XML 56 R42.htm IDEA: XBRL DOCUMENT
v3.19.1

RETIREMENT AND BENEFIT PLANS (Tables) | 12 Months Ended
--- | ---
Feb. 03, 2019
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) | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017
Balance at beginning of year | $ | 648.0 |  |  | $ | 627.5 |  |  | $ | 96.9 |  |  | $ | 87.6 |  |  | $ | 10.5 |  |  | $ | 11.4 |
Service cost, net of plan expenses | 31.4 |  |  | 26.3 |  |  | 5.8 |  |  | 4.5 |  |  | — |  |  | — |
Interest cost | 26.0 |  |  | 25.7 |  |  | 3.9 |  |  | 3.8 |  |  | 0.4 |  |  | 0.4 |
Benefit payments | (26.0 | ) |  | (29.4 | ) |  | (6.1 | ) |  | (5.1 | ) |  | — |  |  | — |
Benefit payments, net of retiree contributions | — |  |  | — |  |  | — |  |  | — |  |  | (1.4 | ) |  | (1.6 | )
Plan curtailments | — |  |  | (0.3 | ) |  | — |  |  | — |  |  | — |  |  | — |
Plan settlements | — |  |  | (65.3 | ) |  | — |  |  | — |  |  | — |  |  | — |
Actuarial (gain) loss | (28.4 | ) |  | 63.5 |  |  | (1.3 | ) |  | 6.1 |  |  | (1.1 | ) |  | 0.3 |
Balance at end of year | $ | 651.0 |  |  | $ | 648.0 |  |  | $ | 99.2 |  |  | $ | 96.9 |  |  | $ | 8.4 |  |  | $ | 10.5 |
The actuarial gains in 2018 were due principally to increases in the discount rates. The actuarial losses in 2017 were due principally to decreases in the discount rates. In 2017, the Company completed the purchase of a group annuity using assets from the Pension Plans. Under the group annuity, the accrued pension obligations for approximately 4,000 retiree participants who had deferred vested benefits under the Pension Plans were transferred to an insurer. As a result, the Company recognized a loss of $9.4 million, which was recorded in non-service related pension and postretirement cost (income) in the Company’s Consolidated Income Statement for 2017. The amount of the pension benefit obligation settled was $65.3 million.
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) | 2018 |  | 2017
Fair value of plan assets at beginning of year | $ | 660.6 |  |  | $ | 659.5 |
Actual return, net of plan expenses | (7.8 | ) |  | 95.5 |
Benefit payments | (26.0 | ) |  | (29.4 | )
Plan settlements | — |  |  | (65.3 | )
Company contributions | 10.0 |  |  | 0.3 |
Fair value of plan assets at end of year | $ | 636.8 |  |  | $ | 660.6 |
Funded status at end of year | $ | (14.2 | ) |  | $ | 12.6 |
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) | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017
Non-current assets | $ | 1.8 |  |  | $ | 19.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Current liabilities | — |  |  | — |  |  | (7.4 | ) |  | (7.4 | ) |  | (1.1 | ) |  | (1.4 | )
Non-current liabilities | (16.0 | ) |  | (6.5 | ) |  | (91.8 | ) |  | (89.5 | ) |  | (7.3 | ) |  | (9.1 | )
Net amount recognized | $ | (14.2 | ) |  | $ | 12.6 |  |  | $ | (99.2 | ) |  | $ | (96.9 | ) |  | $ | (8.4 | ) |  | $ | (10.5 | )
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) |  | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016
Service cost |  | $ | 33.7 |  |  | $ | 27.3 |  |  | $ | 25.2 |  |  | $ | 5.8 |  |  | $ | 4.5 |  |  | $ | 4.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  | 26.0 |  |  | 25.7 |  |  | 29.8 |  |  | 3.9 |  |  | 3.8 |  |  | 3.9 |  |  | 0.4 |  |  | 0.4 |  |  | 0.5 |
Actuarial loss (gain) |  | 17.4 |  |  | (3.9 | ) |  | (35.4 | ) |  | (1.3 | ) |  | 6.1 |  |  | (0.7 | ) |  | (1.1 | ) |  | 0.3 |  |  | (3.0 | )
Expected return on plan assets |  | (40.3 | ) |  | (38.6 | ) |  | (35.9 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) |  | 0.1 |  |  | 0.1 |  |  | 0.0 |  |  | — |  |  | (0.0 | ) |  | (0.1 | ) |  | — |  |  | — |  |  | (0.3 | )
Curtailment gain |  | — |  |  | (0.3 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlement loss |  | — |  |  | 9.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 36.9 |  |  | $ | 19.7 |  |  | $ | (16.3 | ) |  | $ | 8.4 |  |  | $ | 14.4 |  |  | $ | 7.5 |  |  | $ | (0.7 | ) |  | $ | 0.7 |  |  | $ | (2.8 | )
The service cost component of net benefit cost is recorded in SG&A expenses and the other components of net benefit cost are recorded in non-service related pension and postretirement cost (income) in the Company’s Consolidated Income Statements. Please see Note 1, “Summary of Significant Accounting Policies,” for further discussion of the updated guidance related to the presentation of net benefit cost. The actuarial gains in 2018 were due principally to increases in the discount rates. For the Pension Plans, these gains were more than offset by the actuarial loss as a result of the difference between the actual and expected returns on plan assets.
Schedule of Accumulated Benefit Obligations [Table Text Block] | The accumulated benefit obligation (Pension Plans and SERP Plans) were as follows:
| Pension Plans |  | SERP Plans
(In millions) | 2018 |  | 2017 |  | 2018 |  | 2017
Accumulated benefit obligation | $ | 598.9 |  |  | $ | 595.6 |  |  | $ | 81.5 |  |  | $ | 79.6 |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | In 2018, three of the Company’s Pension Plans had projected benefit obligations in excess of plan assets and two of the Company’s Pension Plans had accumulated benefit obligations in excess of plan assets. In 2017, two of the Company’s Pension Plans had projected benefit obligations and accumulated benefit obligations in excess of plan assets. The balances were as follows:
(In millions, except plan count) | 2018 |  | 2017
Number of plans with projected benefit obligations in excess of plan assets | 3 |  |  | 2 |
Aggregate projected benefit obligation | $ | 634.7 |  |  | $ | 41.6 |
Aggregate fair value of related plan assets | $ | 618.8 |  |  | $ | 35.1 |
Number of plans with accumulated benefit obligations in excess of plan assets | 2 |  |  | 2 |
Aggregate accumulated benefit obligation | $ | 38.5 |  |  | $ | 37.4 |
Aggregate fair value of related plan assets | $ | 38.0 |  |  | $ | 35.1 |
In 2018 and 2017, 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.
