Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
May 01, 2021 | Jun. 04, 2021 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | May 1, 2021 | |
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 | 103,544,361 | |
Entity Central Index Key | 0000850209 | |
Current Fiscal Year End Date | --01-29 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
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 | May 01, 2021 | Jan. 30, 2021 | [1] | May 02, 2020 |
Current assets: | ||||
Cash and cash equivalents | $ 1,963 | $ 1,680 | $ 1,012 | |
Merchandise inventories | 1,021 | 923 | 1,458 | |
Other current assets | 283 | 232 | 268 | |
Assets, current, total | 3,267 | 2,835 | 2,738 | |
Property and equipment, net | 769 | 788 | 787 | |
Operating lease right-of-use assets | 2,700 | 2,716 | 2,807 | |
Deferred taxes | 101 | 101 | 63 | |
Goodwill | 159 | 159 | 156 | |
Other intangible assets, net | 16 | 17 | 19 | |
Minority investments | 342 | 337 | 147 | |
Other assets | 88 | 90 | 79 | |
Total assets | 7,442 | 7,043 | 6,796 | |
Current liabilities: | ||||
Accounts payable | 658 | 402 | 468 | |
Accrued and other liabilities | 572 | 560 | 264 | |
Current portion of obligations under finance leases | 101 | 102 | ||
Operating lease liabilities classified as current | 582 | 580 | 581 | |
Revolving credit facility | 330 | |||
Liabilities, current, total | 1,913 | 1,644 | 1,643 | |
Long-term debt and obligations under finance leases | 8 | 8 | 121 | |
Long-term lease obligations | 2,470 | 2,499 | 2,591 | |
Other liabilities | 121 | 116 | 127 | |
Total liabilities | 4,512 | 4,267 | 4,482 | |
Shareholders' equity: | ||||
Common stock and paid-in capital: 104,286,151: 104,245,181; and 103,693,359 shares outstanding, respectively | 791 | 779 | 767 | |
Retained earnings | 2,507 | 2,326 | 1,951 | |
Accumulated other comprehensive loss | (326) | (331) | (404) | |
Less: Treasury stock at cost: 886,661; 22,879; and 74,236 shares, respectively | (47) | (3) | ||
Noncontrolling interest | 5 | 5 | ||
Total shareholders' equity | 2,930 | 2,776 | 2,314 | |
Liabilities and equity, total | $ 7,442 | $ 7,043 | $ 6,796 | |
[1] | The balance sheet at January 30, 2021 has been derived from the previously reported audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Foot Locker, Inc.’s Annual Report on Form 10-K for the year ended January 30, 2021. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 |
CONSOLIDATED BALANCE SHEETS [Abstract] | |||
Common Stock, Shares Outstanding, Issued, Total | 104,286,151 | 103,693,359 | 104,245,181 |
Treasury Stock, Shares | 886,661 | 74,236 | 22,879 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ||
Sales | $ 2,153 | $ 1,176 |
Cost of sales | 1,404 | 905 |
Selling, general and administrative expenses | 418 | 316 |
Depreciation and amortization | 45 | 44 |
Impairment and other charges | 4 | 16 |
Income from operations | 282 | (105) |
Interest (expense) income, net | (2) | (1) |
Other income, net | 4 | 1 |
Income before income taxes | 284 | (105) |
Income tax expense | 82 | 5 |
Net income | $ 202 | $ (110) |
Basic earnings per share | $ 1.95 | $ (1.06) |
Weighted-average shares outstanding | 103.6 | 104.3 |
Diluted earnings per share | $ 1.93 | $ (1.06) |
Weighted-average shares outstanding, assuming dilution | 105 | 104.3 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Net Income (loss) | $ 202 | $ (110) |
Foreign currency translation adjustment: | ||
Translation adjustment arising during the period, net of income tax expense (benefit) of $1 and $(2), respectively | 4 | (16) |
Cash flow hedges: | ||
Change in fair value of derivatives, net of income tax expense of $- and $1, respectively | 3 | |
Pension and postretirement adjustments: | ||
Amortization of net actuarial gain/loss and prior service cost included in net periodic benefit costs, net of income tax expense of $1 and $1, respectively | 1 | 3 |
Comprehensive income (loss) | $ 207 | $ (120) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Net income tax benefit on translation adjustment | $ 1 | $ (2) |
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 | $ 1 | $ 1 |
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 | |
Cumulative effect of the adoption new ASUs | $ 764 | $ 2,103 | $ (394) | $ 2,473 | |||
Beginning Balance at Feb. 01, 2020 | $ 764 | 2,103 | (394) | 2,473 | |||
Beginning Balance (in shares) at Feb. 01, 2020 | 104,188 | ||||||
Restricted stock issued (in shares) | 54 | ||||||
Issued under director and stock plans (in shares) | 3 | ||||||
Share-based compensation expense | $ 3 | 3 | |||||
Shares of common stock used to satisfy tax withholding obligations (in shares) | (23) | ||||||
Net Income (loss) | (110) | (110) | |||||
Cash dividends declared on common stock ($0.20 and $0.40 per share during the 13 weeks ended May 1, 2021 and May 2, 2020 respectively) | (42) | (42) | |||||
Translation adjustment, net of tax | (16) | (16) | |||||
Change in cash flow hedges, net of tax | 3 | 3 | |||||
Pension and postretirement adjustments, net of tax | 3 | 3 | |||||
Cumulative effect of the adoption new ASUs | 767 | 1,951 | (404) | 2,473 | |||
Ending Balance at May. 02, 2020 | $ 767 | 1,951 | (404) | $ 2,314 | |||
Ending Balance (in shares) at May. 02, 2020 | 104,245 | ||||||
Ending Balance (in treasury shares) at May. 02, 2020 | (23) | (22,879) | |||||
Cumulative effect of the adoption new ASUs | $ 767 | 1,951 | (404) | $ 2,314 | |||
Cumulative effect of the adoption new ASUs | 779 | $ (3) | 2,326 | (331) | $ 5 | 2,776 | [1] |
Beginning Balance at Jan. 30, 2021 | $ 779 | $ (3) | 2,326 | (331) | 5 | $ 2,776 | [1] |
Beginning Balance (in shares) at Jan. 30, 2021 | 103,693 | ||||||
Beginning Balance (in treasury shares) at Jan. 30, 2021 | (74) | (74,236) | |||||
Restricted stock issued (in shares) | 468 | ||||||
Issued under director and stock plans | $ 4 | $ 4 | |||||
Issued under director and stock plans (in shares) | 125 | ||||||
Share-based compensation expense | $ 8 | 8 | |||||
Shares of common stock used to satisfy tax withholding obligations | $ (10) | (10) | |||||
Shares of common stock used to satisfy tax withholding obligations (in shares) | (192) | ||||||
Share repurchases | $ (34) | (34) | |||||
Share repurchases (in shares) | (621) | ||||||
Net Income (loss) | 202 | 202 | |||||
Cash dividends declared on common stock ($0.20 and $0.40 per share during the 13 weeks ended May 1, 2021 and May 2, 2020 respectively) | (21) | (21) | |||||
Translation adjustment, net of tax | 4 | 4 | |||||
Pension and postretirement adjustments, net of tax | 1 | 1 | |||||
