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
 
 
 
 
 
 
 10-Q
 
 ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedNovember 3, 2019
 
 
 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto
 
 001-07572
 PVH CORP.(Exact name of registrant as specified in its charter)
 
 Delaware13-1166910(State or other jurisdiction of(I.R.S. Employerincorporation or organization)Identification No.)200 Madison Avenue,New York,New York10016(Address of principal executive offices)(Zip Code)
 
 212
  381-3500
 
 
 
 
 Title of each classTrading SymbolName of each exchange on which registeredCommon Stock, $1.00 par valuePVHNew York Stock Exchange
 
 Yes
 
 
 Yes
 
 
 Large Accelerated Filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐
 
 
 ☐
 
 72,958,317
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 Consolidated Income Statements for the Thirteen and Thirty-Nine Weeks Ended November 3, 2019 and November 4, 20181Consolidated Statements of Comprehensive Income for the Thirteen and Thirty-Nine Weeks Ended November 3, 2019 and November 4, 20182Consolidated Balance Sheets as of November 3, 2019, February 3, 2019 and November 4, 20183Consolidated Statements of Cash Flows for the Thirty-Nine Weeks Ended November 3, 2019 and November 4, 20184Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Non-Controlling Interest for the Thirty-Nine Weeks Ended November 3, 2019 and November 4, 20185Notes to Consolidated Financial Statements7Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations39Item 3 - Quantitative and Qualitative Disclosures About Market Risk54Item 4 - Controls and Procedures55
 
 
 
 
 
 
 
  
 
 
 
 
 
 Item 1 - Legal Proceedings56Item 1A - Risk Factors56Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds56Item 6 - Exhibits57Signatures59
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 Thirteen Weeks EndedThirty-Nine Weeks EndedNovember 3,November 4,November 3,November 4,2019201820192018Net sales$2,433.5$2,377.4$6,919.8$6,794.1Royalty revenue113.1112.2288.3283.1Advertising and other revenue41.134.9100.195.6Total revenue2,587.72,524.57,308.27,172.8Cost of goods sold (exclusive of depreciation and amortization)1,181.51,159.73,317.73,220.0Gross profit1,406.21,364.83,990.53,952.8Selling, general and administrative expenses1,141.61,091.33,457.63,215.8Non-service related pension and postretirement income2.02.76.17.8Debt modification and extinguishment costs——5.2—Other noncash gain——113.1—Equity in net income of unconsolidated affiliates2.96.17.513.2Income before interest and taxes269.5282.3654.4758.0Interest expense29.230.388.590.0Interest income1.40.93.83.1Income before taxes241.7252.9569.7671.1Income tax expense32.810.386.184.9Net income208.9242.6483.6586.2Less: Net loss attributable to redeemable non-controlling interest(0.3)(0.5)(1.1)(1.5)Net income attributable to PVH Corp.$209.2$243.1$484.7$587.7Basic net income per common share attributable to PVH Corp.$2.83$3.18$6.49$7.65Diluted net income per common share attributable to PVH Corp.$2.82$3.15$6.46$7.56
 
 
 
 
  
 
 
 
 
 
 
 
 
 Thirteen Weeks EndedThirty-Nine Weeks EndedNovember 3,November 4,November 3,November 4,2019201820192018Net income$208.9$242.6$483.6$586.2Other comprehensive income (loss):Foreign currency translation adjustments11.5(58.8)(130.8)(396.9)Net unrealized and realized (loss) gain related to effective cash flow hedges, net of tax (benefit) expense of $(0.4), $0.9, $(1.8) and $5.2(20.4)17.2(7.5)108.2Net (loss) gain on net investment hedges, net of tax (benefit) expense of $(0.8), $4.0, $7.5 and $24.8(2.3)12.023.675.9Total other comprehensive loss(11.2)(29.6)(114.7)(212.8)Comprehensive income197.7213.0368.9373.4Less: Comprehensive loss attributable to redeemable non-controlling interest(0.3)(0.5)(1.1)(1.5)Comprehensive income attributable to PVH Corp.$198.0$213.5$370.0$374.9
 
 
 
 
 
  
 
 
 
 
 
 November 3,February 3,November 4,201920192018UNAUDITEDAUDITEDUNAUDITEDASSETSCurrent Assets:Cash and cash equivalents$555.2$452.0$398.5Trade receivables, net of allowances for doubtful accounts of $25.7, $21.6 and $26.9972.7777.8937.0Other receivables26.126.028.6Inventories, net1,768.11,732.41,686.9Prepaid expenses161.3168.7173.4Other98.781.783.4Total Current Assets3,582.13,238.63,307.8Property, Plant and Equipment, net994.7984.5923.7Operating Lease Right-of-Use Assets1,648.1——Goodwill3,738.53,670.53,655.2Tradenames2,837.12,863.72,859.4Other Intangibles, net882.5705.5715.6Other Assets, including deferred taxes of $29.2, $40.5 and $15.3336.2400.9369.2Total Assets$14,019.2$11,863.7$11,830.9LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND STOCKHOLDERS’ EQUITYCurrent Liabilities:Accounts payable$780.5$924.2$752.5Accrued expenses951.3891.6830.1Deferred revenue44.865.339.3Current portion of operating lease liabilities347.3——Short-term borrowings387.512.8276.7Current portion of long-term debt41.3——Total Current Liabilities2,552.71,893.91,898.6Long-Term Portion of Operating Lease Liabilities1,517.5——Long-Term Debt2,738.42,819.42,878.3Other Liabilities, including deferred taxes of $624.1, $565.2 and $655.31,226.41,322.41,372.3Redeemable Non-Controlling Interest(0.9)0.20.5Stockholders’ Equity:Preferred stock, par value $100 per share; 150,000 total shares authorized———Common stock, par value $1 per share; 240,000,000 shares authorized; 85,876,613; 85,446,141 and 85,444,411 shares issued85.985.485.4Additional paid in capital - common stock3,061.93,017.33,002.9Retained earnings4,820.44,350.14,191.4Accumulated other comprehensive loss(622.6)(507.9)(534.3)Less: 12,574,071; 10,042,510 and 9,533,692 shares of common stock held in treasury, at cost(1,360.5)(1,117.1)(1,064.2)Total Stockholders’ Equity5,985.15,827.85,681.2Total Liabilities, Redeemable Non-Controlling Interest and Stockholders’ Equity$14,019.2$11,863.7$11,830.9
 
 
 
 
 
  
 
 
 
 
 
 
 Thirty-Nine Weeks EndedNovember 3,November 4,20192018OPERATING ACTIVITIESNet income$483.6$586.2Adjustments to reconcile to net cash provided by operating activities:Depreciation and amortization236.5248.0Equity in net income of unconsolidated affiliates(7.5)(13.2)Deferred taxes2.62.3Stock-based compensation expense43.241.9Impairment of long-lived assets89.34.7Debt modification and extinguishment costs5.2—Other noncash gain(113.1)—Changes in operating assets and liabilities:Trade receivables, net(196.2)(316.1)Other receivables(0.8)7.9Inventories, net32.3(172.9)Accounts payable, accrued expenses and deferred revenue(88.2)(122.5)Prepaid expenses(14.9)2.9Employer pension contribution(0.7)(10.0)Contingent purchase price payments to Mr. Calvin Klein—(15.9)Other, net(39.5)61.8Net cash provided by operating activities431.8305.1INVESTING ACTIVITIES(1)Acquisitions, net of cash acquired(192.4)(15.9)Purchases of property, plant and equipment(233.1)(269.8)Proceeds from sale of building59.4—Investments in unconsolidated affiliates(2.5)—Net cash used by investing activities(368.6)(285.7)FINANCING ACTIVITIES(1)Net proceeds from short-term borrowings324.4257.2Proceeds from 2019 facilities, net of related fees1,639.8—Repayment of 2016 facilities(1,649.3)(85.0)Repayment of 2019 facilities(10.2)—Net proceeds from settlement of awards under stock plans1.920.3Cash dividends(11.3)(11.6)Acquisition of treasury shares(240.2)(270.4)Payments of finance lease liabilities(4.1)(4.0)Net cash provided (used) by financing activities51.0(93.5)Effect of exchange rate changes on cash and cash equivalents(11.0)(21.3)Increase (Decrease) in cash and cash equivalents103.2(95.4)Cash and cash equivalents at beginning of period452.0493.9Cash and cash equivalents at end of period$555.2$398.5
 (1)
 See
 Note 19for information onNoncash Investing and Financing Transactions.
 
 
 
 
  
 
 
 
 
 
 
 
 
 Thirty-Nine Weeks Ended November 4, 2018Stockholders’ EquityCommon StockAdditionalPaid InCapital-CommonStockAccumulatedOtherComprehensive LossTotal Stockholders’ EquityRedeemableNon-ControllingInterestPreferredStockShares$1 parValueRetainedEarningsTreasuryStockFebruary 4, 2018$2.0$—84,851,079$84.9$2,941.2$3,625.2$(321.5)$(793.4)$5,536.4Net income attributable to PVH Corp.179.4179.4Foreign currency translation adjustments(172.2)(172.2)Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $2.750.150.1Net gain on net investment hedges, net of tax expense of $12.037.037.0Comprehensive income attributable to PVH Corp.94.3Cumulative-effect adjustment related to the adoption of accounting guidance for revenue recognition(1.9)(1.9)Cumulative-effect adjustment related to the adoption of accounting guidance for income tax accounting on intercompany sales or transfers of assets other than inventory(8.0)(8.0)Settlement of awards under stock plans481,6470.412.813.2Stock-based compensation expense11.611.6Cash dividends ($0.075 per common share)(5.9)(5.9)Acquisition of 494,898 treasury shares(75.1)(75.1)Net loss attributable to redeemable non-controlling interest(0.5)May 6, 20181.5—85,332,72685.32,965.63,788.8(406.6)(868.5)5,564.6Net income attributable to PVH Corp.165.2165.2Foreign currency translation adjustments(165.9)(165.9)Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $1.640.940.9Net gain on net investment hedges, net of tax expense of $8.826.926.9Comprehensive income attributable to PVH Corp.67.1Settlement of awards under stock plans103,0530.16.86.9Stock-based compensation expense15.215.2Cash dividends ($0.0375 per common share)(2.9)(2.9)Acquisition of 553,837 treasury shares(85.5)(85.5)Net loss attributable to redeemable non-controlling interest(0.5)August 5, 20181.0—85,435,77985.42,987.63,951.1(504.7)(954.0)5,565.4Net income attributable to PVH Corp.243.1243.1Foreign currency translation adjustments(58.8)(58.8)Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $0.917.217.2Net gain on net investment hedges, net of tax expense of $4.012.012.0Comprehensive income attributable to PVH Corp.213.5Settlement of awards under stock plans8,632—0.20.2Stock-based compensation expense15.115.1Cash dividends ($0.0375 per common share)(2.8)(2.8)Acquisition of 812,640 treasury shares(110.2)(110.2)Net loss attributable to redeemable non-controlling interest(0.5)November 4, 2018$0.5$—85,444,411$85.4$3,002.9$4,191.4$(534.3)$(1,064.2)$5,681.2
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 Thirty-Nine Weeks Ended November 3, 2019Stockholders’ EquityCommon StockAdditionalPaid InCapital-CommonStockAccumulatedOtherComprehensive LossTotal Stockholders’ EquityRedeemableNon-ControllingInterestPreferredStockShares$1 parValueRetainedEarningsTreasuryStockFebruary 3, 2019$0.2$—85,446,141$85.4$3,017.3$4,350.1$(507.9)$(1,117.1)$5,827.8Net income attributable to PVH Corp.82.082.0Foreign currency translation adjustments(111.6)(111.6)Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $0.413.413.4Net gain on net investment hedges, net of tax expense of $7.222.422.4Comprehensive income attributable to PVH Corp.6.2Cumulative-effect adjustment related to the adoption of accounting guidance for leases(3.1)(3.1)Settlement of awards under stock plans371,1290.41.51.9Stock-based compensation expense13.913.9Cash dividends ($0.075 per common share)(5.7)(5.7)Acquisition of 659,630 treasury shares(79.5)(79.5)Net loss attributable to redeemable non-controlling interest(0.4)May 5, 2019(0.2)—85,817,27085.83,032.74,423.3(583.7)(1,196.6)5,761.5Net income attributable to PVH Corp.193.5193.5Foreign currency translation adjustments(30.7)(30.7)Net unrealized and realized loss related to effective cash flow hedges, net of tax benefit of $1.8(0.5)(0.5)Net gain on net investment hedges, net of tax expense of $1.13.53.5Comprehensive income attributable to PVH Corp.165.8Settlement of awards under stock plans48,7140.1(0.1)—Stock-based compensation expense14.414.4Cash dividends ($0.0375 per common share)(2.8)(2.8)Acquisition of 711,895 treasury shares(67.2)(67.2)Net loss attributable to redeemable non-controlling interest(0.4)August 4, 2019(0.6)—85,865,98485.93,047.04,614.0(611.4)(1,263.8)5,871.7Net income attributable to PVH Corp.209.2209.2Foreign currency translation adjustments11.511.5Net unrealized and realized loss related to effective cash flow hedges, net of tax benefit of $0.4(20.4)(20.4)Net loss on net investment hedges, net of tax benefit of $0.8(2.3)(2.3)Comprehensive income attributable to PVH Corp.198.0Settlement of awards under stock plans10,629———Stock-based compensation expense14.914.9Cash dividends ($0.0375 per common share)(2.8)(2.8)Acquisition of 1,160,036 treasury shares(96.7)(96.7)Net loss attributable to redeemable non-controlling interest(0.3)November 3, 2019$(0.9)$—85,876,613$85.9$3,061.9$4,820.4$(622.6)$(1,360.5)$5,985.1
 
 
 
 
 
  
 
 
 
 
 
 
 
 GENERAL
 PVH Corp. and its consolidated subsidiaries (collectively, the “Company”) constitute a global apparel company with a brand portfolio consisting of nationally and internationally recognized trademarks, includingTOMMY HILFIGER, CALVIN KLEIN, Van Heusen, IZOD, ARROW, Warner’s, Olga,True&Co.andGeoffrey Beene, which are owned, andSpeedo, which is licensed in perpetuity for North America and the Caribbean, as well asvarious other owned, licensed and, to a lesser extent, private label brands.The Company designs and markets branded dress shirts, neckwear, sportswear, jeanswear, performance apparel, intimate apparel, underwear, swimwear, swim products, handbags, accessories, footwear and other related products and licenses its owned brands globally over a broad array of product categories and for use in numerous discrete jurisdictions. References to the aforementioned and other brand names are to registered and common law trademarks owned by the Company or licensed to the Company by third parties and are identified by italicizing the brand name.The consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated in consolidation. Investments in entities that the Company does not control but has the ability to exercise significant influence over are accounted for using the equity method of accounting. The Company’s Consolidated Income Statements include its proportionate share of the net income or loss of these entities. Please seeNote 6, “Investments in Unconsolidated Affiliates,” for further discussion. The Company and Arvind Limited (“Arvind”) have a joint venture in Ethiopia, PVH Arvind Manufacturing Private Limited Company (“PVH Ethiopia”), in which the Company owns a75%interest. PVH Ethiopia is consolidated and the minority shareholder’s proportionate share (25%) of the equity in this joint venture is accounted for as a redeemable non-controlling interest. Please seeNote 5, “Redeemable Non-Controlling Interest,” for further discussion.The Company’s fiscal years are based on the 52-53 week periods ending on the Sunday closest to February 1 and are designated by the calendar year in which the fiscal year commences. References to a year are to the Company’s fiscal year, unless the context requires otherwise.The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States for interim financial information. Accordingly, they do not contain all disclosures required by accounting principles generally accepted in the United States for complete financial statements. Reference is made to the Company’s audited consolidated financial statements, including the notes thereto, included in the Company’s Annual Report on Form 10-K for the year endedFebruary 3, 2019.The preparation of the interim financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates.The results of operations for thethirteen and thirty-nine weeks endedNovember 3, 2019andNovember 4, 2018are not necessarily indicative of those for a full fiscal year due, in part, to seasonal factors. The data contained in these consolidated financial statements are unaudited and are subject to year-end adjustments. However, in the opinion of management, all known adjustments (which were normal and recurring in nature) have been made to present fairly the consolidated operating results for the unaudited periods.Certain reclassifications have been made to the consolidated financial statements for the prior year periods to present that information on a basis consistent with the current year. 
 
