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OTHER COMMENTS | 3 Months Ended
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May 03, 2020
Other Comments [Abstract] |
OTHER COMMENTS | OTHER COMMENTS Wuxi Jinmao Foreign Trade Co., Ltd. (“Wuxi”), one of the Company’s finished goods inventory suppliers, has a wholly owned subsidiary with which the Company entered into a loan agreement in 2016. Under the agreement, Wuxi’s subsidiary borrowed a principal amount of $13.8 million for the development and operation of a fabric mill. Principal payments are due in semi-annual installments beginning March 31, 2018 through September 30, 2026. The outstanding principal balance of the loan bears interest at a rate of (i) 4.50% per annum until the sixth anniversary of the closing date of the loan and (ii) LIBOR plus 4.00% thereafter. The Company received no principal payments during the thirteen weeks ended May 3, 2020. The Company received principal payments of $0.2 million during the thirteen weeks ended May 5, 2019. The outstanding balance, including accrued interest, was $13.2 million, $13.4 million and $13.4 million as of May 3, 2020, February 2, 2020 and May 5, 2019, respectively, and was included in other assets (current and non-current) in the Company’s Consolidated Balance Sheets. The Company records warehousing and distribution expenses, which are subject to exchange rate fluctuations, as a component of SG&A expenses in its Consolidated Statements of Operations. Warehousing and distribution expenses incurred in the thirteen weeks ended May 3, 2020 and May 5, 2019 totaled $79.6 million and $77.1 million, respectively, and included costs of $6.8 million in the thirteen weeks ended May 3, 2020 related to the consolidation within the Company’s warehouse and distribution network in North America. The Company is exposed to credit losses primarily through trade receivables from its customers and licensees. 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. The allowance for credit losses is determined through an analysis of the aging of accounts receivable and assessments of collectibility based on historic 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 May 3, 2020 and February 2, 2020, the allowance for credit losses on trade receivables was $54.0 million and $21.1 million, respectively. The $32.9 million increase in the allowance was primarily due to the evaluation of certain customer and licensee account balances in connection with changes in their financial condition and/or developments regarding their credit, including the adverse impacts of the COVID-19 pandemic

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