NONCASH INVESTING AND FINANCING TRANSACTIONS

9 Months Ended

Nov. 03, 2019

Notes to Financial Statements [Abstract]

NONCASH INVESTING AND FINANCING TRANSACTIONS

NONCASH INVESTING AND FINANCING TRANSACTIONS

The Company completed the Australia acquisition during the thirty-nine weeks ended November 3, 2019. Omitted from the Company’s Consolidated Statement of Cash Flows for the thirty-nine weeks ended November 3, 2019 was the following noncash acquisition consideration: (i) the issuance to key members of Gazal and PVH Australia management of approximately 6% of the outstanding shares in the subsidiary of the Company that holds 100% of the ownership interests in the Australia business, for which the Company recognized a $26.2 million liability on the date of the acquisition and (ii) the elimination of a $2.2 million pre-acquisition receivable owed to the Company by PVH Australia. In connection with the acquisition, the Company also remeasured its previously held equity investments in Gazal and PVH Australia to fair value, resulting in noncash increases of $23.6 million and $89.5 million, respectively, to these equity investments balances. Subsequent to the acquisition, the Company recorded a loss of $2.6 million during the thirty-nine weeks ended November 3, 2019 resulting from the remeasurement of the liability for the 6% interest issued to key members of Gazal and PVH Australia management to its redemption value as of November 3, 2019. The liability was $28.8 million as of November 3, 2019 based on exchange rates in effect on that date.

Omitted from acquisition of treasury shares in the Company’s Consolidated Statements of Cash Flows for the thirty-nine weeks ended November 3, 2019 and November 4, 2018 were $3.2 million and $1.9 million respectively, of shares repurchased under the stock repurchase program for which the trades occurred but remained unsettled as of the end of the respective period.

The Company recorded a loss of $1.7 million during the thirty-nine weeks ended November 3, 2019 to write-off previously capitalized debt issuance costs in connection with the refinancing of its senior credit facilities.

The Company completed the acquisition of the Geoffrey Beene tradename during the thirty-nine weeks ended November 4, 2018. Omitted from acquisitions, net of cash acquired in the Company’s Consolidated Statement of Cash Flows for the thirty-nine weeks ended November 4, 2018 was $0.7 million of acquisition consideration related to royalties prepaid to Geoffrey Beene by the Company under the prior license agreement and $0.4 million of liabilities assumed by the Company.

Omitted from purchases of property, plant and equipment in the Company’s Consolidated Statement of Cash Flows for the thirty-nine weeks ended November 4, 2018 were $2.9 million of assets acquired through finance leases. Please see Note 16, “Leases,” for supplemental noncash transactions information related to finance leases during the thirty-nine weeks ended November 3, 2019.