Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Feb. 04, 2024 | Mar. 15, 2024 | Jul. 30, 2023 | |
Document and Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Feb. 04, 2024 | ||
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 | 285 Madison Avenue, | ||
Entity Address, City or Town | New York, | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10017 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5,332,751,232 | ||
Entity Common Stock, Shares Outstanding | 57,688,908 | ||
Entity Central Index Key | 0000078239 | ||
Current Fiscal Year End Date | --02-04 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Financial Statement Error Correction [Flag] | false |
Audit Information
Audit Information | 12 Months Ended |
Feb. 04, 2024 | |
Auditor [Line Items] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | New York, New York |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | ||
Total revenue | [1],[2],[3] | $ 9,217.7 | $ 9,024.2 | $ 9,154.7 |
Cost of goods sold (exclusive of depreciation and amortization) | 3,854.5 | 3,901.3 | 3,830.6 | |
Gross profit | 5,363.2 | 5,122.9 | 5,324.1 | |
Selling, general and administrative expenses | 4,542.6 | 4,377.4 | 4,453.9 | |
Goodwill impairment | 0 | 417.1 | 0 | |
Non-service related pension and postretirement income | 47.2 | 91.9 | 64.1 | |
Other gain | 15.3 | 0 | 118.9 | |
Equity in net income of unconsolidated affiliates | 45.7 | 50.4 | 23.7 | |
Income before interest and taxes | [4] | 928.8 | 470.7 | 1,076.9 |
Interest expense | 99.3 | 89.6 | 108.6 | |
Interest income | 11.5 | 7.1 | 4.4 | |
Income before taxes | 841 | 388.2 | 972.7 | |
Income tax expense | 177.4 | 187.8 | 20.7 | |
Net income | 663.6 | 200.4 | 952 | |
Less: Net Loss Attributable to Redeemable Noncontrolling Interest | 0 | 0 | (0.3) | |
Net income attributable to PVH Corp. | $ 663.6 | $ 200.4 | $ 952.3 | |
Basic net income per common share attributable to PVH Corp. | $ 10.88 | $ 3.05 | $ 13.45 | |
Diluted net income per common share attributable to PVH Corp. | $ 10.76 | $ 3.03 | $ 13.25 | |
Net sales | ||||
Total revenue | $ 8,751.8 | $ 8,544.9 | $ 8,723.7 | |
Royalty revenue | ||||
Total revenue | 368.2 | 372 | 340.1 | |
Advertising and other revenue | ||||
Total revenue | $ 97.7 | $ 107.3 | $ 90.9 | |
[1] No single customer accounted for more than 5% of the Company’s revenue in 2023, 2022 or 2021. Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. 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. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |
Net income | $ 663.6 | $ 200.4 | $ 952 |
Foreign currency translation adjustments | (68.9) | (68.3) | (268.1) |
Net unrealized and realized gain (loss) related to effective cash flow hedges, net of tax expense (benefit) | 18.1 | (56.2) | 90.7 |
Net gain on net investment hedges, net of tax expense | 10.3 | 24.1 | 83.8 |
Total other comprehensive loss | (40.5) | (100.4) | (93.6) |
Comprehensive income | 623.1 | 100 | 858.4 |
Less: Comprehensive loss attributable to redeemable non-controlling interest | 0 | 0 | (0.3) |
Comprehensive income attributable to PVH Corp. | $ 623.1 | $ 100 | $ 858.7 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |
Net unrealized and realized gain (loss) related to effective cash flow hedges, tax expense (benefit) | $ 6.4 | $ (19.7) | $ 25 |
Net gain on net investment hedges, net of tax expense | 3.4 | 6.3 | 27.5 |
Foreign currency translation adjustments | $ (68.9) | $ (68.3) | $ (268.1) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Feb. 04, 2024 | Jan. 29, 2023 | ||
Current Assets: | ||||
Cash and cash equivalents | $ 707.6 | $ 550.7 | ||
Trade receivables, net of allowances for credit losses of $41.1 and $42.6 | 793.3 | 923.7 | ||
Other receivables | 13.9 | 21.5 | ||
Inventories, net | 1,419.7 | 1,802.6 | ||
Prepaid expenses | 237.7 | 209.2 | ||
Other | 87.5 | 72.7 | ||
Total Current Assets | 3,259.7 | 3,580.4 | ||
Property, Plant and Equipment, net | [1] | 862.6 | 904 | |
Operating Lease Right-of-Use Assets | 1,213.8 | 1,295.7 | ||
Goodwill | 2,322.1 | 2,359 | ||
Tradenames | 2,599.1 | 2,701.1 | ||
Other Intangibles, net | 498.3 | 548.8 | ||
Other Assets, including deferred taxes of $33.8 and $33.8 | 417.3 | 379.3 | ||
Total Assets | [2] | 11,172.9 | 11,768.3 | [3] |
Current Liabilities: | ||||
Accounts payable | 1,073.4 | 1,327.4 | ||
Accrued expenses | 776.2 | 874 | ||
Deferred revenue | 55.5 | 54.3 | ||
Current portion of operating lease liabilities | 288.9 | 353.7 | ||
Short-term borrowings | 0 | 46.2 | ||
Current portion of long-term debt | 577.5 | 111.9 | ||
Total Current Liabilities | 2,771.5 | 2,767.5 | ||
Long-Term Portion of Operating Lease Liabilities | 1,075.8 | 1,140 | ||
Long-Term Debt | 1,591.7 | 2,177 | ||
Other Liabilities, including deferred taxes of $346.1 and $357.5 | 615 | 671.1 | ||
Stockholders' Equity: | ||||
Preferred stock, par value $100 per share; 150,000 total shares authorized | 0 | 0 | ||
Common stock, par value $1 per share; 240,000,000 shares authorized; 88,567,275 and 87,641,611 shares issued | 88.6 | 87.6 | ||
Additional paid in capital - common stock | 3,313.3 | 3,244.5 | ||
Retained earnings | 5,407.3 | 4,753.1 | ||
Accumulated other comprehensive loss | (753.6) | (713.1) | ||
Less: 30,934,587 and 24,932,374 shares of common stock held in treasury, at cost | (2,936.7) | (2,359.4) | ||
Total Stockholders' Equity | 5,118.9 | 5,012.7 | ||
Total Liabilities and Stockholders' Equity | $ 11,172.9 | $ 11,768.3 | ||
[1]Property, plant and equipment, net included the impact of changes in foreign currency exchange rates.[2]Identifiable assets included the impact of changes in foreign currency exchange rates.[3] Identifiable assets in 2022 included a reduction of $417.1 million related to the noncash goodwill impairment. Please see Note 7, “Goodwill and Other Intangible Assets,” for further discussion. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Feb. 04, 2024 | Jan. 29, 2023 |
Entity Information [Line Items] | ||
Allowance for credit losses on trade receivables | $ 41.1 | $ 42.6 |
Other assets, deferred taxes | 33.8 | 33.8 |
Other liabilities, deferred taxes | $ 346.1 | $ 357.5 |
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) | 88,567,275 | 87,641,611 |
Treasury Stock, Common, Shares | 30,934,587 | 24,932,374 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | ||
OPERATING ACTIVITIES | ||||
Net income | $ 663.6 | $ 200.4 | $ 952 | |
Adjustments to reconcile to net cash provided by operating activities: | ||||
Depreciation and amortization | 298.6 | 301.5 | 313.3 | |
Equity in net income of unconsolidated affiliates | (45.7) | (50.4) | (23.7) | |
Deferred taxes | [1] | (14.4) | 9.8 | (64.9) |
Stock-based compensation expense | 51.9 | 46.6 | 46.8 | |
Impairment of goodwill and other intangible assets | 0 | 417.1 | 0 | |
Impairment of other long-lived assets | 5.7 | 51.7 | 47 | |
Actuarial gain on retirement and benefit plans | (45.5) | (78.4) | (48.7) | |
Other gain | (15.3) | 0 | (118.9) | |
Changes in operating assets and liabilities: | ||||
Trade receivables, net | 118.9 | (188.5) | (138.1) | |
Other receivables | 7.2 | (1.3) | 4.1 | |
Inventories, net | 307.6 | (466.9) | (33.9) | |
Accounts payable, accrued expenses and deferred revenue | (318.8) | (62.6) | 260.7 | |
Prepaid expenses | (30.1) | (41.9) | (20.7) | |
Other, net | (14.3) | (97.9) | (103.8) | |
Net cash provided by operating activities | [2] | 969.4 | 39.2 | 1,071.2 |
INVESTING ACTIVITIES | ||||
Purchases of property, plant and equipment | (244.7) | (290.1) | (267.9) | |
Proceeds from sale of Warner’s, Olga and True&Co. women’s intimates businesses | 160 | 0 | 0 | |
Proceeds from sale of Van Heusen, IZOD, ARROW and Geoffrey Beene trademarks and other assets | 0 | 0 | 222.9 | |
Proceeds from sale of Karl Lagerfeld investment | 1.4 | 19.1 | 0 | |
Purchases of investments held in rabbi trust | (4.7) | (8.6) | 0 | |
Proceeds from investments held in rabbi trust | 2.9 | 1.4 | 0 | |
Net cash used by investing activities | [3] | (85.1) | (278.2) | (45) |
FINANCING ACTIVITIES | ||||
Net (payments on) proceeds from short-term borrowings | (43.5) | 36.6 | 10.5 | |
Proceeds from 2022 facilities, net of related fees | 0 | 456.4 | 0 | |
Repayment of 7 3/4% senior notes | (100) | 0 | 0 | |
Repayments of 2022 facilities | (11.9) | 0 | 0 | |
Repayments of 2019 facilities | 0 | (487.8) | (1,051.3) | |
Net proceeds from settlement of awards under stock plans | 17.9 | 0 | 26.7 | |
Cash dividends | (9.4) | (10.1) | (2.7) | |
Acquisition of treasury shares | (570.3) | (418.6) | (361.3) | |
Payments of finance lease liabilities | (4.6) | (4.7) | (5.2) | |
Payment of mandatorily redeemable noncontrolling interest liability attributable to initial fair value | 0 | 0 | (15.2) | |
Net cash used by financing activities | [2],[3] | (721.8) | (428.2) | (1,398.5) |
Effect of exchange rate changes on cash and cash equivalents | (5.6) | (24.6) | (36.6) | |
Increase (decrease) in cash and cash equivalents | 156.9 | (691.8) | (408.9) | |
Cash and cash equivalents at beginning of year | 550.7 | 1,242.5 | 1,651.4 | |
Cash and cash equivalents at end of year | $ 707.6 | $ 550.7 | $ 1,242.5 | |
[1] Please see Note 9 for information on deferred taxes. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - 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] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock, Common | Total Stockholders' Equity |
Balance at Jan. 31, 2021 | $ 4,730.3 | $ (3.4) | $ 0 | $ 86.3 | $ 3,129.4 | $ 3,613.2 | $ (519.1) | $ (1,579.5) | |
Balance (in shares) at Jan. 31, 2021 | 86,293,158 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to PVH Corp. | 952.3 | 952.3 | $ 952.3 | ||||||
Foreign currency translation adjustments | (268.1) | (268.1) | (268.1) | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 25 | ||||||||
Net unrealized and realized gain (loss) related to effective cash flow hedges, net of tax expense (benefit) | 90.7 | 90.7 | 90.7 | ||||||
Net gain on net investment hedges, net of tax expense | 83.8 | 83.8 | 83.8 | ||||||
Comprehensive income attributable to PVH Corp. | $ 858.7 | 858.7 | |||||||
Settlement of awards under stock plans (in shares) | 813,997 | ||||||||
Settlement of awards under stock plans | $ 0.8 | 25.9 | 26.7 | ||||||
Stock-based compensation expense | 46.8 | 46.8 | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.0375 | ||||||||
Cash dividends | (2.7) | (2.7) | |||||||
Acquisition of treasury shares during period | (367.3) | (367.3) | |||||||
Net loss attributable to redeemable non-controlling interest | $ (0.3) | (0.3) | |||||||
Change in the economic interests of redeemable non-controlling interest | 3.7 | (3.7) | (3.7) | ||||||
Balance at Jan. 30, 2022 | 5,288.8 | 0 | 0 | $ 87.1 | 3,198.4 | 4,562.8 | (612.7) | (1,946.8) | |
Balance (in shares) at Jan. 30, 2022 | 87,107,155 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to PVH Corp. | 200.4 | 200.4 | 200.4 | ||||||
Foreign currency translation adjustments | (68.3) | (68.3) | (68.3) | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | (19.7) | ||||||||
Net unrealized and realized gain (loss) related to effective cash flow hedges, net of tax expense (benefit) | (56.2) | (56.2) | (56.2) | ||||||
Net gain on net investment hedges, net of tax expense | 24.1 | 24.1 | 24.1 | ||||||
Comprehensive income attributable to PVH Corp. | $ 100 | 100 | |||||||
Settlement of awards under stock plans (in shares) | 534,456 | ||||||||
Settlement of awards under stock plans | $ 0.5 | (0.5) | 0 | ||||||
Stock-based compensation expense | 46.6 | 46.6 | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.15 | ||||||||
Cash dividends | (10.1) | (10.1) | |||||||
Acquisition of treasury shares during period | (412.6) | (412.6) | |||||||
Net loss attributable to redeemable non-controlling interest | $ 0 | ||||||||
Balance at Jan. 29, 2023 | $ 5,012.7 | 0 | 0 | $ 87.6 | 3,244.5 | 4,753.1 | (713.1) | (2,359.4) | |
Balance (in shares) at Jan. 29, 2023 | 87,641,611 | 87,641,611 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to PVH Corp. | $ 663.6 | 663.6 | 663.6 | ||||||
Foreign currency translation adjustments | (68.9) | (68.9) | (68.9) | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 6.4 | ||||||||
Net unrealized and realized gain (loss) related to effective cash flow hedges, net of tax expense (benefit) | 18.1 | 18.1 | 18.1 | ||||||
Net gain on net investment hedges, net of tax expense | 10.3 | 10.3 | 10.3 | ||||||
Comprehensive income attributable to PVH Corp. | $ 623.1 | 623.1 | |||||||
Settlement of awards under stock plans (in shares) | 925,664 | ||||||||
Settlement of awards under stock plans | $ 1 | 16.9 | 17.9 | ||||||
Stock-based compensation expense | 51.9 | 51.9 | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.15 | ||||||||
Cash dividends | (9.4) | (9.4) | |||||||
Excise Taxes on share repurchases in excess of issuances | $ 4.9 | ||||||||
Acquisition of treasury shares during period | (577.3) | $ (577.3) | |||||||
Net loss attributable to redeemable non-controlling interest | 0 | ||||||||
Balance at Feb. 04, 2024 | $ 5,118.9 | $ 0 | $ 0 | $ 88.6 | $ 3,313.3 | $ 5,407.3 | $ (753.6) | $ (2,936.7) | |
Balance (in shares) at Feb. 04, 2024 | 88,567,275 | 88,567,275 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |
Net gain on net investment hedges, net of tax expense | $ 3.4 | $ 6.3 | $ 27.5 |
Stock Repurchase Program, Number of Shares Repurchased | 6,002,213 | 6,359,892 | 3,438,819 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Feb. 04, 2024 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business — PVH Corp. and its consolidated subsidiaries (collectively, the “Company”) constitute a global apparel company with a brand portfolio that includes TOMMY HILFIGER and Calvin Klein, which are owned, Warner’s, Olga and True&Co. , which the Company owned until November 27, 2023, Van Heusen, IZOD, ARROW and Geoffrey Beene , which the Company owned through the second quarter of 2021 and continues to license certain of these brands for certain product categories, and Nike , which the Company licenses for the men’s underwear category. The Company designs and markets branded sportswear (casual apparel), jeanswear, performance apparel, intimate apparel, underwear, swimwear, dress shirts, 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 completed the sale of its Warner’s, Olga and True&Co. women’s intimates businesses, including the related trademarks, to Basic Resources on November 27, 2023 (the “Heritage Brands intimates transaction”). The Company completed the sale of its Van Heusen , IZOD , ARROW and Geoffrey Beene trademarks, as well as certain related inventories, to Authentic Brands Group (“ABG”) and other parties on the first day of the third quarter of 2021 (the “Heritage Brands menswear transaction”). Please see Note 3, “Acquisitions and Divestitures,” for further discussion. The Company refers to its currently or previously owned and licensed trademarks, other than TOMMY HILFIGER and Calvin Klein , as its “heritage brands” and the businesses it currently operates or previously operated under the heritage brands as its Heritage Brands business. Principles of Consolidation — The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and 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 5, “Investments in Unconsolidated Affiliates,” for further discussion. The Company and Arvind Limited (“Arvind”) formed a joint venture in Ethiopia (“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 (“RNCI”). The Company consolidated the results of PVH Ethiopia in its consolidated financial statements. The Company closed in the fourth quarter of 2021 the manufacturing facility that was PVH Ethiopia’s sole operation. The closure did not have a material impact on the Company’s consolidated financial statements. Please see Note 6, “Redeemable Non-Controlling Interest,” for further discussion. Fiscal Year — The Company uses a 52-53 week fiscal year ending on the Sunday closest to February 1. References to a year are to the Company’s fiscal year, unless the context requires otherwise. Results for 2023, 2022 and 2021 represent the 53 weeks ended February 4, 2024, 52 weeks ended January 29, 2023 and 52 weeks ended January 30, 2022, respectively. War in Ukraine and Israel-Hamas War — As a result of the war in Ukraine, the Company announced in March 2022 that it was temporarily closing stores and pausing commercial activities in Russia and Belarus. In the second quarter of 2022, the Company made the decision to exit from its Russia business, including the closure of its retail stores in Russia and the cessation of its wholesale operations in Russia and Belarus. Additionally, while the Company has no direct operations in Ukraine, virtually all of its wholesale customers and franchisees in Ukraine have been impacted, which has resulted in a reduction in shipments to these customers. The war in Ukraine also led to broader macroeconomic implications in 2022, including the weakening of the euro against the United States dollar, increases in fuel prices and volatility in the financial markets, as well as a decline in consumer spending. The Company assessed the impacts of the war in Ukraine on the estimates and assumptions used in preparing these consolidated financial statements, including, but not limited to, the allowance for credit losses, inventory reserves, and carrying values of long-lived assets. Based on these assessments, the Company recorded pre-tax noncash impairment charges related to long-lived assets of $43.6 million during 2022. Please see Note 11, “Fair Value Measurements,” for further discussion of the impairments. The recent Israel-Hamas war, which began in October 2023, did not have a material impact on the Company’s business. Less than 1% of the Company’s revenue in 2023 was generated in Israel and less than 2% of the Company’s revenue in 2023 was generated in the Middle East, including Israel. In addition, the recent militant attacks on commercial shipping vessels in the Red Sea beginning in the fourth quarter of 2023 have led to disruption and instability in global supply chains. The Company’s business was not significantly impacted by these attacks in 2023. There is uncertainty regarding the extent to which these conflicts and their broader macroeconomic implications, including the potential impacts on the broader European market and supply chains globally, will further impact the Company’s business, financial condition and results of operations in 2024. COVID-19 Pandemic — The COVID-19 pandemic had a significant impact on the Company’s business, results of operations, financial condition and cash flows from operations during 2021 and 2022. The pandemic did not have a significant impact on the Company during 2023. • During 2021, the Company’s stores in Europe, Canada, Japan, Australia and China were temporarily closed for varying periods as a result of the pandemic. Further, a significant percentage of the Company’s stores globally were operating on reduced hours during the fourth quarter of 2021 as a result of increased levels of associate absenteeism due to the pandemic. • COVID-related pressures continued into 2022, although to a much lesser extent than in 2021 in all regions except China. Strict lockdowns in China resulted in extensive temporary store closures and significant reductions in consumer traffic and purchasing, as well as impacted certain warehouses, which resulted in the temporary pause of deliveries to the Company’s wholesale customers and from its digital commerce business in the first half of 2022. COVID-related restrictions in China were lifted at the end of the fourth quarter of 2022. • In addition, the Company’s North America stores have been challenged by the significant decrease in international tourists coming to the United States since the onset of the pandemic. Stores located in international tourist destinations had represented a significant portion of the North America retail business prior to the pandemic. In addition, pandemic-related supply chain and logistics disruptions had impacted 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 had experienced disruptions as a result of closed factories or factories operating with a reduced workforce, or other logistics constraints, including vessel, container and other transportation shortages, labor shortages and port congestion due to the impact of the pandemic, beginning in the third quarter of 2021. These impacts significantly improved in the second half of 2022. Use of Estimates — The preparation of the consolidated financial statements in conformity with U.S. GAAP 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 the estimates due to risks and uncertainties, including the impacts of inflationary pressures globally, and the war in Ukraine and the Israel-Hamas war and their broader macroeconomic implications, on the Company’s business. Cash and Cash Equivalents — The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash equivalents also includes amounts due from third party credit card processors for the settlement of customer debit and credit card transactions that are collectible in one week or less. The Company’s cash and cash equivalents at February 4, 2024 consisted principally of bank deposits and investments in money market funds. Accounts Receivable — Trade receivables, as presented in the Company’s Consolidated Balance Sheets, are net of allowances. Costs associated with allowable customer markdowns and operational chargebacks, net of the expected recoveries, are part of the provision for allowances included in accounts receivable. These provisions result from seasonal negotiations, historical experience, and an evaluation of current market conditions. The Company records an allowance for credit losses as a reduction to its trade receivables for amounts that the Company does not expect to recover. An allowance for credit losses is determined through an analysis of the aging of accounts receivable and assessments of collectability based on historical trends, the financial condition of the Company’s customers and licensees, including any known or anticipated bankruptcies, and an evaluation of current economic conditions as well as the Company’s expectations of conditions in the future. The Company writes off uncollectible trade receivables once collection efforts have been exhausted and third parties confirm the balance is not recoverable. As of February 4, 2024 and January 29, 2023, the allowance for credit losses on trade receivables was $41.1 million and $42.6 million, respectively. Goodwill and Other Intangible Assets — The Company assesses the recoverability of goodwill 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. A reporting unit is defined as an operating segment or one level below the operating segment, called a component. However, two or more components of an operating segment will be aggregated and deemed a single reporting unit if the components have similar economic characteristics. The Company assesses qualitative factors to determine whether it is necessary to perform a more detailed quantitative goodwill impairment test. The Company may elect to bypass the qualitative assessment and proceed directly to the quantitative test for any reporting unit. When performing the quantitative test, an impairment loss is recognized if the carrying amount of the reporting unit, including goodwill, exceeds its fair value (the fair value of a reporting unit is estimated using a discounted cash flow model). The impairment loss recognized is equal to the amount by which the carrying amount exceeds the fair value, but is limited to the total amount of goodwill allocated to that reporting unit. The Company recorded pre-tax noncash goodwill impairment charges of $417.1 million in the third quarter of 2022 as a result of its annual goodwill impairment test. The impairment charge was included in goodwill impairment in the Company’s Consolidated Statement of Operations. The impairment was non-operational and driven primarily by a significant increase in discount rates, as a result of the then-current economic conditions. The Company did not record any goodwill impairments in 2023 or 2021. Please see Note 7, “Goodwill and Other Intangible Assets,” for further discussion. Indefinite-lived intangible assets not subject to amortization are tested for impairment 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. Indefinite-lived intangible assets and intangible assets with finite lives are tested for impairment prior to assessing the recoverability of goodwill. The Company assesses qualitative factors to determine whether it is necessary to perform a more detailed quantitative impairment test for its indefinite-lived intangible assets. The Company may elect to bypass the qualitative assessment and proceed directly to the quantitative impairment test. When performing the quantitative test, an impairment loss is recognized if the carrying amount of the asset exceeds the fair value of the asset, which is generally determined using the estimated discounted cash flows associated with the asset’s use. Intangible assets with finite lives are amortized over their estimated useful lives and are tested for impairment along with other long-lived assets when events and circumstances indicate that the assets might be impaired. The Company did not record any intangible asset impairments in 2023, 2022 or 2021. Please see Note 7, “Goodwill and Other Intangible Assets,” for further discussion. Asset Impairments — The Company reviews for impairment of long-lived assets (excluding goodwill and other indefinite-lived intangible assets) when events and circumstances indicate that the assets might be impaired. The Company records an impairment loss when the carrying amount of the asset is not recoverable and exceeds its fair value. Please see Note 11, “Fair Value Measurements,” for further discussion. Inventories — Inventories 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 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 and forecasts, 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. Property, Plant and Equipment — Property, plant and equipment is stated at cost less accumulated depreciation. Depreciation is generally provided over the estimated useful lives of the related assets on a straight-line basis. The range of useful lives is principally as follows: Buildings and building improvements — 15 to 40 years; machinery, software and equipment — two two three four Cloud Computing Arrangements — The Company incurs costs to implement cloud computing arrangements that are hosted by a third party vendor. Implementation costs incurred during the application development stage of a project are capitalized and amortized over the term of the hosting arrangement on a straight-line basis. The Company capitalized $16.3 million and $30.1 million of costs incurred in 2023 and 2022, respectively, to implement cloud computing arrangements, primarily related to digital and consumer data platforms. Amortization expense relating to cloud computing arrangements totaled $16.9 million, $10.6 million and $6.2 million in 2023, 2022 and 2021, respectively. Cloud computing costs of $49.2 million and $51.5 million were included in prepaid expenses and other assets in the Company’s Consolidated Balance Sheets as of February 4, 2024 and January 29, 2023, respectively. Leases — The Company leases approximately 1,400 Company-operated free-standing retail store locations across more than 35 countries, generally with initial lease terms of three ten ten one five The Company recognizes right-of-use assets and lease liabilities at the lease commencement date based on the present value of fixed lease payments over the expected lease term. The Company uses its incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable for the Company’s leases. The Company’s incremental borrowing rates are based on the term of the lease, the economic environment of the lease, and the effect of collateralization. Certain leases include one or more renewal options, generally for the same period as the initial term of the lease. The exercise of lease renewal options is generally at the Company’s sole discretion and the Company typically determines that exercise of these renewal options is not reasonably certain until executed. As a result, the Company does not include the renewal option period in the expected lease term and the associated lease payments are not included in the initial measurement of the right-of-use asset and lease liability. Certain leases also contain termination options with an associated penalty. Generally, the Company is reasonably certain not to exercise these options and as such, they are not included in the determination of the initial expected lease term. Operating leases are included in operating lease right-of-use assets, current portion of operating lease liabilities and long-term portion of operating lease liabilities in the Company’s Consolidated Balance Sheets. The Company recognizes operating lease expense on a straight-line basis over the lease term unless the operating lease right-of-use assets have been previously impaired. Finance leases are included in property, plant and equipment, net, accrued expenses and other liabilities in the Company’s Consolidated Balance Sheets. Leases with an initial lease term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Leases generally provide for payments of nonlease components, such as common area maintenance, real estate taxes and other costs associated with the leased property. For lease agreements entered into or modified after February 3, 2019, the Company accounts for lease components and nonlease components together as a single lease component and, as such, includes fixed payments of nonlease components in the measurement of the right-of-use assets and lease liabilities. Variable lease payments, such as percentage rentals based on location sales, periodic adjustments for inflation, reimbursement of real estate taxes, any variable common area maintenance and any other variable costs associated with the leased property are expensed as incurred as variable lease costs and are not recorded on the Company’s Consolidated Balance Sheets. The Company’s lease agreements do not contain any material residual value guarantees or material restrictions or covenants. Please see Note 16, “Leases,” for further discussion. Revenue Recognition — 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. Please see Note 2, “Revenue,” for further discussion. Cost of Goods Sold and Selling, General and Administrative Expenses — Costs associated with the production and procurement of product are included in cost of goods sold, including inbound freight costs, purchasing and receiving costs, inspection costs and other product procurement related charges, as well as the amounts recognized from foreign currency forward contracts as the underlying inventory hedged by such forward contracts is sold. Generally, all other expenses, excluding non-service related pension and post retirement (income) costs, interest expense (income) and income taxes, are included in selling, general and administrative (“SG&A”) expenses, including warehousing and distribution expenses, as the predominant expenses associated therewith are general and administrative in nature, including rent, utilities, payroll and depreciation and amortization. Warehousing and distribution expenses, which are subject to exchange rate fluctuations, totaled $357.2 million, $357.9 million and $332.4 million in 2023, 2022 and 2021, respectively. Shipping and Handling Fees — Shipping and handling fees that are billed to customers are included in net sales. Shipping and handling costs incurred by the Company are accounted for as fulfillment activities and are recorded in SG&A expenses. Advertising — Advertising costs are expensed as incurred and are included in SG&A expenses. Advertising expenses, which are subject to exchange rate fluctuations, totaled $533.9 million, $492.1 million and $535.8 million in 2023, 2022 and 2021, respectively. Costs associated with cooperative advertising programs, under which the Company shares the cost of a customer’s advertising expenditures, are treated as a reduction of revenue. Sales Taxes — The Company accounts for sales taxes and other related taxes on a net basis, excluding such taxes from revenue. Income Taxes — Deferred tax assets and liabilities are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts more likely than not to be realized. Significant judgment is required in assessing the timing and amount of deductible and taxable items, evaluating tax positions and determining the income tax provision. The Company recognizes income tax benefits only when it is more likely than not that the tax position will be fully sustained upon review by taxing authorities, including resolution of related appeals or litigation processes, if any. If the recognition threshold is met, the Company measures the tax benefit at the largest amount with a greater than 50 percent likelihood of being realized upon ultimate settlement. For tax positions that are 50 percent or less likely of being sustained upon audit, the Company does not recognize any portion of that benefit in the financial statements. When the outcome of these tax matters changes, the change in estimate impacts the provision for income taxes in the period that such a determination is made. The Company recognizes interest and penalties related to unrecognized tax benefits in the Company’s income tax provision. The Company elected to recognize the tax on Global Intangible Low Taxed Income (“GILTI”) as a period expense in the year the tax is incurred. Financial Instruments — 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 contracts to hedge against a portion of this exposure. The Company also has exposure to interest rate volatility related to its senior unsecured term loan facility, which borrowings bear interest at a rate equal to an applicable margin plus a variable rate. The Company had used interest rate swap agreements to hedge against a portion of its exposure related to the term loans outstanding under its senior unsecured credit facilities. The Company records the foreign currency forward contracts and interest rate swap agreements at fair value in its Consolidated Balance Sheets and does not net the related assets and liabilities. The fair value of the foreign currency forward contracts is measured as the total amount of currency to be purchased, multiplied by the difference between (i) the foreign currency 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 was based on observable interest rate yield curves and represented the expected discounted cash flows underlying the financial instruments. Changes in fair value of the foreign currency forward contracts primarily associated with certain international inventory purchases and the interest rate swap agreements that are designated as effective hedging instruments (collectively referred to as “cash flow hedges”) are recorded in equity as a component of accumulated other comprehensive loss (“AOCL”). The Company also 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 uses both non-derivative instruments (the par value of certain foreign currency borrowings issued by PVH Corp., a U.S.-based entity) and derivative instruments (cross-currency swap contracts), which it designates as net investment hedges. The fair value of the cross-currency swap contracts is measured using the discounted cash flows of the contracts, which are determined based on observable inputs, including the foreign currency forward rates and discount rates, as of the period end. Changes in the carrying value of the foreign currency borrowings and the fair value of the cross-currency swap contracts designated as net investment hedges are recorded in equity as a component of AOCL. The Company evaluates the effectiveness of its net investment hedges at inception and each quarter thereafter. The Company records immediately in earnings changes in the fair value of hedges that are not designated as effective hedging instruments (“undesignated contracts”). Undesignated contracts primarily include foreign currency forward 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. As a result of the use of derivative instruments, the Company may be exposed to the risk that the counterparties to such contracts will fail to meet their contractual obligations. To mitigate this counterparty credit risk, the Company only enters into contracts with carefully selected financial institutions based upon an evaluation of their credit ratings and certain other financial factors. The Company does not use derivative or non-derivative financial instruments for trading or speculative purposes. 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. Please see Note 10, “Derivative Financial Instruments,” for further discussion. Foreign Currency Translation and Transactions — The consolidated financial statements of the Company are prepared in United States dollars. If the functional currency of a foreign subsidiary is not the United States dollar, assets and liabilities are translated to United States dollars at the closing exchange rate in effect at the applicable balance sheet date and revenue and expenses are translated to United States dollars at the average exchange rate for the applicable period. The resulting translation adjustments are included in the Company’s Consolidated Statements of Comprehensive Income as a component of other comprehensive (loss) income and in the Consolidated Balance Sheets within AOCL. Gains and losses on the revaluation of intercompany loans made between foreign subsidiaries that are of a long-term investment nature are included in AOCL. Gains and losses arising from transactions denominated in a currency other than the functional currency of a particular entity, not including inventory purchases, are principally included in SG&A expenses and totaled a loss of $30.2 million, $13.1 million and $20.4 million in 2023, 2022 and 2021, respectively. Since the first day of the second quarter of 2022, the Company has been accounting for its operations in Turkey as highly inflationary, as the cumulative inflation rate surpassed 100% for the three-year period that ended during the first quarter of 2022. Accordingly, the Company has changed the functional currency of its subsidiary in Turkey from the Turkish lira to the euro, which is the functional currency of its parent. The required remeasurement of monetary assets and liabilities denominated in Turkish lira into euro did not have a material impact on the Company’s results of operations during 2022 or 2023. As of February 4, 2024, net monetary assets denominated in Turkish lira represented less than 1% of the Company’s total net assets. Balance Sheet Classification of Early Settlements of Long-Term Obligations — The Company classifies obligations settled after the balance sheet date but prior to the issuance of the consolidated financial statements based on the contractual payment terms of the underlying agreements. Pension and Benefit Plans — Employee pension benefits earned during the year, as well as interest on the projected benefit obligations or accumulated benefit obligations, are accrued quarterly. The expected return on plan assets is recognized quarterly and determined at the beginning of the year by applying the expected long-term rate of return on assets to the actual fair value of plan assets adjusted for expected benefit payments, contributions and plan expenses. Actuarial gains and losses are recognized in the Company’s operating results in the year in which they occur. These gains and losses include the difference between the actual return on plan assets and the expected return that was recognized quarterly, as well as the change in the projected benefit obligation caused by actual experience and updated actuarial assumptions differing from those assumptions used to record service and interest cost throughout the year. Actuarial gains and losses are measured at least annually at the end of the Company’s fiscal year and, as such, are generally recorded during the fourth quarter of each year. The service cost component of net benefit cost is recorded in SG&A expenses and the other components of net benefit cost, which typically include interest cost, actuarial (gain) loss and expected return on plan assets, are recorded in non-service related pension and postretirement (income) cost in the Company’s Consolidated Statements of Operations. Please see Note 12, “Retirement and Benefit Plans,” for further discussion of the Company’s pension and benefit plans. Stock-Based Compensation — The Company recognizes all share-based payments to employees and non-employee directors, net of actual forfeitures, as compensation expense in the consolidated financial statements based on their grant date fair values. Please see Note 13, “Stock-Based Compensation,” for further discussion. Recently Adopted Accounting Guidance — The Financial Accounting Standards Board (“FASB”) issued in September 2022 an update to accounting guidance requiring disclosures that increase the transparency surrounding the use of supplier finance programs, including the key terms of the programs, and information about the obligations under these programs, including a rollforward of those obligations. The update does not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance programs. The Company adopted the update in the first quarter of 2023 on a retrospective basis, except for the requirement to disclose rollforward information, which will be effective for the Company in the first quarter of 2024 on a prospective basis. The adoption did not have any impact on the Company’s consolidated financial statements as the guidance only pertains to financial statements footnote disclosures. Please see Note 22, “Other Comments,” for the Company’s disclosures pertaining to this update. The FASB issued in October 2021 an update to accounting guidance to improve the accounting for acquired revenue contracts with customers in a busin |
REVENUE
REVENUE | 12 Months Ended |
Feb. 04, 2024 | |
Revenue from Contract with Customer [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 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 typically is 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 individual customer arrangements and estimates sales allowances and other discounts based on seasonal negotiations, historical experience and an evaluation of current sales trends and 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 generally are 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 generally are 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 February 4, 2024, the contractual minimum fees on the portion of all license agreements not yet satisfied totaled $825.8 million, of which the Company expects to recognize $297.2 million as revenue in 2024, $218.1 million in 2025 and $310.5 million thereafter. 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. Deferred Revenue Changes in deferred revenue, which primarily relate to customer loyalty programs, gift cards and license agreements for the years ended February 4, 2024 and January 29, 2023, were as follows: (In millions) 2023 2022 Deferred revenue balance at beginning of period $ 54.3 $ 44.9 Net additions to deferred revenue during the period 51.7 49.8 Reductions in deferred revenue for revenue recognized during the period (1) (50.5) (40.4) Deferred revenue balance at end of period $ 55.5 $ 54.3 (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 Company also had long-term deferred revenue liabilities included in other liabilities in its Consolidated Balance Sheets of $9.4 million and $12.1 million as of February 4, 2024 and January 29, 2023, respectively. Please see Note 20, “Segment Data,” for information on the disaggregation of revenue by segment and distribution channel. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Feb. 04, 2024 | |
Business Combinations [Abstract] | |
