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(Mark One)
|
|
|
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
||
For the quarterly period ended
|
May 1, 2016
|
|
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|||
For the transition period from
|
|
to
|
|
PVH CORP.
|
(Exact name of registrant as specified in its charter)
|
Delaware
|
|
13-1166910
|
(State or other jurisdiction of
|
|
(I.R.S. Employer
|
incorporation or organization)
|
|
Identification No.)
|
|
|
|
200 Madison Avenue, New York, New York
|
|
10016
|
(Address of principal executive offices)
|
|
(Zip Code)
|
(212) 381-3500
|
(Registrant’s telephone number, including area code)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended
|
||||||
|
May 1,
|
|
May 3,
|
||||
|
2016
|
|
2015
|
||||
Net sales
|
$
|
1,817.7
|
|
|
$
|
1,785.1
|
|
Royalty revenue
|
77.1
|
|
|
74.2
|
|
||
Advertising and other revenue
|
23.0
|
|
|
20.0
|
|
||
Total revenue
|
1,917.8
|
|
|
1,879.3
|
|
||
Cost of goods sold (exclusive of depreciation and amortization)
|
910.9
|
|
|
893.7
|
|
||
Gross profit
|
1,006.9
|
|
|
985.6
|
|
||
Selling, general and administrative expenses
|
865.2
|
|
|
814.9
|
|
||
Gain to write-up equity investment in joint venture to fair value
|
153.1
|
|
|
—
|
|
||
Equity in net (loss) income of unconsolidated affiliates
|
(0.2
|
)
|
|
6.1
|
|
||
Income before interest and taxes
|
294.6
|
|
|
176.8
|
|
||
Interest expense
|
29.9
|
|
|
30.9
|
|
||
Interest income
|
0.9
|
|
|
1.1
|
|
||
Income before taxes
|
265.6
|
|
|
147.0
|
|
||
Income tax expense
|
34.0
|
|
|
32.9
|
|
||
Net income
|
231.6
|
|
|
114.1
|
|
||
Basic net income per common share
|
$
|
2.85
|
|
|
$
|
1.38
|
|
Diluted net income per common share
|
$
|
2.83
|
|
|
$
|
1.37
|
|
Dividends declared per common share
|
$
|
0.0750
|
|
|
$
|
0.0750
|
|
|
Thirteen Weeks Ended
|
||||||
|
May 1,
|
|
May 3,
|
||||
|
2016
|
|
2015
|
||||
|
|
|
|
||||
Net income
|
$
|
231.6
|
|
|
$
|
114.1
|
|
Other comprehensive income (loss):
|
|
|
|
||||
Foreign currency translation adjustments, net of tax (benefit) expense of $(0.0) and $0.0
|
184.3
|
|
|
(15.3
|
)
|
||
Amortization of prior service credit related to pension and postretirement plans, net of tax benefit of $0.0 and $0.0
|
(0.1
|
)
|
|
(0.1
|
)
|
||
Net unrealized and realized loss related to effective hedges, net of tax benefit of $5.9 and $0.9
|
(54.9
|
)
|
|
(16.9
|
)
|
||
Total other comprehensive income (loss)
|
129.3
|
|
|
(32.3
|
)
|
||
Total comprehensive income
|
$
|
360.9
|
|
|
$
|
81.8
|
|
|
May 1,
|
|
January 31,
|
|
May 3,
|
||||||
|
2016
|
|
2016
|
|
2015
|
||||||
|
UNAUDITED
|
|
AUDITED
|
|
UNAUDITED
|
||||||
ASSETS
|
|
|
|
|
|
||||||
Current Assets:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
365.1
|
|
|
$
|
556.4
|
|
|
$
|
419.3
|
|
Trade receivables, net of allowances for doubtful accounts of $21.1, $18.1 and $18.9
|
661.5
|
|
|
657.2
|
|
|
733.6
|
|
|||
Other receivables
|
22.8
|
|
|
28.7
|
|
|
31.8
|
|
|||
Inventories, net
|
1,281.4
|
|
|
1,322.3
|
|
|
1,173.3
|
|
|||
Prepaid expenses
|
154.5
|
|
|
150.5
|
|
|
162.6
|
|
|||
Other
|
42.9
|
|
|
89.4
|
|
|
102.7
|
|
|||
Total Current Assets
|
2,528.2
|
|
|
2,804.5
|
|
|
2,623.3
|
|
|||
Property, Plant and Equipment, net
|
749.9
|
|
|
744.6
|
|
|
720.9
|
|
|||
Goodwill
|
3,572.3
|
|
|
3,219.3
|
|
|
3,261.0
|
|
|||
Tradenames
|
2,841.2
|
|
|
2,802.6
|
|
|
2,826.2
|
|
|||
Other Intangibles, net
|
967.5
|
|
|
843.8
|
|
|
931.4
|
|
|||
Other Assets, including deferred taxes of $17.1, $12.2 and $17.7
|
226.0
|
|
|
259.0
|
|
|
286.9
|
|
|||
Total Assets
|
$
|
10,885.1
|
|
|
$
|
10,673.8
|
|
|
$
|
10,649.7
|
|
|
|
|
|
|
|
||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|||||||||
Current Liabilities:
|
|
|
|
|
|
||||||
Accounts payable
|
$
|
497.7
|
|
|
$
|
636.1
|
|
|
$
|
411.7
|
|
Accrued expenses
|
706.2
|
|
|
696.3
|
|
|
683.0
|
|
|||
Deferred revenue
|
23.3
|
|
|
32.3
|
|
|
22.3
|
|
|||
Short-term borrowings
|
41.0
|
|
|
25.9
|
|
|
10.6
|
|
|||
Current portion of long-term debt
|
126.7
|
|
|
136.6
|
|
|
99.3
|
|
|||
Total Current Liabilities
|
1,394.9
|
|
|
1,527.2
|
|
|
1,226.9
|
|
|||
Long-Term Debt
|
2,991.6
|
|
|
3,031.7
|
|
|
3,362.8
|
|
|||
Other Liabilities, including deferred taxes of $880.1, $836.4 and $893.3
|
1,636.3
|
|
|
1,562.6
|
|
|
1,615.5
|
|
|||
Stockholders’ Equity:
|
|
|
|
|
|
||||||
Preferred stock, par value $100 per share; 150,000 total shares authorized
