Foot Locker (FL) 10-Q9 Dec 202020 Q3 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Oct. 31, 2020	Dec. 04, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Oct. 31, 2020
Entity File Number	1-10299
Entity Registrant Name	FOOT LOCKER, INC.
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
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		104,211,557
Entity Central Index Key	0000850209
Current Fiscal Year End Date	--01-30
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Trading Symbol	FL
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Oct. 31, 2020	Feb. 01, 2020	[1]	Nov. 02, 2019
Current assets:
Cash and cash equivalents	$ 1,393	$ 907		$ 744
Merchandise inventories	1,193	1,208		1,304
Other current assets	237	271		299
Assets, current, total	2,823	2,386		2,347
Property and equipment, net	773	824		814
Operating lease right-of-use assets	2,752	2,899		2,956
Deferred taxes	69	81		93
Goodwill	158	156		156
Other intangible assets, net	18	20		21
Minority investments	340	142		151
Other assets	85	81		83
Total assets	7,018	6,589		6,621
Current liabilities:
Accounts payable	514	333		396
Accrued and other liabilities	451	343		333
Current portion of obligations under finance leases	2
Current portion of lease obligations	575	518		508
Liabilities, current, total	1,542	1,194		1,237
Long-term debt and obligations under finance leases	129	122		122
Long-term lease obligations	2,514	2,678		2,719
Other liabilities	181	122		116
Total liabilities	4,366	4,116		4,194
Shareholders' equity:
Common stock and paid-in capital: 104,451,566; 113,204,118; and 104,187,310 shares outstanding, respectively	777	764		832
Retained earnings	2,245	2,103		2,310
Accumulated other comprehensive loss	(365)	(394)		(382)
Less: Treasury stock at cost: 326,727; 8,139,520; and -- shares, respectively	(11)			(333)
Noncontrolling interest	6
Total shareholders' equity	2,652	2,473		2,427
Liabilities and equity, total	$ 7,018	$ 6,589		$ 6,621

[1]	The balance sheet at February 1, 2020 has been derived from the previously reported audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Foot Locker, Inc.’s Annual Report on Form 10-K for the year ended February 1, 2020.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
CONSOLIDATED BALANCE SHEETS [Abstract]
Common Stock, Shares Outstanding, Issued, Total	104,451,566	104,187,310	113,204,118
Treasury Stock, Shares	326,727		8,139,520

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Sales	$ 2,106	$ 1,932	$ 5,359	$ 5,784
Cost of sales	1,456	1,312	3,900	3,941
Selling, general and administrative expenses	424	411	1,127	1,220
Depreciation and amortization	44	44	132	134
Impairment and other charges	4	1	58	16
Income from operations	178	164	142	473
Interest (expense) income, net	(2)	3	(5)	9
Other income, net	193	4	197	8
Income before income taxes	369	171	334	490
Income tax expense	104	46	134	133
Net income	$ 265	$ 125	$ 200	$ 357
Basic earnings per share	$ 2.54	$ 1.16	$ 1.92	$ 3.24
Weighted-average shares outstanding	104.4	106.9	104.4	110
Diluted earnings per share	$ 2.52	$ 1.16	$ 1.91	$ 3.23
Weighted-average shares outstanding, assuming dilution	105.3	107.2	105.1	110.5

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net Income	$ 265	$ 125	$ 200	$ 357
Foreign currency translation adjustment:
Translation adjustment arising during the period, net of income tax of $-, $2, $2, and $1, respectively		5	20	(16)
Cash flow hedges:
Change in fair value of derivatives, net of income tax benefit of $-, $-, $1, and $- respectively		(5)	3	(2)
Pension and postretirement adjustments:
Amortization of net actuarial gain/loss and prior service cost included in net periodic benefit costs, net of income tax expense of $-, $-, $2 and $-, respectively	2	2	6	6
Comprehensive income	$ 267	$ 127	$ 229	$ 345

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income tax benefit on translation adjustment	$ 2	$ 2	$ 1
Change in fair value of derivatives, income tax benefit		1
Amortization of net actuarial gain/loss and prior service cost included in net periodic benefit costs, income tax expense		$ 2

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Additional Paid-In Capital & Common Stock	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest [Member]	Total
Beginning Balance at Feb. 02, 2019	$ 809	$ (37)	$ 2,104	$ (370)		$ 2,506
Beginning Balance (in shares) at Feb. 02, 2019	112,933,000
Beginning Balance (in treasury shares) at Feb. 02, 2019		(711,000)
Restricted stock issued (in shares)	88,000
Issued under director and stock plans	$ 4					4
Issued under director and stock plans (in shares)	183,000
Share-based compensation expense	$ 19					19
Shares of common stock used to satisfy tax withholding obligations		$ (2)				(2)
Shares of common stock used to satisfy tax withholding obligations (in shares)		(32,000)
Share repurchases		$ (300)				(300)
Share repurchases (in shares)		(7,493,000)
Reissued - employee stock purchase plan		$ 6				6
Reissued - employee stock purchase plan (in shares)		96,000
Net Income			357			357
Cash dividends declared on common stock ($0.15 and $0.38 per share as of the 13 weeks ended October 31, 2020 and November 2, 2019 respectively and $0.55 and $1.14 during the 39 weeks ended October 31, 2020 and November 2, 2019 respectively)			(125)			(125)
Translation adjustment, net of tax				(16)		(16)
Change in cash flow hedges, net of tax				(2)		(2)
Pension and postretirement adjustments, net of tax				6		6
Cumulative effect of the adoption new ASUs			(26)			(26)
Ending Balance at Nov. 02, 2019	$ 832	$ (333)	2,310	(382)		$ 2,427
Ending Balance (in shares) at Nov. 02, 2019	113,204,000
Ending Balance (in treasury shares) at Nov. 02, 2019		(8,140,000)				(8,139,520)
Beginning Balance at Aug. 03, 2019	$ 825	$ (155)	2,226	(384)		$ 2,512
Beginning Balance (in shares) at Aug. 03, 2019	113,200,000
Beginning Balance (in treasury shares) at Aug. 03, 2019		(3,579,000)
Issued under director and stock plans	$ 1					1
Issued under director and stock plans (in shares)	4,000
Share-based compensation expense	$ 6					6
Share repurchases		$ (178)				(178)
Share repurchases (in shares)		(4,561,000)
Net Income			125			125
Cash dividends declared on common stock ($0.15 and $0.38 per share as of the 13 weeks ended October 31, 2020 and November 2, 2019 respectively and $0.55 and $1.14 during the 39 weeks ended October 31, 2020 and November 2, 2019 respectively)			(41)			(41)
Translation adjustment, net of tax				5		5
Change in cash flow hedges, net of tax				(5)		(5)
Pension and postretirement adjustments, net of tax				2		2
Ending Balance at Nov. 02, 2019	$ 832	$ (333)	2,310	(382)		$ 2,427
Ending Balance (in shares) at Nov. 02, 2019	113,204,000
Ending Balance (in treasury shares) at Nov. 02, 2019		(8,140,000)				(8,139,520)
Beginning Balance at Feb. 01, 2020	$ 764		2,103	(394)		$ 2,473	[1]
Beginning Balance (in shares) at Feb. 01, 2020	104,188,000
Restricted stock issued (in shares)	120,000
Issued under director and stock plans	$ 4					4
Issued under director and stock plans (in shares)	144,000
Share-based compensation expense	$ 9					9
Shares of common stock used to satisfy tax withholding obligations		$ (1)				(1)
Shares of common stock used to satisfy tax withholding obligations (in shares)		(42,000)
Share repurchases		$ (10)				(10)
Share repurchases (in shares)		(308,000)
Reissued - employee stock purchase plan (in shares)		23,000
Net Income			200			200
Cash dividends declared on common stock ($0.15 and $0.38 per share as of the 13 weeks ended October 31, 2020 and November 2, 2019 respectively and $0.55 and $1.14 during the 39 weeks ended October 31, 2020 and November 2, 2019 respectively)			(58)			(58)
Translation adjustment, net of tax				20		20
Change in cash flow hedges, net of tax				3		3
Noncontrolling interest acquired					$ 6	6
Pension and postretirement adjustments, net of tax				6		6
Ending Balance at Oct. 31, 2020	$ 777	$ (11)	2,245	(365)	6	$ 2,652
Ending Balance (in shares) at Oct. 31, 2020	104,452,000
Ending Balance (in treasury shares) at Oct. 31, 2020		(327,000)				(326,727)
Beginning Balance at Aug. 01, 2020	$ 774		1,996	(367)		$ 2,403
Beginning Balance (in shares) at Aug. 01, 2020	104,392,000
Restricted stock issued (in shares)	53,000
Issued under director and stock plans	$ 1					1
Issued under director and stock plans (in shares)	7,000
Share-based compensation expense	$ 2					2
Shares of common stock used to satisfy tax withholding obligations		$ (1)				(1)
Shares of common stock used to satisfy tax withholding obligations (in shares)		(19,000)
Share repurchases		$ (10)				(10)
Share repurchases (in shares)		(308,000)
Net Income			265			265
Cash dividends declared on common stock ($0.15 and $0.38 per share as of the 13 weeks ended October 31, 2020 and November 2, 2019 respectively and $0.55 and $1.14 during the 39 weeks ended October 31, 2020 and November 2, 2019 respectively)			(16)			(16)
Noncontrolling interest acquired					6	6
Pension and postretirement adjustments, net of tax				2		2
Ending Balance at Oct. 31, 2020	$ 777	$ (11)	$ 2,245	$ (365)	$ 6	$ 2,652
Ending Balance (in shares) at Oct. 31, 2020	104,452,000
Ending Balance (in treasury shares) at Oct. 31, 2020		(327,000)				(326,727)

[1]	The balance sheet at February 1, 2020 has been derived from the previously reported audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Foot Locker, Inc.’s Annual Report on Form 10-K for the year ended February 1, 2020.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends declared on common stock, per share	$ 0.15	$ 0.38	$ 0.55	$ 1.14

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
From operating activities:
Net Income	$ 200	$ 357
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash gain	(190)	(4)
Non-cash impairment and other charges	32
Depreciation and amortization	132	134
Deferred income taxes	73	(5)
Share-based compensation expense	9	19
Qualified pension plan contributions		(55)
Change in assets and liabilities:
Merchandise inventories	13	(42)
Accounts payable	177	12
Accrued and other liabilities	122	(36)
Other, net	104	17
Net cash provided by operating activities	672	397
From investing activities:
Capital expenditures	(116)	(126)
Minority investments	(8)	(48)
Net cash used in investing activities	(124)	(174)
From financing activities:
Proceeds from the revolving credit facility	330
Repayment of the revolving credit facility	(330)
Payment of revolving credit agreement costs	(4)
Contribution from non-controlling interest	6
Purchase of treasury shares	(10)	(300)
Dividends paid on common stock	(58)	(125)
Proceeds from exercise of stock options		5
Treasury stock reissued under employee stock plan		3
Proceeds from common stock issued under employee stock plans	2
Shares of common stock repurchased to satisfy tax withholding obligations	(1)	(2)
Net cash used in financing activities	(65)	(419)
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash	5	(6)
Net change in cash, cash equivalents, and restricted cash	488	(202)
Cash, cash equivalents, and restricted cash at beginning of year	942	981
Cash, cash equivalents, and restricted cash at end of period	1,430	779
Cash paid during the year:
Interest	8	5
Income taxes	55	163
Non-cash investing and financing activities:
Cash paid for amounts included in measurement of operating lease liabilities:	445	506
Right-of-use assets obtained in exchange for lease obligations:	212	$ 211
Leases obtained in exchange for finance lease obligations	$ 11

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Oct. 31, 2020
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements contained in this report are unaudited. In the opinion of management, the condensed consolidated financial statements include all normal, recurring adjustments necessary for a fair presentation of the results for the interim periods presented. As used in these Notes to Condensed Consolidated Financial Statements (Unaudited) the terms “Foot Locker,” “Company,” “we,” “our,” and “us” refer to Foot Locker, Inc. and its consolidated subsidiaries. The preparation of financial statements in accordance with generally accepted accounting principles requires us to make estimates and assumptions that affect the amounts reported in the accompanying Unaudited Condensed Consolidated Financial Statements and these Notes and related disclosures. Actual results may differ from those estimates. The results of operations for any interim period are not necessarily indicative of the results expected for the year. The results of operations for the periods ended October 31, 2020 are not necessarily indicative of the results to be expected for the full fiscal year due to the continued uncertainty of general economic conditions that may affect us for the remainder of 2020. Specifically, we are uncertain of the extent to which the coronavirus (“COVID-19”) pandemic will affect our sales, traffic to our stores, our distribution capabilities, and distribution capabilities of our suppliers. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Notes to Consolidated Financial Statements contained in Foot Locker, Inc.’s Form 10-K for the year ended February 1, 2020, as filed with the U.S. Securities and Exchange Commission on March 27, 2020. Other than the changes to the Goodwill Summary of Significant Accounting Policies Recent Accounting Pronouncements On February 2, 2020, we adopted FASB guidance on the accounting for implementation costs of a cloud computing arrangement that is considered to be a service contract, that requires companies to follow the guidance for internal-use software to determine which costs to capitalize in a cloud computing arrangement that is a service contract. Under this guidance, such implementation costs will be capitalized in Other assets on the Condensed Consolidated Balance Sheet, with the related amortization presented in Selling, general and administrative expenses on the Condensed Consolidated Statement of Operations. This guidance was applied prospectively to implementation costs incurred after February 2, 2020. The adoption of this guidance did not have a significant effect on our condensed consolidated financial statements. On February 2, 2020, we adopted FASB’s updated guidance on the accounting for performing goodwill impairment tests. This update eliminates the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. In testing goodwill for impairment, an entity may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment indicates that goodwill impairment is more likely than not, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit to its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to the reporting unit. Refer to our updated accounting policy in Note 6, Goodwill. Other recently issued accounting pronouncements did not, or are not believed by management to, have a material effect on our present or future consolidated financial statements.

Revenue

Revenue	9 Months Ended
Revenue	Oct. 31, 2020
Revenue [Abstract]
Revenue	2. Revenue The following table presents sales disaggregated based upon sales channel. Sales are attributable to the channel in which the sales transaction is initiated. Thirteen weeks ended Thirty-nine weeks ended October 31, November 2, October 31, November 2, ($ in millions) 2020 2019 2020 2019 Sales by Channel Stores $ 1,656 $ 1,636 $ 3,858 $ 4,915 Direct-to-customers 450 296 1,501 869 Total sales $ 2,106 $ 1,932 $ 5,359 $ 5,784 Sales disaggregated based upon geographic area is presented in the table below. Sales are attributable to the geographic area in which the sales transaction is fulfilled. Thirteen weeks ended Thirty-nine weeks ended October 31, November 2, October 31, November 2, ($ in millions) 2020 2019 2020 2019 Sales by Geography United States $ 1,534 $ 1,361 $ 3,974 $ 4,122 International 572 571 1,385 1,662 Total sales $ 2,106 $ 1,932 $ 5,359 $ 5,784 Contract Liabilities We sell gift cards, which do not have expiration dates. Revenue from gift card sales is recorded when the gift cards are redeemed by customers. Breakage income is recognized as revenue in proportion to the pattern of rights exercised by the customer . The table below presents the activity of our gift card liability balance: October 31, November 2, ($ in millions) 2020 2019 Gift card liability at beginning of year $ 35 $ 35 Redemptions (70) (70) Breakage recognized in sales (5) (4) Activations 69 66 Foreign currency fluctuations 1 (1) Gift card liability $ 30 $ 26 We elected not to disclose the information about remaining performance obligations since the amount of gift cards redeemed after 12 months is not significant.

Segment Information

Segment Information	9 Months Ended
Segment Information	Oct. 31, 2020
Segment Information [Abstract]
Segment Information	3. Segment Information We have integrated all available shopping channels including stores, websites, apps, social channels, and catalogs. Store sales are primarily fulfilled from the store’s inventory but may also be shipped from any of our distribution centers or from a different store location if an item is not available at the original store. Direct-to-customer orders are generally shipped to our customers through our distribution centers but may also be shipped from any store or a combination of our distribution centers and stores depending on the availability of particular items. We evaluate performance based on several factors, primarily the banner’s financial results, referred to as division profit. Division profit reflects income before income taxes, impairment and other charges, corporate expense, non-operating income, and net interest (expense) income. The following table summarizes our results: Thirteen weeks ended Thirty-nine weeks ended October 31, November 2, October 31, November 2, ($ in millions) 2020 2019 2020 2019 Sales $ 2,106 $ 1,932 $ 5,359 $ 5,784 Operating Results Division profit 198 184 244 549 Less: Impairment and other charges (1) 4 1 58 16 Less: Corporate expense (2) 16 19 44 60 Income from operations 178 164 142 473 Interest (expense) income, net (2) 3 (5) 9 Other income, net (3) 193 4 197 8 Income before income taxes $ 369 $ 171 $ 334 $ 490 (1) During the thirteen and thirty-nine weeks ended October 31, 2020 and November 2, 2019, we recorded pre-tax charges as detailed in Note 4, Impairment and Other Charges . (2) Corporate expense consists of unallocated selling, general and administrative expenses, as well as depreciation and amortization related to our corporate headquarters, centrally managed departments, unallocated insurance and benefit programs, certain foreign exchange transaction gains and losses, and other items. (3) One of our minority investments, which is measured using the fair value measurement alternative, received additional funding in the third quarter at a higher valuation than our initial investment. As a result, we recorded a $190 million non-cash gain during the third quarter of 2020 .

Impairment and Other Charges

Impairment and Other Charges	9 Months Ended
Impairment and Other Charges	Oct. 31, 2020
Impairment and Other Charges [Abstract]
Impairment and Other Charges	4. Impairment and Other Charges Thirteen weeks ended Thirty-nine weeks ended October 31, November 2, October 31, November 2, ($ in millions) 2020 2019 2020 2019 Losses related to social unrest $ 1 $ — $ 19 $ — Runners Point shut down 3 — 19 — Impairment of long-lived assets and right-of-use assets — — 15 — Eastbay reorganization — — 3 — Pension litigation related charges — 1 2 3 Lease termination costs — — — 13 Total impairment and other charges $ 4 $ 1 $ 58 $ 16 Costs and losses related to social unrest represented inventory losses, damages to store property, repairs, and other costs incurred in connection with the riots that affected certain parts of the United States and Canada during the second quarter of 2020. During the third quarter, social unrest continued and resulted in an additional loss of $1 million. Approximately 140 stores were damaged due to the unrest. Substantially all of the damaged stores reopened during the third quarter. The total charge for the year-to-date period included inventory losses of $15 million, damages to store property of $2 million, and repairs and other costs of $2 million. We are currently working with our insurers to determine the amount of our covered losses under our property insurance policy. Insurance recovery for losses in excess of our deductible will be recorded in the period in which we conclude our settlement discussions with our insurance providers. In May 2020, we made the strategic decision to shut down our Runners Point business and to consolidate our Sidestep support staff into our other operations in Europe. Also, as part of the next phase of the Champs Sports and Eastbay strategic initiative, we restructured positions and aligned several functions across the banners and consolidated certain Eastbay operations into the Champs Sports headquarters. We recorded charges of $19 million related to the shutdown of the Runners Point business and $3 million related to the reorganization associated with Eastbay. As part of the decision to close the Runners Point banner, certain Runners Point stores have been converted into other banners and approximately 40 Runners Point and Sidestep stores closed prior to their natural lease expirations. The table below presents a rollforward of our restructuring liability, which is recorded in Accrued and other liabilities on the Condensed Consolidated Balance Sheets. The remaining restructuring liability at October 31, 2020, which primarily relates to severance payments, is expected to be substantially paid within the next twelve months. ($ in millions) Runners Point Eastbay Total Balance as of February 1, 2020 $ — $ — $ — Charges 19 3 22 Payments (9) (2) (11) Balance as of October 31, 2020 $ 10 $ 1 $ 11 Due to the COVID-19 pandemic and its effect on our actual and projected results, during the first quarter of 2020, we determined that a triggering event occurred for certain underperforming stores operating in Europe and, therefore, we conducted an impairment review. We evaluated the long-lived assets, including the right-of-use assets, of 70 stores and recorded non-cash charges of $15 million to write down store fixtures, leasehold improvements, and right-of-use assets. The Company and its U.S. pension plan were involved in litigation related to the conversion of the plan to a cash balance plan. The court entered its final judgment in 2018, which required the plan to be reformed as directed by the court order. We recorded charges of $2 million and $3 million for the thirty-nine weeks ended October 31, 2020 and November 2, 2019, respectively, related to administrative expenses in connection with the reformation. For the thirty-nine weeks ended November 2, 2019, we also incurred $13 million of lease termination costs related to the closure of our SIX:02 locations.

