Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Nov. 03, 2013 | Dec. 03, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'PVH CORP. /DE/ | ' |
Entity Central Index Key | '0000078239 | ' |
Current Fiscal Year End Date | '--02-02 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 3-Nov-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 81,622,410 |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Consolidated_Income_Statements
Consolidated Income Statements (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 |
Net sales | $2,145,165 | $1,501,442 | $5,852,649 | $4,033,911 |
Royalty revenue | 85,443 | 103,944 | 215,071 | 271,917 |
Advertising and other revenue | 28,517 | 37,384 | 66,412 | 100,971 |
Total revenue | 2,259,125 | 1,642,770 | 6,134,132 | 4,406,799 |
Cost of goods sold | 1,087,347 | 773,686 | 2,984,405 | 2,038,225 |
Gross profit | 1,171,778 | 869,084 | 3,149,727 | 2,368,574 |
Selling, general and administrative expenses | 927,370 | 631,139 | 2,787,846 | 1,823,143 |
Debt modification and extinguishment costs | 0 | 0 | 40,395 | 0 |
Equity in income of unconsolidated affiliates, net | 4,916 | 3,193 | 8,056 | 5,043 |
Income before interest and taxes | 249,324 | 241,138 | 329,542 | 550,474 |
Interest expense | 47,852 | 28,660 | 145,291 | 86,729 |
Interest income | 1,884 | 376 | 5,995 | 846 |
Income before taxes | 203,356 | 212,854 | 190,246 | 464,591 |
Income tax expense | 6,721 | 45,156 | 29,533 | 111,499 |
Net Income | 196,635 | 167,698 | 160,713 | 353,092 |
Less: Net (loss) income attributable to redeemable non-controlling interest | -78 | 0 | 48 | 0 |
Net income attributable to PVH Corp. | $196,713 | $167,698 | $160,665 | $353,092 |
Basic net income per common share attributable to PVH Corp. | $2.41 | $2.31 | $1.98 | $4.88 |
Diluted net income per common share attributable to PVH Corp. | $2.37 | $2.27 | $1.95 | $4.79 |
Dividends declared per common share | $0.04 | $0.04 | $0.15 | $0.11 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 |
Net Income | $196,635 | $167,698 | $160,713 | $353,092 |
Foreign currency translation adjustments, net of tax | 82,070 | 99,391 | -68,700 | -33,796 |
Amortization of prior service credit related to pension and postretirement plans, net of tax | -136 | -135 | -407 | -406 |
Net unrealized and realized (loss) gain on effective hedges, net of tax | -7,129 | -10,273 | 2,385 | -8,174 |
Comprehensive income | 271,440 | 256,681 | 93,991 | 310,716 |
Less: Comprehensive loss attributable to redeemable non-controlling interest | -215 | 0 | -1,840 | 0 |
Total comprehensive income attributable to PVH Corp. | $271,655 | $256,681 | $95,831 | $310,716 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 |
Foreign currency translation adjustments, tax expense (benefit) | $138 | $449 | ($192) | ($4) |
Amortization of prior service credit related to pension and postretirement plans, tax (benefit) | -85 | -85 | -253 | -253 |
Net unrealized and realized gain on effective hedges, tax (benefit) expense | ($970) | $563 | ($1,724) | $927 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Nov. 03, 2013 | Feb. 03, 2013 | Oct. 28, 2012 |
In Thousands, unless otherwise specified | |||
Current Assets: | ' | ' | ' |
Cash and cash equivalents | $542,533 | $892,209 | $276,630 |
Trade receivables, net of allowances for doubtful accounts of $21,108, $16,114 and $17,437 | 880,160 | 418,251 | 587,603 |
Other receivables | 39,686 | 23,073 | 19,862 |
Inventories, net | 1,168,188 | 878,415 | 855,359 |
Prepaid expenses | 227,771 | 157,802 | 80,925 |
Other, including deferred taxes of $88,089, $38,310 and $53,530 | 159,161 | 67,256 | 91,740 |
Assets held for sale | 47,454 | 0 | 0 |
Total Current Assets | 3,064,953 | 2,437,006 | 1,912,119 |
Property, Plant and Equipment, net | 693,089 | 561,335 | 519,863 |
Goodwill | 3,460,505 | 1,958,887 | 1,855,195 |
Tradenames | 2,998,785 | 2,413,809 | 2,374,513 |
Perpetual License Rights | 206,996 | 0 | 0 |
Other Intangibles, net | 842,745 | 167,196 | 153,812 |
Other Assets, including deferred taxes of $149,093, $61,465 and $3,671 | 384,547 | 243,316 | 170,469 |
Total Assets | 11,651,620 | 7,781,549 | 6,985,971 |
Current Liabilities: | ' | ' | ' |
Accounts payable | 435,917 | 377,231 | 300,468 |
Accrued expenses, including deferred taxes of $2,481, $0 and $0 | 750,211 | 646,130 | 588,511 |
Deferred revenue | 18,343 | 40,239 | 24,473 |
Short-term borrowings | 12,441 | 10,847 | 142,514 |
Current portion of long-term debt | 85,000 | 88,000 | 84,000 |
Total Current Liabilities | 1,301,912 | 1,162,447 | 1,139,966 |
Long-Term Debt | 4,174,552 | 2,211,642 | 1,647,596 |
Other Liabilities, including deferred taxes of $1,088,715, $589,796 and $522,327 | 1,833,989 | 1,154,891 | 1,152,342 |
Redeemable Non-Controlling Interest | 5,600 | 0 | 0 |
Stockholders' Equity: | ' | ' | ' |
Preferred stock, par value $100 per share; 150,000 total shares authorized | 0 | 0 | 0 |
Series A convertible preferred stock, par value $100 per share; 0, 8,000 and 8,000 total shares authorized; 0, 0 and 4,000 shares issued and outstanding (with total liquidation preference of $0, $0 and $100,000) | 0 | 0 | 94,298 |
Common stock, par value $1 per share; 240,000,000 shares authorized; 82,095,790; 73,324,491 and 71,037,023 shares issued | 82,096 | 73,324 | 71,037 |
Additional paid in capital - common stock | 2,646,397 | 1,623,693 | 1,511,574 |
Retained earnings | 1,592,201 | 1,445,673 | 1,367,673 |
Accumulated other comprehensive income | 75,048 | 139,882 | 31,459 |
Less: 504,845; 413,596 and 413,301 shares of common stock held in treasury, at cost | -60,175 | -30,003 | -29,974 |
Total Stockholders' Equity | 4,335,567 | 3,252,569 | 3,046,067 |
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity | $11,651,620 | $7,781,549 | $6,985,971 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 03, 2013 | Feb. 03, 2013 | Oct. 28, 2012 |
In Thousands, except Share data, unless otherwise specified | |||
Current Assets: | ' | ' | ' |
Allowance for doubtful accounts | $21,108 | $16,114 | $17,437 |
Other current assets, deferred taxes | 88,089 | 38,310 | 53,530 |
Other Assets: | ' | ' | ' |
Other assets, deferred taxes | 149,093 | 61,465 | 3,671 |
Liabilities: | ' | ' | ' |
Accrued expenses, deferred taxes | 2,481 | 0 | 0 |
Other liabilities, deferred taxes | 1,088,715 | 589,796 | 522,327 |
Stockholders' Equity: | ' | ' | ' |
Common stock, par value (in dollars per share) | $1 | $1 | $1 |
Common stock, shares authorized (in shares) | 240,000,000 | 240,000,000 | 240,000,000 |
Common stock, shares issued (in shares) | 82,095,790 | 73,324,491 | 71,037,023 |
Preferred stock, par value (in dollars per share) | $100 | $100 | $100 |
Preferred stock, shares authorized (in shares) | 150,000 | 150,000 | 150,000 |
Shares of common stock held in treasury, at cost (in shares) | 504,845 | 413,596 | 413,301 |
Series A Convertible Preferred Stock [Member] | ' | ' | ' |
Stockholders' Equity: | ' | ' | ' |
Preferred stock, par value (in dollars per share) | $100 | $100 | $100 |
Preferred stock, shares authorized (in shares) | 0 | 8,000 | 8,000 |
Preferred stock, shares issued (in shares) | 0 | 0 | 4,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 | 4,000 |
Preferred stock, liquidation preference | $0 | $0 | $100,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Nov. 03, 2013 | Oct. 28, 2012 | ||
OPERATING ACTIVITIES | ' | ' | ||
Net Income | $160,713 | $353,092 | ||
Adjustments to reconcile to net cash provided by operating activities: | ' | ' | ||
Depreciation and amortization | 267,016 | 102,544 | ||
Equity in income of unconsolidated affiliates, net | -8,056 | -5,043 | ||
Deferred taxes | -87,089 | 30,777 | ||
Stock-based compensation expense | 47,103 | 26,372 | ||
Impairment of long-lived assets | 5,804 | 259 | ||
Debt modification and extinguishment costs | 40,395 | 0 | ||
Write-down of assets held for sale | 15,997 | 0 | ||
Changes in operating assets and liabilities: | ' | ' | ||
Trade receivables, net | -176,011 | -122,277 | ||
Inventories, net | 98,649 | -50,622 | ||
Accounts payable, accrued expenses and deferred revenue | -303,418 | -38,849 | ||
Prepaid expenses | -22,153 | 30,011 | ||
Employer pension contributions | -60,000 | -21,123 | ||
Other, net | 74,968 | -19,763 | ||
Net cash provided by operating activities | 53,918 | 285,378 | ||
INVESTING ACTIVITIES(1) | ' | ' | ||
Business acquisitions, net of cash acquired | -1,815,329 | -13,104 | ||
Purchase of property, plant and equipment | -166,194 | -137,048 | ||
Contingent purchase price payments | -37,576 | -35,694 | ||
Investments in unconsolidated affiliates | -3,468 | -1,900 | ||
Net cash used by investing activities | -2,022,567 | [1] | -187,746 | [1] |
FINANCING ACTIVITIES(1) | ' | ' | ||
Net proceeds from revolving credit facilities | 1,325 | 130,000 | ||
Net payments on short-term borrowings | -26,658 | -526 | ||
Repayment of old credit facilities | -900,000 | -167,414 | ||
Repayment of new credit facilities | -202,938 | 0 | ||
Repayment of Warnacobs previously outstanding debt | -197,000 | 0 | ||
Net proceeds from new credit facilities | 2,993,430 | 0 | ||
Payment of fees associated with issuance of senior notes | -16,257 | 0 | ||
Net proceeds from settlement of awards under stock plans | 27,004 | 7,121 | ||
Excess tax benefits from awards under stock plans | 22,681 | 8,327 | ||
Cash dividends | -12,297 | -8,237 | ||
Acquisition of treasury shares | -60,441 | -13,955 | ||
Payments of capital lease obligations | -7,036 | -8,565 | ||
Net cash provided (used) by financing activities | 1,621,813 | [1] | -53,249 | [1] |
Effect of exchange rate changes on cash and cash equivalents | -2,840 | -950 | ||
(Decrease) increase in cash and cash equivalents | -349,676 | 43,433 | ||
Cash and cash equivalents at beginning of period | 892,209 | 233,197 | ||
Cash and cash equivalents at end of period | $542,533 | $276,630 | ||
[1] | See Note 18 for information on noncash investing and financing transactions. |
GENERAL
GENERAL | 9 Months Ended |
Nov. 03, 2013 | |
Notes to Financial Statements [Abstract] | ' |
GENERAL | ' |
GENERAL | |
PVH Corp. and its consolidated subsidiaries (collectively, the “Company”) constitute a global apparel company whose brand portfolio consists of nationally and internationally recognized brand names, including Calvin Klein, Tommy Hilfiger, Van Heusen, IZOD, ARROW, Warner’s and Olga, which are owned, and Speedo, which is licensed, as well as various other owned, licensed and private label brands. In addition, through the end of the third quarter of 2013, the Company owned, and operated businesses under, the G.H. Bass & Co. and Bass trademarks. The Company designs and markets branded dress shirts, neckwear, sportswear, swim products, intimates and, to a lesser extent, footwear and other related products and licenses its owned brands over a broad range of products. References to the aforementioned and other brand names are to registered trademarks owned by the Company or licensed to the Company by third parties and are identified by italicizing the brand name. | |
The consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated in consolidation. Investments in entities that the Company does not control but has the ability to exercise significant influence over are accounted for using the equity method of accounting. Please see Note 5, “Investments in Unconsolidated Affiliates,” for a further discussion. The Company’s Consolidated Income Statements include its proportionate share of the net income or loss of these entities. As a result of the acquisition of The Warnaco Group, Inc. (“Warnaco”), the Company owns a majority interest in a joint venture in India that is consolidated and accounted for as a redeemable non-controlling interest. Please see Note 6, “Redeemable Non-Controlling Interest,” for a further discussion. The redeemable non-controlling interest represents the minority shareholders’ proportionate share (49%) of the equity in that entity. | |
The Company’s fiscal years are based on the 52-53 week period ending on the Sunday closest to February 1 and are designated by the calendar year in which the fiscal year commences. References to a year are to the Company’s fiscal year, unless the context requires otherwise. | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information. Accordingly, they do not contain all disclosures required by accounting principles generally accepted in the United States for complete financial statements. Reference should be made to the audited consolidated financial statements, including the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended February 3, 2013. | |
The preparation of interim financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from the estimates. | |
The results of operations for the thirteen and thirty-nine weeks ended November 3, 2013 and October 28, 2012 are not necessarily indicative of those for a full fiscal year due, in part, to seasonal factors. The data contained in these financial statements are unaudited and are subject to year-end adjustments. However, in the opinion of management, all known adjustments (which consist only of normal recurring accruals) have been made to present fairly the consolidated operating results for the unaudited periods. | |
The results of operations for the thirteen and thirty-nine weeks ended November 3, 2013 includes income of $24,309 related to the amendment of an unfavorable contract. At the time of the Tommy Hilfiger acquisition in 2010, a liability was recorded for such unfavorable contract. The amendment executed in the third quarter of 2013 adjusted the contract terms thereby reducing the amount by which the contract was unfavorable and resulted in a reduction of the liability, amounting to $24,309. Please see Note 19, “Segment Data,” for a further discussion. | |
Certain reclassifications have been made to the consolidated financial statements and the notes thereto for the prior year periods to present that information on a basis consistent with the current year. Please see Note 7, “Goodwill and Other Intangible Assets,” Note 8, “Retirement and Benefit Plans,” and Note 19, “Segment Data,” for discussions of changes in accounting and/or reporting related to these areas. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Nov. 03, 2013 | |
Notes to Financial Statements [Abstract] | ' |
INVENTORIES | ' |
INVENTORIES | |
Inventories are comprised principally of finished goods and are stated at the lower of cost or market. |
ACQUISITIONS
ACQUISITIONS | 9 Months Ended | |||||||||||||||
Nov. 03, 2013 | ||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||
ACQUISITIONS | ' | |||||||||||||||
ACQUISITIONS | ||||||||||||||||
Acquisition of Warnaco | ||||||||||||||||
The Company acquired on February 13, 2013 all of the outstanding equity interests in Warnaco. The results of Warnaco’s operations since that date are included in the Company’s consolidated financial statements. Warnaco designs, sources, markets and distributes a broad line of intimate apparel, sportswear and swim products worldwide. Warnaco’s products are sold under the Calvin Klein, Speedo, Warner’s and Olga brand names and were also previously sold under the Chaps brand name. Ralph Lauren Corporation reacquired the Chaps license effective contemporaneously with the Company’s acquisition of Warnaco. | ||||||||||||||||
The Warnaco acquisition provided the Company with direct global control of the Calvin Klein brand image and commercial decisions for the two largest Calvin Klein apparel categories—jeans and underwear. In addition, the Company believes the acquisition takes advantage of its and Warnaco’s complementary geographic platforms. Warnaco’s operations in Asia and Latin America should enhance the Company’s opportunities in those high-growth regions, and the Company will have the ability to leverage its expertise and infrastructure in North America and Europe to enhance the growth and profitability of the Calvin Klein jeans and underwear businesses in those regions. | ||||||||||||||||
Fair Value of the Acquisition Consideration | ||||||||||||||||
The acquisition date fair value of the acquisition consideration paid at closing totaled $3,137,056, which consisted of the following: | ||||||||||||||||
Cash | $ | 2,179,980 | ||||||||||||||
Common stock (7,674 shares, par value $1.00 per share) | 926,452 | |||||||||||||||
Warnaco employee replacement stock awards | 39,752 | |||||||||||||||
Elimination of pre-acquisition liability to Warnaco | (9,128 | ) | ||||||||||||||
Total fair value of the acquisition consideration | $ | 3,137,056 | ||||||||||||||
The fair value of the 7,674 common shares issued was equal to the aggregate value of the shares at the closing market price of the Company’s common stock on February 12, 2013, the day prior to the closing. The value of the replacement stock awards was determined by multiplying the estimated fair value of the Warnaco awards outstanding at the time of the acquisition, reduced by an estimated value of awards to be forfeited, by the proportionate amount of the vesting period that had lapsed as of the acquisition date. Also included in the acquisition consideration was the elimination of a $9,128 pre-acquisition liability to Warnaco. | ||||||||||||||||
The Company funded the cash portion and related costs of the Warnaco acquisition, repaid all outstanding borrowings under its previously outstanding senior secured credit facilities and repaid all of Warnaco’s previously outstanding long-term debt with the net proceeds of (i) the issuance of $700,000 of 4 1/2% senior notes due 2022; and (ii) the borrowing of $3,075,000 of term loans under new senior secured credit facilities. | ||||||||||||||||
Please see Note 7, “Goodwill and Other Intangible Assets,” Note 9, “Debt,” Note 13, “Stock-Based Compensation,” and Note 15, “Stockholders’ Equity,” for a further discussion of these aspects of the acquisition. | ||||||||||||||||
The Company incurred certain pre-tax costs directly associated with the acquisition, including short-lived non-cash valuation adjustments and amortization, totaling approximately $192,000, of which approximately $43,000 was recorded in fiscal 2012 and approximately $149,000 was recorded during the thirty-nine weeks ended November 3, 2013. Please see Note 16, “Activity Exit Costs,” for a discussion of restructuring costs incurred during the thirty-nine weeks ended November 3, 2013 associated with the acquisition. | ||||||||||||||||
The operations acquired with Warnaco had total revenue of $1,567,596 and a net loss, after non-cash valuation adjustments and amortization and integration costs, of $(32,689) for the period from the date of acquisition through November 3, 2013. These amounts are included in the Company’s results of operations for the thirty-nine week period then ended. | ||||||||||||||||
Pro Forma Impact of the Transaction | ||||||||||||||||
The following table presents the Company’s pro forma consolidated results of operations for the thirteen and thirty-nine weeks ended November 3, 2013 and October 28, 2012, as if the acquisition and the related financing transactions had occurred on January 30, 2012 (the first day of its fiscal year ended February 3, 2013) instead of on February 13, 2013. The pro forma results were calculated applying the Company’s accounting policies and reflect (i) the impact on revenue, cost of goods sold and selling, general and administrative expenses resulting from the elimination of intercompany transactions; (ii) the impact on depreciation and amortization expense based on fair value adjustments to Warnaco’s property, plant and equipment and intangible assets recorded in connection with the acquisition; (iii) the impact on interest expense resulting from changes to the Company’s capital structure in connection with the acquisition; (iv) the impact on cost of goods sold resulting from acquisition date adjustments to the fair value of inventory; (v) the elimination of transaction costs related to the acquisition that were included in the Company’s results of operations for the thirteen and thirty-nine weeks ended November 3, 2013 and October 28, 2012; and (vi) the tax effects of the above adjustments. The pro forma results do not include any anticipated cost synergies or other effects of the planned integration of Warnaco. Accordingly, such pro forma amounts are not indicative of the results that actually would have occurred had the acquisition been completed on January 30, 2012, nor are they indicative of the future operating results of the combined company. | ||||||||||||||||
Pro Forma | Pro Forma | |||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | |||||||||||||
Total revenue | $ | 2,259,125 | $ | 2,142,800 | $ | 6,197,162 | $ | 5,886,639 | ||||||||
Net income attributable to PVH Corp. | 300,119 | 181,370 | 450,067 | 261,787 | ||||||||||||
Allocation of the Acquisition Consideration | ||||||||||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities and redeemable non-controlling interest assumed at the date of acquisition: | ||||||||||||||||
Cash and cash equivalents | $ | 364,651 | ||||||||||||||
Trade receivables | 291,644 | |||||||||||||||
Other receivables | 42,894 | |||||||||||||||
Inventories | 446,591 | |||||||||||||||
Prepaid expenses | 39,210 | |||||||||||||||
Other current assets | 56,649 | |||||||||||||||
Property, plant and equipment | 127,059 | |||||||||||||||
Goodwill | 1,481,375 | |||||||||||||||
Tradenames | 604,600 | |||||||||||||||
Perpetual license rights | 207,600 | |||||||||||||||
Other intangibles | 823,300 | |||||||||||||||
Other assets | 161,393 | |||||||||||||||
Total assets acquired | 4,646,966 | |||||||||||||||
Accounts payable | 179,931 | |||||||||||||||
Accrued expenses | 262,570 | |||||||||||||||
Short-term borrowings | 26,927 | |||||||||||||||
Current portion of long-term debt | 2,000 | |||||||||||||||
Long-term debt | 195,000 | |||||||||||||||
Other liabilities | 837,882 | |||||||||||||||
Total liabilities assumed | 1,504,310 | |||||||||||||||
Redeemable non-controlling interest | 5,600 | |||||||||||||||
Total fair value of acquisition consideration | $ | 3,137,056 | ||||||||||||||
The Company is still in the process of valuing the assets acquired and liabilities and redeemable non-controlling interest assumed; thus, the allocation of the acquisition consideration is subject to change. | ||||||||||||||||
In connection with the acquisition, the Company recorded goodwill of $1,481,375, which was assigned to the Company’s Calvin Klein North America, Calvin Klein International and Heritage Brands Wholesale segments in the amounts of $451,427, $900,006 and $129,942, respectively. None of the goodwill is expected to be deductible for tax purposes. The Company also recorded other intangible assets of $1,635,500, which included reacquired license rights of $576,400, order backlog of $97,100 and customer relationships of $149,800, which are all amortizable, as well as tradenames of $604,600 and perpetual license rights of $207,600, which have indefinite lives. | ||||||||||||||||
Acquisition of Netherlands Franchisee | ||||||||||||||||
On August 1, 2012, the Company acquired from a former Tommy Hilfiger franchisee in the Netherlands 100% of the share capital of ten affiliated companies, which operate 13 Tommy Hilfiger stores in the Netherlands. The Company paid $13,104 as consideration for this transaction, which was accounted for as a business combination. |
ASSETS_HELD_FOR_SALE
ASSETS HELD FOR SALE | 9 Months Ended | ||||
Nov. 03, 2013 | |||||
Long Lived Assets Held-for-sale [Line Items] | ' | ||||
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | ' | ||||
ASSETS HELD FOR SALE | |||||
During the third quarter of 2013, the Company entered into an agreement to sell substantially all of the assets of its G.H. Bass & Co. (“Bass”) division. The decision to sell these assets was based on the Company’s strategy to drive growth through its higher-margin Calvin Klein and Tommy Hilfiger businesses. The Company recorded a net pre-tax loss of $19,453 during the third quarter of 2013 in connection the sale, the details of which are discussed below. | |||||
The Company classified the Bass assets as held for sale and recorded a loss of $15,997 during the third quarter of 2013 to reflect these assets in the Consolidated Balance Sheet as of November 3, 2013 at $47,454, representing their fair value, less estimated costs to sell. This loss is principally included in selling, general and administrative expenses in the Company’s Consolidated Income Statements for the thirteen and thirty-nine weeks ended November 3, 2013. On November 4, 2013, the Company completed the sale of these assets for net proceeds of $47,454. The sale price, net of costs to sell, was equal to the carrying value of the assets as of November 3, 2013. | |||||
The assets classified as held for sale in the Company’s Consolidated Balance Sheet as of November 3, 2013 are included in the Heritage Brands Retail segment and consisted of the following: | |||||
Other receivables | $ | 235 | |||
Inventories, net | 48,997 | ||||
Other current assets | 178 | ||||
Property, plant and equipment, net | 13,989 | ||||
Other noncurrent assets | 52 | ||||
Allowance for reduction of assets held for sale | (15,997 | ) | |||
Total assets held for sale | $ | 47,454 | |||
A small number of the Company’s Bass stores were excluded from the sale and were deemed to be impaired as of November 3, 2013. The Company recorded a loss of $1,161 during the third quarter of 2013 related to the impaired stores. Please see Note 12, “Fair Value Measurements,” for a further discussion. In addition, during the third quarter of 2013, the Company recorded a gain of $3,255 as a result of writing off certain liabilities in connection with the transaction. The Company also recognized costs during the third quarter of 2013 related to severance and termination benefits for certain Bass employees, which totaled $1,177. The above-mentioned items are included in selling, general and administrative expenses in the Company’s Consolidated Income Statements for the thirteen and thirty-nine weeks ended November 3, 2013 and are included in the Heritage Brands Retail segment. | |||||
In connection with the sale, the Company guaranteed lease payments for substantially all Bass retail stores included in the sale pursuant to the terms of noncancelable leases expiring on various dates through 2022. These guarantees include minimum rent payments and relate to leases that commenced prior to the sale of the Bass assets. In certain instances, the Company’s guarantee may remain in effect if an option is exercised to extend the term of the lease. The maximum amount guaranteed as of November 3, 2013 is approximately $84,000 and the Company has the right to seek recourse from the buyer of the Bass assets for the full amount. The estimated fair value of these guarantee obligations as of November 3, 2013 is $4,373, which was recorded in the Heritage Brands Retail segment and is included in selling, general and administrative expenses in the Company’s Consolidated Income Statements for the thirteen and thirty-nine weeks ended November 3, 2013 and accrued expenses and other liabilities in the Company’s Consolidated Balance Sheet as of November 3, 2013. Please see Note 12, “Fair Value Measurements,” for a further discussion. |
INVESTMENTS_IN_UNCONSOLIDATED_
INVESTMENTS IN UNCONSOLIDATED AFFILIATES | 9 Months Ended |
Nov. 03, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
INVESTMENTS IN UNCONSOLIDATED AFFILIATES | ' |
INVESTMENTS IN UNCONSOLIDATED AFFILIATES | |
Brazil | |
In 2012, the Company formed a joint venture, Tommy Hilfiger do Brasil S.A., in Brazil, in which the Company owns a 40% economic interest. The joint venture holds an exclusive license for the Tommy Hilfiger brand in Brazil that became effective on January 4, 2013. The Company made a payment of $2,760 to Tommy Hilfiger do Brasil S.A. during the thirty-nine weeks ended November 3, 2013 to contribute its 40% share of funding. This investment is being accounted for under the equity method of accounting. | |
China | |
In 2011, the Company formed a joint venture, TH Asia Ltd., in China, in which the Company owns a 45% economic interest. The joint venture assumed direct control of the Tommy Hilfiger wholesale and retail distribution businesses in China from the prior licensee on August 1, 2011. This investment is being accounted for under the equity method of accounting. | |
India | |
In 2011, the Company completed an acquisition of a 50% economic interest in a company that has since been renamed Tommy Hilfiger Arvind Fashion Private Limited (“TH India”). TH India is the direct licensee of the Tommy Hilfiger trademarks in India for all categories (other than fragrance), operates a wholesale apparel, footwear and handbags business in connection with its license, and sublicenses the trademarks for certain other product categories. The Company made a payment of $1,900 to TH India during the thirty-nine weeks ended October 28, 2012 to contribute its 50% share of funding. This investment is being accounted for under the equity method of accounting. | |
Australia | |
During the third quarter of 2013, the Company announced that it formed a joint venture, PVH Brands Australia Pty. Limited, in which the Company owns a 50% economic interest. The joint venture will license from a subsidiary of the Company the rights to operate, manage and distribute Calvin Klein brand products in Australia, New Zealand and other island nations in the South Pacific. As part of the joint venture agreement, the Company will contribute to the joint venture its subsidiaries currently operating the Calvin Klein jeans businesses in Australia and New Zealand. Upon completion of this contribution, which is expected to occur on February 3, 2014, the Company will deconsolidate these subsidiaries. The Company made a payment of $708 to PVH Brands Australia Pty. Limited during the thirty-nine weeks ended November 3, 2013. The Company will account for its investment in this joint venture under the equity method of accounting. | |
Included in other assets in the Company’s Consolidated Balance Sheets as of November 3, 2013, February 3, 2013 and October 28, 2012 is $71,899, $62,021 and $53,377, respectively, related to these investments in unconsolidated affiliates. |
REDEEMABLE_NONCONTROLLING_INTE
REDEEMABLE NON-CONTROLLING INTEREST | 9 Months Ended |
Nov. 03, 2013 | |
Redeemable Non-Controlling Interest Disclosure [Abstract] | ' |
REDEEMABLE NON-CONTROLLING INTEREST | ' |
REDEEMABLE NON-CONTROLLING INTEREST | |
As a result of the acquisition of Warnaco, the Company owns a 51% interest in a joint venture in India, Premium Garments Wholesale Trading Private Limited (“CK India”), that is consolidated in the Company’s financial statements. | |
The Shareholders Agreement entered into by the parties to the joint venture (the “Shareholders Agreement”) contains a put option under which the non-controlling shareholders can require the Company to purchase all or a portion of their shares in the joint venture (i) at any date with respect to one of the non-controlling shareholders, who holds a 24% ownership, and (ii) after July 8, 2015, or at any date if the Company commits a material breach, as defined in the Shareholders Agreement, that is not cured, or becomes insolvent, with respect to the other non-controlling shareholder, who holds a 25% ownership. The put price is the fair market value of the shares on the redemption date based upon a multiple of the joint venture’s earnings before interest, taxes, depreciation and amortization for the prior 12 months, less the joint venture’s net debt and any amounts owed to the Company by the non-controlling shareholders. | |
