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10-K


(Mark One)☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year endedJanuary 29, 2023OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from _________ to ___________Commission File Number001-07572





PVH CORP.





Delaware13-1166910(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)285 Madison Avenue,New York,New York10017(Address of principal executive offices)(Zip Code)





212 381-3500














Title of Each ClassTrading SymbolName of Each Exchangeon Which RegisteredCommon Stock, $1.00 par valuePVHNew York Stock Exchange











Yes


No


Yes


Yes





Large Accelerated FilerxAccelerated filer☐Non-accelerated filer☐(Do not check if a smaller reporting company)Smaller reporting company☐Emerging growth company☐





☒














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☐


4,051,007,516


62,712,753








DocumentLocation in Form 10-Kin which incorporatedRegistrant’s Proxy Statement for the Annual Meeting of Stockholders to be held on June 22, 2023Part III








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PART IItem 1.Business1Item 1A.Risk Factors16Item 1B.Unresolved Staff Comments30Item 2.Properties30Item 3.Legal Proceedings30Item 4.Mine Safety Disclosures30PART IIItem 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities31Item 6.[Reserved]32Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations33Item 7A.Quantitative and Qualitative Disclosures About Market Risk62Item 8.Financial Statements and Supplementary Data62Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure62Item 9A.Controls and Procedures63Item 9B.Other Information63Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections63PART IIIItem 10.Directors, Executive Officers and Corporate Governance64Item 11.Executive Compensation64Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters64Item 13.Certain Relationships and Related Transactions, and Director Independence64Item 14.Principal Accounting Fees and Services64PART IVItem 15.Exhibits, Financial Statement Schedules65Item 16.Form 10-K Summary69Signatures70Index to Financial Statements and Financial Statement ScheduleF-1













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LicenseeProduct Category and TerritoryAmerican Sportswear S.A.Men’s, women’s and children’s apparel, footwear and accessories (Central America, South America (excluding Brazil) and the Caribbean)F&T Apparel LLC & KHQ Investment LLCChildren’s apparel, underwear and sleepwear and boy’s tailored clothing (United States and Canada)G-III Apparel Group, Ltd. / G-III Apparel Canada ULC(1)Men’s and women’s outerwear, luggage, women’s apparel, dresses, suits and swimwear (excluding intimates, sleepwear, loungewear, hats, scarves, gloves and footwear) and men’s and women’s activewear that also bear trademarks associated with the National Football League, Major League Baseball, the National Basketball Association, the National Hockey League, Major League Soccer or their member teams (United States and Canada)Handsome CorporationMen’s, women’s and children’s apparel, sportswear, socks and accessories and men’s and women’s outerwear and golf products (South Korea)MBF Holdings LLCMen’s and women’s footwear (United States and Canada)Movado Group, Inc. / Swissam Products, LimitedMen’s and women’s watches and jewelry (worldwide)Peerless Clothing International, Inc.Men’s tailored clothing (United States and Canada)Safilo Group S.p.A.Men’s, women’s and children’s eyeglasses and non-ophthalmic sunglasses (worldwide, excluding India)





































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LicenseeProduct Category and TerritoryCK21 Holdings Pte. Ltd.Men’s and women’sCK Calvin Kleinapparel (Asia, excluding Japan)Coty Inc.Men’s and women’s fragrance (worldwide)Himatsingka Seide, Ltd.Soft home bed and bath furnishings (United States, Canada, Mexico, Europe, Middle East, Asia and India)F&T Apparel LLC & KHQ Investment LLCChildren’s jeanswear and certain performance wear (United States and Canada)G-III Apparel Group, Ltd.(1)Women’s suits, dresses, sportswear, jeanswear, active performancewear, handbags and small leather goods, men’s and women’s coats, men’s and women’s luggage and men’s and women’s swimwear (United States and Canada with luggage jurisdictions including Europe, Asia and elsewhere)MBF Holdings LLCMen’s and women’sCalvin KleinandCalvin Klein Jeansfootwear (United States and Canada)Marchon Eyewear, Inc.Men’s and women’s optical frames and sunglasses (worldwide)Movado Group, Inc.Men’s and women’s watches and jewelry (worldwide)Peerless Clothing International, Inc.Men’s tailored clothing (United States, Canada and Mexico)














































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NameAgePositionStefan Larsson48Chief Executive OfficerZachary Coughlin47Executive Vice President and Chief Financial OfficerMartijn Hagman48Chief Executive Officer, Tommy Hilfiger Global and PVH EuropeMark D. Fischer61Executive Vice President, General Counsel and SecretaryJulie Fuller49Executive Vice President, Chief People OfficerEva Serrano50Global Brand President, Calvin Klein














































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LocationUseOwnershipStatusApproximateArea inSquare FeetNew York, New YorkCorporate and Tommy Hilfiger administrative offices and showroomsLeased220,000New York, New YorkCalvin Klein and Heritage Brands administrative offices and showroomsLeased474,000Bridgewater, New JerseyCorporate and retail administrative officesLeased239,000Banksmeadow, AustraliaTommy Hilfiger, Calvin Klein and Heritage Brands administrative offices, showrooms, warehouse and distribution centerLeased243,000Amsterdam, The NetherlandsTommy Hilfiger and Calvin Klein administrative offices and showroomsLeased487,000Venlo/Oud Gastel/Sevenum,        The NetherlandsWarehouse and distribution centersLeased2,653,000McDonough, GeorgiaWarehouse and distribution centerLeased851,000Palmetto, GeorgiaWarehouse and distribution centerLeased983,000Jonesville, North CarolinaWarehouse and distribution centerOwned778,000Hong Kong SAR, ChinaCorporate, Tommy Hilfiger and Calvin Klein administrative officesLeased108,000















































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Period(a) Total Number of Shares (or Units) Purchased(1)(2)(b) Average Price Paidper 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)October 31, 2022 -November 27, 2022388,452$56.34387,400$874,795,801November 28, 2022 -January 1, 2023735,87670.55726,600823,514,975January 2, 2023 -January 29, 202329275.28—823,514,975Total1,124,620$65.651,114,000$823,514,975








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Value of $100.00 invested after 5 years:Our Common Stock$58.58Russell 3000 Index$157.61S&P 1500 Apparel, Accessories & Luxury Goods Index$76.93S&P 500 Index$160.94S&P 500 Apparel, Accessories & Luxury Goods Index$60.32





















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202220212020(Dollars in millions)Net sales$8,545$8,724$6,799Royalty revenue372340260Advertising and other revenue1079174Total revenue9,0249,1557,133Gross profit5,1235,3243,777% of total revenue56.8%58.2%53.0%SG&A expenses4,3774,4543,983% of total revenue48.5%48.7%55.8%Goodwill and other intangible asset impairments417—933Non-service related pension and postretirement income(92)(64)(76)Other (gain) loss, net—(119)3Equity in net income (loss) of unconsolidated affiliates5024(5)Income (loss) before interest and taxes4711,077(1,072)Interest expense90109125Interest income744Income (loss) before taxes388973(1,193)Income tax expense (benefit)18821(56)Net income (loss)200952(1,137)Less: Net loss attributable to redeemable non-controlling interest—(0)(1)Net income (loss) attributable to PVH Corp.$200$952$(1,136)









































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202220212020Components of revenue:Net sales94.7%95.3%95.3%Royalty, advertising and other revenue5.34.74.7Total100.0%100.0%100.0%Gross margin56.8%58.2%53.0%
































202220212020(In millions)SG&A expenses$4,377$4,454$3,983% of total revenue48.5%48.7%55.8%











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202220212020(Dollars in millions)Income tax expense (benefit)$188$21$(56)Income tax as a % of pre-tax income (loss)48.4%2.1%4.7%

































































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(In millions)1/29/231/30/22Short-term borrowings$46$11Current portion of long-term debt11235Finance lease obligations129Long-term debt2,1772,318Stockholders’ equity5,0135,289




































































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(In millions)Designation DateCommencement DateInitial Notional AmountNotional Amount Outstanding as of January 29, 2023Fixed RateExpiration DateMarch 2020February 2021$50$—(1)0.562%February 2023February 2020February 202150—(1)1.1625%February 2023February 2020February 202050—(1)1.2575%February 2023August 2019February 202050—(1)1.1975%February 2022June 2019February 202050—(1)1.409%February 2022June 2019June 201950—1.719%July 2021January 2019February 202050—2.4187%February 2021November 2018February 2019139—2.8645%February 2021October 2018February 2019116—2.9975%February 2021June 2018August 201850—2.6825%February 2021









































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Cash RequirementsDescriptionTotal20232024-20252026-2027Thereafter(In millions)Long-term debt(1)$2,301$112$1,094$1,095$—Interest payments on long-term debt2708711568Short-term borrowings4646Operating and finance leases(2)1,763416582369396Inventory purchase commitments(3)767767Non-qualified supplemental defined benefit plans(4)127113Other cash requirements(5)14881607Total$5,307$1,516$1,852$1,540$399











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(a)(1)See page F-1 for a listing of the consolidated financial statements included in Item 8 of this report.(a)(2)See page F-1 for a listing of consolidated financial statement schedules submitted as part of this report.(a)(3)The following exhibits are included in this report:


Exhibit Number3.1Amended 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).4.5Indenture, dated as of July 10, 2020, between PVH Corp. and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K, filed on July 10, 2020) and Form of 4 5/8% Senior Note due 2025 (incorporated by reference to Exhibit 4.2 and Appendix A to Exhibit 4.1 to our Current Report on Form 8-K, filed on July 10, 2020).4.6Description of Securities (incorporated by reference to Exhibit 4.6 to our Annual Report on Form 10-K for the fiscal year ended February 2, 2020)*10.1Phillips-Van Heusen Corporation Capital Accumulation Plan (incorporated by reference to our Current Report on Form 8-K, filed on January 16, 1987); Phillips-Van Heusen Corporation Amendment to Capital Accumulation Plan (incorporated by reference to Exhibit 10(n) to our Annual Report on Form 10-K for the fiscal year ended February 2, 1987); Form of Agreement amending Phillips-Van Heusen Corporation Capital Accumulation Plan with respect to individual participants (incorporated by reference to Exhibit 10(1) to our Annual Report on Form 10-K for the fiscal year ended January 31, 1988);Form of Agreement amending Phillips-Van Heusen Corporation Capital Accumulation Plan with respect to individual participants (incorporated by reference to Exhibit 10.8 to our Quarterly Report on Form 10-Q for the period ended October 29, 1995).*10.2Phillips-Van Heusen Corporation Supplemental Defined Benefit Plan, dated January 1, 1991, as amended and restated effective as of January 1, 2005 (incorporated by reference to Exhibit 10.3 to our Quarterly Report on Form 10-Q for the period ended November 4, 2007).





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*10.3Phillips-Van Heusen Corporation Supplemental Savings Plan, effective as of January 1, 1991 and amended and restated effective as of January 1, 2005 (incorporated by reference to Exhibit 10.4 to our Quarterly Report on Form 10-Q for the period ended November 4, 2007).*10.4Third Amended and Restated Employment Agreement, dated as of May 20, 2019, between PVH Corp. and Emanuel Chirico (incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K, filed on May 22, 2019);Salary reduction consent and waiver, dated as of April 7, 2020, signed by Emanuel Chirico (incorporated by reference to Exhibit 10.1 to our Quarterly Report on Form 10-Q for the period ended May 3, 2020).*10.5PVH Corp. Long-Term Incentive Plan, as amended and restated effective May 2, 2013 (incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K, filed June 26, 2013).*10.6PVH Corp. Stock Incentive Plan, as amended and restated effective April 30, 2020 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on June 22, 2020).*10.7PVH Corp. Performance Incentive Bonus Plan, as amended and restated effective April 30, 2020 (incorporated by reference to Exhibit 10.8 to our Annual Report on Form 10-K for the fiscal year ended January 31, 2021).*10.8Form of Stock Option Agreement for Associates under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on April 11, 2007);Revised Form of Stock Option Agreement for Associates under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to our Quarterly Report on Form 10-Q for the period ended May 6, 2007).*10.9Form of Restricted Stock Unit Agreement for Associates under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K, filed on April 11, 2007);Revised Form of Restricted Stock Unit Agreement for Associates under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan (incorporated by reference to Exhibit 10.3 to our Quarterly Report on Form 10-Q for the period ended May 6, 2007);Revised Form of Restricted Stock Unit Award Agreement for Employees under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan, effective as of July 1, 2008 (incorporated by reference to Exhibit 10.4 to our Quarterly Report on Form 10-Q for the period ended August 3, 2008);Revised Form of Restricted Stock Unit Award Agreement for Associates under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan, effective as of September 24, 2008 (incorporated by reference to Exhibit 10.39 to our Annual Report on Form 10-K for the fiscal year ended February 1, 2009).*10.10Form of Amendment to Outstanding Restricted Stock Unit Award Agreements with Associates under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan, dated November 19, 2008 (incorporated by reference to Exhibit 10.40 to our Annual Report on Form 10-K for the fiscal year ended February 1, 2009).*10.11Form of Performance Share Award Agreement under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on May 8, 2007);Revised Form of Performance Share Award Agreement under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan, effective as of April 30, 2008 (incorporated by reference to Exhibit 10.2 to our Quarterly Report on Form 10-Q for the period ended May 4, 2008);Revised Form of Performance Share Award Agreement under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan, effective as of December 16, 2008 (incorporated by reference to Exhibit 10.42 to our Annual Report on Form 10-K for the fiscal year ended February 1, 2009);Revised Form of Performance Share Award Agreement under the PVH Corp. 2006 Stock Incentive Plan, effective as of April 25, 2012 (incorporated by reference to Exhibit 10.3 to our Quarterly Report on Form 10-Q for the period ended April 29, 2012);Alternative Form of Performance Share Unit Award Agreement under the PVH Corp. 2006 Stock Incentive Plan, effective as of May 1, 2013 (incorporated by reference to Exhibit 10.2 to our Quarterly Report on Form 10-Q for the period ended May 5, 2013).*10.12Revised Form of Restricted Stock Unit Award Agreement for Directors under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan, effective as of July 1, 2008 (incorporated by reference to Exhibit 10.5 to our Quarterly Report on Form 10-Q for the period ended August 3, 2008);Revised Form of Restricted Stock Unit Award Agreement for Directors under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan, effective as of September 24, 2008 (incorporated by reference to Exhibit 10.45 to our Annual Report on Form 10-K for the fiscal year ended February 1, 2009);Revised Form of Restricted Stock Unit Award Agreement for Directors under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan, effective as of June 24, 2010 (incorporated by reference to Exhibit 10.3 to our Quarterly Report on Form 10-Q for the period ended August 1, 2010).*10.13Form of Amendment to Outstanding Restricted Stock Unit Award Agreements with Directors under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan, dated November 19, 2008 (incorporated by reference to Exhibit 10.46 to our Annual Report on Form 10-K for the fiscal year ended February 1, 2009).





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10.14Credit and Guaranty Agreement, dated as of April 29, 2019, among PVH Corp., PVH Asia Limited, PVH B.V., certain subsidiaries of PVH Corp., Barclays Bank PLC as Administrative Agent, Joint Lead Arranger and Joint Lead Bookrunner, Citibank, N.A. as Syndication Agent, Joint Lead Arranger and Joint Lead Bookrunner, Merrill Lynch, Pierce, Fenner & Smith Incorporated as Syndication Agent, Joint Lead Arranger and Joint Lead Bookrunner, JPMorgan Chase Bank, N.A. as Documentation Agent, Joint Lead Arranger and Joint Lead Bookrunner, Royal Bank of Canada as Documentation Agent, MUFG Securities Americas Inc. as Documentation Agent, US Bancorp as Documentation Agent, Wells Fargo Securities, LLC as Documentation Agent and RBC Capital Markets, LLC as Joint Lead Arranger and Joint Lead Bookrunner (incorporated by reference to Exhibit 10.1 to our Quarterly Report on Form 10-Q for the period ended May 5, 2019).First Amendment to Credit Agreement, dated as of June 3, 2020, entered into by and among PVH Corp, PVH Asia Limited, PVH B.V., each Lender party thereto and Barclays Bank PLC as administrative agent (incorporated by reference to Exhibit 10.3 to our Quarterly Report on Form 10-Q for the period ended August 2, 2020).Second Amendment to Credit Agreement, dated as of April 28, 2021, entered into by and among PVH Corp, PVH Asia Limited, PVH B.V., each Lender party thereto and Barclays Bank PLC as administrative agent (incorporated by reference to Exhibit 10.2 to our Quarterly Report on Form 10-Q for the period ended May 2, 2021).*10.15Schedule of Non-Management Directors’ Fees, effective June 20, 2019 (incorporated by reference to Exhibit 10.21 to our Annual Report on Form 10-K for the fiscal year ended February 2, 2020).*10.16Schedule of Non-Management DirectorFees, effective June 16, 2022 (incorporated by reference to Exhibit 10.1 to our Quarterly Report on Form 10-Q for the period ended July 31, 2022).*10.17Employment Agreement, effective as of June 3, 2019, between PVH Corp. and Stefan Larsson (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on May 22, 2019).First Amendment to Employment Agreement, dated as of January 27, 2021, between PVH Corp. and Stefan Larsson (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on February 1, 2021).*10.18Form of salary reduction consent and waiver signed by Stefan Larsson (on April 7, 2020) (incorporated by reference to Exhibit 10.3 to our Quarterly Report on Form 10-Q for the period ended May 3, 2020).*10.19Employment Agreement, dated as of June 2, 2020, between PVH B.V. and Martijn Hagman (incorporated by reference to Exhibit 10.25 to our Annual Report on Form 10-K for the fiscal year ended January 31, 2021).*10.20Employment Agreement, effective as of November 1, 2019, between PVH Corp. and James Holmes (incorporated by reference to Exhibit 10.27 to our Annual Report on Form 10-K for the fiscal year ended January 30, 2022).Salary reduction consent and waiver, dated as of April 9, 2020, signed by James Holmes (incorporated by reference to Exhibit 10.28 to our Annual Report on Form 10-K for the fiscal year ended January 30, 2022).*10.21Employment Agreement, effective as of September 28, 2020, between PVH Corp. and Julie Fuller (incorporated by reference to Exhibit 10.29 to our Annual Report on Form 10-K for the fiscal year ended January 30, 2022).*10.22Employment Agreement, effective as of February 16, 2021, between PVH Corp. and Patricia Donnelly Davidson (incorporated by reference to Exhibit 10.30 to our Annual Report on Form 10-K for the fiscal year ended January 30, 2022).*10.23Employment Agreement, dated as of February 7, 2022, between PVH Corp. and Zac Coughlin (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on February 9, 2022).*,+10.24Employment Agreement, effective as of November 1, 2019, between PVH Corp. and Mark D. Fischer.+10.25Credit Agreement, dated as of December 9, 2022, among PVH Corp.,certainsubsidiaries of PVH Corp.,Barclays Bank PLC as Administrative Agent, Joint Lead Arranger and Joint Lead Bookrunner, Citibank, N.A. as Syndication Agent, Joint Lead Arranger and Joint Lead Bookrunner, BOFA Securities, Inc. as Documentation Agent, Joint Lead Arranger and Joint Lead Bookrunner, Truist Bank as Documentation Agent,Bank of China, New York Branch,as Documentation Agent, BNP Paribas asDocumentation Agent, DBS Bank LTD. as Documentation Agent, Citizens Bank, N.A. as Documentation Agent, HSBC Bank USA, National Association as Documentation Agent, Standard Chartered Bank as Documentation Agent, The Bank of Nova Scotia as Documentation Agent, U.S. Bank National Association as Documentation Agent,JPMorgan Chase Bank, N.A. as Joint Lead Arranger and Joint Lead Bookrunner, and Truist Securities, Inc.as Joint Lead Arranger and Joint Lead Bookrunner.+21PVH Corp. Subsidiaries.+23Consent of Independent Registered Public Accounting Firm.+31.1Certification of Stefan Larsson, Chief Executive Officer, pursuant to Section 302 of the Sarbanes – Oxley Act of 2002.





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+31.2Certification of Zachary Coughlin, Executive Vice President and Chief Financial Officer, pursuant to Section 302 of the Sarbanes – Oxley Act of 2002.+32.1Certification of Stefan Larsson, Chief Executive Officer, pursuant to Section 906 of the Sarbanes – Oxley Act of 2002, 18 U.S.C. Section 1350.+32.2Certification of Zachary Coughlin, Executive Vice President and Chief 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)











































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PVH CORP.By:/s/ STEFAN LARSSONStefan LarssonChief Executive Officer








SignatureTitleDate/s/ STEFAN LARSSONDirector and Chief Executive OfficerMarch 28, 2023Stefan Larsson(Principal Executive Officer)/s/ ZACHARY COUGHLINExecutive Vice President and Chief FinancialMarch 28, 2023Zachary CoughlinOfficer (Principal Financial Officer)/s/ JAMES W. HOLMESExecutive Vice President and ControllerMarch 28, 2023James W. Holmes(Principal Accounting Officer)/s/ MICHAEL CALBERTChairman (Director)March 28, 2023Michael Calbert/s/ AJAY BHALLADirectorMarch 28, 2023Ajay Bhalla/s/ BRENT CALLINICOSDirectorMarch 28, 2023Brent Callinicos/s/ GEORGE CHEEKSDirectorMarch 28, 2023George Cheeks/s/ JOSEPH B. FULLERDirectorMarch 28, 2023Joseph B. Fuller/s/ JUDITH AMANDA SOURRY KNOXDirectorMarch 28, 2023Judith Amanda Sourry Knox/s/ V. JAMES MARINODirectorMarch 28, 2023V. James Marino/s/ GERALDINE (PENNY) MCINTYREDirectorMarch 28, 2023Geraldine (Penny) McIntyre/s/ AMY MCPHERSONDirectorMarch 28, 2023Amy McPherson/s/ ALLISON PETERSONDirectorMarch 28, 2023Allison Peterson/s/ EDWARD R. ROSENFELDDirectorMarch 28, 2023Edward R. Rosenfeld







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15(a)(1)  The following consolidated financial statements and supplementary data are included in Item 8 of this report:


Consolidated Statements of Operations—Years Ended January 29, 2023, January 30, 2022 and January 31, 2021F-2Consolidated Statements of Comprehensive Income (Loss)—Years Ended January 29, 2023, January 30, 2022 and January 31, 2021F-3Consolidated Balance Sheets—January 29, 2023 and January 30, 2022F-4Consolidated Statements of Cash Flows—Years Ended January 29, 2023, January 30, 2022 and January 31, 2021F-5Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Non-Controlling Interest—Years Ended January 29, 2023, January 30, 2022 and January 31, 2021F-6Notes to Consolidated Financial StatementsF-7Management’s Report on Internal Control Over Financial ReportingF-66Reports of Independent Registered Public Accounting Firm (PCAOB ID:42)F-67


15(a)(2)  The following consolidated financial statement schedule is included herein:


