ACCUMULATED OTHER COMPREHENSIVE LOSS

12 Months Ended

Feb. 04, 2024

Accumulated Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Loss

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table presents the changes in AOCL, net of related taxes, by component:

(In millions)	Foreign currency translation adjustments			Net unrealized and realized (loss) gain on effective cash flow hedges		Total
Balance at January 31, 2021	$	(481.6)		$	(37.5)	$	(519.1)
Other comprehensive (loss) income before reclassifications	(184.3)		(1)(2)	88.1		(96.2)
Less: Amounts reclassified from AOCL	—			(2.6)		(2.6)
Other comprehensive (loss) income	(184.3)			90.7		(93.6)
Balance at January 30, 2022	$	(665.9)		$	53.2	$	(612.7)
Other comprehensive loss before reclassifications	(47.6)		(1)(2)	(36.0)		(83.6)
Less: Amounts reclassified from AOCL	(3.4)		(3)	20.2		16.8
Other comprehensive loss	(44.2)			(56.2)		(100.4)
Balance at January 29, 2023	$	(710.1)		$	(3.0)	$	(713.1)
Other comprehensive (loss) income before reclassifications	(56.2)		(1)(4)	25.8		(30.4)
Less: Amounts reclassified from AOCL	2.4			7.7		10.1
Other comprehensive (loss) income	(58.6)			18.1		(40.5)
Balance at February 4, 2024	$	(768.7)		$	15.1	$	(753.6)

(1)Foreign currency translation adjustments included a net gain on net investment hedges of $12.7 million, $24.1 million and $83.8 million in 2023, 2022 and 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 2022 in connection with the Karl Lagerfeld transaction. Please see Note 5, “Investments in Unconsolidated Affiliates,” for further discussion.

(4)Unfavorable foreign currency translation adjustments were principally driven by a strengthening of the United States dollar against certain currencies in the Asia-Pacific region (primarily the strengthening of the United States dollar against both the Chinese yuan and the Australian dollar) and a strengthening of the United States dollar against the euro.

The following table presents reclassifications from AOCL to earnings:

	Amount Reclassified from AOCL							Affected Line Item in the Company’s Consolidated Statements of Operations
(In millions)	2023		2022			2021
Realized gain (loss) on effective cash flow hedges:
Foreign currency forward contracts (inventory purchases)	$	11.1	$	27.6		$	(1.8)	Cost of goods sold
Interest rate swap agreements	—		—			(1.5)		SG&A expenses (1)
Interest rate swap agreements	—		—			(3.0)		Interest expense
Less: Tax effect	3.4		7.4			(3.7)		Income tax expense
Total, net of tax	$	7.7	$	20.2		$	(2.6)
Foreign currency translation adjustments:
Karl Lagerfeld transaction	$	—	$	(3.4)	(2)	$	—	Equity in net income of unconsolidated affiliates
Cross-currency swap contracts (net investment hedges)	3.2		—			—		Interest expense
Less: Tax effect	0.8		—			—		Income tax expense
Total, net of tax	$	2.4	$	(3.4)		$	—

(1) The Company dedesignated certain cash flow hedges related to its interest rate swap agreements during 2021. Please see Note 10, “Derivative Financial Instruments,” for further discussion.

(2) Foreign currency translation adjustment losses were reclassified from AOCL during 2022 in connection with the Karl Lagerfeld transaction. Please see Note 5, “Investments in Unconsolidated Affiliates,” for further discussion.