The Shareholders Agreement also contains a call option, under which the Company can require any of the non-controlling shareholders to sell their shares to the Company (i) at any date in the event that any non-controlling shareholder commits a material breach, as defined in the Shareholders Agreement, under any of the agreements related to the joint venture, that is not cured; or (ii) at any date after July 8, 2015. The call price is determined by the same method as the put price (as described above). During the second quarter of 2013, the Company gave notice to the non-controlling shareholders that it was exercising the call option due to a continuing material breach by the non-controlling shareholders. The sale of the non-controlling interests has not yet been consummated. | |
The fair value of the non-controlling interest as of the date of the Warnaco acquisition was estimated to be $5,600, which is subject to change pending the finalization of the valuation of the acquisition consideration allocation. Subsequent changes in the fair value of the redeemable non-controlling interest are recognized immediately as they occur, since a portion of the non-controlling interest is currently redeemable and it is probable that the other portion will become redeemable in the future based on the passage of time. The carrying amount of the redeemable non-controlling interest is adjusted to equal the fair value at the end of each reporting period, provided that this amount at the end of each reporting period cannot be lower than the initial fair value. Any fair value adjustment to the carrying amount is determined after attribution of net income and other comprehensive income of the non-controlling interest. After initial measurement, the attribution of any net losses of the non-controlling interest cannot exceed the amount of any increase in fair value above the initial fair value. Any fair value adjustment to the carrying amount of the redeemable non-controlling interest will be recognized immediately in retained earnings of the Company. After adjusting the carrying amount for the net income and other comprehensive loss attributable to the non-controlling interest during the thirty-nine weeks ended November 3, 2013, an adjustment to the Company’s retained earnings of $1,840 was necessary to increase the fair value of the redeemable non-controlling interest, as of November 3, 2013, to the initial fair value of $5,600. |
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Nov. 03, 2013 | ||||||||||||||||||||||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | |||||||||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||||||||||||||||||||
The acquisition of Warnaco has significantly impacted the way the Company and its chief operating decision maker manage and analyze the Company’s operating results. As such, the Company has changed its reportable segments. Please see Note 19, “Segment Data,” for a further discussion. This change in segments resulted in a reallocation of goodwill amongst some of the Company’s reportable segments. Prior period data has been retrospectively adjusted to reflect this reallocation. | ||||||||||||||||||||||||||||||||||||
The changes in the carrying amount of goodwill for the thirty-nine weeks ended November 3, 2013, by segment, were as follows: | ||||||||||||||||||||||||||||||||||||
Calvin Klein North America | Calvin Klein International | Tommy Hilfiger North America | Tommy Hilfiger International | Heritage Brands Wholesale | Total | |||||||||||||||||||||||||||||||
Balance as of February 3, 2013 | ||||||||||||||||||||||||||||||||||||
Goodwill, gross | $ | 207,083 | $ | 201,542 | $ | 198,501 | $ | 1,196,619 | $ | 155,142 | $ | 1,958,887 | ||||||||||||||||||||||||
Accumulated impairment losses | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Goodwill, net | 207,083 | 201,542 | 198,501 | 1,196,619 | 155,142 | 1,958,887 | ||||||||||||||||||||||||||||||
Contingent purchase price payments to Mr. Calvin Klein | 24,044 | 15,082 | — | — | — | 39,126 | ||||||||||||||||||||||||||||||
Goodwill from acquisition of Warnaco | 451,427 | 900,006 | — | — | 129,942 | 1,481,375 | ||||||||||||||||||||||||||||||
Currency translation | (3,437 | ) | (7,269 | ) | — | (7,853 | ) | (324 | ) | (18,883 | ) | |||||||||||||||||||||||||
Balance as of November 3, 2013 | ||||||||||||||||||||||||||||||||||||
Goodwill, gross | 679,117 | 1,109,361 | 198,501 | 1,188,766 | 284,760 | 3,460,505 | ||||||||||||||||||||||||||||||
Accumulated impairment losses | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Goodwill, net | $ | 679,117 | $ | 1,109,361 | $ | 198,501 | $ | 1,188,766 | $ | 284,760 | $ | 3,460,505 | ||||||||||||||||||||||||
The Company is required to make contingent purchase price payments to Mr. Calvin Klein in connection with the Company’s acquisition in 2003 of all of the issued and outstanding stock of Calvin Klein, Inc. and certain affiliated companies (collectively, “Calvin Klein”). Such payments are based on 1.15% of total worldwide net sales, as defined in the acquisition agreement (as amended), of products bearing any of the Calvin Klein brands and are required to be made with respect to sales made through February 12, 2018. A significant portion of the sales on which the payments to Mr. Klein are made are wholesale sales by the Company and its licensees and other partners to retailers. | ||||||||||||||||||||||||||||||||||||
The Company’s intangible assets consisted of the following: | ||||||||||||||||||||||||||||||||||||
11/3/13 | 2/3/13 | 10/28/12 | ||||||||||||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | Carrying | Amortization | |||||||||||||||||||||||||||||||
Amount | Amount | Amount | ||||||||||||||||||||||||||||||||||
Intangible assets subject to amortization: | ||||||||||||||||||||||||||||||||||||
Customer relationships(1) | $ | 337,061 | $ | (61,319 | ) | $ | 275,742 | $ | 190,383 | $ | (41,158 | ) | $ | 149,225 | $ | 176,988 | $ | (38,125 | ) | $ | 138,863 | |||||||||||||||
Covenants not to compete | 2,220 | (2,220 | ) | — | 2,220 | (2,220 | ) | — | 2,220 | (2,205 | ) | 15 | ||||||||||||||||||||||||
Order backlog(1) | 128,116 | (128,116 | ) | — | 32,287 | (32,287 | ) | — | 32,287 | (32,287 | ) | — | ||||||||||||||||||||||||
Reacquired license rights(1) | 571,796 | (17,698 | ) | 554,098 | 8,565 | (3,636 | ) | 4,929 | 5,927 | (3,332 | ) | 2,595 | ||||||||||||||||||||||||
Total intangible assets subject to amortization | 1,039,193 | (209,353 | ) | 829,840 | 233,455 | (79,301 | ) | 154,154 | 217,422 | (75,949 | ) | 141,473 | ||||||||||||||||||||||||
Intangible assets not subject to amortization: | ||||||||||||||||||||||||||||||||||||
Tradenames(1) | 2,998,785 | — | 2,998,785 | 2,413,809 | — | 2,413,809 | 2,374,513 | — | 2,374,513 | |||||||||||||||||||||||||||
Perpetual license rights(1) | 206,996 | — | 206,996 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Reacquired perpetual license rights | 12,905 | — | 12,905 | 13,042 | — | 13,042 | 12,339 | — | 12,339 | |||||||||||||||||||||||||||
Total intangible assets not subject to amortization | 3,218,686 | — | 3,218,686 | 2,426,851 | — | 2,426,851 | 2,386,852 | — | 2,386,852 | |||||||||||||||||||||||||||
Total intangible assets | $ | 4,257,879 | $ | (209,353 | ) | $ | 4,048,526 | $ | 2,660,306 | $ | (79,301 | ) | $ | 2,581,005 | $ | 2,604,274 | $ | (75,949 | ) | $ | 2,528,325 | |||||||||||||||
(1) Change from February 3, 2013 to November 3, 2013 primarily relates to intangible assets recorded in connection with the acquisition of Warnaco. The acquired customer relationships are amortized principally over 10 years, order backlog is amortized principally over 6 months and reacquired license rights are amortized principally over 33 years from the date of the acquisition. As of November 3, 2013, the weighted average life of the amortizable intangible assets recorded in connection with the acquisition of Warnaco was 27.8 years. | ||||||||||||||||||||||||||||||||||||
Amortization expense related to the Company’s amortizable intangible assets was $130,052 and $9,550 for the thirty-nine weeks ended November 3, 2013 and October 28, 2012, respectively. | ||||||||||||||||||||||||||||||||||||
Assuming constant exchange rates and no change in the gross carrying amount of the intangible assets, amortization expense for the remainder of 2013 and the next five years thereafter related to the Company’s intangible assets as of November 3, 2013 is expected to be as follows: | ||||||||||||||||||||||||||||||||||||
Fiscal Year | Amount | |||||||||||||||||||||||||||||||||||
Remainder of 2013 | $ | 11,770 | ||||||||||||||||||||||||||||||||||
2014 | 45,337 | |||||||||||||||||||||||||||||||||||
2015 | 44,989 | |||||||||||||||||||||||||||||||||||
2016 | 44,989 | |||||||||||||||||||||||||||||||||||
2017 | 44,989 | |||||||||||||||||||||||||||||||||||
2018 | 44,989 | |||||||||||||||||||||||||||||||||||
RETIREMENT_AND_BENEFIT_PLANS
RETIREMENT AND BENEFIT PLANS | 9 Months Ended | |||||||||||||||
Nov. 03, 2013 | ||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||
RETIREMENT AND BENEFIT PLANS | ' | |||||||||||||||
RETIREMENT AND BENEFIT PLANS | ||||||||||||||||
The Company has six noncontributory defined benefit pension plans (including a plan acquired as part of the Warnaco acquisition, which is frozen) covering substantially all employees resident in the United States who meet certain age and service requirements. For those vested (after five years of service), the plans provide monthly benefits upon retirement based on career compensation and years of credited service. The Company refers to these six plans as its “Pension Plans.” | ||||||||||||||||
The Company also has for certain members of Tommy Hilfiger’s domestic senior management a supplemental executive retirement plan, which is an unfunded non-qualified supplemental defined benefit pension plan. Such plan is frozen and, as a result, participants do not accrue additional benefits. In addition, the Company has a capital accumulation program, which is an unfunded non-qualified supplemental defined benefit plan, covering two current and 15 retired executives as of November 3, 2013. Under the individual participants’ agreements, the participants in this plan will receive a predetermined amount during the 10 years following the attainment of age 65, provided that prior to the termination of employment with the Company, the participant has been in the plan for at least 10 years and has attained age 55. The Company also has for certain employees resident in the United States who meet certain age and service requirements an unfunded non-qualified supplemental defined benefit pension plan, which provides benefits for compensation in excess of Internal Revenue Service earnings limits and requires payments to vested employees upon, or shortly after, employment termination or retirement. The Company refers to these three plans as its “SERP Plans.” | ||||||||||||||||
The Company also provides certain postretirement health care and life insurance benefits to certain retirees resident in the United States. Retirees contribute to the cost of this plan, which is unfunded. During 2002, the postretirement plan was amended to eliminate the Company contribution, which partially subsidized benefits, for active participants who, as of January 1, 2003, had not attained age 55 and 10 years of service. As a result of the Company’s acquisition of Warnaco, the Company also provides certain postretirement health care and life insurance benefits to certain Warnaco retirees resident in the United States. Retirees contribute to the cost of this plan, which is unfunded. The Company refers to these two plans as its “Postretirement Plans.” | ||||||||||||||||
During the fourth quarter of 2012, the Company changed its method of accounting for actuarial gains and losses for its pension and other postretirement plans. Historically, the Company recognized actuarial gains and losses for its pension and other postretirement obligations and pension plan assets as a component of other comprehensive income in the periods in which they arose. As set forth in the Financial Accounting Standards Board (“FASB”) guidance for pension and other postretirement plans, the Company amortized actuarial gains and losses (to the extent they exceeded a 10% corridor) in future periods over the average remaining service period of active employees or, if substantially all plan participants were inactive, over the average remaining life expectancy of inactive participants, as a component of its net periodic benefit cost. The Company elected in the fourth quarter of 2012 to begin to immediately recognize actuarial gains and losses in its operating results in the year in which they occur. These gains and losses are measured at least annually as of the end of the Company’s fiscal year and, as such, will generally be recognized during the fourth quarter of each year. Additionally, beginning in the fourth quarter of 2012, the Company no longer calculates expected return on plan assets using a permitted averaging technique for market-related value of plan assets but instead uses the fair value of plan assets. The financial data for all prior periods presented has been retrospectively adjusted to reflect the effect of these accounting changes. | ||||||||||||||||
Net benefit cost related to the Company’s Pension Plans was recognized in selling, general and administrative expenses as follows: | ||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | |||||||||||||
Service cost, including plan expenses | $ | 4,831 | $ | 3,932 | $ | 14,251 | $ | 11,797 | ||||||||
Interest cost | 6,664 | 4,493 | 19,731 | 13,479 | ||||||||||||
Expected return on plan assets | (9,960 | ) | (5,237 | ) | (29,488 | ) | (15,713 | ) | ||||||||
Amortization of prior service cost | 1 | 1 | 4 | 3 | ||||||||||||
Total | $ | 1,536 | $ | 3,189 | $ | 4,498 | $ | 9,566 | ||||||||
Net benefit cost related to the Company’s SERP Plans was recognized in selling, general and administrative expenses as follows: | ||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | |||||||||||||
Service cost, including plan expenses | $ | 1,085 | $ | 894 | $ | 3,254 | $ | 2,681 | ||||||||
Interest cost | 904 | 837 | 2,714 | 2,510 | ||||||||||||
Amortization of prior service credit | (17 | ) | (17 | ) | (51 | ) | (50 | ) | ||||||||
Total | $ | 1,972 | $ | 1,714 | $ | 5,917 | $ | 5,141 | ||||||||
Net benefit cost related to the Company’s Postretirement Plans was recognized in selling, general and administrative expenses as follows: | ||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | |||||||||||||
Service cost, including plan expenses | $ | 22 | $ | — | $ | 62 | $ | — | ||||||||
Interest cost | 217 | 200 | 646 | 599 | ||||||||||||
Amortization of prior service credit | (205 | ) | (204 | ) | (613 | ) | (612 | ) | ||||||||
Total | $ | 34 | $ | (4 | ) | $ | 95 | $ | (13 | ) | ||||||
The Company made contributions of $60,000 to its Pension Plans in 2013, which includes a $30,000 contribution made during the first quarter of 2013 to fund the pension plan that the Company acquired with the Warnaco acquisition and a $30,000 contribution made during the third quarter of 2013 to fund the Company’s pre-existing pension plans. The Company currently does not expect to make additional contributions to its Pension Plans in 2013. |
DEBT
DEBT | 9 Months Ended | |||||||
Nov. 03, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
DEBT | ' | |||||||
DEBT | ||||||||
Short-Term Borrowings | ||||||||
One of the Company’s Asian subsidiaries has a Yen-denominated overdraft facility with a Japanese bank, which provides for borrowings of up to ¥1,000,000 (approximately $10,000 based on exchange rates in effect on November 3, 2013) and is utilized to fund working capital needs. Borrowings under this facility are unsecured and bear interest at the one-month Japanese interbank borrowing rate (“TIBOR”) plus 0.15%. Such facility renews automatically unless the Company gives notice of termination. The full amount of this facility was borrowed as of November 3, 2013. The weighted average interest rate on the funds borrowed at November 3, 2013 was 0.34%. | ||||||||
One of the Company’s European subsidiaries acquired as part of the Warnaco acquisition has short-term revolving notes with a number of banks at various interest rates, as well as a Euro-denominated overdraft facility, which are used to fund working capital needs. There were no borrowings outstanding under these facilities as of November 3, 2013. The maximum amount of borrowings outstanding under these facilities during the thirty-nine weeks ended November 3, 2013 was approximately $25,300. | ||||||||
One of the Company’s Asian subsidiaries acquired as part of the Warnaco acquisition has Rupee-denominated short-term revolving credit facilities with a local lender. These facilities provide for total borrowings of up to ₨195,000 (approximately $3,200 based on exchange rates in effect on November 3, 2013) and are utilized to fund working capital needs. Borrowings under these facilities bear interest at various interest rates, primarily based on a base rate set by the lending bank. As of November 3, 2013, the Company had $2,279 of borrowings outstanding under these facilities and the weighted average interest rate on the funds borrowed at November 3, 2013 was 6.77%. The maximum amount of borrowings outstanding under these facilities during the thirty-nine weeks ended November 3, 2013 was approximately $2,700. | ||||||||
One of the Company’s Asian subsidiaries acquired as part of the Warnaco acquisition has a short-term $10,000 revolving credit facility to be used to fund working capital needs. Borrowings under this facility bear interest at 1.75% plus the one-month London interbank borrowing rate (“LIBOR”). At the end of each month, amounts outstanding under this facility may be carried forward for additional one-month periods for up to one year. This facility was renewed in December 2013 and may be renewed annually in the future. This facility is subject to certain terms and conditions and may be terminated at any time at the discretion of the lender. There were no borrowings outstanding under this facility as of or during the thirty-nine weeks ended November 3, 2013. | ||||||||
One of the Company’s Asian subsidiaries acquired as part of the Warnaco acquisition has a Won-denominated short-term revolving credit facility with one lender that provides for borrowings of up to ₩3,000,000 (approximately $2,800 based on exchange rates in effect on November 3, 2013) and is utilized to fund working capital needs. Borrowings under this facility bear interest at the three-month Cost of Funds Index rate plus a specified margin. There were no borrowings outstanding under this facility as of or during the thirty-nine weeks ended November 3, 2013. | ||||||||
One of the Company’s Latin American subsidiaries acquired as part of the Warnaco acquisition has Real-denominated short-term revolving credit facilities with a number of banks that provide for total available borrowings of R$44,000 (approximately $20,000 based on exchange rates in effect on November 3, 2013) and are utilized to fund working capital needs. Borrowings under these facilities bear interest at various interest rates. There were no borrowings outstanding under these facilities as of or during the thirty-nine weeks ended November 3, 2013. | ||||||||
Long-Term Debt | ||||||||
The carrying amounts of the Company’s long-term debt were as follows: | ||||||||
11/3/13 | 10/28/12 | |||||||
Senior secured term loan A facility due 2018 | $ | 1,651,450 | $ | — | ||||
Senior secured term loan B facility due 2020 | 1,208,444 | — | ||||||
4 1/2% senior unsecured notes | 700,000 | — | ||||||
7 3/8% senior unsecured notes | 600,000 | 600,000 | ||||||
7 3/4% debentures | 99,658 | 99,637 | ||||||
Senior secured term loan A facility due 2016 - United States dollar-denominated | — | 576,000 | ||||||
Senior secured term loan A facility due 2016 - Euro-denominated | — | 61,959 | ||||||
Senior secured term loan B facility due 2016 - United States dollar-denominated | — | 394,000 | ||||||
Senior secured term loan B facility due 2016 - Euro-denominated | — | — | ||||||
Total | 4,259,552 | 1,731,596 | ||||||
Less: Current portion of long-term debt | 85,000 | 84,000 | ||||||
Long-term debt | $ | 4,174,552 | $ | 1,647,596 | ||||
As of November 3, 2013, the Company’s mandatory long-term debt repayments for the next five years were as follows: | ||||||||
Remainder of 2013 | $ | 21,250 | ||||||
2014 | 85,000 | |||||||
2015 | 116,875 | |||||||
2016 | 159,375 | |||||||
2017 | 170,000 | |||||||
2018 | 1,105,000 | |||||||
As of November 3, 2013, after taking into account the interest rate swap agreements discussed in the section entitled “New Senior Secured Credit Facilities” below, which were in effect as of such date, approximately 70% of the Company’s long-term debt was at a fixed rate, with the remainder at variable rates. | ||||||||
Prior Senior Secured Credit Facilities | ||||||||
On May 6, 2010, the Company entered into senior secured credit facilities, which it amended and restated on March 2, 2011 (“the amended facilities”). The amended facilities consisted of a Euro-denominated term loan A facility, a United States dollar-denominated term loan A facility, a Euro-denominated term loan B facility, a United States dollar-denominated term loan B facility, a United States dollar-denominated revolving credit facility and two multi-currency (one United States dollar and Canadian dollar, and the other Euro, Japanese Yen and British Pound) revolving credit facilities. The amended facilities provided for initial borrowings of up to an aggregate of approximately $1,970,000 (based on applicable exchange rates on March 2, 2011), consisting of (i) an aggregate of approximately $1,520,000 of term loan facilities; and (ii) approximately $450,000 of revolving credit facilities. | ||||||||
The Company made payments of $167,414 on its term loans under the amended facilities during the thirty-nine weeks ended October 28, 2012. | ||||||||
On February 13, 2013, in connection with the Warnaco acquisition, the Company modified and extinguished the amended facilities and repaid all outstanding borrowings thereunder, as discussed in the section entitled “New Senior Secured Credit Facilities” below. | ||||||||
New Senior Secured Credit Facilities | ||||||||
On February 13, 2013, simultaneously with and related to the closing of the Warnaco acquisition, the Company entered into new senior secured credit facilities (“the new facilities”), the proceeds of which were used to fund a portion of the acquisition, repay all outstanding borrowings under the amended facilities and repay all of Warnaco’s previously outstanding long-term debt. The new facilities consist of a $1,700,000 United States dollar-denominated Term Loan A (recorded net of an original issue discount of $7,325 as of the acquisition date), a $1,375,000 United States dollar-denominated Term Loan B (recorded net of an original issue discount of $6,875 as of the acquisition date) and senior secured revolving credit facilities in an aggregate principal amount of $750,000 (based on the applicable exchange rates on February 13, 2013), consisting of (a) a $475,000 United States dollar-denominated revolving credit facility, (b) a $25,000 United States dollar-denominated revolving credit facility available in United States dollars or Canadian dollars and (c) a €185,850 Euro-denominated revolving credit facility available in Euro, Pounds Sterling, Japanese Yen and Swiss Francs. In connection with entering into the new facilities and repaying all outstanding borrowings under the amended facilities and all of Warnaco’s previously outstanding long-term debt, the Company paid debt issuance costs of $67,370 (of which $34,638 was expensed as debt modification and extinguishment costs and $32,732 is being amortized over the term of the related debt agreement) and recorded additional debt modification and extinguishment costs of $5,757 to write-off previously capitalized debt issuance costs. | ||||||||
The revolving credit facilities include amounts available for letters of credit. As of November 3, 2013, the Company had drawn no revolving credit borrowings and approximately $65,959 of letters of credit. A portion of both United States dollar-denominated revolving credit facilities is also available for the making of swingline loans. The issuance of such letters of credit and the making of any swingline loan reduces the amount available under the applicable revolving credit facility. So long as certain conditions are satisfied, the Company may add one or more term loan facilities or increase the commitments under the revolving credit facilities by an aggregate amount not to exceed the greater of (a) $750,000 and (b) $1,250,000 as long as the ratio of the Company’s senior secured net debt to consolidated adjusted earnings before interest, taxes, depreciation and amortization (in each case calculated as set forth in the documentation relating to the new facilities) would not exceed 3 to 1 after giving pro forma effect to the incurrence of such increase, plus, in either case, an amount equal to the aggregate revolving commitments of any defaulting lender (to the extent the commitments with respect thereto have been terminated). The lenders under the new facilities are not required to provide commitments with respect to such additional facilities or increased commitments. | ||||||||
The Company made payments of $202,938 on its term loans under the new facilities during the thirty-nine weeks ended November 3, 2013, the majority of which was voluntary. As of November 3, 2013, the Company had total term loans outstanding of $2,859,894, net of original issue discounts. The terms of each of Term Loan A and Term Loan B contain a mandatory quarterly repayment schedule. Due to the above-mentioned voluntary payments, the Company is not required to make any additional mandatory repayments under Term Loan B prior to maturity. | ||||||||
The outstanding borrowings under the new facilities are prepayable at any time without penalty. The terms of the new facilities require the Company to repay certain amounts outstanding thereunder with (a) net cash proceeds of the incurrence of certain indebtedness, (b) net cash proceeds of certain asset sales or other dispositions (including as a result of casualty or condemnation) that exceed certain thresholds, to the extent such proceeds are not reinvested or committed to be reinvested in the business in accordance with customary reinvestment provisions and (c) a percentage of excess cash flow, which percentage is based upon the Company’s net leverage ratio during the relevant fiscal period. | ||||||||
The United States dollar-denominated borrowings under the new facilities bear interest at a rate equal to an applicable margin plus, as determined at the Company’s option, either (a) a base rate determined by reference to the greater of (i) the prime rate, (ii) the United States federal funds rate plus 1/2 of 1.00% and (iii) a one-month adjusted Eurocurrency rate plus 1.00% (provided that, in the case of Term Loan B, in no event will the base rate be deemed to be less than 1.75%) or (b) an adjusted Eurocurrency rate, calculated in a manner set forth in the new facilities (provided that, in the case of Term Loan B, in no event will the adjusted Eurocurrency rate be deemed to be less than 0.75%). | ||||||||
Canadian dollar-denominated borrowings under the new revolving credit facilities bear interest at a rate equal to an applicable margin plus, as determined at the Company’s option, either (a) a Canadian prime rate determined by reference to the greater of (i) the rate of interest per annum that Royal Bank of Canada establishes at its main office in Toronto, Ontario as the reference rate of interest in order to determine interest rates for loans in Canadian Dollars to its Canadian borrowers and (ii) the sum of (x) the average of the rates per annum for Canadian Dollar bankers’ acceptances having a term of one month that appears on the display referred to as “CDOR Page” of Reuters Monitor Money Rate Services as of 10:00 a.m. (Toronto time) on the date of determination, as reported by the administrative agent (and if such screen is not available, any successor or similar service as may be selected by the administrative agent), and (y) 0.75%, or (b) an adjusted Eurocurrency rate, calculated in a manner set forth in the new facilities. | ||||||||
The borrowings under the new revolving credit facilities in currencies other than United States dollars or Canadian dollars bear interest at a rate equal to an applicable margin plus an adjusted Eurocurrency rate, calculated in a manner set forth in the new facilities. | ||||||||
The current applicable margins are in the case of Term Loan A and the revolving credit facilities, 2.00% for adjusted Eurocurrency rate loans and 1.00% for base rate loans, as applicable. The applicable margins in the case of Term Loan B are fixed at 2.50% for adjusted Eurocurrency rate loans and 1.50% for base rate loans, respectively. After the date of delivery of the compliance certificate and financial statements with respect to the Company’s fiscal quarter ending November 3, 2013, the applicable margin for borrowings under Term Loan A and the revolving credit facilities is subject to adjustment based on the Company’s quarter-end net leverage ratio. | ||||||||
During the second quarter of 2013, the Company entered into an interest rate swap agreement for a three-year term commencing on August 19, 2013. The agreement was designed with the intended effect of converting an initial notional amount of $1,228,750 of the Company’s variable rate debt obligation under its United States dollar-denominated senior secured Term Loan A facility, or any replacement facility with similar terms, to fixed rate debt. As of November 3, 2013, the notional amount outstanding was equal to the initial notional amount of $1,228,750. Under the terms of the agreement for the then-outstanding notional amount, the Company’s exposure to fluctuations in the one-month LIBOR is eliminated, and it will pay a fixed rate of 0.604%, plus the current applicable margin. | ||||||||
During the second quarter of 2011, the Company entered into an interest rate swap agreement for a three-year term commencing on June 6, 2011. The agreement was designed with the intended effect of converting an initial notional amount of $632,000 of the Company’s variable rate debt obligation under its previously outstanding United States dollar-denominated senior secured term loan A facility, or any replacement facility with similar terms, to fixed rate debt. Such agreement remains outstanding, with a notional amount of $342,808 as of November 3, 2013, subsequent to the repayment of the Company’s previously outstanding amended facility and is now converting a portion of the Company’s variable rate debt obligation under its new Term Loan A facility to fixed rate debt. Under the terms of the agreement for the then-outstanding notional amount, the Company’s exposure to fluctuations in the three-month LIBOR is eliminated, and it will pay a fixed rate of 1.197%, plus the current applicable margin. | ||||||||
The outstanding notional amount of each interest rate swap will be adjusted according to pre-set schedules during the term of each swap agreement such that, based on the Company’s projections for future debt repayments, the Company’s outstanding debt under the Term Loan A facility is expected to always equal or exceed the then-outstanding combined notional amount of the interest rate swaps. | ||||||||
The new facilities contain covenants that restrict the Company’s ability to finance future operations or capital needs, to take advantage of other business opportunities that may be in its interest or to satisfy its obligations under its other outstanding debt. These covenants restrict the Company’s ability to, among other things: | ||||||||
• | incur or guarantee additional debt or extend credit; | |||||||
• | make restricted payments, including paying dividends or making distributions on, or redeeming or repurchasing, the Company’s capital stock or certain debt; | |||||||
• | make acquisitions and investments; | |||||||
• | dispose of assets; | |||||||
• | engage in transactions with affiliates; | |||||||
• | enter into agreements restricting the Company’s subsidiaries’ ability to pay dividends; | |||||||
• | create liens on the Company’s assets or engage in sale/leaseback transactions; and | |||||||
• | effect a consolidation or merger, or sell, transfer, or lease all or substantially all of the Company’s assets. | |||||||
The new facilities require the Company to comply with certain financial covenants, including minimum interest coverage and maximum net leverage. A breach of any of these operating or financial covenants would result in a default under the applicable facility. If an event of default occurs and is continuing, the lenders could elect to declare all amounts then outstanding, together with accrued interest, to be immediately due and payable which would result in acceleration of the Company’s other debt. If the Company was unable to repay any such borrowings when due, the lenders could proceed against their collateral, which also secures some of the Company’s other indebtedness. | ||||||||
4 1/2% Senior Notes Due 2022 | ||||||||
On December 20, 2012, the Company issued $700,000 principal amount of 4 1/2% senior notes due December 15, 2022 in connection with the Warnaco acquisition. Interest on the 4 1/2% notes is payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2013. The Company paid $16,257 of fees in the first quarter of 2013 in connection with the issuance of these notes, which will be amortized over the term of the notes. | ||||||||
The Company may redeem some or all of these notes at any time prior to December 15, 2017 by paying a “make whole” premium plus any accrued and unpaid interest. Subject to certain conditions, the Company may also redeem up to 35% of these notes prior to December 15, 2015 with the net cash proceeds of certain equity offerings without having to pay a penalty or “make whole” premium. In addition, the Company may redeem some or all of these notes on or after December 15, 2017 at specified redemption prices plus any accrued and unpaid interest. The Company’s ability to pay cash dividends and make other restricted payments is limited, in each case, over specified amounts as defined in the indenture governing the notes. | ||||||||
7 3/8% Senior Notes Due 2020 | ||||||||
On May 6, 2010, the Company issued $600,000 principal amount of 7 3/8% senior notes due May 15, 2020. Interest on the 7 3/8% notes is payable semi-annually in arrears on May 15 and November 15 of each year. | ||||||||
The Company may redeem some or all of these notes on or after May 15, 2015 at specified redemption prices plus any accrued and unpaid interest. The Company may redeem some or all of these notes at any time prior to May 15, 2015 by paying a “make whole” premium plus any accrued and unpaid interest. The Company’s ability to pay cash dividends and make other restricted payments is limited, in each case, over specified amounts as defined in the indenture governing the notes. | ||||||||
7 3/4% Debentures Due 2023 | ||||||||
The Company has outstanding $100,000 of debentures due on November 15, 2023 with a yield to maturity of 7.80%. The debentures accrue interest at the rate of 7 3/4%, which is payable semi-annually. Pursuant to the indenture governing the debentures, the Company must maintain a certain level of stockholders’ equity in order to pay cash dividends and make other restricted payments, as defined in the indenture governing the debentures. |
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Nov. 03, 2013 | |
Notes to Financial Statements [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
The effective income tax rates for the thirteen weeks ended November 3, 2013 and October 28, 2012 were 3.3% and 21.2%, respectively. The effective income tax rates for the thirty-nine weeks ended November 3, 2013 and October 28, 2012 were 15.5% and 24.0%, respectively. | |
The effective income tax rates for the thirteen and thirty-nine weeks ended November 3, 2013 were lower than the United States statutory rate due to the impact of the benefit of lower tax rates in international jurisdictions where the Company files tax returns. In addition, the effective tax rate in the third quarter of 2013 was positively impacted by the recognition of foreign tax credits, which were generated from Warnaco integration activities and discrete items related to uncertain tax positions. Partially offsetting these benefits are the impact of state and local taxes. | |
The effective income tax rates for the thirteen and thirty-nine weeks ended October 28, 2012 were lower than the United States statutory rate due to the benefit of the overall lower tax rates in international jurisdictions where the Company files tax returns and, to a lesser extent, discrete items related to uncertain tax positions. Also contributing to the rate differential in 2012 was a benefit resulting from previously unrecognized tax credits. Partially offsetting these benefits are the impact of state and local taxes. |
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS | 9 Months Ended | |||||||||||||||||
Nov. 03, 2013 | ||||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ' | |||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||||||
The Company has exposure to changes in foreign currency exchange rates related to certain anticipated cash flows associated with certain international inventory purchases. In addition, the Company has exposure to changes in foreign currency exchange rates on certain intercompany loans. To help manage these exposures, the Company periodically uses foreign currency forward exchange contracts. | ||||||||||||||||||
The Company also has exposure to interest rate volatility related to its senior secured term loan facilities. The Company has entered into interest rate swap agreements to hedge against this exposure. Please see Note 9, “Debt,” for a further discussion of the Company’s senior secured term loan facilities and these agreements. The Company had also entered into an interest rate cap agreement, which expired on September 6, 2012. | ||||||||||||||||||
The Company records the foreign currency forward exchange contracts and interest rate contracts at fair value in its Consolidated Balance Sheets. Changes in fair value of the foreign currency forward exchange contracts associated with certain international inventory purchases and the interest rate contracts (collectively referred to as “cash flow hedges”) that are designated as effective hedging instruments are recorded in equity as a component of accumulated other comprehensive income (“AOCI”). The cash flows from such hedges are presented in the same category on the Consolidated Statements of Cash Flows as the items being hedged. Any ineffectiveness in such cash flow hedges is immediately recognized in earnings and no contracts were excluded from effectiveness testing. In addition, changes in the fair value of foreign currency forward exchange contracts that are not designated as effective hedging instruments are immediately recognized in earnings, including the changes in fair value of all of the foreign exchange contracts related to intercompany loans which are not of a long-term investment nature. Any gains and losses that are immediately recognized in earnings on such contracts related to intercompany loans are largely offset by the remeasurement of the underlying intercompany loan balances. The Company does not use derivative financial instruments for trading or speculative purposes. | ||||||||||||||||||
The following table summarizes the fair value and presentation in the Consolidated Balance Sheets for the Company’s derivative financial instruments: | ||||||||||||||||||
Asset Derivatives (Classified in Other Current Assets and Other Assets) | Liability Derivatives (Classified in Accrued Expenses and Other Liabilities) | |||||||||||||||||
11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | |||||||||||||||
Contracts designated as cash flow hedges: | ||||||||||||||||||
Foreign currency forward exchange contracts (inventory purchases) | $ | 1,244 | $ | 3,725 | $ | 9,172 | $ | 2,567 | ||||||||||
Interest rate contracts | 2,314 | — | 8,190 | 6,066 | ||||||||||||||
Total contracts designated as cash flow hedges | 3,558 | 3,725 | 17,362 | 8,633 | ||||||||||||||
Undesignated contracts: | ||||||||||||||||||
Foreign currency forward exchange contracts (inventory purchases) | — | — | 56 | 30 | ||||||||||||||
Foreign currency forward exchange contracts (intercompany loans) | 881 | — | 17 | 90 | ||||||||||||||
Total undesignated contracts | 881 | — | 73 | 120 | ||||||||||||||
Total | $ | 4,439 | $ | 3,725 | $ | 17,435 | $ | 8,753 | ||||||||||
At November 3, 2013, the notional amount outstanding of foreign currency forward exchange contracts for inventory purchases and intercompany loans was approximately $559,000 and $86,000, respectively. Such contracts expire principally between November 2013 and December 2014 for inventory purchases and between November 2013 and January 2014 for intercompany loans. | ||||||||||||||||||
The following table summarizes the effect of the Company’s hedges designated as cash flow hedging instruments: | ||||||||||||||||||
(Loss) Gain Recognized in Other Comprehensive (Loss) Income (Effective Portion) | (Loss) Gain Reclassified from AOCI into (Expense) Income (Effective Portion) | |||||||||||||||||
Location | Amount | |||||||||||||||||
Thirteen Weeks Ended | 11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | ||||||||||||||
Foreign currency forward exchange contracts (inventory purchases) | $ | (8,003 | ) | $ | (2,079 | ) | Cost of goods sold | $ | (1,793 | ) | $ | 8,294 | ||||||
Interest rate contracts | (3,888 | ) | (432 | ) | Interest expense | (1,999 | ) | (1,095 | ) | |||||||||
Total | $ | (11,891 | ) | $ | (2,511 | ) | $ | (3,792 | ) | $ | 7,199 | |||||||
Thirty-Nine Weeks Ended | 11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | ||||||||||||||
Foreign currency forward exchange contracts (inventory purchases) | $ | 2,587 | $ | 2,837 | Cost of goods sold | $ | 1,108 | $ | 11,925 | |||||||||
Interest rate contracts | (4,994 | ) | (1,434 | ) | Interest expense | (4,176 | ) | (3,275 | ) | |||||||||
Total | $ | (2,407 | ) | $ | 1,403 | $ | (3,068 | ) | $ | 8,650 | ||||||||
There was no ineffective portion of hedges designated as cash flow hedging instruments during the thirty-nine weeks ended November 3, 2013 and October 28, 2012. | ||||||||||||||||||
A net loss in AOCI on foreign currency forward exchange contracts at November 3, 2013 of $8,664 is estimated to be reclassified in the next 12 months in the Consolidated Income Statements to costs of goods sold as the underlying inventory is purchased and sold. In addition, a net loss in AOCI for interest rate contracts at November 3, 2013 of $6,511 is estimated to be reclassified to interest expense within the next 12 months. | ||||||||||||||||||
The following table summarizes the effect of the Company’s foreign currency forward exchange contracts that were not designated as cash flow hedges: | ||||||||||||||||||
(Loss) Gain Recognized in Income | ||||||||||||||||||
Thirteen Weeks Ended | Location | 11/3/13 | 10/28/12 | |||||||||||||||
Foreign currency forward exchange contracts (inventory purchases) | Selling, general and administrative expenses | $ | (214 | ) | $ | 504 | ||||||||||||
Foreign currency forward exchange contracts (intercompany loans) | Selling, general and administrative expenses | (1,328 | ) | 574 | ||||||||||||||
Thirty-Nine Weeks Ended | Location | 11/3/13 | 10/28/12 | |||||||||||||||
Foreign currency forward exchange contracts (inventory purchases) | Selling, general and administrative expenses | $ | 135 | $ | 1,183 | |||||||||||||
Foreign currency forward exchange contracts (intercompany loans) | Selling, general and administrative expenses | (1,366 | ) | (650 | ) | |||||||||||||
The Company had no derivative financial instruments with credit risk related contingent features underlying the related contracts as of November 3, 2013. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Nov. 03, 2013 | ||||||||||||||||||||||||||||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||||||||||||||||||||
FASB guidance for fair value measurements defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a three level hierarchy that prioritizes the inputs used to measure fair value. The three levels of the hierarchy are defined as follows: | ||||||||||||||||||||||||||||||||||||||||||
Level 1 – Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | ||||||||||||||||||||||||||||||||||||||||||
Level 2 – Observable inputs other than quoted prices included in Level 1, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs derived principally from or corroborated by observable market data. | ||||||||||||||||||||||||||||||||||||||||||
Level 3 – Unobservable inputs reflecting the Company’s own assumptions about the inputs that market participants would use in pricing the asset or liability based on the best information available. | ||||||||||||||||||||||||||||||||||||||||||
In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial assets and liabilities that are required to be remeasured at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||||||||||
11/3/13 | 2/3/13 | 10/28/12 | ||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward exchange contracts | N/A | $ | 2,125 | N/A | $ | 2,125 | N/A | $ | 4,693 | N/A | $ | 4,693 | N/A | $ | 3,725 | N/A | $ | 3,725 | ||||||||||||||||||||||||
Interest rate contracts | N/A | 2,314 | N/A | 2,314 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Total Assets | N/A | $ | 4,439 | N/A | $ | 4,439 | N/A | $ | 4,693 | N/A | $ | 4,693 | N/A | $ | 3,725 | N/A | $ | 3,725 | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward exchange contracts | N/A | $ | 9,245 | N/A | $ | 9,245 | N/A | $ | 13,460 | N/A | $ | 13,460 | N/A | $ | 2,687 | N/A | $ | 2,687 | ||||||||||||||||||||||||
Interest rate contracts | N/A | 8,190 | N/A | 8,190 | N/A | 5,058 | N/A | 5,058 | N/A | 6,066 | N/A | 6,066 | ||||||||||||||||||||||||||||||
Contingent purchase price payments related to reacquisition of the perpetual rights to the Tommy Hilfiger trademarks in India | N/A | N/A | $ | 6,469 | 6,469 | N/A | N/A | $ | 7,003 | 7,003 | N/A | N/A | $ | 9,639 | 9,639 | |||||||||||||||||||||||||||
Total Liabilities | N/A | $ | 17,435 | $ | 6,469 | $ | 23,904 | N/A | $ | 18,518 | $ | 7,003 | $ | 25,521 | N/A | $ | 8,753 | $ | 9,639 | $ | 18,392 | |||||||||||||||||||||
The fair value of the foreign currency forward exchange contracts is measured as the total amount of currency to be purchased, multiplied by the difference between (i) the forward rate as of the period end and (ii) the settlement rate specified in each contract. The fair values of the interest rate contracts are based on observable interest rate yield curves and represent the expected discounted cash flows underlying the financial instruments. | ||||||||||||||||||||||||||||||||||||||||||
Pursuant to the agreement governing the reacquisition of the rights in India to the Tommy Hilfiger trademarks, the Company is required to make annual contingent purchase price payments based on a percentage of annual sales in excess of an agreed upon threshold of Tommy Hilfiger products in India for a period of five years (or, under certain circumstances, a period of six years) following the acquisition date. Such payments are subject to a $25,000 aggregate maximum and are due within 60 days following each one-year period. The first one-year period commenced on July 1, 2011. The Company made contingent annual purchase price payments of $429 and $185 during the third quarter of 2013 and 2012, respectively. The Company is required to remeasure this liability at fair value on a recurring basis and classifies this as a Level 3 measurement. The fair value of such contingent purchase price payments was determined using the discounted cash flow method, based on net sales projections for the Tommy Hilfiger apparel and accessories businesses in India, and was discounted using rates of return that account for the relative risks of the estimated future cash flows. Excluding the initial recognition of the liability for the contingent purchase price payments and payments made to reduce the liability, changes in the fair value are included within selling, general and administrative expenses. | ||||||||||||||||||||||||||||||||||||||||||
The following table presents the change in the Level 3 contingent purchase price payment liability during the thirty-nine weeks ended November 3, 2013 and October 28, 2012: | ||||||||||||||||||||||||||||||||||||||||||
Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||||||||||||||||
11/3/13 | 10/28/12 | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 7,003 | $ | 9,559 | ||||||||||||||||||||||||||||||||||||||
Payments | (429 | ) | (185 | ) | ||||||||||||||||||||||||||||||||||||||
Adjustments included in earnings | (105 | ) | 265 | |||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 6,469 | $ | 9,639 | ||||||||||||||||||||||||||||||||||||||
Additional information with respect to assumptions used to value the contingent purchase price payment liability as of November 3, 2013 is as follows: | ||||||||||||||||||||||||||||||||||||||||||
Unobservable Inputs | Amount | |||||||||||||||||||||||||||||||||||||||||
Approximate compounded annual net sales growth rate | 45 | % | ||||||||||||||||||||||||||||||||||||||||
Approximate | 20 | % | ||||||||||||||||||||||||||||||||||||||||
discount rate | ||||||||||||||||||||||||||||||||||||||||||
A five percentage point increase or decrease in the discount rate would change the liability by approximately $1,000. | ||||||||||||||||||||||||||||||||||||||||||
A five percentage point increase or decrease in the compounded annual net sales growth rate would change the liability by approximately $1,000. | ||||||||||||||||||||||||||||||||||||||||||
There were no transfers between any levels of the fair value hierarchy for any of the Company’s fair value measurements. | ||||||||||||||||||||||||||||||||||||||||||
The following table shows the fair value of the Company’s non-financial assets and liabilities that were required to be remeasured at fair value on a nonrecurring basis (consisting of property, plant and equipment and other long-lived assets) during the thirty-nine weeks ended November 3, 2013 and the thirty-nine weeks ended October 28, 2012, and the total impairments recorded as a result of the remeasurement process: | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement Using | ||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value As Of Impairment Date | Total Impairments | ||||||||||||||||||||||||||||||||||||||
Thirty-nine weeks ended 11/3/13 | N/A | N/A | $ | — | $ | — | $ | 5,804 | ||||||||||||||||||||||||||||||||||
Thirty-nine weeks ended 10/28/12 | N/A | N/A | $ | — | $ | — | $ | 259 | ||||||||||||||||||||||||||||||||||
Long-lived assets with a carrying amount of $4,643 were written down to a fair value of zero during the thirty-nine weeks ended November 3, 2013 in connection with the financial performance in certain of the Company’s retail stores. Fair value was determined based on the estimated discounted future cash flows associated with the assets using current sales trends and market participant assumptions. The impairment charge of $4,643 was included in selling, general and administrative expenses, of which $808 was recorded in the Calvin Klein North America segment, $220 was recorded in the Calvin Klein International segment, $3,121 was recorded in the Tommy Hilfiger North America segment and $494 was recorded in the Heritage Brands Retail segment. | ||||||||||||||||||||||||||||||||||||||||||
Long-lived assets with a carrying amount of $1,161 were written down to a fair value of zero during the thirty-nine weeks ended November 3, 2013 in connection with the sale of substantially all of the assets of the Company’s Bass division. The impairment charge was included in selling, general and administrative expenses in the Heritage Brands Retail segment. Please see Note 4, “Assets Held for Sale,” for a further discussion. | ||||||||||||||||||||||||||||||||||||||||||
Long-lived assets with a carrying amount of $259 were written down to a fair value of zero during the thirty-nine weeks ended October 28, 2012 in connection with the exit of a facility as part of the Company’s integration of Tommy Hilfiger. Such assets were deemed to have no future use or economic benefit based on the Company’s analysis using market participant assumptions, and therefore no expected future cash flows. The impairment charge was included in selling, general and administrative expenses in corporate expenses not allocated to any reportable segment. | ||||||||||||||||||||||||||||||||||||||||||
In connection with the sale of substantially all of the assets of the Company’s Bass division, the Company guaranteed lease payments for principally all Bass retail stores under the current terms of noncancelable leases expiring on various dates through 2022. These guarantees include minimum rent payments and relate to leases that commenced prior to the sale of the Bass assets. In certain instances, the Company’s guarantee may remain in effect if an option is exercised to extend the term of the lease. The estimated fair value of these guarantee obligations as of November 3, 2013 is $4,373, which is included in accrued expenses and other liabilities in the Company’s Consolidated Balance Sheet. The Company classifies this as a Level 3 measurement. The fair value of such guarantee obligations was determined using the discounted cash flow method, based on the guaranteed lease payments, the estimated probability of lease extensions and estimates of the risk of default by the buyer of the Bass assets, and was discounted using rates of return that account for the relative risks of the estimated future cash flows. Please see Note 4, “Assets Held for Sale,” for a further discussion. | ||||||||||||||||||||||||||||||||||||||||||
The carrying amounts and the fair values of the Company’s cash and cash equivalents, short-term borrowings and long-term debt as of November 3, 2013, February 3, 2013 and October 28, 2012 were as follows: | ||||||||||||||||||||||||||||||||||||||||||
11/3/13 | 2/3/13 | 10/28/12 | ||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 542,533 | $ | 542,533 | $ | 892,209 | $ | 892,209 | $ | 276,630 | $ | 276,630 | ||||||||||||||||||||||||||||||
Short-term borrowings | 12,441 | 12,441 | 10,847 | 10,847 | 142,514 | 142,514 | ||||||||||||||||||||||||||||||||||||
Long-term debt (including portion classified as current) | 4,259,552 | 4,321,886 | 2,299,642 | 2,398,200 | 1,731,596 | 1,831,695 | ||||||||||||||||||||||||||||||||||||
The fair values of cash and cash equivalents and short-term borrowings approximate their carrying values due to the short-term nature of these instruments. The Company estimates the fair value of its long-term debt using quoted market prices as of the last business day of the applicable quarter. The Company classifies the measurement of its long-term debt as a Level 1 measurement. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended | |||||||
Nov. 03, 2013 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
STOCK-BASED COMPENSATION | ' | |||||||
STOCK-BASED COMPENSATION | ||||||||
The Company grants stock-based awards under its 2006 Stock Incentive Plan (the “2006 Plan”). The 2006 Plan replaced the Company’s 2003 Stock Option Plan (the “2003 Plan”) and certain other prior stock option plans. The 2003 Plan and these other plans terminated upon the 2006 Plan’s initial stockholder approval in June 2006, other than with respect to outstanding options, which continued to be governed by the applicable prior plan. Only awards under the 2003 Plan continue to be outstanding insofar as these prior plans are concerned. Shares issued as a result of stock-based compensation transactions generally have been funded with the issuance of new shares of the Company’s common stock. | ||||||||
The Company may grant the following types of incentive awards under the 2006 Plan: (i) non-qualified stock options (“NQs”); (ii) incentive stock options (“ISOs”); (iii) stock appreciation rights; (iv) restricted stock; (v) restricted stock units (“RSUs”); (vi) performance share units; and (vii) other stock-based awards. Each award granted under the 2006 Plan is subject to an award agreement that incorporates, as applicable, the exercise price, the term of the award, the periods of restriction, the number of shares to which the award pertains, applicable performance period(s) and performance measure(s), and such other terms and conditions as the plan committee determines. | ||||||||
Through November 3, 2013, the Company has granted under the 2006 Plan: (i) service-based NQs, RSUs and restricted stock; (ii) contingently issuable performance share units; and (iii) RSUs that are intended to satisfy the performance-based condition for deductibility under Section 162(m) of the Internal Revenue Code. According to the terms of the 2006 Plan, for purposes of determining the number of shares available for grant, each share underlying a stock option award reduces the number available by one share, each share underlying a restricted stock award reduces the number available by two shares and each share underlying an RSU or performance share unit award reduces the number available by three shares for awards made before April 29, 2009 and by two shares for awards made on or after April 29, 2009. The per share exercise price of options granted under the 2006 Plan cannot be less than the closing price of the common stock on the date of grant (the business day prior to the date of grant for awards granted prior to September 21, 2006). | ||||||||
The Company currently has service-based NQs and ISOs outstanding under the 2003 Plan. Such options were granted with an exercise price equal to the closing price of the Company’s common stock on the business day immediately preceding the date of grant. | ||||||||
Under the terms of the merger agreement in connection with the Warnaco acquisition, each outstanding award of Warnaco stock options, restricted stock and restricted stock units was assumed by the Company and converted into an award of the same type, and, subject to the same terms and conditions, but payable in shares of Company common stock. The stock options are generally exercisable in three equal annual installments commencing one year after the date of original grant and the RSUs and restricted stock awards generally vest three years after the date of original grant, principally on a cliff basis. The Company accounted for the replacement awards as a modification of the existing awards. As such, a new fair value was assigned to the awards, a portion of which is included as part of the merger consideration. The merger consideration of $39,752 was determined by multiplying the estimated fair value of the Warnaco awards outstanding at the effective time of the Warnaco acquisition, net of the estimated value of awards to be forfeited, by the proportionate amount of the vesting period that had lapsed as of the acquisition date. The remaining fair value, net of estimated forfeitures, is being expensed on a straight-line basis over the awards’ remaining vesting periods. | ||||||||
Net income for the thirty-nine weeks ended November 3, 2013 and October 28, 2012 included $47,103 and $26,372, respectively, of pre-tax expense related to stock-based compensation. | ||||||||
Stock options currently outstanding, with the exception of the Warnaco employee replacement awards discussed above, are generally cumulatively exercisable in four equal annual installments commencing one year after the date of grant. The vesting of such options outstanding is also generally accelerated upon retirement (as defined in the applicable plan). Such options are generally granted with a 10-year term. | ||||||||
The Company estimates the fair value of stock options granted at the date of grant using the Black-Scholes-Merton model. The estimated fair value of the options, net of estimated forfeitures, is expensed on a straight-line basis over the options’ vesting periods. | ||||||||
The following summarizes the assumptions used to estimate the fair value of service-based stock options granted during the thirty-nine weeks ended November 3, 2013 (with the exception of the Warnaco employee replacement stock options) and October 28, 2012: | ||||||||
Thirty-Nine Weeks Ended | ||||||||
11/3/13 | 10/28/12 | |||||||
Weighted average risk-free interest rate | 1.05 | % | 1.2 | % | ||||
Weighted average expected option term (in years) | 6.22 | 6.25 | ||||||
Weighted average Company volatility | 45.2 | % | 45.16 | % | ||||
Expected annual dividends per share | $ | 0.15 | $ | 0.15 | ||||
Weighted average grant date fair value per option | $ | 51.51 | $ | 40.59 | ||||
The Company has continued to utilize the simplified method to estimate the expected term for its “plain vanilla” stock options granted due to a lack of relevant historical data resulting, in part, from changes in the pool of employees receiving option grants, mainly due to acquisitions. The Company will continue to evaluate the appropriateness of utilizing such method. | ||||||||
The following summarizes the assumptions used to estimate the fair value of the Warnaco employee stock options that were replaced at the effective time of the acquisition: | ||||||||
Thirty-Nine Weeks Ended | ||||||||
11/3/13 | ||||||||
Weighted average risk-free interest rate | 0.24 | % | ||||||
Weighted average expected option term (in years) | 1.7 | |||||||
Weighted average Company volatility | 29.4 | % | ||||||
Expected annual dividends per share | $ | 0.15 | ||||||
Weighted average grant date fair value per option | $ | 40.6 | ||||||
Service-based stock option activity for the thirty-nine weeks ended November 3, 2013 was as follows: | ||||||||
Options | Weighted Average Price Per Option | |||||||
Outstanding at February 3, 2013 | 1,958 | $ | 44.17 | |||||
Replacement of Warnaco awards | 443 | 86.26 | ||||||
Granted | 182 | 117.03 | ||||||
Exercised | 411 | 66.13 | ||||||
Cancelled | 14 | 93.51 | ||||||
Outstanding at November 3, 2013 | 2,158 | $ | 54.47 | |||||
Exercisable at November 3, 2013 | 1,528 | $ | 43.1 | |||||
RSUs granted to employees, with the exception of the Warnaco employee replacement awards, generally vest in three annual installments of 25%, 25% and 50% commencing two years after the date of grant. Service-based RSUs granted to non-employee directors vest in four equal annual installments commencing one year after the date of grant for awards granted prior to 2010 and vest in full one year after the date of grant for awards granted during or after 2010. The underlying RSU award agreements (excluding agreements for non-employee director awards made during or after 2010) generally provide for accelerated vesting upon the award recipient’s retirement (as defined in the 2006 Plan). The fair value of service-based RSUs, with the exception of the Warnaco employee replacement awards, is equal to the closing price of the Company’s common stock on the date of grant and is expensed, net of estimated forfeitures, on a straight-line basis over the RSUs’ vesting periods. | ||||||||
