XML 56 R44.htm IDEA: XBRL DOCUMENT v3.20.2

Derivatives (Tables)

6 Months Ended

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)

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration