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10-Q





☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedAugust 4, 2019








☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto





001-07572


PVH CORP.(Exact name of registrant as specified in its charter)





Delaware13-1166910(State or other jurisdiction of(I.R.S. Employerincorporation or organization)Identification No.)200 Madison Avenue,New York,New York10016(Address of principal executive offices)(Zip Code)





212
  381-3500














Title of each classTrading SymbolName of each exchange on which registeredCommon Stock, $1.00 par valuePVHNew York Stock Exchange





Yes








Yes








Large Accelerated Filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐








☐





74,143,808





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Consolidated Income Statements for the Thirteen and Twenty-Six Weeks Ended August 4, 2019 and August 5, 20181Consolidated Statements of Comprehensive Income for the Thirteen and Twenty-Six Weeks Ended August 4, 2019 and August 5, 20182Consolidated Balance Sheets as of August 4, 2019, February 3, 2019 and August 5, 20183Consolidated Statements of Cash Flows for the Twenty-Six Weeks Ended August 4, 2019 and August 5, 20184Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Non-Controlling Interest for the Twenty-Six Weeks Ended August 4, 2019 and August 5, 20185Notes to Consolidated Financial Statements7Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations38Item 3 - Quantitative and Qualitative Disclosures About Market Risk52Item 4 - Controls and Procedures53




















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Item 1 - Legal Proceedings54Item 1A - Risk Factors54Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds54Item 6 - Exhibits55Signatures57





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Thirteen Weeks EndedTwenty-Six Weeks EndedAugust 4,August 5,August 4,August 5,2019201820192018Net sales$2,249.0$2,223.2$4,486.3$4,416.7Royalty revenue85.881.5175.2170.9Advertising and other revenue29.429.059.060.7Total revenue2,364.22,333.74,720.54,648.3Cost of goods sold (exclusive of depreciation and amortization)1,075.81,036.72,136.22,060.3Gross profit1,288.41,297.02,584.32,588.0Selling, general and administrative expenses1,154.51,071.52,316.02,124.5Non-service related pension and postretirement income1.92.64.15.1Debt modification and extinguishment costs——5.2—Other noncash gain113.1—113.1—Equity in net income of unconsolidated affiliates0.93.34.67.1Income before interest and taxes249.8231.4384.9475.7Interest expense28.330.359.359.7Interest income1.31.22.42.2Income before taxes222.8202.3328.0418.2Income tax expense29.737.653.374.6Net income193.1164.7274.7343.6Less: Net loss attributable to redeemable non-controlling interest(0.4)(0.5)(0.8)(1.0)Net income attributable to PVH Corp.$193.5$165.2$275.5$344.6Basic net income per common share attributable to PVH Corp.$2.59$2.15$3.67$4.47Diluted net income per common share attributable to PVH Corp.$2.58$2.12$3.65$4.42














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Thirteen Weeks EndedTwenty-Six Weeks EndedAugust 4,August 5,August 4,August 5,2019201820192018Net income$193.1$164.7$274.7$343.6Other comprehensive (loss) income:Foreign currency translation adjustments(30.7)(165.9)(142.3)(338.1)Net unrealized and realized (loss) gain related to effective cash flow hedges, net of tax (benefit) expense of $(1.8), $1.6, $(1.4) and $4.3(0.5)40.912.991.0Net gain on net investment hedges, net of tax expense of $1.1, $8.8, $8.3 and $20.83.526.925.963.9Total other comprehensive loss(27.7)(98.1)(103.5)(183.2)Comprehensive income165.466.6171.2160.4Less: Comprehensive loss attributable to redeemable non-controlling interest(0.4)(0.5)(0.8)(1.0)Comprehensive income attributable to PVH Corp.$165.8$67.1$172.0$161.4

















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August 4,February 3,August 5,201920192018UNAUDITEDAUDITEDUNAUDITEDASSETSCurrent Assets:Cash and cash equivalents$433.5$452.0$431.1Trade receivables, net of allowances for doubtful accounts of $22.2, $21.6 and $21.3781.0777.8710.4Other receivables27.926.021.2Inventories, net1,862.11,732.41,731.0Prepaid expenses183.3168.7193.0Other110.881.779.3Total Current Assets3,398.63,238.63,166.0Property, Plant and Equipment, net973.4984.5881.3Operating Lease Right-of-Use Assets1,660.7——Goodwill3,736.93,670.53,678.8Tradenames2,834.52,863.72,873.1Other Intangibles, net889.7705.5732.7Other Assets, including deferred taxes of $27.8, $40.5 and $12.9327.1400.9365.8Total Assets$13,820.9$11,863.7$11,697.7LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND STOCKHOLDERS’ EQUITYCurrent Liabilities:Accounts payable$930.2$924.2$922.6Accrued expenses859.0891.6766.7Deferred revenue68.965.361.0Current portion of operating lease liabilities345.2——Short-term borrowings183.212.885.4Current portion of long-term debt41.2——Total Current Liabilities2,427.71,893.91,835.7Long-Term Portion of Operating Lease Liabilities1,535.5——Long-Term Debt2,743.02,819.42,893.5Other Liabilities, including deferred taxes of $599.1, $565.2 and $649.31,243.61,322.41,402.1Redeemable Non-Controlling Interest(0.6)0.21.0Stockholders’ Equity:Preferred stock, par value $100 per share; 150,000 total shares authorized———Common stock, par value $1 per share; 240,000,000 shares authorized; 85,865,984; 85,446,141 and 85,435,779 shares issued85.985.485.4Additional paid in capital - common stock3,047.03,017.32,987.6Retained earnings4,614.04,350.13,951.1Accumulated other comprehensive loss(611.4)(507.9)(504.7)Less: 11,414,035; 10,042,510 and 8,721,052 shares of common stock held in treasury, at cost(1,263.8)(1,117.1)(954.0)Total Stockholders’ Equity5,871.75,827.85,565.4Total Liabilities, Redeemable Non-Controlling Interest and Stockholders’ Equity$13,820.9$11,863.7$11,697.7

















---






















Twenty-Six Weeks EndedAugust 4,August 5,20192018OPERATING ACTIVITIESNet income$274.7$343.6Adjustments to reconcile to net cash provided by operating activities:Depreciation and amortization154.9166.2Equity in net income of unconsolidated affiliates(4.6)(7.1)Deferred taxes(20.6)(7.0)Stock-based compensation expense28.326.8Impairment of long-lived assets87.8—Debt modification and extinguishment costs5.2—Other noncash gain(113.1)—Changes in operating assets and liabilities:Trade receivables, net(4.4)(80.2)Other receivables(0.6)15.5Inventories, net(66.6)(208.3)Accounts payable, accrued expenses and deferred revenue(1.3)5.5Prepaid expenses(37.0)(15.8)Contingent purchase price payments to Mr. Calvin Klein—(15.9)Other, net15.287.6Net cash provided by operating activities317.9310.9INVESTING ACTIVITIES(1)Acquisitions, net of cash acquired(192.3)(15.9)Purchases of property, plant and equipment(150.5)(164.9)Proceeds from sale of building59.4—Net cash used by investing activities(283.4)(180.8)FINANCING ACTIVITIES(1)Net proceeds from short-term borrowings119.965.9Proceeds from 2019 facilities, net of related fees1,639.8—Repayment of 2016 facilities(1,649.3)(85.0)Net proceeds from settlement of awards under stock plans1.920.4Cash dividends(8.5)(8.8)Acquisition of treasury shares(144.7)(162.1)Payments of finance lease liabilities(2.9)(2.6)Net cash used by financing activities(43.8)(172.2)Effect of exchange rate changes on cash and cash equivalents(9.2)(20.7)Decrease in cash and cash equivalents(18.5)(62.8)Cash and cash equivalents at beginning of period452.0493.9Cash and cash equivalents at end of period$433.5$431.1


(1)
 See
 Note 19for information onNoncash Investing and Financing Transactions.














