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10-K


(Mark One)☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year endedFebruary 4, 2024OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from _________ to ___________Commission File Number001-07572





PVH CORP.





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





212 381-3500














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











Yes


No


Yes


Yes





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





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5,332,751,232


57,688,908








DocumentLocation in Form 10-Kin which incorporatedRegistrant’s Proxy Statement for the Annual Meeting of Stockholders to be held on June 20, 2024Part III








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PART IItem 1.Business1Item 1A.Risk Factors15Item 1B.Unresolved Staff Comments27Item 1C.Cybersecurity27Item 2.Properties29Item 3.Legal Proceedings29Item 4.Mine Safety Disclosures29PART IIItem 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities30Item 6.[Reserved]31Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations32Item 7A.Quantitative and Qualitative Disclosures About Market Risk57Item 8.Financial Statements and Supplementary Data57Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure57Item 9A.Controls and Procedures57Item 9B.Other Information58Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections58PART IIIItem 10.Directors, Executive Officers and Corporate Governance59Item 11.Executive Compensation59Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters59Item 13.Certain Relationships and Related Transactions, and Director Independence59Item 14.Principal Accounting Fees and Services59PART IVItem 15.Exhibits, Financial Statement Schedules60Item 16.Form 10-K Summary64Signatures65Index to Financial Statements and Financial Statement ScheduleF-1













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


































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LicenseeProduct Category and TerritoryCoty Inc.Men’s and women’s fragrance (worldwide)F&T Apparel LLC & KHQ Investment LLCChildren’s jeanswear and certain performance wear (United States and Canada)G-III Apparel Group, Ltd.(1)Women’s suits, dresses, sportswear, jeanswear, active performancewear, handbags and small leather goods, men’s and women’s coats, men’s and women’s luggage and men’s and women’s swimwear (United States and Canada with luggage jurisdictions including Europe, Asia and elsewhere)Hollander Sleep Products LLC, Bedding Acquisition LLC & Keeco, Inc.Down, polyester and feather duvets, pillows, mattress pads and toppers, and feather beds (United States, Canada & Mexico)MBF Holdings LLCMen’s and women’sCalvin KleinandCalvin Klein Jeansfootwear (United States and Canada)Marchon Eyewear, Inc.Men’s and women’s optical frames and sunglasses (worldwide)Movado Group, Inc.Men’s and women’s watches and jewelry (worldwide)Peerless Clothing International, Inc.Men’s tailored clothing (United States, Canada and Mexico)





































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NameAgePositionStefan Larsson49Chief Executive OfficerZachary Coughlin48Executive Vice President and Chief Financial OfficerMartijn Hagman49Chief Executive Officer, Tommy Hilfiger Global and PVH EuropeMark D. Fischer62Executive Vice President, General Counsel and SecretaryAmba Subrahmanyam50Executive Vice President, Chief People OfficerEva Serrano51Global Brand President, Calvin Klein











































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LocationUseOwnershipStatusApproximateArea inSquare FeetNew York, New YorkCorporate, Tommy Hilfiger and Calvin Klein administrative offices and showroomsLeased694,000Bridgewater, New JerseyCorporate administrative officesLeased239,000Banksmeadow, AustraliaTommy Hilfiger and Calvin Klein administrative offices, showrooms, warehouse and distribution centerLeased243,000Amsterdam, The NetherlandsTommy Hilfiger and Calvin Klein administrative offices and showroomsLeased474,000Venlo/Oud Gastel/Sevenum,        The NetherlandsWarehouse and distribution centersLeased2,653,000Palmetto/McDonough, GeorgiaWarehouse and distribution centersLeased1,834,000Jonesville, North CarolinaWarehouse and distribution centerOwned778,000Hong Kong SAR, ChinaCorporate, Tommy Hilfiger and Calvin Klein administrative officesLeased88,000















































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Period(a) Total Number of Shares (or Units) Purchased(1)(2)(b) Average Price Paidper Share(or Unit)(1)(2)(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)October 30, 2023 -November 26, 2023255,703$79.07252,200$535,134,014November 27, 2023 -December 31, 20231,277,871112.821,267,494392,045,220January 1, 2024 -February 4, 2024998,398119.46990,965273,668,738Total2,531,972$112.032,510,659$273,668,738








5.0 2.0





























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Value of $100.00 invested after 5 years:Our Common Stock$112.40Russell 3000 Index$192.42S&P 1500 Apparel, Accessories & Luxury Goods Index$73.39





















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202320222021(Dollars in millions)Net sales$8,752$8,545$8,724Royalty revenue368372340Advertising and other revenue9810791Total revenue9,2189,0249,155Gross profit5,3635,1235,324% of total revenue58.2%56.8%58.2%SG&A expenses4,5434,3774,454% of total revenue49.3%48.5%48.7%Goodwill impairment—417—Non-service related pension and postretirement income479264Other gain15—119Equity in net income of unconsolidated affiliates465024Income before interest and taxes9294711,077Interest expense9990109Interest income1174Income before taxes841388973Income tax expense17718821Net income664200952Less: Net loss attributable to redeemable non-controlling interest——(0)Net income attributable to PVH Corp.$664$200$952















































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202320222021Components of revenue:Net sales94.9%94.7%95.3%Royalty, advertising and other revenue5.15.34.7Total100.0%100.0%100.0%Gross margin58.2%56.8%58.2%





























202320222021(In millions)SG&A expenses$4,543$4,377$4,454% of total revenue49.3%48.5%48.7%











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202320222021(Dollars in millions)Income tax expense$177$188$21Income tax as a % of pre-tax income21.1%48.4%2.1%




















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(In millions)2/4/241/29/23Short-term borrowings$—$46Current portion of long-term debt578112Finance lease obligations1012Long-term debt1,5922,177Stockholders’ equity5,1195,013









































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Cash RequirementsDescriptionTotal20242025-20262027-2028Thereafter(In millions)Long-term debt(1)$2,177$578$524$1,075$—Interest payments on long-term debt217779842Operating and finance leases(2)1,593346539356352Inventory purchase commitments(3)710710Other cash requirements(4)14979619Total$4,846$1,790$1,222$1,482$352

















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


Exhibit Number3.1Amended and Restated Certificate of Incorporation of PVH Corp. (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K, filed June 21, 2019);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).4.6Description of Securities (incorporated by reference to Exhibit 4.6 to our Annual Report on Form 10-K for the fiscal year ended February 2, 2020)*10.1Phillips-Van Heusen Corporation Capital Accumulation Plan (incorporated by reference to our Current Report on Form 8-K, filed on January 16, 1987); Phillips-Van Heusen Corporation Amendment to Capital Accumulation Plan (incorporated by reference to Exhibit 10(n) to our Annual Report on Form 10-K for the fiscal year ended February 2, 1987); Form of Agreement amending Phillips-Van Heusen Corporation Capital Accumulation Plan with respect to individual participants (incorporated by reference to Exhibit 10(1) to our Annual Report on Form 10-K for the fiscal year ended January 31, 1988);Form of Agreement amending Phillips-Van Heusen Corporation Capital Accumulation Plan with respect to individual participants (incorporated by reference to Exhibit 10.8 to our Quarterly Report on Form 10-Q for the period ended October 29, 1995).





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*10.2Phillips-Van Heusen Corporation Supplemental Defined Benefit Plan, dated January 1, 1991, as amended and restated effective as of January 1, 2005 (incorporated by reference to Exhibit 10.3 to our Quarterly Report on Form 10-Q for the period ended November 4, 2007).*10.3Phillips-Van Heusen Corporation Supplemental Savings Plan, effective as of January 1, 1991 and amended and restated effective as of January 1, 2005 (incorporated by reference to Exhibit 10.4 to our Quarterly Report on Form 10-Q for the period ended November 4, 2007).*10.4Third Amended and Restated Employment Agreement, dated as of May 20, 2019, between PVH Corp. and Emanuel Chirico (incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K, filed on May 22, 2019);Salary reduction consent and waiver, dated as of April 7, 2020, signed by Emanuel Chirico (incorporated by reference to Exhibit 10.1 to our Quarterly Report on Form 10-Q for the period ended May 3, 2020).*10.5PVH Corp. Long-Term Incentive Plan, as amended and restated effective May 2, 2013 (incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K, filed June 26, 2013).*10.6PVH Corp. Stock Incentive Plan, as amended and restated effective June 22, 2023 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on June 27, 2023).*10.7PVH Corp. Performance Incentive Bonus Plan, as amended and restated effective April 30, 2020 (incorporated by reference to Exhibit 10.8 to our Annual Report on Form 10-K for the fiscal year ended January 31, 2021).*10.8Form of Stock Option Agreement for Associates under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on April 11, 2007);Revised Form of Stock Option Agreement for Associates under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to our Quarterly Report on Form 10-Q for the period ended May 6, 2007).*10.9Form of Restricted Stock Unit Agreement for Associates under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K, filed on April 11, 2007);Revised Form of Restricted Stock Unit Agreement for Associates under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan (incorporated by reference to Exhibit 10.3 to our Quarterly Report on Form 10-Q for the period ended May 6, 2007);Revised Form of Restricted Stock Unit Award Agreement for Employees under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan, effective as of July 1, 2008 (incorporated by reference to Exhibit 10.4 to our Quarterly Report on Form 10-Q for the period ended August 3, 2008);Revised Form of Restricted Stock Unit Award Agreement for Associates under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan, effective as of September 24, 2008 (incorporated by reference to Exhibit 10.39 to our Annual Report on Form 10-K for the fiscal year ended February 1, 2009).*10.10Form of Amendment to Outstanding Restricted Stock Unit Award Agreements with Associates under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan, dated November 19, 2008 (incorporated by reference to Exhibit 10.40 to our Annual Report on Form 10-K for the fiscal year ended February 1, 2009).*10.11Form of Performance Share Award Agreement under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on May 8, 2007);Revised Form of Performance Share Award Agreement under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan, effective as of April 30, 2008 (incorporated by reference to Exhibit 10.2 to our Quarterly Report on Form 10-Q for the period ended May 4, 2008);Revised Form of Performance Share Award Agreement under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan, effective as of December 16, 2008 (incorporated by reference to Exhibit 10.42 to our Annual Report on Form 10-K for the fiscal year ended February 1, 2009);Revised Form of Performance Share Award Agreement under the PVH Corp. 2006 Stock Incentive Plan, effective as of April 25, 2012 (incorporated by reference to Exhibit 10.3 to our Quarterly Report on Form 10-Q for the period ended April 29, 2012);Alternative Form of Performance Share Unit Award Agreement under the PVH Corp. 2006 Stock Incentive Plan, effective as of May 1, 2013 (incorporated by reference to Exhibit 10.2 to our Quarterly Report on Form 10-Q for the period ended May 5, 2013).*10.12Revised Form of Restricted Stock Unit Award Agreement for Directors under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan, effective as of July 1, 2008 (incorporated by reference to Exhibit 10.5 to our Quarterly Report on Form 10-Q for the period ended August 3, 2008);Revised Form of Restricted Stock Unit Award Agreement for Directors under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan, effective as of September 24, 2008 (incorporated by reference to Exhibit 10.45 to our Annual Report on Form 10-K for the fiscal year ended February 1, 2009);Revised Form of Restricted Stock Unit Award Agreement for Directors under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan, effective as of June 24, 2010 (incorporated by reference to Exhibit 10.3 to our Quarterly Report on Form 10-Q for the period ended August 1, 2010).





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*10.13Form of Amendment to Outstanding Restricted Stock Unit Award Agreements with Directors under the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan, dated November 19, 2008 (incorporated by reference to Exhibit 10.46 to our Annual Report on Form 10-K for the fiscal year ended February 1, 2009).10.14Credit and Guaranty Agreement, dated as of April 29, 2019, among PVH Corp., PVH Asia Limited, PVH B.V., certain subsidiaries of PVH Corp., Barclays Bank PLC as Administrative Agent, Joint Lead Arranger and Joint Lead Bookrunner, Citibank, N.A. as Syndication Agent, Joint Lead Arranger and Joint Lead Bookrunner, Merrill Lynch, Pierce, Fenner & Smith Incorporated as Syndication Agent, Joint Lead Arranger and Joint Lead Bookrunner, JPMorgan Chase Bank, N.A. as Documentation Agent, Joint Lead Arranger and Joint Lead Bookrunner, Royal Bank of Canada as Documentation Agent, MUFG Securities Americas Inc. as Documentation Agent, US Bancorp as Documentation Agent, Wells Fargo Securities, LLC as Documentation Agent and RBC Capital Markets, LLC as Joint Lead Arranger and Joint Lead Bookrunner (incorporated by reference to Exhibit 10.1 to our Quarterly Report on Form 10-Q for the period ended May 5, 2019).First Amendment to Credit Agreement, dated as of June 3, 2020, entered into by and among PVH Corp, PVH Asia Limited, PVH B.V., each Lender party thereto and Barclays Bank PLC as administrative agent (incorporated by reference to Exhibit 10.3 to our Quarterly Report on Form 10-Q for the period ended August 2, 2020).Second Amendment to Credit Agreement, dated as of April 28, 2021, entered into by and among PVH Corp, PVH Asia Limited, PVH B.V., each Lender party thereto and Barclays Bank PLC as administrative agent (incorporated by reference to Exhibit 10.2 to our Quarterly Report on Form 10-Q for the period ended May 2, 2021).*10.15Schedule of Non-Management Director Fees, effective June 16, 2022 (incorporated by reference to Exhibit 10.1 to our Quarterly Report on Form 10-Q for the period ended July 31, 2022).*10.16Employment Agreement, effective as of June 3, 2019, between PVH Corp. and Stefan Larsson (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on May 22, 2019).First Amendment to Employment Agreement, dated as of January 27, 2021, between PVH Corp. and Stefan Larsson (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on February 1, 2021).*10.17Form of salary reduction consent and waiver signed by Stefan Larsson (on April 7, 2020) (incorporated by reference to Exhibit 10.3 to our Quarterly Report on Form 10-Q for the period ended May 3, 2020).*10.18Employment Agreement, dated as of June 2, 2020, between PVH B.V. and Martijn Hagman (incorporated by reference to Exhibit 10.25 to our Annual Report on Form 10-K for the fiscal year ended January 31, 2021).*10.19Employment Agreement, effective as of September 28, 2020, between PVH Corp. and Julie Fuller (incorporated by reference to Exhibit 10.29 to our Annual Report on Form 10-K for the fiscal year ended January 30, 2022).*10.20Employment Agreement, dated as of February 7, 2022, between PVH Corp. and Zac Coughlin (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed on February 9, 2022).10.21Credit Agreement, dated as of December 9, 2022, among PVH Corp., certain subsidiaries of PVH Corp., Barclays Bank PLC as Administrative Agent, Joint Lead Arranger and Joint Lead Bookrunner, Citibank, N.A. as Syndication Agent, Joint Lead Arranger and Joint Lead Bookrunner, BOFA Securities, Inc. as Documentation Agent, Joint Lead Arranger and Joint Lead Bookrunner, Truist Bank as Documentation Agent, Bank of China, New York Branch, as Documentation Agent, BNP Paribas as Documentation Agent, DBS Bank LTD. as Documentation Agent, Citizens Bank, N.A. as Documentation Agent, HSBC Bank USA, National Association as Documentation Agent, Standard Chartered Bank as Documentation Agent, The Bank of Nova Scotia as Documentation Agent, U.S. Bank National Association as Documentation Agent, JPMorgan Chase Bank, N.A. as Joint Lead Arranger and Joint Lead Bookrunner, and Truist Securities, Inc. as Joint Lead Arranger and Joint Lead Bookrunner(incorporated by reference to Exhibit 10.25 to our Annual Report on Form 10-K for the fiscal year ended January29, 2023).*,+10.22Employment Agreement,datedas ofNovember29, 2022, between PVH Corp. and Eva Serrano.+21PVH Corp. Subsidiaries.+23Consent of Independent Registered Public Accounting Firm.+31.1Certification of Stefan Larsson, Chief Executive Officer, pursuant to Section 302 of the Sarbanes – Oxley Act of 2002.+31.2Certification 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.





