Derivatives (Tables)

9 Months Ended

Oct. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table summarizes the fair value and presentation of derivative instruments in the condensed consolidated balance sheets:

	Fair value of derivative assets
(in millions)	Balance sheet location	October 31, 2020		February 1, 2020		November 2, 2019
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	—	$	—	$	0.1
Commodity contracts	Other current assets	—		11.8		9.8
Commodity contracts	Other assets	—		—		0.6
Total derivative assets		—		11.8		10.5
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	—		0.6		0.3
Total derivative assets		$	—	$	12.4	$	10.8

	Fair value of derivative liabilities
(in millions)	Balance sheet location	October 31, 2020		February 1, 2020		November 2, 2019
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current liabilities	$	—	$	(0.8)	$	(0.9)
Commodity contracts	Other current liabilities	—		—		(0.2)
		—		(0.8)		(1.1)
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current liabilities	(0.5)		(0.1)		—
Total derivative liabilities		$	(0.5)	$	(0.9)	$	(1.1)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the pre-tax gains (losses) recorded in AOCI for derivatives designated in cash flow hedging relationships:

(in millions)	October 31, 2020		February 1, 2020		November 2, 2019
Foreign currency contracts	$	—	$	(1.0)	$	(0.3)
Commodity contracts	3.5		17.7		16.1
Gains (losses) recorded in AOCI	$	3.5	$	16.7	$	15.8

Derivative Instruments, Gain (Loss)

The following tables summarize the effect of derivative instruments designated as cash flow hedges in OCI and the condensed consolidated statement of operations:

Foreign currency contracts

		13 weeks ended				39 weeks ended
(in millions)	Statement of operations caption	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Gains (losses) recorded in AOCI, beginning of period		$	—	$	1.7	$	(1.0)	$	0.7
Current period gains (losses) recognized in OCI		—		(1.7)		1.6		(0.1)
Losses (gains) reclassified from AOCI to net income	Cost of sales (1)	—		(0.3)		—		(0.9)
Gains from ineffective hedges reclassified from AOCI to net income	Other operating income (loss) (1)	—		—		(0.6)		—
Gains (losses) recorded in AOCI, end of period		$	—	$	(0.3)	$	—	$	(0.3)

Commodity contracts

		13 weeks ended				39 weeks ended
(in millions)	Statement of operations caption	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Gains (losses) recorded in AOCI, beginning of period		$	5.3	$	11.2	$	17.7	$	4.0
Current period gains (losses) recognized in OCI		—		5.1		(1.4)		11.6
Losses (gains) reclassified from AOCI to net income	Cost of sales (1)	(1.8)		(0.2)		(3.5)		0.5
Gains from ineffective hedges reclassified from AOCI to net income	Other operating income (loss) (1)	—		—		(9.3)		—
Gains (losses) recorded in AOCI, end of period		$	3.5	$	16.1	$	3.5	$	16.1

Interest rate swaps

		13 weeks ended				39 weeks ended
(in millions)	Statement of operations caption	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Gains recorded in AOCI, beginning of period		$	—	$	—	$	—	$	0.6
(Gains) losses reclassified from AOCI to net income	Interest expense, net (1)	—		—		—		(0.6)
Gains recorded in AOCI, end of period		$	—	$	—	$	—	$	—

(1)    Refer to table below for total amounts of financial statement captions impacted by cash flow hedges.

There was no material ineffectiveness related to the Company’s derivative instruments designated in cash flow hedging relationships for the 13 weeks ended October 31, 2020 and November 2, 2019. As of October 31, 2020, the Company expects $3.5 million of net pre-tax derivative gains to be reclassified out of AOCI into earnings during the next twelve months.

Total amounts presented in the condensed consolidated statements of operations

	13 weeks ended				39 weeks ended
(in millions)	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Cost of sales	$	(863.8)	$	(818.6)	$	(2,176.0)	$	(2,652.2)
Other operating income (loss)	(0.4)		—		$	4.3	1.4
Interest expense, net	$	(9.1)	$	(8.6)	$	(25.6)	$	(27.9)

The following table presents the effects of the Company’s derivatives instruments not designated as cash flow hedges in the condensed consolidated statement of operations:

		13 weeks ended				39 weeks ended
(in millions)	Statement of operations caption	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
Foreign currency contracts	Other operating income (loss)	$	(1.1)	$	3.4	$	(2.1)	$	(1.8)