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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 30, 2022OR☐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☐





☒


☐


7,462,751,957


68,006,957





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DocumentLocation in Form 10-Kin which incorporatedRegistrant’s Proxy Statement for the Annual Meeting of Stockholders to be held on June 16, 2022Part III








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PART IItem 1.Business1Item 1A.Risk Factors16Item 1B.Unresolved Staff Comments29Item 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 Risk64Item 8.Financial Statements and Supplementary Data64Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure64Item 9A.Controls and Procedures64Item 9B.Other Information65Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections65PART IIIItem 10.Directors, Executive Officers and Corporate Governance66Item 11.Executive Compensation66Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters66Item 13.Certain Relationships and Related Transactions, and Director Independence66Item 14.Principal Accounting Fees and Services66PART IVItem 15.Exhibits, Financial Statement Schedules67Item 16.Form 10-K Summary71Signatures72Index 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 ULCMen’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 (South Korea)MBF Holdings LLCMen’s and women’s footwear (United States and Canada)Movado Group, Inc. / Swissam Products, Ltd.Men’s and women’s watches and jewelry (worldwide, excluding Japan (except certain customers))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)Movado Group, Inc. (effective January 1, 2022; formerly licensed to CK Watch & Jewelry Co., Ltd. (Swatch SA))Men’s and women’s watches and jewelry (worldwide)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)G-III Apparel Group, Ltd.Women’s coats, suits, dresses, sportswear, jeanswear, active performancewear, handbags and small leather goods, men’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)Peerless Clothing International, Inc.Men’s tailored clothing (United States, Canada and Mexico)




















































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NameAgePositionStefan Larsson47Chief Executive OfficerJames W. Holmes50Executive Vice President, Interim Chief Financial Officer and ControllerMartijn Hagman47Chief Executive Officer, Tommy Hilfiger Global and PVH EuropePatricia Donnelly55Chief Executive Officer, Calvin Klein Global and PVH AmericasMark D. Fischer60Executive Vice President, General Counsel and SecretaryJulie Fuller48Executive Vice President, Chief People Officer














































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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 officesLeased285,000Banksmeadow, 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 centersLeased2,450,000McDonough, 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 officesLeased163,000



























































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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)November 1, 2021 -November 28, 2021324,829$118.97323,521$385,384,797November 29, 2021 -January 2, 2022802,247101.82798,608304,081,029January 3, 2022 -January 30, 2022797,486102.56791,500222,936,490Total1,924,562$105.021,913,629$222,936,490
































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Value of $100.00 invested after 5 years:Our Common Stock$103.60S&P 500 Index$211.72S&P 500 Apparel, Accessories & Luxury Goods Index$105.59

































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202120202019(Dollars in millions)Net sales$8,724$6,799$9,400Royalty revenue340260380Advertising and other revenue9174129Total revenue9,1557,1339,909Gross profit5,3243,7775,388% of total revenue58.2%53.0%54.4%SG&A4,4543,9834,715% of total revenue48.7%55.8%47.6%Goodwill and other intangible asset impairments—933—Non-service related pension and postretirement (income) cost(64)(76)90Debt modification and extinguishment costs——5Other (gain) loss, net(119)329Equity in net income (loss) of unconsolidated affiliates24(5)10Income (loss) before interest and taxes1,077(1,072)559Interest expense109125120Interest income445Income (loss) before taxes973(1,193)444Income tax expense (benefit)21(56)29Net income (loss)952(1,137)415Less: Net loss attributable to redeemable non-controlling interest(0)(1)(2)Net income (loss) attributable to PVH Corp.$952$(1,136)$417

















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202120202019Components of revenue:Net sales95.3%95.3%94.9%Royalty, advertising and other revenue4.74.75.1Total100.0%100.0%100.0%Gross margin58.2%53.0%54.4%























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202120202019(In millions)SG&A expenses$4,454$3,983$4,715% of total revenue48.7%55.8%47.6%



































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202120202019(Dollars in millions)Income tax expense (benefit)$21$(56)$29Income tax as a % of pre-tax income (loss)2.1%4.7%6.5%

















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(In millions)1/30/221/31/21Short-term borrowings$11$—Current portion of long-term debt3541Finance lease obligations913Long-term debt2,3183,514Stockholders’ equity5,2894,730




































































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(In millions)Designation DateCommencement DateInitial Notional AmountNotional Amount Outstanding as of January 30, 2022Fixed 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 2021June 2017February 2018306—1.566%February 2020


























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Cash RequirementsDescriptionTotal20222023-20242025-2026Thereafter(In millions)Long-term debt(1)$2,368$35$1,165$500$668Interest payments on long-term debt290811355321Short-term borrowings1111Operating and finance leases(2)1,814428591351444Inventory purchase commitments(3)1,0721,072Non-qualified supplemental defined benefit plans(4)4237113Other cash requirements(5)10157377Total$5,698$1,721$1,929$912$1,136





























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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).*10.5Second Amended and Restated Employment Agreement, dated as of December 23, 2008, between Phillips-Van Heusen Corporation and Michael Shaffer (incorporated by reference to Exhibit 10.30 to our Annual Report on Form 10-K for the fiscal year ended February 1, 2009);First Amendment to Second Amended and Restated Employment Agreement, dated January 28, 2011, between Phillips-Van Heusen Corporation and Michael Shaffer (incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K, filed January 28, 2011).*10.6PVH 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).*10.7PVH 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).*10.8PVH Corp. Performance Incentive Bonus Plan, as amended and restated effective April 30, 2020(incorporated by reference to Exhibit 10.8to our Annual Report on Form 10-K for the fiscal year ended January 31, 2021).*10.9Form of Stock Option Agreement for Directors 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 June 16, 2006);Revised Form of Stock Option Agreement for Directors under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan (incorporated by reference to Exhibit 10.5 to our Quarterly Report on Form 10-Q for the period ended May 6, 2007).*10.10Form 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).*10.11Form 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 2006Stock 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).*10.12Form 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).*10.13Form 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).





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*10.14Revised 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).*10.15Form 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).10.16Credit 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)*10.17Schedule of Non-Management Directors’ Fees, effective June 16, 2016 (incorporated by reference to Exhibit 10.2 to our Quarterly Report on Form 10-Q for the period ended July 31, 2016).*10.18Schedule of Non-Management Directors’ Fees, effective June 20, 2019(incorporated by reference to Exhibit10.21 to our Annual Report on Form 10-K for the fiscal year endedFebruary 2, 2020).*10.19Employment 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).*10.20Employment Agreement, dated as of February 14, 2020, between PVH Corp. and Cheryl Abel-Hodges (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on February 14, 2020).*10.21Form of salary reduction consent and waiver signed by Stefan Larsson (on April 7, 2020), Michael Shaffer (on April 8, 2020) and Cheryl Abel-Hodges (on April 8, 2020) (incorporated by reference to Exhibit 10.3 to our Quarterly Report on Form 10-Q for the period ended May 3, 2020).10.22Credit Agreement, dated as of April 8, 2020, among 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 and Truist Bank as Documentation Agent (incorporated by reference to Exhibit 10.4 to our Quarterly Report on Form 10-Q for the period ended May 3, 2020).*10.23Employment 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-Kforthefiscalyear ended January 31, 2021).*10.24Transition Agreement, dated as of January 31, 2021, between PVH Corp. and Emanuel Chirico (incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed on February 1, 2021).10.25Credit Agreement, dated as of April 28, 2021, among 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, Bank of America, N.A. as Documentation Agent, JPMorgan Chase Bank, N.A. as Documentation Agent, Joint Lead Arranger and Joint Lead Bookrunner, Royal Bank of Canada as Documentation Agent, Truist Bank as Documentation Agent, Joint Lead Arranger and Joint Lead Bookrunner, Citizens Bank N.A as Documentation Agent, MUFG Bank, LTD. as Documentation Agent, U.S. Bank National Association as Documentation Agent, Wells Fargo Bank, National Association as Documentation Agent, BOFA Securities, Inc. as Joint Lead Arranger and Joint Lead Bookrunner, 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 2, 2021).10.26Second 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 10.2to our Quarterly Report on Form 10-Q for the period ended May 2, 2021).