|
—
|
|
|
—
|
|
|
—
|
|
|||
Common stock, par value $1 per share; 240,000,000 shares authorized; 83,665,468; 83,545,818 and 83,366,852 shares issued
|
83.6
|
|
|
83.5
|
|
|
83.4
|
|
|||
Additional paid in capital - common stock
|
2,832.9
|
|
|
2,822.5
|
|
|
2,782.1
|
|
|||
Retained earnings
|
2,786.6
|
|
|
2,561.2
|
|
|
2,109.2
|
|
|||
Accumulated other comprehensive loss
|
(574.9
|
)
|
|
(704.2
|
)
|
|
(448.8
|
)
|
|||
Less: 2,680,402; 2,057,850 and 688,450 shares of common stock held in treasury, at cost
|
(265.9
|
)
|
|
(210.7
|
)
|
|
(81.4
|
)
|
|||
Total Stockholders’ Equity
|
4,862.3
|
|
|
4,552.3
|
|
|
4,444.5
|
|
|||
Total Liabilities and Stockholders’ Equity
|
$
|
10,885.1
|
|
|
$
|
10,673.8
|
|
|
$
|
10,649.7
|
|
|
Thirteen Weeks Ended
|
||||||
|
May 1,
|
|
May 3,
|
||||
|
2016
|
|
2015
|
||||
OPERATING ACTIVITIES
|
|
|
|
||||
Net income
|
$
|
231.6
|
|
|
$
|
114.1
|
|
Adjustments to reconcile to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
70.6
|
|
|
61.0
|
|
||
Equity in net loss (income) of unconsolidated affiliates
|
0.2
|
|
|
(6.1
|
)
|
||
Deferred taxes
|
0.5
|
|
|
(0.6
|
)
|
||
Stock-based compensation expense
|
10.3
|
|
|
8.5
|
|
||
Gain to write-up equity investment in joint venture to fair value
|
(153.1
|
)
|
|
—
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Trade receivables, net
|
12.7
|
|
|
(28.8
|
)
|
||
Inventories, net
|
90.1
|
|
|
83.4
|
|
||
Accounts payable, accrued expenses and deferred revenue
|
(174.0
|
)
|
|
(194.8
|
)
|
||
Prepaid expenses
|
2.6
|
|
|
(29.9
|
)
|
||
Other, net
|
17.7
|
|
|
53.6
|
|
||
Net cash provided by operating activities
|
109.2
|
|
|
60.4
|
|
||
INVESTING ACTIVITIES
(1)
|
|
|
|
||||
Business acquisitions, net of cash acquired
|
(158.0
|
)
|
|
—
|
|
||
Purchase of property, plant and equipment
|
(45.9
|
)
|
|
(48.5
|
)
|
||
Contingent purchase price payments
|
(12.8
|
)
|
|
(11.9
|
)
|
||
Change in restricted cash
|
—
|
|
|
20.2
|
|
||
Investments in unconsolidated affiliates
|
(1.5
|
)
|
|
(22.4
|
)
|
||
Net cash used by investing activities
|
(218.2
|
)
|
|
(62.6
|
)
|
||
FINANCING ACTIVITIES
(1)
|
|
|
|
||||
Net proceeds from short-term borrowings
|
15.1
|
|
|
2.1
|
|
||
Repayment of 2014 facilities
|
(51.9
|
)
|
|
(49.8
|
)
|
||
Net proceeds from settlement of awards under stock plans
|
0.8
|
|
|
3.4
|
|
||
Excess tax benefits from awards under stock plans
|
0.1
|
|
|
2.0
|
|
||
Cash dividends
|
(6.2
|
)
|
|
(6.2
|
)
|
||
Acquisition of treasury shares
|
(53.0
|
)
|
|
(9.1
|
)
|
||
Payments of capital lease obligations
|
(2.0
|
)
|
|
(1.9
|
)
|
||
Net cash used by financing activities
|
(97.1
|
)
|
|
(59.5
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
14.8
|
|
|
1.7
|
|
||
Decrease in cash and cash equivalents
|
(191.3
|
)
|
|
(60.0
|
)
|
||
Cash and cash equivalents at beginning of period
|
556.4
|
|
|
479.3
|
|
||
Cash and cash equivalents at end of period
|
$
|
365.1
|
|
|
$
|
419.3
|
|
(In millions)
|
Calvin Klein North America
|
|
Calvin Klein International
|
|
Tommy Hilfiger North America
|
|
Tommy Hilfiger International
|
|
Heritage Brands Wholesale
|
|
Heritage Brands Retail
|
|
Total
|
||||||||||||||
Balance as of January 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Goodwill, gross
|
$
|
728.0
|
|
|
$
|
841.5
|
|
|
$
|
204.4
|
|
|
$
|
1,208.4
|
|
|
$
|
237.0
|
|
|
$
|
11.9
|
|
|
$
|
3,231.2
|
|
Accumulated impairment losses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11.9
|
)
|
|
(11.9
|
)
|
|||||||
Goodwill, net
|
728.0
|
|
|
841.5
|
|
|
204.4
|
|
|
1,208.4
|
|
|
237.0
|
|
|
—
|
|
|
3,219.3
|
|
|||||||
Contingent purchase price payments to Mr. Calvin Klein
|
7.1
|
|
|
5.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12.3
|
|
|||||||
Acquisition of TH China
|
—
|
|
|
—
|
|
|
—
|
|
|
262.3
|
|
|
—
|
|
|
—
|
|
|
262.3
|
|
|||||||
Currency translation
|
4.1
|
|
|
20.4
|
|
|
—
|
|
|
53.6
|
|
|
0.3
|
|
|
—
|
|
|
78.4
|
|
|||||||
Balance as of May 1, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Goodwill, gross
|
739.2
|
|
|
867.1
|
|
|
204.4
|
|
|
1,524.3
|
|
|
237.3
|
|
|
11.9
|
|
|
3,584.2
|
|
|||||||
Accumulated impairment losses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11.9
|
)
|
|
(11.9
|
)
|
|||||||
Goodwill, net
|
$
|
739.2
|
|
|
$
|
867.1
|
|
|
$
|
204.4
|
|
|
$
|
1,524.3
|
|
|
$
|
237.3
|
|
|
$
|
—
|
|
|
$
|
3,572.3
|
|
|
Pension Plans
|
|
SERP Plans
|
|
Postretirement Plans
|
||||||||||||||||||
|
Thirteen Weeks Ended
|
|
Thirteen Weeks Ended
|
|
Thirteen Weeks Ended
|
||||||||||||||||||
(In millions)
|
5/1/16
|
|
5/3/15
|
|
5/1/16
|
|
5/3/15
|
|
5/1/16
|
|
5/3/15
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Service cost, including plan expenses
|
$
|
6.5
|
|
|
$
|
7.1
|
|
|
$
|
1.3
|
|
|
$
|
1.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
7.5
|
|
|
7.1
|
|
|
1.0
|
|
|
0.9
|
|
|
0.2
|
|
|
0.2
|
|
||||||
Expected return on plan assets
|
(9.0
|
)
|
|
(10.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of prior service cost (credit)
|
0.0
|
|
|
0.0
|
|
|
(0.0
|
)
|
|
(0.0)
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
||||||
Total
|
$
|
5.0
|
|
|
$
|
3.4
|
|
|
$
|
2.3
|
|
|
$
|
2.2
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
(In millions)
|
5/1/16
|
|
5/3/15
|
||||
|
|
|
|
||||
Senior secured Term Loan A facility due 2019
|
$
|
1,758.3
|
|
|
$
|
1,877.5
|
|
Senior secured Term Loan B facility due 2020
|
571.4
|
|
|
797.7
|
|
||
4 1/2% senior unsecured notes due 2022
|
689.2
|
|
|
687.6
|
|
||
7 3/4% debentures due 2023
|
99.4
|
|
|
99.3
|
|
||
Total
|
3,118.3
|
|
|
3,462.1
|
|
||
Less: Current portion of long-term debt
|
126.7
|
|
|
99.3
|
|
||
Long-term debt
|
$
|
2,991.6
|
|
|
$
|
3,362.8
|
|
(In millions)
|
|
||
Remainder of 2016
|
$
|
89.5
|
|
2017
|
186.2
|
|
|
2018
|
198.6
|
|
|
2019
|
1,291.1
|
|
|
2020
|
582.0
|
|
|
2021
|
—
|
|
•
|
incur or guarantee additional debt or extend credit;
|
•
|
make restricted payments, including paying dividends or making distributions on, or redeeming or repurchasing, the Company’s capital stock or certain debt;
|
•
|
make acquisitions and investments;
|
•
|
dispose of assets;
|
•
|
engage in transactions with affiliates;
|
•
|
enter into agreements restricting the Company’s subsidiaries’ ability to pay dividends;
|
•
|
create liens on the Company’s assets or engage in sale/leaseback transactions; and
|
•
|
effect a consolidation or merger, or sell, transfer, or lease all or substantially all of the Company’s assets.
|
(In millions)
|
Asset Derivatives (Classified in Other Current Assets and Other Assets)
|
Liability Derivatives (Classified in Accrued Expenses and Other Liabilities)
|
|||||||||||||||||||||
|
5/1/16
|
|
1/31/16
|
|
5/3/15
|
|
5/1/16
|
|
1/31/16
|
|
5/3/15
|
||||||||||||
Contracts designated as cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency forward exchange contracts (inventory purchases)
|
$
|
1.0
|
|
|
$
|
24.9
|
|
|
$
|
58.1
|
|
|
$
|
34.0
|
|
|
$
|
1.7
|
|
|
$
|
8.1
|
|
Interest rate contracts
|
—
|
|
|
—
|
|
|
0.5
|
|
|
18.4
|
|
|
20.6
|
|
|
13.1
|
|
||||||
Total contracts designated as cash flow hedges
|
1.0
|
|
|
24.9
|
|
|
58.6
|
|
|
52.4
|
|
|
22.3
|
|
|
21.2
|
|
||||||
Undesignated contracts:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency forward exchange contracts (principally intercompany transactions)
|
0.3
|
|
|
19.3
|
|
|
16.4
|
|
|
0.6
|
|
|
0.1
|
|
|
0.3
|
|
||||||
Total undesignated contracts
|
0.3
|
|
|
19.3
|
|
|
16.4
|
|
|
0.6
|
|
|
0.1
|
|
|
0.3
|
|
||||||
Total
|
$
|
1.3
|
|
|
$
|
44.2
|
|
|
$
|
75.0
|
|
|
$
|
53.0
|
|
|
$
|
22.4
|
|
|
$
|
21.5
|
|
|
|
(Loss) Gain Recognized in Other Comprehensive Income (Loss)
|
|
Gain (Loss) Reclassified from AOCL into Income (Expense)
|
|||||||||||||
(In millions)
|
|
|
Location
|
Amount
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Thirteen Weeks Ended
|
|
5/1/16
|
|
5/3/15
|
|
|
5/1/16
|
|
5/3/15
|
||||||||
Foreign currency forward exchange contracts (inventory purchases)
|
|
$
|
(58.4
|
)
|
|
$
|
0.6
|
|
|
Cost of goods sold
|
$
|
4.7
|
|
|
$
|
20.6
|
|
Interest rate contracts
|
|
(0.1
|
)
|
|
1.1
|
|
|
Interest expense
|
(2.4
|
)
|
|
(1.1
|
)
|
||||
Total
|
|
$
|
(58.5
|
)
|
|
$
|
1.7
|
|
|
|
$
|
2.3
|
|
|
$
|
19.5
|
|
(In millions)
|
|
(Loss) Gain Recognized in Income
|
||||||||
Thirteen Weeks Ended
|
|
Location
|
|
5/1/16
|
|
5/3/15
|
||||
Foreign currency forward exchange contracts (principally intercompany transactions)
|
|
Selling, general and administrative expenses
|
|
$
|
(3.8
|
)
|
|
$
|
2.7
|
|
(In millions)
|
5/1/16
|
|
1/31/16
|
|
5/3/15
|
||||||||||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Foreign currency forward exchange contracts
|
N/A
|
|
$
|
1.3
|
|
|
N/A
|
|
$
|
1.3
|
|
|
N/A
|
|
$
|
44.2
|
|
|
N/A
|
|
$
|
44.2
|
|
|
N/A
|
|
$
|
74.5
|
|
|
N/A
|
|
$
|
74.5
|
|
||||||
Interest rate contracts
|
N/A
|
|
—
|
|
|
N/A
|
|
—
|
|
|
N/A
|
|
—
|
|
|
N/A
|
|
—
|
|
|
N/A
|
|
0.5
|
|
|
N/A
|
|
0.5
|
|
||||||||||||
Total Assets
|
N/A
|
|
$
|
1.3
|
|
|
N/A
|
|
$
|
1.3
|
|
|
N/A
|
|
$
|
44.2
|
|
|
N/A
|
|
$
|
44.2
|
|
|
N/A
|
|
$
|
75.0
|
|
|
N/A
|
|
$
|
75.0
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Foreign currency forward exchange contracts
|
N/A
|
|
$
|
34.6
|
|
|
N/A
|
|
$
|
34.6
|
|
|
N/A
|
|
$
|
1.8
|
|
|
N/A
|
|
$
|
1.8
|
|
|
N/A
|
|
$
|
8.4
|
|
|
N/A
|
|
$
|
8.4
|
|
||||||
Interest rate contracts
|
N/A
|
|
18.4
|
|
|
N/A
|
|
18.4
|
|
|
N/A
|
|
20.6
|
|
|
N/A
|
|
20.6
|
|
|
N/A
|
|
13.1
|
|
|
N/A
|
|
13.1
|
|
||||||||||||
Contingent purchase price payments related to reacquisition of the perpetual rights to the
Tommy Hilfiger
trademarks in India
|
N/A
|
|
N/A
|
|
$
|
2.3
|
|
|
2.3
|
|
|
N/A
|
|
N/A
|
|
$
|
2.2
|
|
|
2.2
|
|
|
N/A
|
|
N/A
|
|
$
|
4.0
|
|
|
4.0
|
|
|||||||||
Total Liabilities
|
N/A
|
|
$
|
53.0
|
|
|
$
|
2.3
|
|
|
$
|
55.3
|
|
|
N/A
|
|
$
|
22.4
|
|
|
$
|
2.2
|
|
|
$
|
24.6
|
|
|
N/A
|
|
$
|
21.5
|
|
|
$
|
4.0
|
|
|
$
|
25.5
|
|
(In millions)
|
Thirteen Weeks Ended
|
||||||
|
5/1/16
|
|
5/3/15
|
||||
Beginning Balance
|
$
|
2.2
|
|
|
$
|
4.0
|
|
Payments
|
—
|
|
|
—
|
|
||
Adjustments included in earnings
|
0.1
|
|
|
0.0
|
|||
Ending Balance
|
$
|
2.3
|
|
|
$
|
4.0
|
|
Unobservable Inputs
|
|
Amount
|
|
Approximate compounded annual net sales growth rate
|
|
35.0
|
%
|
Approximate
discount rate
|
|
15.0
|
%
|
(In millions)
|
5/1/16
|
|
1/31/16
|
|
5/3/15
|
||||||||||||||||||
|
Carrying Amount
|
|
Fair Value
|
|
Carrying Amount
|
|
Fair Value
|
|
Carrying Amount
|
|
Fair Value
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
365.1
|
|
|
$
|
365.1
|
|
|
$
|
556.4
|
|
|
$
|
556.4
|
|
|
$
|
419.3
|
|
|
$
|
419.3
|
|
Short-term borrowings
|
41.0
|
|
|
41.0
|
|
|
25.9
|
|
|
25.9
|
|
|
10.6
|
|
|
10.6
|
|
||||||
Long-term debt (including portion classified as current)
|
3,118.3
|
|
|
3,188.1
|
|
|
3,168.3
|
|
|
3,190.5
|
|
|
3,462.1
|
|
|
3,501.1
|
|
|
Thirteen Weeks Ended
|
||||||
|
5/1/16
|
|
5/3/15
|
||||
Weighted average risk-free interest rate
|
1.44
|
%
|
|
1.54
|
%
|
||
Weighted average expected option term (in years)
|
6.25
|
|
|
6.25
|
|
||
Weighted average Company volatility
|
34.67
|
%
|
|
36.32
|
%
|
||
Expected annual dividends per share
|
$
|
0.15
|
|
|
$
|
0.15
|
|
Weighted average grant date fair value per option
|
$
|
35.64
|
|
|
$
|
40.25
|
|
(In thousands, except per option data)
|
Options
|
|
Weighted Average Exercise Price
Per Option
|
|||
Outstanding at January 31, 2016
|
1,443
|
|
|
$
|
70.79
|
|
Granted
|
221
|
|
|
99.35
|
|
|
Exercised
|
12
|
|
|
65.95
|
|
|
Cancelled
|
—
|
|
|
—
|
|
|
Outstanding at May 1, 2016
|
1,652
|
|
|
$
|
74.65
|
|
Exercisable at May 1, 2016
|
1,199
|
|
|
$
|
62.65
|
|
(In thousands, except per RSU data)
|
RSUs
|
|
Weighted Average Grant Date Fair Value Per RSU
|
|||
Non-vested at January 31, 2016
|
653
|
|
|
$
|
111.61
|
|
Granted
|
308
|
|
|
98.26
|
|
|
Vested
|
110
|
|
|
105.44
|
|
|
Cancelled
|
23
|
|
|
113.34
|
|
|
Non-vested at May 1, 2016
|
828
|
|
|
$
|
107.41
|
|
|
2016
|
|
2015
|
||||
Risk-free interest rate
|
1.04
|
%
|
|
0.90
|
%
|
||
Expected Company volatility
|
28.33
|
%
|
|
29.10
|
%
|
||
Expected annual dividends per share
|
$
|
0.15
|
|
|
$
|
0.15
|
|
Weighted average grant date fair value per PSU
|
$
|
87.16
|
|
|
$
|
101.23
|
|
(In thousands, except per share data)
|
PSUs
|
|
Weighted Average Grant Date Fair Value Per PSU
|
|||
Non-vested at January 31, 2016
|
493
|
|
|
$
|
121.41
|
|
Granted
|
76
|
|
|
87.16
|
|
|
Vested
|
26
|
|
|
114.77
|
|
|
Cancelled
|
83
|
|
|
125.09
|
|
|
Non-vested at May 1, 2016
|
460
|
|
|
$
|
115.42
|
|
(In millions) |
Foreign currency translation adjustments
|
|
Retirement liability adjustment
|
|
Net unrealized and realized gain (loss) on effective hedges
|
|
Total
|
||||||||
Balance, January 31, 2016
|
$
|
(730.5
|
)
|
|
$
|
0.1
|
|
|
$
|
26.2
|
|
|
$
|
(704.2
|
)
|
Other comprehensive income (loss) before reclassifications
|
184.3
|
|
|
—
|
|
|
(52.5
|
)
|
|
131.8
|
|
||||
Less: Amounts reclassified from AOCL
|
—
|
|
|
0.1
|
|
|
2.4
|
|
|
2.5
|
|
||||
Other comprehensive income (loss)
|
184.3
|
|
|
(0.1
|
)
|
|
(54.9
|
)
|
|
129.3
|
|
||||
Balance, May 1, 2016
|
$
|
(546.2
|
)
|
|
$
|
—
|
|
|
$
|
(28.7
|
)
|
|
$
|
(574.9
|
)
|
(In millions) |
Foreign currency translation adjustments
|
|