 REVENUE
 The Company generates revenue primarily from sales of finished products under its owned and licensed trademarks through its wholesale and retail operations. The Company also generates royalty and advertising revenue from licensing the rights to its trademarks to third parties. Revenue is recognized upon the transfer of control of products or services to the Company’s customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those products or services.Product SalesThe Company generates revenue from the wholesale distribution of its products to traditional retailers (including for sale through their digital commerce sites), pure play digital commerce retailers, franchisees, licensees and distributors. Revenue is 
 
  
 
 recognized upon transfer of control of goods to the customer, which generally occurs when title to goods is passed and risk of loss transfers to the customer. Depending on the contract terms, transfer of control is upon shipment of goods to or upon receipt of goods by the customer.Payment is typically due within 30 to 90 days.The amount of revenue recognized is net of returns, sales allowances and other discounts that the Company offers to its wholesale customers. The Company estimates returns based on an analysis of historical experience and specific customer arrangements and estimates sales allowances and other discounts based on seasonal negotiations, historical experience and an evaluation of current market conditions.The Company also generates revenue from the retail distribution of its products through its freestanding stores, shop-in-shop/concession locations and digital commerce sites. Revenue is recognized at the point of sale in the stores and shop-in-shop/concession locations and upon estimated time of delivery for sales through the Company’s digital commerce sites, at which point control of the products passes to the customer. The amount of revenue recognized is net of returns, which are estimated based on an analysis of historical experience.The Company excludes from revenue taxes collected from customers and remitted to government authorities related to sales of the Company’s products. Shipping and handling costs that are billed to customers are included in net sales.Customer Loyalty ProgramsThe Company uses loyalty programs that offer customers of its retail businesses specified amounts off of future purchases for a specified period of time after certain levels of spending are achieved. Customers that are enrolled in the programs earn loyalty points for each purchase made.Loyalty points earned under the customer loyalty programs provide the customer a material right to acquire additional products and give rise to the Company having a separate performance obligation. For each transaction where a customer earns loyalty points, the Company allocates revenue between the products purchased and the loyalty points earned based on the relative standalone selling prices. Revenue allocated to loyalty points is recorded as deferred revenue until the loyalty points are redeemed or expire.Gift CardsThe Company sells gift cards to customers in its retail stores. Gift card purchases by a customer are prepayments for products to be provided by the Company in the future and are therefore considered to be performance obligations of the Company. Upon the purchase of a gift card by a customer, the Company records deferred revenue for the cash value of the gift card. Deferred revenue is relieved and revenue is recognized when the gift card is redeemed by the customer. The portion of gift cards that the Company does not expect to be redeemed (referred to as “breakage”) is recognized proportionately over the estimated customer redemption period, subject to the constraint that it must be probable that a significant reversal of revenue will not occur, if the Company determines that it does not have a legal obligation to remit the value of such unredeemed gift cards to any jurisdiction.License AgreementsThe Company generates royalty and advertising revenue from licensing the rights to access its trademarks to third parties, including the Company’s joint ventures. The license agreements are generally exclusive to a territory or product category, have terms in excess of one year and, in most cases, include renewal options. In exchange for providing these rights, the license agreements require the licensees to pay the Company a royalty and, in certain agreements, an advertising fee. In both cases, the Company generally receives the greater of (i) a sales-based percentage fee and (ii) a contractual minimum fee for each annual performance period under the license agreement.In addition to the rights to access its trademarks, the Company provides ongoing support to its licensees over the term of the agreements. As such, the Company’s license agreements are licenses of symbolic intellectual property and, therefore, revenue is recognized over time. For license agreements where the sales-based percentage fee exceeds the contractual minimum fee, the Company recognizes revenues as the licensed products are sold as reported to the Company by its licensees. For license agreements where the sales-based percentage fee does not exceed the contractual minimum fee, the Company recognizes the contractual minimum fee as revenue ratably over the contractual period.Under the terms of the license agreements, payments are generally due quarterly from the licensees. The Company records deferred revenue when amounts are received or receivable from the licensee in advance of the recognition of revenue. 
 
  
 
 As ofNovember 3, 2019, the contractual minimum fees on the portion of all license agreements not yet satisfied totaled $1.1billion, of which the Company expects to recognize $44.4million as revenue during the remainder of 2019, $235.9million in 2020 and $825.9million thereafter.Deferred RevenueChanges in deferred revenue related to customer loyalty programs, gift cards and license agreements for thethirty-nine weeks endedNovember 3, 2019andNovember 4, 2018were as follows:(In millions)Thirty-Nine Weeks Ended11/3/1911/4/18Deferred revenue balance at beginning of period$65.3$39.2Impact of adopting the new revenue standard—15.6Net additions to deferred revenue during the period41.134.2Reductions in deferred revenue for revenue recognized during the period(1)(61.6)(49.7)Deferred revenue balance at end of period$44.8$39.3(1)Represents the amount of revenue recognized during the period that was included in the deferred revenue balance at the beginning of the period, as adjusted in 2018 for the impact of adopting the new revenue standard, and does not contemplate revenue recognized from amounts deferred during the period. These amounts include $1.8million and $1.7million of revenue recognized during the thirteen weeks endedNovember 3, 2019andNovember 4, 2018, respectively.The Company also had long-term deferred revenue liabilities included in other liabilities in its Consolidated Balance Sheets of $1.6million, $2.3million and $2.6million as ofNovember 3, 2019,February 3, 2019andNovember 4, 2018, respectively.Optional ExemptionsThe Company elected not to disclose the remaining performance obligations for contracts that have an original expected term of one year or less and expected sales-based percentage fees for the portion of all license agreements not yet satisfied.Please seeNote 20, “Segment Data,” for information on the disaggregation of revenue by segment and distribution channel. 
 INVENTORIES
  Inventories are comprised principally of finished goods and are stated at the lower of cost or net realizable value, except for certain retail inventories in North America that are stated at the lower of cost or market using the retail inventory method. Cost for substantially all wholesale inventories in North America and certain wholesale and retail inventories in Asia is determined using the first-in, first-out method. Cost for all other inventories is determined using the weighted average cost method. The Company reviews current business trends, inventory aging and discontinued merchandise categories to determine adjustments that it estimates will be needed to liquidate existing clearance inventories and record inventories at either the lower of cost or net realizable value or the lower of cost or market using the retail inventory method, as applicable.
 
 
 
  
 
 
 ACQUISITIONS
 TH CSAP AcquisitionThe Company acquired on July 1, 2019 the Tommy Hilfiger retail business in Central and Southeast Asia from the Company’s previous licensee in these markets (the “TH CSAP acquisition”). As a result of the TH CSAP acquisition, the Company now operates directly the Tommy Hilfiger retail business in these markets.The acquisition date fair value of the consideration paid was $74.3million. The estimated fair value of the assets acquired consisted of $63.9million of goodwill and $10.4million of other net assets. The goodwill of $63.9million was assigned as of the acquisition date to the Company’s Tommy Hilfiger International segment, which is the Company’s reporting unit that is expected to benefit from the synergies of the combination. Goodwill is not expected to be deductible for tax purposes. The Company is still in the process of finalizing the valuation of the assets acquired; thus, the allocation of the acquisition consideration is subject to change.Australia AcquisitionThe Company acquired on May 31, 2019 the approximately78%ownership interests in Gazal Corporation Limited (“Gazal”) that it did not already own (the “Australia acquisition”). Prior to the Australia acquisition, the Company and Gazal jointly owned and managed a joint venture, PVH Brands Australia Pty. Limited (“PVH Australia”), with each owning a50%interest. PVH Australia licensed and operated businesses under theTOMMY HILFIGER,CALVIN KLEINandVan Heusenbrands, along with other licensed and owned brands. PVH Australia came under the Company’s full control as a result of the acquisition. The Company now operates directly the Tommy Hilfiger, Calvin Klein and Van Heusen businesses in this region.Prior to May 31, 2019, the Company accounted for its approximately22%interest in Gazal and its50%interest in PVH Australia under the equity method of accounting. Following the completion of the Australia acquisition, the results of Gazal and PVH Australia have been consolidated in the Company’s consolidated financial statements.Gain on Previously Held Equity InvestmentsThe carrying values of the Company’s approximately22%interest in Gazal and50%interest in PVH Australia prior to the acquisition were $16.5million and $41.9million, respectively. In connection with the acquisition, these investments were remeasured to fair values of $40.1million and $131.4million, respectively, resulting in the recognition of an aggregate noncash gain of $113.1million during the second quarter of 2019, which was included in other noncash gain in the Company’s Consolidated Income Statements.The fair value of the Company’s investment in Gazal was determined using the trading price of Gazal’s common stock, which was listed on the Australian Securities Exchange, on the date of the acquisition. The Company classified this as a Level 1 fair value measurement due to the use of an unadjusted quoted price in an active market. The fair value of Gazal included the fair value of Gazal’s50%interest in PVH Australia. As such, the Company derived the fair value of its investment in PVH Australia from the fair value of Gazal by adjusting for (i) Gazal’s non-operating assets and net debt position and (ii) the estimated future operating cash flows of Gazal’s standalone operations, which were discounted at a rate of12.5%to account for the relative risks of the estimated future cash flows. The Company classified this as a Level 3 fair value measurement due to the use of significant unobservable inputs.Mandatorily Redeemable Non-Controlling InterestPursuant to the terms of the acquisition agreement, key members of Gazal and PVH Australia management exchanged a portion of their interests in Gazal for approximately6%of the outstanding shares in the previously wholly owned subsidiary of the Company that acquired100%of the ownership interests in the Australia business. The Company is obligated to purchase this6%interest within two years of the acquisition closing in two tranches as follows: tranche 1 –50%of the sharesone year after the closing, but up to half of this tranche may be deferred at the holders’ option to tranche 2; and tranche 2 – all remaining sharestwo years after the closing. The purchase price for the tranche 1 and tranche 2 shares is based on a multiple of the subsidiary’s adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) less net debt as of the end of the measurement year, and the multiple varies depending on the level of EBITDA compared to a target.The Company recognized a liability of $26.2million for the fair value of the6%interest on the date of the acquisition, which is being accounted for as a mandatorily redeemable non-controlling interest. The fair value of the liability was determined using a Monte Carlo simulation model, which utilizes inputs, including the volatility of financial results, in order to model the 
 
  
 
 probability of different outcomes. The Company classified this as a Level 3 fair value measurement due to the use of significant unobservable inputs. In subsequent periods, the liability for the mandatorily redeemable non-controlling interest is adjusted each reporting period to its redemption value based on conditions that exist as of each subsequent balance sheet date. The Company reflects any adjustment in the redemption value in interest expense in the Company’s Consolidated Income Statement. The Company recorded a loss of $2.6million in interest expense during the thirteen weeks ended November 3, 2019 in connection with the remeasurement of the mandatorily redeemable non-controlling interest to its redemption value, which reflects the amount that would be paid under the conditions specified in the terms of the acquisition agreement if settlement had occurred as of November 3, 2019. The liability for the mandatorily redeemable non-controlling interest was $28.8million as of November 3, 2019 based on exchange rates in effect on that date, of which $15.2million was included in accrued expenses and $13.6million was included in other liabilities in the Company’s Consolidated Balance Sheet.Fair Value of the AcquisitionThe acquisition date fair value of the business acquired was $324.6million, consisting of:(In millions)Cash consideration$124.7Fair value of the Company’s investment in PVH Australia131.4Fair value of the Company’s investment in Gazal40.1Fair value of mandatorily redeemable non-controlling interest26.2Elimination of pre-acquisition receivable owed to the Company2.2Total acquisition date fair value of the business acquired$324.6Allocation of the Acquisition Date Fair ValueThe following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition:(In millions)Cash and cash equivalents$6.6Trade receivables15.1Inventories89.9Prepaid expenses1.3Other current assets3.5Assets held for sale58.8Property, plant and equipment18.4Goodwill66.9Intangible assets222.2Operating lease right-of-use assets56.4Total assets acquired539.1Accounts payable14.4Accrued expenses23.5Short-term borrowings50.5Current portion of operating lease liabilities10.9Long-term portion of operating lease liabilities43.9Deferred tax liability69.6Other liabilities1.7Total liabilities assumed214.5Total acquisition date fair value of the business acquired$324.6 
 
  
 
 Prior to the closing of the Australia acquisition, Gazal had entered into an agreement to sell an office building and warehouse to a third party and, as such, the building was classified as held for sale on the acquisition date. The building was subsequently sold to a third party and leased back to the Company in June 2019. Please seeNote 16, “Leases,” for further discussion of this sale-leaseback transaction.The goodwill of $66.9million was assigned as of the acquisition date to the Company’s Tommy Hilfiger International and Calvin Klein International segments in the amounts of $57.7million and $9.2million, respectively, which include the Company’s reporting units that are expected to benefit from the synergies of the combination. Goodwill will not be deductible for tax purposes. The other intangible assets of $222.2million consisted of reacquired license rights of $204.9million, which are indefinite lived, order backlog of $0.3million and customer relationships of $17.0million, which are subject to amortization on a straight-line basis over 0.5 years and 10.0 years, respectively. The Company is still in the process of finalizing the valuation of the assets and liabilities assumed; thus, the allocation of the acquisition date fair value is subject to change.Acquisition of theGeoffrey BeeneTradenameThe Company acquired on April 20, 2018 theGeoffrey Beenetradename from Geoffrey Beene, LLC (“Geoffrey Beene”). Prior to the acquisition, the Company licensed the rights to design, market and distributeGeoffrey Beenedress shirts and neckwear from Geoffrey Beene.The tradename was acquired for $17.0million, consisting of $15.9million paid in cash, $0.7million of royalties prepaid to Geoffrey Beene by the Company under the license agreement, and $0.4million of liabilities assumed by the Company. The transaction was accounted for as an asset acquisition. 
 
 REDEEMABLE NON-CONTROLLING INTEREST
 The Company and Arvind formed PVH Ethiopia, in which the Company owns a75% interest, during 2016. The Company consolidates PVH Ethiopia in its consolidated financial statements. PVH Ethiopia was formed to operate a manufacturing facility that produces finished products for the Company for distribution primarily in the United States.The shareholders agreement governing PVH Ethiopia (the “Shareholders Agreement”) contains a put option under which Arvind can require the Company to purchase all of its shares in the joint venture during various future periods as specified in the Shareholders Agreement. The first such period immediately precedes the ninth anniversary of PVH Ethiopia’s date of incorporation. The Shareholders Agreement also contains call options under which the Company can require Arvind to sell to the Company (i) all or a portion of its shares during various future periods as specified in the Shareholders Agreement; (ii) all of its shares in the event of a change of control of Arvind; or (iii) all of its shares in the event that Arvind ceases to hold at least 10% of the outstanding shares. The Company’s first call option referred to in clause (i) immediately follows the fifth anniversary of the date of incorporation of PVH Ethiopia. The put and call prices are the fair market value of the shares on the redemption date based upon a multiple of PVH Ethiopia’s EBITDA for the prior 12 months, less PVH Ethiopia’s net debt.The fair value of the redeemable non-controlling interest (“RNCI”) as of the date of formation of PVH Ethiopia was $0.1million. The carrying amount of the RNCI is adjusted to equal the redemption amount at the end of each reporting period, provided that this amount at the end of each reporting period cannot be lower than the initial fair value adjusted for the minority shareholder’s share of net income or loss. Any adjustment to the redemption amount of the RNCI is determined after attribution of net income or loss of the RNCI and will be recognized immediately in retained earnings of the Company, since it is probable that the RNCI will become redeemable in the future based on the passage of time. The carrying amount of the RNCI as ofNovember 3, 2019was $(0.9)million, which is greater than the redemption amount. The carrying amount decreased from $0.2million as ofFebruary 3, 2019as a result of a net loss attributable to the RNCI for thethirty-nine weeks endedNovember 3, 2019of $1.1million. The carrying amount of the RNCI as ofNovember 4, 2018was $0.5million. 
 
 INVESTMENTS IN UNCONSOLIDATED AFFILIATES
 The Company had investments in unconsolidated affiliates of $148.4million, $207.1million and $198.0million as ofNovember 3, 2019,February 3, 2019andNovember 4, 2018, respectively. These investments are accounted for under the equity method of accounting and included in other assets in the Company’s Consolidated Balance Sheets. The Company received dividends of $13.6million and $3.6million from these investments during thethirty-nine weeks endedNovember 3, 2019andNovember 4, 2018, respectively, and made payments related to these investments of $2.5million during thethirty-nine weeks endedNovember 3, 2019to contribute its share of funding for the period. 
 
  
 
 PVH LegwearThe Company and a wholly owned subsidiary of the Company’s Heritage Brands socks and hosiery licensee formed a joint venture, PVH Legwear LLC (“PVH Legwear”) in thethirty-nine weeks endedNovember 3, 2019, in which the Company owns a49%economic interest. PVH Legwear was formed for the purpose of consolidating the Company’s socks and hosiery businesses for all Company brands in the United States and Canada. PVH Legwear licenses from the Company the rights to distribute and sell in these countriesTOMMY HILFIGER,CALVIN KLEIN,IZOD,Van HeusenandWarner’ssocks and hosiery. Additionally, PVH Legwear sells socks and hosiery under other owned and licensed tradenames. PVH Legwear began operations in December 2019. This investment is being accounted for under the equity method of accounting.Gazal and PVH Australia Prior to May 31, 2019, the Company held an approximately22%ownership interest in Gazal and a50%ownership interest in PVH Australia. These investments were accounted for under the equity method of accounting until the closing of the Australia acquisition on May 31, 2019, on which date the Company derecognized its equity investments in Gazal and PVH Australia and began to consolidate the operations of Gazal and PVH Australia into its financial statements. Please seeNote 4, “Acquisitions ,” for further discussion.
 
 
 GOODWILL AND OTHER INTANGIBLE ASSETS
 The changes in the carrying amount of goodwill for thethirty-nine weeks endedNovember 3, 2019, by segment (please seeNote 20, “Segment Data,” for further discussion of the Company’s reportable segments), were as follows:(In millions)Calvin Klein North AmericaCalvin Klein InternationalTommy Hilfiger North AmericaTommy Hilfiger InternationalHeritage Brands WholesaleHeritage Brands RetailTotalBalance as of February 3, 2019Goodwill, gross$780.3$909.5$204.4$1,529.8$246.5$11.9$3,682.4Accumulated impairment losses—————(11.9)(11.9)Goodwill, net780.3909.5204.41,529.8246.5—3,670.5Australia acquisition—9.2—57.7——66.9TH CSAP acquisition———63.9——63.9Currency translation0.2(18.4)—(44.6)——(62.8)Balance as of November 3, 2019Goodwill, gross780.5900.3204.41,606.8246.511.93,750.4Accumulated impairment losses—————(11.9)(11.9)Goodwill, net$780.5$900.3$204.4$1,606.8$246.5$—$3,738.5The goodwill acquired in the Australia and TH CSAP acquisitions was assigned as of the respective acquisition dates to the Company’s reporting units that are expected to benefit from the synergies of the combinations.The Company performed its annual impairment assessment for goodwill, which is done at the reporting unit level, and indefinite-lived intangible assets as of the beginning of the third quarter of 2019. Please see Note 1, “Summary of Significant Accounting Policies,” in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the year ended February 3, 2019 for discussion of the Company’s goodwill and intangible assets impairment testing process.The Company’s annual goodwill impairment test for 2019 yielded estimated fair values in excess of the carrying amounts for all of the Company’s reporting units and therefore no impairment of goodwill was identified. The reporting unit with the least excess fair value had an estimated fair value that exceeded its carrying amount by15%.Additionally, no impairment of indefinite-lived intangible assets was identified as a result of the Company’s annual indefinite-lived intangible asset impairment test for 2019. The fair values of all of the Company’s indefinite-lived intangible assets substantially exceeded their carrying amounts, with the exception of the Company’s perpetual license right, which had a fair value that exceeded its carrying amount by3%at the testing date. The excess fair value of the perpetual license right declined 
 
  
 
 compared to the prior year, primarily driven by an increase in the weighted average cost of capital as compared to the prior year. The carrying amount of the perpetual license right was $203.8million as of November 3, 2019. While the perpetual license right was not determined to be impaired, it is at risk of future impairment in the event the related business does not perform as projected or if market factors utilized in the impairment analysis deteriorate, including an unfavorable change in long-term growth rates or the weighted average cost of capital. Holding all other assumptions constant, a 100 basis point change in the annual revenue growth rate of the business conducted under the perpetual license would result in a change to the estimated fair value of the Company’s perpetual license right of approximately $25.0million. Likewise, a 100 basis point change in the weighted average cost of capital would result in a change to the estimated fair value of the Company’s perpetual license right of approximately $50.0 million.
 
 
 RETIREMENT AND BENEFIT PLANS
 The Company, as ofNovember 3, 2019, hasfivenoncontributory qualified defined benefit pension plans covering substantially all employees resident in the United States who meet certain age and service requirements. The plans provide monthly benefits upon retirement generally based on career average compensation and years of credited service. Vesting in plan benefits generally occurs afterfiveyears of service. The Company refers to these five plans as its “Pension Plans.”The Company also hasthreenoncontributory unfunded non-qualified supplemental defined benefit pension plans, including:–A plan for certain current and former members of Tommy Hilfiger’s domestic senior management. The plan is frozen and, as a result, participants do not accrue additional benefits.–A capital accumulation program for certain current and former senior executives. Under the individual participants’ agreements, the participants in the program will receive a predetermined amount during thetenyears following the attainment of age65, provided that prior to the termination of employment with the Company, the participant has been in the plan for at leasttenyears and has attained age55.–A plan for certain employees resident in the United States who meet certain age and service requirements that provides benefits for compensation in excess of Internal Revenue Service earnings limits and requires payments to vested employees upon, or shortly after, employment termination or retirement.The Company refers to thesethreeplans as its “SERP Plans.”The components of net benefit cost recognized were as follows:Pension PlansPension PlansThirteen Weeks EndedThirty-Nine Weeks Ended(In millions)11/3/1911/4/1811/3/1911/4/18Service cost$8.4$8.4$25.1$25.3Interest cost6.96.520.919.5Expected return on plan assets(10.0)(10.1)(30.2)(30.2)Total$5.3$4.8$15.8$14.6SERP PlansSERP PlansThirteen Weeks EndedThirty-Nine Weeks Ended(In millions)11/3/1911/4/1811/3/1911/4/18Service cost$1.4$1.5$4.3$4.4Interest cost1.10.93.22.9Total$2.5$2.4$7.5$7.3The 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 thesetwoplans as its “Postretirement Plans.” Net benefit cost related to the Postretirement Plans was immaterial for thethirteen and thirty-nine weeks endedNovember 3, 2019andNovember 4, 2018. 
 
  
 
 The service cost component of net benefit cost is recorded in selling, general and administrative (“SG&A”) expenses and the other components of net benefit cost are recorded in non-service related pension and postretirement income in the Company’s Consolidated Income Statements. The Company made a contribution of$0.7 million to its Pension Plans during the third quarter of 2019 and does not expect to make any additional contributions to the Pension Plans in 2019. The Company’s actual contributions may differ from planned contributions due to many factors, including changes in tax and other laws, as well as significant differences between expected and actual pension asset performance or interest rates.
 
 
 DEBT
 Short-Term BorrowingsThe Company has the ability to draw revolving borrowings under its senior unsecured credit facilities, as discussed in the section entitled “2019 Senior Unsecured Credit Facilities” below. The Company had $306.0million outstanding under these facilities as ofNovember 3, 2019. The weighted average interest rate on funds borrowed as ofNovember 3, 2019was3.06%. The maximum amount of revolving borrowings outstanding under these facilities during thethirty-nine weeks endedNovember 3, 2019was $378.4million.Additionally, the Company has the availability to borrow under short-term lines of credit, overdraft facilities and short-term revolving credit facilities denominated in various foreign currencies. These facilities provided for borrowings of up to $134.3million based on exchange rates in effect onNovember 3, 2019and are utilized primarily to fund working capital needs. The Company had $81.5million outstanding under these facilities as ofNovember 3, 2019, inclusive of borrowings under a facility utilized by the Company’s recently acquired business in Australia. The weighted average interest rate on funds borrowed as ofNovember 3, 2019was2.08%. The maximum amount of borrowings outstanding under these facilities during thethirty-nine weeks endedNovember 3, 2019was $99.5million.Long-Term DebtThe carrying amounts of the Company’s long-term debt were as follows:(In millions)11/3/192/3/1911/4/18Senior unsecured Term Loan A facilities due 2024(1)(2)$1,633.8$—$—Senior secured Term Loan A facility due 2021—1,643.81,708.37 3/4% debentures due 202399.799.699.63 5/8% senior unsecured euro notes due 2024(2)385.7396.5394.43 1/8% senior unsecured euro notes due 2027(2)660.5679.5676.0Total2,779.72,819.42,878.3Less: Current portion of long-term debt41.3——Long-term debt$2,738.4$2,819.4$2,878.3(1)The outstanding principal balance for the United States dollar-denominated Term Loan A facility and the euro-denominated Term Loan A facility was $1,086.4million and €496.9million, respectively, as ofNovember 3, 2019.(2)The carrying amount of the Company’s euro-denominated Term Loan A facility and senior unsecured euro notes includes the impact of changes in the exchange rate of the United States dollar against the euro.Please seeNote 12, “Fair Value Measurements,” for the fair value of the Company’s long-term debt as ofNovember 3, 2019,February 3, 2019andNovember 4, 2018. 
 
  
 
 As ofNovember 3, 2019, the Company’s mandatory long-term debt repayments for the remainder of 2019 through 2024 were as follows:(In millions)Fiscal YearAmount(1)Remainder of 2019$10.3202041.3202161.92022103.12023223.820241,689.4(1)A portion of the Company’s mandatory long-term debt repayments are denominated in euro and subject to changes in the exchange rate of the United States dollar against the euro.Total debt repayments for the remainder of 2019 through 2024 exceed the total carrying amount of the Company’s Term Loan A facilities, 7 3/4% debentures due 2023 and 3 5/8% senior euro notes due 2024 as ofNovember 3, 2019because the carrying amount reflects the unamortized portions of debt issuance costs and the original issue discounts.As ofNovember 3, 2019, after taking into account the effect of the Company’s interest rate swap agreements discussed in the section entitled “2019 Senior Unsecured Credit Facilities,” which were in effect as of such date, approximately60% of the Company’s long-term debt had fixed interest rates, with the remainder at variable interest rates.2016 Senior Secured Credit FacilitiesOn May 19, 2016, the Company entered into an amendment to its senior secured credit facilities (as amended, the “2016 facilities”). The Company replaced the 2016 facilities with new senior unsecured credit facilities on April 29, 2019 as discussed in the section entitled “2019 Senior Unsecured Credit Facilities” below. The 2016 facilities, as of the date they were replaced, consisted of a $2,347.4million United States dollar-denominated Term Loan A facility and senior secured revolving credit facilities consisting of (i) a $475.0million United States dollar-denominated revolving credit facility, (ii) a $25.0million United States dollar-denominated revolving credit facility available in United States dollars and Canadian dollars and (iii) a €185.9million euro-denominated revolving credit facility available in euro, British pound sterling, Japanese yen and Swiss francs.2019 Senior Unsecured Credit FacilitiesThe Company refinanced the 2016 facilities on April 29, 2019 (the “Closing Date”) by entering into senior unsecured credit facilities (the “2019 facilities”), the proceeds of which, along with cash on hand, were used to repay all of the outstanding borrowings under the 2016 facilities, as well as the related debt issuance costs.The 2019 facilities consist of a $1,093.2million United States dollar-denominated Term Loan A facility (the “USD TLA facility”), a €500.0million euro-denominated Term Loan A facility (the “Euro TLA facility” and together with the USD TLA facility, the “TLA facilities”) and senior unsecured revolving credit facilities consisting of (i) a $675.0million United States dollar-denominated revolving credit facility, (ii) a CAD $70.0million Canadian dollar-denominated revolving credit facility available in United States dollars or Canadian dollars, (iii) a €200.0million euro-denominated revolving credit facility available in euro, British pound sterling, Japanese yen, Swiss francs, Australian dollars and other agreed foreign currencies and (iv) a $50.0million United States dollar-denominated revolving credit facility available in United States dollars or Hong Kong dollars. The 2019 facilities are due on April 29, 2024. In connection with the refinancing of the senior credit facilities, the Company paid debt issuance costs of $10.4million (of which $3.5million was expensed as debt modification costs and $6.9million is being amortized over the term of the debt agreement) and recorded debt extinguishment costs of $1.7million to write off previously capitalized debt issuance costs.Each of the senior unsecured revolving facilities, except for the $50.0million United States dollar-denominated revolving credit facility available in United States dollars or Hong Kong dollars, also include amounts available for letters of credit and have a portion available for the making of swingline loans. The issuance of such letters of credit and the making of any swingline loan reduces the amount available under the applicable revolving credit facility. So long as certain conditions are satisfied, the Company may add one or more senior unsecured term loan facilities or increase the commitments under the senior 
 