Cumulative effect of the adoption new ASUs | 791 | $ (47) | 2,507 | (326) | 5 | 2,776 | [1] |
Ending Balance at May. 01, 2021 | $ 791 | $ (47) | 2,507 | (326) | 5 | $ 2,930 | |
Ending Balance (in shares) at May. 01, 2021 | 104,286 | ||||||
Ending Balance (in treasury shares) at May. 01, 2021 | (887) | (886,661) | |||||
Cumulative effect of the adoption new ASUs | $ 791 | $ (47) | $ 2,507 | $ (326) | $ 5 | $ 2,930 | |
[1] | The balance sheet at January 30, 2021 has been derived from the previously reported audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Foot Locker, Inc.’s Annual Report on Form 10-K for the year ended January 30, 2021. |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared on common stock, per share | $ 0.20 | $ 0.40 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
From operating activities: | ||
Net Income (loss) | $ 202 | $ (110) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Impairment charges | 2 | 15 |
Depreciation and amortization | 45 | 44 |
Deferred income taxes | 7 | 24 |
Share-based compensation expense | 8 | 3 |
Change in assets and liabilities: | ||
Merchandise inventories | (94) | (257) |
Accounts payable | 255 | 138 |
Accrued and other liabilities | (25) | (44) |
Insurance receivable for inventory loss | 8 | |
Other, net | (10) | 71 |
Net cash provided by (used in) operating activities | 398 | (116) |
From investing activities: | ||
Capital expenditures | (51) | (52) |
Minority investments | (8) | (6) |
Proceeds from sale of property | 3 | |
Insurance proceeds related to loss on property and equipment | 2 | |
Net cash used in investing activities | (54) | (58) |
From financing activities: | ||
Purchase of treasury shares | (34) | |
Dividends paid on common stock | (21) | (42) |
Proceeds from exercise of stock options | 4 | |
Shares of common stock repurchased to satisfy tax withholding obligations | (10) | |
Proceeds from the revolving credit facility | 330 | |
Net cash (used in) provided by financing activities | (61) | 288 |
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash | (9) | |
Net change in cash, cash equivalents, and restricted cash | 283 | 105 |
Cash, cash equivalents, and restricted cash at beginning of year | 1,718 | 942 |
Cash, cash equivalents, and restricted cash at end of period | 2,001 | 1,047 |
Cash paid during the year: | ||
Interest | 1 | 1 |
Income taxes | 32 | 4 |
Non-cash investing and financing activities: | ||
Cash paid for amounts included in measurement of operating lease liabilities: | 179 | 108 |
Right-of-use assets obtained in exchange for lease obligations: | $ 114 | $ 72 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
May 01, 2021 | |
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 the Unaudited Condensed Consolidated Financial Statements the terms “Foot Locker,” “Company,” “we,” “our,” and “us” refer to Foot Locker, Inc. and its consolidated subsidiaries. The preparation of financial statements in accordance with U.S. 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 period ended May 1, 2021 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 2021. Specifically, the ongoing pandemic (“COVID-19”) including the dissemination and adoption of COVID-19 vaccines and their effectiveness against COVID-19 and its evolving strains, some of which may be more transmissible or virulent than the initial strain or additional widespread resurgences in COVID-19 infections are significant uncertainties. COVID-19, as well as port delays, may 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 our Form 10-K for the year ended January 30, 2021, as filed with the U.S. Securities and Exchange Commission on March 25, 2021. There were no significant changes to the policies disclosed in Note 1, Summary of Significant Accounting Policies Recent Accounting Pronouncements 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 | 3 Months Ended |
May 01, 2021 | |
Revenue [Abstract] | |
Revenue | 2. Revenue The table below presents sales disaggregated based upon sales channel. Sales are attributable to the channel in which the sales transaction is initiated. Thirteen weeks ended May 1, May 2, ($ in millions) 2021 2020 Sales by Channel Stores $ 1,620 $ 814 Direct-to-customers 533 362 Total sales $ 2,153 $ 1,176 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 May 1, May 2, ($ in millions) 2021 2020 Sales by Geography United States $ 1,713 $ 911 International 440 265 Total sales $ 2,153 $ 1,176 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: May 1, May 2, ($ in millions) 2021 2020 Gift card liability at beginning of year $ 41 $ 35 Redemptions (56) (15) Breakage recognized in sales (4) (1) Activations 62 14 Foreign currency fluctuations — (1) Gift card liability $ 43 $ 32 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 | 3 Months Ended |
May 01, 2021 | |
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. Thirteen weeks ended May 1, May 2, ($ in millions) 2021 2020 Sales $ 2,153 $ 1,176 Operating Results Division (loss) profit 315 (79) Less: Impairment and other charges (1) 4 16 Less: Corporate expense (2) 29 10 Income (loss) from operations 282 (105) Interest expense, net (2) (1) Other income, net 4 1 Income (loss) before income taxes $ 284 $ (105) (1) During the thirteen weeks ended May 1, 2021, 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. |
Impairment and Other Charges
Impairment and Other Charges | 3 Months Ended |
May 01, 2021 | |
Impairment and Other Charges [Abstract] | |
Impairment and Other Charges | 4. Impairment and Other Charges Thirteen weeks ended May 1, May 2, ($ in millions) 2021 2020 Impairment of investments $ 2 $ — Reorganization costs 2 — Impairment of long-lived assets and right-of-use assets — 15 Pension litigation related charges — 1 Total impairment and other charges $ 4 $ 16 During the first quarter of 2021, we recorded an impairment charge of $2 million related to the underperformance of one of our minority investments. Additionally, in connection with the reorganization of certain support functions, we recorded severance charges of $2 million. In May 2020, we made the strategic decision to close our Runners Point business. Certain Runners Point stores converted to other banners and approximately 40 Runners Point and Sidestep stores were closed. Also we conducted an impairment review for certain underperforming stores operating in Europe. 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 the Company’s 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 $1 million for the thirteen weeks ended May 2, 2020 related to administrative expenses in connection with the reformation. |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 3 Months Ended |