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*,+10.27Employment Agreement,effectiveas ofNovember1, 2019, between PVH Corp. and James Holmes.*,+10.28Salary reduction consent and waiver, dated as of April9, 2020, signed byJames Holmes.*,+10.29Employment Agreement,effectiveas ofSeptember28, 2020, between PVH Corp. and Julie Fuller.*,+10.30Employment Agreement,effectiveas of February16, 2021, between PVH Corp. and Patricia Donnelly Davidson.+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.+31.2Certification ofJames W. Holmes, Executive Vice President, InterimChiefFinancial Officerand Controller, 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 ofJames W. Holmes, Executive Vice President, InterimChiefFinancial Officerand Controller, 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 30, 2022Stefan Larsson(Principal Executive Officer)/s/ JAMES W. HOLMESExecutive Vice President, Interim Chief FinancialMarch 30, 2022James W. HolmesOfficer and Controller (Interim Principal Financial Officer and Principal Accounting Officer)/s/ HENRY NASELLAChairman (Director)March 30, 2022Henry Nasella/s/ BRENT CALLINICOSDirectorMarch 30, 2022Brent Callinicos/s/ GEORGE CHEEKSDirectorMarch 30, 2022George Cheeks/s/ JOSEPH B. FULLERDirectorMarch 30, 2022Joseph B. Fuller/s/ JUDITH AMANDA SOURRY KNOXDirectorMarch 30, 2022Judith Amanda Sourry Knox/s/ V. JAMES MARINODirectorMarch 30, 2022V. James Marino/s/ GERALDINE (PENNY) MCINTYREDirectorMarch 30, 2022Geraldine (Penny) McIntyre/s/ AMY MCPHERSONDirectorMarch 30, 2022Amy McPherson/s/ ALLISON PETERSONDirectorMarch 30, 2022Allison Peterson/s/ EDWARD R. ROSENFELDDirectorMarch 30, 2022Edward 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 EndedJanuary 30, 2022,January 31, 2021andFebruary 2, 2020F-2Consolidated Statements of ComprehensiveIncome(Loss)—Years EndedJanuary 30, 2022,January 31, 2021andFebruary 2, 2020F-3Consolidated Balance Sheets—January 30, 2022 and January 31, 2021F-4Consolidated Statements of Cash Flows—Years EndedJanuary 30, 2022,January 31, 2021andFebruary 2, 2020F-5Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Non-Controlling Interest—Years EndedJanuary 30, 2022,January 31, 2021andFebruary 2, 2020F-6Notes to Consolidated Financial StatementsF-7Management’s Report on Internal Control Over Financial ReportingF-67Reports of Independent Registered Public Accounting Firm (PCAOB ID:42)F-68


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


Schedule II - Valuation and Qualifying AccountsF-72
















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202120202019Net sales$8,723.7$6,798.7$9,400.0Royalty revenue340.1260.4379.9Advertising and other revenue90.973.5129.1Total revenue9,154.77,132.69,909.0Cost of goods sold (exclusive of depreciation and amortization)3,830.63,355.84,520.6Gross profit5,324.13,776.85,388.4Selling, general and administrative expenses4,453.93,983.24,715.2Goodwill and other intangible asset impairments—933.5—Non-service related pension and postretirement (income) cost(64.1)(75.9)90.0Debt modification and extinguishment costs——5.2Other (gain) loss, net(118.9)3.128.9Equity in net income (loss) of unconsolidated affiliates23.7(4.6)9.6Income (loss) before interest and taxes1,076.9(1,071.7)558.7Interest expense108.6125.5120.0Interest income4.44.25.3Income (loss) before taxes972.7(1,193.0)444.0Income tax expense (benefit)20.7(55.5)28.9Net income (loss)952.0(1,137.5)415.1Less: Net loss attributable to redeemable non-controlling interest(0.3)(1.4)(2.2)Net income (loss) attributable to PVH Corp.$952.3$(1,136.1)$417.3Basic net income (loss) per common share attributable to PVH Corp.$13.45$(15.96)$5.63Diluted net income (loss) per common share attributable to PVH Corp.$13.25$(15.96)$5.60


















































































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202120202019Net income (loss)$952.0$(1,137.5)$415.1Other comprehensive (loss) income:Foreign currency translation adjustments(268.1)278.5(157.8)Net unrealized and realized gain (loss) related to effective cash flow hedges, net of tax expense (benefit) of $25.0, $(5.6) and $(1.0)90.7(63.1)(4.1)Net gain (loss) on net investment hedges, net of tax expense (benefit) of $27.5, $(30.6) and $9.683.8(94.4)29.7Total other comprehensive (loss) income(93.6)121.0(132.2)Comprehensive income (loss)858.4(1,016.5)282.9Less: Comprehensive loss attributable to redeemable non-controlling interest(0.3)(1.4)(2.2)Comprehensive income (loss) attributable to PVH Corp.$858.7$(1,015.1)$285.1














































































































































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January 30,2022January 31,2021ASSETSCurrent Assets:Cash and cash equivalents$1,242.5$1,651.4Trade receivables, net of allowances for credit losses of $61.9 and $69.6745.2641.5Other receivables20.125.1Inventories, net1,348.51,417.1Prepaid expenses169.0158.2Other128.450.4Total Current Assets3,653.73,943.7Property, Plant and Equipment, net906.1942.7Operating Lease Right-of-Use Assets1,349.01,564.8Goodwill2,828.92,954.3Tradenames2,722.92,869.7Other Intangibles, net584.1648.5Other Assets, including deferred taxes of $46.1 and $57.2352.1369.8Total Assets$12,396.8$13,293.5LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND STOCKHOLDERS’ EQUITYCurrent Liabilities:Accounts payable$1,220.8$1,124.2Accrued expenses1,100.8939.9Deferred revenue44.955.8Current portion of operating lease liabilities375.4421.4Short-term borrowings10.8—Current portion of long-term debt34.841.1Total Current Liabilities2,787.52,582.4Long-Term Portion of Operating Lease Liabilities1,214.41,430.7Long-Term Debt2,317.63,513.7Other Liabilities, including deferred taxes of $373.9 and $418.4788.51,039.8Redeemable Non-Controlling Interest—(3.4)Stockholders’ 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; 87,107,155 and 86,293,158 shares issued87.186.3Additional paid in capital – common stock3,198.43,129.4Retained earnings4,562.83,613.2Accumulated other comprehensive loss(612.7)(519.1)Less: 18,572,482 and 15,133,663 shares of common stock held in treasury, at cost(1,946.8)(1,579.5)Total Stockholders’ Equity5,288.84,730.3Total Liabilities, Redeemable Non-Controlling Interest and Stockholders’ Equity$12,396.8$13,293.5










