00000782392/22024Q2FALSEP1YP1Y7DP6MP1Y4.6257.753.6253.1250.51http://fasb.org/us-gaap/2024#CostOfGoodsAndServicesSoldhttp://fasb.org/us-gaap/2024#CostOfGoodsAndServicesSoldhttp://fasb.org/us-gaap/2024#InterestExpensehttp://fasb.org/us-gaap/2024#InterestExpensehttp://fasb.org/us-gaap/2024#CostOfGoodsAndServicesSoldhttp://fasb.org/us-gaap/2024#CostOfGoodsAndServicesSoldhttp://fasb.org/us-gaap/2024#InterestExpensehttp://fasb.org/us-gaap/2024#InterestExpenseP12M3.6253.1254.6254.125P3Yxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureiso4217:EURiso4217:AUDiso4217:CAD00000782392024-02-052024-08-040000078239us-gaap:CommonStockMember2024-02-052024-08-040000078239pvh:A4.125SeniorNotesMember2024-02-052024-08-0400000782392024-08-300000078239us-gaap:ProductMember2024-05-062024-08-040000078239us-gaap:ProductMember2023-05-012023-07-300000078239us-gaap:ProductMember2024-02-052024-08-040000078239us-gaap:ProductMember2023-01-302023-07-300000078239us-gaap:RoyaltyMember2024-05-062024-08-040000078239us-gaap:RoyaltyMember2023-05-012023-07-300000078239us-gaap:RoyaltyMember2024-02-052024-08-040000078239us-gaap:RoyaltyMember2023-01-302023-07-300000078239pvh:AdvertisingandOtherSalesNetMember2024-05-062024-08-040000078239pvh:AdvertisingandOtherSalesNetMember2023-05-012023-07-300000078239pvh:AdvertisingandOtherSalesNetMember2024-02-052024-08-040000078239pvh:AdvertisingandOtherSalesNetMember2023-01-302023-07-3000000782392024-05-062024-08-0400000782392023-05-012023-07-3000000782392023-01-302023-07-3000000782392024-08-0400000782392024-02-0400000782392023-07-3000000782392023-01-290000078239us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2023-01-290000078239us-gaap:CommonStockMember2023-01-290000078239us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-01-290000078239us-gaap:RetainedEarningsMember2023-01-290000078239us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-290000078239us-gaap:TreasuryStockCommonMember2023-01-290000078239us-gaap:RetainedEarningsMember2023-01-302023-04-3000000782392023-01-302023-04-300000078239us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-302023-04-300000078239us-gaap:CommonStockMember2023-01-302023-04-300000078239us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-01-302023-04-300000078239us-gaap:TreasuryStockCommonMember2023-01-302023-04-300000078239us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2023-04-300000078239us-gaap:CommonStockMember2023-04-300000078239us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-04-300000078239us-gaap:RetainedEarningsMember2023-04-300000078239us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-300000078239us-gaap:TreasuryStockCommonMember2023-04-3000000782392023-04-300000078239us-gaap:RetainedEarningsMember2023-05-012023-07-300000078239us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-05-012023-07-300000078239us-gaap:CommonStockMember2023-05-012023-07-300000078239us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-05-012023-07-300000078239us-gaap:TreasuryStockCommonMember2023-05-012023-07-300000078239us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2023-07-300000078239us-gaap:CommonStockMember2023-07-300000078239us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-07-300000078239us-gaap:RetainedEarningsMember2023-07-300000078239us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-300000078239us-gaap:TreasuryStockCommonMember2023-07-300000078239us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2024-02-040000078239us-gaap:CommonStockMember2024-02-040000078239us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-02-040000078239us-gaap:RetainedEarningsMember2024-02-040000078239us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-02-040000078239us-gaap:TreasuryStockCommonMember2024-02-040000078239us-gaap:RetainedEarningsMember2024-02-052024-05-0500000782392024-02-052024-05-050000078239us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-02-052024-05-050000078239us-gaap:CommonStockMember2024-02-052024-05-050000078239us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-02-052024-05-050000078239us-gaap:TreasuryStockCommonMember2024-02-052024-05-050000078239us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2024-05-050000078239us-gaap:CommonStockMember2024-05-050000078239us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-05-050000078239us-gaap:RetainedEarningsMember2024-05-050000078239us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-05-050000078239us-gaap:TreasuryStockCommonMember2024-05-0500000782392024-05-050000078239us-gaap:RetainedEarningsMember2024-05-062024-08-040000078239us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-05-062024-08-040000078239us-gaap:CommonStockMember2024-05-062024-08-040000078239us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-05-062024-08-040000078239us-gaap:TreasuryStockCommonMember2024-05-062024-08-040000078239us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2024-08-040000078239us-gaap:CommonStockMember2024-08-040000078239us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-08-040000078239us-gaap:RetainedEarningsMember2024-08-040000078239us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-08-040000078239us-gaap:TreasuryStockCommonMember2024-08-040000078239country:IL2024-08-040000078239us-gaap:MiddleEastMember2024-08-040000078239country:UA2024-08-0400000782392024-08-042024-08-0400000782392024-08-052024-08-0400000782392025-02-032024-08-0400000782392026-02-022024-08-0400000782392023-11-272023-11-270000078239pvh:HeritageBrandsIntimatesTransactionMember2023-11-270000078239pvh:HeritageBrandsIntimatesTransactionMemberus-gaap:InventoriesMember2023-11-270000078239pvh:HeritageBrandsIntimatesTransactionMemberus-gaap:TrademarksAndTradeNamesMember2023-11-270000078239pvh:OtherGainMemberpvh:HeritageBrandsIntimatesTransactionMember2023-11-272023-11-270000078239pvh:HeritageBrandsIntimatesTransactionMemberpvh:OtherGainMemberpvh:HeritageBrandsWholesaleMember2024-08-040000078239pvh:HeritageBrandsIntimatesTransactionMemberpvh:HeritageBrandsWholesaleMember2024-05-062024-08-040000078239pvh:CalvinKleinNorthAmericaMember2024-02-040000078239pvh:CalvinKleinInternationalMember2024-02-040000078239pvh:TommyHilfigerNorthAmericaMember2024-02-040000078239pvh:TommyHilfigerInternationalMember2024-02-040000078239pvh:CalvinKleinNorthAmericaMember2024-02-052024-08-040000078239pvh:CalvinKleinInternationalMember2024-02-052024-08-040000078239pvh:TommyHilfigerNorthAmericaMember2024-02-052024-08-040000078239pvh:TommyHilfigerInternationalMember2024-02-052024-08-040000078239pvh:CalvinKleinNorthAmericaMember2024-08-040000078239pvh:CalvinKleinInternationalMember2024-08-040000078239pvh:TommyHilfigerNorthAmericaMember2024-08-040000078239pvh:TommyHilfigerInternationalMember2024-08-040000078239us-gaap:PensionPlansDefinedBenefitMember2024-08-040000078239us-gaap:PensionPlansDefinedBenefitMember2024-02-052024-08-040000078239us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2024-08-040000078239us-gaap:PensionPlansDefinedBenefitMember2024-05-062024-08-040000078239us-gaap:PensionPlansDefinedBenefitMember2023-05-012023-07-300000078239us-gaap:PensionPlansDefinedBenefitMember2023-01-302023-07-300000078239us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2024-05-062024-08-040000078239us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2023-05-012023-07-300000078239us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2024-02-052024-08-040000078239us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2023-01-302023-07-300000078239us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-08-040000078239pvh:A2022FacilitiesMember2024-08-040000078239pvh:LineofCreditForeignFacilitiesMember2024-08-040000078239us-gaap:CommercialPaperMember2024-08-040000078239pvh:A2022FacilitiesTermLoanAMember2024-08-040000078239pvh:A2022FacilitiesTermLoanAMember2024-02-040000078239pvh:A2022FacilitiesTermLoanAMember2023-07-300000078239pvh:SeniorDebentureDue2023Member2024-08-040000078239pvh:SeniorDebentureDue2023Member2024-02-040000078239pvh:SeniorDebentureDue2023Member2023-07-300000078239pvh:SeniorNotesDue2024Member2024-08-040000078239pvh:SeniorNotesDue2024Member2024-02-040000078239pvh:SeniorNotesDue2024Member2023-07-300000078239pvh:SeniorNotesDue2025Member2024-08-040000078239pvh:SeniorNotesDue2025Member2024-02-040000078239pvh:SeniorNotesDue2025Member2023-07-300000078239pvh:SeniorNotesDue2027Member2024-08-040000078239pvh:SeniorNotesDue2027Member2024-02-040000078239pvh:SeniorNotesDue2027Member2023-07-300000078239pvh:SeniorNotesDue2029Member2024-08-040000078239pvh:SeniorNotesDue2029Member2024-02-040000078239pvh:SeniorNotesDue2029Member2023-07-300000078239pvh:A2022FacilitiesEuroTermLoanAMember2022-12-090000078239currency:USDpvh:A2022FacilitiesMemberpvh:MulticurrencyRevolvingFacilityMember2022-12-090000078239currency:AUDpvh:A2022FacilitiesMemberpvh:MulticurrencyRevolvingFacilityMember2022-12-090000078239currency:CADpvh:A2022FacilitiesMemberpvh:MulticurrencyRevolvingFacilityMember2022-12-090000078239pvh:EuroBritishPoundJapaneseYenandSwissFrancsMemberpvh:A2022FacilitiesMemberpvh:MulticurrencyRevolvingFacilityMember2022-12-090000078239pvh:UnitedStatesDollarsandHongKongDollarsMemberpvh:A2022FacilitiesMemberpvh:MulticurrencyRevolvingFacilityMember2022-12-090000078239pvh:A2022FacilitiesTermLoanAMember2024-02-052024-08-040000078239pvh:A2022FacilitiesTermLoanAMember2023-01-302023-07-300000078239pvh:OneMonthAdjustedEurocurrencyRateLoanMemberpvh:A2022FacilitiesEuroTermLoanAMember2024-02-052024-08-040000078239pvh:A2022FacilitiesMemberpvh:BaseRateCanadianPrimeRateOrDailySimpleESTRRateMemberpvh:MulticurrencyRevolvingFacilityMember2024-02-052024-08-040000078239pvh:A2022FacilitiesMemberpvh:EURIBOROrOtherSpecifiedRatesMemberpvh:MulticurrencyRevolvingFacilityMember2024-02-052024-08-040000078239pvh:SeniorDebentureDue2023Member2023-11-150000078239pvh:SeniorNotesDue2024Member2024-04-250000078239pvh:SeniorNotesDue2029Member2024-04-150000078239pvh:SeniorNotesDue2029Member2024-04-152024-04-150000078239pvh:UnitedStatesFederalFundRateMembercurrency:USDpvh:A2019And2020FaciltiesMember2024-02-052024-08-040000078239pvh:OneMonthAdjustedEurocurrencyRateLoanMembercurrency:USDpvh:A2019And2020FaciltiesMember2024-02-052024-08-040000078239pvh:EuroDenominatedSeniorNotesMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-08-040000078239pvh:EuroDenominatedSeniorNotesMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-02-040000078239pvh:EuroDenominatedSeniorNotesMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-07-300000078239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-08-040000078239pvh:ReceiveFixedInterestRateMemberus-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-08-040000078239pvh:PayFixedInterestRateMemberus-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-08-040000078239pvh:ForeignExchangeForwardInventoryPurchasesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2024-08-040000078239pvh:ForeignExchangeForwardInventoryPurchasesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2024-08-040000078239pvh:ForeignExchangeForwardInventoryPurchasesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2024-02-040000078239pvh:ForeignExchangeForwardInventoryPurchasesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2024-02-040000078239pvh:ForeignExchangeForwardInventoryPurchasesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2023-07-300000078239pvh:ForeignExchangeForwardInventoryPurchasesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2023-07-300000078239pvh:ForeignExchangeForwardInventoryPurchasesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccruedLiabilitiesMember2024-08-040000078239pvh:ForeignExchangeForwardInventoryPurchasesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMember2024-08-040000078239pvh:ForeignExchangeForwardInventoryPurchasesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccruedLiabilitiesMember2024-02-040000078239pvh:ForeignExchangeForwardInventoryPurchasesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMember2024-02-040000078239pvh:ForeignExchangeForwardInventoryPurchasesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccruedLiabilitiesMember2023-07-300000078239pvh:ForeignExchangeForwardInventoryPurchasesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMember2023-07-300000078239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2024-08-040000078239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2024-08-040000078239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2024-02-040000078239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2024-02-040000078239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2023-07-300000078239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2023-07-300000078239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccruedLiabilitiesMember2024-08-040000078239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMember2024-08-040000078239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccruedLiabilitiesMember2024-02-040000078239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMember2024-02-040000078239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccruedLiabilitiesMember2023-07-300000078239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMember2023-07-300000078239pvh:ForeignCurrencyForwardExchangeContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2024-08-040000078239pvh:ForeignCurrencyForwardExchangeContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentAssetsMember2024-08-040000078239pvh:ForeignCurrencyForwardExchangeContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2024-02-040000078239pvh:ForeignCurrencyForwardExchangeContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentAssetsMember2024-02-040000078239pvh:ForeignCurrencyForwardExchangeContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2023-07-300000078239pvh:ForeignCurrencyForwardExchangeContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentAssetsMember2023-07-300000078239pvh:ForeignCurrencyForwardExchangeContractsMemberus-gaap:NondesignatedMemberus-gaap:AccruedLiabilitiesMember2024-08-040000078239pvh:ForeignCurrencyForwardExchangeContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentLiabilitiesMember2024-08-040000078239pvh:ForeignCurrencyForwardExchangeContractsMemberus-gaap:NondesignatedMemberus-gaap:AccruedLiabilitiesMember2024-02-040000078239pvh:ForeignCurrencyForwardExchangeContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentLiabilitiesMember2024-02-040000078239pvh:ForeignCurrencyForwardExchangeContractsMemberus-gaap:NondesignatedMemberus-gaap:AccruedLiabilitiesMember2023-07-300000078239pvh:ForeignCurrencyForwardExchangeContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentLiabilitiesMember2023-07-300000078239us-gaap:OtherCurrentAssetsMember2024-08-040000078239us-gaap:OtherNoncurrentAssetsMember2024-08-040000078239us-gaap:OtherCurrentAssetsMember2024-02-040000078239us-gaap:OtherNoncurrentAssetsMember2024-02-040000078239us-gaap:OtherCurrentAssetsMember2023-07-300000078239us-gaap:OtherNoncurrentAssetsMember2023-07-300000078239us-gaap:AccruedLiabilitiesMember2024-08-040000078239us-gaap:OtherNoncurrentLiabilitiesMember2024-08-040000078239us-gaap:AccruedLiabilitiesMember2024-02-040000078239us-gaap:OtherNoncurrentLiabilitiesMember2024-02-040000078239us-gaap:AccruedLiabilitiesMember2023-07-300000078239us-gaap:OtherNoncurrentLiabilitiesMember2023-07-300000078239pvh:ForeignCurrencyForwardExchangeContractsMember2024-08-040000078239pvh:ForeignExchangeForwardInventoryPurchasesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-05-062024-08-040000078239pvh:ForeignExchangeForwardInventoryPurchasesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-05-012023-07-300000078239pvh:EuroDenominatedSeniorNotesMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-05-062024-08-040000078239pvh:EuroDenominatedSeniorNotesMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-05-012023-07-300000078239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-05-062024-08-040000078239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-05-012023-07-300000078239pvh:DerivativeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-05-062024-08-040000078239pvh:DerivativeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-05-012023-07-300000078239pvh:ForeignExchangeForwardInventoryPurchasesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-02-052024-08-040000078239pvh:ForeignExchangeForwardInventoryPurchasesMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-302023-07-300000078239pvh:EuroDenominatedSeniorNotesMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-02-052024-08-040000078239pvh:EuroDenominatedSeniorNotesMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-302023-07-300000078239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-02-052024-08-040000078239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-302023-07-300000078239pvh:DerivativeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-02-052024-08-040000078239pvh:DerivativeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-302023-07-300000078239us-gaap:CostOfSalesMemberpvh:ForeignExchangeForwardInventoryPurchasesMember2024-05-062024-08-040000078239pvh:ForeignCurrencyForwardExchangeContractsMemberus-gaap:NondesignatedMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-05-062024-08-040000078239pvh:ForeignCurrencyForwardExchangeContractsMemberus-gaap:NondesignatedMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-05-012023-07-300000078239pvh:ForeignCurrencyForwardExchangeContractsMemberus-gaap:NondesignatedMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-02-052024-08-040000078239pvh:ForeignCurrencyForwardExchangeContractsMemberus-gaap:NondesignatedMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-302023-07-300000078239us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-08-040000078239us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-08-040000078239us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-02-040000078239us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-02-040000078239us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-07-300000078239us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-07-300000078239us-gaap:FairValueInputsLevel2Memberus-gaap:CurrencySwapMemberus-gaap:FairValueMeasurementsRecurringMember2024-08-040000078239us-gaap:CurrencySwapMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2024-08-040000078239us-gaap:FairValueInputsLevel2Memberus-gaap:CurrencySwapMemberus-gaap:FairValueMeasurementsRecurringMember2024-02-040000078239us-gaap:CurrencySwapMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2024-02-040000078239us