Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
May 04, 2024 | May 31, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000850209 | |
Entity Registrant Name | Foot Locker, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --02-01 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | May 04, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-10299 | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 13-3513936 | |
Entity Address, Address Line One | 330 West 34th Street | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10001 | |
City Area Code | 212 | |
Local Phone Number | 720-3700 | |
Title of 12(b) Security | Common Stock, par value $0.01 | |
Trading Symbol | FL | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 94,718,024 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | May 04, 2024 | Feb. 03, 2024 | [1] | Apr. 29, 2023 |
Current assets: | ||||
Cash and cash equivalents | $ 282 | $ 297 | $ 313 | |
Merchandise inventories | 1,659 | 1,509 | 1,758 | |
Other current assets | 414 | 419 | 326 | |
Assets, Current | 2,355 | 2,225 | 2,397 | |
Property and equipment, net | 910 | 930 | 901 | |
Operating lease right-of-use assets | 2,175 | 2,188 | 2,331 | |
Deferred taxes | 114 | 114 | 94 | |
Goodwill | 760 | 768 | 781 | |
Other intangible assets, net | 392 | 399 | 421 | |
Minority investments | 150 | 152 | 629 | |
Other assets | 91 | 92 | 89 | |
Assets | 6,947 | 6,868 | 7,643 | |
Current liabilities: | ||||
Accounts payable | 515 | 366 | 474 | |
Accrued and other liabilities | 389 | 428 | 447 | |
Current portion of debt and obligations under finance leases | 5 | 5 | 6 | |
Current portion of lease obligations | 496 | 492 | 533 | |
Liabilities, Current | 1,405 | 1,291 | 1,460 | |
Long-term debt and obligations under finance leases | 441 | 442 | 445 | |
Long-term lease obligations | 1,984 | 2,004 | 2,132 | |
Other liabilities | 231 | 241 | 323 | |
Total liabilities | 4,061 | 3,978 | 4,360 | |
Commitments and contingencies | ||||
Shareholders’ equity: | ||||
Common stock and paid-in capital: 94,939,866; 94,175,714; and 94,283,984 shares issued, respectively | 787 | 776 | 766 | |
Retained earnings | 2,490 | 2,482 | 2,923 | |
Accumulated other comprehensive loss | (385) | (366) | (396) | |
Less: Treasury stock at cost: 231,467; 260,870; and 60,308 shares, respectively | (6) | (2) | (10) | |
Total shareholders' equity | 2,886 | 2,890 | 3,283 | |
Liabilities and Equity | $ 6,947 | $ 6,868 | $ 7,643 | |
[1]The balance sheet at February 3, 2024 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 3, 2024. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - shares | May 04, 2024 | Feb. 03, 2024 | [1] | Apr. 29, 2023 |
Common stock, shares issued (in shares) | 94,939,866 | 94,283,984 | 94,175,714 | |
Treasury stock, shares (in shares) | 231,467 | 60,308 | 260,870 | |
[1]The balance sheet at February 3, 2024 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 3, 2024. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Current Period Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
May 04, 2024 | Apr. 29, 2023 | ||
Total revenue | $ 1,879 | $ 1,931 | |
Cost of sales | 1,335 | 1,349 | |
Selling, general and administrative expenses | 461 | 431 | |
Depreciation and amortization | 51 | 51 | |
Impairment and other | [1] | 14 | 39 |
Income from operations | 18 | 61 | |
Interest expense, net | (1) | (1) | |
Other (expense) income, net | [2] | (4) | (3) |
Income before income taxes | 13 | 57 | |
Income tax expense | (5) | (21) | |
Net income | $ 8 | $ 36 | |
Basic earnings per share (in dollars per share) | $ 0.09 | $ 0.39 | |
Weighted-average shares outstanding (in shares) | 94.7 | 93.7 | |
Diluted earnings per share (in dollars per share) | $ 0.09 | $ 0.38 | |
Weighted-average shares outstanding, assuming dilution (in shares) | 95.3 | 95.1 | |
Sales Revenue [Member] | |||
Total revenue | $ 1,874 | $ 1,927 | |
License [Member] | |||
Total revenue | $ 5 | $ 4 | |
[1]See Note 4, Impairment and Other for further detail.[2]See Note 5, Other (Expense) Income, net. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Net income | $ 8 | $ 36 |
Foreign currency translation adjustment: | ||
Translation adjustment arising during the period, net of income tax benefit of $- and $-, respectively | (19) | (7) |
Hedges contracts: | ||
Change in fair value of derivatives, net of income tax benefit of $(1) and $-, respectively | (1) | 1 |
Pension and postretirement adjustments: | ||
Amortization of net actuarial gain/loss and prior service cost included in net periodic benefit costs, net of income tax expense of $1 and $1, respectively | 1 | 2 |
Comprehensive (loss) income | $ (11) | $ 32 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Net income tax benefit on translation adjustment | $ 0 | $ 0 |
Change in fair value of derivatives, tax adjustments | (1,000) | 0 |
Amortization of net actuarial gain/loss, tax adjustments | $ 1,000 | $ 1,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Millions | Common Stock Including Additional Paid in Capital [Member] | Treasury Stock, Common [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance (in shares) at Jan. 28, 2023 | 93,397 | (1) | ||||
Balance at Jan. 28, 2023 | $ 760 | $ 0 | $ 2,925 | $ (392) | $ 3,293 | |
Restricted stock issued (in shares) | 628 | |||||
Restricted stock issued | $ 0 | 0 | ||||
Issued under director and stock plans (in shares) | 151 | |||||
Issued under director and stock plans | $ 4 | 4 | ||||
Share-based compensation expense | $ 2 | 2 | ||||
Shares of common stock used to satisfy tax withholding obligations (in shares) | (260) | |||||
Shares of common stock used to satisfy tax withholding obligations | $ (10) | (10) | ||||
Net income | 36 | 36 | ||||
Translation adjustment, net of tax | (7) | (7) | ||||
Change in cash flow hedges, net of tax | 1 | 1 | ||||
Pension and postretirement adjustments, net of tax | 2 | 2 | ||||
Cash dividends on common stock | (38) | (38) | ||||
Balance (in shares) at Apr. 29, 2023 | 94,176 | (261) | ||||
Balance at Apr. 29, 2023 | $ 766 | $ (10) | 2,923 | (396) | 3,283 | |
Balance (in shares) at Feb. 03, 2024 | 94,284 | (60) | ||||
Balance at Feb. 03, 2024 | $ 776 | $ (2) | 2,482 | (366) | 2,890 | [1] |