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202120202019OPERATING ACTIVITIES(1)Net income (loss)$952.0$(1,137.5)$415.1Adjustments to reconcile to net cash provided by operating activities:Depreciation and amortization313.3325.8323.8Equity in net (income) loss of unconsolidated affiliates(23.7)4.6(9.6)Deferred taxes(2)(64.9)(144.7)(72.9)Stock-based compensation expense46.850.556.1Impairment of goodwill and other intangible assets—933.5—Impairment of other long-lived assets47.081.9109.9(3)Actuarial (gain) loss on retirement and benefit plans(48.7)(64.5)97.8Debt modification and extinguishment costs——5.2Other (gain) loss, net(118.9)3.128.9Changes in operating assets and liabilities:Trade receivables, net(138.1)138.4(17.1)Other receivables4.11.21.0Inventories, net(33.9)283.3121.4Accounts payable, accrued expenses and deferred revenue260.7140.947.8Prepaid expenses(20.7)7.9(14.4)Employer pension contributions——(0.7)Other, net(103.8)73.3(72.0)Net cash provided by operating activities1,071.2697.71,020.3INVESTING ACTIVITIES(4)Acquisitions, net of cash acquired——(192.4)Purchases of property, plant and equipment(267.9)(226.6)(345.2)Proceeds from sale of building——59.4Investments in unconsolidated affiliates—(1.6)(27.7)Proceeds from sale of the Speedo North America business—169.1—Proceeds from sale of certain Heritage Brands trademarks and other assets222.9——Net cash used by investing activities(45.0)(59.1)(505.9)FINANCING ACTIVITIES(1)(4)Net proceeds from (payments on) short-term borrowings10.5(53.6)(12.1)Proceeds from 4 5/8% senior notes, net of related fees—493.8—Proceeds from 3 5/8% senior notes, net of related fees—185.9—Proceeds from 2019 facilities, net of related fees——1,639.8Repayment of 2016 facilities——(1,649.3)Repayment of 2019 facilities(1,051.3)(14.4)(70.6)Net proceeds from settlement of awards under stock plans26.73.92.5Cash dividends(2.7)(2.7)(11.3)Acquisition of treasury shares(361.3)(117.3)(345.1)Payments of finance lease liabilities(5.2)(5.5)(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(1,398.5)477.4(451.6)Effect of exchange rate changes on cash and cash equivalents(36.6)32.0(11.4)(Decrease) increase in cash and cash equivalents(408.9)1,148.051.4Cash and cash equivalents at beginning of year1,651.4503.4452.0Cash and cash equivalents at end of year$1,242.5$1,651.4$503.4


Please see Note 16 for lease related cash flow information.


Please see Note 9 for information on deferred taxes.


Noncash impairment charge of $116.4 million related to the sale of the Speedo North America business is included in Other (gain) loss, net. Please see Note 3 for further information.


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 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.417.3417.3Foreign currency translation adjustments(157.8)(157.8)Net unrealized and realized loss related to effective cash flow hedges, net of tax benefit of $1.0(4.1)(4.1)Net gain on net investment hedges, net of tax expense of $9.629.729.7Comprehensive income attributable to PVH Corp.285.1Cumulative-effect adjustment related to the adoption of accounting guidance for leases(3.1)(3.1)Settlement of awards under stock plans444,1350.52.02.5Stock-based compensation expense56.156.1Dividends declared ($0.15 per common share)(11.3)(11.3)Acquisition of 3,554,603 treasury shares(345.6)(345.6)Net loss attributable to redeemable non-controlling interest(2.2)February 2, 2020(2.0)—85,890,27685.93,075.44,753.0(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 ($0.0375 per common share)(2.7)(2.7)Acquisition of 3,438,819 treasury shares(367.3)(367.3)Net loss attributable to redeemable non-controlling interest(0.3)Change in the economic interests of redeemable non-controlling interest3.7(3.7)(3.7)January 30, 2022$—$—87,107,155$87.1$3,198.4$4,562.8$(612.7)$(1,946.8)$5,288.8




























---


















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 Arvind Manufacturing Private Limited Company (“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. The Company consolidated PVH Ethiopia in its consolidated financial statements. The Company and Arvind amended, effective May 31, 2021, the capital structure of PVH Ethiopia and as a result the Company solely managed and effectively owned all economic interests in the joint venture. The Company closed in the fourth quarter of 2021 the manufacturing facility that was the joint venture’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 2021, 2020 and 2019 represent the 52 weeks ended January 30, 2022, January 31, 2021 and February 2, 2020, respectively.























---




























450 12 80 60





275.0
 275.0
   175.0 500.0





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 extent of the impacts of the COVID-19 pandemic 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 30, 2022 consisted principally of bank deposits and investments in money market funds.











61.9 69.6 48.5

















879.0











---










47.2 7.3 116.4





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 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 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 $266.6 million, $280.8 million and $275.0 million in 2021, 2020 and 2019, 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 $18.0 million and $10.0 million of costs incurred in 2021 and 2020, respectively, to implement cloud computing arrangements, primarily related to digital and consumer data platforms. Amortization expense relating to cloud computing arrangements totaled $6.2 million, $4.4 million and $0.9 million in 2021, 2020 and 2019, respectively. Cloud computing costs of $32.7 million and $20.5 million were included in prepaid expenses and other assets in the Company’s Consolidated Balance Sheets as of January 30, 2022 and January 31, 2021, respectively.





1,600 35    20











---






















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 $332.4 million, $288.9 million and $351.4 million in 2021, 2020 and 2019, 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 $535.8 million, $379.0 million and $509.7 million in 2021, 2020 and 2019, respectively. Prepaid advertising expenses recorded in prepaid expenses and other assets totaled $5.2 million and $8.3 million at January 30, 2022 and January 31, 2021, 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.





Income Taxes— Deferred tax assets and liabilities are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts more likely than not to be realized.








---




Significant judgment is required in assessing the timing and amount of deductible and taxable items, evaluating tax positions and determining the income tax provision. The Company recognizes income tax benefits only when it is more likely than not that the tax position will be fully sustained upon review by taxing authorities, including resolution of related appeals or litigation processes, if any. If the recognition threshold is met, the Company measures the tax benefit at the largest amount with a greater than 50 percent likelihood of being realized upon ultimate settlement. For tax positions that are 50 percent or less likely of being sustained upon audit, the Company does not recognize any portion of that benefit in the financial statements. When the outcome of these tax matters changes, the change in estimate impacts the provision for income taxes in the period that such a determination is made. The Company recognizes interest and penalties related to unrecognized tax benefits in the Company’s income tax provision.





























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.





Foreign Currency Translation and Transactions
 — The consolidated financial statements of the Company are prepared in United States dollars. If the functional currency of a foreign subsidiary is not the United States dollar, assets and liabilities are translated to United States dollars at the closing exchange rate in effect at the applicable balance sheet date and revenue and expenses are translated to United States dollars at the average exchange rate for the applicable period. The resulting translation adjustments are included in the Company’s Consolidated Statements of Comprehensive Income (Loss) as a component of other comprehensive (loss) income and in the Consolidated Balance Sheets within AOCL. Gains and losses on the revaluation of intercompany loans made between foreign subsidiaries that are of a long-term investment nature are included in AOCL. Gains and losses arising from transactions denominated in a currency other than the functional currency of a particular entity, not including inventory purchases, are principally included in SG&A expenses and totaled a loss (gain) of $20.4 million, $(5.6) million and $16.2 million in 2021, 2020 and 2019, respectively





---







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.





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 December 2019 an update to accounting guidance to simplify the accounting for income taxes by eliminating certain exceptions to the existing guidance and clarifying and amending certain guidance to reduce diversity in practice. The update eliminates certain exceptions to the guidance related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The update also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The Company adopted the update in the first quarter of 2021. The adoption of the update did not have any impact on the Company’s consolidated financial statements.























---









REVENUE

















Payment is typically due within 30 to 90 days.


















































---




























1.1 268.3 256.6 553.5














(In millions)20212020Deferred revenue balance at beginning of period$55.8$64.7Net additions to deferred revenue during the period42.250.5Reductions in deferred revenue for revenue recognized during the period(1)(51.5)(59.4)Reduction in deferred revenue related to the Heritage Brands transaction(1.6)(2)—Deferred revenue balance at end of period$44.9$55.8





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.





15.0 13.4

























---




ACQUISITIONS AND DIVESTITURES











74.3











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











---




4.9 8.6





17.3 24.4 12.7 15.2 4.6 9.2





The Company had no remaining liability for the mandatorily redeemable non-controlling interest as of January 30, 2022. The liability for the mandatorily redeemable non-controlling interest, related to the tranche 2 shares, was $24.1 million as of January 31, 2021 based on exchange rates in effect on that date, and was included in accrued expenses in the Company’s Consolidated Balance Sheet.











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

















97.8 222.9





216.3 118.5





1.8 1.4





---













170.0 142.0 116.4





116.4 203.8 87.4











169.1
  5.9





Upon the closing of the Speedo transaction, U.S.-based employees 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 are being 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.