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+97PVH Corp. Clawback Policy, effective June 22, 2023.+101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.+101.SCHInline XBRL Taxonomy Extension Schema Document+101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document+101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document+101.LABInline XBRL Taxonomy Extension Label Linkbase Document+101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)








































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








SignatureTitleDate/s/ STEFAN LARSSONDirector and Chief Executive OfficerApril 2, 2024Stefan Larsson(Principal Executive Officer)/s/ ZACHARY COUGHLINExecutive Vice President and Chief FinancialApril 2, 2024Zachary CoughlinOfficer (Principal Financial Officer)/s/ JAMES W. HOLMESExecutive Vice President and ControllerApril 2, 2024James W. Holmes(Principal Accounting Officer)/s/ MICHAEL CALBERTChairman (Director)April 2, 2024Michael Calbert/s/ AJAY BHALLADirectorApril 2, 2024Ajay Bhalla/s/ BRENT CALLINICOSDirectorApril 2, 2024Brent Callinicos/s/ GEORGE CHEEKSDirectorApril 2, 2024George Cheeks/s/ JUDITH AMANDA SOURRY KNOXDirectorApril 2, 2024Judith Amanda Sourry Knox/s/ GERALDINE (PENNY) MCINTYREDirectorApril 2, 2024Geraldine (Penny) McIntyre/s/ AMY MCPHERSONDirectorApril 2, 2024Amy McPherson/s/ ALLISON PETERSONDirectorApril 2, 2024Allison Peterson







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


Consolidated Statements of Operations—Years EndedFebruary 4, 2024,January 29, 2023andJanuary 30, 2022F-2Consolidated Statements of Comprehensive Income—Years EndedFebruary 4, 2024,January 29, 2023andJanuary 30, 2022F-3Consolidated Balance Sheets—February 4, 2024 andJanuary 29, 2023F-4Consolidated Statements of Cash Flows—Years EndedFebruary 4, 2024,January 29, 2023andJanuary 30, 2022F-5Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Non-Controlling Interest—Years EndedFebruary 4, 2024,January 29, 2023andJanuary 30, 2022F-6Notes to Consolidated Financial StatementsF-7Management’s Report on Internal Control Over Financial ReportingF-59Reports of Independent Registered Public Accounting Firm (PCAOB ID:42)F-60


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


Schedule II - Valuation and Qualifying AccountsF-63
















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202320222021Net sales$8,751.8$8,544.9$8,723.7Royalty revenue368.2372.0340.1Advertising and other revenue97.7107.390.9Total revenue9,217.79,024.29,154.7Cost of goods sold (exclusive of depreciation and amortization)3,854.53,901.33,830.6Gross profit5,363.25,122.95,324.1Selling, general and administrative expenses4,542.64,377.44,453.9Goodwill impairment—417.1—Non-service related pension and postretirement income47.291.964.1Other gain15.3—118.9Equity in net income of unconsolidated affiliates45.750.423.7Income before interest and taxes928.8470.71,076.9Interest expense99.389.6108.6Interest income11.57.14.4Income before taxes841.0388.2972.7Income tax expense177.4187.820.7Net income663.6200.4952.0Less: Net loss attributable to redeemable non-controlling interest——(0.3)Net income attributable to PVH Corp.$663.6$200.4$952.3Basic net income per common share attributable to PVH Corp.$10.88$3.05$13.45Diluted net income per common share attributable to PVH Corp.$10.76$3.03$13.25


















































































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202320222021Net income$663.6$200.4$952.0Other comprehensive (loss) income:Foreign currency translation adjustments(68.9)(68.3)(268.1)Net unrealized and realized gain (loss) related to effective cash flow hedges, net of tax expense (benefit) of $6.4, $(19.7) and $25.018.1(56.2)90.7Net gain on net investment hedges, net of tax expense of $3.4, $6.3 and $27.510.324.183.8Total other comprehensive loss(40.5)(100.4)(93.6)Comprehensive income623.1100.0858.4Less: Comprehensive loss attributable to redeemable non-controlling interest——(0.3)Comprehensive income attributable to PVH Corp.$623.1$100.0$858.7














































































































































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February 4,2024January 29,2023ASSETSCurrent Assets:Cash and cash equivalents$707.6$550.7Trade receivables, net of allowances for credit losses of $41.1 and $42.6793.3923.7Other receivables13.921.5Inventories, net1,419.71,802.6Prepaid expenses237.7209.2Other87.572.7Total Current Assets3,259.73,580.4Property, Plant and Equipment, net862.6904.0Operating Lease Right-of-Use Assets1,213.81,295.7Goodwill2,322.12,359.0Tradenames2,599.12,701.1Other Intangibles, net498.3548.8Other Assets, including deferred taxes of $33.8 and $33.8417.3379.3Total Assets$11,172.9$11,768.3LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent Liabilities:Accounts payable$1,073.4$1,327.4Accrued expenses776.2874.0Deferred revenue55.554.3Current portion of operating lease liabilities288.9353.7Short-term borrowings—46.2Current portion of long-term debt577.5111.9Total Current Liabilities2,771.52,767.5Long-Term Portion of Operating Lease Liabilities1,075.81,140.0Long-Term Debt1,591.72,177.0Other Liabilities, including deferred taxes of $346.1 and $357.5615.0671.1Stockholders’ 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; 88,567,275 and 87,641,611 shares issued88.687.6Additional paid-in capital – common stock3,313.33,244.5Retained earnings5,407.34,753.1Accumulated other comprehensive loss(753.6)(713.1)Less: 30,934,587 and 24,932,374 shares of common stock held in treasury, at cost(2,936.7)(2,359.4)Total Stockholders’ Equity5,118.95,012.7Total Liabilities and Stockholders’ Equity$11,172.9$11,768.3






















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202320222021OPERATING ACTIVITIES(1)Net income$663.6$200.4$952.0Adjustments to reconcile to net cash provided by operating activities:Depreciation and amortization298.6301.5313.3Equity in net income of unconsolidated affiliates(45.7)(50.4)(23.7)Deferred taxes(2)(14.4)9.8(64.9)Stock-based compensation expense51.946.646.8Impairment of goodwill—417.1—Impairment of other long-lived assets5.751.747.0Actuarial gain on retirement and benefit plans(45.5)(78.4)(48.7)Other gain(15.3)—(118.9)Changes in operating assets and liabilities:Trade receivables, net118.9(188.5)(138.1)Other receivables7.2(1.3)4.1Inventories, net307.6(466.9)(33.9)Accounts payable, accrued expenses and deferred revenue(318.8)(62.6)260.7Prepaid expenses(30.1)(41.9)(20.7)Other, net(14.3)(97.9)(103.8)Net cash provided by operating activities969.439.21,071.2INVESTING ACTIVITIES(3)Purchases of property, plant and equipment(244.7)(290.1)(267.9)Proceeds from sale of Warner’s, Olga and True&Co. women’s intimates businesses160.0——Proceeds from sale of Van Heusen, IZOD, ARROWand Geoffrey Beene trademarks and other assets——222.9Proceeds from sale of Karl Lagerfeld investment1.419.1—Purchases of investments held in rabbi trust(4.7)(8.6)—Proceeds from investments held in rabbi trust2.91.4—Net cash used by investing activities(85.1)(278.2)(45.0)FINANCING ACTIVITIES(1)(3)Net (payments on) proceeds from short-term borrowings(43.5)36.610.5Proceeds from 2022 facilities, net of related fees—456.4—Repayment of 7 3/4% senior notes(100.0)——Repayment of 2022 facilities(11.9)——Repayment of 2019 facilities—(487.8)(1,051.3)Net proceeds from settlement of awards under stock plans17.9—26.7Cash dividends(9.4)(10.1)(2.7)Acquisition of treasury shares(570.3)(418.6)(361.3)Payments of finance lease liabilities(4.6)(4.7)(5.2)Payment of mandatorily redeemable non-controlling interest liability attributable to initial fair value——(15.2)Net cash used by financing activities(721.8)(428.2)(1,398.5)Effect of exchange rate changes on cash and cash equivalents(5.6)(24.6)(36.6)Increase (decrease) in cash and cash equivalents156.9(691.8)(408.9)Cash and cash equivalents at beginning of year550.71,242.51,651.4Cash and cash equivalents at end of year$707.6$550.7$1,242.5





Please see Note 16 for lease related cash flow information.


Please see Note 9 for information on deferred taxes.


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










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Stockholders’ EquityCommon StockAdditionalPaid-InCapital-CommonStockAccumulatedOtherComprehensive LossTotal Stockholders’ EquityRedeemable Non-Controlling InterestPreferredStockShares$1 parValueRetainedEarningsTreasuryStockJanuary 31, 2021$(3.4)$—86,293,158$86.3$3,129.4$3,613.2$(519.1)$(1,579.5)$4,730.3Net income attributable to PVH Corp.952.3952.3Foreign currency translation adjustments(268.1)(268.1)Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $25.090.790.7Net gain on net investment hedges, net of tax expense of $27.583.883.8Comprehensive income attributable to PVH Corp.858.7Settlement of awards under stock plans813,9970.825.926.7Stock-based compensation expense46.846.8Dividends declared ($0.0375 per common share)(2.7)(2.7)Acquisition of 3,438,819 treasury shares(367.3)(367.3)Net loss attributable to redeemable non-controlling interest(0.3)Change in the economic interests of redeemable non-controlling interest3.7(3.7)(3.7)January 30, 2022——87,107,15587.13,198.44,562.8(612.7)(1,946.8)5,288.8Net income attributable to PVH Corp.200.4200.4Foreign currency translation adjustments(68.3)(68.3)Net unrealized and realized loss related to effective cash flow hedges, net of tax benefit of $19.7(56.2)(56.2)Net gain on net investment hedges, net of tax expense of $6.324.124.1Comprehensive income attributable to PVH Corp.100.0Settlement of awards under stock plans534,4560.5(0.5)—Stock-based compensation expense46.646.6Dividends declared ($0.15 per common share)(10.1)(10.1)Acquisition of 6,359,892 treasury shares(412.6)(412.6)January 29, 2023——87,641,61187.63,244.54,753.1(713.1)(2,359.4)5,012.7Net income attributable to PVH Corp.663.6663.6Foreign currency translation adjustments(68.9)(68.9)Net unrealized and realized gain related to effective cash flow hedges, net of tax expense of $6.418.118.1Net gain on net investment hedges, net of tax expense of $3.410.310.3Comprehensive income attributable to PVH Corp.623.1Settlement of awards under stock plans925,6641.016.917.9Stock-based compensation expense51.951.9Dividends declared ($0.15 per common share)(9.4)(9.4)Acquisition of 6,002,213 treasury shares, including excise taxes of $4.9(577.3)(577.3)February 4, 2024$—$—88,567,275$88.6$3,313.3$5,407.3$(753.6)$(2,936.7)$5,118.9














































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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES











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





Fiscal Year — The Company uses a 52-53 week fiscal year ending on the Sunday closest to February 1. References to a year are to the Company’s fiscal year, unless the context requires otherwise. Results for 2023, 2022 and 2021 represent the 53 weeks ended February 4, 2024, 52 weeks ended January 29, 2023 and 52 weeks ended January 30, 2022, respectively.











43.6





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The Company records an allowance for credit losses as a reduction to its trade receivables for amounts that the Company does not expect to recover. An allowance for credit losses is determined through an analysis of the aging of accounts receivable and assessments of collectability based on historical trends, the financial condition of the Company’s customers and licensees, including any known or anticipated bankruptcies, and an evaluation of current economic conditions as well as the Company’s expectations of conditions in the future. The Company writes off uncollectible trade receivables once collection efforts have been exhausted and third parties confirm the balance is not recoverable. As of February 4, 2024 and January 29, 2023, the allowance for credit losses on trade receivables was $41.1 million and $42.6 million, respectively.





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417.1























15 40  10  10   259.9 255.4 266.6











---




capitalized and amortized over the term of the hosting arrangement on a straight-line basis. The Company capitalized $16.3 million and $30.1 million of costs incurred in 2023 and 2022, respectively, to implement cloud computing arrangements, primarily related to digital and consumer data platforms. Amortization expense relating to cloud computing arrangements totaled $16.9 million, $10.6 million and $6.2 million in 2023, 2022 and 2021, respectively. Cloud computing costs of $49.2 million and $51.5 million were included in prepaid expenses and other assets in the Company’s Consolidated Balance Sheets as of February 4, 2024 and January 29, 2023, respectively.





1,400 35    20





























357.2 357.9 332.4





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








---




Advertising — Advertising costs are expensed as incurred and are included in SG&A expenses. Advertising expenses, which are subject to exchange rate fluctuations, totaled $533.9 million, $492.1 million and $535.8 million in 2023, 2022 and 2021, respectively. Costs associated with cooperative advertising programs, under which the Company shares the cost of a customer’s advertising expenditures, are treated as a reduction of revenue.

















50 50





























---













The Company does not use derivative or non-derivative financial instruments for trading or speculative purposes. Cash flows from the Company’s hedges are presented in the same category in the Company’s Consolidated Statements of Cash Flows as the items being hedged. Please see Note 10, “Derivative Financial Instruments,” for further discussion.





30.2 13.1 20.4





1





























---










The FASB issued in October 2021 an update to accounting guidance to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to their recognition and measurement. The update requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with revenue recognition guidance. This generally will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree immediately before the acquisition date. Historically, such amounts were recognized by the acquirer at fair value. The Company adopted the update in the first quarter of 2023, which did not have an impact on the Company’s consolidated financial statements due to the absence of any applicable transactions. The impact on the Company’s consolidated financial statements will depend on the facts and circumstances of any future transactions.



















REVENUE

















Payment typically is due within 30 to 90 days.




















---


























































825.8 297.2 218.1 310.5








---













(In millions)20232022Deferred revenue balance at beginning of period$54.3$44.9Net additions to deferred revenue during the period51.749.8Reductions in deferred revenue for revenue recognized during the period(1)(50.5)(40.4)Deferred revenue balance at end of period$55.5$54.3





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.





9.4 12.1













ACQUISITIONS AND DIVESTITURES











78











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





17.3 24.4 15.2 9.2











160.0 155.6 140.3 44.5 95.8 10.0





---







15.3 10.0











222.9 216.3 97.8





118.5





In connection with the sale, the employment of certain employees based in the United States engaged in the Heritage Brands business was terminated in the third quarter of 2021. However, the Company retained the liability for any deferred vested benefits earned by these employees under its retirement plans. No further benefits were accrued under the plans for these employees and as a result, the Company recognized a gain of $1.8 million in the third quarter of 2021 with a corresponding decrease to its pension benefit obligation. For certain eligible employees affected by the transaction, the Company provided an enhanced retirement benefit and as a result recognized $1.4 million of special termination benefit costs in the third quarter of 2021 with a corresponding increase to its pension benefit obligation. These amounts were included in other gain in the Company’s Consolidated Statement of Operations. Please see Note 12, “Retirement and Benefit Plans,” for further discussion.







PROPERTY, PLANT AND EQUIPMENT








(In millions)20232022Land$1.0$1.0Buildings and building improvements30.730.7Machinery, software and equipment1,044.11,093.5Furniture and fixtures598.5588.3Shop-in-shops/concession locations236.6234.0Leasehold improvements770.4768.2Construction in progress80.688.3Property, plant and equipment, gross2,761.92,804.0Less: Accumulated depreciation(1,899.3)(1,900.0)Property, plant and equipment, net$862.6$904.0
















INVESTMENTS IN UNCONSOLIDATED AFFILIATES





215.5 190.2








---







50





6.0











49





6.9 6.4 2.0











41





0.6











49





16.6 9.8 16.8








8





20.5 19.1 1.4 1.0





16.1 3.4





---












REDEEMABLE NON-CONTROLLING INTEREST





75 25 25





3.7







GOODWILL AND OTHER INTANGIBLE ASSETS








(In millions)Calvin Klein North AmericaCalvin Klein InternationalTommy Hilfiger North AmericaTommy Hilfiger InternationalHeritage Brands WholesaleTotalBalance as of January 30, 2022Goodwill, gross$781.8$891.5$203.0$1,633.9$105.0$3,615.2Accumulated impairment losses(287.3)(394.0)——(105.0)(786.3)Goodwill, net494.5497.5203.01,633.9—2,828.9Impairment(162.6)(77.3)(177.2)——(417.1)Currency translation—(6.5)—(46.3)—(52.8)Balance as of January 29, 2023Goodwill, gross781.8885.0203.01,587.6105.03,562.4Accumulated impairment losses(449.9)(471.3)(177.2)—(105.0)(1,203.4)Goodwill, net331.9413.725.81,587.6—2,359.0Reduction of goodwill, gross related to the Heritage Brands intimates transaction————(105.0)(105.0)Reduction of accumulated impairment losses related to the Heritage Brands intimates transaction————105.0105.0Currency translation—(7.6)—(29.3)—(36.9)Balance as of February 4, 2024Goodwill, gross781.8877.4203.01,558.3—3,420.5Accumulated impairment losses(449.9)(471.3)(177.2)——(1,098.4)Goodwill, net$331.9$406.1$25.8$1,558.3$—$2,322.1








---




105.0 105.0





417.1








20232022(In millions)GrossCarryingAmountAccumulatedAmortizationNetGrossCarryingAmountAccumulatedAmortizationNetIntangible assets subject to amortization:Customer relationships(1)$143.7$(123.0)$20.7$281.0$(248.3)$32.7Reacquired license rights(1)408.4(134.2)274.2494.3(199.3)295.0Total intangible assets subject to amortization552.1(257.2)294.9775.3(447.6)327.7Indefinite-lived intangible assets:Tradenames(2)2,599.1—2,599.12,701.1—2,701.1Reacquired perpetual license rights203.4—203.4221.1—221.1Total indefinite-lived intangible assets2,802.5—2,802.52,922.2—2,922.2Total other intangible assets$3,354.6$(257.2)$3,097.4$3,697.5$(447.6)$3,249.9











The gross carrying amount and accumulated amortization balances as of the end of 2023 both reflect a reduction of $133.1 million and $69.8 million in customer relationships and reacquired license rights, respectively, as these intangibles were fully amortized.