  
 
 unsecured revolving credit facilities by an aggregate amount not to exceed $1,500.0million. The lenders under the 2019 facilities are not required to provide commitments with respect to such additional facilities or increased commitments.The Company had loans outstanding of $1,633.8million, net of debt issuance costs and based on applicable exchange rates, under the TLA facilities, $306.0million of borrowings outstanding under the senior unsecured revolving credit facilities and $20.4million of outstanding letters of credit under the senior unsecured revolving credit facilities as ofNovember 3, 2019.The terms of the TLA facilities require the Company to make quarterly repayments of amounts outstanding under the 2019 facilities, which commenced with the calendar quarter ending September 30, 2019. Such required repayment amounts equal2.50%per annum of the principal amount outstanding on the Closing Date for the first eight calendar quarters following the Closing Date,5.00%per annum of the principal amount outstanding on the Closing Date for the four calendar quarters thereafter and7.50%per annum of the principal amount outstanding on the Closing Date for the remaining calendar quarters, in each case paid in equal installments and in each case subject to certain customary adjustments, with the balance due on the maturity date of the TLA facilities. The outstanding borrowings under the 2019 facilities are prepayable at any time without penalty (other than customary breakage costs). Any voluntary repayments made by the Company would reduce the future required repayment amounts.The Company made payments of $10.2million on its term loans under the 2019 facilities and repaid the 2016 facilities in connection with the refinancing of the senior credit facilities during thethirty-nine weeks endedNovember 3, 2019. The Company made payments of $85.0million during thethirty-nine weeks endedNovember 4, 2018on its term loans under the 2016 facilities.The United States dollar-denominated borrowings under the 2019 facilities bear interest at a rate equal to an applicable margin plus, as determined at the Company's option, either (a) a base rate determined by reference to the greater of (i) the prime rate, (ii) the United States federal funds effective rate plus 1/2 of1.00%and (iii) a one-month reserve adjusted Eurocurrency rate plus1.00%or (b) an adjusted Eurocurrency rate, calculated in a manner set forth in the 2019 facilities.The Canadian dollar-denominated borrowings under the 2019 facilities bear interest at a rate equal to an applicable margin plus, as determined at the Company’s option, either (a) a Canadian prime rate determined by reference to the greater of (i) the rate of interest per annum that Royal Bank of Canada establishes as the reference rate of interest in order to determine interest rates for loans in Canadian dollars to its Canadian borrowers and (ii) the average of the rates per annum for Canadian dollar bankers' acceptances having a term of one month or (b) an adjusted Eurocurrency rate, calculated in a manner set forth in the 2019 facilities.Borrowings available in Hong Kong dollars under the 2019 facilities bear interest at a rate equal to an applicable margin plus an adjusted Eurocurrency rate, calculated in a manner set forth in the 2019 facilities.The borrowings under the 2019 facilities in currencies other than United States dollars, Canadian dollars or Hong Kong dollars bear interest at a rate equal to an applicable margin plus an adjusted Eurocurrency rate, calculated in a manner set forth in the 2019 facilities.The current applicable margin with respect to the TLA facilities and each revolving credit facility is1.250%for adjusted Eurocurrency rate loans and0.250%for base rate or Canadian prime rate loans. The applicable margin for borrowings under the TLA facilities and the revolving credit facilities is subject to adjustment (i) after the date of delivery of the compliance certificate and financial statements, with respect to each of the Company’s fiscal quarters, based upon the Company’s net leverage ratio or (ii) after the date of delivery of notice of a change in the Company’s public debt rating by Standard & Poor’s or Moody’s.The Company entered into interest rate swap agreements designed with the intended effect of converting notional amounts of its variable rate debt obligation to fixed rate debt. Under the terms of the agreements, for the outstanding notional amount, the Company’s exposure to fluctuations in the one-month London interbank offered rate (“LIBOR”) is eliminated and the Company pays a fixed rate plus the current applicable margin. The following interest rate swap agreements were entered into or in effect during thethirty-nine weeks endedNovember 3, 2019and/orNovember 4, 2018: 
 
  
 
 (In millions)Designation DateCommencement DateInitial Notional AmountNotional Amount Outstanding as of November 3, 2019Fixed RateExpiration DateAugust 2019February 2020$50.0$—1.1975%February 2022June 2019February 202050.0—1.409%February 2022June 2019June 201950.050.01.719%July 2021January 2019February 202050.0—2.4187%February 2021November 2018February 2019139.2139.12.8645%February 2021October 2018February 2019115.7178.32.9975%February 2021June 2018August 201850.050.02.6825%February 2021June 2017February 2018306.5119.01.566%February 2020July 2014February 2016682.6—1.924%February 2018The notional amounts of the outstanding interest rate swaps that commenced in February 2018 and February 2019 are adjusted according to pre-set schedules during the terms of the swap agreements such that, based on the Company’s projections for future debt repayments, the Company’s outstanding debt under the USD TLA facility is expected to always equal or exceed the combined notional amount of the then-outstanding interest rate swaps.The 2019 facilities contain customary events of default, including but not limited to nonpayment; material inaccuracy of representations and warranties; violations of covenants; certain bankruptcies and liquidations; cross-default to material indebtedness; certain material judgments; certain events related to the Employee Retirement Income Security Act of 1974, as amended; and a change in control (as defined in the 2019 facilities).The 2019 facilities require the Company to comply with customary affirmative, negative and financial covenants, including minimum interest coverage and maximum net leverage. A breach of any of these operating or financial covenants would result in a default under the 2019 facilities. If an event of default occurs and is continuing, the lenders could elect to declare all amounts then outstanding, together with accrued interest, to be immediately due and payable, which would result in acceleration of the Company’s other debt.7 3/4% Debentures Due 2023The Company has outstanding$100.0million of debentures due November 15, 2023 that accrue interest at the rate of7 3/4%. The debentures are not redeemable at the Company’s option prior to maturity.3 5/8% Euro Senior Notes Due 2024The Company has outstanding €350.0million euro-denominated principal amount of3 5/8%senior notes due July 15, 2024. Interest on the notes is payable in euros. The Company may redeem some or all of these notes at any time prior to April 15, 2024 by paying a “make whole” premium plus any accrued and unpaid interest. In addition, the Company may redeem some or all of these notes on or after April 15, 2024 at their principal amount plus any accrued and unpaid interest.3 1/8% Euro Senior Notes Due 2027The Company has outstanding €600.0million euro-denominated principal amount of3 1/8%senior notes due December 15, 2027. Interest on the notes is payable in euros. The Company may redeem some or all of these notes at any time prior to September 15, 2027 by paying a “make whole” premium plus any accrued and unpaid interest. In addition, the Company may redeem some or all of these notes on or after September 15, 2027 at their principal amount plus any accrued and unpaid interest.As ofNovember 3, 2019, the Company was in compliance with all applicable financial and non-financial covenants under its financing arrangements. Please see Note 8, “Debt,” in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the year endedFebruary 3, 2019 for further discussion of the Company’s debt.
 
 
  
 
 
 
 INCOME TAXES
 The effective income tax rates for the thirteen weeks endedNovember 3, 2019andNovember 4, 2018were13.6% and4.1%, respectively. The effective income tax rates for thethirty-nine weeks endedNovember 3, 2019andNovember 4, 2018were15.1% and12.7%, respectively.The effective income tax rates for thethirteen and thirty-nine weeks endedNovember 3, 2019were lower than the United States statutory income tax rate primarily due to (i) the benefit of certain discrete items, including the favorable impact on certain liabilities for uncertain tax positions resulting from the expiration of applicable statutes of limitation, which resulted in a benefit to the Company’s effective income tax rates of13.7% and4.5% for thethirteen and thirty-nine weeks endedNovember 3, 2019, respectively, partially offset by (ii) the tax on foreign earnings in excess of a deemed return on tangible assets of foreign corporations (known as “GILTI”) imposed by the United States Tax Cuts and Jobs Act of 2017 (the “U.S. Tax Legislation”), which more than offset the benefit of overall lower tax rates in certain international jurisdictions where the Company files tax returns. The effective income tax rate for thethirty-nine weeks endedNovember 3, 2019also included the favorable impact of a tax exemption on the noncash gain recorded in the second quarter of 2019 to write up the Company’s equity investments in Gazal and PVH Australia to fair value in connection with the Australia acquisition that resulted in a3.7% benefit to the Company’s effective tax rate.The effective income tax rates for thethirteen and thirty-nine weeks endedNovember 4, 2018were lower than the United States statutory income tax rate primarily due to (i) the benefit of certain discrete items, including the favorable impact on certain liabilities for uncertain tax positions resulting from the expiration of applicable statutes of limitation, which resulted in a benefit to the Company’s effective income tax rates of16.6% and5.9% for thethirteen and thirty-nine weeks endedNovember 4, 2018, respectively, and (ii) the benefit of overall lower tax rates in certain international jurisdictions where the Company files tax returns.The Company files income tax returns in more than40international jurisdictions each year. A substantial amount of the Company’s earnings are in international jurisdictions, particularly the Netherlands and Hong Kong, where income tax rates, coupled with special rates levied on income from certain of the Company’s jurisdictional activities, are lower than the United States statutory income tax rate. 
 
 DERIVATIVE FINANCIAL INSTRUMENTS
 Cash Flow HedgesThe Company has exposure to changes in foreign currency exchange rates related to anticipated cash flows associated with certain international inventory purchases. The Company uses foreign currency forward exchange contracts to hedge against a portion of this exposure.The Company also has exposure to interest rate volatility related to its term loans under the 2019 facilities. The Company has entered into interest rate swap agreements to hedge against a portion of this exposure. Please seeNote 9, “Debt,” for further discussion of the 2019 facilities and these agreements.The Company records the foreign currency forward exchange contracts and interest rate swap agreements at fair value in its Consolidated Balance Sheets and does not net the related assets and liabilities. The foreign currency forward exchange contracts associated with certain international inventory purchases and the interest rate swap agreements are designated as effective hedging instruments (collectively, “cash flow hedges”). The changes in the fair value of the cash flow hedges are recorded in equity as a component of accumulated other comprehensive loss (“AOCL”). No amounts were excluded from effectiveness testing.Net Investment HedgesThe Company has exposure to changes in foreign currency exchange rates related to the value of its investments in foreign subsidiaries denominated in a currency other than the United States dollar. To hedge against a portion of this exposure, the Company designated the carrying amounts of its €600.0million euro-denominated principal amount of 3 1/8% senior notes due 2027 and €350.0million euro-denominated principal amount of 3 5/8% senior notes due 2024 (collectively, “foreign currency borrowings”), that it had issued in the United States, as net investment hedges of its investments in certain of its foreign subsidiaries that use the euro as their functional currency. Please seeNote 9, “Debt,” for further discussion of the Company’s foreign currency borrowings. 
 
  
 
 The Company records the foreign currency borrowings at carrying value in its Consolidated Balance Sheets. The carrying value of the foreign currency borrowings is remeasured at the end of each reporting period to reflect changes in the foreign currency exchange spot rate. Since the foreign currency borrowings are designated as net investment hedges, such remeasurement is recorded in equity as a component of AOCL. The fair value and the carrying value of the foreign currency borrowings designated as net investment hedges were $1,177.0million and $1,046.2million, respectively, as ofNovember 3, 2019, $1,098.3million and $1,076.0million, respectively, as ofFebruary 3, 2019and $1,102.2million and $1,070.4million, respectively, as ofNovember 4, 2018. The Company evaluates the effectiveness of its net investment hedges at inception and at the beginning of each quarter thereafter. No amounts were excluded from effectiveness testing.Undesignated ContractsThe Company records immediately in earnings changes in the fair value of hedges that are not designated as effective hedging instruments (“undesignated contracts”), including all of the foreign currency forward exchange contracts related to intercompany transactions and intercompany loans that are not of a long-term investment nature. Any gains and losses that are immediately recognized in earnings on such contracts are largely offset by the remeasurement of the underlying intercompany balances.The Company does not use derivative or non-derivative financial instruments for trading or speculative purposes. The cash flows from the Company’s hedges are presented in the same category in the Company’s Consolidated Statements of Cash Flows as the items being hedged.The following table summarizes the fair value and presentation of the Company’s derivative financial instruments in its Consolidated Balance Sheets:(In millions)AssetsLiabilities11/3/192/3/1911/4/1811/3/192/3/1911/4/18Other Current AssetsOther AssetsOther Current AssetsOther AssetsOther Current AssetsOther AssetsAccrued ExpensesOther LiabilitiesAccrued ExpensesOther LiabilitiesAccrued ExpensesOther LiabilitiesContracts designated as cash flow hedges:Foreign currency forward exchange contracts (inventory purchases)$21.3$0.1$24.0$0.7$33.7$1.7$3.3$0.4$3.5$0.7$0.3$0.1Interest rate swap agreements0.20.11.4—2.00.94.91.81.21.60.1—Total contracts designated as cash flow hedges21.50.225.40.735.72.68.22.24.72.30.40.1Undesignated contracts:Foreign currency forward exchange contracts1.5—0.1—0.1—1.7—2.0—3.5—Total$23.0$0.2$25.5$0.7$35.8$2.6$9.9$2.2$6.7$2.3$3.9$0.1The notional amount outstanding of foreign currency forward exchange contracts was $1,336.9million atNovember 3, 2019. Such contracts expire principally between November 2019 and March 2021. 
 
  
 
 The following tables summarize the effect of the Company’s hedges designated as cash flow and net investment hedging instruments:(Loss) Gain Recognized in Other Comprehensive (Loss) Income(In millions)Thirteen Weeks Ended11/3/1911/4/18Foreign currency forward exchange contracts     (inventory purchases)$(23.4)$23.4Interest rate swap agreements(0.3)0.4Foreign currency borrowings (net investment hedges)(3.1)16.0Total$(26.8)$39.8Thirty-Nine Weeks Ended11/3/1911/4/18Foreign currency forward exchange contracts     (inventory purchases)$19.1$89.8Interest rate swap agreements(5.4)1.1Foreign currency borrowings (net investment hedges)31.1100.7Total$44.8$191.6Amount of (Loss) Gain Reclassified from AOCL into (Expense) Income, Consolidated Income Statement Location, and Total Amount of Consolidated Income Statement Line Item(In millions)Amount ReclassifiedLocationTotal Income Statement AmountThirteen Weeks Ended11/3/1911/4/1811/3/1911/4/18Foreign currency forward exchange contracts (inventory purchases)$(2.3)$5.5Cost of goods sold$1,181.5$1,159.7Interest rate swap agreements(0.6)0.2Interest expense29.230.3Total$(2.9)$5.7Thirty-Nine Weeks Ended11/3/1911/4/1811/3/1911/4/18Foreign currency forward exchange contracts (inventory purchases)$23.4$(23.1)Cost of goods sold$3,317.7$3,220.0Interest rate swap agreements(0.4)0.6Interest expense88.590.0Total$23.0$(22.5)A net gain in AOCL on foreign currency forward exchange contracts atNovember 3, 2019of $27.6million is estimated to be reclassified in the next 12 months in the Company’s Consolidated Income Statement to costs of goods sold as the underlying inventory hedged by such forward exchange contracts is sold. In addition, a net loss in AOCL for interest rate swap agreements atNovember 3, 2019of $4.7million is estimated to be reclassified to interest expense within the next 12 months. Amounts recognized in AOCL for foreign currency borrowings would be recognized in earnings only upon the sale or substantially complete liquidation of the hedged net investment. 
 
  
 
 The following table summarizes the effect of the Company’s undesignated contracts recognized in SG&A expenses in its Consolidated Income Statements:(In millions)Gain (Loss) Recognized in Income (Expense)Thirteen Weeks Ended11/3/1911/4/18Foreign currency forward exchange contracts$—$(3.0)Thirty-Nine Weeks Ended11/3/1911/4/18Foreign currency forward exchange contracts$0.7$(3.0)The Company had no derivative financial instruments with credit risk-related contingent features underlying the related contracts as ofNovember 3, 2019. 
 
