PVH 10-K Fiscal year ended Feb. 2, 2025

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Risk Management and Strategy

Cybersecurity is a critical priority within, and has been integrated into, our enterprise risk management framework. We have instituted a risk-based, multi-dimensional global cybersecurity program, guided by the framework established by NIST. This program aims to assess, identify, and manage risks from potential threats to our data, systems and networks, as well as those of our primary third-party suppliers. We have deployed a suite of physical, administrative and technological safeguards to protect our information systems, encompassing personal data (associate, consumer, customer and business partner), intellectual property and confidential business information. These protections are designed to maintain the confidentiality, integrity and availability of all information housed within our network infrastructure.

Our key cybersecurity processes within our program include the following:

Risk-based Controls for Information and Systems – We strive to secure our information technology infrastructure and data by implementing, maintaining and executing controls and continuously improving our cybersecurity program’s maturity, risk management framework, policies, procedures and governance.

Incident Response Plan and Testing – We have a cybersecurity incident response plan and dedicated teams to respond to incidents. Cross-functional teams assess priority and severity, and external experts, including legal counsel, may be consulted. Our cybersecurity teams respond to incidents based on severity levels and improve our plan through regular table top breach exercises, penetration tests and simulations.

Education and Interactive Training – We provide cybersecurity training to associates, which includes monthly phishing exercises, to help them protect sensitive information and follow best practices. We offer role-based training for regulatory compliance and work with external partners to develop and deliver education and training to mitigate cybersecurity risks. We continually evaluate trends within the industry, apply necessary controls and empower our leadership to make informed, risk-based decisions.

Third-Party Risk Management – We execute targeted cybersecurity assessments of suppliers, evaluating their risk profiles and using a rating mechanism to identify vulnerabilities. We also partner with primary suppliers to implement advanced security measures to safeguard their information technology systems and have data security provisions in our contracts with third parties that handle our data.

Threat and Vulnerability Management – We, along with our external partners, use resources, technology, and processes to identify, remediate, and report security threats in our systems. These controls are crucial to minimize our attack surface and prioritize possible threats.

Cybersecurity and Compliance Assessment Practices – We conduct regular cybersecurity assessments with independent firms and annual evaluations for compliance with Payment Card Industry – Data Security Standards (PCI DSS) and benchmark maturity assessments aligned with the NIST Cybersecurity Framework version 2.0. Our Internal Audit department evaluates our information security program through annual information security and cybersecurity audits. We also perform internal controls testing as Section 404 of the Sarbanes-Oxley Act mandates.

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Description of Business — PVH Corp. and its consolidated subsidiaries (collectively, the “Company”) constitute a global apparel company with a brand portfolio that includes TOMMY HILFIGER and Calvin Klein, which are owned, Warner’s, Olga and True&Co. , which the Company owned until November 27, 2023 and Van Heusen , which the Company owned through the second quarter of 2021. The Company currently licenses Van Heusen , along with Nike and other brands, from third parties 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 numerous discrete jurisdictions. The Company completed the sale of its women’s intimates businesses conducted under the Warner’s , Olga and True&Co. trademarks to Basic Resources on November 27, 2023 (the “Heritage Brands intimates transaction”). Please see Note 3, “Divestitures,” for further discussion. The Company refers to its currently or previously owned and licensed trademarks, other than TOMMY HILFIGER and Calvin Klein , as its “heritage brands” and the businesses it currently operates or previously operated under the heritage brands as its “Heritage Brands business.”

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.

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 2024, 2023 and 2022 represent the 52 weeks ended February 2, 2025, 53 weeks ended February 4, 2024 and 52 weeks ended January 29, 2023, respectively.

War in Ukraine — As a result of the war in Ukraine, the Company announced in March 2022 that it was temporarily closing stores and pausing commercial activities in Russia and Belarus. In the second quarter of 2022, the Company made the decision to exit from its Russia business, including the closure of its retail stores in Russia and the cessation of its wholesale operations in Russia and Belarus. Additionally, while the Company has no direct operations in Ukraine, virtually all of its wholesale customers and franchisees in Ukraine have been impacted, which has resulted in a reduction in shipments to these customers. The war in Ukraine also led to broader macroeconomic implications in 2022, including the weakening of the euro against the United States dollar, increases in fuel prices and volatility in the financial markets, as well as a decline in consumer spending.

The Company assessed the impacts of the war in Ukraine on the estimates and assumptions used in preparing these consolidated financial statements, including, but not limited to, the allowance for credit losses, inventory reserves, and carrying values of long-lived assets. Based on these assessments, the Company recorded pre-tax noncash impairment charges related to long-lived assets of $ 43.6 million during 2022. Please see Note 10, “Fair Value Measurements,” for further discussion of the impairments. The war in Ukraine did not have a material impact on the Company’s business in 2023 or 2024.

There is uncertainty regarding the extent to which the war in Ukraine and its broader macroeconomic implications, including the potential impacts on the broader European market and supply chains globally, will further impact the Company’s business, financial condition and results of operations.

Use of Estimates — The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from the estimates due to risks and uncertainties, including the impacts of inflationary pressures globally, potential new or increased tariffs, supply chain disruptions, and the war in Ukraine and the Israel-Hamas war and their broader macroeconomic implications, on the Company’s business. In addition, there is significant uncertainty surrounding how the Company’s business may be impacted in the future as a result of China’s Ministry of Commerce’s (“MOFCOM”) decision to place the Company on the List of Unreliable Entities (“UEL”). Please see Note 21, “Other Comments,” for further discussion.

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Cash and Cash Equivalents — The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash equivalents also includes amounts due from third party credit card processors for the settlement of customer debit and credit card transactions that are collectible in one week or less. The Company’s cash and cash equivalents at February 2, 2025 consisted principally of bank deposits and investments in money market funds.

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

The Company records an allowance for credit losses as a reduction to its trade receivables for amounts that the Company does not expect to recover. An allowance for credit losses is determined through an analysis of the aging of accounts receivable and assessments of collectability based on historical trends, the financial condition of the Company’s customers and licensees, including any known or anticipated bankruptcies, and an evaluation of current economic conditions as well as the Company’s expectations of conditions in the future. The Company writes off uncollectible trade receivables once collection efforts have been exhausted and third parties confirm the balance is not recoverable. As of February 2, 2025 and February 4, 2024, the allowance for credit losses on trade receivables was $ 22.4 million and $ 41.1 million, respectively. The $ 18.7 million decrease in the allowance was primarily due to the write-off of a trade receivables allowance in connection with the finalization of bankruptcy proceedings for a wholesale customer.

Goodwill and Other Intangible Assets — The Company assesses the recoverability of goodwill 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. Impairment testing for goodwill is done at the reporting unit level. A reporting unit is defined as an operating segment or one level below the operating segment, called a component. However, two or more components of an operating segment will be aggregated and deemed a single reporting unit if the components have similar economic characteristics.

The Company assesses qualitative factors to determine whether it is necessary to perform a more detailed quantitative goodwill impairment test. The Company may elect to bypass the qualitative assessment and proceed directly to the quantitative test for any reporting unit. When performing the quantitative test, an impairment loss is recognized if the carrying amount of the reporting unit, including goodwill, exceeds its fair value (the fair value of a reporting unit is estimated using a discounted cash flow model, which includes assumptions such as the weighted average cost of capital, revenue growth rate, gross margin, operating expenses and earnings before interest, taxes, depreciation and amortization margin). The impairment loss recognized is equal to the amount by which the carrying amount exceeds the fair value, but is limited to the total amount of goodwill allocated to that reporting unit.

The Company recorded pre-tax noncash goodwill impairment charges of $ 417.1 million in the third quarter of 2022 as a result of its annual goodwill impairment test. The impairment charge was included in goodwill impairment in the Company’s Consolidated Statement of Operations. The impairment was non-operational and driven primarily by a significant increase in discount rates, as a result of the then-current economic conditions. The Company did not record any goodwill impairments in 2024 or 2023. Please see Note 6, “Goodwill and Other Intangible Assets,” for further discussion.

Indefinite-lived intangible assets not subject to amortization are tested for impairment 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. Indefinite-lived intangible assets and intangible assets with finite lives are tested for impairment prior to assessing the recoverability of goodwill. The Company assesses qualitative factors to determine whether it is necessary to perform a more detailed quantitative impairment test for its indefinite-lived intangible assets. The Company may elect to bypass the qualitative assessment and proceed directly to the quantitative impairment test. When performing the quantitative test, an impairment loss is recognized if the carrying amount of the asset exceeds the fair value of the asset, which is generally determined using the estimated discounted cash flows associated with the asset’s use and includes assumptions such as the weighted average cost of capital, revenue growth rate and a profitability metric that depends on the type of intangible asset. Intangible assets with finite lives are amortized over their estimated useful lives and are tested for impairment along with other long-lived assets when events and circumstances indicate that the assets might be impaired. The Company did not record any intangible asset impairments in 2024, 2023 or 2022. Please see Note 6, “Goodwill and Other Intangible Assets,” for further discussion.

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Asset Impairments — The Company reviews for impairment of long-lived assets (excluding goodwill and other indefinite-lived intangible assets) when events and circumstances indicate that the assets might be impaired. To test long-lived assets for impairment, the Company estimates the undiscounted future cash flows and the related fair value of each asset. Undiscounted future cash flows are estimated using current sales trends and other factors and, in the case of operating lease right-of-use assets, using estimated sublease income or market rents. If the sum of such undiscounted future cash flows is less than the asset’s carrying amount, the Company recognizes an impairment charge equal to the difference between the carrying amount of the asset and its estimated fair value. Please see Note 10, “Fair Value Measurements,” for further discussion.

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

Property, Plant and Equipment — Property, plant and equipment is stated at cost less accumulated depreciation. Depreciation is generally provided over the estimated useful lives of the related assets on a straight-line basis. The range of useful lives is principally as follows: Buildings and building improvements – 15 to 40 years; machinery, software and equipment – two to 10 years; furniture and fixtures – two to 10 years; and fixtures located in shop-in-shop/concession locations and their related costs – three to four years. Leasehold improvements are depreciated using the straight-line method over the lesser of the term of the related lease or the estimated useful life of the asset. Major additions and improvements that extend the useful life of the asset are capitalized, and repairs and maintenance are charged to operations in the period incurred. Depreciation expense totaled $ 243.9 million, $ 259.9 million and $ 255.4 million in 2024, 2023 and 2022, respectively.

Cloud Computing Arrangements — The Company incurs costs to implement cloud computing arrangements that are hosted by a third party vendor. Implementation costs incurred during the application development stage of a project are capitalized and amortized over the term of the hosting arrangement on a straight-line basis. The Company capitalized $ 14.6 million and $ 16.3 million of costs incurred in 2024 and 2023, respectively, to implement cloud computing arrangements, primarily related to digital and consumer data platforms, and platforms that support its global supply chain. Amortization expense relating to cloud computing arrangements totaled $ 20.1 million, $ 16.9 million and $ 10.6 million in 2024, 2023 and 2022, respectively. Cloud computing costs of $ 43.4 million and $ 49.2 million were included in prepaid expenses and other assets in the Company’s Consolidated Balance Sheets as of February 2, 2025 and February 4, 2024, respectively.

Leases — The Company leases approximately 1,400 Company-operated free-standing retail store locations across more than 35 countries, generally with initial lease terms of three to 10 years. The Company also leases warehouses, distribution centers, showrooms and office space, generally with initial lease terms of 10 to 20 years, as well as certain equipment and other assets, generally with initial lease terms of one to five years.

The Company recognizes right-of-use assets and lease liabilities at the lease commencement date based on the present value of fixed lease payments over the expected lease term. The Company uses its incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable for the Company’s leases. The Company’s incremental borrowing rates are based on the term of the lease, the economic environment of the lease, and the effect of collateralization. Certain leases include one or more renewal options, generally for the same period as the initial term of the lease. The exercise of lease renewal options is generally at the Company’s sole discretion and the Company typically determines that exercise of these renewal options is not reasonably certain until executed. As a result, the Company does not include the renewal option period in the expected lease term and the associated lease payments are not included in the initial measurement of the right-of-use asset and lease liability. Certain leases also contain termination options with an associated penalty. Generally, the Company is reasonably certain not to exercise these options and as such, they are not included in the determination of the initial expected lease term.

Operating leases are included in operating lease right-of-use assets, current portion of operating lease liabilities and long-term portion of operating lease liabilities in the Company’s Consolidated Balance Sheets. The Company recognizes operating lease expense on a straight-line basis over the lease term unless the operating lease right-of-use assets have been previously impaired. Finance leases are included in property, plant and equipment, net, accrued expenses and other liabilities in the Company’s Consolidated Balance Sheets. Leases with an initial lease term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term.

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Leases generally provide for payments of nonlease components, such as common area maintenance, real estate taxes and other costs associated with the leased property. For lease agreements entered into or modified after February 3, 2019, the Company accounts for lease components and nonlease components together as a single lease component and, as such, includes fixed payments of nonlease components in the measurement of the right-of-use assets and lease liabilities. Variable lease payments, such as percentage rentals based on location sales, periodic adjustments for inflation, reimbursement of real estate taxes, any variable common area maintenance and any other variable costs associated with the leased property are expensed as incurred as variable lease costs and are not recorded on the Company’s Consolidated Balance Sheets. The Company’s lease agreements do not contain any material residual value guarantees or material restrictions or covenants. Please see Note 15, “Leases,” for further discussion.

Revenue Recognition — Revenue is recognized upon the transfer of control of products or services to the Company’s customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those products or services. Please see Note 2, “Revenue,” for further discussion.

Cost of Goods Sold and Selling, General and Administrative Expenses — Costs associated with the production and procurement of product are included in cost of goods sold, including inbound freight costs, purchasing and receiving costs, inspection costs and other product procurement related charges, as well as the amounts recognized from foreign currency forward contracts as the underlying inventory hedged by such forward contracts is sold. Generally, all other expenses, excluding non-service related pension and post retirement (income) costs, interest expense (income) and income taxes, are included in selling, general and administrative (“SG&A”) expenses, including warehousing and distribution expenses, as the predominant expenses associated therewith are general and administrative in nature, including rent, utilities, payroll and depreciation and amortization. Warehousing and distribution expenses, which are subject to exchange rate fluctuations, totaled $ 335.2 million, $ 357.2 million and $ 357.9 million in 2024, 2023 and 2022, respectively.

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

Marketing — Marketing costs are expensed as incurred and are included in SG&A expenses. Marketing expenses, which are subject to exchange rate fluctuations, totaled $ 480.0 million, $ 533.9 million and $ 492.1 million in 2024, 2023 and 2022, respectively. Costs associated with cooperative advertising programs, under which the Company shares the cost of a customer’s advertising expenditures, are treated as a reduction of revenue.

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

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

The Company elected to recognize the tax on Global Intangible Low Taxed Income (“GILTI”) as a period expense in the year the tax is incurred.

Financial Instruments — The Company currently uses foreign currency forward contracts, non-derivative instruments (the par value of certain of its foreign-denominated debt) and derivative instruments (cross-currency swap contracts) to hedge against a portion of its exposure to changes in foreign currency exchange rates. The Company records the foreign currency forward contracts and 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 foreign currency forward contracts designated as effective hedging instruments and changes in the carrying value of the foreign currency borrowings are recorded in equity as a component of

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accumulated other comprehensive loss (“AOCL”). 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 Company evaluates the effectiveness of its derivative and non-derivative instruments at inception and each quarter thereafter. The Company records immediately in earnings changes in the fair value of hedges that are not designated as effective hedging instruments. Please see Note 9, “Derivative Financial Instruments,” and Note 10, “Fair Value Measurements,” for further discussion.

Foreign Currency Translation and Transactions — The consolidated financial statements of the Company are prepared in United States dollars. If the functional currency of a foreign subsidiary is not the United States dollar, assets and liabilities are translated to United States dollars at the closing exchange rate in effect at the applicable balance sheet date and revenue and expenses are translated to United States dollars at the average exchange rate for the applicable period. The resulting translation adjustments are included in the Company’s Consolidated Statements of Comprehensive Income as a component of other comprehensive (loss) income and in the Consolidated Balance Sheets within AOCL. Gains and losses on the revaluation of intercompany loans made between foreign subsidiaries that are of a long-term investment nature are included in AOCL. Gains and losses arising from transactions denominated in a currency other than the functional currency of a particular entity, not including inventory purchases, are principally included in SG&A expenses and totaled a loss of $ 13.8 million, $ 30.2 million and $ 13.1 million in 2024, 2023 and 2022, respectively.

Pension and Benefit Plans — Employee pension benefits earned during the year, as well as interest on the projected benefit obligations or accumulated benefit obligations, are accrued quarterly. The expected return on plan assets is recognized quarterly and determined at the beginning of the year by applying the expected long-term rate of return on assets to the actual fair value of plan assets adjusted for expected benefit payments, contributions and plan expenses. Actuarial gains and losses are recognized in the Company’s operating results in the year in which they occur. These gains and losses include the difference between the actual return on plan assets and the expected return that was recognized quarterly, as well as the change in the projected benefit obligation caused by actual experience and updated actuarial assumptions differing from those assumptions used to record service and interest cost throughout the year. Actuarial gains and losses are measured at least annually at the end of the Company’s fiscal year and, as such, are generally recorded during the fourth quarter of each year. The service cost component of net benefit cost is recorded in SG&A expenses and the other components of net benefit cost, which typically include interest cost, actuarial (gain) loss and expected return on plan assets, are recorded in non-service related pension and postretirement (cost) income in the Company’s Consolidated Statements of Operations. Please see Note 11, “Retirement and Benefit Plans,” for further discussion of the Company’s pension and benefit plans.

Stock-Based Compensation — The Company recognizes all share-based payments to employees and non-employee directors, net of actual forfeitures, as compensation expense in the consolidated financial statements based on their grant date fair values. Please see Note 12, “Stock-Based Compensation,” for further discussion.

Recently Adopted Accounting Guidance — The Financial Accounting Standards Board (“FASB”) issued in September 2022 Accounting Standards Update (“ASU”) 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The guidance requires 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 rollforward disclosure, which the Company adopted on a prospective basis beginning with its 2024 annual consolidated financial statements. The adoption did not have any impact on the Company’s consolidated financial statements as the guidance only pertains to financial statement footnote disclosures. Please see Note 21, “Other Comments,” for the Company’s disclosures pertaining to this update.

The FASB issued in November 2023 ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The guidance requires disclosure on an annual and interim basis of incremental segment information, primarily to enhance disclosures about significant segment expenses. The Company adopted the update on a retrospective basis beginning with its 2024 annual consolidated financial statements. The adoption did not have any impact on the Company’s consolidated financial statements as the guidance only pertains to financial statement footnote disclosures. Please see Note 19, “Segment Data,” for the Company’s disclosures pertaining to this update.

Accounting Guidance Issued But Not Adopted as of February 2, 2025 — The FASB issued in December 2023 ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance 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

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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.

The FASB issued in November 2024 ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The guidance requires disclosure, on an annual and interim basis, about the types of costs and expenses included in certain income statement expense captions. The update will be effective for the Company beginning with its 2027 annual consolidated financial statements and interim statements thereafter, 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.

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.

Product Sales

The Company generates revenue from the wholesale distribution of its products to traditional retailers (including for sale through their digital commerce sites), pure play digital commerce retailers, franchisees, licensees and distributors. Revenue is recognized upon transfer of control of goods to the customer, which generally occurs when title to goods is passed and risk of loss transfers to the customer. Depending on the contract terms, transfer of control is upon shipment of goods to or upon receipt of goods by the customer. Payment typically is due within 30 to 90 days. The amount of revenue recognized is net of returns, sales allowances and other discounts that the Company offers to its wholesale customers. The Company estimates returns based on an analysis of historical experience and individual customer arrangements and estimates sales allowances and other discounts based on seasonal negotiations, historical experience and an evaluation of current sales trends and market conditions.

The Company also generates revenue from the retail distribution of its products through its freestanding stores, shop-in-shop/concession locations and digital commerce sites. Revenue is recognized at the point of sale in the stores and shop-in-shop/concession locations and upon estimated time of delivery for sales through the Company’s digital commerce sites, at which point control of the products passes to the customer. The amount of revenue recognized is net of returns, which are estimated based on an analysis of historical experience. Costs associated with coupons are recorded as a reduction of revenue at the time of coupon redemption.

The Company excludes from revenue taxes collected from customers and remitted to government authorities related to sales of the Company’s products. Shipping and handling costs that are billed to customers are included in net sales.

Customer Loyalty Programs

The Company uses loyalty programs that offer customers of its retail businesses specified amounts off of future purchases for a specified period of time after certain levels of spending are achieved. Customers that are enrolled in the programs earn loyalty points for each purchase made.

Loyalty points earned under the customer loyalty programs provide the customer a material right to acquire additional products and give rise to the Company having a separate performance obligation. For each transaction where a customer earns loyalty points, the Company allocates revenue between the products purchased and the loyalty points earned based on the relative standalone selling prices. Revenue allocated to loyalty points is recorded as deferred revenue until the loyalty points are redeemed or expire.

Gift Cards

The Company sells gift cards to customers in its retail stores and on certain of its digital commerce sites. The Company does not charge administrative fees on gift cards nor do they expire. Gift card purchases by a customer are prepayments for products to be provided by the Company in the future and are therefore considered to be performance obligations of the

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Company. Upon the purchase of a gift card by a customer, the Company records deferred revenue for the cash value of the gift card. Deferred revenue is relieved and revenue is recognized when the gift card is redeemed by the customer. The portion of gift cards that the Company does not expect to be redeemed (referred to as “breakage”) is recognized proportionately over the estimated customer redemption period, subject to the constraint that it must be probable that a significant reversal of revenue will not occur, if the Company determines that it does not have a legal obligation to remit the value of such unredeemed gift cards to any jurisdiction.

License Agreements

The Company generates royalty and advertising revenue from licensing the rights to access its trademarks to third parties, including the Company’s joint ventures. The license agreements generally are exclusive to a territory or product category, have terms in excess of one year and, in most cases, include renewal options. In exchange for providing these rights, the license agreements require the licensees to pay the Company a royalty and, in certain agreements, an advertising fee. In both cases, the Company generally receives the greater of (i) a sales-based percentage fee and (ii) a contractual minimum fee for each annual performance period under the license agreement.

In addition to the rights to access its trademarks, the Company provides ongoing support to its licensees over the term of the agreements. As such, the Company’s license agreements are licenses of symbolic intellectual property and, therefore, revenue is recognized over time. For license agreements where the sales-based percentage fee exceeds the contractual minimum fee, the Company recognizes revenues as the licensed products are sold as reported to the Company by its licensees. For license agreements where the sales-based percentage fee does not exceed the contractual minimum fee, the Company recognizes the contractual minimum fee as revenue ratably over the contractual period.

Under the terms of the license agreements, payments generally are due quarterly from the licensees. The Company records deferred revenue when amounts are received or receivable from the licensee in advance of the recognition of revenue.

As of February 2, 2025, the contractual minimum fees on the portion of all license agreements not yet satisfied totaled $ 669.9 million, of which the Company expects to recognize $ 268.7 million as revenue in 2025, $ 162.6 million in 2026 and $ 238.6 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 Revenue

Changes in deferred revenue, which primarily relate to customer loyalty programs, gift cards and license agreements for the years ended February 2, 2025 and February 4, 2024, were as follows:

(In millions)			2024						2023
Deferred revenue balance at beginning of period			$	55.5					$	54.3
Net additions to deferred revenue during the period			51.3						51.7
Reductions in deferred revenue for revenue recognized during the period (1)			( 51.5 )						( 50.5 )
Deferred revenue balance at end of period			$	55.3					$	55.5

(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 Company also had long-term deferred revenue liabilities included in other liabilities in its Consolidated Balance Sheets of $ 6.8 million and $ 9.4 million as of February 2, 2025 and February 4, 2024, respectively.

Please see Note 19, “Segment Data,” for information on the disaggregation of revenue by segment and distribution channel.

Sale of Warner’s, Olga and True&Co. Women’s Intimates Businesses

The Company entered into a definitive agreement on November 10, 2023 to sell its women’s intimates businesses conducted under the Warner’s , Olga and True&Co. trademarks to Basic Resources for $ 160.0 million in cash and completed

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the sale on November 27, 2023 for net proceeds of $ 155.6 million, after transaction costs. The final 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.

Property, plant and equipment, at cost, was as follows:

(In millions)			2024						2023
Land			$	1.0					$	1.0
Buildings and building improvements			30.4						30.7
Machinery, software and equipment			1,002.0						1,044.1
Furniture and fixtures			611.0						598.5
Shop-in-shops/concession locations			236.2						236.6
Leasehold improvements			770.5						770.4
Construction in progress			71.3						80.6
Property, plant and equipment, gross			2,722.4						2,761.9
Less: Accumulated depreciation			( 1,981.4 )						( 1,899.3 )
Property, plant and equipment, net			$	741.0					$	862.6

Construction in progress at February 2, 2025 and February 4, 2024 represents costs incurred for machinery, software and equipment, furniture and fixtures, and leasehold improvements not yet placed in use. Construction in progress at February 2, 2025 and February 4, 2024 principally related to (i) enhancements to the Company’s warehouse and distribution network in Europe and (ii) investments in (a) upgrades and enhancements to platforms and systems worldwide and (b) new stores and store renovations. Interest costs capitalized in construction in progress were immaterial during 2024, 2023 and 2022.

Included in other assets in the Company’s Consolidated Balance Sheets was $ 198.2 million as of February 2, 2025 and $ 215.5 million as of February 4, 2024 related to the following investments in unconsolidated affiliates, all of which are being accounted for under the equity method of accounting.

PVH India

The Company owns a 50 % economic interest in PVH Arvind Fashion Private Limited (“PVH India”). PVH India licenses from certain Company subsidiaries the rights to the TOMMY HILFIGER and Calvin Klein trademarks in India for certain product categories.

The Company received dividends of $ 6.0 million from PVH India during each of 2024 and 2023.

PVH Legwear

The Company owns a 49 % economic interest in PVH Legwear LLC (“PVH Legwear”). PVH Legwear licenses from certain subsidiaries of the Company the rights to distribute and sell socks and hosiery in the United States and Canada under the TOMMY HILFIGER and Calvin Klein brands. Additionally, PVH Legwear sells socks and hosiery under other owned and licensed trademarks.

The Company received dividends of $ 8.8 million, $ 6.9 million and $ 6.4 million from PVH Legwear during 2024, 2023, and 2022, respectively.

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TH Brazil

The Company owns an economic interest of approximately 41 % in Tommy Hilfiger do Brasil S.A. (“TH Brazil”). TH Brazil licenses from a subsidiary of the Company the rights to the TOMMY HILFIGER trademarks in Brazil for certain product categories.

The Company received dividends of $ 1.2 million and $ 0.6 million from TH Brazil during 2024 and 2023, respectively.

PVH Mexico

The Company owns a 49 % economic interest in Baseco, S.A.P.I. de C.V. (“PVH Mexico”). PVH Mexico licenses from certain subsidiaries of the Company the rights to distribute and sell certain products in Mexico under the TOMMY HILFIGER and Calvin Klein brands. Additionally, PVH Mexico licenses certain other trademarks for some product categories.

The Company received dividends of $ 25.8 million, $ 16.6 million and $ 9.8 million from PVH Mexico during 2024, 2023, and 2022, respectively.

Karl Lagerfeld

The Company owned an economic interest of approximately 8 % in Karl Lagerfeld Holding B.V. (“Karl Lagerfeld”). The Company was deemed to have significant influence with respect to this investment and accounted for the investment under the equity method of accounting prior to the completion of the Karl Lagerfeld transaction (as defined below) on May 31, 2022.

The Company completed the sale of its economic interest in Karl Lagerfeld to a subsidiary of G-III Apparel Group, Ltd. (the “Karl Lagerfeld transaction”) on May 31, 2022 for approximately $ 20.5 million in cash, of which $ 19.1 million was received in 2022 and $ 1.4 million which was previously held in escrow was received in 2023. The carrying value of the Company’s investment in Karl Lagerfeld was $ 1.0 million immediately prior to the completion of the sale.

In connection with the closing of the Karl Lagerfeld transaction, the Company recorded a pre-tax gain of $ 16.1 million during 2022, which reflected (i) the excess of the proceeds over the carrying value of the Karl Lagerfeld investment, less (ii) $ 3.4 million of foreign currency translation adjustment losses previously recorded in AOCL. The gain was included in equity in net income of unconsolidated affiliates in the Company’s Consolidated Statement of Operations and recorded in corporate expenses not allocated to any reportable segments, consistent with how the Company had historically recorded its proportionate share of the net income or loss of its investment in Karl Lagerfeld.