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-08-040000078239us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-02-040000078239us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-07-300000078239us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherCurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2024-08-040000078239us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2024-08-040000078239us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherCurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2024-02-040000078239us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2024-02-040000078239us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherCurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2023-07-300000078239us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2023-07-300000078239us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-08-040000078239us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-08-040000078239us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-02-040000078239us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-02-040000078239us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-07-300000078239us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-07-300000078239us-gaap:BlackScholesMertonModelMember2024-02-052024-08-040000078239us-gaap:StockOptionMember2024-02-040000078239us-gaap:StockOptionMember2024-02-052024-08-040000078239us-gaap:StockOptionMember2024-08-040000078239us-gaap:RestrictedStockUnitsRSUMember2024-02-040000078239us-gaap:RestrictedStockUnitsRSUMember2024-02-052024-08-040000078239us-gaap:RestrictedStockUnitsRSUMember2024-08-040000078239us-gaap:PerformanceSharesMember2024-02-052024-08-040000078239us-gaap:PerformanceSharesMemberpvh:PerformanceShareUnitsPSUsGrantedIn2023Member2024-02-052024-08-040000078239us-gaap:PerformanceSharesMemberpvh:PerformanceShareUnitsPSUsGrantedIn2024Member2024-02-052024-08-040000078239us-gaap:PerformanceSharesMemberpvh:PerformanceShareUnitsPSUsGrantedIn2022Member2024-02-052024-08-040000078239us-gaap:PerformanceSharesMemberpvh:PerformanceShareUnitsPSUsGrantedIn2021Member2024-02-052024-08-040000078239us-gaap:PerformanceSharesMemberus-gaap:MonteCarloModelMember2024-02-052024-08-040000078239us-gaap:PerformanceSharesMember2024-02-040000078239us-gaap:PerformanceSharesMember2024-08-040000078239us-gaap:AccumulatedTranslationAdjustmentMember2024-02-040000078239us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-02-040000078239us-gaap:AccumulatedTranslationAdjustmentMember2024-02-052024-08-040000078239us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-02-052024-08-040000078239us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-02-052024-08-040000078239us-gaap:AccumulatedTranslationAdjustmentMember2024-08-040000078239us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-08-040000078239us-gaap:AccumulatedTranslationAdjustmentMember2023-01-290000078239us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-01-290000078239us-gaap:AccumulatedTranslationAdjustmentMember2023-01-302023-07-300000078239us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-01-302023-07-300000078239us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-302023-07-300000078239us-gaap:AccumulatedTranslationAdjustmentMember2023-07-300000078239us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-07-300000078239pvh:ForeignExchangeForwardInventoryPurchasesMemberus-gaap:CostOfSalesMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-05-062024-08-040000078239pvh:ForeignExchangeForwardInventoryPurchasesMemberus-gaap:CostOfSalesMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-05-012023-07-300000078239pvh:ForeignExchangeForwardInventoryPurchasesMemberus-gaap:CostOfSalesMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-02-052024-08-040000078239pvh:ForeignExchangeForwardInventoryPurchasesMemberus-gaap:CostOfSalesMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-01-302023-07-300000078239pvh:IncometaxbenefitexpenseMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-05-062024-08-040000078239pvh:IncometaxbenefitexpenseMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-05-012023-07-300000078239pvh:IncometaxbenefitexpenseMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-02-052024-08-040000078239pvh:IncometaxbenefitexpenseMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-01-302023-07-300000078239us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-05-062024-08-040000078239us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-05-012023-07-300000078239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:InterestExpenseMemberus-gaap:AccumulatedTranslationAdjustmentMember2024-05-062024-08-040000078239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:InterestExpenseMemberus-gaap:AccumulatedTranslationAdjustmentMember2023-05-012023-07-300000078239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:InterestExpenseMemberus-gaap:AccumulatedTranslationAdjustmentMember2024-02-052024-08-040000078239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMemberus-gaap:InterestExpenseMemberus-gaap:AccumulatedTranslationAdjustmentMember2023-01-302023-07-300000078239pvh:IncometaxbenefitexpenseMemberus-gaap:AccumulatedTranslationAdjustmentMember2024-05-062024-08-040000078239pvh:IncometaxbenefitexpenseMemberus-gaap:AccumulatedTranslationAdjustmentMember2023-05-012023-07-300000078239pvh:IncometaxbenefitexpenseMemberus-gaap:AccumulatedTranslationAdjustmentMember2024-02-052024-08-040000078239pvh:IncometaxbenefitexpenseMemberus-gaap:AccumulatedTranslationAdjustmentMember2023-01-302023-07-300000078239us-gaap:AccumulatedTranslationAdjustmentMember2024-05-062024-08-040000078239us-gaap:AccumulatedTranslationAdjustmentMember2023-05-012023-07-300000078239pvh:StockRepurchaseProgramMember2024-08-040000078239pvh:StockRepurchaseProgramMember2024-02-052024-08-040000078239pvh:StockRepurchaseProgramMember2023-01-302023-07-300000078239pvh:GrowthDriver5ActionsMember2024-02-052024-08-040000078239pvh:GrowthDriver5ActionsMember2024-08-040000078239pvh:GrowthDriver5ActionsMemberus-gaap:EmployeeSeveranceMember2024-02-052024-08-040000078239pvh:GrowthDriver5ActionsMemberus-gaap:EmployeeSeveranceMember2024-05-062024-08-040000078239pvh:GrowthDriver5ActionsMemberus-gaap:EmployeeSeveranceMember2024-08-040000078239us-gaap:EmployeeSeveranceMemberpvh:GrowthDriver5ActionsMemberpvh:TommyHilfigerNorthAmericaMember2024-05-062024-08-040000078239us-gaap:EmployeeSeveranceMemberpvh:GrowthDriver5ActionsMemberpvh:TommyHilfigerNorthAmericaMember2024-02-052024-08-040000078239us-gaap:EmployeeSeveranceMemberpvh:GrowthDriver5ActionsMemberpvh:TommyHilfigerInternationalMember2024-02-052024-08-040000078239us-gaap:EmployeeSeveranceMemberpvh:GrowthDriver5ActionsMemberpvh:TommyHilfigerInternationalMember2024-05-062024-08-040000078239us-gaap:EmployeeSeveranceMemberpvh:GrowthDriver5ActionsMemberpvh:CalvinKleinNorthAmericaMember2024-02-052024-08-040000078239us-gaap:EmployeeSeveranceMemberpvh:GrowthDriver5ActionsMemberpvh:CalvinKleinNorthAmericaMember2024-05-062024-08-040000078239us-gaap:EmployeeSeveranceMemberpvh:GrowthDriver5ActionsMemberpvh:CalvinKleinInternationalMember2024-05-062024-08-040000078239us-gaap:EmployeeSeveranceMemberpvh:GrowthDriver5ActionsMemberpvh:CalvinKleinInternationalMember2024-02-052024-08-040000078239pvh:GrowthDriver5ActionsMemberus-gaap:EmployeeSeveranceMember2024-02-040000078239pvh:A2022CostSavingsInitiativeMember2024-02-052024-08-040000078239pvh:A2022CostSavingsInitiativeMember2023-01-302024-02-040000078239pvh:A2022CostSavingsInitiativeMember2024-02-040000078239pvh:A2022CostSavingsInitiativeMemberus-gaap:EmployeeSeveranceMember2024-02-040000078239pvh:A2022CostSavingsInitiativeMemberus-gaap:EmployeeSeveranceMember2023-05-012023-07-300000078239pvh:A2022CostSavingsInitiativeMemberus-gaap:EmployeeSeveranceMember2023-01-302023-07-300000078239us-gaap:EmployeeSeveranceMemberpvh:A2022CostSavingsInitiativeMemberpvh:TommyHilfigerNorthAmericaMember2023-05-012023-07-300000078239us-gaap:EmployeeSeveranceMemberpvh:A2022CostSavingsInitiativeMemberpvh:TommyHilfigerNorthAmericaMember2023-01-302023-07-300000078239us-gaap:EmployeeSeveranceMemberpvh:A2022CostSavingsInitiativeMemberpvh:TommyHilfigerNorthAmericaMember2024-02-040000078239us-gaap:EmployeeSeveranceMemberpvh:A2022CostSavingsInitiativeMemberpvh:TommyHilfigerInternationalMember2023-05-012023-07-300000078239us-gaap:EmployeeSeveranceMemberpvh:A2022CostSavingsInitiativeMemberpvh:TommyHilfigerInternationalMember2023-01-302023-07-300000078239us-gaap:EmployeeSeveranceMemberpvh:A2022CostSavingsInitiativeMemberpvh:TommyHilfigerInternationalMember2024-02-040000078239us-gaap:EmployeeSeveranceMemberpvh:A2022CostSavingsInitiativeMemberpvh:CalvinKleinNorthAmericaMember2023-05-012023-07-300000078239us-gaap:EmployeeSeveranceMemberpvh:A2022CostSavingsInitiativeMemberpvh:CalvinKleinNorthAmericaMember2023-01-302023-07-300000078239us-gaap:EmployeeSeveranceMemberpvh:A2022CostSavingsInitiativeMemberpvh:CalvinKleinNorthAmericaMember2024-02-040000078239us-gaap:EmployeeSeveranceMemberpvh:A2022CostSavingsInitiativeMemberpvh:CalvinKleinInternationalMember2023-01-302023-07-300000078239us-gaap:EmployeeSeveranceMemberpvh:A2022CostSavingsInitiativeMemberpvh:CalvinKleinInternationalMember2023-05-012023-07-300000078239us-gaap:EmployeeSeveranceMemberpvh:A2022CostSavingsInitiativeMemberpvh:CalvinKleinInternationalMember2024-02-040000078239us-gaap:EmployeeSeveranceMemberpvh:A2022CostSavingsInitiativeMemberpvh:HeritageBrandsWholesaleMember2023-01-302023-07-300000078239us-gaap:EmployeeSeveranceMemberpvh:A2022CostSavingsInitiativeMemberpvh:HeritageBrandsWholesaleMember2023-05-012023-07-300000078239us-gaap:EmployeeSeveranceMemberpvh:A2022CostSavingsInitiativeMemberpvh:HeritageBrandsWholesaleMember2024-02-040000078239us-gaap:EmployeeSeveranceMemberpvh:A2022CostSavingsInitiativeMemberus-gaap:CorporateMember2023-01-302023-07-300000078239us-gaap:EmployeeSeveranceMemberpvh:A2022CostSavingsInitiativeMemberus-gaap:CorporateMember2023-05-012023-07-300000078239us-gaap:EmployeeSeveranceMemberpvh:A2022CostSavingsInitiativeMemberus-gaap:CorporateMember2024-02-040000078239pvh:A2022CostSavingsInitiativeMemberus-gaap:EmployeeSeveranceMember2024-02-052024-08-040000078239pvh:A2022CostSavingsInitiativeMemberus-gaap:EmployeeSeveranceMember2024-08-040000078239us-gaap:ProductMemberpvh:TommyHilfigerNorthAmericaMember2024-05-062024-08-040000078239us-gaap:ProductMemberpvh:TommyHilfigerNorthAmericaMember2023-05-012023-07-300000078239us-gaap:ProductMemberpvh:TommyHilfigerNorthAmericaMember2024-02-052024-08-040000078239us-gaap:ProductMemberpvh:TommyHilfigerNorthAmericaMember2023-01-302023-07-300000078239us-gaap:RoyaltyMemberpvh:TommyHilfigerNorthAmericaMember2024-05-062024-08-040000078239us-gaap:RoyaltyMemberpvh:TommyHilfigerNorthAmericaMember2023-05-012023-07-300000078239us-gaap:RoyaltyMemberpvh:TommyHilfigerNorthAmericaMember2024-02-052024-08-040000078239us-gaap:RoyaltyMemberpvh:TommyHilfigerNorthAmericaMember2023-01-302023-07-300000078239pvh:AdvertisingandOtherSalesNetMemberpvh:TommyHilfigerNorthAmericaMember2024-05-062024-08-040000078239pvh:AdvertisingandOtherSalesNetMemberpvh:TommyHilfigerNorthAmericaMember2023-05-012023-07-300000078239pvh:AdvertisingandOtherSalesNetMemberpvh:TommyHilfigerNorthAmericaMember2024-02-052024-08-040000078239pvh:AdvertisingandOtherSalesNetMemberpvh:TommyHilfigerNorthAmericaMember2023-01-302023-07-300000078239pvh:TommyHilfigerNorthAmericaMember2024-05-062024-08-040000078239pvh:TommyHilfigerNorthAmericaMember2023-05-012023-07-300000078239pvh:TommyHilfigerNorthAmericaMember2023-01-302023-07-300000078239us-gaap:ProductMemberpvh:TommyHilfigerInternationalMember2024-05-062024-08-040000078239us-gaap:ProductMemberpvh:TommyHilfigerInternationalMember2023-05-012023-07-300000078239us-gaap:ProductMemberpvh:TommyHilfigerInternationalMember2024-02-052024-08-040000078239us-gaap:ProductMemberpvh:TommyHilfigerInternationalMember2023-01-302023-07-300000078239us-gaap:RoyaltyMemberpvh:TommyHilfigerInternationalMember2024-05-062024-08-040000078239us-gaap:RoyaltyMemberpvh:TommyHilfigerInternationalMember2023-05-012023-07-300000078239us-gaap:RoyaltyMemberpvh:TommyHilfigerInternationalMember2024-02-052024-08-040000078239us-gaap:RoyaltyMemberpvh:TommyHilfigerInternationalMember2023-01-302023-07-300000078239pvh:AdvertisingandOtherSalesNetMemberpvh:TommyHilfigerInternationalMember2024-05-062024-08-040000078239pvh:AdvertisingandOtherSalesNetMemberpvh:TommyHilfigerInternationalMember2023-05-012023-07-300000078239pvh:AdvertisingandOtherSalesNetMemberpvh:TommyHilfigerInternationalMember2024-02-052024-08-040000078239pvh:AdvertisingandOtherSalesNetMemberpvh:TommyHilfigerInternationalMember2023-01-302023-07-300000078239pvh:TommyHilfigerInternationalMember2024-05-062024-08-040000078239pvh:TommyHilfigerInternationalMember2023-05-012023-07-300000078239pvh:TommyHilfigerInternationalMember2023-01-302023-07-300000078239us-gaap:ProductMemberpvh:CalvinKleinNorthAmericaMember2024-05-062024-08-040000078239us-gaap:ProductMemberpvh:CalvinKleinNorthAmericaMember2023-05-012023-07-300000078239us-gaap:ProductMemberpvh:CalvinKleinNorthAmericaMember2024-02-052024-08-040000078239us-gaap:ProductMemberpvh:CalvinKleinNorthAmericaMember2023-01-302023-07-300000078239us-gaap:RoyaltyMemberpvh:CalvinKleinNorthAmericaMember2024-05-062024-08-040000078239us-gaap:RoyaltyMemberpvh:CalvinKleinNorthAmericaMember2023-05-012023-07-300000078239us-gaap:RoyaltyMemberpvh:CalvinKleinNorthAmericaMember2024-02-052024-08-040000078239us-gaap:RoyaltyMemberpvh:CalvinKleinNorthAmericaMember2023-01-302023-07-300000078239pvh:AdvertisingandOtherSalesNetMemberpvh:CalvinKleinNorthAmericaMember2024-05-062024-08-040000078239pvh:AdvertisingandOtherSalesNetMemberpvh:CalvinKleinNorthAmericaMember2023-05-012023-07-300000078239pvh:AdvertisingandOtherSalesNetMemberpvh:CalvinKleinNorthAmericaMember2024-02-052024-08-040000078239pvh:AdvertisingandOtherSalesNetMemberpvh:CalvinKleinNorthAmericaMember2023-01-302023-07-300000078239pvh:CalvinKleinNorthAmericaMember2024-05-062024-08-040000078239pvh:CalvinKleinNorthAmericaMember2023-05-012023-07-300000078239pvh:CalvinKleinNorthAmericaMember2023-01-302023-07-300000078239us-gaap:ProductMemberpvh:CalvinKleinInternationalMember2024-05-062024-08-040000078239us-gaap:ProductMemberpvh:CalvinKleinInternationalMember2023-05-012023-07-300000078239us-gaap:ProductMemberpvh:CalvinKleinInternationalMember2024-02-052024-08-040000078239us-gaap:ProductMemberpvh:CalvinKleinInternationalMember2023-01-302023-07-300000078239us-gaap:RoyaltyMemberpvh:CalvinKleinInternationalMember2024-05-062024-08-040000078239us-gaap:RoyaltyMemberpvh:CalvinKleinInternationalMember2023-05-012023-07-300000078239us-gaap:RoyaltyMemberpvh:CalvinKleinInternationalMember2024-02-052024-08-040000078239us-gaap:RoyaltyMemberpvh:CalvinKleinInternationalMember2023-01-302023-07-300000078239pvh:AdvertisingandOtherSalesNetMemberpvh:CalvinKleinInternationalMember2024-05-062024-08-040000078239pvh:AdvertisingandOtherSalesNetMemberpvh:CalvinKleinInternationalMember2023-05-012023-07-300000078239pvh:AdvertisingandOtherSalesNetMemberpvh:CalvinKleinInternationalMember2024-02-052024-08-040000078239pvh:AdvertisingandOtherSalesNetMemberpvh:CalvinKleinInternationalMember2023-01-302023-07-300000078239pvh:CalvinKleinInternationalMember2024-05-062024-08-040000078239pvh:CalvinKleinInternationalMember2023-05-012023-07-300000078239pvh:CalvinKleinInternationalMember2023-01-302023-07-300000078239us-gaap:ProductMemberpvh:HeritageBrandsWholesaleMember2024-05-062024-08-040000078239us-gaap:ProductMemberpvh:HeritageBrandsWholesaleMember2023-05-012023-07-300000078239us-gaap:ProductMemberpvh:HeritageBrandsWholesaleMember2024-02-052024-08-040000078239us-gaap:ProductMemberpvh:HeritageBrandsWholesaleMember2023-01-302023-07-300000078239us-gaap:RoyaltyMemberpvh:HeritageBrandsWholesaleMember2024-05-062024-08-040000078239us-gaap:RoyaltyMemberpvh:HeritageBrandsWholesaleMember2023-05-012023-07-300000078239us-gaap:RoyaltyMemberpvh:HeritageBrandsWholesaleMember2024-02-052024-08-040000078239us-gaap:RoyaltyMemberpvh:HeritageBrandsWholesaleMember2023-01-302023-07-300000078239pvh:AdvertisingandOtherSalesNetMemberpvh:HeritageBrandsWholesaleMember2024-05-062024-08-040000078239pvh:AdvertisingandOtherSalesNetMemberpvh:HeritageBrandsWholesaleMember2023-05-012023-07-300000078239pvh:AdvertisingandOtherSalesNetMemberpvh:HeritageBrandsWholesaleMember2024-02-052024-08-040000078239pvh:AdvertisingandOtherSalesNetMemberpvh:HeritageBrandsWholesaleMember2023-01-302023-07-300000078239pvh:HeritageBrandsWholesaleMember2024-05-062024-08-040000078239pvh:HeritageBrandsWholesaleMember2023-05-012023-07-300000078239pvh:HeritageBrandsWholesaleMember2024-02-052024-08-040000078239pvh:HeritageBrandsWholesaleMember2023-01-302023-07-300000078239pvh:SalesChannelSalestoWholesaleCustomersMemberus-gaap:ProductMember2024-05-062024-08-040000078239pvh:SalesChannelSalestoWholesaleCustomersMemberus-gaap:ProductMember2023-05-012023-07-300000078239pvh:SalesChannelSalestoWholesaleCustomersMemberus-gaap:ProductMember2024-02-052024-08-040000078239pvh:SalesChannelSalestoWholesaleCustomersMemberus-gaap:ProductMember2023-01-302023-07-300000078239pvh:SalesChannelSalesToOwnedAndOperatedRetailCustomersMemberus-gaap:ProductMember2024-05-062024-08-040000078239pvh:SalesChannelSalesToOwnedAndOperatedRetailCustomersMemberus-gaap:ProductMember2023-05-012023-07-300000078239pvh:SalesChannelSalesToOwnedAndOperatedRetailCustomersMemberus-gaap:ProductMember2024-02-052024-08-040000078239pvh:SalesChannelSalesToOwnedAndOperatedRetailCustomersMemberus-gaap:ProductMember2023-01-302023-07-300000078239pvh:SalesChannelSalesToOwnedAndOperatedDigitalRetailCustomersMemberus-gaap:ProductMember2024-05-062024-08-040000078239pvh:SalesChannelSalesToOwnedAndOperatedDigitalRetailCustomersMemberus-gaap:ProductMember2023-05-012023-07-300000078239pvh:SalesChannelSalesToOwnedAndOperatedDigitalRetailCustomersMemberus-gaap:ProductMember2024-02-052024-08-040000078239pvh:SalesChannelSalesToOwnedAndOperatedDigitalRetailCustomersMemberus-gaap:ProductMember2023-01-302023-07-300000078239pvh:SalesChannelSalestoRetailCustomersMemberus-gaap:ProductMember2024-05-062024-08-040000078239pvh:SalesChannelSalestoRetailCustomersMemberus-gaap:ProductMember2023-05-012023-07-300000078239pvh:SalesChannelSalestoRetailCustomersMemberus-gaap:ProductMember2024-02-052024-08-040000078239pvh:SalesChannelSalestoRetailCustomersMemberus-gaap:ProductMember2023-01-302023-07-300000078239us-gaap:CorporateMember2024-05-062024-08-040000078239us-gaap:CorporateMember2023-05-012023-07-300000078239us-gaap:CorporateMember2024-02-052024-08-040000078239us-gaap:CorporateMember2023-01-302023-07-30