(2) The Company sold tradenames with a carrying value of $95.8 million during 2023 in connection with the Heritage Brands intimates transaction. Please see Note 3, “Acquisitions and Divestitures,” for further discussion.





23.1 32.1








(In millions)Fiscal YearAmount2024$22.7202516.9202614.0202713.8202813.8








---
































































417.1 162.6 77.3 177.2





41.0





---




8 6





464.4 9 330.4 43 34





4 16.0 16.5





























---




















































183





95.8 4





---










16.0 19.0























After assessing these events and circumstances, the Company determined that it was not more likely than not that the fair value of its indefinite-lived intangible assets were less than their carrying amounts and concluded that a quantitative impairment test was not required. No impairment of indefinite-lived intangible assets resulted from the Company’s annual impairment test in 2021.







DEBT











no





209.7 no 46.2 2.31











1,150.0 no








---













(In millions)20232022Senior unsecured Term Loan A facility due 2027(1)$461.6$476.67 3/4% debentures due 2023—99.93 5/8% senior unsecured euro notes due 2024(1)565.7568.14 5/8% senior unsecured notes due 2025498.2497.03 1/8% senior unsecured euro notes due 2027(1)643.7647.3Total2,169.22,288.9Less: Current portion of long-term debt577.5111.9Long-term debt$1,591.7$2,177.0





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














(In millions)Fiscal YearAmount(1)2024$578.32025511.9202611.920271,075.12028—





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











80

















440.6 1,150.0 50.0 70.0 250.0
  50.0
 8.9 1.4 7.5 1.3





---







1,500.0





2.50 429.6





11.9 487.8 22.5 465.3
 1,051.3























1.250 0.125 1.125





























---




500.0 440.6











100.0











525.0

















500.0

















600.0

















73.3





96.4
 82.1 96.8







INCOME TAXES








(In millions)202320222021Domestic$90.9$(404.9)$(120.3)Foreign750.1793.11,093.0Total$841.0$388.2$972.7








---




The income before income taxes in 2022 includes a $417.1 million noncash goodwill impairment recorded in conjunction with the Company’s annual goodwill impairment testing.





209.8 254.5 155.4








(In millions)202320222021Federal:Current$0.1$(6.9)$(87.7)Deferred(18.2)(5.1)(51.4)(1)State and local:Current5.3(6.2)19.6Deferred0.20.8(21.7)Foreign:Current186.4191.1153.7Deferred3.614.18.2(2)Total$177.4$187.8$20.7





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





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








202320222021Statutory federal income tax rate21.0%21.0%21.0%State and local income taxes, net of federal income tax benefit0.8%1.1%(0.1)%Effects of international jurisdictions, including foreign tax credits1.9%1.6%(8.0)%Change in estimates for uncertain tax positions(1.6)%(2.2)%(9.7)%Change in valuation allowance0.3%1.2%0.7%Tax accounting method change—%—%(10.9)%Tax on foreign earnings (GILTI and FDII)(1.9)%1.2%7.6%Goodwill impairment—%22.3%—%Excess tax expense related to stock-based compensation0.1%0.5%—%Other, net0.5%1.7%1.5%Effective income tax rate21.1%48.4%2.1%





40





15 1








---




15 15








(In millions)20232022Gross deferred tax assetsTax loss and credit carryforwards$152.0$143.6Operating lease liabilities352.4378.9Employee compensation and benefits60.259.9Inventories41.544.6Accounts receivable9.212.9Accrued expenses12.615.4Property, plant and equipment243.5242.3Other, net5.417.2Subtotal876.8914.8Valuation allowances(73.7)(72.9)Total gross deferred tax assets, net of valuation allowances$803.1$841.9Gross deferred tax liabilitiesIntangibles$(772.2)$(807.1)Operating lease right-of-use assets(322.1)(340.0)Derivative financial instruments(21.1)(18.5)Total gross deferred tax liabilities$(1,115.4)$(1,165.6)Net deferred tax liability$(312.3)$(323.7)





174.7














(In millions)202320222021Balance at beginning of year$114.7$127.8$210.7Increases related to prior year tax positions0.612.42.6Decreases related to prior year tax positions(11.0)(12.3)(0.2)Increases related to current year tax positions2.92.715.5Lapses in statute of limitations(6.4)(12.0)(93.3)Effects of foreign currency translation(1.2)(3.9)(7.5)Balance at end of year$99.6$114.7$127.8

















---




1.3 0.9 7.4 21.2 20.1





53.0







DERIVATIVE FINANCIAL INSTRUMENTS

















80























600.0 525.0





1,201.6 1,209.4 1,192.0 1,215.4





500.0 457.2 1.405 0





---































AssetsLiabilities2023202220232022(In millions)Other Current AssetsOther AssetsOther Current AssetsOther AssetsAccrued ExpensesOther LiabilitiesAccrued ExpensesOther LiabilitiesContracts designated as cash flow and net investment hedges:Foreign currency forward contracts (inventory purchases)$13.2$0.5$15.7$0.1$2.4$0.4$20.7$2.2Cross-currency swap contracts (net investment hedges)6.4————1.3——Undesignated contracts:Foreign currency forward contracts1.9———1.1—12.5—Total$21.5$0.5$15.7$0.1$3.5$1.7$33.2$2.2





1,303.8








---







Gain (Loss)Recognized in OtherComprehensive (Loss) Income(In millions)202320222021Foreign currency forward contracts (inventory purchases)$35.6$(48.3)$109.2Interest rate swap agreements——0.2Foreign currency borrowings (net investment hedges)8.630.4111.3Cross-currency swap contracts (net investment hedges)8.3——Total$52.5$(17.9)$220.7





Amount of Gain (Loss) Reclassified from AOCL into Income (Expense), Consolidated Statements of Operations Location, and Total Amount of Consolidated Statements of Operations Line ItemAmount ReclassifiedLocationTotal Statements of Operations Amount(In millions)202320222021202320222021Foreign currency forward contracts (inventory purchases)$11.1$27.6$(1.8)Cost of goods sold$3,854.5$3,901.3$3,830.6Interest rate swap agreements——(1.5)SG&A expenses(1)4,542.64,377.44,453.9Interest rate swap agreements——(3.0)Interest expense99.389.6108.6Cross-currency swap contracts (net investment hedges)3.2——Interest expense99.389.6108.6Total$14.3$27.6$(6.3)





The Company dedesignated certain cash flow hedges related to its interest rate swap agreements during 2021 in connection with the repayment of the outstanding principal balance under its USD TLA facility, as the underlying interest payments were no longer probable to occur.





17.4








Gain Recognized in SG&A Expenses(In millions)202320222021Foreign currency forward contracts(1)$2.9$11.4$14.7














---












FAIR VALUE MEASUREMENTS
































20232022(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalAssets:Foreign currency forward contractsN/A$15.6N/A$15.6N/A$15.8N/A$15.8Cross-currency swap contracts (net investment hedges)N/A6.4N/A6.4N/AN/AN/AN/ARabbi trust assets9.9N/AN/A9.97.2N/AN/A7.2Total Assets$9.9$22.0N/A$31.9$7.2$15.8N/A$23.0Liabilities:Foreign currency forward contractsN/A$3.9N/A$3.9N/A$35.4N/A$35.4Cross-currency swap contracts (net investment hedges)N/A1.3N/A1.3N/AN/AN/AN/ATotal LiabilitiesN/A$5.2N/A$5.2N/A$35.4N/A$35.4














20232022(In millions)Other Current AssetsOther AssetsOther Current AssetsOther AssetsRabbi trust assets$0.8$9.1$0.7$6.5








---

























(In millions)Fair Value Measurement UsingFair ValueAs OfImpairment DateTotal Impairments2023Level 1Level 2Level 3Property, plant and equipment, netN/AN/A$0.5$0.5$5.72022Operating lease right-of-use assetsN/AN/A3.03.027.4Property, plant and equipment, netN/AN/A0.30.324.3GoodwillN/AN/A41.041.0417.12021Operating lease right-of-use assetsN/AN/A14.314.321.2Property, plant and equipment, netN/AN/A0.60.625.8





6.2 0.5 5.7 3.3 1.2 0.7 0.5





30.4 24.6 3.0 0.3





458.1 41.0





468.8 417.1 51.7 468.8 177.8





---




163.8 89.5 35.7 2.0





35.5 26.4 14.3 0.6





47.0 7.2 2.8 1.5 1.4 0.4 33.7








20232022(In millions)CarryingAmountFairValueCarryingAmountFairValueCash and cash equivalents$707.6$707.6$550.7$550.7Short-term borrowings——46.246.2Long-term debt (including portion classified as current)2,169.22,159.52,288.92,262.3





The fair values of cash and cash equivalents and short-term borrowings approximate their carrying amounts due to the short-term nature of these instruments. The Company estimates the fair value of its long-term debt using quoted market prices as of the last business day of the applicable year. The Company classifies the measurement of its long-term debt as a Level 1 measurement. The carrying amounts of long-term debt reflect the unamortized portions of debt issuance costs and the original issue discounts.