RSU activity for the thirty-nine weeks ended November 3, 2013 was as follows: | ||||||||
RSUs | Weighted Average Grant Date Fair Value | |||||||
Non-vested at February 3, 2013 | 660 | $ | 62.24 | |||||
Replacement of Warnaco awards | 120 | 120.72 | ||||||
Granted | 242 | 119 | ||||||
Vested | 261 | 63.91 | ||||||
Cancelled | 30 | 83.53 | ||||||
Non-vested at November 3, 2013 | 731 | $ | 89.16 | |||||
The Company’s restricted stock awards consist solely of awards to Warnaco employees that were replaced with the Company’s restricted stock as of the effective time of the acquisition. The fair value of restricted stock with respect to awards for which the vesting period had not lapsed as of the acquisition date was equal to the closing price of the Company’s common stock on February 12, 2013 and is expensed, net of forfeitures, on a straight-line basis over the vesting period. | ||||||||
Restricted stock activity for the thirty-nine weeks ended November 3, 2013 was as follows: | ||||||||
Restricted Stock | Weighted Average Grant Date Fair Value | |||||||
Non-vested at February 3, 2013 | — | $ | — | |||||
Replacement of Warnaco awards | 271 | 120.72 | ||||||
Granted | — | — | ||||||
Vested | 212 | 120.72 | ||||||
Cancelled | 9 | 120.72 | ||||||
Non-vested at November 3, 2013 | 50 | $ | 120.72 | |||||
The Company granted contingently issuable performance share units to certain of the Company’s senior executives during the first quarter of each of 2012 and 2013 subject to a performance period of two years and a service period of one year beyond the performance period. The Company granted contingently issuable performance share units to certain of the Company’s executives during the second quarter of each of 2010 and 2013 subject to performance periods of three years each. The holders of the awards granted on May 6, 2010 that were subject to a performance period of three years earned an aggregate of 498 shares as a result of the Company’s performance during such three-year period. For the awards granted in the second quarter of 2013, the final number of shares that will be earned, if any, is contingent upon the Company’s achievement of goals for the performance period, of which 50 percent is based upon the Company’s absolute stock price growth during the performance period and 50 percent is based upon the Company’s total shareholder return during the performance period relative to other companies included in the S&P 500 as of the date of grant. For the awards granted in the first quarter of each of 2012 and 2013, the final number of shares that will be earned, if any, is contingent upon the Company’s achievement of goals for each of the performance periods based on both earnings per share growth and return on equity for the awards granted in the first quarter of 2012 and earnings per share growth for the awards granted in the first quarter of 2013 during the applicable performance cycle. | ||||||||
For the contingently issuable performance share units granted prior to the second quarter of 2013, the Company records expense ratably over each applicable vesting period based on fair value and the Company’s current expectations of the probable number of shares that will ultimately be issued. The fair value of these contingently issuable performance share units is equal to the closing price of the Company’s common stock on the date of grant, reduced for the present value of any dividends expected to be paid on the Company’s common stock during the performance cycle, as these contingently issuable performance share units do not accrue dividends prior to the completion of the performance cycle. | ||||||||
For the contingently issuable performance share units granted during the second quarter of 2013, because the awards are subject to market conditions, the Company records expense ratably over the vesting period, net of estimated forfeitures, regardless of whether the market condition is satisfied. The fair value of such awards was established on the grant date using the Monte Carlo simulation model, which was based on the following assumptions: | ||||||||
Thirty-Nine Weeks Ended | ||||||||
11/3/13 | ||||||||
Risk-free interest rate | 0.34 | % | ||||||
Expected Company volatility | 38.67 | % | ||||||
Expected annual dividends per share | $ | 0.15 | ||||||
Grant date fair value per performance share unit | $ | 123.27 | ||||||
Performance share unit activity for the thirty-nine weeks ended November 3, 2013 was as follows: | ||||||||
Performance Shares | Weighted Average Grant Date Fair Value | |||||||
Non-vested at February 3, 2013 | 594 | $ | 57.08 | |||||
Granted | 926 | 122.62 | ||||||
Vested | 498 | 51.07 | ||||||
Cancelled | 40 | 122.52 | ||||||
Non-vested at November 3, 2013 | 982 | $ | 119.31 | |||||
The Company receives a tax deduction for certain transactions associated with its stock plan awards. The actual income tax benefits realized from these transactions for the thirty-nine weeks ended November 3, 2013 and October 28, 2012 were $55,736 and $14,324, respectively. Of those amounts, $22,681 and $8,327, respectively, were reported as excess tax benefits. Excess tax benefits arise when the actual tax benefit resulting from a stock plan award transaction exceeds the tax benefit associated with the grant date fair value of the related stock award. The Company recognizes these excess tax benefits in additional paid in capital only if an incremental tax benefit would be realized after considering all other tax benefits presently available to the Company. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME | 9 Months Ended | |||||||||||||||
Nov. 03, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Income [Text Block] | ' | |||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ||||||||||||||||
The following table presents the changes in AOCI (net of tax) by component for the thirty-nine weeks ended November 3, 2013: | ||||||||||||||||
Foreign currency translation adjustments | Retirement liability adjustment | Net unrealized and realized (loss) gain on effective hedges | Total | |||||||||||||
Balance at February 3, 2013 | $ | 153,648 | $ | 1,552 | $ | (15,318 | ) | $ | 139,882 | |||||||
Other comprehensive (loss) before reclassifications | (66,812 | ) | — | (716 | ) | (67,528 | ) | |||||||||
Less: Amounts reclassified from AOCI | — | 407 | (3,101 | ) | (2,694 | ) | ||||||||||
Other comprehensive (loss) income | (66,812 | ) | (407 | ) | 2,385 | (64,834 | ) | |||||||||
Balance at November 3, 2013 | $ | 86,836 | $ | 1,145 | $ | (12,933 | ) | $ | 75,048 | |||||||
The following table presents reclassifications out of AOCI to earnings: | ||||||||||||||||
Amount Reclassified from AOCI | Affected Line Item in the Consolidated Income Statements | |||||||||||||||
Thirteen Weeks Ended 11/3/13 | Thirty-Nine Weeks Ended 11/3/13 | |||||||||||||||
Realized (loss) gain on effective hedges | ||||||||||||||||
Foreign currency forward exchange contracts | $ | (1,793 | ) | $ | 1,108 | Cost of goods sold | ||||||||||
Interest rate contracts | (1,999 | ) | (4,176 | ) | Interest expense | |||||||||||
Less: Tax effect | (702 | ) | 33 | Income tax expense | ||||||||||||
Total, net of tax | $ | (3,090 | ) | $ | (3,101 | ) | ||||||||||
Amortization of retirement liability items | ||||||||||||||||
Prior service credit | $ | 221 | $ | 660 | Selling, general and administrative expenses | |||||||||||
Less: Tax effect | 85 | 253 | Income tax expense | |||||||||||||
Total, net of tax | $ | 136 | $ | 407 | ||||||||||||
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Nov. 03, 2013 | |
Equity [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
STOCKHOLDERS’ EQUITY | |
Common Stock Issuance | |
On February 13, 2013, the Company issued 7,674 shares of its common stock, par value $1.00 per share, as part of the consideration paid to the former stockholders of Warnaco in connection with the acquisition. | |
Series A Convertible Preferred Stock Issuance and Conversion | |
In 2010, the Company sold 8 shares of Series A convertible preferred stock for net proceeds of $188,595 after related fees and expenses. During the first quarter of 2012, one of the holders of Series A convertible preferred stock converted an aggregate of $94,297 of the Series A convertible preferred stock, or 4 shares, into 2,095 shares of the Company’s common stock. The remaining shares of Series A convertible preferred stock were converted into the Company’s common stock during the fourth quarter of 2012. Holders of the Series A convertible preferred stock were entitled to vote and participate in dividends with the holders of the Company’s common stock on an as-converted basis. Due to the conversions of such stock, there were no outstanding shares of the Company’s Series A convertible preferred stock during the thirty-nine weeks ended November 3, 2013. On May 2, 2013, the Company filed with the Secretary of State of the State of Delaware a certificate eliminating the Series A convertible preferred stock. |
ACTIVITY_EXIT_COSTS
ACTIVITY EXIT COSTS | 9 Months Ended | |||||||||||||||
Nov. 03, 2013 | ||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||
ACTIVITY EXIT COSTS | ' | |||||||||||||||
ACTIVITY EXIT COSTS | ||||||||||||||||
Warnaco Integration Costs | ||||||||||||||||
In connection with the Company’s acquisition of Warnaco during the first quarter of 2013 and the related integration, the Company incurred certain costs related to severance and termination benefits, inventory liquidations and lease/contract terminations. Such costs were as follows: | ||||||||||||||||
Total Expected to be Incurred | Incurred During the Thirteen Weeks Ended 11/3/13 | Incurred During the Thirty-Nine Weeks Ended 11/3/13 | Liability at 11/3/13 | |||||||||||||
Severance, termination benefits and other costs | $ | 165,000 | $ | 20,450 | $ | 118,402 | $ | 29,202 | ||||||||
Inventory liquidation costs | 26,373 | (3,627 | ) | 26,373 | 1,307 | |||||||||||
Lease/contract termination and related costs | 45,000 | 4,230 | 8,110 | 839 | ||||||||||||
Total | $ | 236,373 | $ | 21,053 | $ | 152,885 | $ | 31,348 | ||||||||
Of the charges for severance, termination benefits and lease/contract termination and other costs incurred during the thirty-nine weeks ended November 3, 2013, $28,193 relate to selling, general and administrative expenses of the Calvin Klein North America segment, $49,227 relate to selling, general and administrative expenses of the Calvin Klein International segment, $19,831 relate to selling, general and administrative expenses of the Heritage Brands Wholesale segment and $29,261 relate to corporate expenses not allocated to any reportable segment. The liabilities at November 3, 2013 related to these costs were principally recorded in accrued expenses in the Company’s Consolidated Balance Sheets. The remaining charges for severance and termination benefits and lease/contract termination and other costs expected to be incurred relate principally to the aforementioned segments and corporate expenses not allocated to any reportable segment. Inventory liquidation costs incurred during the thirty-nine weeks ended November 3, 2013 were included in net sales of the Calvin Klein International segment. Please see Note 19, “Segment Data.” | ||||||||||||||||
Tommy Hilfiger Integration and Exit Costs | ||||||||||||||||
In connection with the Company’s acquisition and integration of Tommy Hilfiger and the related restructuring, the Company incurred certain costs related to severance and termination benefits, long-lived asset impairments, inventory liquidations and lease/contract terminations, including costs associated with the exit of certain Tommy Hilfiger product categories. All expected costs related to this acquisition and integration and the related restructuring were incurred by the end of 2012. | ||||||||||||||||
Liabilities for severance and termination benefits and lease/contract termination costs recorded in connection with the acquisition and integration of Tommy Hilfiger and the related restructuring were principally recorded in accrued expenses in the Company’s Consolidated Balance Sheets and were as follows: | ||||||||||||||||
Liability at 2/3/13 | Costs Incurred During the Thirty-Nine Weeks Ended 11/3/13 | Costs Paid During the Thirty-Nine Weeks Ended 11/3/13 | Liability at 11/3/13 | |||||||||||||
Severance, termination benefits and other costs | $ | 763 | $ | — | $ | 598 | $ | 165 | ||||||||
Lease/contract termination and related costs | 2,013 | — | 1,167 | 846 | ||||||||||||
Total | $ | 2,776 | $ | — | $ | 1,765 | $ | 1,011 | ||||||||
NET_INCOME_PER_COMMON_SHARE
NET INCOME PER COMMON SHARE | 9 Months Ended | |||||||||||||||
Nov. 03, 2013 | ||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||
NET INCOME PER COMMON SHARE | ' | |||||||||||||||
NET INCOME PER COMMON SHARE | ||||||||||||||||
In 2012, the Company utilized the two-class method of calculating basic net income per common share, as holders of the Company’s Series A convertible preferred stock participated in dividends with holders of the Company’s common stock prior to the conversion in 2012 of such convertible preferred stock into common stock. Net losses were not allocated to holders of the Series A convertible preferred stock. | ||||||||||||||||
The Company computed its basic and diluted net income per common share as follows: | ||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | |||||||||||||
Net income attributable to PVH Corp. | $ | 196,713 | $ | 167,698 | $ | 160,665 | $ | 353,092 | ||||||||
Less: | ||||||||||||||||
Common stock dividends paid to holders of Series A convertible preferred stock | — | (78 | ) | — | (287 | ) | ||||||||||
Allocation of income to Series A convertible preferred stock | — | (4,754 | ) | — | (12,167 | ) | ||||||||||
Net income available to common stockholders for basic net income per common share | 196,713 | 162,866 | 160,665 | 340,638 | ||||||||||||
Add back: | ||||||||||||||||
Common stock dividends paid to holders of Series A convertible preferred stock | — | 78 | — | 287 | ||||||||||||
Allocation of income to Series A convertible preferred stock | — | 4,754 | — | 12,167 | ||||||||||||
Net income available to common stockholders for diluted net income per common share | $ | 196,713 | $ | 167,698 | $ | 160,665 | $ | 353,092 | ||||||||
Weighted average common shares outstanding for basic net income per common share | 81,522 | 70,586 | 80,943 | 69,843 | ||||||||||||
Weighted average impact of dilutive securities | 1,307 | 1,304 | 1,558 | 1,332 | ||||||||||||
Weighted average impact of assumed convertible preferred stock conversion | — | 2,095 | — | 2,555 | ||||||||||||
Total shares for diluted net income per common share | 82,829 | 73,985 | 82,501 | 73,730 | ||||||||||||
Basic net income per common share attributable to PVH Corp. | $ | 2.41 | $ | 2.31 | $ | 1.98 | $ | 4.88 | ||||||||
Diluted net income per common share attributable to PVH Corp. | $ | 2.37 | $ | 2.27 | $ | 1.95 | $ | 4.79 | ||||||||
Potentially dilutive securities excluded from the calculation of diluted net income per common share were as follows: | ||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | |||||||||||||
Weighted average potentially dilutive securities | 318 | 329 | 260 | 350 | ||||||||||||
Contingently issuable shares that have not met the necessary conditions as of the end of a reporting period are not included in the calculation of diluted net income per common share for that period. The Company had contingently issuable awards outstanding that did not meet the performance conditions as of November 3, 2013 and October 28, 2012 and, therefore, were excluded from the calculation of diluted net income per common share for the thirteen and thirty-nine weeks ended November 3, 2013 and October 28, 2012. The maximum number of potentially dilutive shares that could be issued upon vesting for such awards was 527 and 372 as of November 3, 2013 and October 28, 2012, respectively. These amounts were also excluded from the computation of weighted average potentially dilutive securities in the table above. |
NONCASH_INVESTING_AND_FINANCIN
NONCASH INVESTING AND FINANCING TRANSACTIONS | 9 Months Ended |
Nov. 03, 2013 | |
Notes to Financial Statements [Abstract] | ' |
NONCASH INVESTING AND FINANCING TRANSACTIONS | ' |
NONCASH INVESTING AND FINANCING TRANSACTIONS | |
During the thirty-nine weeks ended November 3, 2013 and October 28, 2012, the Company recorded increases to goodwill of $39,126 and $37,050, respectively, related to liabilities incurred for contingent purchase price payments to Mr. Calvin Klein. Such amounts are not due or paid in cash until 45 days subsequent to the Company’s applicable quarter end. As such, during the thirty-nine weeks ended November 3, 2013 and October 28, 2012, the Company paid $37,147 and $35,509, respectively, in cash related to contingent purchase price payments to Mr. Calvin Klein that were recorded as additions to goodwill during the periods the liabilities were incurred. | |
During the first quarter of 2013, the Company issued 7,674 shares of its common stock, par value $1.00 per share (of which 416 shares were issued from treasury stock), as part of the consideration paid to the former stockholders of Warnaco in connection with the acquisition, which resulted in an increase in common stock of $7,258, an increase in additional paid in capital of $888,925 and a decrease in treasury stock of $30,269. In addition, the Company issued awards valued at $39,752 to replace outstanding stock awards made by Warnaco to its employees, which for accounting purposes are included in the total acquisition consideration. Also included in the acquisition consideration was the elimination of a $9,128 pre-acquisition liability to Warnaco. | |
During the first quarter of 2013, the Company recorded a loss of $5,757 to write-off previously capitalized debt issuance costs in connection with the modification and extinguishment of its previously outstanding senior secured credit facilities. | |
During the first quarter of 2012, one of the holders of the Company’s Series A convertible preferred stock converted an aggregate of 4 shares into 2,095 shares of the Company’s common stock, resulting in a decrease in Series A convertible preferred stock of $94,297, an increase in common stock of $2,095, and an increase in additional paid in capital of $92,202. The remaining shares of Series A convertible preferred stock were converted into the Company’s common stock during the fourth quarter of 2012. Please see Note 15, “Stockholders’ Equity.” | |
Omitted from purchases of property, plant and equipment in the Consolidated Statement of Cash Flows for the thirty-nine weeks ended November 3, 2013 and October 28, 2012 are $5,940 and $16,648, respectively, of assets acquired through capital leases. |
SEGMENT_DATA
SEGMENT DATA | 9 Months Ended | |||||||||||||||||||
Nov. 03, 2013 | ||||||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||||||
SEGMENT DATA | ' | |||||||||||||||||||
SEGMENT DATA | ||||||||||||||||||||
The acquisition of Warnaco significantly impacted the way the Company and its chief operating decision maker manage and analyze its operating results. As such, the Company changed its reportable segments beginning with the first quarter of 2013. Prior year periods have been restated in order to present that information on a basis consistent with the current year. | ||||||||||||||||||||
The Company manages its operations through its operating divisions, which are presented as six reportable segments: (i) Calvin Klein North America; (ii) Calvin Klein International; (iii) Tommy Hilfiger North America; (iv) Tommy Hilfiger International; (v) Heritage Brands Wholesale; and (vi) Heritage Brands Retail. | ||||||||||||||||||||
Calvin Klein North America Segment - This segment consists of the Company’s Calvin Klein North America division. This segment derives revenue principally from (i) marketing Calvin Klein branded apparel and related products at wholesale in North America, primarily to department, mid-tier department and specialty stores; (ii) operating retail stores, which are primarily located in outlet centers, and an e-commerce website for North American customers, which sell Calvin Klein branded apparel, accessories and related products; and (iii) licensing and similar arrangements relating to the use by third parties of the brand names Calvin Klein Collection, ck Calvin Klein (in the process of being changed to Calvin Klein on a platinum label) and Calvin Klein for a broad array of products and retail services in North America. | ||||||||||||||||||||
Calvin Klein International Segment - This segment consists of the Company’s Calvin Klein International division. This segment derives revenue principally from (i) marketing Calvin Klein branded apparel and related products at wholesale principally in Europe, Asia and Brazil, primarily to department and specialty stores and franchise operators of Calvin Klein stores, and through distributors; (ii) operating retail stores in Europe, Asia and Brazil, which sell Calvin Klein branded apparel, accessories and related products; and (iii) licensing and similar arrangements relating to the use by third parties of the brand names Calvin Klein Collection, ck Calvin Klein (in the process of being changed to Calvin Klein on a platinum label) and Calvin Klein for a broad array of products and retail services outside of North America. | ||||||||||||||||||||
Tommy Hilfiger North America Segment - This segment consists of the Company’s Tommy Hilfiger North America division. This segment derives revenue principally from (i) marketing Tommy Hilfiger branded apparel and related products at wholesale in North America, primarily to department stores, principally Macy’s; and (ii) operating retail stores and an e-commerce website for North American customers, which sell Tommy Hilfiger branded apparel, accessories and related products. This segment also derives revenue from licensing and similar arrangements relating to the use by third parties of the Tommy Hilfiger brand name for a broad array of products in North America. | ||||||||||||||||||||
Tommy Hilfiger International Segment - This segment consists of the Company’s Tommy Hilfiger International division. This segment derives revenue principally from (i) marketing Tommy Hilfiger branded apparel and related products at wholesale principally in Europe, primarily to department and specialty stores and franchise operators of Tommy Hilfiger stores, and through distributors and licensees; and (ii) operating retail stores in Europe and Japan, as well as operating an international e-commerce site, which sell Tommy Hilfiger branded apparel, accessories and related products. This segment also includes the Company’s proportionate share of the net income or loss of its investments in unconsolidated Tommy Hilfiger foreign affiliates. This segment also derives revenue from licensing and similar arrangements relating to the use by third parties of the Tommy Hilfiger brand name for a broad array of products outside of North America. | ||||||||||||||||||||
Heritage Brands Wholesale Segment - This segment consists of the Company’s heritage brands wholesale division. This segment derives revenue primarily from the marketing to department, mid-tier department and specialty stores in North America of: (i) dress shirts and neckwear under various owned and licensed brand names, including several private label brands; (ii) men’s sportswear under the brand names Van Heusen, IZOD and ARROW; (iii) swimwear, fitness apparel, swim accessories and related products under the brand name Speedo beginning in the first quarter of 2013; and (iv) women’s intimate apparel under the brand names Warner’s and Olga beginning in the first quarter of 2013. This segment also derived revenue through the second quarter of 2012 from marketing men’s sportswear under the brand name Timberland and through the third quarter of 2012 from marketing women’s sportswear under the brand name IZOD. | ||||||||||||||||||||
Heritage Brands Retail Segment - This segment consists of the Company’s Heritage Brands retail division. This segment derives revenue principally from operating retail stores, primarily in outlet centers in North America, which sell apparel, accessories and related products under the brand names Van Heusen and IZOD. This segment also derived revenue through the third quarter of 2013 under the brand names Bass and G.H. Bass & Co., principally from operating retail stores. | ||||||||||||||||||||
The following tables present summarized information by segment: | ||||||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||
11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | |||||||||||||||||
Revenue – Calvin Klein North America | ||||||||||||||||||||
Net sales | $ | 384,010 | $ | 195,659 | $ | 1,009,469 | $ | 508,179 | ||||||||||||
Royalty revenue | 38,097 | 41,970 | 86,123 | 102,169 | ||||||||||||||||
Advertising and other revenue | 15,065 | 16,685 | 31,784 | 42,760 | ||||||||||||||||
Total | 437,172 | 254,314 | 1,127,376 | 653,108 | ||||||||||||||||
Revenue – Calvin Klein International | ||||||||||||||||||||
Net sales | 333,916 | 13,191 | 875,256 | (1 | ) | 35,060 | ||||||||||||||
Royalty revenue | 19,961 | 36,918 | 54,110 | 101,438 | ||||||||||||||||
Advertising and other revenue | 8,648 | 15,224 | 21,398 | 43,391 | ||||||||||||||||
Total | 362,525 | 65,333 | 950,764 | 179,889 | ||||||||||||||||
Revenue – Tommy Hilfiger North America | ||||||||||||||||||||
Net sales | 411,395 | 376,267 | 1,106,152 | 999,729 | ||||||||||||||||
Royalty revenue | 8,383 | 6,553 | 20,907 | 16,178 | ||||||||||||||||
Advertising and other revenue | 2,546 | 2,429 | 6,752 | 6,401 | ||||||||||||||||
Total | 422,324 | 385,249 | 1,133,811 | 1,022,308 | ||||||||||||||||
Revenue – Tommy Hilfiger International | ||||||||||||||||||||
Net sales | 483,718 | 433,721 | 1,355,989 | 1,263,066 | ||||||||||||||||
Royalty revenue | 13,505 | 13,434 | 38,068 | 36,792 | ||||||||||||||||
Advertising and other revenue | 1,113 | 1,210 | 3,465 | 3,719 | ||||||||||||||||
Total | 498,336 | 448,365 | 1,397,522 | 1,303,577 | ||||||||||||||||
Revenue – Heritage Brands Wholesale | ||||||||||||||||||||
Net sales | 373,125 | 313,197 | 1,056,234 | 750,815 | ||||||||||||||||
Royalty revenue | 3,946 | 3,784 | 12,096 | 11,623 | ||||||||||||||||
Advertising and other revenue | 716 | 1,398 | 2,082 | 3,755 | ||||||||||||||||
Total | 377,787 | 318,379 | 1,070,412 | 766,193 | ||||||||||||||||
Revenue – Heritage Brands Retail | ||||||||||||||||||||
Net sales | 159,001 | 169,407 | 449,549 | 477,062 | ||||||||||||||||
Royalty revenue | 1,551 | 1,285 | 3,767 | 3,717 | ||||||||||||||||
Advertising and other revenue | 429 | 438 | 931 | 945 | ||||||||||||||||
Total | 160,981 | 171,130 | 454,247 | 481,724 | ||||||||||||||||
Total Revenue | ||||||||||||||||||||
Net sales | 2,145,165 | 1,501,442 | 5,852,649 | 4,033,911 | ||||||||||||||||
Royalty revenue | 85,443 | 103,944 | 215,071 | 271,917 | ||||||||||||||||
Advertising and other revenue | 28,517 | 37,384 | 66,412 | 100,971 | ||||||||||||||||
Total | $ | 2,259,125 | $ | 1,642,770 | $ | 6,134,132 | $ | 4,406,799 | ||||||||||||
(1) | Includes $30,000 of sales returns for certain Warnaco wholesale customers in Asia in connection with the Company’s initiative to reduce excess inventory levels. | |||||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||
11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | |||||||||||||||||
Income before interest and taxes – Calvin Klein North America | $ | 71,163 | (2) | $ | 61,933 | $ | 123,097 | (5) | $ | 134,423 | ||||||||||
Income (loss) before interest and taxes – Calvin Klein International | 41,199 | (2) | 30,452 | (63,833 | ) | (5) | 76,455 | |||||||||||||
Income before interest and taxes – Tommy Hilfiger North America | 79,573 | (4) | 66,117 | 187,543 | (4) | 147,630 | (9) | |||||||||||||
Income before interest and taxes – Tommy Hilfiger International | 87,980 | (4) | 62,583 | (7) | 197,981 | (4) | 177,176 | (9) | ||||||||||||
Income before interest and taxes – Heritage Brands Wholesale | 33,560 | (2) | 42,923 | 91,064 | (5) | 76,960 | ||||||||||||||
(Loss) income before interest and taxes – Heritage Brands Retail | (19,531 | ) | (3) | 4,357 | (22,321 | ) | (3) | 11,067 | ||||||||||||
Loss before interest and taxes – Corporate(1) | (44,620 | ) | (2) | (27,227 | ) | (7)(8) | (183,989 | ) | (5)(6) | (73,237 | ) | (8)(9) | ||||||||
Income before interest and taxes | $ | 249,324 | $ | 241,138 | $ | 329,542 | $ | 550,474 | ||||||||||||
(1) | Includes corporate expenses not allocated to any reportable segments. Corporate expenses represent overhead operating expenses and include expenses for senior corporate management, corporate finance, information technology related to corporate infrastructure and actuarial gains and losses from the Company’s pension and other postretirement plans. | |||||||||||||||||||
(2) | Income (loss) before interest and taxes for the thirteen weeks ended November 3, 2013 includes costs of $61,042 associated with the Company’s acquisition and integration of Warnaco and the related restructuring. Such costs were included in the Company’s segments as follows: $10,509 in Calvin Klein North America; $21,315 in Calvin Klein International; $8,252 in Heritage Brands Wholesale and $20,966 in corporate expenses not allocated to any reportable segments. | |||||||||||||||||||
(3) | Loss before interest and taxes for the thirteen and thirty-nine weeks ended November 3, 2013 includes a loss of $19,453 associated with the sale of substantially all of the assets of the Company’s Bass division. | |||||||||||||||||||
(4) | Income before interest and taxes for the thirteen and thirty-nine weeks ended November 3, 2013 includes income of $24,309 related to the amendment of an unfavorable contract. At the time of the Tommy Hilfiger acquisition in 2010, a liability was recorded for such unfavorable contract. The amendment executed in the third quarter of 2013 adjusted the contract terms thereby reducing the amount by which the contract was unfavorable and resulted in a reduction of the liability, amounting to $24,309. Such income was included in the Company’s segments as follows: $12,000 in Tommy Hilfiger North America and $12,309 in Tommy Hilfiger International. | |||||||||||||||||||
(5) | Income (loss) before interest and taxes for the thirty-nine weeks ended November 3, 2013 includes costs of $395,035 associated with the Company’s acquisition and integration of Warnaco and the related restructuring. Such costs were included in the Company’s segments as follows: $79,243 in Calvin Klein North America; $206,783 in Calvin Klein International; $37,022 in Heritage Brands Wholesale and $71,987 in corporate expenses not allocated to any reportable segments. | |||||||||||||||||||
(6) | Loss before interest and taxes for the thirty-nine weeks ended November 3, 2013 includes costs of $40,395 associated with the Company’s debt modification and extinguishment. Please refer to Note 9, “Debt,” for a further discussion. | |||||||||||||||||||
(7) | Income (loss) before interest and taxes for the thirteen weeks ended October 28, 2012 includes costs of $6,561 associated with the Company’s integration of Tommy Hilfiger and the related restructuring. Such costs were included in the Company’s segments as follows: $6,301 in Tommy Hilfiger International and $260 in corporate expenses not allocated to any reportable segments. | |||||||||||||||||||
(8) | Loss before interest and taxes for the thirteen and thirty-nine weeks ended October 28, 2012 includes costs of $6,412 associated with the Company’s acquisition of Warnaco. | |||||||||||||||||||
(9) | Income (loss) before interest and taxes for the thirty-nine weeks ended October 28, 2012 includes costs of $14,418 associated with the Company’s integration of Tommy Hilfiger and the related restructuring. Such costs were included in the Company’s segments as follows: $379 in Tommy Hilfiger North America; $9,798 in Tommy Hilfiger International and $4,241 in corporate expenses not allocated to any reportable segments. | |||||||||||||||||||
Intersegment transactions consist of transfers of inventory principally from the Heritage Brands Wholesale segment to the Heritage Brands Retail segment and the Calvin Klein North America segment. These transfers are recorded at cost plus a standard markup percentage. Such markup percentage on ending inventory is eliminated principally in the Heritage Brands Retail segment and the Calvin Klein North America segment. | ||||||||||||||||||||
The following table presents the Company’s total assets by segment: | ||||||||||||||||||||
Identifiable Assets | 11/3/13 | 2/3/13 | 10/28/12 | |||||||||||||||||
Calvin Klein North America | $ | 1,955,924 | $ | 752,029 | $ | 782,965 | ||||||||||||||
Calvin Klein International | 3,297,912 | 584,860 | 588,220 | |||||||||||||||||
Tommy Hilfiger North America | 1,262,835 | 1,137,404 | 1,203,486 | |||||||||||||||||
Tommy Hilfiger International | 3,190,428 | 3,278,813 | 3,062,064 | |||||||||||||||||
Heritage Brands Wholesale | 1,395,179 | 555,544 | 631,185 | |||||||||||||||||
Heritage Brands Retail(1) | 181,144 | 175,717 | 200,073 | |||||||||||||||||
Corporate(2) | 368,198 | 1,297,182 | 517,978 | |||||||||||||||||
Total | $ | 11,651,620 | $ | 7,781,549 | $ | 6,985,971 | ||||||||||||||
(1) Heritage Brands Retail at November 3, 2013 included $47,454 of assets classified as held for sale in connection with the sale of substantially all of the assets of the Company’s Bass division, which closed on November 4, 2013, the first day of the fourth quarter of 2013. | ||||||||||||||||||||
(2) Corporate at February 3, 2013 included $700,000 of cash that arose from senior notes that were issued to fund a portion of the consideration for the Warnaco acquisition. |
GUARANTEES
GUARANTEES | 9 Months Ended |
Nov. 03, 2013 | |
Guarantees [Abstract] | ' |
GUARANTEES | ' |
GUARANTEES | |
The Company guaranteed to a landlord the payment of rent and related costs by the tenant currently occupying space previously leased by the Company. The maximum amount guaranteed as of November 3, 2013 is approximately $3,800, which is subject to exchange rate fluctuation. The Company has the right to seek recourse of approximately $2,400 as of November 3, 2013, which is subject to exchange rate fluctuation. The guarantee expires on May 19, 2016. | |
The Company has certain other guarantees whereby it guaranteed the payment of amounts on behalf of certain other parties, none of which are material individually or in the aggregate, other than the guarantees discussed in Note 4, “Assets Held For Sale.” |
RECENT_ACCOUNTING_GUIDANCE
RECENT ACCOUNTING GUIDANCE | 9 Months Ended |
Nov. 03, 2013 | |
Notes to Financial Statements [Abstract] | ' |
RECENT ACCOUNTING GUIDANCE | ' |
RECENT ACCOUNTING GUIDANCE | |
The FASB issued in February 2013 guidance that requires an entity to provide information about significant amounts reclassified out of AOCI. For amounts that are required to be reclassified in their entirety to net income in the same reporting period, an entity must report the amounts by component and their corresponding effect on the respective line items of net income. Such information is required to be presented either on the face of the financial statements or as a separate disclosure in the footnotes to the financial statements. For other amounts that are not required to be reclassified to net income in their entirety, an entity is required to cross-reference to other disclosures. The Company adopted this guidance during the first quarter of 2013 and elected to present a separate disclosure in the Notes to Consolidated Financial Statements. The adoption did not have any impact on the Company’s consolidated results of operations or financial position. | |
The FASB issued in March 2013 guidance that requires an entity to release any related cumulative translation adjustment into net income when it ceases to have a controlling financial interest in a subsidiary that is a foreign entity if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity. For an equity method investment that is a foreign entity, a pro rata portion of the cumulative translation adjustment related to the investment should be released into net income upon a partial sale of such investment. This guidance becomes effective for the Company in the first quarter of 2014. The adoption is not expected to have a material impact on the Company’s consolidated results of operations or financial position. | |
The FASB issued in July 2013 guidance that requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward. However, to the extent (i) a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or (ii) the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This guidance becomes effective prospectively for the Company in the first quarter of 2014. The adoption is not expected to have any impact on the Company’s consolidated results of operations or financial position. |
GENERAL_Policies
GENERAL (Policies) | 9 Months Ended |
Nov. 03, 2013 | |
General [Abstract] | ' |
Fiscal Period | ' |
The Company’s fiscal years are based on the 52-53 week period ending on the Sunday closest to February 1 and are designated by the calendar year in which the fiscal year commences. | |
Consolidation, Policy [Text Block] | ' |
The consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated in consolidation. Investments in entities that the Company does not control but has the ability to exercise significant influence over are accounted for using the equity method of accounting. Please see Note 5, “Investments in Unconsolidated Affiliates,” for a further discussion. The Company’s Consolidated Income Statements include its proportionate share of the net income or loss of these entities. As a result of the acquisition of The Warnaco Group, Inc. (“Warnaco”), the Company owns a majority interest in a joint venture in India that is consolidated and accounted for as a redeemable non-controlling interest. Please see Note 6, “Redeemable Non-Controlling Interest,” for a further discussion. The redeemable non-controlling interest represents the minority shareholders’ proportionate share (49%) of the equity in that entity. |
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 9 Months Ended | |||||||||||||||
Nov. 03, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Acquisition consideration [Table Text Block] | ' | |||||||||||||||
The acquisition date fair value of the acquisition consideration paid at closing totaled $3,137,056, which consisted of the following: | ||||||||||||||||
Cash | $ | 2,179,980 | ||||||||||||||
Common stock (7,674 shares, par value $1.00 per share) | 926,452 | |||||||||||||||
Warnaco employee replacement stock awards | 39,752 | |||||||||||||||
Elimination of pre-acquisition liability to Warnaco | (9,128 | ) | ||||||||||||||
Total fair value of the acquisition consideration | $ | 3,137,056 | ||||||||||||||
The fair value of the 7,674 common shares issued was equal to the aggregate value of the shares at the closing market price of the Company’s common stock on February 12, 2013, the day prior to the closing. The value of the replacement stock awards was determined by multiplying the estimated fair value of the Warnaco awards outstanding at the time of the acquisition, reduced by an estimated value of awards to be forfeited, by the proportionate amount of the vesting period that had lapsed as of the acquisition date. Also included in the acquisition consideration was the elimination of a $9,128 pre-acquisition liability to Warnaco. | ||||||||||||||||
Business acquisition, pro forma information [Table Text Block] | ' | |||||||||||||||
The following table presents the Company’s pro forma consolidated results of operations for the thirteen and thirty-nine weeks ended November 3, 2013 and October 28, 2012, as if the acquisition and the related financing transactions had occurred on January 30, 2012 (the first day of its fiscal year ended February 3, 2013) instead of on February 13, 2013. The pro forma results were calculated applying the Company’s accounting policies and reflect (i) the impact on revenue, cost of goods sold and selling, general and administrative expenses resulting from the elimination of intercompany transactions; (ii) the impact on depreciation and amortization expense based on fair value adjustments to Warnaco’s property, plant and equipment and intangible assets recorded in connection with the acquisition; (iii) the impact on interest expense resulting from changes to the Company’s capital structure in connection with the acquisition; (iv) the impact on cost of goods sold resulting from acquisition date adjustments to the fair value of inventory; (v) the elimination of transaction costs related to the acquisition that were included in the Company’s results of operations for the thirteen and thirty-nine weeks ended November 3, 2013 and October 28, 2012; and (vi) the tax effects of the above adjustments. The pro forma results do not include any anticipated cost synergies or other effects of the planned integration of Warnaco. Accordingly, such pro forma amounts are not indicative of the results that actually would have occurred had the acquisition been completed on January 30, 2012, nor are they indicative of the future operating results of the combined company. | ||||||||||||||||
Pro Forma | Pro Forma | |||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | |||||||||||||
Total revenue | $ | 2,259,125 | $ | 2,142,800 | $ | 6,197,162 | $ | 5,886,639 | ||||||||
Net income attributable to PVH Corp. | 300,119 | 181,370 | 450,067 | 261,787 | ||||||||||||
Business combination, allocation of the acquisition consideration [Table Text Block] | ' | |||||||||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities and redeemable non-controlling interest assumed at the date of acquisition: | ||||||||||||||||
Cash and cash equivalents | $ | 364,651 | ||||||||||||||
Trade receivables | 291,644 | |||||||||||||||
Other receivables | 42,894 | |||||||||||||||
Inventories | 446,591 | |||||||||||||||
Prepaid expenses | 39,210 | |||||||||||||||
Other current assets | 56,649 | |||||||||||||||
Property, plant and equipment | 127,059 | |||||||||||||||
Goodwill | 1,481,375 | |||||||||||||||
Tradenames | 604,600 | |||||||||||||||
Perpetual license rights | 207,600 | |||||||||||||||
Other intangibles | 823,300 | |||||||||||||||
Other assets | 161,393 | |||||||||||||||
Total assets acquired | 4,646,966 | |||||||||||||||
Accounts payable | 179,931 | |||||||||||||||
Accrued expenses | 262,570 | |||||||||||||||
Short-term borrowings | 26,927 | |||||||||||||||
Current portion of long-term debt | 2,000 | |||||||||||||||
Long-term debt | 195,000 | |||||||||||||||
Other liabilities | 837,882 | |||||||||||||||
Total liabilities assumed | 1,504,310 | |||||||||||||||
Redeemable non-controlling interest | 5,600 | |||||||||||||||
Total fair value of acquisition consideration | $ | 3,137,056 | ||||||||||||||
The Company is still in the process of valuing the assets acquired and liabilities and redeemable non-controlling interest assumed; thus, the allocation of the acquisition consideration is subject to change. |
ASSETS_HELD_FOR_SALE_ASSETS_HE
ASSETS HELD FOR SALE ASSETS HELD FOR SALE (Tables) | 9 Months Ended | ||||
Nov. 03, 2013 | |||||
Schedule of Assets Held For Sale [Line Items] | ' | ||||
Schedule of Assets Held For Sale [Table Text Block] | ' | ||||
The assets classified as held for sale in the Company’s Consolidated Balance Sheet as of November 3, 2013 are included in the Heritage Brands Retail segment and consisted of the following: | |||||
Other receivables | $ | 235 | |||
Inventories, net | 48,997 | ||||
Other current assets | 178 | ||||
Property, plant and equipment, net | 13,989 | ||||
Other noncurrent assets | 52 | ||||
Allowance for reduction of assets held for sale | (15,997 | ) | |||
Total assets held for sale | $ | 47,454 | |||
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Nov. 03, 2013 | ||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
The changes in the carrying amount of goodwill for the thirty-nine weeks ended November 3, 2013, by segment, were as follows: | ||||||||||||||||||||||||||||||||||||
Calvin Klein North America | Calvin Klein International | Tommy Hilfiger North America | Tommy Hilfiger International | Heritage Brands Wholesale | Total | |||||||||||||||||||||||||||||||
Balance as of February 3, 2013 | ||||||||||||||||||||||||||||||||||||
Goodwill, gross | $ | 207,083 | $ | 201,542 | $ | 198,501 | $ | 1,196,619 | $ | 155,142 | $ | 1,958,887 | ||||||||||||||||||||||||
Accumulated impairment losses | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Goodwill, net | 207,083 | 201,542 | 198,501 | 1,196,619 | 155,142 | 1,958,887 | ||||||||||||||||||||||||||||||
Contingent purchase price payments to Mr. Calvin Klein | 24,044 | 15,082 | — | — | — | 39,126 | ||||||||||||||||||||||||||||||
Goodwill from acquisition of Warnaco | 451,427 | 900,006 | — | — | 129,942 | 1,481,375 | ||||||||||||||||||||||||||||||
Currency translation | (3,437 | ) | (7,269 | ) | — | (7,853 | ) | (324 | ) | (18,883 | ) | |||||||||||||||||||||||||
Balance as of November 3, 2013 | ||||||||||||||||||||||||||||||||||||
Goodwill, gross | 679,117 | 1,109,361 | 198,501 | 1,188,766 | 284,760 | 3,460,505 | ||||||||||||||||||||||||||||||
Accumulated impairment losses | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Goodwill, net | $ | 679,117 | $ | 1,109,361 | $ | 198,501 | $ | 1,188,766 | $ | 284,760 | $ | 3,460,505 | ||||||||||||||||||||||||
Schedule of Intangible Assets [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
The Company’s intangible assets consisted of the following: | ||||||||||||||||||||||||||||||||||||
11/3/13 | 2/3/13 | 10/28/12 | ||||||||||||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | Carrying | Amortization | |||||||||||||||||||||||||||||||
Amount | Amount | Amount | ||||||||||||||||||||||||||||||||||
Intangible assets subject to amortization: | ||||||||||||||||||||||||||||||||||||
Customer relationships(1) | $ | 337,061 | $ | (61,319 | ) | $ | 275,742 | $ | 190,383 | $ | (41,158 | ) | $ | 149,225 | $ | 176,988 | $ | (38,125 | ) | $ | 138,863 | |||||||||||||||
Covenants not to compete | 2,220 | (2,220 | ) | — | 2,220 | (2,220 | ) | — | 2,220 | (2,205 | ) | 15 | ||||||||||||||||||||||||
Order backlog(1) | 128,116 | (128,116 | ) | — | 32,287 | (32,287 | ) | — | 32,287 | (32,287 | ) | — | ||||||||||||||||||||||||
Reacquired license rights(1) | 571,796 | (17,698 | ) | 554,098 | 8,565 | (3,636 | ) | 4,929 | 5,927 | (3,332 | ) | 2,595 | ||||||||||||||||||||||||
Total intangible assets subject to amortization | 1,039,193 | (209,353 | ) | 829,840 | 233,455 | (79,301 | ) | 154,154 | 217,422 | (75,949 | ) | 141,473 | ||||||||||||||||||||||||
Intangible assets not subject to amortization: | ||||||||||||||||||||||||||||||||||||
Tradenames(1) | 2,998,785 | — | 2,998,785 | 2,413,809 | — | 2,413,809 | 2,374,513 | — | 2,374,513 | |||||||||||||||||||||||||||
Perpetual license rights(1) | 206,996 | — | 206,996 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Reacquired perpetual license rights | 12,905 | — | 12,905 | 13,042 | — | 13,042 | 12,339 | — | 12,339 | |||||||||||||||||||||||||||
Total intangible assets not subject to amortization | 3,218,686 | — | 3,218,686 | 2,426,851 | — | 2,426,851 | 2,386,852 | — | 2,386,852 | |||||||||||||||||||||||||||
Total intangible assets | $ | 4,257,879 | $ | (209,353 | ) | $ | 4,048,526 | $ | 2,660,306 | $ | (79,301 | ) | $ | 2,581,005 | $ | 2,604,274 | $ | (75,949 | ) | $ | 2,528,325 | |||||||||||||||
(1) Change from February 3, 2013 to November 3, 2013 primarily relates to intangible assets recorded in connection with the acquisition of Warnaco. The acquired customer relationships are amortized principally over 10 years, order backlog is amortized principally over 6 months and reacquired license rights are amortized principally over 33 years from the date of the acquisition. As of November 3, 2013, the weighted average life of the amortizable intangible assets recorded in connection with the acquisition of Warnaco was 27.8 years. | ||||||||||||||||||||||||||||||||||||
Schedule of Expected Amortization Expense [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
Assuming constant exchange rates and no change in the gross carrying amount of the intangible assets, amortization expense for the remainder of 2013 and the next five years thereafter related to the Company’s intangible assets as of November 3, 2013 is expected to be as follows: | ||||||||||||||||||||||||||||||||||||
Fiscal Year | Amount | |||||||||||||||||||||||||||||||||||
Remainder of 2013 | $ | 11,770 | ||||||||||||||||||||||||||||||||||
2014 | 45,337 | |||||||||||||||||||||||||||||||||||
2015 | 44,989 | |||||||||||||||||||||||||||||||||||
2016 | 44,989 | |||||||||||||||||||||||||||||||||||
2017 | 44,989 | |||||||||||||||||||||||||||||||||||
2018 | 44,989 | |||||||||||||||||||||||||||||||||||
RETIREMENT_AND_BENEFIT_PLANS_T
RETIREMENT AND BENEFIT PLANS (Tables) | 9 Months Ended | |||||||||||||||
Nov. 03, 2013 | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | ' | |||||||||||||||
Net benefit cost related to the Company’s Pension Plans was recognized in selling, general and administrative expenses as follows: | ||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | |||||||||||||
Service cost, including plan expenses | $ | 4,831 | $ | 3,932 | $ | 14,251 | $ | 11,797 | ||||||||
Interest cost | 6,664 | 4,493 | 19,731 | 13,479 | ||||||||||||
Expected return on plan assets | (9,960 | ) | (5,237 | ) | (29,488 | ) | (15,713 | ) | ||||||||
Amortization of prior service cost | 1 | 1 | 4 | 3 | ||||||||||||
Total | $ | 1,536 | $ | 3,189 | $ | 4,498 | $ | 9,566 | ||||||||
Net benefit cost related to the Company’s SERP Plans was recognized in selling, general and administrative expenses as follows: | ||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | |||||||||||||
Service cost, including plan expenses | $ | 1,085 | $ | 894 | $ | 3,254 | $ | 2,681 | ||||||||
Interest cost | 904 | 837 | 2,714 | 2,510 | ||||||||||||
Amortization of prior service credit | (17 | ) | (17 | ) | (51 | ) | (50 | ) | ||||||||
Total | $ | 1,972 | $ | 1,714 | $ | 5,917 | $ | 5,141 | ||||||||
Net benefit cost related to the Company’s Postretirement Plans was recognized in selling, general and administrative expenses as follows: | ||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | |||||||||||||
Service cost, including plan expenses | $ | 22 | $ | — | $ | 62 | $ | — | ||||||||
Interest cost | 217 | 200 | 646 | 599 | ||||||||||||
Amortization of prior service credit | (205 | ) | (204 | ) | (613 | ) | (612 | ) | ||||||||
Total | $ | 34 | $ | (4 | ) | $ | 95 | $ | (13 | ) | ||||||
DEBT_Tables
DEBT (Tables) | 9 Months Ended | |||||||
Nov. 03, 2013 | ||||||||
Debt [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||
The carrying amounts of the Company’s long-term debt were as follows: | ||||||||
11/3/13 | 10/28/12 | |||||||
Senior secured term loan A facility due 2018 | $ | 1,651,450 | $ | — | ||||
Senior secured term loan B facility due 2020 | 1,208,444 | — | ||||||
4 1/2% senior unsecured notes | 700,000 | — | ||||||
7 3/8% senior unsecured notes | 600,000 | 600,000 | ||||||
7 3/4% debentures | 99,658 | 99,637 | ||||||
Senior secured term loan A facility due 2016 - United States dollar-denominated | — | 576,000 | ||||||
Senior secured term loan A facility due 2016 - Euro-denominated | — | 61,959 | ||||||
Senior secured term loan B facility due 2016 - United States dollar-denominated | — | 394,000 | ||||||
Senior secured term loan B facility due 2016 - Euro-denominated | — | — | ||||||
Total | 4,259,552 | 1,731,596 | ||||||
Less: Current portion of long-term debt | 85,000 | 84,000 | ||||||
Long-term debt | $ | 4,174,552 | $ | 1,647,596 | ||||
Schedule of Mandatory Long-Term Debt Repayments [Table] | ' | |||||||
As of November 3, 2013, the Company’s mandatory long-term debt repayments for the next five years were as follows: | ||||||||
Remainder of 2013 | $ | 21,250 | ||||||
2014 | 85,000 | |||||||
2015 | 116,875 | |||||||
2016 | 159,375 | |||||||
2017 | 170,000 | |||||||
2018 | 1,105,000 | |||||||
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended | |||||||||||||||||
Nov. 03, 2013 | ||||||||||||||||||
Derivative Financial Instruments [Abstract] | ' | |||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | |||||||||||||||||
The following table summarizes the fair value and presentation in the Consolidated Balance Sheets for the Company’s derivative financial instruments: | ||||||||||||||||||
Asset Derivatives (Classified in Other Current Assets and Other Assets) | Liability Derivatives (Classified in Accrued Expenses and Other Liabilities) | |||||||||||||||||
11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | |||||||||||||||
Contracts designated as cash flow hedges: | ||||||||||||||||||
Foreign currency forward exchange contracts (inventory purchases) | $ | 1,244 | $ | 3,725 | $ | 9,172 | $ | 2,567 | ||||||||||
Interest rate contracts | 2,314 | — | 8,190 | 6,066 | ||||||||||||||
Total contracts designated as cash flow hedges | 3,558 | 3,725 | 17,362 | 8,633 | ||||||||||||||
Undesignated contracts: | ||||||||||||||||||
Foreign currency forward exchange contracts (inventory purchases) | — | — | 56 | 30 | ||||||||||||||
Foreign currency forward exchange contracts (intercompany loans) | 881 | — | 17 | 90 | ||||||||||||||
Total undesignated contracts | 881 | — | 73 | 120 | ||||||||||||||
Total | $ | 4,439 | $ | 3,725 | $ | 17,435 | $ | 8,753 | ||||||||||
Schedule of Derivative Instruments, (Loss) Gain in Statement of Financial Performance [Table Text Block] | ' | |||||||||||||||||
The following table summarizes the effect of the Company’s hedges designated as cash flow hedging instruments: | ||||||||||||||||||
(Loss) Gain Recognized in Other Comprehensive (Loss) Income (Effective Portion) | (Loss) Gain Reclassified from AOCI into (Expense) Income (Effective Portion) | |||||||||||||||||
Location | Amount | |||||||||||||||||
Thirteen Weeks Ended | 11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | ||||||||||||||
Foreign currency forward exchange contracts (inventory purchases) | $ | (8,003 | ) | $ | (2,079 | ) | Cost of goods sold | $ | (1,793 | ) | $ | 8,294 | ||||||
Interest rate contracts | (3,888 | ) | (432 | ) | Interest expense | (1,999 | ) | (1,095 | ) | |||||||||
Total | $ | (11,891 | ) | $ | (2,511 | ) | $ | (3,792 | ) | $ | 7,199 | |||||||
Thirty-Nine Weeks Ended | 11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | ||||||||||||||
Foreign currency forward exchange contracts (inventory purchases) | $ | 2,587 | $ | 2,837 | Cost of goods sold | $ | 1,108 | $ | 11,925 | |||||||||
Interest rate contracts | (4,994 | ) | (1,434 | ) | Interest expense | (4,176 | ) | (3,275 | ) | |||||||||
Total | $ | (2,407 | ) | $ | 1,403 | $ | (3,068 | ) | $ | 8,650 | ||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | |||||||||||||||||
The following table summarizes the effect of the Company’s foreign currency forward exchange contracts that were not designated as cash flow hedges: | ||||||||||||||||||
(Loss) Gain Recognized in Income | ||||||||||||||||||
Thirteen Weeks Ended | Location | 11/3/13 | 10/28/12 | |||||||||||||||
Foreign currency forward exchange contracts (inventory purchases) | Selling, general and administrative expenses | $ | (214 | ) | $ | 504 | ||||||||||||
Foreign currency forward exchange contracts (intercompany loans) | Selling, general and administrative expenses | (1,328 | ) | 574 | ||||||||||||||
Thirty-Nine Weeks Ended | Location | 11/3/13 | 10/28/12 | |||||||||||||||
Foreign currency forward exchange contracts (inventory purchases) | Selling, general and administrative expenses | $ | 135 | $ | 1,183 | |||||||||||||
Foreign currency forward exchange contracts (intercompany loans) | Selling, general and administrative expenses | (1,366 | ) | (650 | ) |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Nov. 03, 2013 | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||||||||
In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial assets and liabilities that are required to be remeasured at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||||||||||
11/3/13 | 2/3/13 | 10/28/12 | ||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward exchange contracts | N/A | $ | 2,125 | N/A | $ | 2,125 | N/A | $ | 4,693 | N/A | $ | 4,693 | N/A | $ | 3,725 | N/A | $ | 3,725 | ||||||||||||||||||||||||
Interest rate contracts | N/A | 2,314 | N/A | 2,314 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Total Assets | N/A | $ | 4,439 | N/A | $ | 4,439 | N/A | $ | 4,693 | N/A | $ | 4,693 | N/A | $ | 3,725 | N/A | $ | 3,725 | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward exchange contracts | N/A | $ | 9,245 | N/A | $ | 9,245 | N/A | $ | 13,460 | N/A | $ | 13,460 | N/A | $ | 2,687 | N/A | $ | 2,687 | ||||||||||||||||||||||||
Interest rate contracts | N/A | 8,190 | N/A | 8,190 | N/A | 5,058 | N/A | 5,058 | N/A | 6,066 | N/A | 6,066 | ||||||||||||||||||||||||||||||
Contingent purchase price payments related to reacquisition of the perpetual rights to the Tommy Hilfiger trademarks in India | N/A | N/A | $ | 6,469 | 6,469 | N/A | N/A | $ | 7,003 | 7,003 | N/A | N/A | $ | 9,639 | 9,639 | |||||||||||||||||||||||||||
Total Liabilities | N/A | $ | 17,435 | $ | 6,469 | $ | 23,904 | N/A | $ | 18,518 | $ | 7,003 | $ | 25,521 | N/A | $ | 8,753 | $ | 9,639 | $ | 18,392 | |||||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||||||||
The following table presents the change in the Level 3 contingent purchase price payment liability during the thirty-nine weeks ended November 3, 2013 and October 28, 2012: | ||||||||||||||||||||||||||||||||||||||||||
Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||||||||||||||||
11/3/13 | 10/28/12 | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 7,003 | $ | 9,559 | ||||||||||||||||||||||||||||||||||||||
Payments | (429 | ) | (185 | ) | ||||||||||||||||||||||||||||||||||||||
Adjustments included in earnings | (105 | ) | 265 | |||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 6,469 | $ | 9,639 | ||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||||||||
Additional information with respect to assumptions used to value the contingent purchase price payment liability as of November 3, 2013 is as follows: | ||||||||||||||||||||||||||||||||||||||||||
Unobservable Inputs | Amount | |||||||||||||||||||||||||||||||||||||||||
Approximate compounded annual net sales growth rate | 45 | % | ||||||||||||||||||||||||||||||||||||||||
Approximate | 20 | % | ||||||||||||||||||||||||||||||||||||||||
discount rate | ||||||||||||||||||||||||||||||||||||||||||
A five percentage point increase or decrease in the discount rate would change the liability by approximately $1,000. | ||||||||||||||||||||||||||||||||||||||||||
A five percentage point increase or decrease in the compounded annual net sales growth rate would change the liability by approximately $1,000. | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||||||||
The following table shows the fair value of the Company’s non-financial assets and liabilities that were required to be remeasured at fair value on a nonrecurring basis (consisting of property, plant and equipment and other long-lived assets) during the thirty-nine weeks ended November 3, 2013 and the thirty-nine weeks ended October 28, 2012, and the total impairments recorded as a result of the remeasurement process: | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement Using | ||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value As Of Impairment Date | Total Impairments | ||||||||||||||||||||||||||||||||||||||
Thirty-nine weeks ended 11/3/13 | N/A | N/A | $ | — | $ | — | $ | 5,804 | ||||||||||||||||||||||||||||||||||
Thirty-nine weeks ended 10/28/12 | N/A | N/A | $ | — | $ | — | $ | 259 | ||||||||||||||||||||||||||||||||||
Long-lived assets with a carrying amount of $4,643 were written down to a fair value of zero during the thirty-nine weeks ended November 3, 2013 in connection with the financial performance in certain of the Company’s retail stores. Fair value was determined based on the estimated discounted future cash flows associated with the assets using current sales trends and market participant assumptions. The impairment charge of $4,643 was included in selling, general and administrative expenses, of which $808 was recorded in the Calvin Klein North America segment, $220 was recorded in the Calvin Klein International segment, $3,121 was recorded in the Tommy Hilfiger North America segment and $494 was recorded in the Heritage Brands Retail segment. | ||||||||||||||||||||||||||||||||||||||||||
Long-lived assets with a carrying amount of $1,161 were written down to a fair value of zero during the thirty-nine weeks ended November 3, 2013 in connection with the sale of substantially all of the assets of the Company’s Bass division. The impairment charge was included in selling, general and administrative expenses in the Heritage Brands Retail segment. Please see Note 4, “Assets Held for Sale,” for a further discussion. | ||||||||||||||||||||||||||||||||||||||||||
Long-lived assets with a carrying amount of $259 were written down to a fair value of zero during the thirty-nine weeks ended October 28, 2012 in connection with the exit of a facility as part of the Company’s integration of Tommy Hilfiger. Such assets were deemed to have no future use or economic benefit based on the Company’s analysis using market participant assumptions, and therefore no expected future cash flows. The impairment charge was included in selling, general and administrative expenses in corporate expenses not allocated to any reportable segment. | ||||||||||||||||||||||||||||||||||||||||||
In connection with the sale of substantially all of the assets of the Company’s Bass division, the Company guaranteed lease payments for principally all Bass retail stores under the current terms of noncancelable leases expiring on various dates through 2022. These guarantees include minimum rent payments and relate to leases that commenced prior to the sale of the Bass assets. In certain instances, the Company’s guarantee may remain in effect if an option is exercised to extend the term of the lease. The estimated fair value of these guarantee obligations as of November 3, 2013 is $4,373, which is included in accrued expenses and other liabilities in the Company’s Consolidated Balance Sheet. The Company classifies this as a Level 3 measurement. The fair value of such guarantee obligations was determined using the discounted cash flow method, based on the guaranteed lease payments, the estimated probability of lease extensions and estimates of the risk of default by the buyer of the Bass assets, and was discounted using rates of return that account for the relative risks of the estimated future cash flows. Please see Note 4, “Assets Held for Sale,” for a further discussion. | ||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||||||||
The carrying amounts and the fair values of the Company’s cash and cash equivalents, short-term borrowings and long-term debt as of November 3, 2013, February 3, 2013 and October 28, 2012 were as follows: | ||||||||||||||||||||||||||||||||||||||||||
11/3/13 | 2/3/13 | 10/28/12 | ||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 542,533 | $ | 542,533 | $ | 892,209 | $ | 892,209 | $ | 276,630 | $ | 276,630 | ||||||||||||||||||||||||||||||
Short-term borrowings | 12,441 | 12,441 | 10,847 | 10,847 | 142,514 | 142,514 | ||||||||||||||||||||||||||||||||||||
Long-term debt (including portion classified as current) | 4,259,552 | 4,321,886 | 2,299,642 | 2,398,200 | 1,731,596 | 1,831,695 | ||||||||||||||||||||||||||||||||||||
The fair values of cash and cash equivalents and short-term borrowings approximate their carrying values due to the short-term nature of these instruments. The Company estimates the fair value of its long-term debt using quoted market prices as of the last business day of the applicable quarter. The Company classifies the measurement of its long-term debt as a Level 1 measurement. |
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended | |||||||
Nov. 03, 2013 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Table Of Weighted Average Black Scholes Fair Value Assumptions [Table Text Block] | ' | |||||||
The following summarizes the assumptions used to estimate the fair value of service-based stock options granted during the thirty-nine weeks ended November 3, 2013 (with the exception of the Warnaco employee replacement stock options) and October 28, 2012: | ||||||||
Thirty-Nine Weeks Ended | ||||||||
11/3/13 | 10/28/12 | |||||||
Weighted average risk-free interest rate | 1.05 | % | 1.2 | % | ||||
Weighted average expected option term (in years) | 6.22 | 6.25 | ||||||
Weighted average Company volatility | 45.2 | % | 45.16 | % | ||||
Expected annual dividends per share | $ | 0.15 | $ | 0.15 | ||||
Weighted average grant date fair value per option | $ | 51.51 | $ | 40.59 | ||||
The Company has continued to utilize the simplified method to estimate the expected term for its “plain vanilla” stock options granted due to a lack of relevant historical data resulting, in part, from changes in the pool of employees receiving option grants, mainly due to acquisitions. The Company will continue to evaluate the appropriateness of utilizing such method. | ||||||||
Table Of Weighted Average Black Scholes Fair Value Assumptions Warnaco Replacement [Table Text Block] | ' | |||||||
The following summarizes the assumptions used to estimate the fair value of the Warnaco employee stock options that were replaced at the effective time of the acquisition: | ||||||||
Thirty-Nine Weeks Ended | ||||||||
11/3/13 | ||||||||
Weighted average risk-free interest rate | 0.24 | % | ||||||
Weighted average expected option term (in years) | 1.7 | |||||||
Weighted average Company volatility | 29.4 | % | ||||||
Expected annual dividends per share | $ | 0.15 | ||||||
Weighted average grant date fair value per option | $ | 40.6 | ||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||
Service-based stock option activity for the thirty-nine weeks ended November 3, 2013 was as follows: | ||||||||
Options | Weighted Average Price Per Option | |||||||
Outstanding at February 3, 2013 | 1,958 | $ | 44.17 | |||||
Replacement of Warnaco awards | 443 | 86.26 | ||||||
Granted | 182 | 117.03 | ||||||
Exercised | 411 | 66.13 | ||||||
Cancelled | 14 | 93.51 | ||||||
Outstanding at November 3, 2013 | 2,158 | $ | 54.47 | |||||
Exercisable at November 3, 2013 | 1,528 | $ | 43.1 | |||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | |||||||
RSU activity for the thirty-nine weeks ended November 3, 2013 was as follows: | ||||||||
RSUs | Weighted Average Grant Date Fair Value | |||||||
Non-vested at February 3, 2013 | 660 | $ | 62.24 | |||||
Replacement of Warnaco awards | 120 | 120.72 | ||||||
Granted | 242 | 119 | ||||||
Vested | 261 | 63.91 | ||||||
Cancelled | 30 | 83.53 | ||||||
Non-vested at November 3, 2013 | 731 | $ | 89.16 | |||||
Schedule of Restricted Stock Activity [Table Text Block] | ' | |||||||
Restricted stock activity for the thirty-nine weeks ended November 3, 2013 was as follows: | ||||||||
Restricted Stock | Weighted Average Grant Date Fair Value | |||||||
Non-vested at February 3, 2013 | — | $ | — | |||||
Replacement of Warnaco awards | 271 | 120.72 | ||||||
Granted | — | — | ||||||
Vested | 212 | 120.72 | ||||||
Cancelled | 9 | 120.72 | ||||||
Non-vested at November 3, 2013 | 50 | $ | 120.72 | |||||
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | ' | |||||||
Performance share unit activity for the thirty-nine weeks ended November 3, 2013 was as follows: | ||||||||
Performance Shares | Weighted Average Grant Date Fair Value | |||||||
Non-vested at February 3, 2013 | 594 | $ | 57.08 | |||||
Granted | 926 | 122.62 | ||||||
Vested | 498 | 51.07 | ||||||
Cancelled | 40 | 122.52 | ||||||
Non-vested at November 3, 2013 | 982 | $ | 119.31 | |||||
Table of Weighted Average Monte Carlo Fair Value Assumptions Performance Awards [Table Text Block] | ' | |||||||
The fair value of such awards was established on the grant date using the Monte Carlo simulation model, which was based on the following assumptions: | ||||||||
Thirty-Nine Weeks Ended | ||||||||
11/3/13 | ||||||||
Risk-free interest rate | 0.34 | % | ||||||
Expected Company volatility | 38.67 | % | ||||||
Expected annual dividends per share | $ | 0.15 | ||||||
Grant date fair value per performance share unit | $ | 123.27 | ||||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 3 Months Ended | |||||||||||||||
Nov. 03, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||||||
The following table presents the changes in AOCI (net of tax) by component for the thirty-nine weeks ended November 3, 2013: | ||||||||||||||||
Foreign currency translation adjustments | Retirement liability adjustment | Net unrealized and realized (loss) gain on effective hedges | Total | |||||||||||||
Balance at February 3, 2013 | $ | 153,648 | $ | 1,552 | $ | (15,318 | ) | $ | 139,882 | |||||||
Other comprehensive (loss) before reclassifications | (66,812 | ) | — | (716 | ) | (67,528 | ) | |||||||||
Less: Amounts reclassified from AOCI | — | 407 | (3,101 | ) | (2,694 | ) | ||||||||||
Other comprehensive (loss) income | (66,812 | ) | (407 | ) | 2,385 | (64,834 | ) | |||||||||
Balance at November 3, 2013 | $ | 86,836 | $ | 1,145 | $ | (12,933 | ) | $ | 75,048 | |||||||
Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||||||
The following table presents reclassifications out of AOCI to earnings: | ||||||||||||||||
Amount Reclassified from AOCI | Affected Line Item in the Consolidated Income Statements | |||||||||||||||
Thirteen Weeks Ended 11/3/13 | Thirty-Nine Weeks Ended 11/3/13 | |||||||||||||||
Realized (loss) gain on effective hedges | ||||||||||||||||
Foreign currency forward exchange contracts | $ | (1,793 | ) | $ | 1,108 | Cost of goods sold | ||||||||||
Interest rate contracts | (1,999 | ) | (4,176 | ) | Interest expense | |||||||||||
Less: Tax effect | (702 | ) | 33 | Income tax expense | ||||||||||||
Total, net of tax | $ | (3,090 | ) | $ | (3,101 | ) | ||||||||||
Amortization of retirement liability items | ||||||||||||||||
Prior service credit | $ | 221 | $ | 660 | Selling, general and administrative expenses | |||||||||||
Less: Tax effect | 85 | 253 | Income tax expense | |||||||||||||
Total, net of tax | $ | 136 | $ | 407 | ||||||||||||
ACTIVITY_EXIT_COSTS_Tables
ACTIVITY EXIT COSTS (Tables) | 9 Months Ended | |||||||||||||||
Nov. 03, 2013 | ||||||||||||||||
Warnaco Acquisition and Integration Costs [Member] | ' | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | |||||||||||||||
In connection with the Company’s acquisition of Warnaco during the first quarter of 2013 and the related integration, the Company incurred certain costs related to severance and termination benefits, inventory liquidations and lease/contract terminations. Such costs were as follows: | ||||||||||||||||
Total Expected to be Incurred | Incurred During the Thirteen Weeks Ended 11/3/13 | Incurred During the Thirty-Nine Weeks Ended 11/3/13 | Liability at 11/3/13 | |||||||||||||
Severance, termination benefits and other costs | $ | 165,000 | $ | 20,450 | $ | 118,402 | $ | 29,202 | ||||||||
Inventory liquidation costs | 26,373 | (3,627 | ) | 26,373 | 1,307 | |||||||||||
Lease/contract termination and related costs | 45,000 | 4,230 | 8,110 | 839 | ||||||||||||
Total | $ | 236,373 | $ | 21,053 | $ | 152,885 | $ | 31,348 | ||||||||
Of the charges for severance, termination benefits and lease/contract termination and other costs incurred during the thirty-nine weeks ended November 3, 2013, $28,193 relate to selling, general and administrative expenses of the Calvin Klein North America segment, $49,227 relate to selling, general and administrative expenses of the Calvin Klein International segment, $19,831 relate to selling, general and administrative expenses of the Heritage Brands Wholesale segment and $29,261 relate to corporate expenses not allocated to any reportable segment. The liabilities at November 3, 2013 related to these costs were principally recorded in accrued expenses in the Company’s Consolidated Balance Sheets. The remaining charges for severance and termination benefits and lease/contract termination and other costs expected to be incurred relate principally to the aforementioned segments and corporate expenses not allocated to any reportable segment. Inventory liquidation costs incurred during the thirty-nine weeks ended November 3, 2013 were included in net sales of the Calvin Klein International segment. Please see Note 19, “Segment Data.” | ||||||||||||||||
Tommy Hilfiger Integration and Exit Costs [Member] | ' | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||
Schedule Of Restructuring Accrued Liabilities Costs Incurred And Paid [Table Text Block] | ' | |||||||||||||||
Liabilities for severance and termination benefits and lease/contract termination costs recorded in connection with the acquisition and integration of Tommy Hilfiger and the related restructuring were principally recorded in accrued expenses in the Company’s Consolidated Balance Sheets and were as follows: | ||||||||||||||||
Liability at 2/3/13 | Costs Incurred During the Thirty-Nine Weeks Ended 11/3/13 | Costs Paid During the Thirty-Nine Weeks Ended 11/3/13 | Liability at 11/3/13 | |||||||||||||
Severance, termination benefits and other costs | $ | 763 | $ | — | $ | 598 | $ | 165 | ||||||||
Lease/contract termination and related costs | 2,013 | — | 1,167 | 846 | ||||||||||||
Total | $ | 2,776 | $ | — | $ | 1,765 | $ | 1,011 | ||||||||
NET_INCOME_PER_COMMON_SHARE_Ta
NET INCOME PER COMMON SHARE (Tables) | 9 Months Ended | |||||||||||||||
Nov. 03, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||
The Company computed its basic and diluted net income per common share as follows: | ||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | |||||||||||||
Net income attributable to PVH Corp. | $ | 196,713 | $ | 167,698 | $ | 160,665 | $ | 353,092 | ||||||||
Less: | ||||||||||||||||
Common stock dividends paid to holders of Series A convertible preferred stock | — | (78 | ) | — | (287 | ) | ||||||||||
Allocation of income to Series A convertible preferred stock | — | (4,754 | ) | — | (12,167 | ) | ||||||||||
Net income available to common stockholders for basic net income per common share | 196,713 | 162,866 | 160,665 | 340,638 | ||||||||||||
Add back: | ||||||||||||||||
Common stock dividends paid to holders of Series A convertible preferred stock | — | 78 | — | 287 | ||||||||||||
Allocation of income to Series A convertible preferred stock | — | 4,754 | — | 12,167 | ||||||||||||
Net income available to common stockholders for diluted net income per common share | $ | 196,713 | $ | 167,698 | $ | 160,665 | $ | 353,092 | ||||||||
Weighted average common shares outstanding for basic net income per common share | 81,522 | 70,586 | 80,943 | 69,843 | ||||||||||||
Weighted average impact of dilutive securities | 1,307 | 1,304 | 1,558 | 1,332 | ||||||||||||
Weighted average impact of assumed convertible preferred stock conversion | — | 2,095 | — | 2,555 | ||||||||||||
Total shares for diluted net income per common share | 82,829 | 73,985 | 82,501 | 73,730 | ||||||||||||
Basic net income per common share attributable to PVH Corp. | $ | 2.41 | $ | 2.31 | $ | 1.98 | $ | 4.88 | ||||||||
Diluted net income per common share attributable to PVH Corp. | $ | 2.37 | $ | 2.27 | $ | 1.95 | $ | 4.79 | ||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | |||||||||||||||
Potentially dilutive securities excluded from the calculation of diluted net income per common share were as follows: | ||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | |||||||||||||
Weighted average potentially dilutive securities | 318 | 329 | 260 | 350 |
SEGMENT_DATA_Tables
SEGMENT DATA (Tables) | 9 Months Ended | |||||||||||||||||||
Nov. 03, 2013 | ||||||||||||||||||||
Segment Data [Abstract] | ' | |||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||||
The following tables present summarized information by segment: | ||||||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||
11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | |||||||||||||||||
Revenue – Calvin Klein North America | ||||||||||||||||||||
Net sales | $ | 384,010 | $ | 195,659 | $ | 1,009,469 | $ | 508,179 | ||||||||||||
Royalty revenue | 38,097 | 41,970 | 86,123 | 102,169 | ||||||||||||||||
Advertising and other revenue | 15,065 | 16,685 | 31,784 | 42,760 | ||||||||||||||||
Total | 437,172 | 254,314 | 1,127,376 | 653,108 | ||||||||||||||||
Revenue – Calvin Klein International | ||||||||||||||||||||
Net sales | 333,916 | 13,191 | 875,256 | (1 | ) | 35,060 | ||||||||||||||
Royalty revenue | 19,961 | 36,918 | 54,110 | 101,438 | ||||||||||||||||
Advertising and other revenue | 8,648 | 15,224 | 21,398 | 43,391 | ||||||||||||||||
Total | 362,525 | 65,333 | 950,764 | 179,889 | ||||||||||||||||
Revenue – Tommy Hilfiger North America | ||||||||||||||||||||
Net sales | 411,395 | 376,267 | 1,106,152 | 999,729 | ||||||||||||||||
Royalty revenue | 8,383 | 6,553 | 20,907 | 16,178 | ||||||||||||||||
Advertising and other revenue | 2,546 | 2,429 | 6,752 | 6,401 | ||||||||||||||||
Total | 422,324 | 385,249 | 1,133,811 | 1,022,308 | ||||||||||||||||
Revenue – Tommy Hilfiger International | ||||||||||||||||||||
Net sales | 483,718 | 433,721 | 1,355,989 | 1,263,066 | ||||||||||||||||
Royalty revenue | 13,505 | 13,434 | 38,068 | 36,792 | ||||||||||||||||
Advertising and other revenue | 1,113 | 1,210 | 3,465 | 3,719 | ||||||||||||||||
Total | 498,336 | 448,365 | 1,397,522 | 1,303,577 | ||||||||||||||||
Revenue – Heritage Brands Wholesale | ||||||||||||||||||||
Net sales | 373,125 | 313,197 | 1,056,234 | 750,815 | ||||||||||||||||
Royalty revenue | 3,946 | 3,784 | 12,096 | 11,623 | ||||||||||||||||
Advertising and other revenue | 716 | 1,398 | 2,082 | 3,755 | ||||||||||||||||
Total | 377,787 | 318,379 | 1,070,412 | 766,193 | ||||||||||||||||
Revenue – Heritage Brands Retail | ||||||||||||||||||||
Net sales | 159,001 | 169,407 | 449,549 | 477,062 | ||||||||||||||||
Royalty revenue | 1,551 | 1,285 | 3,767 | 3,717 | ||||||||||||||||
Advertising and other revenue | 429 | 438 | 931 | 945 | ||||||||||||||||
Total | 160,981 | 171,130 | 454,247 | 481,724 | ||||||||||||||||
Total Revenue | ||||||||||||||||||||
Net sales | 2,145,165 | 1,501,442 | 5,852,649 | 4,033,911 | ||||||||||||||||
Royalty revenue | 85,443 | 103,944 | 215,071 | 271,917 | ||||||||||||||||
Advertising and other revenue | 28,517 | 37,384 | 66,412 | 100,971 | ||||||||||||||||
Total | $ | 2,259,125 | $ | 1,642,770 | $ | 6,134,132 | $ | 4,406,799 | ||||||||||||
(1) | Includes $30,000 of sales returns for certain Warnaco wholesale customers in Asia in connection with the Company’s initiative to reduce excess inventory levels. | |||||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||
11/3/13 | 10/28/12 | 11/3/13 | 10/28/12 | |||||||||||||||||
Income before interest and taxes – Calvin Klein North America | $ | 71,163 | (2) | $ | 61,933 | $ | 123,097 | (5) | $ | 134,423 | ||||||||||
Income (loss) before interest and taxes – Calvin Klein International | 41,199 | (2) | 30,452 | (63,833 | ) | (5) | 76,455 | |||||||||||||
Income before interest and taxes – Tommy Hilfiger North America | 79,573 | (4) | 66,117 | 187,543 | (4) | 147,630 | (9) | |||||||||||||
Income before interest and taxes – Tommy Hilfiger International | 87,980 | (4) | 62,583 | (7) | 197,981 | (4) | 177,176 | (9) | ||||||||||||
Income before interest and taxes – Heritage Brands Wholesale | 33,560 | (2) | 42,923 | 91,064 | (5) | 76,960 | ||||||||||||||
(Loss) income before interest and taxes – Heritage Brands Retail | (19,531 | ) | (3) | 4,357 | (22,321 | ) | (3) | 11,067 | ||||||||||||
Loss before interest and taxes – Corporate(1) | (44,620 | ) | (2) | (27,227 | ) | (7)(8) | (183,989 | ) | (5)(6) | (73,237 | ) | (8)(9) | ||||||||
Income before interest and taxes | $ | 249,324 | $ | 241,138 | $ | 329,542 | $ | 550,474 | ||||||||||||
(1) | Includes corporate expenses not allocated to any reportable segments. Corporate expenses represent overhead operating expenses and include expenses for senior corporate management, corporate finance, information technology related to corporate infrastructure and actuarial gains and losses from the Company’s pension and other postretirement plans. | |||||||||||||||||||
(2) | Income (loss) before interest and taxes for the thirteen weeks ended November 3, 2013 includes costs of $61,042 associated with the Company’s acquisition and integration of Warnaco and the related restructuring. Such costs were included in the Company’s segments as follows: $10,509 in Calvin Klein North America; $21,315 in Calvin Klein International; $8,252 in Heritage Brands Wholesale and $20,966 in corporate expenses not allocated to any reportable segments. | |||||||||||||||||||
(3) | Loss before interest and taxes for the thirteen and thirty-nine weeks ended November 3, 2013 includes a loss of $19,453 associated with the sale of substantially all of the assets of the Company’s Bass division. | |||||||||||||||||||
(4) | Income before interest and taxes for the thirteen and thirty-nine weeks ended November 3, 2013 includes income of $24,309 related to the amendment of an unfavorable contract. At the time of the Tommy Hilfiger acquisition in 2010, a liability was recorded for such unfavorable contract. The amendment executed in the third quarter of 2013 adjusted the contract terms thereby reducing the amount by which the contract was unfavorable and resulted in a reduction of the liability, amounting to $24,309. Such income was included in the Company’s segments as follows: $12,000 in Tommy Hilfiger North America and $12,309 in Tommy Hilfiger International. | |||||||||||||||||||
(5) | Income (loss) before interest and taxes for the thirty-nine weeks ended November 3, 2013 includes costs of $395,035 associated with the Company’s acquisition and integration of Warnaco and the related restructuring. Such costs were included in the Company’s segments as follows: $79,243 in Calvin Klein North America; $206,783 in Calvin Klein International; $37,022 in Heritage Brands Wholesale and $71,987 in corporate expenses not allocated to any reportable segments. | |||||||||||||||||||
(6) | Loss before interest and taxes for the thirty-nine weeks ended November 3, 2013 includes costs of $40,395 associated with the Company’s debt modification and extinguishment. Please refer to Note 9, “Debt,” for a further discussion. | |||||||||||||||||||
(7) | Income (loss) before interest and taxes for the thirteen weeks ended October 28, 2012 includes costs of $6,561 associated with the Company’s integration of Tommy Hilfiger and the related restructuring. Such costs were included in the Company’s segments as follows: $6,301 in Tommy Hilfiger International and $260 in corporate expenses not allocated to any reportable segments. | |||||||||||||||||||
(8) | Loss before interest and taxes for the thirteen and thirty-nine weeks ended October 28, 2012 includes costs of $6,412 associated with the Company’s acquisition of Warnaco. | |||||||||||||||||||
(9) | Income (loss) before interest and taxes for the thirty-nine weeks ended October 28, 2012 includes costs of $14,418 associated with the Company’s integration of Tommy Hilfiger and the related restructuring. Such costs were included in the Company’s segments as follows: $379 in Tommy Hilfiger North America; $9,798 in Tommy Hilfiger International and $4,241 in corporate expenses not allocated to any reportable segments. | |||||||||||||||||||
Intersegment transactions consist of transfers of inventory principally from the Heritage Brands Wholesale segment to the Heritage Brands Retail segment and the Calvin Klein North America segment. These transfers are recorded at cost plus a standard markup percentage. Such markup percentage on ending inventory is eliminated principally in the Heritage Brands Retail segment and the Calvin Klein North America segment. | ||||||||||||||||||||
The following table presents the Company’s total assets by segment: | ||||||||||||||||||||
Identifiable Assets | 11/3/13 | 2/3/13 | 10/28/12 | |||||||||||||||||
Calvin Klein North America | $ | 1,955,924 | $ | 752,029 | $ | 782,965 | ||||||||||||||
Calvin Klein International | 3,297,912 | 584,860 | 588,220 | |||||||||||||||||
Tommy Hilfiger North America | 1,262,835 | 1,137,404 | 1,203,486 | |||||||||||||||||
Tommy Hilfiger International | 3,190,428 | 3,278,813 | 3,062,064 | |||||||||||||||||
Heritage Brands Wholesale | 1,395,179 | 555,544 | 631,185 | |||||||||||||||||
Heritage Brands Retail(1) | 181,144 | 175,717 | 200,073 | |||||||||||||||||
Corporate(2) | 368,198 | 1,297,182 | 517,978 | |||||||||||||||||
Total | $ | 11,651,620 | $ | 7,781,549 | $ | 6,985,971 | ||||||||||||||
(1) Heritage Brands Retail at November 3, 2013 included $47,454 of assets classified as held for sale in connection with the sale of substantially all of the assets of the Company’s Bass division, which closed on November 4, 2013, the first day of the fourth quarter of 2013. | ||||||||||||||||||||
(2) Corporate at February 3, 2013 included $700,000 of cash that arose from senior notes that were issued to fund a portion of the consideration for the Warnaco acquisition. |
GENERAL_Details
GENERAL (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Nov. 03, 2013 |
Fiscal Period [Line Items] | ' |
Gain on Adjustment Related to Unfavorable Contract | $24,309 |
Fiscal year, minimum number of weeks | 'P52W |
Fiscal year, maximum number of weeks | 'P53W |
Non-controlling interest, ownership percentage by non-controlling shareholders | 49.00% |
ACQUISITIONS_Details
ACQUISITIONS (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Feb. 03, 2013 | Nov. 03, 2013 | Feb. 03, 2013 | Feb. 13, 2013 | Nov. 03, 2013 | Nov. 03, 2013 | Feb. 03, 2013 | 5-May-13 | Feb. 13, 2013 | Feb. 13, 2013 | Feb. 13, 2013 | Oct. 28, 2012 | Feb. 13, 2013 | Feb. 13, 2013 | Feb. 13, 2013 | Feb. 13, 2013 | Feb. 13, 2013 | Feb. 13, 2013 |
Warnaco acquisition [Member] | Warnaco acquisition [Member] | Warnaco acquisition [Member] | Warnaco acquisition [Member] | Warnaco acquisition [Member] | Warnaco acquisition [Member] | Warnaco acquisition [Member] | Warnaco acquisition [Member] | Tommy Hilfiger Netherlands Franchisee [Member] | Loans Payable [Member] | Perpetual License Rights [Member] | Tradenames [Member] | Reacquired Perpetual License Rights [Member] | Order Backlog [Member] | Customer Relationships [Member] | ||||
Calvin Klein North America [Member] | Calvin Klein International [Member] | Heritage Brands Wholesale [Member] | Warnaco acquisition [Member] | Warnaco acquisition [Member] | Warnaco acquisition [Member] | Warnaco acquisition [Member] | Warnaco acquisition [Member] | |||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, stated percentage | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Calvin Klein categories | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of the acquisition consideration | ' | ' | ' | $3,137,056 | ' | ' | ' | ' | ' | ' | ' | $13,104 | ' | ' | ' | ' | ' | ' |
Business acquisition, equity interest issued or issuable, number of shares | ' | ' | ' | 7,674 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Elimination of pre-acquisition liability to Warnaco | ' | ' | ' | 9,128 | ' | ' | ' | 9,128 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | 700,000 | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,075 | ' | ' | ' | ' | ' |
Acquisition, integration and related restructuring costs | ' | ' | ' | ' | 149,000 | 192,000 | 43,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warnaco revenue recorded from acquisition date through period-end | ' | 1,567,596 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warnaco net loss recorded from acquisition date through period end | ' | -32,689 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | 1,481,375 | ' | ' | ' | ' | 451,427 | 900,006 | 129,942 | ' | ' | ' | ' | ' | ' | ' |
Amortizable Intangible Assets | ' | ' | ' | 1,635,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangibles | ' | ' | ' | 823,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 576,400 | 97,100 | 149,800 |
Intangible assets not amortizable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $207,600 | $604,600 | ' | ' | ' |
Tommy Hilfiger Netherlands Franchisee, percentage of voting interests acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Tommy Hilfiger Netherlands Franchisee, number of stores | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | ' | ' | ' | ' | ' | ' |
ACQUISITIONS_Fair_Value_Of_Acq
ACQUISITIONS Fair Value Of Acquisition Consideration (Details) (USD $) | 0 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Feb. 13, 2013 | 5-May-13 |
Business Acquisition [Line Items] | ' | ' |
Warnaco employee replacement stock awards | $39,752 | ' |
Warnaco acquisition [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Cash | 2,179,980 | ' |
Common stock (7,674 shares, par value $1.00 per share) | 926,452 | ' |
Warnaco employee replacement stock awards | 39,752 | 39,752 |
Elimination of pre-acquisition liability to Warnaco | 9,128 | 9,128 |
Total fair value of the acquisition consideration | $3,137,056 | ' |
ACQUISITIONS_Pro_Forma_Results
ACQUISITIONS Pro Forma Results Of Operations (Details) (Warnaco acquisition [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 |
Warnaco acquisition [Member] | ' | ' | ' | ' |
Pro Forma Consolidated Results Of Operations [Line Items] | ' | ' | ' | ' |
Total revenue | $2,259,125 | $2,142,800 | $6,197,162 | $5,886,639 |
Net income attributable to PVH Corp. | $300,119 | $181,370 | $450,067 | $261,787 |
ACQUISITIONS_Allocation_of_Acq
ACQUISITIONS Allocation of Acquisition Consideration (Details) (Warnaco acquisition [Member], USD $) | Feb. 13, 2013 |
In Thousands, unless otherwise specified | |
Business Acquisition [Line Items] | ' |
Cash and cash equivalents | $364,651 |
Trade receivables | 291,644 |
Other receivables | 42,894 |
Inventories | 446,591 |
Prepaid expenses | 39,210 |
Other current assets | 56,649 |
Property, plant and equipment | 127,059 |
Goodwill | 1,481,375 |
Other intangibles | 823,300 |
Other assets | 161,393 |
Total assets acquired | 4,646,966 |
Accounts payable | 179,931 |
Accrued expenses | 262,570 |
Short-term borrowings | 26,927 |
Current portion of long-term debt | 2,000 |
Long-term debt | 195,000 |
Other liabilities | 837,882 |
Total liabilities assumed | 1,504,310 |
Redeemable non-controlling interest | 5,600 |
Total fair value of the acquisition consideration | 3,137,056 |
Tradenames [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets not amortizable | 604,600 |
Perpetual License Rights [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets not amortizable | $207,600 |
ASSETS_HELD_FOR_SALE_ASSETS_HE1
ASSETS HELD FOR SALE ASSETS HELD FOR SALE (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 03, 2013 | Nov. 03, 2013 | Oct. 28, 2012 | Feb. 03, 2013 |
Schedule of Assets Held For Sale [Line Items] | ' | ' | ' | ' |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | ' | $19,453 | ' | ' |
Disposal Group, Including Discontinued Operation, Other Receivables | 235 | 235 | ' | ' |
Gain resulting From elimination of pre-existing liability, in connection with sale of Bass | 3,255 | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 3,800 | 3,800 | ' | ' |
Impairment of long-lived assets | 4,643 | 5,804 | 259 | ' |
Disposal Group, Including Discontinued Operation, Inventory | 48,997 | 48,997 | ' | ' |
Disposal Group, Including Discontinued Operation, Other Current Assets | 178 | 178 | ' | ' |
Disposal Group, Including Discontinued Operation, Property, Plant, and Equipment, Net | 13,989 | 13,989 | ' | ' |
Assets held for sale | 47,454 | 47,454 | 0 | 0 |
Disposal Group, Including Discontinued Operation, Other Noncurrent Assets | 52 | 52 | ' | ' |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | -15,997 | -15,997 | 0 | ' |
Sale Of Bass [Member] | ' | ' | ' | ' |
Schedule of Assets Held For Sale [Line Items] | ' | ' | ' | ' |
Severance Costs | 1,177 | ' | ' | ' |
Impairment of long-lived assets | 1,161 | ' | ' | ' |
Guarantees, Fair Value Disclosure | $4,373 | $4,373 | ' | ' |
INVESTMENTS_IN_UNCONSOLIDATED_1
INVESTMENTS IN UNCONSOLIDATED AFFILIATES (Details) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 03, 2013 | Oct. 28, 2012 | Feb. 03, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investments | $71,899 | $53,377 | $62,021 |
Investments in unconsolidated affiliates | -3,468 | -1,900 | ' |
Tommy Hilfiger Brazil Joint Venture [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 40.00% | ' | ' |
Investments in unconsolidated affiliates | 2,760 | ' | ' |
Tommy Hilfiger China Joint Venture [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 45.00% | ' | ' |
Tommy Hilfiger India Joint Venture [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' |
Investments in unconsolidated affiliates | ' | 1,900 | ' |
Calvin Klein Australia Joint Venture [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' |
Investments in unconsolidated affiliates | $708 | ' | ' |
REDEEMABLE_NONCONTROLLING_INTE1
REDEEMABLE NON-CONTROLLING INTEREST (Details) (USD $) | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Nov. 03, 2013 | Feb. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Feb. 13, 2013 | Nov. 03, 2013 | Nov. 03, 2013 |
individual | Warnaco acquisition [Member] | Warnaco acquisition [Member] | 24% ownership [Member] | 25% ownership [Member] | |||
Non-controlling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Non-controlling shareholder | 1 | ' | ' | ' | ' | ' | ' |
Non-controlling interest, ownership percentage by parent | ' | ' | ' | 51.00% | ' | ' | ' |
Redeemable non-controlling interest, fair value | ' | ' | ' | ' | $5,600 | ' | ' |
Fair Value Adjustment to Equity | 1,840 | ' | ' | ' | ' | ' | ' |
Redeemable Non-Controlling Interest | $5,600 | $0 | $0 | $5,600 | ' | ' | ' |
Non-controlling interest, ownership percentage by non-controlling shareholders | 49.00% | ' | ' | ' | ' | 24.00% | 25.00% |
Period used to determine put price based upon joint venture's earnings before interest, taxes, depreciation and amortization | '12 months | ' | ' | ' | ' | ' | ' |
GOODWILL_AND_OTHER_INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 03, 2013 | Oct. 28, 2012 |
Goodwill and Other Intangible Assets [Line Items] | ' | ' |
Contingent Purchase Price Payments Percentage | 1.15% | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, gross, beginning of period | $1,958,887 | ' |
Accumulated impairment losses, beginning of period | 0 | ' |
