February 3, 2024 January 28, 2023 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Available-for-sale security $ — $ 6 $ — $ — $ 6 $ — Foreign exchange forward contracts — 1 — — — — Cross-currency swap contract — 7 — — — — Total assets $ — $ 14 $ — $ — $ 6 $ — Liabilities: Contingent consideration $ — $ — $ — $ — $ — $ 4 Cross-currency swap contract — — — — 3 — Total liabilities $ — $ — $ — $ — $ 3 $ 4 There were no transfers into or out of Level 1, 2, 3 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis. Assets and liabilities recognized or disclosed at fair value on the consolidated financial statements on a nonrecurring basis include items such as property, plant and equipment, operating lease right-of-use assets, goodwill, other intangible assets, and minority investments that are not 3 We have a minority investment that is accounted for using the fair value measurement alternative, which is at cost adjusted for changes in observable prices minus impairment under the practicability exception. During 2023, As of February 3, 2024 2023, 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. February 3, January 28, ($ in millions) 2024 2023 Carrying value (1) $ 395 $ 395 Fair value $ 337 $ 338 ( 1 The carrying value of debt for both periods reflected $5 million of issuer’s discount and costs related to 4% Notes due in 2029. The carrying values of cash and cash equivalents, restricted cash, and other current receivables and payables approximate their fair value. |
Note 20 - Retirement Plan and O
Note 20 - Retirement Plan and Other Benefits | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 20. Pension and Other Postretirement Plans We have defined benefit pension plans covering certain of our North American employees. In May 2019, not December 31, 2019, not December 31, 2019 eleven eleven December 31, 2019, December 31, 2022. We also sponsor postretirement medical and life insurance plans, which are available to most of our retired U.S. employees. These plans are contributory and are not not The following tables set forth the plans’ changes in benefit obligations and plan assets, funded status, and amounts recognized in the Consolidated Balance Sheets related to our pension plans: ($ in millions) 2023 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 566 $ 674 Service cost 6 14 Interest cost 27 21 Actuarial gains (6 ) (93 ) Foreign currency translation adjustments — (2 ) Benefits paid (35 ) (48 ) Settlement (127 ) — Benefit obligation at end of year $ 431 $ 566 Change in plan assets: Fair value of plan assets at beginning of year $ 546 $ 676 Actual return on plan assets 4 (83 ) Employer contributions 3 3 Foreign currency translation adjustments — (2 ) Benefits paid (35 ) (48 ) Settlement (124 ) — Fair value of plan assets at end of year $ 394 $ 546 Funded status $ (37 ) $ (20 ) Amounts recognized on the balance sheet: Other assets $ 4 $ 4 Accrued and other liabilities (3 ) (3 ) Other liabilities (38 ) (21 ) $ (37 ) $ (20 ) The Canadian qualified pension plan’s assets exceeded its accumulated benefit obligation for both 2023 2022 ($ in millions) 2023 2022 Projected benefit obligation $ 400 $ 533 Accumulated benefit obligation 400 533 Fair value of plan assets 359 509 The following table provides the amounts recognized in AOCL on a pre-tax basis related to the pension plans: ($ in millions) Net actuarial loss at beginning of year $ 329 Amortization of net loss (11 ) Loss arising during the year 19 Settlement charge (75 ) Net actuarial loss at end of year $ 262 The actuarial losses recognized during 2023 During the fourth 2023, The following weighted-average assumptions were used to determine the benefit obligations under the plans: 2023 2022 Discount rate 5.2 % 5.0 % Rate of compensation increase (1) 3.0 % 3.6 % ( 1 The rate of compensation increase for 2023 Pension expense is actuarially calculated annually based on data available at the beginning of each year. The expected return on plan assets is determined by multiplying the expected long-term rate of return on assets by the market-related value of plan assets for the U.S. qualified pension plan and market value for the Canadian qualified pension plan. The market-related value of plan assets is a calculated value that recognizes investment gains and losses in fair value related to equities over three five 2023 2022 Assumptions used in the calculation of net benefit cost include the discount rate selected and disclosed at the end of the previous year, as well as other assumptions detailed in the table below: 2023 2022 2021 Discount rate 5.0 % 3.2 % 2.5 % Rate of compensation increase (1) 3.0 % 3.6 % 3.6 % Expected long-term rate of return on assets 5.6 % 4.8 % 5.3 % ( 1 The rate of compensation increase for 2023 The expected long-term rate of return on invested plan assets is based on the plans’ weighted-average target asset allocation, as well as historical and future expected performance of those assets. The target asset allocation is selected to obtain an investment return that is sufficient to cover the expected benefit payments and to reduce the variability of our future contributions. The following are the components of net periodic pension benefit cost. Service cost is recognized as a component of SG&A and the remaining pension and postretirement expense components are recognized as part of Other (expense) income, net. ($ in millions) 2023 2022 2021 Service cost $ 6 $ 14 $ 16 Interest cost 27 21 18 Expected return on plan assets (29 ) (31 ) (35 ) Amortization of net loss 11 10 10 Settlement charge 75 — — Net benefit expense $ 90 $ 14 $ 9 The mortality assumption used to value the 2023 2022 2012 2021 February 3, 2024 January 28, 2023 2014 Plan Assets The target composition of our U.S. qualified pension plan assets is 70% fixed-income securities, 28.5% equities, and 1.5% real estate. We may may may We believe plan assets are invested in a conservative manner with an objective of providing a total return that, over the long term, provides sufficient assets to fund benefit obligations, taking into account our expected contributions and the level of funding risk deemed appropriate. Our investment strategy seeks to diversify assets among classes of investments with differing rates of return, volatility, and correlation in order to reduce funding risk. Diversification within asset classes is also utilized to ensure that there are no may Valuation of Investments Commingled trust funds are valued at the net asset value of units held by the plan at year end. Stocks and mutual funds traded on U.S. and Canadian security exchanges are valued at closing market prices on the measurement date. Each category of U.S. and Canadian plan assets is classified within the same level of the fair value hierarchy for 2023 2022 The fair values of the U.S. pension plan assets at February 3, 2024 January 28, 2023 ($ in millions) Level 1 Level 2 Level 3 2023 Total 2022 Total Cash $ 1 $ — $ — $ 1 $ 2 Cash equivalents — 3 — 3 1 Commingled funds: Equity securities — 91 — 91 130 Fixed-income securities — 241 — 241 341 Real estate securities — 5 — 5 8 Corporate stock 11 — — 11 17 Mutual fund 7 — — 7 10 Total assets at fair value $ 19 $ 340 $ — $ 359 $ 509 The fair values of the Canadian pension plan assets at February 3, 2024 January 28, 2023 ($ in millions) Level 1 Level 2 Level 3 2023 Total 2022 Total Cash equivalents $ — $ 7 $ — $ 7 $ 6 Equity securities: Canadian and international 3 — — 3 3 Fixed-income securities: Cash matched bonds — 25 — 25 28 Total assets at fair value $ 3 $ 32 $ — $ 35 $ 37 Contributions and Expected Payments We were not 2023 2022 not 2024 2023 2022 Estimated future benefit payments for each of the next five five ($ in millions) 2024 $ 46 2025 34 2026 33 2027 32 2028 32 2029 - 2033 145 Savings Plans We have a 401 2021, 401 not |
Note 21 - Share-based Compensat
Note 21 - Share-based Compensation | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 21. Stock Awards Under our amended and restated 2007 “2007 may three first ten May 17, 2023, 2007 February 3, 2024 During 2022, 2007 not Employees Stock Purchase Plan On May 17, 2023, 2023 "2023 2013 "2013 2023 not 2023 June December 2023 February 3, 2024 No may 2013 Share-Based Compensation Expense ($ in millions) 2023 2022 2021 Options and employee stock purchase plan $ 4 $ 5 $ 6 Restricted stock units and performance stock units 9 26 23 Total share-based compensation expense $ 13 $ 31 $ 29 Tax benefit recognized $ 2 $ 3 $ 3 Option and Employee Stock Purchase Plan Valuation Model and Assumptions The Black-Scholes option-pricing model is used 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. We estimate the expected term of options using our historical exercise and post-vesting employment termination patterns, which we believe are representative of future behavior. The expected term for the employee stock purchase plan valuation is based on the length of each purchase period as measured at the beginning of the offering period. Effective with the adoption of the 2023 two We estimate the expected volatility of our common stock at the grant date using a weighted-average of our historical volatility and implied volatility from traded options on our common stock. We believe that this combination of historical volatility and implied volatility provides a better estimate of future stock price volatility. The risk-free interest rate assumption is determined using the Federal Reserve nominal rates for U.S. Treasury zero The following table shows the assumptions used to compute compensation expense for our options and stock purchase plan: Stock Option Plans Stock Purchase Plan 2023 2022 2021 2023 2022 2021 Weighted-average risk free rate of interest 3.6 % 2.5 % 0.9 % 3.8 % 1.0 % 0.1 % Expected volatility 50 % 50 % 47 % 40 % 40 % 45 % Weighted-average expected award life (in years) 5.5 5.5 5.5 0.5 1.0 1.0 Dividend yield 3.7 % 3.8 % 1.5 % 3.7 % 2.6 % 4.0 % Weighted-average fair value $ 13.53 $ 10.80 $ 20.22 $ 5.32 $ 18.46 $ 9.61 The information set forth in the following table covers options granted under our stock option plans: Number of Shares Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price (in thousands) (in years) (per share) Options outstanding at the beginning of the year 3,256 $ 47.85 Granted 341 37.72 Exercised (194 ) 23.93 Expired or cancelled (665 ) 48.08 Options outstanding at February 3, 2024 2,738 3.3 $ 48.23 Options exercisable at February 3, 2024 2,321 2.3 $ 50.25 The total fair value of options vested was $5 million, $4 million, and $4 million, during 2023 2022 2021 February 3, 2024 January 28, 2023 January 29, 2022 2023 2022 2021 The total intrinsic value of options exercised (the difference between the market price of the Company’s common stock on the exercise date and the price paid by the optionee to exercise the option) is presented below: ($ in millions) 2023 2022 2021 Exercised $ 3 $ 1 $ 8 The aggregate intrinsic value for stock options outstanding, and those outstanding and exercisable (the difference between the 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: ($ in millions) 2023 Outstanding $ 4 Outstanding and exercisable $ 3 As of February 3, 2024 The following table summarizes information about stock options outstanding and exercisable at February 3, 2024 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 - $30.98 688 4.1 $ 24.77 593 $ 24.07 $36.49 - $46.64 682 5.2 41.71 369 44.19 $53.61 - $58.94 400 2.6 56.58 391 56.65 $62.02 - $72.83 968 1.6 66.02 968 66.02 2,738 3.3 $ 48.23 2,321 $ 50.25 Restricted Stock Units and Performance Stock Units Restricted stock units (“RSU”) may one 2023 2022 Generally, RSU awards fully vest after the passage of time, typically three one one RSU and PSU activity is summarized as follows: Number of Shares Weighted-Average Remaining Contractual Life Weighted-Average Grant Date Fair Value (in thousands) (in years) (per share) Nonvested at beginning of year 1,992 $ 37.58 Granted 1,204 35.75 Vested (689 ) 34.08 Performance adjustment (1) (866 ) Forfeited (263 ) 39.02 Nonvested at February 3, 2024 1,378 1.2 $ 38.81 Aggregate value ($ in millions) $ 53 ( 1 This represents adjustments made to PSU awards reflecting changes in estimates based upon our current performance against predefined financial targets. The total fair value of awards vested was $23 million, $6 million, and $23 million, for 2023 2022 2021 February 3, 2024 |
Note 22 - Legal Proceedings
Note 22 - Legal Proceedings | 12 Months Ended |
Feb. 03, 2024 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 22. Legal proceedings pending against the Company or its consolidated subsidiaries consist of ordinary, routine litigation, or pre-litigation demands, 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 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Feb. 03, 2024 | Feb. 03, 2024 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 9B. During the quarter ended February 3, 2024 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) | 12 Months Ended |
Feb. 03, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of Foot Locker, Inc. and its domestic and international subsidiaries, as well as any entities in which we have a controlling voting interest that are required to be consolidated. All significant intercompany amounts have been eliminated. As used in these Notes to Consolidated Financial Statements the terms "Foot Locker," "Company," "we," "our," and "us" refer to Foot Locker, Inc. and its consolidated subsidiaries. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may |
Fiscal Period, Policy [Policy Text Block] | Reporting Year Our fiscal year end is a 52 53 January. 2023 53 February 3, 2024 2022 2021 52 January 28, 2023 January 29, 2022 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Store revenue is recognized at the point of sale and includes merchandise, net of returns, and excludes taxes. Revenue from layaway sales is recognized when the customer receives the product, rather than when the initial deposit is paid. We recognize revenue for merchandise that is shipped to our customers from our distribution centers and stores upon shipment as the customer has control of the product upon shipment. We account for shipping and handling as a fulfillment activity. We accrue the cost and recognize revenue for these activities upon shipment date, therefore total sales recognized includes shipping and handling fees. We have license agreements with unaffiliated third third Gift Cards We sell gift cards which do not |
Advertising Cost [Policy Text Block] | Advertising Costs and Sales Promotion Advertising and sales promotion costs are expensed at the time the advertising or promotion takes place, net of reimbursements for cooperative advertising. Cooperative advertising reimbursements earned for the launch and promotion of certain products agreed upon with vendors are recorded in the same period as the associated expenses are incurred. Reimbursements received in excess of expenses incurred related to specific, incremental, and identifiable advertising costs are accounted for as a reduction to the cost of merchandise and are reflected in cost of sales when the merchandise is sold. Digital advertising costs are expensed as incurred, net of reimbursements for cooperative advertising. Digital advertising includes social media, search engine marketing, such as display ads and keyword search terms, and other various forms of digital advertising. Advertising costs, including digital advertising, which are included as a component of SG&A, were as follows: ($ in millions) 2023 2022 2021 Advertising expenses $ 216 $ 222 $ 223 Cooperative advertising reimbursements (35 ) (37 ) (29 ) Net advertising expense $ 181 $ 185 $ 194 |
Share-Based Payment Arrangement [Policy Text Block] | Share-Based Compensation We recognize compensation expense for share-based awards based on the grant date fair value of those awards. We use the Black-Scholes option-pricing model to determine the fair value of stock options, which requires the input of subjective assumptions regarding the expected term, expected volatility, and risk-free interest rate. See Note 21, Share-Based Compensation, Awards of restricted stock units cliff vest after the passage of time, generally three one PSU awards granted in 2023 2022 |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share 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 EPS 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 basic and diluted EPS is as follows: (in millions, except per share data) 2023 2022 2021 Net (loss) income from continuing operations $ (330 ) $ 344 $ 892 Net loss attributable to noncontrolling interests — 1 1 (Loss) income from continuing operations attributable to Foot Locker, Inc. (330 ) 345 893 Net loss from discontinued operations, net of tax — (3 ) — Net (loss) income attributable to Foot Locker, Inc. $ (330 ) $ 342 $ 893 Weighted-average common shares outstanding 94.2 94.3 102.5 Dilutive effect of potential common shares — 1.2 1.3 Weighted-average common shares outstanding assuming dilution 94.2 95.5 103.8 (in millions, except per share data) 2023 2022 2021 Basic earnings per share: (Loss) earnings per share from continuing operations attributable to Foot Locker, Inc. $ (3.51 ) $ 3.66 $ 8.72 Loss per share from discontinued operations, net of tax — (0.04 ) — Net (loss) earnings per share attributable to Foot Locker, Inc. $ (3.51 ) $ 3.62 $ 8.72 Diluted earnings per share: (Loss) earnings per share from continuing operations attributable to Foot Locker, Inc. $ (3.51 ) $ 3.62 $ 8.61 Net loss per share from discontinued operations, net of tax — (0.04 ) — Net (loss) earnings per share attributable to Foot Locker, Inc. $ (3.51 ) $ 3.58 $ 8.61 Anti-dilutive share-based awards excluded from diluted calculation 4.5 2.7 1.8 Performance stock units related to our long-term incentive programs of 0.8 million for 2023 2022 2021 not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents, and Restricted Cash Cash consists of funds held on hand and in bank accounts. Cash equivalents include amounts on demand with banks and all highly liquid investments with original maturities of three third three Restricted cash represents cash that is restricted as to withdrawal or use under the terms of various agreements. Restricted cash includes 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. The following table provides the reconciliation of cash, cash equivalents, and restricted cash, as reported on our consolidated statements of cash flows: February 3, January 28, January 29, ($ in millions) 2024 2023 2022 Cash and cash equivalents (1) $ 297 $ 536 $ 804 Restricted cash included in other current assets 4 13 8 Restricted cash included in other non-current assets 33 33 38 Cash, cash equivalents, and restricted cash $ 334 $ 582 $ 850 ( 1 Includes cash equivalents of $40 million, $41 million, and $48 million as of February 3, 2024 January 28, 2023 January 29, 2022 |
Cost of Goods and Service [Policy Text Block] | Merchandise Inventories and Cost of Sales Merchandise inventories are valued at the lower of cost or market using the retail inventory method, except for WSS and atmos. Cost is determined on the last-in, first first first The retail inventory method is used by retail companies to value inventories at cost and calculate gross margins due to its practicality. Under the retail inventory method, cost is determined by applying a cost-to-retail percentage across groupings of similar items, known as departments. The cost-to-retail percentage is applied to ending inventory at its current owned retail valuation to determine the cost of ending inventory on a department basis. We provide reserves based on current selling prices when the inventory has not Transportation, distribution center, and sourcing costs are capitalized in merchandise inventories. We expense the freight associated with transfers between our store locations in the period incurred. We maintain an accrual for shrinkage based on historical rates. Cost of sales is comprised of the cost of merchandise, as well as occupancy, buyers’ compensation, and shipping and handling costs. The cost of merchandise is recorded net of amounts received from suppliers for damaged product returns, markdown allowances, and volume rebates, as well as cooperative advertising reimbursements received in excess of specific, incremental advertising expenses. |
Investment, Policy [Policy Text Block] | Minority Investments We use the equity method to account for investments in which we have the ability to exercise significant influence over the investee’s operating and financial policies, or in which we hold a partnership or limited liability company interest in an entity with specific ownership accounts, unless we have virtually no We have a minority investment that is accounted for using the fair value measurement alternative, which is at cost, adjusted for changes in observable prices minus impairment under the practicability exception. We evaluate our minority investments for impairment when events or circumstances indicate that the carrying value of the investment may not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation and amortization. Significant additions and improvements to property and equipment are capitalized. Major renewals or replacements that substantially extend the useful life of an asset are capitalized. Maintenance and repairs are expensed as incurred. Depreciation and amortization are computed on a straight-line basis over the following estimated useful lives: Buildings Maximum of 50 years Store leasehold improvements Shorter of the asset useful life or expected term of the lease Furniture, fixtures, and equipment 3‑10 years Software 2‑5 years |
Internal Use Software, Policy [Policy Text Block] | Internal-Use Software Development Costs We capitalize certain external and internal computer software and software development costs incurred during the application development stage. The application development stage generally includes software design and configuration, coding, testing, and installation activities. Capitalized costs include only external direct cost of materials and services consumed in developing or obtaining internal-use software, and payroll and payroll-related costs for employees who are directly associated with and devote time to the internal-use software project. Capitalization of such costs ceases no not five February 3, 2024 January 28, 2023 Cloud computing arrangement (software-as-a-service contract) implementation costs that are capitalized are amortized on a straight-line basis over the contract term. These amounts are classified with prepaid expense and other long-term assets in the Consolidated Balance Sheets. Expense related to cloud computing arrangements are included in SG&A. The corresponding cash flows related to these arrangements are included in “Net cash provided by operating activities” in the Company’s Consolidated Statements of Cash Flows. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Tangible Assets and Right-of-Use Assets We perform an impairment review when circumstances indicate that the carrying value of long-lived tangible assets and right-of-use assets may not |
Lessee, Leases [Policy Text Block] | Leases Lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term for those arrangements where there is an identified asset and the contract conveys the right to control its use. The lease term includes options to extend or terminate a lease only when we are reasonably certain that we will exercise that option. The right-of-use asset is measured at the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, initial direct costs, and any tenant improvement allowances received. For operating leases, right-of-use assets are reduced over the lease term by the straight-line lease expense recognized less the amount of accretion of the lease liability determined using the effective interest method. We combine lease components and non-lease components. Given our policy election to combine lease and non-lease components, we also consider fixed common area maintenance (“CAM”) part of our fixed future lease payments; therefore, fixed CAM is also included in our lease liability. We recognize rent expense for operating leases as of the possession date for store leases or the commencement of the agreement for non-store leases. Rental expense, inclusive of rent holidays, concessions, and tenant allowances are recognized over the lease term on a straight-line basis. Contingent payments based upon sales and future increases determined by inflation related indices cannot be estimated at the inception of the lease and, accordingly, are charged to operations as incurred. As most of our leases do not 12 not |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Impairment of Goodwill and Other Intangible Assets Goodwill and intangible assets with indefinite lives are reviewed for impairment annually during the fourth not one may not not not We use a discounted cash flow approach to determine the fair value of a reporting unit. The determination of discounted cash flows of the reporting units and assets and liabilities within the reporting units requires significant estimates and assumptions. These estimates and assumptions primarily include, but are not For our annual impairment review conducted in the fourth 2023 Intangible assets with indefinite lives are tested for impairment if impairment indicators arise and, at a minimum, annually. The impairment review for intangible assets with indefinite lives consists of either performing a qualitative or a quantitative assessment. If the results of the qualitative assessment indicate that it is more likely than not may |
Business Combinations Policy [Policy Text Block] | Contingent Consideration As a result of our purchase of atmos in 2021, The contingent consideration liability will be measured at fair value on a recurring basis until the contingency is resolved at the conclusion of 2025. 2023 2022, |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments All derivative financial instruments are recorded in our Consolidated Balance Sheets at their fair values. For derivatives designated as a hedge, and effective as part of a hedge transaction, the effective portion of the gain or loss on the hedging derivative instrument is reported as a component of other comprehensive income/loss or as a basis adjustment to the underlying hedged item and reclassified to earnings in the period in which the hedged item affects earnings. The effective portion of the gain or loss on hedges of foreign net investments is generally not not not may |
Income Tax, Policy [Policy Text Block] | Income Taxes We account for our income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and the tax basis of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are recognized for tax credits and net operating loss carryforwards, reduced by a valuation allowance, which is established when it is more likely than not not We recognize net deferred tax assets to the extent that we believe these assets are more likely than not A taxing authority may may not, not fifty not |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension and Postretirement Obligations Pension benefit obligations and net periodic pension costs are calculated using actuarial assumptions. Two key assumptions used in accounting for pension liabilities and expenses are the discount rate and expected rate of return on plan assets. The discount rate for the U.S. plans is determined by reference to the Bond:Link interest rate model based upon a portfolio of highly-rated U.S. corporate bonds with individual bonds that are theoretically purchased to settle the plan’s anticipated cash outflows. The cash flows are discounted to their present value and an overall discount rate is determined. The discount rate selected to measure the present value of the Canadian benefit obligations was developed by using that plan’s bond portfolio indices, which match the benefit obligations. We measure our plan assets and benefit obligations using the month-end date that is closest to our fiscal year end. The expected return on plan assets assumption is derived using the current and expected asset allocation of the pension plan assets and considering historical as well as expected performance of those assets. |
Insurance Liabilities Policy [Text Block] | Insurance Liabilities We are primarily self-insured for health care, workers’ compensation, and general liability costs. Accordingl y, provisions are made for actuarially determined estimates of discounted future claim costs for such risks, for the aggregate of claims reported, and claims incurred but not million for February 3, 2024 , million for January 28, 2023 and million for January 29, 2022 not |
Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy [Policy Text Block] | Treasury Stock Retirement We periodically retire treasury shares that we acquire through share repurchases and return those shares to the status of authorized but unissued. We account for treasury stock transactions under the cost method. For each reacquisition of common stock, the number of shares and the acquisition price for those shares is added to the existing treasury stock count and total value. When treasury shares are retired, our policy is to allocate the excess of the repurchase price over the par value of shares acquired to both retained earnings and additional paid-in capital. The portion allocated to additional paid-in capital is determined by applying a percentage, which is determined by dividing the number of shares to be retired by the number of shares issued, to the balance of additional paid-in capital as of the retirement date. We did not 2023 2022 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The functional currency of our international operations is the applicable local currency. The translation of the applicable foreign currency into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using the weighted-average rates of exchange prevailing during the year. The unearned gains and losses resulting from such translation are included as a separate component of accumulated other comprehensive loss (“AOCL”) within shareholders’ equity. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements Recently issued accounting pronouncements did not, not Recent Accounting Pronouncements Not In November 2023, 2023 07, Improvements to Reportable Segment Disclosures 2023 07 December 15, 2023, December 15, 2024. 2024 10 not In December 2023, 2023 09, Improvements to Income Tax Disclosures 2023 09 December 15, 2024. 2025 10 not Other recently issued accounting pronouncements did not, not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | ($ in millions) 2023 2022 2021 Fair value changes in minority investment $ (478 ) $ — $ 290 Pension settlement charge (75 ) — — Pension and postretirement net benefit (expense) income, excluding service cost (8 ) — 7 Share of (losses) earnings related to other minority investments (1 ) 1 3 Minority investment in Retailors, Ltd. — (61 ) 77 Gain on sale of property 3 — — Foot Locker Singapore and Malaysia divestiture 3 — — Team Sales divestiture — 19 — Other — (1 ) 7 Total other (expense) income, net $ (556 ) $ (42 ) $ 384 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (in millions, except per share data) 2023 2022 2021 Net (loss) income from continuing operations $ (330 ) $ 344 $ 892 Net loss attributable to noncontrolling interests — 1 1 (Loss) income from continuing operations attributable to Foot Locker, Inc. (330 ) 345 893 Net loss from discontinued operations, net of tax — (3 ) — Net (loss) income attributable to Foot Locker, Inc. $ (330 ) $ 342 $ 893 Weighted-average common shares outstanding 94.2 94.3 102.5 Dilutive effect of potential common shares — 1.2 1.3 Weighted-average common shares outstanding assuming dilution 94.2 95.5 103.8 (in millions, except per share data) 2023 2022 2021 Basic earnings per share: (Loss) earnings per share from continuing operations attributable to Foot Locker, Inc. $ (3.51 ) $ 3.66 $ 8.72 Loss per share from discontinued operations, net of tax — (0.04 ) — Net (loss) earnings per share attributable to Foot Locker, Inc. $ (3.51 ) $ 3.62 $ 8.72 Diluted earnings per share: (Loss) earnings per share from continuing operations attributable to Foot Locker, Inc. $ (3.51 ) $ 3.62 $ 8.61 Net loss per share from discontinued operations, net of tax — (0.04 ) — Net (loss) earnings per share attributable to Foot Locker, Inc. $ (3.51 ) $ 3.58 $ 8.61 Anti-dilutive share-based awards excluded from diluted calculation 4.5 2.7 1.8 |
Restrictions on Cash and Cash Equivalents [Table Text Block] | February 3, January 28, January 29, ($ in millions) 2024 2023 2022 Cash and cash equivalents (1) $ 297 $ 536 $ 804 Restricted cash included in other current assets 4 13 8 Restricted cash included in other non-current assets 33 33 38 Cash, cash equivalents, and restricted cash $ 334 $ 582 $ 850 |
Estimated Useful Life Of Asset [Table Text Block] | Buildings Maximum of 50 years Store leasehold improvements Shorter of the asset useful life or expected term of the lease Furniture, fixtures, and equipment 3‑10 years Software 2‑5 years |
Advertising Cost [Member] | |
Notes Tables | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | ($ in millions) 2023 2022 2021 Advertising expenses $ 216 $ 222 $ 223 Cooperative advertising reimbursements (35 ) (37 ) (29 ) Net advertising expense $ 181 $ 185 $ 194 |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | ($ in millions) 2023 2022 2021 Sales by Channel: Stores $ 6,751 $ 7,219 $ 7,029 Direct-to-customers 1,403 1,528 1,929 Total sales 8,154 8,747 8,958 Licensing revenue 14 12 10 Total revenue $ 8,168 $ 8,759 $ 8,968 |
Revenue from External Customers by Geographic Areas [Table Text Block] | ($ in millions) 2023 2022 2021 Revenue by Geography: United States $ 5,409 $ 5,981 $ 6,477 International 2,759 2,778 2,491 Total revenue $ 8,168 $ 8,759 $ 8,968 |
Reconciliation of Revenue From Banners to Consolidated [Table Text Block] | ($ in millions) 2023 2022 2021 Foot Locker $ 3,205 $ 3,304 $ 3,295 Champs Sports 1,304 1,681 1,939 Kids Foot Locker 716 708 724 WSS 640 604 195 Other 1 126 742 North America 5,866 6,423 6,895 Foot Locker 1,697 1,628 1,565 Sidestep 26 94 76 EMEA 1,723 1,722 1,641 Foot Locker 387 414 373 atmos 178 188 49 Asia Pacific 565 602 422 Total sales $ 8,154 $ 8,747 $ 8,958 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | February 3, January 28, ($ in millions) 2024 2023 Gift card liability at beginning of year $ 36 $ 46 Redemptions (278 ) (259 ) Breakage recognized in sales (6 ) (17 ) Activations 277 266 Gift card liability $ 29 $ 36 |
Note 3 - Segment Information (T
Note 3 - Segment Information (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ($ in millions) 2023 2022 2021 Division profit $ 264 $ 844 $ 1,171 Less: Impairment and other (1) 80 112 172 Less: Corporate expense (2) 42 151 129 Income from operations 142 581 870 Interest expense, net (9 ) (15 ) (14 ) Other (expense) income, net (3) (556 ) (42 ) 384 (Loss) income from continuing operations before income taxes $ (423 ) $ 524 $ 1,240 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ($ in millions) 2023 2022 2021 Long-Lived Assets: United States $ 2,025 $ 2,152 $ 2,285 International 1,093 1,211 1,248 Total long-lived assets $ 3,118 $ 3,363 $ 3,533 |
Reconciliation Of Assets Capital Expenditures Depreciation And Amortization [Table Text Block] | Depreciation and Amortization Capital Expenditures (1) Total Assets ($ in millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Division $ 163 $ 169 $ 163 $ 173 $ 200 $ 127 $ 6,256 $ 7,178 $ 7,184 Corporate 36 39 34 69 85 82 612 729 951 Total $ 199 $ 208 $ 197 $ 242 $ 285 $ 209 $ 6,868 $ 7,907 $ 8,135 |
Note 4 - Impairment and Other (
Note 4 - Impairment and Other (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Schedule of Litigation Impairment and Other Charges [Table Text Block] | ($ in millions) 2023 2022 2021 Impairment of long-lived assets and right-of-use assets $ 30 $ 58 $ 92 Transformation consulting 27 42 — Reorganization costs 17 22 4 Other intangible asset impairments 9 8 2 Insurance recovery (losses) related to social unrest 1 — (7 ) Change in fair value of contingent consideration (4 ) (31 ) — Litigation costs — 9 — Acquisition and integration costs — 4 24 Impairment of investments — — 42 Lease termination costs — — 15 Total impairment and other $ 80 $ 112 $ 172 |
Note 5 - Other Income (Expens_2
Note 5 - Other Income (Expense), Net (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | ($ in millions) 2023 2022 2021 Fair value changes in minority investment $ (478 ) $ — $ 290 Pension settlement charge (75 ) — — Pension and postretirement net benefit (expense) income, excluding service cost (8 ) — 7 Share of (losses) earnings related to other minority investments (1 ) 1 3 Minority investment in Retailors, Ltd. — (61 ) 77 Gain on sale of property 3 — — Foot Locker Singapore and Malaysia divestiture 3 — — Team Sales divestiture — 19 — Other — (1 ) 7 Total other (expense) income, net $ (556 ) $ (42 ) $ 384 |
Note 6 - Merchandise Inventor_2
Note 6 - Merchandise Inventories (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | February 3, January 28, ($ in millions) 2024 2023 LIFO inventories $ 956 $ 1,093 FIFO inventories 553 550 Total merchandise inventories $ 1,509 $ 1,643 The value of our LIFO inventories as calculated on a LIFO basis, approximates their value as calculated on a FIFO basis. |
Note 7 - Other Current Assets (
Note 7 - Other Current Assets (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Schedule of Other Current Assets [Table Text Block] | February 3, January 28, ($ in millions) 2024 2023 Net receivables $ 160 $ 160 Other prepaid expenses 89 71 Prepaid income taxes 82 62 Prepaid rent 73 19 Restricted cash 4 13 Other 11 17 $ 419 $ 342 |
Note 8 - Property and Equipme_2
Note 8 - Property and Equipment, Net (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | February 3, January 28, ($ in millions) 2024 2023 Owned properties: Land $ 3 $ 4 Buildings 51 53 Furniture, fixtures, equipment and software development costs 1,403 1,379 1,457 1,436 Less: accumulated depreciation (988 ) (948 ) 469 488 Finance leases: Assets under finance leases 65 65 Less: accumulated amortization (18 ) (12 ) 47 53 Alterations to leased and owned buildings: Cost 996 967 Less: accumulated amortization (582 ) (588 ) 414 379 $ 930 $ 920 |
Note 9 - Other Intangible Ass_2
Note 9 - Other Intangible Assets, Net (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Schedule of Intangible Assets By MajorClass [Table Text Block] | February 3, 2024 January 28, 2023 Gross Accum. Net Life in Gross Accum. Net ($ in millions) value amort. value Years (3) value amort. value Amortized intangible assets: (1) Lease acquisition costs $ 91 $ (90 ) $ 1 9.8 $ 102 $ (100 ) $ 2 Trademarks/tradenames 18 (18 ) — — 18 (18 ) — Customer lists 20 (15 ) 5 3.0 20 (9 ) 11 $ 129 $ (123 ) $ 6 4.8 $ 140 $ (127 ) $ 13 Indefinite life intangible assets: (1) Trademarks/tradenames (2) $ 393 $ 413 $ 399 $ 426 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | ($ in millions) 2023 2022 2021 Amortization expense $ 7 $ 8 $ 5 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ($ in millions) 2024 $ 5 2025 1 |
Note 10 - Other Assets (Tables)
Note 10 - Other Assets (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Schedule of Other Assets, Noncurrent [Table Text Block] | February 3, January 28, ($ in millions) 2024 2023 Restricted cash $ 33 $ 33 Security deposits 25 29 Cross-currency swap contract 7 — Auction rate security 6 6 Pension asset 4 4 Other 17 20 $ 92 $ 92 |
Note 11 - Accrued and Other L_2
