0000850209-22-000011 | 10-Q | XBRL Viewer

Other intangible assets, net

783

797

159

441

454

Minority investments

759

781

342

Other assets

118

121

Total assets

7,878

8,135

7,442

Current liabilities:

Accounts payable

565

596

658

Accrued and other liabilities

428

561

572

Current portion of obligations under finance leases

101

Operating lease liabilities classified as current

557

572

582

Liabilities, current, total

1,556

1,735

1,913

Long-term debt and obligations under finance leases

450

451

Long-term lease obligations

2,323

2,363

2,470

Other liabilities

334

343

121

Total liabilities

4,663

4,892

4,512

Shareholders' equity:

Common stock and paid-in capital: 99,233,112; 104,286,151; and 99,070,796 shares issued, respectively

779

770

791

Retained earnings

2,995

2,900

2,507

Accumulated other comprehensive loss

(384)

(343)

(326)

Less: Treasury stock at cost: 4,731,931; 886,661; and 2,050,000 shares, respectively

(178)

(88)

(47)

Noncontrolling interest

Total shareholders' equity

3,215

3,243

2,930

Liabilities and equity, total

$ 7,878

$ 8,135

$ 7,442

[1]

The balance sheet at January 29, 2022 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 29, 2022.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
CONSOLIDATED BALANCE SHEETS [Abstract]
Common Stock, Shares Outstanding, Issued, Total	99,233,112	99,070,796	104,286,151
Treasury Stock, Shares	4,731,931	2,050,000	886,661

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Sales	$ 2,175	$ 2,153
Cost of sales	1,435	1,404
Selling, general and administrative expenses	463	418
Depreciation and amortization	54	45
Impairment and other charges	6	4
Income from operations	217	282
Interest (expense) income, net	(5)	(2)
Other (expense) / income, net	(22)	4
Income before income taxes	190	284
Income tax expense	58	82
Net Income	132	202
Net loss attributable to noncontrolling interests	1
Net income attributable to Foot Locker, Inc.	$ 133	$ 202
Basic earnings per share	$ 1.38	$ 1.95
Weighted-average shares outstanding	96.1	103.6
Diluted earnings per share	$ 1.37	$ 1.93
Weighted-average shares outstanding, assuming dilution	97.2	105.0

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income attributable to Foot Locker, Inc.	$ 133	$ 202
Foreign currency translation adjustment:
Translation adjustment arising during the period, net of income tax (benefit)/expense of $(1), and $1, respectively	(44)	4
Cash flow hedges:
Change in fair value of derivatives, net of income tax expense of $-, and $-, respectively	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	2	1
Comprehensive income (loss)	$ 92	$ 207

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income tax benefit on translation adjustment	$ (1)	$ 1
Amortization of net actuarial gain/loss and prior service cost included in net periodic benefit costs, income tax expense	$ 1	$ 1

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Millions

Additional Paid-In Capital & Common Stock

Treasury Stock [Member]

Retained Earnings

Accumulated Other Comprehensive Loss [Member]

Noncontrolling Interest [Member]

Total

Beginning Balance at Jan. 30, 2021

$ 779

$ (3)

$ 2,326

$ (331)

$ 5

$ 2,776

$ 779

$ (3)

2,326

(331)

2,776

Beginning Balance (in shares) at Jan. 30, 2021

103,693,000

Beginning Balance (in treasury shares) at Jan. 30, 2021

(74,000)

Restricted stock issued (in shares)

468,000

Issued under director and stock plans

$ 4

Issued under director and stock plans (in shares)

125,000

Share-based compensation expense

$ 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)

(192,000)

Share repurchases

$ (34)

(34)

Share repurchases (in shares)

(621,000)

Net income

202

Cash dividends declared on common stock

(21)

Translation adjustment, net of tax

Pension and postretirement adjustments, net of tax

Ending Balance at May. 01, 2021

$ 791

$ (47)

2,507

(326)

$ 2,930

Ending Balance (in shares) at May. 01, 2021

104,286,000

104,286,151

Ending Balance (in treasury shares) at May. 01, 2021

(887,000)

(886,661)

$ 791

$ (47)

2,507

(326)

$ 2,930

Beginning Balance at Jan. 29, 2022

770

(88)

2,900

(343)

3,243

^[1]

$ 770

$ (88)

2,900

(343)

$ 3,243

^[1]

Beginning Balance (in shares) at Jan. 29, 2022

99,071,000

99,070,796

Beginning Balance (in treasury shares) at Jan. 29, 2022

(2,050,000)

Restricted stock issued (in shares)

88,000

Issued under director and stock plans

$ 2

Issued under director and stock plans (in shares)

74,000

Share-based compensation expense

$ 7

Shares of common stock used to satisfy tax withholding obligations

$ (1)

(1)

Shares of common stock used to satisfy tax withholding obligations (in shares)

(32,000)

Share repurchases

$ (89)

(89)

Share repurchases (in shares)

(2,650,000)

Net income

133

(1)

132

Cash dividends declared on common stock

(38)

Translation adjustment, net of tax

(44)

Change in cash flow hedges, net of tax

Pension and postretirement adjustments, net of tax

Ending Balance at Apr. 30, 2022

$ 779

$ (178)

2,995

(384)

$ 3,215

Ending Balance (in shares) at Apr. 30, 2022

99,233,000

99,233,112

Ending Balance (in treasury shares) at Apr. 30, 2022

(4,732,000)

(4,731,931)

Summary of Significant Accounting Policies [Abstract]

$ 779

$ (178)

$ 2,995

$ (384)

$ 3

$ 3,215

[1]

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends declared on common stock, per share	$ 0.40	$ 0.20