Retirement liability adjustment
|
|
Net unrealized and realized gain (loss) on effective hedges
|
|
Total
|
||||||||
Balance, February 1, 2015
|
$
|
(496.2
|
)
|
|
$
|
0.4
|
|
|
$
|
79.3
|
|
|
$
|
(416.5
|
)
|
Other comprehensive (loss) income before reclassifications
|
(15.3
|
)
|
|
—
|
|
|
2.3
|
|
|
(13.0
|
)
|
||||
Less: Amounts reclassified from AOCL
|
—
|
|
|
0.1
|
|
|
19.2
|
|
|
19.3
|
|
||||
Other comprehensive loss
|
(15.3
|
)
|
|
(0.1
|
)
|
|
(16.9
|
)
|
|
(32.3
|
)
|
||||
Balance, May 3, 2015
|
$
|
(511.5
|
)
|
|
$
|
0.3
|
|
|
$
|
62.4
|
|
|
$
|
(448.8
|
)
|
(In millions) |
Amount Reclassified from AOCL
|
|
Affected Line Item in the Company’s Consolidated Income Statements
|
||||||
|
Thirteen Weeks Ended
|
|
|
||||||
|
5/1/16
|
|
5/3/15
|
|
|
||||
Realized gain (loss) on effective hedges:
|
|
|
|
|
|
||||
Foreign currency forward exchange contracts
|
$
|
4.7
|
|
|
$
|
20.6
|
|
|
Cost of goods sold
|
Interest rate contracts
|
(2.4
|
)
|
|
(1.1
|
)
|
|
Interest expense
|
||
Less: Tax effect
|
(0.1
|
)
|
|
0.3
|
|
|
Income tax expense
|
||
Total, net of tax
|
$
|
2.4
|
|
|
$
|
19.2
|
|
|
|
|
|
|
|
|
|
||||
Amortization of retirement liability items:
|
|
|
|
|
|
||||
Prior service credit
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
Selling, general and administrative expenses
|
Less: Tax effect
|
0.0
|
|
|
0.0
|
|
Income tax expense
|
|||
Total, net of tax
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
|
|
Thirteen Weeks Ended
|
||||||
(In millions, except per share data)
|
5/1/16
|
|
5/3/15
|
||||
|
|
|
|
||||
Net income
|
$
|
231.6
|
|
|
$
|
114.1
|
|
|
|
|
|
||||
Weighted average common shares outstanding for basic net income per common share
|
81.3
|
|
|
82.6
|
|
||
Weighted average impact of dilutive securities
|
0.6
|
|
|
0.8
|
|
||
Total shares for diluted net income per common share
|
81.9
|
|
|
83.4
|
|
||
|
|
|
|
||||
Basic net income per common share
|
$
|
2.85
|
|
|
$
|
1.38
|
|
|
|
|
|
||||
Diluted net income per common share
|
$
|
2.83
|
|
|
$
|
1.37
|
|
|
Thirteen Weeks Ended
|
||||
(In millions)
|
5/1/16
|
|
5/3/15
|
||
|
|
|
|
||
Weighted average potentially dilutive securities
|
0.9
|
|
|
0.5
|
|
|
Thirteen Weeks Ended
|
||||||
(In millions)
|
5/1/16
|
|
5/3/15
|
||||
Revenue – Calvin Klein North America
|
|
|
|
||||
Net sales
|
$
|
338.8
|
|
|
$
|
299.3
|
|
Royalty revenue
|
30.3
|
|
|
29.7
|
|
||
Advertising and other revenue
|
11.5
|
|
|
9.8
|
|
||
Total
|
380.6
|
|
|
338.8
|
|
||
|
|
|
|
||||
Revenue – Calvin Klein International
|
|
|
|
||||
Net sales
|
316.3
|
|
|
291.6
|
|
||
Royalty revenue
|
18.6
|
|
|
17.7
|
|
||
Advertising and other revenue
|
7.2
|
|
|
5.8
|
|
||
Total
|
342.1
|
|
|
315.1
|
|
||
|
|
|
|
||||
Revenue – Tommy Hilfiger North America
|
|
|
|
||||
Net sales
|
321.1
|
|
|
341.5
|
|
||
Royalty revenue
|
11.0
|
|
|
9.6
|
|
||
Advertising and other revenue
|
2.5
|
|
|
2.8
|
|
||
Total
|
334.6
|
|
|
353.9
|
|
||
|
|
|
|
||||
Revenue – Tommy Hilfiger International
|
|
|
|
||||
Net sales
|
444.6
|
|
|
400.2
|
|
||
Royalty revenue
|
11.6
|
|
|
12.1
|
|
||
Advertising and other revenue
|
1.0
|
|
|
0.9
|
|
||
Total
|
457.2
|
|
|
413.2
|
|
||
|
|
|
|
||||
Revenue – Heritage Brands Wholesale
|
|
|
|
||||
Net sales
|
339.2
|
|
|
367.5
|
|
||
Royalty revenue
|
5.0
|
|
|
4.6
|
|
||
Advertising and other revenue
|
0.7
|
|
|
0.6
|
|
||
Total
|
344.9
|
|
|
372.7
|
|
||
|
|
|
|
||||
Revenue – Heritage Brands Retail
|
|
|
|
||||
Net sales
|
57.7
|
|
|
85.0
|
|
||
Royalty revenue
|
0.6
|
|
|
0.5
|
|
||
Advertising and other revenue
|
0.1
|
|
|
0.1
|
|
||
Total
|
58.4
|
|
|
85.6
|
|
||
|
|
|
|
||||
Total Revenue
|
|
|
|
||||
Net sales
|
1,817.7
|
|
|
1,785.1
|
|
||
Royalty revenue
|
77.1
|
|
|
74.2
|
|
||
Advertising and other revenue
|
23.0
|
|
|
20.0
|
|
||
Total
|
$
|
1,917.8
|
|
|
$
|
1,879.3
|
|
|
Thirteen Weeks Ended
|
|
|||||||
(In millions)
|
5/1/16
|
(1)
|
|
5/3/15
|
(1)
|
||||
Income before interest and taxes – Calvin Klein North America
|
$
|
38.1
|
|
(3)(7)
|
|
$
|
40.4
|
|
(8)
|
|
|
|
|
|
|
||||
Income before interest and taxes – Calvin Klein International
|
52.2
|
|
(3)(7)
|
|
49.3
|
|
(8)
|
||
|
|
|
|
|
|
||||
Income before interest and taxes – Tommy Hilfiger North America
|
23.0
|
|
(4)
|
|
30.3
|
|
|
||
|
|
|
|
|
|
||||
Income before interest and taxes – Tommy Hilfiger International
|
183.3
|
|
(6)
|
|
61.8
|
|
|
||
|
|
|
|
|
|
||||
Income before interest and taxes – Heritage Brands Wholesale