Schedule of Assumptions Used [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:
| 2018 |  | 2017 |  | 2016
Discount rate (applies to Pension Plans and SERP Plans) | 4.35 | % |  | 4.08 | % |  | 4.59 | %
Discount rate (applies to Postretirement Plans) | 4.16 | % |  | 3.91 | % |  | 4.04 | %
Rate of increase in compensation levels (applies to Pension Plans) | 4.24 | % |  | 4.24 | % |  | 4.27 | %
Expected long-term rate of return on assets (applies to Pension Plans) | 6.50 | % |  | 6.25 | % |  | 6.50 | %
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 3, 2019 and February 4, 2018:
(In millions) |  |  |  | Fair Value Measurements as of February 3, 2019(1)
Asset Category |  | Total |  | Quoted Prices In Active Markets for Identical Assets (Level 1) |  | Observable Inputs (Level 2) |  | Unobservable Inputs (Level 3)
Equity securities: |  |  |  |  |  |  |  |
United States equities(2) |  | $ | 170.9 |  |  | $ | 170.9 |  |  | $ | — |  |  | $ | — |
International equities(2) |  | 12.2 |  |  | 12.2 |  |  | — |  |  | — |
United States equity fund(3) |  | 58.9 |  |  | — |  |  | 58.9 |  |  | — |
International equity funds(4) |  | 126.5 |  |  | 60.3 |  |  | 66.2 |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
Government securities(5) |  | 70.3 |  |  | — |  |  | 70.3 |  |  | — |
Corporate securities(5) |  | 173.7 |  |  | — |  |  | 173.7 |  |  | — |
Short-term investment funds(6) |  | 16.7 |  |  | — |  |  | 16.7 |  |  | — |
Total return mutual fund(7) |  | 6.3 |  |  | 6.3 |  |  | — |  |  | — |
Subtotal |  | $ | 635.5 |  |  | $ | 249.7 |  |  | $ | 385.8 |  |  | $ | — |
Other assets and liabilities(8) |  | 1.3 |  |  |  |  |  |  |  |  |  |
Total |  | $ | 636.8 |  |  |  |  |  |  |  |  |  |
(In millions) |  |  |  | Fair Value Measurements as of February 4, 2018(1)
Asset Category |  | Total |  | Quoted Prices In Active Markets for Identical Assets (Level 1) |  | Observable Inputs (Level 2) |  | Unobservable Inputs (Level 3)
Equity securities: |  |  |  |  |  |  |  |
United States equities(2) |  | $ | 179.8 |  |  | $ | 179.8 |  |  | $ | — |  |  | $ | — |
International equities(2) |  | 13.0 |  |  | 13.0 |  |  | — |  |  | — |
United States equity fund(3) |  | 58.9 |  |  | — |  |  | 58.9 |  |  | — |
International equity funds(4) |  | 140.0 |  |  | 65.6 |  |  | 74.4 |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
Government securities(5) |  | 58.1 |  |  | — |  |  | 58.1 |  |  | — |
Corporate securities(5) |  | 183.3 |  |  | — |  |  | 183.3 |  |  | — |
Short-term investment funds(6) |  | 18.4 |  |  | — |  |  | 18.4 |  |  | — |
Total return mutual fund(7) |  | 6.6 |  |  | 6.6 |  |  | — |  |  | — |
Subtotal |  | $ | 658.1 |  |  | $ | 265.0 |  |  | $ | 393.1 |  |  | $ | — |
Other assets and liabilities(8) |  | 2.5 |  |  |  |  |  |  |  |  |  |
Total |  | $ | 660.6 |  |  |  |  |  |  |  |  |  |
(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 provided by the pricing services by reviewing prices from other pricing sources and analyzing pricing data in certain instances. 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 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 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.
(6) | 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.
(7) | Valued at the net asset value of the fund, as determined by the closing price in the active market in which the individual fund is traded. This mutual fund invests in both equity securities and fixed income securities.
(8) | This category includes other pension assets and liabilities such as pending trades and accrued income.
Schedule of Expected Benefit Payments [Table Text Block] | 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
2019 |  | $ | 25.5 |  |  | $ | 7.4 |  |  | $ | 1.1 |
2020 |  | 26.1 |  |  | 8.3 |  |  | 1.0 |
2021 |  | 27.0 |  |  | 8.8 |  |  | 1.0 |
2022 |  | 28.1 |  |  | 11.6 |  |  | 0.9 |
2023 |  | 29.1 |  |  | 10.6 |  |  | 0.8 |
2024-2028 |  | 164.1 |  |  | 51.1 |  |  | 3.1 |

X
- Definition Tabular disclosure of accumulated benefit obligations. + References No definition available. + Details
Name: | pvh_ScheduleofAccumulatedBenefitObligationsTableTextBlock
Namespace Prefix: | pvh_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansTableTextBlockLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the aggregate benefit obligation and aggregate fair value of plan assets for pension plans and/or other employee benefit plans with benefit obligations in excess of plan assets as of the measurement date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration