Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Aug. 01, 2021 | Aug. 30, 2021 | |
Cover Page [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Aug. 1, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-07572 | |
Entity Registrant Name | PVH CORP. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-1166910 | |
Entity Address, Address Line One | 200 Madison Avenue, | |
Entity Address, City or Town | New York, | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10016 | |
City Area Code | 212 | |
Local Phone Number | 381-3500 | |
Title of 12(b) Security | Common Stock, $1.00 par value | |
Trading Symbol | PVH | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 71,051,546 | |
Entity Central Index Key | 0000078239 | |
Current Fiscal Year End Date | --01-30 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Aug. 01, 2021 | Aug. 02, 2020 | Aug. 01, 2021 | Aug. 02, 2020 | ||||
Total revenue | [1],[2] | $ 2,313.2 | $ 1,580.7 | $ 4,392.5 | $ 2,924.7 | ||
Cost of goods sold (exclusive of depreciation and amortization) | 979.6 | 697.4 | 1,829.8 | 1,375.5 | |||
Gross profit | 1,333.6 | 883.3 | 2,562.7 | 1,549.2 | |||
Selling, general and administrative expenses | 1,062 | 882.2 | 2,101.4 | 1,822.3 | |||
Goodwill and other intangible asset impairments | 0 | 0 | 0 | 933.5 | |||
Non-service related pension and postretirement income | (3.3) | (0.7) | (7.3) | (4.3) | |||
Other noncash loss, net | 0 | 0 | 0 | 3.1 | |||
Equity in net income (loss) of unconsolidated affiliates | 4.1 | (3.5) | 7.8 | (14.7) | |||
Income (loss) before interest and taxes | [3] | 279 | (1.7) | [4] | 476.4 | (1,220.1) | [4] |
Interest expense | 27.3 | 32.7 | 57.8 | 55.2 | |||
Interest income | 1 | 0.6 | 2.1 | 1.9 | |||
Income (loss) before taxes | 252.7 | (33.8) | 420.7 | (1,273.4) | |||
Income tax expense (benefit) | 70.9 | 17.9 | 139.2 | (124.5) | |||
Net income (loss) | 181.8 | (51.7) | 281.5 | (1,148.9) | |||
Less: Net loss attributable to redeemable non-controlling interest | (0.1) | (0.3) | (0.3) | (0.7) | |||
Net income (loss) attributable to PVH Corp. | $ 181.9 | $ (51.4) | $ 281.8 | $ (1,148.2) | |||
Basic net income (loss) per common share attributable to PVH Corp. | $ 2.55 | $ (0.72) | $ 3.95 | $ (16.12) | |||
Diluted net income (loss) per common share attributable to PVH Corp. | $ 2.51 | $ (0.72) | $ 3.89 | $ (16.12) | |||
Net sales | |||||||
Total revenue | $ 2,221.5 | $ 1,531.2 | $ 4,202 | $ 2,788.4 | |||
Royalty revenue | |||||||
Total revenue | 72.9 | 37 | 150.6 | 106 | |||
Advertising and other revenue | |||||||
Total revenue | $ 18.8 | $ 12.5 | $ 39.9 | $ 30.3 | |||
[1] | Revenue in the thirteen and twenty-six weeks ended August 2, 2020 was significantly negatively impacted by the COVID-19 pandemic, including as a result of temporary stores closures and reduced traffic and consumer spending trends. The Company’s wholesale customers and licensing partners also experienced significant business disruptions as a result of the pandemic, resulting in a decrease in the Company’s revenue from these channels. Revenue in the thirteen and twenty-six weeks ended August 1, 2021 continued to be negatively impacted by the pandemic, although to a much a lesser extent than in the prior year periods. | ||||||
[2] | Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. | ||||||
[3] | Income (loss) before interest and taxes was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. | ||||||
[4] | Loss before interest and taxes in the thirteen and twenty-six weeks ended August 2, 2020 was significantly adversely impacted by the COVID-19 pandemic, including as a result of the unprecedented material decline in revenue noted above. As well, loss before interest and taxes in the twenty-six weeks ended August 2, 2020 was significantly adversely impacted by $961.8 million of noncash impairment charges related to goodwill, tradenames, and other intangible assets, store assets and an equity method investment resulting from the significant adverse impacts of the pandemic on the Company’s business. Please see notes (8), (9) and (11) below for further discussion. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Aug. 01, 2021 | Aug. 02, 2020 | |
Net income (loss) | $ 181.8 | $ (51.7) | $ 281.5 | $ (1,148.9) |
Foreign currency translation adjustments | (58.9) | 243.4 | (65.4) | 130.8 |
Net unrealized and realized gain (loss) related to effective cash flow hedges, net of tax | 43.3 | (50.8) | 51.6 | (43) |
Net gain (loss) on net investment hedges, net of tax | 16.1 | (81.8) | (20.6) | 70.3 |
Total other comprehensive income | 0.5 | 110.8 | 6.8 | 17.5 |
Comprehensive income (loss) | 182.3 | 59.1 | 288.3 | (1,131.4) |
Less: Comprehensive loss attributable to redeemable non-controlling interest | (0.1) | (0.3) | (0.3) | (0.7) |
Comprehensive income (loss) attributable to PVH Corp. | $ 182.4 | $ 59.4 | $ 288.6 | $ (1,130.7) |
Statement of Comprehensive Inco
Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Aug. 01, 2021 | May 02, 2021 | Aug. 02, 2020 | May 03, 2020 | Aug. 01, 2021 | Aug. 02, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||||
Net unrealized and realized gain (loss) related to effective cash flow hedges, tax expense (benefit) | $ 6.2 | $ 1.2 | $ (5.7) | $ 4.1 | $ 7.4 | $ (1.6) |
Net gain (loss) on net investment hedges, tax expense (benefit) | $ 5.2 | $ 1.5 | $ (26.3) | $ 3.7 | $ 6.7 | $ (22.6) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Aug. 01, 2021 | Jan. 31, 2021 | Aug. 02, 2020 |
Current Assets: | |||
Cash and cash equivalents | $ 1,152.6 | $ 1,651.4 | $ 1,394.3 |
Trade receivables, net of allowances for credit losses of $65.8, $69.6 and $76.9 | 824.1 | 641.5 | 568.8 |
Other receivables | 23.1 | 25.1 | 27.4 |
Inventories, net | 1,421.3 | 1,417.1 | 1,642.2 |
Prepaid expenses | 156.6 | 158.2 | 158.6 |
Other | 77.2 | 50.4 | 55.5 |
Assets held for sale | 99.4 | 0 | 0 |
Total Current Assets | 3,754.3 | 3,943.7 | 3,846.8 |
Property, Plant and Equipment, net | 889.4 | 942.7 | 979.1 |
Operating Lease Right-of-Use Assets | 1,476.3 | 1,564.8 | 1,692.5 |
Goodwill | 2,920.2 | 2,954.3 | 2,885.4 |
Tradenames | 2,783.1 | 2,869.7 | 2,846.6 |
Other Intangibles, net | 620.5 | 648.5 | 637.2 |
Other Assets, including deferred taxes of $52.4, $57.2 and $61.6 | 353.5 | 369.8 | 364.9 |
Total Assets | 12,797.3 | 13,293.5 | 13,252.5 |
Current Liabilities: | |||
Accounts payable | 1,069.5 | 1,124.2 | 1,048.2 |
Accrued expenses | 948.6 | 939.9 | 917.2 |
Deferred revenue | 54.9 | 55.8 | 49.6 |
Current portion of operating lease liabilities | 407.9 | 421.4 | 425.7 |
Short-term borrowings | 19.2 | 0 | 70.6 |
Current portion of long-term debt | 29.7 | 41.1 | 14.8 |
Liabilities related to assets held for sale | 1.6 | 0 | 0 |
Total Current Liabilities | 2,531.4 | 2,582.4 | 2,526.1 |
Long-Term Portion of Operating Lease Liabilities | 1,338.9 | 1,430.7 | 1,532.1 |
Long-Term Debt | 2,782.5 | 3,513.7 | 3,498.3 |
Other Liabilities, including deferred taxes of $477.5, $418.4 and $418.3 | 1,111.7 | 1,039.8 | 1,115.2 |
Redeemable Non-Controlling Interest | 0 | (3.4) | (2.7) |
Stockholders' Equity: | |||
Preferred stock, par value $100 per share; 150,000 total shares authorized | 0 | 0 | 0 |
Common stock, par value $1 per share; 240,000,000 shares authorized; 86,689,204; 86,293,158 and 86,207,159 shares issued | 86.7 | 86.3 | 86.2 |
Additional paid in capital - common stock | 3,155.1 | 3,129.4 | 3,096.9 |
Retained earnings | 3,895 | 3,613.2 | 3,601.1 |
Accumulated other comprehensive loss | (512.3) | (519.1) | (622.6) |
Less: 15,248,996; 15,133,663 and 15,117,098 shares of common stock held in treasury, at cost | (1,591.7) | (1,579.5) | (1,578.1) |
Total Stockholders' Equity | 5,032.8 | 4,730.3 | 4,583.5 |
Total Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity | $ 12,797.3 | $ 13,293.5 | $ 13,252.5 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Aug. 01, 2021 | Jan. 31, 2021 | Aug. 02, 2020 |
Current Assets: | |||
Allowance for credit losses | $ 65.8 | $ 69.6 | $ 76.9 |
Other Assets: | |||
Other Assets, deferred taxes | 52.4 | 57.2 | 61.6 |
Liabilities: | |||
Other Liabilities, deferred taxes | $ 477.5 | $ 418.4 | $ 418.3 |
Stockholders' Equity: | |||
Preferred stock, par value (in dollars per share) | $ 100 | ||
Preferred stock, shares authorized (in shares) | 150,000 | ||
Common stock, par value (in dollars per share) | $ 1 | ||
Common stock, shares authorized (in shares) | 240,000,000 | ||
Common stock, shares issued (in shares) | 86,689,204 | 86,293,158 | 86,207,159 |
Shares of common stock held in treasury, at cost (in shares) | 15,248,996 | 15,133,663 | 15,117,098 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 281.5 | $ (1,148.9) |
Adjustments to reconcile to net cash provided by operating activities: | ||
Depreciation and amortization | 155.9 | 160 |
Equity in net (income) loss of unconsolidated affiliates | (7.8) | 14.7 |
Deferred taxes | 55.9 | (150.8) |
Stock-based compensation expense | 24.5 | 21.8 |
Impairment of goodwill and other intangible assets | 0 | 933.5 |
Impairment of other long-lived assets | 35.1 | 23.2 |
Other noncash loss, net | 0 | 3.1 |
Changes in operating assets and liabilities: | ||
Trade receivables, net | (190.9) | 192.7 |
Other receivables | 2.1 | (4.3) |
Inventories, net | (56) | 25.3 |
Accounts payable, accrued expenses and deferred revenue | 3.7 | 78.6 |
Prepaid expenses | 0.3 | 5.2 |
Other, net | 27.9 | 93.9 |
Net cash provided by operating activities | 332.2 | 248 |
INVESTING ACTIVITIES | ||
Purchases of property, plant and equipment | (110.2) | (107.6) |
Proceeds from sale of the Speedo North America business | 0 | 169.1 |
Net cash (used) provided by investing activities | (110.2) | 61.5 |
FINANCING ACTIVITIES | ||
Net proceeds from short-term borrowings | 18.7 | 15.3 |
Proceeds from 4 5/8% senior notes, net of related fees | 0 | 494.8 |
Proceeds from 3 5/8% senior notes, net of related fees | 0 | 185.9 |
Repayment of 2019 facilities | (707.4) | (6.9) |
Net proceeds from settlement of awards under stock plans | 5.3 | 0 |
Cash dividends | 0 | (2.7) |
Acquisition of treasury shares | (12.2) | (115.9) |
Payments of finance lease liabilities | (2.8) | (2.7) |
Payment of mandatorily redeemable non-controlling interest liability attributable to initial fair value | (15.2) | (12.7) |
Net cash (used) provided by financing activities | (713.6) | 555.1 |
Effect of exchange rate changes on cash and cash equivalents | (7.2) | 26.3 |
(Decrease) increase in cash and cash equivalents | (498.8) | 890.9 |
Cash and cash equivalents at beginning of period | 1,651.4 | 503.4 |
Cash and cash equivalents at end of period | $ 1,152.6 | $ 1,394.3 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity Statement - USD ($) $ in Millions | Total | Redeemable Non-Controlling Interest [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid in Capital - Common Stock [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Total Stockholders' Equity | Total Stockholders' EquityCumulative Effect, Period of Adoption, Adjustment |
Balance at Feb. 02, 2020 | $ (2) | $ 0 | $ 85.9 | $ 3,075.4 | $ 4,753 | $ (640.1) | $ (1,462.7) | $ 5,811.5 | |||
Balance (Cumulative-effect adjustment related to the adoption of accounting guidance for leases) at Feb. 02, 2020 | $ (1) | ||||||||||
Balance (Cumulative-effect adjustment related to the adoption of accounting guidance for credit losses) at Feb. 02, 2020 | $ (1) | ||||||||||
Balance (in shares) at Feb. 02, 2020 | 85,890,276 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) attributable to PVH Corp. | (1,096.8) | (1,096.8) | |||||||||
Foreign currency translation adjustments | (112.6) | (112.6) | |||||||||
Net unrealized and realized gain (loss) related to effective cash flow hedges, net of tax | 7.8 | 7.8 | |||||||||
Net gain (loss) on net investment hedges, net of tax | 11.5 | 11.5 | |||||||||
Comprehensive income (loss) attributable to PVH Corp. | (1,190.1) | ||||||||||
Settlement of awards under stock plans (in shares) | 232,707 | ||||||||||
Settlement of awards under stock plans | $ 0.2 | (0.2) | 0 | ||||||||
Stock-based compensation expense | 10 | 10 | |||||||||
Cash dividends | (2.7) | (2.7) | |||||||||
Acquisition of treasury shares during period | (114.3) | (114.3) | |||||||||
Net loss attributable to redeemable non-controlling interest | (0.4) | ||||||||||
Balance at May. 03, 2020 | (2.4) | 0 | $ 86.1 | 3,085.2 | 3,652.5 | (733.4) | (1,577) | 4,513.4 | |||
Balance (in shares) at May. 03, 2020 | 86,122,983 | ||||||||||
Balance at Feb. 02, 2020 | (2) | 0 | $ 85.9 | 3,075.4 | 4,753 | (640.1) | (1,462.7) | 5,811.5 | |||
Balance (Cumulative-effect adjustment related to the adoption of accounting guidance for leases) at Feb. 02, 2020 | $ (1) | ||||||||||
Balance (Cumulative-effect adjustment related to the adoption of accounting guidance for credit losses) at Feb. 02, 2020 | $ (1) | ||||||||||
Balance (in shares) at Feb. 02, 2020 | 85,890,276 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) attributable to PVH Corp. | $ (1,148.2) | ||||||||||
Foreign currency translation adjustments | 130.8 | ||||||||||
Net unrealized and realized gain (loss) related to effective cash flow hedges, net of tax | (43) | ||||||||||
Net gain (loss) on net investment hedges, net of tax | 70.3 | ||||||||||
Comprehensive income (loss) attributable to PVH Corp. | (1,130.7) | ||||||||||
Cash dividends | (2.7) | ||||||||||
Balance at Aug. 02, 2020 | $ 4,583.5 | (2.7) | 0 | $ 86.2 | 3,096.9 | 3,601.1 | (622.6) | (1,578.1) | 4,583.5 | ||
Balance (in shares) at Aug. 02, 2020 | 86,207,159 | 86,207,159 | |||||||||
Balance at May. 03, 2020 | (2.4) | 0 | $ 86.1 | 3,085.2 | 3,652.5 | (733.4) | (1,577) | 4,513.4 | |||
Balance (in shares) at May. 03, 2020 | 86,122,983 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) attributable to PVH Corp. | $ (51.4) | (51.4) | (51.4) | ||||||||
Foreign currency translation adjustments | 243.4 | 243.4 | 243.4 | ||||||||
Net unrealized and realized gain (loss) related to effective cash flow hedges, net of tax | (50.8) | (50.8) | (50.8) | ||||||||
Net gain (loss) on net investment hedges, net of tax | (81.8) | (81.8) | (81.8) | ||||||||
Comprehensive income (loss) attributable to PVH Corp. | 59.4 | 59.4 | |||||||||
Settlement of awards under stock plans (in shares) | 84,176 | ||||||||||
Settlement of awards under stock plans | $ 0.1 | (0.1) | 0 | ||||||||
Stock-based compensation expense | 11.8 | 11.8 | |||||||||
Acquisition of treasury shares during period | (1.1) | (1.1) | |||||||||
Net loss attributable to redeemable non-controlling interest | (0.3) | ||||||||||
Balance at Aug. 02, 2020 | $ 4,583.5 | (2.7) | 0 | $ 86.2 | 3,096.9 | 3,601.1 | (622.6) | (1,578.1) | 4,583.5 | ||
Balance (in shares) at Aug. 02, 2020 | 86,207,159 | 86,207,159 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Redeemable Non-Controlling Interest | $ 2.7 | ||||||||||
Retained earnings | 3,601.1 | ||||||||||
Redeemable Non-Controlling Interest | 3.4 | ||||||||||
Retained earnings | 3,613.2 | ||||||||||
Balance at Jan. 31, 2021 | $ 4,730.3 | (3.4) | 0 | $ 86.3 | 3,129.4 | 3,613.2 | (519.1) | (1,579.5) | 4,730.3 | ||
Balance (in shares) at Jan. 31, 2021 | 86,293,158 | 86,293,158 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) attributable to PVH Corp. | 99.9 | 99.9 | |||||||||
Foreign currency translation adjustments | (6.5) | (6.5) | |||||||||
Net unrealized and realized gain (loss) related to effective cash flow hedges, net of tax | 8.3 | 8.3 | |||||||||
Net gain (loss) on net investment hedges, net of tax | 4.5 | 4.5 | |||||||||
Comprehensive income (loss) attributable to PVH Corp. | 106.2 | ||||||||||
Settlement of awards under stock plans (in shares) | 253,084 | ||||||||||
Settlement of awards under stock plans | $ 0.2 | 1.2 | 1.4 | ||||||||
Stock-based compensation expense | 10.7 | 10.7 | |||||||||
Acquisition of treasury shares during period | (9.2) | (9.2) | |||||||||
Net loss attributable to redeemable non-controlling interest | (0.2) | ||||||||||
Balance at May. 02, 2021 | (3.6) | 0 | $ 86.5 | 3,141.3 | 3,713.1 | (512.8) | (1,588.7) | 4,839.4 | |||
Balance (in shares) at May. 02, 2021 | 86,546,242 | ||||||||||
Balance at Jan. 31, 2021 | $ 4,730.3 | (3.4) | 0 | $ 86.3 | 3,129.4 | 3,613.2 | (519.1) | (1,579.5) | 4,730.3 | ||
Balance (in shares) at Jan. 31, 2021 | 86,293,158 | 86,293,158 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) attributable to PVH Corp. | $ 281.8 | ||||||||||
Foreign currency translation adjustments | (65.4) | ||||||||||
Net unrealized and realized gain (loss) related to effective cash flow hedges, net of tax | 51.6 | ||||||||||
Net gain (loss) on net investment hedges, net of tax | (20.6) | ||||||||||
Comprehensive income (loss) attributable to PVH Corp. | 288.6 | ||||||||||
Balance at Aug. 01, 2021 | $ 5,032.8 | 0 | $ 86.7 | 3,155.1 | 3,895 | (512.3) | (1,591.7) | 5,032.8 | |||
Balance (in shares) at Aug. 01, 2021 | 86,689,204 | 86,689,204 | |||||||||
Balance at May. 02, 2021 | (3.6) | 0 | $ 86.5 | 3,141.3 | 3,713.1 | (512.8) | (1,588.7) | 4,839.4 | |||
Balance (in shares) at May. 02, 2021 | 86,546,242 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) attributable to PVH Corp. | $ 181.9 | 181.9 | 181.9 | ||||||||
Foreign currency translation adjustments | (58.9) | (58.9) | (58.9) | ||||||||
Net unrealized and realized gain (loss) related to effective cash flow hedges, net of tax | 43.3 | 43.3 | 43.3 | ||||||||
Net gain (loss) on net investment hedges, net of tax | 16.1 | 16.1 | 16.1 | ||||||||
Comprehensive income (loss) attributable to PVH Corp. | 182.4 | 182.4 | |||||||||
Settlement of awards under stock plans (in shares) | 142,962 | ||||||||||
Settlement of awards under stock plans | $ 0.2 | 3.7 | 3.9 | ||||||||
Stock-based compensation expense | 13.8 | 13.8 | |||||||||
Acquisition of treasury shares during period | (3) | (3) | |||||||||
Net loss attributable to redeemable non-controlling interest | (0.1) | ||||||||||
Change in the economic interests of redeemable non-controlling interest | 3.7 | (3.7) | (3.7) | ||||||||
Balance at Aug. 01, 2021 | $ 5,032.8 | $ 0 | $ 86.7 | $ 3,155.1 | $ 3,895 | $ (512.3) | $ (1,591.7) | $ 5,032.8 | |||
Balance (in shares) at Aug. 01, 2021 | 86,689,204 | 86,689,204 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Redeemable Non-Controlling Interest | $ 0 | $ 0 | |||||||||
Retained earnings | $ 3,895 |
Statement of Shareholders' Equi
Statement of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Aug. 01, 2021 | May 02, 2021 | Aug. 02, 2020 | May 03, 2020 | Aug. 01, 2021 | Aug. 02, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Net unrealized and realized gain (loss) related to effective cash flow hedges, tax expense (benefit) | $ 6.2 | $ 1.2 | $ (5.7) | $ 4.1 | $ 7.4 | $ (1.6) |
Net gain (loss) on net investment hedges, tax expense (benefit) | $ 5.2 | $ 1.5 | $ (26.3) | $ 3.7 | $ 6.7 | $ (22.6) |
Cash dividends paid per share | $ 0.0375 | $ 0.0375 | ||||
Acquisition of treasury shares, number of shares repurchased | 27,503 | 87,830 | 22,260 | 1,497,725 |
GENERAL
GENERAL | 6 Months Ended |
Aug. 01, 2021 | |
Notes to Financial Statements [Abstract] | |
GENERAL | GENERAL PVH Corp. and its consolidated subsidiaries (collectively, the “Company”) constitute a global apparel company with a brand portfolio that includes TOMMY HILFIGER , Calvin Klein , Warner’s , Olga and True&Co. , which are owned, Van Heusen , IZOD , ARROW and Geoffrey Beene , which the Company owned through the second quarter of 2021 and subsequently has licensed back for certain product categories, and other licensed brands. The Company designs and markets branded sportswear (casual apparel), jeanswear, performance apparel, intimate apparel, underwear, swimwear, dress shirts, neckwear, handbags, accessories, footwear and other related products and licenses its owned brands globally over a broad array of product categories and for use in numerous discrete jurisdictions. The Company entered into a definitive agreement on June 23, 2021 to sell certain of its heritage brands trademarks, including IZOD , Van Heusen , ARROW and Geoffrey Beene , as well as certain related inventories of its Heritage Brands business, to Authentic Brands Group (“ABG”) and other parties (the “Heritage Brands transaction”). The Company completed the sale on the first day of the third quarter of 2021. References to the aforementioned and other brand names are to registered and common law trademarks owned by the Company or licensed to the Company by third parties and are identified by italicizing the brand name. The Company also licensed Speedo for North America and the Caribbean until April 6, 2020, on which date the Company completed the sale of its Speedo North America business to Pentland Group PLC (“Pentland”), the parent company of the Speedo brand (the “Speedo transaction”). Upon the closing of the transaction, the Company deconsolidated the net assets of the Speedo North America business and no longer licensed the Speedo trademark. 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. The Company’s Consolidated Statements of Operations include its proportionate share of the net income or loss of these entities. Please see Note 7, “Investments in Unconsolidated Affiliates,” for further discussion. The Company and Arvind Limited (“Arvind”) formed a joint venture in Ethiopia, PVH Arvind Manufacturing Private Limited Company (“PVH Ethiopia”), in which the Company held an initial economic interest of 75%, with Arvind’s 25% interest accounted for as a redeemable non-controlling interest. The Company consolidates PVH Ethiopia in its consolidated financial statements. The Company and Arvind amended, effective May 31, 2021, the capital structure of PVH Ethiopia and as a result the Company now solely manages and effectively owns all economic interests in the joint venture. Please see Note 6, “Redeemable Non-Controlling Interest,” for further discussion. The Company’s fiscal years are based on the 52-53 week periods 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 conformity 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 is made to the Company’s audited consolidated financial statements, including the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2021. The preparation of the 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 consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates. The results of operations for the thirteen and twenty-six weeks ended August 1, 2021 and August 2, 2020 are not necessarily indicative of those for a full fiscal year due, in part, to the COVID-19 pandemic and seasonal factors. The data contained in these consolidated financial statements are unaudited and are subject to year-end adjustments. However, in the opinion of management, all known adjustments have been made to present fairly the consolidated operating results for the unaudited periods. COVID-19 Pandemic The COVID-19 pandemic has had, and continues to have, a significant impact on the Company’s business, results of operations, financial condition and cash flows from operations. The Company's retail stores have been, and continue to be, impacted by temporary closures, reduced hours and reduced occupancy levels as a result of the pandemic. Virtually all of the Company's retail stores were temporarily closed for varying periods of time throughout the first quarter and into the second quarter of 2020, but had reopened in June 2020 and were operating at significantly reduced capacity for the remainder of the quarter. During the first quarter of 2021, the Company's retail stores continued to face significant pressure as a result of the pandemic, including temporary store closures for a significant percentage of its stores in Europe, Canada and Japan. The Company’s retail stores continued to face some pressure during the second quarter of 2021, with certain of its retail stores in Europe, Australia and Japan temporarily closed for varying periods of time during the quarter. In addition, the Company's North America retail stores have been, and continue to be, challenged by the lack of international tourists coming to the United States, as stores located in international tourist destinations represent a significant portion of that business. The Company's brick and mortar wholesale customers and licensing partners also have experienced significant business disruptions as a result of the pandemic, with several of the Company's North America wholesale customers filing for bankruptcy in 2020. The Company's wholesale customers and franchisees globally generally have experienced temporary store closures at the same time as the Company. The elevated inventory levels in their stores as a result of the temporary closures, as well as lower traffic and consumer demand throughout, resulted in a sharp reduction in shipments to these customers in 2020. In addition, the pandemic has impacted, and continues to impact, the Company’s supply chain partners, including third-party manufacturers, logistics providers and other vendors, as well as the supply chains of its licensees. These supply chains have experienced, and may continue to experience in the future, disruptions as a result of closed factories or factories operating with reduced workforce or other logistics constraints due to the impact of the pandemic. The Company took certain actions during 2020 to preserve its liquidity and strengthen its financial flexibility. The Company suspended share repurchases under its stock repurchase program and suspended its dividend in March 2020. It entered into an amendment to its senior unsecured credit facilities in June 2020 under which it was not permitted to resume share repurchases or payments of dividends until after the relief period (as defined). However, effective June 10, 2021, the Company terminated early this relief period and is now permitted to resume share repurchases at management’s discretion and declare and pay dividends on its common stock at the discretion of the Board of Directors. In addition, the Company took certain other actions starting in the first quarter of 2020 to (i) reduce payroll costs, through temporary furloughs, salary and incentive compensation reductions, decreased working hours and hiring freezes, as well as taking advantage of COVID-related government payroll subsidy programs, primarily in international jurisdictions, (ii) eliminate or reduce expenses in all discretionary spending categories, (iii) reduce rent expense through rent abatements negotiated with landlords for certain of its retail stores affected by temporary closures, (iv) reduce working capital, with a particular focus on tightly managing its inventories, including reducing and cancelling inventory commitments, increasing promotional selling, redeploying basic inventory items to subsequent seasons and consolidating future seasonal collections, as well as extending payment terms with its suppliers and (v) reduce capital expenditures. The Company also announced in July 2020 plans to streamline its North American operations to better align its business with the evolving retail landscape, including (i) a reduction in its office workforce by approximately 450 positions, or 12%, across all three brand businesses and corporate functions, which is expected to result in annual cost savings of approximately $80 million, and (ii) the exit from its Heritage Brands Retail business, which was substantially completed in the second quarter of 2021. In addition, the Company announced in March 2021 plans to reduce its workforce, primarily in certain international markets, and to reduce its real estate footprint, including reductions in office space and select store closures, which are expected to result in annual cost savings of approximately $60 million. In April 2020, the Company entered into a $275.0 million 364-day unsecured revolving credit facility, which was replaced in April 2021 with a new $275.0 million 364-day facility, and issued an additional €175.0 million principal amount of 3 5/8% senior notes due 2024. In July 2020, the Company issued $500.0 million principal amount of 4 5/8% senior notes due 2025. Further, in June 2020 the Company amended its senior unsecured credit facilities to provide temporary relief of certain financial covenants under these facilities, which was in effect through June 10, 2021. Please see Note 10, “Debt,” for further discussion. The Company also assessed the impacts of the pandemic on the estimates and assumptions used in preparing these consolidated financial statements, including, but not limited to, the allowance for credit losses, inventory reserves, carrying values of goodwill, intangible assets and other long-lived assets, and the effectiveness of hedging instruments. Based on these assessments, the Company recorded pre-tax noncash impairment charges of $961.8 million in the first quarter of 2020, including $879.0 million related to goodwill, $54.5 million related to other intangible assets, $16.0 million related to store assets and $12.3 million related to an equity method investment, and recorded increases to its inventory reserves and allowances for credit losses on trade receivables. The Company recorded an additional noncash impairment charge of $58.7 million related to store assets in the fourth quarter of 2020. Please see Note 8, “Goodwill and Other Intangible Assets,” for further discussion of the impairments related to goodwill and other intangible assets, Note 13, “Fair Value Measurements,” for further discussion of the impairments related to store assets, and Note 7, “Investments in Unconsolidated Affiliates,” for further discussion of the impairment related to an equity method investment. The estimates and assumptions used in these assessments were based on management’s judgment and may be subject to change as new events occur and additional information is received. In particular, there continues to be uncertainty about the impacts of the COVID-19 pandemic on the Company’s business and, if economic conditions caused by the pandemic do not recover consistent with management’s expectations, the Company’s results of operations, financial condition and cash flows from operations may be materially and adversely impacted. |
REVENUE (Notes)
REVENUE (Notes) | 6 Months Ended |
Aug. 01, 2021 | |
Revenue [Abstract] | |
REVENUE | REVENUE The Company generates revenue primarily from sales of finished products under its owned trademarks through its wholesale and retail operations. The Company also generates royalty and advertising revenue from licensing the rights to its trademarks to third parties. Revenue is recognized upon the transfer of control of products or services to the Company’s customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those products or services. Product Sales The Company generates revenue from the wholesale distribution of its products to traditional retailers (including for sale through their digital commerce sites), pure play digital commerce retailers, franchisees, licensees and distributors. Revenue is recognized upon transfer of control of goods to the customer, which generally occurs when title to goods is passed and risk of loss transfers to the customer. Depending on the contract terms, transfer of control is upon shipment of goods to or upon receipt of goods by the customer. Payment is typically due within 30 to 90 days. The amount of revenue recognized is net of returns, sales allowances and other discounts that the Company offers to its wholesale customers. The Company estimates returns based on an analysis of historical experience and specific customer arrangements and estimates sales allowances and other discounts based on seasonal negotiations, historical experience and an evaluation of current market conditions. The Company also generates revenue from the retail distribution of its products through its freestanding stores, shop-in-shop/concession locations and digital commerce sites. Revenue is recognized at the point of sale in the stores and shop-in-shop/concession locations and upon estimated time of delivery for sales through the Company’s digital commerce sites, at which point control of the products passes to the customer. The amount of revenue recognized is net of returns, which are estimated based on an analysis of historical experience. Costs associated with coupons are recorded as a reduction of revenue at the time of coupon redemption. The Company excludes from revenue taxes collected from customers and remitted to government authorities related to sales of the Company’s products. Shipping and handling costs that are billed to customers are included in net sales. Customer Loyalty Programs The Company uses loyalty programs that offer customers of its retail businesses specified amounts off of future purchases for a specified period of time after certain levels of spending are achieved. Customers that are enrolled in the programs earn loyalty points for each purchase made. Loyalty points earned under the customer loyalty programs provide the customer a material right to acquire additional products and give rise to the Company having a separate performance obligation. For each transaction where a customer earns loyalty points, the Company allocates revenue between the products purchased and the loyalty points earned based on the relative standalone selling prices. Revenue allocated to loyalty points is recorded as deferred revenue until the loyalty points are redeemed or expire. Gift Cards The Company sells gift cards to customers in its retail stores and on certain of its digital commerce sites. The Company does not charge administrative fees on gift cards nor do they expire. Gift card purchases by a customer are prepayments for products to be provided by the Company in the future and are therefore considered to be performance obligations of the Company. Upon the purchase of a gift card by a customer, the Company records deferred revenue for the cash value of the gift card. Deferred revenue is relieved and revenue is recognized when the gift card is redeemed by the customer. The portion of gift cards that the Company does not expect to be redeemed (referred to as “breakage”) is recognized proportionately over the estimated customer redemption period, subject to the constraint that it must be probable that a significant reversal of revenue will not occur, if the Company determines that it does not have a legal obligation to remit the value of such unredeemed gift cards to any jurisdiction. License Agreements The Company generates royalty and advertising revenue from licensing the rights to access its trademarks to third parties, including the Company’s joint ventures. The license agreements are generally exclusive to a territory or product category, have terms in excess of one year and, in most cases, include renewal options. In exchange for providing these rights, the license agreements require the licensees to pay the Company a royalty and, in certain agreements, an advertising fee. In both cases, the Company generally receives the greater of (i) a sales-based percentage fee and (ii) a contractual minimum fee for each annual performance period under the license agreement. In addition to the rights to access its trademarks, the Company provides ongoing support to its licensees over the term of the agreements. As such, the Company’s license agreements are licenses of symbolic intellectual property and, therefore, revenue is recognized over time. For license agreements where the sales-based percentage fee exceeds the contractual minimum fee, the Company recognizes revenues as the licensed products are sold as reported to the Company by its licensees. For license agreements where the sales-based percentage fee does not exceed the contractual minimum fee, the Company recognizes the contractual minimum fee as revenue ratably over the contractual period. Under the terms of the license agreements, payments are generally due quarterly from the licensees. The Company records deferred revenue when amounts are received or receivable from the licensee in advance of the recognition of revenue. As of August 1, 2021, the contractual minimum fees on the portion of all license agreements not yet satisfied totaled $970.4 million, of which the Company expects to recognize $116.7 million as revenue during the remainder of 2021, $217.1 million in 2022 and $636.6 million thereafter. Deferred Revenue Changes in deferred revenue, which primarily relate to customer loyalty programs, gift cards and license agreements for the twenty-six weeks ended August 1, 2021 and August 2, 2020 were as follows: Twenty-Six Weeks Ended (In millions) 8/1/21 8/2/20 Deferred revenue balance at beginning of period $ 55.8 $ 64.7 Net additions to deferred revenue during the period 47.2 35.3 Reductions in deferred revenue for revenue recognized during the period (1) (46.5) (50.4) Reclassification of deferred revenue to liabilities related to assets held for sale (1.6) (2) — Deferred revenue balance at end of period $ 54.9 $ 49.6 (1) Represents the amount of revenue recognized during the period that was included in the deferred revenue balance at the beginning of the period and does not contemplate revenue recognized from amounts deferred during the period. The amounts include $6.0 million and $7.8 million of revenue recognized during the thirteen weeks ended August 1, 2021 and August 2, 2020, respectively. (2) The Company reclassified $1.6 million of deferred revenue to liabilities related to assets held for sale in the Company's Consolidated Balance Sheet as of August 1, 2021 in connection with the Heritage Brands transaction. Please see Note 5, “Assets Held For Sale," for further discussion. The Company also had long-term deferred revenue liabilities included in other liabilities in its Consolidated Balance Sheets of $12.5 million, $13.4 million and $9.0 million as of August 1, 2021, January 31, 2021 and August 2, 2020, respectively. Optional Exemptions The Company elected not to disclose the remaining performance obligations for contracts that have an original expected term of one year or less and expected sales-based percentage fees for the portion of all license agreements not yet satisfied. Please see Note 20, “Segment Data,” for information on the disaggregation of revenue by segment and distribution channel. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Aug. 01, 2021 | |
Notes to Financial Statements [Abstract] | |
INVENTORIES | INVENTORIESInventories are comprised principally of finished goods and are stated at the lower of cost or net realizable value, except for certain retail inventories in North America that are stated at the lower of cost or market using the retail inventory method. Cost for substantially all wholesale inventories in North America and certain wholesale and retail inventories in Asia is determined using the first-in, first-out method. Cost for all other inventories is determined using the weighted average cost method. The Company reviews current business trends, inventory aging and discontinued merchandise categories to determine adjustments that it estimates will be needed to liquidate existing clearance inventories and record inventories at either the lower of cost or net realizable value or the lower of cost or market using the retail inventory method, as applicable. |
ACQUISITIONS AND DIVESTITURES
ACQUISITIONS AND DIVESTITURES | 6 Months Ended |
Aug. 01, 2021 | |
Business Combinations [Abstract] | |
ACQUISITIONS AND DIVESTITURES | ACQUISITIONS AND DIVESTITURES Australia Acquisition The Company acquired on May 31, 2019 the approximately 78% ownership interest in Gazal Corporation Limited (“Gazal”) that it did not already own (the “Australia acquisition”). Prior to the Australia acquisition, the Company and Gazal jointly owned and managed a joint venture, PVH Brands Australia Pty. Limited (“PVH Australia”), with each owning a 50% interest. PVH Australia licensed and operated businesses in Australia, New Zealand and other parts of Oceania under the TOMMY HILFIGER , Calvin Klein and Van Heusen brands, along with other owned and licensed brands. PVH Australia came under the Company’s full control as a result of the acquisition. The Company now operates directly those businesses. Mandatorily Redeemable Non-Controlling Interest Pursuant to the terms of the acquisition agreement, key executives of Gazal and PVH Australia exchanged a portion of their interests in Gazal for approximately 6% of the outstanding shares of the Company’s previously wholly owned subsidiary that acquired 100% of the ownership interests in the Australia business. The Company was obligated to purchase this 6% interest within two years of the acquisition closing in two tranches as follows: tranche 1 – 50% of the shares one year after the closing; and tranche 2 – all remaining shares two years after the closing. The purchase price for the tranche 1 and tranche 2 shares was based on a multiple of the subsidiary’s adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) less net debt as of the end of the measurement year, and the multiple varied depending on the level of EBITDA compared to a target. The Company recognized a liability of $26.2 million for the fair value of the 6% interest on the date of the acquisition, based on exchange rates in effect on that date, which was being accounted for as a mandatorily redeemable non-controlling interest. The fair value of the liability was determined using a Monte Carlo simulation model, which utilized inputs, including the volatility of financial results, in order to model the probability of different outcomes. The Company classified this as a Level 3 fair value measurement due to the use of significant unobservable inputs. In subsequent periods, the liability for the mandatorily redeemable non-controlling interest was adjusted each reporting period to its redemption value based on conditions that existed as of each subsequent balance sheet date, provided that the liability could not be adjusted below the amount initially recorded at the acquisition date. The Company recorded any such adjustments to the liability in interest expense in the Company’s Consolidated Statements of Operations. The Company recorded a loss of $4.6 million and a loss of $0.9 million in interest expense during the thirteen and twenty-six weeks ended August 2, 2020, respectively, in connection with the remeasurement of the mandatorily redeemable non-controlling interest. For the tranche 1 and tranche 2 shares, the measurement periods ended in 2019 and 2020, respectively. The Company paid the management shareholders an aggregate purchase price of $17.3 million for the tranche 1 shares in June 2020 and an aggregate purchase price of $24.4 million for the tranche 2 shares in June 2021 (based on exchange rates in effect on the payment dates). The Company presented these payments within the Consolidated Statements of Cash Flows as follows: (i) $12.7 million and $15.2 million as financing cash flows for the twenty-six weeks ended August 2, 2020 and August 1, 2021, respectively, which represented the initial fair values of the liabilities for the tranche 1 and tranche 2 shares, respectively, recognized on the acquisition date, and (ii) $4.6 million and $9.2 million as operating cash flows for the twenty-six weeks ended August 2, 2020 and August 1, 2021, respectively, for the tranche 1 and tranche 2 shares, respectively, attributable to interest. The Company had no remaining liability for the mandatorily redeemable non-controlling interest as of August 1, 2021. The liability for the mandatorily redeemable non-controlling interest, related to the tranche 2 shares was $24.1 million and $18.8 million as of January 31, 2021 and August 2, 2020, respectively, based on exchange rates in effect on those dates, and was included in accrued expenses in the Company’s Consolidated Balance Sheets. Sale of the Speedo North America Business The Company entered into a definitive agreement on January 9, 2020 to sell its Speedo North America business to Pentland, the parent company of the Speedo brand, for $170.0 million in cash, subject to a working capital adjustment. The Company classified the assets and liabilities of the Speedo North America business as held for sale in the Company’s Consolidated Balance Sheet as of February 2, 2020 and recorded a pre-tax noncash loss of $142.0 million in the fourth quarter of 2019 (including a $116.4 million noncash impairment charge related to the Speedo perpetual license right) to reduce the carrying value of the Speedo North America business to its estimated fair value, less costs to sell. The estimated fair value, less costs to sell, reflected the amount of consideration the Company expected to receive upon closing of the transaction, inclusive of the working capital adjustment. The Company completed the sale of its Speedo North America business on April 6, 2020 for net proceeds of $169.1 million and deconsolidated the net assets of the business. In connection with the closing of the transaction, the Company recorded a pre-tax noncash loss of $5.9 million in the first quarter of 2020 resulting from the remeasurement of the loss recorded in the fourth quarter of 2019, primarily due to changes to the net assets of the Speedo North America business subsequent to February 2, 2020, based on the terms of the agreement. The loss was recorded in other noncash loss, net in the Company’s Consolidated Statement of Operations and included in the Heritage Brands Wholesale segment. |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 6 Months Ended |
Aug. 01, 2021 | |
Assets Held For Sale [Abstract] | |
Assets Held For Sale | ASSETS HELD FOR SALE The Company entered into a definitive agreement on June 23, 2021 to sell certain of its heritage brands trademarks, including IZOD , Van Heusen , ARROW and Geoffrey Beene , as well as certain related inventories of its Heritage Brands business, to ABG and other parties for $222.9 million in cash, subject to a customary adjustment. The Company classified the assets and related liabilities as held for sale during the second quarter of 2021 and completed the sale on the first day of the third quarter of 2021. The carrying value of the assets and liabilities classified as held for sale in the Company’s Consolidated Balance Sheet as of August 1, 2021 was determined to be lower than the fair value, less costs to sell. As such, the Company expects to record a pre-tax gain in the third quarter of 2021 in connection with the closing of the transaction, subject to a customary adjustment based on the terms of the agreement. The net assets classified as held for sale in the Company’s Consolidated Balance Sheet as of August 1, 2021 were included in the Heritage Brands Wholesale segment and consisted of the following: (In millions) Assets held for sale: Inventories, net $ 32.5 Tradenames 66.9 Goodwill, net (1) — Total assets held for sale $ 99.4 Liabilities related to assets held for sale: Deferred revenue $ 1.6 Total liabilities related to assets held for sale $ 1.6 (1) Goodwill, net includes goodwill, gross of $92.7 million and accumulated impairment losses of $92.7 million. Please see Note 8, “Goodwill and Other Intangible Assets,” for further discussion. |
REDEEMABLE NON-CONTROLLING INTE
REDEEMABLE NON-CONTROLLING INTEREST | 6 Months Ended |
Aug. 01, 2021 | |
Redeemable Non-Controlling Interest [Abstract] | |
REDEEMABLE NON-CONTROLLING INTEREST | REDEEMABLE NON-CONTROLLING INTEREST The Company and Arvind formed PVH Ethiopia during 2016 to operate a manufacturing facility that produces finished products for the Company for distribution primarily in the United States. The Company and Arvind held initial economic interests of 75% and 25%, respectively, in PVH Ethiopia, with Arvind’s 25% interest accounted for as a redeemable non-controlling interest (“RNCI”). The Company consolidates PVH Ethiopia in its consolidated financial statements. The Company and Arvind amended, effective May 31, 2021, the capital structure of PVH Ethiopia and as a result the Company now solely manages and effectively owns all economic interests in the joint venture. The fair value of the RNCI as of the date of formation of PVH Ethiopia was $0.1 million. The carrying amount of the RNCI prior to May 31, 2021 was adjusted to equal the redemption amount at the end of each reporting period, provided that this amount at the end of each reporting period could not be lower than the initial fair value adjusted for the minority shareholder’s share of net income or loss. Any adjustment to the redemption amount of the RNCI, determined after attribution of net income or loss of the RNCI, would have been recognized immediately in retained earnings of the Company, since it was probable that the RNCI would become redeemable in the future based on the passage of time. There was no adjustment to the redemption amount of the RNCI as of May 31, 2021. |
INVESTMENTS IN UNCONSOLIDATED A
INVESTMENTS IN UNCONSOLIDATED AFFILIATES | 6 Months Ended |
Aug. 01, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS IN UNCONSOLIDATED AFFILIATES | INVESTMENTS IN UNCONSOLIDATED AFFILIATES The Company had investments in unconsolidated affiliates of $154.7 million, $164.0 million and $144.1 million as of August 1, 2021, January 31, 2021 and August 2, 2020, respectively. These investments are accounted for under the equity method of accounting and included in other assets in the Company’s Consolidated Balance Sheets. The Company received dividends of $18.8 million from these investments during the twenty-six weeks ended August 1, 2021. The Company owns an economic interest of approximately 8% in Karl Lagerfeld Holding B.V. (“Karl Lagerfeld”). The Company is deemed to have significant influence with respect to this investment and had been accounting for this investment under the equity method of accounting prior to the first quarter of 2020. The Company determined during the first quarter of 2020 that recent and projected business results for Karl Lagerfeld, which included an adverse impact of the COVID-19 pandemic, was an indicator of an other-than-temporary impairment with respect to the Company’s investment in Karl Lagerfeld. The Company calculated the fair value of its investment using future operating cash flow projections that were discounted at a rate of 10.9%, which accounted for the relative risks of the estimated future cash flows. The Company classified this as a Level 3 fair value measurement due to the use of significant unobservable inputs. The Company determined the fair value of its investment was lower than its carrying amount as of May 3, 2020, and as a result recorded a noncash other-than- temporary impairment of $12.3 million during the first quarter of 2020 to fully impair the investment. The impairment was included in equity in net income (loss) of unconsolidated affiliates in the Company’s Consolidated Statement of Operations. The impairment charge was recorded in corporate expenses not allocated to any reportable segments, consistent with how the Company has historically recorded its proportionate share of the net income or loss of its investment in Karl Lagerfeld. Following the impairment of its investment in Karl Lagerfeld, the Company discontinued applying the equity method of accounting to this investment and will not record its share of net income or losses from Karl Lagerfeld in the Company’s consolidated financial statements until such time that the Company’s share of net income from Karl Lagerfeld equals the share of net losses that were not recognized during the period the equity method was discontinued. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended |
Aug. 01, 2021 | |
Notes to Financial Statements [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amount of goodwill for the twenty-six weeks ended August 1, 2021, by segment (please see Note 20, “Segment Data,” for further discussion of the Company’s reportable segments), were as follows: (In millions) Calvin Klein North America Calvin Klein International Tommy Hilfiger North America Tommy Hilfiger International Heritage Brands Wholesale Heritage Brands Retail Total Balance as of January 31, 2021 Goodwill, gross $ 781.8 $ 902.8 $ 203.0 $ 1,748.0 $ 197.7 $ 11.9 $ 3,845.2 Accumulated impairment losses (287.3) (394.0) — — (197.7) (11.9) (890.9) Goodwill, net 494.5 508.8 203.0 1,748.0 — — 2,954.3 Reclassification of goodwill, gross to assets held for sale — — — — (92.7) — (92.7) Reclassification of accumulated impairment losses to assets held for sale — — — — 92.7 — 92.7 Currency translation 0.2 (3.2) — (31.1) — — (34.1) Balance as of August 1, 2021 Goodwill, gross 782.0 899.6 203.0 1,716.9 105.0 11.9 3,718.4 Accumulated impairment losses (287.3) (394.0) — — (105.0) (11.9) (798.2) Goodwill, net $ 494.7 $ 505.6 $ 203.0 $ 1,716.9 $ — $ — $ 2,920.2 The Company reclassified $92.7 million of goodwill, gross and a corresponding $92.7 million of accumulated impairment losses, recorded as a result of the interim goodwill impairment test performed during the first quarter of 2020 discussed below, to assets held for sale in the Company's Consolidated Balance Sheet as of August 1, 2021 in connection with the Heritage Brands transaction. The Company also reclassified $66.9 million of tradenames to assets held for sale in the Company's Consolidated Balance Sheet as of August 1, 2021 in connection with the transaction. Please see Note 5, “Assets Held For Sale,” for further discussion. The Company assesses the recoverability of goodwill and other indefinite-lived intangible assets annually, at the beginning of the third quarter of each fiscal year, and between annual tests if an event occurs or circumstances change that would indicate that it is more likely than not that the carrying amount may be impaired. Impairment testing for goodwill is done at the reporting unit level. Impairment testing for other indefinite-lived intangible assets is done at the individual asset level. Intangible assets with finite lives are amortized over their estimated useful life and are tested for impairment, along with other long-lived assets, when events and circumstances indicate that the assets might be impaired. Indefinite-lived intangible assets and intangible assets with finite lives are tested for impairment prior to assessing the recoverability of goodwill. Please see Note 1, “Summary of Significant Accounting Policies,” in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the year ended January 31, 2021 for discussion of the Company’s goodwill and other intangible assets impairment testing process. The Company determined in the first quarter of 2020 that the significant adverse impact of the COVID-19 pandemic on the Company’s business, including an unprecedented material decline in revenue and earnings and an extended decline in the Company’s stock price and associated market capitalization, was a triggering event that required the Company to perform a quantitative interim goodwill impairment test. As a result of the interim test performed, the Company recorded $879.0 million of noncash impairment charges in the first quarter of 2020, which were included in goodwill and other intangible asset impairments in the Company’s Consolidated Statement of Operations and allocated to the Company’s segments as follows: $197.7 million in the Heritage Brands Wholesale segment, $287.3 million in the Calvin Klein North America segment, and $394.0 million in the Calvin Klein International segment. Please see Note 7, “Goodwill and Other Intangible Assets,” in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the year ended January 31, 2021 for further discussion of these impairment charges. The Company recorded no further impairments of goodwill in 2020. The Company also determined in the first quarter of 2020 that the impact of the COVID-19 pandemic on its business was a triggering event that prompted the need to perform interim impairment testing of its intangible assets. As a result of the interim test performed, the Company recorded $47.2 million of noncash impairment charges related to indefinite-lived intangible assets and $7.3 million of noncash impairment charges related to finite-lived intangible assets in the first quarter of 2020, which were included in goodwill and other intangible asset impairments in the Company’s Consolidated Statement of Operations and allocated to the Company’s segments as follows: $51.9 million in the Heritage Brands Wholesale segment and $2.6 million in the Calvin Klein North America segment. Please see Note 7, “Goodwill and Other Intangible Assets,” in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the year ended January 31, 2021 for further discussion of these impairment charges. The Company recorded no further impairments of indefinite-lived intangible assets or finite-lived intangible assets in 2020. There have been no significant events or change in circumstances during the twenty-six weeks ended August 1, 2021 that would indicate the remaining carrying amount of the Company’s goodwill, indefinite-lived intangible assets and intangible assets with finite lives may be impaired as of August 1, 2021. There continues to be uncertainty about the impacts of the COVID-19 pandemic on the Company’s business. If economic conditions caused by the pandemic do not recover as currently estimated by management or market factors utilized in the impairment analysis deteriorate, the Company could incur additional goodwill and other intangible asset impairment charges in the future. |
RETIREMENT AND BENEFIT PLANS
RETIREMENT AND BENEFIT PLANS | 6 Months Ended |
Aug. 01, 2021 | |
Notes to Financial Statements [Abstract] | |
RETIREMENT AND BENEFIT PLANS | RETIREMENT AND BENEFIT PLANS The Company, as of August 1, 2021, has two noncontributory qualified defined benefit pension plans covering substantially all employees resident in the United States who meet certain age and service requirements. The plans provide monthly benefits upon retirement generally based on career average compensation and years of credited service. The plans also provide participants with the option to receive their benefits in the form of lump sum payments. Vesting in plan benefits generally occurs after five years of service. The Company refers to these two plans as its “Pension Plans.” The Company also has three noncontributory unfunded non-qualified supplemental defined benefit pension plans, including: – A plan for certain former members of Tommy Hilfiger’s domestic senior management. The plan is frozen and, as a result, participants do not accrue additional benefits. – A capital accumulation program for certain senior executives (Mr. Chirico, the Company’s Chairman and former Chief Executive Officer, is the only actively employed participant in this program). Under the individual participants’ agreements, the participants in the program will receive a predetermined amount during the ten 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 ten years and has attained age 55. – A plan for certain employees resident in the United States who meet certain age and service requirements that 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 components of net benefit cost recognized were as follows: Pension Plans Pension Plans Thirteen Weeks Ended Twenty-Six Weeks Ended (In millions) 8/1/21 8/2/20 8/1/21 8/2/20 Service cost $ 10.1 $ 11.3 $ 20.5 $ 22.4 Interest cost 6.2 6.4 12.4 12.8 Expected return on plan assets (11.1) (10.9) (22.2) (21.8) Special termination benefits 0.3 1.1 0.3 1.1 Speedo deconsolidation gain — — — (2.2) Total $ 5.5 $ 7.9 $ 11.0 $ 12.3 SERP Plans SERP Plans Thirteen Weeks Ended Twenty-Six Weeks Ended (In millions) 8/1/21 8/2/20 8/1/21 8/2/20 Service cost $ 1.0 $ 1.1 $ 2.4 $ 3.0 Interest cost 0.7 0.8 1.6 1.7 Special termination benefits 0.6 1.9 0.6 1.9 Speedo deconsolidation gain — — — (0.6) Total $ 2.3 $ 3.8 $ 4.6 $ 6.0 The Company provided enhanced retirement benefits to terminated employees during the second quarter of 2021 and as a result recognized $0.9 million of special termination benefit costs with a corresponding increase to its pension benefit obligation. The Company announced on July 14, 2020 plans to streamline its North American operations to better align its business with the evolving retail landscape. The Company’s actions included a reduction in its North America office workforce by approximately 450 positions, or 12%, across all three brand businesses and corporate functions. For certain eligible employees affected by the workforce reduction, the Company provided an enhanced retirement benefit and as a result recognized $3.0 million of special termination benefit costs during the second quarter of 2020, with a corresponding increase to its pension benefit obligation. Please see Note 17, “Exit Activity Costs,” for further discussion of these actions. The Company completed the sale of its Speedo North America business to Pentland in the first quarter of 2020. Upon the closing of the transaction, U.S.-based employees who were engaged primarily in the Speedo North America business terminated their employment with the Company. However, the Company retained the liability for any deferred vested benefits earned under its retirement plans. No further benefits are being accrued under the plans and as a result, the Company recognized a gain of $2.8 million during the twenty-six weeks ended August 2, 2020 with a corresponding decrease to its pension benefit obligation. The gain was included in other noncash loss, net in the Company’s Consolidated Statement of Operations. Please see Note 4, “Acquisitions and Divestitures,” for further discussion of the sale of the Speedo North America business. The Company also provides certain postretirement health care and life insurance benefits to certain retirees resident in the United States. As a result of the Company’s acquisition of The Warnaco Group, Inc. (“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 the applicable plan, both of which are unfunded and frozen. The Company refers to these two plans as its “Postretirement Plans.” Net benefit cost related to the Postretirement Plans was immaterial for the thirteen and twenty-six weeks ended August 1, 2021 and August 2, 2020. The components of net benefit cost are recorded in the Company's Consolidated Statements of Operations as follows: (i) the service cost component is recorded in selling, general and administrative (“SG&A”) expenses, (ii) the Speedo deconsolidation gain component is recorded in other noncash loss, net, and (iii) the other components are recorded in non-service related pension and postretirement income. |
DEBT
DEBT | 6 Months Ended |
Aug. 01, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Short-Term Borrowings The Company had $19.2 million of borrowings outstanding under short-term lines of credit, overdraft facilities and short-term revolving credit facilities denominated in various foreign currencies as of August 1, 2021. The weighted average interest rate on funds borrowed as of August 1, 2021 was 0.18%. These facilities provided for borrowings of up to $207.3 million based on exchange rates in effect on August 1, 2021 and are utilized primarily to fund working capital needs. The maximum amount of borrowings outstanding under these facilities during the twenty-six weeks ended August 1, 2021 was $23.3 million. 2021 Unsecured Revolving Credit Facility On April 28, 2021, the Company replaced its 364-day $275.0 million United States dollar-denominated unsecured revolving credit facility, which matured on April 7, 2021 (the “2020 facility”), with a new 364-day $275.0 million United States dollar-denominated unsecured revolving credit facility (the “2021 facility”). The 2021 facility will mature on April 27, 2022. The Company incurred $0.8 million of debt issuance costs in connection with the transaction, which are being amortized over the term of the debt agreement. The Company had no borrowings outstanding under these facilities during the twenty-six weeks ended August 1, 2021. The borrowings under the 2021 facility bear interest at variable rates calculated in a manner consistent with the 2020 facility. The current applicable margin with respect to the borrowings as of August 1, 2021 was 1.375% for adjusted Eurocurrency rate loans and 0.375% for base rate loans. The applicable margin for borrowings is subject to adjustment (i) after the date of delivery of the compliance certificate and financial statements, with respect to each of the Company’s fiscal quarters, based upon the Company’s net leverage ratio or (ii) after the date of delivery of notice of a change in the Company’s public debt rating by Standard & Poor’s or Moody’s. The 2021 facility is subject to other terms and conditions and financial and non-financial covenants consistent with the 2020 facility. Please see Note 8, “Debt,” in the Notes to the Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the year ended January 31, 2021 for further discussion of the 2020 facility. Long-Term Debt The carrying amounts of the Company’s long-term debt were as follows: (In millions) 8/1/21 1/31/21 8/2/20 Senior unsecured Term Loan A facilities due 2024 (1)(2) $ 891.2 $ 1,608.6 $ 1,601.0 7 3/4% debentures due 2023 99.8 99.8 99.7 3 5/8% senior unsecured euro notes due 2024 (2) 619.2 631.0 615.2 4 5/8% senior unsecured notes due 2025 495.1 494.5 493.9 3 1/8% senior unsecured euro notes due 2027 (2) 706.9 720.9 703.3 Total 2,812.2 3,554.8 3,513.1 Less: Current portion of long-term debt 29.7 41.1 14.8 Long-term debt $ 2,782.5 $ 3,513.7 $ 3,498.3 (1) The outstanding principal balance for the United States dollar-denominated Term Loan A facility and the euro-denominated Term Loan A facility was $329.6 million and €475.0 million, respectively, as of August 1, 2021. (2) The carrying amount of the euro-denominated Term Loan A facility and the senior unsecured euro notes includes the impact of changes in the exchange rate of the United States dollar against the euro. Please see Note 13, “Fair Value Measurements,” for the fair value of the Company’s long-term debt as of August 1, 2021, January 31, 2021 and August 2, 2020. The Company’s mandatory long-term debt repayments for the remainder of 2021 through 2026 were as follows as of August 1, 2021: (In millions) Fiscal Year Amount (1) Remainder of 2021 $ 14.9 2022 37.2 2023 144.6 2024 1,422.1 2025 500.0 2026 — (1) A portion of the Company’s mandatory long-term debt repayments is denominated in euros and subject to changes in the exchange rate of the United States dollar against the euro. Total debt repayments for the remainder of 2021 through 2026 exceed the total carrying amount of the Company’s Term Loan A facilities, 7 3/4% debentures due 2023, 3 5/8% senior euro notes due 2024 and 4 5/8% senior notes due 2025 as of August 1, 2021 because the carrying amount reflects the unamortized portions of debt issuance costs and the original issue discounts. As of August 1, 2021, after taking into account the effect of the Company’s interest rate swap agreements discussed in the section entitled “2019 Senior Unsecured Credit Facilities,” which were in effect as of such date, approximately 75% of the Company’s long-term debt had fixed interest rates, with the remainder at variable interest rates. 2019 Senior Unsecured Credit Facilities The Company has senior unsecured credit facilities due April 29, 2024 (as amended, the “2019 facilities”) that consist of a $1,093.2 million United States dollar-denominated Term Loan A facility (the “USD TLA facility”), a €500.0 million euro-denominated Term Loan A facility (the “Euro TLA facility” and together with the USD TLA facility, the “TLA facilities”) and senior unsecured revolving credit facilities consisting of (i) a $675.0 million United States dollar-denominated revolving credit facility, (ii) a CAD $70.0 million Canadian dollar-denominated revolving credit facility available in United States dollars or Canadian dollars, (iii) a €200.0 million euro-denominated revolving credit facility available in euro, British pound sterling, Japanese yen, Swiss francs, Australian dollars and other agreed foreign currencies and (iv) a $50.0 million United States dollar-denominated revolving credit facility available in United States dollars or Hong Kong dollars. Borrowings under the 2019 facilities bear interest at variable rates calculated in the manner set forth in the terms of the 2019 facilities. The Company had loans outstanding of $891.2 million, net of debt issuance costs and based on applicable exchange rates, under the TLA facilities, no borrowings outstanding under the senior unsecured revolving credit facilities and $16.9 million of outstanding letters of credit under the senior unsecured revolving credit facilities as of August 1, 2021. The Company made payments totaling $707.4 million and $6.9 million on its term loans under the 2019 facilities during the twenty-six weeks ended August 1, 2021 and August 2, 2020, respectively. The current applicable margin with respect to the TLA facilities and each revolving credit facility as of August 1, 2021 was 1.375% for adjusted Eurocurrency rate loans and 0.375% for base rate or Canadian prime rate loans. The applicable margin for borrowings under the TLA facilities and the revolving credit facilities is subject to adjustment (i) after the date of delivery of the compliance certificate and financial statements, with respect to each of the Company’s fiscal quarters, based upon the Company’s net leverage ratio or (ii) after the date of delivery of notice of a change in the Company’s public debt rating by Standard & Poor’s or Moody’s. The Company entered into interest rate swap agreements designed with the intended effect of converting notional amounts of its variable rate debt obligation to fixed rate debt. Under the terms of the agreements, for the outstanding notional amount, the Company’s exposure to fluctuations in the one-month London interbank offered rate (“LIBOR”) is eliminated and the Company pays a fixed rate plus the current applicable margin. The following interest rate swap agreements were entered into or in effect during the twenty-six weeks ended August 1, 2021 and/or August 2, 2020: (In millions) Designation Date Commencement Date Initial Notional Amount Notional Amount Outstanding as of August 1, 2021 Fixed Rate Expiration Date March 2020 February 2021 $ 50.0 $ 50.0 0.562% February 2023 February 2020 February 2021 50.0 50.0 1.1625% February 2023 February 2020 February 2020 50.0 50.0 1.2575% February 2023 August 2019 February 2020 50.0 50.0 1.1975% February 2022 June 2019 February 2020 50.0 50.0 1.409% February 2022 June 2019 June 2019 50.0 — 1.719% July 2021 January 2019 February 2020 50.0 — 2.4187% February 2021 November 2018 February 2019 139.2 — 2.8645% February 2021 October 2018 February 2019 115.7 — 2.9975% February 2021 June 2018 August 2018 50.0 — 2.6825% February 2021 June 2017 February 2018 306.5 — 1.566% February 2020 The 2019 facilities require the Company to comply with customary affirmative, negative and financial covenants, including a minimum interest coverage ratio and a maximum net leverage ratio. A breach of any of these operating or financial covenants would result in a default under the 2019 facilities. 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. Given the disruption to the Company’s business caused by the COVID-19 pandemic and to ensure financial flexibility, the Company amended these facilities in June 2020 to provide temporary relief of certain financial covenants until the date on which a compliance certificate was delivered for the second quarter of 2021 (the “relief period”) unless the Company elected earlier to terminate the relief period and satisfied the conditions for doing so (the “June 2020 Amendment”). The June 2020 Amendment provided for the following during the relief period, among other things, the (i) suspension of compliance with the maximum net leverage ratio through and including the first quarter of 2021, (ii) suspension of the minimum interest coverage ratio through and including the first quarter of 2021, (iii) addition of a minimum liquidity covenant of $400.0 million, (iv) addition of a restricted payment covenant and (v) imposition of stricter limitations on the incurrence of indebtedness and liens. The limitation on restricted payments required that the Company suspend payments of dividends on its common stock and purchases of shares under its stock repurchase program during the relief period. The June 2020 Amendment also provided that during the relief period the applicable margin would be increased 0.25%. In addition, under the June 2020 Amendment, in the event there was a specified credit ratings downgrade by Standard & Poor’s and Moody’s during the relief period (as set forth in the June 2020 Amendment), within 120 days thereafter (i) the Company would have been required to cause each of its wholly owned United States subsidiaries (subject to certain customary exceptions) to become a guarantor under the 2019 facilities and (ii) the Company and each subsidiary guarantor would have been required to grant liens in favor of the collateral agent on substantially all of their respective assets (subject to customary exceptions). The Company terminated early, effective June 10, 2021, this temporary relief period and, as a result, the various provisions in the June 2020 Amendment described above are no longer in effect. Following the termination of the relief period, the Company is now required to maintain a minimum interest coverage ratio and a maximum net leverage ratio, calculated in the manner set forth in the terms of the 2019 facilities. As of August 1, 2021, the Company was in compliance with all applicable financial and non-financial covenants under these facilities. The Company expects to maintain compliance with the financial covenants under the 2019 facilities based on its current forecasts. If the impacts of the COVID-19 pandemic on the Company’s business worsen and its earnings and operating cash flows do not recover as currently estimated by management, there can be no assurance that the Company will be able to maintain compliance with these financial covenants in the future. There can be no assurance that the Company would be able to obtain future waivers in a timely manner, on terms acceptable to the Company, or at all. If the Company were not able to maintain compliance or obtain a future covenant waiver under the 2019 facilities, there can be no assurance that the Company would be able to raise sufficient debt or equity capital, or divest assets, to refinance or repay such facilities. 7 3/4% Debentures Due 2023 The Company has outstanding $100.0 million of debentures due November 15, 2023 that accrue interest at the rate of 7 3/4%. The debentures are not redeemable at the Company’s option prior to maturity. 3 5/8% Euro Senior Notes Due 2024 The Company has outstanding €525.0 million principal amount of 3 5/8% senior notes due July 15, 2024, of which €175.0 million principal amount was issued on April 24, 2020. The Company paid €2.8 million ($3.0 million based on exchange rates in effect on the payment date) of fees in connection with the issuance of the additional €175.0 million notes, which are being amortized over the term of the notes. The Company may redeem some or all of these notes at any time prior to April 15, 2024 by paying a “make whole” premium plus any accrued and unpaid interest. In addition, the Company may redeem some or all of these notes on or after April 15, 2024 at their principal amount plus any accrued and unpaid interest. 4 5/8% Senior Notes Due 2025 The Company issued on July 10, 2020, $500.0 million principal amount of 4 5/8% senior notes due July 10, 2025. The Company paid $6.2 million of fees in connection with the issuance of the notes, which are being amortized over the term of the notes. The Company may redeem some or all of these notes at any time prior to June 10, 2025 by paying a “make whole” premium plus any accrued and unpaid interest. In addition, the Company may redeem some or all of these notes on or after June 10, 2025 at their principal amount plus any accrued and unpaid interest. 3 1/8% Euro Senior Notes Due 2027 The Company has outstanding €600.0 million principal amount of 3 1/8% senior notes due December 15, 2027. The Company may redeem some or all of these notes at any time prior to September 15, 2027 by paying a “make whole” premium plus any accrued and unpaid interest. In addition, the Company may redeem some or all of these notes on or after September 15, 2027 at their principal amount plus any accrued and unpaid interest. The Company’s financing arrangements contain financial and non-financial covenants and customary events of default. As of August 1, 2021, the Company was in compliance with all applicable financial and non-financial covenants under its financing arrangements. The Company also has standby letters of credit outside of its 2019 facilities primarily to collateralize the Company's insurance and lease obligations. The Company had $53.8 million of these standby letters of credit outstanding as of August 1, 2021. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Aug. 01, 2021 | |
Notes to Financial Statements [Abstract] | |
INCOME TAXES | INCOME TAXES The effective income tax rates for the thirteen weeks ended August 1, 2021 and August 2, 2020 were 28.1% and (53.0)%, respectively. The effective income tax rate for the thirteen weeks ended August 1, 2021 reflected a $70.9 million income tax expense recorded on $252.7 million of pre-tax income. The effective income tax rate for the thirteen weeks ended August 2, 2020 reflected a $17.9 million income tax expense recorded on $(33.8) million of pre-tax losses. The effective income tax rates for the twenty-six weeks ended August 1, 2021 and August 2, 2020 were 33.1% and 9.8%, respectively. The effective income tax rate for the twenty-six weeks ended August 1, 2021 reflected a $139.2 million income tax expense recorded on $420.7 million of pre-tax income. The effective income tax rate for the twenty-six weeks ended August 2, 2020 reflected a $(124.5) million income tax benefit recorded on $(1,273.4) million of pre-tax losses. The effective income tax rates for the thirteen and twenty-six weeks ended August 1, 2021 were higher than the United States statutory income tax rate primarily due to the tax on foreign earnings in excess of a deemed return on tangible assets of foreign corporations (known as “GILTI”) and the mix of foreign and domestic pre-tax results . The effective income tax rates for the thirteen and twenty-six weeks ended August 2, 2020 were lower than the United States statutory income tax rate primarily due to (i) the impact of the $879.0 million of pre-tax goodwill impairment charges recorded during the first quarter of 2020, which were mostly non-deductible for tax purposes and factored into the Company’s annualized effective income tax rate, and resulted in a decrease to the Company’s effective income tax rates for the thirteen and twenty-six weeks ended August 2, 2020 of 14.6% and 9.8%, respectively, (ii) the tax effects of GILTI and (iii) the mix of foreign and domestic pre-tax results, as well as the distortive impact of these items on the effective income tax rate for the thirteen weeks ended August 2, 2020 as a result of the small pre-tax loss during the period. The Company files income tax returns in more than 40 international jurisdictions each year. A substantial amount of the Company’s earnings are in international jurisdictions, particularly the Netherlands and Hong Kong SAR, where income tax rates, coupled with special rates levied on income from certain of the Company’s jurisdictional activities, are lower than the United States statutory income tax rate. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 6 Months Ended |
Aug. 01, 2021 | |
Notes to Financial Statements [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Cash Flow Hedges The Company has exposure to changes in foreign currency exchange rates related to anticipated cash flows associated with certain international inventory purchases. The Company uses foreign currency forward exchange contracts to hedge against a portion of this exposure. The Company also has exposure to interest rate volatility related to its term loans under the 2019 facilities, and the 2021 facility. The Company has entered into interest rate swap agreements to hedge against a portion of the exposure related to its term loans under the 2019 facilities. The Company had no borrowings outstanding under the 2021 facility during the twenty-six weeks ended August 1, 2021. Please see Note 10, “Debt,” for further discussion of the 2019 facilities, the 2021 facility and these agreements. The Company records the foreign currency forward exchange contracts and interest rate swap agreements at fair value in its Consolidated Balance Sheets and does not net the related assets and liabilities. The foreign currency forward exchange contracts associated with certain international inventory purchases and the interest rate swap agreements are designated as effective hedging instruments (collectively, “cash flow hedges”). The changes in the fair value of the cash flow hedges are recorded in equity as a component of accumulated other comprehensive loss (“AOCL”). No amounts were excluded from effectiveness testing. During the twenty-six weeks ended August 2, 2020, the Company dedesignated certain cash flow hedges due to the impacts of the COVID-19 pandemic on its business, which resulted in the release of an immaterial gain from AOCL into the Company’s Consolidated Statement of Operations. The Company continues to believe that transactions relating to its designated cash flow hedges are probable to occur as of August 1, 2021. Net Investment Hedges The Company has exposure to changes in foreign currency exchange rates related to the value of its investments in foreign subsidiaries denominated in a currency other than the United States dollar. To hedge against a portion of this exposure, the Company designated the carrying amounts of its (i) €600.0 million principal amount of 3 1/8% senior notes due 2027 and (ii) €525.0 million principal amount of 3 5/8% senior notes due 2024 (collectively, “foreign currency borrowings”), that were issued by PVH Corp., a U.S.-based entity, as net investment hedges of its investments in certain of its foreign subsidiaries that use the euro as their functional currency. Please see Note 10, “Debt,” for further discussion of the Company’s foreign currency borrowings. The Company records the foreign currency borrowings at carrying value in its Consolidated Balance Sheets. The carrying value of the foreign currency borrowings is remeasured at the end of each reporting period to reflect changes in the foreign currency exchange spot rate. Since the foreign currency borrowings are designated as net investment hedges, such remeasurement is recorded in equity as a component of AOCL. The fair value and the carrying value of the foreign currency borrowings designated as net investment hedges were $1,500.5 million and $1,326.1 million, respectively, as of August 1, 2021, $1,514.2 million and $1,351.9 million, respectively, as of January 31, 2021 and $1,320.3 million and $1,318.5 million, respectively, as of August 2, 2020. The Company evaluates the effectiveness of its net investment hedges at inception and at the beginning of each quarter thereafter. No amounts were excluded from effectiveness testing. Undesignated Contracts The Company records immediately in earnings changes in the fair value of hedges that are not designated as effective hedging instruments (“undesignated contracts”), including foreign currency forward exchange contracts related to third party and intercompany transactions, and intercompany loans that are not of a long-term investment nature. Any gains and losses that are immediately recognized in earnings on such contracts are largely offset by the remeasurement of the underlying balances. The Company does not use derivative or non-derivative financial instruments for trading or speculative purposes. The cash flows from the Company’s hedges are presented in the same category in the Company’s Consolidated Statements of Cash Flows as the items being hedged. The following table summarizes the fair value and presentation of the Company’s derivative financial instruments in its Consolidated Balance Sheets: Assets Liabilities 8/1/21 1/31/21 8/2/20 8/1/21 1/31/21 8/2/20 (In millions) Other Current Assets Other Assets Other Current Assets Other Assets Other Current Assets Other Assets Accrued Expenses Other Liabilities Accrued Expenses Other Liabilities Accrued Expenses Other Liabilities Contracts designated as cash flow hedges: Foreign currency forward exchange contracts (inventory purchases) $ 13.5 $ 0.8 $ 1.2 $ 0.1 $ 3.0 $ — $ 4.0 $ 0.1 $ 29.0 $ 0.4 $ 23.4 $ 0.2 Interest rate swap agreements — — — — — — 2.0 0.7 3.2 1.5 8.3 2.9 Total contracts designated as cash flow hedges 13.5 0.8 1.2 0.1 3.0 — 6.0 0.8 32.2 1.9 31.7 3.1 Undesignated contracts: Foreign currency forward exchange contracts 4.0 — 2.5 — 2.8 — 0.6 — 1.6 — 6.4 — Total $ 17.5 $ 0.8 $ 3.7 $ 0.1 $ 5.8 $ — $ 6.6 $ 0.8 $ 33.8 $ 1.9 $ 38.1 $ 3.1 The notional amount outstanding of foreign currency forward exchange contracts was $1,205.2 million at August 1, 2021. Such contracts expire principally between August 2021 and November 2022. The following tables summarize the effect of the Company’s hedges designated as cash flow and net investment hedging instruments: Gain (Loss) Recognized in Other Comprehensive Income (Loss) (In millions) Thirteen Weeks Ended 8/1/21 8/2/20 Foreign currency forward exchange contracts (inventory purchases) $ 54.6 $ (57.9) Interest rate swap agreements (0.1) (0.6) Foreign currency borrowings (net investment hedges) 21.3 (108.1) Total $ 75.8 $ (166.6) Twenty-Six Weeks Ended 8/1/21 8/2/20 Foreign currency forward exchange contracts (inventory purchases) $ 64.8 $ (36.1) Interest rate swap agreements 0.1 (10.0) Foreign currency borrowings (net investment hedges) 27.3 (92.9) Total $ 92.2 $ (139.0) Amount of Gain (Loss) Reclassified from AOCL into Income (Expense), Consolidated Statements of Operations Location, and Total Amount of Consolidated Statements of Operations Line Item (In millions) Amount Reclassified Location Total Statements of Operations Amount Thirteen Weeks Ended 8/1/21 8/2/20 8/1/21 8/2/20 Foreign currency forward exchange contracts (inventory purchases) $ 5.8 $ 0.9 Cost of goods sold $ 979.6 $ 697.4 Interest rate swap agreements (0.8) (2.9) Interest expense 27.3 32.7 Total $ 5.0 $ (2.0) Twenty-Six Weeks Ended 8/1/21 8/2/20 8/1/21 8/2/20 Foreign currency forward exchange contracts (inventory purchases) $ 7.8 $ 3.1 Cost of goods sold $ 1,829.8 $ 1,375.5 Interest rate swap agreements (1.9) (4.6) Interest expense 57.8 55.2 Total $ 5.9 $ (1.5) A net gain in AOCL on foreign currency forward exchange contracts at August 1, 2021 of $15.2 million is estimated to be reclassified in the next 12 months in the Company’s Consolidated Statement of Operations to cost of goods sold as the underlying inventory hedged by such forward exchange contracts is sold. In addition, a net loss in AOCL for interest rate swap agreements at August 1, 2021 of $2.0 million is estimated to be reclassified to interest expense within the next 12 months. Amounts recognized in AOCL for foreign currency borrowings would be recognized in earnings only upon the sale or substantially complete liquidation of the hedged net investment. The following table summarizes the effect of the Company’s undesignated contracts recognized in SG&A expenses in its Consolidated Statements of Operations: (In millions) Gain (Loss) Recognized in Income (Expense) Thirteen Weeks Ended 8/1/21 8/2/20 Foreign currency forward exchange contracts $ 1.4 $ (4.7) Twenty-Six Weeks Ended 8/1/21 8/2/20 Foreign currency forward exchange contracts $ (2.2) $ (4.1) The Company had no derivative financial instruments with credit risk-related contingent features underlying the related contracts as of August 1, 2021. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Aug. 01, 2021 | |
Notes to Financial Statements [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS In accordance with accounting principles generally accepted in the United States, fair value is defined 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. A three level hierarchy prioritizes the inputs used to measure fair value 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: 8/1/21 1/31/21 8/2/20 (In millions) 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 $ 18.3 N/A $ 18.3 N/A $ 3.8 N/A $ 3.8 N/A $ 5.8 N/A $ 5.8 Interest rate swap agreements N/A — N/A — N/A — N/A — N/A — N/A — Total Assets N/A $ 18.3 N/A $ 18.3 N/A $ 3.8 N/A $ 3.8 N/A $ 5.8 N/A $ 5.8 Liabilities: Foreign currency forward exchange contracts N/A $ 4.7 N/A $ 4.7 N/A $ 31.0 N/A $ 31.0 N/A $ 30.0 N/A $ 30.0 Interest rate swap agreements N/A 2.7 N/A 2.7 N/A 4.7 N/A 4.7 N/A 11.2 N/A 11.2 Total Liabilities N/A $ 7.4 N/A $ 7.4 N/A $ 35.7 N/A $ 35.7 N/A $ 41.2 N/A $ 41.2 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 value of the interest rate swap agreements is based on observable interest rate yield curves and represents the expected discounted cash flows underlying the financial instruments. There were no transfers between any levels of the fair value hierarchy for any of the Company’s fair value measurements. The Company’s non-financial assets, which primarily consist of goodwill, other intangible assets, property, plant and equipment, and operating lease right-of-use assets, are not required to be measured at fair value on a recurring basis, and instead are reported at their carrying amount. However, on a periodic basis whenever events or changes in circumstances indicate that their carrying amount may not be fully recoverable (and at least annually for goodwill and indefinite-lived intangible assets), non-financial assets are assessed for impairment. If the fair value is determined to be lower than the carrying amount, an impairment charge is recorded to write down the asset to its fair value. The following tables show the fair values of the Company’s non-financial assets that were required to be remeasured at fair value on a non-recurring basis during the twenty-six weeks ended August 1, 2021 and August 2, 2020, and the total impairments recorded as a result of the remeasurement process: (In millions) Fair Value Measurement Using Fair Value As Of Impairment Date Total Impairments 8/1/21 Level 1 Level 2 Level 3 Operating lease right-of-use assets N/A N/A $ — $ — $ 17.8 Property, plant and equipment, net N/A N/A — — 17.3 8/2/20 Property, plant and equipment, net N/A N/A 1.1 1.1 23.2 Goodwill N/A N/A 652.6 652.6 879.0 Tradenames N/A N/A 48.7 48.7 47.2 Other intangible assets, net N/A N/A — — 7.3 Investments in unconsolidated affiliates N/A N/A — — 12.3 Operating lease right-of-use assets with a carrying amount of $17.8 million and property, plant and equipment with a carrying amount of $17.3 million were written down to a fair value of zero during the twenty-six weeks ended August 1, 2021 primarily as a result of actions taken by the Company to reduce its real estate footprint, including reductions in office space. Please see Note 17, “Exit Activity Costs,” for further discussion of these restructuring activities. Fair value of the Company's operating lease right-of-use assets was determined based on the discounted cash flows of estimated sublease income using market participant assumptions, which considered the short length of the remaining lease term and current real estate trends and market conditions. Fair value of the Company’s property, plant and equipment was determined based on the estimated discounted future cash flows associated with the assets using market participant assumptions. The $35.1 million of impairment charges during the twenty-six weeks ended August 1, 2021 were included in SG&A expenses in the Company’s Consolidated Statement of Operations and recorded to the Company’s segments as follows: $1.4 million in the Heritage Brands Wholesale segment and $33.7 million in corporate expenses not allocated to any reportable segments. Property, plant and equipment with a carrying amount of $17.1 million was written down to a fair value of $1.1 million during the twenty-six weeks ended August 2, 2020, primarily due to the adverse impacts of the COVID-19 pandemic on the Company’s retail stores with lease terms expiring by the end of fiscal 2021 with no intention of renewal, including temporary store closures and reduced traffic, occupancy and consumer spending trends. Fair value of the Company’s property, plant and equipment was determined based on the estimated discounted future cash flows associated with the assets using sales trends and market participant assumptions. Property, plant and equipment with a carrying amount of $7.2 million was written down to a fair value of zero during the twenty-six weeks ended August 2, 2020 in connection with the exit from the Heritage Brands Retail business that was substantially completed in the second quarter of 2021. Please see Note 17, “Exit Activity Costs,” for further discussion of the Heritage Brands Retail exit costs. Fair value of the Company’s Heritage Brands Retail business property, plant and equipment was determined based on the estimated discounted future cash flows associated with the assets using sales trends and market participant assumptions. Goodwill with a carrying amount of $1,531.6 million was written down to a fair value of $652.6 million during the twenty-six weeks ended August 2, 2020. Please see Note 8, “Goodwill and Other Intangible Assets,” for further discussion. Tradenames with a carrying amount of $95.9 million were written down to a fair value of $48.7 million during the twenty-six weeks ended August 2, 2020. Please see Note 8, “Goodwill and Other Intangible Assets,” for further discussion. Other intangible assets with a carrying amount of $7.3 million were written down to a fair value of zero during the twenty-six weeks ended August 2, 2020. Please see Note 8, “Goodwill and Other Intangible Assets,” for further discussion. The Company’s equity method investment in Karl Lagerfeld with a carrying amount of $12.3 million was written down to a fair value of zero during the twenty-six weeks ended August 2, 2020. Please see Note 7, “Investments in Unconsolidated Affiliates,” for further discussion. The $969.0 million of impairment charges during the twenty-six weeks ended August 2, 2020 were recorded in the Company’s Consolidated Statement of Operations, of which $933.5 million was included in goodwill and other intangible asset impairments, $23.2 million was included in SG&A expenses, and $12.3 million was included in equity in net income (loss) of unconsolidated affiliates. The $969.0 million of impairment charges were recorded to the Company’s segments as follows: $395.8 million in the Calvin Klein International segment, $293.1 million in the Calvin Klein North America segment, $249.6 million in the Heritage Brands Wholesale segment, $11.0 million in the Heritage Brands Retail segment, $4.1 million in the Tommy Hilfiger North America segment, $3.1 million in the Tommy Hilfiger International segment and $12.3 million was recorded in corporate expenses not allocated to any reportable segments. The carrying amounts and the fair values of the Company’s cash and cash equivalents, short-term borrowings and long-term debt were as follows: 8/1/21 1/31/21 8/2/20 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 1,152.6 $ 1,152.6 $ 1,651.4 $ 1,651.4 $ 1,394.3 $ 1,394.3 Short-term borrowings 19.2 19.2 — — 70.6 70.6 Long-term debt (including portion classified as current) 2,812.2 3,066.2 3,554.8 3,806.8 3,513.1 3,552.3 The fair values of cash and cash equivalents and short-term borrowings approximate their carrying amounts 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. The carrying amounts of long-term debt reflect the unamortized portions of debt issuance costs and the original issue discounts. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Aug. 01, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company grants stock-based awards under its Stock Incentive Plan (the “Plan”). 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 Plan: (i) non-qualified stock options (“stock options”); (ii) incentive stock options; (iii) stock appreciation rights; (iv) restricted stock; (v) restricted stock units (“RSUs”); (vi) performance shares; (vii) performance share units (“PSUs”); and (viii) other stock-based awards. Each award granted under the 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, performance periods and performance measures, and such other terms and conditions as the plan committee determines. Awards granted under the Plan are classified as equity awards, which are recorded in stockholders’ equity in the Company’s Consolidated Balance Sheets. Through August 1, 2021, the Company has granted under the Plan (i) service-based stock options, RSUs and restricted stock; and (ii) contingently issuable PSUs and RSUs. There was no restricted stock or contingently issuable RSUs outstanding as of August 1, 2021. According to the terms of the 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 and each share underlying an RSU or PSU award reduces the number available by two shares. Net income (loss) for the twenty-six weeks ended August 1, 2021 and August 2, 2020 included $24.5 million and $21.8 million, respectively, of pre-tax expense related to stock-based compensation, with related recognized income tax benefits of $3.4 million and $2.7 million, respectively. The Company receives a tax deduction for certain transactions associated with its stock-based awards. The actual income tax benefits realized from these transactions during the twenty-six weeks ended August 1, 2021 and August 2, 2020 were $4.7 million and $2.1 million, respectively. The tax benefits realized included discrete net excess tax benefits (deficiencies) of $0.1 million and $(5.1) million recognized in the Company’s provision for income taxes during the twenty-six weeks ended August 1, 2021 and August 2, 2020, respectively. Stock Options Stock options granted to employees are generally exercisable in four The Company estimates the fair value of stock options at the date of grant using the Black-Scholes-Merton model. The estimated fair value of the stock options granted is expensed over the stock options’ vesting periods. The following summarizes the assumptions used to estimate the fair value of stock options granted during the twenty-six weeks ended August 1, 2021 and August 2, 2020 and the resulting weighted average grant date fair value per stock option: 8/1/21 8/2/20 Weighted average risk-free interest rate 1.24 % 0.53 % Weighted average expected stock option term (in years) 6.25 6.25 Weighted average Company volatility 47.58 % 44.80 % Expected annual dividends per share $ 0.15 $ 0.15 Weighted average grant date fair value per stock option $ 48.28 $ 20.20 The risk-free interest rate is based on United States Treasury yields in effect at the date of grant for periods corresponding to the expected stock option term. The expected stock option term represents the weighted average period of time that stock options granted are expected to be outstanding, based on vesting schedules and the contractual term of the stock options. Company volatility is based on the historical volatility of the Company’s common stock over a period of time corresponding to the expected stock option term. Expected dividends are based on the anticipated common stock cash dividend rate for the Company at the time of grant; the dividend assumption for the stock options granted during the twenty-six weeks ended August 1, 2021 and August 2, 2020, respectively, was not affected by the Company’s suspension of its cash dividend beginning with the second quarter of 2020 in response to the impacts of the COVID-19 pandemic on its business and as a condition of the June 2020 Amendment that was in effect through June 10, 2021, as such suspension was viewed as temporary. Please see Note 16, “Stockholders' Equity,” for further discussion of dividends on the Company’s common stock. 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 stock option grants. The Company will continue to evaluate the appropriateness of utilizing such method. Stock option activity for the twenty-six weeks ended August 1, 2021 was as follows: (In thousands, except per stock option data) Stock Options Weighted Average Exercise Price Outstanding at January 31, 2021 1,028 $ 98.23 Granted 96 104.30 Exercised 57 93.89 Cancelled 40 117.08 Outstanding at August 1, 2021 1,027 $ 98.29 Exercisable at August 1, 2021 652 $ 107.69 RSUs RSUs granted to employees generally vest in four RSU activity for the twenty-six weeks ended August 1, 2021 was as follows: (In thousands, except per RSU data) RSUs Weighted Average Grant Date Fair Value Per RSU Non-vested at January 31, 2021 1,470 $ 78.80 Granted 550 108.97 Vested 332 95.26 Cancelled 104 70.71 Non-vested at August 1, 2021 1,584 $ 86.35 PSUs Contingently issuable PSUs granted to employees generally vest three The Company also granted contingently issuable PSUs to certain of the Company’s senior executives during 2018, 2019 and 2020, subject to a three The following summarizes the assumptions used to estimate the fair value of PSUs subject to market conditions that were granted during the twenty-six weeks ended August 1, 2021 and August 2, 2020 and the resulting weighted average grant date fair value: 8/1/21 8/2/20 Weighted average risk-free interest rate 0.33 % 0.20 % Weighted average Company volatility 60.69 % 48.91 % Expected annual dividends per share $ 0.15 $ 0.15 Weighted average grant date fair value per PSU $ 159.29 $ 58.83 The risk-free interest rate is based on United States Treasury yields in effect at the date of grant for the term corresponding to the three-year performance period. Company volatility is based on the historical volatility of the Company’s common stock over a period of time corresponding to the three-year performance period. Expected dividends are based on the anticipated common stock cash dividend rate for the Company at the time of grant; the dividend assumption for the PSUs granted during the twenty-six weeks ended August 1, 2021 and August 2, 2020, respectively, was not affected by the Company’s suspension of its cash dividend beginning with the second quarter of 2020 in response to the impacts of the COVID-19 pandemic on its business and as a condition of the June 2020 Amendment that was in effect through June 10, 2021, as such suspension was viewed as temporary. Please see Note 16, “Stockholders' Equity,” for further discussion of dividends on the Company’s common stock. For certain of the awards granted, the after-tax portion of the award is subject to a holding period of one year after the vesting date. For these awards, the weighted average grant date fair value was discounted 8.40% in 2021 and 15.05% in 2020 for the restriction of liquidity using the Finnerty and Chaffe model, respectively. The Company uses the model that is deemed more appropriate after an evaluation of current market conditions. Total PSU activity for the twenty-six weeks ended August 1, 2021 was as follows: (In thousands, except per PSU data) PSUs Weighted Average Grant Date Fair Value Per PSU Non-vested at January 31, 2021 237 $ 96.48 Granted 43 134.31 Reduction due to market conditions not satisfied 41 158.97 Vested — — Cancelled — — Non-vested at August 1, 2021 239 $ 92.53 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 6 Months Ended |
Aug. 01, 2021 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS The following tables present the changes in AOCL, net of related taxes, by component for the twenty-six weeks ended August 1, 2021 and August 2, 2020: (In millions) Foreign currency translation adjustments Net unrealized and realized (loss) gain on effective cash flow hedges Total Balance, January 31, 2021 $ (481.6) $ (37.5) $ (519.1) Other comprehensive (loss) income before reclassifications (44.8) (1)(2) 58.5 13.7 Less: Amounts reclassified from AOCL — 6.9 6.9 Other comprehensive (loss) income (44.8) 51.6 6.8 Balance, August 1, 2021 $ (526.4) $ 14.1 $ (512.3) (In millions) Foreign currency translation adjustments Net unrealized and realized gain (loss) on effective cash flow hedges Total Balance, February 2, 2020 $ (665.7) $ 25.6 $ (640.1) Other comprehensive income (loss) before reclassifications 60.5 (1)(3) (43.6) 16.9 Less: Amounts reclassified from AOCL — (0.6) (0.6) Other comprehensive income (loss) 60.5 (43.0) 17.5 Balance, August 2, 2020 $ (605.2) $ (17.4) $ (622.6) (1) Foreign currency translation adjustments included a net gain (loss) on net investment hedges of $20.6 million and $(70.3) million during the twenty-six weeks ended August 1, 2021 and August 2, 2020, respectively. (2) Unfavorable foreign currency translation adjustments were principally driven by a strengthening of the United States dollar against the euro. (3) Favorable foreign currency translation adjustments were principally driven by a weakening of the United States dollar against the euro. The following table presents reclassifications from AOCL to earnings for the thirteen and twenty-six weeks ended August 1, 2021 and August 2, 2020: Amount Reclassified from AOCL Affected Line Item in the Company’s Consolidated Statements of Operations Thirteen Weeks Ended Twenty-Six Weeks Ended (In millions) 8/1/21 8/2/20 8/1/21 8/2/20 Realized gain (loss) on effective cash flow hedges: Foreign currency forward exchange contracts (inventory purchases) $ 5.8 $ 0.9 $ 7.8 $ 3.1 Cost of goods sold Interest rate swap agreements (0.8) (2.9) (1.9) (4.6) Interest expense Less: Tax effect (0.5) (0.7) (1.0) (0.9) Income tax expense (benefit) Total, net of tax $ 5.5 $ (1.3) $ 6.9 $ (0.6) |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Aug. 01, 2021 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Acquisition of Treasury Shares The Company’s Board of Directors has authorized over time since 2015 an aggregate $2.0 billion stock repurchase program through June 3, 2023. The program may be modified by the Board of Directors, including to increase or decrease the repurchase limitation or extend, suspend or terminate the program at any time, without prior notice. The Company suspended share repurchases under the stock repurchase program beginning in March 2020, following the purchase of 1.4 million shares in open market transactions for $110.7 million completed earlier in the first quarter of 2020, in response to the impacts of the COVID-19 pandemic on its business. In addition, under the terms of the June 2020 Amendment, the Company was not permitted to make share repurchases during the relief period. However, effective June 10, 2021, the Company terminated early this relief period and is now permitted to resume share repurchases at management’s discretion. Please see Note 10, “Debt,” for further discussion. As of August 1, 2021, the repurchased shares were held as treasury stock and $572.6 million of the authorization remained available for future share repurchases. Repurchases under the program may be made from time to time over the period through open market purchases, accelerated share repurchase programs, privately negotiated transactions or other methods, as the Company deems appropriate. Purchases are made based on a variety of factors, such as price, corporate requirements and overall market conditions, applicable legal requirements and limitations, trading restrictions under the Company’s insider trading policy and other relevant factors. Treasury stock activity also includes shares that were withheld in conjunction with the settlement of RSUs to satisfy tax withholding requirements. Common Stock Dividends The Company declared a $0.0375 per share dividend payable to its common stockholders of record as of March 4, 2020, in respect of which the Company made dividend payments totaling $2.7 million on March 31, 2020. The Company suspended its dividends following the payment of the $0.0375 per common share dividend on March 31, 2020 in response to the impacts of the COVID-19 pandemic on its business. In addition, under the terms of the June 2020 Amendment, the Company was not permitted to declare or pay dividends during the relief period. However, effective June 10, 2021, the Company terminated early this relief period and is now permitted to declare and pay dividends on its common stock at the discretion of the Board of Directors. Please see Note 10, “Debt,” for further discussion. |
EXIT ACTIVITY COSTS
EXIT ACTIVITY COSTS | 6 Months Ended |
Aug. 01, 2021 | |
EXIT ACTIVITY COSTS [Abstract] | |
EXIT ACTIVITY COSTS | EXIT ACTIVITY COSTS 2021 Reductions in Workforce and Real Estate Footprint The Company announced in March 2021 plans to streamline its organization through reductions in its workforce, primarily in certain international markets, and to reduce its real estate footprint, including reductions in office space and select store closures, which are expected to result in annual cost savings of approximately $60 million. In connection with these activities, the Company recorded pre-tax costs during the thirteen and twenty-six weeks ended August 1, 2021 and expects to incur total costs as follows: (In millions) Total Costs Expected to be Incurred Costs Incurred During the Thirteen Weeks Ended 8/1/21 Costs Incurred During the Twenty-Six Weeks Ended 8/1/21 Severance, termination benefits and other employee costs $ 20.9 $ 1.0 $ 13.2 Long-lived asset impairments 28.1 — 28.1 Contract termination and other costs 11.0 0.8 3.8 Total $ 60.0 $ 1.8 $ 45.1 Of the charges incurred during the twenty-six weeks ended August 1, 2021, $1.7 million relate to SG&A expenses of the Tommy Hilfiger North America segment, $7.1 million relate to SG&A expenses of the Tommy Hilfiger International segment, $2.1 million relate to SG&A expenses of the Calvin Klein North America segment, $5.7 million relate to SG&A expenses of the Calvin Klein International segment and $28.5 million relate to corporate SG&A expenses not allocated to any reportable segment. The Company expects to incur total costs of approximately $60 million during 2021 in connection with these activities, of which approximately $2 million is expected to relate to SG&A expenses of the Tommy Hilfiger North America segment, approximately $17 million is expected to relate to SG&A expenses of the Tommy Hilfiger International segment, approximately $2 million is expected to relate to SG&A expenses of the Calvin Klein North America segment, approximately $9 million is expected to relate to SG&A expenses of the Calvin Klein International segment, and approximately $30 million is expected to relate to corporate SG&A expenses not allocated to any reportable segment. Please see Note 20, “Segment Data,” for further discussion of the Company’s reportable segments. Please see Note 13, “Fair Value Measurements,” for further discussion of the long-lived asset impairments recorded during the twenty-six weeks ended August 1, 2021. The liabilities at August 1, 2021 related to these costs were principally recorded in accrued expenses in the Company’s Consolidated Balance Sheet and were as follows: (In millions) Liability at 1/31/21 Costs Incurred During the Twenty-Six Weeks Ended 8/1/21 Costs Paid During the Twenty-Six Weeks Ended 8/1/21 Liability at 8/1/21 Severance, termination benefits and other employee costs $ — $ 13.2 $ 2.6 $ 10.6 Contract termination and other costs — 3.8 3.4 0.4 Total $ — $ 17.0 $ 6.0 $ 11.0 Heritage Brands Retail Exit Costs The Company announced on July 14, 2020 plans to streamline its North American operations to better align its business with the evolving retail landscape, including the exit from its Heritage Brands Retail business, which consisted of 162 directly operated stores in North America and was substantially completed in the second quarter of 2021. In connection with the exit from the Heritage Brands Retail business, the Company recorded pre-tax costs during 2020 and the thirteen and twenty-six weeks ended August 1, 2021 as shown in the following table. All expected costs related to the exit from the Heritage Brands Retail business were substantially incurred by August 1, 2021. (In millions) Costs Incurred During the Thirteen Weeks Ended 8/1/21 Costs Incurred During the Twenty-Six Weeks Ended 8/1/21 Cumulative Costs Incurred Severance, termination benefits and other employee costs $ 5.7 $ 10.8 $ 25.4 Long-lived asset impairments — — 7.2 Accelerated amortization of lease assets 3.0 5.9 13.1 Contract termination and other costs 4.4 4.4 4.4 Total $ 13.1 $ 21.1 $ 50.1 The costs incurred during 2020 and the twenty-six weeks ended August 1, 2021 relate to SG&A expenses of the Heritage Brands Retail segment. Please see Note 20, “Segment Data,” for further discussion of the Company’s reportable segments. The liabilities at August 1, 2021 related to these costs were principally recorded in accrued expenses in the Company’s Consolidated Balance Sheet and were as follows: (In millions) Liability at 1/31/21 Costs Incurred During the Twenty-Six Weeks Ended 8/1/21 Costs Paid During the Twenty-Six Weeks Ended 8/1/21 Liability at 8/1/21 Severance, termination benefits and other employee costs $ 12.6 $ 10.8 $ 4.2 $ 19.2 Contract termination and other costs — 4.4 0.8 3.6 Total $ 12.6 $ 15.2 $ 5.0 $ 22.8 North America Office Workforce Reduction The Company also announced on July 14, 2020 a reduction in its North America office workforce by approximately 450 positions, or 12%, across all three brand businesses and corporate functions (the “North America workforce reduction”). In connection with the North America workforce reduction, the Company recorded pre-tax costs of $39.7 million during 2020, which consisted of severance, termination benefits and other employee costs. All expected costs related to the North America workforce reduction were incurred during 2020. The liabilities at August 1, 2021 related to these costs were principally recorded in accrued expenses in the Company’s Consolidated Balance Sheet and were as follows: (In millions) Liability at 1/31/21 Costs Incurred During the Twenty-Six Weeks Ended 8/1/21 Costs Paid During the Twenty-Six Weeks Ended 8/1/21 Liability at 8/1/21 Severance, termination benefits and other employee costs $ 11.4 $ — $ 9.2 $ 2.2 |
NET INCOME (LOSS) PER COMMON SH
NET INCOME (LOSS) PER COMMON SHARE | 6 Months Ended |
Aug. 01, 2021 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER COMMON SHARE | NET INCOME (LOSS) PER COMMON SHARE The Company computed its basic and diluted net income (loss) per common share as follows: Thirteen Weeks Ended Twenty-Six Weeks Ended (In millions, except per share data) 8/1/21 8/2/20 8/1/21 8/2/20 Net income (loss) attributable to PVH Corp. $ 181.9 $ (51.4) $ 281.8 $ (1,148.2) Weighted average common shares outstanding for basic net income (loss) per common share 71.4 71.1 71.3 71.2 Weighted average impact of dilutive securities 1.1 — 1.1 — Total shares for diluted net income (loss) per common share 72.5 71.1 72.4 71.2 Basic net income (loss) per common share attributable to PVH Corp. $ 2.55 $ (0.72) $ 3.95 $ (16.12) Diluted net income (loss) per common share attributable to PVH Corp. $ 2.51 $ (0.72) $ 3.89 $ (16.12) Potentially dilutive securities excluded from the calculation of diluted net income (loss) per common share as the effect would be anti-dilutive were as follows: Thirteen Weeks Ended Twenty-Six Weeks Ended (In millions) 8/1/21 8/2/20 8/1/21 8/2/20 Weighted average potentially dilutive securities 0.7 2.2 0.7 2.1 Diluted net loss per common share attributable to PVH Corp. for the thirteen and twenty-six weeks ended August 2, 2020 excluded all potentially dilutive securities because there was a net loss attributable to PVH Corp. for the periods and, as such, the inclusion of these securities would have been anti-dilutive. Shares underlying contingently issuable awards 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 (loss) per common share for that period. The Company had contingently issuable PSU awards outstanding that did not meet the performance conditions as of August 1, 2021 and August 2, 2020 and, therefore, were excluded from the calculation of diluted net income (loss) per common share for each applicable period. The maximum number of potentially dilutive shares that could be issued upon vesting for such awards was 0.2 million and 0.4 million as of August 1, 2021 and August 2, 2020, respectively. These amounts were also excluded from the computation of weighted average potentially dilutive securities in the table above. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 6 Months Ended |
Aug. 01, 2021 | |
Notes to Financial Statements [Abstract] | |
Cash Flow, Supplemental Disclosures | SUPPLEMENTAL CASH FLOW INFORMATION Noncash Investing and Financing Transactions Omitted from the Company’s Consolidated Statements of Cash Flows for the twenty-six weeks ended August 1, 2021 and August 2, 2020 were capital expenditures related to property, plant and equipment of $22.7 million and $23.7 million, respectively, that were accrued and not yet paid as of the end of the respective periods. The Company completed the Australia acquisition in the second quarter of 2019. Total acquisition consideration included the issuance to key executives of Gazal and PVH Australia of approximately 6% of the outstanding shares in the subsidiary of the Company that acquired 100% of the ownership interests in the Australia business, for which the Company recognized a $26.2 million liability on the date of the acquisition. In subsequent periods, the liability was adjusted each reporting period to its redemption value based on conditions that existed as of each subsequent balance sheet date. The Company settled in June 2020 a portion of the liability for the 6% interest issued to key executives of Gazal and PVH Australia, and settled in June 2021 the remaining liability, under the conditions specified in the terms of the acquisition agreement. Please see Note 4, “Acquisitions and Divestitures,” for further discussion of this liability. Omitted from net proceeds from short-term borrowings in the Company’s Consolidated Statement of Cash Flows for the twenty-six weeks ended August 1, 2021 were $0.2 million of debt issuance costs incurred in connection with the Company’s 2021 facility that were accrued and not yet paid as of August 1, 2021. Omitted from proceeds from 4 5/8% senior notes, net of related fees in the Company’s Consolidated Statement of Cash Flows for the twenty-six weeks ended August 2, 2020 were $1.0 million of debt issuance costs incurred in connection with the issuance of $500.0 million principal amount of 4 5/8% senior notes due 2025 that were accrued and not yet paid as of August 2, 2020. Lease Transactions Supplemental cash flow information related to leases was as follows: Twenty-Six Weeks Ended (In millions) 8/1/21 8/2/20 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 242.7 $ 180.8 Operating cash flows from finance leases 0.2 0.2 Financing cash flows from finance leases 2.8 2.7 Noncash transactions: Right-of-use assets obtained in exchange for new operating lease liabilities 147.8 168.9 Right-of-use assets obtained in exchange for new finance lease liabilities 2.5 1.7 The Company has sought concessions from landlords for certain of its stores affected by temporary closures as a result of the COVID-19 pandemic in the form of rent deferrals or rent abatements. Consistent with updated guidance issued by the Financial Accounting Standards Board (“FASB”) in April 2020, the Company elected to treat COVID-19 related rent concessions as though enforceable rights and obligations for those concessions existed in the original contract. As such, rent abatements negotiated with landlords are recorded as a reduction to variable lease expense included in SG&A expenses in the Company’s Consolidated Statements of Operations. The Company recorded $12.1 million and $20.6 million of rent abatements during the thirteen and twenty-six weeks ended August 1, 2021, respectively. The Company recorded $19.3 million and $31.7 million of rent abatements during the thirteen and twenty-six weeks ended August 2, 2020, respectively. Rent deferrals have no impact to lease expense and amounts deferred and payable in future periods are included in the current portion of operating lease liabilities in the Company’s Consolidated Balance Sheets. |
SEGMENT DATA
SEGMENT DATA | 6 Months Ended |
Aug. 01, 2021 | |
Notes to Financial Statements [Abstract] | |
SEGMENT DATA | SEGMENT DATA The Company manages its operations through its operating divisions, which are presented as six reportable segments: (i) Tommy Hilfiger North America; (ii) Tommy Hilfiger International; (iii) Calvin Klein North America; (iv) Calvin Klein International; (v) Heritage Brands Wholesale; and (vi) Heritage Brands Retail. The Company announced in July 2020 a plan to exit its Heritage Brands Retail business, which was substantially completed in the second quarter of 2021. The Company’s Heritage Brands Retail segment has ceased operations following the substantial completion of the Company’s exit from the Heritage Brands Retail business in the second quarter of 2021. 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 the United States and Canada, primarily to department stores, warehouse clubs, and off-price and independent retailers, as well as digital commerce sites operated by department store customers and pure play digital commerce retailers; (ii) operating retail stores, which are primarily located in premium outlet centers in the United States and Canada, and a digital commerce site in the United States, which sells TOMMY HILFIGER branded apparel, accessories and related products; and (iii) licensing and similar arrangements relating to the use by third parties of the TOMMY HILFIGER brand names for a broad range of product categories in North America. This segment also includes the Company’s proportionate share of the net income or loss of its investment in its unconsolidated affiliate in Mexico relating to the affiliate’s Tommy Hilfiger business and the Company’s proportionate share of the net income or loss of its investment in its unconsolidated PVH Legwear LLC (“PVH Legwear”) affiliate relating to the affiliate’s Tommy Hilfiger business. 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, Asia and Australia, primarily to department and specialty stores, and digital commerce sites operated by department store customers and pure play digital commerce retailers, as well as through distributors and franchisees; (ii) operating retail stores, concession locations and digital commerce sites in Europe, Asia and Australia, which sell TOMMY HILFIGER branded apparel, accessories and related products; and (iii) licensing and similar arrangements relating to the use by third parties of the TOMMY HILFIGER brand names for a broad range of product categories outside of North America. This segment also includes the Company’s proportionate share of the net income or loss of its investment in its unconsolidated Tommy Hilfiger affiliate in Brazil and the Company’s proportionate share of the net income or loss of its investment in its unconsolidated affiliate in India relating to the affiliate’s Tommy Hilfiger business. 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 the United States and Canada, primarily to warehouse clubs, department and specialty stores, and off-price and independent retailers, as well as digital commerce sites operated by department store customers and pure play digital commerce retailers; (ii) operating retail stores, which are primarily located in premium outlet centers in the United States and Canada, and a digital commerce site in the United States, which sells Calvin Klein branded apparel, accessories and related products; and (iii) licensing and similar arrangements relating to the use by third parties of the Calvin Klein brand names for a broad range of product categories in North America. This segment also includes the Company’s proportionate share of the net income or loss of its investment in its unconsolidated affiliate in Mexico relating to the affiliate’s Calvin Klein business and the Company’s proportionate share of the net income or loss of its investment in its unconsolidated PVH Legwear affiliate relating to the affiliate’s Calvin Klein business. 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, Brazil and Australia, primarily to department and specialty stores, and digital commerce sites operated by department store customers and pure play digital commerce retailers , as well as through distributors and franchisees; (ii) operating retail stores, concession locations and digital commerce sites in Europe, Asia, Brazil and Australia, 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 Calvin Klein brand names for a broad range of product categories outside of North America. This segment also includes the Company’s proportionate share of the net income or loss of its investment in its unconsolidated affiliate in India relating to the affiliate’s Calvin Klein business. 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, chain and specialty stores, warehouse clubs, mass market, and off-price retailers (in stores and online), as well as pure play digital commerce retailers in North America of (i) men’s dress shirts and neckwear under various owned and licensed brand names; (ii) men’s sportswear, bottoms and outerwear principally under the Van Heusen , IZOD and ARROW trademarks until August 2, 2021 (the first day of the third quarter of 2021), when the Company completed the Heritage Brands transaction; (iii) women’s intimate apparel under the Warner’s , Olga and True&Co. brands; and (iv) swimwear and swim-related products and accessories under the Speedo trademark until April 6, 2020, when the Company completed the sale of its Speedo North America business to Pentland. Please see Note 5, “Assets Held For Sale,” for further discussion of the Heritage Brands transaction and Note 4, “Acquisitions and Divestitures,” for further discussion of the Speedo transaction. This segment also derives revenue from Company operated digital commerce sites in the United States for Van Heusen and IZOD , which will cease operations during the third quarter of 2021 in connection with the Heritage Brands transaction. In addition, this segment derives revenue from the Heritage Brands business in Australia. This segment also includes the Company’s proportionate share of the net income or loss of its investment in its unconsolidated affiliate in Mexico relating to the affiliate’s business under certain of the heritage brands trademarks, and the Company’s proportionate share of the net income or loss of its investment in its unconsolidated PVH Legwear affiliate relating to the affiliate’s business under certain of the heritage brands trademarks. Heritage Brands Retail Segment - This segment consists of the Company’s Heritage Brands Retail division. This segment derived revenue principally from operating retail stores, primarily located in outlet centers throughout the United States and Canada, which primarily sell apparel, accessories and related products . The Company announced in July 2020 a plan to exit its Heritage Brands Retail business, which was substantially completed in the second quarter of 2021. The Company’s Heritage Brands Retail segment has ceased operations following the substantial completion of the Company’s exit from the Heritage Brands Retail business in the second quarter of 2021. Please see Note 17, “Exit Activity Costs,” for further discussion. The Company’s revenue by segment was as follows: Thirteen Weeks Ended Twenty-Six Weeks Ended (In millions) 8/1/21 (1)(2) 8/2/20 (1)(2) 8/1/21 (1)(2) 8/2/20 (1)(2) Revenue – Tommy Hilfiger North America Net sales $ 273.9 $ 194.1 $ 478.6 $ 355.2 Royalty revenue 15.4 7.1 33.0 23.9 Advertising and other revenue 3.6 0.8 8.1 4.2 Total 292.9 202.0 519.7 383.3 Revenue – Tommy Hilfiger International Net sales 826.3 590.2 1,636.3 1,044.1 Royalty revenue 13.1 8.2 26.0 17.0 Advertising and other revenue 3.2 3.3 7.2 5.8 Total 842.6 601.7 1,669.5 1,066.9 Revenue – Calvin Klein North America Net sales 311.0 180.7 517.0 344.6 Royalty revenue 28.6 13.7 60.3 38.8 Advertising and other revenue 9.5 5.3 20.0 12.4 Total 349.1 199.7 597.3 395.8 Revenue – Calvin Klein International Net sales 560.6 381.6 1,085.6 643.9 Royalty revenue 11.0 6.4 21.5 20.6 Advertising and other revenue 1.7 2.8 3.2 6.8 Total 573.3 390.8 1,110.3 671.3 Revenue – Heritage Brands Wholesale Net sales 217.7 150.5 408.9 345.8 Royalty revenue 4.8 1.4 9.8 4.8 Advertising and other revenue 0.8 0.2 1.4 1.0 Total 223.3 152.1 420.1 351.6 Revenue – Heritage Brands Retail Net sales 32.0 34.1 75.6 54.8 Royalty revenue — 0.2 — 0.9 Advertising and other revenue — 0.1 — 0.1 Total 32.0 34.4 75.6 55.8 Total Revenue Net sales 2,221.5 1,531.2 4,202.0 2,788.4 Royalty revenue 72.9 37.0 150.6 106.0 Advertising and other revenue 18.8 12.5 39.9 30.3 Total $ 2,313.2 $ 1,580.7 $ 4,392.5 $ 2,924.7 (1) Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. (2) Revenue in the thirteen and twenty-six weeks ended August 2, 2020 was significantly negatively impacted by the COVID-19 pandemic, including as a result of temporary stores closures and reduced traffic and consumer spending trends. The Company’s wholesale customers and licensing partners also experienced significant business disruptions as a result of the pandemic, resulting in a decrease in the Company’s revenue from these channels. Revenue in the thirteen and twenty-six weeks ended August 1, 2021 continued to be negatively impacted by the pandemic, although to a much a lesser extent than in the prior year periods. The Company’s revenue by distribution channel was as follows: Thirteen Weeks Ended Twenty-Six Weeks Ended (In millions) 8/1/21 8/2/20 8/1/21 8/2/20 Wholesale net sales $ 1,211.3 $ 685.6 $ 2,447.9 $ 1,493.8 Owned and operated retail stores 828.1 663.2 1,394.6 1,005.3 Owned and operated digital commerce sites 182.1 182.4 359.5 289.3 Retail net sales 1,010.2 845.6 1,754.1 1,294.6 Net sales 2,221.5 1,531.2 4,202.0 2,788.4 Royalty revenue 72.9 37.0 150.6 106.0 Advertising and other revenue 18.8 12.5 39.9 30.3 Total $ 2,313.2 $ 1,580.7 $ 4,392.5 $ 2,924.7 The Company’s income (loss) before interest and taxes by segment was as follows: Thirteen Weeks Ended Twenty-Six Weeks Ended (In millions) 8/1/21 (1) 8/2/20 (1)(2) 8/1/21 (1) 8/2/20 (1)(2) Income (loss) before interest and taxes – Tommy Hilfiger North America $ 24.7 $ (32.2) (6) $ 19.6 (7) $ (82.2) (6)(8) Income before interest and taxes – Tommy Hilfiger International 164.8 (4) 83.0 332.1 (7) 44.2 (8) Income (loss) before interest and taxes – Calvin Klein North America 39.7 (21.6) (6) 38.9 (7) (349.4) (6)(8)(9) Income (loss) before interest and taxes – Calvin Klein International 98.9 (4) 45.0 195.3 (7) (388.8) (8)(9) Income (loss) before interest and taxes – Heritage Brands Wholesale 22.2 (6.7) (6) 43.4 (294.6) (6)(9)(10) Loss before interest and taxes – Heritage Brands Retail (20.6) (5) (25.4) (5) (33.9) (5) (48.4) (5)(8) Loss before interest and taxes – Corporate (3) (50.7) (43.8) (6) (119.0) (7) (100.9) (6)(11) Income (loss) before interest and taxes $ 279.0 $ (1.7) $ 476.4 $ (1,220.1) (1) Income (loss) before interest and taxes was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. (2) Loss before interest and taxes in the thirteen and twenty-six weeks ended August 2, 2020 was significantly adversely impacted by the COVID-19 pandemic, including as a result of the unprecedented material decline in revenue noted above. As well, loss before interest and taxes in the twenty-six weeks ended August 2, 2020 was significantly adversely impacted by $961.8 million of noncash impairment charges related to goodwill, tradenames, and other intangible assets, store assets and an equity method investment resulting from the significant adverse impacts of the pandemic on the Company’s business. Please see notes (8), (9) and (11) below for further discussion. (3) Includes corporate expenses not allocated to any reportable segments, the results of PVH Ethiopia and the Company’s proportionate share of the net income or loss of its investment in Karl Lagerfeld (prior to its impairment in the first quarter of 2020). Corporate expenses represent overhead operating expenses and include expenses for senior corporate management, corporate finance, information technology related to corporate infrastructure, certain digital investments, certain corporate responsibility initiatives, and actuarial gains and losses on the Company’s Pension Plans, SERP Plans and Postretirement Plans (which are generally recorded in the fourth quarter). (4) Income before interest and taxes for the thirteen weeks ended August 1, 2021 included costs of $1.8 million incurred in connection with actions to streamline the Company’s organization through reductions in its workforce, primarily in certain international markets, and to reduce its real estate footprint, including reductions in office space and select store closures, consisting of severance and contract termination and other costs. Such costs were included in the Company’s segments as follows: $1.4 million in Tommy Hilfiger International and $0.4 million in Calvin Klein International. Please see Note 17, “Exit Activity Costs,” for further discussion. (5) Loss before interest and taxes for the thirteen and twenty-six weeks ended August 1, 2021 and August 2, 2020 included costs and operating losses, as well as noncash asset impairments in the prior year period associated with the wind down of the Heritage Brands Retail business that was substantially completed in the second quarter of 2021. Please see Note 17, “Exit Activity Costs,” for further discussion. (6) Loss before interest and taxes for the thirteen and twenty-six weeks ended August 2, 2020 included costs of $38.4 million incurred in connection with the North America workforce reduction, consisting of severance and special termination benefits. Such costs were included in the Company’s segments as follows: $10.9 million in Tommy Hilfiger North America, $10.5 million in Calvin Klein North America, $11.2 million in Heritage Brands Wholesale, and $5.8 million in corporate expenses not allocated to any reportable segments. Please see Note 17, “Exit Activity Costs,” for further discussion. (7) Income (loss) before interest and taxes for the twenty-six weeks ended August 1, 2021 included costs of $45.1 million incurred in connection with actions to streamline the Company’s organization through reductions in its workforce, primarily in certain international markets, and to reduce its real estate footprint, including reductions in office space and select store closures, consisting of noncash assets impairments, severance, and contract termination and other costs. Such costs were included in the Company’s segments as follows: $1.7 million in Tommy Hilfiger North America, $7.1 million in Tommy Hilfiger International, $2.1 million in Calvin Klein North America, $5.7 million in Calvin Klein International and $28.5 million in corporate expenses not allocated to any reportable segments. Please see Note 17, “Exit Activity Costs,” for further discussion. (8) (Loss) income before interest and taxes for the twenty-six weeks ended August 2, 2020 included noncash impairment charges of $16.0 million related to the Company’s store assets. The $16.0 million of impairment charges were included in the Company’s segments as follows: $4.1 million in Tommy Hilfiger North America, $3.1 million in Tommy Hilfiger International, $3.2 million in Calvin Klein North America, $1.8 million in Calvin Klein International and $3.8 million in Heritage Brands Retail. Please see Note 13, “Fair Value Measurements,” for further discussion. (9) Loss before interest and taxes for the twenty-six weeks ended August 2, 2020 included noncash impairment charges of $933.5 million, primarily related to goodwill, tradenames and other intangible assets. The $933.5 million of impairment charges were included in the Company’s segments as follows: $289.9 million in Calvin Klein North America, $394.0 million in Calvin Klein International and $249.6 million in Heritage Brands Wholesale. Please see Note 8, “Goodwill and Other Intangible Assets,” for further discussion. (10) Loss before interest and taxes for the twenty-six weeks ended August 2, 2020 included a noncash net loss of $3.1 million in connection with the Speedo transaction. Please see Note 4, “Acquisitions and Divestitures,” for further discussion. (11) Loss before interest and taxes for the twenty-six weeks ended August 2, 2020 included a noncash impairment charge of $12.3 million related to the Company’s equity method investment in Karl Lagerfeld. Please see Note 7, “Investments in Unconsolidated Affiliates,” for further discussion. Intersegment transactions, which primarily consist of transfers of inventory, are not material. |
