INCOME TAXES (Tables)

12 Months Ended

Feb. 01, 2026

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

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


(In millions)	2025		2024		2023
Domestic	$	(239.6)	$	61.6	$	90.9
Foreign	390.9		644.1		750.1
Total	$	151.3	$	705.7	$	841.0

The income before income taxes in 2025 includes $479.5 million of noncash goodwill and other intangible asset impairment charges recorded during the first quarter of 2025.

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

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


(In millions)	2025		2024		2023
Federal:
Current	$	—	$	(0.2)	$	0.1
Deferred	(22.6)		(24.3)		(18.2)
State and local:
Current	9.5		5.4		5.3
Deferred	(1.6)		0.1		0.2
Foreign:
Current	160.7		127.6		186.4
Deferred	(20.0)		(1.4)		3.6
Total	$	126.0	$	107.2	$	177.4

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The reconciliation of the U.S. federal statutory tax rate to the Company’s worldwide effective income tax rate for 2025 after the adoption of ASU 2023-09 was as follows:


	2025
(Dollars in millions)	Amount		Percent
U.S. federal statutory tax rate	$	31.8	21.0	%
State and local income taxes, net of federal income tax effect (1)	4.7		3.1	%
Foreign tax effects (by jurisdiction):
Australia
Statutory tax rate difference between Australia and United States	(7.0)		(4.6)	%
Nondeductible impairment of goodwill	16.3		10.8	%
Other	1.1		0.7	%
China
Foreign withholding taxes	7.8		5.2	%
Nondeductible impairment of goodwill	48.3		31.9	%
Other	(6.0)		(4.0)	%
Hong Kong
Nondeductible impairment of goodwill	11.9		7.9	%
Other	(1.9)		(1.3)	%
Netherlands
Statutory tax rate difference between Netherlands and United States	11.2		7.4	%
Foreign currency remeasurement	7.8		5.2	%
Other	(0.2)		(0.1)	%
South Korea
Nondeductible impairment of goodwill	6.3		4.2	%
Other	3.0		2.0	%
Other foreign jurisdictions	20.2		13.3	%

Effect of cross-border tax laws:
Foreign-derived intangible income deduction (FDII)	(13.4)		(8.9)	%
Tax credits:
Foreign tax credits	(9.6)		(6.3)	%
Changes in valuation allowances	0.6		0.4	%
Nontaxable or nondeductible items	8.7		5.7	%
Changes in unrecognized tax benefits	(15.6)		(10.3)	%
Effective income tax rate	$	126.0	83.3	%

(1) State taxes in California, New Jersey and Florida represent the majority (greater than 50 percent) of the tax effect in this category.

The reconciliations of the U.S. federal statutory tax rate to the Company’s worldwide effective income tax rate for the years prior to the adoption of ASU 2023-09 were as follows:


	2024			2023
Statutory federal income tax rate	21.0	%		21.0	%
State and local income taxes, net of federal income tax benefit	0.7	%		0.8	%
Effects of international jurisdictions, including foreign tax credits	3.0	%		1.9	%

Change in estimates for uncertain tax positions	(7.6)	%	(1)	(1.6)	%
Change in valuation allowance	(1.8)	%		0.3	%


Tax on foreign earnings (GILTI and FDII)	(0.5)	%		(1.9)	%

Excess tax (benefit) expense related to stock-based compensation	(0.1)	%		0.1	%
Other, net	0.5	%		0.5	%
Effective income tax rate	15.2	%		21.1	%

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

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

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


(In millions)	2025		2024
Gross deferred tax assets
Tax loss and credit carryforwards	$	183.7	$	170.5
Operating lease liabilities	503.0		331.4
Employee compensation and benefits	48.9		52.7
Inventories	48.5		44.6


Property, plant and equipment	268.4		242.6
Derivative financial instruments	24.8		—
Other	56.6		50.8
Subtotal	1,133.9		892.6
Valuation allowances	(60.7)		(60.0)
Total gross deferred tax assets, net of valuation allowances	$	1,073.2	$	832.6
Gross deferred tax liabilities
Intangibles	$	(771.0)	$	(754.7)
Operating lease right-of-use assets	(483.6)		(304.8)
Derivative financial instruments	—		(44.1)
Other	(26.9)		(25.5)
Total gross deferred tax liabilities	$	(1,281.5)	$	(1,129.1)
Net deferred tax liability	$	(208.3)	$	(296.5)

Summary of Income Tax Contingencies [Table Text Block]

The summary of the activity related to our gross unrecognized tax benefits for each of the last three years was as follows:


(In millions)	2025		2024		2023
Balance at beginning of year	$	59.4	$	99.6	$	114.7

Increases related to prior year tax positions	0.7		3.2		0.6
Decreases related to prior year tax positions	(11.6)		(35.4)		(11.0)
Increases related to current year tax positions	5.2		5.0		2.9

Lapses in statute of limitations	(9.0)		(12.0)		(6.4)
Effects of foreign currency translation	2.5		(1.0)		(1.2)
Balance at end of year	$	47.2	$	59.4	$	99.6

The entire amount of uncertain tax positions as of February 1, 2026, if recognized, would reduce the future effective tax rate under current accounting guidance.