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EXIT ACTIVITY COSTS | 6 Months Ended
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Aug. 04, 2019
EXIT ACTIVITY COSTS [Abstract] |
EXIT ACTIVITY COSTS | EXIT ACTIVITY COSTS Calvin Klein Restructuring Costs The Company announced on January 10, 2019 a restructuring in connection with strategic changes for its Calvin Klein business (the “Calvin Klein restructuring”). The strategic changes included (i) the closure of the CALVIN KLEIN 205 W39 NYC brand (formerly Calvin Klein Collection), (ii) the closure of the flagship store on Madison Avenue in New York, New York, (iii) the restructuring of the Calvin Klein creative and design teams globally, and (iv) the consolidation of operations for the men’s Calvin Klein Sportswear and Calvin Klein Jeans businesses. In connection with the Calvin Klein restructuring, the Company recorded pre-tax costs during 2018 and the thirteen and twenty-six weeks ended August 4, 2019 and expects to incur total costs as follows:
(In millions) | Total Costs Expected to be Incurred |  | Costs Incurred During the Thirteen Weeks Ended 8/4/19 |  | Costs Incurred During the Twenty-Six Weeks Ended 8/4/19 |  | Cumulative Costs Incurred To Date
Severance, termination benefits and other employee costs | $ | 52.5 |  |  | $ | 5.7 |  |  | $ | 24.4 |  |  | $ | 51.7 |
Long-lived asset impairments (1) | 45.1 |  |  | 3.1 |  |  | 38.2 |  |  | 45.1 |
Contract termination and other costs | 31.4 |  |  | 9.1 |  |  | 23.9 |  |  | 28.2 |
Inventory markdowns | 17.0 |  |  | 11.2 |  |  | 12.9 |  |  | 15.1 |
Total | $ | 146.0 |  |  | $ | 29.1 |  |  | $ | 99.4 |  |  | $ | 140.1 |
(1) Includes the impact of the closure of the flagship store on Madison Avenue in New York, New York in the first quarter of 2019. Of the charges for severance, termination benefits and other employee costs, long-lived asset impairments and contract termination and other costs incurred during the twenty-six weeks ended August 4, 2019, $58.6 million relate to SG&A expenses of the Calvin Klein North America segment and $27.9 million relate to SG&A expenses of the Calvin Klein International segment. Of the charges for inventory markdowns incurred during the twenty-six weeks ended August 4, 2019, $6.5 million relate to cost of goods sold of the Calvin Klein North America segment and $6.4 million relate to cost of goods sold of the Calvin Klein International segment. Of the $140.1 million cumulative costs incurred to date in connection with the restructuring activities, $84.0 million related to the Calvin Klein North America segment and $56.1 million related to the Calvin Klein International segment. The Company expects to incur total costs of approximately $146 million through the end of 2019 in connection with the restructuring activities, of which approximately $86 million is estimated to relate to the Calvin Klein North America segment and approximately $60 million is estimated to relate to the Calvin Klein International segment. Please see Note 20, “Segment Data,” for further discussion of the Company’s reportable segments. Please see Note 12, “Fair Value Measurements,” for further discussion of the long-lived asset impairments recorded during the twenty-six weeks ended August 4, 2019. The liabilities at August 4, 2019 related to these costs were principally recorded in accrued expenses in the Company’s Consolidated Balance Sheets and were as follows:
(In millions) | Liability at 2/3/19 |  | Costs Incurred During the Twenty-Six Weeks Ended 8/4/19 |  | Costs Paid During the Twenty-Six Weeks Ended 8/4/19 |  | Liability at 8/4/19
Severance, termination benefits and other employee costs | $ | 25.8 |  |  | $ | 24.4 |  |  | $ | 34.8 |  |  | $ | 15.4 |
Contract termination and other costs | 2.3 |  |  | 23.9 |  |  | 19.8 |  |  | 6.4 |
Total | $ | 28.1 |  |  | $ | 48.3 |  |  | $ | 54.6 |  |  | $ | 21.8 |

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- Definition EXIT ACTIVITY COSTS [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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