May 01, 2021 | |
Restricted Cash [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | 5. Cash, Cash Equivalents, and Restricted Cash The table below provides a reconciliation of cash and cash equivalents, as reported on our Condensed Consolidated Balance Sheets, to cash, cash equivalents, and restricted cash, as reported on our Condensed Consolidated Statements of Cash Flows: May 1, May 2, ($ in millions) 2021 2020 Cash and cash equivalents $ 1,963 $ 1,012 Restricted cash included in other current assets 8 7 Restricted cash included in other non-current assets 30 28 Cash, cash equivalents, and restricted cash $ 2,001 $ 1,047 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 | 3 Months Ended |
May 01, 2021 | |
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. The results of the first quarter analysis did not result in an impairment since the fair value of each reporting unit exceeded its carrying value. |
Other Intangible Assets, Net
Other Intangible Assets, Net | 3 Months Ended |
May 01, 2021 | |
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: May 1, 2021 May 2, 2020 Gross Accum. Net Gross Accum. Net ($ in millions) value amort. value value amort. value Amortized intangible assets: (1) Lease acquisition costs $ 119 $ (115) $ 4 $ 113 $ (106) $ 7 Trademarks / trade names 20 (17) 3 20 (16) 4 $ 139 $ (132) $ 7 $ 133 $ (122) $ 11 Indefinite life intangible assets: (1) Trademarks / trade names $ 9 $ 8 Other intangible assets, net $ 16 $ 19 (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 2021 did not result in the recognition of impairment. Amortization expense recorded is as follows: Thirteen weeks ended ($ in millions) May 1, 2021 May 2, 2020 Amortization expense $ 1 $ 1 Estimated future amortization expense for finite-life intangible assets is as follows: ($ in millions) Remainder of 2021 $ 2 2022 2 2023 1 2024 1 2025 1 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
May 01, 2021 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 8. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss (“AOCL”), net of tax, is comprised of the following: May 1, May 2, January 30, ($ in millions) 2021 2020 2021 Foreign currency translation adjustments $ (60) $ (120) $ (64) Cash flow hedges (1) — (1) Unrecognized pension cost and postretirement benefit (265) (284) (266) $ (326) $ (404) $ (331) The changes in AOCL for the thirteen weeks ended May 1, 2021 were as follows: Foreign Items Related Currency to Pension and Translation Cash Flow Postretirement ($ in millions) Adjustments Hedges Benefits Total Balance as of January 30, 2021 $ (64) $ (1) $ (266) $ (331) OCI before reclassification 4 — (1) 3 Amortization of pension actuarial loss, net of tax — — 2 2 Other comprehensive income 4 — 1 5 Balance as of May 1, 2021 $ (60) $ (1) $ (265) $ (326) Reclassifications from AOCL for the thirteen weeks ended May 1, 2021 were as follows: ($ in millions) Amortization of actuarial loss: Pension benefits $ 3 Income tax benefit (1) Total, net of tax $ 2 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
May 01, 2021 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 9. 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 ($ in millions) As of May 1, 2021 As of May 2, 2020 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Available-for-sale security — 7 — — 6 — Foreign exchange forward contracts — 2 — — 2 — Total Assets $ — $ 9 $ — $ — $ 8 $ — Liabilities Foreign exchange forward contracts — 4 — — 2 — Total Liabilities $ — $ 4 $ — $ — $ 2 $ — 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 investments measured using the fair value measurement alternative had a carrying value of $323 million and $142 million as of May 1, 2021 and May 2, 2020, respectively. During the first quarter of 2021, we recorded a non-cash charge of $2 million related to the write-down of one of our minority investments, resulting in $13 million of cumulative impairments. Long-Term Debt The fair value of long-term debt is determined by using model-derived valuations in which all significant inputs or significant value drivers are observable in active markets and, therefore, are classified as Level 2. The carrying value and estimated fair value of long-term debt were as follows: ($ in millions) May 1, 2021 May 2, 2020 Carrying value $ 99 $ 121 Fair value $ 104 $ 121 The carrying values of cash and cash equivalents, and other current receivables and payables approximate their fair value. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
May 01, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 10. Earnings Per Share We account for earnings per share (“EPS”) using the treasury stock method. Basic EPS is computed by dividing net income (loss) 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 May 1, May 2, (in millions, except per share data) 2021 2020 Net income (loss) $ 202 $ (110) Weighted-average common shares outstanding 103.6 104.3 Dilutive effect of potential common shares 1.4 — Weighted-average common shares outstanding assuming dilution 105.0 104.3 Earnings (loss) per share - basic $ 1.95 $ (1.06) Earnings (loss) per share - diluted $ 1.93 $ (1.06) Anti-dilutive share-based awards excluded from diluted calculation 1.7 2.7 Performance stock units related to our long-term incentive programs of 0.8 million and 0.5 million have been excluded from diluted weighted-average shares for the periods ended May 1, 2021 and May 2, 2020, 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 | 3 Months Ended |
May 01, 2021 | |
Retirement Plans and Other Benefits [Abstract] | |
Retirement Plans and Other Benefits | 11. Pension The components of net periodic pension benefit expense are presented in the table below. Service cost is recognized as part of SG&A expense, while the other components are recognized as part of Other income, net. Thirteen weeks ended May 1, May 2, ($ in millions) 2021 2020 Service cost $ 4 $ 4 Interest cost 4 5 Expected return on plan assets (9) (9) Amortization of net loss 3 3 Net benefit expense $ 2 $ 3 |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
