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Derivatives (Tables) | 6 Months Ended
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Aug. 01, 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 |  | August 1, 2020 |  | February 1, 2020 |  | August 3, 2019
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts | Other current assets |  | $ | — |  |  | $ | — |  |  | $ | 1.1 |
Commodity contracts | Other current assets |  | — |  |  | 11.8 |  |  | 8.1 |
Commodity contracts | Other assets |  | — |  |  | — |  |  | 1.8 |
Total derivative assets |  |  | — |  |  | 11.8 |  |  | 11.0 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts | Other current assets |  | 2.3 |  |  | 0.6 |  |  | — |
Total derivative assets |  |  | $ | 2.3 |  |  | $ | 12.4 |  |  | $ | 11.0 |
| Fair value of derivative liabilities |  |  |  |  |  |
(in millions) | Balance sheet location |  | August 1, 2020 |  | February 1, 2020 |  | August 3, 2019
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts | Other current liabilities |  | $ | — |  |  | $ | (0.8) |  |  | $ | — |
|  |  | — |  |  | (0.8) |  |  | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Foreign currency contracts | Other current liabilities |  | — |  |  | (0.1) |  |  | (1.1) |
Total derivative liabilities |  |  | $ | — |  |  | $ | (0.9) |  |  | $ | (1.1) |
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) | August 1, 2020 |  | February 1, 2020 |  | August 3, 2019
Foreign currency contracts | $ | — |  |  | $ | (1.0) |  |  | $ | 1.7 |
Commodity contracts | 5.3 |  |  | 17.7 |  |  | 11.2 |
Gains (losses) recorded in AOCI | $ | 5.3 |  |  | $ | 16.7 |  |  | $ | 12.9 |
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 |  |  |  | 26 weeks ended |  |
(in millions) | Statement of operations caption |  | August 1, 2020 |  | August 3, 2019 |  | August 1, 2020 |  | August 3, 2019
Gains (losses) recorded in AOCI, beginning of period |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | (1.0) |  |  | $ | 0.7 |
Current period gains (losses) recognized in OCI |  |  | — |  |  | 1.6 |  |  | 1.6 |  |  | 1.6 |
Losses (gains) reclassified from AOCI to net income | Cost of sales (1) |  | — |  |  | (0.3) |  |  | — |  |  | (0.6) |
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 |  |  | $ | — |  |  | $ | 1.7 |  |  | $ | — |  |  | $ | 1.7 |
Commodity contracts
|  |  | 13 weeks ended |  |  |  | 26 weeks ended |  |
(in millions) | Statement of operations caption |  | August 1, 2020 |  | August 3, 2019 |  | August 1, 2020 |  | August 3, 2019
Gains (losses) recorded in AOCI, beginning of period |  |  | $ | 6.2 |  |  | $ | 0.1 |  |  | $ | 17.7 |  |  | $ | 4.0 |
Current period gains (losses) recognized in OCI |  |  | — |  |  | 10.8 |  |  | (1.4) |  |  | 6.5 |
Losses (gains) reclassified from AOCI to net income | Cost of sales (1) |  | (0.9) |  |  | 0.3 |  |  | (1.7) |  |  | 0.7 |
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 |  |  | $ | 5.3 |  |  | $ | 11.2 |  |  | $ | 5.3 |  |  | $ | 11.2 |
Interest rate swaps
|  |  | 13 weeks ended |  |  |  | 26 weeks ended |  |
(in millions) | Statement of operations caption |  | August 1, 2020 |  | August 3, 2019 |  | August 1, 2020 |  | August 3, 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. As of August 1, 2020, the Company expects all of the remaining $5.3 million of net pre-tax derivative gains to be reclassified out of AOCI into earnings during the next twelve months. Total amounts presented in the condensed consolidated statements of operations
|  | 13 weeks ended |  |  |  | 26 weeks ended |  |
(in millions) |  | August 1, 2020 |  | August 3, 2019 |  | August 1, 2020 |  | August 3, 2019
Cost of sales |  | $ | (663.9) |  |  | $ | (901.3) |  |  | $ | (1,312.2) |  |  | $ | (1,833.6) |
Other operating income, net |  | 1.1 |  |  | 1.4 |  |  | $ | 4.7 |  |  | 1.4 |
Interest expense, net |  | $ | (9.4) |  |  | $ | (10.1) |  |  | $ | (16.5) |  |  | $ | (19.3) |
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 |  |  |  | 26 weeks ended |  |
(in millions) | Statement of operations caption |  | August 1, 2020 |  | August 3, 2019 |  | August 1, 2020 |  | August 3, 2019
Foreign currency contracts | Other operating income, net |  | $ | 2.9 |  |  | $ | (6.3) |  |  | $ | (1.0) |  |  | $ | (5.2) |

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