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DEBT | 6 Months Ended
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Aug. 03, 2025
Debt Disclosure [Abstract] |
DEBT | DEBT Short-Term Borrowings The Company has the ability to draw revolving borrowings under the senior unsecured credit facilities discussed below in the section entitled “2022 Senior Unsecured Credit Facilities.” The Company had no revolving borrowings outstanding under these facilities as of August 3, 2025. Additionally, the Company has the ability to borrow under short-term lines of credit, overdraft facilities and short-term revolving credit facilities denominated in various foreign currencies. These facilities provided for borrowings of up to $225.3 million based on exchange rates in effect on August 3, 2025 and are utilized primarily to fund working capital needs. The Company had no borrowings outstanding under these facilities as of August 3, 2025. Commercial Paper The Company has the ability to issue unsecured commercial paper notes with maturities that vary but do not exceed 397 days from the date of issuance primarily to fund working capital needs. The Company had no borrowings outstanding under the commercial paper note program as of August 3, 2025. 2025 Unsecured Delayed Draw Term Loan Facilities On April 4, 2025, the Company entered into a credit agreement that provides for a delayed draw term loan facility with aggregate lending commitments of $250.0 million for United States dollar-denominated senior unsecured term loans (the “April 4 facility”). On April 25, 2025, the Company entered into an additional credit agreement that provided for a delayed draw term loan facility with aggregate lending commitments of $450.0 million for United States dollar-denominated senior unsecured term loans (the “April 25 facility”). The April 25 facility terminated by its terms during the second quarter of 2025 as a result of the Company’s issuance of the $500.0 million principal amount of 5 1/2% senior notes due June 13, 2030 discussed below. The Company had not drawn on the April 25 facility prior to its termination. The April 4 facility will mature on April 3, 2026. The term loans under the April 4 facility may be funded in up to four borrowings prior to February 4, 2026, subject to a minimum borrowing requirement of $50.0 million. If drawn upon, the borrowings under the April 4 facility will primarily be used for working capital or other general corporate purposes of the Company. The Company has not drawn on the April 4 facility and the entire $250.0 million remained available for borrowing as of August 3, 2025. Any outstanding borrowings under the April 4 facility would be prepayable at any time without penalty (other than customary breakage costs). Term loans borrowed under the April 4 facility, if any, will bear interest at a rate per annum equal to, at the Company’s option, either a base rate or a term secured overnight financing rate (“SOFR”) rate, calculated in a manner set forth in the April 4 facility, plus an applicable margin. The applicable margin with respect to the April 4 facility as of August 3, 2025 was 1.125% for loans bearing interest at the term SOFR rate and 0.125% for loans bearing interest at the base rate. The applicable margin is subject to adjustment (i) after the date of delivery of the compliance certificate and financial statements, with respect to each of the Company’s fiscal quarters, based upon the Company’s net leverage ratio or (ii) after the date of delivery of notice of a change in the Company’s public debt rating by Standard & Poor’s or Moody’s. The April 4 facility requires the Company to comply with customary affirmative and negative covenants, including a maximum net leverage ratio, calculated in a manner set forth in the terms of the facility. The facility also contains customary events of default, including but not limited to, nonpayment; material inaccuracy of representations and warranties; violations of covenants; certain bankruptcies and liquidations; cross-default to material indebtedness; certain material judgments; certain events related to the Employee Retirement Income Security Act of 1974, as amended; and change of control (as defined in the facility). Long-Term Debt The carrying amounts of the Company’s long-term debt were as follows:
(In millions) | 8/3/25 |  | 2/2/25 |  | 8/4/24 |
Senior unsecured Term Loan A facility due 2027 (1) | $ | 477.9 |  |  | $ | 432.7 |  |  | $ | 461.2 |  |
4 5/8% senior unsecured notes due 2025 | — |  |  | 499.4 |  |  | 498.8 |  |
3 1/8% senior unsecured euro notes due 2027 (1) | 692.8 |  |  | 619.1 |  |  | 651.5 |  |
4 1/8% senior unsecured euro notes due 2029 (1) | 603.9 |  |  | 539.5 |  |  | 567.5 |  |
5 1/2% senior unsecured notes due 2030 | 494.2 |  |  | — |  |  | — |  |
Total | 2,268.8 |  |  | 2,090.7 |  |  | 2,179.0 |  |
Less: Current portion of long-term debt | 12.8 |  |  | 510.8 |  |  | 510.8 |  |
Long-term debt | $ | 2,256.0 |  |  | $ | 1,579.9 |  |  | $ | 1,668.2 |  |
(1) The carrying amount of the euro-denominated Term Loan A facility and the senior unsecured euro notes includes the impact of changes in the exchange rate of the United States dollar against the euro. Please see Note 11, “Fair Value Measurements,” for the fair value of the Company’s long-term debt as of August 3, 2025, February 2, 2025 and August 4, 2024. The Company’s mandatory long-term debt repayments for the remainder of 2025 through 2030 were as follows as of August 3, 2025:
(In millions) |
Fiscal Year | Amount (1)
Remainder of 2025 | $ | 6.4 |
2026 | 12.8 |
2027 | 1,154.7 |
2028 | — |
2029 | 608.3 |
2030 | 500.0 |