ACQUISITIONS AND DIVESTITURES | ACQUISITIONS AND DIVESTITURES Australia Acquisition The Company acquired in 2019 the approximately 78% ownership interest in Gazal Corporation Limited (“Gazal”) that it did not already own (the “Australia acquisition”). Mandatorily Redeemable Non-Controlling Interest Pursuant to the terms of the acquisition agreement, key executives of Gazal and PVH Brands Australia Pty. Limited 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 Australia acquisition closing in two tranches: tranche 1 – up to 50% of the shares one year after the closing; and tranche 2 – all remaining shares two years after the closing. The Company recognized a liability for this obligation on the date of the Australia acquisition, which the Company accounted for as a mandatorily redeemable non-controlling interest. The Company recorded subsequent adjustments to the liability in interest expense in the Company’s Consolidated Statements of Operations. 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 applicable payment dates. The tranche 2 payments are presented within the Company’s Consolidated Statement of Cash Flows in 2021 as follows: (i) $15.2 million as financing cash flows, which represented the initial fair value of the liability for the tranche 2 shares recognized on the acquisition date, and (ii) $9.2 million as operating cash flows for tranche 2 shares attributable to interest. The Company had no remaining liability for the mandatorily redeemable non-controlling interest as of January 30, 2022. Sale of Warner’s, Olga and True&Co. Women’s Intimates Businesses The Company entered into a definitive agreement on November 10, 2023 to sell its Warner’s, Olga and True&Co. women’s intimates businesses to Basic Resources for $160.0 million in cash and completed the sale on November 27, 2023 for net proceeds of $155.6 million, after transaction costs. The carrying value of the net assets sold on the closing date was $140.3 million, which consisted of $44.5 million of inventory and $95.8 million of tradenames. There is a potential earnout of up to $10.0 million that the Company may receive subsequent to the earnout period, based on calendar year 2024 net sales of a portion of the sold businesses. In connection with the closing of the transaction, the Company recorded a gain of $15.3 million, which represented the excess of the amount of consideration received over the net carrying value of the assets, less costs to sell. The gain was recorded in other gain in the Company’s Consolidated Statement of Operations and included in the Heritage Brands Wholesale segment. An incremental gain, if any, will be recorded once realized at the conclusion of the earnout period equivalent to the amount of the earnout up to $10.0 million. Sale of Van Heusen, IZOD, ARROW and Geoffrey Beene Trademarks and Other Assets The Company entered into a definitive agreement on June 23, 2021 to sell its Van Heusen , IZOD , ARROW and Geoffrey Beene trademarks, as well as certain related inventories, to ABG and other parties for $222.9 million in cash and completed the sale on August 2, 2021 for net proceeds of $216.3 million, after transaction costs. The carrying value of the net assets sold on the closing date was $97.8 million. In connection with the closing of the transaction, the Company recorded a pre-tax gain of $118.5 million in the third quarter of 2021, which represented the excess of the amount of consideration received over the net carrying value of the assets, less costs to sell. The gain was recorded in other gain in the Company’s Consolidated Statement of Operations and included in the Heritage Brands Wholesale segment. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Feb. 04, 2024 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, at cost, was as follows: (In millions) 2023 2022 Land $ 1.0 $ 1.0 Buildings and building improvements 30.7 30.7 Machinery, software and equipment 1,044.1 1,093.5 Furniture and fixtures 598.5 588.3 Shop-in-shops/concession locations 236.6 234.0 Leasehold improvements 770.4 768.2 Construction in progress 80.6 88.3 Property, plant and equipment, gross 2,761.9 2,804.0 Less: Accumulated depreciation (1,899.3) (1,900.0) Property, plant and equipment, net $ 862.6 $ 904.0 Construction in progress at February 4, 2024 and January 29, 2023 represents costs incurred for machinery, software and equipment, furniture and fixtures, and leasehold improvements not yet placed in use. Construction in progress at February 4, 2024 and January 29, 2023 principally related to (i) enhancements to the Company’s warehouse and distribution network in Europe and (ii) investments in (a) upgrades and enhancements to platforms and systems worldwide and (b) new stores and store renovations. Interest costs capitalized in construction in progress were immaterial during 2023, 2022 and 2021. |
INVESTMENTS IN UNCONSOLIDATED A
INVESTMENTS IN UNCONSOLIDATED AFFILIATES | 12 Months Ended |
Feb. 04, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS IN UNCONSOLIDATED AFFILIATES | INVESTMENTS IN UNCONSOLIDATED AFFILIATES Included in other assets in the Company’s Consolidated Balance Sheets was $215.5 million as of February 4, 2024 and $190.2 million as of January 29, 2023 related to the following investments in unconsolidated affiliates: PVH India The Company owns a 50% economic interest in PVH Arvind Fashion Private Limited (“PVH India”). PVH India licenses from certain Company subsidiaries the rights to the TOMMY HILFIGER and Calvin Klein trademarks in India for certain product categories. This investment is being accounted for under the equity method of accounting. The Company received dividends of $6.0 million from PVH India during 2023. PVH Legwear The Company owns a 49% economic interest in PVH Legwear LLC (“PVH Legwear”). PVH Legwear licenses from certain subsidiaries of the Company the rights to distribute and sell socks and hosiery in the United States and Canada under the TOMMY HILFIGER and Calvin Klein brands. Through November 27, 2023, PVH Legwear licensed from Company subsidiaries the rights to distribute and sell socks and hosiery in the United States and Canada under the Warner’s brand and, through the second quarter of 2021, under the IZOD and Van Heusen brands. As a result of the Heritage Brands intimates transaction and the Heritage Brands menswear transaction, PVH Legwear now licenses these rights from Basic Resources for the Warner’s brand and from ABG for the IZOD and Van Heusen brands. Additionally, PVH Legwear sells socks and hosiery under other owned and licensed trademarks. This investment is being accounted for under the equity method of accounting. The Company received dividends of $6.9 million, $6.4 million and $2.0 million from PVH Legwear during 2023, 2022, and 2021, respectively. TH Brazil The Company owns an economic interest of approximately 41% in Tommy Hilfiger do Brasil S.A. (“TH Brazil”). TH Brazil licenses from a subsidiary of the Company the rights to the TOMMY HILFIGER trademarks in Brazil for certain product categories. This investment is being accounted for under the equity method of accounting. The Company received dividends of $0.6 million from TH Brazil during 2023. PVH Mexico The Company owns a 49% economic interest in Baseco, S.A.P.I. de C.V. (“PVH Mexico”). PVH Mexico licenses from certain subsidiaries of the Company the rights to distribute and sell certain products in Mexico under the TOMMY HILFIGER and Calvin Klein brands and, previously through November 27, 2023, under the Warner’s and Olga brands . Following the Heritage Brands intimates transaction, PVH Mexico now licenses from Basic Resources the rights to distribute and sell Warner’s and Olga brand products in Mexico. Additionally, PVH Mexico licenses certain other trademarks for some product categories. This investment is being accounted for under the equity method of accounting. The Company received dividends of $16.6 million, $9.8 million and $16.8 million from PVH Mexico during 2023, 2022, and 2021, respectively. Karl Lagerfeld The Company owned an economic interest of approximately 8% in Karl Lagerfeld Holding B.V. (“Karl Lagerfeld”). The Company was deemed to have significant influence with respect to this investment and accounted for the investment under the equity method of accounting prior to the completion of the Karl Lagerfeld transaction (as defined below) on May 31, 2022. The Company completed the sale of its economic interest in Karl Lagerfeld to a subsidiary of G-III Apparel Group, Ltd. (the “Karl Lagerfeld transaction”) on May 31, 2022 for approximately $20.5 million in cash, of which $19.1 million was received during the second quarter of 2022 and $1.4 million which was previously held in escrow was received in the fourth quarter of 2023. The carrying value of the Company’s investment in Karl Lagerfeld was $1.0 million immediately prior to the completion of the sale. In connection with the closing of the Karl Lagerfeld transaction, the Company recorded a pre-tax gain of $16.1 million during the second quarter of 2022, which reflected (i) the excess of the proceeds over the carrying value of the Karl Lagerfeld investment, less (ii) $3.4 million of foreign currency translation adjustment losses previously recorded in accumulated other comprehensive loss. The gain was included in equity in net income of unconsolidated affiliates in the Company’s Consolidated Statement of Operations and recorded in corporate expenses not allocated to any reportable segments, consistent with how the Company had historically recorded its proportionate share of the net income or loss of its investment in Karl Lagerfeld. |
REDEEMABLE NON-CONTROLLING INTE
REDEEMABLE NON-CONTROLLING INTEREST | 12 Months Ended |
Feb. 04, 2024 | |
Redeemable Non-Controlling Interest Disclosure [Abstract] | |
REDEEMABLE NON-CONTROLLING INTEREST | REDEEMABLE NON-CONTROLLING INTEREST The Company formed PVH Ethiopia during 2016 to operate a manufacturing facility that produced finished products for the Company for distribution primarily in the United States. The Company and its partner held initial economic interests of 75% and 25%, respectively, in PVH Ethiopia, with its partner’s 25% interest accounted for as an RNCI. The Company consolidated the results of PVH Ethiopia in its consolidated financial statements. The capital structure of PVH Ethiopia was amended effective May 31, 2021 and, as a result, the Company solely managed and effectively owned all economic interests in the joint venture. The Company closed in the fourth quarter of 2021 the manufacturing facility that was PVH Ethiopia’s sole operation. The closure did not have a material impact on the Company’s consolidated financial statements. In connection with the amendment of the capital structure of PVH Ethiopia, the Company reclassified the carrying amount of the RNCI as of May 31, 2021 of $(3.7) million to additional paid-in capital. Following this reclassification, the Company stopped attributing any net income or loss in PVH Ethiopia to the redeemable non-controlling interest. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Feb. 04, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amount of goodwill, 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 Total Balance as of January 30, 2022 Goodwill, gross $ 781.8 $ 891.5 $ 203.0 $ 1,633.9 $ 105.0 $ 3,615.2 Accumulated impairment losses (287.3) (394.0) — — (105.0) (786.3) Goodwill, net 494.5 497.5 203.0 1,633.9 — 2,828.9 Impairment (162.6) (77.3) (177.2) — — (417.1) Currency translation — (6.5) — (46.3) — (52.8) Balance as of January 29, 2023 Goodwill, gross 781.8 885.0 203.0 1,587.6 105.0 3,562.4 Accumulated impairment losses (449.9) (471.3) (177.2) — (105.0) (1,203.4) Goodwill, net 331.9 413.7 25.8 1,587.6 — 2,359.0 Reduction of goodwill, gross related to the Heritage Brands intimates transaction — — — — (105.0) (105.0) Reduction of accumulated impairment losses related to the Heritage Brands intimates transaction — — — — 105.0 105.0 Currency translation — (7.6) — (29.3) — (36.9) Balance as of February 4, 2024 Goodwill, gross 781.8 877.4 203.0 1,558.3 — 3,420.5 Accumulated impairment losses (449.9) (471.3) (177.2) — — (1,098.4) Goodwill, net $ 331.9 $ 406.1 $ 25.8 $ 1,558.3 $ — $ 2,322.1 The Company recorded a $105.0 million reduction to goodwill, gross and a corresponding $105.0 million reduction to accumulated impairment losses during 2023 in connection with the Heritage Brands intimates transaction. Please see Note 3, “Acquisitions and Divestitures,” for further discussion. As a result of the Company’s 2022 annual impairment test, the Company recorded $417.1 million of noncash impairment charges during the third quarter of 2022. Please see the section “Goodwill and Other Intangible Assets Impairment Testing” below for further discussion. The Company’s other intangible assets consisted of the following: 2023 2022 (In millions) Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization: Customer relationships (1) $ 143.7 $ (123.0) $ 20.7 $ 281.0 $ (248.3) $ 32.7 Reacquired license rights (1) 408.4 (134.2) 274.2 494.3 (199.3) 295.0 Total intangible assets subject to amortization 552.1 (257.2) 294.9 775.3 (447.6) 327.7 Indefinite-lived intangible assets: Tradenames (2) 2,599.1 — 2,599.1 2,701.1 — 2,701.1 Reacquired perpetual license rights 203.4 — 203.4 221.1 — 221.1 Total indefinite-lived intangible assets 2,802.5 — 2,802.5 2,922.2 — 2,922.2 Total other intangible assets $ 3,354.6 $ (257.2) $ 3,097.4 $ 3,697.5 $ (447.6) $ 3,249.9 The gross carrying amount and accumulated amortization of certain intangible assets include the impact of changes in foreign currency exchange rates. (1) The gross carrying amount and accumulated amortization balances as of the end of 2023 both reflect a reduction of $133.1 million and $69.8 million in customer relationships and reacquired license rights, respectively, as these intangibles were fully amortized. (2) The Company sold tradenames with a carrying value of $95.8 million during 2023 in connection with the Heritage Brands intimates transaction. Please see Note 3, “Acquisitions and Divestitures,” for further discussion. Amortization expense related to the Company’s intangible assets subject to amortization was $23.1 million and $32.1 million for 2023 and 2022, respectively. Assuming constant foreign currency exchange rates and no change in the gross carrying amount of the intangible assets, amortization expense for the next five years related to the Company’s intangible assets subject to amortization as of February 4, 2024 is expected to be as follows: (In millions) Fiscal Year Amount 2024 $ 22.7 2025 16.9 2026 14.0 2027 13.8 2028 13.8 Goodwill and Other Intangible Assets Impairment Testing 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. 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. Please see Note 1, “Summary of Significant Accounting Policies,” for discussion of the Company’s goodwill and intangible assets impairment testing process. Goodwill Impairment Testing 2023 Annual Impairment Test For the 2023 annual goodwill impairment test performed as of the beginning of the third quarter of 2023, the Company elected to perform a qualitative assessment first to determine whether it was more likely than not that the fair value of each reporting unit with allocated goodwill was less than its carrying amount. The Company assessed relevant events and circumstances, including industry, market and macroeconomic conditions, as well as Company- and reporting unit-specific factors. In performing this assessment, the Company considered the results of its quantitative annual goodwill impairment test performed in 2022, discussed below, and the impact of (i) the improvement in certain macroeconomic conditions contributing to a favorable change in the Company’s market capitalization since the time of the 2022 test, which would imply a reduction to the risk premium included in the discount rate and, therefore, improvement in the fair values of the Company’s reporting units, and (ii) the Company’s recent financial performance and updated financial forecasts, which were generally consistent with or exceeded the projections used in 2022. After assessing these events and circumstances, the Company determined that it was not more likely than not that the fair value of each reporting unit with allocated goodwill was less than its carrying amount and concluded that the quantitative goodwill impairment test was not required. No impairment of goodwill resulted from the Company’s annual impairment test in 2023. There have been no significant events or change in circumstances since the date of the 2023 annual impairment test that would indicate the remaining carrying amount of the Company’s goodwill may be impaired as of February 4, 2024. There continues to be significant uncertainty in the current macroeconomic environment due to inflationary pressures globally, the war in Ukraine and the Israel-Hamas war and their broader macroeconomic implications, and foreign currency volatility. If economic conditions or market factors utilized in the impairment analysis deteriorate or otherwise vary from current assumptions (including those resulting in changes in the weighted average cost of capital), industry conditions deteriorate, business conditions or strategies for a specific reporting unit change from current assumptions, the Company’s businesses do not perform as projected, or there is an extended period of a significant decline in the Company’s stock price, the Company could incur additional goodwill impairment charges in the future. 2022 Annual Impairment Test For the 2022 annual goodwill impairment test performed as of the beginning of the third quarter of 2022, the Company elected to bypass the qualitative assessment and proceeded directly to the quantitative impairment test using a discounted cash flow method to estimate the fair value of its reporting units. In making this election, the Company considered the changes resulting from the then-current macroeconomic environment, in particular the increase in interest rates and the strengthening of the U.S. dollar against most major currencies in which the Company transacts business. As a result of the Company’s 2022 annual impairment test, the Company recorded $417.1 million of noncash impairment charges during the third quarter of 2022, which were included in goodwill impairment in the Company’s Consolidated Statement of Operations. The impairments were driven primarily by a significant increase in discount rates. The impairment charges, which related to the Calvin Klein Wholesale North America, Calvin Klein Licensing and Advertising International and Tommy Hilfiger Retail North America reporting units, were recorded to the Company’s segments as follows: $162.6 million in the Calvin Klein North America segment, $77.3 million in the Calvin Klein International segment and $177.2 million in the Tommy Hilfiger North America segment. Of these reporting units, Calvin Klein Licensing and Advertising International was determined to be partially impaired. The remaining carrying amount of goodwill allocated to this reporting unit as of the date of the test was $41.0 million. Holding all other assumptions constant, a 100 basis point change in the annual revenue growth rate assumption for this business would have resulted in a change to the estimated fair value of the reporting unit of approximately $8 million. Likewise, a 100 basis point change in the weighted average cost of capital would have resulted in a change to the estimated fair value of the reporting unit of approximately $6 million. While the Calvin Klein Licensing and Advertising International reporting unit was not determined to be fully impaired at the time of the test, it was considered to be at risk of further impairment in the future if the related business did not perform as projected or if market factors utilized in the impairment analysis deteriorated. As discussed in the 2023 annual impairment test section above (i) the improvement in certain macroeconomic conditions contributed to a favorable change in the Company’s market capitalization since the time of the 2022 annual impairment test, which would imply a reduction to the risk premium included in the discount rate and therefore improvement in the fair values of the Company’s reporting units and (ii) the Company’s recent financial performance and updated financial forecasts have generally been consistent with the projections used in the 2022 annual impairment test. With respect to the Company’s other reporting units that were not determined to be impaired, the Calvin Klein Licensing and Advertising North America reporting unit had an estimated fair value that exceeded its carrying amount of $464.4 million by 9%. The carrying amount of goodwill allocated to this reporting unit as of the date of the test was $330.4 million. Holding all other assumptions constant, a 100 basis point change in the annual revenue growth rate assumption for this business would have resulted in a change to the estimated fair value of the reporting unit of approximately $43 million. Likewise, a 100 basis point change in the weighted average cost of capital would have resulted in a change to the estimated fair value of the reporting unit of approximately $34 million. While the Calvin Klein Licensing and Advertising North America reporting unit was not determined to be impaired at the time of the test, it was considered to be at risk of future impairment if the related business did not perform as projected, or if market factors utilized in the impairment analysis deteriorated. As discussed in the 2023 annual impairment test section above (i) the improvement in certain macroeconomic conditions contributed to a favorable change in the Company’s market capitalization since the time of the 2022 annual impairment test, which would imply a reduction to the risk premium included in the discount rate and therefore improvement in the fair values of the Company’s reporting units and (ii) the Company’s recent financial performance and updated financial forecasts have generally been consistent with the projections used in the 2022 annual impairment test. The fair value of the reporting units for goodwill impairment testing was determined using an income approach and validated using a market approach. The income approach was based on discounted projected future (debt-free) cash flows for each reporting unit. The discount rates applied to these cash flows were based on the weighted average cost of capital for each reporting unit, which takes market participant assumptions into consideration, inclusive of a Company-specific 4% risk premium to account for the additional risk of uncertainty perceived by market participants related to the Company’s overall cash flows due to the macroeconomic environment. Estimated future operating cash flows were discounted at rates of 16.0% or 16.5%, depending on the reporting unit, to account for the relative risks of the estimated future cash flows. For the market approach, used to validate the results of the income approach method, the Company used the guideline company method, which analyzes market multiples of adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) for a group of comparable public companies. The market multiples used in the valuation were based on the relative strengths and weaknesses of the reporting unit compared to the selected guideline companies. The Company classified the fair values of its reporting units as Level 3 fair value measurements due to the use of significant unobservable inputs. 2021 Annual Impairment Test For the 2021 annual goodwill impairment test performed as of the beginning of the third quarter of 2021, the Company elected to perform a qualitative assessment first to determine whether it was more likely than not that the fair value of each reporting unit with allocated goodwill was less than its carrying amount. The Company assessed relevant events and circumstances, including industry, market and macroeconomic conditions, as well as Company and reporting unit-specific factors. In performing this assessment, the Company considered the results of its then-most recently completed quantitative goodwill impairment test and the impact of (i) the weighted average cost of capital for each reporting unit as of the beginning of the third quarter of 2021, which was either favorable to or consistent with the weighted average cost of capital used in its then-most recently completed quantitative impairment test, (ii) a favorable change in the Company’s market capitalization and its implied impact on the fair value of the Company’s reporting units subsequent to the then-most recently completed quantitative impairment test, and (iii) the Company’s recent financial performance and updated financial forecasts, which were consistent with or exceeded the projections used in its then-most recently completed quantitative impairment test. After assessing these events and circumstances, the Company determined that it was not more likely than not that the fair value of each reporting unit with allocated goodwill was less than its carrying amount and concluded that the quantitative goodwill impairment test was not required. No impairment of goodwill resulted from the Company’s annual impairment test in 2021. Indefinite-Lived Intangible Assets Impairment Testing 2023 Annual Impairment Test For the 2023 annual indefinite-lived intangible assets impairment test performed as of the beginning of the third quarter of 2023, the Company elected to first assess qualitative factors to determine whether it was more likely than not that the fair value of any asset was less than its carrying amount. The Company assessed relevant events and circumstances, including industry, market and macroeconomic conditions, as well as Company- and asset-specific factors. In performing this assessment, the Company considered the results of its annual impairment testing performed in 2022, discussed below, and the impact of (i) the improvement in certain macroeconomic conditions contributing to a favorable change in the Company’s market capitalization since the time of the 2022 test, which would imply a reduction to the risk premium included in the discount rate and, therefore, improvement in the fair value of each of its indefinite-lived intangible assets and (ii) the Company’s recent financial performance and updated financial forecasts. After assessing these events and circumstances, the Company determined that it was not more likely than not that the fair value of each of its indefinite-lived intangible assets was less than its carrying amount and concluded that a quantitative impairment test was not required. No impairment of indefinite-lived intangible assets resulted from the Company’s annual impairment test in 2023. There have been no significant events or change in circumstances since the date of the 2023 annual impairment test that would indicate the remaining carrying amount of the Company’s indefinite-lived intangible assets may be impaired as of February 4, 2024. There continues to be significant uncertainty in the current macroeconomic environment due to inflationary pressures globally, the war in Ukraine and the Israel-Hamas war and their broader macroeconomic implications, and foreign currency volatility. If market factors utilized in the impairment analysis deteriorate or otherwise vary from current assumptions (including those resulting in changes in the weighted average cost of capital), industry conditions deteriorate, or business conditions or strategies change from current assumptions, the Company could incur additional indefinite-lived intangible asset impairment charges in the future. 2022 Annual Impairment Test For the 2022 annual impairment test of the TOMMY HILFIGER and Calvin Klein tradenames and the reacquired perpetual license rights for TOMMY HILFIGER in India performed as of the beginning of the third quarter of 2022, the Company elected to first assess qualitative factors to determine whether it was more likely than not that the fair value of any asset was less than its carrying amount. For these assets, no impairment was identified as a result of the Company’s most recent quantitative impairment test and the fair values of these indefinite-lived intangible assets substantially exceeded their carrying amounts. The asset with the least excess fair value had an estimated fair value that exceeded its carrying amount by approximately 183% as of the date of the Company’s most recent quantitative impairment test. The Company assessed relevant events and circumstances, including industry, market and macroeconomic conditions, as well as Company and asset-specific factors, including changes in the weighted average cost of capital for each of its indefinite-lived intangible assets since the date of the most recent quantitative test and the Company’s recent financial performance and updated financial forecasts as compared to those used in the most recent quantitative tests. After assessing these events and circumstances, the Company determined qualitatively that it was not more likely than not that the fair values of these indefinite-lived intangible assets were less than their carrying amounts and concluded that the quantitative impairment test was not required. For the 2022 annual impairment test of the Warner’s tradename and the reacquired perpetual license rights recorded in connection with the Australia acquisition performed as of the beginning of the third quarter of 2022, the Company elected to bypass the qualitative assessment and proceeded directly to the quantitative impairment test. With regard to the reacquired perpetual license rights, the Company determined that its fair value substantially exceeded its carrying amount and, therefore, the asset was not impaired. The fair value of the Warner’s tradename exceeded its carrying amount of $95.8 million by 4% at the testing date. While the Warner’s tradename was not determined to be impaired at the time of the test, it was considered to be at risk of future impairment if the related business did not perform as projected, or if market factors utilized in the impairment analysis deteriorated. As discussed in the 2023 annual impairment test section above, the Company performed a qualitative impairment test for all indefinite-lived intangible assets in the third quarter of 2023. No impairment was identified relating to the Warner’s tradename as a result of this test. The Warner’s tradename was subsequently sold on November 27, 2023 as part of the Heritage Brands intimates transaction, which resulted in a gain. Please see Note 3, “Acquisitions and Divestitures,” for further discussion of the Heritage Brands intimates transaction. The fair value of the Warner’s tradename was determined using an income-based relief-from-royalty method. Under this method, the value of an asset is estimated based on the hypothetical cost savings that accrue as a result of not having to license the tradename from another party. These cash flows are discounted to present value using a discount rate that factors in the relative risk of the intangible asset. The Company discounted the cash flows used to value the Warner’s tradename at a rate of 16.0%. The fair value of the Company’s reacquired perpetual license rights recorded in connection with the Australia acquisition was determined using an income approach which estimates the net cash flows directly attributable to the subject intangible asset. These cash flows are discounted to present value using a discount rate that factors in the relative risk of the intangible asset. The Company discounted the cash flows used to value the reacquired perpetual license rights recorded in connection with the Australia acquisition at a rate of 19.0%. The Company classified the fair values of these indefinite-lived intangible assets as Level 3 fair value measurements due to the use of significant unobservable inputs. 2021 Annual Impairment Test For the 2021 annual indefinite-lived intangible assets impairment test performed as of the beginning of the third quarter of 2021, the Company elected to assess qualitative factors first to determine whether it was more likely than not that the fair value of any asset was less than its carrying amount. The Company assessed relevant events and circumstances, including industry, market and macroeconomic conditions, as well as Company and asset-specific factors. In performing this assessment, the Company considered the results of its then-most recently completed quantitative impairment tests and the impact of (i) the weighted average cost of capital for each of its indefinite-lived intangible assets as of the beginning of the third quarter of 2021, which was either favorable to or consistent with the weighted average cost of capital used in its then-most recently completed quantitative impairment tests and (ii) the Company’s recent financial performance and updated financial forecasts, which were consistent with or exceeded the projections used in its then-most recently completed quantitative impairment tests. |
DEBT
DEBT | 12 Months Ended |
Feb. 04, 2024 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Short-Term Borrowings The Company has the ability to draw revolving borrowings under the senior unsecured credit facilities discussed below in the section entitled “2022 Senior Unsecured Credit Facilities.” The Company had no revolving borrowings outstanding under these facilities as of February 4, 2024 and January 29, 2023. Additionally, the Company has the ability to borrow under short-term lines of credit, overdraft facilities and short-term revolving credit facilities denominated in various foreign currencies. These facilities provided for borrowings of up to $209.7 million based on exchange rates in effect on February 4, 2024 and are utilized primarily to fund working capital needs. The Company had no borrowings outstanding under these facilities as of February 4, 2024 and $46.2 million outstanding under these facilities as of January 29, 2023. The weighted average interest rate on funds borrowed as of January 29, 2023 was 2.31%. Commercial Paper The Company has the ability to issue unsecured commercial paper notes with maturities that vary but do not exceed 397 days from the date of issuance primarily to fund working capital needs. Borrowings under the commercial paper note program, when taken together with the revolving borrowings outstanding under the multicurrency revolving credit facility included in the 2022 facilities (as defined below), cannot exceed $1,150.0 million. The Company had no borrowings outstanding under the commercial paper note program as of February 4, 2024 and January 29, 2023. Long-Term Debt The carrying amounts of the Company’s long-term debt were as follows: (In millions) 2023 2022 Senior unsecured Term Loan A facility due 2027 (1) $ 461.6 $ 476.6 7 3/4% debentures due 2023 — 99.9 3 5/8% senior unsecured euro notes due 2024 (1) 565.7 568.1 4 5/8% senior unsecured notes due 2025 498.2 497.0 3 1/8% senior unsecured euro notes due 2027 (1) 643.7 647.3 Total 2,169.2 2,288.9 Less: Current portion of long-term debt 577.5 111.9 Long-term debt $ 1,591.7 $ 2,177.0 (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. Please see Note 11, “Fair Value Measurements,” for the fair value of the Company’s long-term debt as of February 4, 2024 and January 29, 2023. The Company’s mandatory long-term debt repayments for the next five years were as follows as of February 4, 2024: (In millions) Fiscal Year Amount (1) 2024 $ 578.3 2025 511.9 2026 11.9 2027 1,075.1 2028 — (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 next five years exceed the total carrying amount of the Company’s debt as of February 4, 2024 because the carrying amount reflects the unamortized portions of debt issuance costs and the original issue discounts. As of February 4, 2024, approximately 80% of the Company’s long-term debt had fixed interest rates, with the remainder at variable interest rates. 2022 Senior Unsecured Credit Facilities On December 9, 2022 (the “Closing Date”), th e Company entered into new senior unsecured credit facilities (the “2022 facilities”), the proceeds of which, along with cash on hand, were used to repay all of the outstanding borrowings under the 2019 facilities (as defined below), as well as the related debt issuance costs. The 2022 facilities consist of (a) a €440.6 million euro-denominated Term Loan A facility (the “Euro TLA facility”), (b) a $1,150.0 million United States dollar-denominated multicurrency revolving credit facility (the “multicurrency revolving credit facility”), which is available in (i) United States dollars, (ii) Australian dollars (limited to A$50.0 million), (iii) Canadian dollars (limited to C$70.0 million), or (iv) euros, yen, pounds sterling, Swiss francs or other agreed foreign currencies (limited to €250.0 million ), and (c) a $50.0 million United States dollar-denominated revolving credit facility available in United States dollars or Hong Kong dollars (together with the multicurrency revolving credit facility, the “revolving credit facilities”). The 2022 facilities are due on December 9, 2027. In connection with the refinancing in 2022 of the 2019 facilities (as defined below), the Company paid debt issuance costs of $8.9 million (of which $1.4 million was expensed as debt modification costs and $7.5 million is being amortized over the term of the 2022 facilities) and recorded debt extinguishment costs of $1.3 million to write off previously capitalized debt issuance costs. The multicurrency revolving credit facility also includes amounts available for letters of credit and has a portion available for the making of swingline loans. The issuance of such letters of credit and the making of any swingline loan reduces the amount available under the multicurrency revolving credit facility. So long as certain conditions are satisfied, the Company may add one or more senior unsecured term loan facilities or increase the commitments under the revolving credit facilities by an aggregate amount not to exceed $1,500.0 million. The lenders under the 2022 facilities are not required to provide commitments with respect to such additional facilities or increased commitments. The terms of the Euro TLA facility require the Company to make quarterly repayments of amounts outstanding, which commenced with the calendar quarter ending March 31, 2023. Such required repayment amounts equal 2.50% per annum of the principal amount outstanding on the Closing Date, paid in equal installments and subject to certain customary adjustments, with the balance due on the maturity date of the Euro TLA facility. The outstanding borrowings under the 2022 facilities are prepayable at any time without penalty (other than customary breakage costs). Any voluntary repayments made by the Company would reduce the future required repayment amounts. The outstanding principal balance for the Euro TLA facility was €429.6 million as of February 4, 2024. The Company made payments of $11.9 million on its term loan under the 2022 facilities during 2023. The Company made payments of $487.8 million on its term loan under the 2019 facilities during 2022, which included $22.5 million of mandatory payments and the $465.3 million repayment of the 2019 facilities in connection with the refinancing of the senior credit facilities. The Company made payments of $1,051.3 million on its term loans under the 2019 facilities during 2021, which included the repayment of the outstanding principal balance under its United States dollar-denominated Term Loan A facility. The euro-denominated borrowings under the Euro TLA facility and multicurrency revolving credit facility bear interest at a rate per annum equal to a euro interbank offered rate (“EURIBOR”) and the euro-denominated swing line borrowings under the 2022 facilities bear interest at a rate per annum equal to an adjusted daily simple euro short term rate (“ESTR”), calculated in a manner set forth in the 2022 facilities, plus in each case an applicable margin. The United States dollar-denominated borrowings under the 2022 facilities bear interest at a rate per annum equal to, at the Company’s option, either a base rate or an adjusted term secured overnight financing rate (“SOFR”), calculated in a manner set forth in the 2022 facilities, plus an applicable margin. The borrowings denominated in other foreign currencies under the 2022 facilities bear interest at various indexed rates specified in the 2022 facilities and are calculated in a manner set forth in the 2022 facilities, plus an applicable margin. The current applicable margin with respect to the Euro TLA Facility as of February 4, 2024 was 1.250%. The current applicable margin with respect to the revolving credit facilities as of February 4, 2024 was 0.125% for loans bearing interest at the base rate, Canadian prime rate or daily simple ESTR rate and 1.125% for loans bearing interest at the EURIBOR rate or any other rate specified in the 2022 facilities. The applicable margin for borrowings under the Eu ro TLA facility and each revolving credit facility 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 2022 facilities contain customary events of default, including but not limited to nonpayment; material inaccuracy of representations and warranties; violations of covenants; certain bankruptcies and liquidations; cross-default to material indebtedness; certain material judgments; certain events related to the Employee Retirement Income Security Act of 1974, as amended; and a change in control (as defined in the 2022 facilities). The 2022 facilities require the Company to comply with customary affirmative, negative and financial covenants, including a maximum net leverage ratio. A breach of any of these operating or financial covenants would result in a default under the 2022 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. 2019 Senior Unsecured Credit Facilities On April 29, 2019, the Company entered into senior unsecured credit facilities (as amended, the “2019 facilities”). The Company replaced the 2019 facilities with the 2022 facilities on December 9, 2022 as discussed above in the section entitled “2022 Senior Unsecured Credit Facilities.” The 2019 facilities included a €500.0 million euro-denominated Term Loan A facility, of which €440.6 million was outstanding as of the date it was replaced, and senior unsecured revolving credit facilities. 7 3/4% Debentures Due 2023 The Company had $100.0 million of debentures due November 15, 2023 that accrued interest at the rate of 7 3/4%. The Company repaid these debentures at 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. 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. The Company’s ability to create liens on the Company’s assets or engage in sale/leaseback transactions is restricted as defined in the indenture governing the notes. 4 5/8% Senior Notes Due 2025 The Company has outstandi ng $500.0 million principal amount of 4 5/8% seni or notes due July 10, 2025. The interest rate payable on the notes is subject to adjustment if either Standard & Poor’s or Moody’s, or any substitute rating agency, as defined in the indenture governing the notes, downgrades the credit rating assigned to 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. The Company’s ability to create liens on the Company’s assets or engage in sale/leaseback transactions is restricted as defined in the indenture governing the notes. 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, 20 27. 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 ability to create liens on the Company’s assets or engage in sale/leaseback transactions is restricted as defined in the indenture governing the notes. As of February 4, 2024, 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 primarily to collateralize the Company’s insurance and lease obligations. The Company had $73.3 million of these standby letters of credit outstanding as of February 4, 2024. Interest paid was $ 96.4 million, $82.1 million and $96.8 million during 2023, 2022 and 2021, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Feb. 04, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The domestic and foreign components of income (loss) before income taxes were as follows: (In millions) 2023 2022 2021 Domestic $ 90.9 $ (404.9) $ (120.3) Foreign 750.1 793.1 1,093.0 Total $ 841.0 $ 388.2 $ 972.7 The income before income taxes in 2022 includes a $417.1 million noncash goodwill impairment recorded in conjunction with the Company’s annual goodwill impairment testing. Taxes paid were $209.8 million, $254.5 million and $155.4 million in 2023, 2022 and 2021, respectively. The provision (benefit) for income taxes attributable to income consisted of the following: (In millions) 2023 2022 2021 Federal: Current $ 0.1 $ (6.9) $ (87.7) Deferred (18.2) (5.1) (51.4) (1) State and local: Current 5.3 (6.2) 19.6 Deferred 0.2 0.8 (21.7) Foreign: Current 186.4 191.1 153.7 Deferred 3.6 14.1 8.2 (2) Total $ 177.4 $ 187.8 $ 20.7 (1) Includes a $106.3 million benefit related to a tax accounting method change made in conjunction with the Company’s 2020 U.S. federal income tax return that provides additional tax benefits to the foreign components of the federal income tax provision. (2) Includes a $32.3 million benefit related to the remeasurement of certain net deferred tax assets in connection with the expiration of the special tax rates at the end of 2021. The provision (benefit) for income taxes for the years 2023, 2022 and 2021 was different from the amount computed by applying the statutory United States federal income tax rate to the underlying income as follows: 2023 2022 2021 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit 0.8 % 1.1 % (0.1) % Effects of international jurisdictions, including foreign tax credits 1.9 % 1.6 % (8.0) % Change in estimates for uncertain tax positions (1.6) % (2.2) % (9.7) % Change in valuation allowance 0.3 % 1.2 % 0.7 % Tax accounting method change — % — % (10.9) % Tax on foreign earnings (GILTI and FDII) (1.9) % 1.2 % 7.6 % Goodwill impairment — % 22.3 % — % Excess tax expense related to stock-based compensation 0.1 % 0.5 % — % Other, net 0.5 % 1.7 % 1.5 % Effective income tax rate 21.1 % 48.4 % 2.1 % 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, when coupled with special rates levied on income from certain of the Company’s jurisdictional activities, have historically been lower than the United States statutory income tax rate. The benefit of special rates, which expired at the end of 2021, are reflected above in Effects of international jurisdictions, including foreign tax credits. On August 16, 2022, the U.S. government enacted the Inflation Reduction Act, with tax provisions primarily focused on implementing a 15% corporate minimum tax based on global adjusted financial statement income and a 1% excise tax on share repurchases. The corporate minimum tax became effective in fiscal 2023 and the excise tax was effective January 1, 2023. The corporate minimum tax did not have any impact on our consolidated financial statements. Please see Note 14, “Stockholders’ Equity” for further discussion of share repurchases and the excise taxes incurred in 2023. The Organization for Economic Cooperation and Development has proposed a global minimum effective tax rate of 15%, generally known as Pillar Two, which would be effective in fiscal 2024 for certain multinational companies. Under Pillar Two, a top-up tax would be required for any jurisdiction whose effective tax rate falls below the 15% minimum rate. The Company is closely monitoring developments and evaluating the impacts these new rules will have on its tax rate. Based on the Company’s preliminary analysis, the Pillar Two legislation is not expected to have a material impact on its consolidated financial statements. The components of deferred income tax assets and liabilities were as follows: (In millions) 2023 2022 Gross deferred tax assets Tax loss and credit carryforwards $ 152.0 $ 143.6 Operating lease liabilities 352.4 378.9 Employee compensation and benefits 60.2 59.9 Inventories 41.5 44.6 Accounts receivable 9.2 12.9 Accrued expenses 12.6 15.4 Property, plant and equipment 243.5 242.3 Other, net 5.4 17.2 Subtotal 876.8 914.8 Valuation allowances (73.7) (72.9) Total gross deferred tax assets, net of valuation allowances $ 803.1 $ 841.9 Gross deferred tax liabilities Intangibles $ (772.2) $ (807.1) Operating lease right-of-use assets (322.1) (340.0) Derivative financial instruments (21.1) (18.5) Total gross deferred tax liabilities $ (1,115.4) $ (1,165.6) Net deferred tax liability $ (312.3) $ (323.7) At the end of 2023, the Company had on a tax-effected basis approximately $174.7 million of net operating loss and tax credit carryforwards available to offset future taxable income in various jurisdictions. The carryforwards expire principally between 2024 and 2043. The Company’s intent is to reinvest indefinitely substantially all of its historical earnings in foreign subsidiaries outside of the United States in jurisdictions in which we would expect to incur material tax costs upon distribution of such amounts. It is not practicable to estimate the amount of tax that might be payable if these earnings were repatriated due to the complexities associated with the hypothetical calculation. Uncertain tax positions activity for each of the last three years was as follows: (In millions) 2023 2022 2021 Balance at beginning of year $ 114.7 $ 127.8 $ 210.7 Increases related to prior year tax positions 0.6 12.4 2.6 Decreases related to prior year tax positions (11.0) (12.3) (0.2) Increases related to current year tax positions 2.9 2.7 15.5 Lapses in statute of limitations (6.4) (12.0) (93.3) Effects of foreign currency translation (1.2) (3.9) (7.5) Balance at end of year $ 99.6 $ 114.7 $ 127.8 The entire amount of uncertain tax positions as of February 4, 2024, if recognized, would reduce the future effective tax rate under current accounting guidance. Interest and penalties related to uncertain tax positions are recorded in the Company’s income tax provision. Interest and penalties recognized in the Company’s Consolidated Statements of Operations for 2023, 2022 and 2021 totaled an expense of $1.3 million, an expense of $0.9 million and a benefit of $7.4 million, respectively. Interest and penalties accrued in the Company’s Consolidated Balance Sheets as of February 4, 2024 and January 29, 2023 totaled $21.2 million and $20.1 million, respectively. The Company recorded its liabilities for uncertain tax positions principally in accrued expenses and other liabilities in its Consolidated Balance Sheets. The Company files income tax returns in the United States and in various foreign, state and local jurisdictions. Most examinations have been completed by tax authorities or the statute of limitations has expired for United States federal, foreign, state and local income tax returns filed by the Company for years through 2006. It is reasonably possible that a reduction of uncertain tax positions of up to $53.0 million may occur within the next 12 months. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Feb. 04, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [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 contracts to hedge against a portion of this exposure. The Company also has exposure to interest rate volatility related to its senior unsecured credit facilities and has historically entered into interest rate swap agreements to hedge against a portion of the exposure. No interest rate swap agreements were outstanding as of February 4, 2024 and January 29, 2023. As of February 4, 2024, approximately 80% of the Company’s long-term debt was at a fixed interest rate, with the remaining balance at a variable rate. Please see Note 8, “Debt,” for further discussion of the Company’s senior unsecured credit facilities. The Company records the foreign currency forward contracts and any 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 contracts associated with certain international inventory purchases and any interest rate swap agreements are designated as effective hedging instruments (“cash flow hedges”). As such, the changes in the fair value of the cash flow hedges are recorded in equity as a component of AOCL. No amounts were excluded from effectiveness testing. 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 uses both non-derivative instruments (the par value of certain of its foreign-denominated debt) and derivative instruments (cross-currency swap contracts), which it designates as net investment hedges. The Company designated the par value 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 8, “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 $1,201.6 million and $1,209.4 million, respectively, as of February 4, 2024 and $1,192.0 million and $1,215.4 million, respectively, as of January 29, 2023. The Company evaluates the effectiveness of its non-derivative instrument net investment hedges at inception and each quarter thereafter. No amounts were excluded from effectiveness testing. In the third quarter of 2023, the Company entered into multiple fixed-to-fixed cross-currency swap contracts, which, in aggregate, economically convert the Company’s $500.0 million principal amount of 4 5/8% senior notes due 2025 from a United States dollar-denominated obligation to a euro-denominated obligation of €457.2 million. As part of these swap contracts, the Company will receive fixed-rate United States dollar-denominated interest at a weighted average rate of 1.405% and pay fixed-rate euro-denominated interest at a rate of 0%. The cross-currency swap contracts expire on July 10, 2025. The Company designated these cross-currency swap contracts as net investment hedges of its investments in certain of its foreign subsidiaries that use the euro as their functional currency. The Company records the cross-currency swap contracts at fair value in its Consolidated Balance Sheets and does not net the related assets and liabilities. Changes in the fair value of the cross-currency swap contracts are recorded in equity as a component of AOCL. The Company evaluates the effectiveness of its derivative instrument net investment hedges at inception and each quarter thereafter. The interest components of the cross-currency swaps are excluded from the assessment of hedge effectiveness and are initially recorded in equity as a component of AOCL. Such amounts are recognized ratably over the term of the cross-currency swap contracts as a credit to interest expense in the Company’s Consolidated Statements of Operations. 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”), which primarily include foreign currency forward 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 2023 2022 2023 2022 (In millions) Other Current Assets Other Assets Other Current Assets Other Assets Accrued Expenses Other Liabilities Accrued Expenses Other Liabilities Contracts designated as cash flow and net investment hedges: Foreign currency forward contracts (inventory purchases) $ 13.2 $ 0.5 $ 15.7 $ 0.1 $ 2.4 $ 0.4 $ 20.7 $ 2.2 Cross-currency swap contracts (net investment hedges) 6.4 — — — — 1.3 — — Undesignated contracts: Foreign currency forward contracts 1.9 — — — 1.1 — 12.5 — Total $ 21.5 $ 0.5 $ 15.7 $ 0.1 $ 3.5 $ 1.7 $ 33.2 $ 2.2 The notional amount outstanding of foreign currency forward contracts was $1,303.8 million at February 4, 2024. Such contracts expire principally between February 2024 and July 2025. The following tables summarize the effect of the Company’s hedges designated as cash flow and net investment hedging instruments: Gain (Loss) (In millions) 2023 2022 2021 Foreign currency forward contracts (inventory purchases) $ 35.6 $ (48.3) $ 109.2 Interest rate swap agreements — — 0.2 Foreign currency borrowings (net investment hedges) 8.6 30.4 111.3 Cross-currency swap contracts (net investment hedges) 8.3 — — Total $ 52.5 $ (17.9) $ 220.7 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 Amount Reclassified Location Total Statements of Operations Amount (In millions) 2023 2022 2021 2023 2022 2021 Foreign currency forward contracts (inventory purchases) $ 11.1 $ 27.6 $ (1.8) Cost of goods sold $ 3,854.5 $ 3,901.3 $ 3,830.6 Interest rate swap agreements — — (1.5) SG&A expenses (1) 4,542.6 4,377.4 4,453.9 Interest rate swap agreements — — (3.0) Interest expense 99.3 89.6 108.6 Cross-currency swap contracts (net investment hedges) 3.2 — — Interest expense 99.3 89.6 108.6 Total $ 14.3 $ 27.6 $ (6.3) (1) The Company dedesignated certain cash flow hedges related to its interest rate swap agreements during 2021 in connection with the repayment of the outstanding principal balance under its USD TLA facility, as the underlying interest payments were no longer probable to occur. A net gain in AOCL on foreign currency forward contracts at February 4, 2024 of $17.4 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 contracts is sold. Amounts recognized in AOCL for foreign currency borrowings and the effective portion of the Company’s net investment hedges would be recognized in earnings only upon the sale or substantially complete liquidation of the hedged net investment. No amounts remained in AOCL related to interest rate swap agreements as of February 4, 2024. The following table summarizes the effect of the Company’s undesignated contracts recognized in SG&A expenses in its Consolidated Statements of Operations: Gain Recognized in SG&A Expenses (In millions) 2023 2022 2021 Foreign currency forward contracts (1) $ 2.9 $ 11.4 $ 14.7 (1) 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 had no derivative financial instruments with credit risk-related contingent features underlying the related contracts as of February 4, 2024. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Feb. 04, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS In accordance with U.S. GAAP, 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: 2023 2022 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Foreign currency forward contracts N/A $ 15.6 N/A $ 15.6 N/A $ 15.8 N/A $ 15.8 Cross-currency swap contracts (net investment hedges) N/A 6.4 N/A 6.4 N/A N/A N/A N/A Rabbi trust assets 9.9 N/A N/A 9.9 7.2 N/A N/A 7.2 Total Assets $ 9.9 $ 22.0 N/A $ 31.9 $ 7.2 $ 15.8 N/A $ 23.0 Liabilities: Foreign currency forward contracts N/A $ 3.9 N/A $ 3.9 N/A $ 35.4 N/A $ 35.4 Cross-currency swap contracts (net investment hedges) N/A 1.3 N/A 1.3 N/A N/A N/A N/A Total Liabilities N/A $ 5.2 N/A $ 5.2 N/A $ 35.4 N/A $ 35.4 The fair value of the foreign currency forward contracts is measured as the total amount of currency to be purchased, multiplied by the difference between (i) the foreign currency forward rate as of the period end and (ii) the settlement rate specified in each contract. The fair value of the cross-currency swap contracts is measured using the discounted cash flows of the contracts, which are determined based on observable inputs, including the foreign currency forward rates and discount rates, as of the period end. The fair value of the rabbi trust assets, which consist of investments in mutual funds, is valued at the net asset value of the funds, as determined by the closing price in the active market in which the individual fund is traded. The Company established a rabbi trust that, beginning January 1, 2022, holds investments related to the Company’s supplemental savings plan. The rabbi trust is considered a variable interest entity and it is consolidated in the Company’s financial statements because the Company is considered the primary beneficiary of the rabbi trust. The rabbi trust assets generally mirror the investment elections made by eligible plan participants and are included as follows in the Company’s Consolidated Balance Sheets: 2023 2022 (In millions) Other Current Assets Other Assets Other Current Assets Other Assets Rabbi trust assets $ 0.8 $ 9.1 $ 0.7 $ 6.5 The corresponding deferred compensation liability is included in accrued expenses and other liabilities in the Company’s Consolidated Balance Sheets. Unrealized gains (losses) recognized on the rabbi trust investments were immaterial during 2023, 2022 and 2021. 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 2023, 2022 and 2021, and the total impairments recorded as a result of the remeasurement process: (In millions) Fair Value Measurement Using Fair Value Total 2023 Level 1 Level 2 Level 3 Property, plant and equipment, net N/A N/A $ 0.5 $ 0.5 $ 5.7 2022 Operating lease right-of-use assets N/A N/A 3.0 3.0 27.4 Property, plant and equipment, net N/A N/A 0.3 0.3 24.3 Goodwill N/A N/A 41.0 41.0 417.1 2021 Operating lease right-of-use assets N/A N/A 14.3 14.3 21.2 Property, plant and equipment, net N/A N/A 0.6 0.6 25.8 Property, plant and equipment with a carrying amount of $6.2 million was written down to a fair value of $0.5 million during 2023 primarily in connection with the financial performance in certain of the Company’s retail stores. 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. The $5.7 million of impairment charges during 2023 were included in SG&A expenses in the Company’s Consolidated Statement of Operations and recorded to the Company’s segments as follows: $3.3 million in the Tommy Hilfiger International segment, $1.2 million in the Calvin Klein International segment, $0.7 million in the Tommy Hilfiger North America segment and $0.5 million in the Calvin Klein North America segment. Operating lease right-of-use assets with a carrying amount of $30.4 million and property, plant and equipment with a carrying amount of $24.6 million were written down to their fair values of $3.0 million and $0.3 million, respectively, during 2022, primarily in connection with the Company’s decision in 2022 to exit from its Russia business, and the financial performance in certain of the Company’s retail stores. Please see Note 17, “Exit Activity Costs,” for further discussion of the Russia business exit costs. Fair value of the Company’s operating lease right-of-use assets and property, plant and equipment related to its Russia business were determined to be zero in line with the Company’s estimated future cash flows for the Russia business asset group. Fair value of the Company’s other operating lease right-of-use assets was determined based on the discounted cash flows of the estimated market rents. Fair value of the Company’s other 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 $458.1 million was written down to a fair value of $41.0 million during 2022. Please see Note 7, “Goodwill and Other Intangible Assets,” for further discussion. The $468.8 million of impairment charges during 2022 were recorded in the Company’s Consolidated Statement of Operations, of which $417.1 was included in goodwill impairment and $51.7 million was included in SG&A expenses. The $468.8 million of impairment charges were recorded to the Company’s segments as follows: $177.8 million in the Tommy Hilfiger North America segment, $163.8 million in the Calvin Klein North America segment, $89.5 million in the Calvin Klein International segment, $35.7 million in the Tommy Hilfiger International segment and $2.0 million in corporate expenses not allocated to any reportable segments. Operating lease right-of-use assets with a carrying amount of $35.5 million and property, plant and equipment with a carrying amount of $26.4 million were written down to their fair values of $14.3 million and $0.6 million, respectively, during 2021, primarily as a result of actions taken by the Company to reduce its real estate footprint, including reductions in office space, and the financial performance in certain of the Company’s retail stores. Please see Note 17, “Exit Activity Costs,” for further discussion of the 2021 reductions in workforce and real estate footprint 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 for certain of these assets, 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 sales trends and market participant assumptions. The $47.0 million of impairment charges during 2021 were included in SG&A expenses in the Company’s Consolidated Statement of Operations and recorded to the Company’s segments as follows: $7.2 million in the Tommy Hilfiger International segment, $2.8 million in the Calvin Klein International segment, $1.5 million in the Heritage Brands Wholesale segment, $1.4 million in the Tommy Hilfiger North America segment, $0.4 million in the Calvin Klein North America segment and $33.7 million 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: 2023 2022 (In millions) Carrying Fair Carrying Fair Cash and cash equivalents $ 707.6 $ 707.6 $ 550.7 $ 550.7 Short-term borrowings — — 46.2 46.2 Long-term debt (including portion classified as current) 2,169.2 2,159.5 2,288.9 2,262.3 |
RETIREMENT AND BENEFIT PLANS
RETIREMENT AND BENEFIT PLANS | 12 Months Ended |
Feb. 04, 2024 | |
Retirement Benefits [Abstract] | |
RETIREMENT AND BENEFIT PLANS | RETIREMENT AND BENEFIT PLANS The Company, as of February 4, 2024, has two noncontributory qualified defined benefit pension plans covering substantially all employees resident in th e United States hired prior to January 1, 2022, who meet certain age and service requirements. The plans provide monthly benefits upon retirement generally based on career average compensation, subject to the change made in the fourth quarter of 2023 as discussed below, 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, the most significant of which is a supplemental pension plan for certain employees resident in the United States hired prior to January 1, 2022, 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 after employment termination or retirement, according to their distribution election, and two other plans for select former senior management. The Company refers to these three plans as its “SERP Plans.” The Company also provides certain postretirement health care and life insurance benefits to certain retirees resident in the United States under two plans. Retirees contribute to the cost of the applicable plan, which are unfunded and frozen. The Company refers to these plans as its “Postretirement Plans.” In the fourth quarter of 2023, the Company’s Board of Directors approved changes to its Pension Plans and its supplemental pension plan to freeze the pensionable compensation and credited service amounts used to calculate participants’ benefits effective June 30, 2024. After the effective date, in lieu of participation in the Pension Plans and supplemental pension plan as applicable, employees will receive an additional Company contribution to their savings and retirement plans and supplemental savings plan, as applicable, which are discussed further below. Employees near retirement age that meet a specified service requirement are included in a transition group that will continue to accrue benefits under the Pension Plans and supplemental pension plan, as applicable, for two years after the effective date of the freeze in addition to receiving the additional Company contribution to their savings and retirement plans and supplemental savings plan, as applicable. In connection with the freeze, the Company recognized a reduction in the projected benefit obligation and a pre-tax curtailment gain of $ 17.2 million for the Pension Plans and $ 2.6 million for the supplemental pension plan. Reconciliations of the changes in the projected benefit obligation (Pension Plans and SERP Plans) and the accumulated benefit obligation (Postretirement Plans) were as follows: Pension Plans SERP Plans Postretirement Plans (In millions) 2023 2022 2023 2022 2023 2022 Balance at beginning of year $ 573.2 $ 785.2 $ 56.3 $ 93.3 $ 4.0 $ 5.6 Service cost, net of plan expenses 18.0 29.3 1.6 2.5 — — Interest cost 29.1 25.3 2.8 2.8 0.2 0.1 Benefit payments (54.3) (72.4) (9.7) (35.6) — — Benefit payments, net of retiree contributions — — — — (0.8) (0.6) Curtailment gain (17.2) — (2.6) — — — Actuarial (gain) loss (16.7) (194.2) (0.8) (6.7) 0.2 (1.1) Balance at end of year $ 532.1 $ 573.2 $ 47.6 $ 56.3 $ 3.6 $ 4.0 Service cost for both the Pension Plans and SERP Plans decreased in 2023 compared to 2022 primarily due to the increase in the discount rate. The decrease in benefit payments in 2023 for both the Pension Plans and the SERP Plans was due to higher lump sum payments of accrued benefits in 2022 to certain vested senior executives who retired or terminated their employment in 2021 and early 2022. The actuarial gains included in the projected benefit obligation for both the Pension Plans and SERP Plans in 2023 and 2022 were due principally to an increase in the discount rate. Reconciliations of the fair value of the assets held by the Pension Plans and the funded status were as follows: (In millions) 2023 2022 Fair value of plan assets at beginning of year $ 570.2 $ 726.3 Actual return, net of plan expenses 38.5 (83.9) Benefit payments (54.3) (72.4) Company contributions — 0.2 Fair value of plan assets at end of year $ 554.4 $ 570.2 Funded status at end of year $ 22.3 $ (3.0) Amounts recognized in the Company’s Consolidated Balance Sheets were as follows: Pension Plans SERP Plans Postretirement Plans (In millions) 2023 2022 2023 2022 2023 2022 Non-current assets $ 22.5 $ — $ — $ — $ — $ — Current liabilities — — (9.4) (7.3) (0.5) (0.6) Non-current liabilities (0.2) (3.0) (38.2) (49.0) (3.1) (3.4) Net amount recognized $ 22.3 $ (3.0) $ (47.6) $ (56.3) $ (3.6) $ (4.0) The components of net benefit cost recognized were as follows: Pension Plans SERP Plans Postretirement Plans (In millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Service cost $ 21.7 $ 31.3 $ 40.1 $ 1.6 $ 2.5 $ 4.7 $ — $ — $ — Interest cost 29.1 25.3 24.8 2.8 2.8 3.3 0.2 0.1 0.1 Expected return on plan assets (33.8) (41.7) (44.5) — — — — — — Actuarial (gain) loss (25.1) (70.6) (35.2) (0.8) (6.7) (13.4) 0.2 (1.1) (0.1) Curtailment gain (17.2) — — (2.6) — — — — — Special termination benefits — — 0.5 — — 1.8 — — — Heritage Brands menswear transaction gain — — (1.5) — — (0.3) — — — Total $ (25.3) $ (55.7) $ (15.8) $ 1.0 $ (1.4) $ (3.9) $ 0.4 $ (1.0) $ — The net actuarial gains in net benefit cost in 2023 were due principally to an increase in the discount rate. The actuarial gains in net benefit cost in 2022 were due principally to an increase in the discount rate partially offset by the difference between the actual and expected returns on plan assets for the Pension Plans. The actuarial gains in net benefit cost in 2021 were due principally to (i) an increase in the discount rate and (ii) updated plan assumptions, mostly related to termination rates, based on recent trends and management’s future expectations, partially offset by (iii) the difference between the actual and expected returns on plan assets for the Pension Plans. The Company completed the Heritage Brands menswear transaction in 2021. In connection with the sale, the employment of certain employees based in the United States engaged in the Heritage Brands business was terminated during the third quarter of 2021. However, the Company retained the liability for any deferred vested benefits earned by these employees under its retirement plans. No further benefits were to be accrued under the plans for these employees and as a result, the Company recognized a gain of $1.8 million during the third quarter of 2021. For certain eligible employees affected by the transaction, the Company provided an enhanced retirement benefit and as a result recognized $1.4 million of special termination benefit costs during the third quarter of 2021. These amounts were included in other gain in the Company’s Consolidated Statement of Operations. Please see Note 3, “Acquisitions and Divestitures,” for further discussion of the Heritage Brands menswear transaction. The Company provided enhanced retirement benefits to terminated employees in 2021 and as a result recognized $0.9 million of special termination benefit costs. 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 SG&A expenses, (ii) the Heritage Brands menswear transaction gain and the related special termination benefit costs are recorded in other gain and (iii) the other components are recorded in non-service related pension and postretirement income. The accumulated benefit obligations (Pension Plans and SERP Plans) were as follows: Pension Plans SERP Plans (In millions) 2023 2022 2023 2022 Accumulated benefit obligation $ 527.9 $ 547.0 $ 46.9 $ 52.7 As of February 4, 2024, one of the Company’s Pension Plans had projected benefit obligations and accumulated benefit obligations in excess of plan assets. As of January 29, 2023, both of the Company’s Pension Plans had projected benefit obligations in excess of plan assets and one of the Company’s Pension Plans had accumulated benefit obligations in excess of plan assets. The balances were as follows: (In millions, except plan count) 2023 2022 Number of plans with projected benefit obligations in excess of plan assets 1 2 Aggregate projected benefit obligation $ 2.4 $ 573.2 Aggregate fair value of related plan assets $ 2.2 $ 570.2 Number of plans with accumulated benefit obligations in excess of plan assets 1 1 Aggregate accumulated benefit obligation $ 2.4 $ 2.6 Aggregate fair value of related plan assets $ 2.2 $ 2.5 As of February 4, 2024 and January 29, 2023, all of the Company’s SERP Plans had projected benefit obligations and accumulated benefit obligations in excess of plan assets as the plans are unfunded. Significant weighted average rate assumptions used in determining the projected and accumulated benefit obligations at the end of each year and benefit cost in the following year were as follows: 2023 2022 2021 Discount rate (applies to Pension Plans and SERP Plans) 5.63 % 5.19 % 3.31 % Discount rate (applies to Postretirement Plans) 5.36 % 4.98 % 2.89 % Rate of increase in compensation levels (applies to Pension Plans) 4.00 % 4.00 % 4.00 % Expected long-term rate of return on assets (applies to Pension Plans) 6.25 % 6.25 % 6.00 % To develop the expected long-term rate of return on assets assumption, the Company considered the historical level of the risk premium associated with the asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based on the target asset allocation. The assets of the Pension Plans are invested with the objective of being able to meet current and future benefit payment needs, while managing future contributions. The investment policy aims to earn a reasonable rate of return while minimizing the risk of large losses. Assets are diversified by asset class in order to reduce volatility of overall results from year to year and to take advantage of various investment opportunities. The assets of the Pension Plans are diversified among United States equities, international equities, fixed income investments and cash. The strategic target allocation for the Pension Plans as of February 4, 2024 was approximately 30% United States equities, 10% international equities and 60% fixed income investments and cash. Equity securities primarily include investments in large-, mid- and small-cap companies located in the United States and abroad. Fixed income securities include corporate bonds of companies from diversified industries, municipal bonds and commingled funds, and United States Treasury bonds. Actual investment allocations may vary from the Company’s target investment allocations due to prevailing market conditions. In accordance with the fair value hierarchy described in Note 11, “Fair Value Measurements,” the following tables show the fair value of the total assets of the Pension Plans for each major category as of February 4, 2024 and January 29, 2023: (In millions) Fair Value Measurements as of February 4, 2024 (1) Asset Category Total Quoted Prices Observable Unobservable Equity securities: United States equities (2) $ 45.1 $ 45.1 $ — $ — International equities (2) 0.3 0.3 — — United States equity fund (3) 114.1 — 114.1 — International equity funds (4) 61.1 25.5 35.6 — Fixed income securities: U.S. Treasury securities fund (5) 244.3 $ — 244.3 — Government securities (6) 1.1 — 1.1 — Corporate securities (6) 81.6 — 81.6 — Short-term investment funds (7) 5.8 — 5.8 — Subtotal $ 553.4 $ 70.9 $ 482.5 $ — Other assets and liabilities (8) 1.0 Total $ 554.4 (In millions) Fair Value Measurements as of January 29, 2023 (1) Asset Category Total Quoted Prices Observable Inputs (Level 2) Unobservable Equity securities: United States equities (2) $ 150.5 $ 150.5 $ — $ — International equities (2) 12.8 12.8 — — United States equity fund (3) 63.4 — 63.4 — International equity funds (4) 119.4 65.3 54.1 — Fixed income securities: Government securities (6) 62.0 — 62.0 — Corporate securities (6) 147.4 — 147.4 — Short-term investment funds (7) 15.5 — 15.5 — Subtotal $ 571.0 $ 228.6 $ 342.4 $ — Other assets and liabilities (8) (0.8) Total $ 570.2 (1) The Company uses third party pricing services to determine the fair values of the financial instruments held by the pension plans. The Company obtains an understanding of the pricing services’ valuation methodologies and related inputs and validates a sample of prices by reviewing prices from other sources. The Company has not adjusted any prices received from the third party pricing services. (2) Valued at the closing price or unadjusted quoted price in the active market in which the individual securities are traded. (3) Valued at the net asset value of the fund, as determined by a pricing vendor or the fund family. The Company has the ability to redeem this investment at net asset value within the near term and therefore classifies this investment within Level 2. This commingled fund invests in United States large cap equities of companies that track the Russell 1000 Index. (4) Valued at the net asset value of the fund, either as determined by the closing price in the active market in which the individual fund is traded and classified within Level 1, or as determined by a pricing vendor or the fund family and classified within Level 2. This category includes funds that invest in equities of companies outside of the United States. (5) Valued at the net asset value of the fund as determined by the fund family. The Company has the ability to redeem this investment at net asset value within the near term and therefore classifies this investment within Level 2. This commingled fund invests in U.S. Treasury STRIPS. (6) Valued with bid evaluation pricing where the inputs are based on actual trades in active markets, when available, as well as observable market inputs that include actual and comparable trade data, market benchmarks, broker quotes, trading spreads and/or other applicable data. (7) Valued at the net asset value of the funds, as determined by a pricing vendor or the fund family. The Company has the ability to redeem these investments at net asset value within the near term and therefore classifies these investments within Level 2. These funds invest in high-grade, short-term, money market instruments. (8) This category includes other pension assets and liabilities such as pending trades and accrued income. The Company believes that there are no significant concentrations of risk within the plan assets as of February 4, 2024. Currently, the Company does not expect to make material contributions to the Pension Plans in 2024. The Company’s actual contributions may differ from planned contributions due to many factors, including changes in tax and other laws, as well as significant differences between expected and actual pension asset performance or interest rates. The expected benefit payments associated with the Pension Plans and SERP Plans, and expected benefit payments, net of retiree contributions, associated with the Postretirement Plans are as follows: (In millions) Fiscal Year Pension Plans SERP Plans Postretirement Plans 2024 $ 42.2 $ 9.4 $ 0.5 2025 43.3 6.2 0.5 2026 43.0 5.4 0.5 2027 43.0 5.1 0.4 2028 41.9 4.6 0.4 2029-2033 194.2 18.2 1.4 The Company has savings and retirement plans and a supplemental savings plan for the benefit of its eligible employees in the United States. The Company matches a portion of employee contributions to the plans. The Company began making on January 1, 2022 an additional contribution to these plans for employees in the United States hired on or after that date in lieu of their participation in the Pension Plan. In addition, as discussed above, subsequent to the June 30, 2024 freeze of the Pension Plans and supplemental pension plan, employees in the United States that were hired prior to January 1, 2022 will also receive an additional contribution to these plans. The Company also has defined contribution plans for certain employees in certain international locations, whereby the Company pays a percentage of the contribution for the employee. The Company’s contributions to these plans were $41.7 million, $37.7 million and $36.5 million in 2023, 2022 and 2021, respectively. Beginning January 1, 2022, the Company has modified its supplemental savings plan such that participants can choose from a broader variety of investment options than were previously available for any contributions made subsequent to that date. Further, the Company has established a rabbi trust whereby the trust will hold investments that generally mirror the participants’ investment elections in the supplemental savings plan after January 1, 2022. The rabbi trust is considered a variable interest entity and it is consolidated in the Company’s financial statements because the Company is considered the primary beneficiary of the rabbi trust. As of February 4, 2024, the rabbi trust assets were $9.9 million. See Note 11, “Fair Value Measurements” for further discussion. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Feb. 04, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company grants stock-based awards under its Stock Incentive Plan (the “Plan”). Awards that may be granted under the Plan include, but are not limited to (i) service-based non-qualified stock options (“stock options”); (ii) service-based restricted stock units (“RSUs”); and (iii) contingently issuable performance share units (“PSUs”). 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. When estimating the grant date fair value of stock-based awards, the Company considers whether an adjustment is required to the closing price or the expected volatility of its common stock on the date of grant when the Company is in possession of material nonpublic information. No such adjustments were made to the grant date fair value of awards granted in any period presented. 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. 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 for awards made before June 22, 2023 and by 1.6 shares for awards made on or after June 22, 2023. Total shares available for grant at February 4, 2024 amounted to 5.1 million shares. Net income for 2023, 2022 and 2021 included $51.9 million, $46.6 million and $46.8 million, respectively, of pre-tax expense related to stock-based compensation, with related recognized income tax benefits of $6.3 million, $5.9 million and $6.2 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 in 2023, 2022 and 2021 were $8.0 million, $3.7 million and $7.6 million, respectively. The tax benefits realized included discrete net excess tax deficiencies of $1.0 million and $2.0 million recognized in the Company’s provision for income taxes during 2023 and 2022, respectively. Discrete net excess tax benefits recognized in the Company’s provision for income taxes during 2021 were immaterial. 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’ requisite service periods. The following summarizes the assumptions used to estimate the fair value of stock options granted during 2023, 2022 and 2021 and the resulting weighted average grant date fair value per stock option: 2023 2022 2021 Weighted average risk-free interest rate 3.33 % 2.50 % 1.24 % Weighted average expected stock option term (in years) 6.25 6.25 6.25 Weighted average Company volatility 50.60 % 47.34 % 47.58 % Expected annual dividends per share $ 0.15 $ 0.15 $ 0.15 Weighted average grant date fair value per stock option $ 43.47 $ 34.27 $ 48.28 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 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 year was as follows: (In thousands, except years and per stock option data) Stock Options Weighted Average Exercise Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 29, 2023 694 $ 98.08 4.9 $ 5,027 Granted 86 83.80 Exercised 180 99.00 Forfeited / Expired 87 105.74 Outstanding at February 4, 2024 513 $ 94.05 5.9 $ 15,996 Exercisable at February 4, 2024 313 $ 104.33 4.4 $ 7,312 The aggregate grant date fair value of stock options granted during 2023, 2022 and 2021 was $3.7 million, $4.6 million and $4.6 million, respectively. The aggregate grant date fair value of stock options that vested during 2023, 2022 and 2021 was $2.6 million, $1.7 million and $7.2 million, respectively. The aggregate intrinsic value of stock options exercised during 2023 and 2021 was $3.1 million and $9.7 million, respectively. There were no exercises in 2022. At February 4, 2024, there was $5.4 million of unrecognized pre-tax compensation expense related to non-vested stock options, which is expected to be recognized over a weighted average period of 1.7 years. RSUs RSUs granted to employees generally vest in four RSU activity for the year was as follows: (In thousands, except per RSU data) RSUs Weighted Average Non-vested at January 29, 2023 1,325 $ 77.33 Granted 652 84.10 Vested 569 76.23 Forfeited 233 81.57 Non-vested at February 4, 2024 1,175 $ 80.79 The aggregate grant date fair value of RSUs granted during 2023, 2022 and 2021 was $54.9 million, $53.6 million and $61.2 million, respectively. The aggregate grant date fair value of RSUs vested during 2023, 2022 and 2021 was $43.4 million, $39.3 million and $50.2 million, respectively. At February 4, 2024, there was $64.4 million of unrecognized pre-tax compensation expense related to non-vested RSUs, which is expected to be recognized over a weighted average period of 1.7 years. PSUs The Company currently has PSU awards outstanding subject to three Grant Year Goal for 50% of the Award Goal for 50% of the Award 2020 Company total shareholder return (“TSR”) relative to companies included in the S&P 500 as of the grant date Company’s absolute stock price growth during a three-year performance period 2021 Company TSR relative to a pre-established group of industry peers Company’s earnings before interest and taxes (“EBIT”) during fiscal 2021 2022 Company TSR relative to a pre-established group of industry peers Company’s cumulative EBIT during a fiscal three-year performance period 2023 Company TSR relative to a pre-established group of industry peers Company’s average return on invested capital (“ROIC”) during a fiscal three-year performance period For awards granted in 2020, the applicable three The Company records expense ratably over the three The grant date fair value of the awards granted is established as follows: (i) TSR-based portion of the awards uses a Monte Carlo simulation model and (ii) EBIT- and ROIC-based portion of the awards is based on the closing price of the Company’s common stock reduced for the present value of any dividends expected to be paid on such common stock during the three-year service period, as these contingently issuable PSUs do not accrue dividends. The following summarizes the assumptions used to estimate the fair value of PSUs subject to market conditions that were granted during 2023, 2022 and 2021 and the resulting weighted average grant date fair value: 2023 2022 2021 Weighted average risk-free interest rate 3.56 % 2.91 % 0.33 % Weighted average Company volatility 58.21 % 64.02 % 60.69 % Expected annual dividends per share $ 0.15 $ 0.15 $ 0.15 Weighted average grant date fair value per PSU $ 120.42 $ 103.36 $ 159.29 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. 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 grant date fair value was discounted 7.40%, 6.90% and 8.40% in 2023, 2022 and 2021, respectively, for the restriction of liquidity, which was calculated using the Finnerty model. Total PSU activity for the year was as follows: (In thousands, except per PSU data) PSUs Weighted Average Non-vested at January 29, 2023 244 $ 84.40 Granted 122 100.44 Increase due to market conditions achieved above target 36 58.39 Reduction due to market conditions not satisfied 18 71.92 Vested 139 61.69 Forfeited 9 103.03 Non-vested at February 4, 2024 236 $ 102.29 The aggregate grant date fair value of PSUs granted during 2023, 2022 and 2021 was $12.3 million, $6.3 million and $5.8 million, respectively. The aggregate grant date fair value of PSUs vested during 2023 was $8.6 million. No PSUs vested during 2022 and 2021. PSUs in the above table that remain subject to market conditions are reflected at the target level, which is consistent with how expense will be recorded, regardless of the numbers of shares that are expected to be earned. At February 4, 2024, there was $13.3 million of unrecognized pre-tax compensation expense related to non-vested PSUs, which is expected to be recognized over a weighted average period of 2.0 years. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Feb. 04, 2024 | |
Equity, Attributable to Parent [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY The Company’s Board of Directors has authorized over time beginning in 2015 an aggregate $5.0 billion stock repurchase program through July 30, 2028, which includes a $2.0 billion increase in the authorization and a four year extension of the program approved by the Board of Directors on March 27, 2024. 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. 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. Beginning January 1, 2023, the Company’s share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act. During 2023, 2022 and 2021, the Company purchased 5.7 million shares, 6.2 million shares and 3.3 million shares, respectively, of its common stock under the program in open market transactions for $549.8 million (excluding excise taxes of $4.9 million), $399.4 million and $349.7 million, respectively. As of February 4, 2024, the repurchased shares were held as treasury stock and $273.7 million of the authorization remained available for future share repurchases, excluding excise taxes, as the excise taxes do not reduce the authorized amount remaining. Treasury stock activity also includes shares that were withheld in conjunction with the settlement of RSUs and PSUs to satisfy tax withholding requirements. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended |
Feb. 04, 2024 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents the changes in AOCL, net of related taxes, by component: (In millions) Foreign currency translation adjustments Net unrealized and realized (loss) gain on effective cash flow hedges Total Balance at January 31, 2021 $ (481.6) $ (37.5) $ (519.1) Other comprehensive (loss) income before reclassifications (184.3) (1)(2) 88.1 (96.2) Less: Amounts reclassified from AOCL — (2.6) (2.6) Other comprehensive (loss) income (184.3) 90.7 (93.6) Balance at January 30, 2022 $ (665.9) $ 53.2 $ (612.7) Other comprehensive loss before reclassifications (47.6) (1)(2) (36.0) (83.6) Less: Amounts reclassified from AOCL (3.4) (3) 20.2 16.8 Other comprehensive loss (44.2) (56.2) (100.4) Balance at January 29, 2023 $ (710.1) $ (3.0) $ (713.1) Other comprehensive (loss) income before reclassifications (56.2) (1)(4) 25.8 (30.4) Less: Amounts reclassified from AOCL 2.4 7.7 10.1 Other comprehensive (loss) income (58.6) 18.1 (40.5) Balance at February 4, 2024 $ (768.7) $ 15.1 $ (753.6) (1) Foreign currency translation adjustments included a net gain on net investment hedges of $12.7 million, $24.1 million and $83.8 million in 2023, 2022 and 2021, respectively. (2) Unfavorable foreign currency translation adjustments were principally driven by a strengthening of the United States dollar against the euro. (3) Foreign currency translation adjustment losses were reclassified from AOCL during 2022 in connection with the Karl Lagerfeld transaction. Please see Note 5, “Investments in Unconsolidated Affiliates,” for further discussion. (4) Unfavorable foreign currency translation adjustments were principally driven by a strengthening of the United States dollar against certain currencies in the Asia-Pacific region (primarily the strengthening of the United States dollar against both the Chinese yuan and the Australian dollar) and a strengthening of the United States dollar against the euro. The following table presents reclassifications from AOCL to earnings: Amount Reclassified from AOCL Affected Line Item in the Company’s Consolidated Statements of Operations (In millions) 2023 2022 2021 Realized gain (loss) on effective cash flow hedges: Foreign currency forward contracts (inventory purchases) $ 11.1 $ 27.6 $ (1.8) Cost of goods sold Interest rate swap agreements — — (1.5) SG&A expenses (1) Interest rate swap agreements — — (3.0) Interest expense Less: Tax effect 3.4 7.4 (3.7) Income tax expense Total, net of tax $ 7.7 $ 20.2 $ (2.6) Foreign currency translation adjustments: Karl Lagerfeld transaction $ — $ (3.4) (2) $ — Equity in net income of unconsolidated affiliates Cross-currency swap contracts (net investment hedges) 3.2 — — Interest expense Less: Tax effect 0.8 — — Income tax expense Total, net of tax $ 2.4 $ (3.4) $ — (1) The Company dedesignated certain cash flow hedges related to its interest rate swap agreements during 2021. Please see Note 10, “Derivative Financial Instruments,” for further discussion. (2) Foreign currency translation adjustment losses were reclassified from AOCL during 2022 in connection with the Karl Lagerfeld transaction. Please see Note 5, “Investments in Unconsolidated Affiliates,” for further discussion. |
