ACCUMULATED OTHER COMPREHENSIVE LOSS

9 Months Ended

Oct. 30, 2022

Accumulated Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Loss

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following tables present the changes in AOCL, net of related taxes, by component for the thirty-nine weeks ended October 30, 2022 and October 31, 2021:

(In millions)	Foreign currency translation adjustments			Net unrealized and realized gain on effective cash flow hedges		Total
Balance, January 30, 2022	$	(665.9)		$	53.2	$	(612.7)
Other comprehensive (loss) income before reclassifications	(261.7)		(1)(2)	51.5		(210.2)
Less: Amounts reclassified from AOCL	(3.4)		(3)	9.8		6.4
Other comprehensive (loss) income	(258.3)			41.7		(216.6)
Balance, October 30, 2022	$	(924.2)		$	94.9	$	(829.3)

(In millions)	Foreign currency translation adjustments			Net unrealized and realized (loss) gain on effective cash flow hedges		Total
Balance, January 31, 2021	$	(481.6)		$	(37.5)	$	(519.1)
Other comprehensive (loss) income before reclassifications	(79.7)		(1)(2)	74.6		(5.1)
Less: Amounts reclassified from AOCL	—			0.2		0.2
Other comprehensive (loss) income	(79.7)			74.4		(5.3)
Balance, October 31, 2021	$	(561.3)		$	36.9	$	(524.4)

(1) Foreign currency translation adjustments included a net gain on net investment hedges of $99.6 million and $41.3 million during the thirty-nine weeks ended October 30, 2022 and October 31, 2021, respectively.

(2) Unfavorable foreign currency translation adjustments were principally driven by a strengthening of the United States dollar against the euro.

(3) Foreign currency translation adjustment losses were reclassified from AOCL during the second quarter of 2022 in connection with the Karl Lagerfeld transaction. Please see Note 6, “Investments in Unconsolidated Affiliates,” for further discussion.

The following table presents reclassifications from AOCL to earnings for the thirteen and thirty-nine weeks ended October 30, 2022 and October 31, 2021:

	Amount Reclassified from AOCL									Affected Line Item in the Company’s Consolidated Statements of Operations
	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
(In millions)	10/30/22		10/31/21		10/30/22			10/31/21
Realized gain (loss) on effective cash flow hedges:
Foreign currency forward exchange contracts (inventory purchases)	$	9.9	$	(6.6)	$	13.6		$	1.2	Cost of goods sold
Interest rate swap agreements	—		(1.3)		—			(1.3)		SG&A (1)
Interest rate swap agreements	—		(0.7)		—			(2.6)		Interest expense
Less: Tax effect	2.7		(1.9)		3.8			(2.9)		Income tax (benefit) expense
Total, net of tax	$	7.2	$	(6.7)	$	9.8		$	0.2
Foreign currency translation adjustments:
Karl Lagerfeld transaction	$	—	$	—	$	(3.4)	(2)	$	—	Equity in net income of unconsolidated affiliates
Less: Tax effect	—		—		—			—		Income tax (benefit) expense
Total, net of tax	$	—	$	—	$	(3.4)		$	—

(1) The Company dedesignated certain cash flow hedges related to its interest rate swap agreements during the thirteen weeks ended October 31, 2021. Please see Note 11, “Derivative Financial Instruments,” for further discussion.

(2) Foreign currency translation adjustment losses were reclassified from AOCL during the second quarter of 2022 in connection with the Karl Lagerfeld transaction. Please see Note 6, “Investments in Unconsolidated Affiliates,” for further discussion.