---




























Twenty-Six Weeks Ended August 5, 2018Stockholders’ EquityCommon StockAdditionalPaid InCapital-CommonStockAccumulatedOtherComprehensive LossTotal Stockholders’ EquityRedeemableNon-ControllingInterestPreferredStockShares$1 parValueRetainedEarningsTreasuryStockFebruary 4, 2018$2.0$—84,851,079$84.9$2,941.2$3,625.2$(321.5)$(793.4)$5,536.4Net income attributable to PVH Corp.179.4179.4Foreign currency translation adjustments(172.2)(172.2)Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $2.750.150.1Net gain on net investment hedges, net of tax expense of $12.037.037.0Comprehensive income attributable to PVH Corp.94.3Cumulative-effect adjustment related to the adoption of accounting guidance for revenue recognition(1.9)(1.9)Cumulative-effect adjustment related to the adoption of accounting guidance for income tax accounting on intercompany sales or transfers of assets other than inventory(8.0)(8.0)Settlement of awards under stock plans481,6470.412.813.2Stock-based compensation expense11.611.6Cash dividends ($0.075 per common share)(5.9)(5.9)Acquisition of 494,898 treasury shares(75.1)(75.1)Net loss attributable to redeemable non-controlling interest(0.5)May 6, 20181.5—85,332,72685.32,965.63,788.8(406.6)(868.5)5,564.6Net income attributable to PVH Corp.165.2165.2Foreign currency translation adjustments(165.9)(165.9)Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $1.640.940.9Net gain on net investment hedges, net of tax expense of $8.826.926.9Comprehensive income attributable to PVH Corp.67.1Settlement of awards under stock plans103,0530.16.86.9Stock-based compensation expense15.215.2Cash dividends ($0.0375 per common share)(2.9)(2.9)Acquisition of 553,837 treasury shares(85.5)(85.5)Net loss attributable to redeemable non-controlling interest(0.5)August 5, 2018$1.0$—85,435,779$85.4$2,987.6$3,951.1$(504.7)$(954.0)$5,565.4






























































---

























Twenty-Six Weeks Ended August 4, 2019Stockholders’ EquityCommon StockAdditionalPaid InCapital-CommonStockAccumulatedOtherComprehensive LossTotal Stockholders’ EquityRedeemableNon-ControllingInterestPreferredStockShares$1 parValueRetainedEarningsTreasuryStockFebruary 3, 2019$0.2$—85,446,141$85.4$3,017.3$4,350.1$(507.9)$(1,117.1)$5,827.8Net income attributable to PVH Corp.82.082.0Foreign currency translation adjustments(111.6)(111.6)Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $0.413.413.4Net gain on net investment hedges, net of tax expense of $7.222.422.4Comprehensive income attributable to PVH Corp.6.2Cumulative-effect adjustment related to the adoption of accounting guidance for leases(3.1)(3.1)Settlement of awards under stock plans371,1290.41.51.9Stock-based compensation expense13.913.9Cash dividends ($0.075 per common share)(5.7)(5.7)Acquisition of 659,630 treasury shares(79.5)(79.5)Net loss attributable to redeemable non-controlling interest(0.4)May 5, 2019(0.2)—85,817,27085.83,032.74,423.3(583.7)(1,196.6)5,761.5Net income attributable to PVH Corp.193.5193.5Foreign currency translation adjustments(30.7)(30.7)Net unrealized and realized loss related to effective cash flow hedges, net of tax benefit of $1.8(0.5)(0.5)Net gain on net investment hedges, net of tax expense of $1.13.53.5Comprehensive income attributable to PVH Corp.165.8Settlement of awards under stock plans48,7140.1(0.1)—Stock-based compensation expense14.414.4Cash dividends ($0.0375 per common share)(2.8)(2.8)Acquisition of 711,895 treasury shares(67.2)(67.2)Net loss attributable to redeemable non-controlling interest(0.4)August 4, 2019$(0.6)$—85,865,984$85.9$3,047.0$4,614.0$(611.4)$(1,263.8)$5,871.7

















---

























GENERAL











75
  25


The Company’s fiscal years are based on the52-53 week periods ending on the Sunday closest to February 1 and are designated by the calendar year in which the fiscal year commences.

















The results of operations for thethirteen and twenty-six weeks endedAugust 4, 2019andAugust 5, 2018 are not necessarily indicative of those for a full fiscal year due, in part, to seasonal factors. The data contained in these consolidated financial statements are unaudited and are subject to year-end adjustments. However, in the opinion of management, all known adjustments (which were normal and recurring in nature) have been made to present fairly the consolidated operating results for the unaudited periods.








REVENUE











Payment is typically due within 30 to 90 days.








---














































1.2
  129.5
  235.4
  792.9











---













(In millions)Twenty-Six Weeks Ended8/4/198/5/18Deferred revenue balance at beginning of period$65.3$39.2Impact of adopting the new revenue standard—15.6Net additions to deferred revenue during the period63.454.2Reductions in deferred revenue for revenue recognized during the period(1)(59.8)(48.0)Deferred revenue balance at end of period$68.9$61.0


(1)
 Represents the amount of revenue recognized during the period that was included in the deferred revenue balance at the beginning of the period, as adjusted in 2018 for the impact of adopting the new revenue standard, and does not contemplate revenue recognized from amounts deferred during the period. These amounts include $
 8.4million and $8.5million of revenue recognized during the thirteen weeks endedAugust 4, 2019andAugust 5, 2018, respectively.





1.9
  2.3
  2.8




















INVENTORIES





Inventories are comprised principally of finished goods and are stated at the lower of cost or net realizable value, except for certain retail inventories in North America that are stated at the lower of cost or market using the retail inventory method. Cost for substantially all wholesale inventories in North America and certain wholesale and retail inventories in Asia is determined using the first-in, first-out method. Cost for all other inventories is determined using the weighted average cost method. The Company reviews current business trends, inventory aging and discontinued merchandise categories to determine adjustments that it estimates will be needed to liquidate existing clearance inventories and record inventories at either the lower of cost or net realizable value or the lower of cost or market using the retail inventory method, as applicable.








