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GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended
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Oct. 29, 2023
Goodwill [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amount of goodwill for the thirty-nine weeks ended October 29, 2023, by segment (please see Note 17, “Segment Data,” for further discussion of the Company’s reportable segments), were as follows:
(In millions) | Calvin Klein North America |  | Calvin Klein International |  | Tommy Hilfiger North America |  | Tommy Hilfiger International |  | Heritage Brands Wholesale |  |  |  | Total
Balance as of January 29, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill, gross | $ | 781.8 |  |  | $ | 885.0 |  |  | $ | 203.0 |  |  | $ | 1,587.6 |  |  | $ | 105.0 |  |  |  |  | $ | 3,562.4 |
Accumulated impairment losses | (449.9) |  |  | (471.3) |  |  | (177.2) |  |  | — |  |  | (105.0) |  |  |  |  | (1,203.4) |
Goodwill, net | 331.9 |  |  | 413.7 |  |  | 25.8 |  |  | 1,587.6 |  |  | — |  |  |  |  | 2,359.0 |
Reclassification of goodwill, gross to assets held for sale | — |  |  | — |  |  | — |  |  | — |  |  | (105.0) |  |  |  |  | (105.0) |
Reclassification of accumulated impairment losses to assets held for sale | — |  |  | — |  |  | — |  |  | — |  |  | 105.0 |  |  |  |  | 105.0 |
Currency translation | — |  |  | (11.6) |  |  | — |  |  | (60.9) |  |  | — |  |  |  |  | (72.5) |
Balance as of October 29, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill, gross | 781.8 |  |  | 873.4 |  |  | 203.0 |  |  | 1,526.7 |  |  | — |  |  |  |  | 3,384.9 |
Accumulated impairment losses | (449.9) |  |  | (471.3) |  |  | (177.2) |  |  | — |  |  | — |  |  |  |  | (1,098.4) |
Goodwill, net | $ | 331.9 |  |  | $ | 402.1 |  |  | $ | 25.8 |  |  | $ | 1,526.7 |  |  | $ | — |  |  |  |  | $ | 2,286.5 |
The Company reclassified $105.0 million of goodwill, gross and a corresponding $105.0 million of accumulated impairment losses to assets held for sale in the Company’s Consolidated Balance Sheet as of October 29, 2023 in connection with the Heritage Brands intimate apparel transaction. The Company also reclassified $95.8 million of tradenames to assets held for sale in the Company’s Consolidated Balance Sheet as of October 29, 2023 in connection with the transaction. Please see Note 4, “Assets Held for Sale,” for further discussion. The Company assesses the recoverability of goodwill and other indefinite-lived intangible assets annually, at the beginning of the third quarter of each fiscal year, and between annual tests if an event occurs or circumstances change that would indicate that it is more likely than not that the carrying amount may be impaired. Impairment testing for goodwill is done at the reporting unit level. Impairment testing for other indefinite-lived intangible assets is done at the individual asset level. Intangible assets with finite lives are amortized over their estimated useful life and are tested for impairment, along with other long-lived assets, when events and circumstances indicate that the assets might be impaired. Indefinite-lived intangible assets and intangible assets with finite lives are tested for impairment prior to assessing the recoverability of goodwill. Please see Note 1, “Summary of Significant Accounting Policies,” in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the year ended January 29, 2023 for discussion of the Company’s goodwill and other intangible assets impairment testing process. Goodwill Impairment Testing 2023 Annual Impairment Test For the 2023 annual goodwill impairment test performed as of the beginning of the third quarter of 2023, the Company elected to perform a qualitative assessment first to determine whether it was more likely than not that the fair value of each reporting unit with allocated goodwill was less than its carrying amount. The Company assessed relevant events and circumstances, including industry, market and macroeconomic conditions, as well as Company and reporting unit-specific factors. In performing this assessment, the Company considered the results of its quantitative annual goodwill impairment test performed in 2022, discussed below in further detail, and the impact of (i) the improvement in certain macroeconomic conditions contributing to a favorable change in the Company’s market capitalization since the time of the 2022 annual impairment test, which would imply a reduction to the risk premium included in the discount rate and therefore improvement in the fair values of the Company’s reporting units and (ii) the Company’s recent financial performance and updated financial forecasts, which were generally consistent with or exceeded the projections used in the Company’s 2022 annual impairment test. After assessing these events and circumstances, the Company determined that it was not more likely than not that the fair value of each reporting unit with allocated goodwill was less than its carrying amount and concluded that the quantitative goodwill impairment test was not required. No impairment of goodwill resulted from the Company’s annual impairment test in 2023. There continues to be uncertainty about the impact of the current macroeconomic conditions on the Company’s business. If economic conditions or market factors utilized in the impairment analysis deteriorate, or if the Company’s reporting units do not perform as projected, the Company could incur additional goodwill impairment charges in the future. 2022 Annual Impairment Test As a result of the Company’s 2022 annual impairment test, the Company recorded $417.1 million of noncash impairment charges during the third quarter of 2022, which were included in goodwill impairment in the Company’s Consolidated Statement of Operations. The impairments were driven primarily by a significant increase in discount rates at the time of the 2022 annual impairment test. The impairment charges, which related to the Calvin Klein Wholesale North America, Calvin Klein Licensing and Advertising International and Tommy Hilfiger Retail North America reporting units, were recorded to the Company’s segments as follows: $162.6 million in the Calvin Klein North America segment, $77.3 million in the Calvin Klein International segment and $177.2 million in the Tommy Hilfiger North America segment. The Calvin Klein Licensing and Advertising International and Calvin Klein Licensing and Advertising North America reporting units were determined to be at risk of future impairment. Please see Note 7, “Goodwill and Other Intangible Assets,” in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the year ended January 29, 2023 for further discussion of these impairment charges. Indefinite-Lived Intangible Asset Impairment Testing 2023 Annual Impairment Test For the 2023 annual indefinite-lived intangible assets impairment test performed as of the beginning of the third quarter of 2023, the Company elected to first assess qualitative factors to determine whether it was more likely than not that the fair value of any asset was less than its carrying amount. The Company assessed relevant events and circumstances, including industry, market and macroeconomic conditions, as well as Company and asset-specific factors. In performing this assessment, the Company considered the results of its annual impairment testing performed in 2022, discussed below in further detail, and the impact of (i) the improvement in certain macroeconomic conditions contributing to a favorable change in the Company’s market capitalization since the time of the 2022 annual impairment test, which would imply a reduction to the risk premium included in the discount rate and therefore improvement in the fair value of each of its indefinite-lived intangible assets and (ii) the Company’s recent financial performance and updated financial forecasts. After assessing these events and circumstances, the Company determined that it was not more likely than not that the fair value of each of its indefinite-lived intangible assets was less than its carrying amount and concluded that a quantitative impairment test was not required. No impairment of indefinite-lived intangible assets resulted from the Company’s annual impairment test in 2023. There continues to be uncertainty about the impact of the current macroeconomic conditions on the Company’s business. If economic conditions or market factors utilized in the impairment analysis deteriorate, or if the cash flows supporting the Company’s indefinite-lived intangible assets do not perform as projected, the Company could incur additional indefinite-lived intangible asset impairment charges in the future. 2022 Annual Impairment Test No impairment of indefinite-lived intangible assets resulted from the Company’s 2022 annual impairment test. Please see Note 7, “Goodwill and Other Intangible Assets,” in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the year ended January 29, 2023 for further discussion of that test.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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