May 01, 2021 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | 12. 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 May 1, May 2, ($ in millions) 2021 2020 Options and shares purchased under the stock purchase plan $ 2 $ 2 Restricted stock units and performance stock units 6 1 Total share-based compensation expense $ 8 $ 3 Tax benefit recognized $ 1 $ — 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 table below shows assumptions used to compute share-based compensation expense for awards granted during the thirteen weeks ended May 1, 2021 and May 2, 2020: Stock Option Plans Stock Purchase Plan May 1, May 2, May 1, May 2, 2021 2020 2021 2020 Weighted-average risk free rate of interest 0.9 % 0.6 % 0.2 % 2.2 % Expected volatility 47 % 42 % 48 % 48 % Weighted-average expected award life (in years) 5.5 5.5 1.0 1.0 Dividend yield 1.5 % 4.9 % 5.6 % 3.8 % Weighted-average fair value $ 20.22 $ 5.03 $ 6.35 $ 11.91 The information in the table below provides activity under our stock option plans for the thirteen weeks ended May 1, 2021: Weighted- Weighted- Number Average Average of Remaining Exercise Shares Contractual Life Price (in thousands) (in years) (per share) Options outstanding at the beginning of the year 3,540 $ 47.17 Granted 183 53.82 Exercised (125) 31.93 Expired or cancelled (102) 55.05 Options outstanding at May 1, 2021 3,496 5.6 $ 47.83 Options exercisable at May 1, 2021 2,680 4.5 $ 52.49 Options available for future grant at May 1, 2021 5,455 The total fair value of options vested during the thirteen weeks ended May 1, 2021 and May 2, 2020 was $4 million and $5 million, respectively. The cash received and related tax benefits realized from option exercises during the thirteen weeks ended May 1, 2021 was $4 million and $1 million, respectively. The total intrinsic value of options exercised (the difference between the market price of our common stock on the exercise date and the price paid by the optionee to exercise the option) is presented below: Thirteen weeks ended ($ in millions) May 1, 2021 May 2, 2020 Exercised $ 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: Thirteen weeks ended ($ in millions) May 1, 2021 May 2, 2020 Outstanding $ 48 $ 3 Outstanding and exercisable $ 27 $ 1 As of May 1, 2021, there was $5 million of total unrecognized compensation cost related to nonvested stock options which is expected to be recognized over a remaining weighted-average period of 1.8 years. The table below summarizes information about stock options outstanding and exercisable at May 1, 2021: 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 - $34.24 1,130 6.6 $ 24.34 581 $ 26.91 $34.75 - $52.13 540 4.7 44.46 532 44.47 $52.82 - $79.23 1,826 5.2 63.35 1,567 64.68 3,496 5.6 $ 47.83 2,680 $ 52.49 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. Each RSU and PSU award represents the right to receive one share of our common stock provided that the applicable performance and vesting conditions are satisfied. Generally, RSU awards fully vest after the passage of time, typically three years for employees and one year for nonemployee directors, provided there is continued service with the Company until the vesting date, subject to the terms of the award. PSU awards are earned only after the attainment of performance goals in connection with the relevant performance period and vest after an additional one-year period. No dividends are paid or accumulated on any RSU or PSU awards. Compensation expense is recognized using the market value at the date of grant and is amortized over the vesting period. RSU and PSU activity for the thirteen weeks ended May 1, 2021 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 1,348 $ 38.48 Granted 414 54.01 Vested (468) 44.98 Performance adjustment (1) 186 Forfeited (16) 29.88 Nonvested at May 1, 2021 1,464 2.2 $ 42.57 Aggregate value ($ in millions) $ 62 (1) This represents adjustments made to PSUs and reflect changes in estimates based upon our current performance against predefined financial targets. The total value of awards that vested during the thirteen weeks ended May 1, 2021 and May 2, 2020 was $21 million and $4 million, respectively. As of May 1, 2021, there was $40 million of total unrecognized compensation cost related to nonvested awards. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
May 01, 2021 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | 13. 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 | 3 Months Ended |
May 01, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events On May 19, 2021, we entered into an amendment to the 2020 Credit Agreement (“Amended Credit Agreement”). The amendment provides for, among other things, (i) reducing the interest rates and commitment fees applicable to the loans and commitments, respectively, as described below, and (ii) reducing the “floor” applicable. The amendment provides that the interest rate applicable to loans drawn under the credit facility will be equal to, at our option, either a base rate, determined by reference to the federal funds rate, plus a margin of 0.25 percent to 0.75 percent per annum, or a Eurodollar rate, determined by reference to LIBOR, plus a margin of 1.25 percent to 1.75 percent per annum, in each case, depending on availability under the Amended Credit Agreement. In addition, we will pay a commitment fee of 0.25 percent per annum on the unused portion of the commitments under the Amended Credit Agreement. On May 21, 2021 we announced plans, in partnership with our suppliers, to position our store fleet for the future. As part of this effort, we have decided to convert approximately one third of our Footaction stores into other existing banner concepts over the course of the next 12 to 18 months to focus growth for our core banners. We will close the majority of the remaining Footaction stores as leases expire over the next two years. We believe this strategic decision will position us to better serve our consumers in a post-COVID marketplace. In connection with this decision, we will be performing an impairment review over approximately 60 stores and record charges, if any, during the second quarter of 2021. One of our minority investments, which is measured using the fair value measurement alternative, received additional funding in late May 2021 at a higher valuation than the investment amount on our balance sheet as of May 1, 2021. This transaction is expected to generate a significant non-cash gain during the second quarter of 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 3 Months Ended |
May 01, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 (Tables)
Revenue (Tables) | 3 Months Ended |
May 01, 2021 | |
Revenue [Abstract] | |
Disaggregation of Revenue | The table below presents sales disaggregated based upon sales channel. Sales are attributable to the channel in which the sales transaction is initiated. Thirteen weeks ended May 1, May 2, ($ in millions) 2021 2020 Sales by Channel Stores $ 1,620 $ 814 Direct-to-customers 533 362 Total sales $ 2,153 $ 1,176 |