LEASES
LEASES | 12 Months Ended |
Feb. 04, 2024 | |
Leases [Abstract] | |
LEASES | LEASES The components of the net lease cost were as follows: (In millions) Line Item in the Company’s Consolidated Statements of Operations 2023 2022 2021 Finance lease cost: Amortization of right-of-use-assets SG&A expenses (depreciation and amortization) $ 4.2 $ 4.2 $ 4.9 Interest on lease liabilities Interest expense 0.2 0.2 0.3 Total finance lease cost 4.4 4.4 5.2 Operating lease cost SG&A expenses 402.3 401.4 451.8 Short-term lease cost SG&A expenses 41.7 35.9 32.1 Variable lease cost SG&A expenses 132.3 116.2 100.5 Less: sublease income SG&A expenses (5.3) (4.7) (1.5) Total net lease cost $ 575.4 $ 553.2 $ 588.1 The Company had 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 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 were recorded as a reduction to variable lease expense included in SG&A expenses in the Company’s Consolidated Statements of Operations. The Company recorded $4.8 million and $26.9 million of rent abatements during 2022 and 2021, respectively. No material rent abatements were recorded during 2023. Rent deferrals had no impact to lease expense and amounts deferred and payable in future periods were included in the current portion of operating lease liabilities in the Company’s Consolidated Balance Sheets. Supplemental balance sheet information related to leases was as follows: (In millions) Line Item in the Company’s Consolidated Balance Sheets 2023 2022 Right-of-use assets: Operating lease Operating lease right-of-use assets $ 1,213.8 $ 1,295.7 Finance lease Property, plant and equipment, net 8.8 10.9 $ 1,222.6 $ 1,306.6 Current lease liabilities: Operating lease Current portion of operating lease liabilities $ 288.9 $ 353.7 Finance lease Accrued expenses 4.1 4.5 $ 293.0 $ 358.2 Other lease liabilities: Operating lease Long-term portion of operating lease liabilities $ 1,075.8 $ 1,140.0 Finance lease Other liabilities 5.6 7.3 $ 1,081.4 $ 1,147.3 Supplemental cash flow information related to leases was as follows: (In millions) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 446.2 $ 450.8 $ 484.0 Operating cash flows from finance leases 0.2 0.2 0.3 Financing cash flows from finance leases 4.6 4.7 5.2 Noncash transactions: Right-of-use assets obtained in exchange for new operating lease liabilities $ 278.4 $ 338.6 $ 267.3 Right-of-use assets obtained in exchange for new finance lease liabilities 4.0 8.2 2.6 The following summarizes the weighted average remaining lease terms and weighted average discount rates related to the Company’s right-of-use assets and lease liabilities recorded on the balance sheet: 2023 2022 Weighted average remaining lease term (years): Operating leases 6.10 6.13 Finance leases 2.55 3.19 Weighted average discount rate: Operating leases 4.64 % 4.10 % Finance leases 2.17 % 2.09 % At February 4, 2024, the maturities of the Company’s lease liabilities were as follows: (In millions) Finance Operating Total 2024 $ 4.3 $ 341.7 $ 346.0 2025 3.3 297.0 300.3 2026 2.0 236.9 238.9 2027 0.3 199.8 200.1 2028 0.1 155.7 155.8 Thereafter — 352.3 352.3 Total lease payments $ 10.0 $ 1,583.4 $ 1,593.4 Less: Interest (0.3) (218.7) (219.0) Total lease liabilities $ 9.7 $ 1,364.7 $ 1,374.4 |
EXIT ACTIVITY COSTS
EXIT ACTIVITY COSTS | 12 Months Ended |
Feb. 04, 2024 | |
EXIT ACTIVITY COSTS [Abstract] | |
EXIT ACTIVITY COSTS | EXIT ACTIVITY COSTS 2022 Cost Savings Initiative The Company announced in August 2022 it would be taking steps to streamline its organization and simplify its ways of working. Included in this was a planned reduction in people costs in its global offices by approximately 10% by the end of 2023 to drive efficiencies and enable continued strategic investments to fuel growth, including in digital, supply chain and consumer engagement. The Company expects these reductions will generate annual cost savings of over $100 million, net of continued strategic people investments. In connection with this initiative, the Company recorded pre-tax costs during 2022 and 2023 as shown in the following table. All expected costs related to this initiative were incurred by the end of 2023. (In millions) Costs Incurred During 2022 Costs Incurred During 2023 Cumulative Costs Incurred Severance, termination benefits and other employee costs $ 20.2 $ 61.3 $ 81.5 The pre-tax costs incurred in connection with the 2022 cost savings initiative were recorded in SG&A expenses of the Company’s segments as follows: (In millions) Costs Incurred During 2022 Costs Incurred During 2023 Cumulative Costs Incurred Tommy Hilfiger North America $ 4.7 $ 12.7 $ 17.4 Tommy Hilfiger International 2.5 17.3 19.8 Calvin Klein North America 4.6 9.1 13.7 Calvin Klein International 3.5 10.8 14.3 Heritage Brands Wholesale 2.6 7.8 10.4 Corporate (1) 2.3 3.6 5.9 Total $ 20.2 $ 61.3 $ 81.5 (1) Corporate expenses are not allocated to any reportable segment. Please see Note 20, “Segment Data,” for further discussion of the Company’s reportable segments. The liabilities 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 1/29/23 Costs Incurred During 2023 Costs Paid During 2023 Liability at 2/4/24 Severance, termination benefits and other employee costs $ 13.2 $ 61.3 $ 54.1 $ 20.4 Russia Business Exit Costs As a result of the war in Ukraine, the Company made the decision in 2022 to exit from its Russia business, including the closure of its retail stores in Russia and the cessation of its wholesale operations in Russia and Belarus. In connection with this exit, the Company recorded pre-tax costs during 2022 as shown in the following table. All expected costs related to the exit from the Russia business were incurred during 2022. (In millions) Costs Incurred During 2022 Severance, termination benefits and other employee costs $ 2.1 Long-lived asset impairments 43.6 Gain on lease terminations, net of contract termination and other costs (1) (2.7) Total $ 43.0 (1) Gain on lease terminations, net of contract termination and other costs includes a $7.5 million gain related to the early termination of certain store lease agreements and $4.8 million of contract termination and other costs. The pre-tax costs incurred in connection with the exit from the Russia business were recorded in SG&A expenses of the Company’s segments as follows: $31.6 million in the Tommy Hilfiger International segment and $11.4 million in the Calvin Klein International segment. Please see Note 20, “Segment Data,” for further discussion of the Company’s reportable segments. Please see Note 11, “Fair Value Measurements,” for further discussion of the long-lived asset impairments recorded during 2022. The liabilities 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 1/29/23 Costs Paid During 2023 Liability at 2/4/24 Severance, termination benefits and other employee costs $ 0.4 $ 0.4 $ — Contract termination and other costs 0.5 0.5 — Total $ 0.9 $ 0.9 $ — 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 resulted in annual cost savings of approximately $60 million. In connection with these activities, the Company recorded pre-tax costs during 2021 as shown in the following table. All expected costs related to the 2021 reductions in workforce and real estate footprint were incurred by the end of 2021. (In millions) Costs Incurred During 2021 Severance, termination benefits and other employee costs $ 15.7 Long-lived asset impairments 28.1 Contract termination and other costs 3.8 Total $ 47.6 The pre-tax costs incurred in connection with the 2021 reductions in workforce and real estate footprint were recorded in SG&A expenses of the Company’s segments as follows: (In millions) Costs Incurred During 2021 Tommy Hilfiger North America $ 1.7 Tommy Hilfiger International 8.9 Calvin Klein North America 2.1 Calvin Klein International 6.4 Corporate (1) 28.5 Total $ 47.6 (1) Corporate expenses are not allocated to any reportable segment. Please see Note 20, “Segment Data,” for further discussion of the Company’s reportable segments. Please see Note 11, “Fair Value Measurements,” for further discussion of the long-lived asset impairments recorded during 2021. The liabilities 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 1/29/23 Costs Paid During 2023 Liability at 2/4/24 Severance, termination benefits and other employee costs $ 2.8 $ 2.6 $ 0.2 Heritage Brands Retail Exit Costs The Company announced in July 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 completed in 2021. In connection with the exit from the Heritage Brands Retail business, the Company recorded pre-tax costs during 2020 and 2021 as shown in the following table. All expected costs related to the exit from the Heritage Brands Retail business were incurred by the end of 2021. (In millions) Costs Incurred During 2020 Costs Incurred During 2021 Cumulative Costs Incurred Severance, termination benefits and other employee costs $ 14.6 $ 10.8 $ 25.4 Long-lived asset impairments 7.2 — 7.2 Accelerated amortization of lease assets 7.2 5.9 13.1 Contract termination and other costs — 4.4 4.4 Total $ 29.0 $ 21.1 $ 50.1 The costs incurred during 2020 and 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 related to these costs were paid as of January 29, 2023. |
NET INCOME PER COMMON SHARE
NET INCOME PER COMMON SHARE | 12 Months Ended |
Feb. 04, 2024 | |
Earnings Per Share [Abstract] | |
NET INCOME PER COMMON SHARE | NET INCOME PER COMMON SHARE The Company computed its basic and diluted net income per common share as follows: (In millions, except per share data) 2023 2022 2021 Net income attributable to PVH Corp. $ 663.6 $ 200.4 $ 952.3 Weighted average common shares outstanding for basic net income per common share 61.0 65.7 70.8 Weighted average impact of dilutive securities 0.7 0.5 1.1 Total shares for diluted net income per common share 61.7 66.2 71.9 Basic net income per common share attributable to PVH Corp. $ 10.88 $ 3.05 $ 13.45 Diluted net income per common share attributable to PVH Corp. $ 10.76 $ 3.03 $ 13.25 Potentially dilutive securities excluded from the calculation of diluted net income per common share as the effect would be anti-dilutive were as follows: (In millions) 2023 2022 2021 Weighted average potentially dilutive securities 0.8 1.4 0.7 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 per common share for that period. The Company had contingently issuable PSU awards outstanding that did not meet the performance conditions as of February 4, 2024, January 29, 2023 and January 30, 2022 and, therefore, were excluded from the calculation of diluted net income per common share for each applicable year. The maximum number of potentially dilutive shares that could be issued upon vesting for such awards was 0.1 million, 0.2 million and 0.2 million as of February 4, 2024, January 29, 2023 and January 30, 2022, 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 | 12 Months Ended |
Feb. 04, 2024 | |
Notes to Financial Statements [Abstract] | |
Cash Flow, Supplemental Disclosures | SUPPLEMENTAL CASH FLOW INFORMATION Omitted from the Company’s Consolidated Statement of Cash Flows for 2023 were capital expenditures related to property, plant and equipment of $27.7 million, which will not be paid until 2024. The Company paid $39.4 million in cash during 2023 related to property, plant and equipment that was acquired in 2022. This amount was omitted from the Company’s Consolidated Statement of Cash Flows for 2022. The Company paid $45.9 million in cash during 2022 related to property, plant and equipment that was acquired in 2021. This amount was omitted from the Company’s Consolidated Statement of Cash Flows for 2021. Omitted from acquisition of treasury shares in the Company’s Consolidated Statements of Cash Flows were (i) for 2023 and 2021, $2.1 million and $6.0 million, respectively, of shares repurchased under the stock repurchase program for which the trades occurred but remained unsettled as of the end of the respective periods and (ii) for 2023, $4.9 million of accruals for excise taxes on share repurchases. |
SEGMENT DATA
SEGMENT DATA | 12 Months Ended |
Feb. 04, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT DATA | SEGMENT DATA The Company manages its operations through its operating divisions, which are presented as its 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) through the second quarter of 2021, Heritage Brands Retail which has ceased operations. 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 and off-price 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 investments in its unconsolidated affiliate in Mexico and its unconsolidated PVH Legwear affiliate relating to each 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 investments in its unconsolidated affiliate in India, relating to the affiliate’s Tommy Hilfiger business, and its unconsolidated affiliate in Brazil. 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 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 investments in its unconsolidated affiliate in Mexico and its unconsolidated PVH Legwear affiliate relating to each 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 primarily in North America of (i) women’s intimate apparel under the Warner’s, Olga and True&Co. brands until November 27, 2023, when the Company completed the Heritage Brands intimates transaction; (ii) men’s underwear under the Nike brand, which is licensed; (iii) men’s dress shirts under the Van Heusen brand, which is licensed, as well as under various other licensed brand names; and (iv) men’s sportswear, bottoms and outerwear principally under the Van Heusen , IZOD and ARROW trademarks until August 2, 2021, when the Company completed the Heritage Brands menswear transaction. Please see Note 3, “Acquisitions and Divestitures,” for further discussion of the Heritage Brands intimates transaction and the Heritage Brands menswear transaction. This segment also derived revenue from Company operated digital commerce sites in the United States for Van Heusen and IZOD , which ceased operations during 2021 in connection with the Heritage Brands menswear transaction. This segment also includes the Company’s proportionate share of the net income or loss of its investments in its unconsolidated affiliate in Mexico and its unconsolidated PVH Legwear affiliate relating to each affiliate’s business under various owned and licensed brand names. Heritage Brands Retail Segment - This segment consisted 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 through which the Company marketed a selection of Van Heusen , IZOD and Warner’s apparel, accessories and related products directly to consumers. The Company completed the exit from its Heritage Brands Retail business during 2021 and as a result, the Company’s Heritage Brands Retail segment has ceased operations. Please see Note 17, “Exit Activity Costs,” for further discussion. The Company’s revenue by segment was as follows: (In millions) 2023 (1) 2022 (1) 2021 (1) Revenue – Tommy Hilfiger North America Net sales $ 1,262.7 $ 1,185.0 $ 1,086.0 Royalty revenue 88.5 86.0 79.0 Advertising and other revenue 20.5 21.7 19.8 Total 1,371.7 1,292.7 1,184.8 Revenue – Tommy Hilfiger International Net sales 3,376.3 3,282.1 3,446.6 Royalty revenue 58.6 61.9 56.8 Advertising and other revenue 18.0 20.7 15.5 Total 3,452.9 3,364.7 3,518.9 Revenue – Calvin Klein North America Net sales 1,112.4 1,205.6 1,129.5 Royalty revenue 165.2 170.1 145.6 Advertising and other revenue 47.0 54.7 46.6 Total 1,324.6 1,430.4 1,321.7 Revenue – Calvin Klein International Net sales 2,523.0 2,290.3 2,283.1 Royalty revenue 55.0 53.1 48.3 Advertising and other revenue 11.9 9.6 7.2 Total 2,589.9 2,353.0 2,338.6 Revenue – Heritage Brands Wholesale Net sales 477.4 581.9 702.9 Royalty revenue 0.9 0.9 10.4 Advertising and other revenue 0.3 0.6 1.8 Total 478.6 583.4 715.1 Revenue – Heritage Brands Retail Net sales — — 75.6 Total — — 75.6 Total Revenue Net sales 8,751.8 8,544.9 8,723.7 Royalty revenue 368.2 372.0 340.1 Advertising and other revenue 97.7 107.3 90.9 Total (2) $ 9,217.7 $ 9,024.2 $ 9,154.7 (1) Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. (2) No single customer accounted for more than 5% of the Company’s revenue in 2023, 2022 or 2021. The Company’s revenue by distribution channel was as follows: (In millions) 2023 (1) 2022 (1) 2021 (1) Wholesale net sales $ 4,554.7 $ 4,704.0 $ 4,860.9 Owned and operated retail stores 3,399.8 3,118.2 3,087.1 Owned and operated digital commerce sites 797.3 722.7 775.7 Retail net sales 4,197.1 3,840.9 3,862.8 Net sales 8,751.8 8,544.9 8,723.7 Royalty revenue 368.2 372.0 340.1 Advertising and other revenue 97.7 107.3 90.9 Total $ 9,217.7 $ 9,024.2 $ 9,154.7 (1) Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. The Company has not disclosed net sales by product category as it is impracticable to do so. The Company’s income (loss) before interest and taxes by segment was as follows: (In millions) 2023 (1) 2022 (1) 2021 (1) Income (loss) before interest and taxes – Tommy Hilfiger North America $ 93.5 (2) $ (175.4) (5)(6) $ 21.2 (9) Income before interest and taxes – Tommy Hilfiger International 454.6 (2) 514.8 (6)(7) 654.2 (9) Income (loss) before interest and taxes – Calvin Klein North America 107.6 (2) (81.9) (5)(6) 78.0 (9) Income before interest and taxes – Calvin Klein International 386.0 (2) 252.6 (5)(6)(7) 377.6 (9) Income before interest and taxes – Heritage Brands Wholesale 39.3 (2)(3) 47.4 (6) 160.9 (10) Loss before interest and taxes – Heritage Brands Retail — — (33.9) (11) Loss before interest and taxes – Corporate (4) (152.2) (2) (86.8) (6)(8) (181.1) (9) Income before interest and taxes $ 928.8 $ 470.7 $ 1,076.9 (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) Income (loss) before interest and taxes for 2023 included costs of $61.3 million incurred related to the 2022 cost savings initiative described in Note 17, “Exit Activity Costs,” consisting principally of severance. Such costs were included in the Company’s segments as follows: $12.7 million in Tommy Hilfiger North America, $17.3 million in Tommy Hilfiger International, $9.1 million in Calvin Klein North America, $10.8 million in Calvin Klein International, $7.8 million in Heritage Brands Wholesale and $3.6 million in corporate expenses not allocated to any reportable segments. Please see Note 17, “Exit Activity Costs,” for further discussion. (3) Income before interest and taxes for 2023 included an aggregate net gain of $13.5 million in connection with the Heritage Brands intimates transaction, consisting of (i) a $15.3 million gain, including a gain on the sale, less costs to sell, partially offset by (ii) $1.8 million of severance and other termination benefits. Please see Note 3, “Acquisitions and Divestitures,” for further discussion. (4) Includes corporate expenses not allocated to any reportable segments, the results of PVH Ethiopia (through the closure of the Ethiopia factory in 2021) and the Company’s proportionate share of the net income or loss of its investment in Karl Lagerfeld prior to the closing of the Karl Lagerfeld transaction in 2022. Please see Note 5, “Investments in Unconsolidated Affiliates,” for further discussion of the Company’s investment in Karl Lagerfeld and Note 6, “Redeemable Non-Controlling Interest,” for further discussion of PVH Ethiopia. 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, certain global strategic initiatives and actuarial gains and losses on the Company’s Pension Plans, SERP Plans and Postretirement Plans. Actuarial gains on the Company’s Pension Plans, SERP Plans and Postretirement Plans totaled $45.5 million, $78.4 million and $48.7 million in 2023, 2022 and 2021, respectively. (5) (Loss) income before interest and taxes for 2022 included a noncash goodwill impairment charge of $417.1 million. The goodwill impairment charge was included in the Company’s segments as follows: $177.2 million in Tommy Hilfiger North America, $162.6 million in Calvin Klein North America and $77.3 million in Calvin Klein International. Please see Note 7, “Goodwill and Other Intangible Assets,” for further discussion. (6) (Loss) income before interest and taxes for 2022 included costs of $20.2 million incurred related to the 2022 cost savings initiative described in Note 17, “Exit Activity Costs,” consisting principally of severance. Such costs were included in the Company’s segments as follows: $4.7 million in Tommy Hilfiger North America, $2.5 million in Tommy Hilfiger International, $4.6 million in Calvin Klein North America, $3.5 million in Calvin Klein International, $2.6 million in Heritage Brands Wholesale and $2.3 in corporate expenses not allocated to any reportable segments. Please see Note 17, “Exit Activity Costs,” for further discussion. (7) Income before interest and taxes for 2022 included net costs of $43.0 million incurred in connection with the Company’s decision to exit from its Russia business, principally consisting of noncash asset impairments . Such costs were included in the Company’s segments as follows: $31.6 million in Tommy Hilfiger International and $11.4 million in Calvin Klein International. Please see Note 17, “Exit Activity Costs,” for further discussion. (8) Loss before interest and taxes for 2022 included a gain of $16.1 million in connection with the Karl Lagerfeld transaction. Please see Note 5, “Investments in Unconsolidated Affiliates,” for further discussion. (9) Income (loss) before interest and taxes for 2021 included costs of $ 47.6 (10) Income before interest and taxes for 2021 included an aggregate net gain of $113.4 million in connection with the Heritage Brands menswear transaction, consisting of (i) a $118.9 million gain, including a gain on the sale, less costs to sell, and a net gain on the Company’s retirement plans associated with the transaction, partially offset by (ii) $5.5 million of severance costs. Please see Note 3, “Acquisitions and Divestitures,” for further discussion. (11) Loss before interest and taxes for 2021 included costs and operating losses, associated with the wind down of the Heritage Brands Retail business that was completed in 2021. Please see Note 17, “Exit Activity Costs,” for further discussion. Intersegment transactions, which primarily consist of transfers of inventory, are not material. The Company’s identifiable assets, depreciation and amortization, and identifiable capital expenditures by segment were as follows: (In millions) 2023 2022 2021 Identifiable Assets (1)(2) Tommy Hilfiger North America $ 1,185.3 $ 1,296.3 $ 1,409.8 Tommy Hilfiger International 4,667.6 4,875.4 4,913.2 Calvin Klein North America 1,354.7 1,527.2 1,609.8 Calvin Klein International 3,005.2 3,099.7 3,164.0 Heritage Brands Wholesale (3) 136.9 410.4 420.0 Corporate (4) 823.2 559.3 880.0 Total $ 11,172.9 $ 11,768.3 $ 12,396.8 Depreciation and Amortization Tommy Hilfiger North America $ 29.5 $ 30.5 $ 32.5 Tommy Hilfiger International 131.1 125.0 130.2 Calvin Klein North America 24.8 29.6 31.6 Calvin Klein International 95.8 94.3 94.9 Heritage Brands Wholesale 5.8 10.7 11.2 Heritage Brands Retail — — 0.3 Corporate 11.6 11.4 12.6 Total $ 298.6 $ 301.5 $ 313.3 Identifiable Capital Expenditures (5) Tommy Hilfiger North America $ 14.2 $ 14.5 $ 19.2 Tommy Hilfiger International 118.7 140.9 138.4 Calvin Klein North America 6.3 14.4 22.6 Calvin Klein International 88.8 103.7 85.7 Heritage Brands Wholesale 2.7 6.6 10.9 Corporate 2.3 3.5 4.9 Total $ 233.0 $ 283.6 $ 281.7 (1) Identifiable assets included the impact of changes in foreign currency exchange rates. (2) Identifiable assets in 2022 included a reduction of $417.1 million related to the noncash goodwill impairment. Please see Note 7, “Goodwill and Other Intangible Assets,” for further discussion. (3) Identifiable assets in 2023 included a reduction of $140.3 million related to the Heritage Brands intimates transaction. Please see Note 3, “Acquisitions and Divestitures,” for further discussion. (4) The changes in Corporate identifiable assets in 2023 and 2022 were primarily due to changes in cash and cash equivalents. (5) Capital expenditures in 2023 included $27.7 million of accruals that will not be paid until 2024. Capital expenditures in 2022 included $39.4 million of accruals that were not paid until 2023. Capital expenditures in 2021 included $45.9 million of accruals that were not paid until 2022. Property, plant and equipment, net based on the location where such assets are held, was as follows: (In millions) 2023 (1) 2022 (1) 2021 (1) Domestic $ 333.6 $ 384.3 $ 429.0 Canada 8.0 10.4 13.8 Europe 415.0 406.4 378.7 Asia-Pacific 103.7 101.1 82.8 Other foreign 2.3 1.8 1.8 Total $ 862.6 $ 904.0 $ 906.1 (1) Property, plant and equipment, net included the impact of changes in foreign currency exchange rates. Revenue, based on location of origin, was as follows: (In millions) 2023 (1) 2022 (1) 2021 (1) Domestic $ 2,715.1 $ 2,854.9 $ 2,894.7 Canada 349.1 347.6 313.3 Europe 4,378.6 4,204.0 4,392.3 Asia-Pacific 1,643.5 1,492.3 1,454.4 Other foreign 131.4 125.4 100.0 Total $ 9,217.7 $ 9,024.2 $ 9,154.7 (1) |
GUARANTEES
GUARANTEES | 12 Months Ended |
Feb. 04, 2024 | |
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 February 4, 2024 was approximately $6.0 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 February 4, 2024 and January 29, 2023 . 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 February 4, 2024 was approximately $4.4 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 2024 and 2028. The liability for these guarantee obligations was immaterial as of February 4, 2024 and January 29, 2023. |
OTHER COMMENTS
OTHER COMMENTS | 12 Months Ended |
Feb. 04, 2024 | |
Other Comments [Abstract] | |
OTHER COMMENTS | OTHER COMMENTS Asset Retirement Liabilities The Company’s asset retirement liabilities are included in accrued expenses and other liabilities in the Company’s Consolidated Balance Sheets and relate to the Company’s obligation to dismantle or remove leasehold improvements from leased office, retail store or warehouse locations at the end of a lease term in order to restore a facility to a condition specified in the lease agreement. The Company records the fair value of the liability for asset retirement obligations in the period in which it is legally or contractually incurred. Upon initial recognition of the asset retirement liability, an asset retirement cost is capitalized by increasing the carrying amount of the asset by the same amount as the liability. In periods subsequent to initial measurement, the asset retirement cost is recognized as expense through depreciation over the asset’s useful life. Changes in the liability for the asset retirement obligations are recognized for the passage of time and revisions to either the timing or the amount of estimated cash flows. Accretion expense is recognized in SG&A expenses for the impacts of increasing the discounted fair value to its estimated settlement value. The following table presents the activity related to the Company’s asset retirement liabilities, included in accrued expenses and other liabilities in the Company’s Consolidated Balance Sheets, for each of the last two years: (In millions) 2023 2022 Balance at beginning of year $ 44.7 $ 45.6 Liabilities incurred 2.7 4.1 Liabilities settled (payments) (9.3) (5.6) Accretion expense 0.4 0.6 Revisions in estimated cash flows 0.6 1.8 Currency translation adjustment (1.8) (1.8) Balance at end of year $ 37.3 $ 44.7 Litigation The Company is a party to certain litigation which, in management’s judgment, based in part on the opinions of legal counsel, will not have a material adverse effect on the Company’s financial position. Supply Chain Finance Program The Company has a voluntary supply chain finance program (the “SCF program”) administered through a third party platform that provides the Company’s inventory suppliers with the opportunity to sell their receivables due from the Company to participating financial institutions in advance of the invoice due date, at the sole discretion of both the suppliers and the financial institutions. The Company is not a party to the agreements between the suppliers and the financial institutions and has no economic interest in a supplier’s decision to sell a receivable. The Company’s payment obligations, including the amounts due and payment terms, which generally do not exceed 90 days, are not impacted by suppliers’ participation in the SCF program. Accordingly, amounts due to suppliers that elected to participate in the SCF program are included in accounts payable in the Company’s Consolidated Balance Sheets and the corresponding payments are reflected in cash flows from operating activities in the Company’s Consolidated Statements of Cash Flows. Suppliers had elected to sell $ 423.4 506.8 |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Feb. 04, 2024 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
VALUATION AND QUALIFYING ACCOUNTS | VALUATION AND QUALIFYING ACCOUNTS (In millions) Column A Column B Column C Column D Column E Additions Charged to Costs and Expenses Additions Charged to Balance at Beginning Balance Description Deductions Year Ended February 4, 2024 Allowance for credit losses $ 42.6 $ 4.6 $ — $ 6.1 (1) $ 41.1 Allowance/accrual for operational chargebacks and customer markdowns 120.9 229.2 — 267.0 83.1 Valuation allowance for deferred income tax assets 72.9 17.3 — 16.5 73.7 Year Ended January 29, 2023 Allowance for credit losses $ 61.9 $ 2.9 $ — $ 22.2 (1) $ 42.6 Allowance/accrual for operational chargebacks and customer markdowns 133.7 243.3 — 256.1 120.9 Valuation allowance for deferred income tax assets 69.3 19.5 — 15.9 72.9 Year Ended January 30, 2022 Allowance for credit losses $ 69.6 $ — $ — $ 7.7 (2) $ 61.9 Allowance/accrual for operational chargebacks and customer markdowns 165.1 266.9 — 298.3 133.7 Valuation allowance for deferred income tax assets 62.2 17.1 — 10.0 69.3 (1) Principally accounts written off as uncollectibles and recoveries. (2) Principally includes changes due to foreign currency translation. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |
Pay vs Performance Disclosure | |||
Net income attributable to PVH Corp. | $ 663.6 | $ 200.4 | $ 952.3 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Feb. 04, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Feb. 04, 2024 | |
Accounting Policies [Abstract] | |
Lessee, Leases [Policy Text Block] | Leases — The Company leases approximately 1,400 Company-operated free-standing retail store locations across more than 35 countries, generally with initial lease terms of three ten ten one five The Company recognizes right-of-use assets and lease liabilities at the lease commencement date based on the present value of fixed lease payments over the expected lease term. The Company uses its incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable for the Company’s leases. The Company’s incremental borrowing rates are based on the term of the lease, the economic environment of the lease, and the effect of collateralization. Certain leases include one or more renewal options, generally for the same period as the initial term of the lease. The exercise of lease renewal options is generally at the Company’s sole discretion and the Company typically determines that exercise of these renewal options is not reasonably certain until executed. As a result, the Company does not include the renewal option period in the expected lease term and the associated lease payments are not included in the initial measurement of the right-of-use asset and lease liability. Certain leases also contain termination options with an associated penalty. Generally, the Company is reasonably certain not to exercise these options and as such, they are not included in the determination of the initial expected lease term. Operating leases are included in operating lease right-of-use assets, current portion of operating lease liabilities and long-term portion of operating lease liabilities in the Company’s Consolidated Balance Sheets. The Company recognizes operating lease expense on a straight-line basis over the lease term unless the operating lease right-of-use assets have been previously impaired. Finance leases are included in property, plant and equipment, net, accrued expenses and other liabilities in the Company’s Consolidated Balance Sheets. Leases with an initial lease term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Leases generally provide for payments of nonlease components, such as common area maintenance, real estate taxes and other costs associated with the leased property. For lease agreements entered into or modified after February 3, 2019, the Company accounts for lease components and nonlease components together as a single lease component and, as such, includes fixed payments of nonlease components in the measurement of the right-of-use assets and lease liabilities. Variable lease payments, such as percentage rentals based on location sales, periodic adjustments for inflation, reimbursement of real estate taxes, any variable common area maintenance and any other variable costs associated with the leased property are expensed as incurred as variable lease costs and are not recorded on the Company’s Consolidated Balance Sheets. The Company’s lease agreements do not contain any material residual value guarantees or material restrictions or covenants. Please see Note 16, “Leases,” for further discussion. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Fiscal Period [Policy Text Block] | Fiscal Year |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates — The preparation of the consolidated financial statements in conformity with U.S. GAAP 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 the estimates due to risks and uncertainties, including the impacts of inflationary pressures globally, and the war in Ukraine and the Israel-Hamas war and their broader macroeconomic implications, on the Company’s business. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents — The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash equivalents also includes amounts due from third party credit card processors for the settlement of customer debit and credit card transactions that are collectible in one week or less. The Company’s cash and cash equivalents at February 4, 2024 consisted principally of bank deposits and investments in money market funds. |
Accounts Receivable [Policy Text Block] | Accounts Receivable — Trade receivables, as presented in the Company’s Consolidated Balance Sheets, are net of allowances. Costs associated with allowable customer markdowns and operational chargebacks, net of the expected recoveries, are part of the provision for allowances included in accounts receivable. These provisions result from seasonal negotiations, historical experience, and an evaluation of current market conditions. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets — The Company assesses the recoverability of goodwill 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. A reporting unit is defined as an operating segment or one level below the operating segment, called a component. However, two or more components of an operating segment will be aggregated and deemed a single reporting unit if the components have similar economic characteristics. The Company assesses qualitative factors to determine whether it is necessary to perform a more detailed quantitative goodwill impairment test. The Company may elect to bypass the qualitative assessment and proceed directly to the quantitative test for any reporting unit. When performing the quantitative test, an impairment loss is recognized if the carrying amount of the reporting unit, including goodwill, exceeds its fair value (the fair value of a reporting unit is estimated using a discounted cash flow model). The impairment loss recognized is equal to the amount by which the carrying amount exceeds the fair value, but is limited to the total amount of goodwill allocated to that reporting unit. The Company recorded pre-tax noncash goodwill impairment charges of $417.1 million in the third quarter of 2022 as a result of its annual goodwill impairment test. The impairment charge was included in goodwill impairment in the Company’s Consolidated Statement of Operations. The impairment was non-operational and driven primarily by a significant increase in discount rates, as a result of the then-current economic conditions. The Company did not record any goodwill impairments in 2023 or 2021. Please see Note 7, “Goodwill and Other Intangible Assets,” for further discussion. Indefinite-lived intangible assets not subject to amortization are tested for impairment 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. Indefinite-lived intangible assets and intangible assets with finite lives are tested for impairment prior to assessing the recoverability of goodwill. The Company assesses qualitative factors to determine whether it is necessary to perform a more detailed quantitative impairment test for its indefinite-lived intangible assets. The Company may elect to bypass the qualitative assessment and proceed directly to the quantitative impairment test. When performing the quantitative test, an impairment loss is recognized if the carrying amount of the asset exceeds the fair value of the asset, which is generally determined using the estimated discounted cash flows associated with the asset’s use. Intangible assets with finite lives are amortized over their estimated useful lives and are tested for impairment along with other long-lived assets when events and circumstances indicate that the assets might be impaired. The Company did not record any intangible asset impairments in 2023, 2022 or 2021. Please see Note 7, “Goodwill and Other Intangible Assets,” for further discussion. |
Impairment or Disposal of Long-Lived Intangible Assets, Impairment, Policy [Policy Text Block] | Asset Impairments — The Company reviews for impairment of long-lived assets (excluding goodwill and other indefinite-lived intangible assets) when events and circumstances indicate that the assets might be impaired. The Company records an impairment loss when the carrying amount of the asset is not recoverable and exceeds its fair value. Please see Note 11, “Fair Value Measurements,” for further discussion. |
Inventory, Policy [Policy Text Block] | Inventories — Inventories 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 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 and forecasts, 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. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment — Property, plant and equipment is stated at cost less accumulated depreciation. Depreciation is generally provided over the estimated useful lives of the related assets on a straight-line basis. The range of useful lives is principally as follows: Buildings and building improvements — 15 to 40 years; machinery, software and equipment — two two three four |
Cloud Computing Arrangements, Policy [Policy Text Block] | Cloud Computing Arrangements — The Company incurs costs to implement cloud computing arrangements that are hosted by a third party vendor. Implementation costs incurred during the application development stage of a project are |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition — 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. Please see Note 2, “Revenue,” for further discussion. |
Cost of Sales and Selling, General and Administrative Expenses, Policy [Policy Text Block] | Cost of Goods Sold and Selling, General and Administrative Expenses — Costs associated with the production and procurement of product are included in cost of goods sold, including inbound freight costs, purchasing and receiving costs, inspection costs and other product procurement related charges, as well as the amounts recognized from foreign currency forward contracts as the underlying inventory hedged by such forward contracts is sold. Generally, all other expenses, excluding non-service related pension and post retirement (income) costs, interest expense (income) and income taxes, are included in selling, general and administrative (“SG&A”) expenses, including warehousing and distribution expenses, as the predominant expenses associated therewith are general and administrative in nature, including rent, utilities, payroll and depreciation and amortization. Warehousing and distribution expenses, which are subject to exchange rate fluctuations, totaled $357.2 million, $357.9 million and $332.4 million in 2023, 2022 and 2021, respectively. |
Shipping And Handling Cost | Shipping and Handling Fees |
Advertising Cost [Policy Text Block] | Advertising |
Revenue Recognition Accounting Policy, Excise and Sales Taxes [Policy Text Block] | Sales Taxes — The Company accounts for sales taxes and other related taxes on a net basis, excluding such taxes from revenue. |
Income Tax, Policy [Policy Text Block] | Income Taxes — Deferred tax assets and liabilities are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts more likely than not to be realized. Significant judgment is required in assessing the timing and amount of deductible and taxable items, evaluating tax positions and determining the income tax provision. The Company recognizes income tax benefits only when it is more likely than not that the tax position will be fully sustained upon review by taxing authorities, including resolution of related appeals or litigation processes, if any. If the recognition threshold is met, the Company measures the tax benefit at the largest amount with a greater than 50 percent likelihood of being realized upon ultimate settlement. For tax positions that are 50 percent or less likely of being sustained upon audit, the Company does not recognize any portion of that benefit in the financial statements. When the outcome of these tax matters changes, the change in estimate impacts the provision for income taxes in the period that such a determination is made. The Company recognizes interest and penalties related to unrecognized tax benefits in the Company’s income tax provision. The Company elected to recognize the tax on Global Intangible Low Taxed Income (“GILTI”) as a period expense in the year the tax is incurred. |
Derivatives, Policy [Policy Text Block] | Financial Instruments — 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 contracts to hedge against a portion of this exposure. The Company also has exposure to interest rate volatility related to its senior unsecured term loan facility, which borrowings bear interest at a rate equal to an applicable margin plus a variable rate. The Company had used interest rate swap agreements to hedge against a portion of its exposure related to the term loans outstanding under its senior unsecured credit facilities. The Company records the foreign currency forward contracts and interest rate swap agreements at fair value in its Consolidated Balance Sheets and does not net the related assets and liabilities. The fair value of the foreign currency forward contracts is measured as the total amount of currency to be purchased, multiplied by the difference between (i) the foreign currency 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 was based on observable interest rate yield curves and represented the expected discounted cash flows underlying the financial instruments. Changes in fair value of the foreign currency forward contracts primarily associated with certain international inventory purchases and the interest rate swap agreements that are designated as effective hedging instruments (collectively referred to as “cash flow hedges”) are recorded in equity as a component of accumulated other comprehensive loss (“AOCL”). The Company also 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 uses both non-derivative instruments (the par value of certain foreign currency borrowings issued by PVH Corp., a U.S.-based entity) and derivative instruments (cross-currency swap contracts), which it designates as net investment hedges. The fair value of the cross-currency swap contracts is measured using the discounted cash flows of the contracts, which are determined based on observable inputs, including the foreign currency forward rates and discount rates, as of the period end. Changes in the carrying value of the foreign currency borrowings and the fair value of the cross-currency swap contracts designated as net investment hedges are recorded in equity as a component of AOCL. The Company evaluates the effectiveness of its net investment hedges at inception and each quarter thereafter. The Company records immediately in earnings changes in the fair value of hedges that are not designated as effective hedging instruments (“undesignated contracts”). Undesignated contracts primarily include foreign currency forward 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. As a result of the use of derivative instruments, the Company may be exposed to the risk that the counterparties to such contracts will fail to meet their contractual obligations. To mitigate this counterparty credit risk, the Company only enters into contracts with carefully selected financial institutions based upon an evaluation of their credit ratings and certain other financial factors. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation and Transactions — The consolidated financial statements of the Company are prepared in United States dollars. If the functional currency of a foreign subsidiary is not the United States dollar, assets and liabilities are translated to United States dollars at the closing exchange rate in effect at the applicable balance sheet date and revenue and expenses are translated to United States dollars at the average exchange rate for the applicable period. The resulting translation adjustments are included in the Company’s Consolidated Statements of Comprehensive Income as a component of other comprehensive (loss) income and in the Consolidated Balance Sheets within AOCL. Gains and losses on the revaluation of intercompany loans made between foreign subsidiaries that are of a long-term investment nature are included in AOCL. Gains and losses arising from transactions denominated in a currency other than the functional currency of a particular entity, not including inventory purchases, are principally included in SG&A expenses and totaled a loss of $30.2 million, $13.1 million and $20.4 million in 2023, 2022 and 2021, respectively. Since the first day of the second quarter of 2022, the Company has been accounting for its operations in Turkey as highly inflationary, as the cumulative inflation rate surpassed 100% for the three-year period that ended during the first quarter of 2022. Accordingly, the Company has changed the functional currency of its subsidiary in Turkey from the Turkish lira to the euro, which is the functional currency of its parent. The required remeasurement of monetary assets and liabilities denominated in Turkish lira into euro did not have a material impact on the Company’s results of operations during 2022 or 2023. As of February 4, 2024, net monetary assets denominated in Turkish lira represented less than 1% of the Company’s total net assets. |
