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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Aug. 04, 2019

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:



	8/4/19						2/3/19						8/5/18
(In millions)	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	$	40.5	N/A	$	40.5	N/A	$	24.8	N/A	$	24.8	N/A	$	27.5	N/A	$	27.5
Interest rate swap agreements	N/A	0.3		N/A	0.3		N/A	1.4		N/A	1.4		N/A	2.7		N/A	2.7
Total Assets	N/A	$	40.8	N/A	$	40.8	N/A	$	26.2	N/A	$	26.2	N/A	$	30.2	N/A	$	30.2

Liabilities:
Foreign currency forward exchange contracts	N/A	$	3.9	N/A	$	3.9	N/A	$	6.2	N/A	$	6.2	N/A	$	3.4	N/A	$	3.4
Interest rate swap agreements	N/A	7.0		N/A	7.0		N/A	2.8		N/A	2.8		N/A	0.1		N/A	0.1
Total Liabilities	N/A	$	10.9	N/A	$	10.9	N/A	$	9.0	N/A	$	9.0	N/A	$	3.5	N/A	$	3.5

Fair Value Measurements, Nonrecurring [Table Text Block]

The following table shows the fair value of the Company’s non-financial assets and liabilities that were required to be remeasured at fair value on a non-recurring basis (consisting of operating lease right-of-use assets and property, plant and equipment) during the twenty-six weeks ended August 4, 2019, and the total impairments recorded as a result of the remeasurement process:

(In millions)

Fair Value Measurement Using

Fair Value
As Of
Impairment Date

Total
Impairments

Level 1

Level 2

Level 3

Operating lease right-of-use assets

N/A

16.8

77.0

Property, plant and equipment, net

N/A

—

10.8

Operating lease right-of-use assets with a carrying amount of $93.8 million were written down to a fair value of $16.8 million during the twenty-six weeks ended August 4, 2019 as a result of the closure during the first quarter of 2019 of the Company’s TOMMY HILFIGER flagship and anchor stores in the United States (the “TH U.S. store closures”) and the closure during the first quarter of 2019 of the Company’s CALVIN KLEIN flagship store on Madison Avenue in New York, New York in connection with the Calvin Klein restructuring (as defined in Note 17, “Exit Activity Costs”). Please see Note 17 for further discussion of the Calvin Klein restructuring costs. Fair value of the operating lease right-of-use assets was determined based on the discounted cash flows of estimated sublease income using market participant assumptions.

Property, plant and equipment with a carrying amount of $10.8 million was written down to a fair value of zero during the twenty-six weeks ended August 4, 2019 in connection with the TH U.S. store closures, the closure of the Company’s CALVIN KLEIN 205 W39 NYC brand (formerly Calvin Klein Collection), and the financial performance in certain of the Company’s retail stores, including certain CALVIN KLEIN stores affected by the realignment of the Calvin Klein creative direction globally. Please see Note 17, “Exit Activity Costs,” for further discussion of the Calvin Klein restructuring costs. Fair value of the Company’s property, plant and equipment was determined based on the estimated discounted future cash flows associated with the assets using sales trends and market participant assumptions.

The $87.8 million of impairment charges was included in SG&A expenses, of which $49.6 million was recorded in the Tommy Hilfiger North America segment, $32.6 million was recorded in the Calvin Klein North America segment and $5.6 million was recorded in the Calvin Klein International segment.

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 were as follows:



	8/4/19				2/3/19				8/5/18
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value

Cash and cash equivalents	$	433.5	$	433.5	$	452.0	$	452.0	$	431.1	$	431.1
Short-term borrowings	183.2		183.2		12.8		12.8		85.4		85.4
Long-term debt (including portion classified as current)	2,784.2		2,949.6		2,819.4		2,853.7		2,893.5		2,955.4

The fair values of cash and cash equivalents and short-term borrowings approximate their carrying amounts 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. The carrying amounts of long-term debt reflect the unamortized portions of debt issuance costs and the original issue discounts.