10-Q
 
 ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedAugust 4, 2024
 
 
 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto
 
 001-07572
 PVH CORP.(Exact name of registrant as specified in its charter)
 Delaware13-1166910(State or other jurisdiction of(I.R.S. Employerincorporation or organization)Identification No.)285 Madison Avenue,New York,New York10017(Address of principal executive offices)(Zip Code)
 
 212 381-3500
 
 
 
 Title of each classTrading SymbolName of each exchange on which registeredCommon Stock, $1.00 par valuePVHNew York Stock Exchange4.125% Senior Notes due 2029PVH29New York Stock Exchange
 
 
 Yes
 
 
 Yes
 
 
 Large Accelerated Filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐
 
 
 ☐
 
 55,814,098




---




---

Item 1 - Financial StatementsConsolidated Statements of Operations for the Thirteenand Twenty-SixWeeks EndedAugust 4, 2024 andJuly30, 20231Consolidated Statements of Comprehensive Income for the Thirteenand Twenty-Six Weeks Ended August 4, 2024 and July 30, 20232Consolidated Balance Sheets as ofAugust 4, 2024, February 4, 2024 andJuly30, 20233Consolidated Statements of Cash Flows for theTwenty-SixWeeks EndedAugust 4, 2024 andJuly30, 20234Consolidated Statements of Changes in Stockholders’ Equity for the Twenty-SixWeeks EndedAugust 4, 2024 andJuly30, 20235Notes to Consolidated Financial Statements7Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations29Item 3 - Quantitative and Qualitative Disclosures About Market Risk40Item 4 - Controls and Procedures42
 
 
 
 
 
 
 
 
 
 Item 1 - Legal Proceedings43Item 1A - Risk Factors43Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds43Item 5 - Other Information44Item 6 - Exhibits45Signatures47




---

Thirteen Weeks EndedTwenty-Six Weeks EndedAugust 4,July 30,August 4,July 30,2024202320242023Net sales$1,965.1$2,105.2$3,815.3$4,156.3Royalty revenue87.780.1168.9164.8Advertising and other revenue21.521.742.043.8Total revenue2,074.32,207.04,026.24,364.9Cost of goods sold (exclusive of depreciation and amortization)828.4934.71,581.61,842.3Gross profit1,245.91,272.32,444.62,522.6Selling, general and administrative expenses1,083.31,138.52,100.62,202.5Non-service related pension and postretirement income0.40.30.90.9Other gain——10.0—Equity in net income of unconsolidated affiliates10.99.224.121.1Income before interest and taxes173.9143.3379.0342.1Interest expense22.825.946.151.2Interest income3.72.39.35.6Income before taxes154.8119.7342.2296.5Income tax (benefit) expense(3.2)25.532.866.3Net income$158.0$94.2$309.4$230.2Basic net income per common share$2.83$1.52$5.46$3.69Diluted net income per common share$2.80$1.50$5.39$3.65