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
From operating activities:
Net income	$ 132	$ 202
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash impairment and other charges	3	2
Fair value adjustments to minority investments	25
Depreciation and amortization	54	45
Deferred income taxes	3	7
Share-based compensation expense	7	8
Change in assets and liabilities:
Merchandise inventories	(150)	(94)
Accounts payable	(25)	255
Accrued and other liabilities	(80)	(25)
Insurance receivable for inventory loss		8
Other, net	10	(10)
Net cash (used in) provided by operating activities	(21)	398
From investing activities:
Capital expenditures	(95)	(51)
Purchase of business, net of cash acquired	(7)
Minority investments	(3)	(8)
Proceeds from sale of property		3
Insurance proceeds related to loss on property and equipment		2
Net cash used in investing activities	(105)	(54)
From financing activities:
Purchase of treasury shares	(89)	(34)
Dividends paid on common stock	(38)	(21)
Payment of obligations under finance leases	(2)
Proceeds from exercise of stock options	2	4
Shares of common stock repurchased to satisfy tax withholding obligations	(1)	(10)
Net cash used in financing activities	(128)	(61)
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash	(1)
Net change in cash, cash equivalents, and restricted cash	(255)	283
Cash, cash equivalents, and restricted cash at beginning of year	850	1,718
Cash, cash equivalents, and restricted cash at end of period	595	2,001
Cash paid during the year:
Interest	8	1
Income taxes	18	32
Cash paid for amounts included in measurement of operating lease liabilities:	174	179
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for lease obligations:	$ 138	$ 114

Summary of Significant Accounting Policies

3 Months Ended

Apr. 30, 2022

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 April 30, 2022 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 2022. Specifically, the ongoing COVID-19 pandemic and its continuing effect on our operations and traffic to our stores, as well as port delays, 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 2021 Form 10-K.

There were no significant changes to the policies disclosed in Note 1, Summary of Significant Accounting Policies of our 2021 Form 10-K.

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.

Acquisition

3 Months Ended

Apr. 30, 2022

Business Combinations [Abstract]

Acquisition

2. Acquisitions

In 2021, we acquired WSS and atmos, two businesses that will allow us to further differentiate our product offerings, as well as our customer base, and diversify our retail store and omnichannel portfolio.

WSS

During the thirteen weeks ended April 30, 2022, we paid an additional $4 million upon the finalization of the value of net assets acquired, with a corresponding increase to goodwill as compared with the amounts presented in the most recent annual report. The aggregate purchase price for the acquisition has increased to $811 million ($741 million, net of cash acquired).

2. Acquisitions (continued)

The following table represents the final allocation of the purchase price for WSS.


($ in millions)
Assets acquired:
Cash and cash equivalents	$	70
Merchandise inventories		82
Other current assets		10
Property and equipment, net		133
Operating lease right-of-use assets		143
Tradenames		296
Customer relationships		13
Other assets		4
Liabilities assumed:
Accounts payable	$	(58)
Current portion of obligations under finance leases		(3)
Current portion of lease obligations		(19)
Long-term portion of obligations under finance leases		(50)
Long-term lease obligations		(127)
Deferred taxes		(84)
Other liabilities		(4)

Goodwill		405
Total purchase price	$	811

atmos

During the thirteen weeks ended April 30, 2022, we paid an additional $3 million in connection with the finalization of certain post-closing conditions. The aggregate purchase price for the acquisition has increased to $363 million, subject to adjustment for the finalization of the value of net assets acquired and other post-closing matters. The acquisition was funded with available cash. The preliminary purchase price includes contingent consideration initially measured at $35 million, which can reach up to $111 million based on achieving certain revenue growth and EBITDA performance targets. The fair value of the contingent consideration has not changed from the initial measurement. The preliminary purchase price does not yet reflect the finalization of the net working capital provisions and other post-closing adjustments. At closing, we placed $30 million in escrow, and an additional $11 million will be payable if certain post-closing conditions are satisfied. We made a payment of $5 million during the second quarter of 2022 and expect to finalize the other amounts by the end of this fiscal year.

The following table represents the preliminary allocation of the purchase price for atmos and includes fair value adjustments to certain assets and liabilities since our most recent annual report. Goodwill remained unchanged at $242 million from the amount reported at year end, however changes included the additional purchase price, revised downward valuation of the tradenames and the addition of the customer list intangible. The adjustments did not have a significant effect on the consolidated results of operations. We determined that the atmos tradenames will have an indefinite life and will not be amortized.

We are assessing the tax deductibility of the goodwill related to the acquisition.

2. Acquisitions (continued)

The following table represents the preliminary allocation of the purchase price for atmos.


($ in millions)
Assets acquired:
Cash and cash equivalents	$	6
Merchandise inventories		22
Other current assets		12
Property and equipment, net		7
Operating lease right-of-use assets		44
Tradenames		130
Customer relationships		9
Other assets		6
Liabilities assumed:
Accounts payable	$	(10)
Current portion of lease obligations		(10)
Other current liabilities		(8)
Long-term lease obligations		(35)
Deferred taxes		(44)
Other liabilities		(8)

Goodwill ⁽¹⁾		242
Total purchase price ⁽²⁾	$	363

(1)	Goodwill represented on this table is at the exchange rate in effect as of the date of acquisition.

(2)	Total purchase price consists of $328 million in cash and $35 million of contingent consideration.

Revenue

3 Months Ended

Apr. 30, 2022

Revenue [Abstract]

Revenue

3. 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
	April 30,		May 1,
($ in millions)	2022		2021
Sales by Channel
Stores	$	1,776	$	1,620
Direct-to-customers		399		533
Total sales	$	2,175	$	2,153

Sales disaggregated based upon geographic area are presented in the table below. Sales are attributable to the geographic area in which the sales transaction is fulfilled.


	Thirteen weeks ended
	April 30,		May 1,
($ in millions)	2022		2021
Sales by Geography
United States	$	1,632	$	1,713
International		543		440
Total sales	$	2,175	$	2,153

3. Revenue (continued)

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.


	April 30,		May 1,
($ in millions)	2022		2021
Gift card liability at beginning of year	$	46	$	41
Redemptions		(65)		(56)
Breakage recognized in sales		(4)		(4)
Activations		60		62
Gift card liability	$	37	$	43

We elected not to disclose the information about remaining performance obligations since the amount of gift cards redeemed after 12 months is not significant.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

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Segment Information

3 Months Ended

Apr. 30, 2022

Segment Information [Abstract]

Segment Information

4. 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 availability.

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.


	Thirteen weeks ended
	April 30,		May 1,
($ in millions)	2022		2021
Sales	$	2,175	$	2,153

Operating Results
Division profit		260		315
Less: Impairment and other charges ⁽¹⁾		6		4
Less: Corporate expense ⁽²⁾		37		29
Income from operations		217		282
Interest expense, net		(5)		(2)
Other (expense) / income, net ⁽³⁾		(22)		4
Income before income taxes	$	190	$	284

(1)	We recorded pre-tax charges of $6 million and $4 million during the first quarter of 2022 and 2021, respectively, as detailed in Note 5, Impairment and Other Charges.

(2)

Corporate expense consists of unallocated selling, general and administrative expenses, as well as depreciation and amortization related to our corporate headquarters, centrally managed departments, unallocated insurance and benefit programs, certain foreign exchange transaction gains and losses, and other items.

(3)	Other (expense) income, net for the thirteen weeks ended April 30, 2022 primarily consisted of a $25 million loss on the change in fair value of our investment in Retailors, Ltd., a publicly-listed entity, which was partially offset by other income.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Impairment and Other Charges [Abstract]

Impairment and Other Charges

3 Months Ended

Apr. 30, 2022

Impairment and Other Charges

5. Impairment and Other Charges


	Thirteen weeks ended
	April 30,		May 1,
($ in millions)	2022		2021
Impairment of long-lived assets and right-of-use assets	$	3	$	—
Acquisition and integration costs		2		—
Other		1		—
Impairment of investments		—		2
Reorganization costs		—		2
Total impairment and other charges	$	6	$	4

During the first quarter of 2022, we recorded impairment charges of $3 million related to long-lived assets and right-of-use assets as well as accelerated tenancy charges, $2 million of acquisition and integration costs related to WSS and atmos, and $1 million of other expenses.

In 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.

Cash, Cash Equivalents, and Restricted Cash

3 Months Ended

Apr. 30, 2022

Restricted Cash [Abstract]

Cash, Cash Equivalents, and Restricted Cash

6. 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.


	April 30,		May 1,
($ in millions)	2022		2021
Cash and cash equivalents	$	551	$	1,963
Restricted cash included in other current assets		8		8
Restricted cash included in other non-current assets		36		30
Cash, cash equivalents, and restricted cash	$	595	$	2,001

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

3 Months Ended

Apr. 30, 2022

Goodwill and Other Intangible Assets, Net [Abstract]

Goodwill and Other Intangible Assets, Net [Abstract]

7. Goodwill

See footnote 2, Acquisitions, for additional information on our recent acquisitions. 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

3 Months Ended

Apr. 30, 2022

Other Intangible Assets, Net

8. Other Intangible Assets, net

The components of finite-lived intangible assets and intangible assets not subject to amortization are as follows:


		April 30, 2022						May 1, 2021
	Gross		Accum.		Net		Gross		Accum.		Net
($ in millions)	value		amort.		value		value		amort.		value
Amortized intangible assets: ⁽¹⁾
Lease acquisition costs	$	101	$	(98)	$	3	$	119	$	(115)	$	4
Trademarks/tradenames ⁽²⁾		18		(18)		—		20		(17)		3
Customer lists		20		(4)		16		—		—		—
	$	139	$	(120)	$	19	$	139	$	(132)	$	7

Indefinite life intangible assets: ⁽¹⁾
Trademarks/tradenames					$	422					$	9
Other intangible assets, net					$	441					$	16

(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.

(2)	During the fourth quarter of 2021, we recorded a non-cash impairment charge related to the Footaction tradename.

In connection with the acquisitions of WSS and atmos, we recognized indefinite life intangible assets of $296 million for WSS related tradenames and $130 million for atmos related tradenames. Additionally, we recognized customer list intangible assets of $13 million for WSS and $9 million for atmos, both of which will be amortized over 3 years. The intangibles related to atmos were originally recorded at the exchange rate in effect as of the date of acquisition and are presented in the above table at current period exchange rates. Amortizing intangible assets primarily represent the WSS and atmos customer lists, lease acquisition costs, which are amounts that are required to secure prime lease locations and other lease rights, primarily in Europe.

Amortization expense recorded is as follows:

Estimated future amortization expense for finite-life intangible assets is as follows:


($ in millions)
Remainder of 2022	$	6
2023		7
2024		5
2025		1

Accumulated Other Comprehensive Loss

3 Months Ended

Apr. 30, 2022

Accumulated Other Comprehensive Loss [Abstract]

Comprehensive Income (Loss) Note [Text Block]

9. Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss (“AOCL”), net of tax, is comprised of the following:


	April 30,		May 1,		January 29,
($ in millions)	2022		2021		2022
Foreign currency translation adjustments	$	(151)	$	(60)	$	(107)
Cash flow hedges		1		(1)		—
Unrecognized pension cost and postretirement benefit		(234)		(265)		(236)
	$	(384)	$	(326)	$	(343)

The changes in AOCL for the thirteen weeks ended April 30, 2022 were as follows:


	Foreign				Items Related
	Currency				to Pension and
	Translation		Cash Flow		Postretirement
($ in millions)	Adjustments		Hedges		Benefits		Total
Balance as of January 29, 2022	$	(107)		—	$	(236)	$	(343)

OCI before reclassification		(44)		1		1		(42)
Amortization of pension actuarial loss, net of tax		—		—		1		1
Pension remeasurement, net of tax		—		—		—		—
Other comprehensive income		(44)		1		2		(41)
Balance as of April 30, 2022	$	(151)	$	1	$	(234)	$	(384)

Reclassifications from AOCL for the thirteen weeks ended April 30, 2022 were as follows:


($ in millions)
Amortization of actuarial loss:
Pension benefits	$	2
Income tax benefit		(1)
Total, net of tax	$	1

Fair Value Measurements

3 Months Ended

Apr. 30, 2022

Fair Value Measurements [Abstract]

Fair Value Measurements

10. 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.

