Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jan. 29, 2022

Significant Accounting Policies [Line Items]

Activity of Gift Card Liability Balance

The table below presents the activity of our gift card liability balance:

	January 29,		January 30,
($ in millions)	2022		2021
Gift card liability at beginning of year	$	41	$	35
Liabilities acquired - WSS		1		—
Redemptions		(249)		(118)
Breakage recognized in sales		(17)		(8)
Activations		271		131
Foreign currency fluctuations		(1)		1
Gift card liability	$	46	$	41

Computation of Basic and Diluted Earnings Per Share

The computation of basic and diluted EPS is as follows:

(in millions, except per share data)	2021		2020		2019
Net income attributable to Foot Locker, Inc.	$	893	$	323	$	491
Weighted-average common shares outstanding		102.5		104.3		108.7
Dilutive effect of potential common shares		1.3		0.8		0.4
Weighted-average common shares outstanding assuming dilution		103.8		105.1		109.1
Earnings per share - basic	$	8.72	$	3.10	$	4.52
Earnings per share - diluted	$	8.61	$	3.08	$	4.50
Anti-dilutive share-based awards excluded from diluted calculation		1.8		2.5		2.2

Reconciliation of Cash and Cash Equivalents

The following table provides the reconciliation of cash, cash equivalents, and restricted cash, as reported on our consolidated statements of cash flows:

	January 29,		January 30,		February 1,
($ in millions)	2022		2021		2020
Cash and cash equivalents (1)	$	804	$	1,680	$	907
Restricted cash included in other current assets		8		8		6
Restricted cash included in other non-current assets		38		30		29
Cash, cash equivalents, and restricted cash	$	850	$	1,718	$	942

(1) Includes cash equivalents of $48 million, $503 million, and $366 million for the years ended January 29, 2022, January 30, 2021, and February 1, 2020, respectively.

Estimated Useful Lives

Depreciation and amortization are computed on a straight-line basis over the following estimated useful lives:

Buildings	Maximum of 50 years
Store leasehold improvements	Shorter of the asset useful life or expected term of the lease
Furniture, fixtures, and equipment	3‑10 years
Software	2‑5 years

Advertising Expense [Member]

Significant Accounting Policies [Line Items]

Costs Included as Component of Selling, General and Administrative Expenses

Advertising costs, including digital advertising, which are included as a component of SG&A, were as follows:

($ in millions)	2021		2020		2019
Advertising expenses	$	113	$	69	$	91
Digital advertising expenses		110		89		95
Cooperative advertising reimbursements		(29)		(14)		(20)
Net advertising expense	$	194	$	144	$	166