Restricted stock issued (in shares) | 417 | |||||
Restricted stock issued | $ 0 | 0 | ||||
Issued under director and stock plans (in shares) | 239 | |||||
Issued under director and stock plans | $ 5 | 5 | ||||
Share-based compensation expense | $ 6 | 6 | ||||
Shares of common stock used to satisfy tax withholding obligations (in shares) | (171) | |||||
Shares of common stock used to satisfy tax withholding obligations | $ (4) | (4) | ||||
Net income | 8 | 8 | ||||
Translation adjustment, net of tax | (19) | (19) | ||||
Change in cash flow hedges, net of tax | (1) | (1) | ||||
Pension and postretirement adjustments, net of tax | 1 | 1 | ||||
Balance (in shares) at May. 04, 2024 | 94,940 | (231) | ||||
Balance at May. 04, 2024 | $ 787 | $ (6) | $ 2,490 | $ (385) | $ 2,886 | |
[1]The balance sheet at February 3, 2024 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 3, 2024. |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) | 3 Months Ended |
Apr. 29, 2023 $ / shares | |
Common stock, dividends, per share, declared (in dollars per share) | $ 0.4 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
From operating activities: | ||
Net income | $ 8 | $ 36 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Non-cash impairment and other | 7 | 18 |
Depreciation and amortization | 51 | 51 |
Deferred income taxes | (5) | (4) |
Share-based compensation expense | 6 | 2 |
Change in assets and liabilities: | ||
Merchandise inventories | (158) | (117) |
Accounts payable | 151 | (16) |
Accrued and other liabilities | (3) | (87) |
Other, net | 1 | (1) |
Net cash provided by (used in) operating activities | 58 | (118) |
From investing activities: | ||
Capital expenditures | (76) | (59) |
Net cash used in investing activities | (76) | (59) |
From financing activities: | ||
Dividends paid on common stock | 0 | (38) |
Shares of common stock repurchased to satisfy tax withholding obligations | (4) | (10) |
Payment of obligations under finance leases | (2) | (2) |
Proceeds from exercise of stock options | 5 | 4 |
Net cash used in financing activities | (1) | (46) |
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash | 2 | 0 |
Net change in cash, cash equivalents, and restricted cash | (17) | (223) |
Cash, cash equivalents, and restricted cash at beginning of year | 334 | 582 |
Cash, cash equivalents, and restricted cash at end of period | 317 | 359 |
Supplemental information: | ||
Interest paid | 8 | 8 |
Income taxes paid | 11 | 23 |
Cash paid for amounts included in measurement of operating lease liabilities | 172 | 170 |
Cash paid for amounts included in measurement of finance lease liabilities | 2 | 2 |
Right-of-use assets obtained in exchange for operating lease obligations | 142 | 34 |
Assets obtained in exchange for finance lease obligations | $ 1 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
May 04, 2024 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. Business Foot Locker, Inc., together with its consolidated subsidiaries (“Foot Locker,” “Company,” “we,” “our,” and “us”), is a leading footwear and apparel retailer. We have integrated all available shopping channels, including stores, websites, apps, and social channels. Store sales are primarily fulfilled from the store’s inventory, but may not may one Basis of Presentation The accompanying interim Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not not May 4, 2024 not may The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Notes to Consolidated Financial Statements contained in our 2023 10 There were no 1, Summary of Significant Accounting Policies 2023 10 Recent Accounting Pronouncements Other than the pronouncements disclosed in our 2023 10 not, not |
Note 2 - Revenue
Note 2 - Revenue | 3 Months Ended |
May 04, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. The table below presents sales disaggregated by sales channel, as well as licensing revenue earned from our various licensed arrangements. Sales are attributable to the channel in which the sales transaction is initiated. Thirteen weeks ended May 4, April 29, ($ in millions) 2024 2023 Sales by Channel Stores $ 1,554 $ 1,613 Direct-to-customers 320 314 Total sales 1,874 1,927 Licensing revenue 5 4 Total revenue $ 1,879 $ 1,931 Revenue is attributed to the country in which the transaction is fulfilled, and revenue by geographic area is presented in the following table. Thirteen weeks ended May 4, April 29, ($ in millions) 2024 2023 Revenue by Geography United States $ 1,272 $ 1,287 International 607 644 Total revenue $ 1,879 $ 1,931 Sales by banner and operating segment are presented in the following table. Thirteen weeks ended May 4, April 29, ($ in millions) 2024 2023 Foot Locker $ 759 $ 744 Champs Sports 267 328 Kids Foot Locker 183 167 WSS 160 150 North America 1,369 1,389 Foot Locker (1) 394 379 Sidestep — 14 EMEA 394 393 Foot Locker 72 98 atmos 39 47 Asia Pacific 111 145 Total sales $ 1,874 $ 1,927 ( 1 Includes sales from 10 15 May 4, 2024 April 29, 2023 Contract Liabilities We sell gift cards which do not May 4, April 29, ($ in millions) 2024 2023 Gift card liability at beginning of year $ 29 $ 36 Redemptions (39 ) (61 ) Breakage recognized in sales (2 ) (4 ) Activations 35 56 Gift card liability $ 23 $ 27 We elected not 12 not |
Note 3 - Segment Information
Note 3 - Segment Information | 3 Months Ended |
May 04, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 3. Foot Locker, Inc. operates one Thirteen weeks ended May 4, April 29, ($ in millions) 2024 2023 Division profit $ 43 $ 104 Less: Impairment and other (1) 14 39 Less: Corporate expense (2) 11 4 Income from operations 18 61 Interest expense, net (1 ) (1 ) Other (expense) income, net (3) (4 ) (3 ) Income before income taxes $ 13 $ 57 ( 1 See Note 4, Impairment and Other ( 2 Corporate expense consists of unallocated selling, general and administrative expenses, as well as depreciation and amortization related to our corporate headquarters, centrally managed departments, unallocated insurance and benefit programs, certain foreign exchange transaction gains and losses, and other items. ( 3 See Note 5, Other (Expense) Income, net |
Note 4 - Impairment and Other
Note 4 - Impairment and Other | 3 Months Ended |