---

Thirteen Weeks EndedTwenty-Six Weeks EndedAugust 4,July 30,August 4,July 30,2024202320242023Net income$158.0$94.2$309.4$230.2Other comprehensive income (loss):Foreign currency translation adjustments12.721.1(2.1)4.4Net unrealized and realized (loss) gain related to effective cash flow hedges, net of tax benefit of $2.6, $0.1, $2.3, and $0.5(7.2)0.3(5.8)(1.7)Net loss on net investment hedges, net of tax benefit of $5.3, $1.0, $ 4.4, and $4.2(16.1)(2.9)(13.3)(12.7)Total other comprehensive (loss) income(10.6)18.5(21.2)(10.0)Comprehensive income$147.4$112.7$288.2$220.2




---

August 4,February 4,July 30,202420242023UNAUDITEDAUDITEDUNAUDITEDASSETSCurrent Assets:Cash and cash equivalents$610.0$707.6$372.8Trade receivables, net of allowances for credit losses of $43.2, $41.1 and $42.0889.7793.3889.2Other receivables17.213.920.8Inventories, net1,582.81,419.71,795.5Prepaid expenses234.6237.7256.0Other80.187.579.8Total Current Assets3,414.43,259.73,414.1Property, Plant and Equipment, net806.9862.6876.0Operating Lease Right-of-Use Assets1,224.01,213.81,291.2Goodwill2,333.92,322.12,354.7Tradenames2,608.92,599.12,713.1Other Intangibles, net481.7498.3518.7Other Assets, including deferred taxes of $28.7, $33.8 and $24.1367.9417.3374.6Total Assets$11,237.7$11,172.9$11,542.4LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent Liabilities:Accounts payable$1,200.9$1,073.4$1,242.9Accrued expenses676.2776.2773.6Deferred revenue61.055.574.4Current portion of operating lease liabilities302.8288.9328.6Short-term borrowings8.4—15.2Current portion of long-term debt510.8577.5688.9Total Current Liabilities2,760.12,771.53,123.6Long-Term Portion of Operating Lease Liabilities1,069.11,075.81,136.9Long-Term Debt1,668.21,591.71,619.6Other Liabilities, including deferred taxes of $328.5, $346.1 and $321.3548.5615.0624.7Stockholders’ 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; 89,045,598; 88,567,275 and 88,161,386 shares issued89.088.688.2Additional paid-in capital - common stock3,347.13,313.33,271.4Retained earnings5,712.45,407.34,978.5Accumulated other comprehensive loss(774.8)(753.6)(723.1)Less: 33,150,579; 30,934,587 and 27,481,695 shares of common stock held in treasury, at cost(3,181.9)(2,936.7)(2,577.4)Total Stockholders’ Equity5,191.85,118.95,037.6Total Liabilities and Stockholders’ Equity$11,237.7$11,172.9$11,542.4




---

Twenty-Six Weeks EndedAugust 4,July 30,20242023OPERATING ACTIVITIESNet income$309.4$230.2Adjustments to reconcile to net cash provided by operating activities:Depreciation and amortization141.9147.8Equity in net income of unconsolidated affiliates(24.1)(21.1)Deferred taxes(7.3)(22.1)Stock-based compensation expense26.927.4Other gain(10.0)—Changes in operating assets and liabilities:Trade receivables, net(91.4)36.2Other receivables3.50.9Inventories, net(155.3)1.2Accounts payable, accrued expenses and deferred revenue37.5(153.0)Prepaid expenses4.0(45.9)Other, net(9.4)(5.4)Net cash provided by operating activities225.7196.2INVESTING ACTIVITIESPurchases of property, plant and equipment(75.4)(115.9)Proceeds from sale of Warner’s, Olga and True&Co. women’s intimates businesses2.5—Purchases of investments held in rabbi trust(3.0)(2.4)Proceeds from investments held in rabbi trust0.40.9Proceeds from cross-currency swap contracts (net investment hedges)3.5—Net cash used by investing activities(72.0)(117.4)FINANCING ACTIVITIESNet proceeds from (payments on) short-term borrowings8.3(28.8)Repayment of 2022 facilities(5.9)(6.0)Net proceeds from settlement of awards under stock plans7.30.1Proceeds from 4 1/8% senior notes, net of related fees553.1—Redemption of 3 5/8% senior notes(561.7)—Cash dividends(4.3)(4.8)Acquisition of treasury shares(245.4)(214.2)Payments of finance lease liabilities(2.2)(2.5)Net cash used by financing activities(250.8)(256.2)Effect of exchange rate changes on cash and cash equivalents(0.5)(0.5)Decrease in cash and cash equivalents(97.6)(177.9)Cash and cash equivalents at beginning of period707.6550.7Cash and cash equivalents at end of period$610.0$372.8




---

Twenty-Six Weeks Ended July 30, 2023Common StockAdditionalPaid-InCapital-CommonStockAccumulatedOtherComprehensive LossTotal Stockholders’ EquityPreferredStockShares$1 parValueRetainedEarningsTreasuryStockJanuary 29, 2023$—87,641,611$87.6$3,244.5$4,753.1$(713.1)$(2,359.4)$5,012.7Net income136.0136.0Foreign currency translation adjustments(16.7)(16.7)Net unrealized and realized loss related to effective cash flow hedges, net of tax benefit of $0.4(2.0)(2.0)Net loss on net investment hedges, net of tax benefit of $3.2(9.8)(9.8)Comprehensive income107.5Settlement of awards under stock plans132,8090.2(0.1)0.1Stock-based compensation expense13.113.1Dividends declared ($0.0375 per common share)(2.4)(2.4)Acquisition of 53,950 treasury shares(4.6)(4.6)April 30, 2023$—87,774,420$87.8$3,257.5$4,886.7$(741.6)$(2,364.0)$5,126.4Net income94.294.2Foreign currency translation adjustments21.121.1Net unrealized and realized gain related to effective cash flow hedges, net of tax benefit of $0.10.30.3Net loss on net investment hedges, net of tax benefit of $1.0(2.9)(2.9)Comprehensive income112.7Settlement of awards under stock plans386,9660.4(0.4)—Stock-based compensation expense14.314.3Dividends declared ($0.0375 per common share)(2.4)(2.4)Acquisition of 2,495,371 treasury shares, including excise taxes of $1.7(213.4)(213.4)July 30, 2023$—88,161,386$88.2$3,271.4$4,978.5$(723.1)$(2,577.4)$5,037.6


---

Twenty-Six Weeks Ended August 4, 2024Common StockAdditionalPaid-InCapital-CommonStockAccumulatedOtherComprehensive LossTotal Stockholders’ EquityPreferredStockShares$1 parValueRetainedEarningsTreasuryStockFebruary 4, 2024$—88,567,275$88.6$3,313.3$5,407.3$(753.6)$(2,936.7)$5,118.9Net income151.4151.4Foreign currency translation adjustments(14.8)(14.8)Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $0.31.41.4Net gain on net investment hedges, net of tax expense of $0.92.82.8Comprehensive income140.8Settlement of awards under stock plans337,0760.36.77.0Stock-based compensation expense10.510.5Dividends declared ($0.075 per common share)(4.3)(4.3)Acquisition of 1,942,724 treasury shares, including excise taxes of $1.7(213.7)(213.7)May 5, 2024$—88,904,351$88.9$3,330.5$5,554.4$(764.2)$(3,150.4)$5,059.2Net income158.0158.0Foreign currency translation adjustments12.712.7Net unrealized and realized loss related to effective cash flow hedges, net of tax benefit of $2.6(7.2)(7.2)Net loss on net investment hedges, net of tax benefit of $5.3(16.1)(16.1)Comprehensive income147.4Settlement of awards under stock plans141,2470.10.20.3Stock-based compensation expense16.416.4Acquisition of 273,268 treasury shares, including excise taxes of $0.2(31.5)(31.5)August 4, 2024$—89,045,598$89.0$3,347.1$5,712.4$(774.8)$(3,181.9)$5,191.8




---

GENERAL
 
 PVH Corp. and its consolidated subsidiaries (collectively, the “Company”) constitute a global apparel company with a brand portfolio that includesTOMMY HILFIGERandCalvin Klein, which are owned, andVan Heusen,Nikeand other brands,which the Company licenses for certain product categories. The Company designs and markets branded sportswear (casual apparel), jeanswear, performance apparel, intimate apparel, underwear, swimwear, dress shirts, handbags, accessories, footwear and other related products and licenses its owned brands globally over a broad array of product categories and for use in certain territories. The Company completed the sale of its women’s intimatesbusinesses conducted under theWarner’s,OlgaandTrue&Co.trademarks to Basic Resources on November 27, 2023 (the “Heritage Brands intimates transaction”).The consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated in consolidation. Investments in entities that the Company does not control but has the ability to exercise significant influence over are accounted for using the equity method of accounting. The Company’s Consolidated Statements of Operations include its proportionate share of the net income or loss of these entities.The Company’s fiscal years are based on the 52-53 week periods ending on the Sunday closest to February 1 and are designated by the calendar year in which the fiscal year commences. References to a year are to the Company’s fiscal year, unless the context requires otherwise.The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not contain all disclosures required by U.S. GAAP for complete financial statements. Reference is made to the Company’s audited consolidated financial statements, including the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended February 4, 2024.The preparation of the interim 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 these estimates.The results of operations for the thirteen and twenty-six weeks ended August 4, 2024 and July 30, 2023 are not necessarily indicative of those for a full fiscal year due, in part, to seasonal factors. Furthermore, the data contained in these consolidated financial statements are unaudited and are subject to year-end adjustments. However, in the opinion of management, all known adjustments have been made to present fairly the consolidated operating results for the unaudited periods.There continues to be uncertainty in the current macroeconomic environment due to inflationary pressures globally, the Israel-Hamas war, the attacks on commercial shipping vessels in the Red Sea and the war in Ukraine. If economic conditions were to worsen, the Company’s results of operations, financial condition and cash flows from operations may be materially and adversely impacted.Israel-Hamas War, Red Sea Shipping Disruption and War in UkraineThe Israel-Hamas war, which began in October 2023, did not have a material impact on the Company’s business in 2023 and is not expected to have a material impact on the Company’s business in 2024. Less than 1% of the Company’s revenue in 2024 is expected to be generated in Israel, and less than 2% of the Company’s revenue in 2024 is expected to be generated in the Middle East, including Israel.The recent attacks on commercial shipping vessels in the Red Sea have led to disruption and instability in global supply chains, which have resulted in shipment delays that are impacting, and could continue to impact, the Company’s inventory and sales volume. Shipping delays have also resulted in, and may continue to result in, increased freight costs, for reasons including the need to rely on more expensive shipping routes and shipping methods (such as air freight). Such impacts did not have a material impact on the Company’s business in 2023 or in the first half of 2024, and are not expected to have a material impact on the Company’s business for the remainder of 2024.


---

The war in Ukraine, which began in February 2022, did not have a material impact on the Company’s business in 2023 and is not expected to have a material impact on the Company’s business in 2024. Less than 1% of the Company’s revenue in 2024 is expected to be generated in Ukraine and the Company exited from its Russia business in the second quarter of 2022. 
  REVENUE
 
 The Company generates revenue primarily from sales of finished products under its owned trademarks through its wholesale and retail operations. The Company also generates royalty and advertising revenue from licensing rights to its trademarks to third parties. Revenue is recognized upon the transfer of control of products or services to the Company’s customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those products or services.Performance Obligations Under License AgreementsAs of August 4, 2024, the contractual minimum fees on the portion of all license agreements not yet satisfied totaled $696.9 million, of which the Company expects to recognize $140.5 million as revenue during the remainder of 2024, $231.2 million in 2025 and $325.2 million thereafter. The Company elected not to disclose the remaining performance obligations for contracts that have an original expected term of one year or less and expected sales-based percentage fees for the portion of all license agreements not yet satisfied.Deferred RevenueChanges in deferred revenue, which primarily relate to customer loyalty programs, gift cards and license agreements for the twenty-six weeks ended August 4, 2024 and July 30, 2023 were as follows:Twenty-Six Weeks Ended(In millions)8/4/247/30/23Deferred revenue balance at beginning of period$55.5$54.3Net additions to deferred revenue during the period52.362.4Reductions in deferred revenue for revenue recognized during the period(1)(46.8)(42.3)Deferred revenue balance at end of period$61.0$74.4(1)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 amounts include $6.8 million and $2.8 million of revenue recognized during the thirteen weeks ended August 4, 2024 and July 30, 2023, respectively.The Company also had long-term deferred revenue liabilities included in other liabilities in its Consolidated Balance Sheets of $8.1 million, $9.4 million and $10.8 million as of August 4, 2024, February 4, 2024 and July 30, 2023, respectively.Please see Note 16, “Segment Data,” for information on the disaggregation of revenue by segment and distribution channel. 
  INVENTORIES
 
 Inventories are comprised principally of finished goods and are stated at the lower of cost or net realizable value, except for certain retail inventories in North America that are stated at the lower of cost or market using the retail inventory method. Cost for 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. 
  DIVESTITURES
 
 Sale of Warner’s, Olga and True&Co. Women’s Intimates BusinessesThe Company entered into a definitive agreement on November 10, 2023 to sell its women’s intimates businesses conducted under theWarner’s,OlgaandTrue&Co.trademarks to Basic Resources for $160.0 million in cash and completed the sale on


---

November 27, 2023 for net proceeds of $155.6 million, after transaction costs. The carrying value of the net assets sold on the closing date was $140.3 million, which consisted of $44.5 million of inventory and $95.8 million of tradenames.In connection with the closing of the transaction, the Company recorded a gain of $15.3 million in the fourth quarter of 2023, which represented the excess of the amount of consideration received over the net carrying value of the assets, less costs to sell. An incremental gain of $10.0 million was recorded in the first quarter of 2024 due to the accelerated realization of the earnout provided for in the agreement with Basic Resources, which is being paid in installments to the Company through the first quarter of 2025. The Company received $2.5 million of the earnout during the second quarter of 2024. These gains were recorded in other gain in the Company’s Consolidated Statements of Operations for the respective period and included in the Heritage Brands Wholesale segment. 
  GOODWILL AND OTHER INTANGIBLE ASSETS
 
