XML 42 R34.htm IDEA: XBRL DOCUMENT v2.4.0.8
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Aug. 04, 2013
10. Fair Value Measurements [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial assets and liabilities that are required to be remeasured at fair value on a recurring basis:
 
8/4/13
 
2/3/13
 
7/29/12
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forward exchange contracts    
N/A
 
$
2,110

 
N/A
 
$
2,110

 
N/A
 
$
4,693

 
N/A
 
$
4,693

 
N/A
 
$
18,828

 
N/A
 
$
18,828

Interest rate contracts
N/A
 
4,110

 
N/A
 
4,110

 
N/A
 
N/A
 
N/A
 
N/A
 
N/A
 
45

 
N/A
 
45

Total Assets
N/A
 
$
6,220

 
N/A
 
$
6,220

 
N/A
 
$
4,693

 
N/A
 
$
4,693

 
N/A
 
$
18,873

 
N/A
 
$
18,873

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forward exchange contracts    
N/A
 
$
5,107

 
N/A
 
$
5,107

 
N/A
 
$
13,460

 
N/A
 
$
13,460

 
N/A
 
$
1,515

 
N/A
 
$
1,515

Interest rate contracts
N/A
 
8,097

 
N/A
 
8,097

 
N/A
 
5,058

 
N/A
 
5,058

 
N/A
 
6,729

 
N/A
 
6,729

Contingent purchase price payments related to reacquisition of the perpetual rights to the Tommy Hilfiger trademarks in India    
N/A
 
N/A
 
$
6,649

 
6,649

 
N/A
 
N/A
 
$
7,003

 
7,003

 
N/A
 
N/A
 
$
9,021

 
9,021

Total Liabilities
N/A
 
$
13,204

 
$
6,649

 
$
19,853

 
N/A
 
$
18,518

 
$
7,003

 
$
25,521

 
N/A
 
$
8,244

 
$
9,021

 
$
17,265
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table presents the change in the Level 3 contingent purchase price payment liability for the twenty-six weeks ended August 4, 2013 and July 29, 2012:

 
Twenty-Six Weeks Ended
 
8/4/13
 
7/29/12
Beginning Balance
$
7,003

 
$
9,559

Payments
—

 
—

Adjustments included in earnings
(354
)
 
(538
)
Ending Balance
$
6,649

 
$
9,021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Table Text Block]
Additional information with respect to assumptions used to value the contingent purchase price payment liability is as follows:

Unobservable Inputs
 
Amount
Approximate compounded annual net sales growth rate
 
45.0
%
Approximate
discount rate
 
20.0
%

A five percentage point increase or decrease in the discount rate would change the liability by approximately $1,000.

A five percentage point increase or decrease in the compounded annual net sales growth rate would change the liability by approximately $1,000.
Fair Value, by Balance Sheet Grouping [Table Text Block]
The carrying amounts and the fair values of the Company’s cash and cash equivalents, short-term borrowings and long-term debt as of August 4, 2013, February 3, 2013 and July 29, 2012 were as follows:

 
8/4/13
 
2/3/13
 
7/29/12
 
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
 
 

 
 

 
 
 
 
 
 

 
 

Cash and cash equivalents
$
628,920

 
$
628,920

 
$
892,209

 
$
892,209

 
$
261,986

 
$
261,986

Short-term borrowings
3,447

 
3,447

 
10,847

 
10,847

 
52,791

 
52,791

Long-term debt (including portion classified as current)
4,280,151

 
4,358,547

 
2,299,642

 
2,398,200

 
1,803,485

 
1,886,289


The fair values of cash and cash equivalents and short-term borrowings approximate their carrying values due to the short-term nature of these instruments. The Company estimates the fair value of its long-term debt using quoted market prices as of the last business day of the applicable quarter. The Company classifies the measurement of its long-term debt as a Level 1 measurement.