RETIREMENT AND BENEFIT PLANS





two
  five years two





three
  three





two











---




17.2
  2.6








Pension PlansSERP PlansPostretirement Plans(In millions)202320222023202220232022Balance at beginning of year$573.2$785.2$56.3$93.3$4.0$5.6Service cost, net of plan expenses18.029.31.62.5——Interest cost29.125.32.82.80.20.1Benefit payments(54.3)(72.4)(9.7)(35.6)——Benefit payments, net of retiree contributions————(0.8)(0.6)Curtailment gain(17.2)—(2.6)———Actuarial (gain) loss(16.7)(194.2)(0.8)(6.7)0.2(1.1)Balance at end of year$532.1$573.2$47.6$56.3$3.6$4.0

















The actuarial gains included in the projected benefit obligation for both the Pension Plans and SERP Plans in 2023 and 2022 were due principally to an increase in the discount rate.








(In millions)20232022Fair value of plan assets at beginning of year$570.2$726.3Actual return, net of plan expenses38.5(83.9)Benefit payments(54.3)(72.4)Company contributions—0.2Fair value of plan assets at end of year$554.4$570.2Funded status at end of year$22.3$(3.0)








Pension PlansSERP PlansPostretirement Plans(In millions)202320222023202220232022Non-current assets$22.5$—$—$—$—$—Current liabilities——(9.4)(7.3)(0.5)(0.6)Non-current liabilities(0.2)(3.0)(38.2)(49.0)(3.1)(3.4)Net amount recognized$22.3$(3.0)$(47.6)$(56.3)$(3.6)$(4.0)








---







Pension PlansSERP PlansPostretirement Plans(In millions)202320222021202320222021202320222021Service cost$21.7$31.3$40.1$1.6$2.5$4.7$—$—$—Interest cost29.125.324.82.82.83.30.20.10.1Expected return on plan assets(33.8)(41.7)(44.5)——————Actuarial (gain) loss(25.1)(70.6)(35.2)(0.8)(6.7)(13.4)0.2(1.1)(0.1)Curtailment gain(17.2)——(2.6)—————Special termination benefits——0.5——1.8———Heritage Brands menswear transaction gain——(1.5)——(0.3)———Total$(25.3)$(55.7)$(15.8)$1.0$(1.4)$(3.9)$0.4$(1.0)$—











1.8 1.4





0.9





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 SG&A expenses, (ii) the Heritage Brands menswear transaction gain and the related special termination benefit costs are recorded in other gain and (iii) the other components are recorded in non-service related pension and postretirement income.








Pension PlansSERP Plans(In millions)2023202220232022Accumulated benefit obligation$527.9$547.0$46.9$52.7








---







(In millions, except plan count)20232022Number of plans with projected benefit obligations in excess of plan assets12Aggregate projected benefit obligation$2.4$573.2Aggregate fair value of related plan assets$2.2$570.2Number of plans with accumulated benefit obligations in excess of plan assets11Aggregate accumulated benefit obligation$2.4$2.6Aggregate fair value of related plan assets$2.2$2.5














202320222021Discount rate (applies to Pension Plans and SERP Plans)5.63%5.19%3.31%Discount rate (applies to Postretirement Plans)5.36%4.98%2.89%Rate of increase in compensation levels (applies to Pension Plans)4.00%4.00%4.00%Expected long-term rate of return on assets (applies to Pension Plans)6.25%6.25%6.00%











30 10 60








---







(In millions)Fair Value Measurements as ofFebruary 4, 2024(1)Asset CategoryTotalQuoted PricesIn ActiveMarkets forIdentical Assets(Level 1)ObservableInputs(Level 2)UnobservableInputs(Level 3)Equity securities:United States equities(2)$45.1$45.1$—$—International equities(2)0.30.3——United States equity fund(3)114.1—114.1—International equity funds(4)61.125.535.6—Fixed income securities:U.S. Treasury securities fund(5)244.3$—244.3—Government securities(6)1.1—1.1—Corporate securities(6)81.6—81.6—Short-term investment funds(7)5.8—5.8—Subtotal$553.4$70.9$482.5$—Other assets and liabilities(8)1.0Total$554.4





(In millions)Fair Value Measurements as ofJanuary 29, 2023(1)Asset CategoryTotalQuoted PricesIn ActiveMarkets forIdentical Assets(Level 1)ObservableInputs(Level 2)UnobservableInputs(Level 3)Equity securities:United States equities(2)$150.5$150.5$—$—International equities(2)12.812.8——United States equity fund(3)63.4—63.4—International equity funds(4)119.465.354.1—Fixed income securities:Government securities(6)62.0—62.0—Corporate securities(6)147.4—147.4—Short-term investment funds(7)15.5—15.5—Subtotal$571.0$228.6$342.4$—Other assets and liabilities(8)(0.8)Total$570.2





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


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


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





---







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


Valued at the net asset value of the fund as determined by the fund family. The Company has the ability to redeem this investment at net asset value within the near term and therefore classifies this investment within Level 2. This commingled fund invests in U.S. Treasury STRIPS.


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


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


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














(In millions)Fiscal YearPension PlansSERP PlansPostretirement Plans2024$42.2$9.4$0.5202543.36.20.5202643.05.40.5202743.05.10.4202841.94.60.42029-2033194.218.21.4





41.7 37.7 36.5





9.9










---




STOCK-BASED COMPENSATION











one two 1.6 5.1





51.9 46.6 46.8 6.3 5.9 6.2





8.0 3.7 7.6 1.0 2.0











one year after the date of grant 10














202320222021Weighted average risk-free interest rate3.33%2.50%1.24%Weighted average expected stock option term (in years)6.256.256.25Weighted average Company volatility50.60%47.34%47.58%Expected annual dividends per share$0.15$0.15$0.15Weighted average grant date fair value per stock option$43.47$34.27$48.28














---













(In thousands, except years and per stock option data)Stock OptionsWeighted Average ExercisePrice Per Stock OptionWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic ValueOutstanding at January 29, 2023694$98.084.9$5,027Granted8683.80Exercised18099.00Forfeited / Expired87105.74Outstanding at February 4, 2024513$94.055.9$15,996Exercisable at February 4, 2024313$104.334.4$7,312





3.7 4.6 4.6





2.6 1.7 7.2





3.1 9.7





5.4 1.7











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








(In thousands, except per RSU data)RSUsWeighted AverageGrant DateFair Value Per RSUNon-vested at January 29, 20231,325$77.33Granted65284.10Vested56976.23Forfeited23381.57Non-vested at February 4, 20241,175$80.79





54.9 53.6 61.2 43.4 39.3 50.2





64.4 1.7





---
















Grant YearGoal for 50% of the AwardGoal for 50% of the Award2020Company total shareholder return (“TSR”) relative to companies included in the S&P 500 as of the grant dateCompany’s absolute stock price growth during a three-year performance period2021Company TSR relative to a pre-established group of industry peersCompany’s earnings before interest and taxes (“EBIT”) during fiscal 20212022Company TSR relative to a pre-established group of industry peersCompany’s cumulative EBIT during a fiscal three-year performance period2023Company TSR relative to a pre-established group of industry peersCompany’s average return on invested capital (“ROIC”) during a fiscal three-year performance period


139,000




















202320222021Weighted average risk-free interest rate3.56%2.91%0.33%Weighted average Company volatility58.21%64.02%60.69%Expected annual dividends per share$0.15$0.15$0.15Weighted average grant date fair value per PSU$120.42$103.36$159.29











For 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 7.40%, 6.90% and 8.40% in 2023, 2022 and 2021, respectively, for the restriction of liquidity, which was calculated using the Finnerty model.