|
27.9
|
|
(3)(5)
|
|
30.3
|
|
(8)
|
||
|
|
|
|
|
|
||||
Income (loss) before interest and taxes – Heritage Brands Retail
|
2.1
|
|
|
|
(0.1
|
)
|
(9)
|
||
|
|
|
|
|
|
||||
Loss before interest and taxes – Corporate
(2)
|
(32.0
|
)
|
(3)
|
|
(35.2
|
)
|
(8)
|
||
|
|
|
|
|
|
||||
Income before interest and taxes
|
$
|
294.6
|
|
|
|
$
|
176.8
|
|
|
(1)
|
Income (loss) before interest and taxes for the thirteen weeks ended May 1, 2016 and May 3, 2015 was significantly impacted by the strengthening of the United States dollar against other currencies in which the Company transacts significant levels of business. Please see section entitled “Results of Operations” in Management’s Discussion and Analysis of Financial Condition and Results of Operations included in Item 2 of this report for a further discussion.
|
(2)
|
Includes corporate expenses not allocated to any reportable segments, as well as the Company’s proportionate share of the net income or loss of its 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 and actuarial gains and losses from the Company’s pension and other postretirement plans (which are generally recorded in the fourth quarter).
|
(3)
|
Income (loss) before interest and taxes for the
thirteen weeks ended
May 1, 2016
includes costs of $
7.5
million associated with the Company’s integration of Warnaco and the related restructuring. Such costs were included in the Company’s segments as follows: $
0.2
million in Calvin Klein North America; $
2.6
million in Calvin Klein International; $
0.4
million in Heritage Brands Wholesale; and $
4.3
million in corporate expenses not allocated to any reportable segments.
|
(4)
|
Income before interest and taxes for the
thirteen weeks ended
May 1, 2016
includes costs of $
1.3
million in connection with the licensing to G-III Apparel Group, Ltd. (“G-III”) of the Tommy Hilfiger womenswear wholesale business in the United States and Canada.
|
(5)
|
Income before interest and taxes for the thirteen weeks ended
May 1, 2016
includes costs of $
2.6
million related to the discontinuation of several licensed product lines in the Company’s Heritage Brands dress furnishings business.
|
(6)
|
Income before interest and taxes for the thirteen weeks ended
May 1, 2016
includes a noncash gain of $
153.1
million to write-up the Company’s equity investment in TH China to fair value in connection with the acquisition of the
55%
interest in TH China that it did not already own. Partially offsetting the gain are acquisition related costs of $
24.2
million, principally related to valuation adjustments and amortization of short-lived assets, and a one-time cost of $
5.9
million recorded on the Company’s equity investment in TH China. Please see Note 3, “Acquisitions,” for a further discussion.
|
(7)
|
Income before interest and taxes for the thirteen weeks ended
May 1, 2016
includes costs of $
5.5
million in connection with the restructuring related to the new global creative strategy for
Calvin Klein
announced in April 2016. Such costs were included in the Company’s segments as follows: $
2.7
million in Calvin Klein North America; and $
2.8
million in Calvin Klein International.
|
(8)
|
Income (loss) before interest and taxes for the
thirteen weeks ended
May 3, 2015
includes costs of
$18.8
million associated with the Company’s integration of Warnaco and the related restructuring. Such costs were included in the Company’s
|
(9)
|
Loss before interest and taxes for the
thirteen weeks ended
May 3, 2015
includes costs of $
0.5
million related to the operation of and exit from the Company’s Izod retail business.
|
We aggregate our reporting segments into three main businesses: (i) Calvin Klein, which consists of the businesses we operate under our
Calvin Klein
trademarks; (ii) Tommy Hilfiger, which consists of the businesses we operate under our
Tommy Hilfiger
trademarks; and (iii) Heritage Brands, which consists of the businesses we operate under our
Van Heusen, IZOD, ARROW, Warner’s
and
Olga
trademarks, the
Speedo
trademark we license in perpetuity for North America and the Caribbean, and other owned and licensed trademarks. References to the brand names
Calvin Klein
,
Tommy Hilfiger
,
Van Heusen
,
IZOD
,
ARROW
,
Warner’s
,
Olga
and
Speedo
and to other brand names are to registered trademarks owned by us or licensed to us by third parties and are identified by italicizing the brand name.