May 04, 2024 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 4. Thirteen weeks ended May 4, April 29, ($ in millions) 2024 2023 Impairment of long-lived assets and right-of-use assets $ 7 $ 18 Legal claims 7 — Transformation consulting — 19 Reorganization costs — 2 Total impairment and other $ 14 $ 39 For the thirteen May 4, 2024 no one |
Note 5 - Other (Expense) Income
Note 5 - Other (Expense) Income, Net | 3 Months Ended |
May 04, 2024 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 5. Thirteen weeks ended May 4, April 29, ($ in millions) 2024 2023 Pension and postretirement net benefit expense, excluding service cost $ (2 ) $ (2 ) Share of losses related to minority investments (2 ) (1 ) Total other (expense) income, net $ (4 ) $ (3 ) |
Note 6 - Cash, Cash Equivalents
Note 6 - Cash, Cash Equivalents, and Restricted Cash | 3 Months Ended |
May 04, 2024 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 6. The table below provides a reconciliation of cash and cash equivalents, as reported on our Condensed Consolidated Balance Sheets, to cash, cash equivalents, and restricted cash, as reported on our Condensed Consolidated Statements of Cash Flows. May 4, April 29, ($ in millions) 2024 2023 Cash and cash equivalents $ 282 $ 313 Restricted cash included in other current assets 4 13 Restricted cash included in other non-current assets 31 33 Cash, cash equivalents, and restricted cash $ 317 $ 359 Amounts included in restricted cash primarily relate to amounts held in escrow in connection with various leasing arrangements in Europe and deposits held in insurance trusts to satisfy the requirement to collateralize part of the self-insured workers’ compensation and liability claims. |
Note 7 - Accumulated Other Comp
Note 7 - Accumulated Other Comprehensive Loss | 3 Months Ended |
May 04, 2024 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 7. Accumulated other comprehensive loss (“AOCL”), net of tax, is comprised of the following: May 4, April 29, February 3, ($ in millions) 2024 2023 2024 Foreign currency translation adjustments $ (192 ) $ (155 ) $ (173 ) Hedge contracts (3 ) (2 ) (2 ) Unrecognized pension cost and postretirement benefit (190 ) (239 ) (191 ) $ (385 ) $ (396 ) $ (366 ) The changes in AOCL for the thirteen May 4, 2024 Foreign Items Related Currency to Pension and Translation Hedge Postretirement ($ in millions) Adjustments Contracts Benefits Total Balance as of February 3, 2024 $ (173 ) (2 ) $ (191 ) $ (366 ) OCI before reclassification (19 ) 2 — (17 ) Reclassification of hedges, net of tax — (3 ) — (3 ) Amortization of pension actuarial loss, net of tax — — 1 1 Other comprehensive (loss) / income (19 ) (1 ) 1 (19 ) Balance as of May 4, 2024 $ (192 ) $ (3 ) $ (190 ) $ (385 ) Reclassifications from AOCL for the thirteen May 4, 2024 ($ in millions) Reclassification of hedge loss: Cross-currency swap $ (4 ) Income tax 1 Reclassification of hedges, net of tax $ (3 ) Amortization of actuarial loss: Pension benefits $ 2 Income tax (1 ) Amortization of actuarial loss, net of tax $ 1 Total, net of tax $ (2 ) |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 3 Months Ended |
May 04, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. Our financial assets and liabilities are recorded at fair value, using a three Assets and Liabilities Measured at Fair Value on a Recurring Basis ($ in millions) As of May 4, 2024 As of April 29, 2023 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Available-for-sale security $ — $ 6 $ — $ — $ 6 $ — Foreign exchange forward contracts — 2 — — — — Cross-currency swap contract — 9 — — — — Total assets $ — $ 17 $ — $ — $ 6 $ — Liabilities Contingent consideration $ — $ — $ — $ — $ — $ 4 Foreign exchange forward contracts — — — — 1 — Total liabilities $ — $ — $ — $ — $ 1 $ 4 There were no 1, 2, 3 Long-Term Debt The fair value of long-term debt is determined by using model-derived valuations in which all significant inputs or significant value drivers are observable in active markets and, therefore, are classified as Level 2. May 4, April 29, ($ in millions) 2024 2023 Carrying value (1) $ 395 $ 395 Fair value $ 321 $ 339 ( 1 The carrying value of debt as of both May 4, 2024 April 29, 2023 The carrying values of cash and cash equivalents, and other current receivables and payables approximate their fair value. |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 3 Months Ended |
May 04, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. We account for earnings per share (“EPS”) using the treasury stock method. Basic EPS is computed by dividing net income for the period by the weighted-average number of common shares outstanding at the end of the period. Diluted earnings per share reflects the weighted-average number of common shares outstanding during the period used in the basic EPS computation plus dilutive common stock equivalents. The computation of diluted earnings per share does not Thirteen weeks ended May 4, April 29, (in millions, except per share data) 2024 2023 Net income $ 8 $ 36 Weighted-average common shares outstanding 94.7 93.7 Dilutive effect of potential common shares 0.6 1.4 Weighted-average common shares outstanding assuming dilution 95.3 95.1 Earnings per share - basic $ 0.09 $ 0.39 Earnings per share - diluted $ 0.09 $ 0.38 Anti-dilutive share-based awards excluded from diluted calculation 2.6 2.3 Performance stock units related to our long-term incentive programs of 1.8 million and 0.9 million have been excluded from diluted weighted-average shares for the periods ended May 4, 2024 April 29, 2023 not |
Note 10 - Pension
Note 10 - Pension | 3 Months Ended |
May 04, 2024 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 10. The components of net periodic pension benefit expense are presented in the table below. Service cost is recognized as part of SG&A expense, while the other components are recognized as part of Other (expense) income, net. Thirteen weeks ended May 4, April 29, ($ in millions) 2024 2023 Service cost $ 1 $ 1 Interest cost 5 6 Expected return on plan assets (5 ) (7 ) Amortization of net loss 2 3 Net benefit expense $ 3 $ 3 |
Note 11 - Share-based Compensat