PROPERTY, PLANT AND EQUIPMENT








(In millions)20212020Land$1.0$1.0Buildings and building improvements30.654.5Machinery, software and equipment981.9926.4Furniture and fixtures549.0580.2Shop-in-shops/concession locations227.2245.6Leasehold improvements765.1834.5Construction in progress97.352.1Property, plant and equipment, gross2,652.12,694.3Less: Accumulated depreciation(1,746.0)(1,751.6)Property, plant and equipment, net$906.1$942.7











---




actions taken to reduce the Company’s real estate footprint, including reductions in office space and select store closures, as well as the exit from the Heritage Brands Retail business. Construction in progress at January 30, 2022 and January 31, 2021 represents costs incurred for machinery, software and equipment, furniture and fixtures, and leasehold improvements not yet placed in use. Construction in progress at January 30, 2022 principally related to enhancements to the Company’s warehouse and distribution network in Europe and North America and investments in new stores and store renovations. Construction in progress at January 31, 2021 principally related to upgrades and enhancements to operating, supply chain and logistics systems. Interest costs capitalized in construction in progress were immaterial during 2021, 2020 and 2019.







INVESTMENTS IN UNCONSOLIDATED AFFILIATES





165.3 164.0








50
    50











49





2.0





1.6 27.7








22 50





6.4











41








---










49





16.8 7.2








The Company owns an economic interest of approximately 8% in Karl Lagerfeld Holding B.V. (“Karl Lagerfeld”). The Company is deemed to have significant influence with respect to this investment and had been accounting for this investment under the equity method of accounting prior to the first quarter of 2020. The Company determined during the first quarter of 2020 that 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, and discontinued applying the equity method of accounting to this investment. The Company resumed the equity method of accounting for its investment in Karl Lagerfeld in the fourth quarter of 2021, as its share of net income from this investment exceeded its share of losses that were not recognized during the period the equity method was discontinued.







REDEEMABLE NON-CONTROLLING INTEREST





75 25 25





0.1





3.4 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 February 2, 2020Goodwill, gross$780.4$896.1$204.4$1,598.3$198.4$11.9$3,689.5Accumulated impairment losses—————(11.9)(11.9)Goodwill, net780.4896.1204.41,598.3198.4—3,677.6Impairment(287.3)(394.0)——(197.7)—(879.0)Currency translation and other1.46.7(1.4)149.7(0.7)—155.7Balance as of January 31, 2021Goodwill, gross781.8902.8203.01,748.0197.711.93,845.2Accumulated 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 and other—(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, net$494.5$497.5$203.0$1,633.9$—$—$2,828.9





11.9 11.9 92.7 92.7





879.0








---







20212020(In millions)GrossCarryingAmountAccumulatedAmortizationNetGrossCarryingAmountAccumulatedAmortizationNetIntangible assets subject to amortization:Customer relationships(1)$286.0$(232.3)$53.7$301.7$(222.4)$79.3Reacquired license rights506.1(193.1)313.0511.2(181.0)330.2Total intangible assets subject to amortization792.1(425.4)366.7812.9(403.4)409.5Indefinite-lived intangible assets:Tradenames(2)(3)2,722.9—2,722.92,869.7—2,869.7Reacquired perpetual license rights217.4—217.4239.0—239.0Total indefinite-lived intangible assets2,940.3—2,940.33,108.7—3,108.7Total other intangible assets$3,732.4$(425.4)$3,307.0$3,921.6$(403.4)$3,518.2











The balance at January 31, 2021 reflects $7.3 million of noncash impairment charges recorded in the first quarter of 2020 to write down certain finite-lived intangible assets to a fair value of zero. Please see the section “Goodwill and Other Intangible Assets Impairment Testing” below for further discussion.





The balance at January 31, 2021 reflects $47.2 million of noncash impairment charges recorded in the first quarter of 2020 to write down the then-owned
 ARROWandGeoffrey Beenetradenames. Please see the section “Goodwill and Other Intangible Assets Impairment Testing” below for further discussion.





The change from January 31, 2021 to January 30, 2022 included a $66.9 million reduction to tradenames in connection with the Heritage Brands transaction.
 Please see Note 3, “Acquisitions and Divestitures,” for further discussion of the Heritage Brands transaction.





34.2 34.3








(In millions)Fiscal YearAmount2022$33.3202324.1202423.8202517.8202614.7

















---






































































---










879.0 197.7 287.3 394.0





162.3 143.4 346.9 80 20 140 60 15 125





2,948.5 5 1,557.5 355 320





10.0 10.5 11.0

















---
















15

































































---
















85





47.2 35.6
  78.9 43.3 11.6
  17.0 5.4 47.2
  5
  5











10.0 10.0











116.4





---













3











7.3 zero 4.7 2.6





There have been no significant events or change in circumstances since the first quarter of 2020 that would indicate the remaining carrying amount of the Company’s finite-lived intangible assets may be impaired as of January 30, 2022. There is continued uncertainty about the impacts of the COVID-19 pandemic and the supply chain and logistics disruptions globally on the Company’s business. If economic conditions caused by the pandemic do not recover as currently estimated by management, the Company could incur additional finite-lived intangible asset impairment charges in the future.







DEBT











no





no





207.2 10.8 no 0.17 40.8











397 no no





675.0





---




675.0











275.0 275.0 0.8 2.0 no

















1.375 0.375




















---
















(In millions)20212020Senior unsecured Term Loan A facilities due 2024(1)(2)$513.5$1,608.67 3/4% debentures due 202399.899.83 5/8% senior unsecured euro notes due 2024(2)580.8631.04 5/8% senior unsecured notes due 2025495.7494.53 1/8% senior unsecured euro notes due 2027(2)662.6720.9Total2,352.43,554.8Less: Current portion of long-term debt34.841.1Long-term debt$2,317.6$3,513.7





The outstanding principal balance for the United States dollar-denominated Term Loan A facility and the euro-denominated Term Loan A facility was zero and €462.5 million, respectively, as of January 30, 2022.





(2)
 The carrying amount of the euro-denominated Term Loan A facility 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)2022$34.82023141.820241,023.32025500.02026—





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











80








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





513.5 no 13.4





2.50 5.00 7.50





1,051.3
  14.4 70.6




















---
















1.375 0.375








(In millions)Designation DateCommencement DateInitial Notional AmountNotional Amount Outstanding as of January 30, 2022Fixed 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 2021June 2017February 2018306.5—1.566%February 2020





The Company terminated early the interest rate swap agreements due to expire in February 2022 and February 2023 in connection with the repayment ofthe outstanding principal balance under its USD TLAfacility. Please see Note 10, “Derivative Financial Instruments,” for further discussion.

















---




400.0 0.25











100.0

















525.0 175.0 2.8 3.0 175.0

















500.0 6.2














---










600.0























53.8





96.8 111.2 108.3







INCOME TAXES








(In millions)202120202019Domestic$(120.3)$(1,248.7)$(441.2)Foreign1,093.055.7885.2Total$972.7$(1,193.0)$444.0





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.





155.4 130.7 133.0








(In millions)202120202019Federal:Current$(87.7)$(22.2)$(30.4)Deferred(51.4)(1)(103.5)(52.6)(4)State and local:Current19.63.14.3Deferred(21.7)(19.0)(16.5)Foreign:Current153.7108.3127.9Deferred8.2(2)(22.2)(3)(3.8)(4)Total$20.7$(55.5)$28.9





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.





Includes a $27.8 million benefit related to the write-off of deferred tax liabilities in connection with the pre-tax noncash impairment of the then-ownedSpeedoperpetual license right, primarily in the United States. Please see Note 3, “Acquisitions and Divestitures,” for further discussion.








202120202019Statutory federal income tax rate21.0%21.0%21.0%State and local income taxes, net of federal income tax benefit(0.1)%1.7%(2.4)%Effects of international jurisdictions, including foreign tax credits(8.0)%(2.2)%(15.7)%Change in estimates for uncertain tax positions(9.7)%2.1%(11.8)%Change in valuation allowance0.7%0.9%1.8%Tax accounting method change(10.9)%—%—%Tax on foreign earnings (U.S. Tax Legislation - GILTI and FDII)7.6%(5.9)%10.0%Tax on Speedo transaction basis difference—%—%2.3%Goodwill impairment—%(13.3)%—%Excess tax benefits related to stock-based compensation—%(0.4)%(0.2)%Other, net1.5%0.8%1.5%Effective income tax rate2.1%4.7%6.5%





40




















---







(In millions)20212020Gross deferred tax assetsTax loss and credit carryforwards$131.7$314.3Operating lease liabilities401.5457.1Employee compensation and benefits111.8107.1Inventories42.636.4Accounts receivable24.216.3Accrued expenses18.222.5Derivative financial instruments—17.6Property, plant and equipment208.4(1)—Other, net—13.0Subtotal938.4984.3Valuation allowances(69.3)(62.2)Total gross deferred tax assets, net of valuation allowances$869.1$922.1Gross deferred tax liabilitiesIntangibles$(828.8)$(867.8)Operating lease right-of-use assets(352.8)(399.2)Property, plant and equipment—(16.3)Derivative financial instruments(11.1)—Other, net(4.2)—Total gross deferred tax liabilities$(1,196.9)$(1,283.3)Net deferred tax liability$(327.8)$(361.2)





(1)
 Includes a deferred tax asset related to a tax accounting method change made in conjunction with the Company’s 2020 U.S. federal income tax return.





142.2 1.9 43.2 24.4 72.7











---










(In millions)202120202019Balance at beginning of year$210.7$219.9$248.3Increases related to prior year tax positions2.65.47.7Decreases related to prior year tax positions(0.2)(2.9)(15.8)Increases related to current year tax positions15.510.918.2Lapses in statute of limitations(93.3)(30.7)(36.0)Effects of foreign currency translation(7.5)8.1(2.5)Balance at end of year$127.8$210.7$219.9











7.4 2.3 15.0 19.9 28.3





8.0 10.0







DERIVATIVE FINANCIAL INSTRUMENTS

















80











1.5








---










600.0 525.0





1,361.7 1,243.4 1,514.2 1,351.9


























AssetsLiabilities2021202020212020(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)$48.0$2.7$1.2$0.1$0.6$—$29.0$0.4Interest rate swap agreements——————3.21.5Total contracts designated as cash flow hedges48.02.71.20.10.6—32.21.9Undesignated contracts:Foreign currency forward exchange contracts5.6—2.5—1.1—1.6—Total$53.6$2.7$3.7$0.1$1.7$—$33.8$1.9





1,408.5








---







Gain (Loss)Recognized in OtherComprehensive (Loss) Income(In millions)202120202019Foreign currency forward exchange contracts (inventory purchases)$109.2$(57.3)$22.4Interest rate swap agreements0.2(9.9)(5.8)Foreign currency borrowings (net investment hedges)111.3(125.0)39.3Total$220.7$(192.2)$55.9





Amount of (Loss) Gain Reclassified from AOCL into (Expense) Income, Consolidated Statements of Operations Location, and Total Amount of Consolidated Statements of Operations Line ItemAmount ReclassifiedLocationTotal Statements of Operations Amount(In millions)202120202019202120202019Foreign currency forward exchange contracts (inventory purchases)$(1.8)$12.5$23.1Cost of goods sold$3,830.6$3,355.8$4,520.6Interest rate swap agreements(1.5)——SG&A(1)4,453.93,983.24,715.2Interest rate swap agreements(3.0)(11.0)(1.4)Interest expense108.6125.5120.0Total$(6.3)$1.5$21.7





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.





54.9








Gain (Loss) Recognized in Income (Expense)(In millions)202120202019Foreign currency forward exchange contracts$14.7$(11.8)$3.4






















---




FAIR VALUE MEASUREMENTS
































20212020(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalAssets:Foreign currency forward exchange contractsN/A$56.3N/A$56.3N/A$3.8N/A$3.8Total AssetsN/A$56.3N/A$56.3N/A$3.8N/A$3.8Liabilities:Foreign currency forward exchange contractsN/A$1.7N/A$1.7N/A$31.0N/A$31.0Interest rate swap agreementsN/A—N/A—N/A4.7N/A4.7Total LiabilitiesN/A$1.7N/A$1.7N/A$35.7N/A$35.7


























---







(In millions)Fair Value Measurement UsingFair ValueAs OfImpairment DateTotal Impairments2021Level 1Level 2Level 3Operating lease right-of-use assetsN/AN/A$14.3$14.3$21.2Property, 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——12.32019Operating lease right-of-use assetsN/AN/A14.514.583.0Property, plant and equipment, netN/AN/A——26.9Other intangible assets, netN/AN/A87.487.4116.4





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





1,027.7 933.5 81.9 12.3 1,027.7 414.7 304.1 249.6 30.0 11.0 6.0 12.3





97.5 14.5





26.9 zero





203.8 87.4





226.3 109.9 116.4 226.3 118.6 50.0 37.4 13.1 4.0 0.1 3.1








---







20212020(In millions)CarryingAmountFairValueCarryingAmountFairValueCash and cash equivalents$1,242.5$1,242.5$1,651.4$1,651.4Short-term borrowings10.810.8——Long-term debt (including portion classified as current)2,352.42,522.43,554.83,806.8





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 ten years 55








three





two








---







Pension PlansSERP PlansPostretirement Plans(In millions)202120202021202020212020Balance at beginning of year$840.5$830.1$121.7$124.5$6.3$8.2Service cost, net of plan expenses38.142.94.75.7——Interest cost24.825.53.33.50.10.2Benefit payments(48.7)(64.0)(24.5)(9.6)——Benefit payments, net of retiree contributions————(0.7)(1.3)Special termination benefits0.51.11.81.9——Heritage Brands transaction gain(1.5)—(0.3)———Speedo deconsolidation gain—(2.2)—(0.6)——Actuarial (gain) loss(68.5)7.1(13.4)(3.7)(0.1)(0.8)Balance at end of year$785.2$840.5$93.3$121.7$5.6$6.3























1.8 1.4





0.9





450 12 3.0





2.8





---




included in other (gain) loss, net in the Company’s Consolidated Statement of Operations. Please see Note 3, “Acquisitions and Divestitures,” for further discussion of the sale of the Speedo North America business.








(In millions)20212020Fair value of plan assets at beginning of year$765.8$721.2Actual return, net of plan expenses9.2108.6Benefit payments(48.7)(64.0)Fair value of plan assets at end of year$726.3$765.8Funded status at end of year$(58.9)$(74.7)








Pension PlansSERP PlansPostretirement Plans(In millions)202120202021202020212020Current liabilities$—$—$(35.6)$(10.2)$(0.7)$(0.8)Non-current liabilities(58.9)(74.7)(57.7)(111.5)(4.9)(5.5)Net amount recognized$(58.9)$(74.7)$(93.3)$(121.7)$(5.6)$(6.3)











Pension PlansSERP PlansPostretirement Plans(In millions)202120202019202120202019202120202019Service cost$40.1$45.0$33.5$4.7$5.7$5.8$—$—$—Interest cost24.825.527.93.33.54.30.10.20.3Actuarial (gain) loss(35.2)(60.0)74.2(13.4)(3.7)23.1(0.1)(0.8)0.5Expected return on plan assets(44.5)(43.6)(40.3)——————Special termination benefits0.51.1—1.81.9————Heritage Brands transaction gain(1.5)——(0.3)—————Speedo deconsolidation gain—(2.2)——(0.6)————Total$(15.8)$(34.2)$95.3$(3.9)$6.8$33.2$—$(0.6)$0.8

















---







Amortization of prior service cost recognized in other comprehensive (loss) income for Pension Plans was immaterial during 2021, 2020 and 2019.





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 30, 2022 and January 31, 2021.