Schedule II - Valuation and Qualifying AccountsF-70
















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202220212020Net sales$8,544.9$8,723.7$6,798.7Royalty revenue372.0340.1260.4Advertising and other revenue107.390.973.5Total revenue9,024.29,154.77,132.6Cost of goods sold (exclusive of depreciation and amortization)3,901.33,830.63,355.8Gross profit5,122.95,324.13,776.8Selling, general and administrative expenses4,377.44,453.93,983.2Goodwill and other intangible asset impairments417.1—933.5Non-service related pension and postretirement income(91.9)(64.1)(75.9)Other (gain) loss, net—(118.9)3.1Equity in net income (loss) of unconsolidated affiliates50.423.7(4.6)Income (loss) before interest and taxes470.71,076.9(1,071.7)Interest expense89.6108.6125.5Interest income7.14.44.2Income (loss) before taxes388.2972.7(1,193.0)Income tax expense (benefit)187.820.7(55.5)Net income (loss)200.4952.0(1,137.5)Less: Net loss attributable to redeemable non-controlling interest—(0.3)(1.4)Net income (loss) attributable to PVH Corp.$200.4$952.3$(1,136.1)Basic net income (loss) per common share attributable to PVH Corp.$3.05$13.45$(15.96)Diluted net income (loss) per common share attributable to PVH Corp.$3.03$13.25$(15.96)


















































































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202220212020Net income (loss)$200.4$952.0$(1,137.5)Other comprehensive (loss) income:Foreign currency translation adjustments(68.3)(268.1)278.5Net unrealized and realized (loss) gain related to effective cash flow hedges, net of tax (benefit) expense of $(19.7), $25.0 and $(5.6)(56.2)90.7(63.1)Net gain (loss) on net investment hedges, net of tax expense (benefit) of $6.3, $27.5 and $(30.6)24.183.8(94.4)Total other comprehensive (loss) income(100.4)(93.6)121.0Comprehensive income (loss)100.0858.4(1,016.5)Less: Comprehensive loss attributable to redeemable non-controlling interest—(0.3)(1.4)Comprehensive income (loss) attributable to PVH Corp.$100.0$858.7$(1,015.1)














































































































































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January 29,2023January 30,2022ASSETSCurrent Assets:Cash and cash equivalents$550.7$1,242.5Trade receivables, net of allowances for credit losses of $42.6 and $61.9923.7745.2Other receivables21.520.1Inventories, net1,802.61,348.5Prepaid expenses209.2169.0Other72.7128.4Total Current Assets3,580.43,653.7Property, Plant and Equipment, net904.0906.1Operating Lease Right-of-Use Assets1,295.71,349.0Goodwill2,359.02,828.9Tradenames2,701.12,722.9Other Intangibles, net548.8584.1Other Assets, including deferred taxes of $33.8 and $46.1379.3352.1Total Assets$11,768.3$12,396.8LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent Liabilities:Accounts payable$1,327.4$1,220.8Accrued expenses874.01,100.8Deferred revenue54.344.9Current portion of operating lease liabilities353.7375.4Short-term borrowings46.210.8Current portion of long-term debt111.934.8Total Current Liabilities2,767.52,787.5Long-Term Portion of Operating Lease Liabilities1,140.01,214.4Long-Term Debt2,177.02,317.6Other Liabilities, including deferred taxes of $357.5 and $373.9671.1788.5Stockholders’ 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; 87,641,611 and 87,107,155 shares issued87.687.1Additional paid-in capital – common stock3,244.53,198.4Retained earnings4,753.14,562.8Accumulated other comprehensive loss(713.1)(612.7)Less: 24,932,374 and 18,572,482 shares of common stock held in treasury, at cost(2,359.4)(1,946.8)Total Stockholders’ Equity5,012.75,288.8Total Liabilities and Stockholders’ Equity$11,768.3$12,396.8






















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202220212020OPERATING ACTIVITIES(1)Net income (loss)$200.4$952.0$(1,137.5)Adjustments to reconcile to net cash provided by operating activities:Depreciation and amortization301.5313.3325.8Equity in net (income) loss of unconsolidated affiliates(50.4)(23.7)4.6Deferred taxes(2)9.8(64.9)(144.7)Stock-based compensation expense46.646.850.5Impairment of goodwill and other intangible assets417.1—933.5Impairment of other long-lived assets51.747.081.9Actuarial gain on retirement and benefit plans(78.4)(48.7)(64.5)Other (gain) loss, net—(118.9)3.1Changes in operating assets and liabilities:Trade receivables, net(188.5)(138.1)138.4Other receivables(1.3)4.11.2Inventories, net(466.9)(33.9)283.3Accounts payable, accrued expenses and deferred revenue(62.6)260.7140.9Prepaid expenses(41.9)(20.7)7.9Other, net(97.9)(103.8)73.3Net cash provided by operating activities39.21,071.2697.7INVESTING ACTIVITIES(3)Purchases of property, plant and equipment(290.1)(267.9)(226.6)Investments in unconsolidated affiliates——(1.6)Proceeds from sale of the Speedo North America business——169.1Proceeds from sale of certain Heritage Brands trademarks and other assets—222.9—Proceeds from sale of Karl Lagerfeld investment19.1——Purchases of investments held in rabbi trust(8.6)——Proceeds from investments held in rabbi trust1.4——Net cash used by investing activities(278.2)(45.0)(59.1)FINANCING ACTIVITIES(1)(3)Net proceeds from (payments on) short-term borrowings36.610.5(53.6)Proceeds from 4 5/8% senior notes, net of related fees——493.8Proceeds from 3 5/8% senior notes, net of related fees——185.9Proceeds from 2022 facilities, net of related fees456.4——Repayment of 2019 facilities(487.8)(1,051.3)(14.4)Net proceeds from settlement of awards under stock plans—26.73.9Cash dividends(10.1)(2.7)(2.7)Acquisition of treasury shares(418.6)(361.3)(117.3)Payments of finance lease liabilities(4.7)(5.2)(5.5)Payment of mandatorily redeemable non-controlling interest liability attributable to initial fair value—(15.2)(12.7)Net cash (used) provided by financing activities(428.2)(1,398.5)477.4Effect of exchange rate changes on cash and cash equivalents(24.6)(36.6)32.0(Decrease) increase in cash and cash equivalents(691.8)(408.9)1,148.0Cash and cash equivalents at beginning of year1,242.51,651.4503.4Cash and cash equivalents at end of year$550.7$1,242.5$1,651.4





Please see Note 16 for lease related cash flow information.


Please see Note 9 for information on deferred taxes.


Please see Note 19 for information on noncash investing and financing transactions.










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Stockholders’ EquityCommon StockAdditionalPaid-InCapital-CommonStockAccumulatedOtherComprehensive LossTotal Stockholders’ EquityRedeemable Non-Controlling InterestPreferredStockShares$1 parValueRetainedEarningsTreasuryStockFebruary 2, 2020$(2.0)$—85,890,276$85.9$3,075.4$4,753.0$(640.1)$(1,462.7)$5,811.5Net loss attributable to PVH Corp.(1,136.1)(1,136.1)Foreign currency translation adjustments278.5278.5Net unrealized and realized loss related to effective cash flow hedges, net of tax benefit of $5.6(63.1)(63.1)Net loss on net investment hedges, net of tax benefit of $30.6(94.4)(94.4)Comprehensive loss attributable to PVH Corp.(1,015.1)Cumulative-effect adjustment related to the adoption of accounting guidance for credit losses(1.0)(1.0)Settlement of awards under stock plans402,8820.43.53.9Stock-based compensation expense50.550.5Dividends declared ($0.0375 per common share)(2.7)(2.7)Acquisition of 1,536,550 treasury shares(116.8)(116.8)Net loss attributable to redeemable non-controlling interest(1.4)January 31, 2021(3.4)—86,293,15886.33,129.43,613.2(519.1)(1,579.5)4,730.3Net income attributable to PVH Corp.952.3952.3Foreign currency translation adjustments(268.1)(268.1)Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $25.090.790.7Net gain on net investment hedges, net of tax expense of $27.583.883.8Comprehensive income attributable to PVH Corp.858.7Settlement of awards under stock plans813,9970.825.926.7Stock-based compensation expense46.846.8Dividends declared ($0.0375 per common share)(2.7)(2.7)Acquisition of 3,438,819 treasury shares(367.3)(367.3)Net loss attributable to redeemable non-controlling interest(0.3)Change in the economic interests of redeemable non-controlling interest3.7(3.7)(3.7)January 30, 2022——87,107,15587.13,198.44,562.8(612.7)(1,946.8)5,288.8Net income attributable to PVH Corp.200.4200.4Foreign currency translation adjustments(68.3)(68.3)Net unrealized and realized loss related to effective cash flow hedges, net of tax benefit of $19.7(56.2)(56.2)Net gain on net investment hedges, net of tax expense of $6.324.124.1Comprehensive income attributable to PVH Corp.100.0Settlement of awards under stock plans534,4560.5(0.5)—Stock-based compensation expense46.646.6Dividends declared ($0.15 per common share)(10.1)(10.1)Acquisition of 6,359,892 treasury shares(412.6)(412.6)January 29, 2023$—$—87,641,611$87.6$3,244.5$4,753.1$(713.1)$(2,359.4)$5,012.7














































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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

















Principles of Consolidation
 — The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and 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 Statements of Operations include its proportionate share of the net income or loss of these entities. Please see Note 5, “Investments in Unconsolidated Affiliates,” for further discussion. The Company and Arvind Limited (“Arvind”) formed a joint venture in Ethiopia (“PVH Ethiopia”), in which the Company held an initial economic interest of 75%, with Arvind’s 25% interest accounted for as a redeemable non-controlling interest (“RNCI”). The Company consolidated the results of PVH Ethiopia in its consolidated financial statements. The Company closed in the fourth quarter of 2021 the manufacturing facility that was PVH Ethiopia’s sole operation. The closure did not have a material impact on the Company’s consolidated financial statements. Please see Note 6, “Redeemable Non-Controlling Interest,” for further discussion.





Fiscal Year
 — The Company uses a 52-53 week fiscal year ending on the Sunday closest to February 1. References to a year are to the Company’s fiscal year, unless the context requires otherwise. Results for 2022, 2021 and 2020 represent the 52 weeks ended January 29, 2023, January 30, 2022 and January 31, 2021, respectively.





2





43.6











---

















































1.021 879.0 54.5 74.7 12.3





Use of Estimates— The preparation of the consolidated financial statements in conformity with U.S. GAAP 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 the estimates due to risks and uncertainties, including the impacts of inflationary pressures globally and the war in Ukraine and its broader macroeconomic implications, on the Company’s business.





Cash and Cash Equivalents— The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash equivalents also includes amounts due from third party credit card processors for the settlement of customer debit and credit card transactions that are collectible in one week or less. The Company’s cash and cash equivalents at January 29, 2023 consisted principally of bank deposits and investments in money market funds.








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Accounts Receivable— Trade receivables, as presented in the Company’s Consolidated Balance Sheets, are net of allowances. Costs associated with allowable customer markdowns and operational chargebacks, net of the expected recoveries, are part of the provision for allowances included in accounts receivable. These provisions result from seasonal negotiations, historical experience, and an evaluation of current market conditions.





The Company records an allowance for credit losses as a reduction to its trade receivables for amounts that the Company does not expect to recover. An allowance for credit losses is determined through an analysis of the aging of accounts receivable and assessments of collectability based on historical trends, the financial condition of the Company’s customers and licensees, including any known or anticipated bankruptcies, and an evaluation of current economic conditions as well as the Company’s expectations of conditions in the future. The Company writes off uncollectible trade receivables once collection efforts have been exhausted and third parties confirm the balance is not recoverable. As of January 29, 2023 and January 30, 2022, the allowance for credit losses on trade receivables was $42.6 million and $61.9 million, respectively.

















417.1





879.0

















47.2
 7.3





---




impairments in the Company’s Consolidated Statement of Operations. The Company did not record any intangible asset impairments in 2022 or 2021. Please see Note 7, “Goodwill and Other Intangible Assets,” for further discussion.





Asset Impairments— The Company reviews for impairment of long-lived assets (excluding goodwill and other indefinite-lived intangible assets) when events and circumstances indicate that the assets might be impaired. The Company records an impairment loss when the carrying amount of the asset is not recoverable and exceeds its fair value. Please see Note 11, “Fair Value Measurements,” for further discussion.





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 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 and forecasts, 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.





Property, Plant and Equipment— Property, plant and equipment is stated at cost less accumulated depreciation. Depreciation is generally provided over the estimated useful lives of the related assets on a straight-line basis. The range of useful lives is principally as follows: Buildings and building improvements — 15 to 40 years; machinery, software and equipment — 2 to 10 years; furniture and fixtures — 2 to 10 years; and fixtures located in shop-in-shop/concession locations and their related costs — 3 to 4 years. Leasehold improvements are depreciated using the straight-line method over the lesser of the term of the related lease or the estimated useful life of the asset. Major additions and improvements that extend the useful life of the asset are capitalized, and repairs and maintenance are charged to operations in the period incurred. Depreciation expense totaled $255.4 million, $266.6 million and $280.8 million in 2022, 2021 and 2020, respectively.





Cloud Computing Arrangements
 — The Company incurs costs to implement cloud computing arrangements that are hosted by a third party vendor. Implementation costs incurred during the application development stage of a project are capitalized and amortized over the term of the hosting arrangement on a straight-line basis. The Company capitalized $30.1 million and $18.0 million of costs incurred in 2022 and 2021, respectively, to implement cloud computing arrangements, primarily related to digital and consumer data platforms. Amortization expense relating to cloud computing arrangements totaled $10.6 million, $6.2 million and $4.4 million in 2022, 2021 and 2020, respectively. Cloud computing costs of $51.5 million and $32.7 million were included in prepaid expenses and other assets in the Company’s Consolidated Balance Sheets as of January 29, 2023 and January 30, 2022, respectively.





1,500 35    20




















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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 after February 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 Company’s Consolidated Balance Sheets. The Company’s lease agreements do not contain any material residual value guarantees or material restrictions or covenants. Please see Note 16, “Leases,” for further discussion.





Revenue Recognition— 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. Please see Note 2, “Revenue,” for further discussion.





Cost of Goods Sold and Selling, General and Administrative Expenses
 — Costs associated with the production and procurement of product are included in cost of goods sold, including inbound freight costs, purchasing and receiving costs, inspection costs and other product procurement related charges, as well as the amounts recognized on foreign currency forward exchange contracts as the underlying inventory hedged by such forward exchange contracts is sold. Generally, all other expenses, excluding non-service related pension and post retirement (income) costs, interest expense (income) and income taxes, are included in selling, general and administrative (“SG&A”) expenses, including warehousing and distribution expenses, as the predominant expenses associated therewith are general and administrative in nature, including rent, utilities, payroll and depreciation and amortization. Warehousing and distribution expenses, which are subject to exchange rate fluctuations, totaled $357.9 million, $332.4 million and $288.9 million in 2022, 2021 and 2020, respectively.





Shipping and Handling Fees
 — Shipping and handling fees that are billed to customers are included in net sales. Shipping and handling costs incurred by the Company are accounted for as fulfillment activities and are recorded in SG&A expenses.





Advertising
 — Advertising costs are expensed as incurred and are included in SG&A expenses. Advertising expenses, which are subject to exchange rate fluctuations, totaled $492.1 million, $535.8 million and $379.0 million in 2022, 2021 and 2020, respectively. Prepaid advertising expenses recorded in prepaid expenses and other assets totaled $2.0 million and $5.2 million at January 29, 2023 and January 30, 2022, respectively. Costs associated with cooperative advertising programs, under which the Company shares the cost of a customer’s advertising expenditures, are treated as a reduction of revenue.





Sales Taxes— The Company accounts for sales taxes and other related taxes on a net basis, excluding such taxes from revenue.











50 50











FinancialInstruments— The 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





---




























The Company does not use derivative or non-derivative financial instruments for trading or speculative purposes. 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. Please see Note 10, “Derivative Financial Instruments,” for further discussion.





13.1 20.4 5.6











Balance Sheet Classification of Early Settlements of Long-Term Obligations— The Company classifies obligations settled after the balance sheet date but prior to the issuance of the consolidated financial statements based on the contractual payment terms of the underlying agreements.





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Pension and Benefit Plans— Employee pension benefits earned during the year, as well as interest on the projected benefit obligations or accumulated benefit obligations, are accrued quarterly. The expected return on plan assets is recognized quarterly and determined at the beginning of the year by applying the expected long-term rate of return on assets to the actual fair value of plan assets adjusted for expected benefit payments, contributions and plan expenses. Actuarial gains and losses are recognized in the Company’s operating results in the year in which they occur. These gains and losses include the difference between the actual return on plan assets and the expected return that was recognized quarterly, as well as the change in the projected benefit obligation caused by actual experience and updated actuarial assumptions differing from those assumptions used to record service and interest cost throughout the year. Actuarial gains and losses are measured at least annually at the end of the Company’s fiscal year and, as such, are generally recorded during the fourth quarter of each year. The service cost component of net benefit cost is recorded in SG&A expenses and the other components of net benefit cost, which typically include interest cost, actuarial (gain) loss and expected return on plan assets, are recorded in non-service related pension and postretirement (income) cost in the Company’s Consolidated Statements of Operations. Please see Note 12, “Retirement and Benefit Plans,” for further discussion of the Company’s pension and benefit plans.





Stock-Based Compensation—The Company recognizes all share-based payments to employees and non-employee directors, net of actual forfeitures, as compensation expense in the consolidated financial statements based on their grant date fair values. Please see Note 13, “Stock-Based Compensation,” for further discussion.





Recently Adopted Accounting Guidance
 — The Financial Accounting Standards Board (“FASB”) issued in November 2021 an update to accounting guidance requiring disclosures that increase the transparency of transactions with a government accounted for by applying a grant or contribution accounting model by analogy, including (i) the types of transactions, (ii) the accounting for those transactions, and (iii) the effect of those transactions on an entity’s financial statements. The Company adopted the update in the first quarter of 2022 using the prospective approach. The adoption of the update did not have any impact on the Company’s consolidated financial statements footnote disclosures as the amount of government assistance recorded in the Company’s consolidated financial statements as of and for the year ended January 29, 2023 was immaterial.



















REVENUE





The Company generates revenue primarily from sales of finished products under its owned trademarks through its wholesale and retail operations. The Company also generates royalty and advertising revenue from licensing 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.








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Payment typically is due within 30 to 90 days.

































































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998.5 301.4 258.6 438.5














(In millions)20222021Deferred revenue balance at beginning of period$44.9$55.8Net additions to deferred revenue during the period49.842.2Reductions in deferred revenue for revenue recognized during the period(1)(40.4)(51.5)Reduction in deferred revenue related to the Heritage Brands transaction—(1.6)(2)Deferred revenue balance at end of period$54.3$44.9





Represents the amount of revenue recognized during the period that was included in the deferred revenue balance at the beginning of the period and does not contemplate revenue recognized from amounts deferred during the period.





The Company recorded a $1.6 million reduction in deferred revenue in connection with the Heritage Brands transaction. Please see Note 3, “Acquisitions and Divestitures,” for further discussion.





12.1 15.0






















ACQUISITIONS AND DIVESTITURES











78











6 100 6 50 one year after the closing two years after the closing





26.2 6





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4.9





17.3 24.4 12.7 15.2 4.6 9.2











97.8 222.9





216.3 118.5





1.8 1.4











170.0 142.0





169.1
  5.9





Upon the closing of the Speedo transaction, employees based in the United States who were engaged primarily in the Speedo North America business terminated their employment with the Company. However, the Company retained the liability for any deferred vested benefits earned by these employees under its retirement plans. No further benefits were to be accrued under the plans and as a result, the Company recognized a gain of $2.8 million in the first quarter of 2020 with a corresponding decrease to its pension benefit obligation. The gain was included in other (gain) loss, net in the Company’s Consolidated Statement of Operations. Please see Note 12, “Retirement and Benefit Plans,” for further discussion.










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PROPERTY, PLANT AND EQUIPMENT








(In millions)20222021Land$1.0$1.0Buildings and building improvements30.730.6Machinery, software and equipment1,093.5981.9Furniture and fixtures588.3549.0Shop-in-shops/concession locations234.0227.2Leasehold improvements768.2765.1Construction in progress88.397.3Property, plant and equipment, gross2,804.02,652.1Less: Accumulated depreciation(1,900.0)(1,746.0)Property, plant and equipment, net$904.0$906.1













INVESTMENTS IN UNCONSOLIDATED AFFILIATES





190.2 165.3








50
    50











49





6.4 2.0








---




1.6











41











49





9.8 16.8








8





20.5 19.1 1.4 1.0





16.1 3.4





The Company had previously determined during the first quarter of 2020 that the then-recent and projected business results for Karl Lagerfeld, which included an adverse impact of the COVID-19 pandemic, was an indicator of an other-than-temporary impairment with respect to the Company’s investment in Karl Lagerfeld. The Company calculated the fair value of its investment using future operating cash flow projections that were discounted at a rate of 10.9%, which accounted 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. The Company determined the fair value of its investment was lower than its carrying amount as of May 3, 2020, and as a result recorded a noncash other-than-temporary impairment of $12.3 million during the first quarter of 2020 to fully impair the investment. The impairment was included in equity in net income (loss) of unconsolidated affiliates in the Company’s Consolidated Statement of Operations. The Company recorded the impairment charge in corporate expenses not allocated to any reportable segments, consistent with how it had historically recorded its proportionate share of the net income or loss of its investment in Karl Lagerfeld.










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REDEEMABLE NON-CONTROLLING INTEREST





75 25 25





3.7







GOODWILL AND OTHER INTANGIBLE ASSETS








(In millions)Calvin Klein North AmericaCalvin Klein InternationalTommy Hilfiger North AmericaTommy Hilfiger InternationalHeritage Brands WholesaleHeritage Brands RetailTotalBalance as of January 31, 2021Goodwill, gross$781.8$902.8$203.0$1,748.0$197.7$11.9$3,845.2Accumulated impairment losses(287.3)(394.0)——(197.7)(11.9)(890.9)Goodwill, net494.5508.8203.01,748.0——2,954.3Reduction of goodwill, gross related to the exit from the Heritage Brands Retail business—————(11.9)(11.9)Reduction of accumulated impairment losses related to the exit from the Heritage Brands Retail business—————11.911.9Reduction of goodwill, gross related to the Heritage Brands transaction————(92.7)—(92.7)Reduction of accumulated impairment losses related to the Heritage Brands transaction————92.7—92.7Currency translation—(11.3)—(114.1)——(125.4)Balance as of January 30, 2022Goodwill, gross781.8891.5203.01,633.9105.0—3,615.2Accumulated impairment losses(287.3)(394.0)——(105.0)—(786.3)Goodwill, net494.5497.5203.01,633.9——2,828.9Impairment(162.6)(77.3)(177.2)———(417.1)Currency translation—(6.5)—(46.3)——(52.8)Balance as of January 29, 2023Goodwill, gross781.8885.0203.01,587.6105.0—3,562.4Accumulated impairment losses(449.9)(471.3)(177.2)—(105.0)—(1,203.4)Goodwill, net$331.9$413.7$25.8$1,587.6$—$—$2,359.0








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417.1





11.9 11.9





The Company recorded a $92.7 million reduction to goodwill, gross and a corresponding $92.7 million reduction to accumulated impairment losses during 2021 in connection with the Heritage Brands transaction. The Company had recorded the accumulated impairment losses as a result of the interim goodwill impairment test performed in the first quarter of 2020 discussed below in the section“Goodwill and Other Intangible Assets Impairment Testing.” Please see Note 3, “Acquisitions and Divestitures,” for further discussion of the Heritage Brands transaction.