GUARANTEES
GUARANTEES | 6 Months Ended |
Aug. 01, 2021 | |
Guarantees [Abstract] | |
GUARANTEES | GUARANTEES The Company has guaranteed a portion of the debt of its joint venture in India. The maximum amount guaranteed as of August 1, 2021 was approximately $18.7 million based on exchange rates in effect on that date. The guarantee is in effect for the entire term of the debt. The liability for this guarantee obligation was immaterial as of August 1, 2021, January 31, 2021 and August 2, 2020 . The Company has guaranteed to a financial institution the repayment of store security deposits in Japan paid to landlords on behalf of the Company. The amount guaranteed as of August 1, 2021 was approximately $5.3 million based on exchange rates in effect on that date. The Company has the right to seek recourse from the landlords for the full amount. The guarantees expire between 2022 and 2025. The liability for these guarantee obligations was immaterial as of August 1, 2021, January 31, 2021 and August 2, 2020 . The Company has guaranteed the payment of amounts on behalf of certain other parties, none of which are material individually or in the aggregate. |
RECENT ACCOUNTING GUIDANCE
RECENT ACCOUNTING GUIDANCE | 6 Months Ended |
Aug. 01, 2021 | |
Notes to Financial Statements [Abstract] | |
RECENT ACCOUNTING GUIDANCE | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance The FASB issued in December 2019 an update to accounting guidance to simplify the accounting for income taxes by eliminating certain exceptions to the existing guidance and clarifying and amending certain guidance to reduce diversity in practice. The update eliminates certain exceptions to the guidance related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The update also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The Company adopted the update in the first quarter of 2021. The adoption of the update did not have any impact on the Company’s consolidated financial statements. Accounting Guidance Issued But Not Adopted as of August 1, 2021 The FASB issued in March 2020 an update to provide temporary optional guidance intended to ease the potential burden of accounting for reference rate reform. The amendments in the update provide optional expedients and exceptions for applying accounting principles generally accepted in the United States to contract modifications, hedging relationships and other transactions affected by the expected market transition from LIBOR and other interbank offered rates to alternative reference rates if certain criteria are met. The amendments were effective upon issuance and can be applied on a prospective basis through December 31, 2022. The adoption of the update is not expected to have a material impact on the Company’s consolidated financial statements. |
OTHER COMMENTS
OTHER COMMENTS | 6 Months Ended |
Aug. 01, 2021 | |
Other Comments [Abstract] | |
OTHER COMMENTS | OTHER COMMENTS Wuxi Jinmao Foreign Trade Co., Ltd. (“Wuxi”), one of the Company’s finished goods inventory suppliers, has a wholly owned subsidiary with which the Company entered into a loan agreement in 2016. Under the agreement, Wuxi’s subsidiary borrowed a principal amount of $13.8 million for the development and operation of a fabric mill. Principal payments are due in semi-annual installments beginning March 31, 2018 through September 30, 2026. The outstanding principal balance of the loan bears interest at a rate of (i) 4.50% per annum until the sixth anniversary of the closing date of the loan and (ii) LIBOR plus 4.00% thereafter. The Company received principal payments of $2.1 million and $0.4 million during the twenty-six weeks ended August 1, 2021 and August 2, 2020, respectively. The outstanding balance, including accrued interest, was $10.5 million, $12.6 million and $13.0 million as of August 1, 2021, January 31, 2021 and August 2, 2020, respectively, and was included in other assets (current and non-current) in the Company’s Consolidated Balance Sheets. The Company records warehousing and distribution expenses, which are subject to exchange rate fluctuations, as a component of SG&A expenses in its Consolidated Statements of Operations. Warehousing and distribution expenses incurred in the thirteen and twenty-six weeks ended August 1, 2021 totaled $81.1 million and $164.0 million, respectively. Warehouse and distribution expenses incurred in the thirteen and twenty-six weeks ended August 2, 2020 totaled $78.5 million and $158.1 million, respectively, and included costs of $6.8 million in the twenty-six weeks ended August 2, 2020 related to the consolidation within the Company’s warehouse and distribution network in North America. |
GENERAL (Policies)
GENERAL (Policies) | 6 Months Ended |
Aug. 01, 2021 | |
General [Abstract] | |
Consolidation, Policy | 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. The Company’s Consolidated Statements of Operations include its proportionate share of the net income or loss of these entities. Please see Note 7, “Investments in Unconsolidated Affiliates,” for further discussion. The Company and Arvind Limited (“Arvind”) formed a joint venture in Ethiopia, PVH Arvind Manufacturing Private Limited Company (“PVH Ethiopia”), in which the Company held an initial economic interest of 75%, with Arvind’s 25% interest accounted for as a redeemable non-controlling interest. The Company consolidates PVH Ethiopia in its consolidated financial statements. The Company and Arvind amended, effective May 31, 2021, the capital structure of PVH Ethiopia and as a result the Company now solely manages and effectively owns all economic interests in the joint venture. Please see Note 6, “Redeemable Non-Controlling Interest,” for further discussion. |
Fiscal Period | The Company’s fiscal years are based on the 52-53 week periods ending on the Sunday closest to February 1 and are designated by the calendar year in which the fiscal year commences. |
REVENUE Deferred Revenue (Table
REVENUE Deferred Revenue (Tables) | 6 Months Ended |
Aug. 01, 2021 | |
Deferred Revenue [Abstract] | |
Deferred Revenue Disclosure [Text Block] | Changes in deferred revenue, which primarily relate to customer loyalty programs, gift cards and license agreements for the twenty-six weeks ended August 1, 2021 and August 2, 2020 were as follows: Twenty-Six Weeks Ended (In millions) 8/1/21 8/2/20 Deferred revenue balance at beginning of period $ 55.8 $ 64.7 Net additions to deferred revenue during the period 47.2 35.3 Reductions in deferred revenue for revenue recognized during the period (1) (46.5) (50.4) Reclassification of deferred revenue to liabilities related to assets held for sale (1.6) (2) — Deferred revenue balance at end of period $ 54.9 $ 49.6 (1) Represents the amount of revenue recognized during the period that was included in the deferred revenue balance at the beginning of the period and does not contemplate revenue recognized from amounts deferred during the period. The amounts include $6.0 million and $7.8 million of revenue recognized during the thirteen weeks ended August 1, 2021 and August 2, 2020, respectively. (2) The Company reclassified $1.6 million of deferred revenue to liabilities related to assets held for sale in the Company's Consolidated Balance Sheet as of August 1, 2021 in connection with the Heritage Brands transaction. Please see Note 5, “Assets Held For Sale," for further discussion. The Company also had long-term deferred revenue liabilities included in other liabilities in its Consolidated Balance Sheets of $12.5 million, $13.4 million and $9.0 million as of August 1, 2021, January 31, 2021 and August 2, 2020, respectively. |
ASSETS HELD FOR SALE (Tables)
ASSETS HELD FOR SALE (Tables) | 6 Months Ended |
Aug. 01, 2021 | |
Assets Held For Sale [Abstract] | |
Schedule of Assets Held for Sale [Table Text Block] | The net assets classified as held for sale in the Company’s Consolidated Balance Sheet as of August 1, 2021 were included in the Heritage Brands Wholesale segment and consisted of the following: (In millions) Assets held for sale: Inventories, net $ 32.5 Tradenames 66.9 Goodwill, net (1) — Total assets held for sale $ 99.4 Liabilities related to assets held for sale: Deferred revenue $ 1.6 Total liabilities related to assets held for sale $ 1.6 (1) Goodwill, net includes goodwill, gross of $92.7 million and accumulated impairment losses of $92.7 million. Please see Note 8, “Goodwill and Other Intangible Assets,” for further discussion. |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL (Tables) | 6 Months Ended |
Aug. 01, 2021 | |
Goodwill [Abstract] | |
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill for the twenty-six weeks ended August 1, 2021, by segment (please see Note 20, “Segment Data,” for further discussion of the Company’s reportable segments), were as follows: (In millions) Calvin Klein North America Calvin Klein International Tommy Hilfiger North America Tommy Hilfiger International Heritage Brands Wholesale Heritage Brands Retail Total Balance as of January 31, 2021 Goodwill, gross $ 781.8 $ 902.8 $ 203.0 $ 1,748.0 $ 197.7 $ 11.9 $ 3,845.2 Accumulated impairment losses (287.3) (394.0) — — (197.7) (11.9) (890.9) Goodwill, net 494.5 508.8 203.0 1,748.0 — — 2,954.3 Reclassification of goodwill, gross to assets held for sale — — — — (92.7) — (92.7) Reclassification of accumulated impairment losses to assets held for sale — — — — 92.7 — 92.7 Currency translation 0.2 (3.2) — (31.1) — — (34.1) Balance as of August 1, 2021 Goodwill, gross 782.0 899.6 203.0 1,716.9 105.0 11.9 3,718.4 Accumulated impairment losses (287.3) (394.0) — — (105.0) (11.9) (798.2) Goodwill, net $ 494.7 $ 505.6 $ 203.0 $ 1,716.9 $ — $ — $ 2,920.2 The Company reclassified $92.7 million of goodwill, gross and a corresponding $92.7 million of accumulated impairment losses, recorded as a result of the interim goodwill impairment test performed during the first quarter of 2020 discussed below, to assets held for sale in the Company's Consolidated Balance Sheet as of August 1, 2021 in connection with the Heritage Brands transaction. The Company also reclassified $66.9 million of tradenames to assets held for sale in the Company's Consolidated Balance Sheet as of August 1, 2021 in connection with the transaction. Please see Note 5, “Assets Held For Sale,” for further discussion. |
RETIREMENT AND BENEFIT PLANS (T
RETIREMENT AND BENEFIT PLANS (Tables) | 6 Months Ended |
Aug. 01, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | The components of net benefit cost recognized were as follows: Pension Plans Pension Plans Thirteen Weeks Ended Twenty-Six Weeks Ended (In millions) 8/1/21 8/2/20 8/1/21 8/2/20 Service cost $ 10.1 $ 11.3 $ 20.5 $ 22.4 Interest cost 6.2 6.4 12.4 12.8 Expected return on plan assets (11.1) (10.9) (22.2) (21.8) Special termination benefits 0.3 1.1 0.3 1.1 Speedo deconsolidation gain — — — (2.2) Total $ 5.5 $ 7.9 $ 11.0 $ 12.3 SERP Plans SERP Plans Thirteen Weeks Ended Twenty-Six Weeks Ended (In millions) 8/1/21 8/2/20 8/1/21 8/2/20 Service cost $ 1.0 $ 1.1 $ 2.4 $ 3.0 Interest cost 0.7 0.8 1.6 1.7 Special termination benefits 0.6 1.9 0.6 1.9 Speedo deconsolidation gain — — — (0.6) Total $ 2.3 $ 3.8 $ 4.6 $ 6.0 The Company provided enhanced retirement benefits to terminated employees during the second quarter of 2021 and as a result recognized $0.9 million of special termination benefit costs with a corresponding increase to its pension benefit obligation. The Company announced on July 14, 2020 plans to streamline its North American operations to better align its business with the evolving retail landscape. The Company’s actions included a reduction in its North America office workforce by approximately 450 positions, or 12%, across all three brand businesses and corporate functions. For certain eligible employees affected by the workforce reduction, the Company provided an enhanced retirement benefit and as a result recognized $3.0 million of special termination benefit costs during the second quarter of 2020, with a corresponding increase to its pension benefit obligation. Please see Note 17, “Exit Activity Costs,” for further discussion of these actions. The Company completed the sale of its Speedo North America business to Pentland in the first quarter of 2020. Upon the closing of the transaction, U.S.-based employees who were engaged primarily in the Speedo North America business terminated their employment with the Company. However, the Company retained the liability for any deferred vested benefits earned under its retirement plans. No further benefits are being accrued under the plans and as a result, the Company recognized a gain of $2.8 million during the twenty-six weeks ended August 2, 2020 with a corresponding decrease to its pension benefit obligation. The gain was included in other noncash loss, net in the Company’s Consolidated Statement of Operations. Please see Note 4, “Acquisitions and Divestitures,” for further discussion of the sale of the Speedo North America business. The Company also provides certain postretirement health care and life insurance benefits to certain retirees resident in the United States. As a result of the Company’s acquisition of The Warnaco Group, Inc. (“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 the applicable plan, both of which are unfunded and frozen. The Company refers to these two plans as its “Postretirement Plans.” Net benefit cost related to the Postretirement Plans was immaterial for the thirteen and twenty-six weeks ended August 1, 2021 and August 2, 2020. |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Aug. 01, 2021 | |
Schedule of Interest Rate Swap Agreements [Line Items] | |
Schedule of Interest Rate Swap Agreements [Table Text Block] | The Company entered into interest rate swap agreements designed with the intended effect of converting notional amounts of its variable rate debt obligation to fixed rate debt. Under the terms of the agreements, for the outstanding notional amount, the Company’s exposure to fluctuations in the one-month London interbank offered rate (“LIBOR”) is eliminated and the Company pays a fixed rate plus the current applicable margin. The following interest rate swap agreements were entered into or in effect during the twenty-six weeks ended August 1, 2021 and/or August 2, 2020: (In millions) Designation Date Commencement Date Initial Notional Amount Notional Amount Outstanding as of August 1, 2021 Fixed Rate Expiration Date March 2020 February 2021 $ 50.0 $ 50.0 0.562% February 2023 February 2020 February 2021 50.0 50.0 1.1625% February 2023 February 2020 February 2020 50.0 50.0 1.2575% February 2023 August 2019 February 2020 50.0 50.0 1.1975% February 2022 June 2019 February 2020 50.0 50.0 1.409% February 2022 June 2019 June 2019 50.0 — 1.719% July 2021 January 2019 February 2020 50.0 — 2.4187% February 2021 November 2018 February 2019 139.2 — 2.8645% February 2021 October 2018 February 2019 115.7 — 2.9975% February 2021 June 2018 August 2018 50.0 — 2.6825% February 2021 June 2017 February 2018 306.5 — 1.566% February 2020 |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-Term Debt The carrying amounts of the Company’s long-term debt were as follows: (In millions) 8/1/21 1/31/21 8/2/20 Senior unsecured Term Loan A facilities due 2024 (1)(2) $ 891.2 $ 1,608.6 $ 1,601.0 7 3/4% debentures due 2023 99.8 99.8 99.7 3 5/8% senior unsecured euro notes due 2024 (2) 619.2 631.0 615.2 4 5/8% senior unsecured notes due 2025 495.1 494.5 493.9 3 1/8% senior unsecured euro notes due 2027 (2) 706.9 720.9 703.3 Total 2,812.2 3,554.8 3,513.1 Less: Current portion of long-term debt 29.7 41.1 14.8 Long-term debt $ 2,782.5 $ 3,513.7 $ 3,498.3 (1) The outstanding principal balance for the United States dollar-denominated Term Loan A facility and the euro-denominated Term Loan A facility was $329.6 million and €475.0 million, respectively, as of August 1, 2021. (2) The carrying amount of the euro-denominated Term Loan A facility and the senior unsecured euro notes includes the impact of changes in the exchange rate of the United States dollar against the euro. |
Schedule of Mandatory Long-Term Debt Repayments [Table] | The Company’s mandatory long-term debt repayments for the remainder of 2021 through 2026 were as follows as of August 1, 2021: (In millions) Fiscal Year Amount (1) Remainder of 2021 $ 14.9 2022 37.2 2023 144.6 2024 1,422.1 2025 500.0 2026 — (1) A portion of the Company’s mandatory long-term debt repayments is denominated in euros and subject to changes in the exchange rate of the United States dollar against the euro. Total debt repayments for the remainder of 2021 through 2026 exceed the total carrying amount of the Company’s Term Loan A facilities, 7 3/4% debentures due 2023, 3 5/8% senior euro notes due 2024 and 4 5/8% senior notes due 2025 as of August 1, 2021 because the carrying amount reflects the unamortized portions of debt issuance costs and the original issue discounts. |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Aug. 01, 2021 | |
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 of the Company’s derivative financial instruments in its Consolidated Balance Sheets: Assets Liabilities 8/1/21 1/31/21 8/2/20 8/1/21 1/31/21 8/2/20 (In millions) Other Current Assets Other Assets Other Current Assets Other Assets Other Current Assets Other Assets Accrued Expenses Other Liabilities Accrued Expenses Other Liabilities Accrued Expenses Other Liabilities Contracts designated as cash flow hedges: Foreign currency forward exchange contracts (inventory purchases) $ 13.5 $ 0.8 $ 1.2 $ 0.1 $ 3.0 $ — $ 4.0 $ 0.1 $ 29.0 $ 0.4 $ 23.4 $ 0.2 Interest rate swap agreements — — — — — — 2.0 0.7 3.2 1.5 8.3 2.9 Total contracts designated as cash flow hedges 13.5 0.8 1.2 0.1 3.0 — 6.0 0.8 32.2 1.9 31.7 3.1 Undesignated contracts: Foreign currency forward exchange contracts 4.0 — 2.5 — 2.8 — 0.6 — 1.6 — 6.4 — Total $ 17.5 $ 0.8 $ 3.7 $ 0.1 $ 5.8 $ — $ 6.6 $ 0.8 $ 33.8 $ 1.9 $ 38.1 $ 3.1 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following tables summarize the effect of the Company’s hedges designated as cash flow and net investment hedging instruments: Gain (Loss) Recognized in Other Comprehensive Income (Loss) (In millions) Thirteen Weeks Ended 8/1/21 8/2/20 Foreign currency forward exchange contracts (inventory purchases) $ 54.6 $ (57.9) Interest rate swap agreements (0.1) (0.6) Foreign currency borrowings (net investment hedges) 21.3 (108.1) Total $ 75.8 $ (166.6) Twenty-Six Weeks Ended 8/1/21 8/2/20 Foreign currency forward exchange contracts (inventory purchases) $ 64.8 $ (36.1) Interest rate swap agreements 0.1 (10.0) Foreign currency borrowings (net investment hedges) 27.3 (92.9) Total $ 92.2 $ (139.0) Amount of Gain (Loss) Reclassified from AOCL into Income (Expense), Consolidated Statements of Operations Location, and Total Amount of Consolidated Statements of Operations Line Item (In millions) Amount Reclassified Location Total Statements of Operations Amount Thirteen Weeks Ended 8/1/21 8/2/20 8/1/21 8/2/20 Foreign currency forward exchange contracts (inventory purchases) $ 5.8 $ 0.9 Cost of goods sold $ 979.6 $ 697.4 Interest rate swap agreements (0.8) (2.9) Interest expense 27.3 32.7 Total $ 5.0 $ (2.0) Twenty-Six Weeks Ended 8/1/21 8/2/20 8/1/21 8/2/20 Foreign currency forward exchange contracts (inventory purchases) $ 7.8 $ 3.1 Cost of goods sold $ 1,829.8 $ 1,375.5 Interest rate swap agreements (1.9) (4.6) Interest expense 57.8 55.2 Total $ 5.9 $ (1.5) |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | The following table summarizes the effect of the Company’s undesignated contracts recognized in SG&A expenses in its Consolidated Statements of Operations: (In millions) Gain (Loss) Recognized in Income (Expense) Thirteen Weeks Ended 8/1/21 8/2/20 Foreign currency forward exchange contracts $ 1.4 $ (4.7) Twenty-Six Weeks Ended 8/1/21 8/2/20 Foreign currency forward exchange contracts $ (2.2) $ (4.1) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Aug. 01, 2021 | |
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: 8/1/21 1/31/21 8/2/20 (In millions) 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 $ 18.3 N/A $ 18.3 N/A $ 3.8 N/A $ 3.8 N/A $ 5.8 N/A $ 5.8 Interest rate swap agreements N/A — N/A — N/A — N/A — N/A — N/A — Total Assets N/A $ 18.3 N/A $ 18.3 N/A $ 3.8 N/A $ 3.8 N/A $ 5.8 N/A $ 5.8 Liabilities: Foreign currency forward exchange contracts N/A $ 4.7 N/A $ 4.7 N/A $ 31.0 N/A $ 31.0 N/A $ 30.0 N/A $ 30.0 Interest rate swap agreements N/A 2.7 N/A 2.7 N/A 4.7 N/A 4.7 N/A 11.2 N/A 11.2 Total Liabilities N/A $ 7.4 N/A $ 7.4 N/A $ 35.7 N/A $ 35.7 N/A $ 41.2 N/A $ 41.2 |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following tables show the fair values of the Company’s non-financial assets that were required to be remeasured at fair value on a non-recurring basis during the twenty-six weeks ended August 1, 2021 and August 2, 2020, and the total impairments recorded as a result of the remeasurement process: (In millions) Fair Value Measurement Using Fair Value As Of Impairment Date Total Impairments 8/1/21 Level 1 Level 2 Level 3 Operating lease right-of-use assets N/A N/A $ — $ — $ 17.8 Property, plant and equipment, net N/A N/A — — 17.3 8/2/20 Property, plant and equipment, net N/A N/A 1.1 1.1 23.2 Goodwill N/A N/A 652.6 652.6 879.0 Tradenames N/A N/A 48.7 48.7 47.2 Other intangible assets, net N/A N/A — — 7.3 Investments in unconsolidated affiliates N/A N/A — — 12.3 Operating lease right-of-use assets with a carrying amount of $17.8 million and property, plant and equipment with a carrying amount of $17.3 million were written down to a fair value of zero during the twenty-six weeks ended August 1, 2021 primarily as a result of actions taken by the Company to reduce its real estate footprint, including reductions in office space. Please see Note 17, “Exit Activity Costs,” for further discussion of these restructuring activities. Fair value of the Company's operating lease right-of-use assets was determined based on the discounted cash flows of estimated sublease income using market participant assumptions, which considered the short length of the remaining lease term and current real estate trends and market conditions. Fair value of the Company’s property, plant and equipment was determined based on the estimated discounted future cash flows associated with the assets using market participant assumptions. The $35.1 million of impairment charges during the twenty-six weeks ended August 1, 2021 were included in SG&A expenses in the Company’s Consolidated Statement of Operations and recorded to the Company’s segments as follows: $1.4 million in the Heritage Brands Wholesale segment and $33.7 million in corporate expenses not allocated to any reportable segments. Property, plant and equipment with a carrying amount of $17.1 million was written down to a fair value of $1.1 million during the twenty-six weeks ended August 2, 2020, primarily due to the adverse impacts of the COVID-19 pandemic on the Company’s retail stores with lease terms expiring by the end of fiscal 2021 with no intention of renewal, including temporary store closures and reduced traffic, occupancy and consumer spending trends. Fair value of the Company’s property, plant and equipment was determined based on the estimated discounted future cash flows associated with the assets using sales trends and market participant assumptions. Property, plant and equipment with a carrying amount of $7.2 million was written down to a fair value of zero during the twenty-six weeks ended August 2, 2020 in connection with the exit from the Heritage Brands Retail business that was substantially completed in the second quarter of 2021. Please see Note 17, “Exit Activity Costs,” for further discussion of the Heritage Brands Retail exit costs. Fair value of the Company’s Heritage Brands Retail business property, plant and equipment was determined based on the estimated discounted future cash flows associated with the assets using sales trends and market participant assumptions. Goodwill with a carrying amount of $1,531.6 million was written down to a fair value of $652.6 million during the twenty-six weeks ended August 2, 2020. Please see Note 8, “Goodwill and Other Intangible Assets,” for further discussion. Tradenames with a carrying amount of $95.9 million were written down to a fair value of $48.7 million during the twenty-six weeks ended August 2, 2020. Please see Note 8, “Goodwill and Other Intangible Assets,” for further discussion. Other intangible assets with a carrying amount of $7.3 million were written down to a fair value of zero during the twenty-six weeks ended August 2, 2020. Please see Note 8, “Goodwill and Other Intangible Assets,” for further discussion. The Company’s equity method investment in Karl Lagerfeld with a carrying amount of $12.3 million was written down to a fair value of zero during the twenty-six weeks ended August 2, 2020. Please see Note 7, “Investments in Unconsolidated Affiliates,” for further discussion. The $969.0 million of impairment charges during the twenty-six weeks ended August 2, 2020 were recorded in the Company’s Consolidated Statement of Operations, of which $933.5 million was included in goodwill and other intangible asset impairments, $23.2 million was included in SG&A expenses, and $12.3 million was included in equity in net income (loss) of unconsolidated affiliates. The $969.0 million of impairment charges were recorded to the Company’s segments as follows: $395.8 million in the Calvin Klein International segment, $293.1 million in the Calvin Klein North America segment, $249.6 million in the Heritage Brands Wholesale segment, $11.0 million in the Heritage Brands Retail segment, $4.1 million in the Tommy Hilfiger North America segment, $3.1 million in the Tommy Hilfiger International segment and $12.3 million was recorded in corporate expenses not allocated to any reportable segments. |
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 were as follows: 8/1/21 1/31/21 8/2/20 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 1,152.6 $ 1,152.6 $ 1,651.4 $ 1,651.4 $ 1,394.3 $ 1,394.3 Short-term borrowings 19.2 19.2 — — 70.6 70.6 Long-term debt (including portion classified as current) 2,812.2 3,066.2 3,554.8 3,806.8 3,513.1 3,552.3 The fair values of cash and cash equivalents and short-term borrowings approximate their carrying amounts 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. The carrying amounts of long-term debt reflect the unamortized portions of debt issuance costs and the original issue discounts. |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 6 Months Ended |
Aug. 01, 2021 | |
Share-based Payment Arrangement [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 stock options granted during the twenty-six weeks ended August 1, 2021 and August 2, 2020 and the resulting weighted average grant date fair value per stock option: 8/1/21 8/2/20 Weighted average risk-free interest rate 1.24 % 0.53 % Weighted average expected stock option term (in years) 6.25 6.25 Weighted average Company volatility 47.58 % 44.80 % Expected annual dividends per share $ 0.15 $ 0.15 Weighted average grant date fair value per stock option $ 48.28 $ 20.20 The risk-free interest rate is based on United States Treasury yields in effect at the date of grant for periods corresponding to the expected stock option term. The expected stock option term represents the weighted average period of time that stock options granted are expected to be outstanding, based on vesting schedules and the contractual term of the stock options. Company volatility is based on the historical volatility of the Company’s common stock over a period of time corresponding to the expected stock option term. Expected dividends are based on the anticipated common stock cash dividend rate for the Company at the time of grant; the dividend assumption for the stock options granted during the twenty-six weeks ended August 1, 2021 and August 2, 2020, respectively, was not affected by the Company’s suspension of its cash dividend beginning with the second quarter of 2020 in response to the impacts of the COVID-19 pandemic on its business and as a condition of the June 2020 Amendment that was in effect through June 10, 2021, as such suspension was viewed as temporary. Please see Note 16, “Stockholders' Equity,” for further discussion of dividends on the Company’s common stock. 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 stock option grants. The Company will continue to evaluate the appropriateness of utilizing such method. |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Stock option activity for the twenty-six weeks ended August 1, 2021 was as follows: (In thousands, except per stock option data) Stock Options Weighted Average Exercise Price Outstanding at January 31, 2021 1,028 $ 98.23 Granted 96 104.30 Exercised 57 93.89 Cancelled 40 117.08 Outstanding at August 1, 2021 1,027 $ 98.29 Exercisable at August 1, 2021 652 $ 107.69 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | RSU activity for the twenty-six weeks ended August 1, 2021 was as follows: (In thousands, except per RSU data) RSUs Weighted Average Grant Date Fair Value Per RSU Non-vested at January 31, 2021 1,470 $ 78.80 Granted 550 108.97 Vested 332 95.26 Cancelled 104 70.71 Non-vested at August 1, 2021 1,584 $ 86.35 |
Table of Weighted Average Monte Carlo Fair Value Assumptions Performance Awards [Table Text Block] | 8/1/21 8/2/20 Weighted average risk-free interest rate 0.33 % 0.20 % Weighted average Company volatility 60.69 % 48.91 % Expected annual dividends per share $ 0.15 $ 0.15 Weighted average grant date fair value per PSU $ 159.29 $ 58.83 The risk-free interest rate is based on United States Treasury yields in effect at the date of grant for the term corresponding to the three-year performance period. Company volatility is based on the historical volatility of the Company’s common stock over a period of time corresponding to the three-year performance period. Expected dividends are based on the anticipated common stock cash dividend rate for the Company at the time of grant; the dividend assumption for the PSUs granted during the twenty-six weeks ended August 1, 2021 and August 2, 2020, respectively, was not affected by the Company’s suspension of its cash dividend beginning with the second quarter of 2020 in response to the impacts of the COVID-19 pandemic on its business and as a condition of the June 2020 Amendment that was in effect through June 10, 2021, as such suspension was viewed as temporary. Please see Note 16, “Stockholders' Equity,” for further discussion of dividends on the Company’s common stock. |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Total PSU activity for the twenty-six weeks ended August 1, 2021 was as follows: (In thousands, except per PSU data) PSUs Weighted Average Grant Date Fair Value Per PSU Non-vested at January 31, 2021 237 $ 96.48 Granted 43 134.31 Reduction due to market conditions not satisfied 41 158.97 Vested — — Cancelled — — Non-vested at August 1, 2021 239 $ 92.53 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 6 Months Ended |
Aug. 01, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss [Table Text Block] | The following tables present the changes in AOCL, net of related taxes, by component for the twenty-six weeks ended August 1, 2021 and August 2, 2020: (In millions) Foreign currency translation adjustments Net unrealized and realized (loss) gain on effective cash flow hedges Total Balance, January 31, 2021 $ (481.6) $ (37.5) $ (519.1) Other comprehensive (loss) income before reclassifications (44.8) (1)(2) 58.5 13.7 Less: Amounts reclassified from AOCL — 6.9 6.9 Other comprehensive (loss) income (44.8) 51.6 6.8 Balance, August 1, 2021 $ (526.4) $ 14.1 $ (512.3) (In millions) Foreign currency translation adjustments Net unrealized and realized gain (loss) on effective cash flow hedges Total Balance, February 2, 2020 $ (665.7) $ 25.6 $ (640.1) Other comprehensive income (loss) before reclassifications 60.5 (1)(3) (43.6) 16.9 Less: Amounts reclassified from AOCL — (0.6) (0.6) Other comprehensive income (loss) 60.5 (43.0) 17.5 Balance, August 2, 2020 $ (605.2) $ (17.4) $ (622.6) (1) Foreign currency translation adjustments included a net gain (loss) on net investment hedges of $20.6 million and $(70.3) million during the twenty-six weeks ended August 1, 2021 and August 2, 2020, respectively. (2) Unfavorable foreign currency translation adjustments were principally driven by a strengthening of the United States dollar against the euro. |
Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive Loss [Table Text Block] | The following table presents reclassifications from AOCL to earnings for the thirteen and twenty-six weeks ended August 1, 2021 and August 2, 2020: Amount Reclassified from AOCL Affected Line Item in the Company’s Consolidated Statements of Operations Thirteen Weeks Ended Twenty-Six Weeks Ended (In millions) 8/1/21 8/2/20 8/1/21 8/2/20 Realized gain (loss) on effective cash flow hedges: Foreign currency forward exchange contracts (inventory purchases) $ 5.8 $ 0.9 $ 7.8 $ 3.1 Cost of goods sold Interest rate swap agreements (0.8) (2.9) (1.9) (4.6) Interest expense Less: Tax effect (0.5) (0.7) (1.0) (0.9) Income tax expense (benefit) Total, net of tax $ 5.5 $ (1.3) $ 6.9 $ (0.6) |
EXIT ACTIVITY COSTS (Tables)
EXIT ACTIVITY COSTS (Tables) | 6 Months Ended |
Aug. 01, 2021 | |
Heritage Retail Exit [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs | Heritage Brands Retail Exit Costs The Company announced on July 14, 2020 plans to streamline its North American operations to better align its business with the evolving retail landscape, including the exit from its Heritage Brands Retail business, which consisted of 162 directly operated stores in North America and was substantially completed in the second quarter of 2021. In connection with the exit from the Heritage Brands Retail business, the Company recorded pre-tax costs during 2020 and the thirteen and twenty-six weeks ended August 1, 2021 as shown in the following table. All expected costs related to the exit from the Heritage Brands Retail business were substantially incurred by August 1, 2021. (In millions) Costs Incurred During the Thirteen Weeks Ended 8/1/21 Costs Incurred During the Twenty-Six Weeks Ended 8/1/21 Cumulative Costs Incurred Severance, termination benefits and other employee costs $ 5.7 $ 10.8 $ 25.4 Long-lived asset impairments — — 7.2 Accelerated amortization of lease assets 3.0 5.9 13.1 Contract termination and other costs 4.4 4.4 4.4 Total $ 13.1 $ 21.1 $ 50.1 The costs incurred during 2020 and the twenty-six weeks ended August 1, 2021 relate to SG&A expenses of the Heritage Brands Retail segment. Please see Note 20, “Segment Data,” for further discussion of the Company’s reportable segments. |