Pension PlansSERP Plans(In millions)2021202020212020Accumulated benefit obligation$746.4$754.9$85.3$102.6








(In millions, except plan count)20212020Number of plans with projected benefit obligations in excess of plan assets22Aggregate projected benefit obligation$785.2$840.5Aggregate fair value of related plan assets$726.3$765.8Number of plans with accumulated benefit obligations in excess of plan assets21Aggregate accumulated benefit obligation$746.4$4.3Aggregate fair value of related plan assets$726.3$4.1














202120202019Discount rate (applies to Pension Plans and SERP Plans)3.31%3.04%3.15%Discount rate (applies to Postretirement Plans)2.89%2.29%2.70%Rate of increase in compensation levels (applies to Pension Plans)4.00%4.25%4.23%Expected long-term rate of return on assets (applies to Pension Plans)6.00%6.00%6.25%











40 20 40








---







(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





(In millions)Fair Value Measurements as ofJanuary 31, 2021(1)Asset CategoryTotalQuoted PricesIn ActiveMarkets forIdentical Assets(Level 1)ObservableInputs(Level 2)UnobservableInputs(Level 3)Equity securities:United States equities(2)$219.4$219.4$—$—International equities(2)24.824.8——United States equity fund(3)62.2—62.2—International equity funds(4)151.171.579.6—Fixed income securities:Government securities(5)59.1—59.1—Corporate securities(5)208.8—208.8—Short-term investment funds(6)38.0—38.0—Subtotal$763.4$315.7$447.7$—Other assets and liabilities(7)2.4Total$765.8





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 Plans2022$52.5$35.6$0.7202352.67.40.7202454.77.50.6202554.27.60.6202653.77.10.52027-2031261.829.01.8





36.5 34.2 29.9







STOCK-BASED COMPENSATION

















---
















one two 4.3





46.8 50.5 56.1 6.2 5.9 6.9





7.6 3.0 8.8 5.4 0.9











one year after the date of grant 10














202120202019Weighted average risk-free interest rate1.24%0.48%2.15%Weighted average expected stock option term (in years)6.256.256.25Weighted average Company volatility47.58%45.08%29.88%Expected annual dividends per share$0.15$0.15$0.15Weighted average grant date fair value per stock option$48.28$23.05$37.14




















---







(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 31, 20211,028$98.236.0$7,139Granted96104.30Exercised31684.68Forfeited / Expired120109.12Outstanding at January 30, 2022688$103.405.0$4,576Exercisable at January 30, 2022466$113.513.7$1,053





4.6 5.8 6.3





7.2 5.0 6.5





9.7 0.7 1.3





5.3 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 31, 20211,470$78.80Granted562108.96Vested57587.31Forfeited28182.84Non-vested at January 30, 20221,176$88.09





61.2 59.2 67.3 50.2 41.2 40.7





71.5 1.7








---










50 50





50 50








202120202019Weighted average risk-free interest rate0.33%0.19%2.13%Weighted average Company volatility60.69%51.86%30.25%Expected annual dividends per share$0.15$0.15$0.15Weighted average grant date fair value per PSU$159.29$64.89$119.46











8.40 15.94 6.20








---







(In thousands, except per PSU data)PSUsWeighted AverageGrant DateFair Value Per PSUNon-vested at January 31, 2021237$96.48Granted43134.31Reduction due to market conditions not satisfied41158.97Increase due to performance conditions achieved above target19108.58Vested——Forfeited10108.61Non-vested at January 30, 2022248$93.15





5.8 8.6 8.6 6.7





6.7 2.1







STOCKHOLDERS’ EQUITY











2.0





1.4 110.7





3.3 1.4 3.4 349.7 110.7 325.0 222.9














---




Common Stock Dividends





The Company declared four $0.0375 per share dividends payable to its common stockholders in 2019 totaling $11.3 million. The Company declared a $0.0375 per share dividend payable to its common stockholders of record on March 4, 2020, in respect of which the Company made dividend payments totaling $2.7 million on March 31, 2020. The Company suspended its dividends following the payment of the dividend on March 31, 2020 in response to the impacts of the COVID-19 pandemic on its business. In addition, under the terms of the June 2020 Amendment, the Company was not permitted to declare or pay dividends during the relief period. However, effective June 10, 2021, the relief period was terminated and the Company was permitted to declare and pay dividends on its common stock at the discretion of the Board of Directors. Please see Note 8, “Debt,” for further discussion. The Company declared a $0.0375 per share dividend payable to its common stockholders of record on November 24, 2021, in respect of which the Company made dividend payments totaling $2.7 million on December 17, 2021.







ACCUMULATED OTHER COMPREHENSIVE LOSS








(In millions)Foreign currency translation adjustmentsNet unrealized and realized gain (loss) on effective cash flow hedgesTotalBalance at February 3, 2019$(537.6)$29.7$(507.9)Other comprehensive (loss) income before reclassifications(128.1)(1)(2)15.9(112.2)Less: Amounts reclassified from AOCL—20.020.0Other comprehensive loss(128.1)(4.1)(132.2)Balance at February 2, 2020$(665.7)$25.6$(640.1)Other comprehensive income (loss) before reclassifications184.1(1)(3)(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)$(519.1)Other comprehensive (loss) income before reclassifications(184.3)(1)(2)88.1(96.2)Less: Amounts reclassified from AOCL—(2.6)(2.6)Other comprehensive (loss) income(184.3)90.7(93.6)Balance at January 30, 2022$(665.9)$53.2$(612.7)


Foreign currency translation adjustments included a net gain (loss) on net investment hedges of $83.8 million, $(94.4) million and $29.7 million in 2021, 2020 and 2019, respectively.


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


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








---







Amount Reclassified from AOCLAffected Line Item in the Company’s Consolidated Statements of Operations(In millions)202120202019Realized (loss) gain on effective cash flow hedges:Foreign currency forward exchange contracts (inventory purchases)$(1.8)$12.5$23.1Cost of goods soldInterest rate swap agreements(1.5)——SG&A(1)Interest rate swap agreements(3.0)(11.0)(1.4)Interest expenseLess: Tax effect(3.7)(1.2)1.7Income tax expense (benefit)Total, net of tax$(2.6)$2.7$20.0





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.







LEASES








(In millions)Line Item in the Company’s Consolidated Statements of Operations202120202019Finance lease cost:Amortization of right-of-use-assetsSG&A expenses (depreciation and amortization)$4.9$5.2$5.3Interest on lease liabilitiesInterest expense0.30.40.5Total finance lease cost5.25.65.8Operating lease costSG&A expenses451.8477.8459.5Short-term lease costSG&A expenses32.128.925.9Variable lease costSG&A expenses100.571.7143.8Less: sublease incomeSG&A expenses(1.5)(1.3)(0.4)Total net lease cost$588.1$582.7$634.6





26.9 50.3





---










(In millions)Line Item in the Company’s Consolidated Balance Sheets20212020Right-of-use assets:Operating leaseOperating lease right-of-use assets$1,349.0$1,564.8Finance leaseProperty, plant and equipment, net8.111.4$1,357.1$1,576.2Current lease liabilities:Operating leaseCurrent portion of operating lease liabilities$375.4$421.4Finance leaseAccrued expenses4.05.3$379.4$426.7Other lease liabilities:Operating leaseLong-term portion of operating lease liabilities$1,214.4$1,430.7Finance leaseOther liabilities5.27.9$1,219.6$1,438.6





35.5 14.3
  21.2





138.7 110.5 28.2











(In millions)202120202019Cash paid for amounts included in the measurement of lease liabilities:Operating cash flows from operating leases$484.0$396.1$472.8Operating cash flows from finance leases0.30.40.5Financing cash flows from finance leases5.25.55.5Noncash transactions:Right-of-use assets obtained in exchange for new operating lease liabilities267.3247.3441.3Right-of-use assets obtained in exchange for new finance lease liabilities2.64.03.6





59.4 1.0 five years three five years





---










20212020Weighted average remaining lease term (years):Operating leases6.256.53Finance leases2.513.98Weighted average discount rate:Operating leases3.81%4.10%Finance leases1.48%2.77%