Goodwill, net, beginning of period | 1,958,887 | 1,855,195 |
Contingent purchase price payments to Mr. Calvin Klein | 39,126 | ' |
Goodwill from acquisition of Warnaco | 1,481,375 | ' |
Currency translation | -18,883 | ' |
Goodwill, gross, end of period | 3,460,505 | ' |
Accumulated impairment losses, end of period | 0 | ' |
Goodwill, net, end of period | 3,460,505 | 1,855,195 |
Calvin Klein North America [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, gross, beginning of period | 207,083 | ' |
Accumulated impairment losses, beginning of period | 0 | ' |
Goodwill, net, beginning of period | 207,083 | ' |
Contingent purchase price payments to Mr. Calvin Klein | 24,044 | ' |
Currency translation | -3,437 | ' |
Goodwill, gross, end of period | 679,117 | ' |
Accumulated impairment losses, end of period | 0 | ' |
Goodwill, net, end of period | 679,117 | ' |
Calvin Klein International [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, gross, beginning of period | 201,542 | ' |
Accumulated impairment losses, beginning of period | 0 | ' |
Goodwill, net, beginning of period | 201,542 | ' |
Contingent purchase price payments to Mr. Calvin Klein | 15,082 | ' |
Currency translation | -7,269 | ' |
Goodwill, gross, end of period | 1,109,361 | ' |
Accumulated impairment losses, end of period | 0 | ' |
Goodwill, net, end of period | 1,109,361 | ' |
Tommy Hilfiger North America [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, gross, beginning of period | 198,501 | ' |
Accumulated impairment losses, beginning of period | 0 | ' |
Goodwill, net, beginning of period | 198,501 | ' |
Contingent purchase price payments to Mr. Calvin Klein | 0 | ' |
Currency translation | 0 | ' |
Goodwill, gross, end of period | 198,501 | ' |
Accumulated impairment losses, end of period | 0 | ' |
Goodwill, net, end of period | 198,501 | ' |
Tommy Hilfiger International [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, gross, beginning of period | 1,196,619 | ' |
Accumulated impairment losses, beginning of period | 0 | ' |
Goodwill, net, beginning of period | 1,196,619 | ' |
Contingent purchase price payments to Mr. Calvin Klein | 0 | ' |
Currency translation | -7,853 | ' |
Goodwill, gross, end of period | 1,188,766 | ' |
Accumulated impairment losses, end of period | 0 | ' |
Goodwill, net, end of period | 1,188,766 | ' |
Heritage Brands Wholesale [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, gross, beginning of period | 155,142 | ' |
Accumulated impairment losses, beginning of period | 0 | ' |
Goodwill, net, beginning of period | 155,142 | ' |
Contingent purchase price payments to Mr. Calvin Klein | 0 | ' |
Currency translation | -324 | ' |
Goodwill, gross, end of period | 284,760 | ' |
Accumulated impairment losses, end of period | 0 | ' |
Goodwill, net, end of period | 284,760 | ' |
Warnaco [Member] | Calvin Klein North America [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill from acquisition of Warnaco | 451,427 | ' |
Warnaco [Member] | Calvin Klein International [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill from acquisition of Warnaco | 900,006 | ' |
Warnaco [Member] | Tommy Hilfiger North America [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill from acquisition of Warnaco | 0 | ' |
Warnaco [Member] | Tommy Hilfiger International [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill from acquisition of Warnaco | 0 | ' |
Warnaco [Member] | Heritage Brands Wholesale [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill from acquisition of Warnaco | $129,942 | ' |
GOODWILL_AND_OTHER_INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS Intangible Assets (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Nov. 03, 2013 | Oct. 28, 2012 | Feb. 03, 2013 | |
Intangible Assets [Line Items] | ' | ' | ' | |
Finite-Lived Intangible Assets, Gross | $1,039,193 | $217,422 | $233,455 | |
Finite-Lived Intangible Assets, Accumulated Amortization | -209,353 | -75,949 | -79,301 | |
Finite-Lived Intangible Assets, Net | 829,840 | 141,473 | 154,154 | |
Indefinite-Lived Intangible Assets, Gross, Excluding Goodwill | 3,218,686 | 2,386,852 | 2,426,851 | |
Indefinite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 | 0 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 3,218,686 | 2,386,852 | 2,426,851 | |
Intangible Assets, Gross (Excluding Goodwill) | 4,257,879 | 2,604,274 | 2,660,306 | |
Intangible Assets, Accumulated Amortization | -209,353 | -75,949 | -79,301 | |
Intangible Assets, Net (Excluding Goodwill) | 4,048,526 | 2,528,325 | 2,581,005 | |
Amortization of Intangible Assets | 130,052 | 9,550 | ' | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ' | ' | ' | |
Remainder of 2013 | 11,770 | ' | ' | |
2014 | 45,337 | ' | ' | |
2015 | 44,989 | ' | ' | |
2016 | 44,989 | ' | ' | |
2017 | 44,989 | ' | ' | |
2018 | 44,989 | ' | ' | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '27 years 9 months 18 days | ' | ' | |
Tradenames [Member] | ' | ' | ' | |
Intangible Assets [Line Items] | ' | ' | ' | |
Indefinite-Lived Intangible Assets, Gross, Excluding Goodwill | 2,998,785 | [1] | 2,374,513 | 2,413,809 |
Indefinite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 | 0 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 2,998,785 | 2,374,513 | 2,413,809 | |
Perpetual License Rights [Member] | ' | ' | ' | |
Intangible Assets [Line Items] | ' | ' | ' | |
Indefinite-Lived Intangible Assets, Gross, Excluding Goodwill | 206,996 | [1] | 0 | 0 |
Indefinite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 | 0 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 206,996 | 0 | 0 | |
Reacquired Perpetual License Rights [Member] | ' | ' | ' | |
Intangible Assets [Line Items] | ' | ' | ' | |
Indefinite-Lived Intangible Assets, Gross, Excluding Goodwill | 12,905 | 12,339 | 13,042 | |
Indefinite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 | 0 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 12,905 | 12,339 | 13,042 | |
Customer Relationships [Member] | ' | ' | ' | |
Intangible Assets [Line Items] | ' | ' | ' | |
Finite-Lived Intangible Asset, Useful Life | '10 years | ' | ' | |
Finite-Lived Intangible Assets, Gross | 337,061 | [1] | 176,988 | 190,383 |
Finite-Lived Intangible Assets, Accumulated Amortization | -61,319 | -38,125 | -41,158 | |
Finite-Lived Intangible Assets, Net | 275,742 | 138,863 | 149,225 | |
Covenants Not to Compete [Member] | ' | ' | ' | |
Intangible Assets [Line Items] | ' | ' | ' | |
Finite-Lived Intangible Assets, Gross | 2,220 | 2,220 | 2,220 | |
Finite-Lived Intangible Assets, Accumulated Amortization | -2,220 | -2,205 | -2,220 | |
Finite-Lived Intangible Assets, Net | 0 | 15 | 0 | |
Order Backlog [Member] | ' | ' | ' | |
Intangible Assets [Line Items] | ' | ' | ' | |
Finite-Lived Intangible Asset, Useful Life | '6 months | ' | ' | |
Finite-Lived Intangible Assets, Gross | 128,116 | [1] | 32,287 | 32,287 |
Finite-Lived Intangible Assets, Accumulated Amortization | -128,116 | -32,287 | -32,287 | |
Finite-Lived Intangible Assets, Net | 0 | 0 | 0 | |
Reacquired License Rights [Member] | ' | ' | ' | |
Intangible Assets [Line Items] | ' | ' | ' | |
Finite-Lived Intangible Asset, Useful Life | '33 years | ' | ' | |
Finite-Lived Intangible Assets, Gross | 571,796 | [1] | 5,927 | 8,565 |
Finite-Lived Intangible Assets, Accumulated Amortization | -17,698 | -3,332 | -3,636 | |
Finite-Lived Intangible Assets, Net | $554,098 | $2,595 | $4,929 | |
[1] | Change from February 3, 2013 to NovemberB 3, 2013 primarily relates to intangible assets recorded in connection with the acquisition of Warnaco. The acquired customer relationships are amortized principally over 10 years, order backlog is amortized principally over 6 months and reacquired license rights are amortized principally over 33 years from the date of the acquisition. As of NovemberB 3, 2013, the weighted average life of the amortizable intangible assets recorded in connection with the acquisition of Warnaco was 27.8 years. |
RETIREMENT_AND_BENEFIT_PLANS_D
RETIREMENT AND BENEFIT PLANS (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||
In Thousands, unless otherwise specified | Nov. 03, 2013 | Nov. 03, 2013 | Oct. 28, 2012 | Feb. 02, 2014 | Feb. 03, 2013 | Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 | 5-May-13 |
Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | SERP Plans [Member] | SERP Plans [Member] | SERP Plans [Member] | SERP Plans [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Warnaco acquisition [Member] | ||||||
plans | plans | plans | plans | plans | plans | |||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of plans | ' | ' | ' | ' | ' | 6 | ' | 6 | ' | 3 | ' | 3 | ' | 2 | ' | 2 | ' | ' |
Vesting Period Non-Contributory Defined Benefit Pension Plans | ' | '5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current Executives Covered By Capital Accumulation Program | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retired Executives Covered By Capital Accumulation Program | 15 | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plan Benefit Payment Activation Age | 65 | 65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plan Benefit Payment Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' |
Minimum Number of Years of Employment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | '10 years | ' | ' |
Minimum Age Prior to Employment Termination | 55 | 55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of corridor for determining minimum amount of amortization of actuarial gain or loss | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service cost, including plan expenses | ' | ' | ' | ' | ' | $4,831 | $3,932 | $14,251 | $11,797 | $1,085 | $894 | $3,254 | $2,681 | $22 | $0 | $62 | $0 | ' |
Interest cost | ' | ' | ' | ' | ' | 6,664 | 4,493 | 19,731 | 13,479 | 904 | 837 | 2,714 | 2,510 | 217 | 200 | 646 | 599 | ' |
Expected return on plan assets | ' | ' | ' | ' | ' | -9,960 | -5,237 | -29,488 | -15,713 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of prior service cost (credit) | ' | ' | ' | ' | ' | 1 | 1 | 4 | 3 | -17 | -17 | -51 | -50 | -205 | -204 | -613 | -612 | ' |
Total | ' | ' | ' | ' | ' | 1,536 | 3,189 | 4,498 | 9,566 | 1,972 | 1,714 | 5,917 | 5,141 | 34 | -4 | 95 | -13 | ' |
Pension Contributions | $30,000 | $60,000 | $21,123 | $60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30,000 |
DEBT_DEBT_YenDenominated_Overd
DEBT DEBT Yen-Denominated Overdraft Facility (Details) (Line of credit, Yen-denominated facility [Member]) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 03, 2013 | Nov. 03, 2013 |
USD ($) | JPY (¥) | |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility, maximum borrowing capacity | $10,000 | ¥ 1,000,000 |
Debt instrument, basis spread on variable rate | 0.15% | 0.15% |
Short-term debt, weighted average interest rate | 0.34% | 0.34% |
DEBT_DEBT_Warnaco_Notes_Payabl
DEBT DEBT Warnaco Notes Payable (Details) (European short-term revolving notes [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Nov. 03, 2013 |
European short-term revolving notes [Member] | ' |
Short-term Debt [Line Items] | ' |
Maximum amount of borrowings outstanding during the period | $25,300 |
DEBT_DEBT_India_Revolving_Cred
DEBT DEBT India Revolving Credit Facility (Details) (Line of credit, India facility [Member]) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 03, 2013 | Nov. 03, 2013 |
USD ($) | INR | |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility, maximum borrowing capacity | $3,200 | 195,000 |
Line of credit facility, amount outstanding | 2,279 | ' |
Short-term debt, weighted average interest rate | 6.77% | ' |
Maximum amount of borrowings outstanding during the period | $2,700 | ' |
DEBT_DEBT_Asia_Revolving_Credi
DEBT DEBT Asia Revolving Credit Facility (Details) (Line of credit, Asia facility [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Nov. 03, 2013 |
Line of credit, Asia facility [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Line of credit facility, maximum borrowing capacity | $10,000 |
Debt instrument, basis spread on variable rate | 1.75% |
DEBT_DEBT_Korea_Revolving_Cred
DEBT DEBT Korea Revolving Credit Facility (Details) (Line of credit, Korea facility [Member]) | Nov. 03, 2013 | Nov. 03, 2013 |
In Thousands, unless otherwise specified | USD ($) | KRW |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility, maximum borrowing capacity | $2,800 | 3,000,000 |
DEBT_DEBT_Brazil_Revolving_Cre
DEBT DEBT Brazil Revolving Credit Facility (Details) (Line of credit, Brazil facility [Member]) | Nov. 03, 2013 | Nov. 03, 2013 |
In Thousands, unless otherwise specified | USD ($) | BRL |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility, maximum borrowing capacity | $20,000 | 44,000 |
DEBT_Schedule_of_Long_Term_Deb
DEBT Schedule of Long Term Debt Instruments (Details) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Feb. 13, 2013 | Nov. 03, 2013 | 5-May-13 | Feb. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 | Feb. 03, 2013 | Aug. 01, 2010 | Feb. 13, 2013 | Feb. 13, 2013 | Feb. 13, 2013 | Nov. 03, 2013 | Aug. 19, 2013 | Feb. 13, 2013 | Mar. 02, 2011 | Nov. 03, 2013 | Jun. 06, 2011 | Nov. 03, 2013 | Feb. 13, 2013 | Feb. 13, 2013 | Feb. 13, 2013 | Nov. 03, 2013 | Nov. 03, 2013 | Feb. 13, 2013 | Feb. 03, 2013 | Feb. 13, 2013 | Feb. 03, 2013 | Nov. 03, 2013 | Nov. 03, 2013 | Nov. 03, 2013 | Feb. 13, 2013 | Nov. 03, 2013 | Nov. 03, 2013 | Nov. 03, 2013 | Nov. 03, 2013 | Feb. 13, 2013 | Nov. 03, 2013 | Nov. 03, 2013 | Feb. 13, 2013 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Term loan A facility Warnaco [Member] | Term loan B facility Warnaco [Member] | Current Outstanding Senior Secured Credit Facilities [Member] | Current Outstanding Senior Secured Credit Facilities [Member] | Current Outstanding Senior Secured Credit Facilities [Member] | Previously Outstanding Senior Secured Credit Facilities Due 2016 [Member] | Previously Outstanding Senior Secured Credit Facilities Due 2016 [Member] | Previously Outstanding Senior Secured Credit Facilities Due 2016 [Member] | Previously Outstanding Senior Secured Credit Facilities Due 2016 [Member] | 7 3/4% debentures [Member] | United States of America, Dollars | United States of America, Dollars | United States of America, Dollars | United States of America, Dollars | United States of America, Dollars | United States Dollars and Canadian Dollars [Member] | United States Dollars and Canadian Dollars [Member] | Euro Member Countries, Euro | Multi-currency [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Senior notes [Member] | Senior notes [Member] | Senior notes [Member] | Warnaco acquisition [Member] | |
USD ($) | USD ($) | USD ($) | Interest Rate Swap [Member] | Interest Rate Swap [Member] | USD ($) | USD ($) | Interest Rate Swap [Member] | Interest Rate Swap [Member] | USD ($) | USD ($) | Term loan A facility Warnaco [Member] | Term loan B facility Warnaco [Member] | Term loan B facility Warnaco [Member] | Term loan B facility Warnaco [Member] | USD ($) | EUR (€) | United States of America, Dollars | United States of America, Dollars | Canadian dollars [Member] | USD ($) | United States of America, Dollars | United States of America, Dollars | United States of America, Dollars | United States of America, Dollars | USD ($) | 4 1/2% senior notes [Member] | 7 3/8% senior notes [Member] | USD ($) | ||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Eurocurrency rate loan [Member] | One month adjusted Eurocurrency rate loan [Member] | Unites States federal fund rate [Member] | One month adjusted Eurocurrency rate loan [Member] | Term loan A facility Warnaco [Member] | Term loan A facility Warnaco [Member] | Term loan B facility Warnaco [Member] | Term loan B facility Warnaco [Member] | |||||||||||||||||||||||||||
Minimum [Member] | Minimum [Member] | Base rate loan [Member] | Eurocurrency rate loan [Member] | Base rate loan [Member] | Eurocurrency rate loan [Member] | |||||||||||||||||||||||||||||||||||
Senior Secured Credit Facilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amended facility, overall maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,970,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amended facility, maximum borrowing capacity, term loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,520,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of revolving credit facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | ' | ' | ' | 450,000 | ' | ' | ' | 475,000 | ' | ' | ' | ' | 25,000 | ' | 185,850 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | 700,000 | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | 1,375,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,075 | ' | ' | ' | ' | ' | ' | ' | ' |
Original issue discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,325 | 6,875 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of financing costs | 67,370 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt modification and extinguishment costs | ' | 0 | ' | ' | 0 | 40,395 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,638 |
Deferred debt issuance costs | ' | ' | 5,757 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,757 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding, amount | ' | 65,959 | ' | ' | ' | 65,959 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan facility increase, maximum | ' | ' | ' | ' | ' | 750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan facility increase, maximum ratio | ' | ' | ' | ' | ' | 1,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total outstanding senior secured credit facility | ' | 2,859,894 | ' | ' | ' | 2,859,894 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | ' | ' | 1.00% | 2.00% | 1.50% | 2.50% | ' | ' | ' | ' |
Debt instrument, interest rate, stated percentage | ' | 4.50% | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.75% | ' | ' | ' | 0.75% | 1.75% | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | 4.50% | 7.38% | ' |
Notional amount outstanding of foreign currency forward exchange contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,228,750 | 1,228,750 | ' | ' | 342,808 | 632,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.60% | ' | ' | ' | 1.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of fees associated with issuance of senior notes | ' | ' | ' | ' | ' | 16,257 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,732 | ' | ' | ' | ' | 16,257 | ' | ' | ' |
Gross proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, yield to maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative agreement term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carry forward period revolving credit facility | ' | '1 month | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of funds index rate period | ' | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carry forward period borrowings maximum | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Won-denominated short term credit facility lender | ' | '1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DEBT_Schedule_of_Mandatory_Lon
DEBT Schedule of Mandatory Long-Term Debt Repayments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||
In Thousands, unless otherwise specified | Feb. 03, 2013 | Nov. 03, 2013 | Oct. 28, 2012 | Feb. 03, 2013 | Nov. 03, 2013 | Nov. 03, 2013 | Nov. 03, 2013 | Oct. 28, 2012 | Feb. 13, 2013 | Feb. 13, 2013 | Nov. 03, 2013 | Oct. 28, 2012 |
7 3/4% debentures [Member] | Senior notes [Member] | United States dollar-denominated | United States dollar-denominated | United States dollar-denominated | United States dollar-denominated | Euro-denominated | Euro-denominated | |||||
7 3/8% senior notes [Member] | Term loan A facility Warnaco [Member] | Term loan B facility Warnaco [Member] | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mandatory Long Term Debt Repayment Remainder of 2013 | ' | $21,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mandatory Long Term Debt Repayment 2014 | ' | 85,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mandatory Long Term Debt Repayment 2015 | ' | 116,875 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mandatory Long Term Debt Repayment 2016 | ' | 159,375 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mandatory Long Term Debt Repayment 2017 | ' | 170,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mandatory Long Term Debt Repayment 2018 | ' | 1,105,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | 700,000 | ' | ' | 700,000 | ' | ' | ' | ' | 1,700,000 | 1,375,000 | ' | ' |
Total debt percentage bearing fixed interest rates | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured term loan A facility due 2018 | ' | 1,651,450 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured term loan B facility due 2020 | ' | 1,208,444 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
4 1/2% senior unsecured notes | ' | 700,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
7 3/8% senior unsecured notes | ' | 600,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
7 3/4% debentures | ' | 99,658 | 99,637 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured term loan A facility due 2016 - United States dollar-denominated | ' | ' | ' | ' | ' | ' | 0 | 576,000 | ' | ' | 0 | 61,959 |
Senior secured term loan B facility due 2016 - United States dollar-denominated | ' | ' | ' | ' | ' | ' | 0 | 394,000 | ' | ' | 0 | 0 |
Total | ' | 4,259,552 | 1,731,596 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: Current portion of long-term debt | 88,000 | 85,000 | 84,000 | 88,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Long-Term Debt | 2,211,642 | 4,174,552 | 1,647,596 | 2,211,642 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, stated percentage | ' | 4.50% | ' | ' | 7.75% | 7.38% | ' | ' | ' | ' | ' | ' |
Maturities of Long-term Debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of long term debt | ' | $202,938 | $167,414 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) | 3 Months Ended | 9 Months Ended | ||
Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 | |
Income Taxes [Abstract] | ' | ' | ' | ' |
Income Tax Rate | 3.30% | 21.20% | 15.50% | 24.00% |
DERIVATIVE_FINANCIAL_INSTRUMEN2
DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 |
Derivative [Line Items] | ' | ' | ' | ' |
Other comprehensive (loss) income before reclassifications, net unrealized and realized (loss) gain on effective hedges | ' | ' | ($716) | ' |
Other Current Assets and Other Assets [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 4,439 | 3,725 | 4,439 | 3,725 |
Accrued Expenses and Other Liabilities [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 17,435 | 8,753 | 17,435 | 8,753 |
Foreign Exchange Forward Inventory Purchases [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Notional amount outstanding of foreign currency forward exchange contracts | 559,000 | ' | 559,000 | ' |
Foreign Exchange Forward Intercompany Loans [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Notional amount outstanding of foreign currency forward exchange contracts | 86,000 | ' | 86,000 | ' |
Designated as Hedging Instrument [Member] | Other Current Assets and Other Assets [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 3,558 | 3,725 | 3,558 | 3,725 |
Designated as Hedging Instrument [Member] | Accrued Expenses and Other Liabilities [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 17,362 | 8,633 | 17,362 | 8,633 |
Designated as Hedging Instrument [Member] | Foreign Exchange Forward Inventory Purchases [Member] | Other Current Assets and Other Assets [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 1,244 | 3,725 | 1,244 | 3,725 |
Designated as Hedging Instrument [Member] | Foreign Exchange Forward Inventory Purchases [Member] | Accrued Expenses and Other Liabilities [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 9,172 | 2,567 | 9,172 | 2,567 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other Current Assets and Other Assets [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 2,314 | 0 | 2,314 | 0 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Accrued Expenses and Other Liabilities [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 8,190 | 6,066 | 8,190 | 6,066 |
Not Designated as Hedging Instrument [Member] | Other Current Assets and Other Assets [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 881 | 0 | 881 | 0 |
Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Liabilities [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 73 | 120 | 73 | 120 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward Inventory Purchases [Member] | Other Current Assets and Other Assets [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward Inventory Purchases [Member] | Accrued Expenses and Other Liabilities [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 56 | 30 | 56 | 30 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward Intercompany Loans [Member] | Other Current Assets and Other Assets [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 881 | 0 | 881 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward Intercompany Loans [Member] | Accrued Expenses and Other Liabilities [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 17 | 90 | 17 | 90 |
Cost of Goods Sold [Member] | Foreign Exchange Contract [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Loss Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | ' | ' | -8,664 | ' |
Cost of Goods Sold [Member] | Foreign Exchange Forward [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Loss Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | ' | ' | '12 months | ' |
Interest Expense [Member] | Interest Rate Contract [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Loss Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | ' | ' | 6,511 | ' |
Derivative Instruments, Loss Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | ' | ' | '12 months | ' |
Selling, General and Administrative Expenses [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward Inventory Purchases [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, (Loss) Gain, Net | -214 | 504 | 135 | 1,183 |
Selling, General and Administrative Expenses [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward Intercompany Loans [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, (Loss) Gain, Net | -1,328 | 574 | -1,366 | -650 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Other comprehensive (loss) income before reclassifications, net unrealized and realized (loss) gain on effective hedges | -11,891 | -2,511 | -2,407 | 1,403 |
(Loss) Gain Reclassified from Accumulated Other Comprehensive Income into (Expense) Income (Effective Portion) | -3,792 | 7,199 | -3,068 | 8,650 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward Inventory Purchases [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Other comprehensive (loss) income before reclassifications, net unrealized and realized (loss) gain on effective hedges | -8,003 | -2,079 | 2,587 | 2,837 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Other comprehensive (loss) income before reclassifications, net unrealized and realized (loss) gain on effective hedges | -3,888 | -432 | -4,994 | -1,434 |
Cash Flow Hedging [Member] | Cost of Goods Sold [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward Inventory Purchases [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
(Loss) Gain Reclassified from Accumulated Other Comprehensive Income into (Expense) Income (Effective Portion) | -1,793 | 8,294 | 1,108 | 11,925 |
Cash Flow Hedging [Member] | Interest Expense [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
(Loss) Gain Reclassified from Accumulated Other Comprehensive Income into (Expense) Income (Effective Portion) | ($1,999) | ($1,095) | ($4,176) | ($3,275) |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||
In Thousands, unless otherwise specified | Nov. 03, 2013 | Nov. 03, 2013 | Oct. 28, 2012 | Feb. 03, 2013 | Jan. 29, 2012 | Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Nov. 03, 2013 | Nov. 03, 2013 | Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Nov. 03, 2013 | Feb. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Feb. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Feb. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Feb. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Nov. 03, 2013 | Nov. 03, 2013 | Nov. 03, 2013 |
Tommy Hilfiger India License [Member] | Tommy Hilfiger India License [Member] | Tommy Hilfiger India License [Member] | Tommy Hilfiger India License [Member] | Tommy Hilfiger India License [Member] | Tommy Hilfiger India License [Member] | Tommy Hilfiger Integration and Exit Costs [Member] | Sale Of Bass [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Portion at Fair Value, Fair Value Disclosure [Member] | Portion at Fair Value, Fair Value Disclosure [Member] | Portion at Fair Value, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Calvin Klein North America [Member] | Calvin Klein International [Member] | Tommy Hilfiger North America [Member] | Heritage Brand Retail [Member] | ||||||
Initial Term [Member] | Extended Term [Member] | Due Within [Member] | Period Length [Member] | ||||||||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency forward exchange contracts, assets | $2,125 | $2,125 | $3,725 | $4,693 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,125 | $4,693 | $3,725 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate contracts, assets | 2,314 | 2,314 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,314 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Assets | 4,439 | 4,439 | 3,725 | 4,693 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,439 | 4,693 | 3,725 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency forward exchange contracts, liabilities | 9,245 | 9,245 | 2,687 | 13,460 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,245 | 13,460 | 2,687 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate contracts, liabilities | 8,190 | 8,190 | 6,066 | 5,058 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,190 | 5,058 | 6,066 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent purchase price payments related to reacquisition of the perpetual rights to the Tommy Hilfiger trademarks in India | 6,469 | 6,469 | 9,639 | 7,003 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,469 | 7,003 | 9,639 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,435 | 18,518 | 8,753 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 542,533 | 892,209 | 276,630 | ' | ' | ' | ' | ' | ' | ' |
Short-term borrowings | 12,441 | 12,441 | 142,514 | 10,847 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,441 | 10,847 | 142,514 | ' | ' | ' | ' |
Cash and cash equivalents | 542,533 | 542,533 | 276,630 | 892,209 | 233,197 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 542,533 | 892,209 | 276,630 | ' | ' | ' | ' |
Short-term borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,441 | 10,847 | 142,514 | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 4,259,552 | 4,259,552 | 1,731,596 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,259,552 | 2,299,642 | 1,731,596 | ' | ' | ' | ' |
Long-term debt (including portion classified as current) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,321,886 | 2,398,200 | 1,831,695 | ' | ' | ' | ' | ' | ' | ' |