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 May 1, May 2, ($ in millions) 2021 2020 Sales by Geography United States $ 1,713 $ 911 International 440 265 Total sales $ 2,153 $ 1,176 |
Activity of Gift Card Liability Balance | May 1, May 2, ($ in millions) 2021 2020 Gift card liability at beginning of year $ 41 $ 35 Redemptions (56) (15) Breakage recognized in sales (4) (1) Activations 62 14 Foreign currency fluctuations — (1) Gift card liability $ 43 $ 32 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
May 01, 2021 | |
Segment Information [Abstract] | |
Sales and Division Operating Results for Reportable Segments | Thirteen weeks ended May 1, May 2, ($ in millions) 2021 2020 Sales $ 2,153 $ 1,176 Operating Results Division (loss) profit 315 (79) Less: Impairment and other charges (1) 4 16 Less: Corporate expense (2) 29 10 Income (loss) from operations 282 (105) Interest expense, net (2) (1) Other income, net 4 1 Income (loss) before income taxes $ 284 $ (105) (1) During the thirteen weeks ended May 1, 2021, 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. |
Disaggregation of Revenue | The table below presents sales disaggregated based upon sales channel. Sales are attributable to the channel in which the sales transaction is initiated. Thirteen weeks ended May 1, May 2, ($ in millions) 2021 2020 Sales by Channel Stores $ 1,620 $ 814 Direct-to-customers 533 362 Total sales $ 2,153 $ 1,176 |
Impairment and Other Charges (T
Impairment and Other Charges (Tables) | 3 Months Ended |
May 01, 2021 | |
Impairment and Other Charges [Abstract] | |
Schedule of Impairment and Other Charges | Thirteen weeks ended May 1, May 2, ($ in millions) 2021 2020 Impairment of investments $ 2 $ — Reorganization costs 2 — Impairment of long-lived assets and right-of-use assets — 15 Pension litigation related charges — 1 Total impairment and other charges $ 4 $ 16 |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 3 Months Ended |
May 01, 2021 | |
Restricted Cash [Abstract] | |
Reconciliation of Cash and Cash Equivalents | 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 1, May 2, ($ in millions) 2021 2020 Cash and cash equivalents $ 1,963 $ 1,012 Restricted cash included in other current assets 8 7 Restricted cash included in other non-current assets 30 28 Cash, cash equivalents, and restricted cash $ 2,001 $ 1,047 |
Other Intangible Assets, Net (T
Other Intangible Assets, Net (Tables) | 3 Months Ended |
May 01, 2021 | |
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: May 1, 2021 May 2, 2020 Gross Accum. Net Gross Accum. Net ($ in millions) value amort. value value amort. value Amortized intangible assets: (1) Lease acquisition costs $ 119 $ (115) $ 4 $ 113 $ (106) $ 7 Trademarks / trade names 20 (17) 3 20 (16) 4 $ 139 $ (132) $ 7 $ 133 $ (122) $ 11 Indefinite life intangible assets: (1) Trademarks / trade names $ 9 $ 8 Other intangible assets, net $ 16 $ 19 (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 ($ in millions) May 1, 2021 May 2, 2020 Amortization expense $ 1 $ 1 |
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 2021 $ 2 2022 2 2023 1 2024 1 2025 1 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
May 01, 2021 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss (“AOCL”), net of tax, is comprised of the following: May 1, May 2, January 30, ($ in millions) 2021 2020 2021 Foreign currency translation adjustments $ (60) $ (120) $ (64) Cash flow hedges (1) — (1) Unrecognized pension cost and postretirement benefit (265) (284) (266) $ (326) $ (404) $ (331) |
Changes in Accumulated Other Comprehensive Loss | The changes in AOCL for the thirteen weeks ended May 1, 2021 were as follows: Foreign Items Related Currency to Pension and Translation Cash Flow Postretirement ($ in millions) Adjustments Hedges Benefits Total Balance as of January 30, 2021 $ (64) $ (1) $ (266) $ (331) OCI before reclassification 4 — (1) 3 Amortization of pension actuarial loss, net of tax — — 2 2 Other comprehensive income 4 — 1 5 Balance as of May 1, 2021 $ (60) $ (1) $ (265) $ (326) |
Reclassification from Accumulated Other Comprehensive Loss | Reclassifications from AOCL for the thirteen weeks ended May 1, 2021 were as follows: ($ in millions) Amortization of actuarial loss: Pension benefits $ 3 Income tax benefit (1) Total, net of tax $ 2 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
May 01, 2021 | |
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 ($ in millions) As of May 1, 2021 As of May 2, 2020 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Available-for-sale security — 7 — — 6 — Foreign exchange forward contracts — 2 — — 2 — Total Assets $ — $ 9 $ — $ — $ 8 $ — Liabilities Foreign exchange forward contracts — 4 — — 2 — Total Liabilities $ — $ 4 $ — $ — $ 2 $ — |
Carrying Value and Estimated Fair Value of Long-Term Debt | ($ in millions) May 1, 2021 May 2, 2020 Carrying value $ 99 $ 121 Fair value $ 104 $ 121 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
May 01, 2021 | |
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 May 1, May 2, (in millions, except per share data) 2021 2020 Net income (loss) $ 202 $ (110) Weighted-average common shares outstanding 103.6 104.3 Dilutive effect of potential common shares 1.4 — Weighted-average common shares outstanding assuming dilution 105.0 104.3 Earnings (loss) per share - basic $ 1.95 $ (1.06) Earnings (loss) per share - diluted $ 1.93 $ (1.06) Anti-dilutive share-based awards excluded from diluted calculation 1.7 2.7 |
Pension (Tables)
Pension (Tables) | 3 Months Ended |
May 01, 2021 | |
Retirement Plans and Other Benefits [Abstract] | |
Net Benefit Expense (Income) | Thirteen weeks ended May 1, May 2, ($ in millions) 2021 2020 Service cost $ 4 $ 4 Interest cost 4 5 Expected return on plan assets (9) (9) Amortization of net loss 3 3 Net benefit expense $ 2 $ 3 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
May 01, 2021 | |
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 May 1, May 2, ($ in millions) 2021 2020 Options and shares purchased under the stock purchase plan $ 2 $ 2 Restricted stock units and performance stock units 6 1 Total share-based compensation expense $ 8 $ 3 Tax benefit recognized $ 1 $ — |
Assumptions used to Compute Share-Based Compensation Expense | The table below shows assumptions used to compute share-based compensation expense for awards granted during the thirteen weeks ended May 1, 2021 and May 2, 2020: Stock Option Plans Stock Purchase Plan May 1, May 2, May 1, May 2, 2021 2020 2021 2020 Weighted-average risk free rate of interest 0.9 % 0.6 % 0.2 % 2.2 % Expected volatility 47 % 42 % 48 % 48 % Weighted-average expected award life (in years) 5.5 5.5 1.0 1.0 Dividend yield 1.5 % 4.9 % 5.6 % 3.8 % Weighted-average fair value $ 20.22 $ 5.03 $ 6.35 $ 11.91 |