10. Fair Value Measurements (continued)

In 2021, we invested $68 million to take a common stock minority stake in a public entity, Retailors, Ltd, which is traded on the Tel Aviv stock exchange. This investment is classified as a Level 1 instrument since the fair value is readily available in an active market.

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.

The fair value of the contingent consideration liability associated with the atmos acquisition is estimated using an option pricing model simulation that determines an average projected payment value across numerous iterations.

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 April 30, 2022						As of May 1, 2021
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Minority investment in common stock	$	120	$	—	$	—	$	—	$	—	$	—
Available-for-sale security		—		6		—		—		7		—
Foreign exchange forward contracts		—		2		—		—		2		—
Total assets	$	120	$	8	$	—	$	—	$	9	$	—
Liabilities
Contingent consideration		—		—		35		—		—		—
Foreign exchange forward contracts		—		—		—		—		4		—
Total liabilities	$	—	$	—	$	35	$	—	$	4	$	—

There were no transfers into or out of Level 1, Level 2, or Level 3 assets and liabilities for any of the periods presented.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Assets and liabilities recognized or disclosed at fair value on the consolidated financial statements on a nonrecurring basis include items such as property, plant and equipment, operating lease right-of-use assets, goodwill, other intangible assets, and minority investments that are not accounted for under the equity method of accounting. These assets are measured using Level 3 inputs, if determined to be impaired.

Minority investments measured using the fair value measurement alternative had a carrying value of $579 million and $323 million as of April 30, 2022 and May 1, 2021, respectively.

10. Fair Value Measurements (continued)

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 balance as of April 30, 2022 includes the $400 million 4% Notes.

The carrying value and estimated fair value of long-term debt were as follows:


($ in millions)	April 30, 2022		May 1, 2021
Carrying value ⁽¹⁾	$	394	$	99
Fair value	$	332	$	104

(1)	The carrying value of debt as of April 30, 2022 reflects $6 million of issuer’s discount and costs related to the 4% Notes.

The carrying values of cash and cash equivalents, and other current receivables and payables approximate their fair value.

Retirement Plans and Other Benefits [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Earnings Per Share

3 Months Ended

Apr. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

11. Earnings Per Share

We account for earnings per share (“EPS”) using the treasury stock method. Basic EPS is computed by dividing net income for the period by the weighted-average number of common shares outstanding at the end of the period. Diluted earnings per share reflects the weighted-average number of common shares outstanding during the period used in the basic EPS computation plus dilutive common stock equivalents. The computation of diluted earnings per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on EPS.

The computation of basic and diluted EPS is as follows:


	Thirteen weeks ended
	April 30,		May 1,
(in millions, except per share data)	2022		2021
Net income attributable to Foot Locker, Inc.	$	133	$	202

Weighted-average common shares outstanding		96.1		103.6
Dilutive effect of potential common shares		1.1		1.4
Weighted-average common shares outstanding assuming dilution		97.2		105.0

Earnings per share - basic	$	1.38	$	1.95
Earnings per share - diluted	$	1.37	$	1.93

Anti-dilutive share-based awards excluded from diluted calculation		2.5		1.7

Performance stock units related to our long-term incentive programs of 0.9 million and 0.4 million have been excluded from diluted weighted-average shares for the periods ended April 30, 2022 and May 1, 2021, 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

3 Months Ended

Apr. 30, 2022

Retirement Plans and Other Benefits

12. 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
		April 30,		May 1,
($ in millions)		2022		2021
Service cost	$	4	$	4
Interest cost		5		4
Expected return on plan assets		(8)		(9)
Amortization of net loss		2		3
Net benefit expense	$	3	$	2

The entire disclosure for retirement benefits.

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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 715
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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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-Section 50
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Share-Based Compensation

3 Months Ended

Apr. 30, 2022

Share-Based Compensation [Abstract]

Share-Based Compensation

13. 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
	April 30,		May 1,
($ in millions)	2022		2021
Options and employee stock purchase plan	$	1	$	2
Restricted stock units and performance stock units		6		6
Total share-based compensation expense	$	7	$	8

Tax benefit recognized	$	1	$	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 April 30, 2022 and May 1, 2021.


		Stock Option Plans						Stock Purchase Plan
	April 30,			May 1,			April 30,			May 1,
	2022			2021			2022			2021
Weighted-average risk free rate of interest		2.3	%		0.9	%		0.1	%		0.2	%
Expected volatility		50	%		47	%		40	%		48	%
Weighted-average expected award life (in years)		5.5			5.5			1.0			1.0
Dividend yield		3.9	%		1.5	%		1.8	%		5.6	%
Weighted-average fair value	$	10.42		$	20.22		$	29.46		$	6.35

13. Share-Based Compensation (continued)

The information in the table below provides activity under our stock option plans for the thirteen weeks ended April 30, 2022.


		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	3,211			$	48.84
Granted	506				30.97
Exercised	(74)				28.75
Expired or cancelled	(115)				54.60
Options outstanding at April 30, 2022	3,528		5.5	$	46.51
Options exercisable at April 30, 2022	2,665		4.3	$	51.41
Options available for future grant at April 30, 2022	2,296

The total fair value of options vested during thirteen weeks ended April 30, 2022 and May 1, 2021 was $4 million for both periods. The cash received and related tax benefits realized from option exercises during the thirteen weeks ended April 30, 2022 were $2 million and not significant, 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:

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:

As of April 30, 2022, there was $7 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.

13. Share-Based Compensation (continued)

The table below summarizes information about stock options outstanding and exercisable at April 30, 2022.