Schedule of Restructuring Reserve by Type of Cost | The liabilities at August 1, 2021 related to these costs were principally recorded in accrued expenses in the Company’s Consolidated Balance Sheet and were as follows: (In millions) Liability at 1/31/21 Costs Incurred During the Twenty-Six Weeks Ended 8/1/21 Costs Paid During the Twenty-Six Weeks Ended 8/1/21 Liability at 8/1/21 Severance, termination benefits and other employee costs $ 12.6 $ 10.8 $ 4.2 $ 19.2 Contract termination and other costs — 4.4 0.8 3.6 Total $ 12.6 $ 15.2 $ 5.0 $ 22.8 |
North America workforce reduction [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost | The liabilities at August 1, 2021 related to these costs were principally recorded in accrued expenses in the Company’s Consolidated Balance Sheet and were as follows: (In millions) Liability at 1/31/21 Costs Incurred During the Twenty-Six Weeks Ended 8/1/21 Costs Paid During the Twenty-Six Weeks Ended 8/1/21 Liability at 8/1/21 Severance, termination benefits and other employee costs $ 11.4 $ — $ 9.2 $ 2.2 |
Reduction in Workforce and Real Estate Footprint | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs | The Company announced in March 2021 plans to streamline its organization through reductions in its workforce, primarily in certain international markets, and to reduce its real estate footprint, including reductions in office space and select store closures, which are expected to result in annual cost savings of approximately $60 million. In connection with these activities, the Company recorded pre-tax costs during the thirteen and twenty-six weeks ended August 1, 2021 and expects to incur total costs as follows: (In millions) Total Costs Expected to be Incurred Costs Incurred During the Thirteen Weeks Ended 8/1/21 Costs Incurred During the Twenty-Six Weeks Ended 8/1/21 Severance, termination benefits and other employee costs $ 20.9 $ 1.0 $ 13.2 Long-lived asset impairments 28.1 — 28.1 Contract termination and other costs 11.0 0.8 3.8 Total $ 60.0 $ 1.8 $ 45.1 Of the charges incurred during the twenty-six weeks ended August 1, 2021, $1.7 million relate to SG&A expenses of the Tommy Hilfiger North America segment, $7.1 million relate to SG&A expenses of the Tommy Hilfiger International segment, $2.1 million relate to SG&A expenses of the Calvin Klein North America segment, $5.7 million relate to SG&A expenses of the Calvin Klein International segment and $28.5 million relate to corporate SG&A expenses not allocated to any reportable |
Schedule of Restructuring Reserve by Type of Cost | The liabilities at August 1, 2021 related to these costs were principally recorded in accrued expenses in the Company’s Consolidated Balance Sheet and were as follows: (In millions) Liability at 1/31/21 Costs Incurred During the Twenty-Six Weeks Ended 8/1/21 Costs Paid During the Twenty-Six Weeks Ended 8/1/21 Liability at 8/1/21 Severance, termination benefits and other employee costs $ — $ 13.2 $ 2.6 $ 10.6 Contract termination and other costs — 3.8 3.4 0.4 Total $ — $ 17.0 $ 6.0 $ 11.0 |
NET INCOME (LOSS) PER COMMON _2
NET INCOME (LOSS) PER COMMON SHARE (Tables) | 6 Months Ended |
Aug. 01, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The Company computed its basic and diluted net income (loss) per common share as follows: Thirteen Weeks Ended Twenty-Six Weeks Ended (In millions, except per share data) 8/1/21 8/2/20 8/1/21 8/2/20 Net income (loss) attributable to PVH Corp. $ 181.9 $ (51.4) $ 281.8 $ (1,148.2) Weighted average common shares outstanding for basic net income (loss) per common share 71.4 71.1 71.3 71.2 Weighted average impact of dilutive securities 1.1 — 1.1 — Total shares for diluted net income (loss) per common share 72.5 71.1 72.4 71.2 Basic net income (loss) per common share attributable to PVH Corp. $ 2.55 $ (0.72) $ 3.95 $ (16.12) Diluted net income (loss) per common share attributable to PVH Corp. $ 2.51 $ (0.72) $ 3.89 $ (16.12) |
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 (loss) per common share as the effect would be anti-dilutive were as follows: Thirteen Weeks Ended Twenty-Six Weeks Ended (In millions) 8/1/21 8/2/20 8/1/21 8/2/20 Weighted average potentially dilutive securities 0.7 2.2 0.7 2.1 |
Nonmonetary Transactions (Table
Nonmonetary Transactions (Tables) | 6 Months Ended |
Aug. 01, 2021 | |
Nonmonetary Transactions [Abstract] | |
Schedule of Supplemental Cash Flow Information Related to Leases [Table Text Block] | Lease Transactions Supplemental cash flow information related to leases was as follows: Twenty-Six Weeks Ended (In millions) 8/1/21 8/2/20 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 242.7 $ 180.8 Operating cash flows from finance leases 0.2 0.2 Financing cash flows from finance leases 2.8 2.7 Noncash transactions: Right-of-use assets obtained in exchange for new operating lease liabilities 147.8 168.9 Right-of-use assets obtained in exchange for new finance lease liabilities 2.5 1.7 |
SEGMENT DATA (Tables)
SEGMENT DATA (Tables) | 6 Months Ended |
Aug. 01, 2021 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The Company’s revenue by segment was as follows: Thirteen Weeks Ended Twenty-Six Weeks Ended (In millions) 8/1/21 (1)(2) 8/2/20 (1)(2) 8/1/21 (1)(2) 8/2/20 (1)(2) Revenue – Tommy Hilfiger North America Net sales $ 273.9 $ 194.1 $ 478.6 $ 355.2 Royalty revenue 15.4 7.1 33.0 23.9 Advertising and other revenue 3.6 0.8 8.1 4.2 Total 292.9 202.0 519.7 383.3 Revenue – Tommy Hilfiger International Net sales 826.3 590.2 1,636.3 1,044.1 Royalty revenue 13.1 8.2 26.0 17.0 Advertising and other revenue 3.2 3.3 7.2 5.8 Total 842.6 601.7 1,669.5 1,066.9 Revenue – Calvin Klein North America Net sales 311.0 180.7 517.0 344.6 Royalty revenue 28.6 13.7 60.3 38.8 Advertising and other revenue 9.5 5.3 20.0 12.4 Total 349.1 199.7 597.3 395.8 Revenue – Calvin Klein International Net sales 560.6 381.6 1,085.6 643.9 Royalty revenue 11.0 6.4 21.5 20.6 Advertising and other revenue 1.7 2.8 3.2 6.8 Total 573.3 390.8 1,110.3 671.3 Revenue – Heritage Brands Wholesale Net sales 217.7 150.5 408.9 345.8 Royalty revenue 4.8 1.4 9.8 4.8 Advertising and other revenue 0.8 0.2 1.4 1.0 Total 223.3 152.1 420.1 351.6 Revenue – Heritage Brands Retail Net sales 32.0 34.1 75.6 54.8 Royalty revenue — 0.2 — 0.9 Advertising and other revenue — 0.1 — 0.1 Total 32.0 34.4 75.6 55.8 Total Revenue Net sales 2,221.5 1,531.2 4,202.0 2,788.4 Royalty revenue 72.9 37.0 150.6 106.0 Advertising and other revenue 18.8 12.5 39.9 30.3 Total $ 2,313.2 $ 1,580.7 $ 4,392.5 $ 2,924.7 (1) Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. (2) Revenue in the thirteen and twenty-six weeks ended August 2, 2020 was significantly negatively impacted by the COVID-19 pandemic, including as a result of temporary stores closures and reduced traffic and consumer spending trends. The Company’s wholesale customers and licensing partners also experienced significant business disruptions as a result of the pandemic, resulting in a decrease in the Company’s revenue from these channels. Revenue in the thirteen and twenty-six weeks ended August 1, 2021 continued to be negatively impacted by the pandemic, although to a much a lesser extent than in the prior year periods. The Company’s revenue by distribution channel was as follows: Thirteen Weeks Ended Twenty-Six Weeks Ended (In millions) 8/1/21 8/2/20 8/1/21 8/2/20 Wholesale net sales $ 1,211.3 $ 685.6 $ 2,447.9 $ 1,493.8 Owned and operated retail stores 828.1 663.2 1,394.6 1,005.3 Owned and operated digital commerce sites 182.1 182.4 359.5 289.3 Retail net sales 1,010.2 845.6 1,754.1 1,294.6 Net sales 2,221.5 1,531.2 4,202.0 2,788.4 Royalty revenue 72.9 37.0 150.6 106.0 Advertising and other revenue 18.8 12.5 39.9 30.3 Total $ 2,313.2 $ 1,580.7 $ 4,392.5 $ 2,924.7 The Company’s income (loss) before interest and taxes by segment was as follows: Thirteen Weeks Ended Twenty-Six Weeks Ended (In millions) 8/1/21 (1) 8/2/20 (1)(2) 8/1/21 (1) 8/2/20 (1)(2) Income (loss) before interest and taxes – Tommy Hilfiger North America $ 24.7 $ (32.2) (6) $ 19.6 (7) $ (82.2) (6)(8) Income before interest and taxes – Tommy Hilfiger International 164.8 (4) 83.0 332.1 (7) 44.2 (8) Income (loss) before interest and taxes – Calvin Klein North America 39.7 (21.6) (6) 38.9 (7) (349.4) (6)(8)(9) Income (loss) before interest and taxes – Calvin Klein International 98.9 (4) 45.0 195.3 (7) (388.8) (8)(9) Income (loss) before interest and taxes – Heritage Brands Wholesale 22.2 (6.7) (6) 43.4 (294.6) (6)(9)(10) Loss before interest and taxes – Heritage Brands Retail (20.6) (5) (25.4) (5) (33.9) (5) (48.4) (5)(8) Loss before interest and taxes – Corporate (3) (50.7) (43.8) (6) (119.0) (7) (100.9) (6)(11) Income (loss) before interest and taxes $ 279.0 $ (1.7) $ 476.4 $ (1,220.1) (1) Income (loss) before interest and taxes was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. (2) Loss before interest and taxes in the thirteen and twenty-six weeks ended August 2, 2020 was significantly adversely impacted by the COVID-19 pandemic, including as a result of the unprecedented material decline in revenue noted above. As well, loss before interest and taxes in the twenty-six weeks ended August 2, 2020 was significantly adversely impacted by $961.8 million of noncash impairment charges related to goodwill, tradenames, and other intangible assets, store assets and an equity method investment resulting from the significant adverse impacts of the pandemic on the Company’s business. Please see notes (8), (9) and (11) below for further discussion. (3) Includes corporate expenses not allocated to any reportable segments, the results of PVH Ethiopia and the Company’s proportionate share of the net income or loss of its investment in Karl Lagerfeld (prior to its impairment in the first quarter of 2020). Corporate expenses represent overhead operating expenses and include expenses for senior corporate management, corporate finance, information technology related to corporate infrastructure, certain digital investments, certain corporate responsibility initiatives, and actuarial gains and losses on the Company’s Pension Plans, SERP Plans and Postretirement Plans (which are generally recorded in the fourth quarter). (4) Income before interest and taxes for the thirteen weeks ended August 1, 2021 included costs of $1.8 million incurred in connection with actions to streamline the Company’s organization through reductions in its workforce, primarily in certain international markets, and to reduce its real estate footprint, including reductions in office space and select store closures, consisting of severance and contract termination and other costs. Such costs were included in the Company’s segments as follows: $1.4 million in Tommy Hilfiger International and $0.4 million in Calvin Klein International. Please see Note 17, “Exit Activity Costs,” for further discussion. (5) Loss before interest and taxes for the thirteen and twenty-six weeks ended August 1, 2021 and August 2, 2020 included costs and operating losses, as well as noncash asset impairments in the prior year period associated with the wind down of the Heritage Brands Retail business that was substantially completed in the second quarter of 2021. Please see Note 17, “Exit Activity Costs,” for further discussion. (6) Loss before interest and taxes for the thirteen and twenty-six weeks ended August 2, 2020 included costs of $38.4 million incurred in connection with the North America workforce reduction, consisting of severance and special termination benefits. Such costs were included in the Company’s segments as follows: $10.9 million in Tommy Hilfiger North America, $10.5 million in Calvin Klein North America, $11.2 million in Heritage Brands Wholesale, and $5.8 million in corporate expenses not allocated to any reportable segments. Please see Note 17, “Exit Activity Costs,” for further discussion. (7) Income (loss) before interest and taxes for the twenty-six weeks ended August 1, 2021 included costs of $45.1 million incurred in connection with actions to streamline the Company’s organization through reductions in its workforce, primarily in certain international markets, and to reduce its real estate footprint, including reductions in office space and select store closures, consisting of noncash assets impairments, severance, and contract termination and other costs. Such costs were included in the Company’s segments as follows: $1.7 million in Tommy Hilfiger North America, $7.1 million in Tommy Hilfiger International, $2.1 million in Calvin Klein North America, $5.7 million in Calvin Klein International and $28.5 million in corporate expenses not allocated to any reportable segments. Please see Note 17, “Exit Activity Costs,” for further discussion. (8) (Loss) income before interest and taxes for the twenty-six weeks ended August 2, 2020 included noncash impairment charges of $16.0 million related to the Company’s store assets. The $16.0 million of impairment charges were included in the Company’s segments as follows: $4.1 million in Tommy Hilfiger North America, $3.1 million in Tommy Hilfiger International, $3.2 million in Calvin Klein North America, $1.8 million in Calvin Klein International and $3.8 million in Heritage Brands Retail. Please see Note 13, “Fair Value Measurements,” for further discussion. (9) Loss before interest and taxes for the twenty-six weeks ended August 2, 2020 included noncash impairment charges of $933.5 million, primarily related to goodwill, tradenames and other intangible assets. The $933.5 million of impairment charges were included in the Company’s segments as follows: $289.9 million in Calvin Klein North America, $394.0 million in Calvin Klein International and $249.6 million in Heritage Brands Wholesale. Please see Note 8, “Goodwill and Other Intangible Assets,” for further discussion. (10) Loss before interest and taxes for the twenty-six weeks ended August 2, 2020 included a noncash net loss of $3.1 million in connection with the Speedo transaction. Please see Note 4, “Acquisitions and Divestitures,” for further discussion. (11) Loss before interest and taxes for the twenty-six weeks ended August 2, 2020 included a noncash impairment charge of $12.3 million related to the Company’s equity method investment in Karl Lagerfeld. Please see Note 7, “Investments in Unconsolidated Affiliates,” for further discussion. |
GENERAL (Details)
GENERAL (Details) € in Millions, $ in Millions | Jul. 14, 2020numberOfPositions | Jan. 31, 2021USD ($) | May 03, 2020USD ($) | Aug. 01, 2021USD ($) | Aug. 02, 2020USD ($) | Aug. 01, 2021EUR (€) | May 31, 2021 | Apr. 28, 2021USD ($) | Jul. 10, 2020USD ($) | Apr. 24, 2020EUR (€) | Apr. 08, 2020USD ($) |
General Footnote Disclosures [Line Items] | |||||||||||
Fiscal Year Minimum Week Period | P1Y | ||||||||||
Fiscal Year Maximum Weeks Period | P1Y7D | ||||||||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 54.5 | ||||||||||
Noncash impairment charges | $ 961.8 | ||||||||||
Goodwill, Impairment Loss | 879 | ||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 35.1 | 23.2 | |||||||||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 55.8 | ||||||||||
Ethiopia Joint Venture [Member] | 75% [Member] | |||||||||||
General Footnote Disclosures [Line Items] | |||||||||||
Non-controlling Interest, Ownership Percentage by Parent | 75.00% | ||||||||||
Ethiopia Joint Venture [Member] | 25% [Member] | |||||||||||
General Footnote Disclosures [Line Items] | |||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | ||||||||||
Karl Lagerfeld [Member] | |||||||||||
General Footnote Disclosures [Line Items] | |||||||||||
Equity Method Investment, Other than Temporary Impairment | 12.3 | ||||||||||
Income (loss) from Equity Method Investments | Karl Lagerfeld [Member] | |||||||||||
General Footnote Disclosures [Line Items] | |||||||||||
Equity Method Investment, Other than Temporary Impairment | 12.3 | ||||||||||
Senior notes due 2024 [Member] | |||||||||||
General Footnote Disclosures [Line Items] | |||||||||||
Debt instrument, face amount | $ 525 | € 525 | € 175 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.625% | 3.625% | |||||||||
Senior Notes Due 2025 | |||||||||||
General Footnote Disclosures [Line Items] | |||||||||||
Debt instrument, face amount | $ 500 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | 4.625% | |||||||||
Property, Plant and Equipment [Member] | Fair Value, Nonrecurring [Member] | |||||||||||
General Footnote Disclosures [Line Items] | |||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 17.3 | 23.2 | |||||||||
Long-lived Assets, Other [Member] | Fair Value, Nonrecurring [Member] | |||||||||||
General Footnote Disclosures [Line Items] | |||||||||||
Noncash impairment charges | 961.8 | 35.1 | 969 | ||||||||
Long-lived Assets, Other [Member] | Fair Value, Nonrecurring [Member] | Selling, General and Administrative Expenses [Member] | |||||||||||
General Footnote Disclosures [Line Items] | |||||||||||
Noncash impairment charges | $ 58.7 | 16 | $ 23.2 | ||||||||
Goodwill [Member] | Fair Value, Nonrecurring [Member] | |||||||||||
General Footnote Disclosures [Line Items] | |||||||||||
Goodwill, Impairment Loss | $ 879 | ||||||||||
2020 Facility [Member] | United States of America, Dollars | |||||||||||
General Footnote Disclosures [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 275 | ||||||||||
2021 Facility | United States of America, Dollars | |||||||||||
General Footnote Disclosures [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 275 | ||||||||||
North America workforce reduction [Member] | |||||||||||
General Footnote Disclosures [Line Items] | |||||||||||
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent | 12.00% | ||||||||||
Restructuring and Related Cost, Number of Positions Eliminated | numberOfPositions | 450 | ||||||||||
Restructuring Projected Annual Cost Savings | 80 | ||||||||||
Reduction in Workforce and Real Estate Footprint | |||||||||||
General Footnote Disclosures [Line Items] | |||||||||||
Restructuring Projected Annual Cost Savings | $ 60 |
REVENUE Deferred Revenue (Detai
REVENUE Deferred Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Aug. 01, 2021 | Aug. 02, 2020 | Aug. 01, 2021 | Aug. 02, 2020 | Jan. 31, 2021 | ||||
Deferred Revenue [Line Items] | ||||||||
Payment terms, due from customer | Payment is typically due within 30 to 90 days. | |||||||
Long-term deferred revenue liabilities (included in Other Liabilities) | $ 12.5 | $ 9 | $ 12.5 | $ 9 | $ 13.4 | |||
Movement in Deferred Revenue [Roll Forward] | ||||||||
Deferred revenue, beginning balance | 55.8 | 64.7 | ||||||
Net additions to deferred revenue during the period | 47.2 | 35.3 | ||||||
Reductions in deferred revenue for revenue recognized during the period | (6) | (7.8) | (46.5) | [1] | (50.4) | [1] | ||
Reclassification of deferred revenue to liabilities related to assets held for sale | (1.6) | [2] | 0 | (1.6) | [2] | 0 | ||
Deferred revenue, ending balance | 54.9 | $ 49.6 | 54.9 | $ 49.6 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||
Movement in Deferred Revenue [Roll Forward] | ||||||||
Reclassification of deferred revenue to liabilities related to assets held for sale | $ (1.6) | $ (1.6) | ||||||
[1] | Represents the amount of revenue recognized during the period that was included in the deferred revenue balance at the beginning of the period and does not contemplate revenue recognized from amounts deferred during the period. The amounts include $6.0 million and $7.8 million of revenue recognized during the thirteen weeks ended August 1, 2021 and August 2, 2020, respectively. | |||||||
[2] | The Company reclassified $1.6 million of deferred revenue to liabilities related to assets held for sale in the Company's Consolidated Balance Sheet as of August 1, 2021 in connection with the Heritage Brands transaction. Please see Note 5, “Assets Held For Sale," for further discussion. |
REVENUE Revenue, Remaining Perf
REVENUE Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Details) $ in Millions | Aug. 01, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-08-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 970.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-08-02 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 116.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-31 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 217.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-30 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 636.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
ACQUISITIONS (Details)
ACQUISITIONS (Details) - USD ($) $ in Millions | May 31, 2019 | Aug. 02, 2020 | Aug. 01, 2021 | Aug. 02, 2020 | Jan. 31, 2021 |
Business Acquisition [Line Items] | |||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 15.2 | $ 12.7 | |||
PVH Australia Joint Venture [Member] | |||||
Business Acquisition [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Australia Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Ownership Percentage | 100.00% | ||||
Mandatorily Redeemable Non-Controlling Interest to be Purchased in Tranche 1 | 50.00% | ||||
Tranche 1 Effective Period | one year after the closing | ||||
Tranche 2 Effective Period | two years after the closing | ||||
Payments for Repurchase of Redeemable Noncontrolling Interest | 24.4 | 17.3 | |||
Australia Acquisition [Member] | Operating Cash Flow [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments for Repurchase of Redeemable Noncontrolling Interest | 9.2 | 4.6 | |||
Australia Acquisition [Member] | Financing Cash Flow [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 15.2 | 12.7 | |||
Australia Acquisition [Member] | 6% [Member] | |||||
Business Acquisition [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 6.00% | ||||
Australia Acquisition [Member] | Gazal Corporation Limited [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 78.00% | ||||
Australia Acquisition [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Business Acquisition [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Common, Redemption value | $ 26.2 | ||||
Noncontrolling Interest, Change in Redemption Value | $ 4.6 | 0.9 | |||
Redeemable Noncontrolling Interest, Equity, Common, Redemption Value | $ 18.8 | $ 18.8 | $ 24.1 |
ACQUISITIONS Fair Value of Acqu
ACQUISITIONS Fair Value of Acquisition Consideration (Details) - Fair Value, Inputs, Level 3 [Member] - Australia Acquisition [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 02, 2020 | Aug. 02, 2020 | Jan. 31, 2021 | May 31, 2019 | |
Business Acquisition [Line Items] | ||||
Noncontrolling Interest, Change in Redemption Value | $ 4.6 | $ 0.9 | ||
Redeemable Noncontrolling Interest, Equity, Common, Redemption value | $ 26.2 | |||
Redeemable Noncontrolling Interest, Equity, Common, Redemption Value | $ 18.8 | $ 18.8 | $ 24.1 |
DIVESTITURES (Details)
DIVESTITURES (Details) - USD ($) $ in Millions | 6 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
Business Combinations [Abstract] | ||
Proceeds from sale of the Speedo North America business | $ 0 | $ 169.1 |
Business Acquisition [Line Items] | ||
Proceeds from sale of the Speedo North America business | $ 0 | 169.1 |
Noncash impairment charges | 961.8 | |
Speedo Transaction | ||
Business Combinations [Abstract] | ||
Proceeds from sale of the Speedo North America business | 170 | |
Business Acquisition [Line Items] | ||
Proceeds from sale of the Speedo North America business | 170 | |
Impairment of Long-Lived Assets to be Disposed of | 142 | |
Speedo Transaction | Other noncash loss, net [Member] | ||
Business Acquisition [Line Items] | ||
Other Noncash Expense | 5.9 | |
Other Noncash Income | 2.8 | |
Perpetual License Rights [Member] | ||
Business Acquisition [Line Items] | ||
Noncash impairment charges | $ 116.4 |
ASSETS HELD FOR SALE Assets and
ASSETS HELD FOR SALE Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions | 6 Months Ended | ||||
Aug. 01, 2021 | Aug. 02, 2020 | Jan. 31, 2021 | |||
Long Lived Assets Held-for-sale [Line Items] | |||||
Deferred revenue | $ 1.6 | [1] | $ 0 | ||
Proceeds from Divestiture of Heritage Brands business | 0 | $ 169.1 | |||
Goodwill, Impaired, Accumulated Impairment Loss | 798.2 | $ 890.9 | |||
Reclassification of goodwill, gross to assets held for sale | 92.7 | ||||
Reclassification of accumulated impairment losses to assets held for sale | 92.7 | ||||
Heritage Brands Wholesale [Member] | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
Goodwill, Impaired, Accumulated Impairment Loss | 105 | $ (197.7) | |||
Reclassification of goodwill, gross to assets held for sale | 92.7 | ||||
Reclassification of accumulated impairment losses to assets held for sale | 92.7 | ||||
Heritage Brands Transaction | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
Proceeds from Divestiture of Heritage Brands business | 222.9 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
Inventories, net | 32.5 | ||||
Tradenames | 66.9 | ||||
Goodwill, net | [2] | 0 | |||
Total assets held for sale | 99.4 | ||||
Deferred revenue | 1.6 | ||||
Total liabilities related to assets held for sale | $ 1.6 | ||||
[1] | The Company reclassified $1.6 million of deferred revenue to liabilities related to assets held for sale in the Company's Consolidated Balance Sheet as of August 1, 2021 in connection with the Heritage Brands transaction. Please see Note 5, “Assets Held For Sale," for further discussion. | ||||
[2] | Goodwill, net includes goodwill, gross of $92.7 million and accumulated impairment losses of $92.7 million. Please see Note 8, “Goodwill and Other Intangible Assets,” for further discussion. |
REDEEMABLE NON-CONTROLLING IN_2
REDEEMABLE NON-CONTROLLING INTEREST (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Aug. 01, 2021 | Aug. 02, 2020 | Aug. 01, 2021 | Aug. 02, 2020 | May 31, 2021 | Jan. 31, 2021 | Jun. 29, 2016 | |
Non-controlling Interest [Line Items] | |||||||
Redeemable Non-Controlling Interest | $ 0 | $ (2.7) | $ 0 | $ (2.7) | $ (3.4) | ||
Net loss attributable to redeemable non-controlling interest | $ (0.1) | (0.3) | $ (0.3) | (0.7) | |||
Ethiopia Joint Venture [Member] | |||||||
Non-controlling Interest [Line Items] | |||||||
Redeemable Non-Controlling Interest | $ (2.7) | $ (2.7) | $ (3.7) | $ (3.4) | |||
Redeemable Non-controlling Interest, Equity, Fair Value | $ 0.1 | ||||||
75% [Member] | Ethiopia Joint Venture [Member] | |||||||
Non-controlling Interest [Line Items] | |||||||
Non-controlling Interest, Ownership Percentage by Parent | 75.00% | ||||||
25% [Member] | Ethiopia Joint Venture [Member] | |||||||
Non-controlling Interest [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% |
INVESTMENTS IN UNCONSOLIDATED_2
INVESTMENTS IN UNCONSOLIDATED AFFILIATES (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Jan. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Dividends received from unconsolidated affiliates | $ 18.8 | ||
Investments in Unconsolidated Affiliates | $ 154.7 | $ 144.1 | $ 164 |
Noncash impairment charges | 961.8 | ||
Karl Lagerfeld [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Other than Temporary Impairment | $ 12.3 | ||
Equity Method Investment, Ownership Percentage | 8.00% | ||
Measurement Input, Discount Rate [Member] | Fair Value, Inputs, Level 3 [Member] | Karl Lagerfeld [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Fair Value Input | 10.90% |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | May 03, 2020 | Aug. 01, 2021 | Aug. 02, 2020 | |
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning of period | $ 3,845.2 | |||
Accumulated impairment losses, beginning of period | 890.9 | |||
Goodwill, net, beginning of period | 2,954.3 | |||
Reclassification of goodwill, gross to assets held for sale | (92.7) | |||
Reclassification of accumulated impairment losses to assets held for sale | 92.7 | |||
Currency translation | (34.1) | |||
Goodwill, gross, end of period | $ 3,845.2 | 3,718.4 | ||
Accumulated impairment losses, end of period | (890.9) | (798.2) | ||
Goodwill, net, end of period | 2,954.3 | 2,920.2 | $ 2,885.4 | |
Noncash impairment charges | 961.8 | |||
Tradename, Carrying Amount | 2,869.7 | 2,783.1 | 2,846.6 | |
Impairment of Intangible Assets (Excluding Goodwill) | $ 54.5 | |||
Goodwill, Impairment Loss | 879 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations | ||||
Goodwill [Roll Forward] | ||||
Reclassification of tradenames to assets held for sale | $ 66.9 | |||
SERP Plans [Member] | ||||
Goodwill [Roll Forward] | ||||
Plan Benefit Payment Period | ten years | |||
Minimum Number of Years of Employment | ten years | |||
Fair Value, Nonrecurring [Member] | Customer relationships | ||||
Goodwill [Roll Forward] | ||||
Impairment of Intangible Assets, Finite-lived | 7.3 | |||
Goodwill [Member] | Fair Value, Nonrecurring [Member] | ||||
Goodwill [Roll Forward] | ||||
Total Assets, Fair Value | 652.6 | |||
Tradename, Carrying Amount | 1,531.6 | |||
Goodwill, Impairment Loss | 879 | |||
Goodwill [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Goodwill [Roll Forward] | ||||
Total Assets, Fair Value | 652.6 | |||
Tradenames [Member] | Fair Value, Nonrecurring [Member] | ||||
Goodwill [Roll Forward] | ||||
Total Assets, Fair Value | 48.7 | |||
Tradename, Carrying Amount | 95.9 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 47.2 | 47.2 | ||
Tradenames [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Goodwill [Roll Forward] | ||||
Total Assets, Fair Value | 48.7 | |||
Other Intangible Assets | Fair Value, Nonrecurring [Member] | ||||
Goodwill [Roll Forward] | ||||
Tradename, Carrying Amount | 7.3 | |||
Impairment of Intangible Assets, Finite-lived | 7.3 | |||
Other Intangible Assets | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Goodwill [Roll Forward] | ||||
Total Assets, Fair Value | $ 0 | |||
Calvin Klein North America [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning of period | $ 781.8 | |||
Accumulated impairment losses, beginning of period | (287.3) | |||
Goodwill, net, beginning of period | 494.5 | |||
Currency translation | 0.2 | |||
Goodwill, gross, end of period | 781.8 | 782 | ||
Accumulated impairment losses, end of period | 287.3 | (287.3) | ||
Goodwill, net, end of period | 494.5 | 494.7 | ||
Calvin Klein North America [Member] | Fair Value, Nonrecurring [Member] | Customer relationships | ||||
Goodwill [Roll Forward] | ||||
Impairment of Intangible Assets (Excluding Goodwill) | 2.6 | |||
Calvin Klein North America [Member] | Goodwill [Member] | Fair Value, Nonrecurring [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Impairment Loss | 287.3 | |||
Calvin Klein International [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning of period | 902.8 | |||
Accumulated impairment losses, beginning of period | (394) | |||
Goodwill, net, beginning of period | 508.8 | |||
Currency translation | (3.2) | |||
Goodwill, gross, end of period | 902.8 | 899.6 | ||
Accumulated impairment losses, end of period | 394 | (394) | ||
Goodwill, net, end of period | 508.8 | 505.6 | ||
Calvin Klein International [Member] | Goodwill [Member] | Fair Value, Nonrecurring [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Impairment Loss | 394 | |||
Tommy Hilfiger North America [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning of period | 203 | |||
Accumulated impairment losses, beginning of period | 0 | |||
Goodwill, net, beginning of period | 203 | |||
Currency translation | 0 | |||
Goodwill, gross, end of period | 203 | 203 | ||
Accumulated impairment losses, end of period | 0 | 0 | ||
Goodwill, net, end of period | 203 | 203 | ||
Tommy Hilfiger International [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning of period | 1,748 | |||
Accumulated impairment losses, beginning of period | 0 | |||
Goodwill, net, beginning of period | 1,748 | |||
Currency translation | (31.1) | |||
Goodwill, gross, end of period | 1,748 | 1,716.9 | ||
Accumulated impairment losses, end of period | 0 | 0 | ||
Goodwill, net, end of period | 1,748 | 1,716.9 | ||
Heritage Brands Wholesale [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning of period | 197.7 | |||
Accumulated impairment losses, beginning of period | (197.7) | |||
Goodwill, net, beginning of period | 0 | |||
Reclassification of goodwill, gross to assets held for sale | (92.7) | |||
Reclassification of accumulated impairment losses to assets held for sale | 92.7 | |||
Currency translation | 0 | |||
Goodwill, gross, end of period | 197.7 | 105 | ||
Accumulated impairment losses, end of period | 197.7 | (105) | ||
Goodwill, net, end of period | 0 | 0 | ||
Heritage Brands Wholesale [Member] | Fair Value, Nonrecurring [Member] | ||||
Goodwill [Roll Forward] | ||||
Impairment of Intangible Assets (Excluding Goodwill) | 51.9 | |||
Heritage Brands Wholesale [Member] | Goodwill [Member] | Fair Value, Nonrecurring [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Impairment Loss | $ 197.7 | |||
Heritage Brands Retail [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning of period | 11.9 | |||
Accumulated impairment losses, beginning of period | (11.9) | |||
Goodwill, net, beginning of period | 0 | |||
Currency translation | 0 | |||
Goodwill, gross, end of period | 11.9 | 11.9 | ||
Accumulated impairment losses, end of period | 11.9 | (11.9) | ||
Goodwill, net, end of period | $ 0 | $ 0 |
RETIREMENT AND BENEFIT PLANS (D
RETIREMENT AND BENEFIT PLANS (Details) $ in Millions | Jul. 14, 2020numberOfPositions | Aug. 01, 2021USD ($) | Aug. 02, 2020USD ($) | Aug. 01, 2021USD ($) | Aug. 02, 2020USD ($) |
North America workforce reduction [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Special Termination Benefits | $ 38.4 | ||||