Options Granted under Stock Option Plans | The information in the table below provides activity under our stock option plans for the thirteen weeks ended May 1, 2021: Weighted- Weighted- Number Average Average of Remaining Exercise Shares Contractual Life Price (in thousands) (in years) (per share) Options outstanding at the beginning of the year 3,540 $ 47.17 Granted 183 53.82 Exercised (125) 31.93 Expired or cancelled (102) 55.05 Options outstanding at May 1, 2021 3,496 5.6 $ 47.83 Options exercisable at May 1, 2021 2,680 4.5 $ 52.49 Options available for future grant at May 1, 2021 5,455 |
Total Intrinsic Value of Options Exercised | 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 ($ in millions) May 1, 2021 May 2, 2020 Exercised $ 3 $ — |
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: Thirteen weeks ended ($ in millions) May 1, 2021 May 2, 2020 Outstanding $ 48 $ 3 Outstanding and exercisable $ 27 $ 1 |
Information about Stock Options Outstanding and Exercisable | The table below summarizes information about stock options outstanding and exercisable at May 1, 2021: 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 - $34.24 1,130 6.6 $ 24.34 581 $ 26.91 $34.75 - $52.13 540 4.7 44.46 532 44.47 $52.82 - $79.23 1,826 5.2 63.35 1,567 64.68 3,496 5.6 $ 47.83 2,680 $ 52.49 |
Restricted Share and Unit Activity | RSU and PSU activity for the thirteen weeks ended May 1, 2021 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 1,348 $ 38.48 Granted 414 54.01 Vested (468) 44.98 Performance adjustment (1) 186 Forfeited (16) 29.88 Nonvested at May 1, 2021 1,464 2.2 $ 42.57 Aggregate value ($ in millions) $ 62 (1) This represents adjustments made to PSUs 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 | |
May 01, 2021 | May 02, 2020 | |
Sales | $ 2,153 | $ 1,176 |
Store Sales Channel [Member] | ||
Sales | 1,620 | 814 |
Direct to Customers Sales Channel [Member] | ||
Sales | $ 533 | $ 362 |
Revenue (Schedule of Sales Di_2
Revenue (Schedule of Sales Disaggregated by Geographic Area) (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Sales | $ 2,153 | $ 1,176 |
United States | ||
Sales | 1,713 | 911 |
International [Member] | ||
Sales | $ 440 | $ 265 |
Revenue (Activity of Gift Card
Revenue (Activity of Gift Card Liability Balance) (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Accrued gift card liability at beginning of period | $ 41 | $ 35 |
Accrued gift card liability at end of period | 43 | 32 |
Gift Card Redemption Revenue [Member] | ||
Revenue recognized | (56) | (15) |
Gift Card Breakage Revenue [Member] | ||
Revenue recognized | (4) | (1) |
Gift Card Activations [Member] | ||
Activations | $ 62 | 14 |
Gift Card Foreign Currency Fluctuations [Member] | ||
Revenue recognized | $ (1) |
Segment Information (Sales and
Segment Information (Sales and Division Operating Results for Reportable Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Segment Information [Abstract] | ||
Sales | $ 2,153 | $ 1,176 |
Division profit | 315 | (79) |
Less: Impairment and other charges | 4 | 16 |
Less: Corporate expense | 29 | 10 |
Income from operations | 282 | (105) |
Interest expense, net | (2) | (1) |
Other income, net | 4 | 1 |
Income before income taxes | $ 284 | $ (105) |
Impairment and Other Charges (S
Impairment and Other Charges (Schedule of Impairment and Other Charges) (Details) - USD ($) | 3 Months Ended | 27 Months Ended | |
May 01, 2021 | May 02, 2020 | May 01, 2021 | |
Impairment and Other Charges [Abstract] | |||
Impairment of investments | $ 2,000,000 | $ 13,000,000 | |
Reorganization costs | 2,000,000 | ||
Impairment of long-lived assets and right-of-use assets | $ 15,000,000 | ||
Pension litigation related charges | 1,000,000 | ||
Total impairment and other charges | $ 4,000,000 | $ 16,000,000 |
Impairment and Other Charges (N
Impairment and Other Charges (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 27 Months Ended | |
May 31, 2020USD ($)store | May 01, 2021USD ($) | May 02, 2020USD ($) | May 01, 2021USD ($) | |
Impairment and Other Charges [Line Items] | ||||
Pension litigation charge | $ (1,000,000) | |||
Impairment of assets | $ 15,000,000 | |||
Impairments of minority investments | $ 2,000,000 | $ 13,000,000 | ||
Number of underperforming stores evaluated for impairment | store | 70 | |||
Reorganization costs | $ 2,000,000 | |||
Runners Point Group [Member] | ||||
Impairment and Other Charges [Line Items] | ||||
Number of underperforming stores evaluated for impairment | store | 40 | |||
Store Fixtures and Leasehold Improvements [Member] | ||||
Impairment and Other Charges [Line Items] | ||||
Impairment of assets | $ 15,000,000 |
Impairment and Other Charges (R
Impairment and Other Charges (Restructuring Charges) (Details) $ in Millions | 3 Months Ended |
May 01, 2021USD ($) | |
Impairment and Other Charges [Abstract] | |
Charges | $ 2 |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash (Reconciliation of Cash and Cash Equivalents) (Details) - USD ($) $ in Millions | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 | Feb. 01, 2020 | |
Restricted Cash [Abstract] | |||||
Cash and cash equivalents | $ 1,963 | $ 1,680 | [1] | $ 1,012 | |
Restricted cash included in other current assets | 8 | 7 | |||
Restricted cash included in other non-current assets | 30 | 28 | |||
Cash, cash equivalents, and restricted cash | $ 2,001 | $ 1,718 | $ 1,047 | $ 942 | |
[1] | The balance sheet at January 30, 2021 has been derived from the previously reported audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Foot Locker, Inc.’s Annual Report on Form 10-K for the year ended January 30, 2021. |
Other Intangible Assets, Net (S
Other Intangible Assets, Net (Schedule of Other Intangible Assets) (Details) - USD ($) $ in Millions | May 01, 2021 | Jan. 30, 2021 | [1] | May 02, 2020 |
Intangible Assets by Major Class [Line Items] | ||||
Amortized intangible assets, Gross value | $ 139 | $ 133 | ||
Amortized intangible assets, Accum. amort. | (132) | (122) | ||
Amortized intangible assets, Net value | 7 | 11 | ||
Other intangible assets, net | 16 | $ 17 | 19 | |
Lease Acquisition Costs [Member] | ||||
Intangible Assets by Major Class [Line Items] | ||||
Amortized intangible assets, Gross value | 119 | 113 | ||
Amortized intangible assets, Accum. amort. | (115) | (106) | ||
Amortized intangible assets, Net value | 4 | 7 | ||
Trademarks and Trade Names [Member] | ||||