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(In thousands, except per PSU data)PSUsWeighted AverageGrant DateFair Value Per PSUNon-vested at January 29, 2023244$84.40Granted122100.44Increase due to market conditions achieved above target3658.39Reduction due to market conditions not satisfied1871.92Vested13961.69Forfeited9103.03Non-vested at February 4, 2024236$102.29





12.3 6.3 5.8 8.6





13.3 2.0







STOCKHOLDERS’ EQUITY





5.0 2.0 1





5.7 6.2 3.3 549.8 4.9 399.4 349.7 273.7













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ACCUMULATED OTHER COMPREHENSIVE LOSS








(In millions)Foreign currency translation adjustmentsNet unrealized and realized (loss) gain on effective cash flow hedgesTotalBalance at January 31, 2021$(481.6)$(37.5)$(519.1)Other comprehensive (loss) income before reclassifications(184.3)(1)(2)88.1(96.2)Less: Amounts reclassified from AOCL—(2.6)(2.6)Other comprehensive (loss) income(184.3)90.7(93.6)Balance at January 30, 2022$(665.9)$53.2$(612.7)Other comprehensive loss before reclassifications(47.6)(1)(2)(36.0)(83.6)Less: Amounts reclassified from AOCL(3.4)(3)20.216.8Other comprehensive loss(44.2)(56.2)(100.4)Balance at January 29, 2023$(710.1)$(3.0)$(713.1)Other comprehensive (loss) income before reclassifications(56.2)(1)(4)25.8(30.4)Less: Amounts reclassified from AOCL2.47.710.1Other comprehensive (loss) income(58.6)18.1(40.5)Balance at February 4, 2024$(768.7)$15.1$(753.6)





Foreign currency translation adjustments included a net gain on net investment hedges of $12.7 million, $24.1 million and $83.8 million in 2023, 2022 and 2021, respectively.


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


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


Unfavorable foreign currency translation adjustments were principally driven by a strengthening of the United States dollar against certain currencies in the Asia-Pacific region (primarily the strengthening of the United States dollar against both the Chinese yuan and the Australian dollar) and a strengthening of the United States dollar against the euro.








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Amount Reclassified from AOCLAffected Line Item in the Company’s Consolidated Statements of Operations(In millions)202320222021Realized gain (loss) on effective cash flow hedges:Foreign currency forward contracts (inventory purchases)$11.1$27.6$(1.8)Cost of goods soldInterest rate swap agreements——(1.5)SG&A expenses(1)Interest rate swap agreements——(3.0)Interest expenseLess: Tax effect3.47.4(3.7)Income tax expenseTotal, net of tax$7.7$20.2$(2.6)Foreign currency translation adjustments:Karl Lagerfeld transaction$—$(3.4)(2)$—Equity in net income of unconsolidated affiliatesCross-currency swap contracts (net investment hedges)3.2——Interest expenseLess: Tax effect0.8——Income tax expenseTotal, net of tax$2.4$(3.4)$—





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





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







LEASES








(In millions)Line Item in the Company’s Consolidated Statements of Operations202320222021Finance lease cost:Amortization of right-of-use-assetsSG&A expenses (depreciation and amortization)$4.2$4.2$4.9Interest on lease liabilitiesInterest expense0.20.20.3Total finance lease cost4.44.45.2Operating lease costSG&A expenses402.3401.4451.8Short-term lease costSG&A expenses41.735.932.1Variable lease costSG&A expenses132.3116.2100.5Less: sublease incomeSG&A expenses(5.3)(4.7)(1.5)Total net lease cost$575.4$553.2$588.1





4.8 26.9





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(In millions)Line Item in the Company’s Consolidated Balance Sheets20232022Right-of-use assets:Operating leaseOperating lease right-of-use assets$1,213.8$1,295.7Finance leaseProperty, plant and equipment, net8.810.9$1,222.6$1,306.6Current lease liabilities:Operating leaseCurrent portion of operating lease liabilities$288.9$353.7Finance leaseAccrued expenses4.14.5$293.0$358.2Other lease liabilities:Operating leaseLong-term portion of operating lease liabilities$1,075.8$1,140.0Finance leaseOther liabilities5.67.3$1,081.4$1,147.3








(In millions)202320222021Cash paid for amounts included in the measurement of lease liabilities:Operating cash flows from operating leases$446.2$450.8$484.0Operating cash flows from finance leases0.20.20.3Financing cash flows from finance leases4.64.75.2Noncash transactions:Right-of-use assets obtained in exchange for new operating lease liabilities$278.4$338.6$267.3Right-of-use assets obtained in exchange for new finance lease liabilities4.08.22.6








20232022Weighted average remaining lease term (years):Operating leases6.106.13Finance leases2.553.19Weighted average discount rate:Operating leases4.64%4.10%Finance leases2.17%2.09%





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(In millions)FinanceLeasesOperatingLeasesTotal2024$4.3$341.7$346.020253.3297.0300.320262.0236.9238.920270.3199.8200.120280.1155.7155.8Thereafter—352.3352.3Total lease payments$10.0$1,583.4$1,593.4Less: Interest(0.3)(218.7)(219.0)Total lease liabilities$9.7$1,364.7$1,374.4







EXIT ACTIVITY COSTS











10 100


(In millions)Costs Incurred During 2022Costs Incurred During 2023Cumulative Costs IncurredSeverance, termination benefits and other employee costs$20.2$61.3$81.5








(In millions)Costs Incurred During 2022Costs Incurred During 2023Cumulative Costs IncurredTommy Hilfiger North America$4.7$12.7$17.4Tommy Hilfiger International2.517.319.8Calvin Klein North America4.69.113.7Calvin Klein International3.510.814.3Heritage Brands Wholesale2.67.810.4Corporate(1)2.33.65.9Total$20.2$61.3$81.5




















(In millions)Liability at 1/29/23Costs Incurred During 2023Costs Paid During 2023Liability at 2/4/24Severance, termination benefits and other employee costs$13.2$61.3$54.1$20.4








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





Gain on lease terminations, net of contract termination and other costs includes a $7.5 million gain related to the early termination of certain store lease agreements and $4.8 million of contract termination and other costs.





31.6 11.4





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








(In millions)Liability at 1/29/23Costs Paid During 2023Liability at 2/4/24Severance, termination benefits and other employee costs$0.4$0.4$—Contract termination and other costs0.50.5—Total$0.9$0.9$—





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60


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








(In millions)Costs Incurred During 2021Tommy Hilfiger North America$1.7Tommy Hilfiger International8.9Calvin Klein North America2.1Calvin Klein International6.4Corporate(1)28.5Total$47.6





Corporate expenses are not allocated to any reportable segment.




















(In millions)Liability at 1/29/23Costs PaidDuring 2023Liability at 2/4/24Severance, termination benefits and other employee costs$2.8$2.6$0.2

















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



















NET INCOME PER COMMON SHARE








(In millions, except per share data)202320222021Net income attributable to PVH Corp.$663.6$200.4$952.3Weighted average common shares outstanding for basic net income per common share61.065.770.8Weighted average impact of dilutive securities0.70.51.1Total shares for diluted net income per common share61.766.271.9Basic net income per common share attributable to PVH Corp.$10.88$3.05$13.45Diluted net income per common share attributable to PVH Corp.$10.76$3.03$13.25








(In millions)202320222021Weighted average potentially dilutive securities0.81.40.7





0.1 0.2 0.2







SUPPLEMENTAL CASH FLOW INFORMATION





27.7 39.4 45.9





2.1 6.0





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4.9







SEGMENT DATA









































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(In millions)2023(1)2022(1)2021(1)Revenue – Tommy Hilfiger North AmericaNet sales$1,262.7$1,185.0$1,086.0Royalty revenue88.586.079.0Advertising and other revenue20.521.719.8Total1,371.71,292.71,184.8Revenue – Tommy Hilfiger InternationalNet sales3,376.33,282.13,446.6Royalty revenue58.661.956.8Advertising and other revenue18.020.715.5Total3,452.93,364.73,518.9Revenue – Calvin Klein North AmericaNet sales1,112.41,205.61,129.5Royalty revenue165.2170.1145.6Advertising and other revenue47.054.746.6Total1,324.61,430.41,321.7Revenue – Calvin Klein InternationalNet sales2,523.02,290.32,283.1Royalty revenue55.053.148.3Advertising and other revenue11.99.67.2Total2,589.92,353.02,338.6Revenue – Heritage Brands WholesaleNet sales477.4581.9702.9Royalty revenue0.90.910.4Advertising and other revenue0.30.61.8Total478.6583.4715.1Revenue – Heritage Brands RetailNet sales——75.6Total——75.6Total RevenueNet sales8,751.88,544.98,723.7Royalty revenue368.2372.0340.1Advertising and other revenue97.7107.390.9Total(2)$9,217.7$9,024.2$9,154.7





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





No single customer accounted for more than 5% of the Company’s revenue in 2023, 2022 or 2021.