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The changes in the carrying amount of goodwill, by segment (please see Note 19, “Segment Data,” for further discussion of the Company’s reportable segments), were as follows:

(In millions)			Calvin Klein North America						Calvin Klein International						Tommy Hilfiger North America						Tommy Hilfiger International						Heritage Brands Wholesale												Total
Balance as of January 29, 2023
Goodwill, gross			$	781.8					$	885.0					$	203.0					$	1,587.6					$	105.0											$	3,562.4
Accumulated impairment losses			( 449.9 )						( 471.3 )						( 177.2 )						—						( 105.0 )												( 1,203.4 )
Goodwill, net			331.9						413.7						25.8						1,587.6						—												2,359.0
Reduction 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			—						—						—						—						105.0												105.0
Currency translation			—						( 7.6 )						—						( 29.3 )						—												( 36.9 )
Balance as of February 4, 2024
Goodwill, gross			781.8						877.4						203.0						1,558.3						—												3,420.5
Accumulated 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
Currency translation			—						( 9.5 )						—						( 52.5 )						—												( 62.0 )
Balance as of February 2, 2025
Goodwill, gross			781.8						867.9						203.0						1,505.8						—												3,358.5
Accumulated impairment losses			( 449.9 )						( 471.3 )						( 177.2 )						—						—												( 1,098.4 )
Goodwill, net			$	331.9					$	396.6					$	25.8					$	1,505.8					$	—											$	2,260.1

The Company recorded a $ 105.0 million reduction to goodwill, gross and a corresponding $ 105.0 million reduction to accumulated impairment losses during 2023 in connection with the Heritage Brands intimates transaction. Please see Note 3, “Divestitures,” for further discussion.

The Company’s other intangible assets consisted of the following:

			2024																		2023
(In millions)			Gross Carrying Amount						Accumulated Amortization						Net						Gross Carrying Amount						Accumulated Amortization						Net
Intangible assets subject to amortization:
Customer relationships			$	138.3					$	( 128.5 )					$	9.8					$	143.7					$	( 123.0 )					$	20.7
Reacquired license rights			392.5						( 140.6 )						251.9						408.4						( 134.2 )						274.2
Total intangible assets subject to amortization			530.8						( 269.1 )						261.7						552.1						( 257.2 )						294.9
Indefinite-lived intangible assets:
Tradenames (1)			2,565.0						—						2,565.0						2,599.1						—						2,599.1
Reacquired perpetual license rights			194.2						—						194.2						203.4						—						203.4
Total indefinite-lived intangible assets			2,759.2						—						2,759.2						2,802.5						—						2,802.5
Total other intangible assets			$	3,290.0					$	( 269.1 )					$	3,020.9					$	3,354.6					$	( 257.2 )					$	3,097.4

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(1) 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, “Divestitures,” for further discussion.

The gross carrying amount and accumulated amortization of certain intangible assets include the impact of changes in foreign currency exchange rates.

Amortization expense related to the Company’s intangible assets subject to amortization was $ 22.5 million and $ 23.1 million for 2024 and 2023, respectively.

Assuming constant foreign currency exchange rates and no change in the gross carrying amount of the intangible assets, amortization expense for the next five years related to the Company’s intangible assets subject to amortization as of February 2, 2025 is expected to be as follows:

(In millions)
Fiscal Year						Amount
2025						$	16.2
2026						13.5
2027						13.3
2028						13.3
2029						12.3

Goodwill and Other Intangible Assets Impairment Testing

Please see Note 1, “Summary of Significant Accounting Policies,” for discussion of the Company’s goodwill and intangible assets impairment testing process.

Goodwill Impairment Testing

2024 Annual Impairment Test

For the 2024 annual goodwill impairment test performed as of the beginning of the third quarter of 2024, the Company elected to bypass the qualitative assessment and proceeded directly to the quantitative impairment test using a discounted cash flow method to estimate the fair value of its reporting units.

The Company’s annual goodwill impairment test for 2024 yielded estimated fair values in excess of the carrying amounts for all of its reporting units with assigned goodwill and therefore no impairment of goodwill was identified.

The Tommy Hilfiger International reporting unit had an estimated fair value that exceeded its carrying amount of $ 2,874.5 million by approximately 10 %. The carrying amount of goodwill allocated to this reporting unit as of the date of the test was $ 1,556.1 million. The fair value of the Tommy Hilfiger International reporting unit was determined using an income approach based on discounted projected future (debt-free) cash flows. The discount rate applied to these cash flows was based on the weighted average cost of capital for the reporting unit, which takes market participant assumptions into consideration. Estimated future operating cash flows were discounted at a rate of 13 % to account for the relative risks of the estimated future cash flows. Holding all other assumptions constant, a 100 basis point change in the annual revenue growth rate assumption for this business would result in a change to the estimated fair value of the reporting unit of approximately $ 161 million. Likewise, a 100 basis point change in the weighted average cost of capital would result in a change to the estimated fair value of the reporting unit of approximately $ 281 million. While the Tommy Hilfiger International reporting unit was not determined to be impaired, it may be at risk of future impairment if the related business does not perform as projected, or if market factors utilized in the impairment analysis deteriorate, including an unfavorable change in the long-term growth rate or the weighted average cost of capital.

2023 Annual Impairment Test

For the 2023 annual goodwill impairment test performed as of the beginning of the third quarter of 2023, the Company elected to perform a qualitative assessment first to determine whether it was more likely than not that the fair value of each reporting unit with allocated goodwill was less than its carrying amount.

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The Company assessed relevant events and circumstances, including industry, market and macroeconomic conditions, as well as Company- and reporting unit-specific factors. In performing this assessment, the Company considered the results of its quantitative annual goodwill impairment test performed in 2022, discussed below, and the impact at that time of (i) the improvement in certain macroeconomic conditions contributing to a favorable change in the Company’s market capitalization since the time of the 2022 test, which would imply a reduction to the risk premium included in the discount rate and, therefore, improvement in the fair values of the Company’s reporting units, and (ii) the Company’s then-current financial performance and updated financial forecasts, which were generally consistent with or exceeded the projections used in 2022.

After assessing these events and circumstances, the Company determined that it was not more likely than not that the fair value of each reporting unit with allocated goodwill was less than its carrying amount and concluded that the quantitative goodwill impairment test was not required. No impairment of goodwill resulted from the Company’s annual impairment test in 2023.

2022 Annual Impairment Test

For the 2022 annual goodwill impairment test performed as of the beginning of the third quarter of 2022, the Company elected to bypass the qualitative assessment and proceeded directly to the quantitative impairment test using a discounted cash flow method to estimate the fair value of its reporting units.

As a result of the Company’s 2022 annual impairment test, the Company recorded $ 417.1 million of noncash impairment charges during the third quarter of 2022, which were included in goodwill impairment in the Company’s Consolidated Statement of Operations. The impairments were driven primarily by a significant increase in discount rates. The impairment charges, which related to the Calvin Klein Wholesale North America, Calvin Klein Licensing and Advertising International and Tommy Hilfiger Retail North America reporting units, were recorded to the Company’s segments as follows: $ 162.6 million in the Calvin Klein North America segment, $ 77.3 million in the Calvin Klein International segment and $ 177.2 million in the Tommy Hilfiger North America segment.

Of these reporting units, Calvin Klein Licensing and Advertising International was determined to be partially impaired. The remaining carrying amount of goodwill allocated to this reporting unit as of the date of the test was $ 41.0 million. While this reporting unit was not determined to be fully impaired at the time of the 2022 annual impairment test, at the time it was considered to be at risk of further impairment in the future if the related businesses did not perform as projected or if market factors utilized in the impairment analysis deteriorated. As discussed in the 2024 annual impairment test section above, the Company performed a quantitative impairment test for all reporting units in the third quarter of 2024. No further impairment was identified for the Calvin Klein Licensing and Advertising International reporting unit and it was no longer considered to be at risk of further impairment in the future.

With respect to the Company’s other reporting units that were not determined to be impaired, the Calvin Klein Licensing and Advertising North America reporting unit had an estimated fair value that exceeded its carrying amount of $ 464.4 million by 9 %. The carrying amount of goodwill allocated to this reporting unit as of the date of the test was $ 330.4 million. While the Calvin Klein Licensing and Advertising North America reporting unit was not determined to be impaired at the time of the 2022 annual impairment test, it was considered to be at risk of future impairment if the related business did not perform as projected, or if market factors utilized in the impairment analysis deteriorated. As discussed in the 2024 annual impairment test section above, the Company performed a quantitative impairment test for all reporting units in the third quarter of 2024. No impairment was identified for the Calvin Klein Licensing and Advertising North America reporting unit and it was no longer considered to be at risk of impairment in the future.

The fair value of the reporting units for goodwill impairment testing was determined using an income approach and validated using a market approach. The income approach was based on discounted projected future (debt-free) cash flows for each reporting unit. The discount rates applied to these cash flows were based on the weighted average cost of capital for each reporting unit, which takes market participant assumptions into consideration, inclusive of a Company-specific 4 % risk premium to account for the additional risk of uncertainty perceived by market participants related to the Company’s overall cash flows due to the macroeconomic environment. Estimated future operating cash flows were discounted at rates of 16.0 % or 16.5 %, depending on the reporting unit, to account for the relative risks of the estimated future cash flows. For the market approach, used to validate the results of the income approach method, the Company used the guideline company method, which analyzes market multiples of adjusted earnings before interest, taxes, depreciation and amortization for a group of comparable public companies. The market multiples used in the valuation were based on the relative strengths and weaknesses of the

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reporting unit compared to the selected guideline companies. The Company classified the fair values of its reporting units as Level 3 fair value measurements due to the use of significant unobservable inputs.

Indefinite-Lived Intangible Assets Impairment Testing

2024 Annual Impairment Test

For the 2024 annual impairment test performed as of the beginning of the third quarter of 2024 for all indefinite-lived intangible assets, the Company elected to bypass the qualitative assessment and proceeded directly to the quantitative impairment test, using a discounted cash flow method to estimate fair value. The fair values for all indefinite-lived intangible assets exceeded their carrying amounts and, therefore, the assets were not impaired. The indefinite-lived intangible asset with the least excess fair value had an estimated fair value that exceeded its carrying amount by 19 %.

2023 Annual Impairment Test

For the 2023 annual indefinite-lived intangible assets impairment test performed as of the beginning of the third quarter of 2023, the Company elected to first assess qualitative factors to determine whether it was more likely than not that the fair value of any asset was less than its carrying amount.

The Company assessed relevant events and circumstances, including industry, market and macroeconomic conditions, as well as Company- and asset-specific factors. In performing this assessment, the Company considered the results of its annual impairment testing performed in 2022, discussed below, and the impact at that time of (i) the improvement in certain macroeconomic conditions contributing to a favorable change in the Company’s market capitalization since the time of the 2022 test, which would imply a reduction to the risk premium included in the discount rate and, therefore, improvement in the fair value of each of its indefinite-lived intangible assets and (ii) the Company’s then-current financial performance and updated financial forecasts.

After assessing these events and circumstances, the Company determined that it was not more likely than not that the fair value of each of its indefinite-lived intangible assets was less than its carrying amount 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 2023.

2022 Annual Impairment Test

For the 2022 annual impairment test of the TOMMY HILFIGER and Calvin Klein tradenames and the reacquired perpetual license rights for TOMMY HILFIGER in India performed as of the beginning of the third quarter of 2022, the Company elected to first assess qualitative factors to determine whether it was more likely than not that the fair value of any asset was less than its carrying amount. For these assets, no impairment was identified as a result of the Company’s then-most recent quantitative impairment test and the fair values of these indefinite-lived intangible assets substantially exceeded their carrying amounts. The asset with the least excess fair value had an estimated fair value that exceeded its carrying amount by approximately 183 % as of the date of the Company’s then-most recent quantitative impairment test. The Company assessed relevant events and circumstances, including industry, market and macroeconomic conditions, as well as Company- and asset-specific factors, including changes in the weighted average cost of capital for each of its indefinite-lived intangible assets since the date of the most recent quantitative test and the Company’s recent financial performance and updated financial forecasts as compared to those used in the most recent quantitative tests. After assessing these events and circumstances, the Company determined qualitatively that it was not more likely than not that the fair values of these indefinite-lived intangible assets were less than their carrying amounts and concluded that the quantitative impairment test was not required.

For the 2022 annual impairment test of the Warner’s tradename and the reacquired perpetual license rights recorded in connection with the Australia acquisition performed as of the beginning of the third quarter of 2022, the Company elected to bypass the qualitative assessment and proceeded directly to the quantitative impairment test. With regard to the reacquired perpetual license rights, the Company determined that its fair value substantially exceeded its carrying amount and, therefore, the asset was not impaired. The fair value of the Warner’s tradename exceeded its carrying amount of $ 95.8 million by 4 % at the testing date. While the Warner’s tradename was not determined to be impaired at the time of the 2022 annual impairment test, it was considered to be at risk of future impairment if the related business did not perform as projected, or if market factors utilized in the impairment analysis deteriorated. As discussed in the 2023 annual impairment test section above, the Company performed a qualitative impairment test for all indefinite-lived intangible assets in the third quarter of 2023. No impairment was identified relating to the Warner’s tradename as a result of this test. The Warner’s tradename was subsequently sold on

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November 27, 2023 as part of the Heritage Brands intimates transaction, which resulted in a gain. Please see Note 3, “Divestitures,” for further discussion of the Heritage Brands intimates transaction.

The fair value of the Warner’s tradename was determined using an income-based relief-from-royalty method. Under this method, the value of an asset is estimated based on the hypothetical cost savings that accrue as a result of not having to license the tradename from another party. These cash flows are discounted to present value using a discount rate that factors in the relative risk of the intangible asset. The Company discounted the cash flows used to value the Warner’s tradename at a rate of 16.0 %. The fair value of the Company’s reacquired perpetual license rights recorded in connection with the Australia acquisition was determined using an income approach which estimates the net cash flows directly attributable to the subject intangible asset. These cash flows are discounted to present value using a discount rate that factors in the relative risk of the intangible asset. The Company discounted the cash flows used to value the reacquired perpetual license rights recorded in connection with the Australia acquisition at a rate of 19.0 %. The Company classified the fair values of these indefinite-lived intangible assets as Level 3 fair value measurements due to the use of significant unobservable inputs.

Considerations Since the 2024 Annual Impairment Tests

There have been no significant events or change in circumstances since the date of the 2024 annual impairment tests that would indicate the remaining carrying amount of the Company’s goodwill and indefinite-lived intangible assets may be impaired as of February 2, 2025. There continues to be significant uncertainty in the current macroeconomic environment including the impacts of inflationary pressures globally, supply chain disruptions, the war in Ukraine and the Israel-Hamas war and their broader macroeconomic implications, and foreign currency volatility. In addition, there is significant uncertainty surrounding how the Company’s business may be impacted in the future as a result of MOFCOM’s decision to place the Company on the UEL. Please see Note 21, “Other Comments,” for further discussion. If economic conditions or market factors utilized in the impairment analysis deteriorate or otherwise vary from current assumptions (including those resulting in changes in the weighted average cost of capital), industry conditions deteriorate, business conditions or strategies for a specific reporting unit change from current assumptions, the Company’s businesses do not perform as projected, or there is an extended period of a significant decline in the Company’s stock price, the Company could incur additional goodwill and indefinite-lived intangible asset impairment charges in the future.

Short-Term Borrowings

The 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 February 2, 2025 and February 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 $ 196.3 million based on exchange rates in effect on February 2, 2025 and are utilized primarily to fund working capital needs. The Company had no borrowings outstanding under these facilities as of February 2, 2025 and February 4, 2024.

Commercial Paper

The 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. Borrowings under the commercial paper note program, when taken together with the revolving borrowings outstanding under the multicurrency revolving credit facility included in the 2022 facilities (as defined below), cannot exceed $ 1,150.0 million. The Company had no borrowings outstanding under the commercial paper note program as of February 2, 2025 and February 4, 2024.

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Long-Term Debt

The carrying amounts of the Company’s long-term debt were as follows:

(In millions)			2024						2023
Senior unsecured Term Loan A facility due 2027 (1)			$	432.7					$	461.6
3 5/8% senior unsecured euro notes due 2024 (1)			—						565.7
4 5/8% senior unsecured notes due 2025			499.4						498.2
3 1/8% senior unsecured euro notes due 2027 (1)			619.1						643.7
4 1/8% senior unsecured euro notes due 2029 (1)			539.5						—
Total			2,090.7						2,169.2
Less: Current portion of long-term debt			510.8						577.5
Long-term debt			$	1,579.9					$	1,591.7

(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.

Please see Note 10, “Fair Value Measurements,” for the fair value of the Company’s long-term debt as of February 2, 2025 and February 4, 2024.

The Company’s mandatory long-term debt repayments for the next five years were as follows as of February 2, 2025:

(In millions)
Fiscal Year			Amount (1)
2025			$	511.4
2026			11.4
2027			1,032.6
2028			—
2029			544.0

(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 next five years exceed the total carrying amount of the Company’s debt as of February 2, 2025 because the carrying amount reflects the unamortized portions of debt issuance costs and the original issue discounts.

As of February 2, 2025, approximately 80 % of the Company’s long-term debt had fixed interest rates, with the remainder at variable interest rates.

2022 Senior Unsecured Credit Facilities

On De cember 9, 2022 (the “Closing Date”), the Company entered into senior unsecured credit facilities (the “2022 facilities”), the proceeds of which, along with cash on hand, were used to repay all of the outstanding borrowings under the 2019 facilities (as defined below), as well as the related debt issuance costs.

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. In connection with the refinancing in 2022 of the 2019 facilities, the Company paid debt issuance costs of $ 8.9 million (of which $ 1.4 million was expensed as debt modification costs and $ 7.5 million is being amortized over the term of the 2022 facilities) and recorded debt extinguishment costs of $ 1.3 million to write off previously capitalized debt issuance costs.

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The multicurrency revolving credit facility also includes amounts available for letters of credit and has a portion available for the making of swingline loans. The issuance of such letters of credit and the making of any swingline loan reduces the amount available under the multicurrency revolving credit facility. So long as certain conditions are satisfied, the Company may add one or more senior unsecured term loan facilities or increase the commitments under the revolving credit facilities by an aggregate amount not to exceed $ 1,500.0 million. The lenders under the 2022 facilities are not required to provide commitments with respect to such additional facilities or increased commitments.

The terms of the Euro TLA facility require the Company to make quarterly repayments of amounts outstanding, which commenced with the calendar quarter ending March 31, 2023. Such required repayment amounts equal 2.50 % per annum of the principal amount outstanding on the Closing Date, paid in equal installments and subject to certain customary adjustments, with the balance due on the maturity date of the Euro TLA facility. The outstanding borrowings under the 2022 facilities are prepayable at any time without penalty (other than customary breakage costs). Any voluntary repayments made by the Company would reduce the future required repayment amounts. The outstanding principal balance for the Euro TLA facility was € 418.6 million as of February 2, 2025.

The Company made payments totaling $ 11.8 million and $ 11.9 million on its term loan under the 2022 facilities during 2024 and 2023, respectively . The Company made payments of $ 487.8 million on its term loan under the 2019 facilities during 2022, which included $ 22.5 million of mandatory payments and the $ 465.3 million repayment of the 2019 facilities in connection with the refinancing of the senior credit facilities.

The euro-denominated borrowings under the Euro TLA facility and multicurrency revolving credit facility bear interest at a rate per annum equal to a euro interbank offered rate (“EURIBOR”) and the euro-denominated swing line borrowings under the 2022 facilities bear interest at a rate per annum equal to an adjusted daily simple euro short term rate (“ESTR”), calculated in a manner set forth in the 2022 facilities, plus in each case an applicable margin.

The United States dollar-denominated borrowings under the 2022 facilities bear interest at a rate per annum equal to, at the Company’s option, either a base rate or an adjusted term secured overnight financing rate (“SOFR”), calculated in a manner set forth in the 2022 facilities, plus an applicable margin.

The borrowings denominated in other foreign currencies under the 2022 facilities bear interest at various indexed rates specified in the 2022 facilities and are calculated in a manner set forth in the 2022 facilities, plus an applicable margin.

The applicable margin with respect to the Euro TLA facility as of February 2, 2025 was 1.250 %. The applicable margin with respect to the revolving credit facilities as of February 2, 2025 was 0.125 % for loans bearing interest at the base rate, Canadian prime rate or daily simple ESTR and 1.125 % for loans bearing interest at the EURIBOR or any other rate specified in the 2022 facilities. The applicable margin for borrowings under the Eu ro 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 contain customary events of default, including but not limited to nonpayment; material inaccuracy of representations and warranties; violations of covenants; certain bankruptcies and liquidations; cross-default to material indebtedness; certain material judgments; certain events related to the Employee Retirement Income Security Act of 1974, as amended; and a change in control (as defined in the 2022 facilities).

The 2022 facilities require the Company to comply with customary affirmative, negative and financial covenants, including a maximum net leverage ratio. A breach of any of these operating or financial covenants would result in a default under the 2022 facilities. If an event of default occurs and is continuing, the lenders could elect to declare all amounts then outstanding, together with accrued interest, to be immediately due and payable, which would result in acceleration of the Company’s other debt.

2019 Senior Unsecured Credit Facilities

On April 29, 2019, the Company entered into senior unsecured credit facilities (as amended, the “2019 facilities”). The Company replaced the 2019 facilities with the 2022 facilities on December 9, 2022 as discussed above in the section entitled “2022 Senior Unsecured Credit Facilities.” The 2019 facilities included a € 500.0 million euro-denominated Term Loan A facility, of which € 440.6 million was outstanding as of the date it was replaced, and senior unsecured revolving credit facilities.

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7 3/4% Debentures Due 2023

The Company had $ 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 2024

The 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 2025

The Company has outstanding $ 500.0 million principal amount of 4 5/8% senior notes due July 10, 2025. The interest rate payable on the notes is subject to adjustment if either Standard & Poor’s or Moody’s, or any substitute rating agency, as defined in the indenture governing the notes, downgrades the credit rating assigned to the notes. 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 2027

The 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 2029

The 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 (as defined in the Company’s prospectus relating to the notes offering) focused mainly on the use of sustainable materials and packaging and circularity. 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 ability to create liens on the Company’s assets or engage in sale/leaseback transactions is restricted under the indentures governing the Company’s senior notes.

As of February 2, 2025, 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 $ 81.5 million of these standby letters of credit and bank guarantees outstanding as of February 2, 2025.

Interest paid was $ 78.4 million , $ 96.4 million and $ 82.1 million during 2024, 2023 and 2022, respectively.

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The domestic and foreign components of income (loss) before income taxes were as follows:

(In millions)			2024						2023						2022
Domestic			$	61.6					$	90.9					$	( 404.9 )
Foreign			644.1						750.1						793.1
Total			$	705.7					$	841.0					$	388.2

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.

Taxes paid were $ 165.6 million, $ 209.8 million and $ 254.5 million in 2024, 2023 and 2022, respectively.

The provision (benefit) for income taxes attributable to income consisted of the following:

(In millions)			2024						2023						2022
Federal:
Current			$	( 0.2 )					$	0.1					$	( 6.9 )
Deferred			( 24.3 )						( 18.2 )						( 5.1 )
State and local:
Current			5.4						5.3						( 6.2 )
Deferred			0.1						0.2						0.8
Foreign:
Current			127.6						186.4						191.1
Deferred			( 1.4 )						3.6						14.1
Total			$	107.2					$	177.4					$	187.8

The provision (benefit) for income taxes for the years 2024, 2023 and 2022 was different from the amount computed by applying the statutory United States federal income tax rate to the underlying income as follows:

			2024						2023						2022
Statutory federal income tax rate			21.0		%				21.0		%				21.0		%
State and local income taxes, net of federal income tax benefit			0.7		%				0.8		%				1.1		%
Effects of international jurisdictions, including foreign tax credits			3.0		%				1.9		%				1.6		%
Change in estimates for uncertain tax positions			( 7.6 )		%	(1)			( 1.6 )		%				( 2.2 )		%
Change in valuation allowance			( 1.8 )		%				0.3		%				1.2		%
Tax on foreign earnings (GILTI and FDII)			( 0.5 )		%				( 1.9 )		%				1.2		%
Goodwill impairment			—		%				—		%				22.3		%
Excess tax (benefit) expense related to stock-based compensation			( 0.1 )		%				0.1		%				0.5		%
Other, net			0.5		%				0.5		%				1.7		%
Effective income tax rate			15.2		%				21.1		%				48.4		%

(1) Includes a benefit of 4.7 % from the settlement of a multi-year audit in an international jurisdiction.

The Company’s tax rate is influenced by several factors, including the mix of international and domestic pre-tax earnings, specific discrete transactions and events, new regulations, audits by tax authorities, and new information received. These elements may lead to adjustments in both the Company’s estimates for uncertain tax positions and the overall effective tax rate.

The Organization for Economic Cooperation and Development released the Pillar Two framework which includes transition and safe harbor guidelines around the implementation of a global minimum effective tax rate of 15 %. Pillar Two legislation was enacted in certain jurisdictions where the Company operates and was effective in 2024. The global minimum effective tax rate did not have a material impact on the 2024 effective tax rate.

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The components of deferred income tax assets and liabilities were as follows:

(In millions)			2024						2023
Gross deferred tax assets
Tax loss and credit carryforwards			$	170.5					$	152.0
Operating lease liabilities			331.4						352.4
Employee compensation and benefits			52.7						60.2
Inventories			44.6						41.5
Accounts receivable			5.4						9.2
Accrued expenses			11.7						12.6
Property, plant and equipment			242.6						243.5
Other, net			8.2						5.4
Subtotal			867.1						876.8
Valuation allowances			( 60.0 )						( 73.7 )
Total gross deferred tax assets, net of valuation allowances			$	807.1					$	803.1
Gross deferred tax liabilities
Intangibles			$	( 754.7 )					$	( 772.2 )
Operating lease right-of-use assets			( 304.8 )						( 322.1 )
Derivative financial instruments			( 44.1 )						( 21.1 )
Total gross deferred tax liabilities			$	( 1,103.6 )					$	( 1,115.4 )
Net deferred tax liability			$	( 296.5 )					$	( 312.3 )

At the end of 2024, the Company had on a tax-effected basis approximately $ 188.7 million of net operating loss and tax credit carryforwards available to offset future taxable income in various jurisdictions. The carryforwards expire principally between 2025 and 2044.

The Company’s intent is to reinvest indefinitely substantially all of its historical earnings in foreign subsidiaries outside of the United States in jurisdictions which it would expect to incur material tax costs upon the distribution of such amounts. It is not practicable to estimate the amount of tax that might be payable if these earnings were repatriated due to the complexities associated with the hypothetical calculation.

Uncertain tax positions activity for each of the last three years was as follows:

(In millions)			2024						2023						2022
Balance at beginning of year			$	99.6					$	114.7					$	127.8
Increases related to prior year tax positions			3.2						0.6						12.4
Decreases related to prior year tax positions			( 35.4 )						( 11.0 )						( 12.3 )
Increases related to current year tax positions			5.0						2.9						2.7
Lapses in statute of limitations			( 12.0 )						( 6.4 )						( 12.0 )
Effects of foreign currency translation			( 1.0 )						( 1.2 )						( 3.9 )
Balance at end of year			$	59.4					$	99.6					$	114.7

The entire amount of uncertain tax positions as of February 2, 2025, if recognized, would reduce the future effective tax rate under current accounting guidance.

Interest and penalties related to uncertain tax positions are recorded in the Company’s income tax provision. Interest and penalties recognized in the Company’s Consolidated Statements of Operations for 2024, 2023 and 2022 totaled a benefit of $ 9.2 million, an expense of $ 1.3 million and an expense of $ 0.9 million, respectively. Interest and penalties accrued in the Company’s Consolidated Balance Sheets as of February 2, 2025 and February 4, 2024 totaled $ 11.7 million and $ 21.2 million, respectively. The Company recorded its liabilities for uncertain tax positions principally in accrued expenses and other liabilities in its Consolidated Balance Sheets.

The Company files income tax returns in the United States, various state and local jurisdictions and in over 40 international jurisdictions each year. Most tax audit examinations by taxing authorities have been completed, or the statute of

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limitations has expired, for the Company’s United States federal, foreign, state and local income tax returns filed through 2015. It is reasonably possible that a reduction of uncertain tax positions of up to $ 15.0 million may occur within the next 12 months.

Cash Flow Hedges

The 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 AOCL. No amounts were excluded from effectiveness testing.

Net Investment Hedges

The 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 of 4 1/8% senior notes due 2029 (collectively, “foreign currency borrowings”), all of which 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 $ 1,181.0 million and $ 1,158.6 million, respectively, as of February 2, 2025 and $ 1,201.6 million and $ 1,209.4 million, respectively, as of February 4, 2024. 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 date on which the 4 5/8% senior notes mature. 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 Contracts

The 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

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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.

As a result of the use of derivative instruments, the Company may be exposed to the risk that counterparties to such contracts will fail to meet their contractual obligations. To mitigate this counterparty credit risk, the Company only enters into contracts with carefully selected financial institutions based upon an evaluation of their credit ratings and certain other financial factors.

The following table summarizes the fair value and presentation of the Company’s derivative financial instruments in its Consolidated Balance Sheets:

			Assets																								Liabilities
			2024												2023												2024												2023
(In millions)			Other Current Assets						Other Assets						Other Current Assets						Other Assets						Accrued Expenses						Other Liabilities						Accrued Expenses						Other Liabilities
Contracts designated as cash flow and net investment hedges:
Foreign currency forward contracts (inventory purchases)			$	41.0					$	3.6					$	13.2					$	0.5					$	0.6					$	—					$	2.4					$	0.4
Cross-currency swap contracts (net investment hedges)			24.9						—						6.4						—						—						—						—						1.3
Undesignated contracts:
Foreign currency forward contracts			4.1						—						1.9						—						0.9						—						1.1						—
Total			$	70.0					$	3.6					$	21.5					$	0.5					$	1.5					$	—					$	3.5					$	1.7

The notional amount outstanding of foreign currency forward contracts was $ 1,153.5 million at February 2, 2025. Such contracts expire principally between February 2025 and April 2026.

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The following tables summarize the effect of the Company’s hedges designated as cash flow and net investment hedging instruments:

						Gain (Loss) Recognized in Other Comprehensive (Loss) Income
(In millions)						2024						2023						2022
Foreign currency forward contracts (inventory purchases)						$	49.2					$	35.6					$	( 48.3 )
Foreign currency borrowings (net investment hedges)						47.7						8.6						30.4
Cross-currency swap contracts (net investment hedges)						26.8						8.3						—
Total						$	123.7					$	52.5					$	( 17.9 )

						Amount of Gain Reclassified from AOCL into Income, Consolidated Statements of Operations Location, and Total Amount of Consolidated Statements of Operations Line Item
						Amount Reclassified																		Location						Total Statements of Operations Amount
(In millions)						2024						2023						2022												2024						2023						2022
Foreign currency forward contracts (inventory purchases)						$	24.1					$	11.1					$	27.6					Cost of goods sold						$	3,510.4					$	3,854.5					$	3,901.3
Cross-currency swap contracts (net investment hedges)						7.0						3.2						—						Interest expense						89.8						99.3						89.6
Total						$	31.1					$	14.3					$	27.6

A net gain in AOCL on foreign currency forward contracts at February 2, 2025 of $ 37.9 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 contracts is sold. Amounts recognized in AOCL for foreign currency borrowings and the effective portion of the Company’s net investment hedges 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:

						Gain Recognized in SG&A Expenses
(In millions)						2024						2023						2022
Foreign currency forward contracts (1)						$	12.9					$	2.9					$	11.4

(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 February 2, 2025.

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.

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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:

			2024																								2023
(In millions)			Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Assets:
Foreign currency forward contracts			N/A						$	48.7					N/A						$	48.7					N/A						$	15.6					N/A						$	15.6
Cross-currency swap contracts (net investment hedges)			N/A						24.9						N/A						24.9						N/A						6.4						N/A						6.4
Rabbi trust assets			$	14.3					N/A						N/A						14.3						$	9.9					N/A						N/A						9.9
Total Assets			$	14.3					$	73.6					N/A						$	87.9					$	9.9					$	22.0					N/A						$	31.9
Liabilities:
Foreign currency forward contracts			N/A						$	1.5					N/A						$	1.5					N/A						$	3.9					N/A						$	3.9
Cross-currency swap contracts (net investment hedges)			N/A						—						N/A						—						N/A						1.3						N/A						1.3
Total Liabilities			N/A						$	1.5					N/A						$	1.5					N/A						$	5.2					N/A						$	5.2

The 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:

			2024												2023
(In millions)			Other Current Assets						Other Assets						Other Current Assets						Other Assets
Rabbi trust assets			$	1.0					$	13.3					$	0.8					$	9.1

The corresponding deferred compensation liability is included in accrued expenses and other liabilities in the Company’s Consolidated Balance Sheets. Unrealized gains (losses) recognized on the rabbi trust investments were immaterial during 2024, 2023 and 2022.

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.

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The following tables show the fair values of the Company’s non-financial assets that were required to be remeasured at fair value on a non-recurring basis during 2024, 2023 and 2022, and the total impairments recorded as a result of the remeasurement process:

(In millions)						Fair Value Measurement Using																		Fair Value As Of Impairment Date						Total Impairments
2024						Level 1						Level 2						Level 3
Operating lease right-of-use assets						N/A						N/A						$	3.4					$	3.4					$	1.6
Property, plant and equipment, net						N/A						N/A						0.5						0.5						8.6
2023
Property, plant and equipment, net						N/A						N/A						0.5						0.5						5.7
2022
Operating lease right-of-use assets						N/A						N/A						3.0						3.0						27.4
Property, plant and equipment, net						N/A						N/A						0.3						0.3						24.3
Goodwill						N/A						N/A						41.0						41.0						417.1

Operating lease right-of-use assets with a carrying amount of $ 5.0 million and property, plant and equipment with a carrying amount of $ 9.1 million were written down to their fair values of $ 3.4 million and $ 0.5 million, respectively, during 2024, primarily in connection with the financial performance in certain of the Company’s retail stores. Fair value of the Company’s operating lease right-of-use assets was determined based on the discounted cash flows of the estimated market rents. Fair value of the Company’s property, plant and equipment was determined based on the estimated discounted future cash flows associated with the assets using sales trends and market participant assumptions.

The $ 10.2 million of impairment charges during 2024 were included in SG&A expenses in the Company’s Consolidated Statement of Operations and recorded to the Company’s segments as follows: $ 6.9 million in the Tommy Hilfiger International segment, $ 2.5 million in the Calvin Klein International segment, $ 0.6 million in the Calvin Klein North America segment and $ 0.2 million in the Tommy Hilfiger North America segment.

Property, plant and equipment with a carrying amount of $ 6.2 million was written down to a fair value of $ 0.5 million during 2023 primarily in connection with the financial performance in certain of the Company’s retail stores. Fair value of the Company’s property, plant and equipment was determined based on the estimated discounted future cash flows associated with the assets using sales trends and market participant assumptions. The $ 5.7 million of impairment charges during 2023 were included in SG&A expenses in the Company’s Consolidated Statement of Operations and recorded to the Company’s segments as follows: $ 3.3 million in the Tommy Hilfiger International segment, $ 1.2 million in the Calvin Klein International segment, $ 0.7 million in the Tommy Hilfiger North America segment and $ 0.5 million in the Calvin Klein North America segment.

Operating lease right-of-use assets with a carrying amount of $ 30.4 million and property, plant and equipment with a carrying amount of $ 24.6 million were written down to their fair values of $ 3.0 million and $ 0.3 million, respectively, during 2022, primarily in connection with the Company’s decision in 2022 to exit from its Russia business, and the financial performance in certain of the Company’s retail stores. Please see Note 16, “Exit Activity Costs,” for further discussion of the Russia business exit costs. Fair value of the Company’s operating lease right-of-use assets and property, plant and equipment related to its Russia business were determined to be zero in line with the Company’s estimated future cash flows for the Russia business asset group. Fair value of the Company’s other operating lease right-of-use assets was determined based on the discounted cash flows of the estimated market rents. Fair value of the Company’s other property, plant and equipment was determined based on the estimated discounted future cash flows associated with the assets using sales trends and market participant assumptions.

Goodwill with a carrying amount of $ 458.1 million was written down to a fair value of $ 41.0 million during 2022. Please see Note 6, “Goodwill and Other Intangible Assets,” for further discussion.

The $ 468.8 million of impairment charges during 2022 were recorded in the Company’s Consolidated Statement of Operations, of which $ 417.1 million was included in goodwill impairment and $ 51.7 million was included in SG&A expenses. The $ 468.8 million of impairment charges were recorded to the Company’s segments as follows: $ 177.8 million in the Tommy

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Hilfiger North America segment, $ 163.8 million in the Calvin Klein North America segment, $ 89.5 million in the Calvin Klein International segment, $ 35.7 million in the Tommy Hilfiger International segment and $ 2.0 million in corporate expenses not allocated to any reportable segments.

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:

			2024												2023
(In millions)			Carrying Amount						Fair Value						Carrying Amount						Fair Value
Cash and cash equivalents			$	748.0					$	748.0					$	707.6					$	707.6
Short-term borrowings			—						—						—						—
Long-term debt (including portion classified as current)			2,090.7						2,113.8						2,169.2						2,159.5

The Company, as of February 2, 2025, has two noncontributory qualified defined benefit pension plans covering substantially all employees resident in th e 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 plan freeze 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, one 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.”

The 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 plans as its “Postretirement 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 which became effective June 30, 2024. After the effective date, in lieu of participation in the Pension Plans and supplemental pension plan as applicable, employees will receive an additional Company contribution to their savings and retirement plans and supplemental savings plan, as applicable, which are discussed further below. Employees near retirement age that meet a specified service requirement are included in a transition group that 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 in addition to receiving the additional Company contribution to their savings and retirement plans and supplemental savings plan, as applicable. In connection with the freeze, the Company recognized a reduction in the projected benefit obligation and a pre-tax curtailment gain of $ 17.2 million for the Pension Plans and $ 2.6 million for the supplemental pension plan in 2023.

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Reconciliations of the changes in the projected benefit obligation (Pension Plans and SERP Plans) and the accumulated benefit obligation (Postretirement Plans) were as follows:

			Pension Plans												SERP Plans												Postretirement Plans
(In millions)			2024						2023						2024						2023						2024						2023
Balance at beginning of year			$	532.1					$	573.2					$	47.6					$	56.3					$	3.6					$	4.0
Service cost, net of plan expenses			7.9						18.0						0.8						1.6						—						—
Interest cost			28.7						29.1						2.4						2.8						0.2						0.2
Benefit payments			( 81.7 )						( 54.3 )						( 7.6 )						( 9.7 )						—						—
Benefit payments, net of retiree contributions			—						—						—						—						( 0.9 )						( 0.8 )
Curtailment gain			—						( 17.2 )						—						( 2.6 )						—						—
Actuarial loss (gain)			3.6						( 16.7 )						( 0.7 )						( 0.8 )						—						0.2
Balance at end of year			$	490.6					$	532.1					$	42.5					$	47.6					$	2.9					$	3.6

Service cost for both the Pension Plans and SERP Plans decreased in 2024 compared to 2023 primarily due to the plan freeze.

In 2024, vested participants whose employment had been terminated were offered an opportunity to elect a lump sum payment of their accrued pension benefit from the Pension Plans. Payments of $ 41.5 million were made in the fourth quarter of 2024 to participants that made this election. These payments, together with $ 17.6 million of lump sum payments made in the normal course of business throughout the year, are included as benefit payments from the Pension Plans and constitute settlements that satisfied the Company’s remaining benefit obligations to the participants using assets from the Pension Plans.

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

Reconciliations of the fair value of the assets held by the Pension Plans and the funded status were as follows:

(In millions)			2024						2023
Fair value of plan assets at beginning of year			$	554.4					$	570.2
Actual return, net of plan expenses			4.8						38.5
Benefit payments			( 81.7 )						( 54.3 )
Company contributions			0.2						—
Fair value of plan assets at end of year			$	477.7					$	554.4
Funded status at end of year			$	( 12.9 )					$	22.3

Amounts recognized in the Company’s Consolidated Balance Sheets were as follows:

			Pension Plans												SERP Plans												Postretirement Plans
(In millions)			2024						2023						2024						2023						2024						2023
Non-current assets			$	—					$	22.5					$	—					$	—					$	—					$	—
Current liabilities			—						—						( 6.0 )						( 9.4 )						( 0.4 )						( 0.5 )
Non-current liabilities			( 12.9 )						( 0.2 )						( 36.5 )						( 38.2 )						( 2.5 )						( 3.1 )
Net amount recognized			$	( 12.9 )					$	22.3					$	( 42.5 )					$	( 47.6 )					$	( 2.9 )					$	( 3.6 )

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The components of net benefit cost recognized were as follows:

						Pension Plans																		SERP Plans																		Postretirement Plans
(In millions)						2024						2023						2022						2024						2023						2022						2024						2023						2022
Service cost						$	10.7					$	21.7					$	31.3					$	0.8					$	1.6					$	2.5					$	—					$	—					$	—
Interest cost						28.7						29.1						25.3						2.4						2.8						2.8						0.2						0.2						0.1
Expected return on plan assets						( 32.9 )						( 33.8 )						( 41.7 )						—						—						—						—						—						—
Actuarial loss (gain)						28.9						( 25.1 )						( 70.6 )						( 0.7 )						( 0.8 )						( 6.7 )						—						0.2						( 1.1 )
Curtailment gain						—						( 17.2 )						—						—						( 2.6 )						—						—						—						—
Total						$	35.4					$	( 25.3 )					$	( 55.7 )					$	2.5					$	1.0					$	( 1.4 )					$	0.2					$	0.4					$	( 1.0 )

The net actuarial loss in net benefit cost in 2024 was due principally to the difference between the actual and expected returns on plan assets for the Pension Plans. The net actuarial gain in net benefit cost in 2023 was due principally to an increase in the discount rate. The net actuarial gain in net benefit cost in 2022 was due principally to an increase in the discount rate partially offset by the difference between the actual and expected returns on plan assets for the Pension Plans.

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 and (ii) the other components are recorded in non-service related pension and postretirement (cost) income .

The accumulated benefit obligations (Pension Plans and SERP Plans) were as follows:

			Pension Plans												SERP Plans
(In millions)			2024						2023						2024						2023
Accumulated benefit obligation			$	488.4					$	527.9					$	42.1					$	46.9

As of February 2, 2025, both of the Company’s Pension Plans had projected benefit obligations and accumulated benefit obligations in excess of plan assets. A s of February 4, 2024, one of the Company’s Pension Plans had projected benefit obligations and accumulated benefit obligations in excess of plan assets. The balances were as follows:

(In millions, except plan count)			2024						2023
Number of plans with projected benefit obligations in excess of plan assets			2						1
Aggregate projected benefit obligation			$	490.6					$	2.4
Aggregate fair value of related plan assets			$	477.7					$	2.2
Number of plans with accumulated benefit obligations in excess of plan assets			2						1
Aggregate accumulated benefit obligation			$	488.4					$	2.4
Aggregate fair value of related plan assets			$	477.7					$	2.2

As of February 2, 2025 a nd February 4, 2024, all of the Company’s SERP Plans had projected benefit obligations and accumulated benefit obligations in excess of plan assets as the plans are unfunded.

Significant weighted average rate assumptions used in determining the projected and accumulated benefit obligations at the end of each year and benefit cost in the following year were as follows:

			2024						2023						2022
Discount rate (applies to Pension Plans and SERP Plans)			5.72		%				5.63		%				5.19		%
Discount rate (applies to Postretirement Plans)			5.53		%				5.36		%				4.98		%
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		%				6.25		%

To develop the expected long-term rate of return on assets assumption, the Company considered the historical level of the risk premium associated with the asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based on the target asset allocation.

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The assets of the Pension Plans are invested with the objective of being able to meet current and future benefit payment needs, while managing future contributions. The investment policy aims to earn a reasonable rate of return while minimizing the risk of large losses. Assets are diversified by asset class in order to reduce volatility of overall results from year to year and to take advantage of various investment opportunities. The assets of the Pension Plans are diversified among United States equities, international equities, fixed income investments and cash. The strategic target allocation for the Pension Plans as of February 2, 2025 was approximately 20 % United States equities, 10 % international equities and 70 % fixed income investments and cash. Equity securities primarily include investments in large-, mid- and small-cap companies located in the United States and abroad. Fixed income securities include corporate bonds of companies from diversified industries, municipal bonds and United States Treasury securities. Actual investment allocations may vary from the Company’s target investment allocations due to prevailing market conditions.

In accordance with the fair value hierarchy described in Note 10, “Fair Value Measurements,” the following tables show the fair value of the total assets of the Pension Plans for each major category as of February 2, 2025 and February 4, 2024:

(In millions)												Fair Value Measurements as of February 2, 2025 (1)
Asset Category						Total						Quoted Prices In Active Markets for Identical Assets (Level 1)						Observable Inputs (Level 2)						Unobservable Inputs (Level 3)
Equity securities:
United States equities (2)						$	32.4					$	32.4					$	—					$	—
United States equity fund (3)						76.9						—						76.9						—
International equity funds (4)						49.6						21.6						28.0						—
Fixed income securities:
U.S. Treasury securities fund (5)						209.8						—						209.8						—
Government securities (6)						1.4						—						1.4						—
Corporate securities (6)						80.5						—						80.5						—
Short-term investment funds (7)						26.4						—						26.4						—
Subtotal						$	477.0					$	54.0					$	423.0					$	—
Other assets and liabilities (8)						0.7
Total						$	477.7

(In millions)												Fair Value Measurements as of February 4, 2024 (1)
Asset Category						Total						Quoted Prices In Active Markets for Identical Assets (Level 1)						Observable Inputs (Level 2)						Unobservable Inputs (Level 3)
Equity securities:
United States equities (2)						$	45.1					$	45.1					$	—					$	—
International equities (2)						0.3						0.3						—						—
United States equity fund (3)						114.1						—						114.1						—
International equity funds (4)						61.1						25.5						35.6						—
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)						1.0
Total						$	554.4

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(1) 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 provided by the pricing services by reviewing prices from other pricing sources. The Company has not adjusted any prices received from the third party pricing services.

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

(3) Valued at the net asset value of the fund, as determined by a pricing vendor or the fund family. The Company has the ability to redeem this investment at net asset value within the near term and therefore classifies this investment within Level 2. This commingled fund invests in United States large cap equities of companies that track the Russell 1000 Index.

(4) 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.

(5) 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 United States Treasury STRIPS.

(6) 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.

(7) 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.

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

The Company believes that there are no significant concentrations of risk within the plan assets as of February 2, 2025.

Currently, the Company does not expect to make material contributions to the Pension Plans in 2025. 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. The expected benefit payments associated with the Pension Plans and SERP Plans, and expected benefit payments, net of retiree contributions, associated with the Postretirement Plans are as follows:

(In millions)
Fiscal Year						Pension Plans						SERP Plans						Postretirement Plans
2025						$	46.1					$	6.0					$	0.4
2026						45.7						5.2						0.4
2027						45.7						4.9						0.4
2028						43.6						4.3						0.3
2029						42.9						4.0						0.3
2030-2034						187.9						15.3						1.1

The Company has savings and retirement plans and a supplemental savings plan for the benefit of its eligible employees in the United States. The Company matches a portion of employee contributions to the plans. The Company began making on January 1, 2022 an additional contribution to these plans for employees in the United States hired on or after that date in lieu of their participation in the Pension Plan. In addition, as discussed above, subsequent to the June 30, 2024 freeze of the Pension Plans and supplemental pension plan, the Company began making an additional contribution to these plans for employees in the United States that were hired prior to January 1, 2022. The Company also has defined contribution plans for certain employees in certain international locations, whereby the Company pays a percentage of the contribution for the employee. The Company’s contributions to these plans were $ 47.1 million, $ 41.7 million and $ 37.7 million in 2024, 2023 and 2022, respectively.

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The Company’s supplemental savings plan allows participants to choose from a broad variety of investment options. The Company established a rabbi trust whereby the trust holds investments that generally mirror the participants’ investment elections in the supplemental savings plan. See Note 10, “Fair Value Measurements,” for further discussion.

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”). Each award granted under the Plan is subject to an award agreement that incorporates, as applicable, the exercise price, the term of the award, the periods of restriction, the number of shares to which the award pertains, performance periods and performance measures, and such other terms and conditions as the plan committee determines. Awards granted under the Plan are classified as equity awards, which are recorded in stockholders’ equity in the Company’s Consolidated Balance Sheets. When estimating the grant date fair value of stock-based awards, the Company considers whether an adjustment is required to the closing price or the expected volatility of its common stock on the date of grant when the Company is in possession of material nonpublic information. No such adjustments were made to the grant date fair value of awards granted in any period presented. Shares issued as a result of stock-based compensation transactions generally have been funded with the issuance of new shares of the Company’s common stock.

According to the terms of the Plan, for purposes of determining the number of shares available for grant, each share underlying a stock option award reduces the number available by one share and each share underlying an RSU or PSU award reduces the number available by two shares for awards made before June 22, 2023 and by 1.6 shares for awards made on or after June 22, 2023. Total shares available for grant at February 2, 2025 amounted to 4.3 million shares.

Net income for 2024, 2023 and 2022 included $ 54.0 million, $ 51.9 million and $ 46.6 million, respectively, of pre-tax expense related to stock-based compensation, with related recognized income tax benefits of $ 6.4 million, $ 6.3 million and $ 5.9 million, respectively.

The Company receives a tax deduction for certain transactions associated with its stock-based awards. The actual income tax benefits realized from these transactions in 2024, 2023 and 2022 were $ 7.8 million, $ 8.0 million and $ 3.7 million, respectively. The tax benefits realized included discrete net excess tax benefits (deficiencies) of $ 1.2 million, $( 1.0 ) million and $( 2.0 ) million recognized in the Company’s provision for income taxes during 2024, 2023 and 2022, respectively.

Stock Options

Stock options granted to employees are generally exercisable in four equal annual installments commencing one year after the date of grant . The underlying stock option award agreements generally provide for accelerated vesting upon the award recipient’s retirement (as defined in the Plan). Such stock options are granted with a 10 -year term and the per share exercise price cannot be less than the closing price of the common stock on the date of grant.

The 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 2024, 2023 and 2022 and the resulting weighted average grant date fair value per stock option:

			2024						2023						2022
Weighted average risk-free interest rate			4.33		%				3.33		%				2.50		%
Weighted average expected stock option term (in years)			6.25						6.25						6.25
Weighted average Company volatility			53.32		%				50.60		%				47.34		%
Expected annual dividends per share			$	0.15					$	0.15					$	0.15
Weighted average grant date fair value per stock option			$	60.96					$	43.47					$	34.27

The risk-free interest rate is based on United States Treasury yields in effect at the date of grant for periods corresponding to the expected stock option term. The expected stock option term represents the weighted average period of time that stock options granted are expected to be outstanding, based on vesting schedules and the contractual term of the stock options. Company volatility is based on the historical volatility of the Company’s common stock over a period of time corresponding to the expected stock option term. Expected dividends are based on the anticipated common stock cash dividend rate for the Company at the time of grant.

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The Company has continued to utilize the simplified method to estimate the expected term for its “plain vanilla” stock options granted due to a lack of relevant historical data resulting, in part, from changes in the pool of employees receiving stock option grants. The Company will continue to evaluate the appropriateness of utilizing such method.

Stock option activity for the year was as follows:

(In thousands, except per stock option data)			Stock Options						Weighted Average Exercise Price Per Stock Option						Weighted Average Remaining Contractual Life (Years)						Aggregate Intrinsic Value
Outstanding at February 4, 2024			513						$	94.05					5.9						$	15,996
Granted			58						109.75
Exercised			60						121.28
Forfeited / Expired			7						115.13
Outstanding at February 2, 2025			504						$	92.31					6.2						$	5,158
Exercisable at February 2, 2025			324						$	93.58					5.1						$	3,898

The aggregate grant date fair value of stock options granted during 2024, 2023 and 2022 was $ 3.6 million, $ 3.7 million and $ 4.6 million, respectively.

The aggregate grant date fair value of stock options that vested during 2024, 2023 and 2022 was $ 2.8 million, $ 2.6 million and $ 1.7 million, respectively.

The aggregate intrinsic value of stock options exercised during 2024 and 2023 was $ 0.7 million and $ 3.1 million, respectively. There were no exercises in 2022.

At February 2, 2025, there was $ 4.7 million of unrecognized pre-tax compensation expense related to non-vested stock options, which is expected to be recognized over a weighted average period of 1.7 years.

RSUs

RSUs granted to employees generally vest in four equal annual installments commencing one year after the date of grant , although the Company does make from time to time, and currently has outstanding, RSUs with different vesting schedules. Service-based RSUs granted to non-employee directors vest in full the earlier of one year after the date of grant or the date of the Annual Meeting of Stockholders following the year of grant . The underlying RSU award agreements for employees generally provide for accelerated vesting upon the award recipient’s retirement (as defined in the Plan). The 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 year was as follows:

(In thousands, except per RSU data)			RSUs						Weighted Average Grant Date Fair Value Per RSU
Non-vested at February 4, 2024			1,175						$	80.79
Granted			522						108.97
Vested			441						80.31
Forfeited			187						88.09
Non-vested at February 2, 2025			1,069						$	93.45

The aggregate grant date fair value of RSUs granted during 2024, 2023 and 2022 was $ 56.8 million, $ 54.9 million and $ 53.6 million, respectively. The aggregate grant date fair value of RSUs vested during 2024, 2023 and 2022 was $ 35.4 million, $ 43.4 million and $ 39.3 million, respectively.

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At February 2, 2025, there was $ 64.7 million of unrecognized pre-tax compensation expense related to non-vested RSUs, which is expected to be recognized over a weighted average period of 1.7 years.

PSUs

PSU 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 Year			Goal for 50 % of the Award						Goal for 50 % of the Award
2021			Company total shareholder return (“TSR”) relative to a pre-established group of industry peers during a three-year period from the grant date						Company’s earnings before interest and taxes (“EBIT”) during fiscal 2021
2022			Company TSR relative to a pre-established group of industry peers during a three-year period from the grant date						Company’s cumulative EBIT during a fiscal three-year performance period
2023			Company TSR relative to a pre-established group of industry peers during a three-year period from the grant date						Company’s average return on invested capital (“ROIC”) during a fiscal three-year performance period
2024			Company TSR relative to a pre-established group of industry peers during a three-year period from the grant date						Company’s average ROIC during a fiscal three-year performance period

The 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. For the EBIT-based portion of the awards granted in 2022, the applicable performance period ended in the fourth quarter of 2024 and the performance condition was not achieved.

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 granted 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 2024, 2023 and 2022 and the resulting weighted average grant date fair value:

						2024						2023						2022
Weighted average risk-free interest rate						4.71		%				3.56		%				2.91		%
Weighted average Company volatility						48.28		%				58.21		%				64.02		%
Expected annual dividends per share						$	0.15					$	0.15					$	0.15
Weighted average grant date fair value per PSU						$	138.12					$	120.42					$	103.36

The risk-free interest rate is based on United States Treasury yields in effect at the date of grant for the term corresponding to the three-year performance period. Company volatility is based on the historical volatility of the Company’s common stock over a period of time corresponding to the three-year performance period. Expected dividends are based on the anticipated common stock cash dividend rate for the Company at the time of grant.

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 4.40 %, 7.40 % and 6.90 % in 2024, 2023 and 2022, respectively, for the restriction of liquidity, which was calculated using the Finnerty model.

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Total PSU activity for the year was as follows:

(In thousands, except per PSU data)			PSUs						Weighted Average Grant Date Fair Value Per PSU
Non-vested at February 4, 2024			236						$	102.29
Granted			127						122.76
Reduction due to market conditions achieved below target			1						157.70
Reduction due to performance conditions not achieved			33						70.64
Vested			55						124.12
Forfeited			8						121.28
Non-vested at February 2, 2025			266						$	110.64

The aggregate grant date fair value of PSUs granted during 2024, 2023 and 2022 was $ 15.6 million, $ 12.3 million and $ 6.3 million, respectively. The aggregate grant date fair value of PSUs vested during 2024 and 2023 was $ 6.8 million and $ 8.6 million, respectively. No PSUs vested during 2022. PSUs in the above table that remain subject to market conditions are reflected at the target level, which is consistent with how expense will be recorded, regardless of the numbers of shares that are expected to be earned.

At February 2, 2025, there was $ 18.0 million of unrecognized pre-tax compensation expense related to non-vested PSUs, which is expected to be recognized over a weighted average period of 1.9 years.

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. Beginning January 1, 2023, the Company’s share repurchases in excess of issuances are subject to a 1 % excise tax enacted by the Inflation Reduction Act.

During 2024, 2023 and 2022, the Company purchased 4.7 million shares, 5.7 million shares and 6.2 million shares, respectively, of its common stock under the program in open market transactions for $ 501.1 million (excluding excise taxes of $ 4.6 million), $ 549.8 million (excluding excise taxes of $ 4.9 million) and $ 399.4 million, respectively. As of February 2, 2025, the repurchased shares were held as treasury stock and $ 1.773 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.

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The following table presents the changes in AOCL, net of related taxes, by component:

(In millions)			Foreign currency translation adjustments												Net unrealized and realized gain (loss) on effective cash flow hedges						Total
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)									20.2						16.8
Other 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 AOCL			2.4												7.7						10.1
Other comprehensive (loss) income			( 58.6 )												18.1						( 40.5 )
Balance at February 4, 2024			$	( 768.7 )											$	15.1					$	( 753.6 )
Other comprehensive (loss) income before reclassifications			( 116.8 )			(1)(5)									36.4						( 80.4 )
Less: Amounts reclassified from AOCL			5.3												17.5						22.8
Other comprehensive (loss) income			( 122.1 )												18.9						( 103.2 )
Balance at February 2, 2025			$	( 890.8 )											$	34.0					$	( 856.8 )

(1) Foreign currency translation adjustments included a net gain on net investment hedges of $ 55.8 million, $ 12.7 million and $ 24.1 million in 2024, 2023 and 2022, respectively.

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

(3) 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.

(4) 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 Chinese yuan and the Australian dollar) and the euro.

(5) Unfavorable foreign currency translation adjustments were principally driven by a strengthening of the United States dollar against the euro, certain currencies in the Asia-Pacific region (primarily the Australian dollar and the Korean won), the Mexican peso and the Brazilian real.

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The following table presents reclassifications from AOCL to earnings:

			Amount Reclassified from AOCL																		Affected Line Item in the Company’s Consolidated Statements of Operations
(In millions)			2024						2023						2022
Realized gain (loss) on effective cash flow hedges:
Foreign currency forward contracts (inventory purchases)			$	24.1					$	11.1					$	27.6					Cost of goods sold
Less: Tax effect			6.6						3.4						7.4						Income tax expense
Total, net of tax			$	17.5					$	7.7					$	20.2
Foreign currency translation adjustments:
Karl Lagerfeld transaction			$	—					$	—					$	( 3.4 )		(1)			Equity in net income of unconsolidated affiliates
Cross-currency swap contracts (net investment hedges)			7.0						3.2						—						Interest expense
Less: Tax effect			1.7						0.8						—						Income tax expense
Total, net of tax			$	5.3					$	2.4					$	( 3.4 )

(1) 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.

The components of the net lease cost were as follows:

(In millions)						Line Item in the Company’s Consolidated Statements of Operations						2024						2023						2022
Finance lease cost:
Amortization of right-of-use-assets						SG&A expenses (depreciation and amortization)						$	3.5					$	4.2					$	4.2
Interest on lease liabilities						Interest expense						0.2						0.2						0.2
Total finance lease cost												3.7						4.4						4.4
Operating lease cost						SG&A expenses						388.3						402.3						401.4
Short-term lease cost						SG&A expenses						66.1						41.7						35.9
Variable lease cost						SG&A expenses						138.2						132.3						116.2
Less: sublease income						SG&A expenses						( 6.0 )						( 5.3 )						( 4.7 )
Total net lease cost												$	590.3					$	575.4					$	553.2

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Supplemental balance sheet information related to leases was as follows:

(In millions)						Line Item in the Company’s Consolidated Balance Sheets						2024						2023
Right-of-use assets:
Operating lease						Operating lease right-of-use assets						$	1,157.5					$	1,213.8
Finance lease						Property, plant and equipment, net						5.4						8.8
												$	1,162.9					$	1,222.6
Current lease liabilities:
Operating lease						Current portion of operating lease liabilities						$	289.1					$	288.9
Finance lease						Accrued expenses						3.2						4.1
												$	292.3					$	293.0
Other lease liabilities:
Operating lease						Long-term portion of operating lease liabilities						$	1,011.3					$	1,075.8
Finance lease						Other liabilities						2.7						5.6
												$	1,014.0					$	1,081.4

Supplemental cash flow information related to leases was as follows:

(In millions)						2024						2023						2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	392.0					$	446.2					$	450.8
Operating cash flows from finance leases						0.2						0.2						0.2
Financing cash flows from finance leases						3.9						4.6						4.7
Noncash transactions:
Right-of-use assets obtained in exchange for new operating lease liabilities						$	300.2					$	278.4					$	338.6
Right-of-use assets obtained in exchange for new finance lease liabilities						0.8						4.0						8.2

The following summarizes the weighted average remaining lease terms and weighted average discount rates related to the Company’s right-of-use assets and lease liabilities recorded on the balance sheet:

						2024						2023
Weighted average remaining lease term (years):
Operating leases						5.92						6.10
Finance leases						2.02						2.55
Weighted average discount rate:
Operating leases						4.68		%				4.64		%
Finance leases						2.11		%				2.17		%

At February 2, 2025, the maturities of the Company’s lease liabilities were as follows:

(In millions)						Finance Leases						Operating Leases						Total
2025						$	3.2					$	341.6					$	344.8
2026						2.1						287.6						289.7
2027						0.5						239.3						239.8
2028						0.2						187.0						187.2
2029						—						131.0						131.0
Thereafter						—						312.9						312.9
Total lease payments						$	6.0					$	1,499.4					$	1,505.4
Less: Interest						( 0.1 )						( 199.0 )						( 199.1 )
Total lease liabilities						$	5.9					$	1,300.4					$	1,306.3

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The Company’s lease liabilities exclude $ 108.0 million of future lease payment obligations related to leases for various retail store and distribution center leases that were entered into but did not commence as of February 2, 2025. These leases commenced or will commence in 2025.

Growth Driver 5 Actions

In line with the fifth growth driver of the PVH+ Plan – drive efficiencies and invest in growth – the Company embarked on a multi-year initiative beginning in the second quarter of 2024 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 during 2024 of $ 33.5 million. In addition, the Company sold a warehouse and distribution center during the third quarter of 2024 in connection with this initiative, resulting in a pre-tax gain of $ 9.5 million that was included in other gain in the Company’s Consolidated Statement of Operations. Such amount represents the consideration received, less costs to sell. The warehouse and distribution center assets had no remaining value at the time of the sale. The Company expects to incur additional costs in 2025, however the additional costs cannot be quantified at this time.

The pre-tax severance, termination benefits and other employee 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 2024
Tommy Hilfiger North America			$	2.8
Tommy Hilfiger International			14.6
Calvin Klein North America			3.2
Calvin Klein International			7.1
Corporate (1)			5.8
Total			$	33.5

(1) Corporate expenses are not allocated to any reportable segment.

The pre-tax gain of $ 9.5 million related to the sale of a warehouse and distribution center was recorded in other gain in corporate expenses not allocated to any reportable segment.

Please see Note 19, “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 2/4/24						Costs Incurred During 2024						Costs Paid During 2024						Liability at 2/2/25
Severance, termination benefits and other employee costs			$	—					$	33.5					$	10.9					$	22.6

2022 Cost Savings Initiative

The Company announced in August 2022 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

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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, of which $ 20.2 million was incurred during 2022 and $ 61.3 million was incurred during 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 2022						Costs Incurred During 2023						Cumulative Costs Incurred
Tommy Hilfiger North America									$	4.7					$	12.7					$	17.4
Tommy Hilfiger International									2.5						17.3						19.8
Calvin Klein North America									4.6						9.1						13.7
Calvin Klein International									3.5						10.8						14.3
Heritage Brands Wholesale									2.6						7.8						10.4
Corporate (1)									2.3						3.6						5.9
Total									$	20.2					$	61.3					$	81.5

(1) Corporate expenses are not allocated to any reportable segment.

Please see Note 19, “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 Sheets and were as follows:

(In millions)			Liability at 2/4/24												Costs Paid During 2024						Liability at 2/2/25
Severance, termination benefits and other employee costs			$	20.4											$	17.6					$	2.8

Russia Business Exit Costs

As a result of the war in Ukraine, the Company made the decision in 2022 to exit from its Russia business, including the closure of its retail stores in Russia and the cessation of its wholesale operations in Russia and Belarus. In connection with this exit, the Company recorded pre-tax costs during 2022 as shown in the following table. All expected costs related to the exit from the Russia business were incurred during 2022.

(In millions)			Costs Incurred During 2022
Severance, termination benefits and other employee costs			$	2.1
Long-lived asset impairments			43.6
Gain on lease terminations, net of contract termination and other costs (1)			( 2.7 )
Total			$	43.0

(1) 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.

The pre-tax costs incurred in connection with the exit from the Russia business were recorded in SG&A expenses of the Company’s segments as follows: $ 31.6 million in the Tommy Hilfiger International segment and $ 11.4 million in the Calvin Klein International segment. Please see Note 19, “Segment Data,” for further discussion of the Company’s reportable segments.

Please see Note 10, “Fair Value Measurements,” for further discussion of the long-lived asset impairments recorded during 2022.

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The Company computed its basic and diluted net income per common share as follows:

(In millions, except per share data)			2024						2023						2022
Net income			$	598.5					$	663.6					$	200.4
Weighted average common shares outstanding for basic net income per common share			56.0						61.0						65.7
Weighted average impact of dilutive securities			0.7						0.7						0.5
Total shares for diluted net income per common share			56.7						61.7						66.2
Basic net income per common share			$	10.69					$	10.88					$	3.05
Diluted net income per common share			$	10.56					$	10.76					$	3.03

Potentially dilutive securities excluded from the calculation of diluted net income per common share as the effect would be anti-dilutive were as follows:

(In millions)			2024						2023						2022
Weighted average potentially dilutive securities			0.4						0.8						1.4

Shares underlying contingently issuable awards that have not met the necessary conditions as of the end of a reporting period are not included in the calculation of diluted net income per common share for that period. The Company had contingently issuable PSU awards outstanding that did not meet the performance conditions as of February 2, 2025, February 4, 2024 and January 29, 2023 and, therefore, were excluded from the calculation of diluted net income per common share for each applicable year. The maximum number of potentially dilutive shares that could be issued upon vesting for such awards was 0.2 million, 0.1 million and 0.2 million as of February 2, 2025, February 4, 2024 and January 29, 2023, respectively. These amounts were also excluded from the computation of weighted average potentially dilutive securities in the table above.

Omitted from the Company’s Consolidated Statement of Cash Flows for 2024 were capital expenditures related to property, plant and equipment of $ 17.4 million, which will not be paid until 2025. The Company paid $ 27.7 million in cash during 2024 related to property, plant and equipment that was acquired in 2023. This amount was omitted from the Company’s Consolidated Statement of Cash Flows for 2023. The Company paid $ 39.4 million in cash during 2023 related to property, plant and equipment that was acquired in 2022. This amount was omitted from the Company’s Consolidated Statement of Cash Flows for 2022.

Omitted from acquisition of treasury shares in the Company’s Consolidated Statements of Cash Flows were (i) for 2024 and 2023, $ 4.0 million and $ 2.1 million, respectively, of shares repurchased under the stock repurchase program for which the trades occurred but remained unsettled as of the end of the respective periods and (ii) for 2024 and 2023, $ 4.6 million and $ 4.9 million, respectively, of accruals for excise taxes on share repurchases.

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. The Company’s Chief Executive Officer, who is the chief operating decision maker (“CODM”), uses segment income (loss) before interest and taxes as the profit measure to evaluate segment performance and allocate resources to the segments. The CODM considers variances of actual and forecasted performance to prior year when making decisions.

Tommy Hilfiger North America Segment - This segment consists of the Company’s Tommy Hilfiger North America division. This segment derives revenue principally from (i) marketing TOMMY HILFIGER branded 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 sells TOMMY HILFIGER branded apparel, accessories and related products; and (iii) licensing and similar

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arrangements relating to the use by third parties of the TOMMY HILFIGER brand 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 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) marketing TOMMY HILFIGER branded 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 sell TOMMY HILFIGER branded apparel, accessories and related products; and (iii) licensing and similar arrangements relating to the use by third parties of the TOMMY HILFIGER brand 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) marketing Calvin Klein branded 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 sells Calvin Klein branded apparel, accessories and related products; and (iii) licensing and similar arrangements relating to the use by third parties of the Calvin Klein brand 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 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) marketing Calvin Klein branded 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 through distributors and franchisees; (ii) operating retail stores, concession locations and digital commerce sites in Europe, Asia, Brazil and Australia, which sell Calvin Klein branded apparel, accessories and related products; and (iii) licensing and similar arrangements relating to the use by third parties of the Calvin Klein brand 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 the Warner’s, Olga and True&Co. trademarks until November 27, 2023, when the Company completed the Heritage Brands intimates transaction; (ii) men’s underwear under the Nike brand, which is licensed; and (iii) men’s dress shirts under the Van Heusen brand, which is licensed, as well as under various other licensed brand names. Please see Note 3, “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 affiliate relating to each affiliate’s business under various owned and licensed brand names.

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Changes to Organizational Structure

The disclosures below and elsewhere in the consolidated financial statements reflect the reportable segments discussed above, which existed through the end of 2024. Effective February 3, 2025, the first day of 2025, the Company changed its reportable segments to be region-focused to align with changes in its business and organizational structure. These changes included the restructuring of the executive leadership structure directly reporting to the CODM. The Company’s new reportable segments are: (i) Americas, (ii) Europe, the Middle East and Africa, (iii) Asia-Pacific, and (iv) Licensing. The new reportable segments reflect the way the Company is currently being managed and for which separate financial information is available and evaluated regularly by the CODM in deciding how to allocate resources and assess performance. The Company’s historical segment reporting will be recast in future filings to reflect the new organizational structure.

Segment Data

The Company’s revenue, significant expenses, and income (loss) before interest and taxes by segment, which include the impact of changes in foreign currency exchanges rates, were as follows:

			2024
(In millions)			Tommy Hilfiger North America (4)(5)						Tommy Hilfiger International (4)(5)						Calvin Klein North America (4)						Calvin Klein International (4)						Heritage Brands Wholesale (6)						Total
Net Sales			$	1,252.8					$	3,142.9					$	1,120.0					$	2,481.4					$	206.0					$	8,203.1
Royalty revenue			97.8						58.7						155.1						49.2						0.4						361.2
Advertising and other revenue			20.6						16.9						40.9						10.1						0.1						88.6
Total revenue			1,371.2						3,218.5						1,316.0						2,540.7						206.5						8,652.9
Cost of goods sold (1)			615.0						1,242.8						599.1						927.5						126.0						3,510.4
Marketing expenses (1)			65.9						188.6						86.9						130.4						8.2						480.0
Other segment items (2)			544.1						1,462.0						480.1						1,155.2						35.9						3,677.3
Segment income before interest and taxes			$	146.2					$	325.1					$	149.9					$	327.6					$	36.4					$	985.2
Corporate (3)(4)																																	( 212.9 )
Income before interest and taxes																																	$	772.3

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2) Other segment items include (i) all other segment selling, general and administrative expenses other than marketing expense, including direct and indirect costs to operate the segment’s retail store, digital commerce, licensing and wholesale businesses, warehousing and distribution costs, depreciation and amortization, restructuring costs, and other costs, (ii) equity in net income of unconsolidated affiliates and (iii) the other gain recorded in 2024 in connection with the Heritage Brands intimates transaction described in note (6) below.

(3) 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. The actuarial loss on the Company’s Pension Plans, SERP Plans and Postretirement Plans was $ 28.2 million in 2024.

(4) Income (loss) before interest and taxes included net costs of $ 24.0 million incurred related to the Growth Driver 5 Actions described in Note 16, “Exit Activity Costs,” consisting principally of severance and a gain in connection with the sale of a warehouse and distribution center. Such costs were included in the Company’s segments as follows: $ 2.8 million in Tommy Hilfiger North America, $ 14.6 million in Tommy Hilfiger International, $ 3.2 million in Calvin Klein North America, $ 7.1 million in Calvin Klein International, and a net gain of $ 3.7 million in corporate expenses not allocated to any reportable segments. Please see Note 16, “Exit Activity Costs,” for further discussion.

(5) Income before interest and taxes included costs of $ 50.7 million incurred in connection with an amendment to Mr. Tommy Hilfiger’s employment agreement pursuant to which the Company made a cash buyout of a portion of the future payment

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obligations. Such costs were included in the Company’s segments as follows: $ 17.1 million in Tommy Hilfiger North America and $ 33.6 million in Tommy Hilfiger International.