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent | 12.00% | ||||
Restructuring and Related Cost, Number of Positions Eliminated | numberOfPositions | 450 | ||||
Non-service related pension and postretirement income [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Special Termination Benefits | $ 0.9 | ||||
Non-service related pension and postretirement income [Member] | North America workforce reduction [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Special Termination Benefits | 3 | ||||
SERP Plans [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Plan Benefit Payment Activation Age | 65 | 65 | |||
Minimum Age Prior to Employment Termination | 55 | 55 | |||
Service cost | $ 1 | $ 1.1 | $ 2.4 | 3 | |
Interest cost | 0.7 | 0.8 | 1.6 | 1.7 | |
Total | $ 2.3 | 3.8 | $ 4.6 | 6 | |
Plan Benefit Payment Period | ten years | ||||
Minimum Number of Years of Employment | ten years | ||||
Number of Noncontributory Non-Qualified Defined Benefit Pension Plans | 3 | 3 | |||
SERP Plans [Member] | Special Termination Benefits | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Special Termination Benefits | $ 0.6 | 1.9 | $ 0.6 | 1.9 | |
SERP Plans [Member] | Speedo Transaction | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Speedo deconsolidation gain | $ 0 | 0 | $ 0 | (0.6) | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Number of Noncontributory Qualified Defined Benefit Pension Plans | 2 | 2 | |||
Pension and SERP Plans [Member] | Speedo Transaction | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Speedo deconsolidation gain | 2.8 | ||||
Pension Plans, Defined Benefit [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Number of Noncontributory Qualified Defined Benefit Pension Plans | 2 | 2 | |||
Service cost | $ 10.1 | 11.3 | $ 20.5 | 22.4 | |
Interest cost | 6.2 | 6.4 | 12.4 | 12.8 | |
Expected return on plan assets | (11.1) | (10.9) | (22.2) | (21.8) | |
Total | 5.5 | 7.9 | $ 11 | 12.3 | |
Vesting Period Non-Contributory Defined Benefit Pension Plans | five years | ||||
Pension Plans, Defined Benefit [Member] | Special Termination Benefits | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Special Termination Benefits | 0.3 | 1.1 | $ 0.3 | 1.1 | |
Pension Plans, Defined Benefit [Member] | Speedo Transaction | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Speedo deconsolidation gain | $ 0 | $ 0 | $ 0 | $ (2.2) |
DEBT Short-Term Lines of Credit
DEBT Short-Term Lines of Credit, Overdraft Facilities, Senior Secured Credit Facilities and Short-Term Revolving Credit Facilities (Details) - USD ($) $ in Millions | Apr. 28, 2021 | Aug. 01, 2021 | Jun. 10, 2021 | Apr. 08, 2020 | Apr. 29, 2019 |
2019 Facilities [Member] | Base Rate [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||
2019 Facilities [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, amount outstanding | $ 0 | ||||
Letters of credit outstanding, amount | 16.9 | ||||
Lines of Credit, Foreign Facilities [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 207.3 | ||||
Line of credit facility, amount outstanding | $ 19.2 | ||||
Short-term debt, weighted average interest rate | 0.18% | ||||
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 23.3 | ||||
Commercial Paper [Member] | United States of America, Dollars | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 675 | ||||
Commercial Paper and 2019 Facilities [Member] | United States of America, Dollars | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 675 | ||||
2020 Facility [Member] | United States of America, Dollars | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 275 | ||||
Outside of 2019 Facilities [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Letters of credit outstanding, amount | 53.8 | ||||
2021 Facility | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, amount outstanding | $ 0 | ||||
Payments of Debt Issuance Costs | $ 0.8 | ||||
2021 Facility | United States of America, Dollars | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 275 | ||||
2021 Facility | United States of America, Dollars | One Month Adjusted Eurocurrency Rate Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.375% | ||||
2021 Facility | United States of America, Dollars | Base Rate [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.375% |
DEBT Schedule of Mandatory Long
DEBT Schedule of Mandatory Long-Term Debt Repayments (Details) $ in Millions | Aug. 01, 2021USD ($) | [1] |
Debt Instrument [Line Items] | ||
Remainder of 2021 | $ 14.9 | |
2022 | 37.2 | |
2023 | 144.6 | |
2024 | 1,422.1 | |
2025 | 500 | |
2026 | $ 0 | |
[1] | A portion of the Company’s mandatory long-term debt repayments is denominated in euros and subject to changes in the exchange rate of the United States dollar against the euro. |
DEBT Schedule of Long Term Debt
DEBT Schedule of Long Term Debt Instruments (Details) € in Millions, $ in Millions, $ in Millions | Jul. 10, 2020USD ($) | Apr. 24, 2020USD ($) | Apr. 24, 2020EUR (€) | Aug. 01, 2021USD ($) | Aug. 02, 2020USD ($) | Jun. 10, 2021 | Aug. 01, 2021EUR (€) | Jan. 31, 2021USD ($) | Jun. 03, 2020USD ($) | Apr. 08, 2020USD ($) | Apr. 29, 2019USD ($) | Apr. 29, 2019EUR (€) | Apr. 29, 2019CAD ($) | |
Debt Instrument [Line Items] | ||||||||||||||
Percentage of long-term debt at fixed interest rates | 75.00% | 75.00% | ||||||||||||
Long-term debt (including portion classified as current), carrying amount | $ 2,812.2 | $ 3,513.1 | $ 3,554.8 | |||||||||||
Long-term Debt, Current Maturities | 29.7 | 14.8 | 41.1 | |||||||||||
Long-term Debt, Excluding Current Maturities | 2,782.5 | 3,498.3 | 3,513.7 | |||||||||||
Repayment of senior unsecured credit facilities | $ 707.4 | 6.9 | ||||||||||||
Senior debenture due 2023 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | 7.75% | ||||||||||||
Senior Notes | $ 99.8 | 99.7 | 99.8 | |||||||||||
Long-term Debt, Gross | $ 100 | |||||||||||||
Senior notes due 2024 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.625% | 3.625% | ||||||||||||
Senior Notes | [1] | $ 619.2 | 615.2 | 631 | ||||||||||
Payments of Debt Issuance Costs | $ 3 | € 2.8 | ||||||||||||
Debt instrument, face amount | € 175 | $ 525 | € 525 | |||||||||||
Senior notes due 2027 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.125% | 3.125% | ||||||||||||
Senior Notes | [1] | $ 706.9 | 703.3 | 720.9 | ||||||||||
Debt instrument, face amount | € | € 600 | |||||||||||||
Senior Notes Due 2025 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | 4.625% | ||||||||||||
Senior Notes | $ 495.1 | 493.9 | 494.5 | |||||||||||
Payments of Debt Issuance Costs | $ 6.2 | |||||||||||||
Debt instrument, face amount | $ 500 | |||||||||||||
2019 Facilities [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, amount outstanding | 0 | |||||||||||||
Letters of credit outstanding, amount | 16.9 | |||||||||||||
2020 Facility [Member] | United States of America, Dollars | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 275 | |||||||||||||
2019 Facilities USD Term Loan A [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Unsecured Debt | $ 1,093.2 | |||||||||||||
Long-term Debt, Gross | 329.6 | |||||||||||||
2019 Facilities Euro Term Loan A [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Unsecured Debt | € | € 500 | |||||||||||||
Long-term Debt, Gross | € | € 475 | |||||||||||||
2019 Facilities [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Minimum Liquidity Covenant | $ 400 | |||||||||||||
2019 Facilities [Member] | United States Dollars or Canadian Dollars [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 70 | |||||||||||||
2019 Facilities [Member] | Euro, British Pound, Japanese Yen, Swiss Francs, Australian dollars and other foreign currencies [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | € | € 200 | |||||||||||||
2019 Facilities [Member] | United States Dollars and Hong Kong Dollars [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 50 | |||||||||||||
2019 Facilities [Member] | Base Rate [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||||||||||
2019 Facilities Term Loan A [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Unsecured Debt | [1],[2] | 891.2 | 1,601 | $ 1,608.6 | ||||||||||
Repayment of senior unsecured credit facilities | $ 707.4 | $ 6.9 | ||||||||||||
2019 Facilities Term Loan A [Member] | One Month Adjusted Eurocurrency Rate Loan [Member] | United States Dollars or Euros [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.375% | |||||||||||||
2019 Facilities Term Loan A [Member] | Base Rate [Member] | United States Dollars or Euros [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.375% | |||||||||||||
2019 and 2020 Facilties | United States of America, Dollars | United States Federal Fund Rate [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||||||
2019 and 2020 Facilties | United States of America, Dollars | One Month Adjusted Eurocurrency Rate Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||||||
[1] | The carrying amount of the euro-denominated Term Loan A facility and the senior unsecured euro notes includes the impact of changes in the exchange rate of the United States dollar against the euro. | |||||||||||||
[2] | The outstanding principal balance for the United States dollar-denominated Term Loan A facility and the euro-denominated Term Loan A facility was $329.6 million and €475.0 million, respectively, as of August 1, 2021. |
DEBT Interest Rate Swap Agreeme
DEBT Interest Rate Swap Agreements (Details) - USD ($) $ in Millions | Aug. 01, 2021 | Feb. 26, 2021 | Feb. 28, 2020 | Feb. 18, 2020 | Jun. 28, 2019 | Feb. 19, 2019 | Aug. 06, 2018 | Feb. 20, 2018 |
2020 Interest Rate Swap - August 2019 Designation - February 2022 Expiration | ||||||||
Schedule of Interest Rate Swap Agreements [Line Items] | ||||||||
Derivative, Fixed Interest Rate | 1.1975% | |||||||
Derivative, Notional Amount | $ 50 | $ 50 | ||||||
2020 Interest Rate Swap - June 2019 Designation - February 2022 Expiration | ||||||||
Schedule of Interest Rate Swap Agreements [Line Items] | ||||||||
Derivative, Fixed Interest Rate | 1.409% | |||||||
Derivative, Notional Amount | $ 50 | 50 | ||||||
2019 Interest Rate Swap - June 2019 Designation - July 2021 Expiration | ||||||||
Schedule of Interest Rate Swap Agreements [Line Items] | ||||||||
Derivative, Fixed Interest Rate | 1.719% | |||||||
Derivative, Notional Amount | $ 0 | $ 50 | ||||||
2020 Interest Rate Swap - January 2019 Designation - February 2021 Expiration | ||||||||
Schedule of Interest Rate Swap Agreements [Line Items] | ||||||||
Derivative, Fixed Interest Rate | 2.4187% | |||||||
Derivative, Notional Amount | $ 0 | $ 50 | ||||||
2019 Interest Rate Swap - November 2018 Designation - February 2021 Expiration | ||||||||
Schedule of Interest Rate Swap Agreements [Line Items] | ||||||||
Derivative, Fixed Interest Rate | 2.8645% | |||||||
Derivative, Notional Amount | $ 0 | $ 139.2 | ||||||
2019 Interest Rate Swap - October 2018 Designation - February 2021 Expiration | ||||||||
Schedule of Interest Rate Swap Agreements [Line Items] | ||||||||
Derivative, Fixed Interest Rate | 2.9975% | |||||||
Derivative, Notional Amount | $ 0 | $ 115.7 | ||||||
2018 Interest Rate Swap - June 2018 Designation - February 2021 Expiration | ||||||||
Schedule of Interest Rate Swap Agreements [Line Items] | ||||||||
Derivative, Fixed Interest Rate | 2.6825% | |||||||
Derivative, Notional Amount | $ 0 | $ 50 | ||||||
2018 Interest Rate Swap - June 2017 Designation - February 2020 Expiration | ||||||||
Schedule of Interest Rate Swap Agreements [Line Items] | ||||||||
Derivative, Fixed Interest Rate | 1.566% | |||||||
Derivative, Notional Amount | $ 0 | $ 306.5 | ||||||
2020 Interest Rate Swap - 3 Year Term - February 2020 Designation | ||||||||
Schedule of Interest Rate Swap Agreements [Line Items] | ||||||||
Derivative, Fixed Interest Rate | 1.2575% | |||||||
Derivative, Notional Amount | $ 50 | $ 50 | ||||||
2020 Interest Rate Swap - 2 Year Term - February 2020 Desigination | ||||||||
Schedule of Interest Rate Swap Agreements [Line Items] | ||||||||
Derivative, Fixed Interest Rate | 1.1625% | |||||||
Derivative, Notional Amount | $ 50 | $ 50 | ||||||
2020 Interest Rate Swap - 2 Year Term - March 2020 Designation | ||||||||
Schedule of Interest Rate Swap Agreements [Line Items] | ||||||||
Derivative, Fixed Interest Rate | 0.562% | |||||||
Derivative, Notional Amount | $ 50 | $ 50 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Aug. 01, 2021 | Aug. 02, 2020 | May 03, 2020 | Aug. 01, 2021 | Aug. 02, 2020 | |
Income Taxes [Line Items] | |||||
Effective income tax rate | 28.10% | (53.00%) | 33.10% | 9.80% | |
International Tax Jurisdictions | 40 | ||||
Income tax expense (benefit) | $ 70.9 | $ 17.9 | $ 139.2 | $ (124.5) | |
Income (loss) before taxes | 252.7 | (33.8) | 420.7 | (1,273.4) | |
Goodwill, Impairment Loss | 879 | ||||
Rent abatement [Abstract] | $ 12.1 | $ 19.3 | $ 20.6 | $ 31.7 | |
Effective Income Tax Rate Reconciliation, Statutes of Limitation, Percent | 14.60% | 9.80% | |||
Goodwill [Member] | Fair Value, Nonrecurring [Member] | |||||
Income Taxes [Line Items] | |||||
Goodwill, Impairment Loss | $ 879 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS (Details) € in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Aug. 01, 2021USD ($) | Aug. 02, 2020USD ($) | Aug. 01, 2021USD ($) | Aug. 02, 2020USD ($) | Aug. 01, 2021EUR (€) | Jan. 31, 2021USD ($) | Apr. 24, 2020EUR (€) | ||
Derivative [Line Items] | ||||||||
Cost of goods sold | $ 979.6 | $ 697.4 | $ 1,829.8 | $ 1,375.5 | ||||
Interest expense | 27.3 | 32.7 | 57.8 | 55.2 | ||||
Other Current Assets [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 17.5 | 5.8 | 17.5 | 5.8 | $ 3.7 | |||
Other Assets [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 0.8 | 0 | 0.8 | 0 | 0.1 | |||
Accrued Expenses [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Liability, Fair Value, Gross Liability | 6.6 | 38.1 | 6.6 | 38.1 | 33.8 | |||
Other Liabilities [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Liability, Fair Value, Gross Liability | 0.8 | 3.1 | 0.8 | 3.1 | 1.9 | |||
Foreign Currency Forward Exchange Contracts [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | 1,205.2 | 1,205.2 | ||||||
Net Investment Hedging [Member] | ||||||||
Derivative [Line Items] | ||||||||
Long-term Debt, Fair Value | 1,500.5 | 1,320.3 | 1,500.5 | 1,320.3 | 1,514.2 | |||
Long-term Debt, Carrying Amount | 1,326.1 | 1,318.5 | 1,326.1 | 1,318.5 | 1,351.9 | |||
Undesignated contracts [Member] | Foreign Currency Forward Exchange Contracts [Member] | Other Current Assets [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 4 | 2.8 | 4 | 2.8 | 2.5 | |||
Undesignated contracts [Member] | Foreign Currency Forward Exchange Contracts [Member] | Other Assets [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 | 0 | 0 | |||
Undesignated contracts [Member] | Foreign Currency Forward Exchange Contracts [Member] | Accrued Expenses [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Liability, Fair Value, Gross Liability | 0.6 | 6.4 | 0.6 | 6.4 | 1.6 | |||
Undesignated contracts [Member] | Foreign Currency Forward Exchange Contracts [Member] | Other Liabilities [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Liability, Fair Value, Gross Liability | $ 0 | 0 | 0 | 0 | 0 | |||
Cost of Sales [Member] | Foreign Exchange Forward Inventory Purchases [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Instruments, Net Gain (Loss) Reclassification from AOCL to expense, Estimate of Time to Transfer | 12 months | |||||||
Derivative Instruments, Net Gain (Loss) Reclassification from AOCL to expense, Estimated Net Amount to be Transferred | $ (15.2) | |||||||
Interest Expense [Member] | Interest Rate Swap [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Instruments, Net Gain (Loss) Reclassification from AOCL to expense, Estimate of Time to Transfer | 12 months | |||||||
Derivative Instruments, Net Gain (Loss) Reclassification from AOCL to expense, Estimated Net Amount to be Transferred | $ 2 | |||||||
Selling, General and Administrative Expenses [Member] | Undesignated contracts [Member] | Foreign Currency Forward Exchange Contracts [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss) Recognized in Income (Expense), Net | 1.4 | (4.7) | (2.2) | (4.1) | ||||
Cash Flow Hedging [Member] | Contracts designated as cash flow hedges [Member] | Foreign Exchange Forward Inventory Purchases [Member] | ||||||||
Derivative [Line Items] | ||||||||
Other comprehensive income (loss) before reclassifications, net unrealized and realized gain (loss) on effective cash flow hedges, net of tax | 54.6 | (57.9) | 64.8 | (36.1) | ||||
Cash Flow Hedging [Member] | Contracts designated as cash flow hedges [Member] | Foreign Exchange Forward Inventory Purchases [Member] | Other Current Assets [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 13.5 | 3 | 13.5 | 3 | 1.2 | |||
Cash Flow Hedging [Member] | Contracts designated as cash flow hedges [Member] | Foreign Exchange Forward Inventory Purchases [Member] | Other Assets [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 0.8 | 0 | 0.8 | 0 | 0.1 | |||
Cash Flow Hedging [Member] | Contracts designated as cash flow hedges [Member] | Foreign Exchange Forward Inventory Purchases [Member] | Accrued Expenses [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Liability, Fair Value, Gross Liability | 4 | 23.4 | 4 | 23.4 | 29 | |||
Cash Flow Hedging [Member] | Contracts designated as cash flow hedges [Member] | Foreign Exchange Forward Inventory Purchases [Member] | Other Liabilities [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Liability, Fair Value, Gross Liability | 0.1 | 0.2 | 0.1 | 0.2 | 0.4 | |||
Cash Flow Hedging [Member] | Contracts designated as cash flow hedges [Member] | Interest Rate Swap [Member] | ||||||||
Derivative [Line Items] | ||||||||
Other comprehensive income (loss) before reclassifications, net unrealized and realized gain (loss) on effective cash flow hedges, net of tax | (0.1) | (0.6) | 0.1 | (10) | ||||
Cash Flow Hedging [Member] | Contracts designated as cash flow hedges [Member] | Interest Rate Swap [Member] | Other Current Assets [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 | 0 | 0 | |||
Cash Flow Hedging [Member] | Contracts designated as cash flow hedges [Member] | Interest Rate Swap [Member] | Other Assets [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 | 0 | 0 | |||
Cash Flow Hedging [Member] | Contracts designated as cash flow hedges [Member] | Interest Rate Swap [Member] | Accrued Expenses [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Liability, Fair Value, Gross Liability | 2 | 8.3 | 2 | 8.3 | 3.2 | |||
Cash Flow Hedging [Member] | Contracts designated as cash flow hedges [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Liability, Fair Value, Gross Liability | 0.7 | 2.9 | 0.7 | 2.9 | 1.5 | |||
Cash Flow Hedging [Member] | Contracts designated as cash flow hedges [Member] | Net Investment Hedging [Member] | ||||||||
Derivative [Line Items] | ||||||||
Other comprehensive income (loss) before reclassifications, net unrealized and realized gain (loss) on effective cash flow hedges, net of tax | 21.3 | (108.1) | 27.3 | (92.9) | ||||
Cash Flow Hedging [Member] | Contracts designated as cash flow hedges [Member] | Derivative Contract | ||||||||
Derivative [Line Items] | ||||||||
Other comprehensive income (loss) before reclassifications, net unrealized and realized gain (loss) on effective cash flow hedges, net of tax | 75.8 | (166.6) | 92.2 | (139) | ||||
Cash Flow Hedging [Member] | Contracts designated as cash flow hedges [Member] | Derivative Contract | Other Current Assets [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 13.5 | 3 | 13.5 | 3 | 1.2 | |||
Cash Flow Hedging [Member] | Contracts designated as cash flow hedges [Member] | Derivative Contract | Other Assets [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 0.8 | 0 | 0.8 | 0 | 0.1 | |||
Cash Flow Hedging [Member] | Contracts designated as cash flow hedges [Member] | Derivative Contract | Accrued Expenses [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Liability, Fair Value, Gross Liability | 6 | 31.7 | 6 | 31.7 | 32.2 | |||
Cash Flow Hedging [Member] | Contracts designated as cash flow hedges [Member] | Derivative Contract | Other Liabilities [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Liability, Fair Value, Gross Liability | 0.8 | 3.1 | 0.8 | 3.1 | 1.9 | |||
Cash Flow Hedging [Member] | Cost of Sales [Member] | Contracts designated as cash flow hedges [Member] | Foreign Exchange Forward Inventory Purchases [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from AOCL into Income (Expense), Effective Portion, Net | 5.8 | 0.9 | 7.8 | 3.1 | ||||
Cash Flow Hedging [Member] | Interest Expense [Member] | Contracts designated as cash flow hedges [Member] | Interest Rate Swap [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from AOCL into Income (Expense), Effective Portion, Net | (0.8) | (2.9) | (1.9) | (4.6) | ||||
Cash Flow Hedging [Member] | Income Statement Location | Contracts designated as cash flow hedges [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from AOCL into Income (Expense), Effective Portion, Net | 5 | (2) | 5.9 | (1.5) | ||||
Senior notes due 2027 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Debt instrument, face amount | € | € 600 | |||||||
Long-term Debt, Carrying Amount | [1] | $ 706.9 | 703.3 | $ 706.9 | 703.3 | 720.9 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.125% | 3.125% | 3.125% | |||||
Senior notes due 2024 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Debt instrument, face amount | $ 525 | $ 525 | € 525 | € 175 | ||||
Long-term Debt, Carrying Amount | [1] | $ 619.2 | $ 615.2 | $ 619.2 | $ 615.2 | $ 631 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.625% | 3.625% | 3.625% | |||||
[1] | The carrying amount of the euro-denominated Term Loan A facility and the senior unsecured euro notes includes the impact of changes in the exchange rate of the United States dollar against the euro. |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Aug. 01, 2021 | Jan. 31, 2021 | Aug. 02, 2020 | May 03, 2020 | Aug. 01, 2021 | Aug. 02, 2020 | Feb. 02, 2020 | |
Reported Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Cash and cash equivalents | $ 1,152.6 | $ 1,651.4 | $ 1,394.3 | $ 1,152.6 | $ 1,394.3 | ||
Short-term borrowings | 19.2 | 0 | 70.6 | 19.2 | 70.6 | ||
Long-term debt (including portion classified as current), carrying amount | 2,812.2 | 3,554.8 | 3,513.1 | 2,812.2 | 3,513.1 | ||
Estimate of Fair Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Cash and cash equivalents, fair value | 1,152.6 | 1,651.4 | 1,394.3 | 1,152.6 | 1,394.3 | ||
Short-term borrowings, fair value | 19.2 | 0 | 70.6 | 19.2 | 70.6 | ||
Long-term debt (including portion classified as current), fair value | 3,066.2 | 3,806.8 | 3,552.3 | 3,066.2 | 3,552.3 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Foreign currency forward exchange contracts, assets | 18.3 | 3.8 | 5.8 | 18.3 | 5.8 | ||
Interest rate swap agreements, assets | 0 | 0 | 0 | 0 | 0 | ||
Total Assets, Fair Value | 18.3 | 3.8 | 5.8 | 18.3 | 5.8 | ||
Foreign currency forward exchange contracts, liabilities | 4.7 | 31 | 30 | 4.7 | 30 | ||
Interest rate swap agreements, liabilities | 2.7 | 4.7 | 11.2 | 2.7 | 11.2 | ||
Total Liabilities | 7.4 | 35.7 | 41.2 | 7.4 | 41.2 | ||
Noncash impairment charges | 961.8 | ||||||
Cash and cash equivalents | 1,152.6 | 1,651.4 | 1,394.3 | 1,152.6 | 1,394.3 | $ 503.4 | |
Short-term borrowings | 19.2 | 0 | 70.6 | 19.2 | 70.6 | ||
Long-term debt (including portion classified as current), carrying amount | 2,812.2 | 3,554.8 | 3,513.1 | 2,812.2 | 3,513.1 | ||
Goodwill and other intangible asset impairments | 0 | 0 | 0 | 933.5 | |||
Goodwill, Impairment Loss | 879 | ||||||
Impairment of Long-Lived Assets Held-for-use | 35.1 | 23.2 | |||||
Karl Lagerfeld [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Equity Method Investment, Other than Temporary Impairment | 12.3 | ||||||
Income (loss) from Equity Method Investments | Karl Lagerfeld [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Equity Method Investment, Other than Temporary Impairment | 12.3 | ||||||
Operating lease right-of-use assets [Member] | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-lived Assets, Carrying Amount | 17.8 | 17.8 | |||||
Total Assets, Fair Value | 0 | 0 | |||||
Impairment of Long-Lived Assets Held-for-use | 17.8 | ||||||
Property, Plant and Equipment [Member] | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-lived Assets, Carrying Amount | 17.3 | 17.1 | 17.3 | 17.1 | |||
Total Assets, Fair Value | 0 | 1.1 | 0 | 1.1 | |||
Impairment of Long-Lived Assets Held-for-use | 17.3 | 23.2 | |||||
Property, Plant and Equipment [Member] | Fair Value, Nonrecurring [Member] | Heritage Retail Exit [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-lived Assets, Carrying Amount | 7.2 | 7.2 | |||||
Total Assets, Fair Value | 0 | 0 | |||||
Long-lived Assets, Other [Member] | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Noncash impairment charges | $ 961.8 | 35.1 | 969 | ||||
Long-lived Assets, Other [Member] | Fair Value, Nonrecurring [Member] | Goodwill and Other Intangible Assets Impairments [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Goodwill and other intangible asset impairments | 933.5 | ||||||
Long-lived Assets, Other [Member] | Fair Value, Nonrecurring [Member] | Selling, General and Administrative Expenses [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Noncash impairment charges | 58.7 | 16 | 23.2 | ||||
Trademarks | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-lived Assets, Carrying Amount | 95.9 | 95.9 | |||||
Total Assets, Fair Value | 48.7 | 48.7 | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 47.2 | 47.2 | |||||
Other Intangible Assets | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-lived Assets, Carrying Amount | 7.3 | 7.3 | |||||
Impairment of Intangible Assets, Finite-lived | 7.3 | ||||||
Equity Method Investments | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Equity Method Investment, Other than Temporary Impairment | 12.3 | ||||||
Goodwill [Member] | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-lived Assets, Carrying Amount | 1,531.6 | 1,531.6 | |||||
Total Assets, Fair Value | 652.6 | 652.6 | |||||
Goodwill, Impairment Loss | 879 | ||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Foreign currency forward exchange contracts, assets | 18.3 | 3.8 | 5.8 | 18.3 | 5.8 | ||
Interest rate swap agreements, assets | 0 | 0 | 0 | 0 | 0 | ||
Total Assets, Fair Value | 18.3 | 3.8 | 5.8 | 18.3 | 5.8 | ||
Foreign currency forward exchange contracts, liabilities | 4.7 | 31 | 30 | 4.7 | 30 | ||
Interest rate swap agreements, liabilities | 2.7 | 4.7 | 11.2 | 2.7 | 11.2 | ||
Total Liabilities | 7.4 | $ 35.7 | 41.2 | 7.4 | 41.2 | ||
Fair Value, Inputs, Level 3 [Member] | Operating lease right-of-use assets [Member] | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Total Assets, Fair Value | 0 | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Property, Plant and Equipment [Member] | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Total Assets, Fair Value | $ 0 | 1.1 | 0 | 1.1 | |||
Fair Value, Inputs, Level 3 [Member] | Trademarks | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Total Assets, Fair Value | 48.7 | 48.7 | |||||
Fair Value, Inputs, Level 3 [Member] | Other Intangible Assets | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Total Assets, Fair Value | 0 | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Equity Method Investments | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Total Assets, Fair Value | 0 | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Goodwill [Member] | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Total Assets, Fair Value | $ 652.6 | 652.6 | |||||
Calvin Klein North America [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Goodwill and other intangible asset impairments | 289.9 | ||||||
Calvin Klein North America [Member] | Long-lived Assets, Other [Member] | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Noncash impairment charges | 293.1 | ||||||
Calvin Klein North America [Member] | Goodwill [Member] | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Goodwill, Impairment Loss | 287.3 | ||||||
Tommy Hilfiger North America [Member] | Long-lived Assets, Other [Member] | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Noncash impairment charges | 4.1 | ||||||
Tommy Hilfiger International [Member] | Long-lived Assets, Other [Member] | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Noncash impairment charges | 3.1 | ||||||
Calvin Klein International [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Goodwill and other intangible asset impairments | 394 | ||||||
Calvin Klein International [Member] | Long-lived Assets, Other [Member] | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Noncash impairment charges | 395.8 | ||||||
Calvin Klein International [Member] | Goodwill [Member] | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Goodwill, Impairment Loss | 394 | ||||||
Heritage Brands Retail [Member] | Long-lived Assets, Other [Member] | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Noncash impairment charges | 11 | ||||||
Heritage Brands Wholesale [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Goodwill and other intangible asset impairments | 249.6 | ||||||
Heritage Brands Wholesale [Member] | Long-lived Assets, Other [Member] | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Noncash impairment charges | 1.4 | 249.6 | |||||
Heritage Brands Wholesale [Member] | Goodwill [Member] | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Goodwill, Impairment Loss | $ 197.7 | ||||||
Corporate Segment [Member] | Long-lived Assets, Other [Member] | Fair Value, Nonrecurring [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Noncash impairment charges | $ 33.7 | $ 12.3 |
STOCK BASED COMPENSATION - Stoc
STOCK BASED COMPENSATION - Stock Incentive Plan (Details) - USD ($) $ in Millions | 6 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Stock-based compensation expense | $ 24.5 | $ 21.8 |
Recognized income tax benefits associated with stock-based compensation expense | 3.4 | 2.7 |
Tax benefits realized from certain transactions associated with stock plan | 4.7 | 2.1 |
Discrete Net Excess Tax Benefits (Deficiencies) from Share-Based Compensation recognized in Provision for Income Taxes | $ 0.1 | $ (5.1) |
STOCK-BASED COMPENSATION - Stoc
STOCK-BASED COMPENSATION - Stock Option Activity (Details) - USD ($) | 6 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
Equity Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Reduction in Number of Shares Available for Grant by Each Option Award | 1 | |
Vesting period (in years) | 4 years | |
Beginning vesting term | one year after the date of grant | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
Service-based stock option activity [Roll Forward] | ||
Service-based stock options, outstanding, beginning of period | 1,028,000 | |
Service-based stock options, granted | 96,000 | |
Service-based stock options, exercised | 57,000 | |
Service-based stock options, cancelled | 40,000 | |
Service-based stock options, outstanding, end of period | 1,027,000 | |
Service-based stock options, exercisable | 652,000 | |
Service-based stock options, outstanding, weighted average price per option, beginning of period | $ 98.23 | |
Service-based stock options, granted, weighted average price per option | 104.30 | |
Service-based stock options, exercised, weighted average price per option | 93.89 | |
Service-based stock options, cancelled, weighted average price per option | 117.08 | |
Service-based stock options, outstanding, weighted average price per option, end of period | 98.29 | |
Service-based stock options, exercisable, weighted average price per option | $ 107.69 | |
Black-Scholes-Merton Model [Member] | ||
Assumptions used to estimate fair value of stock based awards [Abstract] | ||
Weighted average risk-free interest rate | 1.24% | 0.53% |
Weighted average expected stock option term (in years) | 6 years 3 months | 6 years 3 months |
Weighted average Company volatility | 47.58% | 44.80% |
Expected annual dividends per share | $ 0.15 | $ 0.15 |
Weighted average grant date fair value per stock option | $ 48.28 | $ 20.20 |
STOCK-BASED COMPENSATION - RSU,
STOCK-BASED COMPENSATION - RSU, Restricted Stock and Performance Share Activity (Details) - USD ($) | 6 Months Ended | |
Aug. 01, 2021 | Aug. 02, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Reduction in number of shares available for grant by each RSU or PSU award | 2 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 4 years | |
Beginning vesting term | one year after the date of grant | |
First RSU Vesting Installments, Nonemployee Directors, Number of Yrs Following Grant Date | the earlier of one year after the date of grant or the date of the Annual Meeting of Stockholders following the year of grant | |
Non-vested activity [Roll Forward] | ||
Other than options, non-vested number, beginning of period | 1,470,000 | |
Other than options, granted number | 550,000 | |
Other than options, vested number | 332,000 | |
Other than options, cancelled number | 104,000 | |
Other than options, non-vested number, end of period | 1,584,000 | |
Other than options, non-vested, weighted average grant date fair value, beginning of period | $ 78.80 | |
Other than options, granted, weighted average grant date fair value | 108.97 | |
Other than options, vested, weighted average grant date fair value | 95.26 | |
Other than options, cancelled, weighted average grant date fair value | 70.71 | |
Other than options, non-vested, weighted average grant date fair value, end of period | $ 86.35 | |
Performance Shares (PSUs) [Member] | ||
Non-vested activity [Roll Forward] | ||
Other than options, non-vested number, beginning of period | 237,000 | |
Other than options, granted number | 43,000 | |
Other than options, reduction due to market conditions not satisfied | 41,000 | |
Other than options, vested number | 0 | |
Other than options, cancelled number | 0 | |
Other than options, non-vested number, end of period | 239,000 | |
Other than options, non-vested, weighted average grant date fair value, beginning of period | $ 96.48 | |
