XML 93 R35.htm IDEA: XBRL DOCUMENT
v3.20.1

FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
--- | ---
May 03, 2020
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:
| 5/3/20 |  |  |  |  |  |  |  | 2/2/20 |  |  |  |  |  |  |  | 5/5/19 |  |  |  |  |  |
(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 |  | $ | 42.4 |  |  | N/A |  | $ | 42.4 |  |  | N/A |  | $ | 23.3 |  |  | N/A |  | $ | 23.3 |  |  | N/A |  | $ | 37.8 |  |  | N/A |  | $ | 37.8 |
Interest rate swap agreements | N/A |  | — |  |  | N/A |  | — |  |  | N/A |  | 0.1 |  |  | N/A |  | 0.1 |  |  | N/A |  | 0.9 |  |  | N/A |  | 0.9 |
Total Assets | N/A |  | $ | 42.4 |  |  | N/A |  | $ | 42.4 |  |  | N/A |  | $ | 23.4 |  |  | N/A |  | $ | 23.4 |  |  | N/A |  | $ | 38.7 |  |  | N/A |  | $ | 38.7 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward exchange contracts | N/A |  | $ | 2.7 |  |  | N/A |  | $ | 2.7 |  |  | N/A |  | $ | 2.2 |  |  | N/A |  | $ | 2.2 |  |  | N/A |  | $ | 2.2 |  |  | N/A |  | $ | 2.2 |
Interest rate swap agreements | N/A |  | 13.5 |  |  | N/A |  | 13.5 |  |  | N/A |  | 5.9 |  |  | N/A |  | 5.9 |  |  | N/A |  | 3.6 |  |  | N/A |  | 3.6 |
Total Liabilities | N/A |  | $ | 16.2 |  |  | N/A |  | $ | 16.2 |  |  | N/A |  | $ | 8.1 |  |  | N/A |  | $ | 8.1 |  |  | N/A |  | $ | 5.8 |  |  | N/A |  | $ | 5.8 |
Fair Value Measurements, Nonrecurring [Table Text Block] | he following tables show the fair values of the Company’s non-financial assets that were required to be remeasured at fair value on a non-recurring basis during the thirteen weeks ended May 3, 2020 and May 5, 2019, and the total impairments recorded as a result of the remeasurement process:
(In millions) |  | Fair Value Measurement Using |  |  |  |  |  | Fair Value As Of Impairment Date |  | Total Impairments
5/3/2020 |  | Level 1 |  | Level 2 |  | Level 3 |  |  |  |
Property, plant and equipment, net |  | N/A |  | N/A |  | $ | 1.1 |  |  | $ | 1.1 |  |  | $ | 16.0 |
Goodwill |  | N/A |  | N/A |  | 652.6 |  |  | 652.6 |  |  | 879.0 |
Tradenames |  | N/A |  | N/A |  | 48.7 |  |  | 48.7 |  |  | 47.2 |
Other intangible assets, net |  | N/A |  | N/A |  | — |  |  | — |  |  | 7.3 |
Investments in unconsolidated affiliates |  | N/A |  | N/A |  | — |  |  | — |  |  | 12.3 |
5/5/2019 |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | N/A |  | N/A |  | 16.8 |  |  | 16.8 |  |  | 77.0 |
Property, plant and equipment, net |  | N/A |  | N/A |  | — |  |  | — |  |  | 6.7 |
Property, plant and equipment with a carrying amount of $17.1 million was written down to a fair value of $1.1 million during the thirteen weeks ended May 3, 2020, primarily as a result of the adverse impacts the COVID-19 pandemic has had, and is expected to continue to have, on the Company’s retail stores with lease terms expiring by the end of fiscal 2021 with no intention of renewal, including temporary store closures and reduced traffic and consumer spending trends. Fair value of the Company’s property, plant and equipment was determined based on the estimated discounted future cash flows associated with the assets using sales trends and market participant assumptions. Goodwill with a carrying amount of $1,531.6 million was written down to a fair value of $652.6 million during the thirteen weeks ended May 3, 2020. Please see Note 7, “Goodwill and Other Intangible Assets,” for further discussion. Tradenames with a carrying amount of $95.9 million were written down to a fair value of $48.7 million during the thirteen weeks ended May 3, 2020. Please see Note 7, “Goodwill and Other Intangible Assets,” for further discussion. Other intangible assets with a carrying amount of $7.3 million were written down to a fair value of zero during the thirteen weeks ended May 3, 2020. Please see Note 7, “Goodwill and Other Intangible Assets,” for further discussion. The Company’s equity method investment in Karl Lagerfeld with a carrying amount of $12.3 million was written down to a fair value of zero during the thirteen weeks ended May 3, 2020. Please see Note 6, “Investments in Unconsolidated Affiliates,” for further discussion. The $961.8 million of impairment charges during the thirteen weeks ended May 3, 2020 were recorded in the Company’s Consolidated Statement of Operations, of which $933.5 million was included in goodwill and other intangible assets impairments, $16.0 million was included in SG&A expenses, and $12.3 million was included in equity in net (loss) income of unconsolidated affiliates. The $961.8 million of impairment charges was recorded to the Company’s segments as follows: $395.8 million in the Calvin Klein International segment, $293.1 million in the Calvin Klein North America segment, $249.6 million in the Heritage Brands Wholesale segment, $4.1 million in the Tommy Hilfiger North America segment, $3.8 million in the Heritage Brands Retail segment, $3.1 million in the Tommy Hilfiger International segment and $12.3 million was recorded in corporate expenses not allocated to any reportable segments. Operating lease right-of-use assets with a carrying amount of $93.8 million were written down to a fair value of $16.8 million during the thirteen weeks ended May 5, 2019 as a result of the closure during the first quarter of 2019 of the Company’s TOMMY HILFIGER flagship and anchor stores in the United States (the “TH U.S. store closures”) and the closure during the first quarter of 2019 of the Company’s CALVIN KLEIN flagship store on Madison Avenue in New York, New York in connection with the Calvin Klein restructuring (the “Calvin Klein restructuring”). Fair value of the operating lease right-of-use assets was determined based on the discounted cash flows of estimated sublease income using market participant assumptions. Property, plant and equipment with a carrying amount of $6.7 million was written down to a fair value of zero during the thirteen weeks ended May 5, 2019 primarily in connection with the TH U.S. store closures and the closure of the Company’s CALVIN KLEIN 205 W39 NYC brand in connection with the Calvin Klein restructuring. 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.
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:
| 5/3/20 |  |  |  | 2/2/20 |  |  |  | 5/5/19 |  |
(In millions) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Cash and cash equivalents | $ | 800.7 |  |  | $ | 800.7 |  |  | $ | 503.4 |  |  | $ | 503.4 |  |  | $ | 494.3 |  |  | $ | 494.3 |
Short-term borrowings | 322.1 |  |  | 322.1 |  |  | 49.6 |  |  | 49.6 |  |  | 299.7 |  |  | 299.7 |
Long-term debt (including portion classified as current) | 2,867.8 |  |  | 2,759.6 |  |  | 2,707.7 |  |  | 2,869.7 |  |  | 2,790.4 |  |  | 2,907.7 |
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.

X
- Definition Fair Value Measurements [Abstract] + References No definition available. + Details
Name: | pvh_FairValueMeasurementsAbstract
Namespace Prefix: | pvh_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration