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Acquisition of Foot Locker (Tables) | 12 Months Ended
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Jan. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Business Combination | Total purchase consideration for the Transaction was $2.5 billion, which was partially funded by cash on-hand in addition to the other components of consideration detailed in the table below:
(in thousands) | September 8, 2025
Fair value of Stock Consideration | $ | 2,144,211 |
Cash paid for outstanding Foot Locker common stock | 222,962 |
Fair value of previously held equity interest (1) | 111,632 |
Pre-combination fair value of replacement equity awards | 29,032 |
Cash paid for the settlement of equity awards | 4,825 |
Total fair value of consideration exchanged | $ | 2,512,662 |
(1)Represents the fair value of 4.3 million shares of Foot Locker common stock held by the Company prior to the Transaction, which were retired pursuant to the Merger Agreement.
Business Combination, Recognized Asset Acquired and Liability Assumed | We have accounted for the Transaction as a business combination under the acquisition method in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. The following table summarizes the preliminary purchase price allocation of the estimated fair values of assets acquired and liabilities assumed as of September 8, 2025:
(in thousands) | September 8, 2025
Cash and cash equivalents | $ | 484,882 |
Accounts receivable and other receivables | 147,432 |
Inventories | 1,718,069 |
Prepaid expenses and other current assets | 179,388 |
Property and equipment | 697,865 |
Operating lease assets | 1,876,206 |
Intangible assets | 710,000 |
Goodwill | 618,840 |
Deferred income tax assets | 78,268 |
Other assets | 144,264 |
Accounts payable | (590,654) |
Accrued expenses | (482,387) |
Current operating lease liabilities | (443,533) |
Deferred revenue and other liabilities | (112,253) |
Long-term debt and financing lease obligations | (420,760) |
Long-term operating lease liabilities | (1,876,709) |
Deferred income tax liabilities | (152,931) |
Other long-term liabilities | (63,325) |
Total preliminary purchase price | $ | 2,512,662 |
Business Combination, Pro Forma Information | The unaudited pro forma combined financial information is provided for informational purposes only and may not be indicative of the operating results that would have occurred if the Transaction had occurred on February 4, 2024, nor is it indicative of the future results of the Company following the Transaction.
(in thousands, except per share amounts) |  | Fiscal 2025 |  | Fiscal 2024
Net sales |  | $ | 21,786,502 |  |  | $ | 21,431,183 |
Net income |  | $ | 755,469 |  |  | $ | 1,142,955 |
Basic earnings per common share |  | $ | 8.51 |  |  | $ | 12.69 |
Diluted earnings per common share |  | $ | 8.30 |  |  | $ | 12.34 |

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