Intangible Assets by Major Class [Line Items] | ||||
Amortized intangible assets, Gross value | 20 | 20 | ||
Amortized intangible assets, Accum. amort. | (17) | (16) | ||
Amortized intangible assets, Net value | 3 | 4 | ||
Trademarks and Trade Names [Member] | ||||
Intangible Assets by Major Class [Line Items] | ||||
Indefinite life intangible assets, Net Value | $ 9 | $ 8 | ||
[1] | The balance sheet at January 30, 2021 has been derived from the previously reported audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Foot Locker, Inc.’s Annual Report on Form 10-K for the year ended January 30, 2021. |
Other Intangible Assets, Net (A
Other Intangible Assets, Net (Amortization Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Goodwill and Other Intangible Assets, Net [Abstract] | ||
Amortization expense | $ 1 | $ 1 |
Other Intangible Assets, Net (E
Other Intangible Assets, Net (Estimated Future Amortization Expense for Finite Lived Intangibles) (Details) $ in Millions | May 01, 2021USD ($) |
Goodwill and Other Intangible Assets, Net [Abstract] | |
Remainder of 2021 | $ 2 |
2022 | 2 |
2023 | 1 |
2024 | 1 |
2025 | $ 1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 | |
Accumulated Other Comprehensive Loss [Abstract] | ||||
Foreign currency translation adjustments | $ (60) | $ (64) | $ (120) | |
Cash flow hedges | (1) | (1) | ||
Unrecognized pension cost and postretirement benefit | (265) | (266) | (284) | |
Accumulated other comprehensive loss ("AOCL"), net of tax | $ (326) | $ (331) | [1] | $ (404) |
[1] | The balance sheet at January 30, 2021 has been derived from the previously reported audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Foot Locker, Inc.’s Annual Report on Form 10-K for the year ended January 30, 2021. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Changes in Accumulated Other Comprehensive Loss) (Details) $ in Millions | 3 Months Ended | |
May 01, 2021USD ($) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ (331) | [1] |
OCI before reclassification | 3 | |
Amortization of pension actuarial (gain)/loss, net of tax | 2 | |
Other comprehensive income | 5 | |
Ending Balance | (326) | |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (64) | |
OCI before reclassification | 4 | |
Amortization of pension actuarial (gain)/loss, net of tax | ||
Other comprehensive income | 4 | |
Ending Balance | (60) | |
Cash Flow Hedges Parent[Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (1) | |
Amortization of pension actuarial (gain)/loss, net of tax | ||
Ending Balance | (1) | |
Items Related to Pension and Postretirement Benefits [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (266) | |
OCI before reclassification | (1) | |
Amortization of pension actuarial (gain)/loss, net of tax | 2 | |
Other comprehensive income | 1 | |
Ending Balance | $ (265) | |
[1] | The balance sheet at January 30, 2021 has been derived from the previously reported audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Foot Locker, Inc.’s Annual Report on Form 10-K for the year ended January 30, 2021. |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss (Reclassifications from Accumulated Other Comprehensive Loss) (Details) $ in Millions | 3 Months Ended |
May 01, 2021USD ($) | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |
Income tax benefit | $ (1) |
Total, net of tax | 2 |
Pension Benefits [Member] | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |
Pension benefits | $ 3 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - Level 2 [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | May 01, 2021 | May 02, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets measured at fair value on recurring basis | $ 9 | $ 8 |
Liabilities measured at fair value on recurring basis | 4 | 2 |
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 | 6 |
Forward Foreign Exchange Contracts [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] | Derivative Financial Instruments, Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets measured at fair value on recurring basis | $ 2 | $ 2 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Value and Estimated Fair Value of Long-Term Debt) (Details) - USD ($) $ in Millions | May 01, 2021 | May 02, 2020 |
Fair Value Measurements [Abstract] | ||
Long-term debt, Carrying value | $ 99 | $ 121 |
Long-term debt, Fair value | $ 104 | $ 121 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 27 Months Ended | ||||
May 01, 2021 | May 01, 2021 | Oct. 31, 2020 | May 02, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | |
Fair Value Measurements [Abstract] | ||||||
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | $ 0 | $ 0 | $ 0 | |||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 | 0 | |||
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | 0 | 0 | |||
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount | $ 0 | $ 0 | $ 0 | |||
Equity method investment fair value | $ 323 | $ 323 | $ 142 | |||
Impairment of investments | $ 2 | $ 13 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Earnings Per Share [Abstract] | ||
Contingently issuable shares excluded from diluted earnings per share | 0.8 | 0.5 |
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 | |
May 01, 2021 | May 02, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Net income/(loss) | $ 202 | $ (110) |
Weighted-average common shares outstanding | 103.6 | 104.3 |
Dilutive effect of potential common shares | 1.4 | |
Weighted-average common shares outstanding assuming dilution | 105 | 104.3 |
Earnings per share - basic | $ 1.95 | $ (1.06) |
Earnings per share - diluted | $ 1.93 | $ (1.06) |
Stock Option Plans [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive share-based awards excluded from diluted calculation | 1.7 | 2.7 |
Pension (Net Benefit Expense (I
Pension (Net Benefit Expense (Income)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Retirement Plans and Other Benefits [Abstract] | ||
Service cost | $ 4 | $ 4 |
Interest cost | 4 | 5 |
Expected return on plan assets | (9) | (9) |
Amortization of net loss (gain) | 3 | 3 |
Net benefit expense (income) | $ 2 | $ 3 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant | 5,455 | |
Unrecognized compensation cost | $ 40 | |
Fair value of options vested | 4 | $ 5 |
Tax benefit realized from options exercised | 1 | |
Proceeds from exercise of stock options | 4 | |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of awards | 21 | $ 4 |
Dividends | $ 0 | |
Restricted Stock Units [Member] | Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Restricted Stock Units [Member] | Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 1 year | |