(1) A portion of the Company’s mandatory long-term debt repayments is denominated in euros and subject to changes in the exchange rate of the United States dollar against the euro. Total debt repayments for the remainder of 2025 through 2030 exceed the total carrying amount of the Company’s debt as of August 3, 2025 because the carrying amount reflects the unamortized portions of debt issuance costs and the original issue discounts. As of August 3, 2025, approximately 80% of the Company’s long-term debt had fixed interest rates, with the remainder at variable interest rates. 2022 Senior Unsecured Credit Facilities On December 9, 2022, the Company entered into senior unsecured credit facilities (the “2022 facilities”). The 2022 facilities consist of (a) a €440.6 million euro-denominated Term Loan A facility (the “Euro TLA facility”), (b) a $1,150.0 million United States dollar-denominated multicurrency revolving credit facility (the “multicurrency revolving credit facility”), which is available in (i) United States dollars, (ii) Australian dollars (limited to A$50.0 million), (iii) Canadian dollars (limited to C$70.0 million), or (iv) euros, yen, pounds sterling, Swiss francs or other agreed foreign currencies (limited to €250.0 million), and (c) a $50.0 million United States dollar-denominated revolving credit facility available in United States dollars or Hong Kong dollars (together with the multicurrency revolving credit facility, the “revolving credit facilities”). The 2022 facilities are due on December 9, 2027. The Company made payments totaling $6.2 million and $5.9 million on its term loan under the 2022 facilities during the twenty-six weeks ended August 3, 2025 and August 4, 2024. The applicable margin with respect to the Euro TLA facility as of August 3, 2025 was 1.250%. The applicable margin with respect to the revolving credit facilities as of August 3, 2025 was 0.125% for loans bearing interest at the base rate, Canadian prime rate or daily simple euro short term rate and 1.125% for loans bearing interest at the euro interbank offered rate (“EURIBOR”) or any other rate specified in the 2022 facilities. The applicable margin for borrowings under the Euro TLA facility and each revolving credit facility is subject to adjustment (i) after the date of delivery of the compliance certificate and financial statements, with respect to each of the Company’s fiscal quarters, based upon the Company’s net leverage ratio or (ii) after the date of delivery of notice of a change in the Company’s public debt rating by Standard & Poor’s or Moody’s. The 2022 facilities require the Company to comply with customary affirmative, negative and financial covenants, including a maximum net leverage ratio, calculated in a manner set forth in the terms of the 2022 facilities. Please see Note 7, “Debt,” 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 February 2, 2025 for further discussion of the 2022 facilities. 3 5/8% Euro Senior Notes Due 2024 The Company had outstanding €525.0 million principal amount of 3 5/8% senior notes due July 15, 2024. The Company redeemed these notes on April 25, 2024 utilizing the net proceeds from the issuance of the €525.0 million principal amount of 4 1/8% senior notes due July 16, 2029 together with other available funds, as discussed below. 4 5/8% Senior Notes Due 2025 The Company had outstanding $500.0 million principal amount of 4 5/8% senior notes due July 10, 2025. The Company repaid these notes upon maturity utilizing the net proceeds from the issuance of the $500.0 million principal amount of 5 1/2% senior notes due June 13, 2030 together with other available funds, as discussed below. 3 1/8% Euro Senior Notes Due 2027 The Company has outstanding €600.0 million principal amount of 3 1/8% senior notes due December 15, 2027. The Company may redeem some or all of these notes at any time prior to September 15, 2027 by paying a “make whole” premium plus any accrued and unpaid interest. In addition, in advance of maturity, the Company may redeem the remaining outstanding notes beginning on September 15, 2027 at their principal amount plus any accrued and unpaid interest. 4 1/8% Euro Senior Notes Due 2029 The Company issued on April 15, 2024, €525.0 million principal amount of 4 1/8% senior notes due July 16, 2029. The Company paid €5.4 million ($5.7 million based on exchange rates in effect on the payment date) of fees in connection with the issuance of the notes, which are being amortized over the term of the notes. During the first quarter of 2025, the Company completed the allocation of an amount equal to 100% of the net proceeds of the offering to sustainable materials, which qualify as environmental Eligible Projects (as defined in the Company’s prospectus relating to the notes offering). During the first quarter of 2024, the Company utilized the net proceeds of the offering, together with other available funds, to redeem the €525.0 million principal amount of 3 5/8% senior notes due July 15, 2024, as discussed above. The Company may redeem some or all of these notes at any time prior to April 16, 2029 by paying a “make whole” premium, plus any accrued and unpaid interest. In addition, in advance of maturity, the Company may redeem the remaining outstanding notes beginning on April 16, 2029, or all of these notes at any time in the event of certain developments affecting taxation, at their principal amount plus any accrued and unpaid interest. 5 1/2% Senior Notes Due 2030 The Company issued on June 13, 2025, $500.0 million principal amount of 5 1/2% senior notes due June 13, 2030. The Company incurred $6.0 million of fees in connection with the issuance of the notes, which are being amortized over the term of the notes. The Company utilized the net proceeds of the offering, together with other available funds, to repay the $500.0 million principal amount of 4 5/8% senior notes due July 10, 2025, as discussed above. The Company may redeem some or all of these notes at any time prior to May 13, 2030 by paying a “make whole” premium, plus any accrued and unpaid interest. In addition, in advance of maturity, the Company may redeem the remaining outstanding notes beginning on May 13, 2030 at their principal amount plus any accrued and unpaid interest. The Company’s financing arrangements contain financial and non-financial covenants and customary events of default. As of August 3, 2025, the Company was in compliance with all applicable financial and non-financial covenants under its financing arrangements. The Company also has standby letters of credit and bank guarantees primarily to collateralize the Company’s insurance and lease obligations. The Company had $98.9 million of these standby letters of credit and bank guarantees outstanding as of August 3, 2025. Please see Note 7, “Debt,” 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 February 2, 2025 for further discussion of the Company’s debt.

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