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	9 Months Ended
Cash, Cash Equivalents, and Restricted Cash	Oct. 31, 2020
Restricted Cash [Abstract]
Cash, Cash Equivalents, and Restricted Cash	5. Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash and cash equivalents, as reported on our Condensed Consolidated Balance Sheets, to cash, cash equivalents, and restricted cash, as reported on our Condensed Consolidated Statements of Cash Flows: October 31, November 2, February 1, ($ in millions) 2020 2019 2020 Cash and cash equivalents $ 1,393 $ 744 $ 907 Restricted cash included in other current assets 8 5 6 Restricted cash included in other non-current assets 29 30 29 Cash, cash equivalents, and restricted cash $ 1,430 $ 779 $ 942 Amounts included in restricted cash primarily relate to amounts held in escrow in connection with various leasing arrangements in Europe and deposits held in insurance trusts to satisfy the requirement to collateralize part of the self-insured workers’ compensation and liability claims.

Goodwill

Goodwill	9 Months Ended
Goodwill	Oct. 31, 2020
Goodwill and Other Intangible Assets, Net [Abstract]
Goodwill	6. Goodwill We review goodwill for impairment annually during the first quarter of each fiscal year, or more frequently if impairment indicators arise. The review of impairment consists of either using a qualitative approach to determine whether it is more likely than not that the fair value of the assets is less than their respective carrying values or a one-step quantitative impairment test. In performing the qualitative assessment, we consider many factors in evaluating whether the carrying value of goodwill may not be recoverable, including declines in our stock price and market capitalization in relation to the book value of the Company and macroeconomic conditions affecting retail. If, based on the results of the qualitative assessment, it is concluded that it is not more likely than not that the fair value of a reporting unit exceeds its carrying value, additional quantitative impairment testing is performed. The quantitative test requires that the carrying value of each reporting unit be compared with its estimated fair value. If the carrying value of a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded for the difference (up to the carrying value of goodwill). 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 limited to, the discount rate, terminal growth rates, earnings before depreciation and amortization, and capital expenditures forecasts. Due to the inherent uncertainty involved in making these estimates, actual results could differ from those estimates. We evaluate the merits of each significant assumption, both individually and in the aggregate, used to determine the fair value of the reporting units, as well as the fair values of the corresponding assets and liabilities within the reporting units. In addition to performing our qualitative assessment as of the beginning of the year, we performed an additional quantitative assessment during the first quarter due to the COVID-19 pandemic and its effect on our results and stock price. Neither assessment resulted in the recognition of impairment.

Other Intangible Assets, Net

Other Intangible Assets, Net	9 Months Ended
Other Intangible Assets, Net	Oct. 31, 2020
Goodwill and Other Intangible Assets, Net [Abstract]
Other Intangible Assets, Net	7. Other Intangible Assets, net The components of finite-lived intangible assets and intangible assets not subject to amortization are as follows: October 31, 2020 November 2, 2019 February 1, 2020 Gross Accum. Net Gross Accum. Net Gross Accum. Net ($ in millions) value amort. value value amort. value value amort. value Amortized intangible assets: (1) Lease acquisition costs $ 119 $ (113) $ 6 $ 117 $ (109) $ 8 $ 115 $ (108) $ 7 Trademarks / trade names 20 (17) 3 20 (16) 4 20 (16) 4 $ 139 $ (130) $ 9 $ 137 $ (125) $ 12 $ 135 $ (124) $ 11 Indefinite life intangible assets: (1) Trademarks / trade names $ 9 $ 9 $ 9 Other intangible assets, net $ 18 $ 21 $ 20 (1) The change in the ending balances also reflects the effect of foreign currency fluctuations due primarily to movements of the euro in relation to the U.S. dollar. The annual review of intangible assets with indefinite lives performed during the first quarter of 2020 did not result in the recognition of impairment. Amortization expense recorded is as follows: Thirteen weeks ended Thirty-nine weeks ended October 31, November 2, October 31, November 2, ($ in millions) 2020 2019 2020 2019 Amortization expense $ — $ 1 $ 2 $ 3 Estimated future amortization expense for finite-life intangible assets is as follows: ($ in millions) Remainder of 2020 $ 1 2021 2 2022 2 2023 2 2024 1 2025 1

Revolving Credit Facility

Revolving Credit Facility	9 Months Ended
Revolving Credit Facility	Oct. 31, 2020
Revolving Credit Facility [Abstract]
Revolving Credit Facility	8. Revolving Credit Facility In the first quarter of 2020, we borrowed $330 million under our revolving credit facility and subsequently repaid, during the second quarter, the amount borrowed in full. On July 14, 2020, we amended our credit agreement with the lenders to provide for a $600 million asset-based revolving credit facility maturing on July 14, 2025 (as amended, “2020 Credit Agreement”). Under the 2020 Credit Agreement, at our option, interest is determined by either (1) the eurodollar rate, determined by reference to LIBOR, plus a margin of 1.75 percent to 2.25 percent per annum, or (2) the base rate, determined by reference to the federal funds rate, plus a margin of 0.75 percent to 1.25 percent, in each case, depending on availability under the 2020 Credit Agreement. In addition, we are paying a commitment fee of 0.50 percent per annum on the unused portion of the commitments under the 2020 Credit Agreement. If certain specified events of default have occurred and are continuing, or if availability under the 2020 Credit Agreement is less than or equal to the greater of $60 million and 10 percent of the Loan Cap (as defined in the 2020 Credit Agreement), we are required to test compliance with a minimum consolidated fixed charge coverage ratio of 1.00 as of the end of each fiscal quarter.

Long-Term Debt and Obligations

Long-Term Debt and Obligations Under Finance Leases	9 Months Ended
Long-Term Debt and Obligations Under Finance Leases	Oct. 31, 2020
Long-Term Debt and Obligations Under Finance Leases [Abstract]
Long-Term Debt and Obligations Under Finance Leases	9. Long-Term Debt and Obligations Under Finance Leases The components of long-term debt and obligations under finance leases are as follows: October 31, November 2, February 1, ($ in millions) 2020 2019 2020 8.5% debentures payable 2022 $ 118 $ 118 $ 118 Unamortized gain related to interest rate swaps (1) 2 4 4 Obligations under finance leases 11 — — $ 131 $ 122 $ 122 Less: current portion of obligations under finance leases 2 — — $ 129 $ 122 $ 122 (1) In 2009, we terminated an interest rate swap at a gain. This gain is being amortized as part of interest expense over the remaining term of the debt using the effective-yield method .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
Accumulated Other Comprehensive Loss	Oct. 31, 2020
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	10. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss (“AOCL”), net of tax, is comprised of the following: October 31, November 2, February 1, ($ in millions) 2020 2019 2020 Foreign currency translation adjustments $ (84) $ (100) $ (104) Cash flow hedges — (2) (3) Unrecognized pension cost and postretirement benefit (281) (280) (287) $ (365) $ (382) $ (394) The changes in AOCL for the thirty-nine weeks ended October 31, 2020 were as follows: Foreign Items Related Currency to Pension and Translation Cash Flow Postretirement ($ in millions) Adjustments Hedges Benefits Total Balance as of February 1, 2020 $ (104) $ (3) $ (287) $ (394) OCI before reclassification 20 3 (1) 22 Amortization of pension actuarial loss, net of tax — — 7 7 Other comprehensive income 20 3 6 29 Balance as of October 31, 2020 $ (84) $ — $ (281) $ (365) Reclassifications from AOCL for the thirty-nine weeks ended October 31, 2020 were as follows: ($ in millions) Amortization of actuarial loss: Pension benefits $ 9 Income tax benefit (2) Total, net of tax $ 7

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Oct. 31, 2020
Fair Value Measurements [Abstract]
Fair Value Measurements	11. Fair Value Measurements Our financial assets are recorded at fair value, using a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The three levels of inputs used to measure 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, including quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets. Level 3 – Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable. The fair value of the auction rate security, classified as available-for-sale, is determined by using quoted prices for similar instruments in active markets and accordingly is classified as a Level 2 instrument. 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 instruments. Assets and Liabilities Measured at Fair Value on a Recurring Basis As of October 31, 2020 As of November 2, 2019 As of February 1, 2020 ($ in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Available-for-sale security — 7 — — 6 — — 7 — Total Assets $ — $ 7 $ — $ — $ 6 $ — $ — $ 7 $ — Liabilities Foreign exchange forward contracts — — — — 2 — — 4 — Total Liabilities $ — $ — $ — $ — $ 2 $ — $ — $ 4 $ — There were no transfers into or out of Level 1, Level 2, or Level 3 assets and liabilities for any of the periods presented. Assets and Liabilities 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 accounted for under the equity method of accounting. These assets are measured using Level 3 inputs, if determined to be impaired. Minority interests measured using the fair value measurement alternative had a carrying value of $326 million, $133 million, and $134 million as of October 31, 2020, November 2, 2019, and February 1, 2020, respectively. One of these minority investments received additional funding in the third quarter of 2020, at a higher valuation than our initial investment. As a result, we recorded a $190 million non-cash gain reported in Other income. During the fourth quarter of 2019, we recorded a non-cash charge of $7 million related to the write-down of certain minority investments. Long-Term Debt The fair value of long-term debt is determined by using model-derived valuations in which all significant inputs or significant value drivers are observable in active markets and, therefore, are classified as Level 2. The carrying value and estimated fair value of long-term debt were as follows: October 31, November 2, February 1, ($ in millions) 2020 2019 2020 Carrying value $ 120 $ 122 $ 122 Fair value $ 129 $ 135 $ 135 The carrying values of cash and cash equivalents, and other current receivables and payables approximate their fair value.