(In millions)FinanceLeasesOperatingLeasesTotal2022$4.1$423.7$427.820232.9338.2341.120241.8247.7249.520250.6193.0193.62026—157.2157.2Thereafter—444.4444.4Total lease payments$9.4$1,804.2$1,813.6Less: Interest(0.2)(214.4)(214.6)Total lease liabilities$9.2$1,589.8$1,599.0







EXIT ACTIVITY COSTS











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 1/31/21Costs Incurred During 2021Costs PaidDuring 2021Liability at 1/30/22Severance, termination benefits and other employee costs$—$15.7$9.5$6.2Contract termination and other costs—3.83.8—Total$—$19.5$13.3$6.2











July 14, 2020





(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 1/31/21Costs Incurred During 2021Costs Paid During 2021Liability at 1/30/22Severance, termination benefits and other employee costs$12.6$10.8$19.9$3.5Contract termination and other costs—4.42.02.4Total$12.6$15.2$21.9$5.9











450 12 39.7








---




3.0 36.7 12.5 10.9 10.5 5.8











(In millions)Liability at 1/31/21Costs Incurred During 2021Costs Paid During 2021Liability at 1/30/22Severance, termination benefits and other employee costs$11.4$—$11.1$0.3







NET INCOME (LOSS) PER COMMON SHARE








(In millions, except per share data)202120202019Net income (loss) attributable to PVH Corp.$952.3$(1,136.1)$417.3Weighted average common shares outstanding for basic net income (loss) per common share70.871.274.2Weighted average impact of dilutive securities1.1—0.4Total shares for diluted net income (loss) per common share71.971.274.6Basic net income (loss) per common share attributable to PVH Corp.$13.45$(15.96)$5.63Diluted net income (loss) per common share attributable to PVH Corp.$13.25$(15.96)$5.60








(In millions)202120202019Weighted average potentially dilutive securities0.72.41.1











0.2 0.2 0.3







SUPPLEMENTAL CASH FLOW INFORMATION





Omitted from the Company’s Consolidated Statement of Cash Flows for 2021 were capital expenditures related to property, plant and equipment of $45.9 million, which will not be paid until 2022. The Company paid $32.1 million in cash during 2021 related to property, plant and equipment that was acquired in 2020. This amount was omitted from the Company’s Consolidated Statement of Cash Flows for 2020. The Company paid $39.5 million in cash during 2020 related to property, plant and equipment that was acquired in 2019. This amount was omitted from the Company’s Consolidated Statement of Cash Flows for 2019.





---







6.0 0.5





6 100 26.2 2.2 23.6 89.5





The Company recorded a loss of $1.7 million during 2019 to write-off previously capitalized debt issuance costs in connection with the refinancing of its senior credit facilities.







SEGMENT DATA





























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(In millions)2021(1)(2)2020(1)(2)2019(1)Revenue – Tommy Hilfiger North AmericaNet sales$1,086.0$901.2$1,540.2Royalty revenue79.053.784.1Advertising and other revenue19.813.923.6Total1,184.8968.81,647.9Revenue – Tommy Hilfiger InternationalNet sales3,446.62,615.62,994.2Royalty revenue56.840.149.8Advertising and other revenue15.511.919.8Total3,518.92,667.63,063.8Revenue – Calvin Klein North AmericaNet sales1,129.5826.81,467.0Royalty revenue145.699.8148.9Advertising and other revenue46.629.053.8Total1,321.7955.61,669.7Revenue – Calvin Klein InternationalNet sales2,283.11,614.61,896.7Royalty revenue48.352.274.1Advertising and other revenue7.215.927.3Total2,338.61,682.71,998.1Revenue – Heritage Brands WholesaleNet sales702.9703.11,248.5Royalty revenue10.412.319.2Advertising and other revenue1.82.54.2Total715.1717.91,271.9Revenue – Heritage Brands RetailNet sales75.6137.4253.4Royalty revenue—2.33.8Advertising and other revenue—0.30.4Total75.6140.0257.6Total RevenueNet sales8,723.76,798.79,400.0Royalty revenue340.1260.4379.9Advertising and other revenue90.973.5129.1Total(3)$9,154.7$7,132.6$9,909.0





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











No single customer accounted for more than 10% of the Company’s revenue in 2021, 2020 or 2019.





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(In millions)202120202019Wholesale net sales$4,860.9$3,534.8$5,066.9Owned and operated retail stores3,087.12,586.53,932.5Owned and operated digital commerce sites775.7677.4400.6Retail net sales3,862.83,263.94,333.1Net sales8,723.76,798.79,400.0Royalty revenue340.1260.4379.9Advertising and other revenue90.973.5129.1Total$9,154.7$7,132.6$9,909.0














(In millions)2021(1)2020(1)(2)2019(1)Income (loss) before interest and taxes – Tommy Hilfiger North America$21.2(4)$(130.5)(7)(8)$93.5(12)(13)Income before interest and taxes – Tommy Hilfiger International654.2(4)259.5(8)468.2(14)Income (loss) before interest and taxes – Calvin Klein North America78.0(4)(384.5)(7)(8)(9)99.8(12)(15)Income (loss) before interest and taxes – Calvin Klein International377.6(4)(280.0)(8)(9)153.3(12)(14)(15)Income (loss) before interest and taxes – Heritage Brands Wholesale160.9(5)(312.5)(7)(9)(10)(84.9)(10)(14)(Loss) income before interest and taxes – Heritage Brands Retail(33.9)(6)(93.4)(6)(8)3.0Loss before interest and taxes – Corporate(3)(181.1)(4)(130.3)(7)(11)(174.2)(14)(16)Income (loss) before interest and taxes$1,076.9$(1,071.7)$558.7





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 (8), (9) and (11) below for further discussion.


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 investments in Karl Lagerfeld (prior to its impairment in the first quarter of 2020 and after the Company resumed the equity method of accounting for its investment in the fourth quarter of 2021) and Gazal (prior to the Australia acquisition closing). 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 (losses) on the Company’s Pension





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Plans, SERP Plans and Postretirement Plans totaled $48.7 million, $64.5 million and $(97.8) million in 2021, 2020 and 2019, respectively.


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 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 and 2019 included a noncash loss of $3.1 million and $142.0 million, respectively, in connection with the Speedo transaction. Please see Note 3, “Acquisitions and Divestitures,” 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.


Income before interest and taxes for 2019 included costs of $59.8 million in connection with agreements the Company entered into in 2019 to terminate early the licenses for the global Calvin Klein and Tommy Hilfiger North America socks and hosiery businesses in order to consolidate the socks and hosiery businesses for all Company brands in the United States and Canada in a newly formed joint venture, and to bring in-house the international Calvin Klein socks and hosiery wholesale businesses. Such costs were included in the Company’s segments as follows: $7.5 million in Tommy Hilfiger North America, $25.5 million in Calvin Klein North America and $26.8 million in Calvin Klein International.


Income before interest and taxes for 2019 included costs of $54.9 million incurred in connection with the TH U.S. store closures, primarily consisting of noncash lease asset impairments. Please see Note 11, “Fair Value Measurements,” for further discussion.


Income (loss) before interest and taxes for 2019 included costs of $19.3 million in connection with the Australia and TH CSAP acquisitions, primarily consisting of noncash valuation adjustments, and one-time costs of $2.1 million recorded on the Company’s equity investments in Gazal and PVH Australia prior to the Australia acquisition closing. Such costs were included in the Company’s segments as follows: $11.1 million in Tommy Hilfiger International, $6.0 million in Calvin Klein International, $1.8 million in Heritage Brands Wholesale and $2.5 million in corporate





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expenses not allocated to any reportable segments. Please see Note 3, “Acquisitions and Divestitures,” for further discussion.


Income before interest and taxes for 2019 included costs of $102.9 million incurred in connection with the Calvin Klein restructuring, primarily consisting of lease asset impairments, contract termination and other costs, and severance.Such costs were included in the Company’s segments as follows: $66.0 million in Calvin Klein North America and $36.9 million in Calvin Klein International. Please see Note 11, “Fair Value Measurements,” for further discussion of the lease asset impairments.