	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 - $36.51	1,372	7.7	$	26.18	624	$	24.04
$44.78 - $48.98	453	3.6		45.02	452		45.02
$53.61 - $58.94	510	6.3		56.66	396		57.48
$62.02 - $72.83	1,193	3.3		66.13	1,193		66.13
	3,528	5.5	$	46.51	2,665	$	51.41

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 officers and certain key employees in connection with our long-term incentive program. Each RSU and PSU 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 April 30, 2022 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		1,391			$	43.95
Granted		979				30.17
Vested		(88)				58.39
Performance adjustment ⁽¹⁾		(22)
Forfeited		(21)				35.15
Nonvested at April 30, 2022		2,239		2.0	$	36.85

Aggregate value ($ in millions)	$	83

(1)	This represents adjustments made to PSUs reflecting changes in estimates based upon our current performance against predefined financial targets.

13. Share-Based Compensation (continued)

The total value of RSU and PSU awards that vested during the thirteen weeks ended April 30, 2022 and May 1, 2021 was $5 million and $21 million, respectively. As of April 30, 2022, there was $54 million of total unrecognized compensation cost related to nonvested awards.

Legal Proceedings

3 Months Ended

Apr. 30, 2022

Legal Proceedings [Abstract]

Legal Proceedings

14. 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.

Summary of Significant Accounting Policies (Policy)	3 Months Ended
Summary of Significant Accounting Policies (Policy)	Apr. 30, 2022
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements contained in this report are unaudited. In the opinion of management, the condensed consolidated financial statements include all normal, recurring adjustments necessary for a fair presentation of the results for the interim periods presented. As used in these Notes to 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 April 30, 2022 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 2022. Specifically, the ongoing COVID-19 pandemic and its continuing effect on our operations and traffic to our stores, as well as port delays, 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 2021 Form 10-K. There were no significant changes to the policies disclosed in Note 1, Summary of Significant Accounting Policies of our 2021 Form 10-K.
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.

Acquisition (Tables)

3 Months Ended

Apr. 30, 2022

Business Combination Segment Allocation [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table represents the final allocation of the purchase price for WSS.


($ in millions)
Assets acquired:
Cash and cash equivalents	$	70
Merchandise inventories		82
Other current assets		10
Property and equipment, net		133
Operating lease right-of-use assets		143
Tradenames		296
Customer relationships		13
Other assets		4
Liabilities assumed:
Accounts payable	$	(58)
Current portion of obligations under finance leases		(3)
Current portion of lease obligations		(19)
Long-term portion of obligations under finance leases		(50)
Long-term lease obligations		(127)
Deferred taxes		(84)
Other liabilities		(4)

Goodwill		405
Total purchase price	$	811

atmos [Member]

Business Combination Segment Allocation [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table represents the preliminary allocation of the purchase price for atmos.


($ in millions)
Assets acquired:
Cash and cash equivalents	$	6
Merchandise inventories		22
Other current assets		12
Property and equipment, net		7
Operating lease right-of-use assets		44
Tradenames		130
Customer relationships		9
Other assets		6
Liabilities assumed:
Accounts payable	$	(10)
Current portion of lease obligations		(10)
Other current liabilities		(8)
Long-term lease obligations		(35)
Deferred taxes		(44)
Other liabilities		(8)

Goodwill ⁽¹⁾		242
Total purchase price ⁽²⁾	$	363

(1)	Goodwill represented on this table is at the exchange rate in effect as of the date of acquisition.

(2)	Total purchase price consists of $328 million in cash and $35 million of contingent consideration.

Revenue (Tables)

3 Months Ended

Apr. 30, 2022

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
	April 30,		May 1,
($ in millions)	2022		2021
Sales by Channel
Stores	$	1,776	$	1,620
Direct-to-customers		399		533
Total sales	$	2,175	$	2,153

Revenue from External Customers by Geographic Areas

Sales disaggregated based upon geographic area are presented in the table below. Sales are attributable to the geographic area in which the sales transaction is fulfilled.


	Thirteen weeks ended
	April 30,		May 1,
($ in millions)	2022		2021
Sales by Geography
United States	$	1,632	$	1,713
International		543		440
Total sales	$	2,175	$	2,153

Activity of Gift Card Liability Balance


	April 30,		May 1,
($ in millions)	2022		2021
Gift card liability at beginning of year	$	46	$	41
Redemptions		(65)		(56)
Breakage recognized in sales		(4)		(4)
Activations		60		62
Gift card liability	$	37	$	43

Segment Information (Tables)

3 Months Ended

Apr. 30, 2022

Segment Information [Abstract]

Sales and Division Operating Results for Reportable Segments


	Thirteen weeks ended
	April 30,		May 1,
($ in millions)	2022		2021
Sales	$	2,175	$	2,153

Operating Results
Division profit		260		315
Less: Impairment and other charges ⁽¹⁾		6		4
Less: Corporate expense ⁽²⁾		37		29
Income from operations		217		282
Interest expense, net		(5)		(2)
Other (expense) / income, net ⁽³⁾		(22)		4
Income before income taxes	$	190	$	284

(1)	We recorded pre-tax charges of $6 million and $4 million during the first quarter of 2022 and 2021, respectively, as detailed in Note 5, Impairment and Other Charges.

(2)

(3)	Other (expense) income, net for the thirteen weeks ended April 30, 2022 primarily consisted of a $25 million loss on the change in fair value of our investment in Retailors, Ltd., a publicly-listed entity, which was partially offset by other income.

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
	April 30,		May 1,
($ in millions)	2022		2021
Sales by Channel
Stores	$	1,776	$	1,620
Direct-to-customers		399		533
Total sales	$	2,175	$	2,153

Impairment and Other Charges (Tables)

3 Months Ended

Apr. 30, 2022

Impairment and Other Charges [Abstract]

Schedule of Impairment and Other Charges


	Thirteen weeks ended
	April 30,		May 1,
($ in millions)	2022		2021
Impairment of long-lived assets and right-of-use assets	$	3	$	—
Acquisition and integration costs		2		—
Other		1		—
Impairment of investments		—		2
Reorganization costs		—		2
Total impairment and other charges	$	6	$	4

Cash, Cash Equivalents, and Restricted Cash (Tables)

3 Months Ended

Apr. 30, 2022

Restricted Cash [Abstract]

Reconciliation of Cash and Cash Equivalents


	April 30,		May 1,
($ in millions)	2022		2021
Cash and cash equivalents	$	551	$	1,963
Restricted cash included in other current assets		8		8
Restricted cash included in other non-current assets		36		30
Cash, cash equivalents, and restricted cash	$	595	$	2,001

Other Intangible Assets, Net (Tables)

3 Months Ended

Apr. 30, 2022

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:


		April 30, 2022						May 1, 2021
	Gross		Accum.		Net		Gross		Accum.		Net
($ in millions)	value		amort.		value		value		amort.		value
Amortized intangible assets: ⁽¹⁾
Lease acquisition costs	$	101	$	(98)	$	3	$	119	$	(115)	$	4
Trademarks/tradenames ⁽²⁾		18		(18)		—		20		(17)		3
Customer lists		20		(4)		16		—		—		—
	$	139	$	(120)	$	19	$	139	$	(132)	$	7

Indefinite life intangible assets: ⁽¹⁾
Trademarks/tradenames					$	422					$	9
Other intangible assets, net					$	441					$	16

(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.

(2)	During the fourth quarter of 2021, we recorded a non-cash impairment charge related to the Footaction tradename.

Amortization Expense

Amortization expense recorded is as follows:

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 2022	$	6
2023		7
2024		5
2025		1

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Apr. 30, 2022

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss (“AOCL”), net of tax, is comprised of the following:


	April 30,		May 1,		January 29,
($ in millions)	2022		2021		2022
Foreign currency translation adjustments	$	(151)	$	(60)	$	(107)
Cash flow hedges		1		(1)		—
Unrecognized pension cost and postretirement benefit		(234)		(265)		(236)
	$	(384)	$	(326)	$	(343)

Changes in Accumulated Other Comprehensive Loss

The changes in AOCL for the thirteen weeks ended April 30, 2022 were as follows:


	Foreign				Items Related
	Currency				to Pension and
	Translation		Cash Flow		Postretirement
($ in millions)	Adjustments		Hedges		Benefits		Total
Balance as of January 29, 2022	$	(107)		—	$	(236)	$	(343)

OCI before reclassification		(44)		1		1		(42)
Amortization of pension actuarial loss, net of tax		—		—		1		1
Pension remeasurement, net of tax		—		—		—		—
Other comprehensive income		(44)		1		2		(41)
Balance as of April 30, 2022	$	(151)	$	1	$	(234)	$	(384)

Reclassification from Accumulated Other Comprehensive Loss

Reclassifications from AOCL for the thirteen weeks ended April 30, 2022 were as follows:


($ in millions)
Amortization of actuarial loss:
Pension benefits	$	2
Income tax benefit		(1)
Total, net of tax	$	1

Fair Value Measurements (Tables)

3 Months Ended

Apr. 30, 2022

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 April 30, 2022						As of May 1, 2021
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Minority investment in common stock	$	120	$	—	$	—	$	—	$	—	$	—
Available-for-sale security		—		6		—		—		7		—
Foreign exchange forward contracts		—		2		—		—		2		—
Total assets	$	120	$	8	$	—	$	—	$	9	$	—
Liabilities
Contingent consideration		—		—		35		—		—		—
Foreign exchange forward contracts		—		—		—		—		4		—
Total liabilities	$	—	$	—	$	35	$	—	$	4	$	—

Carrying Value and Estimated Fair Value of Long-Term Debt

The carrying value and estimated fair value of long-term debt were as follows:


($ in millions)	April 30, 2022		May 1, 2021
Carrying value ⁽¹⁾	$	394	$	99
Fair value	$	332	$	104

(1)	The carrying value of debt as of April 30, 2022 reflects $6 million of issuer’s discount and costs related to the 4% Notes.

Earnings Per Share (Tables)

3 Months Ended

Apr. 30, 2022

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
	April 30,		May 1,
(in millions, except per share data)	2022		2021
Net income attributable to Foot Locker, Inc.	$	133	$	202

Weighted-average common shares outstanding		96.1		103.6
Dilutive effect of potential common shares		1.1		1.4
Weighted-average common shares outstanding assuming dilution		97.2		105.0

Earnings per share - basic	$	1.38	$	1.95
Earnings per share - diluted	$	1.37	$	1.93

Anti-dilutive share-based awards excluded from diluted calculation		2.5		1.7

Pension (Tables)

3 Months Ended

Apr. 30, 2022

Retirement Plans and Other Benefits [Abstract]

Net Benefit Expense (Income)


	Thirteen weeks ended
		April 30,		May 1,
($ in millions)		2022		2021
Service cost	$	4	$	4
Interest cost		5		4
Expected return on plan assets		(8)		(9)
Amortization of net loss		2		3
Net benefit expense	$	3	$	2

Share-Based Compensation (Tables)

3 Months Ended

Apr. 30, 2022

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
	April 30,		May 1,
($ in millions)	2022		2021
Options and employee stock purchase plan	$	1	$	2
Restricted stock units and performance stock units		6		6
Total share-based compensation expense	$	7	$	8

Tax benefit recognized	$	1	$	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 April 30, 2022 and May 1, 2021.


