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Derivatives (Tables)
 3 Months Ended
May 02, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table summarizes the fair value and presentation of derivative instruments in the condensed consolidated balance sheets:
 
Fair value of derivative assets
(in millions)
Balance sheet location
 
May 2, 2020
 
February 1, 2020
 
May 4, 2019
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
Commodity contracts
Other current assets
 
$
—

 
$
11.8

 
$
0.8

Commodity contracts
Other assets
 
—

 
—

 
0.1

Total derivative assets
 
 
—

 
11.8

 
0.9

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Foreign currency contracts
Other current assets
 
0.1

 
0.6

 
1.0

Total derivative assets
 
 
$
0.1

 
$
12.4

 
$
1.9

 
Fair value of derivative liabilities
(in millions)
Balance sheet location
 
May 2, 2020
 
February 1, 2020
 
May 4, 2019
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
Foreign currency contracts
Other current liabilities
 
$
—

 
$
(0.8
)
 
$
(0.1
)
Commodity contracts
Other current liabilities
 
—

 
—

 
(0.3
)
Commodity contracts
Other liabilities
 
—

 
—

 
(0.2
)
 
 
 
—

 
(0.8
)
 
(0.6
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Foreign currency contracts
Other current liabilities
 
(0.3
)
 
(0.1
)
 
—

Total derivative liabilities
 
 
$
(0.3
)
 
$
(0.9
)
 
$
(0.6
)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the pre-tax gains (losses) recorded in AOCI for derivatives designated in cash flow hedging relationships:
(in millions)
May 2, 2020
 
February 1, 2020
 
May 4, 2019
Foreign currency contracts
$
—

 
$
(1.0
)
 
$
0.4

Commodity contracts
6.2

 
17.7

 
0.1

Gains (losses) recorded in AOCI
$
6.2

 
$
16.7

 
$
0.5
Derivative Instruments, Gain (Loss)
The following tables summarize the effect of derivative instruments designated as cash flow hedges in OCI and the condensed consolidated statement of operations:
Foreign currency contracts
 
 
 
13 weeks ended
(in millions)
Statement of operations caption
 
May 2, 2020
 
May 4, 2019
Gains (losses) recorded in AOCI, beginning of period
 
 
$
(1.0
)
 
$
0.7

Current period gains (losses) recognized in OCI
 
 
1.6

 
—

Losses (gains) reclassified from AOCI to net income
Cost of sales (1)
 
—

 
(0.3
)
Gains from ineffective hedges reclassified from AOCI to net income
Other operating income, net (1)
 
(0.6
)
 
—

Gains (losses) recorded in AOCI, end of period
 
 
$
—

 
$
0.4

Commodity contracts
 
 
 
13 weeks ended
(in millions)
Statement of operations caption
 
May 2, 2020
 
May 4, 2019
Gains (losses) recorded in AOCI, beginning of period
 
 
$
17.7

 
$
4.0

Current period gains (losses) recognized in OCI
 
 
(1.4
)
 
(4.3
)
Losses (gains) reclassified from AOCI to net income
Cost of sales (1)
 
(0.8
)
 
0.4

Gains from ineffective hedges reclassified from AOCI to net income
Other operating income, net (1)
 
(9.3
)
 
—

Gains (losses) recorded in AOCI, end of period
 
 
$
6.2

 
$
0.1


Interest rate swaps
 
 
 
13 weeks ended
(in millions)
Statement of operations caption
 
May 2, 2020
 
May 4, 2019
Gains recorded in AOCI, beginning of period
 
 
$
—

 
$
0.6

(Gains) losses reclassified from AOCI to net income
Interest expense, net (1)
 
—

 
(0.6
)
Gains recorded in AOCI, end of period
 
 
$
—

 
$
—


(1)
Refer to table below for total amounts of financial statement captions impacted by cash flow hedges.
Total amounts presented in the condensed consolidated statements of operations
 
 
13 weeks ended
(in millions)
 
May 2, 2020
 
May 4, 2019
Cost of sales
 
$
(648.3
)
 
$
(932.3
)
Other operating income, net
 
3.6

 
—

Interest expense, net
 
$
(7.1
)
 
$
(9.2
)

The following table presents the effects of the Company’s derivatives instruments not designated as cash flow hedges in the condensed consolidated statement of operations:
 
 
 
13 weeks ended
(in millions)
Statement of operations caption
 
May 2, 2020
 
May 4, 2019
Foreign currency contracts
Other operating income, net
 
$
(3.9
)
 
$
1.1