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Oct. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	12. 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 earnings per share reflects the weighted-average number of common shares outstanding during the period used in the basic EPS computation plus dilutive common stock equivalents. The computation of diluted earnings per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on EPS. The computation of basic and diluted EPS is as follows: Thirteen weeks ended Thirty-nine weeks ended October 31, November 2, October 31, November 2, (in millions, except per share data) 2020 2019 2020 2019 Net income $ 265 $ 125 $ 200 $ 357 Weighted-average common shares outstanding 104.4 106.9 104.4 110.0 Dilutive effect of potential common shares 0.9 0.3 0.7 0.5 Weighted-average common shares outstanding assuming dilution 105.3 107.2 105.1 110.5 Earnings per share - basic $ 2.54 $ 1.16 $ 1.92 $ 3.24 Earnings per share - diluted $ 2.52 $ 1.16 $ 1.91 $ 3.23 Anti-dilutive share-based awards excluded from diluted calculation 2.5 2.4 2.7 2.2 Restricted stock units related to our long-term incentive programs of 0.5 million and 0.7 million have been excluded from diluted weighted-average shares for the periods ended October 31, 2020 and November 2, 2019, respectively. The issuance of these shares are contingent on our performance metrics as compared to the pre-established performance goals, which have not been achieved.

Pension

Pension	9 Months Ended
Pension	Oct. 31, 2020
Pension [Abstract]
Pension	13. Pension We have a defined benefit pension plan covering certain of our North American employees. The components of net periodic pension benefit cost are presented in the table below. Service cost is recognized as part of SG&A expense, while the other components are recognized as part of Other income, net. Thirteen weeks ended Thirty-nine weeks ended October 31, November 2, October 31, November 2, ($ in millions) 2020 2019 2020 2019 Service cost $ 3 $ 5 $ 10 $ 15 Interest cost 5 7 16 20 Expected return on plan assets (9) (9) (28) (27) Amortization of net loss 3 3 9 9 Net benefit expense $ 2 $ 6 $ 7 $ 17

Share-Based Compensation

Share-Based Compensation	9 Months Ended
Share-Based Compensation	Oct. 31, 2020
Share-Based Compensation [Abstract]
Share-Based Compensation	14. Share-Based Compensation Total compensation expense, included in SG&A, and the associated tax benefits recognized related to our share-based compensation plans, were as follows: Thirteen weeks ended Thirty-nine weeks ended October 31, November 2, October 31, November 2, ($ in millions) 2020 2019 2020 2019 Options and shares purchased under stock purchase plan $ 1 $ 1 $ 5 $ 5 Restricted stock units 1 5 4 14 Total share-based compensation expense $ 2 $ 6 $ 9 $ 19 Tax benefit recognized $ — $ 1 $ 1 $ 2 Valuation Model and Assumptions We use the Black-Scholes option-pricing model to estimate the fair value of share-based awards. The Black-Scholes option-pricing model incorporates various and subjective assumptions, including expected term and expected volatility. The following table shows assumptions used to compute share-based compensation expense for awards granted during the thirty-nine weeks ended October 31, 2020 and November 2, 2019: Stock Option Plans Stock Purchase Plan October 31, November 2, October 31, November 2, 2020 2019 2020 2019 Weighted-average risk free rate of interest 0.5 % 2.2 % 1.8 % 2.3 % Expected volatility 37 % 38 % 48 % 55 % Weighted-average expected award life (in years) 4.9 5.5 1.0 1.0 Dividend yield 4.3 % 2.6 % 4.2 % 3.0 % Weighted-average fair value $ 5.03 $ 17.07 $ 13.97 $ 18.12 The information in the following table provides activity under our stock option plans for the thirty-nine weeks ended October 31, 2020: Weighted- Weighted- Number Average Average of Remaining Exercise Shares Contractual Life Price (in thousands) (in years) (per share) Options outstanding at the beginning of the year 2,881 $ 54.21 Granted 1,069 21.61 Exercised (10) 17.44 Expired or cancelled (235) 34.34 Options outstanding at October 31, 2020 3,705 5.7 $ 46.16 Options exercisable at October 31, 2020 2,560 4.2 $ 53.90 Options available for future grant at October 31, 2020 6,171 The total fair value of options vested was $6 million during each of the thirty-nine weeks ended October 31, 2020 and November 2, 2019. The cash received and related tax benefits realized from option exercises during the thirteen and thirty-nine weeks ended October 31, 2020 was not significant. The total intrinsic value of options exercised (the difference between the market price of our common stock on the exercise date and the price paid by the optionee to exercise the option) for the thirteen and thirty-nine weeks ended October 31, 2020 was not significant. For the thirteen and thirty-nine weeks ended November 2, 2019, the intrinsic value of options exercised was not significant and $5 million, respectively. The aggregate intrinsic value for stock options outstanding, and outstanding and exercisable (the difference between our closing stock price on the last trading day of the period and the exercise price of the options, multiplied by the number of in-the-money stock options) is presented below: Thirty-nine weeks ended ($ in millions) October 31, 2020 November 2, 2019 Outstanding $ 18 $ 8 Outstanding and exercisable $ 4 $ 7 As of October 31, 2020, there was $4 million of total unrecognized compensation cost related to nonvested stock options which is expected to be recognized over a remaining weighted-average period of 1.4 years. The following table summarizes information about stock options outstanding and exercisable at October 31, 2020: 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) $18.84 to $23.09 1,035 8.2 $ 21.31 150 $ 19.57 $24.75 to $36.51 376 2.3 32.13 373 32.10 $44.78 to $45.75 554 5.1 44.91 464 44.94 $46.64 to $62.11 870 5.3 60.12 704 60.50 $63.33 to $73.21 870 5.0 68.60 869 68.61 3,705 5.7 $ 46.16 2,560 $ 53.90 Restricted Stock Units Restricted stock units (“RSU”) may be awarded to certain officers and key employees of the Company. Additionally, RSU awards are made to employees in connection with our long-term incentive program, and to nonemployee directors. Each RSU award represents the right to receive one share of our common stock provided that the applicable performance and vesting conditions are satisfied. Generally, awards fully vest after the passage of time, typically three years. However, RSU awards made in connection with our performance-based long-term incentive program are earned after the attainment of certain performance metrics and, with regards to certain awards, vest after an additional one-year period. No dividends are paid or accumulated on any RSU awards. Compensation expense is recognized using the market value at the date of grant and is amortized over the vesting period, provided the recipient continues to be employed by the Company. RSU activity for the thirty-nine weeks ended October 31, 2020 is summarized as follows: Weighted-Average Number Remaining Weighted-Average of Contractual Grant Date Shares Life Fair Value (in thousands) (in years) (per share) Nonvested at beginning of year 936 $ 49.25 Granted 416 22.59 Vested (120) 53.31 Performance adjustment (1) (132) Forfeited (155) 38.56 Nonvested at October 31, 2020 945 1.2 $ 37.78 Aggregate value ($ in millions) $ 36 (1) This represents adjustments made to performance-based RSU awards and reflect changes in estimates based upon our current performance against predefined financial targets. The total value of awards that vested during the thirty-nine weeks ended October 31, 2020 and November 2, 2019 was $6 million and $5 million, respectively. As of October 31, 2020, there was $11 million of total unrecognized compensation cost related to nonvested awards.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Oct. 31, 2020
Income Taxes [Abstract]
Income Taxes	15. Income Taxes For the thirteen and thirty-nine weeks ended October 31, 2020, we recorded income tax expense of $104 million and $134 million, respectively, which represented effective tax rates of 28.2 percent and 40.1 percent, respectively. The effective tax rates were adversely affected by valuation allowances related to losses in certain foreign jurisdictions. Additionally, in the first quarter we recorded a $27 million tax charge related to the revaluation of certain intellectual property rights pursuant to a non-U.S. advance pricing agreement. During the second and third quarter of 2020, we performed quarterly valuations and due to the improved financial outlook we reduced the charge by $2 million and $1 million, respectively. We have historically calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full fiscal year income, excluding unusual or infrequently occurring discrete items, for the reporting period. In accordance with the authoritative guidance, we used a discrete effective tax rate method to calculate income taxes for the first quarter of 2020 because small changes in the estimated level and mix of annual income or loss by jurisdiction would result in significant changes in the estimated annual effective tax rate making the historical method unreliable. However, after the first quarter we returned to the historical practice of using an annual effective rate. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law in the U.S. to provide certain relief as a result of the COVID-19 pandemic. In addition, governments around the world enacted or implemented various forms of tax relief measures in response to the economic conditions in the wake of COVID-19. We are required to recognize the effects of tax law changes in the period of enactment. We have assessed the applicability of the CARES Act and changes to income tax laws or regulations in other jurisdictions and determined there is no significant affect to our income tax provision for the thirty-nine weeks ended October 31, 2020. We continue to assess the effect of the CARES Act and ongoing government guidance related to COVID-19 that may be issued.

Legal Proceedings

Legal Proceedings	9 Months Ended
Legal Proceedings	Oct. 31, 2020
Legal Proceedings [Abstract]
Legal Proceedings	16. Legal Proceedings Legal proceedings pending against the Company or its consolidated subsidiaries consist of ordinary, routine litigation, including administrative proceedings, incidental to the business of the Company or businesses that have been sold or discontinued by the Company in past years. These legal proceedings include commercial, intellectual property, customer, environmental, and employment-related claims. We do not believe that the outcome of any such legal proceedings pending against the Company or its consolidated subsidiaries, as described above, would have a material adverse effect on our consolidated financial position, liquidity, or results of operations, taken as a whole, based upon current knowledge and taking into consideration current accruals. Litigation is inherently unpredictable. Judgments could be rendered or settlements made that could adversely affect the Company’s operating results or cash flows in a particular period.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Oct. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events On December 7, 2020, our Board of Directors adopted a shareholder rights plan and declared a dividend distribution of one right (a "Right") for each outstanding share of common stock to shareholders of record at the close of business on December 18, 2020. Each Right entitles the registered holder to purchase from the Company, when exercisable, a unit consisting of one one-thousandth (1/1,000) of a share of Series C Junior Participating Preferred Stock, par value $1.00 per share, of the Company, at a purchase price of $210.00 per unit, subject to adjustment. The description and complete terms of the Rights are set forth in a Rights Agreement (the "Rights Agreement"), dated as of December 7, 2020, between the Company and Computershare Trust Company, N.A., as rights agent. Initially, the Rights will not be exercisable and will be attached to all outstanding shares of our common stock. In the event that a person, either individually or with or through certain affiliated or associated persons, acquires beneficial ownership of 20 percent or more of our then outstanding common stock, subject to certain exceptions, or following the commencement of a tender offer or exchange offer that would result in a person becoming an Acquiring Person (as defined in the Rights Agreement), the Rights will become exercisable. Once exercisable, each holder of a Right (other than the Acquiring Person, whose Rights will become null and void), will be entitled to purchase additional shares of our common stock at a 50 percent discount. The Board may redeem the Rights at a price of $0.001 per Right, subject to adjustment. The Rights will expire on December 7, 2021, unless the Rights are earlier redeemed, exchanged or terminated.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policy)	9 Months Ended
Summary of Significant Accounting Policies (Policy)	Oct. 31, 2020
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements contained in this report are unaudited. In the opinion of management, the condensed consolidated financial statements include all normal, recurring adjustments necessary for a fair presentation of the results for the interim periods presented. As used in these Notes to Condensed Consolidated Financial Statements (Unaudited) the terms “Foot Locker,” “Company,” “we,” “our,” and “us” refer to Foot Locker, Inc. and its consolidated subsidiaries. The preparation of financial statements in accordance with generally accepted accounting principles requires us to make estimates and assumptions that affect the amounts reported in the accompanying Unaudited Condensed Consolidated Financial Statements and these Notes and related disclosures. Actual results may differ from those estimates. The results of operations for any interim period are not necessarily indicative of the results expected for the year. The results of operations for the periods ended October 31, 2020 are not necessarily indicative of the results to be expected for the full fiscal year due to the continued uncertainty of general economic conditions that may affect us for the remainder of 2020. Specifically, we are uncertain of the extent to which the coronavirus (“COVID-19”) pandemic will affect our sales, traffic to our stores, our distribution capabilities, and distribution capabilities of our suppliers. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Notes to Consolidated Financial Statements contained in Foot Locker, Inc.’s Form 10-K for the year ended February 1, 2020, as filed with the U.S. Securities and Exchange Commission on March 27, 2020. Other than the changes to the Goodwill Summary of Significant Accounting Policies
Recent Accounting Pronouncements	Recent Accounting Pronouncements On February 2, 2020, we adopted FASB guidance on the accounting for implementation costs of a cloud computing arrangement that is considered to be a service contract, that requires companies to follow the guidance for internal-use software to determine which costs to capitalize in a cloud computing arrangement that is a service contract. Under this guidance, such implementation costs will be capitalized in Other assets on the Condensed Consolidated Balance Sheet, with the related amortization presented in Selling, general and administrative expenses on the Condensed Consolidated Statement of Operations. This guidance was applied prospectively to implementation costs incurred after February 2, 2020. The adoption of this guidance did not have a significant effect on our condensed consolidated financial statements. On February 2, 2020, we adopted FASB’s updated guidance on the accounting for performing goodwill impairment tests. This update eliminates the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. In testing goodwill for impairment, an entity may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment indicates that goodwill impairment is more likely than not, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit to its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to the reporting unit. Refer to our updated accounting policy in Note 6, Goodwill. Other recently issued accounting pronouncements did not, or are not believed by management to, have a material effect on our present or future consolidated financial statements.

Goodwill (Policy)

Goodwill (Policy)	9 Months Ended
Goodwill (Policy)	Oct. 31, 2020
Goodwill and Other Intangible Assets, Net [Abstract]
Goodwill	We review goodwill for impairment annually during the first quarter of each fiscal year, or more frequently if impairment indicators arise. The review of impairment consists of either using a qualitative approach to determine whether it is more likely than not that the fair value of the assets is less than their respective carrying values or a one-step quantitative impairment test. In performing the qualitative assessment, we consider many factors in evaluating whether the carrying value of goodwill may not be recoverable, including declines in our stock price and market capitalization in relation to the book value of the Company and macroeconomic conditions affecting retail. If, based on the results of the qualitative assessment, it is concluded that it is not more likely than not that the fair value of a reporting unit exceeds its carrying value, additional quantitative impairment testing is performed. The quantitative test requires that the carrying value of each reporting unit be compared with its estimated fair value. If the carrying value of a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded for the difference (up to the carrying value of goodwill). 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 limited to, the discount rate, terminal growth rates, earnings before depreciation and amortization, and capital expenditures forecasts. Due to the inherent uncertainty involved in making these estimates, actual results could differ from those estimates. We evaluate the merits of each significant assumption, both individually and in the aggregate, used to determine the fair value of the reporting units, as well as the fair values of the corresponding assets and liabilities within the reporting units.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
Revenue (Tables)	Oct. 31, 2020
Revenue [Abstract]
Disaggregation of Revenue	Thirteen weeks ended Thirty-nine weeks ended October 31, November 2, October 31, November 2, ($ in millions) 2020 2019 2020 2019 Sales by Channel Stores $ 1,656 $ 1,636 $ 3,858 $ 4,915 Direct-to-customers 450 296 1,501 869 Total sales $ 2,106 $ 1,932 $ 5,359 $ 5,784
Revenue from External Customers by Geographic Areas	Sales disaggregated based upon geographic area is presented in the table below. Sales are attributable to the geographic area in which the sales transaction is fulfilled. Thirteen weeks ended Thirty-nine weeks ended October 31, November 2, October 31, November 2, ($ in millions) 2020 2019 2020 2019 Sales by Geography United States $ 1,534 $ 1,361 $ 3,974 $ 4,122 International 572 571 1,385 1,662 Total sales $ 2,106 $ 1,932 $ 5,359 $ 5,784
Activity of Gift Card Liability Balance	October 31, November 2, ($ in millions) 2020 2019 Gift card liability at beginning of year $ 35 $ 35 Redemptions (70) (70) Breakage recognized in sales (5) (4) Activations 69 66 Foreign currency fluctuations 1 (1) Gift card liability $ 30 $ 26

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Oct. 31, 2020
Segment Information [Abstract]
Sales and Division Operating Results for Reportable Segments	Thirteen weeks ended Thirty-nine weeks ended October 31, November 2, October 31, November 2, ($ in millions) 2020 2019 2020 2019 Sales $ 2,106 $ 1,932 $ 5,359 $ 5,784 Operating Results Division profit 198 184 244 549 Less: Impairment and other charges (1) 4 1 58 16 Less: Corporate expense (2) 16 19 44 60 Income from operations 178 164 142 473 Interest (expense) income, net (2) 3 (5) 9 Other income, net (3) 193 4 197 8 Income before income taxes $ 369 $ 171 $ 334 $ 490 (1) During the thirteen and thirty-nine weeks ended October 31, 2020 and November 2, 2019, we recorded pre-tax charges as detailed in Note 4, Impairment and Other Charges . (2) Corporate expense consists of unallocated selling, general and administrative expenses, as well as depreciation and amortization related to our corporate headquarters, centrally managed departments, unallocated insurance and benefit programs, certain foreign exchange transaction gains and losses, and other items. (3) One of our minority investments, which is measured using the fair value measurement alternative, received additional funding in the third quarter at a higher valuation than our initial investment. As a result, we recorded a $190 million non-cash gain during the third quarter of 2020 .
Disaggregation of Revenue	Thirteen weeks ended Thirty-nine weeks ended October 31, November 2, October 31, November 2, ($ in millions) 2020 2019 2020 2019 Sales by Channel Stores $ 1,656 $ 1,636 $ 3,858 $ 4,915 Direct-to-customers 450 296 1,501 869 Total sales $ 2,106 $ 1,932 $ 5,359 $ 5,784

Impairment and Other Charges (T

Impairment and Other Charges (Tables)	9 Months Ended
Impairment and Other Charges (Tables)	Oct. 31, 2020
Impairment and Other Charges [Abstract]
Schedule of Impairment and Other Charges	Thirteen weeks ended Thirty-nine weeks ended October 31, November 2, October 31, November 2, ($ in millions) 2020 2019 2020 2019 Losses related to social unrest $ 1 $ — $ 19 $ — Runners Point shut down 3 — 19 — Impairment of long-lived assets and right-of-use assets — — 15 — Eastbay reorganization — — 3 — Pension litigation related charges — 1 2 3 Lease termination costs — — — 13 Total impairment and other charges $ 4 $ 1 $ 58 $ 16
Schedule of Reorganization Accrual	($ in millions) Runners Point Eastbay Total Balance as of February 1, 2020 $ — $ — $ — Charges 19 3 22 Payments (9) (2) (11) Balance as of October 31, 2020 $ 10 $ 1 $ 11

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	9 Months Ended
Cash, Cash Equivalents, and Restricted Cash (Tables)	Oct. 31, 2020
Restricted Cash [Abstract]
Reconciliation of Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents, as reported on our Condensed Consolidated Balance Sheets, to cash, cash equivalents, and restricted cash, as reported on our Condensed Consolidated Statements of Cash Flows: October 31, November 2, February 1, ($ in millions) 2020 2019 2020 Cash and cash equivalents $ 1,393 $ 744 $ 907 Restricted cash included in other current assets 8 5 6 Restricted cash included in other non-current assets 29 30 29 Cash, cash equivalents, and restricted cash $ 1,430 $ 779 $ 942