ACQUISITIONS

















74.2
  63.5
  10.7
  63.5











78
  50








---













22
  50











22
  50
  16.5
  41.9
  40.1
  131.4
  113.1





50
  12.5











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





26.2
  6
  25.7
    12.4
  13.3











---













324.6
  (In millions)Cash consideration$124.7Fair value of the Company’s investment in PVH Australia131.4Fair value of the Company’s investment in Gazal40.1Fair value of mandatorily redeemable non-controlling interest26.2Elimination of pre-acquisition receivable owed to the Company2.2Total acquisition date fair value of the business acquired$324.6














(In millions)Cash and cash equivalents$6.6Trade receivables15.1Inventories88.2Prepaid expenses1.3Other current assets3.5Assets held for sale58.8Property, plant and equipment18.4Goodwill68.6Intangible assets222.2Operating lease right-of-use assets53.2Total assets acquired535.9Accounts payable14.4Accrued expenses23.5Short-term borrowings50.5Current portion of operating lease liabilities10.4Long-term portion of operating lease liabilities41.2Deferred tax liability69.6Other liabilities1.7Total liabilities assumed211.3Total acquisition date fair value of the business acquired$324.6











68.6
  58.5
  10.1
  222.2
  204.9
  0.3
  17.0











---






















17.0
  15.9
  0.7
  0.4








REDEEMABLE NON-CONTROLLING INTEREST





75











0.1
    0.6
  0.2
        0.8
    1.0








INVESTMENTS IN UNCONSOLIDATED AFFILIATES





146.6
  207.1
  201.3
        10.0
  3.6





Prior to May 31, 2019, the Company held an approximately22%ownership interest in Gazal and a50% ownership interest in PVH Australia. These investments were accounted for under the equity method of accounting until the closing of the Australia acquisition on May 31, 2019, on which date the Company derecognized its equity investments in Gazal and PVH Australia and began to consolidate the operations of Gazal and PVH Australia into its financial statements. Please see Note 4, “Acquisitions,” for further discussion.











---










GOODWILL








(In millions)Calvin Klein North AmericaCalvin Klein InternationalTommy Hilfiger North AmericaTommy Hilfiger InternationalHeritage Brands WholesaleHeritage Brands RetailTotalBalance as of February 3, 2019Goodwill, gross$780.3$909.5$204.4$1,529.8$246.5$11.9$3,682.4Accumulated impairment losses—————(11.9)(11.9)Goodwill, net780.3909.5204.41,529.8246.5—3,670.5Australia acquisition—10.1—58.5——68.6TH CSAP acquisition———63.5——63.5Currency translation0.1(19.2)—(46.6)——(65.7)Balance as of August 4, 2019Goodwill, gross780.4900.4204.41,605.2246.511.93,748.8Accumulated impairment losses—————(11.9)(11.9)Goodwill, net$780.4$900.4$204.4$1,605.2$246.5$—$3,736.9














RETIREMENT AND BENEFIT PLANS





five





three





|  |                                                                                                                                                                                   
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|– | A plan for certain current and former members of Tommy Hilfiger’s domestic senior management. The plan is frozen and, as a result, participants do not accrue additional benefits.

|  |                                                                                                                                                                                                                                                                                                                                                                                                                   
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|– | A capital accumulation program for certain current and former senior executives. Under the individual participants’ agreements, the participants in the program will receive a predetermined amount during thetenyears following the attainment of age65, provided that prior to the termination of employment with the Company, the participant has been in the plan for at leasttenyears and has attained age55.

|  |                                                                                                                                                                                                                                                                                                               
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|– | A plan for certain employees resident in the United States who meet certain age and service requirements that provides benefits for compensation in excess of Internal Revenue Service earnings limits and requires payments to vested employees upon, or shortly after, employment termination or retirement.




three








Pension PlansPension PlansThirteen Weeks EndedTwenty-Six Weeks Ended(In millions)8/4/198/5/188/4/198/5/18Service cost$8.5$8.6$16.7$16.9Interest cost7.16.514.013.0Expected return on plan assets(10.1)(10.1)(20.2)(20.1)Total$5.5$5.0$10.5$9.8











---







SERP PlansSERP PlansThirteen Weeks EndedTwenty-Six Weeks Ended(In millions)8/4/198/5/188/4/198/5/18Service cost$1.4$1.6$2.9$2.9Interest cost1.11.02.12.0Total$2.5$2.6$5.0$4.9





two











Currently, the Company does not expect to make material contributions to the Pension Plans in 2019. The Company’s actual contributions may differ from planned contributions due to many factors, including changes in tax and other laws, as well as significant differences between expected and actual pension asset performance or interest rates.








DEBT











115.0
      3.61
      378.4





133.8
    68.2
      2.19
      99.5











---
















(In millions)8/4/192/3/198/5/18Senior unsecured Term Loan A facilities due 2024(1)(2)$1,642.0$—$—Senior secured Term Loan A facility due 2021—1,643.81,707.97 3/4% debentures due 202399.699.699.63 5/8% senior unsecured euro notes due 2024(2)384.3396.5400.13 1/8% senior unsecured euro notes due 2027(2)658.3679.5685.9Total2,784.22,819.42,893.5Less: Current portion of long-term debt41.2——Long-term debt$2,743.0$2,819.4$2,893.5


(1)
 The outstanding principal balance for the United States dollar-denominated Term Loan A facility and the euro-denominated Term Loan A facility was $
 1,093.2million and €500.0million, respectively, as ofAugust 4, 2019.





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














(In millions)Fiscal YearAmount(1)Remainder of 2019$20.6202041.2202161.82022103.02023223.620241,686.9


(1)
 A portion of the Company’s mandatory long-term debt repayments are denominated in euro and subject to changes in the exchange rate of the United States dollar against the euro.





Total debt repayments for the remainder of 2019 through 2024 exceed the total carrying amount of the Company’s Term Loan A facilities, 7 3/4% debentures due 2023 and 3 5/8% euro senior notes due 2024 as ofAugust 4, 2019 because the carrying amount reflects the unamortized portions of debt issuance costs and the original issue discount





60











2,347.4
  475.0
  25.0
  185.9











---



















1,093.2
  500.0
  675.0
  70.0
  200.0
  50.0
  10.4
  3.5
  6.9
  1.7





50.0
  1,500.0





1,642.0
  115.0
  20.4





2.50
  5.00
  7.50





85.0


























---
















1.375
  0.375








(In millions)Designation DateCommencement DateInitial Notional AmountNotional Amount Outstanding as of August 4, 2019Fixed RateExpiration DateJune 2019February 2020$50.0$—1.409%February 2022June 2019June 201950.050.01.719%July 2021January 2019February 202050.0—2.4187%February 2021November 2018February 2019139.2139.12.8645%February 2021October 2018February 2019115.7178.32.9975%February 2021June 2018August 201850.050.02.6825%February 2021June 2017February 2018306.5119.01.566%February 2020July 2014February 2016682.6—1.924%February 2018





























100.0











---













350.0











600.0











Please see Note 8, “Debt,” in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the year endedFebruary 3, 2019 for further discussion of the Company’s debt.