 The changes in the carrying amount of goodwill for the twenty-six weeks ended August 4, 2024, by segment (please see Note 16, “Segment Data,” for further discussion of the Company’s reportable segments), were as follows:(In millions)Calvin Klein North AmericaCalvin Klein InternationalTommy Hilfiger North AmericaTommy Hilfiger InternationalTotalBalance as of February 4, 2024Goodwill, gross$781.8$877.4$203.0$1,558.3$3,420.5Accumulated impairment losses(449.9)(471.3)(177.2)—(1,098.4)Goodwill, net331.9406.125.81,558.32,322.1Currency translation—(1.8)—13.611.8Balance as of August 4, 2024Goodwill, gross781.8875.6203.01,571.93,432.3Accumulated impairment losses(449.9)(471.3)(177.2)—(1,098.4)Goodwill, net$331.9$404.3$25.8$1,571.9$2,333.9The Company assesses the recoverability of goodwill and other indefinite-lived intangible assets annually, at the beginning of the third quarter of each fiscal year, and between annual tests if an event occurs or circumstances change that would indicate that it is more likely than not that the carrying amount may be impaired. Intangible assets with finite lives are amortized over their estimated useful life and are tested for impairment, along with other long-lived assets, when events and circumstances indicate that the assets might be impaired. Please see Note 1, “Summary of Significant Accounting Policies,” in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the year ended February 4, 2024 for discussion of the Company’s goodwill and other intangible assets impairment testing process.There have been no significant events or changes in circumstances during the twenty-six weeks ended August 4, 2024 that would indicate the remaining carrying amount of the Company’s goodwill and other intangible assets may be impaired as of August 4, 2024. 
  RETIREMENT AND BENEFIT PLANS
 
 The Company, as of August 4, 2024, has two noncontributory qualified defined benefit pension plans covering substantially all employees resident in the United States hired prior to January 1, 2022, who meet certain age and service requirements. The plans provide monthly benefits upon retirement generally based on career average compensation, subject to the change made in the fourth quarter of 2023 as discussed below, and years of credited service. The plans also provide participants with the option to receive their benefits in the form of lump sum payments. Vesting in plan benefits generally occurs after five years of service. The Company refers to these two plans as its “Pension Plans.”The Company also has three noncontributory unfunded non-qualified supplemental defined benefit pension plans, the most significant of which is a supplemental pension plan for certain employees resident in the United States hired prior to January 1, 2022, who meet certain age and service requirements that provides benefits for compensation in excess of Internal Revenue Service earnings limits and requires payments to vested employees upon or after employment termination or retirement, according to their distribution election, and two other plans for select former senior management. The Company refers to these three plans as its “SERP Plans.”


---

In the fourth quarter of 2023, the Company’s Board of Directors approved changes to its Pension Plans and its supplemental pension plan to freeze the pensionable compensation and credited service amounts used to calculate participants’ benefits effective June 30, 2024, except for employees near retirement age that meet a specified service requirement, who will continue to accrue benefits under the Pension Plans and supplemental pension plan, as applicable, for two years after the effective date of the freeze.The components of net benefit cost recognized were as follows:Pension PlansPension PlansThirteen Weeks EndedTwenty-Six Weeks Ended(In millions)8/4/247/30/238/4/247/30/23Service cost$3.2$5.8$6.9$10.8Interest cost7.17.414.314.6Expected return on plan assets(8.1)(8.4)(16.4)(16.9)Total$2.2$4.8$4.8$8.5SERP PlansSERP PlansThirteen Weeks EndedTwenty-Six Weeks Ended(In millions)8/4/247/30/238/4/247/30/23Service cost$0.3$0.4$0.5$0.8Interest cost0.60.71.21.4Total$0.9$1.1$1.7$2.2The Company also provides certain postretirement health care and life insurance benefits to certain retirees resident in the United States under two plans. Retirees contribute to the cost of the applicable plan, which are unfunded and frozen. The Company refers to these two plans as its “Postretirement Plans.” Net benefit cost related to the Postretirement Plans was immaterial for the thirteen and twenty-six weeks ended August 4, 2024 and July 30, 2023.The components of net benefit cost are recorded in the Company’s Consolidated Statements of Operations as follows: (i) the service cost component is recorded in selling, general and administrative (“SG&A”) expenses and (ii) the other components are recorded in non-service related pension and postretirement income. 
 Currently, the Company does not expect to make material contributions to the Pension Plans in 2024. The Company’s actual contributions may differ from planned contributions due to many factors, including changes in tax and other laws, as well as significant differences between expected and actual pension asset performance or interest rates.
 
  DEBT
 
 Short-Term BorrowingsThe Company has the ability to draw revolving borrowings under the senior unsecured credit facilities discussed below in the section entitled “2022 Senior Unsecured Credit Facilities.” The Company had no revolving borrowings outstanding under these facilities as of August 4, 2024.Additionally, the Company has the ability to borrow under short-term lines of credit, overdraft facilities and short-term revolving credit facilities denominated in various foreign currencies. These facilities provided for borrowings of up to $195.4 million based on exchange rates in effect on August 4, 2024 and are utilized primarily to fund working capital needs. The Company had $8.4 million outstanding under these facilities as of August 4, 2024. The weighted average interest rate on funds borrowed as of August 4, 2024 was 3.36%.


---

Commercial PaperThe Company has the ability to issue unsecured commercial paper notes with maturities that vary but do not exceed 397 days from the date of issuance primarily to fund working capital needs. The Company had no borrowings outstanding under the commercial paper note program as of August 4, 2024.Long-Term DebtThe carrying amounts of the Company’s long-term debt were as follows:(In millions)8/4/242/4/247/30/23Senior unsecured Term Loan A facility due 2027(1)$461.2$461.6$477.37 3/4% debentures due 2023——100.03 5/8% senior unsecured euro notes due 2024(1)—565.7576.84 5/8% senior unsecured notes due 2025498.8498.2497.63 1/8% senior unsecured euro notes due 2027(1)651.5643.7656.84 1/8% senior unsecured euro notes due 2029(1)567.5——Total2,179.02,169.22,308.5Less: Current portion of long-term debt510.8577.5688.9Long-term debt$1,668.2$1,591.7$1,619.6(1)The carrying amount of the euro-denominated Term Loan Afacility and the senior unsecured euro notes includes the impact of changes in the exchange rate of the United Statesdollar against the euro.Please see Note 10, “Fair Value Measurements,” for the fair value of the Company’s long-term debt as of August 4, 2024, February 4, 2024 andJuly 30, 2023.The Company’s mandatory long-term debt repayments for the remainder of 2024 through 2029 were as follows as of August 4, 2024:(In millions)Fiscal YearAmount(1)Remainder of 2024$6.02025512.0202612.020271,087.32028—2029572.8(1)A portion of the Company’s mandatory long-term debt repayments is denominated in euros and subject to changes in the exchange rate of the United States dollar against the euro.Total debt repayments for the remainder of 2024 through 2029 exceed the total carrying amount of the Company’s debt as of August 4, 2024 because the carrying amount reflects the unamortized portions of debt issuance costs and the original issue discounts.As of August 4, 2024, approximately 80% of the Company’s long-term debt had fixed interest rates, with the remainder at variable interest rates.


---

2022 Senior Unsecured Credit FacilitiesOn December 9, 2022, the Company entered into senior unsecured credit facilities (the “2022 facilities”). The 2022 facilities consist of (a) a €440.6 million euro-denominated Term Loan A facility (the “Euro TLA facility”), (b) a $1,150.0 million United States dollar-denominated multicurrency revolving credit facility (the “multicurrency revolving credit facility”), which is available in (i) United States dollars, (ii) Australian dollars (limited to A$50.0 million), (iii) Canadian dollars (limited to C$70.0 million), or (iv) euros, yen, pounds sterling, Swiss francs or other agreed foreign currencies (limited to €250.0 million),and (c) a $50.0 million United States dollar-denominated revolving credit facility available in United States dollars or Hong Kong dollars (together with the multicurrency revolving credit facility, the “revolving credit facilities”). The 2022 facilities are due on December 9, 2027.The Company made payments totaling $5.9 million and $6.0 million on its term loan under the 2022 facilities during the twenty-six weeks ended August 4, 2024 and July 30, 2023, respectively.The current applicable margin with respect to the Euro TLA facility as of August 4, 2024 was 1.250%. The current applicable margin with respect to the revolving credit facilities as of August 4, 2024 was 0.125% for loans bearing interest at the base rate, Canadian prime rate or daily simple euro short term rate and 1.125% for loans bearing interest at the euro interbank offered rate (“EURIBOR”) or any other rate specified in the 2022 facilities. The applicable margin for borrowings under the Euro TLA facility and each revolving credit facility is subject to adjustment (i) after the date of delivery of the compliance certificate and financial statements, with respect to each of the Company’s fiscal quarters, based upon the Company’s net leverage ratio or (ii) after the date of delivery of notice of a change in the Company’s public debt rating by Standard & Poor’s or Moody’s.The 2022 facilities require the Company to comply with customary affirmative, negative and financial covenants, including a maximum net leverage ratio, calculated in a manner set forth in the terms of the 2022 facilities. Please see Note 8, “Debt,” in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the year ended February 4, 2024 for further discussion of the 2022 facilities.7 3/4% Debentures Due 2023The Company had outstanding $100.0 million of debentures due November 15, 2023 that accrued interest at the rate of 7 3/4%. The Company repaid these debentures at maturity.3 5/8% Euro Senior Notes Due 2024The Company had outstanding €525.0 million principal amount of 3 5/8% senior notes due July 15, 2024. The Company redeemed these notes on April 25, 2024 utilizing the net proceeds from the issuance of the €525.0 million principal amount of 4 1/8% senior notes due July 16, 2029 together with other available funds, as discussed below. The Company recorded an immaterial amount of debt extinguishment costs to write-off previously capitalized debt issuance costs associated with these notes during the first quarter of 2024.4 5/8% Senior Notes Due 2025The Company has outstanding $500.0 million principal amount of 4 5/8% senior notes due July 10, 2025. The Company may redeem some or all of these notes at any time prior to June 10, 2025 by paying a “make whole” premium plus any accrued and unpaid interest. In addition, the Company may redeem some or all of these notes on or after June 10, 2025 at their principal amount plus any accrued and unpaid interest.3 1/8% Euro Senior Notes Due 2027The Company has outstanding €600.0 million principal amount of 3 1/8% senior notes due December 15, 2027. The Company may redeem some or all of these notes at any time prior to September 15, 2027 by paying a “make whole” premium plus any accrued and unpaid interest. In addition, the Company may redeem some or all of these notes on or after September 15, 2027 at their principal amount plus any accrued and unpaid interest.4 1/8% Euro Senior Notes Due 2029The Company issued on April 15, 2024 €525.0 million principal amount of 4 1/8% senior notes due July 16, 2029. The Company paid €5.4 million ($5.7 million based on exchange rates in effect on the payment date) of fees in connection with the issuance of the notes, which are being amortized over the term of the notes.


---

The Company intends to allocate an amount equal to the net proceeds of the offering to finance or refinance new or existing environmental Eligible Projects focused mainly on sustainable materials and packaging and circularity, as defined in the Company’s prospectus. Pending allocation to Eligible Projects, the Company utilized the net proceeds of the offering, together with other available funds, to redeem the €525.0 million principal amount of 3 5/8% senior notes due July 15, 2024, as discussed above.The Company may redeem some or all of these notes at any time prior to April 16, 2029 by paying a “make whole” premium, plus any accrued and unpaid interest. In addition, the Company may redeem some or all of these notes on or after April 16, 2029, or all of these notes at any time in the event of certain developments affecting taxation, at their principal amount plus any accrued and unpaid interest.The Company’s financing arrangements contain financial and non-financial covenants and customary events of default. As of August 4, 2024, the Company was in compliance with all applicable financial and non-financial covenants under its financing arrangements.The Company also has standby letters of credit and bank guarantees primarily to collateralize the Company’s insurance and lease obligations. The Company had $85.2 million of thesestandby letters of credit and bank guarantees outstanding as of August 4, 2024. 
 Please see Note 8, “Debt,” in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the year ended February 4, 2024 for further discussion of the Company’s debt.
 
  INCOME TAXES
 
 The effective income tax rates for the thirteen weeks ended August 4, 2024 and July 30, 2023 were (2.1)% and 21.3%, respectively. The effective income tax rates for the twenty-six weeks ended August 4, 2024 and July 30, 2023 were 9.6% and 22.4%, respectively.The effective income tax rates for the thirteen and twenty-six weeks ended August 4, 2024 were lower than the prior year periods primarily due to a favorable change in the Company’s uncertain tax positions resulting in a benefit to the Company’s 2024 effective income tax rate of 21.2% and 9.6% in the thirteen and twenty-six week periods, respectively, from the settlement of a multi-year audit in an international jurisdiction. 
  DERIVATIVE FINANCIAL INSTRUMENTS
 
 Cash Flow HedgesThe Company has exposure to changes in foreign currency exchange rates related to anticipated cash flows associated with inventory purchases made by its foreign subsidiaries in a currency other than their functional currency. The Company uses foreign currency forward contracts to hedge against a portion of this exposure.The Company records the foreign currency forward contracts at fair value in its Consolidated Balance Sheets and does not net the related assets and liabilities. The foreign currency forward contracts associated with certain international inventory purchases are designated as effective hedging instruments (“cash flow hedges”). As such, the changes in the fair value of the cash flow hedges are recorded in equity as a component of accumulated other comprehensive loss (“AOCL”). No amounts were excluded from effectiveness testing.Net Investment HedgesThe Company has exposure to changes in foreign currency exchange rates related to the value of its investments in foreign subsidiaries denominated in a currency other than the United States dollar. To hedge against a portion of this exposure, the Company uses both non-derivative instruments (the par value of certain of its foreign-denominated debt) and derivative instruments (cross-currency swap contracts), which it designates as net investment hedges.


