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EXIT ACTIVITY COSTS | 9 Months Ended
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Oct. 29, 2023
EXIT ACTIVITY COSTS [Abstract] |
EXIT ACTIVITY COSTS | EXIT ACTIVITY COSTS 2022 Cost Savings Initiative The Company announced in August 2022 that it would be taking steps to streamline its organization and simplify its ways of working. Included in this was a planned reduction in people costs in its global offices by approximately 10% by the end of 2023 to drive efficiencies and enable continued strategic investments to fuel growth, including in digital, supply chain and consumer engagement. The Company expects these reductions will generate annual cost savings of over $100 million, net of continued strategic people investments. In connection with this initiative, the Company recorded pre-tax costs during 2022 and the thirty-nine weeks ended October 29, 2023 and expects to incur total costs as shown in the following table.
(In millions) | Total Costs Expected to be Incurred |  | Costs Incurred During the Thirteen and Thirty-Nine Weeks Ended 10/30/22 |  | Costs Incurred During the Thirteen Weeks Ended 10/29/23 |  | Costs Incurred During the Thirty-Nine Weeks Ended 10/29/23 |  | Cumulative Costs Incurred
Severance, termination benefits and other employee costs | $ | 85.0 |  |  | $ | 16.7 |  |  | $ | 18.8 |  |  | $ | 57.8 |  |  | $ | 78.0 |
The pre-tax costs incurred in connection with the 2022 cost savings initiative were recorded in SG&A expenses of the Company’s segments as follows:
(In millions) |  |  | Costs Incurred During the Thirteen and Thirty-Nine Weeks Ended 10/30/22 |  | Costs Incurred During the Thirteen Weeks Ended 10/29/23 |  | Costs Incurred During the Thirty-Nine Weeks Ended 10/29/23 |  | Cumulative Costs Incurred
Tommy Hilfiger North America |  |  | $ | 4.2 |  |  | $ | 5.4 |  |  | $ | 11.8 |  |  | $ | 16.5 |
Tommy Hilfiger International |  |  | 2.1 |  |  | 3.6 |  |  | 15.9 |  |  | 18.4
Calvin Klein North America |  |  | 4.0 |  |  | 2.6 |  |  | 8.5 |  |  | 13.1
Calvin Klein International |  |  | 2.7 |  |  | 1.7 |  |  | 10.2 |  |  | 13.7
Heritage Brands Wholesale |  |  | 2.2 |  |  | 3.2 |  |  | 7.8 |  |  | 10.4
Corporate (1) |  |  | 1.5 |  |  | 2.3 |  |  | 3.6 |  |  | 5.9
Total |  |  | $ | 16.7 |  |  | $ | 18.8 |  |  | $ | 57.8 |  |  | $ | 78.0 |
(1) Corporate expenses are not allocated to any reportable segment. Please see Note 17, “Segment Data,” for further discussion of the Company’s reportable segments. The liabilities at October 29, 2023 related to these costs were principally recorded in accrued expenses in the Company’s Consolidated Balance Sheet and were as follows:
(In millions) | Liability at 1/29/23 |  | Costs Incurred During the Thirty-Nine Weeks Ended 10/29/23 |  | Costs Paid During the Thirty-Nine Weeks Ended 10/29/23 |  | Liability at 10/29/23
Severance, termination benefits and other employee costs | $ | 13.2 |  |  | $ | 57.8 |  |  | $ | 36.0 |  |  | $ | 35.0 |
Russia Business Exit Costs As a result of the war in Ukraine, the Company made the decision in the second quarter of 2022 to exit from its Russia business, including the closure of its retail stores in Russia and the cessation of its wholesale operations in Russia and Belarus. In connection with this exit, the Company recorded pre-tax costs during 2022 as shown in the following table. All expected costs related to the exit from the Russia business were incurred during 2022.
(In millions) | Costs Incurred During the Thirty-Nine Weeks Ended 10/30/22 |  | Cumulative Net Costs Incurred |  |  |  |  |  |  |  |  |  |
Severance, termination benefits and other employee costs | $ | 2.1 |  |  | $ | 2.1 |  |  |  |  |  |  |  |  |  |  |
Long-lived asset impairments | 43.6 |  |  | 43.6 |  |  |  |  |  |  |  |  |  |  |
Contract termination and other costs, net of gain on lease terminations (1) | 4.8 |  |  | (2.7) |  |  |  |  |  |  |  |  |  |  |
Total | $ | 50.5 |  |  | $ | 43.0 |  |  |  |  |  |  |  |  |  |  |
(1) Contract termination and other costs, net of gain on lease terminations includes $4.8 million of contract termination and other costs recorded during the second quarter of 2022 and a $7.5 million gain related to the early termination of certain store lease agreements in Russia recorded during the fourth quarter of 2022. The pre-tax costs incurred in connection with the exit from the Russia business were recorded in SG&A expenses of the Company’s segments as follows:
(In millions) | Costs Incurred During the Thirteen and Thirty-Nine Weeks Ended 10/30/22 |  | Cumulative Net Costs Incurred |  |  |  |  |  |  |  |  |  |
Tommy Hilfiger International | $ | 36.7 |  |  | $ | 31.6 |  |  |  |  |  |  |  |  |  |  |
Calvin Klein International | 13.8 |  |  | 11.4 |  |  |  |  |  |  |  |  |  |  |
Total | $ | 50.5 |  |  | $ | 43.0 |  |  |  |  |  |  |  |  |  |  |
Please see Note 17, “Segment Data,” for further discussion of the Company’s reportable segments. The liabilities at October 29, 2023 related to these costs were principally recorded in accrued expenses in the Company’s Consolidated Balance Sheet and were as follows:
(In millions) | Liability at 1/29/23 |  | Costs Incurred During the Thirty-Nine Weeks Ended 10/29/23 |  | Costs Paid During the Thirty-Nine Weeks Ended 10/29/23 |  | Liability at 10/29/23
Severance, termination benefits and other employee costs | $ | 0.4 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | — |
Contract termination and other costs | 0.5 |  |  | — |  |  | 0.5 |  |  | — |
Total | $ | 0.9 |  |  | $ | — |  |  | $ | 0.9 |  |  | $ | — |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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