Debt, Policy [Policy Text Block] | Balance Sheet Classification of Early Settlements of Long-Term Obligations — The Company classifies obligations settled after the balance sheet date but prior to the issuance of the consolidated financial statements based on the contractual payment terms of the underlying agreements. |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension and Benefit Plans — Employee pension benefits earned during the year, as well as interest on the projected benefit obligations or accumulated benefit obligations, are accrued quarterly. The expected return on plan assets is recognized quarterly and determined at the beginning of the year by applying the expected long-term rate of return on assets to the actual fair value of plan assets adjusted for expected benefit payments, contributions and plan expenses. Actuarial gains and losses are recognized in the Company’s operating results in the year in which they occur. These gains and losses include the difference between the actual return on plan assets and the expected return that was recognized quarterly, as well as the change in the projected benefit obligation caused by actual experience and updated actuarial assumptions differing from those assumptions used to record service and interest cost throughout the year. Actuarial gains and losses are measured at least annually at the end of the Company’s fiscal year and, as such, are generally recorded during the fourth quarter of each year. The service cost component of net benefit cost is recorded in SG&A expenses and the other components of net benefit cost, which typically include interest cost, actuarial (gain) loss and expected return on plan assets, are recorded in non-service related pension and postretirement (income) cost in the Company’s Consolidated Statements of Operations. Please see Note 12, “Retirement and Benefit Plans,” for further discussion of the Company’s pension and benefit plans. |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation — The Company recognizes all share-based payments to employees and non-employee directors, net of actual forfeitures, as compensation expense in the consolidated financial statements based on their grant date fair values. Please see Note 13, “Stock-Based Compensation,” for further discussion. |
Recently Adopted Accounting Guidance [Policy Text Block] | Recently Adopted Accounting Guidance — The Financial Accounting Standards Board (“FASB”) issued in September 2022 an update to accounting guidance requiring disclosures that increase the transparency surrounding the use of supplier finance programs, including the key terms of the programs, and information about the obligations under these programs, including a rollforward of those obligations. The update does not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance programs. The Company adopted the update in the first quarter of 2023 on a retrospective basis, except for the requirement to disclose rollforward information, which will be effective for the Company in the first quarter of 2024 on a prospective basis. The adoption did not have any impact on the Company’s consolidated financial statements as the guidance only pertains to financial statements footnote disclosures. Please see Note 22, “Other Comments,” for the Company’s disclosures pertaining to this update. |
Accounting Guidance Issued Not Yet Adopted [Policy Text Block] | Accounting Guidance Issued But Not Adopted as of February 4, 2024 — The FASB issued in November 2023 an update to accounting guidance requiring disclosure on an annual and interim basis of incremental segment information, primarily to enhance disclosures about significant segment expenses. The update will be effective for the Company beginning with its 2024 annual consolidated financial statements and interim statements thereafter, with early adoption permitted. Entities are required to adopt the guidance on a retrospective basis. The Company is currently evaluating the update to determine the impact the adoption will have on its footnote disclosure to its consolidated financial statements. The FASB issued in December 2023 an update to accounting guidance which is intended to improve the transparency of income tax disclosures by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The update will be effective for the Company beginning with its 2025 annual consolidated financial statements, with early adoption permitted. Entities are required to apply the guidance on a prospective basis, with retrospective application permitted. The Company is currently evaluating the update to determine the impact the adoption will have on its footnote disclosure to its consolidated financial statements. |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Feb. 04, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Revenue Disclosure [Table Text Block] | Changes in deferred revenue, which primarily relate to customer loyalty programs, gift cards and license agreements for the years ended February 4, 2024 and January 29, 2023, were as follows: (In millions) 2023 2022 Deferred revenue balance at beginning of period $ 54.3 $ 44.9 Net additions to deferred revenue during the period 51.7 49.8 Reductions in deferred revenue for revenue recognized during the period (1) (50.5) (40.4) Deferred revenue balance at end of period $ 55.5 $ 54.3 (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 Company also had long-term deferred revenue liabilities included in other liabilities in its Consolidated Balance Sheets of $9.4 million and $12.1 million as of February 4, 2024 and January 29, 2023, respectively. |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Feb. 04, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, at cost, was as follows: (In millions) 2023 2022 Land $ 1.0 $ 1.0 Buildings and building improvements 30.7 30.7 Machinery, software and equipment 1,044.1 1,093.5 Furniture and fixtures 598.5 588.3 Shop-in-shops/concession locations 236.6 234.0 Leasehold improvements 770.4 768.2 Construction in progress 80.6 88.3 Property, plant and equipment, gross 2,761.9 2,804.0 Less: Accumulated depreciation (1,899.3) (1,900.0) Property, plant and equipment, net $ 862.6 $ 904.0 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Feb. 04, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill, 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 Total Balance as of January 30, 2022 Goodwill, gross $ 781.8 $ 891.5 $ 203.0 $ 1,633.9 $ 105.0 $ 3,615.2 Accumulated impairment losses (287.3) (394.0) — — (105.0) (786.3) Goodwill, net 494.5 497.5 203.0 1,633.9 — 2,828.9 Impairment (162.6) (77.3) (177.2) — — (417.1) Currency translation — (6.5) — (46.3) — (52.8) Balance as of January 29, 2023 Goodwill, gross 781.8 885.0 203.0 1,587.6 105.0 3,562.4 Accumulated impairment losses (449.9) (471.3) (177.2) — (105.0) (1,203.4) Goodwill, net 331.9 413.7 25.8 1,587.6 — 2,359.0 Reduction of goodwill, gross related to the Heritage Brands intimates transaction — — — — (105.0) (105.0) Reduction of accumulated impairment losses related to the Heritage Brands intimates transaction — — — — 105.0 105.0 Currency translation — (7.6) — (29.3) — (36.9) Balance as of February 4, 2024 Goodwill, gross 781.8 877.4 203.0 1,558.3 — 3,420.5 Accumulated impairment losses (449.9) (471.3) (177.2) — — (1,098.4) Goodwill, net $ 331.9 $ 406.1 $ 25.8 $ 1,558.3 $ — $ 2,322.1 The Company recorded a $105.0 million reduction to goodwill, gross and a corresponding $105.0 million reduction to accumulated impairment losses during 2023 in connection with the Heritage Brands intimates transaction. Please see Note 3, “Acquisitions and Divestitures,” for further discussion. As a result of the Company’s 2022 annual impairment test, the Company recorded $417.1 million of noncash impairment charges during the third quarter of 2022. Please see the section “Goodwill and Other Intangible Assets Impairment Testing” below for further discussion. |
Schedule of Intangible Assets [Table Text Block] | The Company’s other intangible assets consisted of the following: 2023 2022 (In millions) Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization: Customer relationships (1) $ 143.7 $ (123.0) $ 20.7 $ 281.0 $ (248.3) $ 32.7 Reacquired license rights (1) 408.4 (134.2) 274.2 494.3 (199.3) 295.0 Total intangible assets subject to amortization 552.1 (257.2) 294.9 775.3 (447.6) 327.7 Indefinite-lived intangible assets: Tradenames (2) 2,599.1 — 2,599.1 2,701.1 — 2,701.1 Reacquired perpetual license rights 203.4 — 203.4 221.1 — 221.1 Total indefinite-lived intangible assets 2,802.5 — 2,802.5 2,922.2 — 2,922.2 Total other intangible assets $ 3,354.6 $ (257.2) $ 3,097.4 $ 3,697.5 $ (447.6) $ 3,249.9 The gross carrying amount and accumulated amortization of certain intangible assets include the impact of changes in foreign currency exchange rates. (1) The gross carrying amount and accumulated amortization balances as of the end of 2023 both reflect a reduction of $133.1 million and $69.8 million in customer relationships and reacquired license rights, respectively, as these intangibles were fully amortized. (2) |
Schedule of Expected Amortization Expense [Table Text Block] | Assuming constant foreign currency exchange rates and no change in the gross carrying amount of the intangible assets, amortization expense for the next five years related to the Company’s intangible assets subject to amortization as of February 4, 2024 is expected to be as follows: (In millions) Fiscal Year Amount 2024 $ 22.7 2025 16.9 2026 14.0 2027 13.8 2028 13.8 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Feb. 04, 2024 | |
Debt Disclosure [Abstract] | |
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) 2023 2022 Senior unsecured Term Loan A facility due 2027 (1) $ 461.6 $ 476.6 7 3/4% debentures due 2023 — 99.9 3 5/8% senior unsecured euro notes due 2024 (1) 565.7 568.1 4 5/8% senior unsecured notes due 2025 498.2 497.0 3 1/8% senior unsecured euro notes due 2027 (1) 643.7 647.3 Total 2,169.2 2,288.9 Less: Current portion of long-term debt 577.5 111.9 Long-term debt $ 1,591.7 $ 2,177.0 (1) |
Schedule of Mandatory Long-Term Debt Repayments [Table Text Block] | The Company’s mandatory long-term debt repayments for the next five years were as follows as of February 4, 2024: (In millions) Fiscal Year Amount (1) 2024 $ 578.3 2025 511.9 2026 11.9 2027 1,075.1 2028 — (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 next five years exceed the total carrying amount of the Company’s debt as of February 4, 2024 because the carrying amount reflects the unamortized portions of debt issuance costs and the original issue discounts. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Feb. 04, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The domestic and foreign components of income (loss) before income taxes were as follows: (In millions) 2023 2022 2021 Domestic $ 90.9 $ (404.9) $ (120.3) Foreign 750.1 793.1 1,093.0 Total $ 841.0 $ 388.2 $ 972.7 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision (benefit) for income taxes attributable to income consisted of the following: (In millions) 2023 2022 2021 Federal: Current $ 0.1 $ (6.9) $ (87.7) Deferred (18.2) (5.1) (51.4) (1) State and local: Current 5.3 (6.2) 19.6 Deferred 0.2 0.8 (21.7) Foreign: Current 186.4 191.1 153.7 Deferred 3.6 14.1 8.2 (2) Total $ 177.4 $ 187.8 $ 20.7 (1) Includes a $106.3 million benefit related to a tax accounting method change made in conjunction with the Company’s 2020 U.S. federal income tax return that provides additional tax benefits to the foreign components of the federal income tax provision. (2) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The provision (benefit) for income taxes for the years 2023, 2022 and 2021 was different from the amount computed by applying the statutory United States federal income tax rate to the underlying income as follows: 2023 2022 2021 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit 0.8 % 1.1 % (0.1) % Effects of international jurisdictions, including foreign tax credits 1.9 % 1.6 % (8.0) % Change in estimates for uncertain tax positions (1.6) % (2.2) % (9.7) % Change in valuation allowance 0.3 % 1.2 % 0.7 % Tax accounting method change — % — % (10.9) % Tax on foreign earnings (GILTI and FDII) (1.9) % 1.2 % 7.6 % Goodwill impairment — % 22.3 % — % Excess tax expense related to stock-based compensation 0.1 % 0.5 % — % Other, net 0.5 % 1.7 % 1.5 % Effective income tax rate 21.1 % 48.4 % 2.1 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred income tax assets and liabilities were as follows: (In millions) 2023 2022 Gross deferred tax assets Tax loss and credit carryforwards $ 152.0 $ 143.6 Operating lease liabilities 352.4 378.9 Employee compensation and benefits 60.2 59.9 Inventories 41.5 44.6 Accounts receivable 9.2 12.9 Accrued expenses 12.6 15.4 Property, plant and equipment 243.5 242.3 Other, net 5.4 17.2 Subtotal 876.8 914.8 Valuation allowances (73.7) (72.9) Total gross deferred tax assets, net of valuation allowances $ 803.1 $ 841.9 Gross deferred tax liabilities Intangibles $ (772.2) $ (807.1) Operating lease right-of-use assets (322.1) (340.0) Derivative financial instruments (21.1) (18.5) Total gross deferred tax liabilities $ (1,115.4) $ (1,165.6) Net deferred tax liability $ (312.3) $ (323.7) |
Summary of Income Tax Contingencies [Table Text Block] | Uncertain tax positions activity for each of the last three years was as follows: (In millions) 2023 2022 2021 Balance at beginning of year $ 114.7 $ 127.8 $ 210.7 Increases related to prior year tax positions 0.6 12.4 2.6 Decreases related to prior year tax positions (11.0) (12.3) (0.2) Increases related to current year tax positions 2.9 2.7 15.5 Lapses in statute of limitations (6.4) (12.0) (93.3) Effects of foreign currency translation (1.2) (3.9) (7.5) Balance at end of year $ 99.6 $ 114.7 $ 127.8 The entire amount of uncertain tax positions as of February 4, 2024, if recognized, would reduce the future effective tax rate under current accounting guidance. |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Feb. 04, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [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 2023 2022 2023 2022 (In millions) Other Current Assets Other Assets Other Current Assets Other Assets Accrued Expenses Other Liabilities Accrued Expenses Other Liabilities Contracts designated as cash flow and net investment hedges: Foreign currency forward contracts (inventory purchases) $ 13.2 $ 0.5 $ 15.7 $ 0.1 $ 2.4 $ 0.4 $ 20.7 $ 2.2 Cross-currency swap contracts (net investment hedges) 6.4 — — — — 1.3 — — Undesignated contracts: Foreign currency forward contracts 1.9 — — — 1.1 — 12.5 — Total $ 21.5 $ 0.5 $ 15.7 $ 0.1 $ 3.5 $ 1.7 $ 33.2 $ 2.2 |
Schedule of Derivative Instruments, (Loss) Gain 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) (In millions) 2023 2022 2021 Foreign currency forward contracts (inventory purchases) $ 35.6 $ (48.3) $ 109.2 Interest rate swap agreements — — 0.2 Foreign currency borrowings (net investment hedges) 8.6 30.4 111.3 Cross-currency swap contracts (net investment hedges) 8.3 — — Total $ 52.5 $ (17.9) $ 220.7 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 Amount Reclassified Location Total Statements of Operations Amount (In millions) 2023 2022 2021 2023 2022 2021 Foreign currency forward contracts (inventory purchases) $ 11.1 $ 27.6 $ (1.8) Cost of goods sold $ 3,854.5 $ 3,901.3 $ 3,830.6 Interest rate swap agreements — — (1.5) SG&A expenses (1) 4,542.6 4,377.4 4,453.9 Interest rate swap agreements — — (3.0) Interest expense 99.3 89.6 108.6 Cross-currency swap contracts (net investment hedges) 3.2 — — Interest expense 99.3 89.6 108.6 Total $ 14.3 $ 27.6 $ (6.3) (1) The Company dedesignated certain cash flow hedges related to its interest rate swap agreements during 2021 in connection with the repayment of the outstanding principal balance under its USD TLA facility, as the underlying interest payments were no longer probable to occur. |
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: Gain Recognized in SG&A Expenses (In millions) 2023 2022 2021 Foreign currency forward contracts (1) $ 2.9 $ 11.4 $ 14.7 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Feb. 04, 2024 | |
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: 2023 2022 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Foreign currency forward contracts N/A $ 15.6 N/A $ 15.6 N/A $ 15.8 N/A $ 15.8 Cross-currency swap contracts (net investment hedges) N/A 6.4 N/A 6.4 N/A N/A N/A N/A Rabbi trust assets 9.9 N/A N/A 9.9 7.2 N/A N/A 7.2 Total Assets $ 9.9 $ 22.0 N/A $ 31.9 $ 7.2 $ 15.8 N/A $ 23.0 Liabilities: Foreign currency forward contracts N/A $ 3.9 N/A $ 3.9 N/A $ 35.4 N/A $ 35.4 Cross-currency swap contracts (net investment hedges) N/A 1.3 N/A 1.3 N/A N/A N/A N/A Total Liabilities N/A $ 5.2 N/A $ 5.2 N/A $ 35.4 N/A $ 35.4 The fair value of the foreign currency forward contracts is measured as the total amount of currency to be purchased, multiplied by the difference between (i) the foreign currency forward rate as of the period end and (ii) the settlement rate specified in each contract. The fair value of the cross-currency swap contracts is measured using the discounted cash flows of the contracts, which are determined based on observable inputs, including the foreign currency forward rates and discount rates, as of the period end. The fair value of the rabbi trust assets, which consist of investments in mutual funds, is valued at the net asset value of the funds, as determined by the closing price in the active market in which the individual fund is traded. The Company established a rabbi trust that, beginning January 1, 2022, holds investments related to the Company’s supplemental savings plan. The rabbi trust is considered a variable interest entity and it is consolidated in the Company’s financial statements because the Company is considered the primary beneficiary of the rabbi trust. The rabbi trust assets generally mirror the investment elections made by eligible plan participants and are included as follows in the Company’s Consolidated Balance Sheets: 2023 2022 (In millions) Other Current Assets Other Assets Other Current Assets Other Assets Rabbi trust assets $ 0.8 $ 9.1 $ 0.7 $ 6.5 The corresponding deferred compensation liability is included in accrued expenses and other liabilities in the Company’s Consolidated Balance Sheets. Unrealized gains (losses) recognized on the rabbi trust investments were immaterial during 2023, 2022 and 2021. |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis and Recorded Impairment [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 2023, 2022 and 2021, and the total impairments recorded as a result of the remeasurement process: (In millions) Fair Value Measurement Using Fair Value Total 2023 Level 1 Level 2 Level 3 Property, plant and equipment, net N/A N/A $ 0.5 $ 0.5 $ 5.7 2022 Operating lease right-of-use assets N/A N/A 3.0 3.0 27.4 Property, plant and equipment, net N/A N/A 0.3 0.3 24.3 Goodwill N/A N/A 41.0 41.0 417.1 2021 Operating lease right-of-use assets N/A N/A 14.3 14.3 21.2 Property, plant and equipment, net N/A N/A 0.6 0.6 25.8 Property, plant and equipment with a carrying amount of $6.2 million was written down to a fair value of $0.5 million during 2023 primarily in connection with the financial performance in certain of the Company’s retail stores. 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. The $5.7 million of impairment charges during 2023 were included in SG&A expenses in the Company’s Consolidated Statement of Operations and recorded to the Company’s segments as follows: $3.3 million in the Tommy Hilfiger International segment, $1.2 million in the Calvin Klein International segment, $0.7 million in the Tommy Hilfiger North America segment and $0.5 million in the Calvin Klein North America segment. Operating lease right-of-use assets with a carrying amount of $30.4 million and property, plant and equipment with a carrying amount of $24.6 million were written down to their fair values of $3.0 million and $0.3 million, respectively, during 2022, primarily in connection with the Company’s decision in 2022 to exit from its Russia business, and the financial performance in certain of the Company’s retail stores. Please see Note 17, “Exit Activity Costs,” for further discussion of the Russia business exit costs. Fair value of the Company’s operating lease right-of-use assets and property, plant and equipment related to its Russia business were determined to be zero in line with the Company’s estimated future cash flows for the Russia business asset group. Fair value of the Company’s other operating lease right-of-use assets was determined based on the discounted cash flows of the estimated market rents. Fair value of the Company’s other 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 $458.1 million was written down to a fair value of $41.0 million during 2022. Please see Note 7, “Goodwill and Other Intangible Assets,” for further discussion. The $468.8 million of impairment charges during 2022 were recorded in the Company’s Consolidated Statement of Operations, of which $417.1 was included in goodwill impairment and $51.7 million was included in SG&A expenses. The $468.8 million of impairment charges were recorded to the Company’s segments as follows: $177.8 million in the Tommy Hilfiger North America segment, $163.8 million in the Calvin Klein North America segment, $89.5 million in the Calvin Klein International segment, $35.7 million in the Tommy Hilfiger International segment and $2.0 million in corporate expenses not allocated to any reportable segments. Operating lease right-of-use assets with a carrying amount of $35.5 million and property, plant and equipment with a carrying amount of $26.4 million were written down to their fair values of $14.3 million and $0.6 million, respectively, during 2021, primarily as a result of actions taken by the Company to reduce its real estate footprint, including reductions in office space, and the financial performance in certain of the Company’s retail stores. Please see Note 17, “Exit Activity Costs,” for further discussion of the 2021 reductions in workforce and real estate footprint 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 for certain of these assets, 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 sales trends and market participant assumptions. The $47.0 million of impairment charges during 2021 were included in SG&A expenses in the Company’s Consolidated Statement of Operations and recorded to the Company’s segments as follows: $7.2 million in the Tommy Hilfiger International segment, $2.8 million in the Calvin Klein International segment, $1.5 million in the Heritage Brands Wholesale segment, $1.4 million in the Tommy Hilfiger North America segment, $0.4 million in the Calvin Klein North America segment and $33.7 million 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: 2023 2022 (In millions) Carrying Fair Carrying Fair Cash and cash equivalents $ 707.6 $ 707.6 $ 550.7 $ 550.7 Short-term borrowings — — 46.2 46.2 Long-term debt (including portion classified as current) 2,169.2 2,159.5 2,288.9 2,262.3 |
RETIREMENT AND BENEFIT PLANS (T
RETIREMENT AND BENEFIT PLANS (Tables) | 12 Months Ended |
Feb. 04, 2024 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Changes in Accumulated and Projected Benefit Obligations [Table Text Block] | Reconciliations of the changes in the projected benefit obligation (Pension Plans and SERP Plans) and the accumulated benefit obligation (Postretirement Plans) were as follows: Pension Plans SERP Plans Postretirement Plans (In millions) 2023 2022 2023 2022 2023 2022 Balance at beginning of year $ 573.2 $ 785.2 $ 56.3 $ 93.3 $ 4.0 $ 5.6 Service cost, net of plan expenses 18.0 29.3 1.6 2.5 — — Interest cost 29.1 25.3 2.8 2.8 0.2 0.1 Benefit payments (54.3) (72.4) (9.7) (35.6) — — Benefit payments, net of retiree contributions — — — — (0.8) (0.6) Curtailment gain (17.2) — (2.6) — — — Actuarial (gain) loss (16.7) (194.2) (0.8) (6.7) 0.2 (1.1) Balance at end of year $ 532.1 $ 573.2 $ 47.6 $ 56.3 $ 3.6 $ 4.0 Service cost for both the Pension Plans and SERP Plans decreased in 2023 compared to 2022 primarily due to the increase in the discount rate. The decrease in benefit payments in 2023 for both the Pension Plans and the SERP Plans was due to higher lump sum payments of accrued benefits in 2022 to certain vested senior executives who retired or terminated their employment in 2021 and early 2022. |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | Reconciliations of the fair value of the assets held by the Pension Plans and the funded status were as follows: (In millions) 2023 2022 Fair value of plan assets at beginning of year $ 570.2 $ 726.3 Actual return, net of plan expenses 38.5 (83.9) Benefit payments (54.3) (72.4) Company contributions — 0.2 Fair value of plan assets at end of year $ 554.4 $ 570.2 Funded status at end of year $ 22.3 $ (3.0) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Amounts recognized in the Company’s Consolidated Balance Sheets were as follows: Pension Plans SERP Plans Postretirement Plans (In millions) 2023 2022 2023 2022 2023 2022 Non-current assets $ 22.5 $ — $ — $ — $ — $ — Current liabilities — — (9.4) (7.3) (0.5) (0.6) Non-current liabilities (0.2) (3.0) (38.2) (49.0) (3.1) (3.4) Net amount recognized $ 22.3 $ (3.0) $ (47.6) $ (56.3) $ (3.6) $ (4.0) |
Schedule of Net Benefit Costs [Table Text Block] | The components of net benefit cost recognized were as follows: Pension Plans SERP Plans Postretirement Plans (In millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Service cost $ 21.7 $ 31.3 $ 40.1 $ 1.6 $ 2.5 $ 4.7 $ — $ — $ — Interest cost 29.1 25.3 24.8 2.8 2.8 3.3 0.2 0.1 0.1 Expected return on plan assets (33.8) (41.7) (44.5) — — — — — — Actuarial (gain) loss (25.1) (70.6) (35.2) (0.8) (6.7) (13.4) 0.2 (1.1) (0.1) Curtailment gain (17.2) — — (2.6) — — — — — Special termination benefits — — 0.5 — — 1.8 — — — Heritage Brands menswear transaction gain — — (1.5) — — (0.3) — — — Total $ (25.3) $ (55.7) $ (15.8) $ 1.0 $ (1.4) $ (3.9) $ 0.4 $ (1.0) $ — The net actuarial gains in net benefit cost in 2023 were due principally to an increase in the discount rate. The actuarial gains in net benefit cost in 2022 were due principally to an increase in the discount rate partially offset by the difference between the actual and expected returns on plan assets for the Pension Plans. The actuarial gains in net benefit cost in 2021 were due principally to (i) an increase in the discount rate and (ii) updated plan assumptions, mostly related to termination rates, based on recent trends and management’s future expectations, partially offset by (iii) the difference between the actual and expected returns on plan assets for the Pension Plans. The Company completed the Heritage Brands menswear transaction in 2021. In connection with the sale, the employment of certain employees based in the United States engaged in the Heritage Brands business was terminated during the third quarter of 2021. However, the Company retained the liability for any deferred vested benefits earned by these employees under its retirement plans. No further benefits were to be accrued under the plans for these employees and as a result, the Company recognized a gain of $1.8 million during the third quarter of 2021. For certain eligible employees affected by the transaction, the Company provided an enhanced retirement benefit and as a result recognized $1.4 million of special termination benefit costs during the third quarter of 2021. These amounts were included in other gain in the Company’s Consolidated Statement of Operations. Please see Note 3, “Acquisitions and Divestitures,” for further discussion of the Heritage Brands menswear transaction. The Company provided enhanced retirement benefits to terminated employees in 2021 and as a result recognized $0.9 million of special termination benefit costs. |
Schedule of Accumulated Benefit Obligations [Table Text Block] | The accumulated benefit obligations (Pension Plans and SERP Plans) were as follows: Pension Plans SERP Plans (In millions) 2023 2022 2023 2022 Accumulated benefit obligation $ 527.9 $ 547.0 $ 46.9 $ 52.7 |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] | As of February 4, 2024, one of the Company’s Pension Plans had projected benefit obligations and accumulated benefit obligations in excess of plan assets. As of January 29, 2023, both of the Company’s Pension Plans had projected benefit obligations in excess of plan assets and one of the Company’s Pension Plans had accumulated benefit obligations in excess of plan assets. The balances were as follows: (In millions, except plan count) 2023 2022 Number of plans with projected benefit obligations in excess of plan assets 1 2 Aggregate projected benefit obligation $ 2.4 $ 573.2 Aggregate fair value of related plan assets $ 2.2 $ 570.2 Number of plans with accumulated benefit obligations in excess of plan assets 1 1 Aggregate accumulated benefit obligation $ 2.4 $ 2.6 Aggregate fair value of related plan assets $ 2.2 $ 2.5 As of February 4, 2024 and January 29, 2023, all of the Company’s SERP Plans had projected benefit obligations and accumulated benefit obligations in excess of plan assets as the plans are unfunded. |
Defined Benefit Plan, Assumptions [Table Text Block] | Significant weighted average rate assumptions used in determining the projected and accumulated benefit obligations at the end of each year and benefit cost in the following year were as follows: 2023 2022 2021 Discount rate (applies to Pension Plans and SERP Plans) 5.63 % 5.19 % 3.31 % Discount rate (applies to Postretirement Plans) 5.36 % 4.98 % 2.89 % Rate of increase in compensation levels (applies to Pension Plans) 4.00 % 4.00 % 4.00 % Expected long-term rate of return on assets (applies to Pension Plans) 6.25 % 6.25 % 6.00 % To develop the expected long-term rate of return on assets assumption, the Company considered the historical level of the risk premium associated with the asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based on the target asset allocation. |
Schedule of Allocation of Plan Assets [Table Text Block] | In accordance with the fair value hierarchy described in Note 11, “Fair Value Measurements,” the following tables show the fair value of the total assets of the Pension Plans for each major category as of February 4, 2024 and January 29, 2023: (In millions) Fair Value Measurements as of February 4, 2024 (1) Asset Category Total Quoted Prices Observable Unobservable Equity securities: United States equities (2) $ 45.1 $ 45.1 $ — $ — International equities (2) 0.3 0.3 — — United States equity fund (3) 114.1 — 114.1 — International equity funds (4) 61.1 25.5 35.6 — Fixed income securities: U.S. Treasury securities fund (5) 244.3 $ — 244.3 — Government securities (6) 1.1 — 1.1 — Corporate securities (6) 81.6 — 81.6 — Short-term investment funds (7) 5.8 — 5.8 — Subtotal $ 553.4 $ 70.9 $ 482.5 $ — Other assets and liabilities (8) 1.0 Total $ 554.4 (In millions) Fair Value Measurements as of January 29, 2023 (1) Asset Category Total Quoted Prices Observable Inputs (Level 2) Unobservable Equity securities: United States equities (2) $ 150.5 $ 150.5 $ — $ — International equities (2) 12.8 12.8 — — United States equity fund (3) 63.4 — 63.4 — International equity funds (4) 119.4 65.3 54.1 — Fixed income securities: Government securities (6) 62.0 — 62.0 — Corporate securities (6) 147.4 — 147.4 — Short-term investment funds (7) 15.5 — 15.5 — Subtotal $ 571.0 $ 228.6 $ 342.4 $ — Other assets and liabilities (8) (0.8) Total $ 570.2 (1) The Company uses third party pricing services to determine the fair values of the financial instruments held by the pension plans. The Company obtains an understanding of the pricing services’ valuation methodologies and related inputs and validates a sample of prices by reviewing prices from other sources. The Company has not adjusted any prices received from the third party pricing services. (2) Valued at the closing price or unadjusted quoted price in the active market in which the individual securities are traded. (3) Valued at the net asset value of the fund, as determined by a pricing vendor or the fund family. The Company has the ability to redeem this investment at net asset value within the near term and therefore classifies this investment within Level 2. This commingled fund invests in United States large cap equities of companies that track the Russell 1000 Index. (4) Valued at the net asset value of the fund, either as determined by the closing price in the active market in which the individual fund is traded and classified within Level 1, or as determined by a pricing vendor or the fund family and classified within Level 2. This category includes funds that invest in equities of companies outside of the United States. (5) Valued at the net asset value of the fund as determined by the fund family. The Company has the ability to redeem this investment at net asset value within the near term and therefore classifies this investment within Level 2. This commingled fund invests in U.S. Treasury STRIPS. (6) Valued with bid evaluation pricing where the inputs are based on actual trades in active markets, when available, as well as observable market inputs that include actual and comparable trade data, market benchmarks, broker quotes, trading spreads and/or other applicable data. (7) Valued at the net asset value of the funds, as determined by a pricing vendor or the fund family. The Company has the ability to redeem these investments at net asset value within the near term and therefore classifies these investments within Level 2. These funds invest in high-grade, short-term, money market instruments. (8) This category includes other pension assets and liabilities such as pending trades and accrued income. |
Schedule of Expected Benefit Payments [Table Text Block] | Currently, the Company does not expect to make material contributions to the Pension Plans in 2024. The Company’s actual contributions may differ from planned contributions due to many factors, including changes in tax and other laws, as well as significant differences between expected and actual pension asset performance or interest rates. The expected benefit payments associated with the Pension Plans and SERP Plans, and expected benefit payments, net of retiree contributions, associated with the Postretirement Plans are as follows: (In millions) Fiscal Year Pension Plans SERP Plans Postretirement Plans 2024 $ 42.2 $ 9.4 $ 0.5 2025 43.3 6.2 0.5 2026 43.0 5.4 0.5 2027 43.0 5.1 0.4 2028 41.9 4.6 0.4 2029-2033 194.2 18.2 1.4 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Feb. 04, 2024 | |
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 2023, 2022 and 2021 and the resulting weighted average grant date fair value per stock option: 2023 2022 2021 Weighted average risk-free interest rate 3.33 % 2.50 % 1.24 % Weighted average expected stock option term (in years) 6.25 6.25 6.25 Weighted average Company volatility 50.60 % 47.34 % 47.58 % Expected annual dividends per share $ 0.15 $ 0.15 $ 0.15 Weighted average grant date fair value per stock option $ 43.47 $ 34.27 $ 48.28 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 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 year was as follows: (In thousands, except years and per stock option data) Stock Options Weighted Average Exercise Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 29, 2023 694 $ 98.08 4.9 $ 5,027 Granted 86 83.80 Exercised 180 99.00 Forfeited / Expired 87 105.74 Outstanding at February 4, 2024 513 $ 94.05 5.9 $ 15,996 Exercisable at February 4, 2024 313 $ 104.33 4.4 $ 7,312 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | RSU activity for the year was as follows: (In thousands, except per RSU data) RSUs Weighted Average Non-vested at January 29, 2023 1,325 $ 77.33 Granted 652 84.10 Vested 569 76.23 Forfeited 233 81.57 Non-vested at February 4, 2024 1,175 $ 80.79 |
Table of Weighted Average Monte Carlo Fair Value Assumptions Performance Awards [Table Text Block] | The following summarizes the assumptions used to estimate the fair value of PSUs subject to market conditions that were granted during 2023, 2022 and 2021 and the resulting weighted average grant date fair value: 2023 2022 2021 Weighted average risk-free interest rate 3.56 % 2.91 % 0.33 % Weighted average Company volatility 58.21 % 64.02 % 60.69 % Expected annual dividends per share $ 0.15 $ 0.15 $ 0.15 Weighted average grant date fair value per PSU $ 120.42 $ 103.36 $ 159.29 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. |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Total PSU activity for the year was as follows: (In thousands, except per PSU data) PSUs Weighted Average Non-vested at January 29, 2023 244 $ 84.40 Granted 122 100.44 Increase due to market conditions achieved above target 36 58.39 Reduction due to market conditions not satisfied 18 71.92 Vested 139 61.69 Forfeited 9 103.03 Non-vested at February 4, 2024 236 $ 102.29 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended |
Feb. 04, 2024 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss [Table Text Block] | The following table presents the changes in AOCL, net of related taxes, by component: (In millions) Foreign currency translation adjustments Net unrealized and realized (loss) gain on effective cash flow hedges Total Balance at January 31, 2021 $ (481.6) $ (37.5) $ (519.1) Other comprehensive (loss) income before reclassifications (184.3) (1)(2) 88.1 (96.2) Less: Amounts reclassified from AOCL — (2.6) (2.6) Other comprehensive (loss) income (184.3) 90.7 (93.6) Balance at January 30, 2022 $ (665.9) $ 53.2 $ (612.7) Other comprehensive loss before reclassifications (47.6) (1)(2) (36.0) (83.6) Less: Amounts reclassified from AOCL (3.4) (3) 20.2 16.8 Other comprehensive loss (44.2) (56.2) (100.4) Balance at January 29, 2023 $ (710.1) $ (3.0) $ (713.1) Other comprehensive (loss) income before reclassifications (56.2) (1)(4) 25.8 (30.4) Less: Amounts reclassified from AOCL 2.4 7.7 10.1 Other comprehensive (loss) income (58.6) 18.1 (40.5) Balance at February 4, 2024 $ (768.7) $ 15.1 $ (753.6) (1) Foreign currency translation adjustments included a net gain on net investment hedges of $12.7 million, $24.1 million and $83.8 million in 2023, 2022 and 2021, respectively. (2) Unfavorable foreign currency translation adjustments were principally driven by a strengthening of the United States dollar against the euro. (3) Foreign currency translation adjustment losses were reclassified from AOCL during 2022 in connection with the Karl Lagerfeld transaction. Please see Note 5, “Investments in Unconsolidated Affiliates,” for further discussion. (4) Unfavorable foreign currency translation adjustments were principally driven by a strengthening of the United States dollar against certain currencies in the Asia-Pacific region (primarily the strengthening of the United States dollar against both the Chinese yuan and the Australian dollar) and 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: Amount Reclassified from AOCL Affected Line Item in the Company’s Consolidated Statements of Operations (In millions) 2023 2022 2021 Realized gain (loss) on effective cash flow hedges: Foreign currency forward contracts (inventory purchases) $ 11.1 $ 27.6 $ (1.8) Cost of goods sold Interest rate swap agreements — — (1.5) SG&A expenses (1) Interest rate swap agreements — — (3.0) Interest expense Less: Tax effect 3.4 7.4 (3.7) Income tax expense Total, net of tax $ 7.7 $ 20.2 $ (2.6) Foreign currency translation adjustments: Karl Lagerfeld transaction $ — $ (3.4) (2) $ — Equity in net income of unconsolidated affiliates Cross-currency swap contracts (net investment hedges) 3.2 — — Interest expense Less: Tax effect 0.8 — — Income tax expense Total, net of tax $ 2.4 $ (3.4) $ — (1) The Company dedesignated certain cash flow hedges related to its interest rate swap agreements during 2021. Please see Note 10, “Derivative Financial Instruments,” for further discussion. (2) Foreign currency translation adjustment losses were reclassified from AOCL during 2022 in connection with the Karl Lagerfeld transaction. Please see Note 5, “Investments in Unconsolidated Affiliates,” for further discussion. |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Feb. 04, 2024 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of the net lease cost were as follows: (In millions) Line Item in the Company’s Consolidated Statements of Operations 2023 2022 2021 Finance lease cost: Amortization of right-of-use-assets SG&A expenses (depreciation and amortization) $ 4.2 $ 4.2 $ 4.9 Interest on lease liabilities Interest expense 0.2 0.2 0.3 Total finance lease cost 4.4 4.4 5.2 Operating lease cost SG&A expenses 402.3 401.4 451.8 Short-term lease cost SG&A expenses 41.7 35.9 32.1 Variable lease cost SG&A expenses 132.3 116.2 100.5 Less: sublease income SG&A expenses (5.3) (4.7) (1.5) Total net lease cost $ 575.4 $ 553.2 $ 588.1 The Company had 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 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 were recorded as a reduction to variable lease expense included in SG&A expenses in the Company’s Consolidated Statements of Operations. The Company recorded $4.8 million and $26.9 million of rent abatements during 2022 and 2021, respectively. No material rent abatements were recorded during 2023. Rent deferrals had no impact to lease expense and amounts deferred and payable in future periods were included in the current portion of operating lease liabilities in the Company’s Consolidated Balance Sheets. |
Schedule of Supplemental Balance Sheet Information [Table Text Block] | Supplemental balance sheet information related to leases was as follows: (In millions) Line Item in the Company’s Consolidated Balance Sheets 2023 2022 Right-of-use assets: Operating lease Operating lease right-of-use assets $ 1,213.8 $ 1,295.7 Finance lease Property, plant and equipment, net 8.8 10.9 $ 1,222.6 $ 1,306.6 Current lease liabilities: Operating lease Current portion of operating lease liabilities $ 288.9 $ 353.7 Finance lease Accrued expenses 4.1 4.5 $ 293.0 $ 358.2 Other lease liabilities: Operating lease Long-term portion of operating lease liabilities $ 1,075.8 $ 1,140.0 Finance lease Other liabilities 5.6 7.3 $ 1,081.4 $ 1,147.3 |
Schedule of Supplemental Cash Flow Information [Table Text Block] | Supplemental cash flow information related to leases was as follows: (In millions) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 446.2 $ 450.8 $ 484.0 Operating cash flows from finance leases 0.2 0.2 0.3 Financing cash flows from finance leases 4.6 4.7 5.2 Noncash transactions: Right-of-use assets obtained in exchange for new operating lease liabilities $ 278.4 $ 338.6 $ 267.3 Right-of-use assets obtained in exchange for new finance lease liabilities 4.0 8.2 2.6 |
Lessee, Operating and Finance Lease, Liability, Maturity [Table Text Block] | At February 4, 2024, the maturities of the Company’s lease liabilities were as follows: (In millions) Finance Operating Total 2024 $ 4.3 $ 341.7 $ 346.0 2025 3.3 297.0 300.3 2026 2.0 236.9 238.9 2027 0.3 199.8 200.1 2028 0.1 155.7 155.8 Thereafter — 352.3 352.3 Total lease payments $ 10.0 $ 1,583.4 $ 1,593.4 Less: Interest (0.3) (218.7) (219.0) Total lease liabilities $ 9.7 $ 1,364.7 $ 1,374.4 |
Schedule of Weight Average Remaining Lease Term and Weighted Average Discount Rate [Table Text Block] | The following summarizes the weighted average remaining lease terms and weighted average discount rates related to the Company’s right-of-use assets and lease liabilities recorded on the balance sheet: 2023 2022 Weighted average remaining lease term (years): Operating leases 6.10 6.13 Finance leases 2.55 3.19 Weighted average discount rate: Operating leases 4.64 % 4.10 % Finance leases 2.17 % 2.09 % |
