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FAIR VALUE MEASUREMENTS
 6 Months Ended
Aug. 03, 2025
Fair Value Measurements [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three level hierarchy prioritizes the inputs used to measure fair value as follows:

    Level 1 – Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

    Level 2 – Observable inputs other than quoted prices included in Level 1, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs derived principally from or corroborated by observable market data.

    Level 3 – Unobservable inputs reflecting the Company’s own assumptions about the inputs that market participants would use in pricing the asset or liability based on the best information available.

In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial assets and liabilities that are required to be remeasured at fair value on a recurring basis:
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(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Foreign currency forward contracts    N/A$3.2 N/A$3.2 N/A$48.7 N/A$48.7 N/A$8.6 N/A$8.6 
Cross-currency swap contracts (net investment hedges)N/A7.5 N/A7.5 N/A24.9 N/A24.9 N/A1.1 N/A1.1 
Rabbi trust assets$19.1 N/AN/A19.1 $14.3 N/AN/A14.3 $13.2 N/AN/A13.2 
Total Assets$19.1 $10.7 N/A$29.8 $14.3 $73.6 N/A$87.9 $13.2 $9.7 N/A$22.9 
Liabilities:
Foreign currency forward contracts    N/A$44.6 N/A$44.6 N/A$1.5 N/A$1.5 N/A$6.9 N/A$6.9 
Cross-currency swap contracts (net investment hedges)N/A31.3 N/A31.3 N/A— N/A— N/A— N/A— 
Total LiabilitiesN/A$75.9 N/A$75.9 N/A$1.5 N/A$1.5 N/A$6.9 N/A$6.9 

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:
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(In millions)Other Current AssetsOther AssetsOther Current AssetsOther AssetsOther Current AssetsOther Assets
Rabbi trust assets$1.0 $18.1 $1.0 $13.3 $1.2 $12.0 

The corresponding deferred compensation liability is included in accrued expenses and other liabilities in the Company’s Consolidated Balance Sheets. Unrealized gains recognized on the rabbi trust investments were immaterial during the twenty-six weeks ended August 3, 2025 and August 4, 2024.

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. The Company determines the fair values of these assets based on Level 3 measurements. 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.

The following table shows the fair value of the Company’s non-financial assets that were required to be remeasured at fair value on a non-recurring basis during the twenty-six weeks ended August 3, 2025, and the total impairments recorded as a result of the remeasurement process:
(In millions)Fair Value Measurement UsingFair Value As Of Impairment DateTotal Impairments
8/3/25Level 1Level 2Level 3
Other intangible assets, netN/AN/A$137.3 $137.3 $53.5 

Other intangible assets with a carrying amount of $190.8 million were written down to a fair value of $137.3 million during the twenty-six weeks ended August 3, 2025. In addition, the Company recorded $426.0 million of goodwill impairment charges during the twenty-six weeks ended August 3, 2025. Please see Note 6, “Goodwill and Other Intangible Assets,” for further discussion.

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:
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(In millions)Carrying AmountFair ValueCarrying AmountFair ValueCarrying AmountFair Value
Cash and cash equivalents$248.8 $248.8 $748.0 $748.0 $610.0 $610.0 
Short-term borrowings— — — — 8.4 8.4 
Long-term debt (including portion classified as current)2,268.8 2,310.8 2,090.7 2,113.8 2,179.0 2,191.2 

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