Other Intangible Assets, Net (T

Other Intangible Assets, Net (Tables)	9 Months Ended
Other Intangible Assets, Net (Tables)	Oct. 31, 2020
Goodwill and Other Intangible Assets, Net [Abstract]
Components of Intangible Assets	The components of finite-lived intangible assets and intangible assets not subject to amortization are as follows: October 31, 2020 November 2, 2019 February 1, 2020 Gross Accum. Net Gross Accum. Net Gross Accum. Net ($ in millions) value amort. value value amort. value value amort. value Amortized intangible assets: (1) Lease acquisition costs $ 119 $ (113) $ 6 $ 117 $ (109) $ 8 $ 115 $ (108) $ 7 Trademarks / trade names 20 (17) 3 20 (16) 4 20 (16) 4 $ 139 $ (130) $ 9 $ 137 $ (125) $ 12 $ 135 $ (124) $ 11 Indefinite life intangible assets: (1) Trademarks / trade names $ 9 $ 9 $ 9 Other intangible assets, net $ 18 $ 21 $ 20 (1) The change in the ending balances also reflects the effect of foreign currency fluctuations due primarily to movements of the euro in relation to the U.S. dollar.
Amortization Expense	Amortization expense recorded is as follows: Thirteen weeks ended Thirty-nine weeks ended October 31, November 2, October 31, November 2, ($ in millions) 2020 2019 2020 2019 Amortization expense $ — $ 1 $ 2 $ 3
Estimated Future Expected Amortization Expense for Finite Life Intangible Assets	Estimated future amortization expense for finite-life intangible assets is as follows: ($ in millions) Remainder of 2020 $ 1 2021 2 2022 2 2023 2 2024 1 2025 1

Long-Term Debt and Obligation_2

Long-Term Debt and Obligations Under Finance Leases (Tables)	9 Months Ended
	Oct. 31, 2020
Long-Term Debt and Obligations Under Finance Leases [Abstract]
Schedule of Debt and Leases	The components of long-term debt and obligations under finance leases are as follows: October 31, November 2, February 1, ($ in millions) 2020 2019 2020 8.5% debentures payable 2022 $ 118 $ 118 $ 118 Unamortized gain related to interest rate swaps (1) 2 4 4 Obligations under finance leases 11 — — $ 131 $ 122 $ 122 Less: current portion of obligations under finance leases 2 — — $ 129 $ 122 $ 122 (1) In 2009, we terminated an interest rate swap at a gain. This gain is being amortized as part of interest expense over the remaining term of the debt using the effective-yield method .

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Oct. 31, 2020
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Accumulated other comprehensive loss (“AOCL”), net of tax, is comprised of the following: October 31, November 2, February 1, ($ in millions) 2020 2019 2020 Foreign currency translation adjustments $ (84) $ (100) $ (104) Cash flow hedges — (2) (3) Unrecognized pension cost and postretirement benefit (281) (280) (287) $ (365) $ (382) $ (394)
Changes in Accumulated Other Comprehensive Loss	The changes in AOCL for the thirty-nine weeks ended October 31, 2020 were as follows: Foreign Items Related Currency to Pension and Translation Cash Flow Postretirement ($ in millions) Adjustments Hedges Benefits Total Balance as of February 1, 2020 $ (104) $ (3) $ (287) $ (394) OCI before reclassification 20 3 (1) 22 Amortization of pension actuarial loss, net of tax — — 7 7 Other comprehensive income 20 3 6 29 Balance as of October 31, 2020 $ (84) $ — $ (281) $ (365)
Reclassification from Accumulated Other Comprehensive Loss	Reclassifications from AOCL for the thirty-nine weeks ended October 31, 2020 were as follows: ($ in millions) Amortization of actuarial loss: Pension benefits $ 9 Income tax benefit (2) Total, net of tax $ 7

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Oct. 31, 2020
Fair Value Measurements [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and Liabilities Measured at Fair Value on a Recurring Basis As of October 31, 2020 As of November 2, 2019 As of February 1, 2020 ($ in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Available-for-sale security — 7 — — 6 — — 7 — Total Assets $ — $ 7 $ — $ — $ 6 $ — $ — $ 7 $ — Liabilities Foreign exchange forward contracts — — — — 2 — — 4 — Total Liabilities $ — $ — $ — $ — $ 2 $ — $ — $ 4 $ —
Carrying Value and Estimated Fair Value of Long-Term Debt	October 31, November 2, February 1, ($ in millions) 2020 2019 2020 Carrying value $ 120 $ 122 $ 122 Fair value $ 129 $ 135 $ 135

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Oct. 31, 2020
Earnings Per Share [Abstract]
Basic and Diluted Weighted-Average Number of Common Shares Outstanding	The computation of basic and diluted EPS is as follows: Thirteen weeks ended Thirty-nine weeks ended October 31, November 2, October 31, November 2, (in millions, except per share data) 2020 2019 2020 2019 Net income $ 265 $ 125 $ 200 $ 357 Weighted-average common shares outstanding 104.4 106.9 104.4 110.0 Dilutive effect of potential common shares 0.9 0.3 0.7 0.5 Weighted-average common shares outstanding assuming dilution 105.3 107.2 105.1 110.5 Earnings per share - basic $ 2.54 $ 1.16 $ 1.92 $ 3.24 Earnings per share - diluted $ 2.52 $ 1.16 $ 1.91 $ 3.23 Anti-dilutive share-based awards excluded from diluted calculation 2.5 2.4 2.7 2.2

Pension (Tables)

Pension (Tables)	9 Months Ended
Pension (Tables)	Oct. 31, 2020
Pension [Abstract]
Net Benefit Expense (Income)	Thirteen weeks ended Thirty-nine weeks ended October 31, November 2, October 31, November 2, ($ in millions) 2020 2019 2020 2019 Service cost $ 3 $ 5 $ 10 $ 15 Interest cost 5 7 16 20 Expected return on plan assets (9) (9) (28) (27) Amortization of net loss 3 3 9 9 Net benefit expense $ 2 $ 6 $ 7 $ 17

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
Share-Based Compensation (Tables)	Oct. 31, 2020
Share-Based Compensation [Abstract]
Total Compensation Expense and the Related Tax Benefits Recognized	Total compensation expense, included in SG&A, and the associated tax benefits recognized related to our share-based compensation plans, were as follows: Thirteen weeks ended Thirty-nine weeks ended October 31, November 2, October 31, November 2, ($ in millions) 2020 2019 2020 2019 Options and shares purchased under stock purchase plan $ 1 $ 1 $ 5 $ 5 Restricted stock units 1 5 4 14 Total share-based compensation expense $ 2 $ 6 $ 9 $ 19 Tax benefit recognized $ — $ 1 $ 1 $ 2
Assumptions used to Compute Share-Based Compensation Expense	The following table shows assumptions used to compute share-based compensation expense for awards granted during the thirty-nine weeks ended October 31, 2020 and November 2, 2019: Stock Option Plans Stock Purchase Plan October 31, November 2, October 31, November 2, 2020 2019 2020 2019 Weighted-average risk free rate of interest 0.5 % 2.2 % 1.8 % 2.3 % Expected volatility 37 % 38 % 48 % 55 % Weighted-average expected award life (in years) 4.9 5.5 1.0 1.0 Dividend yield 4.3 % 2.6 % 4.2 % 3.0 % Weighted-average fair value $ 5.03 $ 17.07 $ 13.97 $ 18.12
Options Granted under Stock Option Plans	The information in the following table provides activity under our stock option plans for the thirty-nine weeks ended October 31, 2020: Weighted- Weighted- Number Average Average of Remaining Exercise Shares Contractual Life Price (in thousands) (in years) (per share) Options outstanding at the beginning of the year 2,881 $ 54.21 Granted 1,069 21.61 Exercised (10) 17.44 Expired or cancelled (235) 34.34 Options outstanding at October 31, 2020 3,705 5.7 $ 46.16 Options exercisable at October 31, 2020 2,560 4.2 $ 53.90 Options available for future grant at October 31, 2020 6,171
Aggregate Intrinsic Value for Stock Options Outstanding and Exercisable	The aggregate intrinsic value for stock options outstanding, and outstanding and exercisable (the difference between our closing stock price on the last trading day of the period and the exercise price of the options, multiplied by the number of in-the-money stock options) is presented below: Thirty-nine weeks ended ($ in millions) October 31, 2020 November 2, 2019 Outstanding $ 18 $ 8 Outstanding and exercisable $ 4 $ 7
Information about Stock Options Outstanding and Exercisable	The following table summarizes information about stock options outstanding and exercisable at October 31, 2020: 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) $18.84 to $23.09 1,035 8.2 $ 21.31 150 $ 19.57 $24.75 to $36.51 376 2.3 32.13 373 32.10 $44.78 to $45.75 554 5.1 44.91 464 44.94 $46.64 to $62.11 870 5.3 60.12 704 60.50 $63.33 to $73.21 870 5.0 68.60 869 68.61 3,705 5.7 $ 46.16 2,560 $ 53.90
Restricted Share and Unit Activity	RSU activity for the thirty-nine weeks ended October 31, 2020 is summarized as follows: Weighted-Average Number Remaining Weighted-Average of Contractual Grant Date Shares Life Fair Value (in thousands) (in years) (per share) Nonvested at beginning of year 936 $ 49.25 Granted 416 22.59 Vested (120) 53.31 Performance adjustment (1) (132) Forfeited (155) 38.56 Nonvested at October 31, 2020 945 1.2 $ 37.78 Aggregate value ($ in millions) $ 36 (1) This represents adjustments made to performance-based RSU awards and reflect changes in estimates based upon our current performance against predefined financial targets.