Note 11 - Accrued and Other Liabilities (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | February 3, January 28, ($ in millions) 2024 2023 Other payroll and payroll related costs, excluding taxes $ 72 $ 99 Incentive bonuses 11 72 Taxes other than income taxes 60 69 Property and equipment (1) 48 39 Rent related costs 33 35 Customer deposits 31 39 Advertising 31 30 Loyalty program 31 29 Income taxes payable 6 39 Other 105 117 $ 428 $ 568 |
Note 13 - Long Term Debt and _2
Note 13 - Long Term Debt and Obligations Under Finance Leases (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | February 3, January 28, ($ in millions) 2024 2023 4% Senior Notes due 2029 $ 395 $ 395 Obligations under finance leases 52 57 $ 447 $ 452 Current portion of debt and obligations under finance leases 5 6 $ 442 $ 446 |
Note 14 - Other Liabilities (Ta
Note 14 - Other Liabilities (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Other Noncurrent Liabilities [Table Text Block] | February 3, January 28, ($ in millions) 2024 2023 Deferred taxes $ 140 $ 237 Pension benefits 38 21 Income taxes 31 31 Contingent consideration — 4 Other 32 35 $ 241 $ 328 |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Lessee Lease Balance Sheet Information [Table Text Block] | February 3, January 28, ($ in millions) 2024 2023 Operating leases: Operating lease right-of-use assets $ 2,188 $ 2,443 Operating lease liabilities classified as current $ 492 $ 544 Operating lease liabilities classified as long-term 2,004 2,230 Total operating lease liabilities $ 2,496 $ 2,774 February 3, January 28, ($ in millions) 2024 2023 Finance leases: Property and equipment, net $ 47 $ 53 Finance lease obligations classified as current $ 5 $ 6 Finance lease obligations classified as long-term 47 51 Total finance lease obligations $ 52 $ 57 |
Lessee Lease Other Information [TableTextBlock] | February 3, January 28, 2024 2023 Weighted-average remaining lease term (years): Operating leases 6.5 6.5 Finance leases 14.5 14.7 Weighted-average discount rate: Operating leases 5.5 % 5.0 % Finance leases 4.3 % 4.3 % |
Lease, Cost [Table Text Block] | ($ in millions) 2023 2022 2021 Operating lease costs $ 613 $ 657 $ 653 Variable lease costs 304 308 331 Short-term lease costs 48 19 23 Sublease income (1 ) (1 ) (1 ) Total operating lease costs 964 983 1,006 Finance lease costs: Amortization of leased assets 6 6 4 Interest on lease liabilities 2 3 1 Total finance lease costs 8 9 5 Total lease cost $ 972 $ 992 $ 1,011 |
Lease, Liability, to be Paid, Maturity [Table Text Block] | ($ in millions) Operating leases Finance leases Total 2024 $ 598 $ 8 $ 606 2025 523 6 529 2026 431 4 435 2027 351 4 355 2028 285 4 289 Thereafter 797 45 842 Total lease payments 2,985 71 3,056 Less: Interest 489 19 508 Total lease liabilities $ 2,496 $ 52 $ 2,548 |
Note 16 - Accumulated Other C_2
Note 16 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ($ in millions) 2023 2022 2021 Foreign currency translation adjustments $ (173 ) $ (148 ) $ (107 ) Hedge contracts (2 ) (3 ) — Unrecognized pension cost and postretirement benefit (191 ) (241 ) (236 ) $ (366 ) $ (392 ) $ (343 ) |
Comprehensive Income (Loss) [Table Text Block] | ($ in millions) Foreign Currency Translation Adjustments Hedge Contracts Items Related to Pension and Postretirement Benefits Total Balance as of January 28, 2023 $ (148 ) $ (3 ) $ (241 ) $ (392 ) OCI before reclassification (25 ) 10 — (15 ) Reclassification of hedges, net of tax — (9 ) — (9 ) Amortization of pension actuarial loss, net of tax — — 7 7 Pension and postretirement remeasurement, net of tax — — (13 ) (13 ) Pension settlement charge, net of tax — — 56 56 Other comprehensive income (25 ) 1 50 26 Balance as of February 3, 2024 $ (173 ) $ (2 ) $ (191 ) $ (366 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ($ in millions) Reclassification of hedges: Cross-currency swap $ (9 ) Income tax — Reclassification of hedges, net of tax $ (9 ) Reclassification of actuarial loss: Amortization of pension and postretirement benefits $ 10 Settlement charge 75 Total before tax 85 Income tax (22 ) Reclassification of actuarial loss, net of tax $ 63 Total, net of tax $ 54 |
Note 17 - Income Taxes (Tables)
Note 17 - Income Taxes (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ($ in millions) 2023 2022 2021 Domestic $ (381 ) $ 440 $ 1,244 International (42 ) 84 (4 ) Total pre-tax (loss) income $ (423 ) $ 524 $ 1,240 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ($ in millions) 2023 2022 2021 Current: Federal $ 8 $ 64 $ 192 State and local 2 27 66 International 33 68 16 Total current tax provision 43 159 274 Deferred: Federal (88 ) 23 49 State and local (24 ) 4 15 International (24 ) (6 ) 10 Total deferred tax provision (136 ) 21 74 Total income tax provision $ (93 ) $ 180 $ 348 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2023 2022 2021 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % Increase in valuation allowance (0.6 ) 2.6 0.7 State and local income taxes, net of federal tax benefit 5.4 5.0 5.4 International income taxed at varying rates (4.4 ) 8.4 2.4 Foreign tax credits 1.4 (3.6 ) (1.4 ) Domestic/foreign tax settlements 1.0 (0.5 ) (0.3 ) Federal tax credits 0.5 (0.4 ) (0.1 ) Foreign deferred adjustment (2.0 ) — — Other, net (0.3 ) 1.8 0.4 Effective income tax rate 22.0 % 34.3 % 28.1 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | February 3, January 28, ($ in millions) 2024 2023 Deferred tax assets: Tax loss/credit carryforwards and capital loss $ 166 $ 123 Employee benefits 32 42 Operating leases - liabilities 668 725 Other 62 61 Total deferred tax assets $ 928 $ 951 Valuation allowance (95 ) (93 ) Total deferred tax assets, net $ 833 $ 858 February 3, January 28, ($ in millions) 2024 2023 Deferred tax liabilities: Merchandise inventories $ 97 $ 87 Operating leases - assets 611 667 Goodwill and other intangible assets 118 123 Net investment gains — 115 Property and equipment 24 6 Other 9 7 Total deferred tax liabilities $ 859 $ 1,005 Net deferred tax liability $ (26 ) $ (147 ) Balance Sheet caption reported in: Deferred taxes $ 114 $ 90 Other liabilities (140 ) (237 ) $ (26 ) $ (147 ) |
Summary of Income Tax Contingencies [Table Text Block] | ($ in millions) 2023 2022 2021 Unrecognized tax benefits at beginning of year $ 52 $ 41 $ 47 Foreign currency translation adjustments — (1 ) (2 ) Increases related to current year tax positions 5 9 3 Increases related to prior period tax positions 2 7 2 Decreases related to prior period tax positions — — (3 ) Settlements (5 ) — (1 ) Lapse of statute of limitations (4 ) (4 ) (5 ) Unrecognized tax benefits at end of year $ 50 $ 52 $ 41 |
Note 18 - Financial Instrumen_2
Note 18 - Financial Instruments and Risk Management (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Balance Sheet February 3, January 28, ($ in millions) Caption 2024 2023 Hedging Instruments: Foreign exchange forward contracts Current assets $ 1 $ — Cross-currency swap contract Non-current assets $ 7 $ — Cross-currency swap contract Non-current liabilities $ — $ 3 |
Note 19 - Fair Value Measurem_2
Note 19 - Fair Value Measurements (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ($ in millions) February 3, 2024 January 28, 2023 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Available-for-sale security $ — $ 6 $ — $ — $ 6 $ — Foreign exchange forward contracts — 1 — — — — Cross-currency swap contract — 7 — — — — Total assets $ — $ 14 $ — $ — $ 6 $ — Liabilities: Contingent consideration $ — $ — $ — $ — $ — $ 4 Cross-currency swap contract — — — — 3 — Total liabilities $ — $ — $ — $ — $ 3 $ 4 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | February 3, January 28, ($ in millions) 2024 2023 Carrying value (1) $ 395 $ 395 Fair value $ 337 $ 338 |
Note 20 - Retirement Plan and_2
Note 20 - Retirement Plan and Other Benefits (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | ($ in millions) 2023 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 566 $ 674 Service cost 6 14 Interest cost 27 21 Actuarial gains (6 ) (93 ) Foreign currency translation adjustments — (2 ) Benefits paid (35 ) (48 ) Settlement (127 ) — Benefit obligation at end of year $ 431 $ 566 Change in plan assets: Fair value of plan assets at beginning of year $ 546 $ 676 Actual return on plan assets 4 (83 ) Employer contributions 3 3 Foreign currency translation adjustments — (2 ) Benefits paid (35 ) (48 ) Settlement (124 ) — Fair value of plan assets at end of year $ 394 $ 546 Funded status $ (37 ) $ (20 ) Amounts recognized on the balance sheet: Other assets $ 4 $ 4 Accrued and other liabilities (3 ) (3 ) Other liabilities (38 ) (21 ) $ (37 ) $ (20 ) |
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | ($ in millions) 2023 2022 Projected benefit obligation $ 400 $ 533 Accumulated benefit obligation 400 533 Fair value of plan assets 359 509 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ($ in millions) Net actuarial loss at beginning of year $ 329 Amortization of net loss (11 ) Loss arising during the year 19 Settlement charge (75 ) Net actuarial loss at end of year $ 262 |
Defined Benefit Plan, Assumptions [Table Text Block] | 2023 2022 Discount rate 5.2 % 5.0 % Rate of compensation increase (1) 3.0 % 3.6 % 2023 2022 2021 Discount rate 5.0 % 3.2 % 2.5 % Rate of compensation increase (1) 3.0 % 3.6 % 3.6 % Expected long-term rate of return on assets 5.6 % 4.8 % 5.3 % |
Schedule of Net Benefit Costs [Table Text Block] | ($ in millions) 2023 2022 2021 Service cost $ 6 $ 14 $ 16 Interest cost 27 21 18 Expected return on plan assets (29 ) (31 ) (35 ) Amortization of net loss 11 10 10 Settlement charge 75 — — Net benefit expense $ 90 $ 14 $ 9 |
Schedule of Allocation of Plan Assets [Table Text Block] | ($ in millions) Level 1 Level 2 Level 3 2023 Total 2022 Total Cash $ 1 $ — $ — $ 1 $ 2 Cash equivalents — 3 — 3 1 Commingled funds: Equity securities — 91 — 91 130 Fixed-income securities — 241 — 241 341 Real estate securities — 5 — 5 8 Corporate stock 11 — — 11 17 Mutual fund 7 — — 7 10 Total assets at fair value $ 19 $ 340 $ — $ 359 $ 509 ($ in millions) Level 1 Level 2 Level 3 2023 Total 2022 Total Cash equivalents $ — $ 7 $ — $ 7 $ 6 Equity securities: Canadian and international 3 — — 3 3 Fixed-income securities: Cash matched bonds — 25 — 25 28 Total assets at fair value $ 3 $ 32 $ — $ 35 $ 37 |
Schedule of Expected Benefit Payments [Table Text Block] | ($ in millions) 2024 $ 46 2025 34 2026 33 2027 32 2028 32 2029 - 2033 145 |
Note 21 - Share-based Compens_2
Note 21 - Share-based Compensation (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Cost by Plan [Table Text Block] | ($ in millions) 2023 2022 2021 Options and employee stock purchase plan $ 4 $ 5 $ 6 Restricted stock units and performance stock units 9 26 23 Total share-based compensation expense $ 13 $ 31 $ 29 Tax benefit recognized $ 2 $ 3 $ 3 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Stock Option Plans Stock Purchase Plan 2023 2022 2021 2023 2022 2021 Weighted-average risk free rate of interest 3.6 % 2.5 % 0.9 % 3.8 % 1.0 % 0.1 % Expected volatility 50 % 50 % 47 % 40 % 40 % 45 % Weighted-average expected award life (in years) 5.5 5.5 5.5 0.5 1.0 1.0 Dividend yield 3.7 % 3.8 % 1.5 % 3.7 % 2.6 % 4.0 % Weighted-average fair value $ 13.53 $ 10.80 $ 20.22 $ 5.32 $ 18.46 $ 9.61 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price (in thousands) (in years) (per share) Options outstanding at the beginning of the year 3,256 $ 47.85 Granted 341 37.72 Exercised (194 ) 23.93 Expired or cancelled (665 ) 48.08 Options outstanding at February 3, 2024 2,738 3.3 $ 48.23 Options exercisable at February 3, 2024 2,321 2.3 $ 50.25 |
Schedule of Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | ($ in millions) 2023 2022 2021 Exercised $ 3 $ 1 $ 8 |
Schedule of Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Intrinsic Value of Options Outstanding and Exercisable [Table Text Block] | ($ in millions) 2023 Outstanding $ 4 Outstanding and exercisable $ 3 |
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 - $30.98 688 4.1 $ 24.77 593 $ 24.07 $36.49 - $46.64 682 5.2 41.71 369 44.19 $53.61 - $58.94 400 2.6 56.58 391 56.65 $62.02 - $72.83 968 1.6 66.02 968 66.02 2,738 3.3 $ 48.23 2,321 $ 50.25 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number of Shares Weighted-Average Remaining Contractual Life Weighted-Average Grant Date Fair Value (in thousands) (in years) (per share) Nonvested at beginning of year 1,992 $ 37.58 Granted 1,204 35.75 Vested (689 ) 34.08 Performance adjustment (1) (866 ) Forfeited (263 ) 39.02 Nonvested at February 3, 2024 1,378 1.2 $ 38.81 Aggregate value ($ in millions) $ 53 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Contingently Issuable Shares Excluded From Diluted Earnings Per Share (in shares) | 800,000 | 400,000 | 400,000 |
Cash Equivalents, at Carrying Value | $ 40 | $ 41 | $ 48 |
Capitalized Computer Software, Net | 63 | 87 | |
Goodwill, Impaired, Accumulated Impairment Loss | 167 | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | 0 | 4 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (4) | (31) | 0 |
Self Insurance Reserve | $ 14 | $ 13 | $ 14 |
Treasury Stock, Common [Member] | |||
Treasury Stock, Shares, Retired (in shares) | 0 | 6,019,212 | 5,474,000 |
Atmos [Member] | |||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 35 | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (4) | $ (31) |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Advertising expenses | $ 216 | $ 222 | $ 223 |