---

The Company designated (i) the par value of its €600.0 million principal amount of 3 1/8% senior notes due 2027, (ii) until their redemption on April 25, 2024, the par value of its €525.0 million principal amount of 3 5/8% senior notes due 2024, and (iii) as of April 25, 2024, the par value of its €525.0 million principal amount of4 1/8%senior notes due 2029 (collectively, “foreign currency borrowings”), that were issued by PVH Corp., a U.S.-based entity, as net investment hedges of its investments in certain of its foreign subsidiaries that use the euro as their functional currency.Please see Note 7, “Debt,” for further discussion of the Company’s foreign currency borrowings.The Company records the foreign currency borrowings at carrying value in its Consolidated Balance Sheets. The carrying value of the foreign currency borrowings is remeasured at the end of each reporting period to reflect changes in the foreign currency exchange spot rate. During the period in which the foreign currency borrowings are designated as net investment hedges, such remeasurement is recorded in equity as a component of AOCL. The fair value and the carrying value of the foreign currency borrowings designated as net investment hedges were $1,234.0 million and $1,218.9 million, respectively, as of August 4, 2024, $1,201.6 million and $1,209.4 million, respectively, as of February 4, 2024 and $1,199.1 million and $1,233.6 million, respectively, as of July 30, 2023. The Company evaluates the effectiveness of its non-derivative instrument net investment hedges at inception and each quarter thereafter. No amounts were excluded from effectiveness testing.In 2023, the Company entered into multiple fixed-to-fixed cross-currency swap contracts, which, in aggregate, economically convert the Company’s $500.0 million principal amount of 4 5/8% senior notes due 2025 from a United States dollar-denominated obligation to a euro-denominated obligation of €457.2 million. As part of these swap contracts, the Company will receive fixed-rate United States dollar-denominated interest at a weighted average rate of 1.405% and pay fixed-rate euro-denominated interest at a rate of 0%. The cross-currency swap contracts expire on July 10, 2025. The Company designated these cross-currency swap contracts as net investment hedges of its investments in certain of its foreign subsidiaries that use the euro as their functional currency. The Company records the cross-currency swap contracts at fair value in its Consolidated Balance Sheets and does not net the related assets and liabilities. Changes in the fair value of the cross-currency swap contracts are recorded in equity as a component of AOCL. The Company evaluates the effectiveness of its derivative instrument net investment hedges at inception and each quarter thereafter. The interest components of the cross-currency swaps are excluded from the assessment of hedge effectiveness and are initially recorded in equity as a component of AOCL. Such amounts are recognized ratably over the term of the cross-currency swap contracts as a credit to interest expense in the Company’s Consolidated Statements of Operations.Undesignated ContractsThe Company records immediately in earnings changes in the fair value of hedges that are not designated as effective hedging instruments (“undesignated contracts”), which primarily include foreign currency forward contracts related to third party and intercompany transactions, and intercompany loans that are not of a long-term investment nature. Any gains and losses that are immediately recognized in earnings on such contracts are largely offset by the remeasurement of the underlying balances.The Company does not use derivative or non-derivative financial instruments for trading or speculative purposes. The cash flows from the Company’s hedges are presented in the same category in the Company’s Consolidated Statements of Cash Flows as the items being hedged.


---

The following table summarizes the fair value and presentation of the Company’s derivative financial instruments in its Consolidated Balance Sheets:AssetsLiabilities8/4/242/4/247/30/238/4/242/4/247/30/23(In millions)Other Current AssetsOther AssetsOther Current AssetsOther AssetsOther Current AssetsOther AssetsAccrued ExpensesOther LiabilitiesAccrued ExpensesOther LiabilitiesAccrued ExpensesOther LiabilitiesContracts designated as cash flow and net investment hedges:Foreign currency forward contracts (inventory purchases)$7.4$0.2$13.2$0.5$6.7$—$1.9$0.4$2.4$0.4$21.8$1.4Cross-currency swap contracts (net investment hedges)1.1—6.4——————1.3——Undesignated contracts:Foreign currency forward contracts1.0—1.9—0.2—4.6—1.1—4.3—Total$9.5$0.2$21.5$0.5$6.9$—$6.5$0.4$3.5$1.7$26.1$1.4The notional amount outstanding of foreign currency forward contracts was $1,345.5 million at August 4, 2024. Such contracts expire principally between August 2024 and January 2026.The following tables summarize the effect of the Company’s hedges designated as cash flow and net investment hedging instruments:(Loss) Gain Recognized in Other Comprehensive (Loss) Income(In millions)Thirteen Weeks Ended8/4/247/30/23Foreign currency forward contracts (inventory purchases)$(3.5)$5.6Foreign currency borrowings (net investment hedges)(16.8)(3.9)Cross-currency swap contracts (net investment hedges)(2.8)—Total$(23.1)$1.7Twenty-Six Weeks Ended8/4/247/30/23Foreign currency forward contracts (inventory purchases)$3.9$8.0Foreign currency borrowings (net investment hedges)(13.7)(16.9)Cross-currency swap contracts (net investment hedges)(0.5)—Total$(10.3)$(8.9)


---

Amount of Gain Reclassified from AOCL into Income, Consolidated Statements of Operations Location, and Total Amount of Consolidated Statements of Operations Line Item(In millions)Amount ReclassifiedLocationTotal Statements of Operations AmountThirteen Weeks Ended8/4/247/30/238/4/247/30/23Foreign currency forward contracts (inventory purchases)$6.3$5.4Cost of goods sold$828.4$934.7Cross-currency swap contracts (net investment hedges)1.8—Interest expense22.825.9Total$8.1$5.4Twenty-Six Weeks Ended8/4/247/30/238/4/247/30/23Foreign currency forward contracts (inventory purchases)$12.0$10.2Cost of goods sold$1,581.6$1,842.3Cross-currency swap contracts (net investment hedges)3.5—Interest expense46.151.2Total$15.5$10.2A netgainin AOCL on foreign currency forward contracts at August 4, 2024 of $12.6 million is estimated to be reclassified in the next 12 months in the Company’s Consolidated Statement of Operations to cost of goods sold as the underlying inventory hedged by such forward exchange contracts is sold. Amounts recognized in AOCL for the effective portion of the Company’s net investment hedges, including amounts associated with the 3 5/8% senior notes redeemed in April 2024, would be recognized in earnings only upon the sale or substantially complete liquidation of the hedged net investment.The following table summarizes the effect of the Company’s undesignated contracts recognized in SG&A expenses in its Consolidated Statements of Operations:(In millions)Loss Recognized in SG&A ExpensesThirteen Weeks Ended8/4/247/30/23Foreign currency forward contracts(1)$(3.6)$(1.8)Twenty-Six Weeks Ended8/4/247/30/23Foreign currency forward contracts(1)$(2.2)$(2.8)(1)Any gains and losses that are immediately recognized in earnings on such contracts are largely offset by the remeasurement of the underlying balances.The Company had no derivative financial instruments with credit risk-related contingent features underlying the related contracts as of August 4, 2024. 
  FAIR VALUE MEASUREMENTS
 
 In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three level hierarchy prioritizes the inputs used to measure fair value as follows:Level 1 – Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.Level 2 – Observable inputs other than quoted prices included in Level 1, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs derived principally from or corroborated by observable market data.


---

Level 3 – Unobservable inputs reflecting the Company’s own assumptions about the inputs that market participants would use in pricing the asset or liability based on the best information available.In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial assets and liabilities that are required to be remeasured at fair value on a recurring basis:8/4/242/4/247/30/23(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3TotalAssets:Foreign currency forward contractsN/A$8.6N/A$8.6N/A$15.6N/A$15.6N/A$6.9N/A$6.9Cross-currency swap contracts (net investment hedges)N/A1.1N/A1.1N/A6.4N/A6.4N/AN/AN/AN/ARabbi trust assets13.2N/AN/A13.29.9N/AN/A9.99.4N/AN/A9.4Total Assets$13.2$9.7N/A$22.9$9.9$22.0N/A$31.9$9.4$6.9N/A$16.3Liabilities:Foreign currency forward contractsN/A$6.9N/A$6.9N/A$3.9N/A$3.9N/A$27.5N/A$27.5Cross-currency swap contracts (net investment hedges)N/A—N/A—N/A1.3N/A1.3N/AN/AN/AN/ATotal LiabilitiesN/A$6.9N/A$6.9N/A$5.2N/A$5.2N/A$27.5N/A$27.5The fair value of the foreign currency forward contracts is measured as the total amount of currency to be purchased, multiplied by the difference between (i) the foreign currency forward rate as of the period end and (ii) the settlement rate specified in each contract. The fair value of the cross-currency swap contracts is measured using the discounted cash flows of the contracts, which are determined based on observable inputs, including the foreign currency forward rates and discount rates, as of the period end. The fair value of the rabbi trust assets, which consist of investments in mutual funds, is valued at the net asset value of the funds, as determined by the closing price in the active market in which the individual fund is traded.The Company established a rabbi trust that holds investments related to the Company’s supplemental savings plan. The rabbi trust is considered a variable interest entity and it is consolidated in the Company’s financial statements because the Company is considered the primary beneficiary of the rabbi trust. The rabbi trust assets generally mirror the investment elections made by eligible plan participants and are included as follows in the Company’s Consolidated Balance Sheets:8/4/242/4/247/30/23(In millions)Other Current AssetsOther AssetsOther Current AssetsOther AssetsOther Current AssetsOther AssetsRabbi trust assets$1.2$12.0$0.8$9.1$1.5$7.9The corresponding deferred compensation liability is included in accrued expenses and other liabilities in the Company’s Consolidated Balance Sheets. Unrealized gains recognized on the rabbi trust investments were immaterial during the twenty-six weeks ended August 4, 2024 andJuly 30, 2023.There were no transfers between any levels of the fair value hierarchy for any of the Company’s fair value measurements.The Company’s non-financial assets, which primarily consist of goodwill, other intangible assets, property, plant and equipment, and operating lease right-of-use assets, are not required to be measured at fair value on a recurring basis, and instead are reported at their carrying amount. However, on a periodic basis whenever events or changes in circumstances indicate that their carrying amount may not be fully recoverable (and at least annually for goodwill and indefinite-lived intangible assets), non-financial assets are assessed for impairment. If the fair value is determined to be lower than the carrying amount, an impairment charge is recorded to write down the asset to its fair value. There were no impairments recorded during the twenty-six weeks endedAugust 4, 2024andJuly 30, 2023.


---

The carrying amounts and the fair values of the Company’s cash and cash equivalents, short-term borrowings and long-term debt were as follows:8/4/242/4/247/30/23(In millions)Carrying AmountFair ValueCarrying AmountFair ValueCarrying AmountFair ValueCash and cash equivalents$610.0$610.0$707.6$707.6$372.8$372.8Short-term borrowings8.48.4——15.215.2Long-term debt (including portion classified as current)2,179.02,191.22,169.22,159.52,308.52,262.2The fair values of cash and cash equivalents and short-term borrowings approximate their carrying amounts due to the short-term nature of these instruments. The Company estimates the fair value of its long-term debt using quoted market prices as of the last business day of the applicable quarter. The Company classifies the measurement of its long-term debt as a Level 1 measurement. The carrying amounts of long-term debt reflect the unamortized portions of debt issuance costs and the original issue discounts. 
  STOCK-BASED COMPENSATION
 
 The Company grants stock-based awards under its Stock Incentive Plan (the “Plan”). Awards that may be granted under the Plan include, but are not limited to (i) service-based non-qualified stock options (“stock options”); (ii) service-based restricted stock units (“RSUs”); and (iii) contingently issuable performance share units (“PSUs”). Please see Note 13, “Stock-Based Compensation,” in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the year ended February 4, 2024 for a detailed description of the Company’s stock-based compensation awards, including information relating to vesting terms and service, performance and market conditions, and additional information.Net income for the twenty-six weeks ended August 4, 2024 and July 30, 2023 included $26.9 million and $27.4 million, respectively, of pre-tax expense related to stock-based compensation, with related recognized income tax benefits of $3.3 million and $3.4 million, respectively.Stock OptionsThe Company estimates the fair value of stock options at the date of grant using the Black-Scholes-Merton model. The estimated fair value of the stock options granted is expensed over the stock options’ requisite service periods.The following summarizes the assumptions used to estimate the fair value of stock options granted during the twenty-six weeks ended August 4, 2024 and the resulting weighted average grant date fair value per stock option:8/4/24Weighted average risk-free interest rate4.33%Weighted average expected stock option term (in years)6.25Weighted average Company volatility53.32%Expected annual dividends per share$0.15Weighted average grant date fair value per stock option$60.96Stock option activity for the twenty-six weeks ended August 4, 2024 was as follows:(In thousands, except per stock option data)Stock OptionsWeighted Average Exercise Price Per Stock OptionOutstanding at February 4, 2024513$94.05Granted58109.75Exercised60121.28Forfeited / Expired4124.53Outstanding at August 4, 2024507$92.37


---

RSUsThe fair value of RSUs is equal to the closing price of the Company’s common stock on the date of grant and is expensed over the RSUs’ requisite service periods.RSU activity for the twenty-six weeks ended August 4, 2024 was as follows:(In thousands, except per RSU data)RSUsWeighted Average Grant Date Fair Value Per RSUNon-vested at February 4, 20241,175$80.79Granted494109.66Vested37081.54Forfeited9086.21Non-vested at August 4, 20241,209$91.95PSUsPSU awards granted to employees have a three-year service period. Each award is subject to various performance and/or market conditions goals as follows:Grant YearGoal for 50% of the AwardGoal for 50% of the Award2021Company total shareholder return (“TSR”) relative to a pre-established group of industry peers during a three-year period from the grant dateCompany’s earnings before interest and taxes (“EBIT”) during fiscal 20212022Company TSR relative to a pre-established group of industry peers during a three-year period from the grant dateCompany’s cumulative EBIT during a fiscal three-year performance period2023Company TSR relative to a pre-established group of industry peers during a three-year period from the grant dateCompany’s average return on invested capital (“ROIC”) during a fiscal three-year performance period2024Company TSR relative to a pre-established group of industry peers during a three-year period from the grant dateCompany’s average ROIC during a fiscal three-year performance periodThe final number of shares to be earned, if any, is contingent upon the Company’s achievement of goals for the applicable performance period. For awards granted in 2021, the holders of the awards earned an aggregate of 55,000 shares. The Company achieved performance on the one-year EBIT measure above the maximum performance level. The Company achieved performance on the three-year TSR measure between the threshold and target levels.The Company records expense ratably over the three-year service period, with expense determined as follows: (i) TSR-based portion of the awards is based on the grant date fair value regardless of whether the market condition is satisfied because the awards are subject to market conditions and (ii) EBIT- and ROIC-based portion of the awards are based on the grant date fair value per share and the Company’s current expectations of the probable number of shares that will ultimately be issued.The grant date fair value of the awards is established as follows: (i) TSR-based portion of the awards uses a Monte Carlo simulation model and (ii) EBIT- and ROIC-based portion of the awards are based on the closing price of the Company’s common stock reduced for the present value of any dividends expected to be paid on such common stock during the three-year service period, as these contingently issuable PSUs do not accrue dividends.