INCOME TAXES





13.3
  18.6
        16.3
  17.8


13.7
  8.5





40








DERIVATIVE FINANCIAL INSTRUMENTS
































---



















600.0
  350.0





1,187.0
  1,042.6
    1,098.3
  1,076.0
    1,133.3
  1,086.0


























(In millions)AssetsLiabilities8/4/192/3/198/5/188/4/192/3/198/5/18Other Current AssetsOther AssetsOther Current AssetsOther AssetsOther Current AssetsOther AssetsAccrued ExpensesOther LiabilitiesAccrued ExpensesOther LiabilitiesAccrued ExpensesOther LiabilitiesContracts designated as cash flow hedges:Foreign currency forward exchange contracts (inventory purchases)$36.0$0.7$24.0$0.7$24.7$2.0$1.6$0.1$3.5$0.7$2.1$0.1Interest rate swap agreements0.3—1.4—1.80.94.12.91.21.60.1—Total contracts designated as cash flow hedges36.30.725.40.726.52.95.73.04.72.32.20.1Undesignated contracts:Foreign currency forward exchange contracts3.8—0.1—0.8—2.2—2.0—1.2—Total$40.1$0.7$25.5$0.7$27.3$2.9$7.9$3.0$6.7$2.3$3.4$0.1





1,296.8








---













Gain (Loss) Recognized in Other Comprehensive (Loss) Income(In millions)Thirteen Weeks Ended8/4/198/5/18Foreign currency forward exchange contracts     (inventory purchases)$12.4$37.0Interest rate swap agreements(4.0)0.2Foreign currency borrowings (net investment hedges)4.635.7Total$13.0$72.9Twenty-Six Weeks Ended8/4/198/5/18Foreign currency forward exchange contracts     (inventory purchases)$42.5$66.4Interest rate swap agreements(5.1)0.7Foreign currency borrowings (net investment hedges)34.284.7Total$71.6$151.8


Amount of Gain (Loss) Reclassified from AOCL into Income (Expense), Consolidated Income Statement Location, and Total Amount of Consolidated Income Statement Line Item(In millions)Amount ReclassifiedLocationTotal Income Statement AmountThirteen Weeks Ended8/4/198/5/188/4/198/5/18Foreign currency forward exchange contracts (inventory purchases)$10.7$(5.7)Cost of goods sold$1,075.8$1,036.7Interest rate swap agreements0.00.4Interest expense28.330.3Total$10.7$(5.3)Twenty-Six Weeks Ended8/4/198/5/188/4/198/5/18Foreign currency forward exchange contracts (inventory purchases)$25.7$(28.6)Cost of goods sold$2,136.2$2,060.3Interest rate swap agreements0.20.4Interest expense59.359.7Total$25.9$(28.2)





47.2
    3.8











---










(In millions)Gain Recognized in IncomeThirteen Weeks Ended8/4/198/5/18Foreign currency forward exchange contracts$0.8$0.5Twenty-Six Weeks Ended8/4/198/5/18Foreign currency forward exchange contracts$0.7$0.0














FAIR VALUE MEASUREMENTS
































8/4/192/3/198/5/18(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3TotalAssets:Foreign currency forward exchange contractsN/A$40.5N/A$40.5N/A$24.8N/A$24.8N/A$27.5N/A$27.5Interest rate swap agreementsN/A0.3N/A0.3N/A1.4N/A1.4N/A2.7N/A2.7Total AssetsN/A$40.8N/A$40.8N/A$26.2N/A$26.2N/A$30.2N/A$30.2Liabilities:Foreign currency forward exchange contractsN/A$3.9N/A$3.9N/A$6.2N/A$6.2N/A$3.4N/A$3.4Interest rate swap agreementsN/A7.0N/A7.0N/A2.8N/A2.8N/A0.1N/A0.1Total LiabilitiesN/A$10.9N/A$10.9N/A$9.0N/A$9.0N/A$3.5N/A$3.5




















---










(In millions)Fair Value Measurement UsingFair ValueAs OfImpairment DateTotal ImpairmentsLevel 1Level 2Level 3Operating lease right-of-use assetsN/AN/A$16.8$16.8$77.0Property, plant and equipment, netN/AN/A——10.8





93.8
  16.8





10.8





87.8
  49.6
  32.6
  5.6








8/4/192/3/198/5/18(In millions)Carrying AmountFairValueCarrying AmountFairValueCarrying AmountFairValueCash and cash equivalents$433.5$433.5$452.0$452.0$431.1$431.1Short-term borrowings183.2183.212.812.885.485.4Long-term debt (including portion classified as current)2,784.22,949.62,819.42,853.72,893.52,955.4














STOCK-BASED COMPENSATION




















---



















one
  two





28.3
  26.8
  3.4
  5.3





8.5
  13.1
  1.1
  4.9











one year after the date of grant














8/4/198/5/18Weighted average risk-free interest rate2.15%2.78%Weighted average expected stock option term (in years)6.256.25Weighted average Company volatility29.88%26.92%Expected annual dividends per share$0.15$0.15Weighted average grant date fair value per stock option$37.14$51.66























---










(In thousands, except per stock option data)Stock OptionsWeighted Average Exercise PricePer Stock OptionOutstanding at February 3, 2019791$107.81Granted169111.92Exercised2478.96Cancelled17123.32Outstanding at August 4, 2019919$109.03Exercisable at August 4, 2019605$105.88











25
  25
  50








(In thousands, except per RSU data)RSUsWeighted Average Grant Date Fair Value Per RSUNon-vested at February 3, 2019847$122.97Granted595110.67Vested336116.10Cancelled49125.87Non-vested at August 4, 20191,057$118.09











67,000
 The fair value of the awards granted was established for each grant on the grant date using the Monte Carlo simulation model.











---










8/4/198/5/18Risk-free interest rate2.13%2.62%Expected Company volatility30.25%29.78%Expected annual dividends per share$0.15$0.15Weighted average grant date fair value per PSU$119.46$159.53





6.20
  7.09








(In thousands, except per PSU data)PSUsWeighted Average Grant Date Fair Value Per PSUNon-vested at February 3, 2019194$106.76Granted at target72119.46Reduction due to market condition achieved below target1087.16Vested6787.16Cancelled8117.27Non-vested at August 4, 2019181$119.63








ACCUMULATED OTHER COMPREHENSIVE LOSS








(In millions)Foreign currency translation adjustmentsNet unrealized and realized gain on effective cash flow hedgesTotalBalance, February 3, 2019$(537.6)$29.7$(507.9)Other comprehensive (loss) income before reclassifications(116.4)(1)(2)37.3(79.1)Less: Amounts reclassified from AOCL—24.424.4Other comprehensive (loss) income(116.4)12.9(103.5)Balance, August 4, 2019$(654.0)$42.6$(611.4)





(In millions)Foreign currency translation adjustmentsNet unrealized and realized (loss) gain on effective cash flow hedgesTotalBalance, February 4, 2018$(249.4)$(72.1)$(321.5)Other comprehensive (loss) income before reclassifications(274.2)(1)(2)63.9(210.3)Less: Amounts reclassified from AOCL—(27.1)(27.1)Other comprehensive (loss) income(274.2)91.0(183.2)Balance, August 5, 2018$(523.6)$18.9$(504.7)


(1)
 Foreign currency translation adjustments included a net gain on net investment hedges of $25.9million and $63.9million during thetwenty-six weeks endedAugust 4, 2019andAugust 5, 2018, respectively.











---







(2)
 Unfavorable foreign currency translation adjustments were principally driven by a strengthening of the United States dollar against the euro.








Amount Reclassified from AOCLAffected Line Item in the Company’s Consolidated Income StatementsThirteen Weeks EndedTwenty-Six Weeks Ended(In millions)8/4/198/5/188/4/198/5/18Realized gain (loss) on effective cash flow hedges:Foreign currency forward exchange contracts (inventory purchases)$10.7$(5.7)$25.7$(28.6)Cost of goods soldInterest rate swap agreements0.00.40.20.4Interest expenseLess: Tax effect0.6(0.3)1.5(1.1)Income tax expenseTotal, net of tax$10.1$(5.0)$24.4$(27.1)








STOCKHOLDERS’ EQUITY





2.0





1.2
  0.9
  126.9
  137.5
    881.4














LEASES





1,825
  35
    ten years
        five years

















---

























59.4
  1.0
  five years
  three
  five years








Thirteen Weeks EndedTwenty-Six Weeks Ended(In millions)Line Item in the Company’s Consolidated Income Statement8/4/198/4/19Finance lease cost:Amortization of right-of-use-assetsSG&A expenses (depreciation and amortization)$1.4$2.7Interest on lease liabilitiesInterest expense0.20.3Total finance lease cost1.63.0Operating lease costSG&A expenses115.4228.3Short-term lease costSG&A expenses5.38.8Variable lease costSG&A expenses36.666.9Less: sublease incomeSG&A expenses(0.0)(0.1)Total net lease cost$158.9$306.9





(In millions)Line Item in the Company’s Consolidated Balance Sheet8/4/19Right-of-use assets:Operating leaseOperating lease right-of-use assets$1,660.7Finance leaseProperty, plant and equipment, net14.2$1,674.9Current lease liabilities:Operating leaseCurrent portion of operating lease liabilities$345.2Finance leaseAccrued expenses4.7$349.9Other lease liabilities:Operating leaseLong-term portion of operating lease liabilities$1,535.5Finance leaseOther liabilities10.6$1,546.1











---










Twenty-Six Weeks Ended(In millions)8/4/19Cash paid for amounts included in the measurement of lease liabilities:Operating cash flows from operating leases$234.5Operating cash flows from finance leases0.3Financing cash flows from finance leases2.9Non-cash transactions:Right-of-use assets obtained in exchange for new operating lease liabilities244.1Right-of-use assets obtained in exchange for new finance lease liabilities1.4








8/4/19Weighted average remaining lease term (years):Operating leases7.05Finance leases4.44Weighted average discount rate:Operating leases4.43%Finance leases3.27%





(In millions)FinanceLeasesOperatingLeasesTotalRemainder of 2019$2.7$198.9$201.620204.8421.1425.920214.1358.9363.020222.1289.6291.720230.6219.8220.4Thereafter2.6732.4735.0Total lease payments$16.9$2,220.7$2,237.6Less: Interest(1.6)(340.0)(341.6)Total lease liabilities$15.3$1,880.7$1,896.0





The Company’s future lease payment obligations related to leases that were entered into, but did not commence as ofAugust 4, 2019 , were immaterial.








EXIT ACTIVITY COSTS











In connection with the Calvin Klein restructuring, the Company recorded pre-tax costs during 2018 and the
 thirteen and twenty-six weeks endedAugust 4, 2019and expects to incur total costs as follows:








---







(In millions)Total Costs Expected to be IncurredCosts Incurred During the Thirteen Weeks Ended 8/4/19Costs Incurred During the Twenty-Six Weeks Ended 8/4/19Cumulative Costs Incurred To DateSeverance, termination benefits and other employee costs$52.5$5.7$24.4$51.7Long-lived asset impairments(1)45.13.138.245.1Contract termination and other costs31.49.123.928.2Inventory markdowns17.011.212.915.1Total$146.0$29.1$99.4$140.1


(1)
 Includes the impact of the closure of the flagship store on Madison Avenue in New York, New York in the first quarter of 2019.





58.6
  27.9
      6.5
  6.4
  140.1
  84.0
  56.1
  146
  86
  60














(In millions)Liability at 2/3/19Costs Incurred During the Twenty-Six Weeks Ended 8/4/19Costs Paid During the Twenty-Six Weeks Ended 8/4/19Liability at 8/4/19Severance, termination benefits and other employee costs$25.8$24.4$34.8$15.4Contract termination and other costs2.323.919.86.4Total$28.1$48.3$54.6$21.8








NET INCOME PER COMMON SHARE








Thirteen Weeks EndedTwenty-Six Weeks Ended(In millions, except per share data)8/4/198/5/188/4/198/5/18Net income attributable to PVH Corp.$193.5$165.2$275.5$344.6Weighted average common shares outstanding for basic net income per common share74.877.075.077.0Weighted average impact of dilutive securities0.30.90.51.0Total shares for diluted net income per common share75.177.975.578.0Basic net income per common share attributable to PVH Corp.$2.59$2.15$3.67$4.47Diluted net income per common share attributable to PVH Corp.$2.58$2.12$3.65$4.42








---













Thirteen Weeks EndedTwenty-Six Weeks Ended(In millions)8/4/198/5/188/4/198/5/18Weighted average potentially dilutive securities1.30.30.90.2





Shares underlying contingently issuable awards that have not met the necessary conditions as of the end of a reporting period are not included in the calculation of diluted net income per common share for that period. The Company had contingently issuable awards outstanding that did not meet the performance conditions as ofAugust 4, 2019andAugust 5, 2018and, therefore, were excluded from the calculation of diluted net income per common share for thethirteen and twenty-six weeks endedAugust 4, 2019andAugust 5, 2018. The maximum number of potentially dilutive shares that could be issued upon vesting for such awards was0.4million and0.1million as ofAugust 4, 2019andAugust 5, 2018 , respectively. These amounts were also excluded from the computation of weighted average potentially dilutive securities in the table above.








NONCASH INVESTING AND FINANCING TRANSACTIONS





6
  100
  26.2
  2.2
  23.6
  89.5





2.0





1.7





0.7
  0.4





1.2








SEGMENT DATA





six














---











































---
















---










Thirteen Weeks EndedTwenty-Six Weeks Ended(In millions)8/4/19(1)8/5/18(1)8/4/19(1)8/5/18(1)Revenue – Tommy Hilfiger North AmericaNet sales$390.1$417.8$737.9$756.7Royalty revenue18.114.536.832.9Advertising and other revenue4.84.310.18.2Total413.0436.6784.8797.8Revenue – Tommy Hilfiger InternationalNet sales679.0572.31,341.71,209.5Royalty revenue12.413.025.625.0Advertising and other revenue5.86.710.212.1Total697.2592.01,377.51,246.6Revenue – Calvin Klein North AmericaNet sales366.1425.0744.5792.3Royalty revenue31.532.064.966.0Advertising and other revenue11.210.523.423.7Total408.8467.5832.8882.0Revenue – Calvin Klein InternationalNet sales440.4435.3881.5884.1Royalty revenue17.916.035.834.5Advertising and other revenue6.26.312.814.5Total464.5457.6930.1933.1Revenue – Heritage Brands WholesaleNet sales304.4302.0654.7642.8Royalty revenue5.05.010.110.4Advertising and other revenue1.21.12.22.0Total310.6308.1667.0655.2Revenue – Heritage Brands RetailNet sales69.070.8126.0131.3Royalty revenue0.91.02.02.1Advertising and other revenue0.20.10.30.2Total70.171.9128.3133.6Total RevenueNet sales2,249.02,223.24,486.34,416.7Royalty revenue85.881.5175.2170.9Advertising and other revenue29.429.059.060.7Total$2,364.2$2,333.7$4,720.5$4,648.3





|    |                                                                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.













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Thirteen Weeks EndedTwenty-Six Weeks Ended(In millions)8/4/198/5/188/4/198/5/18Wholesale net sales$1,137.8$1,130.5$2,498.5$2,414.6Retail net sales1,111.21,092.71,987.82,002.1Net sales2,249.02,223.24,486.34,416.7Royalty revenue85.881.5175.2170.9Advertising and other revenue29.429.059.060.7Total$2,364.2$2,333.7$4,720.5$4,648.3








Thirteen Weeks EndedTwenty-Six Weeks Ended(In millions)8/4/19(1)8/5/18(1)8/4/19(1)8/5/18(1)Income before interest and taxes – Tommy Hilfiger North America$48.3(3)$74.2$33.6(3)(8)$115.0Income before interest and taxes – Tommy Hilfiger International99.8(4)59.8(10)206.6(4)151.0(10)Income before interest and taxes – Calvin Klein North America11.3(3)(6)59.812.7(3)(7)103.3Income before interest and taxes – Calvin Klein International6.6(3)(4)(6)45.253.5(3)(4)(7)110.3Income before interest and taxes – Heritage Brands Wholesale14.0(4)26.553.0(4)66.3Income before interest and taxes – Heritage Brands Retail3.16.14.17.9Income (loss) before interest and taxes – Corporate(2)66.7(4)(5)(40.2)21.4(4)(5)(9)(78.1)Income before interest and taxes$249.8$231.4$384.9$475.7





|    |                                                                                                                                                                                           
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Income (loss) before interest and taxes was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.




|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Includes corporate expenses not allocated to any reportable segments, the Company’s proportionate share of the net income or loss of its investments in Gazal (prior to the Australia acquisition closing) and Karl Lagerfeld Holding B.V., and the results of PVH Ethiopia. Please seeNote 4, “Acquisitions,” for further discussion. Corporate expenses represent overhead operating expenses and include expenses for senior corporate management, corporate finance, information technology related to corporate infrastructure, certain digital investments, actuarial gains and losses on the Company’s Pension Plans, SERP Plans and Postretirement Plans (which are generally recorded in the fourth quarter) and gains and losses from changes in the fair value of foreign currency option contracts.




|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(3) | Income before interest and taxes for thethirteen and twenty-six weeks endedAugust 4, 2019included costs of $59.8million in connection with agreements the Company entered into in the second quarter of 2019 to terminate early the licenses for the global Calvin Klein and Tommy Hilfiger North America socks and hosiery businesses in conjunction with the Company’s plan to consolidate the socks and hosiery business for all Company brands in North America in a newly formed joint venture, which is expected to begin operations in December 2019, and to bring in-house the international Calvin Klein socks and hosiery business. Such costs were included in the Company’s segments as follows: $7.5million in Tommy Hilfiger North America, $25.5million in Calvin Klein North America and $26.8million in Calvin Klein International.




|    |                                                                                                                                                                                                                                             
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(4) | Income before interest and taxes for thethirteen and twenty-six weeks endedAugust 4, 2019included costs of $4.8million in connection with the Australia and TH CSAP acquisitions, primarily consisting of noncash valuation adjustments, and







---







2.1
  2.5
  1.5
  0.4
  2.5





|    |                                                                                                                                                                                                                                                                                                                                
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(5) | Income before interest and taxes for thethirteen and twenty-six weeks endedAugust 4, 2019included a noncash gain of $113.1million to write up the Company’s equity investments in Gazal and PVH Australia to fair value in connection with the Australia acquisition. Please seeNote 4, “Acquisitions,” for further discussion.




|    |                                                                                                                                                                                                                                                                                                                                                                                                 
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(6) | Income before interest and taxes for thethirteen weeks endedAugust 4, 2019included costs of $29.1million incurred in connection with the Calvin Klein restructuring. Such costs were included in the Company’s segments as follows: $14.2million in Calvin Klein North America and $14.9million in Calvin Klein International. Please seeNote 17, “Exit Activity Costs,” for further discussion.




|    |                                                                                                                                                                                                                                                                                                                                                                                                   
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(7) | Income before interest and taxes for thetwenty-six weeks endedAugust 4, 2019included costs of $99.4million incurred in connection with the Calvin Klein restructuring. Such costs were included in the Company’s segments as follows: $65.1million in Calvin Klein North America and $34.3million in Calvin Klein International. Please seeNote 17, “Exit Activity Costs,” for further discussion.




|    |                                                                                                                                                                                                                                                                                                  
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(8) | Income before interest and taxes for thetwenty-six weeks endedAugust 4, 2019included costs of $54.9million incurred in connection with the TH U.S. store closures, primarily consisting of noncash lease asset impairments. Please seeNote 12, “Fair Value Measurements,” for further discussion.




|    |                                                                                                                                                                                                                                  
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(9) | Income before interest and taxes for thetwenty-six weeks endedAugust 4, 2019included costs of $6.2million related to the refinancing of the Company’s senior credit facilities. Please seeNote 9, “Debt,” for further discussion.




|     |                                                                                                                                                                                                                                                                                                                                                                                                      
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(10) | Income before interest and taxes for thethirteen and twenty-six weeks endedAugust 5, 2018included costs of $6.7million and $13.6million, respectively, associated with the acquisition of the 55% ownership interests in TH Asia, Ltd., the Company’s former joint venture forTOMMY HILFIGERin China, that the Company did not already own, consisting of noncash amortization of short-lived assets.













GUARANTEES





2022
    7.7





7.9





4.7








---



















RECENT ACCOUNTING GUIDANCE




















(In millions)As Reported 2/3/19AdjustmentsAdjusted  2/3/19AssetsPrepaid expenses$168.7$(21.3)$147.4Operating lease right-of-use assets—1,708.21,708.2Other Assets400.9(10.3)390.6LiabilitiesAccrued expenses891.6(17.0)874.6Current portion of operating lease liabilities—350.5350.5Long-Term portion of operating lease liabilities—1,514.11,514.1Other Liabilities1,322.4(167.9)1,154.5Stockholders’ EquityRetained earnings4,350.1(3.1)4,347.0





The Company also elected the package of practical expedients permitted under the transition guidance, which allows the Company not to reassess whether any existing contracts are or contain a lease, the lease classification for any existing leases, and the capitalization of initial direct costs for any existing leases, as of the adoption date. The Company’s accounting for finance leases (formerly called capital leases) remains substantially unchanged. The adoption of the guidance did not have a material impact on the Company’s results of operations or cash flows.




















---







connection with a cloud computing arrangement that is a service contract. The Company early adopted this update in the first quarter of 2019 using a prospective approach. As a result of the adoption, the Company capitalized $5.9million of costs incurred in thetwenty-six weeks endedAugust 4, 2019 to implement cloud computing arrangements, primarily related to digital and consumer data platforms. Such costs were included in prepaid expenses and other assets in the Company’s Consolidated Balance Sheet. The Company expects to incur additional costs to implement cloud computing arrangements during the remainder of 2019 and expects the implementation costs capitalized in its Consolidated Balance Sheet will increase accordingly.