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 | $ 5 | |
Unrecognized compensation cost related to nonvested stock options, weighted-average period expected to be recognized | 1 year 9 months 18 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 | |
May 01, 2021 | May 02, 2020 | |
Share-Based Compensation [Abstract] | ||
Options and shares purchased under the employee stock purchase plan | $ 2 | $ 2 |
Restricted stock units and performance stock units | 6 | 1 |
Total share-based compensation expense | 8 | $ 3 |
Tax benefit recognized | $ 1 |
Share-Based Compensation (Assum
Share-Based Compensation (Assumptions Used to Compute Share-Based Compensation Expense) (Details) - $ / shares | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Stock Option Plans [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average risk free rate of interest | 0.90% | 0.60% |
Expected volatility | 47.00% | 42.00% |
Weighted-average expected award life (in years) | 5 years 6 months | 5 years 6 months |
Dividend yield | 1.50% | 4.90% |
Weighted-average fair value | $ 20.22 | $ 5.03 |
2013 ESPP [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average risk free rate of interest | 0.20% | 2.20% |
Expected volatility | 48.00% | 48.00% |
Weighted-average expected award life (in years) | 1 year | 1 year |
Dividend yield | 5.60% | 3.80% |
Weighted-average fair value | $ 6.35 | $ 11.91 |
Share-Based Compensation (Optio
Share-Based Compensation (Options Granted Under Stock Option Plans) (Details) shares in Thousands | 3 Months Ended |
May 01, 2021$ / sharesshares | |
Number of Shares | |
Options outstanding at beginning of year | 3,540 |
Granted | 183 |
Exercised | (125) |
Expired or cancelled | (102) |
Options outstanding at end of period | 3,496 |
Options exercisable at end of period | 2,680 |
Options available for future grant at end of period | 5,455 |
Weighted-Average Exercise Price | |
Options outstanding at beginning of year | $ / shares | $ 47.17 |
Granted | $ / shares | 53.82 |
Exercised | $ / shares | 31.93 |
Expired or cancelled | $ / shares | 55.05 |
Options outstanding at end of period | $ / shares | 47.83 |
Options exercisable at end of period | $ / shares | $ 52.49 |
Options outstanding, weighted-average remaining contractual life | 5 years 7 months 6 days |
Options exercisable at end of period, Weighted-average remaining contractual life | 4 years 6 months |
Share-Based Compensation (Tot_2
Share-Based Compensation (Total Intrinsic Value of Options Exercised) (Details) $ in Millions | 3 Months Ended |
May 01, 2021USD ($) | |
Intrinsic value of stock options | |
Exercised | $ 3 |
Share-Based Compensation (Aggre
Share-Based Compensation (Aggregate Intrinsic Value for Stock Options Outstanding and Exercisable) (Details) - USD ($) $ in Millions | May 01, 2021 | May 02, 2020 |
Share-Based Compensation [Abstract] | ||
Outstanding | $ 48 | $ 3 |
Outstanding and exercisable | $ 27 | $ 1 |
Share-Based Compensation (Infor
Share-Based Compensation (Information about Stock Options Outstanding and Exercisable) (Details) - $ / shares shares in Thousands | 3 Months Ended | |
May 01, 2021 | Jan. 30, 2021 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Number of Shares | 3,496 | 3,540 |
Options outstanding, weighted-average remaining contractual life | 5 years 7 months 6 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 47.83 | $ 47.17 |
Options Exercisable, Number of Shares | 2,680 | |
Options Exercisable, Weighted-Average Exercise Price | $ 52.49 | |
$21.60 - $34.24 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Lower Limit | 21.60 | |
Range of Exercise Prices, Upper Limit | $ 34.24 | |
Options Outstanding, Number of Shares | 1,130 | |
Options outstanding, weighted-average remaining contractual life | 6 years 7 months 6 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 24.34 | |
Options Exercisable, Number of Shares | 581 | |
Options Exercisable, Weighted-Average Exercise Price | $ 26.91 | |
$34.75 - $52.13 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Lower Limit | 34.75 | |
Range of Exercise Prices, Upper Limit | $ 52.13 | |
Options Outstanding, Number of Shares | 540 | |
Options outstanding, weighted-average remaining contractual life | 4 years 8 months 12 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 44.46 | |
Options Exercisable, Number of Shares | 532 | |
Options Exercisable, Weighted-Average Exercise Price | $ 44.47 | |
$52.82 - $79.23 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of Exercise Prices, Lower Limit | 52.82 | |
Range of Exercise Prices, Upper Limit | $ 79.23 | |
Options Outstanding, Number of Shares | 1,826 | |
Options outstanding, weighted-average remaining contractual life | 5 years 2 months 12 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 63.35 | |
Options Exercisable, Number of Shares | 1,567 | |
Options Exercisable, Weighted-Average Exercise Price | $ 64.68 |
Share-Based Compensation (Chang
Share-Based Compensation (Changes in Nonvested Options) (Details) - Restricted Stock Units [Member] $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
May 01, 2021USD ($)$ / sharesshares | ||
Number of Shares | ||
Nonvested, Beginning Balance | 1,348 | |
Granted | 414 | |
Vested | (468) | |
Performance adjustment | 186 | |
Expired or cancelled | (16) | [1] |
Nonvested, Ending Balance | 1,464 | |
Aggregate value | $ | $ 62 | |
Wtg. Avg. remaining contractual life (in years) | 2 years 2 months 12 days | |
Weighted-Average Grant Date Fair Value per Share | ||
Nonvested, Beginning Balance | $ / shares | $ 38.48 | |
Granted | $ / shares | 54.01 | |
Vested | $ / shares | 44.98 | |
Cancelled | $ / shares | 29.88 | [1] |
Nonvested, Ending Balance | $ / shares | $ 42.57 | |
[1] | Weighted-Average |
Subsequent Events (Details)
Subsequent Events (Details) - store | May 19, 2021 | Jul. 31, 2021 |
Scenario, Plan [Member] | ||
Subsequent Event [Line Items] | ||
Number of stores performing an impairment review | 60 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Facility fees on unused portion of credit facility | 0.25% | |
Maximum [Member] | Federal Funds Rate [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Debt, basis spread on variable rate | 0.75% | |
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Debt, basis spread on variable rate | 1.75% | |
Minimum [Member] | Federal Funds Rate [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Debt, basis spread on variable rate | 0.25% | |
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Debt, basis spread on variable rate | 1.25% |