Note 11 - Share-based Compensation | 3 Months Ended |
May 04, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 11. Share-Based Compensation Expense Total compensation expense, included in SG&A, and the associated tax benefits recognized related to our share-based compensation plans, was as follows: Thirteen weeks ended May 4, April 29, ($ in millions) 2024 2023 Options and employee stock purchase plan $ 1 $ 1 Restricted stock units and performance stock units 5 1 Total share-based compensation expense $ 6 $ 2 Tax benefit recognized $ 1 $ — Stock Options As of May 4, 2024 2007 2024, no thirteen May 4, 2024 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 2,738 $ 48.23 Exercised (239 ) 21.60 Expired or cancelled (259 ) 53.85 Options outstanding at May 4, 2024 2,240 3.5 $ 50.41 Options exercisable at May 4, 2024 1,926 2.7 $ 52.60 The total fair value of options vested for the thirteen May 4, 2024 April 29, 2023 thirteen May 4, 2024 April 29, 2023 not The total intrinsic value of options exercised (the difference between the market price of our common stock on the exercise date and the price paid by the optionee to exercise the option) is presented below: Thirteen weeks ended May 4, April 29, ($ in millions) 2024 2023 Exercised $ 3 $ 3 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: May 4, April 29, ($ in millions) 2024 2023 Outstanding $ — $ 15 Outstanding and exercisable $ — $ 13 As of May 4, 2024 The table below summarizes information about stock options outstanding and exercisable at May 4, 2024 Options Outstanding Options Exercisable Weighted- Average Weighted- Weighted- Remaining Average Average Range of Exercise Number Contractual Exercise Number Exercise Prices Outstanding Life Price Exercisable Price (in thousands, except prices per share and contractual life) $21.60 - $30.98 447 4.8 $ 26.49 381 $ 26.14 $36.49 - $46.64 541 6.3 40.83 293 42.21 $53.61 - $58.94 383 2.4 56.47 383 56.47 $62.02 - $72.83 869 1.6 65.98 869 65.98 2,240 3.5 $ 50.41 1,926 $ 52.60 Restricted Stock Units and Performance Stock Units Restricted stock units (“RSU”) are awarded to certain officers, key employees of the Company, and nonemployee directors. Additionally, performance stock units (“PSU”) are awarded to certain officers and key employees in connection with our long-term incentive program. Each RSU and PSU represents the right to receive one Generally, RSU awards fully vest after the passage of time, typically over three one 2024 three one od on a straight-line basis. RSU and PSU activity for the thirteen May 4, 2024 Weighted- Average Weighted- Number Remaining Average of Contractual Grant Date Shares Life Fair Value (in thousands) (in years) (per share) Nonvested at beginning of year 1,378 $ 38.81 Granted 1,346 29.16 Vested (417 ) 52.23 Forfeited (10 ) 37.66 Nonvested at May 4, 2024 2,297 1.9 $ 30.72 Aggregate value ($ in millions) $ 71 The total value of RSU and PSU awards that vested during the thirteen May 4, 2024 April 29, 2023 May 4, 2024 |
Note 12 - Legal Proceedings
Note 12 - Legal Proceedings | 3 Months Ended |
May 04, 2024 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 12. Legal proceedings pending against the Company or its consolidated subsidiaries consist of ordinary, routine litigation, or pre-litigation demands, including administrative proceedings, incidental to the business of the Company or businesses that have been sold or discontinued by the Company in past years. These legal proceedings include commercial, intellectual property, customer, environmental, and employment-related claims. We do not |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
May 04, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. During the quarter ended May 4, 2024 no 16a 1 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
May 04, 2024 | |
Accounting Policies [Abstract] | |
Nature of Operations, Policy [Policy Text Block] | Business Foot Locker, Inc., together with its consolidated subsidiaries (“Foot Locker,” “Company,” “we,” “our,” and “us”), is a leading footwear and apparel retailer. We have integrated all available shopping channels, including stores, websites, apps, and social channels. Store sales are primarily fulfilled from the store’s inventory, but may not may one |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying interim Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not not May 4, 2024 not may The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Notes to Consolidated Financial Statements contained in our 2023 10 There were no 1, Summary of Significant Accounting Policies 2023 10 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Other than the pronouncements disclosed in our 2023 10 not, not |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 3 Months Ended |
May 04, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Thirteen weeks ended May 4, April 29, ($ in millions) 2024 2023 Sales by Channel Stores $ 1,554 $ 1,613 Direct-to-customers 320 314 Total sales 1,874 1,927 Licensing revenue 5 4 Total revenue $ 1,879 $ 1,931 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Thirteen weeks ended May 4, April 29, ($ in millions) 2024 2023 Revenue by Geography United States $ 1,272 $ 1,287 International 607 644 Total revenue $ 1,879 $ 1,931 |
Reconciliation of Revenue From Banners to Consolidated [Table Text Block] | Thirteen weeks ended May 4, April 29, ($ in millions) 2024 2023 Foot Locker $ 759 $ 744 Champs Sports 267 328 Kids Foot Locker 183 167 WSS 160 150 North America 1,369 1,389 Foot Locker (1) 394 379 Sidestep — 14 EMEA 394 393 Foot Locker 72 98 atmos 39 47 Asia Pacific 111 145 Total sales $ 1,874 $ 1,927 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | May 4, April 29, ($ in millions) 2024 2023 Gift card liability at beginning of year $ 29 $ 36 Redemptions (39 ) (61 ) Breakage recognized in sales (2 ) (4 ) Activations 35 56 Gift card liability $ 23 $ 27 |
Note 3 - Segment Information (T
Note 3 - Segment Information (Tables) | 3 Months Ended |
May 04, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Thirteen weeks ended May 4, April 29, ($ in millions) 2024 2023 Division profit $ 43 $ 104 Less: Impairment and other (1) 14 39 Less: Corporate expense (2) 11 4 Income from operations 18 61 Interest expense, net (1 ) (1 ) Other (expense) income, net (3) (4 ) (3 ) Income before income taxes $ 13 $ 57 |
Note 4 - Impairment and Other (
Note 4 - Impairment and Other (Tables) | 3 Months Ended |
May 04, 2024 | |
Notes Tables | |
Schedule of Litigation Impairment and Other Charges [Table Text Block] | Thirteen weeks ended May 4, April 29, ($ in millions) 2024 2023 Impairment of long-lived assets and right-of-use assets $ 7 $ 18 Legal claims 7 — Transformation consulting — 19 Reorganization costs — 2 Total impairment and other $ 14 $ 39 |
Note 5 - Other (Expense) Inco_2
Note 5 - Other (Expense) Income, Net (Tables) | 3 Months Ended |
May 04, 2024 | |
Notes Tables | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Thirteen weeks ended May 4, April 29, ($ in millions) 2024 2023 Pension and postretirement net benefit expense, excluding service cost $ (2 ) $ (2 ) Share of losses related to minority investments (2 ) (1 ) Total other (expense) income, net $ (4 ) $ (3 ) |
Note 6 - Cash, Cash Equivalen_2
Note 6 - Cash, Cash Equivalents, and Restricted Cash (Tables) | 3 Months Ended |
May 04, 2024 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | May 4, April 29, ($ in millions) 2024 2023 Cash and cash equivalents $ 282 $ 313 Restricted cash included in other current assets 4 13 Restricted cash included in other non-current assets 31 33 Cash, cash equivalents, and restricted cash $ 317 $ 359 |
Note 7 - Accumulated Other Co_2
Note 7 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
May 04, 2024 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | May 4, April 29, February 3, ($ in millions) 2024 2023 2024 Foreign currency translation adjustments $ (192 ) $ (155 ) $ (173 ) Hedge contracts (3 ) (2 ) (2 ) Unrecognized pension cost and postretirement benefit (190 ) (239 ) (191 ) $ (385 ) $ (396 ) $ (366 ) |
Comprehensive Income (Loss) [Table Text Block] | Foreign Items Related Currency to Pension and Translation Hedge Postretirement ($ in millions) Adjustments Contracts Benefits Total Balance as of February 3, 2024 $ (173 ) (2 ) $ (191 ) $ (366 ) OCI before reclassification (19 ) 2 — (17 ) Reclassification of hedges, net of tax — (3 ) — (3 ) Amortization of pension actuarial loss, net of tax — — 1 1 Other comprehensive (loss) / income (19 ) (1 ) 1 (19 ) Balance as of May 4, 2024 $ (192 ) $ (3 ) $ (190 ) $ (385 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ($ in millions) Reclassification of hedge loss: Cross-currency swap $ (4 ) Income tax 1 Reclassification of hedges, net of tax $ (3 ) Amortization of actuarial loss: Pension benefits $ 2 Income tax (1 ) Amortization of actuarial loss, net of tax $ 1 Total, net of tax $ (2 ) |
Note 8 - Fair Value Measureme_2
Note 8 - Fair Value Measurements (Tables) | 3 Months Ended |
May 04, 2024 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ($ in millions) As of May 4, 2024 As of April 29, 2023 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Available-for-sale security $ — $ 6 $ — $ — $ 6 $ — Foreign exchange forward contracts — 2 — — — — Cross-currency swap contract — 9 — — — — Total assets $ — $ 17 $ — $ — $ 6 $ — Liabilities Contingent consideration $ — $ — $ — $ — $ — $ 4 Foreign exchange forward contracts — — — — 1 — Total liabilities $ — $ — $ — $ — $ 1 $ 4 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | May 4, April 29, ($ in millions) 2024 2023 Carrying value (1) $ 395 $ 395 Fair value $ 321 $ 339 |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 3 Months Ended |
May 04, 2024 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Thirteen weeks ended May 4, April 29, (in millions, except per share data) 2024 2023 Net income $ 8 $ 36 Weighted-average common shares outstanding 94.7 93.7 Dilutive effect of potential common shares 0.6 1.4 Weighted-average common shares outstanding assuming dilution 95.3 95.1 Earnings per share - basic $ 0.09 $ 0.39 Earnings per share - diluted $ 0.09 $ 0.38 Anti-dilutive share-based awards excluded from diluted calculation 2.6 2.3 |
Note 10 - Pension (Tables)
Note 10 - Pension (Tables) | 3 Months Ended |
May 04, 2024 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Thirteen weeks ended May 4, April 29, ($ in millions) 2024 2023 Service cost $ 1 $ 1 Interest cost 5 6 Expected return on plan assets (5 ) (7 ) Amortization of net loss 2 3 Net benefit expense $ 3 $ 3 |
Note 11 - Share-based Compens_2
Note 11 - Share-based Compensation (Tables) | 3 Months Ended |
May 04, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Cost by Plan [Table Text Block] | Thirteen weeks ended May 4, April 29, ($ in millions) 2024 2023 Options and employee stock purchase plan $ 1 $ 1 Restricted stock units and performance stock units 5 1 Total share-based compensation expense $ 6 $ 2 Tax benefit recognized $ 1 $ — |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- Weighted- Number Average Average of Remaining Exercise Shares Contractual Life Price (in thousands) (in years) (per share) Options outstanding at the beginning of the year 2,738 $ 48.23 Exercised (239 ) 21.60 Expired or cancelled (259 ) 53.85 Options outstanding at May 4, 2024 2,240 3.5 $ 50.41 Options exercisable at May 4, 2024 1,926 2.7 $ 52.60 |
Schedule of Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Thirteen weeks ended May 4, April 29, ($ in millions) 2024 2023 Exercised $ 3 $ 3 |
Schedule of Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Intrinsic Value of Options Outstanding and Exercisable [Table Text Block] | May 4, April 29, ($ in millions) 2024 2023 Outstanding $ — $ 15 Outstanding and exercisable $ — $ 13 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Weighted- Average Weighted- Weighted- Remaining Average Average Range of Exercise Number Contractual Exercise Number Exercise Prices Outstanding Life Price Exercisable Price (in thousands, except prices per share and contractual life) $21.60 - $30.98 447 4.8 $ 26.49 381 $ 26.14 $36.49 - $46.64 541 6.3 40.83 293 42.21 $53.61 - $58.94 383 2.4 56.47 383 56.47 $62.02 - $72.83 869 1.6 65.98 869 65.98 2,240 3.5 $ 50.41 1,926 $ 52.60 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted- Average Weighted- Number Remaining Average of Contractual Grant Date Shares Life Fair Value (in thousands) (in years) (per share) Nonvested at beginning of year 1,378 $ 38.81 Granted 1,346 29.16 Vested (417 ) 52.23 Forfeited (10 ) 37.66 Nonvested at May 4, 2024 2,297 1.9 $ 30.72 Aggregate value ($ in millions) $ 71 |
Note 2 - Revenue - Schedule of
Note 2 - Revenue - Schedule of Sales Disaggregated by Sales Channel (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Total revenue | $ 1,879 | $ 1,931 |
Sales Revenue [Member] | ||
Total revenue | 1,874 | 1,927 |
License [Member] | ||
Total revenue | 5 | 4 |
Store Sales Channel [Member] | ||
Total revenue | 1,554 | 1,613 |
Sales Channel, Directly to Consumer [Member] | ||
Total revenue | $ 320 | $ 314 |
Note 2 - Revenue - Schedule o_2
Note 2 - Revenue - Schedule of Sales Disaggregated by Geographic Area (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Total revenue | $ 1,879 | $ 1,931 |
UNITED STATES | ||
Total revenue | 1,272 | 1,287 |
Non-US [Member] | ||
Total revenue | $ 607 | $ 644 |
Note 2 - Revenue - Sales by Ban
Note 2 - Revenue - Sales by Banner (Details) - USD ($) $ in Millions | 3 Months Ended | ||
May 04, 2024 | Apr. 29, 2023 | ||
Total sales | $ 1,879 | $ 1,931 | |
Sales Revenue [Member] | |||
Total sales | 1,874 | 1,927 | |
Sales Revenue [Member] | North America [Member] | |||
Total sales | 1,369 | 1,389 | |
Sales Revenue [Member] | North America [Member] | Foot Locker [Member] | |||
Total sales | 759 | 744 | |
Sales Revenue [Member] | North America [Member] | Champ Sports [Member] | |||
Total sales | 267 | 328 | |
Sales Revenue [Member] | North America [Member] | Kids Foot Locker [Member] | |||
Total sales | 183 | 167 | |
Sales Revenue [Member] | North America [Member] | WSS [Member] | |||
Total sales | 160 | 150 | |
Sales Revenue [Member] | EMEA [Member] | |||
Total sales | 394 | 393 | |
Sales Revenue [Member] | EMEA [Member] | Foot Locker [Member] | |||
Total sales | [1] | 394 | 379 |
Sales Revenue [Member] | EMEA [Member] | Sidestep [Member] | |||
Total sales | 0 | 14 | |
Sales Revenue [Member] | Asia Pacific [Member] | |||
Total sales | 111 | 145 | |
Sales Revenue [Member] | Asia Pacific [Member] | Foot Locker [Member] | |||
Total sales | 72 | 98 | |
Sales Revenue [Member] | Asia Pacific [Member] | Atmos [Member] | |||
Total sales | $ 39 | $ 47 | |
[1]Includes sales from 10 and 15 Kids Foot Locker stores operating in Europe for May 4, 2024 and April 29, 2023, respectively. |
Note 2 - Revenue - Activity of
Note 2 - Revenue - Activity of Gift Card Liability Balance (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Gift card liability at beginning of year | $ 29 | $ 36 |
Gift card liability at end of period | 23 | 27 |
Gift Card Redemption Revenue [Member] | ||
Revenue recognized | (39) | (61) |
Gift Card Breakage Revenue [Member] | ||
Revenue recognized | (2) | (4) |
Gift Card Activations [Member] | ||
Revenue recognized | $ 35 | $ 56 |
Note 3 - Segment Information (D
Note 3 - Segment Information (Details Textual) | 3 Months Ended |
May 04, 2024 | |
Number of Reportable Segments | 1 |
Note 3 - Segment Information -
Note 3 - Segment Information - Sales and Division Operating Results for Reportable Segments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
May 04, 2024 | Apr. 29, 2023 | ||
Division profit | $ 43 | $ 104 | |
Impairment and other | [1] | 14 | 39 |
Less: Corporate expense (2) | [2] | 11 | 4 |
Income from operations | 18 | 61 | |
Interest expense, net | (1) | (1) | |
Other (expense) income, net | [3] | (4) | (3) |
Income before income taxes | $ 13 | $ 57 | |
[1]See Note 4, Impairment and Other for further detail.[2]Corporate expense consists of unallocated selling, general and administrative expenses, as well as depreciation and amortization related to our corporate headquarters, centrally managed departments, unallocated insurance and benefit programs, certain foreign exchange transaction gains and losses, and other items.[3]See Note 5, Other (Expense) Income, net. |
Note 4 - Impairment and Other_2
Note 4 - Impairment and Other (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Loss Contingency, Loss in Period | $ 7 | $ 0 |
Impairment, Long-Lived Asset, Held-for-Use | $ 7 | $ 18 |
Note 4 - Impairment and Other C
Note 4 - Impairment and Other Charges - Schedule of Impairment and Other Charges (Details) - USD ($) $ in Millions | 3 Months Ended | ||
May 04, 2024 | Apr. 29, 2023 | ||
Impairment of long-lived assets and right-of-use assets | $ 7 | $ 18 | |
Legal claims | 7 | 0 | |
Transformation consulting | 0 | 19 | |
Reorganization costs | 0 | 2 | |
Total impairment and other | [1] | $ 14 | $ 39 |
[1]See Note 4, Impairment and Other for further detail. |
Note 5 - Other Income (Expense)
Note 5 - Other Income (Expense), Net - Schedule of Other Income (Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
May 04, 2024 | Apr. 29, 2023 | ||
Pension and postretirement net benefit expense, excluding service cost | $ (2) | $ (2) | |
Share of losses related to minority investments | (2) | (1) | |
Total other (expense) income, net | [1] | $ (4) | $ (3) |
[1]See Note 5, Other (Expense) Income, net. |
Note 6 - Cash, Cash Equivalen_3
Note 6 - Cash, Cash Equivalents, and Restricted Cash - Reconciliation of Cash and Cash Equivalents (Details) - USD ($) $ in Millions | May 04, 2024 | Feb. 03, 2024 | [1] | Apr. 29, 2023 |
Cash and cash equivalents | $ 282 | $ 297 | $ 313 | |
Restricted cash included in other current assets | 4 | 13 | ||
Restricted cash included in other non-current assets | 31 | 33 | ||
Cash, cash equivalents, and restricted cash | $ 317 | $ 359 | ||
[1]The balance sheet at February 3, 2024 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 3, 2024. |
Note 7 - Accumulated Other Co_3
Note 7 - Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 | |
Foreign currency translation adjustments | $ (192) | $ (173) | $ (155) | |
Hedge contracts | (3) | (2) | (2) | |
Unrecognized pension cost and postretirement benefit | (190) | (191) | (239) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (385) | $ (366) | [1] | $ (396) |
[1]The balance sheet at February 3, 2024 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 3, 2024. |
Note 7 - Accumulated Other Co_4
Note 7 - Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | ||
May 04, 2024 | Apr. 29, 2023 | ||
Balance | [1] | $ (366) | |
Amortization of pension actuarial loss, net of tax | 1 | $ 2 | |
Balance | (385) | $ (396) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Balance | (173) | ||
OCI before reclassification | (19) | ||
Reclassification of hedges, net of tax | 0 | ||
Amortization of pension actuarial loss, net of tax | 0 | ||
Other comprehensive (loss) / income | (19) | ||
Balance | (192) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Balance | (2) | ||
OCI before reclassification | 2 | ||
Reclassification of hedges, net of tax | (3) | ||
Amortization of pension actuarial loss, net of tax | 0 | ||
Other comprehensive (loss) / income | (1) | ||
Balance | (3) | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Balance | (191) | ||
OCI before reclassification | 0 | ||
Reclassification of hedges, net of tax | 0 | ||
Amortization of pension actuarial loss, net of tax | 1 | ||
Other comprehensive (loss) / income | 1 | ||
Balance | (190) | ||
AOCI Attributable to Parent [Member] | |||
Balance | (366) | ||
OCI before reclassification | (17) | ||
Reclassification of hedges, net of tax | (3) | ||
Amortization of pension actuarial loss, net of tax | 1 | ||
Other comprehensive (loss) / income | (19) | ||
Balance | $ (385) | ||
[1]The balance sheet at February 3, 2024 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 3, 2024. |
Note 7 - Accumulated Other Co_5
Note 7 - Accumulated Other Comprehensive Loss - Reclassifications from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Income tax | $ 1,000 | $ 0 |
Pension benefits | 2,000 | |
Income tax | (1,000) | |
Amortization of actuarial loss, net of tax | 1,000 | |
Total, net of tax | (2,000) | |
Currency Swap [Member] | ||
Cross-currency swap | (4,000) | |
Income tax | 1,000 | |
Reclassification of hedges, net of tax | $ (3,000) |
Note 8 - Fair Value Measureme_3
Note 8 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | May 04, 2024 | Apr. 29, 2023 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 5 | $ 5 |
Note 8 - Fair Value Measureme_4
Note 8 - Fair Value Measurements - Schedule of Fair Value Assets and Liabilities (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions | May 04, 2024 | Apr. 29, 2023 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value | $ 0 | $ 0 |
Liabilities, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Commitments [Member] | ||
Liabilities, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Forward [Member] | ||
Assets, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Forward [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Liabilities, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Cross Currency Interest Rate Contract [Member] | ||
Assets, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value | 17 | 6 |
Liabilities, Fair Value | 0 | 1 |
Fair Value, Inputs, Level 2 [Member] | Commitments [Member] | ||
Liabilities, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Forward [Member] | ||
Assets, Fair Value | 2 | 0 |
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Forward [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Liabilities, Fair Value | 0 | 1 |
Fair Value, Inputs, Level 2 [Member] | Cross Currency Interest Rate Contract [Member] | ||
Assets, Fair Value | 9 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value | 0 | 0 |
Liabilities, Fair Value | 0 | 4 |
Fair Value, Inputs, Level 3 [Member] | Commitments [Member] | ||
Liabilities, Fair Value | 0 | 4 |
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Forward [Member] | ||
Assets, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Forward [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Liabilities, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Cross Currency Interest Rate Contract [Member] | ||
Assets, Fair Value | 0 | 0 |
Available-for-Sale Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value | 0 | 0 |
Available-for-Sale Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value | 6 | 6 |
Available-for-Sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value | $ 0 | $ 0 |
Note 8 - Fair Value Measureme_5
Note 8 - Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values (Details) - USD ($) $ in Millions | May 04, 2024 | Apr. 29, 2023 | |
Carrying value (1) | [1] | $ 395 | $ 395 |
Fair value | $ 321 | $ 339 | |
[1]The carrying value of debt as of both May 4, 2024 and April 29, 2023, included $5 million of issuer’s discount and costs. |
Note 9 - Earnings Per Share (De
Note 9 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Performance Shares [Member] | ||
Contingently Issuable Shares Excluded From Diluted Earnings Per Share (in shares) | 1.8 | 0.9 |
Note 9 - Earnings Per Share - S
Note 9 - Earnings Per Share - Schedule of Weighted Average Number of Shares (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Net income | $ 8 | $ 36 |
Weighted-average shares outstanding (in shares) | 94.7 | 93.7 |
Dilutive effect of potential common shares (in shares) | 0.6 | 1.4 |
Weighted-average common shares outstanding assuming dilution (in shares) | 95.3 | 95.1 |
Basic earnings per share (in dollars per share) | $ 0.09 | $ 0.39 |
Diluted earnings per share (in dollars per share) | $ 0.09 | $ 0.38 |
Share-Based Payment Arrangement, Option [Member] | ||
Anti-dilutive share-based awards excluded from diluted calculation (in shares) | 2.6 | 2.3 |
Note 10 - Pension - Schedule of
Note 10 - Pension - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Service cost | $ 1 | $ 1 |
Interest cost | 5 | 6 |
Expected return on plan assets | (5) | (7) |
Amortization of net loss | 2 | 3 |
Net benefit expense | $ 3 | $ 3 |
Note 11 - Share-based Compens_3
Note 11 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Proceeds from Stock Options Exercised | $ 5,000 | $ 4,000 |
Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | 2,000 | 4,000 |
Proceeds from Stock Options Exercised | 5,000 | 4,000 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 2,000 | |
Restricted Stock Units (RSUs) [Member] | ||
Dividends | $ 0 | |
Restricted Stock Units (RSUs) [Member] | Management [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |
Restricted Stock Units (RSUs) [Member] | Director [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | |
Performance Shares [Member] | Current Year Grants [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |
Performance Shares [Member] | Prior Year Grants [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | |
Restricted Stock Units (RSUs) and Performance Stock Units [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 22,000 | $ 21,000 |
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 30,000 | |
Two Thousand And Seven Stock Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 8,263,171 | |
Unvested Options [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 24 days |
Note 11 - Share-based Compens_4
Note 11 - Share-based Compensation - Schedule of Allocated Share-based Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Allocated Share Based Compensation | $ 6 | $ 2 |
Allocated Share Based Compensation | 1 | 0 |
Options and Employee Stock Purchase Plan [Member] | ||
Allocated Share Based Compensation | 1 | 1 |
Restricted Stock Units (RSUs) and Performance Stock Units [Member] | ||
Allocated Share Based Compensation | $ 5 | $ 1 |
Note 11 - Share-based Compens_5
Note 11 - Share-based Compensation - Schedule of Share-based Compensation (Details) shares in Thousands | 3 Months Ended |
May 04, 2024 $ / shares shares | |
Balance, options outstanding (in shares) | shares | 2,738 |
Balance, options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 48.23 |
Exercised (in shares) | shares | (239) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 21.6 |
Expired or cancelled (in shares) | shares | (259) |
Expired or cancelled, weighted average exercise price (in dollars per share) | $ / shares | $ 53.85 |
Balance, options outstanding (in shares) | shares | 2,240 |
Options Outstanding Weighted Average Remaining (Year) | 3 years 6 months |
Balance, options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 50.41 |
Balance, options exercisable (in shares) | shares | 1,926 |
Options, Exercisable, Weighted Average Remaining (Year) | 2 years 8 months 12 days |
Award Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 52.6 |
Note 11 - Share-based Compens_6
Note 11 - Share-based Compensation - Schedule of Share-based Payment Award Options Grants in Period Grant Date Intrinsic Value (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Exercised | $ 3 | $ 3 |
Note 11 - Share-based Compens_7
Note 11 - Share-based Compensation - Intrinsic Value of Options Outstanding and Exercisable (Details) - USD ($) $ in Millions | May 04, 2024 | Apr. 29, 2023 |
Outstanding | $ 0 | $ 15 |
Outstanding and exercisable | $ 0 | $ 13 |
Note 11 - Share-based Compens_8
Note 11 - Share-based Compensation - Schedule Of Share-based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range (Details) - $ / shares shares in Thousands | 3 Months Ended | |
May 04, 2024 | Feb. 03, 2024 | |
Options outstanding (in shares) | 2,240 | 2,738 |
Options Outstanding Weighted Average Remaining (Year) | 3 years 6 months | |
Weighted average exercise price (in dollars per share) | $ 50.41 | $ 48.23 |
Balance, options exercisable (in shares) | 1,926 | |
Award Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 52.6 | |
Range One [Member] | ||
Exercise prices, lower limit (in dollars per share) | 21.6 | |
Exercise prices, upper limit (in dollars per share) | $ 30.98 | |
Options outstanding (in shares) | 447 | |
Options Outstanding Weighted Average Remaining (Year) | 4 years 9 months 18 days | |
Weighted average exercise price (in dollars per share) | $ 26.49 | |
Balance, options exercisable (in shares) | 381 | |
Award Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 26.14 | |
Range Two [Member] | ||
Exercise prices, lower limit (in dollars per share) | 36.49 | |
Exercise prices, upper limit (in dollars per share) | $ 46.64 | |
Options outstanding (in shares) | 541 | |
Options Outstanding Weighted Average Remaining (Year) | 6 years 3 months 18 days | |
Weighted average exercise price (in dollars per share) | $ 40.83 | |
Balance, options exercisable (in shares) | 293 | |
Award Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 42.21 | |
Range Three [Member] | ||
Exercise prices, lower limit (in dollars per share) | 53.61 | |
Exercise prices, upper limit (in dollars per share) | $ 58.94 | |
Options outstanding (in shares) | 383 | |
Options Outstanding Weighted Average Remaining (Year) | 2 years 4 months 24 days | |
Weighted average exercise price (in dollars per share) | $ 56.47 | |
Balance, options exercisable (in shares) | 383 | |
Award Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 56.47 | |
Range Four [Member] | ||
Exercise prices, lower limit (in dollars per share) | 62.02 | |
Exercise prices, upper limit (in dollars per share) | $ 72.83 | |
Options outstanding (in shares) | 869 | |
Options Outstanding Weighted Average Remaining (Year) | 1 year 7 months 6 days | |
Weighted average exercise price (in dollars per share) | $ 65.98 | |
Balance, options exercisable (in shares) | 869 | |
Award Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 65.98 |
Note 11 - Share-based Compens_9
Note 11 - Share-based Compensation - Schedule of Share-based Compensation Restricted Stock and Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) and Performance Stock Units [Member] $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended |
May 04, 2024 USD ($) $ / shares shares | |
Beginning balance, nonvested units (in shares) | shares | 1,378 |
Beginning balance, weighted-average grant fair value (in dollars per share) | $ / shares | $ 38.81 |
Granted, units (in shares) | shares | 1,346 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 29.16 |
Vested, units (in shares) | shares | (417) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 52.23 |
Forfeited, units (in shares) | shares | (10) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 37.66 |
Ending balance, nonvested units (in shares) | shares | 2,297 |
Weighted average remaining contractual term, units (Year) | 1 year 10 months 24 days |
Ending balance, weighted-average grant fair value (in dollars per share) | $ / shares | $ 30.72 |
Aggregate value, units | $ | $ 71 |