		Stock Option Plans						Stock Purchase Plan
	April 30,			May 1,			April 30,			May 1,
	2022			2021			2022			2021
Weighted-average risk free rate of interest		2.3	%		0.9	%		0.1	%		0.2	%
Expected volatility		50	%		47	%		40	%		48	%
Weighted-average expected award life (in years)		5.5			5.5			1.0			1.0
Dividend yield		3.9	%		1.5	%		1.8	%		5.6	%
Weighted-average fair value	$	10.42		$	20.22		$	29.46		$	6.35

Options Granted under Stock Option Plans


		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	3,211			$	48.84
Granted	506				30.97
Exercised	(74)				28.75
Expired or cancelled	(115)				54.60
Options outstanding at April 30, 2022	3,528		5.5	$	46.51
Options exercisable at April 30, 2022	2,665		4.3	$	51.41
Options available for future grant at April 30, 2022	2,296

Total Intrinsic Value of Options Exercised

Aggregate Intrinsic Value for Stock Options Outstanding and Exercisable

Information about Stock Options Outstanding and Exercisable

The table below summarizes information about stock options outstanding and exercisable at April 30, 2022.


	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 - $36.51	1,372	7.7	$	26.18	624	$	24.04
$44.78 - $48.98	453	3.6		45.02	452		45.02
$53.61 - $58.94	510	6.3		56.66	396		57.48
$62.02 - $72.83	1,193	3.3		66.13	1,193		66.13
	3,528	5.5	$	46.51	2,665	$	51.41

Restricted Share and Unit Activity


			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		1,391			$	43.95
Granted		979				30.17
Vested		(88)				58.39
Performance adjustment ⁽¹⁾		(22)
Forfeited		(21)				35.15
Nonvested at April 30, 2022		2,239		2.0	$	36.85

Aggregate value ($ in millions)	$	83

(1)	This represents adjustments made to PSUs reflecting changes in estimates based upon our current performance against predefined financial targets.

Acquisition (Narrative) (Details)
$ in Millions

1 Months Ended

3 Months Ended

12 Months Ended

Jun. 07, 2022

USD ($)

Apr. 30, 2022

USD ($)

Jan. 29, 2022

USD ($)

Jan. 29, 2022

USD ($)

agreement

May 01, 2021

USD ($)

Business Combination Segment Allocation [Line Items]

Purchase of business, net of cash acquired

$ 7

Businesses acquired | agreement

783

$ 797

^[1]

$ 797

^[1]

$ 159

atmos [Member]

Business Combination Segment Allocation [Line Items]

Payments to Acquire Businesses, Gross

$ 328

Purchase price

363

Contingent consideration

Post-closing payable

atmos [Member] | Subsequent Event [Member]

242

Business Combination Segment Allocation [Line Items]

Payments to Acquire Businesses, Gross

$ 5

atmos [Member] | Maximum [Member]

Business Combination Segment Allocation [Line Items]

Contingent consideration

111

Business Combination Segment Allocation [Line Items]

Payments to Acquire Businesses, Gross

$ 4

Purchase price

811

Purchase of business, net of cash acquired

741

Business Combination Segment Allocation [Line Items]

$ 405

[1]

Acquisition (Schedule of Assets/Liabilities Acquired) (Details) - USD ($)
$ in Millions

Apr. 30, 2022

Jan. 29, 2022

May 01, 2021

Business Combination Segment Allocation [Line Items]

$ 783

$ 797

^[1]

$ 159

atmos [Member]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment

Business Combination, Recognized Identifiable Assets Acquired, Right-of-use-assets

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets

130

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable

(10)

Business Combination, Recognized Identifiable Liabilities Assumed, Current Portion of Obligations Under Finance Leases

(10)

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other

(8)

Business Combination, Recognized Identifiable Liabilities Assumed, Long-term Lease Obligations

(35)

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities

(44)

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other

(8)

Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net, Total

$ 242

242

363

Business Combination Segment Allocation [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment

133

Business Combination, Recognized Identifiable Assets Acquired, Right-of-use-assets

143

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets

296

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable

(58)

Business Combination, Recognized Identifiable Liabilities Assumed, Current Portion of Obligations Under Finance Leases

(3)

Business Combination, Recognized Identifiable Liabilities Assumed, Current Portion of Lease Obligations

(19)

Business Combination, Recognized Identifiable Liabilities Assumed, Long Term Portion of Obligations Under Finance Leases

(50)

Business Combination, Recognized Identifiable Liabilities Assumed, Long-term Lease Obligations

(127)

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities

(84)

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other

(4)

Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net, Total

405

$ 811

[1]

Revenue (Schedule of Sales Disaggregated by Sales Channel) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Sales	$ 2,175	$ 2,153
Store Sales Channel [Member]
Sales	1,776	1,620
Direct to Customers Sales Channel [Member]
Sales	$ 399	$ 533

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-Paragraph 1
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Revenue (Schedule of Sales Disaggregated by Geographic Area) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Sales	$ 2,175	$ 2,153
United States
Sales	1,632	1,713
International [Member]
Sales	$ 543	$ 440

Cash and cash equivalents

Revenue (Activity of Gift Card Liability Balance) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Accrued gift card liability at beginning of period	$ 46	$ 41
Accrued gift card liability at end of period	37	43
Gift Card Redemption Revenue [Member]
Revenue recognized	(65)	(56)
Gift Card Breakage Revenue [Member]
Revenue recognized	(4)	(4)
Gift Card Activations [Member]
Activations	$ 60	$ 62

Segment Information (Sales and Division Operating Results for Reportable Segments) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Segment Information [Abstract]
Sales	$ 2,175	$ 2,153
Division profit	260	315
Less: Impairment and other charges	6	4
Less: Corporate expense	37	29
Income from operations	217	282
Interest expense, net	(5)	(2)
Other (expense) / income, net	(22)	4
Income before income taxes	190	$ 284
Change in faire value of investment	$ 25

Impairment and Other Charges (Schedule of Impairment and Other Charges) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Impairment and Other Charges [Abstract]
Impairment of long-lived assets and right-of-use assets	$ 3
Acquisition and integration costs	2
Other	1
Impairment of investments		$ 2
Reorganization costs		2
Total impairment and other charges	$ 6	$ 4

Impairment and Other Charges (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Impairment and Other Charges [Abstract]
Impairment of assets	$ 3
Other	1
Impairment of investments		$ 2
Acquisition and integration costs	$ 2
Reorganization costs		$ 2

Cash, Cash Equivalents, and Restricted Cash (Reconciliation of Cash and Cash Equivalents) (Details) - USD ($)
$ in Millions

Apr. 30, 2022

Jan. 29, 2022

May 01, 2021

Jan. 30, 2021

Restricted Cash [Abstract]

$ 551

$ 804

^[1]

$ 1,963

Restricted cash included in other current assets

Restricted cash included in other non-current assets

Cash, cash equivalents, and restricted cash

$ 595

$ 850

$ 2,001

$ 1,718

[1]

Goodwill (Narrative) (Details) - USD ($)
$ in Millions

Apr. 30, 2022

Jan. 29, 2022

May 01, 2021

Business Combination Segment Allocation [Line Items]

$ 783

$ 797

^[1]

$ 159

Business Combination Segment Allocation [Line Items]

$ 405

[1]

Other Intangible Assets, Net (Schedule of Other Intangible Asset) (Details) - USD ($)
$ in Millions

3 Months Ended

Apr. 30, 2022

Jan. 29, 2022

^[1]

May 01, 2021

$ 139

(120)

(132)

Other intangible assets, net

441

$ 454

Lease Acquisition Costs [Member]

101

119

(98)

(115)

Trademarks and Trade Names [Member]

(18)

(17)

Customer Lists [Member]

(4)

Finite-Lived Intangible Assets, Remaining Amortization Period

$ 16

3 years

atmos [Member] | Customer Lists [Member]

WSS [Member] | Customer Lists [Member]

$ 9

Trademarks and Trade Names [Member]

Indefinite life intangible assets, Net Value

422

$ 9

Trademarks and Trade Names [Member] | atmos [Member]

Indefinite life intangible assets, Net Value

130

Trademarks and Trade Names [Member] | WSS [Member]

Indefinite life intangible assets, Net Value

$ 296

[1]

Other Intangible Assets, Net (Amortization Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Goodwill and Other Intangible Assets, Net [Abstract]
Amortization expense	$ 3	$ 1

Other Intangible Assets, Net (Estimated Future Amortization Expense for Finite Lived Intangibles) (Details) $ in Millions	Apr. 30, 2022 USD ($)
Goodwill and Other Intangible Assets, Net [Abstract]
Remainder of 2022	$ 6
2023	7
2024	5
2025	$ 1

Accumulated Other Comprehensive Loss (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($)
$ in Millions

Apr. 30, 2022

Jan. 29, 2022

May 01, 2021

Accumulated Other Comprehensive Loss [Abstract]

Foreign currency translation adjustments

$ (151)

$ (107)

$ (60)

Cash flow hedges

(1)

Unrecognized pension cost and postretirement benefit

(234)

(236)

(265)

Accumulated other comprehensive loss ("AOCL"), net of tax

$ (384)

$ (343)

^[1]

$ (326)

[1]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Accumulated Other Comprehensive Loss (Changes in Accumulated Other Comprehensive Loss) (Details)
$ in Millions

3 Months Ended

Apr. 30, 2022

USD ($)

$ (343)

^[1]

Amortization of pension actuarial (gain)/loss, net of tax

(42)

(41)

Foreign Currency Translation Adjustments [Member]

(384)

Accumulated Other Comprehensive Income (Loss) [Line Items]

(107)

Amortization of pension actuarial (gain)/loss, net of tax

(44)

(44)

Cash Flow Hedges [Member]

(151)

Accumulated Other Comprehensive Income (Loss) [Line Items]

Amortization of pension actuarial (gain)/loss, net of tax

Accumulated Other Comprehensive Income (Loss) [Line Items]

(236)

Amortization of pension actuarial (gain)/loss, net of tax

$ (234)

[1]

+ References + Details

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Accumulated Other Comprehensive Loss (Reclassifications from Accumulated Other Comprehensive Loss) (Details) $ in Millions	3 Months Ended
	Apr. 30, 2022 USD ($)
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Income tax benefit	$ (1)
Total, net of tax	1
Pension Benefits [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Pension benefits	$ 2

Fair Value Measurements (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Apr. 30, 2022	May 01, 2021
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets measured at fair value on recurring basis	$ 120
Level 1 [Member] \| Minority Investment in Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets measured at fair value on recurring basis	120
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets measured at fair value on recurring basis	8	$ 9
Liabilities measured at fair value on recurring basis		4
Level 2 [Member] \| Available-for-sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets measured at fair value on recurring basis	6	7
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities measured at fair value on recurring basis	35
Level 3 [Member] \| Contingent Consideration [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities measured at fair value on recurring basis	35
Forward Foreign Exchange Contracts [Member] \| Level 2 [Member] \| Derivative Financial Instruments, Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities measured at fair value on recurring basis		4
Forward Foreign Exchange Contracts [Member] \| Level 2 [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 (Carrying Value and Estimated Fair Value of Long-Term Debt) (Details) - USD ($) $ in Millions	Apr. 30, 2022	May 01, 2021
Fair Value Measurements [Abstract]
Long-term debt, Carrying value	$ 394	$ 99
Long-term debt, Fair value	332	$ 104
Debt discount	$ 6

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
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	579		$ 323
Other	1
Increase (decrease) in minority interests	$ 68
Senior Notes Due 2029 [Member]
Interest rate	4.00%
Debt instrument, face amount	$ 400

Earnings Per Share (Narrative) (Details) - shares shares in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Earnings Per Share [Abstract]
Contingently issuable shares excluded from diluted earnings per share	0.9	0.4

Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income/(loss)	$ 133	$ 202
Weighted-average common shares outstanding	96.1	103.6
Dilutive effect of potential common shares	1.1	1.4
Weighted-average common shares outstanding assuming dilution	97.2	105.0
Earnings per share - basic	$ 1.38	$ 1.95
Earnings per share - diluted	$ 1.37	$ 1.93
Stock Option Plans [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive share-based awards excluded from diluted calculation	2.5	1.7

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.