 FAIR VALUE MEASUREMENTS
 In accordance with accounting principles generally accepted in the United States, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three level hierarchy prioritizes the inputs used to measure fair value as follows:Level 1 – Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.Level 2 – Observable inputs other than quoted prices included in Level 1, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs derived principally from or corroborated by observable market data.Level 3 – Unobservable inputs reflecting the Company’s own assumptions about the inputs that market participants would use in pricing the asset or liability based on the best information available.In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial assets and liabilities that are required to be remeasured at fair value on a recurring basis:11/3/192/3/1911/4/18(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3TotalAssets:Foreign currency forward exchange contractsN/A$22.9N/A$22.9N/A$24.8N/A$24.8N/A$35.5N/A$35.5Interest rate swap agreementsN/A0.3N/A0.3N/A1.4N/A1.4N/A2.9N/A2.9Total AssetsN/A$23.2N/A$23.2N/A$26.2N/A$26.2N/A$38.4N/A$38.4Liabilities:Foreign currency forward exchange contractsN/A$5.4N/A$5.4N/A$6.2N/A$6.2N/A$3.9N/A$3.9Interest rate swap agreementsN/A6.7N/A6.7N/A2.8N/A2.8N/A0.1N/A0.1Total LiabilitiesN/A$12.1N/A$12.1N/A$9.0N/A$9.0N/A$4.0N/A$4.0The fair value of the foreign currency forward exchange contracts is measured as the total amount of currency to be purchased, multiplied by the difference between (i) the forward rate as of the period end and (ii) the settlement rate specified in each contract. The fair value of the interest rate swap agreements is based on observable interest rate yield curves and represents the expected discounted cash flows underlying the financial instruments.There were no transfers between any levels of the fair value hierarchy for any of the Company’s fair value measurements. 
 
  
 
 The following tables show the fair value of the Company’s non-financial assets and liabilities that were required to be remeasured at fair value on a non-recurring basis (consisting of operating lease right-of-use assets and property, plant and equipment) during thethirty-nine weeks endedNovember 3, 2019andNovember 4, 2018, and the total impairments recorded as a result of the remeasurement process:11/3/2019(In millions)Fair Value Measurement UsingFair ValueAs OfImpairment DateTotal ImpairmentsLevel 1Level 2Level 3Operating lease right-of-use assetsN/AN/A$18.2$18.2$77.9Property, plant and equipment, netN/AN/A——11.411/4/2018(In millions)Fair Value Measurement UsingFair ValueAs OfImpairment DateTotal ImpairmentsLevel 1Level 2Level 3Property, plant and equipment, netN/AN/A$—$—$4.7Operating lease right-of-use assets with a carrying amount of $96.1million were written down to a fair value of $18.2million during thethirty-nine weeks endedNovember 3, 2019primarily as a result of the closure during the first quarter of 2019 of the Company’sTOMMY HILFIGERflagship and anchor stores in the United States (the “TH U.S. store closures”) and the closure during the first quarter of 2019 of the Company’sCALVIN KLEINflagship store on Madison Avenue in New York, New York in connection with the Calvin Klein restructuring (as defined inNote 17, “Exit Activity Costs”). Please seeNote 17for further discussion of the Calvin Klein restructuring costs. The fair value of the Company’s operating lease right-of-use assets was determined based on the discounted cash flows of estimated sublease income using market participant assumptions.Property, plant and equipment with a carrying amount of $11.4million was written down to a fair value ofzeroduring thethirty-nine weeks endedNovember 3, 2019in connection with the TH U.S. store closures, the closure of the Company’sCALVIN KLEIN 205 W39 NYCbrand (formerlyCalvin Klein Collection), and the financial performance in certain of the Company’s retail stores, including certainCALVIN KLEINstores affected by the realignment of the Calvin Klein creative direction globally. Please seeNote 17, “Exit Activity Costs,” for further discussion of the Calvin Klein restructuring costs. Fair value of the Company’s property, plant and equipment was determined based on the estimated discounted future cash flows associated with the assets using sales trends and market participant assumptions.The $89.3million of impairment charges was included in SG&A expenses, of which $49.7million was recorded in the Tommy Hilfiger North America segment, $33.9million was recorded in the Calvin Klein North America segment, $5.6million was recorded in the Calvin Klein International segment and $0.1million was recorded in the Heritage Brands Retail segment.Property, plant and equipment with a carrying amount of$4.7million was written down to a fair value ofzeroduring thethirty-nine weeks endedNovember 4, 2018primarily in connection with the financial performance in certain of the Company’s retail stores. Fair value of the Company’s property, plant and equipment was determined based on the estimated discounted future cash flows associated with the assets using sales trends and market participant assumptions. The$4.7million of impairment charges was included in SG&A expenses, of which$2.0million was recorded in the Calvin Klein International segment,$1.8million was recorded in the Calvin Klein North America segment,$0.7million was recorded in the Tommy Hilfiger International segment and$0.2million was recorded in the Tommy Hilfiger North America segment. 
 
  
 
 The carrying amounts and the fair values of the Company’s cash and cash equivalents, short-term borrowings and long-term debt were as follows:11/3/192/3/1911/4/18(In millions)Carrying AmountFairValueCarrying AmountFairValueCarrying AmountFairValueCash and cash equivalents$555.2$555.2$452.0$452.0$398.5$398.5Short-term borrowings387.5387.512.812.8276.7276.7Long-term debt (including portion classified as current)2,779.72,931.92,819.42,853.72,878.32,929.0The fair values of cash and cash equivalents and short-term borrowings approximate their carrying amounts due to the short-term nature of these instruments. The Company estimates the fair value of its long-term debt using quoted market prices as of the last business day of the applicable quarter. The Company classifies the measurement of its long-term debt as a Level 1 measurement. The carrying amounts of long-term debt reflect the unamortized portions of debt issuance costs and the original issue discounts. 
 
 STOCK-BASED COMPENSATION
 The Company grants stock-based awards under its 2006 Stock Incentive Plan (the “2006 Plan”). Shares issued as a result of stock-based compensation transactions generally have been funded with the issuance of new shares of the Company’s common stock.The Company may grant the following types of incentive awards under the 2006 Plan: (i) non-qualified stock options (“stock options”); (ii) incentive stock options; (iii) stock appreciation rights; (iv) restricted stock; (v) restricted stock units (“RSUs”); (vi) performance shares; (vii) performance share units (“PSUs”); and (viii) other stock-based awards. Each award granted under the 2006 Plan is subject to an award agreement that incorporates, as applicable, the exercise price, the term of the award, the periods of restriction, the number of shares to which the award pertains, performance periods and performance measures, and such other terms and conditions as the plan committee determines. Awards granted under the 2006 Plan are classified as equity awards, which are recorded in stockholders’ equity in the Company’s Consolidated Balance Sheets.ThroughNovember 3, 2019, the Company has granted under the 2006 Plan (i) service-based stock options, RSUs and restricted stock; and (ii) contingently issuable PSUs and RSUs. There was no restricted stock outstanding as of November 3, 2019.According to the terms of the 2006 Plan, for purposes of determining the number of shares available for grant, each share underlying a stock option award reduces the number available byoneshare and each share underlying an RSU or PSU award reduces the number available bytwoshares.Net income for thethirty-nine weeks endedNovember 3, 2019andNovember 4, 2018included $43.2million and $41.9million, respectively, of pre-tax expense related to stock-based compensation, with related recognized income tax benefits of $5.1million and $8.4million, respectively.The Company receives a tax deduction for certain transactions associated with its stock-based plan awards. The actual income tax benefits realized from these transactions during thethirty-nine weeks endedNovember 3, 2019andNovember 4, 2018were $8.7million and $13.3million, respectively. The tax benefits realized included discrete net excess tax benefits of $0.9million and $4.9million recognized in the Company’s provision for income taxes during thethirty-nine weeks endedNovember 3, 2019andNovember 4, 2018, respectively.Stock OptionsStock options granted to employees are generally exercisable infourequal annual installments commencingone year after the date of grant. The underlying stock option award agreements generally provide for accelerated vesting upon the award recipient’s retirement (as defined in the 2006 Plan). Such stock options are granted with a10-year term and the per share exercise price cannot be less than the closing price of the common stock on the date of grant.The Company estimates the fair value of stock options at the date of grant using the Black-Scholes-Merton model. The estimated fair value of the stock options granted is expensed over the stock options’ vesting periods. 
 
  
 
 The following summarizes the assumptions used to estimate the fair value of stock options granted during thethirty-nine weeks endedNovember 3, 2019andNovember 4, 2018and the resulting weighted average grant date fair value per stock option:11/3/1911/4/18Weighted average risk-free interest rate2.15%2.78%Weighted average expected stock option term (in years)6.256.25Weighted average Company volatility29.88%26.92%Expected annual dividends per share$0.15$0.15Weighted average grant date fair value per stock option$37.14$51.66The risk-free interest rate is based on United States Treasury yields in effect at the date of grant for periods corresponding to the expected stock option term. The expected stock option term represents the weighted average period of time that stock options granted are expected to be outstanding, based on vesting schedules and the contractual term of the stock options. Company volatility is based on the historical volatility of the Company’s common stock over a period of time corresponding to the expected stock option term. Expected dividends are based on the Company’s common stock cash dividend rate at the date of grant.The Company has continued to utilize the simplified method to estimate the expected term for its “plain vanilla” stock options granted due to a lack of relevant historical data resulting, in part, from changes in the pool of employees receiving stock option grants. The Company will continue to evaluate the appropriateness of utilizing such method.Stock option activity for thethirty-nine weeks endedNovember 3, 2019was as follows:(In thousands, except per stock option data)Stock OptionsWeighted Average Exercise PricePer Stock OptionOutstanding at February 3, 2019791$107.81Granted169111.92Exercised2578.56Cancelled26120.33Outstanding at November 3, 2019909$109.02Exercisable at November 3, 2019595$105.80RSUsRSUs granted to employees since 2016 generally vest in four equal annual installments commencingone year after the date of grant. Outstanding RSUs granted to employees prior to 2016 generally vest inthreeannual installments of25%,25%and50%commencingtwoyears after the date of grant. Service-based RSUs granted to non-employee directors vest in fulloneyear after the date of grant. The underlying RSU award agreements (excluding agreements for non-employee director awards) generally provide for accelerated vesting upon the award recipient’s retirement (as defined in the 2006 Plan). The fair value of RSUs is equal to the closing price of the Company’s common stock on the date of grant and is expensed over the RSUs’ vesting periods.RSU activity for thethirty-nine weeks endedNovember 3, 2019was as follows:(In thousands, except per RSU data)RSUsWeighted Average Grant Date Fair Value Per RSUNon-vested at February 3, 2019847$122.97Granted606110.14Vested344116.09Cancelled92123.44Non-vested at November 3, 20191,017$117.61 
 
  
 
 PSUsContingently issuable PSUs granted to certain of the Company’s senior executives since 2015 are subject to a three-year performance period. For such awards, the final number of shares to be earned, if any, is contingent upon the Company’s achievement of goals for the applicable performance period, of which 50% is based upon the Company’s absolute stock price growth during the applicable performance period and 50% is based upon the Company’s total shareholder return during the applicable performance period relative to other companies included in the S&P 500 as of the date of grant. For awards granted in 2016, the three-year performance period ended during the first quarter of 2019 and holders of the awards earned an aggregate of67,000shares, which was between the threshold and target levels. The Company records expense ratably over the applicable vesting period regardless of whether the market condition is satisfied because the awards are subject to market conditions. The fair value of the awards granted was established for each grant on the grant date using the Monte Carlo simulation model.The following summarizes the assumptions used to estimate the fair value of PSUs granted during thethirty-nine weeks endedNovember 3, 2019andNovember 4, 2018and the resulting weighted average grant date fair value per PSU:11/3/1911/4/18Risk-free interest rate2.13%2.62%Expected Company volatility30.25%29.78%Expected annual dividends per share$0.15$0.15Weighted average grant date fair value per PSU$119.46$159.53For certain of the awards granted, the after-tax portion of the award is subject to a holding period of one year after the vesting date. For such awards, the grant date fair value was discounted6.20%in 2019 and7.09%in 2018 for the restriction of liquidity, which was calculated using the Chaffe model.PSU activity for thethirty-nine weeks endedNovember 3, 2019was as follows:(In thousands, except per PSU data)PSUsWeighted Average Grant Date Fair Value Per PSUNon-vested at February 3, 2019194$106.76Granted at target72119.46Reduction due to market condition achieved below target1087.16Vested6787.16Cancelled8117.27Non-vested at November 3, 2019181$119.63 
 
  
 
 
 ACCUMULATED OTHER COMPREHENSIVE LOSS
 The following tables present the changes in AOCL, net of related taxes, by component for thethirty-nine weeks endedNovember 3, 2019andNovember 4, 2018:(In millions)Foreign currency translation adjustmentsNet unrealized and realized gain (loss) on effective cash flow hedgesTotalBalance, February 3, 2019$(537.6)$29.7$(507.9)Other comprehensive (loss) income before reclassifications(107.2)(1)(2)13.8(93.4)Less: Amounts reclassified from AOCL—21.321.3Other comprehensive loss(107.2)(7.5)(114.7)Balance, November 3, 2019$(644.8)$22.2$(622.6)(In millions)Foreign currency translation adjustmentsNet unrealized and realized (loss) gain on effective cash flow hedgesTotalBalance, February 4, 2018$(249.4)$(72.1)$(321.5)Other comprehensive (loss) income before reclassifications(321.0)(1)(2)86.9(234.1)Less: Amounts reclassified from AOCL—(21.3)(21.3)Other comprehensive (loss) income(321.0)108.2(212.8)Balance, November 4, 2018$(570.4)$36.1$(534.3)(1)Foreign currency translation adjustments included a net gain on net investment hedges of $23.6million and $75.9million during thethirty-nine weeks endedNovember 3, 2019andNovember 4, 2018, respectively.(2)Unfavorable foreign currency translation adjustments were principally driven by a strengthening of the United States dollar against the euro.The following table presents reclassifications out of AOCL to earnings for thethirteen and thirty-nine weeks endedNovember 3, 2019andNovember 4, 2018:Amount Reclassified from AOCLAffected Line Item in the Company’s Consolidated Income StatementsThirteen Weeks EndedThirty-Nine Weeks Ended(In millions)11/3/1911/4/1811/3/1911/4/18Realized (loss) gain on effective cash flow hedges:Foreign currency forward exchange contracts (inventory purchases)$(2.3)$5.5$23.4$(23.1)Cost of goods soldInterest rate swap agreements(0.6)0.2(0.4)0.6Interest expenseLess: Tax effect0.2(0.1)1.7(1.2)Income tax expenseTotal, net of tax$(3.1)$5.8$21.3$(21.3) 
 
 
  
 
 
 STOCKHOLDERS’ EQUITY
 The Company’s Board of Directors has authorized over time since 2015 an aggregate $2.0billion stock repurchase program through June 3, 2023. Repurchases under the program may be made from time to time over the period through open market purchases, accelerated share repurchase programs, privately negotiated transactions or other methods, as the Company deems appropriate. Purchases are made based on a variety of factors, such as price, corporate requirements and overall market conditions, applicable legal requirements and limitations, trading restrictions under the Company’s insider trading policy and other relevant factors. The program may be modified by the Board of Directors, including to increase or decrease the repurchase limitation or extend, suspend, or terminate the program, at any time, without prior notice.During thethirty-nine weeks endedNovember 3, 2019andNovember 4, 2018, the Company purchased2.4million shares and1.7million shares, respectively, of its common stock under the program in open market transactions for $223.3million and $247.4million, respectively. As ofNovember 3, 2019, the repurchased shares were held as treasury stock and $784.9million of the authorization remained available for future share repurchases.Treasury stock activity also includes shares that were withheld in conjunction with the settlement of RSUs and PSUs to satisfy tax withholding requirements. 
 
 LEASES
 The Company leases approximately1,835Company-operated freestanding retail store locations across more than35countries, generally with initial lease terms ofthreetoten years. The Company also leases warehouses, distribution centers, showrooms, office space and a factory in Ethiopia, generally with initial lease terms oftento20 years, as well as certain equipment and other assets, generally with initial lease terms ofonetofive years.Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of fixed lease payments over the expected lease term. The Company uses its incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable for the Company's leases. The Company's incremental borrowing rates are based on the term of the lease, the economic environment of the lease, and the effect of collateralization. Certain leases include one or more renewal options, generally for the same period as the initial term of the lease. The exercise of lease renewal options is generally at the Company’s sole discretion and, as such, the Company typically determines that exercise of these renewal options is not reasonably certain. As a result, the Company does not include the renewal option period in the expected lease term and the associated lease payments are not included in the measurement of the right-of-use asset and lease liability. Certain leases also contain termination options with an associated penalty. Generally, the Company is reasonably certain not to exercise these options and as such, they are not included in the determination of the expected lease term. The Company recognizes operating lease expense on a straight-line basis over the lease term.Leases with an initial lease term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term.Leases generally provide for payments of nonlease components, such as common area maintenance, real estate taxes and other costs associated with the leased property. For lease agreements entered into or modified afterFebruary 3, 2019, the Company accounts for lease components and nonlease components together as a single lease component and, as such, includes fixed payments of nonlease components in the measurement of the right-of-use assets and lease liabilities. Variable lease payments, such as percentage rentals based on location sales, periodic adjustments for inflation, reimbursement of real estate taxes, any variable common area maintenance and any other variable costs associated with the leased property are expensed as incurred as variable lease costs and are not recorded on the balance sheet.The Company’s lease agreements do not contain any material residual value guarantees or material restrictions or covenants.In conjunction with the Australia acquisition during the second quarter of 2019, the Company acquired an office building and warehouse owned by Gazal. Prior to the acquisition, Gazal had entered into an agreement with a third party to sell the building and as such, the building was classified as held for sale and recorded at its fair value less estimated costs to sell on the acquisition date. Please seeNote 4, “Acquisitions,” for further discussion. In June 2019, the Company completed the sale of the office building and warehouse for $59.4million, incurring costs of $1.0million, and leased back the building without an option to repurchase. No gain or loss was recognized on the transaction. The lease was classified as an operating lease with an initial lease term offive yearsand includesthreeoptions to renew for a period offive yearseach. Exercise of these renewal options is 
 
  
 
 not reasonably certain and as a result, the Company recognized an operating lease right-of-use asset and operating lease liability based on the initial term of the lease.The components of the net lease cost for thethirteen and thirty-nine weeks endedNovember 3, 2019were as follows:Thirteen Weeks EndedThirty-Nine Weeks Ended(In millions)Line Item in the Company’s Consolidated Income Statement11/3/1911/3/19Finance lease cost:Amortization of right-of-use-assetsSG&A expenses (depreciation and amortization)$1.3$4.0Interest on lease liabilitiesInterest expense0.10.4Total finance lease cost1.44.4Operating lease costSG&A expenses115.3343.6Short-term lease costSG&A expenses9.017.8Variable lease costSG&A expenses30.997.8Less: sublease incomeSG&A expenses(0.1)(0.2)Total net lease cost$156.5$463.4Supplemental balance sheet information related to leases as ofNovember 3, 2019was as follows:(In millions)Line Item in the Company’s Consolidated Balance Sheet11/3/19Right-of-use assets:Operating leaseOperating lease right-of-use assets$1,648.1Finance leaseProperty, plant and equipment, net14.8$1,662.9Current lease liabilities:Operating leaseCurrent portion of operating lease liabilities$347.3Finance leaseAccrued expenses4.7$352.0Other lease liabilities:Operating leaseLong-term portion of operating lease liabilities$1,517.5Finance leaseOther liabilities11.1$1,528.6Supplemental cash flow information related to leases for thethirty-nine weeks endedNovember 3, 2019was as follows:Thirty-Nine Weeks Ended(In millions)11/3/19Cash paid for amounts included in the measurement of lease liabilities:Operating cash flows from operating leases$355.4Operating cash flows from finance leases0.4Financing cash flows from finance leases4.1Non-cash transactions:Right-of-use assets obtained in exchange for new operating lease liabilities311.4Right-of-use assets obtained in exchange for new finance lease liabilities3.4 
 
  
 
 The following summarizes the weighted average remaining lease term and weighted average discount rate related to the Company’s right-of-use assets and lease liabilities recorded on the balance sheet as ofNovember 3, 2019:11/3/19Weighted average remaining lease term (years):Operating leases6.92Finance leases4.36Weighted average discount rate:Operating leases4.34%Finance leases3.25%AtNovember 3, 2019, the maturities of the Company’s lease liabilities were as follows:(In millions)FinanceLeasesOperatingLeasesTotalRemainder of 2019$1.4$86.2$87.620205.1436.0441.120214.5375.8380.320222.5302.4304.920230.9228.3229.2Thereafter2.9763.5766.4Total lease payments$17.3$2,192.2$2,209.5Less: Interest(1.5)(327.4)(328.9)Total lease liabilities$15.8$1,864.8$1,880.6The Company’s lease liabilities exclude $14.8million of future lease payment obligations related to leases for two new warehouses that were entered into but did not commence as ofNovember 3, 2019. These leases are expected to commence in March 2020 with initial lease terms offivetoten years. 
 
 EXIT ACTIVITY COSTS
 Calvin Klein Restructuring CostsThe Company announced on January 10, 2019 a restructuring in connection with strategic changes for itsCalvin Klein business (the “Calvin Klein restructuring”). The strategic changes included (i) the closure of theCALVIN KLEIN 205 W39 NYCbrand (formerlyCalvin Klein Collection), (ii) the closure of the flagship store on Madison Avenue in New York, New York, (iii) the restructuring of the Calvin Klein creative and design teams globally, and (iv) the consolidation of operations for the men’s Calvin Klein Sportswear and Calvin Klein Jeans businesses. In connection with the Calvin Klein restructuring, the Company recorded pre-tax costs during 2018 and thethirteen and thirty-nine weeks endedNovember 3, 2019and expects to incur total costs as follows:(In millions)Total Costs Expected to be IncurredCosts Incurred During the Thirteen Weeks Ended 11/3/19Costs Incurred During the Thirty-Nine Weeks Ended 11/3/19Cumulative Costs Incurred To DateSeverance, termination benefits and other employee costs$52.9$1.2$25.6$52.9Long-lived asset impairments(1)45.1—38.245.1Contract termination and other costs32.92.326.230.5Inventory markdowns15.1—12.915.1Total$146.0$3.5$102.9$143.6(1)Includes the impact of the closure of the flagship store on Madison Avenue in New York, New York in the first quarter of   2019. 
 
  
 
 Of the charges for severance, termination benefits and other employee costs, long-lived asset impairments and contract termination and other costs incurred during thethirty-nine weeks endedNovember 3, 2019, $59.5 millionrelate to SG&A expenses of the Calvin Klein North America segment and $30.5 millionrelate to SG&A expenses of the Calvin Klein International segment. Of the charges for inventory markdowns incurred during thethirty-nine weeks endedNovember 3, 2019, $6.5 millionrelate to cost of goods sold of the Calvin Klein North America segment and $6.4 millionrelate to cost of goods sold of the Calvin Klein International segment. Of the $143.6 millioncumulative costs incurred to date in connection with the restructuring activities, $84.9 millionrelated to the Calvin Klein North America segment and $58.7 millionrelated to the Calvin Klein International segment. The Company expects to incur total costs of approximately $146 millionthrough the end of 2019 in connection with the restructuring activities, of which approximately $86 millionis estimated to relate to the Calvin Klein North America segment and approximately $60 millionis estimated to relate to the Calvin Klein International segment. Please seeNote 20, “Segment Data,” for further discussion of the Company’s reportable segments.Please seeNote 12, “Fair Value Measurements,” for further discussion of the long-lived asset impairments recorded during thethirty-nine weeks endedNovember 3, 2019.The liabilities atNovember 3, 2019related to these costs were principally recorded in accrued expenses in the Company’s Consolidated Balance Sheets and were as follows:(In millions)Liability at 2/3/19Costs Incurred During the Thirty-Nine Weeks Ended 11/3/19Costs Paid During the Thirty-Nine Weeks Ended 11/3/19Liability at 11/3/19Severance, termination benefits and other employee costs$25.8$25.6$40.0$11.4Contract termination and other costs2.326.224.54.0Total$28.1$51.8$64.5$15.4 
 
 NET INCOME PER COMMON SHARE
 The Company computed its basic and diluted net income per common share as follows:Thirteen Weeks EndedThirty-Nine Weeks Ended(In millions, except per share data)11/3/1911/4/1811/3/1911/4/18Net income attributable to PVH Corp.$209.2$243.1$484.7$587.7Weighted average common shares outstanding for basic net income per common share73.976.474.676.8Weighted average impact of dilutive securities0.30.70.40.9Total shares for diluted net income per common share74.277.175.077.7Basic net income per common share attributable to PVH Corp.$2.83$3.18$6.49$7.65Diluted net income per common share attributable to PVH Corp.$2.82$3.15$6.46$7.56Potentially dilutive securities excluded from the calculation of diluted net income per common share as the effect would be anti-dilutive were as follows:Thirteen Weeks EndedThirty-Nine Weeks Ended(In millions)11/3/1911/4/1811/3/1911/4/18Weighted average potentially dilutive securities1.40.31.10.2Shares underlying contingently issuable awards that have not met the necessary conditions as of the end of a reporting period are not included in the calculation of diluted net income per common share for that period. The Company had contingently issuable PSU awards outstanding that did not meet the performance conditions as ofNovember 3, 2019andNovember 4, 2018and, therefore, were excluded from the calculation of diluted net income per common share for thethirteen and thirty-nine 
 
  
 
 weeks endedNovember 3, 2019andNovember 4, 2018. The maximum number of potentially dilutive shares that could be issued upon vesting for such awards was0.4million and0.2million as ofNovember 3, 2019andNovember 4, 2018 , respectively. These amounts were also excluded from the computation of weighted average potentially dilutive securities in the table above.
 
 
 NONCASH INVESTING AND FINANCING TRANSACTIONS
 The Company completed the Australia acquisition during thethirty-nine weeks endedNovember 3, 2019. Omitted from the Company’s Consolidated Statement of Cash Flows for thethirty-nine weeks endedNovember 3, 2019was the following noncash acquisition consideration: (i) the issuance to key members of Gazal and PVH Australia management of approximately6%of the outstanding shares in the subsidiary of the Company that holds100%of the ownership interests in the Australia business, for which the Company recognized a $26.2million liability on the date of the acquisition and (ii) the elimination of a $2.2million pre-acquisition receivable owed to the Company by PVH Australia. In connection with the acquisition, the Company also remeasured its previously held equity investments in Gazal and PVH Australia to fair value, resulting in noncash increases of $23.6million and $89.5million, respectively, to these equity investments balances. Subsequent to the acquisition, the Company recorded a loss of $2.6million during thethirty-nine weeks endedNovember 3, 2019resulting from the remeasurement of the liability for the6%interest issued to key members of Gazal and PVH Australia management to its redemption value as of November 3, 2019. The liability was $28.8million as ofNovember 3, 2019based on exchange rates in effect on that date.Omitted from acquisition of treasury shares in the Company’s Consolidated Statements of Cash Flows for thethirty-nine weeks endedNovember 3, 2019andNovember 4, 2018were $3.2million and $1.9million respectively, of shares repurchased under the stock repurchase program for which the trades occurred but remained unsettled as of the end of the respective period.The Company recorded a loss of $1.7million during thethirty-nine weeks endedNovember 3, 2019to write-off previously capitalized debt issuance costs in connection with the refinancing of its senior credit facilities.The Company completed the acquisition of theGeoffrey Beenetradename during thethirty-nine weeks endedNovember 4, 2018. Omitted from acquisitions, net of cash acquired in the Company’s Consolidated Statement of Cash Flows for thethirty-nine weeks endedNovember 4, 2018was $0.7million of acquisition consideration related to royalties prepaid to Geoffrey Beene by the Company under the prior license agreement and $0.4million of liabilities assumed by the Company.Omitted from purchases of property, plant and equipment in the Company’s Consolidated Statement of Cash Flows for thethirty-nine weeks endedNovember 4, 2018were $2.9million of assets acquired through finance leases. Please seeNote 16, “Leases,” for supplemental noncash transactions information related to finance leases during thethirty-nine weeks endedNovember 3, 2019. 
 
 SEGMENT DATA
 The Company manages its operations through its operating divisions, which are presented assixreportable segments: (i) Tommy Hilfiger North America; (ii) Tommy Hilfiger International; (iii) Calvin Klein North America; (iv) Calvin Klein International; (v) Heritage Brands Wholesale; and (vi) Heritage Brands Retail.Tommy Hilfiger North America Segment- This segment consists of the Company’s Tommy Hilfiger North America division. This segment derives revenue principally from (i) marketingTOMMY HILFIGERbranded apparel and related products at wholesale in the United States and Canada, primarily to department stores, warehouse clubs, and off-price and independent retailers, as well as digital commerce sites operated by department store customers and pure play digital commerce retailers; (ii) operating retail stores, which are primarily located in premium outlet centers in the United States and Canada, and a digital commerce site in the United States, which sellTOMMY HILFIGERbranded apparel, accessories and related products; and (iii) licensing and similar arrangements relating to the use by third parties of theTOMMY HILFIGERbrand names for a broad array of product categories in North America. This segment also includes the Company’s proportionate share of the net income or loss of its investment in its unconsolidated foreign affiliate in Mexico relating to the affiliate’s Tommy Hilfiger business.Tommy Hilfiger International Segment- This segment consists of the Company’s Tommy Hilfiger International division. This segment derives revenue principally from (i) marketingTOMMY HILFIGERbranded apparel and related products at wholesale principally in Europe, Asia and, since May 31, 2019, Australia, primarily to department and specialty stores, and digital commerce sites operated by department store customers and pure play digital commerce retailers, as well as through distributors and franchisees; (ii) operating retail stores and concession locations in Europe, Asia (including the TH CSAP acquisition) and, since May 31, 2019, Australia, and international digital commerce sites, which sellTOMMY HILFIGER 
 