20222021(In millions)GrossCarryingAmountAccumulatedAmortizationNetGrossCarryingAmountAccumulatedAmortizationNetIntangible assets subject to amortization:Customer relationships$281.0$(248.3)$32.7$286.0$(232.3)$53.7Reacquired license rights494.3(199.3)295.0506.1(193.1)313.0Total intangible assets subject to amortization775.3(447.6)327.7792.1(425.4)366.7Indefinite-lived intangible assets:Tradenames2,701.1—2,701.12,722.9—2,722.9Reacquired perpetual license rights221.1—221.1217.4—217.4Total indefinite-lived intangible assets2,922.2—2,922.22,940.3—2,940.3Total other intangible assets$3,697.5$(447.6)$3,249.9$3,732.4$(425.4)$3,307.0











32.1 34.2











(In millions)Fiscal YearAmount2023$23.6202423.3202517.5202614.6202714.3








---


































417.1 162.6 77.3 177.2





41.0 8 6





464.4 9 330.4 43 34





4 16.0 16.5





---



































































---










879.0 197.7 287.3 394.0





162.3 143.4 346.9





2,948.5 5 1,557.5





10.0 10.5 11.0

















183





---










95.8 4 7 7





16.0 19.0



































---





































85





47.2 35.6
  78.9 43.3 11.6
  17.0 5.4 47.2











10.0 10.0





---
















7.3
 zero 4.7 2.6













DEBT











no no





198.8 46.2 10.8 2.31 0.17 49.4











no 130.0





1,150.0 1,150.0








---










275.0 275.0 0.8 2.0 no

















(In millions)20222021Senior unsecured Term Loan A facility due 2027(1)(2)$476.6$—Senior unsecured Term Loan A facility due 2024(2)—513.57 3/4% debentures due 202399.999.83 5/8% senior unsecured euro notes due 2024(2)568.1580.84 5/8% senior unsecured notes due 2025497.0495.73 1/8% senior unsecured euro notes due 2027(2)647.3662.6Total2,288.92,352.4Less: Current portion of long-term debt111.934.8Long-term debt$2,177.0$2,317.6





The outstanding principal balance for the euro-denominated Term Loan A facility was €440.6 million as of January 29, 2023.





(2)
 The carrying amount of the euro-denominated Term Loan A facilities and the senior unsecured euro notes includes the impact of changes in the exchange rate of the United States dollar against the euro.

















(In millions)Fiscal YearAmount(1)2023$112.02024582.42025512.0202612.020271,082.8





A portion of the Company’s mandatory long-term debt repayments is denominated in euros and subject to changes in the exchange rate of the United States dollar against the euro.











80








---
















440.6 1,150.0 50.0 70.0
  50.0 8.9 1.4 7.5 1.3





1,500.0





476.6 no





2.50





no 487.8 22.5 465.3 1,051.3
    14.4























1.250 0.125 1.125





---




























500.0 675.0 70.0 200.0 50.0 1,093.2 1,029.6








(In millions)Designation DateCommencement DateInitial Notional AmountNotional Amount Outstanding as of January 29, 2023Fixed RateExpiration DateMarch 2020February 2021$50.0$—(1)0.562%February 2023February 2020February 202150.0—(1)1.1625%February 2023February 2020February 202050.0—(1)1.2575%February 2023August 2019February 202050.0—(1)1.1975%February 2022June 2019February 202050.0—(1)1.409%February 2022June 2019June 201950.0—1.719%July 2021January 2019February 202050.0—2.4187%February 2021November 2018February 2019139.2—2.8645%February 2021October 2018February 2019115.7—2.9975%February 2021June 2018August 201850.0—2.6825%February 2021





The Company terminated in 2021 the interest rate swap agreements due to expire in February 2022 and February 2023 in connection with the early repayment ofthe outstanding principal balance under its USD TLAfacility.











---




400.0 0.25











100.0

















525.0 175.0 2.8 3.0 175.0

















500.0 6.2

















600.0














---













74.2





82.1 96.8 111.2







INCOME TAXES








(In millions)202220212020Domestic$(404.9)$(120.3)$(1,248.7)Foreign793.11,093.055.7Total$388.2$972.7$(1,193.0)





The income before income taxes in 2022 includes a $417.1 million noncash goodwill impairment recorded in conjunction with the Company’s annual goodwill impairment testing. The (loss) before income taxes in 2020 was due to the significant adverse impacts of the COVID-19 pandemic on the Company’s business, including $1,027.7 million of noncash impairment charges.





254.5 155.4 130.7








(In millions)202220212020Federal:Current$(6.9)$(87.7)$(22.2)Deferred(5.1)(51.4)(1)(103.5)State and local:Current(6.2)19.63.1Deferred0.8(21.7)(19.0)Foreign:Current191.1153.7108.3Deferred14.18.2(2)(22.2)(3)Total$187.8$20.7$(55.5)





Includes a $106.3 million benefit related to a tax accounting method change made in conjunction with the Company’s 2020 U.S. federal income tax return that provides additional tax benefits to the foreign components of the federal income tax provision.





Includes a $32.3 million benefit related to the remeasurement of certain net deferred tax assets in connection with the expiration of the special tax rates at the end of 2021.





Includes a $33.1 million expense related to the remeasurement of certain net deferred tax liabilities in connection with the enactment of legislation in the Netherlands known as the “2021 Dutch Tax Plan,” which became effective on January 1, 2021.








---







202220212020Statutory federal income tax rate21.0%21.0%21.0%State and local income taxes, net of federal income tax benefit1.1%(0.1)%1.7%Effects of international jurisdictions, including foreign tax credits1.6%(8.0)%(2.2)%Change in estimates for uncertain tax positions(2.2)%(9.7)%2.1%Change in valuation allowance1.2%0.7%0.9%Tax accounting method change—%(10.9)%—%Tax on foreign earnings (GILTI and FDII)1.2%7.6%(5.9)%Goodwill impairment22.3%—%(13.3)%Excess tax expense (benefits) related to stock-based compensation0.5%—%(0.4)%Other, net1.7%1.5%0.8%Effective income tax rate48.4%2.1%4.7%





40





15 1














---







(In millions)20222021Gross deferred tax assetsTax loss and credit carryforwards$143.6$131.7Operating lease liabilities378.9401.5Employee compensation and benefits59.9111.8Inventories44.642.6Accounts receivable12.924.2Accrued expenses15.418.2Property, plant and equipment242.3208.4Other, net17.2—Subtotal914.8938.4Valuation allowances(72.9)(69.3)Total gross deferred tax assets, net of valuation allowances$841.9$869.1Gross deferred tax liabilitiesIntangibles$(807.1)$(828.8)Operating lease right-of-use assets(340.0)(352.8)Derivative financial instruments(18.5)(11.1)Other, net—(4.2)Total gross deferred tax liabilities$(1,165.6)$(1,196.9)Net deferred tax liability$(323.7)$(327.8)





173.0














(In millions)202220212020Balance at beginning of year$127.8$210.7$219.9Increases related to prior year tax positions12.42.65.4Decreases related to prior year tax positions(12.3)(0.2)(2.9)Increases related to current year tax positions2.715.510.9Lapses in statute of limitations(12.0)(93.3)(30.7)Effects of foreign currency translation(3.9)(7.5)8.1Balance at end of year$114.7$127.8$210.7











0.9 7.4 2.3 20.1 19.9








---




The Company files income tax returns in the United States and in various foreign, state and local jurisdictions. Most examinations have been completed by tax authorities or the statute of limitations has expired for United States federal, foreign, state and local income tax returns filed by the Company for years through 2006. It is reasonably possible that a reduction of uncertain tax positions of up to $45.0 million may occur within the next 12 months.







DERIVATIVE FINANCIAL INSTRUMENTS

















80











1.5











600.0 525.0





1,192.0 1,215.4 1,361.7 1,243.4

















---



















AssetsLiabilities2022202120222021(In millions)Other Current AssetsOther AssetsOther Current AssetsOther AssetsAccrued ExpensesOther LiabilitiesAccrued ExpensesOther LiabilitiesContracts designated as cash flow hedges:Foreign currency forward exchange contracts (inventory purchases)$15.7$0.1$48.0$2.7$20.7$2.2$0.6$—Undesignated contracts:Foreign currency forward exchange contracts——5.6—12.5—1.1—Total$15.7$0.1$53.6$2.7$33.2$2.2$1.7$—





1,492.6








(Loss) GainRecognized in OtherComprehensive (Loss) Income(In millions)202220212020Foreign currency forward exchange contracts (inventory purchases)$(48.3)$109.2$(57.3)Interest rate swap agreements—0.2(9.9)Foreign currency borrowings (net investment hedges)30.4111.3(125.0)Total$(17.9)$220.7$(192.2)








---




Amount of Gain (Loss) Reclassified from AOCL into Income (Expense), Consolidated Statements of Operations Location, and Total Amount of Consolidated Statements of Operations Line ItemAmount ReclassifiedLocationTotal Statements of Operations Amount(In millions)202220212020202220212020Foreign currency forward exchange contracts (inventory purchases)$27.6$(1.8)$12.5Cost of goods sold$3,901.3$3,830.6$3,355.8Interest rate swap agreements—(1.5)—SG&A  expenses(1)4,377.44,453.93,983.2Interest rate swap agreements—(3.0)(11.0)Interest expense89.6108.6125.5Total$27.6$(6.3)$1.5





The Company dedesignated certain cash flow hedges related to its interest rate swap agreements during 2021 as discussed in the section entitled “Cash Flow Hedges” above.





16.6








Gain (Loss) Recognized in SG&A Expenses(In millions)202220212020Foreign currency forward exchange contracts$11.4$14.7$(11.8)



















FAIR VALUE MEASUREMENTS
































---







20222021(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalAssets:Foreign currency forward exchange contractsN/A$15.8N/A$15.8N/A$56.3N/A$56.3Rabbi trust assets1.55.7N/A7.2—0.3N/A0.3Total Assets$1.5$21.5N/A$23.0N/A$56.6N/A$56.6Liabilities:Foreign currency forward exchange contractsN/A$35.4N/A$35.4N/A$1.7N/A$1.7Total LiabilitiesN/A$35.4N/A$35.4N/A$1.7N/A$1.7











7.2 0.3 0.7 6.5 0.3




















---







(In millions)Fair Value Measurement UsingFair ValueAs OfImpairment DateTotal Impairments2022Level 1Level 2Level 3Operating lease right-of-use assetsN/AN/A$3.0$3.0$27.4Property, plant and equipment, netN/AN/A0.30.324.3GoodwillN/AN/A41.041.0417.12021Operating lease right-of-use assetsN/AN/A14.314.321.2Property, plant and equipment, netN/AN/A0.60.625.82020Operating lease right-of-use assetsN/AN/A110.5110.528.2Property, plant and equipment, netN/AN/A2.72.753.7GoodwillN/AN/A652.6652.6879.0TradenamesN/AN/A48.748.747.2Other intangible assets, netN/AN/A——7.3Investments in unconsolidated affiliatesN/AN/A——12.3





30.4 24.6 3.0 0.3





458.1 41.0





468.8 417.1 51.7 468.8 177.8 163.8 89.5 35.7 2.0





35.5 26.4 14.3 0.6








---




47.0 7.2 2.8 1.5 1.4 0.4 33.7





17.1 1.1





138.7 32.1 110.5 1.6





7.2 zero





1,531.6 652.6





95.9 48.7





7.3 zero





12.3 zero





The $1,027.7 million of impairment charges during 2020 were recorded in the Company’s Consolidated Statement of Operations, of which $933.5 million was included in goodwill and other intangible asset impairments, $81.9 million was included in SG&A expenses, and $12.3 million was included in equity in net income (loss) of unconsolidated affiliates. The $1,027.7 million of impairment charges were recorded to the Company’s segments as follows: $414.7 million in the Calvin Klein International segment, $304.1 million in the Calvin Klein North America segment, $249.6 million in the Heritage Brands Wholesale segment, $30.0 million in the Tommy Hilfiger International segment, $11.0 million in the Heritage Brands Retail segment, $6.0 million in the Tommy Hilfiger North America segment and $12.3 million was recorded in corporate expenses not allocated to any reportable segments.








---







20222021(In millions)CarryingAmountFairValueCarryingAmountFairValueCash and cash equivalents$550.7$550.7$1,242.5$1,242.5Short-term borrowings46.246.210.810.8Long-term debt (including portion classified as current)2,288.92,262.32,352.42,522.4





The 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 year. 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.







RETIREMENT AND BENEFIT PLANS





two five years two





three








ten years 65








three














---







Pension PlansSERP PlansPostretirement Plans(In millions)202220212022202120222021Balance at beginning of year$785.2$840.5$93.3$121.7$5.6$6.3Service cost, net of plan expenses29.338.12.54.7——Interest cost25.324.82.83.30.10.1Benefit payments(72.4)(48.7)(35.6)(24.5)——Benefit payments, net of retiree contributions————(0.6)(0.7)Special termination benefits—0.5—1.8——Heritage Brands transaction gain—(1.5)—(0.3)——Actuarial gain(194.2)(68.5)(6.7)(13.4)(1.1)(0.1)Balance at end of year$573.2$785.2$56.3$93.3$4.0$5.6























1.8 1.4





The Company provided enhanced retirement benefits to terminated employees in 2021 and as a result recognized $0.9 million of special termination benefit costs with a corresponding increase to its pension benefit obligation.








(In millions)20222021Fair value of plan assets at beginning of year$726.3$765.8Actual return, net of plan expenses(83.9)9.2Benefit payments(72.4)(48.7)Company contributions0.2—Fair value of plan assets at end of year$570.2$726.3Funded status at end of year$(3.0)$(58.9)








---







Pension PlansSERP PlansPostretirement Plans(In millions)202220212022202120222021Current liabilities$—$—$(7.3)$(35.6)$(0.6)$(0.7)Non-current liabilities(3.0)(58.9)(49.0)(57.7)(3.4)(4.9)Net amount recognized$(3.0)$(58.9)$(56.3)$(93.3)$(4.0)$(5.6)











Pension PlansSERP PlansPostretirement Plans(In millions)202220212020202220212020202220212020Service cost$31.3$40.1$45.0$2.5$4.7$5.7$—$—$—Interest cost25.324.825.52.83.33.50.10.10.2Actuarial gain(70.6)(35.2)(60.0)(6.7)(13.4)(3.7)(1.1)(0.1)(0.8)Expected return on plan assets(41.7)(44.5)(43.6)——————Special termination benefits—0.51.1—1.81.9———Heritage Brands transaction gain—(1.5)——(0.3)————Speedo deconsolidation gain——(2.2)——(0.6)———Total$(55.7)$(15.8)$(34.2)$(1.4)$(3.9)$6.8$(1.0)$—$(0.6)











450 12 3.0





2.8











---







Amortization of prior service cost recognized in other comprehensive (loss) income for Pension Plans was immaterial during 2022, 2021 and 2020.





Pre-tax amounts in AOCL that had not yet been recognized as components of net benefit cost in the Pension Plans were immaterial as of January 29, 2023 and January 30, 2022.








Pension PlansSERP Plans(In millions)2022202120222021Accumulated benefit obligation$547.0$746.4$52.7$85.3








(In millions, except plan count)20222021Number of plans with projected benefit obligations in excess of plan assets22Aggregate projected benefit obligation$573.2$785.2Aggregate fair value of related plan assets$570.2$726.3Number of plans with accumulated benefit obligations in excess of plan assets12Aggregate accumulated benefit obligation$2.6$746.4Aggregate fair value of related plan assets$2.5$726.3














202220212020Discount rate (applies to Pension Plans and SERP Plans)5.19%3.31%3.04%Discount rate (applies to Postretirement Plans)4.98%2.89%2.29%Rate of increase in compensation levels (applies to Pension Plans)4.00%4.00%4.25%Expected long-term rate of return on assets (applies to Pension Plans)6.25%6.00%6.00%











40 20 40








---







(In millions)Fair Value Measurements as ofJanuary 29, 2023(1)Asset CategoryTotalQuoted PricesIn ActiveMarkets forIdentical Assets(Level 1)ObservableInputs(Level 2)UnobservableInputs(Level 3)Equity securities:United States equities(2)$150.5$150.5$—$—International equities(2)12.812.8——United States equity fund(3)63.4—63.4—International equity funds(4)119.465.354.1—Fixed income securities:Government securities(5)62.0—62.0—Corporate securities(5)147.4—147.4—Short-term investment funds(6)15.5—15.5—Subtotal$571.0$228.6$342.4$—Other assets and liabilities(7)(0.8)Total$570.2





(In millions)Fair Value Measurements as ofJanuary 30, 2022(1)Asset CategoryTotalQuoted PricesIn ActiveMarkets forIdentical Assets(Level 1)ObservableInputs(Level 2)UnobservableInputs(Level 3)Equity securities:United States equities(2)$186.8$186.8$—$—International equities(2)19.819.8——United States equity fund(3)73.3—73.3—International equity funds(4)155.173.681.5—Fixed income securities:Government securities(5)62.5—62.5—Corporate securities(5)192.2—192.2—Short-term investment funds(6)35.0—35.0—Subtotal$724.7$280.2$444.5$—Other assets and liabilities(7)1.6Total$726.3





The Company uses third party pricing services to determine the fair values of the financial instruments held by the pension plans. The Company obtains an understanding of the pricing services valuation methodologies and related inputs and validates a sample of prices by reviewing prices from other sources. The Company has not adjusted any prices received from the third party pricing services.


Valued at the closing price or unadjusted quoted price in the active market in which the individual securities are traded.


Valued at the net asset value of the fund, as determined by a pricing vendor or the fund family. The Company has the ability to redeem this investment at net asset value within the near term and therefore classifies this investment





---




within Level 2. This commingled fund invests in United States large cap equities of companies that track the Russell 1000 Index.


Valued at the net asset value of the fund, either as determined by the closing price in the active market in which the individual fund is traded and classified within Level 1, or as determined by a pricing vendor or the fund family and classified within Level 2. This category includes funds that invest in equities of companies outside of the United States.


Valued with bid evaluation pricing where the inputs are based on actual trades in active markets, when available, as well as observable market inputs that include actual and comparable trade data, market benchmarks, broker quotes, trading spreads and/or other applicable data.


Valued at the net asset value of the funds, as determined by a pricing vendor or the fund family. The Company has the ability to redeem these investments at net asset value within the near term and therefore classifies these investments within Level 2. These funds invest in high-grade, short-term, money market instruments.


This category includes other pension assets and liabilities such as pending trades and accrued income.














(In millions)Fiscal YearPension PlansSERP PlansPostretirement Plans2023$43.0$7.3$0.6202445.16.00.5202545.56.70.5202644.85.80.4202745.15.90.42028-2032225.825.41.5





37.7 36.5 34.2





7.2







STOCK-BASED COMPENSATION

















---
















one two 3.2





46.6 46.8 50.5 5.9 6.2 5.9





3.7 7.6 3.0 2.0 5.4











one year after the date of grant 10














202220212020Weighted average risk-free interest rate2.50%1.24%0.48%Weighted average expected stock option term (in years)6.256.256.25Weighted average Company volatility47.34%47.58%45.08%Expected annual dividends per share$0.15$0.15$0.15Weighted average grant date fair value per stock option$34.27$48.28$23.05











---







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.








(In thousands, except years and per stock option data)Stock OptionsWeighted Average ExercisePrice Per Stock OptionWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic ValueOutstanding at January 30, 2022688$103.405.0$4,576Granted13471.51Exercised——Forfeited / Expired12898.80Outstanding at January 29, 2023694$98.084.9$5,027Exercisable at January 29, 2023480$108.423.4$1,569





4.6 4.6 5.8





1.7 7.2 5.0





9.7 0.7





5.4 1.8











one year after the date of grant the earlier of one year after the date of grant or the date of the Annual Meeting of Stockholders following the year of grant








(In thousands, except per RSU data)RSUsWeighted AverageGrant DateFair Value Per RSUNon-vested at January 30, 20221,176$88.09Granted75670.93Vested42792.11Forfeited18085.60Non-vested at January 29, 20231,325$77.33





53.6 61.2 59.2 39.3 50.2 41.2








---




69.3 1.7











50 50





50
    50








202220212020Weighted average risk-free interest rate2.91%0.33%0.19%Weighted average Company volatility64.02%60.69%51.86%Expected annual dividends per share$0.15$0.15$0.15Weighted average grant date fair value per PSU$103.36$159.29$64.89











6.90 8.40 15.94





---




calculated using the Chaffe model. The Company uses the model that is deemed more appropriate after an evaluation of current market conditions.








(In thousands, except per PSU data)PSUsWeighted AverageGrant DateFair Value Per PSUNon-vested at January 30, 2022248$93.15Granted7287.16Reduction due to market conditions not satisfied67118.28Vested——Forfeited996.80Non-vested at January 29, 2023244$84.40





6.3 5.8 8.6





5.6 1.7







STOCKHOLDERS’ EQUITY











3.0 1.0





1.4 110.7





6.2 3.3 1.4 399.4 349.7 110.7 823.5














---










0.0375 2.7 0.0375 2.7 four 0.0375 10.1







ACCUMULATED OTHER COMPREHENSIVE LOSS








(In millions)Foreign currency translation adjustmentsNet unrealized and realized gain (loss) on effective cash flow hedgesTotalBalance at February 2, 2020$(665.7)$25.6$(640.1)Other comprehensive income (loss) before reclassifications184.1(1)(2)(60.4)123.7Less: Amounts reclassified from AOCL—2.72.7Other comprehensive income (loss)184.1(63.1)121.0Balance at January 31, 2021$(481.6)$(37.5)$(519.1)Other comprehensive (loss) income before reclassifications(184.3)(1)(3)88.1(96.2)Less: Amounts reclassified from AOCL—(2.6)(2.6)Other comprehensive (loss) income(184.3)90.7(93.6)Balance at January 30, 2022$(665.9)$53.2$(612.7)Other comprehensive loss before reclassifications(47.6)(1)(3)(36.0)(83.6)Less: Amounts reclassified from AOCL(3.4)(4)20.216.8Other comprehensive loss(44.2)(56.2)(100.4)Balance at January 29, 2023$(710.1)$(3.0)$(713.1)





Foreign currency translation adjustments included a net gain (loss) on net investment hedges of $24.1 million, $83.8 million and $(94.4) million in 2022, 2021 and 2020, respectively.


Favorable foreign currency translation adjustments were principally driven by a weakening of the United States dollar against the euro.


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


(4)
 Foreign currency translation adjustment losses were reclassified from AOCL during the second quarter of 2022 in connection with the Karl Lagerfeld transaction. Please see Note 5, “Investments in Unconsolidated Affiliates,” for further discussion.





---







Amount Reclassified from AOCLAffected Line Item in the Company’s Consolidated Statements of Operations(In millions)202220212020Realized gain (loss) on effective cash flow hedges:Foreign currency forward exchange contracts (inventory purchases)$27.6$(1.8)$12.5Cost of goods soldInterest rate swap agreements—(1.5)—SG&A expenses(1)Interest rate swap agreements—(3.0)(11.0)Interest expenseLess: Tax effect7.4(3.7)(1.2)Income tax expense (benefit)Total, net of tax$20.2$(2.6)$2.7Foreign currency translation adjustments:Karl Lagerfeld transaction$(3.4)(2)$—$—Equity in net income (loss) of unconsolidated affiliatesLess: Tax effect———Income tax expense (benefit)Total, net of tax$(3.4)$—$—





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





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







LEASES








(In millions)Line Item in the Company’s Consolidated Statements of Operations202220212020Finance lease cost:Amortization of right-of-use-assetsSG&A expenses (depreciation and amortization)$4.2$4.9$5.2Interest on lease liabilitiesInterest expense0.20.30.4Total finance lease cost4.45.25.6Operating lease costSG&A expenses401.4451.8477.8Short-term lease costSG&A expenses35.932.128.9Variable lease costSG&A expenses116.2100.571.7Less: sublease incomeSG&A expenses(4.7)(1.5)(1.3)Total net lease cost$553.2$588.1$582.7





4.8 26.9 50.3





---










(In millions)Line Item in the Company’s Consolidated Balance Sheets20222021Right-of-use assets:Operating leaseOperating lease right-of-use assets$1,295.7$1,349.0Finance leaseProperty, plant and equipment, net10.98.1$1,306.6$1,357.1Current lease liabilities:Operating leaseCurrent portion of operating lease liabilities$353.7$375.4Finance leaseAccrued expenses4.54.0$358.2$379.4Other lease liabilities:Operating leaseLong-term portion of operating lease liabilities$1,140.0$1,214.4Finance leaseOther liabilities7.35.2$1,147.3$1,219.6





30.4 3.0
  27.4





35.5 14.3 21.2











(In millions)202220212020Cash paid for amounts included in the measurement of lease liabilities:Operating cash flows from operating leases$450.8$484.0$396.1Operating cash flows from finance leases0.20.30.4Financing cash flows from finance leases4.75.25.5Noncash transactions:Right-of-use assets obtained in exchange for new operating lease liabilities338.6267.3247.3Right-of-use assets obtained in exchange for new finance lease liabilities8.22.64.0





---










20222021Weighted average remaining lease term (years):Operating leases6.136.25Finance leases3.192.51Weighted average discount rate:Operating leases4.10%3.81%Finance leases2.09%1.48%








(In millions)FinanceLeasesOperatingLeasesTotal2023$4.7$405.3$410.020243.7319.0322.720252.6243.9246.520261.1194.4195.52027—161.1161.1Thereafter—382.4382.4Total lease payments$12.1$1,706.1$1,718.2Less: Interest(0.3)(212.4)(212.7)Total lease liabilities$11.8$1,493.7$1,505.5





45.0










---




EXIT ACTIVITY COSTS











10 100





(In millions)Costs Incurred During 2022Severance, termination benefits and other employee costs$20.2





4.7 2.5 4.6 3.5 2.6 2.3











(In millions)Liability at 1/30/22Costs Incurred During 2022Costs Paid During 2022Liability at 1/29/23Severance, termination benefits and other employee costs$—$20.2$7.0$13.2

















(In millions)Costs Incurred During 2022Severance, termination benefits and other employee costs$2.1Long-lived asset impairments43.6Gain on lease terminations, net of contract termination and other costs(1)(2.7)Total$43.0





Gain on lease terminations, net of contract termination and other costs includes a $7.5 million gain related to the early termination of certain store lease agreements in Russia recorded during the fourth quarter of 2022 and $4.8 million of contract termination and other costs recorded during the second quarter of 2022.





31.6 11.4








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Please see Note 11, “Fair Value Measurements,” for further discussion of the long-lived asset impairments recorded during 2022.











(In millions)Liability at 1/30/22Costs Incurred During 2022Costs Paid During 2022Liability at 1/29/23Severance, termination benefits and other employee costs$—$2.1$1.7$0.4Contract termination and other costs—4.84.30.5Total$—$6.9$6.0$0.9











60





(In millions)Costs Incurred During 2021Severance, termination benefits and other employee costs$15.7Long-lived asset impairments28.1Contract termination and other costs3.8Total$47.6





1.7 8.9 2.1 6.4 28.5

















(In millions)Liability at 1/30/22Costs Incurred During 2022Costs PaidDuring 2022Liability at 1/29/23Severance, termination benefits and other employee costs$6.2$—$3.4$2.8

















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(In millions)Costs Incurred During 2020Costs Incurred During 2021Cumulative Costs IncurredSeverance, termination benefits and other employee costs$14.6$10.8$25.4Long-lived asset impairments7.2—7.2Accelerated amortization of lease assets7.25.913.1Contract termination and other costs—4.44.4Total$29.0$21.1$50.1























(In millions)Liability at 1/30/22Costs Incurred During 2022Costs Paid During 2022Liability at 1/29/23Severance, termination benefits and other employee costs$3.5$—$3.5$—Contract termination and other costs2.4—2.4—Total$5.9$—$5.9$—











450 12 39.7





3.0 36.7 12.5 10.9 10.5 5.8





The liabilities related to these costs were substantially paid as of January 30, 2022.










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NET INCOME (LOSS) PER COMMON SHARE








(In millions, except per share data)202220212020Net income (loss) attributable to PVH Corp.$200.4$952.3$(1,136.1)Weighted average common shares outstanding for basic net income (loss) per common share65.770.871.2Weighted average impact of dilutive securities0.51.1—Total shares for diluted net income (loss) per common share66.271.971.2Basic net income (loss) per common share attributable to PVH Corp.$3.05$13.45$(15.96)Diluted net income (loss) per common share attributable to PVH Corp.$3.03$13.25$(15.96)








(In millions)202220212020Weighted average potentially dilutive securities1.40.72.4











0.2







SUPPLEMENTAL CASH FLOW INFORMATION





39.4 45.9 32.1





6.0





1.3







SEGMENT DATA





The Company manages its operations through its operating divisions, which are presented as its reportable 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) through the second quarter of 2021, Heritage Brands Retail. The Company’s Heritage Brands Retail segment has ceased operations.








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Heritage Brands Retail Segment -This segment consisted of the Company’s Heritage Brands Retail division. This segment derived revenue principally from operating retail stores, primarily located in outlet centers throughout the United States and Canada through which the Company marketed a selection ofVan Heusen, IZODandWarner’sapparel, accessories and related products directly to consumers.The Company announced in July 2020 a plan to exit its Heritage Brands Retail business, which was substantially completed in the second quarter of 2021. As a result, the Company’s Heritage Brands Retail segment has ceased operations. Please see Note 17, “Exit Activity Costs,” for further discussion.

















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(In millions)2022(1)(2)2021(1)(2)2020(1)(2)Revenue – Tommy Hilfiger North AmericaNet sales$1,185.0$1,086.0$901.2Royalty revenue86.079.053.7Advertising and other revenue21.719.813.9Total1,292.71,184.8968.8Revenue – Tommy Hilfiger InternationalNet sales3,282.13,446.62,615.6Royalty revenue61.956.840.1Advertising and other revenue20.715.511.9Total3,364.73,518.92,667.6Revenue – Calvin Klein North AmericaNet sales1,205.61,129.5826.8Royalty revenue170.1145.699.8Advertising and other revenue54.746.629.0Total1,430.41,321.7955.6Revenue – Calvin Klein InternationalNet sales2,290.32,283.11,614.6Royalty revenue53.148.352.2Advertising and other revenue9.67.215.9Total2,353.02,338.61,682.7Revenue – Heritage Brands WholesaleNet sales581.9702.9703.1Royalty revenue0.910.412.3Advertising and other revenue0.61.82.5Total583.4715.1717.9Revenue – Heritage Brands RetailNet sales—75.6137.4Royalty revenue——2.3Advertising and other revenue——0.3Total—75.6140.0Total RevenueNet sales8,544.98,723.76,798.7Royalty revenue372.0340.1260.4Advertising and other revenue107.390.973.5Total(3)$9,024.2$9,154.7$7,132.6





Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.





Revenue in 2020 was significantly negatively impacted by the COVID-19 pandemic, including as a result of reduced traffic and consumer spending trends, and temporary store closures for varying periods of time throughout the year. The Company’s wholesale customers and licensing partners also experienced significant business disruptions as a result of the pandemic, resulting in a decrease in the Company’s revenue from these channels. Revenue in 2021 and 2022 continued to be negatively impacted by the pandemic and related supply chain and logistics disruptions, although to a much lesser extent than in 2020.





No single customer accounted for more than 10% of the Company’s revenue in 2022, 2021 or 2020.





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(In millions)2022(1)(2)2021(1)(2)2020(1)(2)Wholesale net sales$4,704.0$4,860.9$3,534.8Owned and operated retail stores3,118.23,087.12,586.5Owned and operated digital commerce sites722.7775.7677.4Retail net sales3,840.93,862.83,263.9Net sales8,544.98,723.76,798.7Royalty revenue372.0340.1260.4Advertising and other revenue107.390.973.5Total$9,024.2$9,154.7$7,132.6


Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.





Revenue in 2020 was significantly negatively impacted by the COVID-19 pandemic, including as a result of reduced traffic and consumer spending trends, and temporary store closures for varying periods of time throughout the year. The Company’s wholesale customers and licensing partners also experienced significant business disruptions as a result of the pandemic, resulting in a decrease in the Company’s revenue from these channels. Revenue in 2021 and 2022 continued to be negatively impacted by the pandemic and related supply chain and logistics disruptions, although to a much lesser extent than in 2020.














(In millions)2022(1)2021(1)2020(1)(2)(Loss) income before interest and taxes – Tommy Hilfiger North America$(175.4)(4)(5)$21.2(8)$(130.5)(11)(12)Income before interest and taxes – Tommy Hilfiger International514.8(5)(6)654.2(8)259.5(12)(Loss) income before interest and taxes – Calvin Klein North America(81.9)(4)(5)78.0(8)(384.5)(11)(12)(13)Income (loss) before interest and taxes – Calvin Klein International252.6(4)(5)(6)377.6(8)(280.0)(12)(13)Income (loss) before interest and taxes – Heritage Brands Wholesale47.4(5)160.9(9)(312.5)(11)(13)Loss before interest and taxes – Heritage Brands Retail—(33.9)(10)(93.4)(10)(12)Loss before interest and taxes – Corporate(3)(86.8)(5)(7)(181.1)(8)(130.3)(11)(14)Income (loss) before interest and taxes$470.7$1,076.9$(1,071.7)





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.


Loss before interest and taxes in 2020 was significantly adversely impacted by the COVID-19 pandemic, including as a result of the unprecedented material decline in revenue noted above. As well, loss before interest and taxes in 2020 was significantly adversely impacted by $1.0 billion of noncash impairment charges related to goodwill, tradenames, and other intangible assets, store assets and an equity method investment resulting from the significant adverse impacts of the COVID-19 pandemic on the Company’s business. Please see notes (12), (13) and (14) below for further discussion.





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Includes corporate expenses not allocated to any reportable segments, the results of PVH Ethiopia (through the closure of the Ethiopia factory in the fourth quarter of 2021) and the Company’s proportionate share of the net income or loss of its investment in Karl Lagerfeld prior to the closing of the Karl Lagerfeld transaction in the second quarter of 2022. Please see Note 5, “Investments in Unconsolidated Affiliates,” for further discussion of the Company’s investment in Karl Lagerfeld and Note 6, “Redeemable Non-Controlling Interest,” for further discussion of PVH Ethiopia. Corporate expenses represent overhead operating expenses and include expenses for senior corporate management, corporate finance, information technology related to corporate infrastructure, certain digital investments, certain corporate responsibility initiatives, certain global strategic initiatives and actuarial gains and losses on the Company’s Pension Plans, SERP Plans and Postretirement Plans. Actuarial gains on the Company’s Pension Plans, SERP Plans and Postretirement Plans totaled $78.4 million, $48.7 million and $64.5 million in 2022, 2021 and 2020, respectively.