---

The following summarizes the assumptions used to estimate the fair value of PSUs subject to market conditions that were granted during the twenty-six weeks ended August 4, 2024 and the resulting weighted average grant date fair value:8/4/24Weighted average risk-free interest rate4.71%Weighted average Company volatility48.28%Expected annual dividends per share$0.15Weighted average grant date fair value per PSU$138.12For certain of the awards granted, the after-tax portion of the award is subject to a holding period of one year after the vesting date. For these awards, the grant date fair value was discounted 4.40% for the restriction of liquidity, which was calculated using the Finnerty model.Total PSU activity for the twenty-six weeks ended August 4, 2024 was as follows: (In thousands, except per PSU data)PSUsWeighted Average Grant Date Fair Value Per PSUNon-vested at February 4, 2024236$102.29Granted127122.76Reduction due to market conditions achieved below target1157.70Vested55124.12Forfeited——Non-vested at August 4, 2024307$106.68
 
  ACCUMULATED OTHER COMPREHENSIVE LOSS
 
 The following tables present the changes in AOCL, net of related taxes, by component for the twenty-six weeks ended August 4, 2024 and July 30, 2023:(In millions)Foreign currency translation adjustmentsNet unrealized and realized gain (loss) on effective cash flow hedgesTotalBalance, February 4, 2024$(768.7)$15.1$(753.6)Other comprehensive (loss) income before reclassifications(12.8)(1)2.9(9.9)Less: Amounts reclassified from AOCL2.68.711.3Other comprehensive loss(15.4)(5.8)(21.2)Balance, August 4, 2024$(784.1)$9.3$(774.8)(In millions)Foreign currency translation adjustmentsNet unrealized and realized (loss) gain on effective cash flow hedgesTotalBalance, January 29, 2023$(710.1)$(3.0)$(713.1)Other comprehensive (loss) income before reclassifications(8.3)(1)5.5(2.8)Less: Amounts reclassified from AOCL—7.27.2Other comprehensive loss(8.3)(1.7)(10.0)Balance, July 30, 2023$(718.4)$(4.7)$(723.1)(1)Foreign currency translation adjustments included a net loss on net investment hedges of $10.7 million and $12.7 million during the twenty-six weeks ended August 4, 2024 and July 30, 2023, respectively.


---

The following table presents reclassifications from AOCL to earnings for the thirteen and twenty-six weeks ended August 4, 2024 and July 30, 2023:Amount Reclassified from AOCLAffected Line Item in the Company’s Consolidated Statements of OperationsThirteen Weeks EndedTwenty-Six Weeks Ended(In millions)8/4/247/30/238/4/247/30/23Realized gain on effective cash flow hedges:Foreign currency forward contracts (inventory purchases)$6.3$5.4$12.0$10.2Cost of goods soldLess: Tax effect1.71.63.33.0Income tax (benefit) expenseTotal, net of tax$4.6$3.8$8.7$7.2Foreign currency translation adjustments:Cross-currency swap contracts (net investment hedges)$1.8$—$3.5$—Interest expenseLess: Tax effect0.5—0.9—Income tax (benefit) expenseTotal, net of tax$1.3$—$2.6$— 
  STOCKHOLDERS’ EQUITY
 
 The Company’s Board of Directors has authorized over time beginning in 2015 an aggregate $5.0 billion stock repurchase program through July 30, 2028. Repurchases under the program may be made from time to time over the period through open market purchases, accelerated share repurchase programs, privately negotiated transactions or other methods, as the Company deems appropriate. Purchases are made based on a variety of factors, such as price, corporate requirements and overall market conditions, applicable legal requirements and limitations, trading restrictions under the Company’s insider trading policy and other relevant factors. The program may be modified by the Board of Directors, including to increase or decrease the repurchase limitation or extend, suspend or terminate the program at any time, without prior notice. The Company’s share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act.During the twenty-six weeks ended August 4, 2024 and July 30, 2023, the Company purchased 2.1 million shares and 2.4 million shares, respectively, of its common stock under the program in open market transactions for $225.2 million (excluding excise taxes of $1.9 million) and $200.2 million (excluding excise taxes of $1.7 million), respectively. As of August 4, 2024, the repurchased shares were held as treasury stock and $2.048 billion of the authorization remained available for future share repurchases, excluding excise taxes, as the excise taxes do not reduce the authorized amount remaining.Treasury stock activity also includes shares that were withheld in conjunction with the settlement of RSUs and PSUs to satisfy tax withholding requirements. 
  EXIT ACTIVITY COSTS
 
 Growth Driver 5 ActionsIn line with the fifth growth driver of the PVH+ Plan - drive efficiencies and invest in growth - the Company embarked on a multi-year initiative to simplify its operating model by centralizing certain processes and improving systems and automation to drive more efficient and cost-effective ways of working across the organization, through four main pillars: (i) delivering a single global technology stack, (ii) redesigning the Company’s global distribution network, (iii) reengineering the operating model in Europe, and (iv) streamlining and optimizing the Company’s support functions globally (referred to as “Growth Driver 5 Actions”).


---

The Company expects to generate annual cost savings of approximately $200 million to $300 million, net of continued strategic investments by 2026, with the actions to support this initiative largely completed by the end of 2025. In connection with this initiative, the Company recorded pre-tax severance, termination benefits and other employee costs of $15.3 million during the thirteen and twenty-six weeks ended August 4, 2024 related to initial actions taken, and expects to incur additional pre-tax costs consisting primarily of severance, termination benefits and other employee costs of approximately $20 million during the remainder of 2024. The Company expects to incur additional costs in 2025 in connection with this initiative, however the additional costs cannot be quantified at this time.The pre-tax costs incurred in connection with the Growth Driver 5 Actions were recorded in SG&A expenses of the Company’s segments as follows:(In millions)Costs Incurred During the Thirteen and Twenty-Six Weeks Ended 8/4/24Tommy Hilfiger North America$1.4Tommy Hilfiger International7.3Calvin Klein North America1.4Calvin Klein International5.2Total$15.3Please see Note 16, “Segment Data,” for further discussion of the Company’s reportable segments.The liabilities related to these costs were principally recorded in accrued expenses in the Company’s Consolidated Balance Sheet and were as follows:(In millions)Liability at 2/4/24Costs Incurred During the Twenty-Six Weeks Ended 8/4/24Costs Paid During the Twenty-Six Weeks Ended 8/4/24Liability at 8/4/24Severance, termination benefits and other employee costs$—$15.3$0.5$14.82022 Cost Savings InitiativeThe Company announced in August 2022 that it would be taking steps to streamline its organization and simplify its ways of working. Included in this was a planned reduction in people costs in its global offices by approximately 10% by the end of 2023 to drive efficiencies and enable continued strategic investments to fuel growth, including in digital, supply chain and consumer engagement, which was completed. These reductions have resulted in annual cost savings of over $100 million, net of continued strategic people investments. In connection with this initiative, the Company recorded pre-tax severance, termination benefits and other employee costs of $81.5 million during 2022 and 2023, of which $39.0 million was incurred during the thirteen and twenty-six weeks ended July 30, 2023. All expected costs related to this initiative were incurred by the end of 2023.The pre-tax costs incurred in connection with the 2022 cost savings initiative were recorded in SG&A expenses of the Company’s segments as follows:(In millions)Costs Incurred During the Thirteen and Twenty-Six Weeks Ended 7/30/23Cumulative Costs IncurredTommy Hilfiger North America$6.4$17.4Tommy Hilfiger International12.319.8Calvin Klein North America5.913.7Calvin Klein International8.514.3Heritage Brands Wholesale4.610.4Corporate(1)1.35.9Total$39.0$81.5


---

(1)Corporate expenses are not allocated to any reportable segment.Please see Note 16, “Segment Data,” for further discussion of the Company’s reportable segments.The liabilities related to these costs were principally recorded in accrued expenses in the Company’s Consolidated Balance Sheet and were as follows:(In millions)Liability at 2/4/24Costs Paid During the Twenty-Six Weeks Ended 8/4/24Liability at 8/4/24Severance, termination benefits and other employee costs$20.4$14.5$5.9 
  NET INCOME PER COMMON SHARE
 
 The Company computed its basic and diluted net income per common share as follows:Thirteen Weeks EndedTwenty-Six Weeks Ended(In millions, except per share data)8/4/247/30/238/4/247/30/23Net income$158.0$94.2$309.4$230.2Weighted average common shares outstanding for basic net income per common share55.962.156.762.4Weighted average impact of dilutive securities0.60.60.70.7Total shares for diluted net income per common share56.562.757.463.1Basic net income per common share$2.83$1.52$5.46$3.69Diluted net income per common share$2.80$1.50$5.39$3.65Potentially dilutive securities excluded from the calculation of diluted net income per common share as the effect would be anti-dilutive were as follows:Thirteen Weeks EndedTwenty-Six Weeks Ended(In millions)8/4/247/30/238/4/247/30/23Weighted average potentially dilutive securities0.20.80.30.9Shares underlying contingently issuable awards that have not met the necessary conditions as of the end of a reporting period are not included in the calculation of diluted net income per common share for that period. The Company had contingently issuable PSU awards outstanding that did not meet the performance conditions as of August 4, 2024 and July 30, 2023 and, therefore, were excluded from the calculation of diluted net income per common share for each applicable period. The maximum number of potentially dilutive shares that could be issued upon vesting for such awards was 0.4 million and 0.3 million as of August 4, 2024 and July 30, 2023. These amounts were also excluded from the computation of weighted average potentially dilutive securities in the table above. 
  SEGMENT DATA
 
 The Company manages its operations through its operating divisions, which are presented as its reportable segments: (i) Tommy Hilfiger North America; (ii) Tommy Hilfiger International; (iii) Calvin Klein North America; (iv) Calvin Klein International; and (v) Heritage Brands Wholesale.Tommy Hilfiger North America Segment- This segment consists of the Company’s Tommy Hilfiger North America division. This segment derives revenue principally from (i) marketingTOMMY HILFIGERbranded apparel and related products at wholesale in the United States and Canada, primarily to department stores and off-price retailers, as well as digital commerce sites operated by department store customers and pure play digital commerce retailers; (ii) operating retail stores, which are primarily located in premium outlet centers in the United States and Canada, and a digital commerce site in the United States, which sellsTOMMY HILFIGERbranded apparel, accessories and related products; and (iii) licensing and similar arrangements


---

relating to the use by third parties of theTOMMY HILFIGERbrand names for a broad range of product categories in North America. This segment also includes the Company’s proportionate share of the net income or loss of its investments in its unconsolidated affiliate in Mexico and its unconsolidated PVH Legwear LLC affiliate relating to each affiliate’s Tommy Hilfiger business.Tommy Hilfiger International Segment- This segment consists of the Company’s Tommy Hilfiger International division. This segment derives revenue principally from (i) marketingTOMMY HILFIGERbranded apparel and related products at wholesale principally in Europe, Asia and Australia, primarily to department and specialty stores, and digital commerce sites operated by department store customers and pure play digital commerce retailers, as well as through distributors and franchisees; (ii) operating retail stores, concession locations and digital commerce sites in Europe, Asia and Australia, which sellTOMMY HILFIGERbranded apparel, accessories and related products; and (iii) licensing and similar arrangements relating to the use by third parties of theTOMMY HILFIGERbrand names for a broad range of product categories outside of North America. This segment also includes the Company’s proportionate share of the net income or loss of its investments in its unconsolidated affiliate in India relating to the affiliate’s Tommy Hilfiger business, and its unconsolidated affiliate in Brazil.Calvin Klein North America Segment- This segment consists of the Company’s Calvin Klein North America division. This segment derives revenue principally from (i) marketingCalvin Kleinbranded apparel and related products at wholesale in the United States and Canada, primarily to warehouse clubs, department and specialty stores, and off-price retailers, as well as digital commerce sites operated by department store customers and pure play digital commerce retailers; (ii) operating retail stores, which are primarily located in premium outlet centers in the United States and Canada, and a digital commerce site in the United States, which sellsCalvin Kleinbranded apparel, accessories and related products; and (iii) licensing and similar arrangements relating to the use by third parties of theCalvin Kleinbrand names for a broad range of product categories in North America. This segment also includes the Company’s proportionate share of the net income or loss of its investments in its unconsolidated affiliate in Mexico and its unconsolidated PVH Legwear LLC affiliate relating to each affiliate’s Calvin Klein business.Calvin Klein International Segment- This segment consists of the Company’s Calvin Klein International division. This segment derives revenue principally from (i) marketingCalvin Kleinbranded apparel and related products at wholesale principally in Europe, Asia, Brazil and Australia, primarily to department and specialty stores, and digital commerce sites operated by department store customers and pure play digital commerce retailers,as well as throughdistributors and franchisees; (ii) operating retail stores, concession locations and digital commerce sites in Europe, Asia, Brazil and Australia, which sellCalvin Kleinbranded apparel, accessories and related products; and (iii) licensing and similar arrangements relating to the use by third parties of theCalvin Kleinbrand names for a broad range of product categories outside of North America. This segment also includes the Company’s proportionate share of the net income or loss of its investment in its unconsolidated affiliate in India relating to the affiliate’s Calvin Klein business.Heritage Brands Wholesale Segment- This segment consists of the Company’s Heritage Brands Wholesale division. This segment derives revenue primarily from the marketing to department, chain and specialty stores, warehouse clubs, mass market, and off-price retailers (in stores and online), as well as pure play digital commerce retailers primarily in North America of (i) women’s intimate apparel conducted under theWarner’s, OlgaandTrue&Co.trademarks until November 27, 2023, when the Company completed the Heritage Brands intimates transaction; (ii) men’s underwear under theNikebrand, which is licensed; and (iii) men’s dress shirts under theVan Heusenbrand, which is licensed, as well as under various other licensed brand names. Please see Note 4, “Divestitures,” for further discussion of the Heritage Brands intimates transaction. This segment also includes the Company’s proportionate share of the net income or loss of its investments in its unconsolidated affiliate in Mexico and its unconsolidated PVH Legwear LLC affiliate relating to each affiliate’s business under various owned and licensed brand names.


---

The Company’s revenue by segment was as follows:Thirteen Weeks EndedTwenty-Six Weeks Ended(In millions)8/4/24(1)7/30/23(1)8/4/24(1)7/30/23(1)Revenue – Tommy Hilfiger North AmericaNet sales$296.2$297.6$567.6$564.3Royalty revenue22.818.543.538.8Advertising and other revenue4.44.39.08.8Total323.4320.4620.1611.9Revenue – Tommy Hilfiger InternationalNet sales750.8800.21,450.81,613.0Royalty revenue14.513.927.829.6Advertising and other revenue4.74.78.09.0Total770.0818.81,486.61,651.6Revenue – Calvin Klein North AmericaNet sales269.7269.9509.4497.6Royalty revenue39.034.474.770.1Advertising and other revenue9.710.519.621.4Total318.4314.8603.7589.1Revenue – Calvin Klein InternationalNet sales597.9610.31,185.31,208.6Royalty revenue11.413.022.825.8Advertising and other revenue2.62.15.34.4Total611.9625.41,213.41,238.8Revenue – Heritage Brands WholesaleNet sales50.5127.2102.2272.8Royalty revenue—0.30.10.5Advertising and other revenue0.10.10.10.2Total50.6127.6102.4273.5Total RevenueNet sales1,965.12,105.23,815.34,156.3Royalty revenue87.780.1168.9164.8Advertising and other revenue21.521.742.043.8Total$2,074.3$2,207.0$4,026.2$4,364.9(1)Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.


---

The Company’s revenue by distribution channel was as follows:Thirteen Weeks EndedTwenty-Six Weeks Ended(In millions)8/4/24(1)7/30/23(1)8/4/24(1)7/30/23(1)Wholesale net sales$948.0$1,039.9$1,952.3$2,254.2Owned and operated retail stores836.4872.21,533.91,550.3Owned and operated digital commerce sites180.7193.1329.1351.8Retail net sales1,017.11,065.31,863.01,902.1Net sales1,965.12,105.23,815.34,156.3Royalty revenue87.780.1168.9164.8Advertising and other revenue21.521.742.043.8Total$2,074.3$2,207.0$4,026.2$4,364.9(1)Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.The Company’s income before interest and taxes by segment was as follows:Thirteen Weeks EndedTwenty-Six Weeks Ended(In millions)8/4/24(1)7/30/23(1)(4)8/4/24(1)7/30/23(1)(4)Income before interest and taxes – Tommy Hilfiger North America$34.3(3)$13.2$58.7(3)$15.5Income before interest and taxes – Tommy Hilfiger International67.7(3)73.4144.1(3)199.7Income before interest and taxes – Calvin Klein North America37.8(3)20.474.4(3)22.6Income before interest and taxes – Calvin Klein International74.8(3)80.2171.2(3)180.6Income before interest and taxes – Heritage Brands Wholesale6.62.622.9(5)17.6Loss before interest and taxes – Corporate(2)(47.3)(46.5)(92.3)(93.9)Income before interest and taxes$173.9$143.3$379.0$342.1(1)Income before interest and taxes was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.(2)Includes corporate expenses not allocated to any reportable segments. 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 (which are generally recorded in the fourth quarter).(3)Income before interest and taxes for the thirteen and twenty-six weeks ended August 4, 2024 included costs of $15.3 million incurred related to the Growth Driver 5 Actions described in Note 14, “Exit Activity Costs,” consisting principally of severance. Such costs were included in the Company’s segments as follows: $1.4 million in Tommy Hilfiger North America, $7.3 million in Tommy Hilfiger International, $1.4 million in Calvin Klein North America and $5.2 million in Calvin Klein International. Please see Note 14, “Exit Activity Costs,” for further discussion.(4)Income before interest and taxes for the thirteen and twenty-six weeks ended July 30, 2023 included costs of $39.0 million incurred related to the 2022 cost savings initiative described in Note 14, “Exit Activity Costs,” consisting principally of severance. Such costs were included in the Company’s segments as follows: $6.4 million in Tommy Hilfiger North America, $12.3 million in Tommy Hilfiger International, $5.9 million in Calvin Klein North America, $8.5 million in Calvin


---

Klein International, $4.6 million in Heritage Brands Wholesale and $1.3 million in corporate expenses not allocated to any reportable segments. Please see Note 14, “Exit Activity Costs,” for further discussion.(5)Income before interest and taxes for the twenty-six weeks ended August 4, 2024 included a gain of $10.0 million in connection with the Heritage Brands intimates transaction due to the accelerated realization of the earnout provided for in the agreement with Basic Resources. Please see Note 4, “Divestitures,” for further discussion.Intersegment transactions, which primarily consist of transfers of inventory, are not material. 
  RECENT ACCOUNTING GUIDANCE
 
 Recently Adopted Accounting GuidanceThe Financial Accounting Standards Board (“FASB”) issued in September 2022 an update to accounting guidance requiring disclosures that increase the transparency surrounding the use of supplier finance programs, including the key terms of the programs, and information about the obligations under these programs, including a rollforward of those obligations. The update does not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance programs. The Company adopted the update in the first quarter of 2023 on a retrospective basis, except for the requirement to disclose rollforward information, which is effective for the Company in 2024 for annual disclosure on a prospective basis. The adoption did not have any impact on the Company’s consolidated financial statements as the guidance only pertains to financial statements footnote disclosures. Please see Note 18, “Other Comments,” for the Company’s disclosures pertaining to this update.Accounting Guidance Issued But Not Adopted as of August 4, 2024The FASB issued in November 2023 an update to accounting guidance requiring disclosure on an annual and interim basis of incremental segment information, primarily to enhance disclosures about significant segment expenses. The update will be effective for the Company beginning with its 2024 annual consolidated financial statements and interim statements thereafter, with early adoption permitted. Entities are required to adopt the guidance on a retrospective basis. The Company is currently evaluating the update to determine the impact the adoption will have on its footnote disclosure to its consolidated financial statements.The FASB issued in December 2023 an update to accounting guidance which is intended to improve the transparency of income tax disclosures by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The update will be effective for the Company beginning with its 2025 annual consolidated financial statements, with early adoption permitted. Entities are required to apply the guidance on a prospective basis, with retrospective application permitted. The Company is currently evaluating the update to determine the impact the adoption will have on its footnote disclosure to its consolidated financial statements. 
  OTHER COMMENTS
 
 Warehouse and Distribution ExpensesThe Company records warehousing and distribution expenses, which are subject to exchange rate fluctuations, as a component of SG&A expenses in its Consolidated Statements of Operations. Warehousing and distribution expenses incurred in the thirteen and twenty-six weeks ended August 4, 2024 totaled $87.8 million and $164.3 million, respectively. Warehousing and distribution expenses incurred in the thirteen and twenty-six weeks ended July 30, 2023 totaled $85.6 million and $175.5 million, respectively.Allowance For Credit LossesThe Company is exposed to credit losses primarily through trade receivables from its customers and licensees. The Company records an allowance for credit losses as a reduction to its trade receivables for amounts that the Company does not expect to recover. An allowance for credit losses is determined through an analysis of the aging of accounts receivable and assessments of collectibility based on historical trends, the financial condition of the Company’s customers and licensees, including any known or anticipated bankruptcies, and an evaluation of current economic conditions as well as the Company’s expectations of conditions in the future. The Company writes off uncollectible trade receivables once collection efforts have been exhausted


---

and third parties confirm the balance is not recoverable. The allowance for credit losses on trade receivables was $43.2 million, $41.1 million and $42.0 million as of August 4, 2024, February 4, 2024 and July 30, 2023, respectively.Supply Chain Finance ProgramThe Company has a voluntary supply chain finance program (the “SCF program”) administered through a third party platform that provides the Company’s inventory suppliers with the opportunity to sell their receivables due from the Company to participating financial institutions in advance of the invoice due date, at the sole discretion of both the suppliers and the financial institutions. The Company is not a party to the agreements between the suppliers and the financial institutions and has no economic interest in a supplier’s decision to sell a receivable. The Company’s payment obligations, including the amounts due and payment terms, which generally do not exceed 90 days, are not impacted by suppliers’ participation in the SCF program.Accordingly, amounts due to suppliers that elected to participate in the SCF program are included in accounts payable in the Company’s Consolidated Balance Sheets and the corresponding payments are reflected in cash flows from operating activities in the Company’s Consolidated Statements of Cash Flows. Suppliers had elected to sell $445.5 million, $423.4 million and $451.0 million of the Company’s payment obligations that were outstanding as of August 4, 2024, February 4, 2024 and July 30, 2023, respectively, to financial institutions and $828.9 million and $986.7 million had been settled through the program during the twenty-six weeks ended August 4, 2024 and July 30, 2023, respectively.GuaranteesThe Company has guaranteed the payment of amounts on behalf of certain parties. There have been no significant changes to the amounts guaranteed by the Company from those discussed in Note 21, “Guarantees,” in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the year ended February 4, 2024.




---

We aggregate our reportable segments into three main businesses: (i) Tommy Hilfiger, which consists of the businesses we operate under ourTOMMY HILFIGERtrademarks; (ii) Calvin Klein, which consists of the businesses we operate under ourCalvin Kleintrademarks; and (iii) Heritage Brands, which consists of the businesses we operate under theWarner’s,OlgaandTrue&Co.trademarks, which we owned until November 27, 2023, theVan HeusenandNiketrademarks, which we license for certain product categories, and other licensed trademarks. References to brand names are to registered and common law trademarks owned by us or licensed to us by third parties and are identified by italicizing the brand name.


---




---




---




---




---




---






---




---

(In millions)8/4/242/4/247/30/23Short-term borrowings$8$—$15Current portion of long-term debt511578689Finance lease obligations81011Long-term debt1,6681,5921,620Stockholders’ equity5,1925,1195,038


---




---






---




---






---






---

Period(a) Total Number of Shares (or Units) Purchased(1)(2)(b) Average Price Paid per Share(or Unit)(1)(2)(3)(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs(1)(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs(1)May 6, 2024 -June 2, 2024240,089$114.44198,789$2,050,870,841June 3, 2024 -July 7, 202431,419118.2119,8012,048,470,862July 8, 2024 -August 4, 20241,760101.75—2,048,470,862Total273,268$114.79218,590$2,048,470,862
 
 
 5.0




---

adopted terminated




---

The following exhibits are included herein:3.1Amended and Restated Certificate of Incorporation of PVH Corp. (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K, filed June 21, 2019);Certificate of Amendment to the Amended and Restated Certificate of Incorporation of PVH Corp., filed on June 22, 2023 (incorporated by reference to Exhibit 3.2 to our Quarterly Report on Form 10-Q for the period ended July 30, 2023).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).4.6Indenture, dated as of April 15, 2024, between PVH Corp. and U.S. Bank Trust Company, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K, filed on April 15, 2024).4.7Supplemental Indenture No. 1, dated as of April 15, 2024, between PVH Corp. and U.S. Bank Trust Company, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K, filed on April 15, 2024) and Form of 4.125% Senior Notes due 2029 (incorporated by reference to Exhibit 4.3 and Annex 1 to Exhibit 4.2 to our Current Report on Form 8-K, filed on April 15, 2024).+10.1First Amendment to Credit Agreement, dated as of June 27, 2024, entered into by and between PVH Corp. and Barclays Bank PLC as administrative agent.+31.1Certification of Stefan Larsson, Chief Executive Officer, pursuant to Section 302 of the Sarbanes – Oxley Act of 2002.


---

+31.2Certification of Zachary Coughlin, Executive Vice President and Chief Financial Officer, pursuant to Section 302 of the Sarbanes – Oxley Act of 2002.*,+32.1Certification of Stefan Larsson, Chief Executive Officer, pursuant to Section 906 of the Sarbanes – Oxley Act of 2002, 18 U.S.C. Section 1350.*,+32.2Certification of Zachary Coughlin, Executive Vice President and Chief Financial Officer, pursuant to Section 906 of the Sarbanes – Oxley Act of 2002, 18 U.S.C. Section 1350.+101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.+101.SCHInline XBRL Taxonomy Extension Schema Document+101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document+101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document+101.LABInline XBRL Taxonomy Extension Label Linkbase Document+101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)+Filed or furnished herewith.




---

PVH CORP.Registrant
 
 Dated:September 9, 2024/s/ JAMES W. HOLMESJames W. HolmesExecutive Vice President and Controller (Principal Accounting Officer)