  
 
 branded apparel, accessories and related products; and (iii) licensing and similar arrangements relating to the use by third parties of theTOMMY HILFIGERbrand names for a broad array of product categories outside of North America. This segment also includes the Company’s proportionate share of the net income or loss of its investments in its unconsolidated Tommy Hilfiger foreign affiliates in Brazil and India. This segment included the Company’s proportionate share of the net income or loss of its investment in PVH Australia relating to its Tommy Hilfiger business until May 31, 2019, on which date the Company completed the Australia acquisition and began to consolidate the operations of PVH Australia into its financial statements. Please seeNote 4, “Acquisitions,” for further discussion.Calvin Klein North America Segment- This segment consists of the Company’s Calvin Klein North America division. This segment derives revenue principally from (i) marketingCALVIN KLEINbranded apparel and related products at wholesale in the United States and Canada, primarily to warehouse clubs, department and specialty stores, and off-price and independent retailers, as well as digital commerce sites operated by department store customers and pure play digital commerce retailers; (ii) operating retail stores, which are primarily located in premium outlet centers, and digital commerce sites in the United States and Canada, which sellCALVIN KLEINbranded apparel, accessories and related products; and (iii) licensing and similar arrangements relating to the use by third parties of theCALVIN KLEINbrand names for a broad array of product categories in North America. This segment also includes the Company’s proportionate share of the net income or loss of its investment in its unconsolidated foreign affiliate in Mexico relating to the affiliate’s Calvin Klein business.Calvin Klein International Segment -This segment consists of the Company’s Calvin Klein International division. This segment derives revenue principally from (i) marketingCALVIN KLEINbranded apparel and related products at wholesale principally in Europe, Asia, Brazil and, since May 31, 2019, Australia, primarily to department and specialty stores, and digital commerce sites operated by department store customers and pure play digital commerce retailers,as well as throughdistributors and franchisees; (ii) operating retail stores, concession locations and digital commerce sites in Europe, Asia, Brazil and, since May 31, 2019, Australia, which sellCALVIN KLEINbranded apparel, accessories and related products; and (iii) licensing and similar arrangements relating to the use by third parties of theCALVIN KLEINbrand names for a broad array of product categories outside of North America. This segment also includes the Company’s proportionate share of the net income or loss of its unconsolidated Calvin Klein foreign affiliate in India. This segment included the Company’s proportionate share of the net income or loss of its investment in PVH Australia relating to its Calvin Klein business until May 31, 2019, on which date the Company completed the Australia acquisition and began to consolidate the operations of PVH Australia into its financial statements. Please seeNote 4, “Acquisitions,” for further discussion.Heritage Brands Wholesale Segment- This segment consists of the Company’s Heritage Brands Wholesale division. This segment derives revenue primarily from the marketing to department, chain and specialty stores, warehouse clubs, and mass market, off-price and independent retailers, as well as digital commerce sites operated by select wholesale partners and pure play digital commerce retailers in North America of (i) men’s dress shirts and neckwear under various owned and licensed brand names, including several private label brands; (ii) men’s sportswear principally under the brand namesVan Heusen,IZODandARROW; (iii) men’s, women’s and children’s swimwear, pool and deck footwear, and swim-related products and accessories under theSpeedotrademark; and (iv) women’s intimate apparel under theWarner’s,Olga, andTrue&Co.brands. Additionally, this segment derives revenue from Company-operated digital commerce sites in the United States throughSpeedoUSA.com,TrueAndCo.com,VanHeusen.com,IZOD.com andstyleBureau.com. In addition, since May 31, 2019, this segment also derives revenue from the Heritage Brands business in Australia. As well, this segment includes the Company’s proportionate share of the net income or loss of its investment in its unconsolidated foreign affiliate in Mexico relating to the affiliate’s Heritage Brands business. This segment included the Company’s proportionate share of the net income or loss of its investment in PVH Australia relating to its Heritage Brands business until May 31, 2019, on which date the Company completed the Australia acquisition and began to consolidate the operations of PVH Australia into its financial statements. Please seeNote 4, “Acquisitions,” for further discussion.Heritage Brands Retail Segment -This segment consists of the Company’s Heritage Brands Retail division. This segment derives revenue principally from operating retail stores, primarily located in outlet centers throughout the United States and Canada, which primarily sell apparel, accessories and related products.All of the Company’s Heritage Brands stores offer a broad selection ofVan Heusenmen’s and women’s apparel, along with various of the Company’s dress shirt and neckwear offerings, andIZODandWarner’sproducts.The majority of these stores feature multiple brand names on the store signage, with the remaining stores operating under theVan Heusenname. 
 
  
 
 The Company’s revenue by segment was as follows:Thirteen Weeks EndedThirty-Nine Weeks Ended(In millions)11/3/19(1)11/4/18(1)11/3/19(1)11/4/18(1)Revenue – Tommy Hilfiger North AmericaNet sales$388.8$394.9$1,126.7$1,151.6Royalty revenue25.823.862.656.7Advertising and other revenue8.25.618.313.8Total422.8424.31,207.61,222.1Revenue – Tommy Hilfiger InternationalNet sales803.7688.12,145.41,897.6Royalty revenue12.314.437.939.4Advertising and other revenue5.15.715.317.8Total821.1708.22,198.61,954.8Revenue – Calvin Klein North AmericaNet sales386.1420.31,130.61,212.6Royalty revenue49.945.9114.8111.9Advertising and other revenue19.314.842.738.5Total455.3481.01,288.11,363.0Revenue – Calvin Klein InternationalNet sales486.8452.81,368.31,336.9Royalty revenue19.321.755.156.2Advertising and other revenue7.57.720.322.2Total513.6482.21,443.71,415.3Revenue – Heritage Brands WholesaleNet sales305.7357.9960.41,000.7Royalty revenue4.95.415.015.8Advertising and other revenue0.91.03.13.0Total311.5364.3978.51,019.5Revenue – Heritage Brands RetailNet sales62.463.4188.4194.7Royalty revenue0.91.02.93.1Advertising and other revenue0.10.10.40.3Total63.464.5191.7198.1Total RevenueNet sales2,433.52,377.46,919.86,794.1Royalty revenue113.1112.2288.3283.1Advertising and other revenue41.134.9100.195.6Total$2,587.7$2,524.5$7,308.2$7,172.8(1)Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business. 
 
  
 
 The Company’s revenue by distribution channel was as follows:Thirteen Weeks EndedThirty-Nine Weeks Ended(In millions)11/3/1911/4/1811/3/1911/4/18Wholesale net sales$1,431.2$1,415.5$3,929.7$3,830.1Retail net sales1,002.3961.92,990.12,964.0Net sales2,433.52,377.46,919.86,794.1Royalty revenue113.1112.2288.3283.1Advertising and other revenue41.134.9100.195.6Total$2,587.7$2,524.5$7,308.2$7,172.8The Company’s income before interest and taxes by segment was as follows:Thirteen Weeks EndedThirty-Nine Weeks Ended(In millions)11/3/19(1)11/4/18(1)11/3/19(1)11/4/18(1)Income before interest and taxes – Tommy Hilfiger North America$39.3$64.6$72.9(7)(9)$179.6Income before interest and taxes – Tommy Hilfiger International137.6(3)112.6(11)344.2(4)263.6(11)Income before interest and taxes – Calvin Klein North America64.6(5)51.277.3(6)(7)154.5Income before interest and taxes – Calvin Klein International58.7(3)(5)69.7112.2(4)(6)(7)180.0Income before interest and taxes – Heritage Brands Wholesale14.5(3)23.867.5(4)90.1(Loss) Income before interest and taxes – Heritage Brands Retail(0.8)0.43.38.3Loss before interest and taxes – Corporate(2)(44.4)(40.0)(23.0)(4)(8)(10)(118.1)Income before interest and taxes$269.5$282.3$654.4$758.0(1)Income (loss) before interest and taxes was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.(2)Includes corporate expenses not allocated to any reportable segments, the Company’s proportionate share of the net income or loss of its investments in Gazal (prior to the Australia acquisition closing) and Karl Lagerfeld Holding B.V., and the results of PVH Ethiopia. Please seeNote 4, “Acquisitions,” for further discussion. Corporate expenses represent overhead operating expenses and include expenses for senior corporate management, corporate finance, information technology related to corporate infrastructure, certain digital investments, actuarial gains and losses on the Company’s Pension Plans, SERP Plans and Postretirement Plans (which are generally recorded in the fourth quarter) and gains and losses from changes in the fair value of foreign currency option contracts.(3)Income before interest and taxes for thethirteen weeks endedNovember 3, 2019included costs of $8.6million in connection with the Australia and TH CSAP acquisitions, primarily consisting of noncash valuation adjustments. Such costs were included in the Company’s segments as follows: $5.4million in Tommy Hilfiger International, $2.4million in Calvin Klein International and $0.8million in Heritage Brands Wholesale. Please seeNote 4, “Acquisitions,” for further discussion.(4)Income before interest and taxes for thethirty-nine weeks endedNovember 3, 2019included costs of $13.4million in connection with the Australia and TH CSAP acquisitions, primarily consisting of noncash valuation adjustments, and one-time costs of $2.1million recorded on the Company’s equity investments in Gazal and PVH Australia prior to the Australia acquisition closing. Such costs were included in the Company’s segments as follows: $7.9million in Tommy Hilfiger 
 
  
 
 International, $3.9million in Calvin Klein International, $1.2million in Heritage Brands Wholesale and $2.5million in corporate expenses not allocated to any reportable segments. Please seeNote 4, “Acquisitions,” for further discussion.(5)Income before interest and taxes for thethirteen weeks endedNovember 3, 2019included costs of $3.5million incurred in connection with the Calvin Klein restructuring. Such costs were included in the Company’s segments as follows: $0.9million in Calvin Klein North America and $2.6million in Calvin Klein International. Please seeNote 17, “Exit Activity Costs,” for further discussion.(6)Income before interest and taxes for thethirty-nine weeks endedNovember 3, 2019included costs of $102.9million incurred in connection with the Calvin Klein restructuring. Such costs were included in the Company’s segments as follows: $66.0million in Calvin Klein North America and $36.9million in Calvin Klein International. Please seeNote 17, “Exit Activity Costs,” for further discussion.(7)Income before interest and taxes for thethirty-nine weeks endedNovember 3, 2019included costs of $59.8million in connection with agreements the Company entered into in the second quarter of 2019 to terminate early the licenses for the global Calvin Klein and Tommy Hilfiger North America socks and hosiery businesses in conjunction with the Company’s plan to consolidate the socks and hosiery business for all Company brands in North America in a newly formed joint venture, which began operations in December 2019, and to bring in-house the international Calvin Klein socks and hosiery wholesale businesses. Such costs were included in the Company’s segments as follows: $7.5million in Tommy Hilfiger North America, $25.5million in Calvin Klein North America and $26.8million in Calvin Klein International.(8)Income before interest and taxes for thethirty-nine weeks endedNovember 3, 2019included a noncash gain of $113.1million to write up the Company’s equity investments in Gazal and PVH Australia to fair value in connection with the Australia acquisition. Please seeNote 4, “Acquisitions,” for further discussion.(9)Income before interest and taxes for thethirty-nine weeks endedNovember 3, 2019included costs of $54.9million incurred in connection with the TH U.S. store closures, primarily consisting of noncash lease asset impairments. Please seeNote 12, “Fair Value Measurements,” for further discussion.(10)Income before interest and taxes for thethirty-nine weeks endedNovember 3, 2019included costs of $6.2million related to the refinancing of the Company’s senior credit facilities. Please seeNote 9, “Debt,” for further discussion.(11)Income before interest and taxes for thethirteen and thirty-nine weeks endedNovember 4, 2018included costs of $6.3million and $19.9million, respectively, associated with the acquisition of the 55% ownership interests in TH Asia, Ltd., the Company’s former joint venture forTOMMY HILFIGERin China, that the Company did not already own, consisting of noncash amortization of short-lived assets.Intersegment transactions primarily consist of transfers of inventory principally from the Heritage Brands Wholesale segment to the Heritage Brands Retail segment, the Tommy Hilfiger North America segment and the Calvin Klein North America segment. These transfers are recorded at cost plus a standard markup percentage. Such markup percentage on ending inventory is eliminated principally in the Heritage Brands Retail segment, the Tommy Hilfiger North America segment and the Calvin Klein North America segment. 
 
 GUARANTEES
 The Company is deemed to have guaranteed lease payments for substantially all G. H. Bass & Co. (“Bass”) retail stores included in the 2013 sale of substantially all of the assets of the Company’s Bass business pursuant to the terms of noncancelable leases expiring on various dates through2022. The obligations deemed to be guaranteed include minimum rent payments and relate to leases that commenced prior to the sale of the Bass assets. In certain instances, the Company’s obligations remain in effect when an option is exercised to extend the term of the lease. The maximum amount deemed to have been guaranteed for all leases as ofNovember 3, 2019was $3.9million and the Company has the right to seek recourse from the buyer of the Bass assets for the full amount. The liability for the guaranteed lease payments was immaterial as ofNovember 3, 2019,February 3, 2019andNovember 4, 2018.The Company has guaranteed a portion of the debt of one of its joint ventures in India. The maximum amount guaranteed as ofNovember 3, 2019was approximately $7.8million, which is subject to exchange rate fluctuation.The guarantee is in effect for the entire term of the debt. The liability for this guarantee obligation was immaterial as ofNovember 3, 2019,February 3, 2019andNovember 4, 2018. 
 
  
 
 The Company has guaranteed to a financial institution the repayment of a store security deposit in Japan paid to a landlord on behalf of the Company. The amount guaranteed as ofNovember 3, 2019was approximately $4.6million, which is subject to exchange rate fluctuation. The Company has the right to seek recourse from the landlord for the full amount. The guarantee expires on March 28, 2022. The liability for this guarantee obligation was immaterial as ofNovember 3, 2019,February 3, 2019andNovember 4, 2018.The Company has guaranteed the payment of amounts on behalf of certain other parties, none of which are material individually or in the aggregate. 
 
 RECENT ACCOUNTING GUIDANCE
 Recently Adopted Accounting GuidanceThe Financial Accounting Standards Board (“FASB”) issued in February 2016 new guidance on leases. The new guidance, among other changes, requires lessees to recognize a right-of-use asset and a lease liability in the balance sheet for most leases, but retains an expense recognition model similar to the previous guidance. The lease liability is measured at the present value of the fixed lease payments over the lease term and the right-of-use asset is measured at the lease liability amount, adjusted for lease prepayments, lease incentives received and the lessee’s initial direct costs. The guidance also requires additional quantitative and qualitative disclosures. The Company adopted the guidance in the first quarter of 2019 using the modified retrospective approach applied as of the period of adoption with a cumulative-effect adjustment to opening retained earnings and as such, prior periods have not been restated. Upon adoption, the Company (i) recognized operating lease right-of-use assets of $1.7billion and lease liabilities of $1.9billion, (ii) recorded a cumulative-effect adjustment to retained earnings of $3.1million and (iii) recorded other reclassification adjustments within its Consolidated Balance Sheet related to, among other things, deferred rent.The effects of the adoption on the Company’s Consolidated Balance Sheet as ofFebruary 3, 2019were as follows:(In millions)As Reported 2/3/19AdjustmentsAdjusted  2/3/19AssetsPrepaid expenses$168.7$(21.3)$147.4Operating Lease Right-of-Use Assets—1,708.21,708.2Other Assets400.9(10.3)390.6LiabilitiesAccrued expenses891.6(17.0)874.6Current portion of operating lease liabilities—350.5350.5Long-Term Portion of Operating Lease Liabilities—1,514.11,514.1Other Liabilities1,322.4(167.9)1,154.5Stockholders’ EquityRetained earnings4,350.1(3.1)4,347.0The Company also elected the package of practical expedients permitted under the transition guidance, which allows the Company not to reassess whether any existing contracts are or contain a lease, the lease classification for any existing leases, and the capitalization of initial direct costs for any existing leases, as of the adoption date. The Company’s accounting for finance leases (formerly called capital leases) remains substantially unchanged. The adoption of the guidance did not have a material impact on the Company’s results of operations or cash flows. Please seeNote 16, “Leases,” for additional disclosures required by the guidance.The FASB issued in August 2017 an update to accounting guidance to simplify the application of hedge accounting in certain situations and allow companies to better align their hedge accounting with their risk management activities. The update eliminates the requirement to separately measure and report hedge ineffectiveness and requires companies to recognize all elements of hedge accounting that impact earnings in the same income statement line as the hedged item. The update also simplifies the requirements for hedge documentation and effectiveness assessments and amends the presentation and disclosure requirements. The Company adopted this update in the first quarter of 2019 using a modified retrospective approach, except for 
 
  
 
 the presentation and disclosure guidance, which is being applied on a prospective basis, as required. The adoption of this update did not have any impact on the Company’s consolidated financial statements. The FASB issued in August 2018 an update to accounting guidance related to implementation costs incurred in a cloud computing arrangement that is a service contract. The update aligns the requirements for capitalizing implementation costs incurred under such arrangements with the requirements for capitalizing costs incurred to develop or obtain internal-use software. Under previous accounting guidance, the Company generally expensed the implementation costs incurred in connection with a cloud computing arrangement that is a service contract. The Company early adopted this update in the first quarter of 2019 using a prospective approach. As a result of the adoption, the Company capitalized $8.7million of costs incurred in thethirty-nine weeks endedNovember 3, 2019 to implement cloud computing arrangements, primarily related to digital and consumer data platforms. Such costs were included in prepaid expenses and other assets in the Company’s Consolidated Balance Sheet. The Company expects to incur additional costs to implement cloud computing arrangements during the remainder of 2019 and expects the implementation costs capitalized in its Consolidated Balance Sheet will increase accordingly.
 