References to the acquisition of Warnaco refer to our February 13, 2013 acquisition of The Warnaco Group, Inc. and its subsidiaries, which we refer to collectively as “Warnaco.” |
•
|
The aggregate addition of $69 million of revenue attributable to our Calvin Klein North America and Calvin Klein International segments, which included a reduction of approximately $19 million related to the impact of foreign currency translation. Revenue in the Calvin Klein North America segment increased 12% (including a 2% negative foreign currency impact) primarily driven by growth of over 20% in the North America wholesale business due to strong performance in all businesses, particularly underwear. Revenue in the North America retail business grew modestly as square footage expansion in Company-operated stores was partially offset by a 4% comparable store sales decline driven by the continued weakness in traffic and consumer spending trends in Calvin Klein’s U.S. stores located in international tourist locations. Calvin Klein International segment revenue increased 9% (including a 4% negative foreign currency impact) due principally to continued strong growth in Europe. The Asia business was negatively impacted by the timing of the Chinese New Year, as the first quarter of 2015 included the full Chinese New Year selling season, while the first quarter of 2016 included only part of the selling season. Calvin Klein International segment comparable store sales decreased 1%, as declines in Korea, Hong Kong and Brazil offset continued growth in Europe and China.
|
•
|
The net addition of $25 million of revenue attributable to our Tommy Hilfiger North America and Tommy Hilfiger International segments, which included a reduction of approximately $5 million related to the impact of foreign currency translation. Revenue in the Tommy Hilfiger North America segment decreased 5% due principally to continued softness in the retail business. North America comparable store sales declined 10% compared to the prior year’s first quarter, driven by continued weakness in traffic and consumer spending trends in Tommy Hilfiger’s U.S. stores located in international tourist locations, which represent a significant portion of the business. An 11% increase in the Tommy Hilfiger International segment revenue was driven by continued momentum across Europe, including an 8% increase in comparable store sales and strong wholesale growth in the region. Additionally, the acquisition of TH China closed in mid-April 2016 and contributed, in part, to the Tommy Hilfiger International revenue increase.
|
•
|
The aggregate reduction of $55 million of revenue attributable to our Heritage Brands Retail and Heritage Brands Wholesale segments. The decrease was primarily due to the ongoing rationalization of the Heritage Brands business discussed above, partially offset by a 12% increase in comparable store sales in the Van Heusen retail business.
|
(in millions)
|
May 1, 2016
|
|
January 31, 2016
|
|
May 3, 2015
|
||||||
Short-term borrowings
|
$
|
41
|
|
|
$
|
26
|
|
|
$
|
11
|
|
Current portion of long-term debt
|
127
|
|
|
137
|
|
|
99
|
|
|||
Capital lease obligations
|
17
|
|
|
15
|
|
|
19
|
|
|||
Long-term debt
|
2,992
|
|
|
3,032
|
|
|
3,363
|
|
|||
Stockholders’ equity
|
4,862
|
|
|
4,552
|
|
|
4,444
|
|
•
|
incur or guarantee additional debt or extend credit;
|
•
|
make restricted payments, including paying dividends or making distributions on, or redeeming or repurchasing, our capital stock or certain debt;
|
•
|
make acquisitions and investments;
|
•
|
dispose of assets;
|
•
|
engage in transactions with affiliates;
|
•
|
enter into agreements restricting our subsidiaries’ ability to pay dividends;
|
•
|
create liens on our assets or engage in sale/leaseback transactions; and
|
•
|
effect a consolidation or merger, or sell, transfer, or lease all or substantially all of our assets.
|
Period
|
(a) Total Number of Shares (or Units) Purchased
(1)(2)
|
|
(b) Average Price Paid per Share (or Unit)
(1)(2)
|
|
(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs
(1)
|
|
(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
(1)
|
||||||
February 1, 2016 -
|
|
|
|
|
|
|
|
||||||
February 28, 2016
|
156,712
|
|
|
$
|
74.90
|
|
|
156,500
|
|
|
$
|
362,081,207
|
|
February 29, 2016 -
|
|
|
|
|
|
|
|
||||||
April 3, 2016
|
204,058
|
|
|
90.11
|
|
|
204,000
|
|
|
343,699,137
|
|
||
April 4, 2016 -
|
|
|
|
|
|
|
|
||||||
May 1, 2016
|
261,782
|
|
|
95.97
|
|
|
213,500
|
|
|
323,269,878
|
|
||
Total
|
622,552
|
|
|
$
|
88.75
|
|
|
574,000
|
|
|
$
|
323,269,878
|
|
The following exhibits are included herein:
|
|||
|
|
|
|
3.1
|
|
|
Certificate of Incorporation (incorporated by reference to Exhibit 5 to the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 1977); Amendment to Certificate of Incorporation, filed June 27, 1984 (incorporated by reference to Exhibit 3B to the Company’s Annual Report on Form 10-K for the fiscal year ended February 3, 1985); Amendment to Certificate of Incorporation, filed June 2, 1987 (incorporated by reference to Exhibit 3(c) to the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 1988); Amendment to Certificate of Incorporation, filed June 1, 1993 (incorporated by reference to Exhibit 3.5 to the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 1994); Amendment to Certificate of Incorporation, filed June 20, 1996 (incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the period ended July 28, 1996); Certificate of Amendment of Certificate of Incorporation, filed June 29, 2006 (incorporated by reference to Exhibit 3.9 to the Company’s Quarterly Report on Form 10-Q for the period ended May 6, 2007); Certificate of Amendment of Certificate of Incorporation, filed June 23, 2011 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on June 29, 2011).
|
|
|
|
|
3.2
|
|
|
Certificate of Designation of Series A Cumulative Participating Preferred Stock, filed June 10, 1986 (incorporated by reference to Exhibit A of the document filed as Exhibit 3 to the Company’s Quarterly Report on Form 10-Q for the period ended May 4, 1986).
|
|
|
|
|
3.3
|
|
|
Certificate of Designations, Preferences and Rights of Series B Convertible Preferred Stock of Phillips-Van Heusen Corporation (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on February 26, 2003); Corrected Certificate of Designations, Preferences and Rights of Series B Convertible Preferred Stock of Phillips-Van Heusen Corporation, dated April 17, 2003 (incorporated by reference to Exhibit 3.9 to the Company’s Annual Report on Form 10-K for the fiscal year ended February 2, 2003).