Cooperative advertising reimbursements | (35) | (37) | (29) |
Net advertising expense | $ 181 | $ 185 | $ 194 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Schedule of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Net (loss) income from continuing operations | $ (330) | $ 344 | $ 892 |
Net loss attributable to noncontrolling interests | 0 | 1 | 1 |
(Loss) income from continuing operations attributable to Foot Locker, Inc. | (330) | 345 | 893 |
Net loss from discontinued operations, net of tax | 0 | (3) | 0 |
Net (loss) income attributable to Foot Locker, Inc. | $ (330) | $ 342 | $ 893 |
Weighted-average common shares outstanding (in shares) | 94.2 | 94.3 | 102.5 |
Dilutive effect of potential common shares (in shares) | 0 | 1.2 | 1.3 |
Weighted-average common shares outstanding assuming dilution (in shares) | 94.2 | 95.5 | 103.8 |
Basic (loss) per share | |||
(Loss) earnings per share from continuing operations attributable to Foot Locker, Inc. (in dollars per share) | $ (3.51) | $ 3.66 | $ 8.72 |
Loss per share from discontinued operations, net of tax (in dollars per share) | 0 | (0.04) | 0 |
Net (loss) earnings per share attributable to Foot Locker, Inc. (in dollars per share) | (3.51) | 3.62 | 8.72 |
Diluted earnings (loss) per share | |||
Earnings per share from continuing operations (in dollars per share) | (3.51) | 3.62 | 8.61 |
Loss per share from discontinued operations, net of tax (in dollars per share) | 0 | (0.04) | 0 |
Net (loss) earnings per share attributable to Foot Locker, Inc. (in dollars per share) | $ (3.51) | $ 3.58 | $ 8.61 |
Anti-dilutive share-based awards excluded from diluted calculation (in shares) | 4.5 | 2.7 | 1.8 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Reconciliation of Cash (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Cash and cash equivalents (1) | [1] | $ 297 | $ 536 | $ 804 |
Restricted cash included in other current assets | 4 | 13 | 8 | |
Restricted cash included in other non-current assets | 33 | 33 | 38 | |
Cash, cash equivalents, and restricted cash | $ 334 | $ 582 | $ 850 | |
[1]Includes cash equivalents of $40 million, $41 million, and $48 million as of February 3, 2024, January 28, 2023, and January 29, 2022, respectively. |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Estimated Useful Life of Assets (Details) | Feb. 03, 2024 |
Building [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 50 years |
Furniture Fixtures And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Furniture Fixtures And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 3 years |
Computer Software, Intangible Asset [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Computer Software, Intangible Asset [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 2 years |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) | 12 Months Ended |
Feb. 03, 2024 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 1 |
Note 2 - Revenue - Schedule of
Note 2 - Revenue - Schedule of Sales Disaggregated by Sales Channel (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Total revenue | $ 8,168 | $ 8,759 | $ 8,968 |
Sales Revenue [Member] | |||
Total revenue | 8,154 | 8,747 | 8,958 |
License [Member] | |||
Total revenue | 14 | 12 | 10 |
Store Sales Channel [Member] | |||
Total revenue | 6,751 | 7,219 | 7,029 |
Sales Channel, Directly to Consumer [Member] | |||
Total revenue | $ 1,403 | $ 1,528 | $ 1,929 |
Note 2 - Revenue - Schedule o_2
Note 2 - Revenue - Schedule of Sales Disaggregated by Geographic Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Total revenue | $ 8,168 | $ 8,759 | $ 8,968 |
UNITED STATES | |||
Total revenue | 5,409 | 5,981 | 6,477 |
Non-US [Member] | |||
Total revenue | $ 2,759 | $ 2,778 | $ 2,491 |
Note 2 - Revenue - Sales by Ban
Note 2 - Revenue - Sales by Banner (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Total sales | $ 8,168 | $ 8,759 | $ 8,968 |
Sales Revenue [Member] | |||
Total sales | 8,154 | 8,747 | 8,958 |
Sales Revenue [Member] | North America [Member] | |||
Total sales | 5,866 | 6,423 | 6,895 |
Sales Revenue [Member] | North America [Member] | Foot Locker [Member] | |||
Total sales | 3,205 | 3,304 | 3,295 |
Sales Revenue [Member] | North America [Member] | Champ Sports [Member] | |||
Total sales | 1,304 | 1,681 | 1,939 |
Sales Revenue [Member] | North America [Member] | Kids Foot Locker [Member] | |||
Total sales | 716 | 708 | 724 |
Sales Revenue [Member] | North America [Member] | WSS [Member] | |||
Total sales | 640 | 604 | 195 |
Sales Revenue [Member] | North America [Member] | Other Segments [Member] | |||
Total sales | 1 | 126 | 742 |
Sales Revenue [Member] | EMEA [Member] | |||
Total sales | 1,723 | 1,722 | 1,641 |
Sales Revenue [Member] | EMEA [Member] | Foot Locker [Member] | |||
Total sales | 1,697 | 1,628 | 1,565 |
Sales Revenue [Member] | EMEA [Member] | Sidestep [Member] | |||
Total sales | 26 | 94 | 76 |
Sales Revenue [Member] | Asia Pacific [Member] | |||
Total sales | 565 | 602 | 422 |
Sales Revenue [Member] | Asia Pacific [Member] | Foot Locker [Member] | |||
Total sales | 387 | 414 | 373 |
Sales Revenue [Member] | Asia Pacific [Member] | Atmos [Member] | |||
Total sales | $ 178 | $ 188 | $ 49 |
Note 2 - Revenue - Activity of
Note 2 - Revenue - Activity of Gift Card Liability Balance (Details) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Gift card liability at beginning of year | $ 36 | $ 46 |
Gift card liability at end of period | 29 | 36 |
Gift Card Redemption Revenue [Member] | ||
Revenue recognized | (278) | (259) |
Gift Card Breakage Revenue [Member] | ||
Revenue recognized | (6) | (17) |
Gift Card Activations [Member] | ||
Revenue recognized | $ 277 | $ 266 |
Note 3 - Segment Information (D
Note 3 - Segment Information (Details Textual) - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 |
Corporate, Non-Segment [Member] | |||
Corporate Expense Due to Allocation Changes | $ 0 | $ 19,000 | $ 28,000 |
Note 3 - Segment Information -
Note 3 - Segment Information - Sales and Division Operating Results for Reportable Segments (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | ||
Division profit | $ 264 | $ 844 | $ 1,171 | |
Impairment and other | [1] | 80 | 112 | 172 |
Less: Corporate expense (2) | [2] | 42 | 151 | 129 |
Income from operations | 142 | 581 | 870 | |
Interest expense, net | (9) | (15) | (14) | |
Other (expense) income, net | [3] | (556) | (42) | 384 |
(Loss) income from continuing operations before income taxes | $ (423) | $ 524 | $ 1,240 | |
[1]See Note 4, Impairment and Other for additional information on these amounts.[2]Corporate expense for all years presented reflects the reallocation of expense between corporate and the operating divisions. Based upon annual internal studies of corporate expense, the allocation of such expenses to the operating divisions was increased by $19 million for 2022 and $28 million for 2021, thereby reducing corporate expense. No change was made during 2023.[3]See Note 5, Other (Expense) Income, net for additional information on these amounts. |
Note 3 - Segment Information _2
Note 3 - Segment Information - Long Lived Assets (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 |
Total long-lived assets | $ 3,118 | $ 3,363 | $ 3,533 |
UNITED STATES | |||
Total long-lived assets | 2,025 | 2,152 | 2,285 |
Non-US [Member] | |||
Total long-lived assets | $ 1,093 | $ 1,211 | $ 1,248 |
Note 3 - Segment Information _3
Note 3 - Segment Information - Long Lived Assets by International Category (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | ||
Depreciation and amortization | $ 199 | $ 208 | $ 197 | |
Capital Expenditures | [1] | 242 | 285 | 209 |
Total Assets | 6,868 | 7,907 | 8,135 | |
Operating Segments [Member] | ||||
Depreciation and amortization | 163 | 169 | 163 | |
Capital Expenditures | [1] | 173 | 200 | 127 |
Total Assets | 6,256 | 7,178 | 7,184 | |
Corporate, Non-Segment [Member] | ||||
Depreciation and amortization | 36 | 39 | 34 | |
Capital Expenditures | [1] | 69 | 85 | 82 |
Total Assets | $ 612 | $ 729 | $ 951 | |
[1]Represents cash capital expenditures for all years presented. |
Note 4 - Impairment and Other_2
Note 4 - Impairment and Other (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Impairment, Long-Lived Asset, Held-for-Use | $ 30 | $ 58 | $ 92 |
Transformation Consulting Costs | 27 | 42 | 0 |
Restructuring Costs | 17 | 22 | 4 |
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | 9 | 8 | 2 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (4) | (31) | 0 |
Litigation Settlement, Expense | 0 | 9 | 0 |
Business Combination, Integration Related Costs | 0 | 4 | 24 |
Equity Method Investment, Other than Temporary Impairment | $ 0 | $ 0 | $ 42 |
Note 4 - Impairment and Other C
Note 4 - Impairment and Other Charges - Schedule of Impairment and Other Charges (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | ||
Impairment of long-lived assets and right-of-use assets | $ 30 | $ 58 | $ 92 | |
Transformation consulting | 27 | 42 | 0 | |
Reorganization costs | 17 | 22 | 4 | |
Other intangible asset impairments | 9 | 8 | 2 | |
Insurance recovery (losses) related to social unrest | 1 | 0 | (7) | |
Fair value change in contingent consideration | (4) | (31) | 0 | |
Litigation costs | 0 | 9 | 0 | |
Acquisition and integration costs | 0 | 4 | 24 | |
Impairment of investments | 0 | 0 | 42 | |
Lease termination costs | 0 | 0 | 15 | |
Total impairment and other | [1] | $ 80 | $ 112 | $ 172 |
[1]See Note 4, Impairment and Other for additional information on these amounts. |
Note 5 - Other Income (Expens_3
Note 5 - Other Income (Expense), Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Feb. 03, 2024 | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 16 | |||
Cash Divested from Deconsolidation | 8 | |||
Deconsolidation, Gain (Loss), Amount | 3 | $ 0 | $ 0 | |
Proceeds from Sale of Property, Plant, and Equipment | 6 | 0 | 3 | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 3 | 0 | 0 | |
Income (Loss) from Equity Method Investments | (1) | 1 | 3 | |
Gain (Loss) on Disposition of Assets | 0 | 19 | 0 | |
Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Payment for Settlement | $ 109 | 109 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (75) | (75) | 0 | 0 |
Minority Investment [Member] | ||||
Gain (Loss) on Investments | $ (478) | (478) | 0 | 290 |
GOAT [Member] | ||||
Gain (Loss) on Investments | 290 | |||
Retailors Ltd [Member] | ||||
Gain (Loss) on Investments | $ 0 | (61) | 77 | |
Income (Loss) from Equity Method Investments | 1 | |||
Marketable Security, Unrealized Gain (Loss) | 68 | |||
Retailors Ltd [Member] | Initial Public Offering, Purchase Discount [Member] | ||||
Marketable Security, Unrealized Gain (Loss) | $ 9 | |||
Retailors Ltd [Member] | Building [Member] | ||||
Gain (Loss) on Investments | $ (62) |
Note 5 - Other Income (Expens_4
Note 5 - Other Income (Expense), Net - Schedule of Other Income (Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Feb. 03, 2024 | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | ||
Pension and postretirement net benefit (expense) income, excluding service cost | $ (8) | $ 0 | $ 7 | ||
Share of (losses) earnings related to other minority investments | (1) | 1 | 3 | ||
Gain on sale of property | 3 | 0 | 0 | ||
Foot Locker Singapore and Malaysia divestiture | 3 | 0 | 0 | ||
Team Sales divestiture | 0 | 19 | 0 | ||
Other | 0 | (1) | 7 | ||
Total other (expense) income, net | [1] | (556) | (42) | 384 | |
Pension Plan [Member] | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ (75) | (75) | 0 | 0 | |
Minority Investment [Member] | |||||
Gain (loss) on investments | $ (478) | (478) | 0 | 290 | |
Retailors Ltd [Member] | |||||
Gain (loss) on investments | $ 0 | (61) | $ 77 | ||
Share of (losses) earnings related to other minority investments | $ 1 | ||||
[1]See Note 5, Other (Expense) Income, net for additional information on these amounts. |
Note 6 - Merchandise Inventor_3
Note 6 - Merchandise Inventories - Inventory (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
LIFO inventories | $ 956 | $ 1,093 |
FIFO inventories | 553 | 550 |
Total merchandise inventories | $ 1,509 | $ 1,643 |
Note 7 - Other Current Assets -
Note 7 - Other Current Assets - Other Current Assets (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 |
Net receivables | $ 160 | $ 160 | |
Other prepaid expenses | 89 | 71 | |
Prepaid income taxes | 82 | 62 | |
Prepaid rent | 73 | 19 | |
Restricted cash | 4 | 13 | $ 8 |
Other | 11 | 17 | |
Other Assets, Current | $ 419 | $ 342 |
Note 8 - Property and Equipme_3
Note 8 - Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Land | $ 3 | $ 4 |
Buildings | 51 | 53 |
Furniture, fixtures, equipment and software development costs | 1,403 | 1,379 |
Property, Plant and Equipment, Gross | 1,457 | 1,436 |
Less: accumulated depreciation | (988) | (948) |
Property Plant And Equipment Excluding Leasehold And Building Improvements | 469 | 488 |
Assets under finance leases | 65 | 65 |
Less: accumulated amortization | (18) | (12) |
Finance Lease Right Of Use Asset After Accumulated Amortization | 47 | 53 |
Property and equipment, net | 930 | 920 |
Leasehold And Building Improvements [Member] | ||
Cost | 996 | 967 |
Less: accumulated amortization | (582) | (588) |