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(In millions)2023(1)2022(1)2021(1)Wholesale net sales$4,554.7$4,704.0$4,860.9Owned and operated retail stores3,399.83,118.23,087.1Owned and operated digital commerce sites797.3722.7775.7Retail net sales4,197.13,840.93,862.8Net sales8,751.88,544.98,723.7Royalty revenue368.2372.0340.1Advertising and other revenue97.7107.390.9Total$9,217.7$9,024.2$9,154.7


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














(In millions)2023(1)2022(1)2021(1)Income (loss) before interest and taxes – Tommy Hilfiger North America$93.5(2)$(175.4)(5)(6)$21.2(9)Income before interest and taxes – Tommy Hilfiger International454.6(2)514.8(6)(7)654.2(9)Income (loss) before interest and taxes – Calvin Klein North America107.6(2)(81.9)(5)(6)78.0(9)Income before interest and taxes – Calvin Klein International386.0(2)252.6(5)(6)(7)377.6(9)Income before interest and taxes – Heritage Brands Wholesale39.3(2)(3)47.4(6)160.9(10)Loss before interest and taxes – Heritage Brands Retail——(33.9)(11)Loss before interest and taxes – Corporate(4)(152.2)(2)(86.8)(6)(8)(181.1)(9)Income before interest and taxes$928.8$470.7$1,076.9





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


Income (loss) before interest and taxes for 2023 included costs of $61.3 million incurred related to the 2022 cost savings initiative described in Note 17, “Exit Activity Costs,” consisting principally of severance. Such costs were included in the Company’s segments as follows: $12.7 million in Tommy Hilfiger North America, $17.3 million in Tommy Hilfiger International, $9.1 million in Calvin Klein North America, $10.8 million in Calvin Klein International, $7.8 million in Heritage Brands Wholesale and $3.6 million in corporate expenses not allocated to any reportable segments. Please see Note 17, “Exit Activity Costs,” for further discussion.


Income before interest and taxes for 2023 included an aggregate net gain of $13.5 million in connection with the Heritage Brands intimates transaction, consisting of (i) a $15.3 million gain, including a gain on the sale, less costs to sell, partially offset by (ii) $1.8 million of severance and other termination benefits. Please see Note 3, “Acquisitions and Divestitures,” for further discussion.








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45.5 78.4 48.7


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


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


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


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


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


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


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



























































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(In millions)202320222021Identifiable Assets(1)(2)Tommy Hilfiger North America$1,185.3$1,296.3$1,409.8Tommy Hilfiger International4,667.64,875.44,913.2Calvin Klein North America1,354.71,527.21,609.8Calvin Klein International3,005.23,099.73,164.0Heritage Brands Wholesale(3)136.9410.4420.0Corporate(4)823.2559.3880.0Total$11,172.9$11,768.3$12,396.8Depreciation and AmortizationTommy Hilfiger North America$29.5$30.5$32.5Tommy Hilfiger International131.1125.0130.2Calvin Klein North America24.829.631.6Calvin Klein International95.894.394.9Heritage Brands Wholesale5.810.711.2Heritage Brands Retail——0.3Corporate11.611.412.6Total$298.6$301.5$313.3Identifiable Capital Expenditures(5)Tommy Hilfiger North America$14.2$14.5$19.2Tommy Hilfiger International118.7140.9138.4Calvin Klein North America6.314.422.6Calvin Klein International88.8103.785.7Heritage Brands Wholesale2.76.610.9Corporate2.33.54.9Total$233.0$283.6$281.7





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


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


Identifiable assets in 2023 included a reduction of $140.3 million related to the Heritage Brands intimates transaction. Please see Note 3, “Acquisitions and Divestitures,” for further discussion.


The changes in Corporate identifiable assets in 2023 and 2022 were primarily due to changes in cash and cash equivalents.


Capital expenditures in 2023 included $27.7 million of accruals that will not be paid until 2024. Capital expenditures in 2022 included $39.4 million of accruals that were not paid until 2023. Capital expenditures in 2021 included $45.9 million of accruals that were not paid until 2022.





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(In millions)2023(1)2022(1)2021(1)Domestic$333.6$384.3$429.0Canada8.010.413.8Europe415.0406.4378.7Asia-Pacific103.7101.182.8Other foreign2.31.81.8Total$862.6$904.0$906.1





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








(In millions)2023(1)2022(1)2021(1)Domestic$2,715.1$2,854.9$2,894.7Canada349.1347.6313.3Europe4,378.64,204.04,392.3Asia-Pacific1,643.51,492.31,454.4Other foreign131.4125.4100.0Total$9,217.7$9,024.2$9,154.7





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







GUARANTEES





6.0





4.4





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







OTHER COMMENTS

















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(In millions)20232022Balance at beginning of year$44.7$45.6Liabilities incurred2.74.1Liabilities settled (payments)(9.3)(5.6)Accretion expense0.40.6Revisions in estimated cash flows0.61.8Currency translation adjustment(1.8)(1.8)Balance at end of year$37.3$44.7























90





1,909.4 2,197.0 1,832.1










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/s/ STEFAN LARSSON/s/ ZACHARY COUGHLINStefan LarssonZachary CoughlinChief Executive OfficerExecutive Vice President andApril 2, 2024Chief Financial OfficerApril 2, 2024







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Valuation of Goodwill and Indefinite-Lived IntangiblesDescription of the MatterAt February 4, 2024, the Company’s goodwill and indefinite-lived intangible assets totaled $2.3 billion and $2.8 billion, respectively. As discussed in Note 1 of the consolidated financial statements, goodwill and indefinite-lived intangible assets are qualitatively tested and quantitatively tested, when necessary, for impairment at least annually.Auditing management’s annual goodwill and indefinite-lived intangible assets impairment test was complex and judgmental due to the significant estimation required in determining the fair value of the reporting units and the fair value of the indefinite-lived intangible assets. In particular, the fair value estimates were sensitive to significant assumptions such as the weighted average cost of capital, revenue growth rate, earnings before interest and taxes and terminal growth rate, which are affected by expectations about future market or economic conditions.How We Addressed the Matter in Our AuditWe obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill and indefinite-lived intangible assets impairment review process, including controls over management’s review of the significant assumptions described above.To test the estimated fair value of the Company’s reporting units and indefinite-lived intangible assets, we performed audit procedures that included, among others, assessing methodologies and testing the significant assumptions discussed above and the underlying data used by the Company in its analysis. We compared the significant assumptions used by management to current industry and economic trends, changes to the Company’s business, customer base or product mix and other relevant factors. We assessed the historical accuracy of management’s estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of the reporting units and indefinite-lived intangible assets that would result from changes in the assumptions.














Ernst & Young LLP











New York, New York













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Column AColumn BColumn CColumn DColumn EAdditions Charged to Costs and ExpensesAdditions Charged to Other AccountsBalance at Beginning of PeriodBalance at End of PeriodDescriptionDeductionsYear Ended February 4, 2024Allowance for credit losses$42.6$4.6$—$6.1(1)$41.1Allowance/accrual for operational chargebacks and customer markdowns120.9229.2—267.083.1Valuation allowance for deferred income tax assets72.917.3—16.573.7Year Ended January 29, 2023Allowance for credit losses$61.9$2.9$—$22.2(1)$42.6Allowance/accrual for operational chargebacks and customer markdowns133.7243.3—256.1120.9Valuation allowance for deferred income tax assets69.319.5—15.972.9Year Ended January 30, 2022Allowance for credit losses$69.6$—$—$7.7(2)$61.9Allowance/accrual for operational chargebacks and customer markdowns165.1266.9—298.3133.7Valuation allowance for deferred income tax assets62.217.1—10.069.3





Principally accounts written off as uncollectibles and recoveries.


Principally includes changes due to foreign currency translation.