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FAIR VALUE MEASUREMENTS | 3 Months Ended
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May 06, 2018
Notes to Financial Statements [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS In accordance with accounting principles generally accepted in the United States, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three level hierarchy prioritizes the inputs used to measure fair value as follows: Level 1 – Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 – Observable inputs other than quoted prices included in Level 1, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs derived principally from or corroborated by observable market data. Level 3 – Unobservable inputs reflecting the Company’s own assumptions about the inputs that market participants would use in pricing the asset or liability based on the best information available. In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial assets and liabilities that are required to be remeasured at fair value on a recurring basis:
| 5/6/18 |  | 2/4/18 |  | 4/30/17
(In millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward exchange contracts | N/A |  | $ | 10.4 |  |  | N/A |  | $ | 10.4 |  |  | N/A |  | $ | 1.5 |  |  | N/A |  | $ | 1.5 |  |  | N/A |  | $ | 19.3 |  |  | N/A |  | $ | 19.3 |
Interest rate swap agreements | N/A |  | 2.8 |  |  | N/A |  | 2.8 |  |  | N/A |  | 2.4 |  |  | N/A |  | 2.4 |  |  | N/A |  | N/A |  | N/A |  | N/A
Foreign currency option contracts | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | 1.7 |  |  | N/A |  | 1.7 |
Total Assets | N/A |  | $ | 13.2 |  |  | N/A |  | $ | 13.2 |  |  | N/A |  | $ | 3.9 |  |  | N/A |  | $ | 3.9 |  |  | N/A |  | $ | 21.0 |  |  | N/A |  | $ | 21.0 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward exchange contracts | N/A |  | $ | 16.6 |  |  | N/A |  | $ | 16.6 |  |  | N/A |  | $ | 67.4 |  |  | N/A |  | $ | 67.4 |  |  | N/A |  | $ | 8.0 |  |  | N/A |  | $ | 8.0 |
Interest rate swap agreements | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | 0.1 |  |  | N/A |  | 0.1 |  |  | N/A |  | 4.0 |  |  | N/A |  | 4.0 |
Contingent purchase price payments related to reacquisition of the perpetual rights to the TOMMY HILFIGER trademarks in India | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | $ | 1.7 |  |  | 1.7 |
Total Liabilities | N/A |  | $ | 16.6 |  |  | N/A |  | $ | 16.6 |  |  | N/A |  | $ | 67.5 |  |  | N/A |  | $ | 67.5 |  |  | N/A |  | $ | 12.0 |  |  | $ | 1.7 |  |  | $ | 13.7 |
The fair value of the foreign currency forward exchange contracts is measured as the total amount of currency to be purchased, multiplied by the difference between (i) the forward rate as of the period end and (ii) the settlement rate specified in each contract. The fair value of the interest rate swap agreements is based on observable interest rate yield curves and represents the expected discounted cash flows underlying the financial instruments. The fair value of the foreign currency option contracts was estimated based on external valuation models, which used the original strike price, current foreign currency exchange rates, the implied volatility in foreign currency exchange rates and length of time to expiration as inputs. Pursuant to the agreement governing the reacquisition of the rights in India to the TOMMY HILFIGER trademarks (which the Company entered into in September 2011), the Company was required to make annual contingent purchase price payments, with the final payment made in the third quarter of 2017. The Company was required to remeasure this liability at fair value on a recurring basis and classified this as a Level 3 measurement. The following table presents the change in the Level 3 contingent purchase price payment liability:
| Thirteen Weeks Ended
(In millions) | 4/30/17
Beginning Balance | $ | 1.6 |
Payments | — |
Adjustments included in earnings | 0.1 |
Ending Balance | $ | 1.7 |
There were no transfers between any levels of the fair value hierarchy for any of the Company’s fair value measurements. 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:
| 5/6/18 |  | 2/4/18 |  | 4/30/17
(In millions) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Cash and cash equivalents | $ | 434.5 |  |  | $ | 434.5 |  |  | $ | 493.9 |  |  | $ | 493.9 |  |  | $ | 490.9 |  |  | $ | 490.9 |
Short-term borrowings | 254.5 |  |  | 254.5 |  |  | 19.5 |  |  | 19.5 |  |  | 42.5 |  |  | 42.5 |
Long-term debt | 3,013.2 |  |  | 3,076.6 |  |  | 3,061.3 |  |  | 3,140.9 |  |  | 3,157.1 |  |  | 3,214.3 |
The fair values of cash and cash equivalents and short-term borrowings approximate their carrying amounts due to the short-term nature of these instruments. The Company estimates the fair value of its long-term debt using quoted market prices as of the last business day of the applicable quarter. The Company classifies the measurement of its long-term debt as a Level 1 measurement. The carrying amounts of long-term debt reflect the unamortized portions of debt issuance costs and the original issue discounts.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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