Leasehold Improvements, Net | $ 414 | $ 379 |
Note 9 - Other Intangible Ass_3
Note 9 - Other Intangible Assets, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 9 | $ 8 | $ 2 |
Note 9 - Other Intangible Ass_4
Note 9 - Other Intangible Assets, Net - Other Intangible Assets (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 | |
Intangible Assets, Gross | [1] | $ 129 | $ 140 |
Accumulated Amortization | [1] | (123) | (127) |
Intangible Asset, Net | [1] | $ 6 | 13 |
Useful Life (Year) | [2] | 4 years 9 months 18 days | |
Trademarks/tradenames (2) | [1],[3] | $ 393 | 413 |
Other intangible assets, net | [1] | 399 | 426 |
Lease Agreements [Member] | |||
Intangible Assets, Gross | [1] | 91 | 102 |
Accumulated Amortization | [1] | (90) | (100) |
Intangible Asset, Net | [1] | $ 1 | 2 |
Useful Life (Year) | [2] | 9 years 9 months 18 days | |
Trademarks and Trade Names [Member] | |||
Intangible Assets, Gross | [1] | $ 18 | 18 |
Accumulated Amortization | [1] | (18) | (18) |
Intangible Asset, Net | [1] | $ 0 | 0 |
Useful Life (Year) | [2] | 0 years | |
Customer Lists [Member] | |||
Intangible Assets, Gross | [1] | $ 20 | 20 |
Accumulated Amortization | [1] | (15) | (9) |
Intangible Asset, Net | [1] | $ 5 | $ 11 |
Useful Life (Year) | [2] | 3 years | |
[1]The change in the ending balances reflect the derecognition of fully amortized leases during 2023 and the effect of foreign currency fluctuations due primarily to the movements of the Yen in relation to the U.S. dollar.[2]Represents the weighted-average useful life as of February 3, 2024 and excludes those assets that are fully amortized.[3]Includes a non-cash impairment charge of $9 million and $8 million recorded in 2023 and 2022, respectively, see Note 4, Impairment and Other. |
Note 9 - Other Intangible Ass_5
Note 9 - Other Intangible Assets, Net - Amortization of Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Amortization expense | $ 7 | $ 8 | $ 5 |
Note 9 - Other Intangible Ass_6
Note 9 - Other Intangible Asset, Net - Schedule of Estimated Future Amortization Expense (Details) $ in Millions | Feb. 03, 2024 USD ($) |
2024, estimated future amortization expense | $ 5 |
2025, estimated future amortization expense | $ 1 |
Note 10 - Other Assets - Other
Note 10 - Other Assets - Other Assets (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 |
Restricted cash included in other non-current assets | $ 33 | $ 33 | $ 38 |
Security deposits | 25 | 29 | |
Auction rate security | 6 | 6 | |
Other assets | 4 | 4 | |
Other | 17 | 20 | |
Other Assets, Noncurrent | 92 | 92 | |
Other Noncurrent Assets [Member] | Currency Swap [Member] | Designated as Hedging Instrument [Member] | |||
Cross-currency swap contract | $ 7 | $ 0 |
Note 11 - Accrued and Other L_3
Note 11 - Accrued and Other Liabilities - Schedule of Accrued and Other Liabilities (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 | |
Other payroll and payroll related costs, excluding taxes | $ 72 | $ 99 | |
Incentive bonuses | 11 | 72 | |
Taxes other than income taxes | 60 | 69 | |
Property and equipment (1) | [1] | 48 | 39 |
Rent related costs | 33 | 35 | |
Advertising | 31 | 30 | |
Income taxes payable | 6 | 39 | |
Other accrued liabilities | 105 | 117 | |
Other Liabilities, Current | 428 | 568 | |
Customer Deposits [Member] | |||
Contract with customer liability | 31 | 39 | |
Loyalty Program [Member] | |||
Contract with customer liability | $ 31 | $ 29 | |
[1]Accruals for property and equipment are excluded from the Statements of Cash Flows for all years presented. |
Note 12 - Revolving Credit Fa_2
Note 12 - Revolving Credit Facility (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Feb. 03, 2024 | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | Jul. 14, 2020 | |
Debt Issuance Costs, Line of Credit Arrangements, Net | $ 2,000 | $ 2,000 | |||
Credit Facility Interest Expense | $ 3,000 | $ 3,000 | $ 3,000 | ||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600,000 | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ||||
Proceeds from Lines of Credit | 146,000 | ||||
Line of Credit Facility, Maximum Amount Outstanding During Period | 89,000 | ||||
Long-Term Line of Credit | $ 0 | $ 0 | |||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate SOFR Adjustment [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||
Revolving Credit Facility [Member] | Minimum [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||
Revolving Credit Facility [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||
Revolving Credit Facility [Member] | Maximum [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||
Revolving Credit Facility [Member] | Maximum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% |
Note 13 - Long Term Debt and _3
Note 13 - Long Term Debt and Obligations Under Finance Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Interest Expense, Debt | $ 17 | $ 17 | $ 12 |
Note 13 - Long Term Debt and _4
Note 13 - Long Term Debt and Obligations Under Finance Leases - Components of Long Term Debt (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
4% Senior Notes due 2029 | $ 395 | $ 395 |
Total lease liabilities, finance lease | 52 | 57 |
Debt and Lease Obligation | 447 | 452 |
Current portion of debt and obligations under finance leases | 5 | 6 |
Long-Term Debt and Lease Obligation | $ 442 | $ 446 |
Note 13 - Long Term Debt and _5
Note 13 - Long Term Debt and Obligations Under Finance Leases - Components of Long Term Debt (Details) (Parentheticals) | Feb. 03, 2024 |
Senior Notes Due2029 [Member] | |
Interest rate, stated percentage | 4% |
Note 14 - Other Liabilities - O
Note 14 - Other Liabilities - Other Liabilities (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Deferred taxes | $ 140 | $ 237 |
Pension benefits | 38 | 21 |
Income taxes | 31 | 31 |
Business Combination, Contingent Consideration, Liability, Noncurrent | 0 | 4 |
Other | 32 | 35 |
Other Liabilities, Noncurrent | $ 241 | $ 328 |
Note 15 - Leases (Details Textu
Note 15 - Leases (Details Textual) $ in Millions | Feb. 03, 2024 USD ($) |
Operating Leases Not Yet Commenced, Future Undiscounted Lease Payments | $ 227 |
Minimum [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 5 years |
Maximum [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 10 years |
Note 15 - Leases - Lease Balanc
Note 15 - Leases - Lease Balance Sheet Information (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Operating lease right-of-use assets | $ 2,188 | $ 2,443 |
Operating lease liabilities classified as current | 492 | 544 |
Operating lease liabilities classified as long-term | 2,004 | 2,230 |
Total operating lease liabilities | 2,496 | 2,774 |
Total lease liabilities, finance lease | 52 | 57 |
Property and equipment, Net [Member] | ||
Property and equipment, net, finance | 47 | 53 |
Current Portion of Debt and Obligations Under Finance Leases [Member] | ||
Finance lease obligations classified as current | 5 | 6 |
Long-term Debt and Obligations Under Finance Leases [Member] | ||
Finance lease obligations classified as long-term | 47 | 51 |
Current Portion and Long-term Debt and Obligations Under Finance Leases [Member] | ||
Total lease liabilities, finance lease | $ 52 | $ 57 |
Note 15 - Leases - Other Lease
Note 15 - Leases - Other Lease Information (Details) | Feb. 03, 2024 | Jan. 28, 2023 |
Operating leases (Year) | 6 years 6 months | 6 years 6 months |
Finance leases (Year) | 14 years 6 months | 14 years 8 months 12 days |
Operating leases | 5.50% | 5% |
Finance leases | 4.30% | 4.30% |
Note 15 - Leases - Components o
Note 15 - Leases - Components of Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Operating lease costs | $ 613 | $ 657 | $ 653 |
Variable lease costs | 304 | 308 | 331 |
Short-term lease costs | 48 | 19 | 23 |
Sublease income | (1) | (1) | (1) |
Total operating lease costs | 964 | 983 | 1,006 |
Amortization of leased assets | 6 | 6 | 4 |
Interest on lease liabilities | 2 | 3 | 1 |
Total finance lease costs | 8 | 9 | 5 |
Total lease cost | $ 972 | $ 992 | $ 1,011 |
Note 15 - Leases - Lease Maturi
Note 15 - Leases - Lease Maturities (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Fiscal 2024, operating lease | $ 598 | |
Fiscal 2024, finance lease | 8 | |
2024, total | 606 | |
Fiscal 2025, operating lease | 523 | |
Fiscal 2025, finance lease | 6 | |
2025, total | 529 | |
Fiscal 2026, operating lease | 431 | |
Fiscal 2026, finance lease | 4 | |
2026, total | 435 | |
Fiscal 2027, operating lease | 351 | |
Fiscal 2027, finance lease | 4 | |
2027, total | 355 | |
Fiscal 2028, operating lease | 285 | |
Fiscal 2028, finance lease | 4 | |
2028, total | 289 | |
Thereafter, operating lease | 797 | |
Thereafter, finance lease | 45 | |
Thereafter, total | 842 | |
Total lease payments, operating lease | 2,985 | |
Total lease payments, finance lease | 71 | |
Total lease payments | 3,056 | |
Less: Interest, operating lease | 489 | |
Less: Interest, finance lease | 19 | |
Less: Interest, total | 508 | |
Total lease liabilities, operating lease | 2,496 | $ 2,774 |
Total lease liabilities, finance lease | 52 | $ 57 |
Total lease liabilities | $ 2,548 |
Note 16 - Accumulated Other C_3
Note 16 - Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 |
Foreign currency translation adjustments | $ (173) | $ (148) | $ (107) |
Hedge contracts | (2) | (3) | 0 |
Unrecognized pension cost and postretirement benefit | (191) | (241) | (236) |
Accumulated Other Comprehensive Loss | $ (366) | $ (392) | $ (343) |
Note 16 - Accumulated Other C_4
Note 16 - Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Balance | $ (392) | $ (343) | |
Amortization of net actuarial loss included in net periodic benefit costs, net of income tax expense of $3, $3, and $3, respectively | 7 | 7 | $ 7 |
Recognition of net actuarial loss on settlement included in net benefit costs, net of income tax expense of $19, $-, and $-, respectively | 56 | 0 | 0 |
Balance | (366) | (392) | $ (343) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Balance | (148) | ||
OCI before reclassification | (25) | ||
Reclassification of hedges, net of tax | 0 | ||
Amortization of net actuarial loss included in net periodic benefit costs, net of income tax expense of $3, $3, and $3, respectively | 0 | ||
Pension and postretirement remeasurement, net of tax | 0 | ||
Recognition of net actuarial loss on settlement included in net benefit costs, net of income tax expense of $19, $-, and $-, respectively | 0 | ||
Other comprehensive income | (25) | ||
Balance | (173) | (148) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Balance | (3) | ||
OCI before reclassification | 10 | ||
Reclassification of hedges, net of tax | (9) | ||
Amortization of net actuarial loss included in net periodic benefit costs, net of income tax expense of $3, $3, and $3, respectively | 0 | ||
Pension and postretirement remeasurement, net of tax | 0 | ||
Recognition of net actuarial loss on settlement included in net benefit costs, net of income tax expense of $19, $-, and $-, respectively | 0 | ||
Other comprehensive income | 1 | ||
Balance | (2) | (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 net actuarial loss included in net periodic benefit costs, net of income tax expense of $3, $3, and $3, respectively | 7 | ||
Pension and postretirement remeasurement, net of tax | (13) | ||
Recognition of net actuarial loss on settlement included in net benefit costs, net of income tax expense of $19, $-, and $-, respectively | 56 | ||
Other comprehensive income | 50 | ||
Balance | (191) | (241) | |
AOCI Attributable to Parent [Member] | |||
Balance | (392) | ||
OCI before reclassification | (15) | ||
Reclassification of hedges, net of tax | (9) | ||
Amortization of net actuarial loss included in net periodic benefit costs, net of income tax expense of $3, $3, and $3, respectively | 7 | ||
Pension and postretirement remeasurement, net of tax | (13) | ||
Recognition of net actuarial loss on settlement included in net benefit costs, net of income tax expense of $19, $-, and $-, respectively | 56 | ||
Other comprehensive income | 26 | ||
Balance | $ (366) | $ (392) |
Note 16 - Accumulated Other C_5
Note 16 - Accumulated Other Comprehensive Loss - Reclassifications from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Income tax | $ 0 | $ 0 | $ 0 |
Amortization of pension and postretirement benefits | 10,000 | ||
Settlement charge | 75,000 | ||
Total before tax | 85,000 | ||
Income tax | (22,000) | ||
Reclassification of actuarial loss, net of tax | 63,000 | ||
Total, net of tax | 54,000 | ||
Currency Swap [Member] | |||
Cross-currency swap | (9,000) | ||
Income tax | 0 | ||
Reclassification of hedges, net of tax | $ (9,000) |
Note 17 - Income Taxes (Details
Note 17 - Income Taxes (Details Textual) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 |
Undistributed Earnings of Foreign Subsidiaries | $ 511 | |||
Deferred Tax Assets, Valuation Allowance | 95 | $ 93 | ||
Deferred Tax Assets, Valuation Allowance, Excess Tax Rate | 20 | |||
Unrecognized Tax Benefits | 50 | 52 | $ 41 | $ 47 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 43 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 2 | $ 6 | ||
Foreign Country 1[Member] | ||||
Deferred Tax Assets, Valuation Allowance | 73 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 20 | |||