EXIT ACTIVITY COSTS (Tables)
EXIT ACTIVITY COSTS (Tables) | 12 Months Ended |
Feb. 04, 2024 | |
Heritage Retail Exit [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | Heritage Brands Retail Exit Costs The Company announced in July 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 completed in 2021. In connection with the exit from the Heritage Brands Retail business, the Company recorded pre-tax costs during 2020 and 2021 as shown in the following table. All expected costs related to the exit from the Heritage Brands Retail business were incurred by the end of 2021. (In millions) Costs Incurred During 2020 Costs Incurred During 2021 Cumulative Costs Incurred Severance, termination benefits and other employee costs $ 14.6 $ 10.8 $ 25.4 Long-lived asset impairments 7.2 — 7.2 Accelerated amortization of lease assets 7.2 5.9 13.1 Contract termination and other costs — 4.4 4.4 Total $ 29.0 $ 21.1 $ 50.1 The costs incurred during 2020 and 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 related to these costs were paid as of January 29, 2023. |
Reduction in Workforce and Real Estate Footprint | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | 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 resulted in annual cost savings of approximately $60 million. In connection with these activities, the Company recorded pre-tax costs during 2021 as shown in the following table. All expected costs related to the 2021 reductions in workforce and real estate footprint were incurred by the end of 2021. (In millions) Costs Incurred During 2021 Severance, termination benefits and other employee costs $ 15.7 Long-lived asset impairments 28.1 Contract termination and other costs 3.8 Total $ 47.6 The pre-tax costs incurred in connection with the 2021 reductions in workforce and real estate footprint were recorded in SG&A expenses of the Company’s segments as follows: (In millions) Costs Incurred During 2021 Tommy Hilfiger North America $ 1.7 Tommy Hilfiger International 8.9 Calvin Klein North America 2.1 Calvin Klein International 6.4 Corporate (1) 28.5 Total $ 47.6 (1) Corporate expenses are not allocated to any reportable 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 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 1/29/23 Costs Paid During 2023 Liability at 2/4/24 Severance, termination benefits and other employee costs $ 2.8 $ 2.6 $ 0.2 |
2022 cost savings initiative | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | 2022 Cost Savings Initiative The Company announced in August 2022 it would be taking steps to streamline its organization and simplify its ways of working. Included in this was a planned reduction in people costs in its global offices by approximately 10% by the end of 2023 to drive efficiencies and enable continued strategic investments to fuel growth, including in digital, supply chain and consumer engagement. The Company expects these reductions will generate annual cost savings of over $100 million, net of continued strategic people investments. In connection with this initiative, the Company recorded pre-tax costs during 2022 and 2023 as shown in the following table. All expected costs related to this initiative were incurred by the end of 2023. (In millions) Costs Incurred During 2022 Costs Incurred During 2023 Cumulative Costs Incurred Severance, termination benefits and other employee costs $ 20.2 $ 61.3 $ 81.5 The pre-tax costs incurred in connection with the 2022 cost savings initiative were recorded in SG&A expenses of the Company’s segments as follows: (In millions) Costs Incurred During 2022 Costs Incurred During 2023 Cumulative Costs Incurred Tommy Hilfiger North America $ 4.7 $ 12.7 $ 17.4 Tommy Hilfiger International 2.5 17.3 19.8 Calvin Klein North America 4.6 9.1 13.7 Calvin Klein International 3.5 10.8 14.3 Heritage Brands Wholesale 2.6 7.8 10.4 Corporate (1) 2.3 3.6 5.9 Total $ 20.2 $ 61.3 $ 81.5 (1) Corporate expenses are not allocated to any reportable 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 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 1/29/23 Costs Incurred During 2023 Costs Paid During 2023 Liability at 2/4/24 Severance, termination benefits and other employee costs $ 13.2 $ 61.3 $ 54.1 $ 20.4 |
Russia Business Exit | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | Russia Business Exit Costs As a result of the war in Ukraine, the Company made the decision in 2022 to exit from its Russia business, including the closure of its retail stores in Russia and the cessation of its wholesale operations in Russia and Belarus. In connection with this exit, the Company recorded pre-tax costs during 2022 as shown in the following table. All expected costs related to the exit from the Russia business were incurred during 2022. (In millions) Costs Incurred During 2022 Severance, termination benefits and other employee costs $ 2.1 Long-lived asset impairments 43.6 Gain on lease terminations, net of contract termination and other costs (1) (2.7) Total $ 43.0 (1) Gain on lease terminations, net of contract termination and other costs includes a $7.5 million gain related to the early termination of certain store lease agreements and $4.8 million of contract termination and other costs. The pre-tax costs incurred in connection with the exit from the Russia business were recorded in SG&A expenses of the Company’s segments as follows: $31.6 million in the Tommy Hilfiger International segment and $11.4 million in the Calvin Klein International 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 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 1/29/23 Costs Paid During 2023 Liability at 2/4/24 Severance, termination benefits and other employee costs $ 0.4 $ 0.4 $ — Contract termination and other costs 0.5 0.5 — Total $ 0.9 $ 0.9 $ — |
NET INCOME PER COMMON SHARE (Ta
NET INCOME PER COMMON SHARE (Tables) | 12 Months Ended |
Feb. 04, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The Company computed its basic and diluted net income per common share as follows: (In millions, except per share data) 2023 2022 2021 Net income attributable to PVH Corp. $ 663.6 $ 200.4 $ 952.3 Weighted average common shares outstanding for basic net income per common share 61.0 65.7 70.8 Weighted average impact of dilutive securities 0.7 0.5 1.1 Total shares for diluted net income per common share 61.7 66.2 71.9 Basic net income per common share attributable to PVH Corp. $ 10.88 $ 3.05 $ 13.45 Diluted net income per common share attributable to PVH Corp. $ 10.76 $ 3.03 $ 13.25 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Potentially dilutive securities excluded from the calculation of diluted net income per common share as the effect would be anti-dilutive were as follows: (In millions) 2023 2022 2021 Weighted average potentially dilutive securities 0.8 1.4 0.7 |
SEGMENT DATA (Tables)
SEGMENT DATA (Tables) | 12 Months Ended | |
Feb. 04, 2024 | ||
Segment Reporting [Abstract] | ||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The Company’s revenue by segment was as follows: (In millions) 2023 (1) 2022 (1) 2021 (1) Revenue – Tommy Hilfiger North America Net sales $ 1,262.7 $ 1,185.0 $ 1,086.0 Royalty revenue 88.5 86.0 79.0 Advertising and other revenue 20.5 21.7 19.8 Total 1,371.7 1,292.7 1,184.8 Revenue – Tommy Hilfiger International Net sales 3,376.3 3,282.1 3,446.6 Royalty revenue 58.6 61.9 56.8 Advertising and other revenue 18.0 20.7 15.5 Total 3,452.9 3,364.7 3,518.9 Revenue – Calvin Klein North America Net sales 1,112.4 1,205.6 1,129.5 Royalty revenue 165.2 170.1 145.6 Advertising and other revenue 47.0 54.7 46.6 Total 1,324.6 1,430.4 1,321.7 Revenue – Calvin Klein International Net sales 2,523.0 2,290.3 2,283.1 Royalty revenue 55.0 53.1 48.3 Advertising and other revenue 11.9 9.6 7.2 Total 2,589.9 2,353.0 2,338.6 Revenue – Heritage Brands Wholesale Net sales 477.4 581.9 702.9 Royalty revenue 0.9 0.9 10.4 Advertising and other revenue 0.3 0.6 1.8 Total 478.6 583.4 715.1 Revenue – Heritage Brands Retail Net sales — — 75.6 Total — — 75.6 Total Revenue Net sales 8,751.8 8,544.9 8,723.7 Royalty revenue 368.2 372.0 340.1 Advertising and other revenue 97.7 107.3 90.9 Total (2) $ 9,217.7 $ 9,024.2 $ 9,154.7 (1) Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. (2) No single customer accounted for more than 5% of the Company’s revenue in 2023, 2022 or 2021. The Company’s revenue by distribution channel was as follows: (In millions) 2023 (1) 2022 (1) 2021 (1) Wholesale net sales $ 4,554.7 $ 4,704.0 $ 4,860.9 Owned and operated retail stores 3,399.8 3,118.2 3,087.1 Owned and operated digital commerce sites 797.3 722.7 775.7 Retail net sales 4,197.1 3,840.9 3,862.8 Net sales 8,751.8 8,544.9 8,723.7 Royalty revenue 368.2 372.0 340.1 Advertising and other revenue 97.7 107.3 90.9 Total $ 9,217.7 $ 9,024.2 $ 9,154.7 (1) Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. The Company has not disclosed net sales by product category as it is impracticable to do so. The Company’s income (loss) before interest and taxes by segment was as follows: (In millions) 2023 (1) 2022 (1) 2021 (1) Income (loss) before interest and taxes – Tommy Hilfiger North America $ 93.5 (2) $ (175.4) (5)(6) $ 21.2 (9) Income before interest and taxes – Tommy Hilfiger International 454.6 (2) 514.8 (6)(7) 654.2 (9) Income (loss) before interest and taxes – Calvin Klein North America 107.6 (2) (81.9) (5)(6) 78.0 (9) Income before interest and taxes – Calvin Klein International 386.0 (2) 252.6 (5)(6)(7) 377.6 (9) Income before interest and taxes – Heritage Brands Wholesale 39.3 (2)(3) 47.4 (6) 160.9 (10) Loss before interest and taxes – Heritage Brands Retail — — (33.9) (11) Loss before interest and taxes – Corporate (4) (152.2) (2) (86.8) (6)(8) (181.1) (9) Income before interest and taxes $ 928.8 $ 470.7 $ 1,076.9 (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) Income (loss) before interest and taxes for 2023 included costs of $61.3 million incurred related to the 2022 cost savings initiative described in Note 17, “Exit Activity Costs,” consisting principally of severance. Such costs were included in the Company’s segments as follows: $12.7 million in Tommy Hilfiger North America, $17.3 million in Tommy Hilfiger International, $9.1 million in Calvin Klein North America, $10.8 million in Calvin Klein International, $7.8 million in Heritage Brands Wholesale and $3.6 million in corporate expenses not allocated to any reportable segments. Please see Note 17, “Exit Activity Costs,” for further discussion. (3) Income before interest and taxes for 2023 included an aggregate net gain of $13.5 million in connection with the Heritage Brands intimates transaction, consisting of (i) a $15.3 million gain, including a gain on the sale, less costs to sell, partially offset by (ii) $1.8 million of severance and other termination benefits. Please see Note 3, “Acquisitions and Divestitures,” for further discussion. (4) Includes corporate expenses not allocated to any reportable segments, the results of PVH Ethiopia (through the closure of the Ethiopia factory in 2021) and the Company’s proportionate share of the net income or loss of its investment in Karl Lagerfeld prior to the closing of the Karl Lagerfeld transaction in 2022. Please see Note 5, “Investments in Unconsolidated Affiliates,” for further discussion of the Company’s investment in Karl Lagerfeld and Note 6, “Redeemable Non-Controlling Interest,” for further discussion of PVH Ethiopia. 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, certain global strategic initiatives and actuarial gains and losses on the Company’s Pension Plans, SERP Plans and Postretirement Plans. Actuarial gains on the Company’s Pension Plans, SERP Plans and Postretirement Plans totaled $45.5 million, $78.4 million and $48.7 million in 2023, 2022 and 2021, respectively. (5) (Loss) income before interest and taxes for 2022 included a noncash goodwill impairment charge of $417.1 million. The goodwill impairment charge was included in the Company’s segments as follows: $177.2 million in Tommy Hilfiger North America, $162.6 million in Calvin Klein North America and $77.3 million in Calvin Klein International. Please see Note 7, “Goodwill and Other Intangible Assets,” for further discussion. (6) (Loss) income before interest and taxes for 2022 included costs of $20.2 million incurred related to the 2022 cost savings initiative described in Note 17, “Exit Activity Costs,” consisting principally of severance. Such costs were included in the Company’s segments as follows: $4.7 million in Tommy Hilfiger North America, $2.5 million in Tommy Hilfiger International, $4.6 million in Calvin Klein North America, $3.5 million in Calvin Klein International, $2.6 million in Heritage Brands Wholesale and $2.3 in corporate expenses not allocated to any reportable segments. Please see Note 17, “Exit Activity Costs,” for further discussion. (7) Income before interest and taxes for 2022 included net costs of $43.0 million incurred in connection with the Company’s decision to exit from its Russia business, principally consisting of noncash asset impairments . Such costs were included in the Company’s segments as follows: $31.6 million in Tommy Hilfiger International and $11.4 million in Calvin Klein International. Please see Note 17, “Exit Activity Costs,” for further discussion. (8) Loss before interest and taxes for 2022 included a gain of $16.1 million in connection with the Karl Lagerfeld transaction. Please see Note 5, “Investments in Unconsolidated Affiliates,” for further discussion. (9) Income (loss) before interest and taxes for 2021 included costs of $ 47.6 (10) Income before interest and taxes for 2021 included an aggregate net gain of $113.4 million in connection with the Heritage Brands menswear transaction, consisting of (i) a $118.9 million gain, including a gain on the sale, less costs to sell, and a net gain on the Company’s retirement plans associated with the transaction, partially offset by (ii) $5.5 million of severance costs. Please see Note 3, “Acquisitions and Divestitures,” for further discussion. (11) Loss before interest and taxes for 2021 included costs and operating losses, associated with the wind down of the Heritage Brands Retail business that was completed in 2021. Please see Note 17, “Exit Activity Costs,” for further discussion. Intersegment transactions, which primarily consist of transfers of inventory, are not material. The Company’s identifiable assets, depreciation and amortization, and identifiable capital expenditures by segment were as follows: (In millions) 2023 2022 2021 Identifiable Assets (1)(2) Tommy Hilfiger North America $ 1,185.3 $ 1,296.3 $ 1,409.8 Tommy Hilfiger International 4,667.6 4,875.4 4,913.2 Calvin Klein North America 1,354.7 1,527.2 1,609.8 Calvin Klein International 3,005.2 3,099.7 3,164.0 Heritage Brands Wholesale (3) 136.9 410.4 420.0 Corporate (4) 823.2 559.3 880.0 Total $ 11,172.9 $ 11,768.3 $ 12,396.8 Depreciation and Amortization Tommy Hilfiger North America $ 29.5 $ 30.5 $ 32.5 Tommy Hilfiger International 131.1 125.0 130.2 Calvin Klein North America 24.8 29.6 31.6 Calvin Klein International 95.8 94.3 94.9 Heritage Brands Wholesale 5.8 10.7 11.2 Heritage Brands Retail — — 0.3 Corporate 11.6 11.4 12.6 Total $ 298.6 $ 301.5 $ 313.3 Identifiable Capital Expenditures (5) Tommy Hilfiger North America $ 14.2 $ 14.5 $ 19.2 Tommy Hilfiger International 118.7 140.9 138.4 Calvin Klein North America 6.3 14.4 22.6 Calvin Klein International 88.8 103.7 85.7 Heritage Brands Wholesale 2.7 6.6 10.9 Corporate 2.3 3.5 4.9 Total $ 233.0 $ 283.6 $ 281.7 (1) Identifiable assets included the impact of changes in foreign currency exchange rates. (2) Identifiable assets in 2022 included a reduction of $417.1 million related to the noncash goodwill impairment. Please see Note 7, “Goodwill and Other Intangible Assets,” for further discussion. (3) Identifiable assets in 2023 included a reduction of $140.3 million related to the Heritage Brands intimates transaction. Please see Note 3, “Acquisitions and Divestitures,” for further discussion. (4) The changes in Corporate identifiable assets in 2023 and 2022 were primarily due to changes in cash and cash equivalents. (5) Capital expenditures in 2023 included $27.7 million of accruals that will not be paid until 2024. Capital expenditures in 2022 included $39.4 million of accruals that were not paid until 2023. Capital expenditures in 2021 included $45.9 million of accruals that were not paid until 2022. | [1] |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Property, plant and equipment, net based on the location where such assets are held, was as follows: (In millions) 2023 (1) 2022 (1) 2021 (1) Domestic $ 333.6 $ 384.3 $ 429.0 Canada 8.0 10.4 13.8 Europe 415.0 406.4 378.7 Asia-Pacific 103.7 101.1 82.8 Other foreign 2.3 1.8 1.8 Total $ 862.6 $ 904.0 $ 906.1 (1) Property, plant and equipment, net included the impact of changes in foreign currency exchange rates. Revenue, based on location of origin, was as follows: (In millions) 2023 (1) 2022 (1) 2021 (1) Domestic $ 2,715.1 $ 2,854.9 $ 2,894.7 Canada 349.1 347.6 313.3 Europe 4,378.6 4,204.0 4,392.3 Asia-Pacific 1,643.5 1,492.3 1,454.4 Other foreign 131.4 125.4 100.0 Total $ 9,217.7 $ 9,024.2 $ 9,154.7 (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. |
OTHER COMMENTS (Tables)
OTHER COMMENTS (Tables) | 12 Months Ended |
Feb. 04, 2024 | |
Other Comments [Abstract] | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | The following table presents the activity related to the Company’s asset retirement liabilities, included in accrued expenses and other liabilities in the Company’s Consolidated Balance Sheets, for each of the last two years: (In millions) 2023 2022 Balance at beginning of year $ 44.7 $ 45.6 Liabilities incurred 2.7 4.1 Liabilities settled (payments) (9.3) (5.6) Accretion expense 0.4 0.6 Revisions in estimated cash flows 0.6 1.8 Currency translation adjustment (1.8) (1.8) Balance at end of year $ 37.3 $ 44.7 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions | 12 Months Ended | |||
Feb. 04, 2024 USD ($) countries | Jan. 29, 2023 USD ($) | Jan. 30, 2022 USD ($) | May 31, 2021 | |
Significant Accounting Policies | ||||
Hosting Arrangement, Service Contract, Implementation Cost, Capitalized, before Accumulated Amortization | $ 16.3 | $ 30.1 | ||
Hosting Arrangement, Service Contract, Implementation Cost, Expense, Amortization | 16.9 | 10.6 | $ 6.2 | |
Hosting Arrangement, Service Contract, Implementation Cost, Capitalized, after Accumulated Amortization | 49.2 | 51.5 | ||
Warehousing and distribution expenses | 357.2 | 357.9 | 332.4 | |
Advertising expense | $ 533.9 | 492.1 | 535.8 | |
Percent likelihood that tax position will be fully sustained | 50% | |||
Foreign currency transaction loss | $ 30.2 | 13.1 | 20.4 | |
Goodwill impairment | 0 | 417.1 | 0 | |
Impairment of Long-Lived Assets Held-for-use | 5.7 | 51.7 | 47 | |
Allowance for credit losses on trade receivables | 41.1 | 42.6 | ||
Retained earnings | $ 5,407.3 | 4,753.1 | ||
Cash equivalents, maturity, maximum months | 3 months | |||
Cash and cash equivalents also include Receivables, Credit Card, Third Party Intermediaries collectible in | one week or less | |||
Fiscal year, minimum number of weeks | P1Y | |||
Fiscal year, maximum number of weeks | P1Y7D | |||
Turkey, New Lira | ||||
Significant Accounting Policies | ||||
Net monetary assets denominated in Turkish Lira as a percentage of total net assets | 1% | |||
ISRAEL | ||||
Significant Accounting Policies | ||||
Percentage of revenue | 1% | |||
Middle East | ||||
Significant Accounting Policies | ||||
Percentage of revenue | 2% | |||
Company-operated free-standing retail store locations [Member] | ||||
Significant Accounting Policies | ||||
Number of Stores | 1,400 | |||
Number of Countries in which Entity Operates | countries | 35 | |||
Company-operated free-standing retail store locations [Member] | Minimum [Member] | ||||
Significant Accounting Policies | ||||
Lessee, Operating Lease, Term of Contract | 3 years | |||
Company-operated free-standing retail store locations [Member] | Maximum [Member] | ||||
Significant Accounting Policies | ||||
Lessee, Operating Lease, Term of Contract | 10 years | |||
Warehouses, distribution centers, showrooms, and office space [Member] | Minimum [Member] | ||||
Significant Accounting Policies | ||||
Lessee, Operating Lease, Term of Contract | 10 years | |||
Warehouses, distribution centers, showrooms, and office space [Member] | Maximum [Member] | ||||
Significant Accounting Policies | ||||
Lessee, Operating Lease, Term of Contract | 20 years | |||
Equipment [Member] | Minimum [Member] | ||||
Significant Accounting Policies | ||||
Lessee, Operating Lease, Term of Contract | 1 year | |||
Equipment [Member] | Maximum [Member] | ||||
Significant Accounting Policies | ||||
Lessee, Operating Lease, Term of Contract | 5 years | |||
Reduction in Workforce and Real Estate Footprint | ||||
Significant Accounting Policies | ||||
Restructuring Projected Annual Cost Savings | 60 | |||
Exit activity costs incurred | 47.6 | 47.6 | ||
Reduction in Workforce and Real Estate Footprint | Long-lived asset impairments [Member] | ||||
Significant Accounting Policies | ||||
Exit activity costs incurred | 28.1 | |||
Russia Business Exit | ||||
Significant Accounting Policies | ||||
Exit activity costs incurred | 43 | |||
Russia Business Exit | Long-lived asset impairments [Member] | ||||
Significant Accounting Policies | ||||
Exit activity costs incurred | 43.6 | |||
Ethiopia Joint Venture [Member] | 25 | ||||
Significant Accounting Policies | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25% | |||
Ethiopia Joint Venture [Member] | 75% [Member] | ||||
Significant Accounting Policies | ||||
Non-Controlling Interest, Ownership Percentage by Parent | 75% | |||
Property, Plant and Equipment [Member] | Fair Value, Nonrecurring [Member] | ||||
Significant Accounting Policies | ||||
Noncash Impairment Charges | $ 5.7 | |||
Impairment of Long-Lived Assets Held-for-use | 24.3 | 25.8 | ||
Long-lived Assets, Other [Member] | Fair Value, Nonrecurring [Member] | ||||
Significant Accounting Policies | ||||
Noncash Impairment Charges | 468.8 | $ 47 | ||
Long-lived Assets, Other [Member] | Fair Value, Nonrecurring [Member] | Selling, General and Administrative Expenses [Member] | ||||
Significant Accounting Policies | ||||
Noncash Impairment Charges | 51.7 | |||
Goodwill | Fair Value, Nonrecurring [Member] | ||||
Significant Accounting Policies | ||||
Goodwill impairment | $ 417.1 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 259.9 | $ 255.4 | $ 266.6 |
Buildings and building improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life in years | 15 years | ||
Buildings and building improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life in years | 40 years | ||
Machinery, software and equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life in years | 2 years | ||
Machinery, software and equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life in years | 10 years | ||
Furniture and fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life in years | 2 years | ||
Furniture and fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life in years | 10 years | ||
Shop-in-shops [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life in years | 3 years | ||
Shop-in-shops [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life in years | 4 years |
REVENUE Deferred Revenue (Detai
REVENUE Deferred Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 04, 2024 | Jan. 29, 2023 | ||
Deferred Revenue [Line Items] | |||
Payment terms, due from customer | Payment typically is due within 30 to 90 days. | ||
Long-term deferred revenue liabilities (included in Other Liabilities) | $ 9.4 | $ 12.1 | |
Movement in Deferred Revenue [Roll Forward] | |||
Deferred revenue, beginning balance | 54.3 | 44.9 | |
Net additions to deferred revenue during the period | 51.7 | 49.8 | |
Reductions in deferred revenue for revenue recognized during the period | [1] | (50.5) | (40.4) |
Deferred revenue, ending balance | $ 55.5 | $ 54.3 | |
[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. |
REVENUE Revenue, Remaining Perf
REVENUE Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Details) $ in Millions | Feb. 04, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-02-04 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 825.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-02-05 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 297.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-02-03 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 218.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-02-02 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 310.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
ACQUISITIONS (Details)
ACQUISITIONS (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
May 31, 2019 | Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |
Business Acquisition [Line Items] | |||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 0 | $ 0 | $ 15.2 | ||
Australia Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Ownership Percentage | 100% | ||||
Mandatorily Redeemable Non-Controlling Interest to be Purchased in Tranche 1 | 50% | ||||
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] | Financing Cash Flow [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments for Repurchase of Redeemable Noncontrolling Interest | 15.2 | ||||
Australia Acquisition [Member] | Operating Cash Flow [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 9.2 | ||||
Australia Acquisition [Member] | 6% [Member] | |||||
Business Acquisition [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 6% | ||||
Australia Acquisition [Member] | Gazal Corporation Limited [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 78% |
ACQUISITIONS Fair Value of Acqu
ACQUISITIONS Fair Value of Acquisition Consideration (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | May 31, 2019 | |
Business Acquisition [Line Items] | |||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 0 | $ 0 | $ 15.2 | ||
Australia Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 24.4 | $ 17.3 | |||
Australia Acquisition [Member] | 6% [Member] | |||||
Business Acquisition [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 6% |
DIVESTITURES (Details)
DIVESTITURES (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Nov. 27, 2023 | Aug. 02, 2021 | Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |
Business Acquisition [Line Items] | |||||
Proceeds from sale of Warner’s, Olga and True&Co. women’s intimates businesses | $ 160 | $ 160 | $ 0 | $ 0 | |
Proceeds from sale of Van Heusen, IZOD, ARROW and Geoffrey Beene trademarks and other assets | $ 222.9 | 0 | $ 0 | 222.9 | |
Heritage Brands Menswear Transaction | |||||
Business Acquisition [Line Items] | |||||
Net proceeds from sale of Heritage Brands menswear transaction | 216.3 | ||||
Heritage Brands transaction gain | 1.8 | ||||
Heritage Brands Intimates Transaction | |||||
Business Acquisition [Line Items] | |||||
Net carrying value | 140.3 | ||||
Disposal Group, Including Discontinued Operation, Potential Earnout | 10 | ||||
Special termination benefits | 1.8 | ||||
Net proceeds from sale of certain Heritage Brands trademarks and other assets | 155.6 | ||||
Non-service related pension and postretirement income [Member] | |||||
Business Acquisition [Line Items] | |||||
Special termination benefits | 0.9 | ||||
Non-service related pension and postretirement income [Member] | Heritage Brands Menswear Transaction | |||||
Business Acquisition [Line Items] | |||||
Special termination benefits | $ 1.4 | ||||
Other gain | Heritage Brands Menswear Transaction | |||||
Business Acquisition [Line Items] | |||||
Other gain | 118.5 | ||||
Other gain | Heritage Brands Intimates Transaction | |||||
Business Acquisition [Line Items] | |||||
Other gain | 15.3 | $ 15.3 | |||
Tradenames | Heritage Brands Menswear Transaction | |||||
Business Acquisition [Line Items] | |||||
Net carrying value | $ 97.8 | ||||
Inventories | Heritage Brands Intimates Transaction | |||||
Business Acquisition [Line Items] | |||||
Net carrying value | $ 44.5 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $ 2,761.9 | $ 2,804 | ||
Less: Accumulated depreciation | (1,899.3) | (1,900) | ||
Property, plant and equipment, net | [1] | 862.6 | 904 | $ 906.1 |
Land [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 1 | 1 | ||
Buildings and building improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 30.7 | 30.7 | ||
Machinery, software and equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 1,044.1 | 1,093.5 | ||
Furniture and fixtures [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 598.5 | 588.3 | ||
Shop-in-shops/concession locations [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 236.6 | 234 | ||
Leasehold improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 770.4 | 768.2 | ||
Construction in progress [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $ 80.6 | $ 88.3 | ||
[1]Property, plant and equipment, net included the impact of changes in foreign currency exchange rates. |
INVESTMENTS IN UNCONSOLIDATED_2
INVESTMENTS IN UNCONSOLIDATED AFFILIATES (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
May 31, 2022 | Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | Aug. 14, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||||
Investments in Unconsolidated Affiliates | $ 215.5 | $ 190.2 | |||
Cash proceeds received from sale of equity method investments | (1.4) | (19.1) | $ 0 | ||
PVH India Joint Venture [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Dividends received from unconsolidated affiliates | $ 6 | ||||
Equity Method Investment, Ownership Percentage | 50% | ||||
PVH Legwear Joint Venture [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Dividends received from unconsolidated affiliates | $ 6.9 | 6.4 | 2 | ||
Equity Method Investment, Ownership Percentage | 49% | ||||
Tommy Hilfiger Brazil Joint Venture [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Dividends received from unconsolidated affiliates | $ 0.6 | ||||
Equity Method Investment, Ownership Percentage | 41% | ||||
PVH Mexico Joint Venture [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Dividends received from unconsolidated affiliates | $ 16.6 | 9.8 | $ 16.8 | ||
Equity Method Investment, Ownership Percentage | 49% | ||||
Karl Lagerfeld [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in Unconsolidated Affiliates | $ 1 | ||||
Equity Method Investment, Ownership Percentage | 8% | ||||
Equity Method Investment, Realized Gain on Sale | $ 16.1 | ||||
TH India Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50% | ||||
Karl Lagerfeld Transaction | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Proceeds from Equity Method Investment | $ 20.5 | ||||
Cash proceeds received from sale of equity method investments | 19.1 | $ 1.4 | |||
Proceeds held in escrow from sale of equity method investment | 1.4 | ||||
Equity Method Investment, Realized Gain on Sale | 16.1 | ||||
Reclassification from AOCL, Foreign Currency Translation Adjustments, Current Period, Net of Tax | $ 3.4 |
REDEEMABLE NON-CONTROLLING IN_2
REDEEMABLE NON-CONTROLLING INTEREST (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | May 31, 2021 | |
Non-controlling Interest [Line Items] | ||||
Less: Net Loss Attributable to Redeemable Noncontrolling Interest | $ 0 | $ 0 | $ (0.3) | |
Ethiopia Joint Venture [Member] | ||||
Non-controlling Interest [Line Items] | ||||
Redeemable Non-Controlling Interest | $ (3.7) | |||
Ethiopia Joint Venture [Member] | 75% [Member] | ||||
Non-controlling Interest [Line Items] | ||||
Non-Controlling Interest, Ownership Percentage by Parent | 75% | |||
Ethiopia Joint Venture [Member] | 25 | ||||
Non-controlling Interest [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25% |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | Aug. 01, 2022 | |
Goodwill [Line Items] | ||||
Goodwill | $ 2,322.1 | $ 2,359 | $ 2,828.9 | |
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning of period | 3,562.4 | 3,615.2 | ||
Accumulated impairment losses, beginning of period | (1,203.4) | (786.3) | ||
Goodwill, net, beginning of period | 2,359 | 2,828.9 | ||
Goodwill, Impairment Loss | 0 | (417.1) | 0 | |
Currency translation | (36.9) | (52.8) | ||
Reduction of goodwill, gross related to the Heritage Brands intimates transaction | (105) | |||
Reduction of accumulated impairment losses related to the Heritage Brands intimates transaction | 105 | |||
Goodwill, gross, end of period | 3,420.5 | 3,562.4 | 3,615.2 | |
Accumulated impairment losses, end of period | (1,098.4) | (1,203.4) | (786.3) | |
Goodwill, net, end of period | 2,322.1 | 2,359 | 2,828.9 | |
Risk premium | 4% | |||
16% | Goodwill | ||||
Goodwill [Line Items] | ||||
Discount Rate for Estimated Future Operating Cash Flows | 16% | |||
16.5% | Goodwill | ||||
Goodwill [Line Items] | ||||
Discount Rate for Estimated Future Operating Cash Flows | 16.50% | |||
Calvin Klein Licensing and Advertising International | ||||
Goodwill [Line Items] | ||||
Goodwill | 41 | |||
Goodwill [Roll Forward] | ||||
Goodwill, net, beginning of period | 41 | |||
Goodwill, net, end of period | 41 | |||
Calvin Klein Licensing and Advertising International | 100 bps change in annual revenue growth rate | ||||
Goodwill [Line Items] | ||||
Amount Change in Estimated Fair Value | $ 8 | |||
Calvin Klein Licensing and Advertising International | 100 bps change in weighted average cost of capital | ||||
Goodwill [Line Items] | ||||
Amount Change in Estimated Fair Value | 6 | |||
Calvin Klein Licensing and Advertising North America | ||||
Goodwill [Line Items] | ||||
Reporting Unit Carrying Value | $ 464.4 | |||
Percentage of goodwill fair value in excess of carrying amount | 9% | |||
Goodwill | $ 330.4 | |||
Calvin Klein Licensing and Advertising North America | 100 bps change in annual revenue growth rate | ||||
Goodwill [Line Items] | ||||
Amount Change in Estimated Fair Value | 43 | |||
Calvin Klein Licensing and Advertising North America | 100 bps change in weighted average cost of capital | ||||
Goodwill [Line Items] | ||||
Amount Change in Estimated Fair Value | $ 34 | |||
Calvin Klein North America [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 331.9 | 331.9 | 494.5 | |
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning of period | 781.8 | 781.8 | ||
Accumulated impairment losses, beginning of period | (449.9) | (287.3) | ||
Goodwill, net, beginning of period | 331.9 | 494.5 | ||
Goodwill, Impairment Loss | (162.6) | |||
Currency translation | 0 | 0 | ||
Goodwill, gross, end of period | 781.8 | 781.8 | 781.8 | |
Accumulated impairment losses, end of period | (449.9) | (449.9) | (287.3) | |
Goodwill, net, end of period | 331.9 | 331.9 | 494.5 | |
Calvin Klein International [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 406.1 | 413.7 | 497.5 | |
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning of period | 885 | 891.5 | ||
Accumulated impairment losses, beginning of period | (471.3) | (394) | ||
Goodwill, net, beginning of period | 413.7 | 497.5 | ||
Goodwill, Impairment Loss | (77.3) | |||
Currency translation | (7.6) | (6.5) | ||
Goodwill, gross, end of period | 877.4 | 885 | 891.5 | |
Accumulated impairment losses, end of period | (471.3) | (471.3) | (394) | |
Goodwill, net, end of period | 406.1 | 413.7 | 497.5 | |
Tommy Hilfiger North America [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 25.8 | 25.8 | 203 | |
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning of period | 203 | 203 | ||
Accumulated impairment losses, beginning of period | 177.2 | 0 | ||
Goodwill, net, beginning of period | 25.8 | 203 | ||
Goodwill, Impairment Loss | (177.2) | |||
Currency translation | 0 | 0 | ||
Goodwill, gross, end of period | 203 | 203 | 203 | |
Accumulated impairment losses, end of period | (177.2) | 177.2 | 0 | |
Goodwill, net, end of period | 25.8 | 25.8 | 203 | |
Tommy Hilfiger International [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 1,558.3 | 1,587.6 | 1,633.9 | |
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning of period | 1,587.6 | 1,633.9 | ||
Accumulated impairment losses, beginning of period | 0 | 0 | ||
Goodwill, net, beginning of period | 1,587.6 | 1,633.9 | ||
Goodwill, Impairment Loss | 0 | |||
Currency translation | (29.3) | (46.3) | ||
Goodwill, gross, end of period | 1,558.3 | 1,587.6 | 1,633.9 | |
Accumulated impairment losses, end of period | 0 | 0 | 0 | |
Goodwill, net, end of period | 1,558.3 | 1,587.6 | 1,633.9 | |
Heritage Brands Wholesale [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 0 | 0 | 0 | |
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning of period | 105 | 105 | ||
Accumulated impairment losses, beginning of period | (105) | (105) | ||
Goodwill, net, beginning of period | 0 | 0 | ||
Goodwill, Impairment Loss | 0 | |||
Currency translation | 0 | 0 | ||
Reduction of goodwill, gross related to the Heritage Brands intimates transaction | (105) | |||
Reduction of accumulated impairment losses related to the Heritage Brands intimates transaction | 105 | |||
Goodwill, gross, end of period | 0 | 105 | 105 | |
Accumulated impairment losses, end of period | 0 | (105) | (105) | |
Goodwill, net, end of period | $ 0 | 0 | $ 0 | |
Goodwill | Fair Value, Nonrecurring [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Impairment Loss | $ (417.1) |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 04, 2024 | Jan. 29, 2023 | Aug. 01, 2022 | ||
Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | $ 552.1 | $ 775.3 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (257.2) | (447.6) | ||
Finite-Lived Intangible Assets, Net | 294.9 | 327.7 | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 2,802.5 | 2,922.2 | ||
Reduction of tradenames related to the Heritage Brands intimates transaction | (95.8) | |||
Intangible Assets, Gross (Excluding Goodwill) | 3,354.6 | 3,697.5 | ||
Intangible Assets, Accumulated Amortization | (257.2) | (447.6) | ||
Intangible Assets, Net (Excluding Goodwill) | 3,097.4 | 3,249.9 | ||
Amortization of Intangible Assets | 23.1 | 32.1 | ||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||
2024 | 22.7 | |||
2025 | 16.9 | |||
2026 | 14 | |||
2027 | 13.8 | |||
2028 | 13.8 | |||
Tradenames | 2,599.1 | 2,701.1 | ||
Other Intangible Assets | ||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||
Percentage of goodwill fair value in excess of carrying amount | 183% | |||
Tradenames [Member] | ||||
Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 2,599.1 | [1] | 2,701.1 | |
Reacquired Perpetual License Rights [Member] | ||||
Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 203.4 | 221.1 | ||
Warner's tradename | ||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||
Percentage of goodwill fair value in excess of carrying amount | 4% | |||
Tradenames | $ 95.8 | |||
Discount Rate for Estimated Future Operating Cash Flows | 16% | |||
Customer Relationships [Member] | ||||
Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 143.7 | [2] | 281 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (123) | [2] | (248.3) | |
Finite-Lived Intangible Assets, Net | 20.7 | 32.7 | ||
Reduction of customer relationships due to full amoritzation | (133.1) | |||
Reacquired License Rights [Member] | ||||
Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 408.4 | [2] | 494.3 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (134.2) | [2] | (199.3) | |
Finite-Lived Intangible Assets, Net | 274.2 | $ 295 | ||
Reduction of customer relationships due to full amoritzation | $ (69.8) | |||
Australia Acquisition [Member] | Perpetual License Rights [Member] | ||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||
Discount Rate for Estimated Future Operating Cash Flows | 19% | |||
[1]The Company sold tradenames with a carrying value of $95.8 million during 2023 in connection with the Heritage Brands intimates transaction. Please see Note 3, “Acquisitions and Divestitures,” for further discussion.[2]The gross carrying amount and accumulated amortization balances as of the end of 2023 both reflect a reduction of $133.1 million and $69.8 million in customer relationships and reacquired license rights, respectively, as these intangibles were fully amortized. |
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) € in Millions, $ in Millions, $ in Millions, $ in Millions | 12 Months Ended | 56 Months Ended | |||||||
Dec. 09, 2022 USD ($) | Feb. 04, 2024 USD ($) | Jan. 29, 2023 USD ($) | Jan. 30, 2022 USD ($) | Dec. 09, 2027 | Dec. 09, 2022 AUD ($) | Dec. 09, 2022 CAD ($) | Dec. 09, 2022 EUR (€) | ||
Line of Credit Facility [Line Items] | |||||||||
Letters of Credit Outstanding, Amount | $ 73.3 | ||||||||
Repayments of Unsecured Debt | 0 | $ 487.8 | $ 1,051.3 | ||||||
Line of Credit Foreign Facilities [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, aggregate maximum borrowing capacity | 209.7 | ||||||||
Line of credit facility, amount outstanding | 0 | $ 46.2 | |||||||
Short-term debt, weighted average interest rate | 2.31% | ||||||||
Commercial Paper [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, amount outstanding | 0 | $ 0 | |||||||
2022 Facilities | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, amount outstanding | 0 | 0 | |||||||
United States of America, Dollars | Commercial Paper [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, aggregate maximum borrowing capacity | 1,150 | ||||||||
United States of America, Dollars | Commercial Paper and 2022 Facilities | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, aggregate maximum borrowing capacity | $ 1,150 | ||||||||
2022 Facilities | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum Amount of Commitment Increase | $ 1,500 | ||||||||
Payments of Debt Issuance Costs | 8.9 | ||||||||
Debt modification and extinguishment costs | 1.4 | ||||||||
Deferred Debt Issuance Costs | 7.5 | ||||||||
Write-off of deferred debt issuance costs | 1.3 | ||||||||
2022 Facilities | Multicurrency revolving facility | EURIBOR or other specified rates | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.125% | ||||||||
2022 Facilities | Multicurrency revolving facility | Base rate, Canadian prime rate or daily simple ESTR rate | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.125% | ||||||||
2022 Facilities | United States of America, Dollars | Multicurrency revolving facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, aggregate maximum borrowing capacity | 1,150 | ||||||||
2022 Facilities | Australia, Dollars | Multicurrency revolving facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, aggregate maximum borrowing capacity | $ 50 | ||||||||
2022 Facilities | Canada, Dollars | Multicurrency revolving facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, aggregate maximum borrowing capacity | $ 70 | ||||||||
2022 Facilities | United States Dollars and Hong Kong Dollars [Member] | Multicurrency revolving facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, aggregate maximum borrowing capacity | $ 50 | ||||||||
2022 Facilities | Euro, British Pound, Japanese Yen and Swiss Francs [Member] | Multicurrency revolving facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, aggregate maximum borrowing capacity | € | € 250 | ||||||||
2022 Facilities Term Loan A | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Unsecured Debt | [1] | $ 461.6 | 476.6 | ||||||
Term Loan A Repayment Percentage Quarters Following Refinance | 2.50% | ||||||||
2022 Facilities Term Loan A | One Month Adjusted Eurocurrency Rate Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||
2019 Facilities Term Loan A [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Repayments of Unsecured Debt | 487.8 | $ 1,051.3 | |||||||
Mandatory repayments of Unsecured Debt | 22.5 | ||||||||
Voluntary repayments of Unsecured Debt | $ 465.3 | ||||||||
[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. |
DEBT Schedule of Mandatory Long
DEBT Schedule of Mandatory Long-Term Debt Repayments (Details) $ in Millions | Feb. 04, 2024 USD ($) | [1] |
Debt Instrument [Line Items] | ||
Mandatory long-term debt repayment, 2024 | $ 578.3 | |
Mandatory long-term debt repayment, 2025 | 511.9 | |
Mandatory long-term debt repayment, 2026 | 11.9 | |
Mandatory long-term debt repayment, 2027 | 1,075.1 | |
Mandatory long-term debt repayment, 2028 | $ 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 | 12 Months Ended | 56 Months Ended | |||||||
Feb. 04, 2024 USD ($) | Jan. 29, 2023 USD ($) | Jan. 30, 2022 USD ($) | Dec. 09, 2027 | Feb. 04, 2024 EUR (€) | Nov. 15, 2023 USD ($) | Dec. 09, 2022 EUR (€) | Apr. 29, 2019 EUR (€) | ||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 2,169.2 | $ 2,288.9 | |||||||
Long-term Debt, Current Maturities | 577.5 | 111.9 | |||||||
Long-term Debt, Excluding Current Maturities | $ 1,591.7 | 2,177 | |||||||
Percentage of long-term debt at fixed interest rates | 80% | 80% | |||||||
Letters of Credit Outstanding, Amount | $ 73.3 | ||||||||
Repayments of Unsecured Debt | 0 | 487.8 | $ 1,051.3 | ||||||
Repayment of 7 3/4% senior notes | 100 | 0 | 0 | ||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 96.4 | 82.1 | 96.8 | ||||||
Repayments of 2022 facilities | 11.9 | 0 | 0 | ||||||
Senior Debenture Due 2023 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior Notes | $ 0 | 99.9 | |||||||
Long-term Debt, Gross | $ 100 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | 7.75% | |||||||
Senior Notes Due 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior Notes | [1] | $ 565.7 | 568.1 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.625% | 3.625% | |||||||