(6) Income before interest and taxes 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 3, “Divestitures,” for further discussion.

			2023
(In millions)			Tommy Hilfiger North America (4)						Tommy Hilfiger International (4)						Calvin Klein North America (4)						Calvin Klein International (4)						Heritage Brands Wholesale (4)(5)						Total
Net Sales			$	1,262.7					$	3,376.3					$	1,112.4					$	2,523.0					$	477.4					$	8,751.8
Royalty revenue			88.5						58.6						165.2						55.0						0.9						368.2
Advertising and other revenue			20.5						18.0						47.0						11.9						0.3						97.7
Total revenue			1,371.7						3,452.9						1,324.6						2,589.9						478.6						9,217.7
Cost of goods sold (1)			636.4						1,351.6						609.2						933.5						323.8						3,854.5
Marketing expenses (1)			81.7						188.9						101.8						143.9						17.6						533.9
Other segment items (2)			560.1						1,457.8						506.0						1,126.5						97.9						3,748.3
Segment income before interest and taxes			$	93.5					$	454.6					$	107.6					$	386.0					$	39.3					$	1,081.0
Corporate (3)(4)																																	( 152.2 )
Income before interest and taxes																																	$	928.8

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2) Other segment items include (i) all other segment selling, general and administrative expenses other than marketing expense, including direct and indirect costs to operate the segment’s retail store, digital commerce, licensing and wholesale businesses, warehousing and distribution costs, depreciation and amortization, restructuring costs, and other costs, (ii) equity in net income of unconsolidated affiliates and (iii) the other gain recorded in 2023 in connection with the Heritage Brands intimates transaction described in note (5) below.

(3) 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. The actuarial gain on the Company’s Pension Plans, SERP Plans and Postretirement Plans was $ 45.5 million in 2023.

(4) Income (loss) before interest and taxes included costs of $ 61.3 million incurred related to the 2022 cost savings initiative described in Note 16, “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 16, “Exit Activity Costs,” for further discussion.

(5) Income before interest and taxes 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, “Divestitures,” for further discussion.

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			2022
(In millions)			Tommy Hilfiger North America (4)(5)						Tommy Hilfiger International (5)(6)						Calvin Klein North America (4)(5)						Calvin Klein International (4)(5)(6)						Heritage Brands Wholesale (5)						Total
Net Sales			$	1,185.0					$	3,282.1					$	1,205.6					$	2,290.3					$	581.9					$	8,544.9
Royalty revenue			86.0						61.9						170.1						53.1						0.9						372.0
Advertising and other revenue			21.7						20.7						54.7						9.6						0.6						107.3
Total revenue			1,292.7						3,364.7						1,430.4						2,353.0						583.4						9,024.2
Cost of goods sold (1)			674.9						1,259.4						732.6						842.6						391.8						3,901.3
Marketing expenses (1)			70.3						165.5						106.7						128.9						20.7						492.1
Other segment items (2)			722.9						1,425.0						673.0						1,128.9						123.5						4,073.3
Segment (loss) income before interest and taxes			$	( 175.4 )					$	514.8					$	( 81.9 )					$	252.6					$	47.4					$	557.5
Corporate (3)(5)(7)																																	( 86.8 )
Income before interest and taxes																																	$	470.7

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2) Other segment items include (i) all other segment selling, general and administrative expenses other than marketing expense, including direct and indirect costs to operate the segment’s retail store, digital commerce, licensing and wholesale businesses, warehousing and distribution costs, depreciation and amortization, restructuring costs, and other costs, (ii) equity in net income of unconsolidated affiliates and (iii) a goodwill impairment charge recorded in 2022 described in note (4) below.

(3) Includes corporate expenses not allocated to any reportable segments, including the Company’s proportionate share of the net income or loss of its investment in Karl Lagerfeld prior to the closing of the Karl Lagerfeld transaction in 2022. Please see Note 5, “Investments in Unconsolidated Affiliates,” for further discussion of the Company’s investment in Karl Lagerfeld. 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. The actuarial gain on the Company’s Pension Plans, SERP Plans and Postretirement Plans was $ 78.4 million in 2022.

(4) (Loss) income before interest and taxes 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 6, “Goodwill and Other Intangible Assets,” for further discussion.

(5) (Loss) income before interest and taxes included costs of $ 20.2 million incurred related to the 2022 cost savings initiative described in Note 16, “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 16, “Exit Activity Costs,” for further discussion.

(6) Income before interest and taxes 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 16, “Exit Activity Costs,” for further discussion.

(7) Loss before interest and taxes 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.

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The Company’s identifiable assets, depreciation and amortization, and identifiable capital expenditures by segment were as follows:

(In millions)						2024						2023						2022
Identifiable Assets (1)
Tommy Hilfiger North America						$	1,218.6					$	1,185.3					$	1,296.3
Tommy Hilfiger International						4,475.3						4,667.6						4,875.4
Calvin Klein North America						1,382.9						1,354.7						1,527.2
Calvin Klein International						2,997.2						3,005.2						3,099.7
Heritage Brands Wholesale (2)						127.1						136.9						410.4
Corporate (3)						832.1						823.2						559.3
Total						$	11,033.2					$	11,172.9					$	11,768.3
Depreciation and Amortization
Tommy Hilfiger North America						$	26.0					$	29.5					$	30.5
Tommy Hilfiger International						119.7						131.1						125.0
Calvin Klein North America						21.1						24.8						29.6
Calvin Klein International						99.7						95.8						94.3
Heritage Brands Wholesale						4.2						5.8						10.7
Corporate						11.5						11.6						11.4
Total						$	282.2					$	298.6					$	301.5
Identifiable Capital Expenditures (4)
Tommy Hilfiger North America						$	13.0					$	14.2					$	14.5
Tommy Hilfiger International						66.0						118.7						140.9
Calvin Klein North America						9.4						6.3						14.4
Calvin Klein International						56.6						88.8						103.7
Heritage Brands Wholesale						1.9						2.7						6.6
Corporate						1.5						2.3						3.5
Total						$	148.4					$	233.0					$	283.6

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

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

(3) The changes in Corporate identifiable assets in 2024, 2023 and 2022 were primarily due to changes in cash and cash equivalents and the assets attributable to the Company’s Pension Plans.

(4) Capital expenditures in 2024 included $ 17.4 million of accruals that will not be paid until 2025. Capital expenditures in 2023 included $ 27.7 million of accruals that were not paid until 2024. Capital expenditures in 2022 included $ 39.4 million of accruals that were not paid until 2023.

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Intersegment transactions, which primarily consist of transfers of inventory, are not material.

Revenue by Distribution Channel

The Company’s revenue by distribution channel was as follows:

(In millions)			2024			(1)			2023			(1)			2022			(1)
Wholesale net sales			$	4,108.8					$	4,554.7					$	4,704.0
Owned and operated retail stores			3,348.9						3,399.8						3,118.2
Owned and operated digital commerce sites			745.4						797.3						722.7
Retail net sales			4,094.3						4,197.1						3,840.9
Net sales			8,203.1						8,751.8						8,544.9
Royalty revenue			361.2						368.2						372.0
Advertising and other revenue			88.6						97.7						107.3
Total (2)			$	8,652.9					$	9,217.7					$	9,024.2

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

(2) No single customer accounted for more than 5 % of the Company’s revenue in 2024, 2023 or 2022.

The Company has not disclosed net sales by product category as it is impracticable to do so.

Geographic Region Data

Property, plant and equipment, net based on the location where such assets are held, was as follows:

(In millions)			2024 (1)						2023 (1)						2022 (1)
Domestic			$	287.7					$	333.6					$	384.3
Canada			6.6						8.0						10.4
Europe			351.3						415.0						406.4
Asia-Pacific			93.5						103.7						101.1
Other foreign			1.9						2.3						1.8
Total			$	741.0					$	862.6					$	904.0

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

Revenue, based on location of origin, was as follows:

(In millions)			2024 (1)						2023 (1)						2022 (1)
Domestic (2)			$	2,473.7					$	2,715.1					$	2,854.9
Canada			315.4						349.1						347.6
Europe			4,124.8						4,378.6						4,204.0
Asia-Pacific			1,617.5						1,643.5						1,492.3
Other foreign			121.5						131.4						125.4
Total			$	8,652.9					$	9,217.7					$	9,024.2

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

(2) Domestic revenue in 2023 and 2024 was negatively impacted by the Heritage Brands intimates transaction. Please see Note 3, “Divestitures,” for further discussion.

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The Company has guaranteed a portion of the debt of its joint venture in India. The maximum amount guaranteed as of February 2, 2025 was approximately $ 5.7 million based on exchange rates in effect on that date. The guarantee is in effect for the entire term of the debt. The liability for this guarantee obligation was immaterial as of February 2, 2025 and February 4, 2024 .

The Company has guaranteed to a financial institution the repayment of store security deposits in Japan paid to landlords on behalf of the Company. The amount guaranteed as of February 2, 2025 was approximately $ 5.3 million based on exchange rates in effect on that date. The Company has the right to seek recourse from the landlords for the full amount. The guarantees expire in 2025 and are renewable through between 2026 and 2031. The liability for these guarantee obligations was immaterial as of February 2, 2025 and February 4, 2024.

Investigation by China’s Ministry of Commerce

In September 2024, MOFCOM announced that it had initiated an investigation into the Company’s business under the UEL Provisions upon the suspicion that the Company (i) suspended normal transactions with Chinese entities or individuals, (ii) adopted discriminatory measures against products produced in or made from raw materials or component parts from China’s Xinjiang Uyghur Autonomous Region, and (iii) violated normal market trading principles. In October 2024, the Company submitted a written response to MOFCOM and, in December 2024, the Company submitted a supplemental response. In January 2025, MOFCOM issued a preliminary finding that PVH Corp. had violated normal market trading principles and in February it announced its determination and placed PVH Corp. on the UEL. The Company does not know if or when MOFCOM will implement any measures as a result of the listing or what they will be if any are imposed. According to the UEL Provisions, potential measures could include monetary fines, restrictions or prohibitions on engaging in import and export activities related to China or making investments in China, entry denial of the Company’s relevant personnel into China, restrictions or revocation of work permits, stay or residence status of the Company’s relevant personnel in China, or other measures. No measures have been imposed on the Company at this time. The practical impact of any such restrictions or prohibitions could include the Company’s inability to produce goods in China for sale elsewhere, the Company’s inability to sell goods on a wholesale or retail basis in China, or the Company’s inability to make investments in China.

The Company cannot currently predict the duration or impact of any measures that may ultimately be imposed. The imposition and enforcement of measures against the Company could have a material adverse effect on its revenue and results of operations. Furthermore, if, as a result of any such measures, it is necessary for the Company to cease certain or all operations in China, it may result in charges related to excess inventory and difficulty collecting trade receivables, among other things. The Company may also incur material non-cash impairment charges if it is unable to recover the carrying value of its goodwill, other indefinite-lived intangible assets and long-lived assets. Additionally, if the production of the Company’s products in China ceases, its business could be impacted more broadly and the Company may need or decide to shift production to other jurisdictions.

Litigation

The Company is a party to certain litigations which, in management’s judgment, based in part on the opinions of legal counsel, will not have a material adverse effect on the Company’s financial position.

Asset Retirement Liabilities

The Company’s asset retirement liabilities are included in accrued expenses and other liabilities in the Company’s Consolidated Balance Sheets and relate to the Company’s obligation to dismantle or remove leasehold improvements from leased office, retail store or warehouse locations at the end of a lease term in order to restore a facility to a condition specified in the lease agreement. The Company records the fair value of the liability for asset retirement obligations in the period in which it is legally or contractually incurred. Upon initial recognition of the asset retirement liability, an asset retirement cost is capitalized by increasing the carrying amount of the asset by the same amount as the liability. In periods subsequent to initial measurement, the asset retirement cost is recognized as expense through depreciation over the asset’s useful life. Changes in the

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liability for the asset retirement obligations are recognized for the passage of time and revisions to either the timing or the amount of estimated cash flows. Accretion expense is recognized in SG&A expenses for the impacts of increasing the discounted fair value to its estimated settlement value.

The following table presents the activity related to the Company’s asset retirement liabilities, included in accrued expenses and other liabilities in the Company’s Consolidated Balance Sheets, for the years ended February 2, 2025 and February 4, 2024:

(In millions)			2024						2023
Balance at beginning of year			$	37.3					$	44.7
Liabilities incurred			2.8						2.7
Liabilities settled (payments)			( 3.2 )						( 9.3 )
Accretion expense			0.4						0.4
Revisions in estimated cash flows			( 0.9 )						0.6
Currency translation adjustment			( 0.8 )						( 1.8 )
Balance at end of year			$	35.6					$	37.3

Supply Chain Finance Program

The 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 $ 457.9 million and $ 423.4 million of the Company’s payment obligations that were outstanding as of February 2, 2025 and February 4, 2024, respectively, to financial institutions and $ 1,779.1 million and $ 1,909.4 million had been settled through the program during 2024 and 2023, respectively.

The following table presents the activity related to the Company’s outstanding obligations confirmed as valid under the SCF program, included in accounts payable in the Company’s Consolidated Balance Sheets, for the year ended February 2, 2025:

(In millions)			2024
Confirmed obligations outstanding at beginning of year			$	423.4
Invoices confirmed during the year			1,816.7
Confirmed invoices paid during the year			( 1,779.1 )
Currency translation adjustment			( 3.1 )
Confirmed obligations outstanding at end of year			$	457.9

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VALUATION AND QUALIFYING ACCOUNTS

(In millions)

Column A						Column B						Column C												Column D						Column E
												Additions Charged to Costs and Expenses						Additions Charged to Other Accounts
						Balance at Beginning of Period																								Balance at End of Period
Description																								Deductions
Year Ended February 2, 2025
Allowance for credit losses						$	41.1					$	8.0					$	—					$	26.7		(1)			$	22.4
Allowance/accrual for operational chargebacks and customer markdowns						83.1						213.3						—						209.0						87.4
Valuation allowance for deferred income tax assets						73.7						7.0						—						20.7						60.0
Year Ended February 4, 2024
Allowance for credit losses						$	42.6					$	4.6					$	—					$	6.1		(1)			$	41.1
Allowance/accrual for operational chargebacks and customer markdowns						120.9						229.2						—						267.0						83.1
Valuation allowance for deferred income tax assets						72.9						17.3						—						16.5						73.7
Year Ended January 29, 2023
Allowance for credit losses						$	61.9					$	2.9					$	—					$	22.2		(1)			$	42.6
Allowance/accrual for operational chargebacks and customer markdowns						133.7						243.3						—						256.1						120.9
Valuation allowance for deferred income tax assets						69.3						19.5						—						15.9						72.9

(1) Principally accounts written off as uncollectible and recoveries.