RETIREMENT AND BENEFIT PLANS (Tables)

6 Months Ended

Aug. 01, 2021

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Net Benefit Costs [Table Text Block]

The components of net benefit cost recognized were as follows:

	Pension Plans				Pension Plans
	Thirteen Weeks Ended				Twenty-Six Weeks Ended
(In millions)	8/1/21		8/2/20		8/1/21		8/2/20
Service cost	$	10.1	$	11.3	$	20.5	$	22.4
Interest cost	6.2		6.4		12.4		12.8
Expected return on plan assets	(11.1)		(10.9)		(22.2)		(21.8)
Special termination benefits	0.3		1.1		0.3		1.1
Speedo deconsolidation gain	—		—		—		(2.2)
Total	$	5.5	$	7.9	$	11.0	$	12.3

	SERP Plans				SERP Plans
	Thirteen Weeks Ended				Twenty-Six Weeks Ended
(In millions)	8/1/21		8/2/20		8/1/21		8/2/20
Service cost	$	1.0	$	1.1	$	2.4	$	3.0
Interest cost	0.7		0.8		1.6		1.7
Special termination benefits	0.6		1.9		0.6		1.9
Speedo deconsolidation gain	—		—		—		(0.6)
Total	$	2.3	$	3.8	$	4.6	$	6.0

The Company provided enhanced retirement benefits to terminated employees during the second quarter of 2021 and as a result recognized $0.9 million of special termination benefit costs with a corresponding increase to its pension benefit obligation.

The Company announced on July 14, 2020 plans to streamline its North American operations to better align its business with the evolving retail landscape. The Company’s actions included a reduction in its North America office workforce by approximately 450 positions, or 12%, across all three brand businesses and corporate functions. For certain eligible employees affected by the workforce reduction, the Company provided an enhanced retirement benefit and as a result recognized $3.0 million of special termination benefit costs during the second quarter of 2020, with a corresponding increase to its pension benefit obligation. Please see Note 17, “Exit Activity Costs,” for further discussion of these actions.

The Company completed the sale of its Speedo North America business to Pentland in the first quarter of 2020. Upon the closing of the transaction, U.S.-based employees who were engaged primarily in the Speedo North America business terminated their employment with the Company. However, the Company retained the liability for any deferred vested benefits earned under its retirement plans. No further benefits are being accrued under the plans and as a result, the Company recognized a gain of $2.8 million during the twenty-six weeks ended August 2, 2020 with a corresponding decrease to its pension benefit obligation. The gain was included in other noncash loss, net in the Company’s Consolidated Statement of Operations. Please see Note 4, “Acquisitions and Divestitures,” for further discussion of the sale of the Speedo North America business.

The Company also provides certain postretirement health care and life insurance benefits to certain retirees resident in the United States. As a result of the Company’s acquisition of The Warnaco Group, Inc. (“Warnaco”), the Company also provides certain postretirement health care and life insurance benefits to certain Warnaco retirees resident in the United States. Retirees contribute to the cost of the applicable plan, both of which are unfunded and frozen. The Company refers to these two plans as its “Postretirement Plans.” Net benefit cost related to the Postretirement Plans was immaterial for the thirteen and twenty-six weeks ended August 1, 2021 and August 2, 2020.