Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

May 02, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table summarizes the fair value and presentation of derivative instruments in the condensed consolidated balance sheets as of May 2, 2026, January 31, 2026 and May 3, 2025:


	Fair value of derivative assets
(in millions)	Balance sheet location	May 2, 2026		January 31, 2026		May 3, 2025
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	—	$	—	$	—

Commodity contracts	Other current assets	11.5		26.8		—


		11.5		26.8		—
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	0.2		0.7		—
Total derivative assets		$	11.7	$	27.5	$	—


	Fair value of derivative liabilities
(in millions)	Balance sheet location	May 2, 2026		January 31, 2026		May 3, 2025
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current liabilities	$	(0.2)	$	(0.4)	$	(0.4)

Commodity contracts	Other current liabilities	(1.8)		(0.6)		—


		(2.0)		(1.0)		(0.4)
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current liabilities	—		—		(0.2)
Total derivative liabilities		$	(2.0)	$	(1.0)	$	(0.6)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the pre-tax gains (losses) recorded in AOCI for derivatives designated in cash flow hedging relationships as of May 2, 2026, January 31, 2026 and May 3, 2025:


(in millions)	May 2, 2026		January 31, 2026		May 3, 2025
Foreign currency contracts	$	(0.5)	$	(0.6)	$	(0.4)
Commodity contracts	32.6		35.8		—

Gains (losses) recorded in AOCI	$	32.1	$	35.2	$	(0.4)

Derivative Instruments, Gain (Loss)

The following tables summarize the effect of derivative instruments designated as cash flow hedges on OCI and the condensed consolidated statements of operations for the 13 weeks ended May 2, 2026 and May 3, 2025:

Foreign currency contracts


		13 weeks ended
(in millions)	Statement of operations caption	May 2, 2026		May 3, 2025
(Losses) gains recorded in AOCI, beginning of period		$	(0.6)	$	0.4
Current period losses recognized in OCI		—		(0.9)
Losses reclassified from AOCI to net income	Cost of sales (1)	0.1		0.1

Losses recorded in AOCI, end of period		$	(0.5)	$	(0.4)

Commodity contracts


		13 weeks ended
(in millions)	Statement of operations caption	May 2, 2026		May 3, 2025
Gains recorded in AOCI, beginning of period		$	35.8	$	—
Current period losses recognized in OCI		(0.9)		—
Gains reclassified from AOCI to net income	Cost of sales (1)	(2.3)		—

Gains recorded in AOCI, end of period		$	32.6	$	—

(1) Refer to the condensed consolidated statements of operations for total amounts of each financial statement caption impacted by cash flow hedges.

The following table summarizes the gains (losses) recognized from the Company’s derivatives instruments not designated as cash flow hedges within other operating expense, net in the condensed consolidated statements of operations for the 13 weeks ended May 2, 2026 and May 3, 2025:


	13 weeks ended
(in millions)	May 2, 2026		May 3, 2025
Foreign currency contracts	$	(0.6)	$	5.2