U.S. and Canada [Member] | Deferred Tax Assets, Capital Losses [Member] | ||||
Deferred Tax Assets, Valuation Allowance | 2 | |||
International [Member] | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 3 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 132 | |||
CANADA | ||||
Deferred Tax Assets, Capital Loss Carryforwards | 1 | |||
UNITED STATES | ||||
Deferred Tax Assets, Capital Loss Carryforwards | $ 10 |
Note 17 - Income Taxes - Compon
Note 17 - Income Taxes - Components of Pre-tax Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Domestic | $ (381) | $ 440 | $ 1,244 |
International | (42) | 84 | (4) |
(Loss) income from continuing operations before income taxes | $ (423) | $ 524 | $ 1,240 |
Note 17 - Income Taxes - Comp_2
Note 17 - Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Federal, current | $ 8 | $ 64 | $ 192 |
State and local, current | 2 | 27 | 66 |
International, current | 33 | 68 | 16 |
Total current tax provision | 43 | 159 | 274 |
Federal, deferred | (88) | 23 | 49 |
State and local, deferred | (24) | 4 | 15 |
International, deferred | (24) | (6) | 10 |
Deferred income taxes | (136) | 21 | 74 |
Income tax (benefit) expense | $ (93) | $ 180 | $ 348 |
Note 17 - Income Taxes - Reconc
Note 17 - Income Taxes - Reconciliation of Statutory Federal Income Tax Rate and Effective Income Tax Rate (Details) | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Federal statutory income tax rate | 21% | 21% | 21% |
Increase in valuation allowance | (0.60%) | 2.60% | 0.70% |
State and local income taxes, net of federal tax benefit | 5.40% | 5% | 5.40% |
International income taxed at varying rates | (4.40%) | 8.40% | 2.40% |
Foreign tax credits | 1.40% | (3.60%) | (1.40%) |
Domestic/foreign tax settlements | 1% | (0.50%) | (0.30%) |
Federal tax credits | 0.50% | (0.40%) | (0.10%) |
Foreign deferred adjustment | (2.00%) | 0% | 0% |
Other, net | (0.30%) | 1.80% | 0.40% |
Effective income tax rate | 22% | 34.30% | 28.10% |
Note 17 - Income Taxes - Schedu
Note 17 - Income Taxes - Schedule Of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Tax loss/credit carryforwards and capital loss | $ 166 | $ 123 |
Employee benefits | 32 | 42 |
Operating leases - liabilities | 668 | 725 |
Other, deferred tax asset | 62 | 61 |
Total deferred tax assets | 928 | 951 |
Valuation allowance | (95) | (93) |
Total deferred tax assets, net | 833 | 858 |
Merchandise inventories | 97 | 87 |
Operating leases - assets | 611 | 667 |
Goodwill and other intangible assets | 118 | 123 |
Net investment gains | 0 | 115 |
Property and equipment | 24 | 6 |
Other | 9 | 7 |
Total deferred tax liabilities | 859 | 1,005 |
Net deferred tax liability | (26) | (147) |
Deferred taxes | 114 | 90 |
Other liabilities | $ (140) | $ (237) |
Note 17 - Income Taxes - Summar
Note 17 - Income Taxes - Summary of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Unrecognized tax benefits at beginning of year | $ 52 | $ 41 | $ 47 |
Foreign currency translation adjustments | 0 | (1) | (2) |
Increases related to current year tax positions | 5 | 9 | 3 |
Increases related to prior period tax positions | 2 | 7 | 2 |
Decreases related to prior period tax positions | 0 | 0 | (3) |
Settlements | (5) | 0 | (1) |
Lapse of statute of limitations | (4) | (4) | (5) |
Unrecognized tax benefits at end of year | $ 50 | $ 52 | $ 41 |
Note 18 - Financial Instrumen_3
Note 18 - Financial Instruments and Risk Management (Details Textual) $ in Millions, ¥ in Billions | 12 Months Ended | ||||
Feb. 03, 2024 USD ($) | Jan. 28, 2023 USD ($) | May 06, 2021 USD ($) | May 06, 2021 JPY (¥) | May 05, 2021 | |
Derivative, Notional Amount | $ 85 | ¥ 11 | |||
Derivative, Fixed Interest Rate | 6.77% | 6.77% | 3.51% | ||
AOCI, Derivative Qualifying as Hedge, Excluded Component, after Tax | $ 2 | $ 3 | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ 3 | $ 2 | |||
Number of Countries in which Entity Operates | 26 | ||||
Europe [Member] | |||||
Number of Countries in which Entity Operates | 20 | ||||
Net Assets | $ 537 | ||||
Number Of Countries In Which Entity Operates And Uses The Euro | 11 | ||||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Top Five Suppliers [Member] | |||||
Concentration Risk, Percentage | 84% | 86% | |||
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Nike [Member] | |||||
Concentration Risk, Percentage | 65% | 65% | |||
Other Noncurrent Assets [Member] | Currency Swap [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral | $ 7 | ||||
Other Noncurrent Liabilities [Member] | Currency Swap [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative Liability, Subject to Master Netting Arrangement, before Offset of Collateral | $ 3 |
Note 18 - Financial Instrument
Note 18 - Financial Instrument and Risk Management - Fair Value of Derivative Contracts (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Foreign Exchange Forward [Member] | Other Current Assets [Member] | ||
Foreign exchange forward contracts | $ 1 | $ 0 |
Currency Swap [Member] | Other Noncurrent Assets [Member] | ||
Foreign exchange forward contracts | 7 | 0 |
Currency Swap [Member] | Other Noncurrent Liabilities [Member] | ||
Cross-currency swap contract | $ 0 | $ 3 |
Note 19 - Fair Value Measurem_3
Note 19 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Feb. 03, 2024 | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Debt Instrument, Unamortized Discount | $ 5,000 | $ 5,000 | ||
Senior Notes Due2029 [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4% | 4% | ||
Minority Investment [Member] | ||||
Gain (Loss) on Investments | $ (478,000) | $ (478,000) | $ 0 | $ 290,000 |
Equity Method Investments, Fair Value Disclosure | 134,000 | 134,000 | ||
Other Asset Impairment Charges | 531,000 | |||
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | ||||
Fair Value, Assets, Level 1 to Level 2 Transfers | $ 0 | $ 0 | $ 0 |
Note 19 - Fair Value Measurem_4
Note 19 - Fair Value Measurements - Schedule of Fair Value Assets and Liabilities (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value | $ 0 | $ 0 |
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] | Cross Currency Interest Rate Contract [Member] | ||
Assets, Fair Value | 0 | 0 |
Liabilities, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value | 14 | 6 |
Liabilities, Fair Value | 0 | 3 |
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 | 0 |
Fair Value, Inputs, Level 2 [Member] | Cross Currency Interest Rate Contract [Member] | ||
Assets, Fair Value | 7 | 0 |
Liabilities, Fair Value | 0 | 3 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value | 0 | 0 |
Liabilities, Fair Value | 0 | 4 |
Fair Value, Inputs, Level 3 [Member] | Commitments [Member] | ||
Liabilities, Fair Value | 0 | 4 |
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Forward [Member] | ||
Assets, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Cross Currency Interest Rate Contract [Member] | ||
Assets, Fair Value | 0 | 0 |
Liabilities, 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 | 6 |
Available-for-Sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value | $ 0 | $ 0 |
Note 19 - Fair Value Measurem_5
Note 19 - Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 | |
Carrying value (1) | [1] | $ 395 | $ 395 |
Fair value | $ 337 | $ 338 | |
[1]The carrying value of debt for both periods reflected $5 million of issuer’s discount and costs related to 4% Notes due in 2029. |
Note 20 - Retirement Plan and_3
Note 20 - Retirement Plan and Other Benefits (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Feb. 03, 2024 | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | Dec. 31, 2022 | Dec. 31, 2019 | |
Pension Expense (Reversal of Expense), Noncash | $ 75 | $ 0 | $ 0 | |||
Foreign Plan [Member] | Fixed Income Securities [Member] | ||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 95% | 95% | ||||
Foreign Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | ||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5% | 5% | ||||
Pension Plan [Member] | ||||||
Plan Participants Years Of Service Threshold (Year) | 11 years | 11 years | ||||
Defined Benefit Plan, Plan Assets, Payment for Settlement | $ 109 | $ 109 | ||||
Pension Expense (Reversal of Expense), Noncash | 75 | |||||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 35 | 48 | ||||
Pension Plan [Member] | Nonqualified Plan [Member] | ||||||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | $ 3 | 3 | ||||
Pension Plan [Member] | Minimum [Member] | ||||||
Investments Gain Loss of Equity Base Period, Calculating Market Value of Plan Asset (Year) | 3 years | |||||
Pension Plan [Member] | Maximum [Member] | ||||||
Investments Gain Loss of Equity Base Period, Calculating Market Value of Plan Asset (Year) | 5 years | |||||
Pension Plan [Member] | UNITED STATES | ||||||
Defined Benefit Plans Fixed Interest Rate | 6% | |||||
Pension Plan [Member] | UNITED STATES | Qualified Plan [Member] | ||||||
Defined Benefit Plan Market Related Value Of Plan Assets | $ 513 | $ 513 | $ 618 | |||
Pension Plan [Member] | UNITED STATES | Qualified Plan [Member] | Fixed Income Securities [Member] | ||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 70% | 70% | ||||
Pension Plan [Member] | UNITED STATES | Qualified Plan [Member] | Equity Securities [Member] | ||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 28.50% | 28.50% | ||||
Pension Plan [Member] | UNITED STATES | Qualified Plan [Member] | Real Estate Investment [Member] | ||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 1.50% | 1.50% |
Note 20 - Retirement Plans and
Note 20 - Retirement Plans and Other Benefit - Plan Summary (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Other assets | $ 4 | $ 4 | |
Pension Plan [Member] | |||
Benefit obligation | 566 | 674 | |
Service cost | 6 | 14 | $ 16 |
Interest cost | 27 | 21 | 18 |
Actuarial gains, benefit obligation | (6) | (93) | |
Foreign currency translation adjustments, benefit obligation | 0 | (2) | |
Benefits paid, benefit obligation | (35) | (48) | |
Settlement | (127) | 0 | |
Benefit obligation | 431 | 566 | 674 |
Fair value of plan assets | 546 | 676 | |
Actual return on plan assets | 4 | (83) | |
Employer contributions, plan assets | 3 | 3 | |
Foreign currency translation adjustments, plan assets | 0 | (2) | |
Benefits paid, plan assets | (35) | (48) | |
Settlement | (124) | 0 | |
Fair value of plan assets | 394 | 546 | $ 676 |
Funded status | (37) | (20) | |
Other assets | 4 | 4 | |
Accrued and other liabilities | (3) | (3) | |
Other liabilities | (38) | (21) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ (37) | $ (20) |
Note 20 - Retirement Plans an_2
Note 20 - Retirement Plans and Other Benefits - Qualified and Non Qualified Plans (Details) - UNITED STATES - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Projected benefit obligation | $ 400 | $ 533 |
Accumulated benefit obligation | 400 | 533 |
Fair value of plan assets | $ 359 | $ 509 |
Note 20 - Retirement Plans an_3
Note 20 - Retirement Plans and Other Benefits - Schedule of AOCL Pre-tax (Details) $ in Millions | 12 Months Ended |
Feb. 03, 2024 USD ($) | |
Amortization of net loss | $ (10) |
Pension Plan [Member] | |
Net actuarial loss at beginning of year | 329 |
Amortization of net loss | (11) |
Loss arising during the year | 19 |
Settlement charge | (75) |
Net actuarial loss at end of year | $ 262 |
Note 20 - Retirement Plans an_4
Note 20 - Retirement Plans and Other Benefits - Assumption Used in Calculating Net Periodic Pension Cost (Details) - Pension Plan [Member] | 12 Months Ended | |||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | ||
Discount rate | 5.20% | 5% | ||
Rate of compensation increase (1) | [1] | 3% | 3.60% | |
Discount rate | 5% | 3.20% | 2.50% | |
Rate of compensation increase (1) | [1] | 3% | 3.60% | 3.60% |
Expected long-term rate of return on assets | 5.60% | 4.80% | 5.30% | |
[1]The rate of compensation increase for 2023 relates only to Canadian pension plan, as the other plans are frozen. |
Note 20 - Retirement Plan and_4
Note 20 - Retirement Plan and Other Benefits - Components of Net Periodic Pension Cost (Details) - Pension Plan [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Feb. 03, 2024 | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Service cost | $ 6 | $ 14 | $ 16 | |
Interest cost | 27 | 21 | 18 | |
Expected return on plan assets | (29) | (31) | (35) | |
Amortization of net loss | 11 | 10 | 10 | |
Settlement charge | $ 75 | 75 | 0 | 0 |
Net benefit expense | $ 90 | $ 14 | $ 9 |
Note 20 - Retirement Plans an_5
Note 20 - Retirement Plans and Other Benefits - Summary Pension Plan Assets (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
UNITED STATES | ||
Fair value of Plan Assets | $ 359 | $ 509 |
Foreign Plan [Member] | ||
Fair value of Plan Assets | 35 | 37 |
Defined Benefit Plan, Cash [Member] | UNITED STATES | ||
Fair value of Plan Assets | 1 | 2 |
Defined Benefit Plan Cash And Cash Equivalents Canada [Member] | Foreign Plan [Member] | ||
Fair value of Plan Assets | 7 | 6 |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | UNITED STATES | ||
Fair value of Plan Assets | 3 | 1 |
Defined Benefit Plan, Equity Securities, Non-US [Member] | Foreign Plan [Member] | ||
Fair value of Plan Assets | 3 | 3 |
Defined Benefit Plan, Equity Securities, US [Member] | UNITED STATES | ||
Fair value of Plan Assets | 91 | 130 |
Debt Securities [Member] | Foreign Plan [Member] | ||
Fair value of Plan Assets | 25 | 28 |
Fixed Income Securities Long Term Corporate And Government Bonds [Member] | UNITED STATES | ||
Fair value of Plan Assets | 241 | 341 |
Defined Benefit Plan, Real Estate [Member] | UNITED STATES | ||
Fair value of Plan Assets | 5 | 8 |
Defined Benefit Plan Equity Securities Corporate Stock [Member] | UNITED STATES | ||
Fair value of Plan Assets | 11 | 17 |
Mutual Fund [Member] | UNITED STATES | ||
Fair value of Plan Assets | 7 | $ 10 |
Fair Value, Inputs, Level 1 [Member] | UNITED STATES | ||
Fair value of Plan Assets | 19 | |
Fair Value, Inputs, Level 1 [Member] | Foreign Plan [Member] | ||
Fair value of Plan Assets | 3 | |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Cash [Member] | UNITED STATES | ||
Fair value of Plan Assets | 1 | |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan Cash And Cash Equivalents Canada [Member] | Foreign Plan [Member] | ||
Fair value of Plan Assets | 0 | |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | UNITED STATES | ||
Fair value of Plan Assets | 0 | |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | Foreign Plan [Member] | ||
Fair value of Plan Assets | 3 | |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities, US [Member] | UNITED STATES | ||
Fair value of Plan Assets | 0 | |
Fair Value, Inputs, Level 1 [Member] | Debt Securities [Member] | Foreign Plan [Member] | ||
Fair value of Plan Assets | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Securities Long Term Corporate And Government Bonds [Member] | UNITED STATES | ||
Fair value of Plan Assets | 0 | |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Real Estate [Member] | UNITED STATES | ||
Fair value of Plan Assets | 0 | |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan Equity Securities Corporate Stock [Member] | UNITED STATES | ||
Fair value of Plan Assets | 11 | |
Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] | UNITED STATES | ||
Fair value of Plan Assets | 7 | |
Fair Value, Inputs, Level 2 [Member] | UNITED STATES | ||
Fair value of Plan Assets | 340 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Plan [Member] | ||
Fair value of Plan Assets | 32 | |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Cash [Member] | UNITED STATES | ||
Fair value of Plan Assets | 0 | |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan Cash And Cash Equivalents Canada [Member] | Foreign Plan [Member] | ||
Fair value of Plan Assets | 7 | |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | UNITED STATES | ||
Fair value of Plan Assets | 3 | |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | Foreign Plan [Member] | ||
Fair value of Plan Assets | 0 | |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Equity Securities, US [Member] | UNITED STATES | ||
Fair value of Plan Assets | 91 | |
Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member] | Foreign Plan [Member] | ||
Fair value of Plan Assets | 25 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Securities Long Term Corporate And Government Bonds [Member] | UNITED STATES | ||
Fair value of Plan Assets | 241 | |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Real Estate [Member] | UNITED STATES | ||
Fair value of Plan Assets | 5 | |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan Equity Securities Corporate Stock [Member] | UNITED STATES | ||
Fair value of Plan Assets | 0 | |
Fair Value, Inputs, Level 2 [Member] | Mutual Fund [Member] | UNITED STATES | ||
Fair value of Plan Assets | 0 | |
Fair Value, Inputs, Level 3 [Member] | UNITED STATES | ||
Fair value of Plan Assets | 0 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Plan [Member] | ||
Fair value of Plan Assets | 0 | |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Cash [Member] | UNITED STATES | ||
Fair value of Plan Assets | 0 | |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan Cash And Cash Equivalents Canada [Member] | Foreign Plan [Member] | ||
Fair value of Plan Assets | 0 | |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | UNITED STATES | ||
Fair value of Plan Assets | 0 | |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | Foreign Plan [Member] | ||
Fair value of Plan Assets | 0 | |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Equity Securities, US [Member] | UNITED STATES | ||
Fair value of Plan Assets | 0 | |
Fair Value, Inputs, Level 3 [Member] | Debt Securities [Member] | Foreign Plan [Member] | ||
Fair value of Plan Assets | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Securities Long Term Corporate And Government Bonds [Member] | UNITED STATES | ||
Fair value of Plan Assets | 0 | |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Real Estate [Member] | UNITED STATES | ||
Fair value of Plan Assets | 0 | |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan Equity Securities Corporate Stock [Member] | UNITED STATES | ||
Fair value of Plan Assets | 0 | |
Fair Value, Inputs, Level 3 [Member] | Mutual Fund [Member] | UNITED STATES | ||
Fair value of Plan Assets | $ 0 |
Note 20 - Retirement Plans an_6
Note 20 - Retirement Plans and Other Benefits - Estimated Future Benefit Payments (Details) - Pension Plan [Member] $ in Millions | Feb. 03, 2024 USD ($) |
2024, expected benefits | $ 46 |
2025, expected benefits | 34 |
2026, expected benefits | 33 |
2027, expected benefits | 32 |
2028, expected benefits | 32 |
2029-2033, expected benefits | $ 145 |
Note 21 - Share-based Compens_3
Note 21 - Share-based Compensation (Details Textual) - USD ($) | 12 Months Ended | |||
May 21, 2014 | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Proceeds from Stock Options Exercised | $ 5,000,000 | $ 6,000,000 | $ 10,000,000 | |
Chief Executive Officer [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 408,636 | |||
Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $ 5,000,000 | 4,000,000 | 4,000,000 | |
Proceeds from Stock Options Exercised | 5,000,000 | 6,000,000 | 10,000,000 | |
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit | 2,000,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 2,000,000 | |||
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 | |||
Restricted Stock Units (RSUs) and Performance Stock Units [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 19,000,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 23,000,000 | $ 6,000,000 | $ 23,000,000 | |
Two Thousand And Seven Stock Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 14,000,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 12,598,147 | |||
Two Thousand And Seven Stock Plan [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |||
Two Thousand And Twenty Three Employee Stock Purchase Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 3,000,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 2,785,161 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Maximum Employee Subscription Rate | 10% | |||
Share Based Compensation Arrangement By Share Based Payment Award Maximum Employee Value Per Year | $ 25,000 | |||
Share Based Compensation Arrangements By Share Based Payment Award Percentage Of Market Price At Eligible Employees Granted Options To Purchase Shares | 85% | |||
Unvested Options [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 6 months |
Note 21 - Share-based Compens_4
Note 21 - Share-based Compensation - Schedule of Allocated Share-based Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Allocated Share Based Compensation | $ 13 | $ 31 | $ 29 |
Allocated Share Based Compensation | 2 | 3 | 3 |
Options and Employee Stock Purchase Plan [Member] | |||
Allocated Share Based Compensation | 4 | 5 | 6 |
Restricted Stock Units (RSUs) and Performance Stock Units [Member] | |||
Allocated Share Based Compensation | $ 9 | $ 26 | $ 23 |
Note 21 - Share-based Compens_5
Note 21 - Share-based Compensation - Schedule of Share-based Payment Award Stock Options Valuation Assumptions (Details) - $ / shares | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Stock Option Plan [Member] | |||
Weighted-average risk free rate of interest | 3.60% | 2.50% | 0.90% |
Expected volatility | 50% | 50% | 47% |
Weighted-average expected award life (in years) (Year) | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Dividend yield | 3.70% | 3.80% | 1.50% |
Weighted-average fair value (in dollars per share) | $ 13.53 | $ 10.8 | $ 20.22 |
Stock Purchase Plan [Member] | |||
Weighted-average risk free rate of interest | 3.80% | 1% | 0.10% |
Expected volatility | 40% | 40% | 45% |
Weighted-average expected award life (in years) (Year) | 6 months | 1 year | 1 year |
Dividend yield | 3.70% | 2.60% | 4% |
Weighted-average fair value (in dollars per share) | $ 5.32 | $ 18.46 | $ 9.61 |
Note 21 - Share-based Compens_6
Note 21 - Share-based Compensation - Schedule of Share-based Compensation (Details) shares in Thousands | 12 Months Ended |
Feb. 03, 2024 $ / shares shares | |
Balance, options outstanding (in shares) | shares | 3,256 |
Balance, options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 47.85 |
Granted (in shares) | shares | 341 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 37.72 |
Exercised (in shares) | shares | (194) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 23.93 |
Expired or cancelled (in shares) | shares | (665) |
Expired or cancelled, weighted average exercise price (in dollars per share) | $ / shares | $ 48.08 |
Balance, options outstanding (in shares) | shares | 2,738 |
Options Outstanding Weighted Average Remaining (Year) | 3 years 3 months 18 days |
Balance, options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 48.23 |
Balance, options exercisable (in shares) | shares | 2,321 |
Options, Exercisable, Weighted Average Remaining (Year) | 2 years 3 months 18 days |
Award Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 50.25 |
Note 21 - Share-based Compens_7
Note 21 - Share-based Compensation - Schedule of Share-based Payment Award Options Grants in Period Grant Date Intrinsic Value (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Exercised | $ 3 | $ 1 | $ 8 |
Note 21 - Share-based Compens_8
Note 21 - Share-based Compensation - Intrinsic Value of Options Outstanding and Exercisable (Details) $ in Millions | Feb. 03, 2024 USD ($) |
Outstanding | $ 4 |
Outstanding and exercisable | $ 3 |
Note 21 - Share-based Compens_9
Note 21 - Share-based Compensation - Schedule Of Share-based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Options outstanding (in shares) | 2,738 | 3,256 |
Options Outstanding Weighted Average Remaining (Year) | 3 years 3 months 18 days | |
Weighted average exercise price (in dollars per share) | $ 48.23 | $ 47.85 |
Balance, options exercisable (in shares) | 2,321 | |
Award Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 50.25 | |
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) | 688 | |
Options Outstanding Weighted Average Remaining (Year) | 4 years 1 month 6 days | |
Weighted average exercise price (in dollars per share) | $ 24.77 | |
Balance, options exercisable (in shares) | 593 | |
Award Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 24.07 | |
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) | 682 | |
Options Outstanding Weighted Average Remaining (Year) | 5 years 2 months 12 days | |
Weighted average exercise price (in dollars per share) | $ 41.71 | |
Balance, options exercisable (in shares) | 369 | |
Award Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 44.19 | |
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) | 400 | |
Options Outstanding Weighted Average Remaining (Year) | 2 years 7 months 6 days | |
Weighted average exercise price (in dollars per share) | $ 56.58 | |
Balance, options exercisable (in shares) | 391 | |
Award Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 56.65 | |
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) | 968 | |
Options Outstanding Weighted Average Remaining (Year) | 1 year 7 months 6 days | |
Weighted average exercise price (in dollars per share) | $ 66.02 | |
Balance, options exercisable (in shares) | 968 | |
Award Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 66.02 |
Note 21 - Share-based Compen_10
Note 21 - 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] $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |
Feb. 03, 2024 USD ($) $ / shares shares | ||
Beginning balance, nonvested units (in shares) | 1,992 | |
Beginning balance, weighted-average grant fair value (in dollars per share) | $ / shares | $ 37.58 | |
Granted, units (in shares) | 1,204 | |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 35.75 | |
Vested, units (in shares) | (689) | |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 34.08 | |
Performance adjustment (1), units (in shares) | (866) | [1] |
Forfeited, units (in shares) | (263) | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 39.02 | |
Ending balance, nonvested units (in shares) | 1,378 | |
Weighted average remaining contractual term, units (Year) | 1 year 2 months 12 days | |
Ending balance, weighted-average grant fair value (in dollars per share) | $ / shares | $ 38.81 | |
Aggregate value, units | $ | $ 53 | |
[1]This represents adjustments made to PSU awards reflecting changes in estimates based upon our current performance against predefined financial targets. |