 
 OTHER COMMENTS
 Wuxi Jinmao Foreign Trade Co., Ltd. (“Wuxi”), one of the Company’s finished goods inventory suppliers, has a wholly owned subsidiary with which the Company entered into a loan agreement in 2016. Under the agreement, Wuxi’s subsidiary borrowed a principal amount of $13.8million for the development and operation of a fabric mill. Principal payments are due in semi-annual installments beginning March 31, 2018 through September 30, 2026. The outstanding principal balance of the loan bears interest at a rate of (i)4.50%per annum until the sixth anniversary of the closing date of the loan and (ii) LIBOR plus4.00%thereafter. The Company received principal payments of $0.4million and $0.2million during thethirty-nine weeks endedNovember 3, 2019andNovember 4, 2018, respectively. The outstanding balance, including accrued interest, was $13.2million, $13.8million and $13.6million as ofNovember 3, 2019,February 3, 2019, andNovember 4, 2018, respectively, and was included in other assets in the Company’s Consolidated Balance Sheets.The Company records warehousing and distribution expenses, which are subject to exchange rate fluctuations, as a component of SG&A expenses in its Consolidated Income Statements. Warehousing and distribution expenses incurred in thethirteen and thirty-nine weeks endedNovember 3, 2019totaled $91.0million and $250.3million, respectively. Warehousing and distribution expenses incurred in thethirteen and thirty-nine weeks endedNovember 4, 2018totaled $73.0million and $211.6million, respectively. 
 
 
  
 
 
 
 
 
 We aggregate our reporting segments into three main businesses: (i) Tommy Hilfiger, which consists of the businesses we operate under ourTOMMY HILFIGERtrademarks; (ii) Calvin Klein, which consists of the businesses we operate under ourCALVIN KLEINtrademarks; and (iii) Heritage Brands, which consists of the businesses we operate under ourVan Heusen,IZOD,ARROW,Warner’s,Olga,True&Co.andGeoffrey Beenetrademarks, theSpeedotrademark we license in perpetuity for North America and the Caribbean, and other owned and licensed trademarks. References to the brand namesTOMMY HILFIGER,CALVIN KLEIN,Van Heusen,IZOD,ARROW,Warner’s,Olga,True&Co.,Geoffrey BeeneandSpeedoand to other brand names are to registered and common law trademarks owned by us or licensed to us by third parties and are identified by italicizing the brand name.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 •We entered into agreements on July 3, 2019 to terminate early the licenses for the global Calvin Klein and Tommy Hilfiger North America socks and hosiery businesses (the “Socks and Hosiery transaction”) in conjunction with our plan to consolidate the socks and hosiery businesses for all of our brands in the United States and Canada in a newly formed joint venture, PVH Legwear LLC (“PVH Legwear”), in which we own a 49% economic interest, and to bring in-house the international Calvin Klein socks and hosiery wholesale businesses. PVH Legwear began operations in December 2019. We recorded a pre-tax charge of $60 million in thethirty-nine weeks endedNovember 3, 2019in connection with these agreements. 
 •We announced on June 3, 2019 that we and G-III Apparel Group, Ltd. (“G-III”) had entered into a license agreement for the design, production and wholesale distribution ofCALVIN KLEIN JEANSwomen’s jeanswear collections in the United States and Canada (the “G-III license”), which resulted in the discontinuation of our directly operated Calvin Klein North America women’s jeanswear wholesale business in 2019. 
 •We completed two acquisitions in the second quarter of 2019. The first acquisition, which closed on May 31, 2019, was to acquire the approximately 78% interest in Gazal Corporation Limited (“Gazal”) that we did not already own (the “Australia acquisition”). Prior to the closing, we, along with Gazal, jointly owned and managed a joint venture, PVH Brands Australia Pty. Limited (“PVH Australia”), which licensed and operated businesses under theTOMMY HILFIGER,CALVIN KLEINandVan Heusenbrands, along with other licensed and owned brands. PVH Australia came under our full control as a result of the acquisition. The aggregate net purchase price for the shares acquired was $59 million, net of cash acquired and after taking into account the proceeds from the divestiture to a third party of an office building and warehouse owned by Gazal in June 2019. The second was our acquisition on July 1, 2019 of the Tommy Hilfiger retail business in Central and Southeast Asia from our previous licensee in that market (the “TH CSAP acquisition”) for $74 million. Please see Note 4, “Acquisitions” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion. 
 
 
 •We refinanced on April 29, 2019 our senior credit facilities and recorded pre-tax debt modification and extinguishment charges of $5 million. Please see the section entitled “Liquidity and Capital Resources” below for further discussion. 
 •We closed ourTOMMY HILFIGERflagship and anchor stores in the United States (the “TH U.S. store closures”) in the first quarter of 2019 and recorded pre-tax costs of $55 million, primarily consisting of noncash lease asset impairments. Please seeNote 12, “Fair Value Measurements,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion of the noncash lease asset impairments. 
 •We announced on January 10, 2019 a restructuring in connection with strategic changes for ourCalvin Klein business (the “Calvin Klein restructuring”). The strategic changes included (i) the closure of theCALVIN KLEIN 205 W39 NYCbrand (formerlyCalvin Klein Collection), (ii) the closure of the flagship store on Madison Avenue in New York, New York (collectively with (i), the “CK Collection closure”), (iii) the restructuring of the Calvin Klein creative and design teams globally, and (iv) the consolidation of operations for the men’s Calvin Klein Sportswear and Calvin Klein Jeans businesses. We recorded pre-tax costs of $41 million in the fourth quarter of 2018 in connection with the Calvin Klein restructuring. We recorded pre-tax costs of $103 million in thethirty-nine weeks endedNovember 3, 2019, consisting of a $30 million noncash lease asset impairment resulting from the closure of the flagship store on Madison Avenue in New York, New York, $26 million of contract termination and other costs, $26 million of severance, $9 million of other noncash asset impairments and $13 million of inventory markdowns. We expect to incur additional pre-tax costs 
 
  
 
 
 
 •We acquired on April 20, 2018 theGeoffrey Beenetradename from Geoffrey Beene, LLC (“Geoffrey Beene”) for $17 million, of which $16 million was paid in cash. Prior to the acquisition, we had licensed the rights to design, market and distributeGeoffrey Beenedress shirts and neckwear from Geoffrey Beene. 
 •We acquired on April 13, 2016 the 55% interest in our former joint venture forTOMMY HILFIGERin China that we did not already own (the “TH China acquisition”). We recorded pre-tax charges of $24 million in 2018, of which $20 million was incurred during thethirty-nine weeks endedNovember 4, 2018, consisting of noncash amortization of short-lived assets. 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 •The net addition of an aggregate $111 million of revenue, or a 10% increase over the prior year period, attributable to our Tommy Hilfiger International and Tommy Hilfiger North America segments, which included a negative impact of $29 million,or 3%, related to foreign currency translation. Tommy Hilfiger International segment revenue increased 16% (including a 4% negative foreign currency impact), primarily driven by continued outperformance in Europe and the addition of revenue resulting from the Australia and TH CSAP acquisitions. Tommy Hilfiger International comparable store sales increased 8%. Revenue in our Tommy Hilfiger North America segment was flat, as growth in the North America wholesale business was offset by a 5% decline in North America comparable store sales due to continued weakness in traffic and consumer spending trends, especially in stores located in international tourist locations. 
 •The net addition of an aggregate $6 million of revenue, or 1% increase over the prior year period, attributable to our Calvin Klein International and Calvin Klein North America segments, which included a negative impact of $19 million, or 2%, related to foreign currency translation. Calvin Klein International segment revenue increased 7% (including a 4% negative foreign currency translation impact), driven by continued solid growth in Europe and the addition of revenue resulting from the Australia acquisition. These increases were partially offset by softness in Asia due, in part, to the business disruptions caused by ongoing protests in Hong Kong and the trade tensions between the United States and China. Calvin Klein International comparable store sales decreased 2%. Revenue in our Calvin Klein North America segment decreased 5% principally due to a decrease in the wholesale business, including the effect of the G-III license, and a 4% decline in North America comparable store sales due to continued weakness in traffic and consumer spending trends, especially in stores located in international tourist locations. 
 •The reduction of an aggregate $54 million of revenue, or a 13% decrease compared to the prior year period, attributable to our Heritage Brands Retail and Heritage Brands Wholesale segments, primarily due to weakness in the North America wholesale business and a 2% decline in comparable store sales. 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 •The net addition of an aggregate $229 million of revenue, or a 7% increase over the prior year period, attributable to our Tommy Hilfiger International and Tommy Hilfiger North America segments, which included a negative impact of $112 million, or 4%, related to foreign currency translation. Tommy Hilfiger International segment revenue increased 12% (including a 6% negative foreign currency impact), driven principally by outperformance in Europe and the addition of revenue resulting from the Australia acquisition. Tommy Hilfiger International comparable store sales increased 9%. Revenue in the Tommy Hilfiger North America segment decreased 1%, driven by a 6% decline in Tommy Hilfiger North America comparable store sales due to continued weakness in traffic and consumer spending trends, especially in stores located in international tourist locations, partially offset by growth in the North America wholesale business. 
 •The net reduction of an aggregate $46 million of revenue, or a 2% decrease compared to the prior year period, attributable to our Calvin Klein International and Calvin Klein North America segments, which included a negative impact of $73 million, or 3%, related to foreign currency translation. Calvin Klein International segment revenue increased 2% (including a 5% negative foreign currency impact), as continued solid growth in Europe and the addition of revenue resulting from the Australia acquisition were partly offset by the negative impacts of (i) softness experienced in Asia due, in part, to the business disruptions caused by the ongoing protests in Hong Kong and the trade tensions between the United States and China and (ii) the reduction of revenue resulting from the CK Collection closure. Calvin Klein International comparable store sales decreased 2%. Revenue in the Calvin Klein North America segment decreased 5%, driven by a 4% decrease in Calvin Klein North America comparable store sales due to continued weakness in traffic and consumer spending trends, especially in stores located in international tourist locations, and the effect of the G-III license. 
 •The decrease of an aggregate $47 million of revenue, or a 4% decrease compared to the prior year period, attributable to our Heritage Brands Retail and Heritage Brands Wholesale segments, primarily due to weakness in the North America wholesale business and a 3% decline in comparable store sales. 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 (In millions)11/3/192/3/1911/4/18Short-term borrowings$387$13$277Current portion of long-term debt41——Finance lease liabilities161714Long-term debt2,7382,8192,878Stockholders’ equity5,9855,8285,681
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 (In millions)Designation DateCommencement DateInitial Notional AmountNotional Amount Outstanding as of November 3, 2019Fixed RateExpiration DateAugust 2019February 2020$50$—1.1975%February 2022June 2019February 202050—1.409%February 2022June 2019June 201950501.719%July 2021January 2019February 202050—2.4187%February 2021November 2018February 20191391392.8645%February 2021October 2018February 20191161782.9975%February 2021June 2018August 201850502.6825%February 2021June 2017February 20183061191.566%February 2020July 2014February 2016683—1.924%February 2018
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Period(a) Total Number of Shares (or Units) Purchased(1)(2)(b) Average Price Paid per Share (or Unit)(1)(2)(c) Total Number of Shares (or Units) Purchased as Part of  Publicly Announced Plans or Programs(1)(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs(1)August 5, 2019 -September 1, 2019308,974$72.86308,700$858,905,027September 2, 2019 -October 6, 2019458,85986.71457,530819,237,668October 7, 2019 -November 3, 2019392,20387.77391,387784,914,789Total1,160,036$83.381,157,617$784,914,789
 
 (1)
 
 (2)
 
 
 
 
 
 
  
 
 
 
 
 The following exhibits are included herein:3.1Amended and Restated Certificate of Incorporation of PVH Corp. (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K, filed June 21, 2019).3.2By-Laws of PVH Corp., as amended through June 20, 2019 (incorporated by reference to Exhibit 3.2 to our Current Report on Form 8-K, filed on June 21, 2019).4.1Specimen of Common Stock certificate (incorporated by reference to Exhibit 4.1 to our Quarterly Report on Form 10-Q for the period ended July 31, 2011).4.2Indenture, dated as of November 1, 1993, between Phillips-Van Heusen Corporation and The Bank of New York, as Trustee (incorporated by reference to Exhibit 4.01 to our Registration Statement on Form S-3 (Reg. No. 33-50751) filed on October 26, 1993);First Supplemental Indenture, dated as of October 17, 2002, to Indenture, dated as of November 1, 1993, between Phillips-Van Heusen Corporation and The Bank of New York, as Trustee (incorporated by reference to Exhibit 4.15 to our Quarterly Report on Form 10-Q for the period ended November 3, 2002);Second Supplemental Indenture, dated as of February 12, 2002, to Indenture, dated as of November 1, 1993, between Phillips-Van Heusen Corporation and The Bank of New York, as Trustee (incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on February 26, 2003);Third Supplemental Indenture, dated as of May 6, 2010, between Phillips-Van Heusen Corporation and The Bank of New York Mellon (formerly known as The Bank of New York), as Trustee (incorporated by reference to Exhibit 4.16 to our Quarterly Report on Form 10-Q for the period ended August 1, 2010);Fourth Supplemental Indenture, dated as of February 13, 2013, to Indenture, dated as of November 1, 1993, between PVH Corp. and The Bank of New York Mellon, as Trustee (incorporated by reference to Exhibit 4.11 to our Quarterly Report on Form 10-Q for the period ended May 5, 2013).4.3Indenture, dated as of June 20, 2016, between PVH Corp., U.S. Bank National Association, as Trustee, Elavon Financial Services Limited, UK Branch, as Paying Agent and Authenticating Agent, and Elavon Financial Services Limited, as Transfer Agent and Registrar (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K, filed on June 20, 2016).4.4Indenture, dated as of December 21, 2017, between PVH Corp., U.S. Bank National Association, as Trustee, Elavon Financial Services DAC, UK Branch, as Paying Agent and Authenticating Agent, and Elavon Financial Services DAC, as Transfer Agent and Registrar (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K, filed on December 21, 2017).+31.1Certification of Emanuel Chirico, Chairman and Chief Executive Officer, pursuant to Section 302 of the Sarbanes – Oxley Act of 2002.+31.2Certification of Michael Shaffer, Executive Vice President and Chief Operating & Financial Officer, pursuant to Section 302 of the Sarbanes – Oxley Act of 2002.*,+32.1Certification of Emanuel Chirico, Chairman and Chief Executive Officer, pursuant to Section 906 of the Sarbanes – Oxley Act of 2002, 18 U.S.C. Section 1350.*,+32.2Certification of Michael Shaffer, Executive Vice President and Chief Operating & Financial Officer, pursuant to Section 906 of the Sarbanes – Oxley Act of 2002, 18 U.S.C. Section 1350.+101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.+101.SCHInline XBRL Taxonomy Extension Schema Document+101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
 
 
  
 
 +101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document+101.LABInline XBRL Taxonomy Extension Label Linkbase Document+101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)+Filed or furnished herewith.
 
 
 
 
  
 
 
 
 
 
 
 
 PVH CORP.Registrant
 
 
 Dated:December 9, 2019/s/ JAMES W. HOLMESJames W. HolmesSenior Vice President and Controller (Principal Accounting Officer)