Other than options, granted, weighted average grant date fair value | 134.31 | |
Other than options, reduction due to market conditions not satisfied, weighted average grant fair value | 158.97 | |
Other than options, vested, weighted average grant date fair value | 0 | |
Other than options, cancelled, weighted average grant date fair value | 0 | |
Other than options, non-vested, weighted average grant date fair value, end of period | $ 92.53 | |
Performance Shares (PSUs) [Member] | Performance Share Units (PSUs) granted in 2021 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 3 years | |
Percentage of Final Number of Shares Based Upon the Company's Consolidated Earnings Before Interest and Taxes | 50.00% | |
Percentage of Final Number of Shares Based Upon the Company's Total Shareholder Return | 50.00% | |
Performance Shares (PSUs) [Member] | Performance Share Units (PSUs) granted 2018 through 2020 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 3 years | |
Percentage of Final Number of Shares Based Upon the Company's Absolute Stock Price Growth | 50.00% | |
Percentage of Final Number of Shares Based Upon the Company's Total Shareholder Return | 50.00% | |
Performance Shares (PSUs) [Member] | Monte Carlo Model [Member] | ||
Assumptions used to estimate fair value of stock based awards [Abstract] | ||
Weighted average risk-free interest rate | 0.33% | 0.20% |
Weighted average Company volatility | 60.69% | 48.91% |
Expected annual dividends per share | $ 0.15 | $ 0.15 |
Restriction of Liquidity Discount | 8.40% | 15.05% |
Non-vested activity [Roll Forward] | ||
Other than options, granted, weighted average grant date fair value | $ 159.29 | $ 58.83 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Aug. 01, 2021 | May 02, 2021 | Aug. 02, 2020 | May 03, 2020 | Aug. 01, 2021 | Aug. 02, 2020 | ||||
Net gain (loss) on net investment hedges, net of tax | $ 16.1 | $ (81.8) | $ (20.6) | $ 70.3 | |||||
Change in accumulated other comprehensive loss | |||||||||
Balance at beginning of year | $ (519.1) | (519.1) | |||||||
Other comprehensive (loss) income | 0.5 | 110.8 | 6.8 | 17.5 | |||||
Balance at end of period | (512.3) | (622.6) | (512.3) | (622.6) | |||||
Foreign currency translation adjustments | |||||||||
Net gain (loss) on net investment hedges, net of tax | 20.6 | (70.3) | |||||||
Change in accumulated other comprehensive loss | |||||||||
Balance at beginning of year | (481.6) | $ (665.7) | (481.6) | (665.7) | |||||
Other comprehensive (loss) income, before reclassifications, net of tax | [1] | (44.8) | [2] | 60.5 | [3] | ||||
Less: Amounts reclassified from AOCL, net of tax | 0 | 0 | |||||||
Other comprehensive (loss) income | (44.8) | 60.5 | |||||||
Balance at end of period | (526.4) | (605.2) | (526.4) | (605.2) | |||||
Net unrealized and realized (loss) gain on effective cash flow hedges | |||||||||
Change in accumulated other comprehensive loss | |||||||||
Balance at beginning of year | (37.5) | 25.6 | (37.5) | 25.6 | |||||
Other comprehensive (loss) income, before reclassifications, net of tax | 58.5 | (43.6) | |||||||
Less: Amounts reclassified from AOCL, net of tax | 5.5 | (1.3) | 6.9 | (0.6) | |||||
Other comprehensive (loss) income | 51.6 | (43) | |||||||
Balance at end of period | 14.1 | (17.4) | 14.1 | (17.4) | |||||
Total | |||||||||
Net gain (loss) on net investment hedges, net of tax | 16.1 | 4.5 | (81.8) | 11.5 | |||||
Change in accumulated other comprehensive loss | |||||||||
Balance at beginning of year | $ (519.1) | $ (640.1) | (519.1) | (640.1) | |||||
Other comprehensive (loss) income, before reclassifications, net of tax | 13.7 | 16.9 | |||||||
Less: Amounts reclassified from AOCL, net of tax | 6.9 | (0.6) | |||||||
Other comprehensive (loss) income | 6.8 | 17.5 | |||||||
Balance at end of period | $ (512.3) | $ (622.6) | $ (512.3) | $ (622.6) | |||||
[1] | Foreign currency translation adjustments included a net gain (loss) on net investment hedges of $20.6 million and $(70.3) million during the twenty-six weeks ended August 1, 2021 and August 2, 2020, respectively. | ||||||||
[2] | Unfavorable foreign currency translation adjustments were principally driven by a strengthening of the United States dollar against the euro. | ||||||||
[3] | Favorable foreign currency translation adjustments were principally driven by a weakening of the United States dollar against the euro. |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE LOSS RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Aug. 01, 2021 | Aug. 02, 2020 | |
Income tax expense (benefit) [Member] | ||||
Reclassification from AOCL, Current Period, Tax | $ (0.5) | $ (0.7) | $ (1) | $ (0.9) |
Foreign Exchange Forward Inventory Purchases [Member] | Cost of Sales [Member] | ||||
Reclassification from AOCL, Current Period, before Tax | 5.8 | 0.9 | 7.8 | 3.1 |
Interest Rate Swap [Member] | Interest Expense [Member] | ||||
Reclassification from AOCL, Current Period, before Tax | (0.8) | (2.9) | (1.9) | (4.6) |
Net unrealized and realized (loss) gain on effective cash flow hedges | ||||
Reclassification from AOCL, Current Period, Net of Tax | $ 5.5 | $ (1.3) | $ 6.9 | $ (0.6) |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 04, 2020 | Aug. 01, 2021 | May 02, 2021 | Aug. 02, 2020 | May 03, 2020 | Aug. 02, 2020 |
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock Repurchase Program, Number of Shares Repurchased | 27,503 | 87,830 | 22,260 | 1,497,725 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.0375 | |||||
Cash dividends paid per share | $ 0.0375 | $ 0.0375 | ||||
Dividends | $ 2.7 | |||||
Stock Repurchase Program [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock Repurchase Program, Authorized Amount | $ 2,000 | |||||
Stock Repurchase Program, Number of Shares Repurchased | 1,400,000 | |||||
Stock Repurchase Program, Amount Purchased During Period | $ 110.7 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 572.6 |
EXIT ACTIVITY COSTS (Details)
EXIT ACTIVITY COSTS (Details) $ in Millions | Jul. 14, 2020numberOfPositions | Aug. 01, 2021USD ($) | Aug. 01, 2021USD ($) | Aug. 02, 2020USD ($) | Jan. 31, 2021USD ($) |
Restructuring Reserve [Roll Forward] | |||||
Restructuring and Related Activities, Initiation Date | Jul. 14, 2020 | ||||
Non-service related pension and postretirement income [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Exit activity costs incurred | $ 0.9 | ||||
North America workforce reduction [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Exit activity costs incurred | $ 38.4 | ||||
Restructuring and Related Cost, Number of Positions Eliminated | numberOfPositions | 450 | ||||
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent | 12.00% | ||||
Restructuring Projected Annual Cost Savings | $ 80 | 80 | |||
North America workforce reduction [Member] | Exit activity costs excluding inventory markdowns | |||||
Restructuring Reserve [Roll Forward] | |||||
Exit activity costs incurred | $ 39.7 | ||||
North America workforce reduction [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Total liability, beginning of period | 11.4 | ||||
Exit activity costs incurred | 0 | ||||
Exit activity costs paid | 9.2 | ||||
Total liability, end of period | 2.2 | 2.2 | 11.4 | ||
North America workforce reduction [Member] | Non-service related pension and postretirement income [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Exit activity costs incurred | 3 | ||||
North America workforce reduction [Member] | Calvin Klein North America [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Exit activity costs incurred | 10.5 | ||||
North America workforce reduction [Member] | Heritage Brands Wholesale [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Exit activity costs incurred | 11.2 | ||||
North America workforce reduction [Member] | Corporate Segment [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Exit activity costs incurred | 5.8 | ||||
North America workforce reduction [Member] | Tommy Hilfiger North America [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Exit activity costs incurred | $ 10.9 | ||||
Heritage Retail Exit [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Cumulative costs incurred to date | 50.1 | 50.1 | |||
Restructuring Reserve [Roll Forward] | |||||
Total liability, beginning of period | 12.6 | ||||
Exit activity costs incurred | 13.1 | 21.1 | |||
Restructuring and Related Costs, Incurred Costs Excluding Long-Lived Asset Impairments and Inventory Markdowns | 15.2 | ||||
Exit activity costs paid | 5 | ||||
Total liability, end of period | 22.8 | 22.8 | 12.6 | ||
Heritage Retail Exit [Member] | Long-lived asset impairments | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Cumulative costs incurred to date | 7.2 | 7.2 | |||
Restructuring Reserve [Roll Forward] | |||||
Exit activity costs incurred | 0 | 0 | |||
Heritage Retail Exit [Member] | Contract termination and other costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Cumulative costs incurred to date | 4.4 | 4.4 | |||
Restructuring Reserve [Roll Forward] | |||||
Total liability, beginning of period | 0 | ||||
Exit activity costs incurred | 4.4 | 4.4 | |||
Exit activity costs paid | 0.8 | ||||
Total liability, end of period | 3.6 | 3.6 | 0 | ||
Heritage Retail Exit [Member] | Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Cumulative costs incurred to date | 25.4 | 25.4 | |||
Restructuring Reserve [Roll Forward] | |||||
Total liability, beginning of period | 12.6 | ||||
Exit activity costs incurred | 5.7 | 10.8 | |||
Exit activity costs paid | 4.2 | ||||
Total liability, end of period | 19.2 | 19.2 | 12.6 | ||
Heritage Retail Exit [Member] | Accelerated amortization of lease assets | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Cumulative costs incurred to date | 13.1 | 13.1 | |||
Restructuring Reserve [Roll Forward] | |||||
Exit activity costs incurred | 3 | 5.9 | |||
Reduction in Workforce and Real Estate Footprint | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total costs expected to be incurred | 60 | 60 | |||
Restructuring Reserve [Roll Forward] | |||||
Total liability, beginning of period | 0 | ||||
Exit activity costs incurred | 1.8 | 45.1 | |||
Restructuring and Related Costs, Incurred Costs Excluding Long-Lived Asset Impairments and Inventory Markdowns | 17 | ||||
Exit activity costs paid | 6 | ||||
Total liability, end of period | 11 | 11 | 0 | ||
Restructuring Projected Annual Cost Savings | 60 | 60 | |||
Reduction in Workforce and Real Estate Footprint | Long-lived asset impairments | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total costs expected to be incurred | 28.1 | 28.1 | |||
Restructuring Reserve [Roll Forward] | |||||
Exit activity costs incurred | 0 | 28.1 | |||
Reduction in Workforce and Real Estate Footprint | Contract termination and other costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total costs expected to be incurred | 11 | 11 | |||
Restructuring Reserve [Roll Forward] | |||||
Total liability, beginning of period | 0 | ||||
Exit activity costs incurred | 0.8 | 3.8 | |||
Exit activity costs paid | 3.4 | ||||
Total liability, end of period | 0.4 | 0.4 | 0 | ||
Reduction in Workforce and Real Estate Footprint | Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total costs expected to be incurred | 20.9 | 20.9 | |||
Restructuring Reserve [Roll Forward] | |||||
Total liability, beginning of period | 0 | ||||
Exit activity costs incurred | 1 | 13.2 | |||
Exit activity costs paid | 2.6 | ||||
Total liability, end of period | 10.6 | 10.6 | $ 0 | ||
Reduction in Workforce and Real Estate Footprint | Calvin Klein North America [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total costs expected to be incurred | 2 | 2 | |||
Restructuring Reserve [Roll Forward] | |||||
Exit activity costs incurred | 2.1 | ||||
Reduction in Workforce and Real Estate Footprint | Calvin Klein International [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total costs expected to be incurred | 9 | 9 | |||
Restructuring Reserve [Roll Forward] | |||||
Exit activity costs incurred | 0.4 | 5.7 | |||
Reduction in Workforce and Real Estate Footprint | Tommy Hilfiger International [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total costs expected to be incurred | 17 | 17 | |||
Restructuring Reserve [Roll Forward] | |||||
Exit activity costs incurred | 1.4 | 7.1 | |||
Reduction in Workforce and Real Estate Footprint | Corporate Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total costs expected to be incurred | 30 | 30 | |||
Restructuring Reserve [Roll Forward] | |||||
Exit activity costs incurred | 28.5 | ||||
Reduction in Workforce and Real Estate Footprint | Tommy Hilfiger North America [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total costs expected to be incurred | $ 2 | 2 | |||
Restructuring Reserve [Roll Forward] | |||||
Exit activity costs incurred | $ 1.7 |
NET INCOME (LOSS) PER COMMON _3
NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Aug. 01, 2021 | Aug. 02, 2020 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net income (loss) attributable to PVH Corp. | $ 181.9 | $ (51.4) | $ 281.8 | $ (1,148.2) |
Weighted average common shares outstanding for basic net income (loss) per common share | 71.4 | 71.1 | 71.3 | 71.2 |
Weighted average impact of dilutive securities | 1.1 | 0 | 1.1 | 0 |
Total shares for diluted net income (loss) per common share | 72.5 | 71.1 | 72.4 | 71.2 |
Basic net income (loss) per common share attributable to PVH Corp. | $ 2.55 | $ (0.72) | $ 3.95 | $ (16.12) |
Diluted net income (loss) per common share attributable to PVH Corp. | $ 2.51 | $ (0.72) | $ 3.89 | $ (16.12) |
Weighted average potentially dilutive securities | 0.7 | 2.2 | 0.7 | 2.1 |
NET INCOME (LOSS) PER COMMON _4
NET INCOME (LOSS) PER COMMON SHARE - DILUTED (Details) - shares shares in Millions | Aug. 01, 2021 | Aug. 02, 2020 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Number of Dilutive Shares That Could Be Issued Upon Vesting | 0.2 | 0.4 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Aug. 01, 2021 | Aug. 02, 2020 | Aug. 01, 2021 | Aug. 02, 2020 | May 31, 2019 | |
Nonmonetary Transaction [Line Items] | |||||
Operating cash flows from operating leases | $ 242.7 | $ 180.8 | |||
Operating cash flows from finance leases | 0.2 | 0.2 | |||
Financing cash flows from finance leases | 2.8 | 2.7 | |||
Right-of-use assets obtained in exchange for new operating lease liabilities | 147.8 | 168.9 | |||
Right-of-use assets obtained in exchange for new finance lease liabilities | 2.5 | 1.7 | |||
Rent abatement [Abstract] | $ 12.1 | $ 19.3 | 20.6 | 31.7 | |
Capital Expenditures Incurred but Not yet Paid | 22.7 | 23.7 | |||
Senior Notes Due 2025 | |||||
Nonmonetary Transaction [Line Items] | |||||
Debt Issuance Costs Incurred | $ 1 | ||||
2021 Facility | |||||
Nonmonetary Transaction [Line Items] | |||||
Debt Issuance Costs Incurred | $ 0.2 | ||||
Australia Acquisition [Member] | |||||
Nonmonetary Transaction [Line Items] | |||||
Business Ownership Percentage | 100.00% | ||||
Australia Acquisition [Member] | 6% [Member] | |||||
Nonmonetary Transaction [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 6.00% | ||||
Fair Value, Inputs, Level 3 [Member] | Australia Acquisition [Member] | |||||
Nonmonetary Transaction [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Common, Redemption value | $ 26.2 |
SEGMENT DATA (Details)
SEGMENT DATA (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Aug. 01, 2021USD ($) | Aug. 02, 2020USD ($) | Aug. 01, 2021USD ($) | Aug. 02, 2020USD ($) | ||||||
Segment Reporting Information [Line Items] | |||||||||
Segment Reporting, Number of Reportable Segments | 6 | ||||||||
Revenue: | |||||||||
Revenues | [1],[2] | $ 2,313.2 | $ 1,580.7 | $ 4,392.5 | $ 2,924.7 | ||||
Earnings before interest and taxes: | |||||||||
Income (loss) before interest and taxes | [3] | 279 | (1.7) | [4] | 476.4 | (1,220.1) | [4] | ||
Other noncash loss, net | 0 | 0 | 0 | 3.1 | |||||
Noncash impairment charges | 961.8 | ||||||||
Goodwill and other intangible asset impairments | 0 | 0 | 0 | 933.5 | |||||
Impairment of Long-Lived Assets Held-for-use | 35.1 | 23.2 | |||||||
Long-Lived Assets | |||||||||
Earnings before interest and taxes: | |||||||||
Impairment of Long-Lived Assets Held-for-use | 16 | ||||||||
Reduction in Workforce and Real Estate Footprint | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Exit activity costs incurred | 1.8 | 45.1 | |||||||
North America workforce reduction [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Exit activity costs incurred | 38.4 | ||||||||
Net sales | |||||||||
Revenue: | |||||||||
Revenues | 2,221.5 | 1,531.2 | 4,202 | 2,788.4 | |||||
Royalty revenue | |||||||||
Revenue: | |||||||||
Revenues | 72.9 | 37 | 150.6 | 106 | |||||
Advertising and other revenue | |||||||||
Revenue: | |||||||||
Revenues | 18.8 | 12.5 | 39.9 | 30.3 | |||||
Calvin Klein North America [Member] | |||||||||
Revenue: | |||||||||
Revenues | [1],[2] | 349.1 | 199.7 | 597.3 | 395.8 | ||||
Earnings before interest and taxes: | |||||||||
Income (loss) before interest and taxes | 39.7 | (21.6) | [5] | 38.9 | [6] | (349.4) | [5],[7],[8] | ||
Goodwill and other intangible asset impairments | 289.9 | ||||||||
Calvin Klein North America [Member] | Long-Lived Assets | |||||||||
Earnings before interest and taxes: | |||||||||
Noncash impairment charges | 3.2 | ||||||||
Calvin Klein North America [Member] | Reduction in Workforce and Real Estate Footprint | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Exit activity costs incurred | 2.1 | ||||||||
Calvin Klein North America [Member] | North America workforce reduction [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Exit activity costs incurred | 10.5 | ||||||||
Calvin Klein North America [Member] | Net sales | |||||||||
Revenue: | |||||||||
Revenues | 311 | 180.7 | 517 | 344.6 | |||||
Calvin Klein North America [Member] | Royalty revenue | |||||||||
Revenue: | |||||||||
Revenues | 28.6 | 13.7 | 60.3 | 38.8 | |||||
Calvin Klein North America [Member] | Advertising and other revenue | |||||||||
Revenue: | |||||||||
Revenues | 9.5 | 5.3 | 20 | 12.4 | |||||
Calvin Klein International [Member] | |||||||||
Revenue: | |||||||||
Revenues | [1],[2] | 573.3 | 390.8 | 1,110.3 | 671.3 | ||||
Earnings before interest and taxes: | |||||||||
Income (loss) before interest and taxes | 98.9 | [9] | 45 | 195.3 | [6] | (388.8) | [7],[8] | ||
Goodwill and other intangible asset impairments | 394 | ||||||||
Calvin Klein International [Member] | Long-Lived Assets | |||||||||
Earnings before interest and taxes: | |||||||||
Noncash impairment charges | 1.8 | ||||||||
Calvin Klein International [Member] | Reduction in Workforce and Real Estate Footprint | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Exit activity costs incurred | 0.4 | 5.7 | |||||||
Calvin Klein International [Member] | Net sales | |||||||||
Revenue: | |||||||||
Revenues | 560.6 | 381.6 | 1,085.6 | 643.9 | |||||
Calvin Klein International [Member] | Royalty revenue | |||||||||
Revenue: | |||||||||
Revenues | 11 | 6.4 | 21.5 | 20.6 | |||||
Calvin Klein International [Member] | Advertising and other revenue | |||||||||
Revenue: | |||||||||
Revenues | 1.7 | 2.8 | 3.2 | 6.8 | |||||
Tommy Hilfiger North America [Member] | |||||||||
Revenue: | |||||||||
Revenues | [1],[2] | 292.9 | 202 | 519.7 | 383.3 | ||||
Earnings before interest and taxes: | |||||||||
Income (loss) before interest and taxes | 24.7 | (32.2) | [5] | 19.6 | [6] | (82.2) | [5],[7] | ||
Tommy Hilfiger North America [Member] | Long-Lived Assets | |||||||||
Earnings before interest and taxes: | |||||||||
Noncash impairment charges | 4.1 | ||||||||
Tommy Hilfiger North America [Member] | Reduction in Workforce and Real Estate Footprint | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Exit activity costs incurred | 1.7 | ||||||||
Tommy Hilfiger North America [Member] | North America workforce reduction [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Exit activity costs incurred | 10.9 | ||||||||
Tommy Hilfiger North America [Member] | Net sales | |||||||||
Revenue: | |||||||||
Revenues | 273.9 | 194.1 | 478.6 | 355.2 | |||||
Tommy Hilfiger North America [Member] | Royalty revenue | |||||||||
Revenue: | |||||||||
Revenues | 15.4 | 7.1 | 33 | 23.9 | |||||
Tommy Hilfiger North America [Member] | Advertising and other revenue | |||||||||
Revenue: | |||||||||
Revenues | 3.6 | 0.8 | 8.1 | 4.2 | |||||
Tommy Hilfiger International [Member] | |||||||||
Revenue: | |||||||||
Revenues | [1],[2] | 842.6 | 601.7 | 1,669.5 | 1,066.9 | ||||
Earnings before interest and taxes: | |||||||||
Income (loss) before interest and taxes | 164.8 | [9] | 83 | 332.1 | [6] | 44.2 | [7] | ||
Tommy Hilfiger International [Member] | Long-Lived Assets | |||||||||
Earnings before interest and taxes: | |||||||||
Noncash impairment charges | 3.1 | ||||||||
Tommy Hilfiger International [Member] | Reduction in Workforce and Real Estate Footprint | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Exit activity costs incurred | 1.4 | 7.1 | |||||||
Tommy Hilfiger International [Member] | Net sales | |||||||||
Revenue: | |||||||||
Revenues | 826.3 | 590.2 | 1,636.3 | 1,044.1 | |||||
Tommy Hilfiger International [Member] | Royalty revenue | |||||||||
Revenue: | |||||||||
Revenues | 13.1 | 8.2 | 26 | 17 | |||||
Tommy Hilfiger International [Member] | Advertising and other revenue | |||||||||
Revenue: | |||||||||
Revenues | 3.2 | 3.3 | 7.2 | 5.8 | |||||
Heritage Brands Wholesale [Member] | |||||||||
Revenue: | |||||||||
Revenues | [1],[2] | 223.3 | 152.1 | 420.1 | 351.6 | ||||
Earnings before interest and taxes: | |||||||||
Income (loss) before interest and taxes | 22.2 | (6.7) | [5] | 43.4 | (294.6) | [5],[8],[10] | |||
Goodwill and other intangible asset impairments | 249.6 | ||||||||
Heritage Brands Wholesale [Member] | Speedo Transaction | |||||||||
Earnings before interest and taxes: | |||||||||
Other noncash loss, net | 3.1 | ||||||||
Heritage Brands Wholesale [Member] | North America workforce reduction [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Exit activity costs incurred | 11.2 | ||||||||
Heritage Brands Wholesale [Member] | Net sales | |||||||||
Revenue: | |||||||||
Revenues | 217.7 | 150.5 | 408.9 | 345.8 | |||||
Heritage Brands Wholesale [Member] | Royalty revenue | |||||||||
Revenue: | |||||||||
Revenues | 4.8 | 1.4 | 9.8 | 4.8 | |||||
Heritage Brands Wholesale [Member] | Advertising and other revenue | |||||||||
Revenue: | |||||||||
Revenues | 0.8 | 0.2 | 1.4 | 1 | |||||
Heritage Brands Retail [Member] | |||||||||
Revenue: | |||||||||
Revenues | [1],[2] | 32 | 34.4 | 75.6 | 55.8 | ||||
Earnings before interest and taxes: | |||||||||
Income (loss) before interest and taxes | [11] | (20.6) | (25.4) | (33.9) | (48.4) | [7] | |||
Heritage Brands Retail [Member] | Long-Lived Assets | |||||||||
Earnings before interest and taxes: | |||||||||
Noncash impairment charges | 3.8 | ||||||||
Heritage Brands Retail [Member] | Net sales | |||||||||
Revenue: | |||||||||
Revenues | 32 | 34.1 | 75.6 | 54.8 | |||||
Heritage Brands Retail [Member] | Royalty revenue | |||||||||
Revenue: | |||||||||
Revenues | 0 | 0.2 | 0 | 0.9 | |||||
Heritage Brands Retail [Member] | Advertising and other revenue | |||||||||
Revenue: | |||||||||
Revenues | 0 | 0.1 | 0 | 0.1 | |||||
Corporate Segment [Member] | |||||||||
Earnings before interest and taxes: | |||||||||
Income (loss) before interest and taxes | [12] | $ (50.7) | $ (43.8) | [5] | (119) | [6] | (100.9) | [5],[13] | |
Corporate Segment [Member] | Reduction in Workforce and Real Estate Footprint | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Exit activity costs incurred | $ 28.5 | ||||||||
Corporate Segment [Member] | North America workforce reduction [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Exit activity costs incurred | 5.8 | ||||||||
Karl Lagerfeld [Member] | |||||||||
Earnings before interest and taxes: | |||||||||
Equity Method Investment, Other than Temporary Impairment | $ 12.3 | ||||||||
[1] | Revenue in the thirteen and twenty-six weeks ended August 2, 2020 was significantly negatively impacted by the COVID-19 pandemic, including as a result of temporary stores closures and reduced traffic and consumer spending trends. The Company’s wholesale customers and licensing partners also experienced significant business disruptions as a result of the pandemic, resulting in a decrease in the Company’s revenue from these channels. Revenue in the thirteen and twenty-six weeks ended August 1, 2021 continued to be negatively impacted by the pandemic, although to a much a lesser extent than in the prior year periods. | ||||||||
[2] | Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. | ||||||||
[3] | Income (loss) before interest and taxes was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. | ||||||||
[4] | Loss before interest and taxes in the thirteen and twenty-six weeks ended August 2, 2020 was significantly adversely impacted by the COVID-19 pandemic, including as a result of the unprecedented material decline in revenue noted above. As well, loss before interest and taxes in the twenty-six weeks ended August 2, 2020 was significantly adversely impacted by $961.8 million of noncash impairment charges related to goodwill, tradenames, and other intangible assets, store assets and an equity method investment resulting from the significant adverse impacts of the pandemic on the Company’s business. Please see notes (8), (9) and (11) below for further discussion. | ||||||||
[5] | Loss before interest and taxes for the thirteen and twenty-six weeks ended August 2, 2020 included costs of $38.4 million incurred in connection with the North America workforce reduction, consisting of severance and special termination benefits. Such costs were included in the Company’s segments as follows: $10.9 million in Tommy Hilfiger North America, $10.5 million in Calvin Klein North America, $11.2 million in Heritage Brands Wholesale, and $5.8 million in corporate expenses not allocated to any reportable segments. Please see Note 17, “Exit Activity Costs,” for further discussion. | ||||||||
[6] | Income (loss) before interest and taxes for the twenty-six weeks ended August 1, 2021 included costs of $45.1 million incurred in connection with actions to streamline the Company’s organization through reductions in its workforce, primarily in certain international markets, and to reduce its real estate footprint, including reductions in office space and select store closures, consisting of noncash assets impairments, severance, and contract termination and other costs. Such costs were included in the Company’s segments as follows: $1.7 million in Tommy Hilfiger North America, $7.1 million in Tommy Hilfiger International, $2.1 million in Calvin Klein North America, $5.7 million in Calvin Klein International and $28.5 million in corporate expenses not allocated to any reportable segments. Please see Note 17, “Exit Activity Costs,” for further discussion. | ||||||||
[7] | (Loss) income before interest and taxes for the twenty-six weeks ended August 2, 2020 included noncash impairment charges of $16.0 million related to the Company’s store assets. The $16.0 million of impairment charges were included in the Company’s segments as follows: $4.1 million in Tommy Hilfiger North America, $3.1 million in Tommy Hilfiger International, $3.2 million in Calvin Klein North America, $1.8 million in Calvin Klein International and $3.8 million in Heritage Brands Retail. Please see Note 13, “Fair Value Measurements,” for further discussion. | ||||||||
[8] | Loss before interest and taxes for the twenty-six weeks ended August 2, 2020 included noncash impairment charges of $933.5 million, primarily related to goodwill, tradenames and other intangible assets. The $933.5 million of impairment charges were included in the Company’s segments as follows: $289.9 million in Calvin Klein North America, $394.0 million in Calvin Klein International and $249.6 million in Heritage Brands Wholesale. Please see Note 8, “Goodwill and Other Intangible Assets,” for further discussion. | ||||||||
[9] | Income before interest and taxes for the thirteen weeks ended August 1, 2021 included costs of $1.8 million incurred in connection with actions to streamline the Company’s organization through reductions in its workforce, primarily in certain international markets, and to reduce its real estate footprint, including reductions in office space and select store closures, consisting of severance and contract termination and other costs. Such costs were included in the Company’s segments as follows: $1.4 million in Tommy Hilfiger International and $0.4 million in Calvin Klein International. Please see Note 17, “Exit Activity Costs,” for further discussion. | ||||||||
[10] | Loss before interest and taxes for the twenty-six weeks ended August 2, 2020 included a noncash net loss of $3.1 million in connection with the Speedo transaction. Please see Note 4, “Acquisitions and Divestitures,” for further discussion. | ||||||||
[11] | Loss before interest and taxes for the thirteen and twenty-six weeks ended August 1, 2021 and August 2, 2020 included costs and operating losses, as well as noncash asset impairments in the prior year period associated with the wind down of the Heritage Brands Retail business that was substantially completed in the second quarter of 2021. Please see Note 17, “Exit Activity Costs,” for further discussion. | ||||||||
[12] | Includes corporate expenses not allocated to any reportable segments, the results of PVH Ethiopia and the Company’s proportionate share of the net income or loss of its investment in Karl Lagerfeld (prior to its impairment in the first quarter of 2020). Corporate expenses represent overhead operating expenses and include expenses for senior corporate management, corporate finance, information technology related to corporate infrastructure, certain digital investments, certain corporate responsibility initiatives, and actuarial gains and losses on the Company’s Pension Plans, SERP Plans and Postretirement Plans (which are generally recorded in the fourth quarter). | ||||||||
[13] | Loss before interest and taxes for the twenty-six weeks ended August 2, 2020 included a noncash impairment charge of $12.3 million related to the Company’s equity method investment in Karl Lagerfeld. Please see Note 7, “Investments in Unconsolidated Affiliates,” for further discussion. |
Revenue by Distribution Channel
Revenue by Distribution Channel (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Aug. 01, 2021 | Aug. 02, 2020 | Aug. 01, 2021 | Aug. 02, 2020 | ||
Disaggregation of Revenue [Line Items] | |||||
Revenues | [1],[2] | $ 2,313.2 | $ 1,580.7 | $ 4,392.5 | $ 2,924.7 |
Net sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 2,221.5 | 1,531.2 | 4,202 | 2,788.4 | |
Net sales | Wholesale | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 1,211.3 | 685.6 | 2,447.9 | 1,493.8 | |
Net sales | Retail | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 1,010.2 | 845.6 | 1,754.1 | 1,294.6 | |
Net sales | Sales Channel, Sales to Owned and Operated Retail Customers | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 828.1 | 663.2 | 1,394.6 | 1,005.3 | |
Net sales | Sales Channel, Sales to Owned and Operated Digital Retail Customers | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 182.1 | 182.4 | 359.5 | 289.3 | |
Royalty revenue | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 72.9 | 37 | 150.6 | 106 | |
Advertising and other revenue | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 18.8 | $ 12.5 | $ 39.9 | $ 30.3 | |
[1] | Revenue in the thirteen and twenty-six weeks ended August 2, 2020 was significantly negatively impacted by the COVID-19 pandemic, including as a result of temporary stores closures and reduced traffic and consumer spending trends. The Company’s wholesale customers and licensing partners also experienced significant business disruptions as a result of the pandemic, resulting in a decrease in the Company’s revenue from these channels. Revenue in the thirteen and twenty-six weeks ended August 1, 2021 continued to be negatively impacted by the pandemic, although to a much a lesser extent than in the prior year periods. | ||||
[2] | Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. |
GUARANTEES (Details)
GUARANTEES (Details) $ in Millions | Aug. 01, 2021USD ($) |
PVH India Joint Venture [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 18.7 |
PVH Japan [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 5.3 |
RECENT ACCOUNTING GUIDANCE Rece
RECENT ACCOUNTING GUIDANCE Recent Accounting Guidance (Details) - USD ($) $ in Millions | Aug. 01, 2021 | Jan. 31, 2021 | Aug. 02, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained Earnings | $ (3,895) | $ (3,613.2) | $ (3,601.1) |
OTHER COMMENTS Additional Infor
OTHER COMMENTS Additional Information (Details) - Wuxi Jinmao Foreign Trade Co. [Member] - USD ($) $ in Millions | 6 Months Ended | 46 Months Ended | 72 Months Ended | |||
Aug. 01, 2021 | Aug. 02, 2020 | Sep. 30, 2026 | Nov. 28, 2022 | Jan. 31, 2021 | Nov. 29, 2016 | |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loan Receivable from Supplier | $ 10.5 | $ 13 | $ 12.6 | $ 13.8 | ||
Loans Receivable, Fixed Interest Rate | 4.50% | |||||
Loans Receivable, Basis Spread on Variable Rate, During Period | 4.00% | |||||
Proceeds from Collection of Loan Receivable from Supplier | $ 2.1 | $ 0.4 |
OTHER COMMENTS Warehousing and
OTHER COMMENTS Warehousing and Distribution (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2021 | Aug. 02, 2020 | Aug. 01, 2021 | Aug. 02, 2020 | |
Warehousing and Distribution [Line Items] | ||||
Warehousing and distribution expenses | $ 81.1 | $ 78.5 | $ 164 | $ 158.1 |
Consolidation of North America warehouse and distribution network [Member] | ||||
Warehousing and Distribution [Line Items] | ||||
Business Exit Costs | $ 6.8 |
OTHER COMMENTS Allowance for Cr
OTHER COMMENTS Allowance for Credit Losses (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Aug. 02, 2020 | Aug. 01, 2021 | Jan. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for credit losses on trade receivables | $ 76.9 | $ 65.8 | $ 69.6 |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 55.8 |