Debt instrument, face amount | € | € 525 | ||||||||
Senior Notes Due 2027 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior Notes | [1] | $ 643.7 | 647.3 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.125% | 3.125% | |||||||
Debt instrument, face amount | € | € 600 | ||||||||
Senior Notes Due 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior Notes | $ 498.2 | 497 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | 4.625% | |||||||
Debt instrument, face amount | $ 500 | ||||||||
United States of America, Dollars | United States Federal Funds Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||
United States of America, Dollars | One Month Adjusted Eurocurrency Rate Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||||||
2019 Facilities Euro Term Loan A [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Unsecured Debt | € | € 440.6 | € 500 | |||||||
2019 Facilities Term Loan A [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Unsecured Debt | 487.8 | $ 1,051.3 | |||||||
2022 Facilities Term Loan A | |||||||||
Debt Instrument [Line Items] | |||||||||
Unsecured Debt | [1] | $ 461.6 | $ 476.6 | ||||||
Term Loan A Repayment Percentage Quarters Following Refinance | 2.50% | ||||||||
Repayments of 2022 facilities | $ 11.9 | ||||||||
2022 Facilities Term Loan A | One Month Adjusted Eurocurrency Rate Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||
2022 Facilities Euro Term Loan A | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | € | € 429.6 | ||||||||
[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. |
INCOME TAXES Domestic and Forei
INCOME TAXES Domestic and Foreign Components (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | Aug. 16, 2022 | |
Income Taxes [Line Items] | ||||
Domestic | $ 90.9 | $ (404.9) | $ (120.3) | |
Foreign | 750.1 | 793.1 | 1,093 | |
Income before taxes | 841 | 388.2 | 972.7 | |
Goodwill impairment | $ 0 | 417.1 | 0 | |
Inflation Reduction Act Alternative Minimum Corporate Tax Rate | 15% | |||
Inflation Reduction Act Excise Tax on Share Repurchases | 1% | 1% | ||
Global minimum effective tax rate known as Pillar Two | 15% | |||
Long-lived Assets, Other [Member] | Fair Value, Nonrecurring [Member] | ||||
Income Taxes [Line Items] | ||||
Impairment of long-lived assets | $ 468.8 | $ 47 |
INCOME TAXES Current and Deferr
INCOME TAXES Current and Deferred Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | ||
Income Tax Disclosure [Abstract] | ||||
Tax benefit related to tax accounting change from 2020 federal tax return | $ 106.3 | |||
Tax benefit related to expiration of special tax rates at the end of 2021 | 32.3 | |||
Income Taxes Paid, Net [Abstract] | ||||
Income taxes paid | $ 209.8 | $ 254.5 | 155.4 | |
Federal: | ||||
Current | 0.1 | (6.9) | (87.7) | |
Deferred | (18.2) | (5.1) | (51.4) | [1] |
State and local: | ||||
Current | 5.3 | (6.2) | 19.6 | |
Deferred | 0.2 | 0.8 | (21.7) | |
Foreign: | ||||
Current | 186.4 | 191.1 | 153.7 | |
Deferred | 3.6 | 14.1 | 8.2 | [2] |
Income tax expense | $ 177.4 | $ 187.8 | $ 20.7 | |
[1] Includes a $106.3 million benefit related to a tax accounting method change made in conjunction with the Company’s 2020 U.S. federal income tax return that provides additional tax benefits to the foreign components of the federal income tax provision. Includes a $32.3 million benefit related to the remeasurement of certain net deferred tax assets in connection with the expiration of the special tax rates at the end of 2021. |
INCOME TAXES Tax Rate Reconcili
INCOME TAXES Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 21% | 21% | 21% |
State and local income taxes, net of federal income tax benefit | 0.80% | 1.10% | (0.10%) |
Effects of international jurisdictions, including foreign tax credits | 1.90% | 1.60% | (8.00%) |
Change in estimates for uncertain tax positions | (1.60%) | (2.20%) | (9.70%) |
Change in valuation allowance | 0.30% | 1.20% | 0.70% |
Tax accounting method change | 0% | 0% | (10.90%) |
Tax on foreign earnings (U.S. Tax Legislation - GILTI and FDII) | (1.90%) | 1.20% | 7.60% |
Goodwill impairment | 0% | 22.30% | 0% |
Excess tax benefits related to stock-based compensation | 0.10% | 0.50% | 0% |
Other, net | 0.50% | 1.70% | 1.50% |
Effective income tax rate | 21.10% | 48.40% | 2.10% |
International Tax Jurisdictions | 40 |
INCOME TAXES Deferred Tax Asset
INCOME TAXES Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Feb. 04, 2024 | Jan. 29, 2023 |
Gross Deferred Tax Assets [Abstract] | ||
Tax loss and credit carryforwards | $ 152 | $ 143.6 |
Operating Lease Liabilities | 352.4 | 378.9 |
Employee compensation and benefits | 60.2 | 59.9 |
Inventories | 41.5 | 44.6 |
Accounts receivable | 9.2 | 12.9 |
Accrued expenses | 12.6 | 15.4 |
Property, plant and equipment | 243.5 | 242.3 |
Other, net | 5.4 | 17.2 |
Subtotal | 876.8 | 914.8 |
Valuation allowances | (73.7) | (72.9) |
Total gross deferred tax assets, net of valuation allowances | 803.1 | 841.9 |
Gross Deferred Tax Liabilities [Abstract] | ||
Intangibles | (772.2) | (807.1) |
Operating lease right-of-use assets | (322.1) | (340) |
Derivative financial instruments | (21.1) | (18.5) |
Deferred Tax Liabilities, Gross | 1,115.4 | 1,165.6 |
Net deferred tax liability | (312.3) | $ (323.7) |
Other Data: | ||
Net operating loss and tax credit carryforwards | $ 174.7 |
INCOME TAXES Unrecognized Tax B
INCOME TAXES Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 114.7 | $ 127.8 | $ 210.7 |
Increases related to prior year tax positions | 0.6 | 12.4 | 2.6 |
Decreases related to prior year tax positions | (11) | (12.3) | (0.2) |
Increases related to current year tax positions | 2.9 | 2.7 | 15.5 |
Lapses in statute of limitations | (6.4) | (12) | (93.3) |
Effects of foreign currency translation | (1.2) | (3.9) | (7.5) |
Balance at end of year | 99.6 | 114.7 | 127.8 |
Other Uncertain Tax Position Data: | |||
Interest and Penalties - Expense (Benefit) | 1.3 | 0.9 | $ (7.4) |
Interest and penalties accrued in balance sheets | 21.2 | $ 20.1 | |
Maximum [Member] | |||
Other Uncertain Tax Position Data: | |||
Reasonably possible reduction in uncertain tax positions within 12 months, range | $ 53 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS (Details) € in Millions, $ in Millions | 12 Months Ended | |||||
Feb. 04, 2024 USD ($) | Jan. 29, 2023 USD ($) | Jan. 30, 2022 USD ($) | Feb. 04, 2024 EUR (€) | |||
Derivative [Line Items] | ||||||
Cost of Goods Sold | $ 3,854.5 | $ 3,901.3 | $ 3,830.6 | |||
Selling, general and administrative expenses | 4,542.6 | 4,377.4 | 4,453.9 | |||
Interest expense | $ 99.3 | 89.6 | 108.6 | |||
Percentage of long-term debt at fixed interest rates | 80% | 80% | ||||
Interest income | $ 11.5 | 7.1 | 4.4 | |||
Other Current Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 21.5 | 15.7 | ||||
Other Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 0.5 | 0.1 | ||||
Accrued Expenses [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 3.5 | 33.2 | ||||
Other Liabilities [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 1.7 | 2.2 | ||||
Foreign Currency Forward Exchange Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 1,303.8 | |||||
Contracts designated as hedging instrument [Member] | Derivative Contract | ||||||
Derivative [Line Items] | ||||||
Other Comprehensive (Loss) Income Designated Hedges, Gain (Loss) Before Reclassifications And Tax | 52.5 | (17.9) | 220.7 | |||
Derivative Instruments, Gain (Loss) Reclassified from AOCL into Income (Expense), Effective Portion, Net | 14.3 | 27.6 | (6.3) | |||
Undesignated contracts [Member] | Foreign Currency Forward Exchange Contracts [Member] | Other Current Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 1.9 | 0 | ||||
Undesignated contracts [Member] | Foreign Currency Forward Exchange Contracts [Member] | Other Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||||
Undesignated contracts [Member] | Foreign Currency Forward Exchange Contracts [Member] | Accrued Expenses [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 1.1 | 12.5 | ||||
Undesignated contracts [Member] | Foreign Currency Forward Exchange Contracts [Member] | Other Liabilities [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||||
Cost of Sales [Member] | Foreign Exchange Forward Inventory Purchases [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Instruments, Net Gain Reclassification from AOCL to Expense, Estimated Net Amount to be Transferred | $ 17.4 | |||||
Derivative Instruments, Net Gain Reclassification from AOCL to Expense, Estimate of time to transfer | 12 months | |||||
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 Recognized in Expense, Net | $ 2.9 | 11.4 | 14.7 | |||
Cash Flow Hedging [Member] | Contracts designated as hedging instrument [Member] | Foreign Exchange Forward Inventory Purchases [Member] | ||||||
Derivative [Line Items] | ||||||
Other Comprehensive (Loss) Income, Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 35.6 | (48.3) | 109.2 | |||
Derivative Instruments, Gain (Loss) Reclassified from AOCL into Income (Expense), Effective Portion, Net | $ 11.1 | $ 27.6 | $ (1.8) | |||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income (Expense), Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods Sold | Cost of Goods Sold | Cost of Goods Sold | |||
Cash Flow Hedging [Member] | Contracts designated as hedging instrument [Member] | Foreign Exchange Forward Inventory Purchases [Member] | Other Current Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | $ 13.2 | $ 15.7 | ||||
Cash Flow Hedging [Member] | Contracts designated as hedging instrument [Member] | Foreign Exchange Forward Inventory Purchases [Member] | Other Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 0.5 | 0.1 | ||||
Cash Flow Hedging [Member] | Contracts designated as hedging instrument [Member] | Foreign Exchange Forward Inventory Purchases [Member] | Accrued Expenses [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 2.4 | 20.7 | ||||
Cash Flow Hedging [Member] | Contracts designated as hedging instrument [Member] | Foreign Exchange Forward Inventory Purchases [Member] | Other Liabilities [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 0.4 | 2.2 | ||||
Cash Flow Hedging [Member] | Contracts designated as hedging instrument [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Other Comprehensive (Loss) Income, Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 0 | 0 | $ 0.2 | |||
Derivative Instruments, Gain (Loss) Reclassified from AOCL into Income (Expense), Effective Portion, Net | $ 0 | $ 0 | $ (3) | |||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income (Expense), Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest expense | Interest expense | Interest expense | |||
Cash Flow Hedging [Member] | Undesignated contracts [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from AOCL into Income (Expense), Effective Portion, Net | $ 0 | $ 0 | $ (1.5) | [1] | ||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income (Expense), Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, general and administrative expenses | Selling, general and administrative expenses | Selling, general and administrative expenses | [1] | ||
Net Investment Hedging [Member] | Contracts designated as hedging instrument [Member] | Euro Denominated Senior Notes | ||||||
Derivative [Line Items] | ||||||
Other comprehensive (loss) income, Net Investment Hedge, Gain (Loss), before Reclassification and Tax | $ 8.6 | $ 30.4 | $ 111.3 | |||
Long-term debt, fair value | 1,201.6 | 1,192 | ||||
Long-term debt, carrying amount | 1,209.4 | 1,215.4 | ||||
Net Investment Hedging [Member] | Contracts designated as hedging instrument [Member] | Currency Swap | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | € | € 457.2 | |||||
Other comprehensive (loss) income, Net Investment Hedge, Gain (Loss), before Reclassification and Tax | 8.3 | 0 | 0 | |||
Derivative Instruments, Gain (Loss) Reclassified from AOCL into Income (Expense), Effective Portion, Net | $ 3.2 | $ 0 | $ 0 | |||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income (Expense), Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest expense | Interest expense | Interest expense | |||
Net Investment Hedging [Member] | Contracts designated as hedging instrument [Member] | Currency Swap | Receive Fixed Interest Rate | ||||||
Derivative [Line Items] | ||||||
Derivative, Average Fixed Interest Rate | 1.405% | 1.405% | ||||
Net Investment Hedging [Member] | Contracts designated as hedging instrument [Member] | Currency Swap | Pay Fixed Interest Rate | ||||||
Derivative [Line Items] | ||||||
Derivative, Fixed Interest Rate | 0% | 0% | ||||
Net Investment Hedging [Member] | Contracts designated as hedging instrument [Member] | Currency Swap | Other Current Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | $ 6.4 | $ 0 | ||||
Net Investment Hedging [Member] | Contracts designated as hedging instrument [Member] | Currency Swap | Other Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||||
Net Investment Hedging [Member] | Contracts designated as hedging instrument [Member] | Currency Swap | Accrued Expenses [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||||
Net Investment Hedging [Member] | Contracts designated as hedging instrument [Member] | Currency Swap | Other Liabilities [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 1.3 | 0 | ||||
Senior Notes Due 2027 [Member] | ||||||
Derivative [Line Items] | ||||||
Debt instrument, face amount | € | € 600 | |||||
Long-term debt, carrying amount | [2] | $ 643.7 | 647.3 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.125% | 3.125% | ||||
Senior Notes Due 2024 [Member] | ||||||
Derivative [Line Items] | ||||||
Debt instrument, face amount | € | € 525 | |||||
Long-term debt, carrying amount | [2] | $ 565.7 | 568.1 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.625% | 3.625% | ||||
Senior Notes Due 2025 | ||||||
Derivative [Line Items] | ||||||
Debt instrument, face amount | $ 500 | |||||
Long-term debt, carrying amount | $ 498.2 | $ 497 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | 4.625% | ||||
[1] The Company dedesignated certain cash flow hedges related to its interest rate swap agreements during 2021 in connection with the repayment of the outstanding principal balance under its USD TLA facility, as the underlying interest payments were no longer probable to occur. |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |
Reported Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 707,600 | $ 550,700 | |
Short-term borrowings | 0 | 46,200 | |
Long-term Debt (including portion classified as current) carrying amount | 2,169,200 | 2,288,900 | |
Estimate of Fair Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents, fair value | 707,600 | 550,700 | |
Short-term borrowings, fair value | 0 | 46,200 | |
Long-term Debt (including portion classified as current) fair value | 2,159,500 | 2,262,300 | |
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 | 15,600 | 15,800 | |
Rabbi trust assets | 9,900 | ||
Total Assets, Fair Value | 31,900 | 23,000 | |
Foreign currency forward exchange contracts, liabilities | 3,900 | 35,400 | |
Total Liabilities | 5,200 | 35,400 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Currency Swap | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cross-currency swap assets (net investment hedges) | 6,400 | ||
Cross-currency swap liabilities (net investment hedge) | 1,300 | ||
Cash and cash equivalents | 707,600 | 550,700 | |
Short-term borrowings | 0 | 46,200 | |
Long-term Debt (including portion classified as current) carrying amount | 2,169,200 | 2,288,900 | |
Goodwill and other intangible asset impairments | 0 | 417,100 | $ 0 |
Goodwill impairment | 0 | 417,100 | 0 |
Impairment of Long-Lived Assets Held-for-use | 5,700 | 51,700 | 47,000 |
Goodwill | 2,322,100 | 2,359,000 | 2,828,900 |
Other Current Assets [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Rabbi trust assets | 800 | 700 | |
Other Assets [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Rabbi trust assets | 9,100 | 6,500 | |
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 | 30,400 | 35,500 | |
Impairment of Long-Lived Assets Held-for-use | 27,400 | $ 21,200 | |
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, general and administrative expenses | ||
Property, Plant and Equipment [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total Assets, Fair Value | 6,200 | 24,600 | $ 26,400 |
Impairment of Long-Lived Assets Held-for-use | 24,300 | 25,800 | |
Noncash Impairment Charges | 5,700 | ||
Long-lived Assets, Other [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Noncash Impairment Charges | 468,800 | 47,000 | |
Long-lived Assets, Other [Member] | Selling, General and Administrative Expenses [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Noncash Impairment Charges | 51,700 | ||
Goodwill | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total Assets, Fair Value | 458,100 | ||
Goodwill | Fair Value, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total Assets, Fair Value | 41,000 | ||
Goodwill impairment | 417,100 | ||
Goodwill | Goodwill and Other Intangible Assets Impairments [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Goodwill impairment | 417,100 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Rabbi trust assets | 9,900 | 7,200 | |
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 | 15,600 | 15,800 | |
Total Assets, Fair Value | 22,000 | 15,800 | |
Foreign currency forward exchange contracts, liabilities | 3,900 | 35,400 | |
Total Liabilities | 5,200 | 35,400 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Currency Swap | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cross-currency swap assets (net investment hedges) | 6,400 | ||
Cross-currency swap liabilities (net investment hedge) | 1,300 | ||
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 | 3,000 | 14,300 | |
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 | 500 | 300 | 600 |
Fair Value, Inputs, Level 3 [Member] | Goodwill | Fair Value, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total Assets, Fair Value | 41,000 | ||
Calvin Klein North America [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Goodwill and other intangible asset impairments | 162,600 | ||
Goodwill impairment | 162,600 | ||
Goodwill | 331,900 | 331,900 | 494,500 |
Calvin Klein North America [Member] | Property, Plant and Equipment [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Noncash Impairment Charges | 500 | ||
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 | 163,800 | 400 | |
Tommy Hilfiger North America [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Goodwill and other intangible asset impairments | 177,200 | ||
Goodwill impairment | 177,200 | ||
Goodwill | 25,800 | 25,800 | 203,000 |
Tommy Hilfiger North America [Member] | Property, Plant and Equipment [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Noncash Impairment Charges | 700 | ||
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 | 177,800 | 1,400 | |
Tommy Hilfiger International [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Goodwill impairment | 0 | ||
Goodwill | 1,558,300 | 1,587,600 | 1,633,900 |
Tommy Hilfiger International [Member] | Property, Plant and Equipment [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Noncash Impairment Charges | 3,300 | ||
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 | 35,700 | 7,200 | |
Calvin Klein International [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Goodwill and other intangible asset impairments | 77,300 | ||
Goodwill impairment | 77,300 | ||
Goodwill | 406,100 | 413,700 | 497,500 |
Calvin Klein International [Member] | Property, Plant and Equipment [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Noncash Impairment Charges | 1,200 | ||
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 | 89,500 | 2,800 | |
Heritage Brands Wholesale [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Goodwill impairment | 0 | ||
Goodwill | $ 0 | 0 | 0 |
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 | 1,500 | ||
Corporate [Member] | Long-lived Assets, Other [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Noncash Impairment Charges | $ 2,000 | $ 33,700 |
RETIREMENT AND BENEFIT PLANS (D
RETIREMENT AND BENEFIT PLANS (Details) $ in Millions | 12 Months Ended | ||
Feb. 04, 2024 USD ($) | Jan. 29, 2023 USD ($) | Jan. 30, 2022 USD ($) | |
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Rabbi trust assets | $ 9.9 | ||
Company contributions to saving and retirement plans, supplemental savings plan and defined contribution plan | $ 41.7 | $ 37.7 | $ 36.5 |
SERP Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Number of Noncontributory Defined Benefit Pension Plans | 3 | ||
Pension Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Number of Noncontributory Defined Benefit Pension Plans | 2 | ||
Vesting Period Noncontributory Defined Benefit Pension Plans | five years | ||
Postretirement Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Number of Noncontributory Defined Benefit Pension Plans | 2 | ||
Heritage Brands Menswear Transaction | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deconsolidation gain | 1.8 | ||
Heritage Brands Menswear Transaction | SERP Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deconsolidation gain | $ 0 | 0 | (0.3) |
Heritage Brands Menswear Transaction | Pension Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deconsolidation gain | 0 | 0 | (1.5) |
Heritage Brands Menswear Transaction | Postretirement Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deconsolidation gain | $ 0 | $ 0 | 0 |
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] | Heritage Brands Menswear Transaction | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Special termination benefits | $ 1.4 |
RETIREMENT AND BENEFIT PLANS Be
RETIREMENT AND BENEFIT PLANS Benefit Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Actuarial gain | $ 45.5 | $ 78.4 | $ 48.7 |
Heritage Brands Menswear Transaction | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Deconsolidation gain | 1.8 | ||
Non-service related pension and postretirement income [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Special termination benefits | 0.9 | ||
Non-service related pension and postretirement income [Member] | Heritage Brands Menswear Transaction | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Special termination benefits | 1.4 | ||
Pension Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accumulated benefit obligation | 527.9 | 547 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Balance at beginning of year | 573.2 | 785.2 | |
Service cost, net of plan expenses | 18 | 29.3 | |
Interest cost | 29.1 | 25.3 | 24.8 |
Benefit payments | (54.3) | (72.4) | |
Benefit payments, net of retiree contributions | 0 | 0 | |
Curtailment gain | (17.2) | 0 | 0 |
Actuarial gain | (16.7) | (194.2) | |
Balance at end of year | 532.1 | 573.2 | 785.2 |
Pension Plans [Member] | Heritage Brands Menswear Transaction | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Deconsolidation gain | 0 | 0 | (1.5) |
Pension Plans [Member] | Special Termination Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Special termination benefits | 0 | 0 | 0.5 |
SERP Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accumulated benefit obligation | 46.9 | 52.7 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Balance at beginning of year | 56.3 | 93.3 | |
Service cost, net of plan expenses | 1.6 | 2.5 | |
Interest cost | 2.8 | 2.8 | 3.3 |
Benefit payments | (9.7) | (35.6) | |
Benefit payments, net of retiree contributions | 0 | 0 | |
Curtailment gain | (2.6) | 0 | 0 |
Actuarial gain | (0.8) | (6.7) | |
Balance at end of year | 47.6 | 56.3 | 93.3 |
SERP Plans [Member] | Heritage Brands Menswear Transaction | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Deconsolidation gain | 0 | 0 | (0.3) |
SERP Plans [Member] | Special Termination Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Special termination benefits | 0 | 0 | 1.8 |
Postretirement Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Balance at beginning of year | 4 | 5.6 | |
Service cost, net of plan expenses | 0 | 0 | |
Interest cost | 0.2 | 0.1 | 0.1 |
Benefit payments | 0 | 0 | |
Benefit payments, net of retiree contributions | (0.8) | (0.6) | |
Curtailment gain | 0 | 0 | 0 |
Actuarial gain | 0.2 | (1.1) | |
Balance at end of year | 3.6 | 4 | 5.6 |
Postretirement Plans [Member] | Heritage Brands Menswear Transaction | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Deconsolidation gain | 0 | 0 | 0 |
Postretirement Plans [Member] | Special Termination Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Special termination benefits | $ 0 | $ 0 | $ 0 |
RETIREMENT AND BENEFIT PLANS Fa
RETIREMENT AND BENEFIT PLANS Fair Value of Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 04, 2024 | Jan. 29, 2023 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | $ 570.2 | [1] | $ 726.3 | |
Actual return, net of plan expenses | 38.5 | (83.9) | ||
Benefit payments | (54.3) | (72.4) | ||
Fair value of plan assets at end of year | [1] | 554.4 | 570.2 | |
Funded status at end of year | 22.3 | (3) | ||
Company contributions | $ 0 | 0.2 | ||
United States Equities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocation percentage of assets, equity securities | 30% | |||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[2] | $ 150.5 | ||
Fair value of plan assets at end of year | [1],[2] | 45.1 | 150.5 | |
United States Equities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[2] | 150.5 | ||
Fair value of plan assets at end of year | [1],[2] | 45.1 | 150.5 | |
United States Equities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[2] | 0 | ||
Fair value of plan assets at end of year | [1],[2] | 0 | 0 | |
United States Equities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[2] | 0 | ||
Fair value of plan assets at end of year | [1],[2] | $ 0 | 0 | |
International Equities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocation percentage of assets, equity securities | 10% | |||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[2] | $ 12.8 | ||
Fair value of plan assets at end of year | [1],[2] | 0.3 | 12.8 | |
International Equities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[2] | 12.8 | ||
Fair value of plan assets at end of year | [1],[2] | 0.3 | 12.8 | |
International Equities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[2] | 0 | ||
Fair value of plan assets at end of year | [1],[2] | 0 | 0 | |
International Equities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[2] | 0 | ||
Fair value of plan assets at end of year | [1],[2] | $ 0 | 0 | |
Fixed Income Securities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocation percentage of assets, equity securities | 60% | |||
United States equity fund [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[3] | $ 63.4 | ||
Fair value of plan assets at end of year | [1],[3] | 114.1 | 63.4 | |
United States equity fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[3] | 0 | ||
Fair value of plan assets at end of year | [1],[3] | 0 | 0 | |
United States equity fund [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[3] | 63.4 | ||
Fair value of plan assets at end of year | [1],[3] | 114.1 | 63.4 | |
United States equity fund [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[3] | 0 | ||
Fair value of plan assets at end of year | [1],[3] | 0 | 0 | |
International Equity Fund [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[4] | 119.4 | ||
Fair value of plan assets at end of year | [1],[4] | 61.1 | 119.4 | |
International Equity Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[4] | 65.3 | ||
Fair value of plan assets at end of year | [1],[4] | 25.5 | 65.3 | |
International Equity Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[4] | 54.1 | ||
Fair value of plan assets at end of year | [1],[4] | 35.6 | 54.1 | |
International Equity Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[4] | 0 | ||
Fair value of plan assets at end of year | [1],[4] | 0 | 0 | |
Government Securities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[5] | 62 | ||
Fair value of plan assets at end of year | [1],[5] | 1.1 | 62 | |
Government Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[5] | 0 | ||
Fair value of plan assets at end of year | [1],[5] | 0 | 0 | |
Government Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[5] | 62 | ||
Fair value of plan assets at end of year | [1],[5] | 1.1 | 62 | |
Government Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[5] | 0 | ||
Fair value of plan assets at end of year | [1],[5] | 0 | 0 | |
Corporate Securities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[5] | 147.4 | ||
Fair value of plan assets at end of year | [1],[5] | 81.6 | 147.4 | |
Corporate Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[5] | 0 | ||
Fair value of plan assets at end of year | [1],[5] | 0 | 0 | |
Corporate Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[5] | 147.4 | ||
Fair value of plan assets at end of year | [1],[5] | 81.6 | 147.4 | |
Corporate Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[5] | 0 | ||
Fair value of plan assets at end of year | [1],[5] | 0 | 0 | |
Short-term Investment Funds [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[6] | 15.5 | ||
Fair value of plan assets at end of year | [1],[6] | 5.8 | 15.5 | |
Short-term Investment Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[6] | 0 | ||
Fair value of plan assets at end of year | [1],[6] | 0 | 0 | |
Short-term Investment Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[6] | 15.5 | ||
Fair value of plan assets at end of year | [1],[6] | 5.8 | 15.5 | |
Short-term Investment Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[6] | 0 | ||
Fair value of plan assets at end of year | [1],[6] | 0 | 0 | |
Plan Assets, Excluding Other Assets and Liabilities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1] | 571 | ||
Fair value of plan assets at end of year | [1] | 553.4 | 571 | |
Plan Assets, Excluding Other Assets and Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1] | 228.6 | ||
Fair value of plan assets at end of year | [1] | 70.9 | 228.6 | |
Plan Assets, Excluding Other Assets and Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1] | 342.4 | ||
Fair value of plan assets at end of year | [1] | 482.5 | 342.4 | |
Plan Assets, Excluding Other Assets and Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1] | 0 | ||
Fair value of plan assets at end of year | [1] | 0 | 0 | |
US Treasury Securities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at end of year | [1],[7] | 244.3 | ||
US Treasury Securities | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at end of year | [1],[7] | 0 | ||
US Treasury Securities | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at end of year | [1],[7] | 0 | ||
Defined Benefit Plan, Other Assets and Liabilities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | [1],[8] | (0.8) | ||
Fair value of plan assets at end of year | [1],[8] | $ 1 | $ (0.8) | |
[1] The Company uses third party pricing services to determine the fair values of the financial instruments held by the pension plans. The Company obtains an understanding of the pricing services’ valuation methodologies and related inputs and validates a sample of prices by reviewing prices from other sources. The Company has not adjusted any prices received from the third party pricing services. Valued at the closing price or unadjusted quoted price in the active market in which the individual securities are traded. Valued at the net asset value of the fund, as determined by a pricing vendor or the fund family. The Company has the ability to redeem this investment at net asset value within the near term and therefore classifies this investment within Level 2. This commingled fund invests in United States large cap equities of companies that track the Russell 1000 Index. Valued at the net asset value of the fund, either as determined by the closing price in the active market in which the individual fund is traded and classified within Level 1, or as determined by a pricing vendor or the fund family and classified within Level 2. This category includes funds that invest in equities of companies outside of the United States. Valued at the net asset value of the fund as determined by the fund family. The Company has the ability to redeem this investment at net asset value within the near term and therefore classifies this investment within Level 2. This commingled fund invests in U.S. Treasury STRIPS. This category includes other pension assets and liabilities such as pending trades and accrued income. |
RETIREMENT AND BENEFIT PLANS Am
RETIREMENT AND BENEFIT PLANS Amounts Recognized in Balance Sheets (Details) - USD ($) $ in Millions | Feb. 04, 2024 | Jan. 29, 2023 |
Pension Plans [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Current liabilities | $ 0 | $ 0 |
Non-current liabilities | (0.2) | (3) |
Net amount recognized | 22.3 | (3) |
Non-current assets | 22.5 | 0 |
SERP Plans [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Current liabilities | (9.4) | (7.3) |
Non-current liabilities | (38.2) | (49) |
Net amount recognized | (47.6) | (56.3) |
Non-current assets | 0 | 0 |
Postretirement Plans [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Current liabilities | (0.5) | (0.6) |
Non-current liabilities | (3.1) | (3.4) |
Net amount recognized | (3.6) | (4) |
Non-current assets | $ 0 | $ 0 |
RETIREMENT AND BENEFIT PLANS Ne
RETIREMENT AND BENEFIT PLANS Net Benefit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |
Heritage Brands Menswear Transaction | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deconsolidation gain | $ 1.8 | ||
Pension Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost, including plan expenses | $ 21.7 | $ 31.3 | 40.1 |
Interest cost | 29.1 | 25.3 | 24.8 |
Actuarial (gain) loss | (25.1) | (70.6) | (35.2) |
Curtailment gain | (17.2) | 0 | 0 |
Expected return on plan assets | (33.8) | (41.7) | (44.5) |
Total | (25.3) | (55.7) | (15.8) |
Pension Plans [Member] | Heritage Brands Menswear Transaction | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deconsolidation gain | 0 | 0 | (1.5) |
Pension Plans [Member] | Special Termination Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Special termination benefits | 0 | 0 | 0.5 |
SERP Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost, including plan expenses | 1.6 | 2.5 | 4.7 |
Interest cost | 2.8 | 2.8 | 3.3 |
Actuarial (gain) loss | (0.8) | (6.7) | (13.4) |
Curtailment gain | (2.6) | 0 | 0 |
Expected return on plan assets | 0 | 0 | 0 |
Total | 1 | (1.4) | (3.9) |
SERP Plans [Member] | Heritage Brands Menswear Transaction | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deconsolidation gain | 0 | 0 | (0.3) |
SERP Plans [Member] | Special Termination Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Special termination benefits | 0 | 0 | 1.8 |
Postretirement Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost, including plan expenses | 0 | 0 | 0 |
Interest cost | 0.2 | 0.1 | 0.1 |
Actuarial (gain) loss | 0.2 | (1.1) | (0.1) |
Curtailment gain | 0 | 0 | 0 |
Expected return on plan assets | 0 | 0 | 0 |
Total | 0.4 | (1) | 0 |
Postretirement Plans [Member] | Heritage Brands Menswear Transaction | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deconsolidation gain | 0 | 0 | 0 |
Postretirement Plans [Member] | Special Termination Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Special termination benefits | $ 0 | $ 0 | $ 0 |
RETIREMENT AND BENEFIT PLANS Ac
RETIREMENT AND BENEFIT PLANS Accumulated and Projected Benefit Obligations in Excess of Plan Assets (Details) $ in Millions | Feb. 04, 2024 USD ($) | Jan. 29, 2023 USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Number of plans with projected benefit obligations in excess of plan assets | 1 | 2 |
Aggregate projected benefit obligation | $ 2.4 | $ 573.2 |
Aggregate fair value of related plan assets | $ 2.2 | $ 570.2 |
Number of plans with accumulated benefit obligations in excess of plan assets | 1 | 1 |
Aggregate accumulated benefit obligation | $ 2.4 | $ 2.6 |
Aggregate fair value of related plan assets | $ 2.2 | $ 2.5 |
RETIREMENT AND BENEFIT PLANS We
RETIREMENT AND BENEFIT PLANS Weighted Average Rate Assumptions (Details) | 12 Months Ended | ||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |
Pension and SERP Plans [Member] | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Discount rate | 5.63% | 5.19% | 3.31% |
Postretirement Plans [Member] | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Discount rate | 5.36% | 4.98% | 2.89% |
Pension Plans [Member] | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Rate of increase in compensation levels | 4% | 4% | 4% |
Expected long-term rate of return on assets | 6.25% | 6.25% | 6% |
RETIREMENT AND BENEFIT PLANS Ex
RETIREMENT AND BENEFIT PLANS Expected Future Benefit Payments (Details) $ in Millions | Feb. 04, 2024 USD ($) |
Pension Plans [Member] | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2024 | $ 42.2 |
2025 | 43.3 |
2026 | 43 |
2027 | 43 |
2028 | 41.9 |
2029-2033 | 194.2 |
SERP Plans [Member] | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2024 | 9.4 |
2025 | 6.2 |
2026 | 5.4 |
2027 | 5.1 |
2028 | 4.6 |
2029-2033 | 18.2 |
Postretirement Plans [Member] | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2024 | 0.5 |
2025 | 0.5 |
2026 | 0.5 |
2027 | 0.4 |
2028 | 0.4 |
2029-2033 | $ 1.4 |
STOCK-BASED COMPENSATION Stock
STOCK-BASED COMPENSATION Stock Incentive Plan (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 5.1 | ||
Stock-based compensation expense | $ 51.9 | $ 46.6 | $ 46.8 |
Recognized income tax benefits associated with stock-based compensation expense | 6.3 | 5.9 | 6.2 |
Tax benefits realized from certain transactions associated with stock plan | 8 | 3.7 | $ 7.6 |
Discrete Net Excess Tax Deficiencies from Share-Based Compensation recognized in Provision for Income Taxes | $ 1 | $ 2 |
STOCK-BASED COMPENSATION Stoc_2
STOCK-BASED COMPENSATION Stock Option Activity (Details) - USD ($) | 12 Months Ended | ||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |
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 | ||
Unrecognized pre-tax compensation expense | $ 5,400,000 | ||
Unrecognized pre-tax compensation expense, period for recognition (in years) | 1 year 8 months 12 days | ||
Service-based stock option activity [Roll Forward] | |||
Service-based stock options, outstanding, beginning of period | 694,000 | ||
Service-based stock options, granted | 86,000 | ||
Service-based stock options, exercised | 180,000 | ||
Service-based stock options, forfeited/expired | 87,000 | ||
Service-based stock options, outstanding, end of period | 513,000 | 694,000 | |
Service-based stock options, exercisable | 313,000 | ||
Service-based stock options, outstanding, weighted average price per option, beginning of period | $ 98.08 | ||
Service-based stock options, granted, weighted average price per option | 83.80 | ||
Service-based stock options, exercised, weighted average price per option | 99 | ||
Service-based stock options, forfeited/expired, weighted average price per option | 105.74 | ||
Service-based stock options, outstanding, weighted average price per option, end of period | 94.05 | $ 98.08 | |
Service-based stock options, exercisable, weighted average price per option | $ 104.33 | ||
Service-based stock options, outstanding, weighted average remaining contractual life (in years), end of period | 5 years 10 months 24 days | 4 years 10 months 24 days | |
Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average remaining contractual term | 4 years 4 months 24 days | ||
Service-based stock options, outstanding, aggregate intrinsic value, beginning of period | $ 5,027,000 | ||
Service-based stock options, outstanding, aggregate intrinsic value, end of period | 15,996,000 | $ 5,027,000 | |
Service-based stock options, exercisable, aggregate intrinsic value | 7,312,000 | ||
Options, additional disclosures: | |||
Service-based stock options, granted, aggregate grant date fair value | 3,700,000 | 4,600,000 | $ 4,600,000 |
Service-based stock options, vested, aggregate grant date fair value | 2,600,000 | $ 1,700,000 | 7,200,000 |
Service-based stock options, exercised, total intrinsic value of options | $ 3,100,000 | $ 9,700,000 | |
Black-Scholes-Merton Model [Member] | |||
Assumptions used to estimate fair value of service-based stock options [Abstract] | |||
Weighted average risk-free interest rate | 3.33% | 2.50% | 1.24% |
Weighted average expected stock option term (in years) | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Weighted average Company volatility | 50.60% | 47.34% | 47.58% |
Expected annual dividends per share | $ 0.15 | $ 0.15 | $ 0.15 |
Weighted average grant date fair value per stock option | $ 43.47 | $ 34.27 | $ 48.28 |
STOCK-BASED COMPENSATION - RSU,
STOCK-BASED COMPENSATION - RSU, Restricted Stock and Performance Share Activity (Details) - USD ($) | 12 Months Ended | ||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Reduction in Number of Shares to be Granted by Each Stock Award for awards made on or after June 22, 2023 | 1.6 | ||
Reduction in Number of Shares to be Granted by Each Stock Award for Awards made before June 22, 2023 | 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 | ||
Other than options, granted, aggregate grant date fair value | $ 54,900,000 | $ 53,600,000 | $ 61,200,000 |
Other than options, vested, aggregate grant date fair value | 43,400,000 | $ 39,300,000 | 50,200,000 |
Unrecognized pre-tax compensation expense | $ 64,400,000 | ||
Unrecognized pre-tax compensation expense, period for recognition (in years) | 1 year 8 months 12 days | ||
Non-vested activity [Roll Forward] | |||
Other than options, non-vested number, beginning of period | 1,325,000 | ||
Other than options, granted number | 652,000 | ||
Other than options, vested number | 569,000 | ||
Other than options, forfeited number | 233,000 | ||
Other than options, non-vested number, end of period | 1,175,000 | 1,325,000 | |
Other than options, non-vested, weighted average grant date fair value, beginning of period | $ 77.33 | ||
Other than options, granted, weighted average grant date fair value | 84.10 | ||
Other than options, vested, weighted average grant date fair value | 76.23 | ||
Other than options, forfeited, weighted average grant date fair value | 81.57 | ||
Other than options, non-vested, weighted average grant date fair value, end of period | $ 80.79 | $ 77.33 | |
Performance Share Units (PSU) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Other than options, granted, aggregate grant date fair value | $ 12,300,000 | $ 6,300,000 | $ 5,800,000 |
Other than Options, Vested, Aggregate Grant Date Fair Value | 8,600,000 | ||
Unrecognized pre-tax compensation expense | $ 13,300,000 | ||
Unrecognized pre-tax compensation expense, period for recognition (in years) | 2 years | ||
Non-vested activity [Roll Forward] | |||
Other than options, non-vested number, beginning of period | 244,000 | ||
Other than options, granted number | 122,000 | ||
Other than Options, Increase due to Market Conditions Achieved above Target | 36,000 | ||
Other than options, reduction due to market conditions not satisfied | 18,000 | ||
Other than options, vested number | 139,000 | ||
Other than options, forfeited number | 9,000 | ||
Other than options, non-vested number, end of period | 236,000 | 244,000 | |
Other than options, non-vested, weighted average grant date fair value, beginning of period | $ 84.40 | ||
Other than options, granted, weighted average grant date fair value | 100.44 | ||
Other than Options, Increase due to Market Conditions Achieved above Target, Weighted Average Grant Date Fair Value | 58.39 | ||
Other than options, reduction due to market conditions not satisfied, weighted average grant fair value | 71.92 | ||
Other than options, vested, weighted average grant date fair value | 61.69 | ||
Other than options, forfeited, weighted average grant date fair value | 103.03 | ||
Other than options, non-vested, weighted average grant date fair value, end of period | $ 102.29 | $ 84.40 | |
Performance Share Units (PSU) [Member] | Performance Share Units (PSUs) granted in 2022 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of Final Number of Shares Based Upon the Company's Total Shareholder Return | 50% | ||
Percentage of Final Number of Shares Based Upon the Company's Consolidated Earnings Before Interest and Taxes | 50% | ||
Performance Share Units (PSU) [Member] | Performance Share Units (PSUs) granted in 2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of Final Number of Shares Based Upon the Company's Total Shareholder Return | 50% | ||
Percentage of Final Number of Shares Based Upon the Company's Absolute Stock Price Growth | 50% | ||
Performance Share Units (PSU) [Member] | Performance Share Units (PSUs) granted in 2023 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of Final Number of Shares Based Upon the Company's Total Shareholder Return | 50% | ||
Percent of Final Number of Shares Based Upon the Company's average Return on Invested Capital | 50% | ||
Performance Share Units (PSU) [Member] | Performance Share Units (PSUs) granted in 2021 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of Final Number of Shares Based Upon the Company's Total Shareholder Return | 50% | ||
Percentage of Final Number of Shares Based Upon the Company's Consolidated Earnings Before Interest and Taxes | 50% | ||
Monte Carlo model [Member] | Performance Share Units (PSU) [Member] | |||
Assumptions used to estimate fair value of stock based awards [Abstract] | |||
Weighted average risk-free interest rate | 3.56% | 2.91% | 0.33% |
Weighted average Company volatility | 58.21% | 64.02% | 60.69% |
Expected annual dividends per share | $ 0.15 | $ 0.15 | $ 0.15 |
Restriction of Liquidity Discount | 7.40% | 6.90% | 8.40% |
Non-vested activity [Roll Forward] | |||
Other than options, granted, weighted average grant date fair value | $ 120.42 | $ 103.36 | $ 159.29 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | Apr. 02, 2024 | Mar. 27, 2024 | Aug. 16, 2022 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock Repurchase Program, Number of Shares Repurchased | 6,002,213 | 6,359,892 | 3,438,819 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.15 | $ 0.15 | $ 0.0375 | |||
Class of Stock [Line Items] | ||||||
Inflation Reduction Act Excise Tax on Share Repurchases | 1% | 1% | ||||
Excise Taxes on share repurchases in excess of issuances | $ 4.9 | |||||
Stock Repurchase Program [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock Repurchase Program, Authorized Amount | $ 5,000 | $ 2,000 | ||||
Stock Repurchase Program, Number of Shares Repurchased | 5,700,000 | 6,200,000 | 3,300,000 | |||
Stock Repurchase Program, Amount Purchased During Period | $ 549.8 | $ 399.4 | $ 349.7 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 273.7 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |||||
Net gain on net investment hedges, net of tax | $ (10.3) | $ (24.1) | $ (83.8) | ||||
Change in accumulated other comprehensive loss | |||||||
Balance at beginning of year | (713.1) | ||||||
Other comprehensive (loss) income | (40.5) | (100.4) | (93.6) | ||||
Balance at end of year | (753.6) | (713.1) | |||||
Foreign currency translation adjustments | |||||||
Net gain on net investment hedges, net of tax | 12.7 | 24.1 | 83.8 | ||||
Change in accumulated other comprehensive loss | |||||||
Balance at beginning of year | (710.1) | (665.9) | (481.6) | ||||
Other comprehensive (loss) income before reclassifications, net of tax | [1] | (56.2) | [2] | (47.6) | [3] | (184.3) | [3] |
Less: Amounts reclassified from AOCL, net of tax | 2.4 | (3.4) | [4] | 0 | |||
Other comprehensive (loss) income | (58.6) | (44.2) | (184.3) | ||||
Balance at end of year | (768.7) | (710.1) | (665.9) | ||||
Net unrealized and realized (loss) gain on effective cash flow hedges | |||||||
Change in accumulated other comprehensive loss | |||||||
Balance at beginning of year | (3) | 53.2 | (37.5) | ||||
Other comprehensive (loss) income before reclassifications, net of tax | 25.8 | (36) | 88.1 | ||||
Less: Amounts reclassified from AOCL, net of tax | 7.7 | 20.2 | (2.6) | ||||
Other comprehensive (loss) income | 18.1 | (56.2) | 90.7 | ||||
Balance at end of year | 15.1 | (3) | 53.2 | ||||
Total | |||||||
Net gain on net investment hedges, net of tax | (10.3) | (24.1) | (83.8) | ||||
Change in accumulated other comprehensive loss | |||||||
Balance at beginning of year | (713.1) | (612.7) | (519.1) | ||||
Other comprehensive (loss) income before reclassifications, net of tax | (30.4) | (83.6) | (96.2) | ||||
Less: Amounts reclassified from AOCL, net of tax | 10.1 | 16.8 | (2.6) | ||||
Other comprehensive (loss) income | (40.5) | (100.4) | (93.6) | ||||
Balance at end of year | $ (753.6) | $ (713.1) | $ (612.7) | ||||
[1] Foreign currency translation adjustments included a net gain on net investment hedges of $12.7 million, $24.1 million and $83.8 million in 2023, 2022 and 2021, respectively. Unfavorable foreign currency translation adjustments were principally driven by a strengthening of the United States dollar against certain currencies in the Asia-Pacific region (primarily the strengthening of the United States dollar against both the Chinese yuan and the Australian dollar) and a strengthening of the United States dollar against the euro. Unfavorable foreign currency translation adjustments were principally driven by a strengthening of the United States dollar against the euro. Foreign currency translation adjustment losses were reclassified from AOCL during 2022 in connection with the Karl Lagerfeld transaction. Please see Note 5, “Investments in Unconsolidated Affiliates,” for further discussion. |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE LOSS Reclassifications out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |||
Realized gain (loss) on effective cash flow hedges | |||||
Reclassification from AOCL, Current Period, Net of Tax | $ 7.7 | $ 20.2 | $ (2.6) | ||
Realized gain (loss) on effective cash flow hedges | Income tax expense (benefit) | |||||
Reclassification from AOCL, Current Period, Tax | 3.4 | 7.4 | (3.7) | ||
Realized gain (loss) on effective cash flow hedges | Foreign Exchange Forward Inventory Purchases [Member] | Cost of Sales [Member] | |||||
Reclassification from AOCL, Current Period, before Tax | 11.1 | 27.6 | (1.8) | ||
Realized gain (loss) on effective cash flow hedges | Interest Rate Swap [Member] | Interest Expense [Member] | |||||
Reclassification from AOCL, Current Period, before Tax | 0 | 0 | (3) | ||
Realized gain (loss) on effective cash flow hedges | Interest Rate Swap [Member] | Selling, General and Administrative Expenses [Member] | |||||
Reclassification from AOCL, Current Period, before Tax | [1] | 0 | 0 | (1.5) | |
Foreign currency translation adjustments | |||||
Reclassification from AOCL, Current Period, Net of Tax | 2.4 | (3.4) | [2] | 0 | |
Foreign currency translation adjustments | Income tax expense (benefit) | |||||
Reclassification from AOCL, Current Period, Tax | 0.8 | 0 | 0 | ||
Foreign currency translation adjustments | Equity in net income (loss) of unconsolidated affiliates | Karl Lagerfeld Transaction | |||||
Reclassification from AOCL, Current Period, before Tax | 0 | (3.4) | [3] | 0 | |
Foreign currency translation adjustments | Currency Swap | Interest Expense [Member] | Net Investment Hedging [Member] | |||||
Reclassification from AOCL, Current Period, before Tax | $ 3.2 | $ 0 | $ 0 | ||
[1] The Company dedesignated certain cash flow hedges related to its interest rate swap agreements during 2021. Please see Note 10, “Derivative Financial Instruments,” for further discussion. Foreign currency translation adjustment losses were reclassified from AOCL during 2022 in connection with the Karl Lagerfeld transaction. Please see Note 5, “Investments in Unconsolidated Affiliates,” for further discussion. |
LEASES (Details)
LEASES (Details) $ in Millions | Feb. 04, 2024 USD ($) countries | Jan. 29, 2023 |
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Weighted Average Remaining Lease Term | 6 years 1 month 6 days | 6 years 1 month 17 days |
Operating and Finance Leases, Total Future Minimum Payments [Abstract] | ||
2024 | $ | $ 346 | |
Finance Lease, Weighted Average Remaining Lease Term | 2 years 6 months 18 days | 3 years 2 months 8 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.64% | 4.10% |
Finance Lease, Weighted Average Discount Rate, Percent | 2.17% | 2.09% |
Company-operated free-standing retail store locations [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Number of Stores | 1,400 | |
Number of Countries in which Entity Operates | countries | 35 | |
Maximum [Member] | Warehouses, distribution centers, showrooms, and office space [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Term of Contract | 20 years | |
Maximum [Member] | Company-operated free-standing retail store locations [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Term of Contract | 10 years | |
Maximum [Member] | Equipment [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Term of Contract | 5 years | |
Minimum [Member] | Warehouses, distribution centers, showrooms, and office space [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Term of Contract | 10 years | |
Minimum [Member] | Company-operated free-standing retail store locations [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Term of Contract | 3 years | |
Minimum [Member] | Equipment [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Term of Contract | 1 year |
LEASES Additional Information (
LEASES Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |
Operating and Finance Leased Assets [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | $ 5,700 | $ 51,700 | $ 47,000 |
Operating lease right-of-use assets [Member] | Fair Value, Nonrecurring [Member] | |||
Operating and Finance Leased Assets [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | $ 27,400 | $ 21,200 |
LEASES Components of Net Lease
LEASES Components of Net Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |
Leases [Abstract] | |||
Amortization of right-of-use assets | $ 4.2 | $ 4.2 | $ 4.9 |
Interest on lease liabilities | 0.2 | 0.2 | 0.3 |
Total finance lease cost | 4.4 | 4.4 | 5.2 |
Operating Lease, Cost | 402.3 | 401.4 | 451.8 |
Short-term Lease, Cost | 41.7 | 35.9 | 32.1 |
Variable Lease, Cost | 132.3 | 116.2 | 100.5 |
Less: sublease income | (5.3) | (4.7) | (1.5) |
Total net lease cost | $ 575.4 | 553.2 | 588.1 |
Rent abatement [Abstract] | |||
Rent Abatement | $ 4.8 | $ 26.9 |
LEASES Supplemental Balance She
LEASES Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions | Feb. 04, 2024 | Jan. 29, 2023 |
Schedule of Supplemental Balance Sheet Information [Line Items] | ||
Operating Lease Right-of-Use Asset | $ 1,213.8 | $ 1,295.7 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, net | Property, Plant and Equipment, net |
Lease, Right-of-Use Asset | $ 1,222.6 | $ 1,306.6 |
Current portion of operating lease liabilities | $ 288.9 | $ 353.7 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses | Accrued expenses |
Lease, Liability, Current | $ 293 | $ 358.2 |
Long-Term Portion of Operating Lease Liabilities | $ 1,075.8 | $ 1,140 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, including deferred taxes of $346.1 and $357.5 | Other Liabilities, including deferred taxes of $346.1 and $357.5 |
Lease, Liability, Noncurrent | $ 1,081.4 | $ 1,147.3 |
LEASES Supplemental Cash Flow I
LEASES Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |
Leases [Abstract] | |||
Operating cash flows from operating leases | $ 446.2 | $ 450.8 | $ 484 |
Operating cash floes from finance leases | 0.2 | 0.2 | 0.3 |
Financing cash flows from finance leases | 4.6 | 4.7 | 5.2 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 278.4 | 338.6 | 267.3 |
Right-of-use asset obtained in exchange for new finance lease liabilities | $ 4 | $ 8.2 | $ 2.6 |
LEASES Maturities of Lease Liab
LEASES Maturities of Lease Liabilities (Details) $ in Millions | Feb. 04, 2024 USD ($) |
Leases [Abstract] | |
2024, Operating | $ 341.7 |
2025, Operating | 297 |
2026, Operating | 236.9 |
2027, Operating | 199.8 |
2028, Operating | 155.7 |
Thereafter, Operating | 352.3 |
Total lease payments, Operating | 1,583.4 |
Less: Interest, Operating | (218.7) |
Operating Lease, Liability | 1,364.7 |
2024, Finance | 4.3 |
2025, Finance | 3.3 |
2026, Finance | 2 |
2027, Finance | 0.3 |
2028, Finance | 0.1 |
Thereafter, Finance | 0 |
Total lease payments, Finance | 10 |
Less: Interest, Finance | (0.3) |
Total lease liabilities, Finance | 9.7 |
2024, Total | 346 |
2025, Total | 300.3 |
2026, Total | 238.9 |
2027, Total | 200.1 |
2028, Total | 155.8 |
Thereafter, Total | 352.3 |
Total lease payments, Total | 1,593.4 |
Less: Interest, Total | (219) |
Total lease liabilities, Total | $ 1,374.4 |
EXIT ACTIVITY COSTS (Details)
EXIT ACTIVITY COSTS (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | Jan. 31, 2021 | |||
Restructuring Reserve [Roll Forward] | ||||||
Goodwill impairment | $ 0 | $ 417.1 | $ 0 | |||
Goodwill | Fair Value, Nonrecurring [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Goodwill impairment | 417.1 | |||||
Non-service related pension and postretirement income [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 0.9 | |||||
Tommy Hilfiger North America [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Goodwill impairment | 177.2 | |||||
Tommy Hilfiger International [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Goodwill impairment | 0 | |||||
Calvin Klein North America [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Goodwill impairment | 162.6 | |||||
Calvin Klein International [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Goodwill impairment | 77.3 | |||||
Heritage Brands Wholesale [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Goodwill impairment | 0 | |||||
Heritage Retail Exit [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 21.1 | $ 29 | ||||
Cumulative costs incurred to date | 50.1 | |||||
Heritage Retail Exit [Member] | Severance, termination benefits and other employee costs [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 10.8 | 14.6 | ||||
Cumulative costs incurred to date | 25.4 | |||||
Heritage Retail Exit [Member] | Long-lived asset impairments [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 0 | 7.2 | ||||
Cumulative costs incurred to date | 7.2 | |||||
Heritage Retail Exit [Member] | Lease/contract termination and other costs [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 4.4 | 0 | ||||
Cumulative costs incurred to date | 4.4 | |||||
Heritage Retail Exit [Member] | Accelerated amortization of lease assets | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 5.9 | $ 7.2 | ||||
Cumulative costs incurred to date | 13.1 | |||||
Reduction in Workforce and Real Estate Footprint | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 47.6 | 47.6 | ||||
Restructuring Projected Annual Cost Savings | 60 | |||||
Reduction in Workforce and Real Estate Footprint | Severance, termination benefits and other employee costs [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Total liability, beginning of period | 2.8 | |||||
Exit activity costs incurred | 15.7 | |||||
Exit activity costs paid | 2.6 | |||||
Total liability, end of period | $ 0.2 | 2.8 | ||||
Reduction in Workforce and Real Estate Footprint | Long-lived asset impairments [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 28.1 | |||||
Reduction in Workforce and Real Estate Footprint | Lease/contract termination and other costs [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 3.8 | |||||
Reduction in Workforce and Real Estate Footprint | Tommy Hilfiger North America [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 1.7 | 1.7 | ||||
Reduction in Workforce and Real Estate Footprint | Tommy Hilfiger International [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 8.9 | 8.9 | ||||
Reduction in Workforce and Real Estate Footprint | Calvin Klein North America [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 2.1 | 2.1 | ||||
Reduction in Workforce and Real Estate Footprint | Calvin Klein International [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 6.4 | 6.4 | ||||
Reduction in Workforce and Real Estate Footprint | Corporate [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 28.5 | $ 28.5 | [1] | |||
2022 cost savings initiative | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent | 10% | |||||
Restructuring Projected Annual Cost Savings | $ 100 | |||||
2022 cost savings initiative | Severance, termination benefits and other employee costs [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Total liability, beginning of period | 13.2 | |||||
Exit activity costs incurred | 61.3 | 20.2 | ||||
Exit activity costs paid | 54.1 | |||||
Total liability, end of period | 20.4 | 13.2 | ||||
Cumulative costs incurred to date | 81.5 | |||||
2022 cost savings initiative | Tommy Hilfiger North America [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 12.7 | 4.7 | ||||
2022 cost savings initiative | Tommy Hilfiger North America [Member] | Severance, termination benefits and other employee costs [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 12.7 | 4.7 | ||||
Cumulative costs incurred to date | 17.4 | |||||
2022 cost savings initiative | Tommy Hilfiger International [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 17.3 | 2.5 | ||||
2022 cost savings initiative | Tommy Hilfiger International [Member] | Severance, termination benefits and other employee costs [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 17.3 | 2.5 | ||||
Cumulative costs incurred to date | 19.8 | |||||
2022 cost savings initiative | Calvin Klein North America [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 9.1 | 4.6 | ||||
2022 cost savings initiative | Calvin Klein North America [Member] | Severance, termination benefits and other employee costs [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 9.1 | 4.6 | ||||
Cumulative costs incurred to date | 13.7 | |||||
2022 cost savings initiative | Calvin Klein International [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 10.8 | 3.5 | ||||
2022 cost savings initiative | Calvin Klein International [Member] | Severance, termination benefits and other employee costs [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 10.8 | 3.5 | ||||
Cumulative costs incurred to date | 14.3 | |||||
2022 cost savings initiative | Heritage Brands Wholesale [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 7.8 | 2.6 | ||||
2022 cost savings initiative | Heritage Brands Wholesale [Member] | Severance, termination benefits and other employee costs [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 7.8 | 2.6 | ||||
Cumulative costs incurred to date | 10.4 | |||||
2022 cost savings initiative | Corporate [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 3.6 | 2.3 | ||||
2022 cost savings initiative | Corporate [Member] | Severance, termination benefits and other employee costs [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 3.6 | 2.3 | ||||
Cumulative costs incurred to date | 5.9 | |||||
Russia Business Exit | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Total liability, beginning of period | 0.9 | |||||
Exit activity costs incurred | 43 | |||||
Exit activity costs paid | 0.9 | |||||
Total liability, end of period | 0 | 0.9 | ||||
Russia Business Exit | Severance, termination benefits and other employee costs [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Total liability, beginning of period | 0.4 | |||||
Exit activity costs incurred | 2.1 | |||||
Exit activity costs paid | 0.4 | |||||
Total liability, end of period | 0 | 0.4 | ||||
Russia Business Exit | Long-lived asset impairments [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 43.6 | |||||
Russia Business Exit | Gain on lease terminations, net of contract termination and other costs | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | [2] | (2.7) | ||||
Russia Business Exit | Gain on lease termination | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 7.5 | |||||
Russia Business Exit | Lease/contract termination and other costs [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Total liability, beginning of period | 0.5 | |||||
Exit activity costs incurred | 4.8 | |||||
Exit activity costs paid | 0.5 | |||||
Total liability, end of period | $ 0 | 0.5 | ||||
Russia Business Exit | Tommy Hilfiger International [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | 31.6 | |||||
Russia Business Exit | Calvin Klein International [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Exit activity costs incurred | $ 11.4 | |||||
[1]Corporate expenses are not allocated to any reportable segment.[2]Gain on lease terminations, net of contract termination and other costs includes a $7.5 million gain related to the early termination of certain store lease agreements and $4.8 million of contract termination and other costs. |
NET INCOME PER COMMON SHARE (De
NET INCOME PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Net Income Attributable to PVH Corp. | $ 663.6 | $ 200.4 | $ 952.3 |
Weighted average common shares outstanding for basic net income per common share | 61 | 65.7 | 70.8 |
Weighted average impact of dilutive securities | 0.7 | 0.5 | 1.1 |
Total shares for diluted net income per common share | 61.7 | 66.2 | 71.9 |
Basic net income per common share attributable to PVH Corp. | $ 10.88 | $ 3.05 | $ 13.45 |
Diluted net income per common share attributable to PVH Corp. | $ 10.76 | $ 3.03 | $ 13.25 |
Weighted average potentially dilutive securities | 0.8 | 1.4 | 0.7 |
NET INCOME PER COMMON SHARE - D
NET INCOME PER COMMON SHARE - DILUTED (Details) - shares shares in Millions | Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Maximum number of potentially dilutive shares that could be issued upon vesting of contingently issuable PSU awards | 0.1 | 0.2 | 0.2 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | May 31, 2019 | |
Nonmonetary Transaction [Line Items] | ||||
Capital Expenditures Incurred but Not yet Paid | $ 27.7 | $ 39.4 | $ 45.9 | |
Treasury Stock, Shares Purchased Not Yet Settled | 2.1 | $ 6 | ||
Excise Taxes on share repurchases in excess of issuances | $ 4.9 | |||
Australia Acquisition [Member] | ||||
Nonmonetary Transaction [Line Items] | ||||
Business Ownership Percentage | 100% | |||
Australia Acquisition [Member] | 6% [Member] | ||||
Nonmonetary Transaction [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 6% |
SEGMENT DATA (Details)
SEGMENT DATA (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||||
Nov. 27, 2023 | Aug. 02, 2021 | Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |||||
Revenue: | |||||||||
Total revenue | [1],[2],[3] | $ 9,217.7 | $ 9,024.2 | $ 9,154.7 | |||||
Earnings Before Interest and Taxes: | |||||||||
Income before interest and taxes | [4] | 928.8 | 470.7 | 1,076.9 | |||||
Actuarial gain on retirement and benefit plans | 45.5 | 78.4 | 48.7 | ||||||
Goodwill impairment | 0 | 417.1 | 0 | ||||||
Business Combination, Acquisition related costs | 23.1 | 32.1 | |||||||
Other (gain) loss, net | 15.3 | 0 | 118.9 | ||||||
Goodwill and other intangible asset impairments | 0 | 417.1 | 0 | ||||||
Impairment of Long-Lived Assets Held-for-use | 5.7 | 51.7 | 47 | ||||||
Other gain | (15.3) | $ 0 | (118.9) | ||||||
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, general and administrative expenses | ||||||||
Asia Pacific | |||||||||
Revenue: | |||||||||
Total revenue | 1,643.5 | $ 1,492.3 | 1,454.4 | ||||||
Fair Value, Nonrecurring [Member] | Property, Plant and Equipment [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Impairment of Long-Lived Assets Held-for-use | 24.3 | 25.8 | |||||||
Noncash Impairment Charges | 5.7 | ||||||||
Tommy Hilfiger North America [Member] | |||||||||
Revenue: | |||||||||
Total revenue | [2] | 1,371.7 | 1,292.7 | 1,184.8 | |||||
Earnings Before Interest and Taxes: | |||||||||
Income before interest and taxes | 93.5 | [5] | (175.4) | [6],[7] | 21.2 | [8] | |||
Goodwill impairment | 177.2 | ||||||||
Goodwill and other intangible asset impairments | 177.2 | ||||||||
Tommy Hilfiger North America [Member] | Fair Value, Nonrecurring [Member] | Property, Plant and Equipment [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Noncash Impairment Charges | 0.7 | ||||||||
Tommy Hilfiger International [Member] | |||||||||
Revenue: | |||||||||
Total revenue | [2] | 3,452.9 | 3,364.7 | 3,518.9 | |||||
Earnings Before Interest and Taxes: | |||||||||
Income before interest and taxes | 454.6 | [5] | 514.8 | [7],[9] | 654.2 | [8] | |||
Goodwill impairment | 0 | ||||||||
Tommy Hilfiger International [Member] | Fair Value, Nonrecurring [Member] | Property, Plant and Equipment [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Noncash Impairment Charges | 3.3 | ||||||||
Calvin Klein North America [Member] | |||||||||
Revenue: | |||||||||
Total revenue | [2] | 1,324.6 | 1,430.4 | 1,321.7 | |||||
Earnings Before Interest and Taxes: | |||||||||
Income before interest and taxes | 107.6 | [5] | (81.9) | [6],[7] | 78 | [8] | |||
Goodwill impairment | 162.6 | ||||||||
Goodwill and other intangible asset impairments | 162.6 | ||||||||
Calvin Klein North America [Member] | Fair Value, Nonrecurring [Member] | Property, Plant and Equipment [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Noncash Impairment Charges | 0.5 | ||||||||
Calvin Klein International [Member] | |||||||||
Revenue: | |||||||||
Total revenue | [2] | 2,589.9 | 2,353 | 2,338.6 | |||||
Earnings Before Interest and Taxes: | |||||||||
Income before interest and taxes | 386 | [5] | 252.6 | [6],[7],[9] | 377.6 | [8] | |||
Goodwill impairment | 77.3 | ||||||||
Goodwill and other intangible asset impairments | 77.3 | ||||||||
Calvin Klein International [Member] | Fair Value, Nonrecurring [Member] | Property, Plant and Equipment [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Noncash Impairment Charges | 1.2 | ||||||||
Heritage Brands Wholesale [Member] | |||||||||
Revenue: | |||||||||
Total revenue | [2] | 478.6 | 583.4 | 715.1 | |||||
Earnings Before Interest and Taxes: | |||||||||
Income before interest and taxes | 39.3 | [5],[10] | 47.4 | [7] | 160.9 | [11] | |||
Goodwill impairment | 0 | ||||||||
Heritage Brands Retail [Member] | |||||||||
Revenue: | |||||||||
Total revenue | [2] | 0 | 0 | 75.6 | |||||
Earnings Before Interest and Taxes: | |||||||||
Income before interest and taxes | 0 | 0 | (33.9) | [12] | |||||
Corporate [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Income before interest and taxes | (152.2) | [5] | (86.8) | [7],[13] | (181.1) | [8] | |||
Actuarial gain on retirement and benefit plans | 45.5 | 78.4 | 48.7 | ||||||
Karl Lagerfeld [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Equity Method Investment, Realized Gain on Sale | 16.1 | ||||||||
Russia Business Exit | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 43 | ||||||||
Russia Business Exit | Severance, termination benefits and other employee costs [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 2.1 | ||||||||
Russia Business Exit | Tommy Hilfiger International [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 31.6 | ||||||||
Russia Business Exit | Calvin Klein International [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 11.4 | ||||||||
Reduction in Workforce and Real Estate Footprint | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 47.6 | 47.6 | |||||||
Reduction in Workforce and Real Estate Footprint | Severance, termination benefits and other employee costs [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 15.7 | ||||||||
Reduction in Workforce and Real Estate Footprint | Tommy Hilfiger North America [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 1.7 | 1.7 | |||||||
Reduction in Workforce and Real Estate Footprint | Tommy Hilfiger International [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 8.9 | 8.9 | |||||||
Reduction in Workforce and Real Estate Footprint | Calvin Klein North America [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 2.1 | 2.1 | |||||||
Reduction in Workforce and Real Estate Footprint | Calvin Klein International [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 6.4 | 6.4 | |||||||
Reduction in Workforce and Real Estate Footprint | Corporate [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 28.5 | 28.5 | [14] | ||||||
2022 cost savings initiative | Severance, termination benefits and other employee costs [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 61.3 | 20.2 | |||||||
2022 cost savings initiative | Tommy Hilfiger North America [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 12.7 | 4.7 | |||||||
2022 cost savings initiative | Tommy Hilfiger North America [Member] | Severance, termination benefits and other employee costs [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 12.7 | 4.7 | |||||||
2022 cost savings initiative | Tommy Hilfiger International [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 17.3 | 2.5 | |||||||
2022 cost savings initiative | Tommy Hilfiger International [Member] | Severance, termination benefits and other employee costs [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 17.3 | 2.5 | |||||||
2022 cost savings initiative | Calvin Klein North America [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 9.1 | 4.6 | |||||||
2022 cost savings initiative | Calvin Klein North America [Member] | Severance, termination benefits and other employee costs [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 9.1 | 4.6 | |||||||
2022 cost savings initiative | Calvin Klein International [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 10.8 | 3.5 | |||||||
2022 cost savings initiative | Calvin Klein International [Member] | Severance, termination benefits and other employee costs [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 10.8 | 3.5 | |||||||
2022 cost savings initiative | Heritage Brands Wholesale [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 7.8 | 2.6 | |||||||
2022 cost savings initiative | Heritage Brands Wholesale [Member] | Severance, termination benefits and other employee costs [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 7.8 | 2.6 | |||||||
2022 cost savings initiative | Corporate [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 3.6 | 2.3 | |||||||
2022 cost savings initiative | Corporate [Member] | Severance, termination benefits and other employee costs [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 3.6 | 2.3 | |||||||
Net sales | |||||||||
Revenue: | |||||||||
Total revenue | 8,751.8 | 8,544.9 | 8,723.7 | ||||||
Net sales | Tommy Hilfiger North America [Member] | |||||||||
Revenue: | |||||||||
Total revenue | 1,262.7 | 1,185 | 1,086 | ||||||
Net sales | Tommy Hilfiger International [Member] | |||||||||
Revenue: | |||||||||
Total revenue | 3,376.3 | 3,282.1 | 3,446.6 | ||||||
Net sales | Calvin Klein North America [Member] | |||||||||
Revenue: | |||||||||
Total revenue | 1,112.4 | 1,205.6 | 1,129.5 | ||||||
Net sales | Calvin Klein International [Member] | |||||||||
Revenue: | |||||||||
Total revenue | 2,523 | 2,290.3 | 2,283.1 | ||||||
Net sales | Heritage Brands Wholesale [Member] | |||||||||
Revenue: | |||||||||
Total revenue | 477.4 | 581.9 | 702.9 | ||||||
Net sales | Heritage Brands Retail [Member] | |||||||||
Revenue: | |||||||||
Total revenue | 0 | 0 | 75.6 | ||||||
Royalty revenue | |||||||||
Revenue: | |||||||||
Total revenue | 368.2 | 372 | 340.1 | ||||||
Royalty revenue | Tommy Hilfiger North America [Member] | |||||||||
Revenue: | |||||||||
Total revenue | 88.5 | 86 | 79 | ||||||
Royalty revenue | Tommy Hilfiger International [Member] | |||||||||
Revenue: | |||||||||
Total revenue | 58.6 | 61.9 | 56.8 | ||||||
Royalty revenue | Calvin Klein North America [Member] | |||||||||
Revenue: | |||||||||
Total revenue | 165.2 | 170.1 | 145.6 | ||||||
Royalty revenue | Calvin Klein International [Member] | |||||||||
Revenue: | |||||||||
Total revenue | 55 | 53.1 | 48.3 | ||||||
Royalty revenue | Heritage Brands Wholesale [Member] | |||||||||
Revenue: | |||||||||
Total revenue | 0.9 | 0.9 | 10.4 | ||||||
Advertising and other revenue | |||||||||
Revenue: | |||||||||
Total revenue | 97.7 | 107.3 | 90.9 | ||||||
Advertising and other revenue | Tommy Hilfiger North America [Member] | |||||||||
Revenue: | |||||||||
Total revenue | 20.5 | 21.7 | 19.8 | ||||||
Advertising and other revenue | Tommy Hilfiger International [Member] | |||||||||
Revenue: | |||||||||
Total revenue | 18 | 20.7 | 15.5 | ||||||
Advertising and other revenue | Calvin Klein North America [Member] | |||||||||
Revenue: | |||||||||
Total revenue | 47 | 54.7 | 46.6 | ||||||
Advertising and other revenue | Calvin Klein International [Member] | |||||||||
Revenue: | |||||||||
Total revenue | 11.9 | 9.6 | 7.2 | ||||||
Advertising and other revenue | Heritage Brands Wholesale [Member] | |||||||||
Revenue: | |||||||||
Total revenue | 0.3 | 0.6 | $ 1.8 | ||||||
Heritage Brands Menswear Transaction | Other gain | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Other gain | $ 118.5 | ||||||||
Heritage Brands Menswear Transaction | Heritage Brands Wholesale [Member] | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 5.5 | ||||||||
Aggregate net gain in connection with the Heritage Brands transaction | 113.4 | ||||||||
Other gain | $ 118.9 | ||||||||
Heritage Brands Intimates Transaction | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Exit activity costs incurred | 1.8 | ||||||||
Aggregate net gain in connection with the Heritage Brands intimates transaction | 13.5 | ||||||||
Heritage Brands Intimates Transaction | Other gain | |||||||||
Earnings Before Interest and Taxes: | |||||||||
Other gain | $ 15.3 | $ 15.3 | |||||||
[1] No single customer accounted for more than 5% of the Company’s revenue in 2023, 2022 or 2021. Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. 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. Income (loss) before interest and taxes for 2023 included costs of $61.3 million incurred related to the 2022 cost savings initiative described in Note 17, “Exit Activity Costs,” consisting principally of severance. Such costs were included in the Company’s segments as follows: $12.7 million in Tommy Hilfiger North America, $17.3 million in Tommy Hilfiger International, $9.1 million in Calvin Klein North America, $10.8 million in Calvin Klein International, $7.8 million in Heritage Brands Wholesale and $3.6 million in corporate expenses not allocated to any reportable segments. Please see Note 17, “Exit Activity Costs,” for further discussion. (Loss) income before interest and taxes for 2022 included a noncash goodwill impairment charge of $417.1 million. The goodwill impairment charge was included in the Company’s segments as follows: $177.2 million in Tommy Hilfiger North America, $162.6 million in Calvin Klein North America and $77.3 million in Calvin Klein International. Please see Note 7, “Goodwill and Other Intangible Assets,” for further discussion. (Loss) income before interest and taxes for 2022 included costs of $20.2 million incurred related to the 2022 cost savings initiative described in Note 17, “Exit Activity Costs,” consisting principally of severance. Such costs were included in the Company’s segments as follows: $4.7 million in Tommy Hilfiger North America, $2.5 million in Tommy Hilfiger International, $4.6 million in Calvin Klein North America, $3.5 million in Calvin Klein International, $2.6 million in Heritage Brands Wholesale and $2.3 in corporate expenses not allocated to any reportable segments. Please see Note 17, “Exit Activity Costs,” for further discussion. Income (loss) before interest and taxes for 2021 included costs of $ 47.6 Income before interest and taxes for 2022 included net costs of $43.0 million incurred in connection with the Company’s decision to exit from its Russia business, principally consisting of noncash asset impairments . Such costs were included in the Company’s segments as follows: $31.6 million in Tommy Hilfiger International and $11.4 million in Calvin Klein International. Please see Note 17, “Exit Activity Costs,” for further discussion. Income before interest and taxes for 2023 included an aggregate net gain of $13.5 million in connection with the Heritage Brands intimates transaction, consisting of (i) a $15.3 million gain, including a gain on the sale, less costs to sell, partially offset by (ii) $1.8 million of severance and other termination benefits. Please see Note 3, “Acquisitions and Divestitures,” for further discussion. Income before interest and taxes for 2021 included an aggregate net gain of $113.4 million in connection with the Heritage Brands menswear transaction, consisting of (i) a $118.9 million gain, including a gain on the sale, less costs to sell, and a net gain on the Company’s retirement plans associated with the transaction, partially offset by (ii) $5.5 million of severance costs. Please see Note 3, “Acquisitions and Divestitures,” for further discussion. Loss before interest and taxes for 2021 included costs and operating losses, associated with the wind down of the Heritage Brands Retail business that was completed in 2021. Please see Note 17, “Exit Activity Costs,” for further discussion. Loss before interest and taxes for 2022 included a gain of $16.1 million in connection with the Karl Lagerfeld transaction. Please see Note 5, “Investments in Unconsolidated Affiliates,” for further discussion. |
SEGMENT DATA Revenue by Distrib
SEGMENT DATA Revenue by Distribution Channel (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | ||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | [1],[2],[3] | $ 9,217.7 | $ 9,024.2 | $ 9,154.7 |
Segment Reporting Information [Line Items] | ||||
Goodwill and other intangible asset impairments | 0 | 417.1 | 0 | |
Calvin Klein International [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | [2] | $ 2,589.9 | 2,353 | $ 2,338.6 |
Segment Reporting Information [Line Items] | ||||
Goodwill and other intangible asset impairments | $ 77.3 | |||
Revenue Benchmark | Customer Concentration Risk | Revenue Benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of company's revenue by one single customer | 5% | 5% | 5% | |
Net sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 8,751.8 | $ 8,544.9 | $ 8,723.7 | |
Net sales | Calvin Klein International [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,523 | 2,290.3 | 2,283.1 | |
Net sales | Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 4,554.7 | 4,704 | 4,860.9 | |
Net sales | Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 4,197.1 | 3,840.9 | 3,862.8 | |
Net sales | Sales Channel, Sales to Owned and Operated Digital Retail Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 797.3 | 722.7 | 775.7 | |
Net sales | Sales Channel, Sales to Owned and Operated Retail Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 3,399.8 | 3,118.2 | 3,087.1 | |
Royalty revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 368.2 | 372 | 340.1 | |
Royalty revenue | Calvin Klein International [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 55 | 53.1 | 48.3 | |
Advertising and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 97.7 | 107.3 | 90.9 | |
Advertising and other revenue | Calvin Klein International [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 11.9 | $ 9.6 | $ 7.2 | |
[1] No single customer accounted for more than 5% of the Company’s revenue in 2023, 2022 or 2021. Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. |
SEGMENT DATA Assets, Depreciati
SEGMENT DATA Assets, Depreciation and Capital Expenditures (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | Nov. 27, 2023 | ||||
Segment Reporting Information [Line Items] | |||||||
Identifiable Assets | [1] | $ 11,172.9 | $ 11,768.3 | [2] | $ 12,396.8 | ||
Depreciation and Amortization | 298.6 | 301.5 | 313.3 | ||||
Identifiable capital expenditures | [3] | 233 | 283.6 | 281.7 | |||
Capital expenditures incurred but not yet paid | 27.7 | 39.4 | 45.9 | ||||
Property, plant and equipment, net | [4] | 862.6 | 904 | 906.1 | |||
Total revenue | [5],[6],[7] | 9,217.7 | 9,024.2 | 9,154.7 | |||
Goodwill impairment | 0 | 417.1 | 0 | ||||
Heritage Brands Intimates Transaction | |||||||
Segment Reporting Information [Line Items] | |||||||
Net carrying value | $ 140.3 | ||||||
Fair Value, Nonrecurring [Member] | Goodwill | |||||||
Segment Reporting Information [Line Items] | |||||||
Goodwill impairment | 417.1 | ||||||
Tommy Hilfiger North America [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Identifiable Assets | 1,185.3 | 1,296.3 | 1,409.8 | ||||
Depreciation and Amortization | 29.5 | 30.5 | 32.5 | ||||
Identifiable capital expenditures | 14.2 | 14.5 | 19.2 | ||||
Total revenue | [6] | 1,371.7 | 1,292.7 | 1,184.8 | |||
Goodwill impairment | 177.2 | ||||||
Tommy Hilfiger International [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Identifiable Assets | 4,667.6 | 4,875.4 | 4,913.2 | ||||
Depreciation and Amortization | 131.1 | 125 | 130.2 | ||||
Identifiable capital expenditures | 118.7 | 140.9 | 138.4 | ||||
Total revenue | [6] | 3,452.9 | 3,364.7 | 3,518.9 | |||
Goodwill impairment | 0 | ||||||
Calvin Klein North America [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Identifiable Assets | 1,354.7 | 1,527.2 | 1,609.8 | ||||
Depreciation and Amortization | 24.8 | 29.6 | 31.6 | ||||
Identifiable capital expenditures | 6.3 | 14.4 | 22.6 | ||||
Total revenue | [6] | 1,324.6 | 1,430.4 | 1,321.7 | |||
Goodwill impairment | 162.6 | ||||||
Calvin Klein International [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Identifiable Assets | 3,005.2 | 3,099.7 | 3,164 | ||||
Depreciation and Amortization | 95.8 | 94.3 | 94.9 | ||||
Identifiable capital expenditures | 88.8 | 103.7 | 85.7 | ||||
Total revenue | [6] | 2,589.9 | 2,353 | 2,338.6 | |||
Goodwill impairment | 77.3 | ||||||
Heritage Brands Wholesale [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Identifiable Assets | 136.9 | [8] | 410.4 | 420 | |||
Depreciation and Amortization | 5.8 | 10.7 | 11.2 | ||||
Identifiable capital expenditures | 2.7 | 6.6 | 10.9 | ||||
Total revenue | [6] | 478.6 | 583.4 | 715.1 | |||
Goodwill impairment | 0 | ||||||
Heritage Brands Retail [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Depreciation and Amortization | 0 | 0 | 0.3 | ||||
Total revenue | [6] | 0 | 0 | 75.6 | |||
Corporate [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Identifiable Assets | 823.2 | [9] | 559.3 | [9] | 880 | ||
Depreciation and Amortization | 11.6 | 11.4 | 12.6 | ||||
Identifiable capital expenditures | 2.3 | 3.5 | 4.9 | ||||
Domestic [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Property, plant and equipment, net | 333.6 | 384.3 | 429 | ||||
Total revenue | 2,715.1 | 2,854.9 | 2,894.7 | ||||
Canada [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Property, plant and equipment, net | 8 | 10.4 | 13.8 | ||||
Total revenue | 349.1 | 347.6 | 313.3 | ||||
Europe [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Property, plant and equipment, net | 415 | 406.4 | 378.7 | ||||
Total revenue | 4,378.6 | 4,204 | 4,392.3 | ||||
Other foreign [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Property, plant and equipment, net | 2.3 | 1.8 | 1.8 | ||||
Total revenue | 131.4 | 125.4 | 100 | ||||
Asia Pacific | |||||||
Segment Reporting Information [Line Items] | |||||||
Property, plant and equipment, net | 103.7 | 101.1 | 82.8 | ||||
Total revenue | $ 1,643.5 | $ 1,492.3 | $ 1,454.4 | ||||
[1]Identifiable assets included the impact of changes in foreign currency exchange rates.[2] Identifiable assets in 2022 included a reduction of $417.1 million related to the noncash goodwill impairment. Please see Note 7, “Goodwill and Other Intangible Assets,” for further discussion. Capital expenditures in 2023 included $27.7 million of accruals that will not be paid until 2024. Capital expenditures in 2022 included $39.4 million of accruals that were not paid until 2023. Capital expenditures in 2021 included $45.9 million of accruals that were not paid until 2022. No single customer accounted for more than 5% of the Company’s revenue in 2023, 2022 or 2021. Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. Identifiable assets in 2023 included a reduction of $140.3 million related to the Heritage Brands intimates transaction. Please see Note 3, “Acquisitions and Divestitures,” for further discussion. The changes in Corporate identifiable assets in 2023 and 2022 were primarily due to changes in cash and cash equivalents. |
GUARANTEES (Details)
GUARANTEES (Details) $ in Millions | Feb. 04, 2024 USD ($) |
PVH India Joint Venture [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 6 |
PVH Japan [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 4.4 |
OTHER COMMENTS Asset Retirement
OTHER COMMENTS Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 04, 2024 | Jan. 29, 2023 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at beginning of year | $ 44.7 | $ 45.6 |
Liabilities incurred | 2.7 | 4.1 |
Liabilities settled (payments) | (9.3) | (5.6) |
Accretion expense | 0.4 | 0.6 |
Revisions in estimated cash flows | 0.6 | 1.8 |
Currency translation adjustment | (1.8) | (1.8) |
Balance at end of year | $ 37.3 | $ 44.7 |
OTHER COMMENTS Supplier Finance
OTHER COMMENTS Supplier Finance Program (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | |
Supplier Finance Program Disclosure [Line Items] | |||
Supplier Finance Program, Obligation, Settlement | $ 1,909.4 | $ 2,197 | $ 1,832.1 |
Supplier Finance Program, Payment Timing, Period | 90 days | ||
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration] |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | ||
Subsequent Event [Line Items] | ||||
Cash and cash equivalents | $ 707.6 | $ 550.7 | ||
Total revenue | [1],[2],[3] | $ 9,217.7 | $ 9,024.2 | $ 9,154.7 |
[1] No single customer accounted for more than 5% of the Company’s revenue in 2023, 2022 or 2021. Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. |
SCHEDULE II - VALUATION AND Q_2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Feb. 04, 2024 | Jan. 29, 2023 | Jan. 30, 2022 | ||||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | $ 42.6 | $ 61.9 | $ 69.6 | |||
Additions Charged to Costs and Expenses | 4.6 | 2.9 | 0 | |||
Additions Charged to Other Accounts | 0 | 0 | 0 | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | 6.1 | [1] | 22.2 | [1] | 7.7 | [2] |
Balance at End of Period | 41.1 | 42.6 | 61.9 | |||
Allowance or Accrual for Operational Chargebacks and Customer Markdowns [Member] | ||||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | 120.9 | 133.7 | 165.1 | |||
Additions Charged to Costs and Expenses | 229.2 | 243.3 | 266.9 | |||
Additions Charged to Other Accounts | 0 | 0 | 0 | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | 267 | 256.1 | 298.3 | |||
Balance at End of Period | 83.1 | 120.9 | 133.7 | |||
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | 72.9 | 69.3 | 62.2 | |||
Additions Charged to Costs and Expenses | 17.3 | 19.5 | 17.1 | |||
Additions Charged to Other Accounts | 0 | 0 | 0 | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | 16.5 | 15.9 | 10 | |||
Balance at End of Period | $ 73.7 | $ 72.9 | $ 69.3 | |||
[1] Principally accounts written off as uncollectibles and recoveries. Principally includes changes due to foreign currency translation. |