(Loss) income before interest and taxes for 2022 included a noncash goodwill impairment charge of $417.1 million. The $417.1 million goodwill impairment charge was included in the Company’s segments as follows: $177.2 million in Tommy Hilfiger North America, $162.6 million in Calvin Klein North America and $77.3 million in Calvin Klein International. Please see Note 7, “Goodwill and Other Intangible Assets,” for further discussion.


(Loss) income before interest and taxes for 2022 included costs of $20.2 million incurred related to the cost savings initiative described in Note 17, “Exit Activity Costs,” consisting of severance. Such costs were included in the Company’s segments as follows: $4.7 million in Tommy Hilfiger North America, $2.5 million in Tommy Hilfiger International, $4.6 million in Calvin Klein North America, $3.5 million in Calvin Klein International, $2.6 million in Heritage Brands Wholesale and $2.3 in corporate expenses not allocated to any reportable segments. Please see Note 17, “Exit Activity Costs,” for further discussion.


Income before interest and taxes for 2022 included net costs of $43.0 million incurred in connection with the Company’s decision to exit from its Russia business, principally consisting of noncash asset impairments.Such costs were included in the Company’s segments as follows: $31.6 million in Tommy Hilfiger International and $11.4 million in Calvin Klein International. Please see Note 17, “Exit Activity Costs,” for further discussion.


Loss before interest and taxes for 2022 included a gain of $16.1 million in connection with the Karl Lagerfeld transaction. Please see Note 5, “Investments in Unconsolidated Affiliates,” for further discussion.


Income (loss) before interest and taxes for 2021 included costs of $47.6 million incurred in connection with actions to streamline the Company’s organization through reductions in its workforce, primarily in certain international markets, and to reduce its real estate footprint, including reductions in office space and select store closures, consisting of noncash asset impairments, severance, and contract termination and other costs. Such costs were included in the Company’s segments as follows: $1.7 million in Tommy Hilfiger North America, $8.9 million in Tommy Hilfiger International, $2.1 million in Calvin Klein North America, $6.4 million in Calvin Klein International and $28.5 million in corporate expenses not allocated to any reportable segments. Please see Note 17, “Exit Activity Costs,” for further discussion.


Income before interest and taxes for 2021 included an aggregate net gain of $113.4 million in connection with the Heritage Brands transaction, consisting of (i) a $118.9 million gain, including a gain on the sale, less costs to sell, and a net gain on the Company’s retirement plans associated with the transaction, partially offset by (ii) $5.5 million of severance costs. Please see Note 3, “Acquisitions and Divestitures,” for further discussion.


Loss before interest and taxes for 2021 and 2020 included costs and operating losses, as well as noncash asset impairments in 2020, associated with the wind down of the Heritage Brands Retail business that was completed in 2021. Please see Note 17, “Exit Activity Costs,” for further discussion.


Loss before interest and taxes for 2020 included costs of $39.7 million incurred in connection with the North America workforce reduction, primarily consisting of severance. Such costs were included in the Company’s segments as follows: $10.9 million in Tommy Hilfiger North America, $10.5 million in Calvin Klein North America, $12.5 million in Heritage Brands Wholesale, and $5.8 million in corporate expenses not allocated to any reportable segments. Please see Note 17, “Exit Activity Costs,” for further discussion.


(Loss) income before interest and taxes for 2020 included noncash impairment charges of $74.7 million related to the Company’s store assets. The $74.7 million of impairment charges were included in the Company’s segments as follows: $6.0 million in Tommy Hilfiger North America, $30.0 million in Tommy Hilfiger International, $14.2 million in Calvin Klein North America, $20.7 million in Calvin Klein International and $3.8 million in Heritage Brands Retail. Please see Note 11, “Fair Value Measurements,” for further discussion.


Loss before interest and taxes for 2020 included noncash impairment charges of $933.5 million, primarily related to goodwill, tradenames and other intangible assets. The $933.5 million of impairment charges were included in the





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Company’s segments as follows: $289.9 million in Calvin Klein North America, $394.0 million in Calvin Klein International and $249.6 million in Heritage Brands Wholesale. Please see Note 7, “Goodwill and Other Intangible Assets,” for further discussion.


Loss before interest and taxes for 2020 included a noncash impairment charge of $12.3 million related to the Company’s equity method investment in Karl Lagerfeld. Please see Note 5, “Investments in Unconsolidated Affiliates,” for further discussion.














(In millions)202220212020Identifiable Assets(1)(2)Tommy Hilfiger North America$1,296.3$1,409.8$1,447.9Tommy Hilfiger International4,875.44,913.25,295.3Calvin Klein North America1,527.21,609.81,522.6Calvin Klein International3,099.73,164.03,016.8Heritage Brands Wholesale(3)410.4420.0547.9Heritage Brands Retail(4)——74.2Corporate(5)559.3880.01,388.8Total$11,768.3$12,396.8$13,293.5Depreciation and AmortizationTommy Hilfiger North America$30.5$32.5$38.1Tommy Hilfiger International125.0130.2131.8Calvin Klein North America29.631.630.8Calvin Klein International94.394.997.0Heritage Brands Wholesale10.711.211.5Heritage Brands Retail—0.33.5Corporate11.412.613.1Total$301.5$313.3$325.8Identifiable Capital Expenditures(6)Tommy Hilfiger North America$14.5$19.2$21.7Tommy Hilfiger International140.9138.4100.6Calvin Klein North America14.422.618.7Calvin Klein International103.785.754.2Heritage Brands Wholesale6.610.914.9Heritage Brands Retail——0.7Corporate3.54.98.4Total$283.6$281.7$219.2





Identifiable assets included the impact of changes in foreign currency exchange rates.


Identifiable assets in 2022 included a reduction of $417.1 million related to the noncash goodwill impairment. Please see Note 7, “Goodwill and Other Intangible Assets,” for further discussion.


Identifiable assets in 2021 included a reduction of $99.4 million related to the Heritage Brands transaction. Please see Note 3, “Acquisitions and Divestitures,” for further discussion.


As a result of the exit from the Heritage Brands Retail business in 2021, the Company’s Heritage Brands Retail segment has ceased operations.


The changes in Corporate identifiable assets in 2022 and 2021 were primarily due to changes in cash and cash equivalents.





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(6)Capital expenditures in 2022 included $39.4 million of accruals that will not be paid until 2023. Capital expenditures in 2021 included $45.9 million of accruals that were not paid until 2022. Capital expenditures in 2020 included $32.1 million of accruals that were not paid until 2021.








(In millions)2022(1)2021(1)2020(1)Domestic$384.3$429.0$466.3Canada10.413.819.3Europe406.4378.7374.7Asia-Pacific101.182.873.8Other foreign1.81.88.6Total$904.0$906.1$942.7





Property, plant and equipment, net included the impact of changes in foreign currency exchange rates.








(In millions)2022(1)(2)2021(1)(2)2020(1)(2)Domestic(3)$2,854.9$2,894.7$2,460.0Canada(3)347.6313.3262.2Europe4,204.04,392.33,154.3Asia-Pacific1,492.31,454.41,189.6Other foreign125.4100.066.5Total$9,024.2$9,154.7$7,132.6





Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.


Revenue in 2020 was significantly negatively impacted by the COVID-19 pandemic, including as a result of reduced traffic and consumer spending trends, and temporary store closures for varying periods of time throughout the year. The Company’s wholesale customers and licensing partners also experienced significant business disruptions as a result of the pandemic, resulting in a decrease in the Company’s revenue from these channels. Revenue in 2021 and 2022 continued to be negatively impacted by the pandemic and related supply chain and logistics disruptions, although to a much lesser extent than in 2020.


Revenue in 2021 and 2022 was negatively impacted by the Heritage Brands transaction and the exit from the Heritage Brands Retail business.







GUARANTEES





9.1





4.9





The Company has guaranteed the payment of amounts on behalf of certain other parties, none of which are material individually or in the aggregate.










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OTHER COMMENTS




















(In millions)20222021Balance at beginning of year$45.6$45.4Liabilities incurred4.14.0Liabilities settled (payments)(5.6)(3.2)Accretion expense0.60.4Revisions in estimated cash flows1.81.2Currency translation adjustment(1.8)(2.2)Balance at end of year$44.7$45.6






















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/s/ STEFAN LARSSON/s/ ZACHARY COUGHLINStefan LarssonZachary CoughlinChief Executive OfficerExecutive Vice President andMarch 28, 2023Chief Financial OfficerMarch 28, 2023







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Valuation of Goodwill and Indefinite-Lived IntangiblesDescription of the MatterAt January 29, 2023, the Company’s goodwill and indefinite-lived intangible assets totaled $2.4 billion and $2.9 billion, respectively. As discussed in Note 1 of the consolidated financial statements, goodwill and indefinite-lived intangible assets are qualitatively tested and quantitatively tested, when necessary, for impairment at least annually. As a result of the Company’s 2022 annual impairment test, the Company recorded $417.1 million of goodwill impairment charges during the third quarter of 2022. The impairments were driven primarily by a significant increase in discount rates.Auditing management’s annual goodwill and indefinite-lived intangible assets impairment test was complex and judgmental due to the significant estimation required in determining the fair value of the reporting units and the fair value of the indefinite-lived intangible assets. In particular, the fair value estimates were sensitive to significant assumptions such as the weighted average cost of capital, revenue growth rate, earnings before interest and taxes and terminal growth rate, which are affected by expectations about future market or economic conditions.How We Addressed the Matter in Our AuditWe obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill and indefinite-lived intangible assets impairment review process, including controls over management’s review of the significant assumptions described above.To test the estimated fair value of the Company’s reporting units and indefinite-lived intangible assets, we performed audit procedures that included, among others, assessing methodologies and testing the significant assumptions discussed above and the underlying data used by the Company in its analysis. We compared the significant assumptions used by management to current industry and economic trends, changes to the Company’s business, customer base or product mix and other relevant factors. We assessed the historical accuracy of management’s estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of the reporting units and indefinite-lived intangible assets that would result from changes in the assumptions. In addition, we reviewed the reconciliation of the fair value of the reporting units to the market capitalization of the Company.














Ernst & Young LLP











New York, New York













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Column AColumn BColumn CColumn DColumn EAdditions Charged to Costs and ExpensesAdditions Charged to Other AccountsBalance at Beginning of PeriodBalance at End of PeriodDescriptionDeductionsYear Ended January 29, 2023Allowance for credit losses$61.9$2.9$—$22.2(1)$42.6Allowance/accrual for operational chargebacks and customer markdowns133.7243.3—256.1120.9Valuation allowance for deferred income tax assets69.319.5—15.972.9Year Ended January 30, 2022Allowance for credit losses$69.6$—$—$7.7(2)$61.9Allowance/accrual for operational chargebacks and customer markdowns165.1266.9—298.3133.7Valuation allowance for deferred income tax assets62.217.1—10.069.3Year Ended January 31, 2021Allowance for credit losses$21.1$58.0$—$9.5(1)$69.6Allowance/accrual for operational chargebacks and customer markdowns220.2264.9—320.0165.1Valuation allowance for deferred income tax assets69.812.7—20.362.2





Principally accounts written off as uncollectible, net of recoveries.


Principally includes changes due to foreign currency translation.