Contingent Consideration Limit | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent purchase price payments | ' | 37,576 | 35,694 | ' | ' | 429 | 185 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent Purchase Price Term | ' | ' | ' | ' | ' | ' | ' | '5 years | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent purchase price payment terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | '60 days | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent purchase price payments, balance | 6,469 | 6,469 | 9,639 | 7,003 | 9,559 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,469 | 7,003 | 9,639 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments | ' | -429 | -185 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments included in earnings | ' | -105 | 265 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Measurement with Observable and Unobservable Input Reconciliations, Recurring Basis, Liability Value | 23,904 | 23,904 | 18,392 | 25,521 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compounded Annual Net Sales Growth Rate | 45.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs Discount Rate | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of five-percentage-point decrease in discount rate on liability, increase of | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of five-percentage-point increase or decrease on annual net sales growth rate | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of long-lived assets | 4,643 | 5,804 | 259 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,161 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 808 | 220 | 3,121 | 494 |
Long-lived assets, fair value | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived assets | 4,643 | 4,643 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 259 | 1,161 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantees, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,373 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
STOCKBASED_COMPENSATION_STOCK_
STOCK-BASED COMPENSATION - STOCK OPTION ACTIVITY (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Feb. 13, 2013 | Nov. 03, 2013 | 5-May-13 | Nov. 03, 2013 | Oct. 28, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Reduction in Number of Shares to Be Granted by Each Option Award | ' | 1 | ' | 1 | ' |
Warnaco employee replacement stock awards | $39,752 | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | 47,103 | 26,372 |
Assumptions used to estimate fair value of service-based stock options and performance share units [Abstract] | ' | ' | ' | ' | ' |
Expected term | ' | ' | ' | '6 years 2 months 19 days | '6 years 3 months |
Contingently issuable performance share awards, performance period | ' | '3 years | '2 years | ' | ' |
Contingently issuable performance share awards, service period | ' | ' | '1 year | ' | ' |
Percentage of Final Number of Shares Based Upon the Company's Absolute Stock Price Growth | ' | 50.00% | ' | ' | ' |
Percent of Final Number of Shares Based Upon the Company's Total Shareholder Return | ' | 50.00% | ' | ' | ' |
Equity Option [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Vesting installments | ' | ' | ' | 4 | ' |
Beginning vesting term | ' | ' | ' | 'one year after date of grant | ' |
Service-based stock option activity [Roll Forward] | ' | ' | ' | ' | ' |
Service-based stock options, outstanding, beginning of period | ' | ' | 1,958,000 | 1,958,000 | ' |
Service-based stock options, replacement awards granted | ' | ' | ' | 443,000 | ' |
Service-based stock options, granted | ' | ' | ' | 182,000 | ' |
Service-based stock options, exercised | ' | ' | ' | 411,000 | ' |
Service-based stock options, cancelled | ' | ' | ' | 14,000 | ' |
Service-based stock options, exercisable | ' | 1,528,000 | ' | 1,528,000 | ' |
Service-based stock options, outstanding, weighted average price per option, beginning of period | ' | ' | 44.17 | $44.17 | ' |
Service-based stock options, replacement awards granted, weighted average price per option | ' | ' | ' | $86.26 | ' |
Service-based stock options, granted, weighted average price per option | ' | ' | ' | $117.03 | ' |
Service-based stock options, exercised, weighted average price per option | ' | ' | ' | $66.13 | ' |
Service-based stock options, cancelled, weighted average price per option | ' | ' | ' | $93.51 | ' |
Service-based stock options, outstanding, weighted average price per option, end of period | ' | 54.47 | ' | $54.47 | ' |
Service-based stock options, exercisable, weighted average price per option | ' | 43.1 | ' | $43.10 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Vesting installments | ' | ' | ' | 3 | ' |
Beginning vesting term | ' | ' | ' | 'three years after date of grant | ' |
Warnaco acquisition [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Warnaco employee replacement stock awards | $39,752 | ' | 39,752 | ' | ' |
Assumptions used to estimate fair value of service-based stock options and performance share units [Abstract] | ' | ' | ' | ' | ' |
Expected term | ' | ' | ' | '1 year 8 months 12 days | ' |
Warnaco acquisition [Member] | Equity Option [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Vesting installments | ' | ' | ' | 3 | ' |
Black-Scholes-Merton Model [Member] | ' | ' | ' | ' | ' |
Assumptions used to estimate fair value of service-based stock options and performance share units [Abstract] | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | ' | 1.05% | 1.20% |
Expected Company volatility | ' | ' | ' | 45.20% | 45.16% |
Expected annual dividends per share | ' | ' | ' | $0.15 | $0.15 |
Estimated fair value per option | ' | ' | ' | $51.51 | $40.59 |
Black-Scholes-Merton Model [Member] | Warnaco acquisition [Member] | ' | ' | ' | ' | ' |
Assumptions used to estimate fair value of service-based stock options and performance share units [Abstract] | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | ' | 0.24% | ' |
Expected Company volatility | ' | ' | ' | 29.40% | ' |
Expected annual dividends per share | ' | ' | ' | $0.15 | ' |
Estimated fair value per option | ' | ' | ' | $40.60 | ' |
STOCKBASED_COMPENSATION_RSU_RE
STOCK-BASED COMPENSATION - RSU, RESTRICTED STOCK AND PERFORMANCE SHARE ACTIVITY (Details) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Nov. 03, 2013 | Oct. 28, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share Based Payment Award Maximum Term | '10 years | ' |
Reduction in Number of Shares to be Granted by Each Stock Award | 2 | ' |
Reduction in number of shares available to be granted, RSU awards made before April 29, 2009 | 3 | ' |
Reduction in number of shares available to be granted, RSU awards made on or after April 29, 2009 | 2 | ' |
RSU vesting, granted to employees, first annual installment | 25.00% | ' |
RSU vesting, granted to employees, second annual installment | 25.00% | ' |
RSU vesting, granted to employees, third annual installment | 50.00% | ' |
First RSU Vesting Installments, Employees, Number of Yrs Following Grant Date | 'two years after date of grant | ' |
First RSU Vesting Installments, Nonemployee Directors, Number of Yrs Following Grant Date, Awards Prior to 2010 | 'one year after date of grant | ' |
Receipt of service-based RSU vesting period, non-employee directors, granted during or after 2010 | 'one year after date of grant | ' |
Non-vested activity [Roll Forward] | ' | ' |
Other than options, granted number | 498,000 | ' |
Tax benefits realized, stock plan awards | $55,736 | $14,324 |
Excess tax benefits reported, stock plan awards | $22,681 | $8,327 |
Equity Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Service Based Award Vesting Installments, Employees | 4 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Service Based Award Vesting Installments, Employees | 3 | ' |
Service Based Award Vesting Installments, Non-Employee Directors | '4 | ' |
Non-vested activity [Roll Forward] | ' | ' |
Other than options, non-vested number, beginning of period | 660,000 | ' |
Other than options, replacement number | 120,000 | ' |
Other than options, granted number | 242,000 | ' |
Other than options, vested number | 261,000 | ' |
Other than options, cancelled number | 30,000 | ' |
Other than options, non-vested number, end of period | 731,000 | ' |
Other than options, non-vested, weighted average grant date fair value, beginning of period | $62.24 | ' |
Other than options, replacement awards, weighted average grant date fair value | $120.72 | ' |
Other than options, granted, weighted average grant date fair value | $119 | ' |
Other than options, vested, weighted average grant date fair value | $63.91 | ' |
Other than options, cancelled, weighted average grant date fair value | $83.53 | ' |
Other than options, non-vested, weighted average grant date fair value, end of period | $89.16 | ' |
Restricted Stock [Member] | ' | ' |
Non-vested activity [Roll Forward] | ' | ' |
Other than options, non-vested number, beginning of period | 0 | ' |
Other than options, replacement number | 271,000 | ' |
Other than options, granted number | 0 | ' |
Other than options, vested number | 212,000 | ' |
Other than options, cancelled number | 9,000 | ' |
Other than options, non-vested, weighted average grant date fair value, beginning of period | $0 | ' |
Other than options, replacement awards, weighted average grant date fair value | $120.72 | ' |
Other than options, granted, weighted average grant date fair value | $0 | ' |
Other than options, vested, weighted average grant date fair value | $120.72 | ' |
Other than options, cancelled, weighted average grant date fair value | $120.72 | ' |
Other than options, non-vested, weighted average grant date fair value, end of period | $120.72 | ' |
Performance Share [Member] | ' | ' |
Non-vested activity [Roll Forward] | ' | ' |
Other than options, non-vested number, beginning of period | 594,000 | ' |
Other than options, granted number | 926,000 | ' |
Other than options, vested number | 498,000 | ' |
Other than options, cancelled number | 40,000 | ' |
Other than options, non-vested, weighted average grant date fair value, beginning of period | $57.08 | ' |
Other than options, granted, weighted average grant date fair value | $122.62 | ' |
Other than options, vested, weighted average grant date fair value | $51.07 | ' |
Other than options, cancelled, weighted average grant date fair value | $122.52 | ' |
Other than options, non-vested, weighted average grant date fair value, end of period | $119.31 | ' |
Monte Carlo model [Member] | ' | ' |
Assumptions used to estimate fair value of service-based stock options and performance share units [Abstract] | ' | ' |
Risk-free interest rate | 0.34% | ' |
Expected Company volatility | 38.67% | ' |
Expected annual dividends per share | $0.15 | ' |
Estimated fair value per option | $123.27 | ' |
Warnaco acquisition [Member] | Equity Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Service Based Award Vesting Installments, Employees | 3 | ' |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 | Feb. 03, 2013 |
Balance, foreign currency translation adjustments | $86,836 | ' | $86,836 | ' | $153,648 |
Other comprehensive (loss) income before reclassifications, foreign currency translation adjustments | ' | ' | -66,812 | ' | ' |
Amounts reclassified from AOCI, foreign currency translation adjustments | ' | ' | 0 | ' | ' |
Balance, retirement liability adjustment | 1,145 | ' | 1,145 | ' | 1,552 |
Other comprehensive (loss) income before reclassifications, pension and postretirement plans | ' | ' | 0 | ' | ' |
Amounts reclassified from AOCI, retirement liability adjustment | 136 | ' | 407 | ' | ' |
Amortization of prior service credit related to pension and postretirement plans, net of tax | -136 | -135 | -407 | -406 | ' |
Balance, net unrealized and realized (loss) gain on effective hedges | -12,933 | ' | -12,933 | ' | -15,318 |
Other comprehensive (loss) income before reclassifications, net unrealized and realized (loss) gain on effective hedges | ' | ' | -716 | ' | ' |
Amounts reclassified from AOCI, net unrealized and realized (loss) gain on effective hedges | -3,090 | ' | -3,101 | ' | ' |
Net unrealized and realized (loss) gain on effective hedges, net of tax | -7,129 | -10,273 | 2,385 | -8,174 | ' |
Accumulated other comprehensive income | 75,048 | 31,459 | 75,048 | 31,459 | 139,882 |
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax | ' | ' | -67,528 | ' | ' |
Amounts reclassified from AOCI, total | ' | ' | -2,694 | ' | ' |
Other comprehensive (loss) income | ' | ' | ($64,834) | ' | ' |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE INCOME RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Nov. 03, 2013 | Nov. 03, 2013 |
Realized gain on effective hedges, tax benefit | ($702) | $33 |
Amounts reclassified from AOCI, net unrealized and realized (loss) gain on effective hedges | -3,090 | -3,101 |
Amortization of retirement liability items | 221 | 660 |
Amortization of prior service credit related to pension and postretirement plan, tax benefit | 85 | 253 |
Amounts reclassified from AOCI, retirement liability adjustment | 136 | 407 |
Foreign Exchange Forward Inventory Purchases [Member] | ' | ' |
Realized (loss) gain on effective hedges | -1,793 | 1,108 |
Interest Rate Contract [Member] | ' | ' |
Realized (loss) gain on effective hedges | ($1,999) | ($4,176) |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | Nov. 03, 2013 | Feb. 03, 2013 | Oct. 28, 2012 | Feb. 13, 2013 | 5-May-13 | Apr. 29, 2012 | Aug. 01, 2010 |
In Thousands, except Share data, unless otherwise specified | Warnaco acquisition [Member] | Warnaco acquisition [Member] | Series A Preferred Stock Issuance And Conversion [Member] | Series A Preferred Stock Issuance And Conversion [Member] | |||
individual | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, equity interest issued or issuable, number of shares | ' | ' | ' | 7,674,000 | ' | ' | ' |
Common stock, par value (in dollars per share) | $1 | $1 | $1 | $1 | $1 | ' | ' |
Preferred stock, shares issued (in shares) | ' | ' | ' | ' | ' | ' | 8,000 |
Net proceeds from preferred stock issuance | ' | ' | ' | ' | ' | ' | $188,595 |
Conversion of preferred stock, amount converted | ' | ' | ' | ' | ' | $94,297 | ' |
Conversion of preferred stock, shares converted | ' | ' | ' | ' | ' | 4,000 | ' |
Holders of Series A convertible preferred stock | ' | ' | ' | ' | ' | 1 | ' |
Total shares of common stock convertible preferred stock was converted into | ' | ' | ' | ' | ' | 2,095,000 | ' |
ACTIVITY_EXIT_COSTS_Details
ACTIVITY EXIT COSTS (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Nov. 03, 2013 | Nov. 03, 2013 |
Warnaco Acquisition and Integration Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total costs expected to be incurred | ' | $236,373 |
Total costs incurred | 21,053 | 152,885 |
Restructuring Reserve [Roll Forward] | ' | ' |
Total liability, end of period | 31,348 | 31,348 |
Tommy Hilfiger Integration and Exit Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total costs incurred | ' | 0 |
Restructuring Reserve [Roll Forward] | ' | ' |
Total liability, beginning of period | ' | 2,776 |
Total costs paid | ' | 1,765 |
Total liability, end of period | 1,011 | 1,011 |
Severance, termination benefits and other costs [Member] | Warnaco Acquisition and Integration Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total costs expected to be incurred | ' | 165,000 |
Total costs incurred | 20,450 | 118,402 |
Restructuring Reserve [Roll Forward] | ' | ' |
Total liability, end of period | 29,202 | 29,202 |
Severance, termination benefits and other costs [Member] | Tommy Hilfiger Integration and Exit Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total costs incurred | ' | 0 |
Restructuring Reserve [Roll Forward] | ' | ' |
Total liability, beginning of period | ' | 763 |
Total costs paid | ' | 598 |
Total liability, end of period | 165 | 165 |
Inventory liquidation costs[Member] | Warnaco Acquisition and Integration Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total costs expected to be incurred | ' | 26,373 |
Total costs incurred | -3,627 | 26,373 |
Restructuring Reserve [Roll Forward] | ' | ' |
Total liability, end of period | 1,307 | 1,307 |
Lease/contract termination and related costs [Member] | Warnaco Acquisition and Integration Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total costs expected to be incurred | ' | 45,000 |
Total costs incurred | 4,230 | 8,110 |
Restructuring Reserve [Roll Forward] | ' | ' |
Total liability, end of period | 839 | 839 |
Lease/contract termination and related costs [Member] | Tommy Hilfiger Integration and Exit Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total costs incurred | ' | 0 |
Restructuring Reserve [Roll Forward] | ' | ' |
Total liability, beginning of period | ' | 2,013 |
Total costs paid | ' | 1,167 |
Total liability, end of period | 846 | 846 |
Calvin Klein North America [Member] | Warnaco Acquisition and Integration Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total costs incurred | ' | 28,193 |
Calvin Klein International [Member] | Warnaco Acquisition and Integration Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total costs incurred | ' | 49,227 |
Heritage Brands Wholesale [Member] | Warnaco Acquisition and Integration Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total costs incurred | ' | 19,831 |
Unallocated amount to segment [Member] | Warnaco Acquisition and Integration Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total costs incurred | ' | $29,261 |
NET_INCOME_PER_COMMON_SHARE_De
NET INCOME PER COMMON SHARE (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Net income attributable to PVH Corp. | $196,713 | $167,698 | $160,665 | $353,092 |
Common stock dividends paid to holders of Series A convertible preferred stock | 0 | -78 | 0 | -287 |
Allocation of income to Series A convertible preferred stock | 0 | -4,754 | 0 | -12,167 |
Net income available to common stockholders for basic net income per common share | $196,713 | $162,866 | $160,665 | $340,638 |
Weighted average common shares outstanding for basic net income per common share | 81,522 | 70,586 | 80,943 | 69,843 |
Weighted average impact of dilutive securities | 1,307 | 1,304 | 1,558 | 1,332 |
Weighted average impact of assumed convertible preferred stock conversion | 0 | 2,095 | 0 | 2,555 |
Total shares for diluted net income per common share | 82,829 | 73,985 | 82,501 | 73,730 |
Basic net income per common share attributable to PVH Corp. | $2.41 | $2.31 | $1.98 | $4.88 |
Diluted net income per common share attributable to PVH Corp. | $2.37 | $2.27 | $1.95 | $4.79 |
Weighted average potentially dilutive securities | 318 | 329 | 260 | 350 |
NET_INCOME_PER_COMMON_SHARE_DI
NET INCOME PER COMMON SHARE - DILUTED (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Net income available to common stockholders for basic net income per common share | $196,713 | $162,866 | $160,665 | $340,638 |
Common stock dividends paid to holders of Series A convertible preferred stock | 0 | 78 | 0 | 287 |
Allocation of income to Series A convertible preferred stock | 0 | 4,754 | 0 | 12,167 |
Net income available to common stockholders for diluted net income per common share | $196,713 | $167,698 | $160,665 | $353,092 |
Number of dilutive shares that could be issued upon vesting | 527 | 372 | 527 | 372 |
NONCASH_INVESTING_AND_FINANCIN1
NONCASH INVESTING AND FINANCING ACTIVITIES (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 13, 2013 | 5-May-13 | Nov. 03, 2013 | Oct. 28, 2012 | Feb. 03, 2013 | Nov. 03, 2013 | Oct. 28, 2012 | Feb. 13, 2013 | 5-May-13 | Apr. 29, 2012 |
Calvin Klein licensing business [Member] | Calvin Klein licensing business [Member] | Warnaco acquisition [Member] | Warnaco acquisition [Member] | Series A Preferred Stock Issuance And Conversion [Member] | ||||||
individual | ||||||||||
Nonmonetary Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities incurred related to contingent purchase price payments | ' | ' | $39,126 | ' | ' | $39,126 | $37,050 | ' | ' | ' |
Contingent purchase price payment terms | ' | ' | ' | ' | ' | 'Due 45 days subsequent to the Companybs applicable quarter end | ' | ' | ' | ' |
Contingent purchase price payments | ' | ' | 37,576 | 35,694 | ' | 37,147 | 35,509 | ' | ' | ' |
Stock issued during period, shares, acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | 7,674 | ' |
Common stock, par value (in dollars per share) | ' | ' | $1 | $1 | $1 | ' | ' | $1 | $1 | ' |
Business acquisition, equity interest issued, treasury stock, number of shares | ' | ' | ' | ' | ' | ' | ' | ' | 416 | ' |
Increase in common stock | ' | ' | ' | ' | ' | ' | ' | ' | 7,258 | 2,095 |
Increase in additional paid in capital | ' | ' | ' | ' | ' | ' | ' | ' | 888,925 | 92,202 |
Decrease in treasury stock | ' | ' | ' | ' | ' | ' | ' | ' | 30,269 | ' |
Warnaco employee replacement stock awards | 39,752 | ' | ' | ' | ' | ' | ' | 39,752 | 39,752 | ' |
Elimination of pre-acquisition liability to Warnaco | ' | ' | ' | ' | ' | ' | ' | 9,128 | 9,128 | ' |
Deferred debt issuance costs | ' | 5,757 | ' | ' | ' | ' | ' | ' | ' | ' |
Holders of Series A convertible preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Conversion of preferred stock, shares converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 |
Stock issued during period, shares, conversion of convertible preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,095 |
Conversion of preferred stock, amount converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | 94,297 |
Capital Lease Obligations Incurred | ' | ' | $5,940 | $16,648 | ' | ' | ' | ' | ' | ' |
SEGMENT_DATA_Details
SEGMENT DATA (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Nov. 03, 2013 | Feb. 03, 2013 | Oct. 28, 2012 | Nov. 03, 2013 | Oct. 28, 2012 | Feb. 03, 2013 | ||||||
segment | ||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting, Number of Reportable Segments | ' | ' | ' | 6 | ' | ' | ||||||
Net sales | $2,145,165 | ' | $1,501,442 | $5,852,649 | $4,033,911 | ' | ||||||
Royalty revenue | 85,443 | ' | 103,944 | 215,071 | 271,917 | ' | ||||||
Advertising and other revenue | 28,517 | ' | 37,384 | 66,412 | 100,971 | ' | ||||||
Total revenue | 2,259,125 | ' | 1,642,770 | 6,134,132 | 4,406,799 | ' | ||||||
Income (loss) before interest and taxes | 249,324 | ' | 241,138 | 329,542 | 550,474 | ' | ||||||
Business Combination, Integration Related Costs | 61,042 | ' | 6,561 | 395,035 | 14,418 | ' | ||||||
Assets held for sale | 47,454 | 0 | 0 | 47,454 | 0 | 0 | ||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | ' | ' | ' | 19,453 | ' | ' | ||||||
Gain on Adjustment Related to Unfavorable Contract | ' | ' | ' | 24,309 | ' | ' | ||||||
Debt modification and extinguishment costs | 0 | ' | 0 | 40,395 | 0 | ' | ||||||
Assets | 11,651,620 | 7,781,549 | 6,985,971 | 11,651,620 | 6,985,971 | 7,781,549 | ||||||
Proceeds from issuance of long-term debt | ' | 700,000 | ' | ' | ' | 700,000 | ||||||
Calvin Klein North America [Member] | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Net sales | 384,010 | ' | 195,659 | 1,009,469 | 508,179 | ' | ||||||
Royalty revenue | 38,097 | ' | 41,970 | 86,123 | 102,169 | ' | ||||||
Advertising and other revenue | 15,065 | ' | 16,685 | 31,784 | 42,760 | ' | ||||||
Total revenue | 437,172 | ' | 254,314 | 1,127,376 | 653,108 | ' | ||||||
Income (loss) before interest and taxes | 71,163 | [1] | ' | 61,933 | 123,097 | [2] | 134,423 | ' | ||||
Business Combination, Integration Related Costs | 10,509 | ' | ' | 79,243 | ' | ' | ||||||
Assets | 1,955,924 | 752,029 | 782,965 | 1,955,924 | 782,965 | 752,029 | ||||||
Calvin Klein International [Member] | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Sales returns | ' | ' | ' | 30,000 | ' | ' | ||||||
Net sales | 333,916 | ' | 13,191 | 875,256 | [3] | 35,060 | ' | |||||
Royalty revenue | 19,961 | ' | 36,918 | 54,110 | 101,438 | ' | ||||||
Advertising and other revenue | 8,648 | ' | 15,224 | 21,398 | 43,391 | ' | ||||||
Total revenue | 362,525 | ' | 65,333 | 950,764 | 179,889 | ' | ||||||
Income (loss) before interest and taxes | 41,199 | [1] | ' | 30,452 | -63,833 | [2] | 76,455 | ' | ||||
Business Combination, Integration Related Costs | 21,315 | ' | ' | 206,783 | ' | ' | ||||||
Assets | 3,297,912 | 584,860 | 588,220 | 3,297,912 | 588,220 | 584,860 | ||||||
Tommy Hilfiger North America [Member] | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Net sales | 411,395 | ' | 376,267 | 1,106,152 | 999,729 | ' | ||||||
Royalty revenue | 8,383 | ' | 6,553 | 20,907 | 16,178 | ' | ||||||
Advertising and other revenue | 2,546 | ' | 2,429 | 6,752 | 6,401 | ' | ||||||
Total revenue | 422,324 | ' | 385,249 | 1,133,811 | 1,022,308 | ' | ||||||
Income (loss) before interest and taxes | 79,573 | ' | 66,117 | 187,543 | [4] | 147,630 | [5] | ' | ||||
Business Combination, Integration Related Costs | ' | ' | ' | ' | 379 | ' | ||||||
Gain on Adjustment Related to Unfavorable Contract | ' | ' | ' | 12,000 | ' | ' | ||||||
Assets | 1,262,835 | 1,137,404 | 1,203,486 | 1,262,835 | 1,203,486 | 1,137,404 | ||||||
Tommy Hilfiger International [Member] | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Net sales | 483,718 | ' | 433,721 | 1,355,989 | 1,263,066 | ' | ||||||
Royalty revenue | 13,505 | ' | 13,434 | 38,068 | 36,792 | ' | ||||||
Advertising and other revenue | 1,113 | ' | 1,210 | 3,465 | 3,719 | ' | ||||||
Total revenue | 498,336 | ' | 448,365 | 1,397,522 | 1,303,577 | ' | ||||||
Income (loss) before interest and taxes | 87,980 | ' | 62,583 | [6] | 197,981 | 177,176 | [5] | ' | ||||
Business Combination, Integration Related Costs | ' | ' | 6,301 | ' | 9,798 | ' | ||||||
Gain on Adjustment Related to Unfavorable Contract | ' | ' | ' | 12,309 | ' | ' | ||||||
Assets | 3,190,428 | 3,278,813 | 3,062,064 | 3,190,428 | 3,062,064 | 3,278,813 | ||||||
Heritage Brands Wholesale [Member] | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Net sales | 373,125 | ' | 313,197 | 1,056,234 | 750,815 | ' | ||||||
Royalty revenue | 3,946 | ' | 3,784 | 12,096 | 11,623 | ' | ||||||
Advertising and other revenue | 716 | ' | 1,398 | 2,082 | 3,755 | ' | ||||||
Total revenue | 377,787 | ' | 318,379 | 1,070,412 | 766,193 | ' | ||||||
Income (loss) before interest and taxes | 33,560 | [1] | ' | 42,923 | 91,064 | [2] | 76,960 | ' | ||||
Business Combination, Integration Related Costs | 8,252 | ' | ' | 37,022 | ' | ' | ||||||
Assets | 1,395,179 | 555,544 | 631,185 | 1,395,179 | 631,185 | 555,544 | ||||||
Heritage Brand Retail [Member] | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Net sales | 159,001 | ' | 169,407 | 449,549 | 477,062 | ' | ||||||
Royalty revenue | 1,551 | ' | 1,285 | 3,767 | 3,717 | ' | ||||||
Advertising and other revenue | 429 | ' | 438 | 931 | 945 | ' | ||||||
Total revenue | 160,981 | ' | 171,130 | 454,247 | 481,724 | ' | ||||||
Income (loss) before interest and taxes | -19,531 | ' | 4,357 | -22,321 | [7] | 11,067 | ' | |||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | ' | ' | ' | 19,453 | ' | ' | ||||||
Assets | 181,144 | [8] | 175,717 | 200,073 | 181,144 | [8] | 200,073 | 175,717 | ||||
Unallocated amount to segment [Member] | ' | ' | ' | ' | ' | ' | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ||||||
Income (loss) before interest and taxes | -44,620 | [1],[9] | ' | -27,227 | [10],[6],[9] | -183,989 | [11],[2],[9] | -73,237 | [10],[5],[9] | ' | ||
Business Combination, Integration Related Costs | 20,966 | ' | 260 | 71,987 | 4,241 | ' | ||||||
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | 6,412 | ' | ||||||
Debt modification and extinguishment costs | ' | ' | ' | 40,395 | ' | ' | ||||||
Assets | $368,198 | $1,297,182 | [12] | $517,978 | $368,198 | $517,978 | $1,297,182 | [12] | ||||
[1] | Income (loss) before interest and taxes for the thirteen weeks ended NovemberB 3, 2013 includes costs of $61,042 associated with the Companybs acquisition and integration of Warnaco and the related restructuring. Such costs were included in the Companybs segments as follows: $10,509 in Calvin Klein North America; $21,315 in Calvin Klein International; $8,252 in Heritage Brands Wholesale and $20,966 in corporate expenses not allocated to any reportable segments. | |||||||||||
[2] | Income (loss) before interest and taxes for the thirty-nine weeks ended NovemberB 3, 2013 includes costs of $395,035 associated with the Companybs acquisition and integration of Warnaco and the related restructuring. Such costs were included in the Companybs segments as follows: $79,243 in Calvin Klein North America; $206,783 in Calvin Klein International; $37,022 in Heritage Brands Wholesale and $71,987 in corporate expenses not allocated to any reportable segments. | |||||||||||
[3] | Includes $30,000 of sales returns for certain Warnaco wholesale customers in Asia in connection with the Companybs initiative to reduce excess inventory levels. | |||||||||||
[4] | Income before interest and taxes for the thirteen and thirty-nine weeks ended NovemberB 3, 2013 includes income of $24,309 related to the amendment of an unfavorable contract. At the time of the Tommy Hilfiger acquisition in 2010, a liability was recorded for such unfavorable contract. The amendment executed in the third quarter of 2013 adjusted the contract terms thereby reducing the amount by which the contract was unfavorable and resulted in a reduction of the liability, amounting to $24,309. Such income was included in the Companybs segments as follows: $12,000 in Tommy Hilfiger North America and $12,309 in Tommy Hilfiger International. | |||||||||||
[5] | Income (loss) before interest and taxes for the thirty-nine weeks ended October 28, 2012 includes costs of $14,418 associated with the Companybs integration of Tommy Hilfiger and the related restructuring. Such costs were included in the Companybs segments as follows: $379 in Tommy Hilfiger North America; $9,798 in Tommy Hilfiger International and $4,241 in corporate expenses not allocated to any reportable segments. | |||||||||||
[6] | Income (loss) before interest and taxes for the thirteen weeks ended October 28, 2012 includes costs of $6,561 associated with the Companybs integration of Tommy Hilfiger and the related restructuring. Such costs were included in the Companybs segments as follows: $6,301 in Tommy Hilfiger International and $260 in corporate expenses not allocated to any reportable segments. | |||||||||||
[7] | Loss before interest and taxes for the thirteen and thirty-nine weeks ended NovemberB 3, 2013 includes a loss of $19,453 associated with the sale of substantially all of the assets of the Companybs Bass division. | |||||||||||
[8] | Heritage Brands Retail at November 3, 2013 included $47,454 of assets classified as held for sale in connection with the sale of substantially all of the assets of the Companybs Bass division, which closed on November 4, 2013, the first day of the fourth quarter of 2013. | |||||||||||
[9] | Includes corporate expenses not allocated to any reportable segments. Corporate expenses represent overhead operating expenses and include expenses for senior corporate management, corporate finance, information technology related to corporate infrastructure and actuarial gains and losses from the Companybs pension and other postretirement plans. | |||||||||||
[10] | Loss before interest and taxes for the thirteen and thirty-nine weeks ended October 28, 2012 includes costs of $6,412 associated with the Companybs acquisition of Warnaco. | |||||||||||
[11] | Loss before interest and taxes for the thirty-nine weeks ended NovemberB 3, 2013 includes costs of $40,395 associated with the Companybs debt modification and extinguishment. Please refer to Note 9, bDebt,b for a further discussion. | |||||||||||
[12] | Corporate at February 3, 2013 included $700,000 of cash that arose from senior notes that were issued to fund a portion of the consideration for the Warnaco acquisition. |
GUARANTEES_Details
GUARANTEES (Details) (USD $) | Nov. 03, 2013 |
In Thousands, unless otherwise specified | |
Guarantor Obligations [Line Items] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $3,800 |
Guarantee Obligations Recourse | $2,400 |