Loss before interest and taxes for 2019 included a noncash gain of $113.1 million to write up the Company’s previously held equity investments in Gazal and PVH Australia to fair value in connection with the Australia acquisition. Please see Note 3, “Acquisitions and Divestitures,” for further discussion.














(In millions)202120202019Identifiable Assets(1)(2)Tommy Hilfiger North America$1,409.8$1,447.9$1,599.0Tommy Hilfiger International4,913.25,295.34,888.6Calvin Klein North America1,609.81,522.61,932.3Calvin Klein International3,164.03,016.83,428.9Heritage Brands Wholesale(3)(4)420.0547.91,075.3Heritage Brands Retail(5)—74.2128.4Corporate(6)880.01,388.8578.5Total$12,396.8$13,293.5$13,631.0Depreciation and AmortizationTommy Hilfiger North America$32.5$38.1$40.6Tommy Hilfiger International130.2131.8119.7Calvin Klein North America31.630.838.6Calvin Klein International94.997.091.9Heritage Brands Wholesale11.211.515.1Heritage Brands Retail0.33.56.2Corporate12.613.111.7Total$313.3$325.8$323.8Identifiable Capital Expenditures(7)Tommy Hilfiger North America$19.2$21.7$41.7Tommy Hilfiger International138.4100.6139.6Calvin Klein North America22.618.730.3Calvin Klein International85.754.283.3Heritage Brands Wholesale10.914.918.6Heritage Brands Retail—0.76.5Corporate4.98.421.0Total$281.7$219.2$341.0





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


Identifiable assets in 2020 were significantly negatively impacted by $1.0 billion of noncash impairment charges related to goodwill, tradenames, 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 Note 11, “Fair Value Measurements,” for further discussion.





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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.


Identifiable assets in 2020 included a reduction of $237.2 million related to the Speedo transaction and the resulting deconsolidation of the Speedo North America business. 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 2021 and 2020 were primarily due to changes in cash and cash equivalents.


Capital expenditures in 2021 included $45.9 million of accruals that will not be paid until 2022. Capital expenditures in 2020 included $32.1 million of accruals that were not paid until 2021. Capital expenditures in 2019 included $39.5 million of accruals that were not paid until 2020.








(In millions)2021(1)2020(1)(2)2019(1)Domestic$429.0$466.3$525.8Canada13.819.325.3Europe378.7374.7375.6Asia-Pacific82.873.887.6Other foreign1.88.612.5Total$906.1$942.7$1,026.8





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


Property, plant and equipment with a carrying amount of $56.4 million was written down to a fair value of $2.7 million during 2020 primarily as a result of the adverse impacts of the COVID-19 pandemic on the financial performance of certain of the Company’s retail stores and the shift in consumer buying trends from brick and mortar retail stores to digital channels. Please see Note 11, “Fair Value Measurements,” for a further discussion.








(In millions)2021(1)(2)2020(1)(2)2019(1)Domestic(3)$2,894.7$2,460.0$4,275.0Canada(3)313.3262.2505.5Europe4,392.33,154.33,657.3Asia-Pacific1,454.41,189.61,353.4Other foreign100.066.5117.8Total$9,154.7$7,132.6$9,909.0








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 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 was negatively impacted by the Heritage Brands transaction and the exit from the Heritage Brands Retail business.










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GUARANTEES





18.5





5.0





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







OTHER COMMENTS














(In millions)20212020Balance at beginning of year$45.4$35.7Liabilities incurred4.07.3Liabilities settled (payments)(3.2)(2.4)Accretion expense0.40.6Revisions in estimated cash flows1.22.4Currency translation adjustment(2.2)1.8Balance at end of year$45.6$45.4











Wuxi Jinmao Foreign Trade Co., Ltd. (“Wuxi”), one of the Company’s finished goods inventory suppliers, has a wholly owned subsidiary with which the Company entered into a loan agreement in 2016. Under the agreement, Wuxi’s subsidiary borrowed a principal amount of $13.8 million for the development and operation of a fabric mill. Principal payments are due in semi-annual installments beginning March 31, 2018 through September 30, 2026. The outstanding principal balance of the loan bears interest at a rate of (i) 4.50% per annum until the sixth anniversary of the closing date of the loan and (ii) LIBOR plus 4.00% thereafter. The Company received principal payments of $7.2 million and $0.8 million during 2021 and 2020, respectively. The outstanding balance, including accrued interest, was $5.4 million and $12.6 million as of January 30, 2022 and January 31, 2021, respectively, and was included in other assets (current and non-current) in the Company’s Consolidated Balance Sheets.










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SUBSEQUENT EVENTS (UNAUDITED)





As a result of the war in Ukraine, the Company made the decision to temporarily close its stores and pause commercial activities in Russia and Belarus as of March 7, 2022. Additionally, while the Company has no direct operations in Ukraine, virtually all of its wholesale customers and franchisees in Ukraine have closed their stores, which has resulted in a reduction in shipments to these customers and canceled orders. Approximately 2% of the Company’s revenue in 2021 was generated in Russia, Belarus and Ukraine. As such, the Company expects the war in Ukraine will have a negative impact on its revenue and earnings in 2022. The war has also led to, and may lead to further, broader macroeconomic implications, including the recent weakening of the euro against the United States dollar, increases in fuel prices and volatility in the financial markets, as well as a decline in consumer spending.





There is significant uncertainty regarding the extent to which the war and its broader macroeconomic implications, including the potential impacts to the broader European market, will impact the Company’s business, financial condition and results of operations in 2022. Such impacts may include non-cash asset impairments, excess inventory and difficulty collecting trade receivables, among other things.













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/s/ STEFAN LARSSON/s/ JAMES W. HOLMESStefan LarssonJames W. HolmesChief Executive OfficerExecutive Vice President, Interim ChiefMarch 30, 2022Financial Officer and ControllerMarch 30, 2022







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Wholesale Sales AllowanceDescription of the MatterAs discussed in Note 2 to the consolidated financial statements, the Company generates revenue from the wholesale distribution of its products to traditional retailers (including for sale through their digital commerce sites). The amount of revenue recognized is net of sales allowances that the Company offers to its wholesale customers which are estimated based on review of individual customer arrangements, which may be a predetermined percentage of sales in certain cases or may be based on historical experience and an evaluation of current sales trends and market conditions.Auditing management’s estimate of wholesale sales allowances was complex and judgmental as it can be sensitive to changes in future market or economic conditions and has a direct, material impact on the amount of revenue recognized by the Company. There is also significant estimation to establish sales allowances, based on the Company’s review of the individual customer seasonal negotiations and the expected performance of the products in the customers’ stores.How We Addressed the Matter in Our AuditWe obtained an understanding, evaluated the design and tested the operating effectiveness of internal controls over the Company’s process to calculate the wholesale sales allowances, including the consideration of historical experience and current as well as future market conditions.To test the estimate of wholesale sales allowances, we performed audit procedures that included, among others, assessing methodologies and testing the significant assumptions used by the Company to calculate the projected sales allowance dollars, including seasonal customer negotiations and expected performance of the products. We compared the significant assumptions used by management to current market and economic trends and other relevant factors. We assessed the historical accuracy of management’s estimate and performed sensitivity analyses of significant assumptions to evaluate the changes in the estimate that would result from changes in the assumptions.








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Valuation of Goodwill and Indefinite-Lived IntangiblesDescription of the MatterAt January 30, 2022, the Company’s goodwill and indefinite-lived intangible assets totaled $2.8 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.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 30, 2022Allowance for credit losses$69.6$—$—$7.7(1)$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(2)$69.6Allowance/accrual for operational chargebacks and customer markdowns220.2264.9—320.0165.1Valuation allowance for deferred income tax assets69.812.7—20.362.2Year Ended February 2, 2020Allowance for credit losses$21.6$5.7$—$6.2(2)$21.1Allowance/accrual for operational chargebacks and customer markdowns226.8529.3—535.9220.2Valuation allowance for deferred income tax assets62.617.1—9.969.8


Principally includes changes due to foreign currency translation.


Principally accounts written off as uncollectible, net of recoveries.