Revenue (Schedule of Sales Disa

Revenue (Schedule of Sales Disaggregated by Sales Channel) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Sales	$ 2,106	$ 1,932	$ 5,359	$ 5,784
Store Sales Channel [Member]
Sales	1,656	1,636	3,858	4,915
Direct to Customers Sales Channel [Member]
Sales	$ 450	$ 296	$ 1,501	$ 869

Revenue (Schedule of Sales Di_2

Revenue (Schedule of Sales Disaggregated by Geographic Area) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Sales	$ 2,106	$ 1,932	$ 5,359	$ 5,784
United States of America [Member]
Sales	1,534	1,361	3,974	4,122
International [Member]
Sales	$ 572	$ 571	$ 1,385	$ 1,662

Revenue (Activity of Gift Card

Revenue (Activity of Gift Card Liability Balance) (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Accrued gift card liability at beginning of period	$ 35	$ 35
Accrued gift card liability at end of period	30	26
Gift Card Redemption Revenue [Member]
Revenue recognized	(70)	(70)
Gift Card Breakage Revenue [Member]
Revenue recognized	(5)	(4)
Gift Card Activations [Member]
Activations	69	66
Gift Card Foreign Currency Fluctuations [Member]
Foreign currency fluctuations	$ 1	$ (1)

Segment Information (Sales and

Segment Information (Sales and Division Operating Results for Reportable Segments) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Segment Information [Abstract]
Sales	$ 2,106	$ 1,932	$ 5,359	$ 5,784
Division profit	198	184	244	549
Less: Impairment and other charges	4	1	58	16
Less: Corporate expense	16	19	44	60
Income from operations	178	164	142	473
Interest income, net	(2)	3	(5)	9
Other income, net	193	4	197	8
Income before income taxes	369	$ 171	334	490
Non-cash gain	$ 190		$ 190	$ 4

Impairment and Other Charges (S

Impairment and Other Charges (Schedule of Impairment and Other Charges) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Losses related to social unrest	$ 1		$ 19
Impairment of long-lived assets and right-of-use assets			15
Reorganization costs			22
Pension litigation related charges		$ 1	2	$ 3
Lease termination costs				13
Total impairment and other charges	4	$ 1	58	$ 16
Runners Point Group [Member]
Reorganization costs	$ 3		19
Eastbay [Member]
Reorganization costs			$ 3

Impairment and Other Charges (N

Impairment and Other Charges (Narrative) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020USD ($)	Nov. 02, 2019USD ($)	Oct. 31, 2020USD ($)store	Nov. 02, 2019USD ($)
Impairment and Other Charges [Line Items]
Pension litigation charge		$ (1)	$ (2)	$ (3)
Impairment of assets			$ 15
Lease termination costs				$ 13
Number of stores with non-cash impairment charge \| store			70
Reorganization costs			$ 22
Losses related to social unrest	$ 1		$ 19
Number of stores damaged related to social unrest \| store			140
Inventory Losses Related to Social Unrest [Member]
Impairment and Other Charges [Line Items]
Losses related to social unrest			$ 15
Damages to Store Property Related to Social Unrest [Member]
Impairment and Other Charges [Line Items]
Losses related to social unrest			2
Repairs and Other Costs Related to Social Unrest [Member]
Impairment and Other Charges [Line Items]
Losses related to social unrest			$ 2
Runners Point and Sidestep [Member]
Impairment and Other Charges [Line Items]
Number of stores closing prior to their natural lease expiration \| store			40
Runners Point Group [Member]
Impairment and Other Charges [Line Items]
Reorganization costs	$ 3		$ 19
Eastbay [Member]
Impairment and Other Charges [Line Items]
Reorganization costs			$ 3

Impairment and Other Charges (R

Impairment and Other Charges (Restructuring Charges) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Oct. 31, 2020	Oct. 31, 2020
Restructuring Reserve, Beginning Balance		$ 0
Charges		22
Payments		(11)
Restructuring Reserve, Ending Balance	$ 11	11
Runners Point Group [Member]
Restructuring Reserve, Beginning Balance		0
Charges	3	19
Payments		(9)
Restructuring Reserve, Ending Balance	10	10
Eastbay [Member]
Restructuring Reserve, Beginning Balance		0
Charges		3
Payments		(2)
Restructuring Reserve, Ending Balance	$ 1	$ 1

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash (Reconciliation of Cash and Cash Equivalents) (Details) - USD ($) $ in Millions	Oct. 31, 2020	Feb. 01, 2020		Nov. 02, 2019	Feb. 02, 2019
Restricted Cash [Abstract]
Cash and cash equivalents	$ 1,393	$ 907	[1]	$ 744
Restricted cash included in other current assets	8	6		5
Restricted cash included in other non-current assets	29	29		30
Cash, cash equivalents, and restricted cash	$ 1,430	$ 942		$ 779	$ 981

[1]	The balance sheet at February 1, 2020 has been derived from the previously reported audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Foot Locker, Inc.’s Annual Report on Form 10-K for the year ended February 1, 2020.

Other Intangible Assets, Net (S

Other Intangible Assets, Net (Schedule of Other Intangible Assets) (Details) - USD ($) $ in Millions	Oct. 31, 2020	Feb. 01, 2020		Nov. 02, 2019
Intangible Assets by Major Class [Line Items]
Amortized intangible assets, Gross value	$ 139	$ 135		$ 137
Amortized intangible assets, Accum. amort.	(130)	(124)		(125)
Amortized intangible assets, Net value	9	11		12
Other intangible assets, net	18	20	[1]	21
Lease Acquisition Costs [Member]
Intangible Assets by Major Class [Line Items]
Amortized intangible assets, Gross value	119	115		117
Amortized intangible assets, Accum. amort.	(113)	(108)		(109)
Amortized intangible assets, Net value	6	7		8
Trademarks and Trade Names [Member]
Intangible Assets by Major Class [Line Items]
Amortized intangible assets, Gross value	20	20		20
Amortized intangible assets, Accum. amort.	(17)	(16)		(16)
Amortized intangible assets, Net value	3	4		4
Trademarks and Trade Names [Member]
Intangible Assets by Major Class [Line Items]
Indefinite life intangible assets, Net Value	$ 9	$ 9		$ 9

[1]	The balance sheet at February 1, 2020 has been derived from the previously reported audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Foot Locker, Inc.’s Annual Report on Form 10-K for the year ended February 1, 2020.

Other Intangible Assets, Net (A

Other Intangible Assets, Net (Amortization Expense) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Goodwill and Other Intangible Assets, Net [Abstract]
Amortization expense	$ 1	$ 2	$ 3

Other Intangible Assets, Net (E

Other Intangible Assets, Net (Estimated Future Amortization Expense for Finite Lived Intangibles) (Details) $ in Millions	Oct. 31, 2020USD ($)
Goodwill and Other Intangible Assets, Net [Abstract]
Remainder of 2020	$ 1
2021	2
2022	2
2023	2
2024	1
2025	$ 1

Revolving Credit Facility (Narr

Revolving Credit Facility (Narrative) (Details) $ in Millions	9 Months Ended
	Oct. 31, 2020USD ($)
Line of Credit Facility [Line Items]
Debt Instrument Fixed Coverage Ratio	1
Credit agreement start date	Jul. 14, 2020
Revolving credit facility	$ 600
Revolving credit facility maturity date	Jul. 14, 2025
Proceeds from Lines of Credit	$ 330
Minimum threshold of availability under the credit agreement before the company needs to comply with financial covenants	$ 60
Minimum percentage threshold of credit availability to Loan Cap before the company needs to comply with financial covenants	10.00%
Facility fees on unused portion of credit facility	0.50%
Federal Funds Rate [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Debt, basis spread on variable rate	1.25%
Federal Funds Rate [Member] \| Revolving Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Debt, basis spread on variable rate	0.75%
London Interbank Offered Rate (LIBOR) [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Debt, basis spread on variable rate	2.25%
London Interbank Offered Rate (LIBOR) [Member] \| Revolving Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Debt, basis spread on variable rate	1.75%

Long-Term Debt and Obligation_3

Long-Term Debt and Obligations Under Finance Leases (Schedule of Long-Term Debt) (Details) - USD ($) $ in Millions	Oct. 31, 2020	Feb. 01, 2020		Nov. 02, 2019
Long-Term Debt and Obligations Under Finance Leases [Abstract]
8.5% debentures payable 2022	$ 118	$ 118		$ 118
Unamortized gain related to interest rate swaps	2	4		4
Obligations under finance leases	11
Debt and lease obligations	131	122		122
Less: current portion of obligations under finance leases	2		[1]
Long-term debt and obligations under finance leases	$ 129	$ 122	[1]	$ 122
Interest rate of debentures (as a percent)	8.50%

[1]	The balance sheet at February 1, 2020 has been derived from the previously reported audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Foot Locker, Inc.’s Annual Report on Form 10-K for the year ended February 1, 2020.

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions	Oct. 31, 2020	Feb. 01, 2020		Nov. 02, 2019
Accumulated Other Comprehensive Loss [Abstract]
Foreign currency translation adjustments	$ (84)	$ (104)		$ (100)
Cash flow hedges		(3)		(2)
Unrecognized pension cost and postretirement benefit	(281)	(287)		(280)
Accumulated other comprehensive loss ("AOCL"), net of tax	$ (365)	$ (394)	[1]	$ (382)

[1]	The balance sheet at February 1, 2020 has been derived from the previously reported audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Foot Locker, Inc.’s Annual Report on Form 10-K for the year ended February 1, 2020.

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss (Changes in Accumulated Other Comprehensive Loss) (Details) $ in Millions	9 Months Ended
	Oct. 31, 2020USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ (394)	[1]
OCI before reclassification	22
Amortization of pension actuarial (gain)/loss, net of tax	7
Other comprehensive income	29
Ending Balance	(365)
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(104)
OCI before reclassification	20
Amortization of pension actuarial (gain)/loss, net of tax
Other comprehensive income	20
Ending Balance	(84)
Cash Flow Hedges Parent[Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(3)
OCI before reclassification	3
Amortization of pension actuarial (gain)/loss, net of tax
Other comprehensive income	3
Items Related to Pension and Postretirement Benefits [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(287)
OCI before reclassification	(1)
Amortization of pension actuarial (gain)/loss, net of tax	7
Other comprehensive income	6
Ending Balance	$ (281)

[1]	The balance sheet at February 1, 2020 has been derived from the previously reported audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Foot Locker, Inc.’s Annual Report on Form 10-K for the year ended February 1, 2020.

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Loss (Reclassifications from Accumulated Other Comprehensive Loss) (Details) $ in Millions	9 Months Ended
	Oct. 31, 2020USD ($)
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Income tax benefit	$ (2)
Total, net of tax	7
Pension Benefits [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Pension benefits	$ 9

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets measured at fair value on recurring basis
Liabilities measured at fair value on recurring basis
Level 1 [Member] \| Available-for-sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets measured at fair value on recurring basis
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets measured at fair value on recurring basis	7	7	6
Liabilities measured at fair value on recurring basis		4	2
Level 2 [Member] \| Available-for-sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets measured at fair value on recurring basis	7	7	6
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets measured at fair value on recurring basis
Liabilities measured at fair value on recurring basis
Level 3 [Member] \| Available-for-sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets measured at fair value on recurring basis
Forward Foreign Exchange Contracts [Member] \| Level 1 [Member] \| Derivative Financial Instruments, Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities measured at fair value on recurring basis
Forward Foreign Exchange Contracts [Member] \| Level 2 [Member] \| Derivative Financial Instruments, Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities measured at fair value on recurring basis		4	2
Forward Foreign Exchange Contracts [Member] \| Level 3 [Member] \| Derivative Financial Instruments, Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities measured at fair value on recurring basis

Fair Value Measurements (Carryi

Fair Value Measurements (Carrying Value and Estimated Fair Value of Long-Term Debt) (Details) - USD ($) $ in Millions	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Fair Value Measurements [Abstract]
Long-term debt, Carrying value	$ 120	$ 122	$ 122
Long-term debt, Fair value	$ 129	$ 135	$ 135

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Feb. 01, 2020	Oct. 31, 2020	Nov. 02, 2019
Fair Value Measurements [Abstract]
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount	$ 0	$ 0	$ 0	$ 0
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	0	0	0	0
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount	0	0	0	0
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount	0	0	0	0
Non-cash gain	190		190	4
Equity method investment fair value	$ 326	134	$ 326	$ 133
Increase (decrease) in minority interests		$ (7)

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares shares in Millions	9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Earnings Per Share [Abstract]
Contingently issuable shares excluded from diluted earnings per share	0.5	0.7

Earnings Per Share (Computation

Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income/(loss)	$ 265	$ 125	$ 200	$ 357
Weighted-average common shares outstanding	104.4	106.9	104.4	110
Dilutive effect of potential common shares	0.9	0.3	0.7	0.5
Weighted-average common shares outstanding assuming dilution	105.3	107.2	105.1	110.5
Earnings per share - basic	$ 2.54	$ 1.16	$ 1.92	$ 3.24
Earnings per share - diluted	$ 2.52	$ 1.16	$ 1.91	$ 3.23
Stock Option Plans [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive share-based awards excluded from diluted calculation	2.5	2.4	2.7	2.2

Pension (Net Benefit Expense (I

Pension (Net Benefit Expense (Income)) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Pension [Abstract]
Service cost	$ 3	$ 5	$ 10	$ 15
Interest cost	5	7	16	20
Expected return on plan assets	(9)	(9)	(28)	(27)
Amortization of net loss (gain)	3	3	9	9
Net benefit expense (income)	$ 2	$ 6	$ 7	$ 17

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of option exercised		$ 5
Unrecognized compensation cost	$ 11
Stock Option Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options vested	6	6
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards	6	$ 5
Dividends	$ 0
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Nonvested Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 4
Unrecognized compensation cost related to nonvested stock options, weighted-average period expected to be recognized	1 year 4 months 24 days
2013 ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average expected award life (in years)	1 year	1 year

Share-Based Compensation (Total

Share-Based Compensation (Total Compensation Expense Included in SG&A and the Related Tax Benefits Recognized) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Share-Based Compensation [Abstract]
Options and shares purchased under the employee stock purchase plan	$ 1	$ 1	$ 5	$ 5
Restricted stock and restricted stock units	1	5	4	14
Total share-based compensation expense	$ 2	6	9	19
Tax benefit recognized		$ 1	$ 1	$ 2

Share-Based Compensation (Assum

Share-Based Compensation (Assumptions Used to Compute Share-Based Compensation Expense) (Details) - $ / shares	9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Stock Option Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average risk free rate of interest	0.50%	2.20%
Expected volatility	37.00%	38.00%
Weighted-average expected award life (in years)	4 years 10 months 24 days	5 years 6 months
Dividend yield	4.30%	2.60%
Weighted-average fair value	$ 5.03	$ 17.07
2013 ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average risk free rate of interest	1.80%	2.30%
Expected volatility	48.00%	55.00%
Weighted-average expected award life (in years)	1 year	1 year
Dividend yield	4.20%	3.00%
Weighted-average fair value	$ 13.97	$ 18.12

Share-Based Compensation (Optio

Share-Based Compensation (Options Granted Under Stock Option Plans) (Details) shares in Thousands	9 Months Ended
	Oct. 31, 2020$ / sharesshares
Number of Shares
Options outstanding at beginning of year	2,881
Granted	1,069
Exercised	(10)
Expired or cancelled	(235)
Options outstanding at end of period	3,705
Options exercisable at end of period	2,560
Options available for future grant at end of period	6,171
Weighted-Average Exercise Price
Options outstanding at beginning of year \| $ / shares	$ 54.21
Granted \| $ / shares	21.61
Exercised \| $ / shares	17.44
Expired or cancelled \| $ / shares	34.34
Options outstanding at end of period \| $ / shares	46.16
Options exercisable at end of period \| $ / shares	$ 53.90
Options outstanding, weighted-average remaining contractual life	5 years 8 months 12 days
Options exercisable at end of period, Weighted-average remaining contractual life	4 years 2 months 12 days

Share-Based Compensation (Aggre

Share-Based Compensation (Aggregate Intrinsic Value for Stock Options Outstanding and Exercisable) (Details) - USD ($) $ in Millions	Oct. 31, 2020	Nov. 02, 2019
Share-Based Compensation [Abstract]
Outstanding	$ 18	$ 8
Outstanding and exercisable	$ 4	$ 7

Share-Based Compensation (Infor

Share-Based Compensation (Information about Stock Options Outstanding and Exercisable) (Details) - $ / shares shares in Thousands	9 Months Ended
	Oct. 31, 2020	Feb. 01, 2020
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Number of Shares	3,705	2,881
Options outstanding, weighted-average remaining contractual life	5 years 8 months 12 days
Options Outstanding, Weighted-Average Exercise Price	$ 46.16	$ 54.21
Options Exercisable, Number of Shares	2,560
Options Exercisable, Weighted-Average Exercise Price	$ 53.90
$18.84 to $23.09 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	18.84
Range of Exercise Prices, Upper Limit	$ 23.09
Options Outstanding, Number of Shares	1,035
Options outstanding, weighted-average remaining contractual life	8 years 2 months 12 days
Options Outstanding, Weighted-Average Exercise Price	$ 21.31
Options Exercisable, Number of Shares	150
Options Exercisable, Weighted-Average Exercise Price	$ 19.57
$24.75 to $36.51 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	24.75
Range of Exercise Prices, Upper Limit	$ 36.51
Options Outstanding, Number of Shares	376
Options outstanding, weighted-average remaining contractual life	2 years 3 months 18 days
Options Outstanding, Weighted-Average Exercise Price	$ 32.13
Options Exercisable, Number of Shares	373
Options Exercisable, Weighted-Average Exercise Price	$ 32.10
$44.78 to $45.75 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	44.78
Range of Exercise Prices, Upper Limit	$ 45.75
Options Outstanding, Number of Shares	554
Options outstanding, weighted-average remaining contractual life	5 years 1 month 6 days
Options Outstanding, Weighted-Average Exercise Price	$ 44.91
Options Exercisable, Number of Shares	464
Options Exercisable, Weighted-Average Exercise Price	$ 44.94
$46.64 to $62.11 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	46.64
Range of Exercise Prices, Upper Limit	$ 62.11
Options Outstanding, Number of Shares	870
Options outstanding, weighted-average remaining contractual life	5 years 3 months 18 days
Options Outstanding, Weighted-Average Exercise Price	$ 60.12
Options Exercisable, Number of Shares	704
Options Exercisable, Weighted-Average Exercise Price	$ 60.50
$63.33 to $73.21 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, Lower Limit	63.33
Range of Exercise Prices, Upper Limit	$ 73.21
Options Outstanding, Number of Shares	870
Options outstanding, weighted-average remaining contractual life	5 years
Options Outstanding, Weighted-Average Exercise Price	$ 68.60
Options Exercisable, Number of Shares	869
Options Exercisable, Weighted-Average Exercise Price	$ 68.61

Share-Based Compensation (Chang

Share-Based Compensation (Changes in Nonvested Options) (Details) - Restricted Stock Units [Member] $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Oct. 31, 2020USD ($)$ / sharesshares
Number of Shares
Nonvested, Beginning Balance	936
Granted	416
Vested	(120)
Performance adjustment	(132)
Expired or cancelled	(155)	[1]
Nonvested, Ending Balance	945
Aggregate value \| $	$ 36
Wtg. Avg. remaining contractual life (in years)	1 year 2 months 12 days
Weighted-Average Grant Date Fair Value per Share
Nonvested, Beginning Balance \| $ / shares	$ 49.25
Granted \| $ / shares	22.59
Vested \| $ / shares	53.31
Cancelled \| $ / shares	38.56	[1]
Nonvested, Ending Balance \| $ / shares	$ 37.78

[1]	This represents adjustments made to performance-based RSU awards and reflect changes in estimates based upon our current performance against predefined financial targets.

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Oct. 31, 2020	Aug. 01, 2020	May 02, 2020	Oct. 31, 2020
Income Taxes [Abstract]
Other Income Tax Expense (Benefit), Continuing Operations	$ 104			$ 134
Effective Income Tax Rate Continuing Operations	28.20%			40.10%
Tax charge related to the revaluation of intellectual property rights	$ (1)	$ (2)	$ 27

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member]	Dec. 07, 2020$ / sharesshares
Rights Agreement [Member]
Subsequent Event [Line Items]
Redemption price of Right	$ 0.001
Minimum percentage of ownership of outstanding common stock to become an Acquiring Person	20.00%
Percent discount common stock may be purchased at by Right holder	50.00%
Series C Junior Participating Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock, par value	$ 1
Preferred stock, price per share	$ 210
Series C Junior Participating Preferred Stock [Member] \| Rights Agreement [Member]
Subsequent Event [Line Items]
Preferred stock shares for purchase by each Right \| shares	0.001