|
|
|
|
|
3.4
|
|
|
Certificate Eliminating Reference to Series B Convertible Preferred Stock From Certificate of Incorporation of Phillips-Van Heusen Corporation, filed June 12, 2007 (incorporated by reference to Exhibit 3.10 to the Company’s Quarterly Report on Form 10-Q for the period ended May 6, 2007).
|
|
|
|
|
3.5
|
|
|
Certificate Eliminating Reference to Series A Cumulative Participating Preferred Stock From Certificate of Incorporation of Phillips-Van Heusen Corporation (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K, filed on September 28, 2007).
|
|
|
|
|
3.6
|
|
|
Certificate of Designations of Series A Convertible Preferred Stock of Phillips-Van Heusen Corporation (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed May 12, 2010).
|
|
|
|
|
3.7
|
|
|
Certificate Eliminating Reference to Series A Convertible Preferred Stock From Certificate of Incorporation of PVH Corp. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on May 3, 2013).
|
|
|
|
|
3.8
|
|
|
By-Laws of PVH Corp., as amended through April 28, 2016 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on May 3, 2016).
|
|
|
|
|
4.1
|
|
|
Specimen of Common Stock certificate (incorporated by reference to Exhibit 4.1 to the Company’s Quarterly Report on Form 10-Q for the period ended July 31, 2011).
|
|
|
|
4.2
|
|
|
Indenture, dated as of November 1, 1993, between Phillips-Van Heusen Corporation and The Bank of New York, as Trustee (incorporated by reference to Exhibit 4.01 to the Company’s Registration Statement on Form S-3 (Reg. No. 33-50751) filed on October 26, 1993); First Supplemental Indenture, dated as of October 17, 2002 to Indenture dated as of November 1, 1993 between Phillips-Van Heusen Corporation and The Bank of New York, as Trustee (incorporated by reference to Exhibit 4.15 to the Company’s Quarterly Report on Form 10-Q for the period ended November 3, 2002); Second Supplemental Indenture, dated as of February 12, 2002 to Indenture, dated as of November 1, 1993, between Phillips-Van Heusen Corporation and The Bank of New York, as Trustee (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K, filed on February 26, 2003); Third Supplemental Indenture, dated as of May 6, 2010, between Phillips-Van Heusen Corporation and The Bank of New York Mellon (formerly known as The Bank of New York), as Trustee (incorporated by reference to Exhibit 4.16 to the Company’s Quarterly Report on Form 10-Q for the period ended August 1, 2010); Fourth Supplemental Indenture, dated as of February 13, 2013 to Indenture, dated as of November 1, 1993, between PVH Corp. and The Bank of New York Mellon, as Trustee (incorporated by reference to Exhibit 4.11 to the Company’s Quarterly Report on Form 10-Q for the period ended May 5, 2013).
|
|
|
|
|
4.3
|
|
|
Indenture, dated as of May 6, 2010, between Phillips-Van Heusen Corporation and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.15 to the Company’s Quarterly Report on Form 10-Q for the period ended August 1, 2010).
|
|
|
|
|
4.4
|
|
|
First Supplemental Indenture, dated as of November 8, 2012, to Indenture dated as of May 6, 2010, between PVH Corp. (formerly known as “Phillips-Van Heusen Corporation”) and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.9 to the Company’s Annual Report on Form 10-K for the fiscal year ended February 3, 2013).
|
|
|
|
|
4.5
|
|
|
Indenture, dated as of December 20, 2012, between PVH Corp. and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed on December 20, 2012).
|
|
|
|
|
+31.1
|
|
|
Certification of Emanuel Chirico, Chairman and Chief Executive Officer, pursuant to Section 302 of the Sarbanes – Oxley Act of 2002.
|
|
|
|
|
+31.2
|
|
|
Certification of Michael Shaffer, Executive Vice President and Chief Operating & Financial Officer, pursuant to Section 302 of the Sarbanes – Oxley Act of 2002.
|
|
|
|
|
*,+32.1
|
|
|
Certification of Emanuel Chirico, Chairman and Chief Executive Officer, pursuant to Section 906 of the Sarbanes – Oxley Act of 2002, 18 U.S.C. Section 1350.
|
|
|
|
|
*,+32.2
|
|
|
Certification of Michael Shaffer, Executive Vice President and Chief Operating & Financial Officer, pursuant to Section 906 of the Sarbanes – Oxley Act of 2002, 18 U.S.C. Section 1350.
|
|
|
|
|
+101.INS
|
|
|
XBRL Instance Document
|
|
|
|
|
+101.SCH
|
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
+101.CAL
|
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
+101.DEF
|
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
+101.LAB
|
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
+101.PRE
|
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
+Filed or furnished herewith.
|
|
PVH CORP.
|
|
Registrant
|
Dated:
|
June 6, 2016
|
/s/ JAMES W. HOLMES
|
|
|
James W. Holmes
|
|
|
Senior Vice President and Controller (Chief Accounting Officer)
|
31.1
|
Certification of Emanuel Chirico, Chairman and Chief Executive Officer, pursuant to Section 302 of the Sarbanes – Oxley Act of 2002.
|
|
|
31.2
|
Certification of Michael Shaffer, Executive Vice President and Chief Operating & Financial Officer, pursuant to Section 302 of the Sarbanes – Oxley Act of 2002.
|
|
|
32.1
|
Certification of Emanuel Chirico, Chairman and Chief Executive Officer, pursuant to Section 906 of the Sarbanes – Oxley Act of 2002, 18 U.S.C. Section 1350.
|
|
|
32.2
|
Certification of Michael Shaffer, Executive Vice President and Chief Operating & Financial Officer, pursuant to Section 906 of the Sarbanes – Oxley Act of 2002, 18 U.S.C. Section 1350.
|
|
|
101.INS
|
XBRL Instance Document
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
No Customers Found
Suppliers
Supplier name | Ticker |
---|---|
Dow Inc. | DOW |
DuPont de Nemours, Inc. | DD |
Eastman Chemical Company | EMN |
RPM International Inc. | RPM |
Westlake Chemical Corporation | WLK |
H.B. Fuller Company | FUL |
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|