OTHER COMMENTS





13.8
  4.50
  4.00
  0.2
  0.1
        13.6
  13.8
  13.9





82.2
  159.3
      68.6
  138.6











---



















We aggregate our reporting segments into three main businesses: (i) Tommy Hilfiger, which consists of the businesses we operate under ourTOMMY HILFIGERtrademarks; (ii) Calvin Klein, which consists of the businesses we operate under ourCALVIN KLEINtrademarks; and (iii) Heritage Brands, which consists of the businesses we operate under ourVan Heusen,IZOD,ARROW,Warner’s,Olga,True&Co.andGeoffrey Beenetrademarks, theSpeedotrademark we license in perpetuity for North America and the Caribbean, and other owned and licensed trademarks. References to the brand namesTOMMY HILFIGER,CALVIN KLEIN,Van Heusen,IZOD,ARROW,Warner’s,Olga,True&Co.,Geoffrey BeeneandSpeedoand to other brand names are to registered and common law trademarks owned by us or licensed to us by third parties and are identified by italicizing the brand name.






























































---







|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | We entered into agreements on July 3, 2019 to terminate early the licenses for the global Calvin Klein and Tommy Hilfiger North America socks and hosiery businesses (the “Socks and hosiery transaction”) in conjunction with our plan to consolidate the socks and hosiery business for all of our brands in North America in a newly formed joint venture, which is expected to begin operations in December 2019, and to bring in-house the international Calvin Klein socks and hosiery business. We recorded a pre-tax charge of $60 million in thetwenty-six weeks endedAugust 4, 2019in connection with these agreements.




|  |                                                                                                                                                                                                                                                                                                                                                                                                                            
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | We announced on June 3, 2019 that we and G-III Apparel Group, Ltd. (“G-III”) had entered into a license agreement for the design, production and wholesale distribution ofCALVIN KLEIN JEANSwomen’s jeanswear collections in the United States and Canada (the “G-III license”), which will result in the discontinuation of our directly operated Calvin Klein North America women’s jeanswear wholesale business in 2019.




|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | We completed two acquisitions in the second quarter of 2019. The first acquisition, which closed on May 31, 2019, was to acquire the approximately 78% interest in Gazal Corporation Limited (“Gazal”) that we did not already own (the “Australia acquisition”). Prior to the closing, we, along with Gazal, jointly owned and managed a joint venture, PVH Brands Australia Pty. Limited (“PVH Australia”), which licensed and operated businesses under theTOMMY HILFIGER,CALVIN KLEINandVan Heusenbrands, along with other licensed and owned brands. PVH Australia came under our full control as a result of the acquisition. The aggregate net purchase price for the shares acquired was $59 million, net of cash acquired and after taking into account the proceeds from the divestiture to a third party of an office building and warehouse owned by Gazal in June 2019. The second was our acquisition on July 1, 2019 of the Tommy Hilfiger retail business in Central and Southeast Asia from our previous licensee in that market (the “TH CSAP acquisition”) for $74 million. Please see Note 4, “Acquisitions” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion.










|  |                                                                                                                                                                                                                                              
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | We refinanced on April 29, 2019 our senior credit facilities and recorded pre-tax debt modification and extinguishment charges of $5 million. Please see the section entitled “Liquidity and Capital Resources” below for further discussion.




|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | We closed ourTOMMY HILFIGERflagship and anchor stores in the United States (the “TH U.S. store closures”) in the first quarter of 2019 and recorded pre-tax costs of $55 million, primarily consisting of noncash lease asset impairments. Please seeNote 12, “Fair Value Measurements,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion of the noncash lease asset impairments.




|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | We announced on January 10, 2019 a restructuring in connection with strategic changes for ourCalvin Klein business (the “Calvin Klein restructuring”). The strategic changes included (i) the closure of theCALVIN KLEIN 205 W39 NYCbrand (formerlyCalvin Klein Collection), (ii) the closure of the flagship store on Madison Avenue in New York, New York (collectively with (i), the “CK Collection closure”), (iii) the restructuring of the Calvin Klein creative and design teams globally, and (iv) the consolidation of operations for the men’s Calvin Klein Sportswear and Calvin Klein Jeans businesses. We recorded pre-tax costs of $99 million in thetwenty-six weeks endedAugust 4, 2019, consisting of a $30 million noncash lease asset impairment resulting from the closure of the flagship store on Madison Avenue in New York, New York, $24 million of contract termination and other costs, $24 million of severance, $9 million of other noncash asset impairments and $13 million of inventory markdowns. We expect to incur additional pre-tax costs of approximately $6 million during the remainder of 2019 in connection with the Calvin Klein restructuring. Please seeNote 17, “Exit Activity Costs,” in the Notes to Consolidated Financial Statements included in Part I, Item 1 of this report for further discussion.




|  |                                                                                                                                                                                                                                                                                                               
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | We acquired on April 20, 2018 theGeoffrey Beenetradename from Geoffrey Beene, LLC (“Geoffrey Beene”) for $17 million, of which $16 million was paid in cash. Prior to the acquisition, we had licensed the rights to design, market and distributeGeoffrey Beenedress shirts and neckwear from Geoffrey Beene.




|  |                                                                                                                                                                                                                                                                                                                
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | We acquired on April 13, 2016 the 55% interest in our former joint venture forTOMMY HILFIGERin China that we did not already own (the “TH China acquisition”). We recorded pre-tax charges of $14 million in thetwenty-six weeks endedAugust 5, 2018, consisting of noncash amortization of short-lived assets.







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|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | The net addition of an aggregate $82 million of revenue, or an 8% increase over the prior year period, attributable to our Tommy Hilfiger International and Tommy Hilfiger North America segments, which included a negative impact of $26 million,or 2%, related to foreign currency translation. Tommy Hilfiger International segment revenue increased 18% (including a 4% negative foreign currency impact), primarily driven by outperformance experienced in Europe and the addition of revenue resulting from the Australia acquisition. Tommy Hilfiger International comparable store sales increased 9%. Revenue in our Tommy Hilfiger North America segment decreased 5%, driven by an 8% decline in Tommy Hilfiger North America comparable store sales due to weakness in traffic and consumer spending trends, especially in stores located in international tourist locations.




|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | The net reduction of an aggregate $52 million of revenue, or a 6% decrease over the prior year period, attributable to our Calvin Klein International and Calvin Klein North America segments, which included a negative impact of $18 million, or 2%, related to foreign currency translation and an aggregate net reduction of approximately 2% resulting from (i) the winding down of our directly operated women’s jeanswear wholesale business in the United States and Canada in connection with the G-III license, (ii) the CK Collection closure and (iii) the addition of revenue resulting from the Australia acquisition. Calvin Klein International segment revenue increased 1% (including a 4% negative foreign currency impact), driven by continued solid growth in Europe and revenue from the Australia acquisition, partially offset by a reduction of revenue as a result of the CK Collection closure and softness experienced across China. Calvin Klein International comparable store sales were flat. Revenue in our Calvin Klein North America segment decreased 13% (including a 1% negative foreign currency impact), principally due to the effect of the G-III license and a 3% decline in Calvin Klein North America comparable store sales due to weakness in traffic and consumer spending trends, especially in stores located in international tourist locations.




|  |                                                                                                                                                                              
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | The net addition of an aggregate $1 million of revenue attributable to our Heritage Brands Retail and Heritage Brands Wholesale segments. Comparable store sales declined 2%.








































