ACCUMULATED OTHER COMPREHENSIVE LOSS

3 Months Ended

May 05, 2024

Accumulated Other Comprehensive Income [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following tables present the changes in AOCL, net of related taxes, by component for the thirteen weeks ended May 5, 2024 and April 30, 2023:


(In millions)	Foreign currency translation adjustments			Net unrealized and realized gain on effective cash flow hedges		Total
Balance, February 4, 2024	$	(768.7)		$	15.1	$	(753.6)
Other comprehensive (loss) income before reclassifications	(10.7)		(1)	5.5		(5.2)
Less: Amounts reclassified from AOCL	1.3			4.1		5.4
Other comprehensive (loss) income	(12.0)			1.4		(10.6)
Balance, May 5, 2024	$	(780.7)		$	16.5	$	(764.2)


(In millions)	Foreign currency translation adjustments			Net unrealized and realized (loss) gain on effective cash flow hedges		Total
Balance, January 29, 2023	$	(710.1)		$	(3.0)	$	(713.1)
Other comprehensive (loss) income before reclassifications	(26.5)		(1)(2)	1.4		(25.1)
Less: Amounts reclassified from AOCL	—			3.4		3.4
Other comprehensive loss	(26.5)			(2.0)		(28.5)
Balance, April 30, 2023	$	(736.6)		$	(5.0)	$	(741.6)

(1) Foreign currency translation adjustments included a net gain (loss) on net investment hedges of $4.1 million and $(9.8) million during the thirteen weeks ended May 5, 2024 and April 30, 2023, respectively.

(2) 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 the Australian dollar), partially offset by a weakening of the United States dollar against the euro.

The following table presents reclassifications from AOCL to earnings for the thirteen weeks ended May 5, 2024 and April 30, 2023:


	Amount Reclassified from AOCL				Affected Line Item in the Company’s Consolidated Statements of Operations
	Thirteen Weeks Ended
(In millions)	5/5/24		4/30/23
Realized gain on effective cash flow hedges:
Foreign currency forward contracts (inventory purchases)	$	5.7	$	4.8		Cost of goods sold


Less: Tax effect	1.6		1.4			Income tax expense
Total, net of tax	$	4.1	$	3.4

Foreign currency translation adjustments:
Cross-currency swap contracts (net investment hedges)	$	1.7	$	—		Interest expense
Less: Tax effect	0.4		—			Income tax expense
Total, net of tax	$	1.3	$	—