---







































































































---































|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | The net addition of an aggregate $118 million of revenue, or a 6% increase over the prior year period, attributable to our Tommy Hilfiger International and Tommy Hilfiger North America segments, which included a negative impact of $83 million, or 4%, related to foreign currency translation. Tommy Hilfiger International segment revenue increased 11% (including a 6% negative foreign currency impact), driven principally by outperformance in Europe and the addition of revenue resulting from the Australia acquisition. Tommy Hilfiger International comparable store sales increased 9%. Revenue in the Tommy Hilfiger North America segment decreased 2%, driven by a 6% decline in Tommy Hilfiger North America comparable store sales due to weakness in traffic and consumer spending trends, especially in stores located in international tourist locations, partially offset by growth in the North America wholesale business in the first quarter of 2019.




|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | The reduction of an aggregate $52 million of revenue, or a 3% decrease over the prior year period, attributable to our Calvin Klein International and Calvin Klein North America segments, which included a negative impact of $54 million, or 3%, related to foreign currency translation. Calvin Klein International segment revenue was flat (including a 5% negative foreign currency impact), as solid growth in Europe and the addition of revenue resulting from the Australia acquisition were more than offset by the negative impacts of foreign currency translation, softness experienced across China and the reduction of revenue resulting from the CK Collection closure. Calvin Klein International comparable store sales decreased 2%. Revenue in the Calvin Klein North America segment decreased 6%, driven by a 4% decrease in Calvin Klein North America comparable store sales due to weakness in traffic and consumer spending trends, especially in stores located in international tourist locations, and the effect of the G-III license.




|  |                                                                                                                                                                                                                             
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | The net addition of an aggregate $7 million of revenue, or a 1% increase over the prior year period, attributable to our Heritage Brands Retail and Heritage Brands Wholesale segments. Comparable store sales decreased 4%.


































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(In millions)8/4/192/3/198/5/18Short-term borrowings$183$13$85Current portion of long-term debt41——Finance lease liabilities151714Long-term debt2,7432,8192,893Stockholders’ equity5,8725,8285,565










































































---












































































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(In millions)Designation DateCommencement DateInitial Notional AmountNotional Amount Outstanding as of August 4, 2019Fixed RateExpiration DateJune 2019February 2020$50$—1.409%February 2022June 2019June 201950501.719%July 2021January 2019February 202050—2.4187%February 2021November 2018February 20191391392.8645%February 2021October 2018February 20191161782.9975%February 2021June 2018August 201850502.6825%February 2021June 2017February 20183061191.566%February 2020July 2014February 2016683—1.924%February 2018













































































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---























































---




















































---












































































Period(a) Total Number of Shares (or Units) Purchased(1)(2)(b) Average Price Paid per Share (or Unit)(1)(2)(c) Total Number of Shares (or Units) Purchased as Part of  Publicly Announced Plans or Programs(1)(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs(1)May 6, 2019 -June 2, 2019178,179$108.24177,500$927,863,386June 3, 2019 -July 7, 2019292,42990.74281,000902,374,610July 8, 2019 -August 4, 2019241,28788.78236,680881,393,191Total711,895$94.46695,180$881,393,191





(1)





(2)




















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The following exhibits are included herein:3.1Amended and Restated Certificate of Incorporation of PVH Corp. (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K, filed June 21, 2019).3.2By-Laws of PVH Corp., as amended through June 20, 2019 (incorporated by reference to Exhibit 3.2 to our Current Report on Form 8-K, filed on June 21, 2019).4.1Specimen of Common Stock certificate (incorporated by reference to Exhibit 4.1 to our Quarterly Report on Form 10-Q for the period ended July 31, 2011).4.2Indenture, dated as of November 1, 1993, between Phillips-Van Heusen Corporation and The Bank of New York, as Trustee (incorporated by reference to Exhibit 4.01 to our Registration Statement on Form S-3 (Reg. No. 33-50751) filed on October 26, 1993);First Supplemental Indenture, dated as of October 17, 2002, to Indenture, dated as of November 1, 1993, between Phillips-Van Heusen Corporation and The Bank of New York, as Trustee (incorporated by reference to Exhibit 4.15 to our Quarterly Report on Form 10-Q for the period ended November 3, 2002);Second Supplemental Indenture, dated as of February 12, 2002, to Indenture, dated as of November 1, 1993, between Phillips-Van Heusen Corporation and The Bank of New York, as Trustee (incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on February 26, 2003);Third Supplemental Indenture, dated as of May 6, 2010, between Phillips-Van Heusen Corporation and The Bank of New York Mellon (formerly known as The Bank of New York), as Trustee (incorporated by reference to Exhibit 4.16 to our Quarterly Report on Form 10-Q for the period ended August 1, 2010);Fourth Supplemental Indenture, dated as of February 13, 2013, to Indenture, dated as of November 1, 1993, between PVH Corp. and The Bank of New York Mellon, as Trustee (incorporated by reference to Exhibit 4.11 to our Quarterly Report on Form 10-Q for the period ended May 5, 2013).4.3Indenture, dated as of June 20, 2016, between PVH Corp., U.S. Bank National Association, as Trustee, Elavon Financial Services Limited, UK Branch, as Paying Agent and Authenticating Agent, and Elavon Financial Services Limited, as Transfer Agent and Registrar (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K, filed on June 20, 2016).4.4Indenture, dated as of December 21, 2017, between PVH Corp., U.S. Bank National Association, as Trustee, Elavon Financial Services DAC, UK Branch, as Paying Agent and Authenticating Agent, and Elavon Financial Services DAC, as Transfer Agent and Registrar (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K, filed on December 21, 2017).10.1Employment 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).10.2Amended and Restated Employment Agreement, dated as of December 16, 2008, between PVH Corp. and Cheryl Abel-Hodges (formerly known as Cheryl Dapolito) (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on June 11, 2019).10.3First Amendment to Amended and Restated Employment Agreement, dated as of March 31, 2011, between PVH Corp. and Cheryl Abel-Hodges (formerly known as Cheryl Dapolito) (incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K, filed on June 11, 2019).+31.1Certification of Emanuel Chirico, Chairman and Chief Executive Officer, pursuant to Section 302 of the Sarbanes – Oxley Act of 2002.+31.2Certification of Michael Shaffer, Executive Vice President and Chief Operating & Financial Officer, pursuant to Section 302 of the Sarbanes – Oxley Act of 2002.*,+32.1Certification of Emanuel Chirico, Chairman and Chief Executive Officer, pursuant to Section 906 of the Sarbanes – Oxley Act of 2002, 18 U.S.C. Section 1350.








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*,+32.2Certification of Michael Shaffer, Executive Vice President and Chief Operating & Financial Officer, pursuant to Section 906 of the Sarbanes – Oxley Act of 2002, 18 U.S.C. Section 1350.+101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.+101.SCHInline XBRL Taxonomy Extension Schema Document+101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document+101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document+101.LABInline XBRL Taxonomy Extension Label Linkbase Document+101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)+Filed or furnished herewith.














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PVH CORP.Registrant








Dated:September 6, 2019/s/ JAMES W. HOLMESJames W. HolmesSenior Vice President and Controller (Principal Accounting Officer)